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: 12/31/2023
Date of reporting period: 12/31/2023
Item 1 – Report to Stockholders
(a) The Report to Shareholders is attached herewith.
| | |

| | DECEMBER 31, 2023 |
BlackRock FundsSM
· | | 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,
The combination of continued economic growth and cooling inflation provided a supportive backdrop for investors during the 12-month reporting period ended December 31, 2023. Significantly tighter monetary policy helped to rein in inflation, and the Consumer Price Index decelerated substantially in the first half of the year before stalling between 3% and 4% in the second half. A moderating labor market helped ease inflationary pressure, although wages continued to grow. Wage and job growth powered robust consumer spending, backstopping the economy. On October 7, 2023, Hamas launched a horrific attack on Israel. The ensuing war will have a significant humanitarian impact and could lead to heightened economic and market volatility. We see geopolitics as a structural market risk going forward. See our geopolitical risk dashboard at blackrock.com for more details.
Equity returns were robust during the period, as interest rates stabilized and the economy proved to be more resilient than many investors expected. The U.S. economy continued to show strength, and growth further accelerated in the third quarter of 2023. Large-capitalization U.S. stocks posted particularly substantial gains, supported by the performance of a few notable technology companies and small-capitalization U.S. stocks also advanced. Meanwhile, international developed market equities and emerging market stocks posted solid gains.
The 10-year U.S. Treasury yield ended 2023 where it began despite an eventful year that saw significant moves in bond markets. Overall, U.S. Treasuries gained as investors began to anticipate looser financial conditions. The corporate bond market benefited from improving economic sentiment, although high-yield corporate bond prices fared significantly better than investment-grade bonds as demand from yield-seeking investors remained strong.
The U.S. Federal Reserve (the “Fed”), attempting to manage persistent inflation, raised interest rates four times during the 12-month period, but paused its tightening in the second half of the period. The Fed also wound down its bond-buying programs and incrementally reduced its balance sheet by not replacing securities that reach maturity.
Supply constraints appear to have become an embedded feature of the new macroeconomic environment, making it difficult for developed economies to increase production without sparking higher inflation. Geopolitical fragmentation and an aging population risk further exacerbating these constraints, keeping the labor market tight and wage growth high. Although the Fed has stopped tightening for now, we believe that the new economic regime means that the Fed will need to maintain high rates for an extended period despite the market’s hopes for interest rate cuts, as reflected in the recent rally. In this new regime, we anticipate greater volatility and dispersion of returns, creating more opportunities for selective portfolio management.
We believe developed market equities have priced in an optimistic scenario for rate cuts, which we view as premature, so we prefer an underweight stance in the near term. Nevertheless, we are overweight on Japanese stocks as shareholder-friendly policies generate increased investor interest. We also believe that stocks with an AI tilt should benefit from an investment cycle that is set to support revenues and margins. In credit, there are selective opportunities in the near term despite tighter credit and financial conditions. For fixed income investing with a six- to twelve-month horizon, we see the most attractive investments in short-term U.S. Treasuries, U.S. mortgage-backed securities, and hard-currency emerging market bonds.
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,

Rob Kapito
President, BlackRock Advisors, LLC

Rob Kapito
President, BlackRock Advisors, LLC
| | | | |
Total Returns as of December 31, 2023 |
| | 6-Month | | 12-Month |
U.S. large cap equities (S&P 500® Index) | | 8.04% | | 26.29% |
U.S. small cap equities (Russell 2000® Index) | | 8.18 | | 16.93 |
International equities (MSCI Europe, Australasia, Far East Index) | | 5.88 | | 18.24 |
Emerging market equities (MSCI Emerging Markets Index) | | 4.71 | | 9.83 |
3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index) | | 2.70 | | 5.02 |
U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index) | | 1.11 | | 2.83 |
U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index) | | 3.37 | | 5.53 |
Tax-exempt municipal bonds (Bloomberg Municipal Bond Index) | | 3.63 | | 6.40 |
U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index) | | 7.65 | | 13.44 |
|
Past performance is not an indication of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index. |
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2 | | THIS PAGE IS NOT PART OF YOUR FUND REPORT |
Table of Contents

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Fund Summary as of December 31, 2023 | | 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, 2023, the Fund’s Institutional Shares returned 6.58%, Investor A Shares returned 6.31%, Investor P Shares returned 6.32%, and Class K Shares returned 6.63%. The Fund’s benchmark, the ICE BofA US Municipal Securities Index, returned 6.50% for the same period.
Returns for the Fund’s respective share classes differ from the benchmark indexes based on individual share-class expenses.
Describe the market environment.
While municipal yields were highly volatile alongside Treasury yields, the municipal curve finished the reporting period lower along its length and inverted between 2 and 10 years. To illustrate, the two-year municipal yield finished the period at 2.52% versus 2.60%. 12 months earlier, the 10-year declined to 2.28% from 2.63%, and the 30-year from 3.58% to 3.42%.
The period saw continued elevated macroeconomic uncertainty, exasperated by a banking crisis in the first quarter of 2023 and U.S. Treasury debt ceiling concerns in the second quarter. The collapse of select regional banks as a result of the rapid rate hikes by the Fed over the course of 2022 and the uncertainty around whether Congress would approve raising the debt ceiling led to increased financial market volatility. Against the background of signs of cracks in the financial system and moderating economic data, the Fed paused its hiking cycle at its June 2023 meeting while it continued to assess the implications of incoming data. Following that announcement, the central bank’s “dot plot” displaying Open Market Committee member projections for fed funds became more hawkish, indicating (at that time) a likely target range at year end of between 5.50% and 5.75%, suggesting two additional rates hikes.
The eventual resolution of the debt ceiling crisis, a continued recovery in regional banks, a consensus that the Fed was nearing the end of its hiking cycle, and strong demand for yield all contributed to a favorable environment for credit-oriented fixed-income sectors as the first half of 2023 drew to a close. However, the market remained highly sensitive to incoming data as strong employment data and resilient growth was balanced by softening in leading indicators of economic activity such as the ISM Manufacturing Index, painting an uncertain outlook.
July 2023 saw the Fed resume hiking rates, resulting in the fed funds target range being set to 5.25-5.50%, the highest level in over 22 years. In September 2023, the Fed left rates unchanged while messaging that overall resilience in the U.S economy may require rates to remain higher for longer and that the potential remained for another increase. The fourth quarter of 2023 commenced with heightened global tensions leading to a brief flight to quality in markets. The decline in Treasury yields was further supported by Fed commentary highlighting the tightening of financial conditions due to the rise in longer term yields since its September 2023 meeting, signaling a cautious “wait-and-see” approach. November 2023 saw the Fed leave rates unchanged while Fed Chair, Jerome Powell’s press conference adopted a slightly dovish tone, noting progress in taming inflation and suggesting an increased likelihood that the Fed’s hiking cycle had concluded. The Fed’s December 2023 meeting continued the dovish tone even as nonfarm payrolls increased, providing evidence of a resilient labor market and raising hopes for a soft landing for the economy. As 2023 drew to a close the market was pricing in several Fed rate cuts in 2024 and Treasury yields moved lower.
The fourth quarter of 2023 saw municipal bonds post their strongest quarterly performance in decades, more than reversing losses earlier in the year. Declining Treasury yields on the shift in the Fed’s policy outlook, limited new issue supply and strong demand all fueled gains.
Describe recent portfolio activity.
During the period the Portfolio 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 Portfolio 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.
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4 | | 2 0 2 3 BLACK ROCK ANNUAL REPORT TO SHAREHOLDERS |
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Fund Summary as of December 31, 2023 (continued) | | iShares Municipal Bond Index Fund |
GROWTH OF $10,000 INVESTMENT

| (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 | |
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 | | | 3.12 | % | | | 3.12 | % | | | | | | | 6.58 | % | | | N/A | | | | | | | | 2.22 | % | | | N/A | | | | | | | | 2.80 | % | | | N/A | |
| | | | | | | | | | | |
Investor A | | | 2.86 | | | | 2.84 | | | | | | | | 6.31 | | | | N/A | | | | | | | | 1.96 | | | | N/A | | | | | | | | 2.66 | | | | N/A | |
| | | | | | | | | | | |
Investor P | | | 2.75 | | | | 2.75 | | | | | | | | 6.32 | | | | 2.07 | % | | | | | | | 1.97 | | | | 1.14 | % | | | | | | | 2.67 | | | | 2.25 | % |
| | | | | | | | | | | |
Class K | | | 3.16 | | | | 3.10 | | | | | | | | 6.63 | | | | N/A | | | | | | | | 2.26 | | | | N/A | | | | | | | | 2.82 | | | | N/A | |
| | | | | | | | | | | |
ICE BofA US Municipal Securities Index | | | — | | | | — | | | | | | | | 6.50 | | | | N/A | | | | | | | | 2.27 | | | | N/A | | | | | | | | 3.12 | | | | 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 (07/01/23) | | |
| Ending Account Value (12/31/23) | | |
| Expenses Paid During the Period | (a) | |
| Beginning Account Value (07/01/23) | | |
| Ending Account Value (12/31/23) | | |
| Expenses Paid During the Period | (a) | |
| Annualized Expense Ratio | |
Institutional | | $ | 1,000.00 | | | $ | 1,035.40 | | | $ | 1.25 | | | $ | 1,000.00 | | | $ | 1,023.98 | | | $ | 1.24 | | | | 0.24 | % |
Investor A | | | 1,000.00 | | | | 1,034.00 | | | | 2.56 | | | | 1,000.00 | | | | 1,022.68 | | | | 2.55 | | | | 0.50 | |
Investor P | | | 1,000.00 | | | | 1,034.10 | | | | 2.51 | | | | 1,000.00 | | | | 1,022.74 | | | | 2.49 | | | | 0.49 | |
Class K | | | 1,000.00 | | | | 1,035.60 | | | | 1.03 | | | | 1,000.00 | | | | 1,024.19 | | | | 1.02 | | | | 0.20 | |
| (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). | |
See “Disclosure of Expenses” for further information on how expenses were calculated.
| | |
Fund Summary as of December 31, 2023 (continued) | | iShares Municipal Bond Index Fund |
Portfolio Information
SECTOR ALLOCATION
| | | | |
Sector(a)(b) | | Percent of Total Investments | |
Transportation | | | 30.4 | % |
State | | | 25.6 | |
County/City/Special District/School District | | | 15.9 | |
Utilities | | | 12.8 | |
Education | | | 7.0 | |
Health | | | 6.5 | |
Tobacco | | | 1.0 | |
Housing | | | 0.8 | |
CALL/MATURITY SCHEDULE
| | | | |
Calendar Year Ended December 31,(a)(c) | | Percentage | |
2024 | | | 7.4 | % |
2025 | | | 7.2 | |
2026 | | | 12.2 | |
2027 | | | 2.1 | |
2028 | | | 1.8 | |
CREDIT QUALITY ALLOCATION
| | | | |
Credit Rating(a)(d) | | Percent of Total Investments | |
AAA/Aaa | | | 22.3 | % |
AA/Aa | | | 59.6 | |
A | | | 17.4 | |
BBB/Baa | | | 0.5 | |
N/R | | | 0.2 | |
(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. |
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6 | | 2 0 2 3 BLACK ROCK ANNUAL REPORT TO SHAREHOLDERS |
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Fund Summary as of December 31, 2023 | | 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, 2023, the Fund’s Institutional Shares returned 4.41%, Investor A Shares returned 4.22%, and Class K Shares returned 4.51%. The Fund’s benchmark, the Bloomberg U.S. Treasury Inflation-Protected Securities (TIPS) 0-5 Years Index (Series-L), the (“Underlying Index”) returned 4.57% 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 reporting period, the Bloomberg US TIPS Index posted a return of 3.90% while the Fund’s benchmark, the Bloomberg US TIPS 0-5 year Index, returned 4.57%. The five-year breakeven rate (the level of expected inflation required to compensate for TIPS lower yield relative to comparable maturity Treasuries) finished the year at 2.12% versus 2.32% at the end of 2022.
The period saw continued elevated macroeconomic uncertainty, exasperated by a banking crisis in the first quarter of 2023 and U.S. Treasury debt ceiling concerns in the second quarter. The collapse of select regional banks as a result of the rapid rate hikes by the Fed over the course of 2022 and the uncertainty around whether Congress would approve raising the debt ceiling led to increased financial market volatility. Against the background of signs of cracks in the financial system and moderating economic data, the Fed paused its hiking cycle at its June 2023 meeting while it continued to assess the implications of incoming data. Following that announcement, the central bank’s “dot plot” displaying Open Market Committee member projections for fed funds became more hawkish, indicating (at that time) a likely target range at year end of between 5.50% and 5.75%, suggesting two additional rates hikes.
The eventual resolution of the debt ceiling crisis, a continued recovery in regional banks, a consensus that the Fed was nearing the end of its hiking cycle, and strong demand for yield all contributed to a favorable environment for credit-oriented fixed-income sectors as the first half of 2023 drew to a close. However, the market remained highly sensitive to incoming data as strong employment data and resilient growth was balanced by softening in leading indicators of economic activity such as the ISM Manufacturing Index, painting an uncertain outlook.
July 2023 saw the Fed resume hiking rates, resulting in the fed funds target range being set to 5.25-5.50%, the highest level in over 22 years. In September 2023, the Fed left rates unchanged while messaging that overall resilience in the U.S economy may require rates to remain higher for longer and that the potential remained for another increase. The fourth quarter of 2023 commenced with heightened global tensions, leading to a brief flight to quality in markets. The decline in Treasury yields was further supported by Fed commentary highlighting the tightening of financial conditions due to the rise in longer term yields since its September 2023 meeting, signaling a cautious “wait-and-see” approach. November 2023 saw the Fed leave rates unchanged while Fed Chair, Jerome Powell’s press conference adopted a slightly dovish tone, noting progress in taming inflation and suggesting an increased likelihood that the Fed’s hiking cycle had concluded. The Fed’s December 2023 meeting continued the dovish tone even as nonfarm payrolls increased, providing evidence of a resilient labor market and raising hopes for a soft landing for the economy. As 2023 drew to a close the market was pricing in several Fed rate cuts in 2024 and Treasury yields drifted lower. Despite substantial volatility along the way, the 10-year U.S. Treasury yield finished the year unchanged at 3.88%.
For the period, the Fund’s cash position averaged 15.6%. The Fund’s cash position 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.
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.
| | |
Fund Summary as of December 31, 2023 (continued) | | iShares Short-Term TIPS Bond Index Fund |
GROWTH OF $10,000 INVESTMENT

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 | | | | | | | 4.41 | % | | | 3.22 | % | | | 2.54 | % |
| | | | |
Investor A | | | | | | | 4.22 | | | | 2.95 | | | | 2.27 | |
| | | | |
Class K | | | | | | | 4.51 | | | | 3.24 | | | | 2.56 | |
| | | | |
Bloomberg U.S. Treasury Inflation-Protected Securities (TIPS) 0-5 Years Index (Series-L) | | | | | | | 4.57 | | | | 3.37 | | | | 2.65 | |
| (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 (07/01/23) |
| |
| Ending
Account Value (12/31/23) |
| |
| Expenses
Paid During the Period |
(a) | |
| Beginning
Account Value (07/01/23) |
| |
| Ending
Account Value (12/31/23) |
| |
| Expenses
Paid During the Period |
(a) | |
| Annualized
Expense Ratio |
|
Institutional | | $ | 1,000.00 | | | $ | 1,028.90 | | | $ | 0.56 | | | $ | 1,000.00 | | | $ | 1,024.65 | | | $ | 0.56 | | | | 0.11 | % |
Investor A | | | 1,000.00 | | | | 1,027.60 | | | | 1.84 | | | | 1,000.00 | | | | 1,023.39 | | | | 1.84 | | | | 0.36 | |
Class K | | | 1,000.00 | | | | 1,029.10 | | | | 0.31 | | | | 1,000.00 | | | | 1,024.90 | | | | 0.31 | | | | 0.06 | |
| (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). | |
See “Disclosure of Expenses” for further information on how expenses were calculated.
| | |
8 | | 2 0 2 3 BLACK ROCK ANNUAL REPORT TO SHAREHOLDERS |
| | |
Fund Summary as of December 31, 2023 (continued) | | iShares Short-Term TIPS Bond Index Fund |
Portfolio Information
| | | | |
ALLOCATION BY MATURITY | |
| |
Period | | Percent of Total Investments(a) | |
1-2 Years | | | 25.6 | % |
2-3 Years | | | 22.7 | |
3-4 Years | | | 24.3 | |
4-5 Years | | | 27.4 | |
(a) | Exclude short-term securities. |
| | | | |
FIVE LARGEST FUND HOLDINGS | |
| |
Holding | | Percent of Total Investments | |
U.S. Treasury Inflation Indexed Bonds, 2.38%, 10/15/28 | | | 5.3 | % |
U.S. Treasury Inflation-Indexed Notes, 0.38%, 07/15/25 | | | 5.0 | |
U.S. Treasury Inflation-Indexed Notes, 1.63%, 10/15/27 | | | 4.9 | |
U.S. Treasury Inflation-Indexed Notes, 1.25%, 04/15/28 | | | 4.8 | |
U.S. Treasury Inflation-Indexed Notes, 0.13%, 10/15/26 | | | 4.7 | |
| | |
Fund Summary as of December 31, 2023 | | 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, 2023, the Fund’s Institutional Shares returned 18.33%, Investor A Shares returned 18.02%, Investor P Shares returned 17.92%, Class G Shares returned 18.32%, and Class K Shares returned 18.34%. The MSCI EAFE Index returned 18.24% 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.
Developed non-U.S. markets, as represented by the MSCI EAFE Index, posted positive gains over the first quarter of 2023 on the back of optimism of cooling inflation pressure and resilient economic data. Energy shock has been mitigated by warm weather and government energy support measures. Headline news about the banking sector dampened market sentiments and attracted investors’ attention later in the quarter. The overall market calmed after the central banks set out reassuring plans.
In Europe, forward-looking indicators raised hopes that the eurozone may continue to avoid recession. The European Central Bank (“ECB”) reiterated its commitment to return inflation to its 2% target. The Bank of England (“BoE”) and ECB both raised the interest rate over the quarter to 4.25% and 3.00% respectively.
In Japan, the Bank of Japan (“BOJ”) kept their stance toward loose monetary policy amidst currency strength concerns. Inflation is at the highest level in the last 40 years. The Japanese market posted positive gains over the first quarter supported by the resurgence of tourism.
In the second quarter of 2023, developed non-U.S. markets posted positive gains supported by resilient corporate earnings data. The information technology sector rallied and boosted broad market performance, with semiconductor companies leading the way.
The ECB raised the interest rate to 4% over the quarter, indicating a potential for further rate hikes due to elevated inflation rates. In the United Kingdom, the BoE raised the interest rate to 5% in response to increased inflation triggered by wage growth.
The Japanese equity market posted positive return over the second quarter supported by a weaker Yen, improved sentiment towards semiconductor industry, and a strong corporate earnings season.
Global growth and inflation concerns took center stage in shaping sentiment across developed markets. Developed European equities fell over the third quarter amid worries about the potential impact of further rate hikes on economic growth.
The cooling inflation rate in Europe raised optimism that the rate hike cycle was nearing its endpoint. The ECB raised the interest rate in both July and September 2023, signaling a pause ahead, as the current level was deemed sufficient to guide inflation back to its target. However, the BoE maintained rates unchanged in September 2023 but indicated a longer period of elevated rates.
In Japan, equity markets rallied on the back of rising rates and robust earnings results. The weakened Yen, coupled with strong domestic demand, heightened investor sentiment, and supported market performance throughout the quarter. The BOJ announced policy adjustments that supported a gradual increase in Japanese government bond yields.
Developed non-U.S. markets posted positive gains over the fourth quarter 2023, supported by the optimism of cooling inflationary pressure and resilient economic data. With inflation returning closer to central banks’ targets, investors increased expectations that the rate-hiking cycle may have been over and increased their hopes for rate cuts in 2024.
In the Eurozone, with inflation data returning closer to the 2% target, the ECB kept interest rates at 4.00% in October 2023 after 10 consecutive hikes. In the United Kingdom, data contributed to hopes that the BoE may have finished its series of interest rate hikes. The BoE kept rates at 5.25% during the quarter.
In Japan, core consumer price growth picked up in the quarter to 2.9% in October 2023. The BoJ kept interest rates at -0.1%. The BoJ is the only major central bank to maintain interest rates below zero with the hope of ending Japan’s decades of deflation.
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.
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.
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.
| | |
10 | | 2 0 2 3 BLACK ROCK ANNUAL REPORT TO SHAREHOLDERS |
| | |
Fund Summary as of December 31, 2023 (continued) | | iShares MSCI EAFE International Index Fund |
GROWTH OF $10,000 INVESTMENT

| (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 | | | 18.33 | % | | | N/A | | | | | | | | 8.25 | % | | | N/A | | | | | | | | 4.24 | % | | | N/A | |
| | | | | | | | |
Investor A | | | 18.02 | | | | N/A | | | | | | | | 7.98 | | | | N/A | | | | | | | | 3.97 | | | | N/A | |
| | | | | | | | |
Investor P | | | 17.92 | | | | 11.72 | % | | | | | | | 7.97 | | | | 6.81 | % | | | | | | | 3.98 | | | | 3.42 | % |
| | | | | | | | |
Class G | | | 18.32 | | | | N/A | | | | | | | | 8.25 | | | | N/A | | | | | | | | 4.24 | | | | N/A | |
| | | | | | | | |
Class K | | | 18.34 | | | | N/A | | | | | | | | 8.33 | | | | N/A | | | | | | | | 4.29 | | | | N/A | |
| | | | | | | | |
MSCI EAFE Index | | | 18.24 | | | | N/A | | | | | | | | 8.16 | | | | N/A | | | | | | | | 4.28 | | | | 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. | |
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 (07/01/23) |
| |
| Ending Account Value (12/31/23) | | |
| Expenses Paid During the Period | (a) | |
| Beginning Account Value (07/01/23) | | |
| Ending Account Value (12/31/23) | | |
| Expenses Paid During the Period | (a) | |
| Annualized Expense Ratio | |
Institutional | | $ | 1,000.00 | | | $ | 1,055.80 | | | $ | 0.55 | | | $ | 1,000.00 | | | $ | 1,024.67 | | | $ | 0.54 | | | | 0.11 | % |
Investor A | | | 1,000.00 | | | | 1,054.40 | | | | 1.84 | | | | 1,000.00 | | | | 1,023.41 | | | | 1.81 | | | | 0.36 | |
Investor P | | | 1,000.00 | | | | 1,053.80 | | | | 1.84 | | | | 1,000.00 | | | | 1,023.41 | | | | 1.81 | | | | 0.36 | |
Class G | | | 1,000.00 | | | | 1,055.70 | | | | 0.05 | | | | 1,000.00 | | | | 1,025.08 | | | | 0.13 | | | | 0.02 | |
Class K | | | 1,000.00 | | | | 1,056.10 | | | | 0.29 | | | | 1,000.00 | | | | 1,024.92 | | | | 0.29 | | | | 0.06 | |
| (a) | For each class of the Fund, except for Class G Shares, 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). For Class G Shares 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 77/365 for actual expenses and 184/365 for hypothetical expenses (to reflect the six month period shown). | |
See “Disclosure of Expenses” for further information on how expenses were calculated.
| | |
Fund Summary as of December 31, 2023 (continued) | | iShares MSCI EAFE International Index Fund |
Portfolio Information
TEN LARGEST HOLDINGS
| | | | |
Security | | Percent of Net Assets | |
Novo Nordisk A/S, Class B | | | 2.1 | % |
Nestle SA, Registered Shares | | | 1.9 | |
ASML Holding NV | | | 1.9 | |
LVMH Moet Hennessy Louis Vuitton SE | | | 1.4 | |
Shell PLC | | | 1.3 | |
AstraZeneca PLC | | | 1.3 | |
Novartis AG, Class N, Registered Shares | | | 1.3 | |
Roche Holding AG | | | 1.2 | |
Toyota Motor Corp. | | | 1.2 | |
BHP Group Ltd., Class DI | | | 1.1 | |
GEOGRAPHIC ALLOCATION
| | | | |
Country/Geographic Region | | Percent of Net Assets | |
Japan | | | 22.1 | % |
United Kingdom | | | 12.9 | |
France | | | 11.5 | |
Switzerland | | | 8.9 | |
Germany | | | 8.4 | |
Australia | | | 8.3 | |
Netherlands | | | 5.0 | |
Denmark | | | 3.3 | |
Sweden | | | 3.2 | |
Spain | | | 2.6 | |
Italy | | | 2.2 | |
Hong Kong | | | 2.0 | |
United States | | | 1.8 | |
Singapore | | | 1.3 | |
Ireland | | | 1.2 | |
Finland | | | 1.1 | |
Other# | | | 3.5 | |
Other Assets Less Liabilities | | | 0.7 | |
# | Includes holdings within countries/geographic regions that are less than 1.0% of net assets. Please refer to the Schedule of Investments for such countries/geographic regions. |
| | |
12 | | 2 0 2 3 BLACK ROCK ANNUAL REPORT TO SHAREHOLDERS |
| | |
Fund Summary as of December 31, 2023 | | 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, 2023, the Fund’s Institutional Shares returned 16.90%, Investor A Shares returned 16.60%, Investor P Shares returned 16.62%, and Class K Shares returned 16.95%. The Russell 2000® Index returned 16.93% 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.
The U.S. equity market rallied over the first quarter of 2023 on the back of cooling inflation and resilient economic data. In combination with a stronger-than-expected gross domestic product (“GDP”), inflation data led investors to position for slower rate rises from the Federal Reserve (“Fed”). The Fed reiterated their commitment to raise interest rates to bring the inflation rate down in February 2023, especially if macro data continued to come in stronger than expected. Later in the quarter, investors’ attention quickly switched to headline news about the banking sector which led to a major sell off in the financial sectors. The overall market calmed after the central banks set out reassuring plans.
During the first quarter 2023, the Fed raised the interest rate by 25 basis points in February and March 2023, bringing it to the range of 4.75% and 5.00%. This represented the 9th consecutive interest rate hike. A slight shift in rhetoric was interpreted that the rate hiking cycle was nearing a pause, although Fed Chair, Jerome Powell was clear that additional “policy firming” may be required.
In the second quarter of 2023, the U.S. equity market continued to rally, despite concerns over the debt ceiling. Robust gains were supported by resilient economic data and strong performance by large-cap growth stocks. Concerns regarding the United States debt ceiling dampened market sentiment in May 2023 before Congress reached an agreement to suspend it. Later in the quarter, markets rallied boosted by the technology sector on the back of enthusiasm over artificial intelligence and chipmakers.
The Fed raised the interest rate by 25 basis points over the quarter, bringing rates to the range of 5.00% and 5.25%. The Fed signaled that hike pauses will come later in the quarter but expressed the need to retain flexibility to bring inflation down.
The U.S. equity market initially rallied over the third quarter, supported by a falling inflation rate and resilient economic data. The Fed raised its policy rate by 25 basis points, bringing the fed funds rate to 5.25%-5.50%. However, uncertainty around whether the Fed had reached the endpoint for its rate-hiking cycle had dampened the market sentiment.
A slight inflation hike in August 2023 weighed down on market performance over the second part of the third quarter. However, the Fed kept rates unchanged during their September 2023 meeting, signaling a hawkish pause that raised concerns about high rates persisting for a longer period and a possibility of another rate hike later in 2023, driven by increasing oil prices pushing the inflation rate higher.
The U.S. equity market posted overall robust gains on the back of cooling inflation data during the fourth quarter. The market initially dampened in October 2023 with expectations that interest rates would remain higher for longer. Increasing conflict in the Middle East further exacerbated the initial market dampening. Later in the quarter however, optimistic inflation data led to hopes that interest rates had reached their peak, leading the market to rally in the second half of the quarter.
During the fourth quarter, falling consumer price index data raised hopes that inflation was on course to fall back to the Fed’s 2% target. The Fed held interest rates steady for the quarter at a targeted range of 5.25% to 5.50%. Given that the Fed signaled they may have finished their series of rate hikes, market expectations of rate cuts in 2024 increased.
Describe recent portfolio activity.
During the 12-month 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.
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.
| | |
Fund Summary as of December 31, 2023 (continued) | | iShares Russell 2000 Small-Cap Index Fund |
GROWTH OF $10,000 INVESTMENT

| (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. The Russell 2000® Index 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 | | | | | | | 16.90 | % | | | N/A | | | | | | | | 9.96 | % | | | N/A | | | | | | | | 7.14 | % | | | N/A | |
| | | | | | | | | |
Investor A | | | | | | | 16.60 | | | | N/A | | | | | | | | 9.68 | | | | N/A | | | | | | | | 6.88 | | | | N/A | |
| | | | | | | | | |
Investor P | | | | | | | 16.62 | | | | 10.50 | % | | | | | | | 9.70 | | | | 8.52 | % | | | | | | | 6.87 | | | | 6.30 | % |
| | | | | | | | | |
Class K | | | | | | | 16.95 | | | | N/A | | | | | | | | 10.02 | | | | N/A | | | | | | | | 7.20 | | | | N/A | |
| | | | | | | | | |
Russell 2000® Index | | | | | | | 16.93 | | | | N/A | | | | | | | | 9.97 | | | | N/A | | | | | | | | 7.16 | | | | 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. | |
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 (07/01/23) |
| |
| Ending
Account Value (12/31/23) |
| |
| Expenses
Paid During the Period |
(a) | |
| Beginning
Account Value (07/01/23) |
| |
| Ending
Account Value (12/31/23) |
| |
| Expenses
Paid During the Period |
(a) | |
| Annualized
Expense Ratio |
|
Institutional | | $ | 1,000.00 | | | $ | 1,081.60 | | | $ | 0.63 | | | $ | 1,000.00 | | | $ | 1,024.60 | | | $ | 0.61 | | | | 0.12 | % |
Investor A | | | 1,000.00 | | | | 1,080.00 | | | | 1.94 | | | | 1,000.00 | | | | 1,023.34 | | | | 1.89 | | | | 0.37 | |
Investor P | | | 1,000.00 | | | | 1,080.30 | | | | 1.92 | | | | 1,000.00 | | | | 1,023.36 | | | | 1.87 | | | | 0.37 | |
Class K | | | 1,000.00 | | | | 1,081.90 | | | | 0.36 | | | | 1,000.00 | | | | 1,024.86 | | | | 0.35 | | | | 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 3 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.
Class G Shares (available only in iShares MSCI EAFE International Index Fund) are not subject to any sales charge. These shares bear no ongoing distribution or service fees and are available only to investors on eligible platforms. Class G Shares performance shown prior to the Class G Shares inception date of October 16, 2023 is that of Institutional Shares.The performance of iShares MSCI EAFE International Index Fund’s Class G Shares would be substantially similar to Institutional Shares because Class G Shares and Institutional Shares invest in the same portfolio of securities and performance would only differ to the extent that Class G Shares and Institutional Shares have different expenses. The actual returns of Class G Shares would have been higher than those of the Institutional Shares because Class G Shares have lower expenses than the Institutional Shares.
Past performance is not an indication of future results. 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 3 BLACK ROCK ANNUAL REPORT TO SHAREHOLDERS |
| | |
Schedule of Investments December 31, 2023 | | iShares Municipal Bond Index Fund (Percentages shown are based on Net Assets) |
| | | | | | | | |
Security | | Par (000) | | | Value | |
| | |
Municipal Bonds | | | | | | | | |
| | |
Alabama — 0.2% | | | | | | |
| | |
State — 0.2% | | | | | | |
Alabama Public School and College Authority, Refunding RB, Series A, 4.00%, 11/01/38 | | $ | 395 | | | $ | 412,490 | |
| | | | | | | | |
| | |
Arizona — 0.0% | | | | | | |
| |
County/City/Special District/School District — 0.0% | | | | |
City of Phoenix Arizona, Refunding GO, 5.00%, 07/01/24 | | | 5 | | | | 5,050 | |
| | | | | | | | |
| | |
California — 22.0% | | | | | | |
| |
County/City/Special District/School District — 4.2% | | | | |
Contra Costa Community College District, GO, Series A, Election 2014, 4.00%, 08/01/39 | | | 1,000 | | | | 1,002,792 | |
El Camino Community College District Foundation, GO, CAB, Series C, Election 2002, 0.00%, 08/01/38(a) | | | 680 | | | | 397,233 | |
Fremont Union High School District, Refunding GO, Series A, 5.00%, 08/01/44 | | | 1,350 | | | | 1,433,559 | |
Los Angeles County Facilities, Inc., RB, Series A, 4.00%, 12/01/48 | | | 1,000 | | | | 1,010,537 | |
Los Angeles Unified School District, GO, Series B-1, Election 2008, 5.00%, 07/01/33 | | | 1,500 | | | | 1,649,410 | |
Poway Unified School District, Refunding GO, Series B, 0.00%, 08/01/46(a) | | | 995 | | | | 372,387 | |
Sacramento City Financing Authority, Refunding RB, Series E, (AMBAC), 5.25%, 12/01/30 | | | 250 | | | | 290,510 | |
San Diego Community College District, Refunding GO, 4.00%, 08/01/26(b) | | | 500 | | | | 520,502 | |
San Diego Unified School District, GO | | | | | | | | |
Series L, 4.00%, 07/01/49 | | | 1,000 | | | | 1,004,351 | |
Series I, Election 2012, 5.00%, 07/01/41 | | | 1,000 | | | | 1,064,583 | |
Series I, Election 2012, 5.00%, 07/01/47 | | | 2,075 | | | | 2,184,812 | |
San Marcos Unified School District, GO, CAB, Series B, Election 2010, 0.00%, 08/01/51(a) | | | 350 | | | | 110,322 | |
| | | | | | | | |
| | | | | | | 11,040,998 | |
| | |
Education — 3.7% | | | | | | |
California Educational Facilities Authority, RB | | | | | | | | |
Series U-6, 5.00%, 05/01/45 | | | 1,260 | | | | 1,573,036 | |
Series U-7, 5.00%, 06/01/46 | | | 495 | | | | 617,351 | |
California State University, Refunding RB | | | | | | | | |
Series A, 4.00%, 11/01/35 | | | 500 | | | | 511,094 | |
Series A, 4.00%, 11/01/38 | | | 500 | | | | 505,942 | |
Series A, 5.00%, 11/01/43 | | | 540 | | | | 557,079 | |
Series A, 5.00%, 11/01/48 | | | 1,030 | | | | 1,108,488 | |
Lodi Unified School District, GO, Series 2022, Election 2016, 3.00%, 08/01/43 | | | 975 | | | | 849,430 | |
University of California, Refunding RB | | | | | | | | |
Series AR, 5.00%, 05/15/41 | | | 605 | | | | 631,192 | |
Series AY, 5.00%, 05/15/32 | | | 500 | | | | 543,924 | |
Series BE, 4.00%, 05/15/47 | | | 1,000 | | | | 1,011,357 | |
Series BN, 5.00%, 05/15/41 | | | 1,000 | | | | 1,174,957 | |
Series BN, 5.00%, 05/15/42 | | | 415 | | | | 482,902 | |
| | | | | | | | |
| | | | | | | 9,566,752 | |
| | |
Health — 0.4% | | | | | | |
California Health Facilities Financing Authority, Refunding RB, Class A, 5.00%, 08/15/51 | | | 1,000 | | | | 1,101,712 | |
| | | | | | | | |
| | |
State — 4.7% | | | | | | |
California State Public Works Board, Refunding RB 5.00%, 10/01/26 | | | 250 | | | | 267,178 | |
| | | | | | | | |
Security | | Par (000) | | | Value | |
| | |
State (continued) | | | | | | |
California State Public Works Board, Refunding RB (continued) | | | | | | | | |
Series C, 5.00%, 08/01/30 | | $ | 1,000 | | | $ | 1,166,565 | |
State of California, Refunding GO | | | | | | | | |
5.00%, 10/01/24 | | | 45 | | | | 45,752 | |
5.00%, 08/01/26 | | | 540 | | | | 560,741 | |
5.00%, 08/01/27 | | | 1,000 | | | | 1,062,478 | |
5.00%, 09/01/28 | | | 1,000 | | | | 1,118,408 | |
5.00%, 08/01/31 | | | 1,000 | | | | 1,058,573 | |
5.00%, 09/01/31 | | | 565 | | | | 599,100 | |
4.00%, 09/01/32 | | | 250 | | | | 256,233 | |
5.00%, 04/01/35 | | | 1,000 | | | | 1,196,766 | |
3.00%, 10/01/37 | | | 825 | | | | 779,651 | |
5.00%, 09/01/43 | | | 1,500 | | | | 1,735,032 | |
5.00%, 12/01/43 | | | 150 | | | | 150,088 | |
3.00%, 04/01/52 | | | 1,000 | | | | 803,157 | |
5.00%, 09/01/52 | | | 1,360 | | | | 1,519,250 | |
| | | | | | | | |
| | | | | | | 12,318,972 | |
| | |
Tobacco — 1.0% | | | | | | |
Golden State Tobacco Securitization Corp., Refunding RB, Series A, (SAP), 5.00%, 06/01/25(b) | | | 2,400 | | | | 2,478,704 | |
| | | | | | | | |
| | |
Transportation — 3.4% | | | | | | |
Bay Area Toll Authority, RB, Series F-1, 4.00%, 04/01/56 .. | | | 1,000 | | | | 995,571 | |
Bay Area Toll Authority, Refunding RB, 4.00%, 04/01/38 | | | 500 | | | | 508,244 | |
City of Long Beach California Harbor Revenue, Refunding ARB, Series C, 5.00%, 05/15/47 | | | 500 | | | | 524,141 | |
City of Los Angeles Department of Airports, ARB, Sub-Series B, 5.00%, 05/15/42 | | | 1,500 | | | | 1,589,195 | |
City of Los Angeles Department of Airports, Refunding ARB | | | | | | | | |
AMT, Subordinate, 3.00%, 11/15/31(b) | | | 55 | | | | 55,007 | |
AMT, Subordinate, 3.00%, 05/15/40 | | | 1,210 | | | | 1,059,598 | |
Foothill-Eastern Transportation Corridor Agency, RB, Series A, Senior Lien, 4.00%, 01/15/46 | | | 1,000 | | | | 986,584 | |
Foothill-Eastern Transportation Corridor Agency, Refunding RB, CAB(a) | | | | | | | | |
Series A, (AGM), 0.00%, 01/15/36 | | | 500 | | | | 332,238 | |
Series A, (AGM), 0.00%, 01/15/37 | | | 1,000 | | | | 632,824 | |
Riverside County Transportation Commission, Refunding RB, Series B1, Senior Lien, 4.00%, 06/01/37 | | | 1,154 | | | | 1,182,353 | |
San Francisco City & County Airport Comm-San Francisco International Airport, Refunding ARB, Series A, AMT, 4.00%, 05/01/49 | | | 1,000 | | | | 960,374 | |
| | | | | | | | |
| | | | | | | 8,826,129 | |
| | |
Utilities — 4.6% | | | | | | |
California Infrastructure & Economic Development Bank, RB, 4.00%, 10/01/45 | | | 1,510 | | | | 1,566,978 | |
East Bay Municipal Utility District Water System Revenue, Refunding RB Series B, 5.00%, 06/01/33 | | | 1,435 | | | | 1,565,842 | |
Series B-2, 5.00%, 06/01/34 | | | 1,000 | | | | 1,259,502 | |
Los Angeles Department of Water & Power, RB, Series D, 5.00%, 07/01/44 | | | 1,500 | | | | 1,507,974 | |
Los Angeles Department of Water & Power, Refunding RB, Series A, 5.00%, 07/01/37 | | | 1,000 | | | | 1,088,905 | |
San Diego County Water Authority, RB, Series A, 5.00%, 05/01/47 | | | 1,550 | | | | 1,748,210 | |
| | |
FUND SCHEDUL E S OF INVESTMENTS | | 17 |
| | |
Schedule of Investments (continued) December 31, 2023 | | iShares Municipal Bond Index Fund (Percentages shown are based on Net Assets) |
| | | | | | | | |
Security | | Par (000) | | | Value | |
| | |
Utilities (continued) | | | | | | |
San Diego Public Facilities Financing Authority, Refunding RB, Series A, Subordinate, 5.00%, 08/01/43 | | $ | 500 | | | $ | 540,223 | |
San Francisco City & County Public Utilities Commission Wastewater Revenue, Refunding RB, Series B, 4.00%, 10/01/42 | | | 1,500 | | | | 1,500,251 | |
State of California Department of Water Resources, Refunding RB, Series AW, 5.00%, 12/01/26(b) | | | 1,000 | | | | 1,074,347 | |
| | | | | | | | |
| | | | | | | 11,852,232 | |
| | | | | | | | |
| | |
Total Municipal Bonds in California | | | | | | | 57,185,499 | |
| | |
Colorado — 3.5% | | | | | | |
|
County/City/Special District/School District — 0.5% | |
City & County of Denver Colorado Pledged Excise Tax Revenue, Refunding RB, Series A, 4.00%, 08/01/46 | | | 1,500 | | | | 1,480,036 | |
| | | | | | | | |
| | |
Health — 0.4% | | | | | | |
Colorado Health Facilities Authority, Refunding RB, Series A, 5.00%, 08/01/44 | | | 1,000 | | | | 1,041,388 | |
| | | | | | | | |
| | |
State — 0.2% | | | | | | |
State of Colorado, COP, Series N, 4.00%, 03/15/43 | | | 500 | | | | 502,978 | |
| | | | | | | | |
| | |
Transportation — 1.9% | | | | | | |
City & County of Denver Colorado Airport System Revenue, Refunding ARB | | | | | | | | |
Series A, AMT, 5.00%, 12/01/35 | | | 1,000 | | | | 1,066,351 | |
Series D, AMT, 5.50%, 11/15/29 | | | 3,000 | | | | 3,400,066 | |
E-470 Public Highway Authority, Refunding RB, Series A, 5.00%, 09/01/40 | | | 400 | | | | 403,455 | |
| | | | | | | | |
| | | | | | | 4,869,872 | |
| | |
Utilities — 0.5% | | | | | | |
Board of Water Commissioners City & County of Denver, RB, Series A, 4.00%, 12/15/26 | | | 1,230 | | | | 1,230,944 | |
| | | | | | | | |
| | |
Total Municipal Bonds in Colorado | | | | | | | 9,125,218 | |
| | | | | | | | |
| | |
Connecticut — 1.7% | | | | | | |
| | |
State — 1.2% | | | | | | |
State of Connecticut Special Tax Revenue, RB | | | | | | | | |
Series A, 4.00%, 05/01/36 | | | 1,000 | | | | 1,057,633 | |
Series A, 4.00%, 05/01/39 | | | 500 | | | | 516,712 | |
State of Connecticut, GO | | | | | | | | |
Series B, 5.00%, 06/15/28 | | | 400 | | | | 412,552 | |
Series B, 4.00%, 06/15/33 | | | 850 | | | | 855,753 | |
State of Connecticut, Refunding GO, Series B, 5.00%, 05/15/25 | | | 250 | | | | 257,403 | |
| | | | | | | | |
| | | | | | | 3,100,053 | |
| | |
Transportation — 0.5% | | | | | | |
State of Connecticut Special Tax Revenue, RB | | | | | | | | |
Series A, 5.00%, 10/01/29 | | | 725 | | | | 725,831 | |
Series A, 4.00%, 09/01/36 | | | 430 | | | | 437,022 | |
| | | | | | | | |
| | | | | | | 1,162,853 | |
| | | | | | | | |
| | |
Total Municipal Bonds in Connecticut | | | | | | | 4,262,906 | |
| | | | | | | | |
Security | | Par (000) | | | Value | |
| | |
District of Columbia — 1.5% | | | | | | |
| | |
State — 0.4% | | | | | | |
District of Columbia, GO, Series D, 4.00%, 06/01/34 | | $ | 1,000 | | | $ | 1,037,291 | |
| | | | | | | | |
| | |
Transportation — 1.1% | | | | | | |
Metropolitan Washington Airports Authority Aviation Revenue, Refunding ARB, Series A, AMT, 4.00%, 10/01/51 | | | 1,500 | | | | 1,428,456 | |
Washington Metropolitan Area Transit Authority Dedicated Revenue, RB, Series A, 4.00%, 07/15/45 | | | 1,500 | | | | 1,505,730 | |
| | | | | | | | |
| | | | | | | 2,934,186 | |
| | | | | | | | |
| | |
Total Municipal Bonds in District of Columbia | | | | | | | 3,971,477 | |
| | |
Florida — 2.3% | | | | | | |
|
County/City/Special District/School District — 0.8% | |
County of Miami-Dade Florida Transit System, RB, Series A, 4.00%, 07/01/50 | | | 1,500 | | | | 1,476,681 | |
School Board of Miami-Dade County, Refunding COP, Series D, 5.00%, 02/01/27 | | | 500 | | | | 521,509 | |
| | | | | | | | |
| | | | | | | 1,998,190 | |
| | |
Health — 0.4% | | | | | | |
City of Tampa Florida, RB, Series B, 5.00%, 07/01/50 | | | 1,000 | | | | 1,048,726 | |
| | | | | | | | |
| | |
Transportation — 1.1% | | | | | | |
Central Florida Expressway Authority, Refunding RB, Series B, Senior Lien, 5.00%, 07/01/33 | | | 1,000 | | | | 1,037,336 | |
Greater Orlando Aviation Authority, ARB, Series A, AMT, 5.00%, 10/01/54 | | | 850 | | | | 880,630 | |
Miami-Dade County Expressway Authority, Refunding RB, Series B, 5.00%, 07/01/25 | | | 1,000 | | | | 1,008,414 | |
| | | | | | | | |
| | | | | | | 2,926,380 | |
| | | | | | | | |
| | |
Total Municipal Bonds in Florida | | | | | | | 5,973,296 | |
| | |
Georgia — 2.7% | | | | | | |
|
County/City/Special District/School District — 1.0% | |
Gwinnett County School District, GO, 5.00%, 02/01/40 | | | 1,400 | | | | 1,528,328 | |
Metropolitan Atlanta Rapid Transit Authority, Refunding RB, Series B, 5.00%, 07/01/35 | | | 1,000 | | | | 1,055,601 | |
| | | | | | | | |
| | | | | | | 2,583,929 | |
| | |
State — 1.0% | | | | | | |
State of Georgia, GO, Series A, 5.00%, 02/01/29 | | | 650 | | | | 685,408 | |
State of Georgia, Refunding GO, Series C, 5.00%, 07/01/28 | | | 1,710 | | | | 1,862,738 | |
| | | | | | | | |
| | | | | | | 2,548,146 | |
| | |
Transportation — 0.7% | | | | | | |
City of Atlanta Georgia Department of Aviation, Refunding RB, Series A, 5.00%, 07/01/29 | | | 1,000 | | | | 1,131,922 | |
Georgia Ports Authority, ARB, 5.25%, 07/01/52 | | | 750 | | | | 841,888 | |
| | | | | | | | |
| | | | | | | 1,973,810 | |
| | | | | | | | |
| | |
Total Municipal Bonds in Georgia | | | | | | | 7,105,885 | |
| | |
Illinois — 5.2% | | | | | | |
|
County/City/Special District/School District — 0.1% | |
City of Chicago Illinois, GO, Series A, 5.50%, 01/01/39 | | | 150 | | | | 164,659 | |
| | | | | | | | |
| | |
18 | | 2 0 2 3 BLACK ROCK ANNUAL REPORT TO SHAREHOLDERS |
| | |
Schedule of Investments (continued) December 31, 2023 | | iShares Municipal Bond Index Fund (Percentages shown are based on Net Assets) |
| | | | | | | | |
Security | | Par (000) | | | Value | |
| | |
Health — 0.4% | | | | | | |
Illinois Finance Authority, Refunding RB, 5.00%, 12/01/40 | | $ | 1,000 | | | $ | 1,022,678 | |
| | | | | | | | |
| | |
State — 2.3% | | | | | | |
Metropolitan Pier & Exposition Authority, Refunding RB(a) | | | | | | | | |
Class B, (AGM), 0.00%, 06/15/46 | | | 1,105 | | | | 415,661 | |
Series B, (AGM), 0.00%, 06/15/44 | | | 1,000 | | | | 423,005 | |
State of Illinois, GO | | | | | | | | |
5.00%, 05/01/39 | | | 1,500 | | | | 1,503,259 | |
Series C, 5.00%, 11/01/29 | | | 1,000 | | | | 1,070,678 | |
Series D, 5.00%, 11/01/24 | | | 1,000 | | | | 1,014,450 | |
Series D, 5.00%, 11/01/26 | | | 500 | | | | 527,240 | |
State of Illinois, Refunding GO | | | | | | | | |
Series A, 5.00%, 10/01/25 | | | 500 | | | | 515,800 | |
Series A, 5.00%, 10/01/28 | | | 500 | | | | 544,943 | |
| | | | | | | | |
| | | | | | | 6,015,036 | |
| | |
Transportation — 1.9% | | | | | | |
Chicago O’Hare International Airport, ARB, Series E, Senior Lien, 5.00%, 01/01/24 | | | 410 | | | | 410,000 | |
Chicago O’Hare International Airport, Refunding ARB | | | | | | | | |
Series B, Senior Lien, 4.00%, 01/01/44 | | | 1,000 | | | | 1,008,939 | |
Series B, Senior Lien, 5.00%, 01/01/48 | | | 1,000 | | | | 1,052,952 | |
Chicago Transit Authority Capital Grant Receipts Revenue, Refunding RB, 5.00%, 06/01/28 | | | 190 | | | | 204,868 | |
Illinois State Toll Highway Authority, RB | | | | | | | | |
Series A, 4.00%, 01/01/46 | | | 1,000 | | | | 991,449 | |
Series B, 5.00%, 01/01/41 | | | 1,000 | | | | 1,028,585 | |
Illinois State Toll Highway Authority, Refunding RB | | | | | | | | |
Series A, 5.00%, 01/01/25 | | | 100 | | | | 102,067 | |
Series A, 5.00%, 01/01/30 | | | 250 | | | | 279,375 | |
| | | | | | | | |
| | | | | | | 5,078,235 | |
| | |
Utilities — 0.5% | | | | | | |
Illinois Finance Authority, RB, 5.00%, 07/01/36 | | | 1,085 | | | | 1,239,933 | |
| | | | | | | | |
| | |
Total Municipal Bonds in Illinois | | | | | | | 13,520,541 | |
| | | | | | | | |
| | |
Indiana — 0.0% | | | | | | |
| | |
Transportation — 0.0% | | | | | | |
Indiana Finance Authority, Refunding RB, Series C, 5.00%, 12/01/24 | | | 100 | | | | 101,951 | |
| | | | | | | | |
| | |
Kansas — 0.8% | | | | | | |
|
Health — 0.2% | |
University of Kansas Hospital Authority, Refunding RB | | | | | | | | |
Series A, 5.00%, 03/01/27(b) | | | 155 | | | | 166,140 | |
Series A, 5.00%, 03/01/47 | | | 425 | | | | 436,473 | |
| | | | | | | | |
| | | | | | | 602,613 | |
| | |
Transportation — 0.6% | | | | | | |
State of Kansas Department of Transportation, RB | | | | | | | | |
5.00%, 09/01/27 | | | 1,000 | | | | 1,036,954 | |
5.00%, 09/01/34 | | | 500 | | | | 513,873 | |
| | | | | | | | |
| | | | | | | 1,550,827 | |
| | | | | | | | |
| | |
Total Municipal Bonds in Kansas | | | | | | | 2,153,440 | |
| | |
Maryland — 2.3% | | | | | | |
| | |
State — 1.9% | | | | | | |
State of Maryland, GO | | | | | | | | |
Series A, 5.00%, 03/15/28 | | | 450 | | | | 498,767 | |
| | | | | | | | |
Security | | Par (000) | | | Value | |
| | |
State (continued) | | | | | | |
State of Maryland, GO (continued) | | | | | | | | |
Series A, 5.00%, 03/15/30 | | $ | 1,000 | | | $ | 1,158,528 | |
Series A, 5.00%, 03/15/31 | | | 400 | | | | 429,940 | |
Series A, 5.00%, 06/01/33 | | | 1,500 | | | | 1,807,401 | |
State of Maryland, Refunding GO, Series B, 5.00%, 08/01/25 | | | 1,000 | | | | 1,037,575 | |
| | | | | | | | |
| | | | | | | 4,932,211 | |
| | |
Transportation — 0.4% | | | | | | |
State of Maryland Department of Transportation, ARB | | | | | | | | |
4.00%, 12/15/28 | | | 405 | | | | 405,104 | |
4.00%, 11/01/29 | | | 695 | | | | 698,729 | |
| | | | | | | | |
| | | | | | | 1,103,833 | |
| | | | | | | | |
| | |
Total Municipal Bonds in Maryland | | | | | | | 6,036,044 | |
| | |
Massachusetts — 3.4% | | | | | | |
| | |
Education — 0.8% | | | | | | |
Massachusetts Development Finance Agency, RB, Series P, 5.00%, 07/01/50 | | | 500 | | | | 613,389 | |
Massachusetts Development Finance Agency, Refunding RB, Series A, 5.00%, 07/15/40 | | | 1,000 | | | | 1,246,124 | |
University of Massachusetts Building Authority, Refunding RB, Series 1, 5.00%, 11/01/24(b) | | | 75 | | | | 76,259 | |
| | | | | | | | |
| | | | | | | 1,935,772 | |
| | |
Health — 0.4% | | | | | | |
Massachusetts Development Finance Agency, Refunding RB, 5.00%, 07/01/34 | | | 1,000 | | | | 1,083,758 | |
| | | | | | | | |
| | |
State — 2.2% | | | | | | |
Commonwealth of Massachusetts, GO | | | | | | | | |
Series A, 5.00%, 03/01/26 | | | 725 | | | | 762,819 | |
Series B, 3.00%, 02/01/48 | | | 1,000 | | | | 812,667 | |
Series D, 5.00%, 11/01/31 | | | 1,000 | | | | 1,194,920 | |
Series E, 4.00%, 04/01/46 | | | 530 | | | | 530,019 | |
Series F, 5.00%, 11/01/42 | | | 1,000 | | | | 1,053,096 | |
Series G, 4.00%, 09/01/32 | | | 1,325 | | | | 1,365,921 | |
| | | | | | | | |
| | | | | | | 5,719,442 | |
| | | | | | | | |
| | |
Total Municipal Bonds in Massachusetts | | | | | | | 8,738,972 | |
| | |
Michigan — 1.4% | | | | | | |
| | |
Education — 0.3% | | | | | | |
University of Michigan, Refunding RB, 5.00%, 04/01/26(b) | | | 585 | | | | 615,931 | |
| | | | | | | | |
| | |
Health — 0.4% | | | | | | |
Michigan Finance Authority, Refunding RB, Series A, 5.00%, 12/01/41 | | | 1,000 | | | | 1,068,820 | |
| | | | | | | | |
| | |
State — 0.7% | | | | | | |
Michigan State Building Authority, Refunding RB, Series I, 3.00%, 10/15/51 | | | 1,000 | | | | 801,535 | |
State of Michigan Trunk Line Revenue, RB, Series B, 5.00%, 11/15/45 | | | 1,000 | | | | 1,100,296 | |
| | | | | | | | |
| | | | | | | 1,901,831 | |
| | | | | | | | |
| | |
Total Municipal Bonds in Michigan | | | | | | | 3,586,582 | |
| | |
FUND SCHEDULE S OF INVESTMENTS | | 19 |
| | |
Schedule of Investments (continued) December 31, 2023 | | iShares Municipal Bond Index Fund (Percentages shown are based on Net Assets) |
| | | | | | | | |
Security | | Par (000) | | | Value | |
| | |
Minnesota — 0.4% | | | | | | |
| | |
Health — 0.4% | | | | | | |
City of Rochester Minnesota, Refunding RB, 5.00%, 11/15/57 | | $ | 1,000 | | | $ | 1,105,875 | |
| | | | | | | | |
| | |
Missouri — 0.4% | | | | | | |
| | |
Utilities — 0.4% | | | | | | |
Metropolitan St. Louis Sewer District, Refunding RB | | | | | | | | |
Series B, 5.00%, 05/01/25(b) | | | 330 | | | | 339,463 | |
Series B, 5.00%, 05/01/45 | | | 705 | | | | 723,820 | |
| | | | | | | | |
| | |
Total Municipal Bonds in Missouri | | | | | | | 1,063,283 | |
| | |
New Jersey — 5.3% | | | | | | |
| | |
Education — 0.4% | | | | | | |
New Jersey Economic Development Authority, RB, Series EEE, 5.00%, 06/15/48 | | | 1,000 | | | | 1,042,883 | |
| | | | | | | | |
| | |
Health — 0.4% | | | | | | |
New Jersey Health Care Facilities Financing Authority, RB, 4.00%, 07/01/51 | | | 1,000 | | | | 981,003 | |
| | | | | | | | |
| | |
State — 1.2% | | | | | | |
New Jersey Transportation Trust Fund Authority, RB, Series S, 5.00%, 06/15/46 | | | 500 | | | | 524,286 | |
State of New Jersey, GO | | | | | | | | |
Series A, 5.00%, 06/01/29 | | | 1,000 | | | | 1,128,427 | |
Series A, 4.00%, 06/01/31 | | | 1,500 | | | | 1,636,323 | |
| | | | | | | | |
| | | | | | | 3,289,036 | |
| | |
Transportation — 3.3% | | | | | | |
New Jersey Transportation Trust Fund Authority, RB | | | | | | | | |
Series A, 0.00%, 12/15/25(a) | | | 100 | | | | 93,563 | |
Series A, 0.00%, 12/15/32(a) | | | 250 | | | | 186,363 | |
Series AA, 5.00%, 06/15/25 | | | 150 | | | | 151,404 | |
Series AA, 4.75%, 06/15/38 | | | 280 | | | | 284,629 | |
Series AA, 3.00%, 06/15/50 | | | 1,000 | | | | 801,001 | |
New Jersey Transportation Trust Fund Authority, RB, CAB(a) | | | | | | | | |
Series A, 0.00%, 12/15/35 | | | 3,075 | | | | 2,038,472 | |
Series A, 0.00%, 12/15/38 | | | 530 | | | | 300,996 | |
New Jersey Transportation Trust Fund Authority, Refunding RB | | | | | | | | |
Series A, 4.00%, 12/15/31 | | | 1,000 | | | | 1,046,674 | |
Series A, 5.00%, 12/15/36 | | | 1,000 | | | | 1,086,729 | |
Series D, 5.00%, 12/15/24 | | | 250 | | | | 254,793 | |
New Jersey Turnpike Authority, Refunding RB | | | | | | | | |
Series E, 5.00%, 01/01/29 | | | 1,000 | | | | 1,093,724 | |
Series E, 5.00%, 01/01/32 | | | 1,100 | | | | 1,200,400 | |
| | | | | | | | |
| | | | | | | 8,538,748 | |
| | | | | | | | |
| | |
Total Municipal Bonds in New Jersey | | | | | | | 13,851,670 | |
| | |
New York — 23.7% | | | | | | |
|
County/City/Special District/School District — 7.3% | |
City of New York, GO | | | | | | | | |
Series B-1, 5.00%, 12/01/41 | | | 1,390 | | | | 1,446,375 | |
Series C, 4.00%, 08/01/40 | | | 1,840 | | | | 1,886,212 | |
Series D, 5.00%, 12/01/35 | | | 500 | | | | 550,461 | |
Series D, 4.00%, 12/01/41 | | | 1,000 | | | | 1,005,408 | |
Series F-1, 5.00%, 03/01/43 | | | 1,000 | | | | 1,108,308 | |
Series F-1, 5.00%, 03/01/50 | | | 1,000 | | | | 1,083,937 | |
City of New York, Refunding GO, Sub-Series F-1, 5.00%, 08/01/27 | | | 380 | | | | 413,508 | |
Nassau County Interim Finance Authority, Refunding RB, Series A, 4.00%, 11/15/34 | | | 310 | | | | 342,647 | |
| | | | | | | | |
Security | | Par (000) | | | Value | |
| |
County/City/Special District/School District (continued) | | | | |
New York City Industrial Development Agency, Refunding RB, (AGM), 4.00%, 03/01/45 | | $ | 300 | | | $ | 297,802 | |
New York City Transitional Finance Authority Future Tax Secured Revenue, RB | | | | | | | | |
5.00%, 05/01/37 | | | 1,000 | | | | 1,035,670 | |
Series A1, 5.00%, 08/01/36 | | | 500 | | | | 547,569 | |
Series A1, 5.00%, 08/01/42 | | | 1,000 | | | | 1,070,589 | |
Subordinate, 4.00%, 05/01/42 | | | 1,000 | | | | 1,014,891 | |
Series A-1, Subordinate, 4.00%, 08/01/38 | | | 1,000 | | | | 1,063,871 | |
Series C-1, Subordinate, 5.00%, 02/01/32 | | | 2,285 | | | | 2,727,892 | |
New York City Transitional Finance Authority Future Tax Secured Revenue, Refunding RB, | | | | | | | | |
Series B-1, 5.00%, 11/01/30 | | | 1,400 | | | | 1,634,352 | |
New York State Urban Development Corp., RB, Class A, 4.00%, 03/15/47 | | | 1,000 | | | | 1,001,622 | |
Triborough Bridge & Tunnel Authority Sales Tax Revenue, RB, Series A, 5.00%, 05/15/42 | | | 665 | | | | 756,904 | |
| | | | | | | | |
| | | | | | | 18,988,018 | |
| | |
Education — 1.6% | | | | | | |
New York State Dormitory Authority, RB | | | | | | | | |
5.00%, 10/01/45 | | | 1,500 | | | | 1,866,993 | |
Series A, 4.00%, 07/01/41 | | | 1,000 | | | | 1,005,000 | |
Series A, 5.00%, 10/01/48 | | | 1,000 | | | | 1,238,315 | |
| | | | | | | | |
| | | | | | | 4,110,308 | |
| | |
State — 5.8% | | | | | | |
New York City Transitional Finance Authority Building Aid Revenue, Refunding RB, Series -2A, Subordinate, (SAW), 4.00%, 07/15/36 | | | 1,455 | | | | 1,515,665 | |
New York State Dormitory Authority, RB, Series A, 5.00%, 03/15/35 | | | 740 | | | | 810,342 | |
New York State Dormitory Authority, Refunding RB | | | | | | | | |
Series A, 5.00%, 03/15/27 | | | 1,000 | | | | 1,080,171 | |
Series A, 5.00%, 03/15/28(c) | | | 250 | | | | 275,489 | |
Series A, 4.00%, 03/15/43 | | | 500 | | | | 503,305 | |
Series A, 3.00%, 03/15/51 | | | 2,000 | | | | 1,582,069 | |
Series D, 4.00%, 02/15/47 | | | 1,000 | | | | 997,297 | |
Series E, 5.00%, 03/15/27(c) | | | 500 | | | | 539,714 | |
Series E, 5.00%, 09/15/28(b) | | | 5 | | | | 5,573 | |
Series E, 5.00%, 03/15/29 | | | 995 | | | | 1,109,309 | |
Series E, 3.00%, 03/15/41 | | | 1,500 | | | | 1,328,589 | |
New York State Urban Development Corp., RB, Series A, 4.00%, 03/15/49 | | | 1,000 | | | | 1,001,592 | |
New York State Urban Development Corp., Refunding RB | | | | | | | | |
Series A, 5.00%, 03/15/27(c) | | | 600 | | | | 647,656 | |
Series A, 5.00%, 03/15/39 | | | 1,000 | | | | 1,100,303 | |
Series E, 3.00%, 03/15/47 | | | 715 | | | | 582,679 | |
Series E, 3.00%, 03/15/50 | | | 1,130 | | | | 893,929 | |
Sales Tax Asset Receivable Corp., Refunding RB, Series A, 5.00%, 10/15/24(b) | | | 1,000 | | | | 1,016,635 | |
| | | | | | | | |
| | | | | | | 14,990,317 | |
| | |
Transportation — 6.1% | | | | | | |
Hudson Yards Infrastructure Corp., Refunding RB, Series A, 5.00%, 02/15/42 | | | 910 | | | | 952,013 | |
Metropolitan Transportation Authority, RB | | | | | | | | |
Series A, 4.00%, 11/15/48 | | | 500 | | | | 479,403 | |
Series D1, 5.00%, 11/15/44 | | | 300 | | | | 319,141 | |
Metropolitan Transportation Authority, Refunding RB | | | | | | | | |
Series B, 5.00%, 11/15/37 | | | 1,075 | | | | 1,103,963 | |
Series D-1, 5.00%, 11/15/34(d) | | | 1,000 | | | | 1,011,798 | |
Sub-Series C-1, 5.00%, 11/15/34 | | | 1,000 | | | | 1,079,540 | |
| | |
20 | | 2 0 2 3 BLACK ROCK ANNUAL REPORT TO SHAREHOLDERS |
| | |
Schedule of Investments (continued) December 31, 2023 | | iShares Municipal Bond Index Fund (Percentages shown are based on Net Assets) |
| | | | | | | | |
Security | | Par (000) | | | Value | |
| | |
Transportation (continued) | | | | | | |
New York State Thruway Authority, Refunding RB | | | | | | | | |
Series A-1, 4.00%, 03/15/44 | | $ | 1,000 | | | $ | 1,009,903 | |
Series A-3, 4.00%, 03/15/56 | | | 1,000 | | | | 977,897 | |
Series B, Subordinate, 4.00%, 01/01/50 | | | 1,000 | | | | 979,871 | |
Port Authority of New York & New Jersey, Refunding ARB | | | | | | | | |
5.00%, 07/15/48 | | | 1,840 | | | | 2,043,917 | |
Series 194, 5.00%, 10/15/41 | | | 835 | | | | 855,593 | |
Triborough Bridge & Tunnel Authority, RB, Series A, 4.00%, 11/15/42 | | | 625 | | | | 625,068 | |
Triborough Bridge & Tunnel Authority, Refunding RB | | | | | | | | |
Series A, 5.00%, 11/15/31 | | | 1,000 | | | | 1,049,655 | |
Series A, 5.00%, 11/15/40 | | | 600 | | | | 611,354 | |
Series B, 5.00%, 11/15/38 | | | 1,000 | | | | 1,056,963 | |
Senior Lien, 5.00%, 11/15/28 | | | 1,605 | | | | 1,810,118 | |
| | | | | | | | |
| | | | | | | 15,966,197 | |
| | |
Utilities — 2.9% | | | | | | |
New York City Municipal Water Finance Authority, RB | | | | | | | | |
Series CC-1, 5.00%, 06/15/48 | | | 1,000 | | | | 1,045,843 | |
Series DD-1, 4.00%, 06/15/49 | | | 1,000 | | | | 995,256 | |
New York City Municipal Water Finance Authority, Refunding RB | | | | | | | | |
Series DD, 5.00%, 06/15/39 | | | 420 | | | | 421,688 | |
Series EE, 5.00%, 06/15/36 | | | 1,000 | | | | 1,029,161 | |
New York Power Authority, RB, (AGM), 4.00%, 11/15/52 | | | 1,000 | | | | 989,293 | |
New York Power Authority, Refunding RB, Series A, 4.00%, 11/15/50 | | | 1,000 | | | | 1,000,296 | |
Utility Debt Securitization Authority, Refunding RB, Series TE, Restructured, 5.00%, 12/15/41 | | | 2,000 | | | | 2,007,595 | |
| | | | | | | | |
| | | | | | | 7,489,132 | |
| | | | | | | | |
| | |
Total Municipal Bonds in New York | | | | | | | 61,543,972 | |
| | |
North Carolina — 0.7% | | | | | | |
| | |
Housing — 0.4% | | | | | | |
North Carolina Housing Finance Agency, RB, S/F Housing, (FHLMC, FNMA, GNMA), 5.00%, 07/01/46 | | | 1,000 | | | | 1,053,524 | |
| | | | | | | | |
| | |
Transportation(a) — 0.3% | | | | | | |
North Carolina Turnpike Authority, RB, Series B, (AGC), 0.00%, 01/01/34 | | | 500 | | | | 353,709 | |
North Carolina Turnpike Authority, RB, CAB, 0.00%, 01/01/49 | | | 1,000 | | | | 332,293 | |
| | | | | | | | |
| | | | | | | 686,002 | |
| | | | | | | | |
| | |
Total Municipal Bonds in North Carolina | | | | | | | 1,739,526 | |
| | |
Ohio — 1.7% | | | | | | |
| | |
Transportation — 0.4% | | | | | | |
Ohio Turnpike & Infrastructure Commission, RB, Series A, 5.00%, 02/15/46 | | | 1,000 | | | | 1,093,247 | |
| | | | | | | | |
| | |
Utilities — 1.3% | | | | | | |
American Municipal Power, Inc., Refunding RB, 5.00%, 02/15/33 | | | 1,000 | | | | 1,127,838 | |
Ohio Water Development Authority Water Pollution Control Loan Fund, RB, Series A, 5.00%, 12/01/28 | | | 2,000 | | | | 2,163,759 | |
| | | | | | | | |
| | | | | | | 3,291,597 | |
| | | | | | | | |
| | |
Total Municipal Bonds in Ohio | | | | | | | 4,384,844 | |
| | | | | | | | |
Security | | Par (000) | | | Value | |
| | |
Pennsylvania — 4.4% | | | | | | |
| | |
Health — 0.8% | | | | | | |
Geisinger Authority, Refunding RB, 5.00%, 04/01/50 | | $ | 1,000 | | | $ | 1,049,537 | |
Pennsylvania Higher Educational Facilities Authority, RB, 5.00%, 08/15/49 | | | 1,000 | | | | 1,054,700 | |
| | | | | | | | |
| | | | | | | 2,104,237 | |
| | |
Housing — 0.4% | | | | | | |
Pennsylvania Housing Finance Agency, Refunding RB, S/F Housing, Series 142-A, 4.50%, 10/01/38 | | | 1,000 | | | | 1,049,473 | |
| | | | | | | | |
| | |
State — 1.6% | | | | | | |
Commonwealth of Pennsylvania, GO | | | | | | | | |
5.00%, 10/01/31 | | | 1,000 | | | | 1,176,029 | |
Series 1, 5.00%, 03/15/29 | | | 1,000 | | | | 1,019,637 | |
Series 2, 5.00%, 10/15/26 | | | 685 | | | | 687,771 | |
Commonwealth of Pennsylvania, Refunding GO, Series 1, 5.00%, 01/01/28 | | | 1,105 | | | | 1,183,913 | |
| | | | | | | | |
| | | | | | | 4,067,350 | |
| | |
Transportation — 1.6% | | | | | | |
Delaware River Port Authority, ARB, Series A, 5.00%, 01/01/39 | | | 125 | | | | 136,509 | |
Delaware River Port Authority, Refunding RB, Series B, 5.00%, 01/01/26 | | | 250 | | | | 260,978 | |
Pennsylvania Economic Development Financing Authority, RB, 5.00%, 12/31/38 | | | 1,000 | | | | 1,014,469 | |
Pennsylvania Turnpike Commission, RB | | | | | | | | |
Series A-1, 5.00%, 12/01/47 | | | 1,000 | | | | 1,036,689 | |
Series 1, Subordinate, 5.00%, 12/01/39 | | | 875 | | | | 950,894 | |
Series A, Subordinate, 4.00%, 12/01/46 | | | 425 | | | | 421,289 | |
Series A, Subordinate, 4.00%, 12/01/50 | | | 480 | | | | 470,303 | |
| | | | | | | | |
| | | | | | | 4,291,131 | |
| | | | | | | | |
| | |
Total Municipal Bonds in Pennsylvania | | | | | | | 11,512,191 | |
| | |
South Carolina — 0.4% | | | | | | |
| | |
Utilities — 0.4% | | | | | | |
South Carolina Public Service Authority, Refunding RB | | | | | | | | |
Series A, 4.00%, 12/01/40 | | | 750 | | | | 754,129 | |
Series B, 5.00%, 12/01/51 | | | 305 | | | | 319,271 | |
| | | | | | | | |
| | |
Total Municipal Bonds in South Carolina | | | | | | | 1,073,400 | |
| | |
Tennessee — 0.4% | | | | | | |
| | |
Transportation — 0.4% | | | | | | |
Metropolitan Nashville Airport Authority, ARB, Series A, 5.00%, 07/01/45 | | | 900 | | | | 910,337 | |
| | | | | | | | |
| | |
Texas — 7.8% | | | | | | |
| |
County/City/Special District/School District — 0.8% | | | | |
County of Williamson Texas, GO, 4.00%, 02/15/26 | | | 1,000 | | | | 1,026,954 | |
Cypress-Fairbanks Independent School District, Refunding GO, Series C, (PSF), 5.00%, 02/15/44 | | | 500 | | | | 501,077 | |
Lewisville Independent School District, Refunding GO, Series B, 5.00%, 08/15/28 | | | 570 | | | | 586,978 | |
| | | | | | | | |
| | | | | | | 2,115,009 | |
| | |
Education — 0.2% | | | | | | |
Board of Regents of the University of Texas System, RB, Series E, 5.00%, 08/15/27 | | | 400 | | | | 436,698 | |
| | | | | | | | |
| | |
Health — 0.4% | | | | | | |
Tarrant County Cultural Education Facilities Finance Corp., Refunding RB, Series A, 5.00%, 11/15/45 | | | 1,000 | | | | 1,022,928 | |
| | | | | | | | |
| | |
FUND SCHEDULE S OF INVESTMENTS | | 21 |
| | |
Schedule of Investments (continued) December 31, 2023 | | iShares Municipal Bond Index Fund (Percentages shown are based on Net Assets) |
| | | | | | | | |
Security | | Par (000) | | | Value | |
| | |
Transportation — 4.5% | | | | | | |
Central Texas Regional Mobility Authority, RB | | | | | | | | |
Series C, 5.00%, 01/01/27 | | $ | 1,000 | | | $ | 1,035,719 | |
Series A, Senior Lien, 5.00%, 07/01/25(b) | | | 1,000 | | | | 1,031,239 | |
Central Texas Turnpike System, RB | | | | | | | | |
Series A, (AMBAC), 0.00%, 08/15/30(a) | | | 270 | | | | 217,414 | |
Series C, 5.00%, 08/15/37 | | | 1,000 | | | | 1,001,406 | |
County of Harris Texas Toll Road Revenue, Refunding RB, Series A, Senior Lien, 5.00%, 08/15/31 | | | 1,000 | | | | 1,101,275 | |
Dallas Fort Worth International Airport, Refunding RB, Series A, 4.00%, 11/01/34 | | | 1,250 | | | | 1,327,265 | |
Grand Parkway Transportation Corp., Refunding RB, 4.00%, 10/01/49 | | | 500 | | | | 492,922 | |
North Texas Tollway Authority, Refunding RB | | | | | | | | |
Series A, 5.00%, 01/01/38 | | | 1,000 | | | | 1,072,468 | |
Series A, 5.00%, 01/01/43 | | | 1,815 | | | | 1,922,294 | |
Series B, 5.00%, 01/01/34 | | | 1,000 | | | | 1,018,922 | |
Port Authority of Houston of Harris County Texas, ARB, 1st Lien, 5.00%, 10/01/48 | | | 455 | | | | 503,974 | |
State of Texas, Refunding GO, Series A, 5.00%, 10/01/24(b) | | | 1,000 | | | | 1,014,628 | |
| | | | | | | | |
| | | | | | | 11,739,526 | |
| | |
Utilities — 1.9% | | | | | | |
City of Austin Texas Electric Utility Revenue, Refunding RB, Series A, 5.00%, 11/15/45 | | | 1,000 | | | | 1,014,826 | |
City of Garland Texas Electric Utility System Revenue, Refunding RB, 4.00%, 03/01/49 | | | 1,000 | | | | 987,350 | |
City of San Antonio Texas Electric & Gas Systems Revenue, Refunding RB, Series A, 5.00%, 02/01/26 | | | 500 | | | | 523,713 | |
Texas Water Development Board, RB | | | | | | | | |
Series A, 4.00%, 10/15/37 | | | 1,180 | | | | 1,210,129 | |
Series B, 5.00%, 04/15/49 | | | 1,000 | | | | 1,062,428 | |
| | | | | | | | |
| | | | | | | 4,798,446 | |
| | | | | | | | |
| | |
Total Municipal Bonds in Texas | | | | | | | 20,112,607 | |
| | |
Utah — 0.5% | | | | | | |
| | |
State — 0.5% | | | | | | |
State of Utah, GO, Series B, 5.00%, 07/01/25 | | | 1,290 | | | | 1,335,479 | |
| | | | | | | | |
| | |
Virginia — 1.9% | | | | | | |
|
County/City/Special District/School District — 0.7% | |
City of Alexandria Virginia, GO, Series A, (SAW), 3.00%, 07/15/46 | | | 1,000 | | | | 831,148 | |
County of Fairfax Virginia, Refunding GO, Series A, (SAW), 4.00%, 10/01/27 | | | 1,000 | | | | 1,030,481 | |
| | | | | | | | |
| | | | | | | 1,861,629 | |
| | |
Health — 0.4% | | | | | | |
Fairfax County Industrial Development Authority, Refunding RB, 4.00%, 05/15/42 | | | 1,000 | | | | 998,627 | |
| | | | | | | | |
| | |
Transportation — 0.6% | | | | | | |
Virginia Commonwealth Transportation Board, Refunding RB 5.00%, 03/15/27 | | | 285 | | | | 307,574 | |
Series A, 5.00%, 05/15/31 | | | 1,000 | | | | 1,087,925 | |
| | | | | | | | |
| | | | | | | 1,395,499 | |
| | |
Utilities — 0.2% | | | | | | |
City of Richmond Virginia Public Utility Revenue, Refunding RB, 5.00%, 01/15/26 | | | 500 | | | | 523,959 | |
| | | | | | | | |
| | |
Total Municipal Bonds in Virginia | | | | | | | 4,779,714 | |
| | | | | | | | |
| | | | | | | | |
Security | | Par (000) | | | Value | |
| | |
Washington — 2.1% | | | | | | |
| | |
Health — 0.9% | | | | | | |
Washington Health Care Facilities Authority, Refunding RB, 5.00%, 10/01/38 | | $ | 2,000 | | | $ | 2,221,576 | |
| | | | | | | | |
| | |
State — 0.4% | | | | | | |
State of Washington, Refunding GO, Series B, 5.00%, 07/01/30 | | | 1,000 | | | | 1,044,110 | |
| | | | | | | | |
| | |
Transportation — 0.8% | | | | | | |
Central Puget Sound Regional Transit Authority, RB, Series S-1, 5.00%, 11/01/46 | | | 1,000 | | | | 1,198,644 | |
Port of Seattle Washington, Refunding ARB, AMT, Intermediate Lien, 4.00%, 08/01/47 | | | 1,000 | | | | 946,625 | |
| | | | | | | | |
| | | | | | | 2,145,269 | |
| | | | | | | | |
| | |
Total Municipal Bonds in Washington | | | | | | | 5,410,955 | |
| | |
Wisconsin — 1.1% | | | | | | |
| | |
Health — 0.4% | | | | | | |
Wisconsin Health & Educational Facilities Authority, Refunding RB, Series A, 5.00%, 11/15/39 | | | 1,000 | | | | 1,024,910 | |
| | | | | | | | |
| | |
State — 0.7% | | | | | | |
State of Wisconsin, Refunding GO | | | | | | | | |
5.00%, 11/01/27 | | | 770 | | | | 832,851 | |
Series 2, 5.00%, 11/01/26 | | | 980 | | | | 1,049,034 | |
| | | | | | | | |
| | | | | | | 1,881,885 | |
| | | | | | | | |
| | |
Total Municipal Bonds in Wisconsin | | | | | | | 2,906,795 | |
| | | | | | | | |
| | |
Total Long-Term Investments — 97.8% (Cost: $255,549,469) | | | | | | | 253,909,999 | |
| | | | | | | | |
| | Shares | | | | |
| | |
Short-Term Securities | | | | | | | | |
| | |
Money Market Funds — 1.3% | | | | | | |
BlackRock Liquidity Funds, MuniCash, Institutional Class, 3.76%(e)(f) | | | 3,354,992 | | | | 3,355,327 | |
| | | | | | | | |
| | |
Total Short-Term Securities — 1.3% (Cost: $3,355,171) | | | | | | | 3,355,327 | |
| | | | | | | | |
| | |
Total Investments — 99.1% (Cost: $258,904,640) | | | | | | | 257,265,326 | |
| | |
Other Assets Less Liabilities — 0.9% | | | | | | | 2,461,580 | |
| | | | | | | | |
| | |
Net Assets — 100.0% | | | | | | $ | 259,726,906 | |
| | | | | | | | |
(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. |
| | |
22 | | 2 0 2 3 BLACK ROCK ANNUAL REPORT TO SHAREHOLDERS |
| | |
Schedule of Investments (continued) December 31, 2023 | | iShares Municipal Bond Index Fund |
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the year ended December 31, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Affiliated Issuer | | Value at 12/31/22 | | | Purchases at Cost | | | Proceeds from Sale | | | Net Realized Gain (Loss) | | | Change in Unrealized Appreciation (Depreciation) | | | Value at 12/31/23 | | | Shares Held at 12/31/23 | | | Income | | | Capital Gain Distributions from Underlying Funds | |
BlackRock Liquidity Funds, MuniCash, Institutional Class | | $ | 2,517,079 | | | $ | 838,234 | (a) | | $ | — | | | $ | (169 | ) | | $ | 183 | | | $ | 3,355,327 | | | | 3,354,992 | | | $ | 69,882 | | | $ | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| (a) | Represents net amount purchased (sold). | |
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 | | $ | — | | | $ | 253,909,999 | | | $ | — | | | $ | 253,909,999 | |
Short-Term Securities | | | | | | | | | | | | | | | | |
Money Market Funds | | | 3,355,327 | | | | — | | | | — | | | | 3,355,327 | |
| | | | | | | | | | | | | | | | |
| | $ | 3,355,327 | | | $ | 253,909,999 | | | $ | — | | | $ | 257,265,326 | |
| | | | | | | | | | | | | | | | |
See notes to financial statements.
| | |
FUND SCHEDULE S OF INVESTMENTS | | 23 |
| | |
Schedule of Investments December 31, 2023 | | 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%, 10/15/28 | | $ | 14,264 | | | $ | 14,689,319 | |
U.S. Treasury Inflation-Indexed Bonds 2.38%, 01/15/25 - 01/15/27 | | | 14,374 | | | | 14,352,088 | |
2.00%, 01/15/26 | | | 5,736 | | | | 5,690,473 | |
1.75%, 01/15/28 | | | 5,214 | | | | 5,181,056 | |
3.63%, 04/15/28 | | | 5,326 | | | | 5,705,355 | |
U.S. Treasury Inflation-Indexed Notes 0.25%, 01/15/25 | | | 12,938 | | | | 12,557,994 | |
0.13%, 04/15/25 - 04/15/27 | | | 71,970 | | | | 68,566,293 | |
0.38%, 07/15/25 - 07/15/27 | | | 37,505 | | | | 35,901,213 | |
0.63%, 01/15/26 | | | 11,984 | | | | 11,562,165 | |
1.63%, 10/15/27 | | | 13,814 | | | | 13,708,049 | |
0.50%, 01/15/28 | | | 12,660 | | | | 11,978,958 | |
1.25%, 04/15/28 | | | 13,745 | | | | 13,385,900 | |
0.75%, 07/15/28 | | | 11,031 | | | | 10,556,121 | |
| | | | | | | | |
| | |
Total Long-Term Investments — 80.6% (Cost: $226,106,346) | | | | | | | 223,834,984 | |
| | | | | | | | |
| | |
| | Shares | | | | |
| | |
Short-Term Securities | | | | | | | | |
| | |
Money Market Funds — 0.8% | | | | | | |
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.33%(a)(b) | | | 2,285,632 | | | | 2,285,632 | |
| | | | | | | | |
| | | | | | | | |
Security | | Par (000) | | | Value | |
| | |
U.S. Treasury Obligations — 18.2% | | | | | | |
U.S. Treasury Inflation-Indexed Notes 0.63%, 01/15/24 | | $ | 15,602 | | | $ | 15,560,360 | |
0.50%, 04/15/24 | | | 8,777 | | | | 8,666,516 | |
0.13%, 07/15/24 - 10/15/24 | | | 26,863 | | | | 26,342,985 | |
| | | | | | | | |
| | | | | | | 50,569,861 | |
| | | | | | | | |
| | |
Total Short-Term Securities — 19.0% (Cost: $53,258,020) | | | | | | | 52,855,493 | |
| | | | | | | | |
| | |
Total Investments — 99.6% (Cost: $279,364,366) | | | | | | | 276,690,477 | |
| | |
Other Assets Less Liabilities — 0.4% | | | | | | | 1,154,028 | |
| | | | | | | | |
| | |
Net Assets — 100.0% | | | | | | $ | 277,844,505 | |
| | | | | | | | |
(a) | Affiliate of the Fund. |
(b) | 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, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Affiliated Issuer | | Value at 12/31/22 | | | Purchases at Cost | | | Proceeds from Sale | | | Net Realized Gain (Loss) | | | Change in Unrealized Appreciation (Depreciation) | | | Value at 12/31/23 | | | Shares Held at 12/31/23 | | | Income | | | Capital Gain Distributions from Underlying Funds | |
BlackRock Cash Funds: Treasury, SL Agency Shares | | $ | 7,055,575 | | | $ | — | | | $ | (4,769,943 | )(a) | | $ | — | | | $ | — | | | $ | 2,285,632 | | | | 2,285,632 | | | $ | 139,028 | (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. |
| | |
24 | | 2 0 2 3 BLACK ROCK ANNUAL REPORT TO SHAREHOLDERS |
| | |
Schedule of Investments (continued) December 31, 2023 | | iShares Short-Term TIPS 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 | | | | | | | | | | | | | | | | |
U.S. Treasury Obligations | | $ | — | | | $ | 223,834,984 | | | $ | — | | | $ | 223,834,984 | |
Short-Term Securities | | | | | | | | | | | | | | | | |
Money Market Funds | | | 2,285,632 | | | | — | | | | — | | | | 2,285,632 | |
U.S. Treasury Obligations | | | — | | | | 50,569,861 | | | | — | | | | 50,569,861 | |
| | | | | | | | | | | | | | | | |
| | $ | 2,285,632 | | | $ | 274,404,845 | | | $ | — | | | $ | 276,690,477 | |
| | | | | | | | | | | | | | | | |
See notes to financial statements.
| | |
FUND SCHEDULE S OF INVESTMENTS | | 25 |
| | |
Schedule of Investments December 31, 2023 | | iShares MSCI EAFE International Index Fund (Percentages shown are based on Net Assets) |
| | | | | | | | |
Security | | Shares | | | Value | |
|
Common Stocks | |
|
Australia — 8.3% | |
Ampol Ltd. | | | 136,055 | | | $ | 3,353,094 | |
ANZ Group Holdings Ltd. | | | 1,747,933 | | | | 30,882,524 | |
APA Group | | | 758,001 | | | | 4,411,219 | |
Aristocrat Leisure Ltd. | | | 338,503 | | | | 9,404,805 | |
ASX Ltd. | | | 112,970 | | | | 4,853,530 | |
Aurizon Holdings Ltd. | | | 1,051,302 | | | | 2,721,753 | |
BHP Group Ltd., Class DI | | | 2,948,077 | | | | 100,719,900 | |
BlueScope Steel Ltd. | | | 265,647 | | | | 4,235,069 | |
Brambles Ltd. | | | 801,641 | | | | 7,430,321 | |
CAR Group Ltd. | | | 208,269 | | | | 4,413,487 | |
Cochlear Ltd. | | | 37,957 | | | | 7,722,194 | |
Coles Group Ltd. | | | 781,646 | | | | 8,586,424 | |
Commonwealth Bank of Australia | | | 974,893 | | | | 74,303,391 | |
Computershare Ltd. | | | 332,083 | | | | 5,530,965 | |
CSL Ltd. | | | 280,960 | | | | 54,772,907 | |
Dexus | | | 636,133 | | | | 3,324,524 | |
EBOS Group Ltd. | | | 87,167 | | | | 1,954,911 | |
Endeavour Group Ltd./Australia | | | 820,281 | | | | 2,913,066 | |
Fortescue Ltd. | | | 984,932 | | | | 19,420,241 | |
Glencore PLC | | | 6,077,312 | | | | 36,530,995 | |
Goodman Group | | | 994,141 | | | | 17,115,986 | |
GPT Group | | | 1,131,644 | | | | 3,571,428 | |
IDP Education Ltd. | | | 153,791 | | | | 2,097,885 | |
IGO Ltd. | | | 405,492 | | | | 2,499,098 | |
Insurance Australia Group Ltd. | | | 1,408,014 | | | | 5,442,493 | |
Lottery Corp. Ltd. | | | 1,306,938 | | | | 4,312,364 | |
Macquarie Group Ltd. | | | 213,543 | | | | 26,731,680 | |
Medibank Pvt Ltd. | | | 1,573,203 | | | | 3,819,374 | |
Mineral Resources Ltd. | | | 103,596 | | | | 4,934,653 | |
Mirvac Group | | | 2,322,859 | | | | 3,304,561 | |
National Australia Bank Ltd. | | | 1,811,525 | | | | 37,862,489 | |
Northern Star Resources Ltd. | | | 664,368 | | | | 6,164,073 | |
Orica Ltd. | | | 268,828 | | | | 2,922,229 | |
Origin Energy Ltd. | | | 1,014,753 | | | | 5,855,828 | |
Pilbara Minerals Ltd. | | | 1,662,844 | | | | 4,463,274 | |
Qantas Airways Ltd.(a) | | | 480,500 | | | | 1,760,078 | |
QBE Insurance Group Ltd. | | | 868,890 | | | | 8,804,100 | |
Ramsay Health Care Ltd. | | | 107,624 | | | | 3,860,710 | |
REA Group Ltd. | | | 31,144 | | | | 3,840,347 | |
Reece Ltd. | | | 132,473 | | | | 2,020,614 | |
Rio Tinto Ltd. | | | 215,907 | | | | 19,992,507 | |
Rio Tinto PLC | | | 654,905 | | | | 48,712,531 | |
Santos Ltd. | | | 1,887,886 | | | | 9,816,070 | |
Scentre Group | | | 3,011,101 | | | | 6,131,832 | |
SEEK Ltd. | | | 206,735 | | | | 3,761,132 | |
Sonic Healthcare Ltd. | | | 262,118 | | | | 5,727,470 | |
South32 Ltd. | | | 2,624,657 | | | | 5,936,029 | |
Stockland | | | 1,403,699 | | | | 4,256,906 | |
Suncorp Group Ltd. | | | 731,592 | | | | 6,927,708 | |
Telstra Group Ltd. | | | 2,339,378 | | | | 6,321,653 | |
Transurban Group | | | 1,795,919 | | | | 16,781,750 | |
Treasury Wine Estates Ltd. | | | 473,514 | | | | 3,483,878 | |
Vicinity Ltd. | | | 2,294,316 | | | | 3,187,062 | |
Washington H Soul Pattinson & Co. Ltd. | | | 137,898 | | | | 3,080,602 | |
Wesfarmers Ltd. | | | 659,855 | | | | 25,661,047 | |
Westpac Banking Corp. | | | 2,040,947 | | | | 31,843,824 | |
WiseTech Global Ltd. | | | 96,298 | | | | 4,935,708 | |
| | | | | | | | |
Security | | Shares | | | Value | |
| | |
Australia (continued) | | | | | | |
Woodside Energy Group Ltd. | | | 1,095,595 | | | $ | 23,135,248 | |
Woolworths Group Ltd. | | | 710,497 | | | | 18,025,268 | |
| | | | | | | | |
| | |
| | | | | | | 786,586,809 | |
| | |
Austria — 0.2% | | | | | | |
Erste Group Bank AG | | | 198,411 | | | | 8,036,618 | |
OMV AG | | | 84,332 | | | | 3,699,873 | |
Verbund AG | | | 39,823 | | | | 3,690,457 | |
Voestalpine AG | | | 66,482 | | | | 2,093,244 | |
| | | | | | | | |
| | |
| | | | | | | 17,520,192 | |
| | |
Belgium — 0.8% | | | | | | |
Ageas SA/NV | | | 92,894 | | | | 4,038,152 | |
Anheuser-Busch InBev SA | | | 505,194 | | | | 32,609,314 | |
D’ieteren Group | | | 12,217 | | | | 2,389,796 | |
Elia Group SA/NV | | | 17,685 | | | | 2,213,720 | |
Groupe Bruxelles Lambert NV | | | 54,224 | | | | 4,270,297 | |
KBC Group NV | | | 144,426 | | | | 9,373,153 | |
Lotus Bakeries NV | | | 237 | | | | 2,153,266 | |
Sofina SA | | | 8,697 | | | | 2,168,384 | |
Syensqo SA(a) | | | 43,264 | | | | 4,501,980 | |
UCB SA | | | 73,237 | | | | 6,384,187 | |
Umicore SA | | | 120,288 | | | | 3,308,758 | |
Warehouses De Pauw CVA | | | 97,336 | | | | 3,063,957 | |
| | | | | | | | |
| | |
| | | | | | | 76,474,964 | |
| | |
Chile — 0.1% | | | | | | |
Antofagasta PLC | | | 230,197 | | | | 4,922,067 | |
| | | | | | | | |
| | |
China — 0.1% | | | | | | |
BOC Hong Kong Holdings Ltd. | | | 2,141,034 | | | | 5,816,170 | |
Budweiser Brewing Co. APAC Ltd.(b) | | | 1,032,600 | | | | 1,935,816 | |
Futu Holdings Ltd., ADR(a) | | | 33,195 | | | | 1,813,443 | |
Wilmar International Ltd. | | | 1,096,783 | | | | 2,962,823 | |
| | | | | | | | |
| | |
| | | | | | | 12,528,252 | |
| | |
Denmark — 3.3% | | | | | | |
AP Moller - Maersk A/S, Class A | | | 1,720 | | | | 3,055,220 | |
AP Moller - Maersk A/S, Class B | | | 2,827 | | | | 5,088,666 | |
Carlsberg A/S, Class B | | | 57,624 | | | | 7,230,895 | |
Chr Hansen Holding A/S | | | 61,342 | | | | 5,144,583 | |
Coloplast A/S, Class B | | | 79,507 | | | | 9,084,955 | |
Danske Bank A/S | | | 401,171 | | | | 10,723,821 | |
Demant A/S(a) | | | 57,732 | | | | 2,532,133 | |
DSV A/S | | | 108,268 | | | | 19,023,413 | |
Genmab A/S(a) | | | 38,572 | | | | 12,298,798 | |
Novo Nordisk A/S, Class B | | | 1,898,040 | | | | 196,696,077 | |
Novozymes A/S, B Shares | | | 119,167 | | | | 6,551,013 | |
Orsted A/S(b) | | | 109,693 | | | | 6,081,002 | |
Pandora A/S | | | 48,934 | | | | 6,765,372 | |
ROCKWOOL A/S, B Shares | | | 5,549 | | | | 1,623,485 | |
Tryg A/S | | | 198,550 | | | | 4,320,889 | |
Vestas Wind Systems A/S(a) | | | 587,358 | | | | 18,585,010 | |
| | | | | | | | |
| | |
| | | | | | | 314,805,332 | |
| | |
Finland — 1.1% | | | | | | |
Elisa OYJ | | | 81,690 | | | | 3,775,907 | |
Fortum OYJ | | | 263,734 | | | | 3,809,412 | |
Kesko OYJ, B Shares | | | 155,940 | | | | 3,091,309 | |
Kone OYJ, Class B | | | 197,861 | | | | 9,897,225 | |
Metso OYJ | | | 388,760 | | | | 3,946,649 | |
Neste OYJ | | | 244,113 | | | | 8,678,170 | |
Nokia OYJ | | | 3,144,937 | | | | 10,711,436 | |
| | |
26 | | 2 0 2 3 BLACK ROCK ANNUAL REPORT TO SHAREHOLDERS |
| | |
Schedule of Investments (continued) December 31, 2023 | | iShares MSCI EAFE International Index Fund (Percentages shown are based on Net Assets) |
| | | | | | | | |
Security | | Shares | | | Value | |
| | |
Finland (continued) | | | | | | |
Nordea Bank Abp | | | 1,858,801 | | | $ | 23,076,722 | |
Orion OYJ, Class B | | | 63,533 | | | | 2,752,971 | |
Sampo OYJ, A Shares | | | 266,464 | | | | 11,674,400 | |
Stora Enso OYJ, Class R | | | 330,739 | | | | 4,582,573 | |
UPM-Kymmene OYJ | | | 309,332 | | | | 11,668,212 | |
Wartsila OYJ Abp | | | 277,275 | | | | 4,029,747 | |
| | | | | | | | |
| | |
| | | | | | | 101,694,733 | |
| | |
France — 11.5% | | | | | | |
Accor SA | | | 115,551 | | | | 4,422,840 | |
Aeroports de Paris | | | 20,145 | | | | 2,613,916 | |
Air Liquide SA | | | 304,618 | | | | 59,307,732 | |
Airbus SE | | | 344,782 | | | | 53,264,813 | |
Alstom SA | | | 170,346 | | | | 2,297,159 | |
Amundi SA(b) | | | 37,025 | | | | 2,525,457 | |
Arkema SA | | | 35,263 | | | | 4,017,087 | |
AXA SA | | | 1,058,930 | | | | 34,580,888 | |
BioMerieux | | | 23,909 | | | | 2,660,101 | |
BNP Paribas SA | | | 610,968 | | | | 42,429,075 | |
Bollore SE | | | 436,533 | | | | 2,731,742 | |
Bouygues SA | | | 111,201 | | | | 4,195,528 | |
Bureau Veritas SA | | | 167,991 | | | | 4,250,127 | |
Capgemini SE | | | 95,150 | | | | 19,885,545 | |
Carrefour SA | | | 345,128 | | | | 6,320,894 | |
Cie de Saint-Gobain SA | | | 266,901 | | | | 19,683,232 | |
Cie Generale des Etablissements Michelin SCA | | | 392,542 | | | | 14,102,672 | |
Covivio SA/France | | | 29,760 | | | | 1,601,363 | |
Credit Agricole SA | | | 621,436 | | | | 8,834,741 | |
Danone SA | | | 371,527 | | | | 24,104,122 | |
Dassault Aviation SA | | | 11,732 | | | | 2,324,463 | |
Dassault Systemes SE | | | 386,586 | | | | 18,922,344 | |
Edenred SE | | | 144,015 | | | | 8,618,538 | |
Eiffage SA | | | 42,598 | | | | 4,572,922 | |
Engie SA | | | 1,062,307 | | | | 18,713,912 | |
EssilorLuxottica SA | | | 170,124 | | | | 34,160,680 | |
Eurazeo SE | | | 25,913 | | | | 2,060,451 | |
Gecina SA | | | 26,302 | | | | 3,201,983 | |
Getlink SE | | | 208,012 | | | | 3,809,714 | |
Hermes International SCA | | | 18,420 | | | | 39,151,979 | |
Ipsen SA | | | 21,655 | | | | 2,583,210 | |
Kering SA | | | 42,954 | | | | 19,024,253 | |
Klepierre SA | | | 122,834 | | | | 3,353,449 | |
La Francaise des Jeux SAEM, Class A(b) | | | 59,977 | | | | 2,178,651 | |
Legrand SA | | | 154,008 | | | | 16,037,811 | |
L’Oreal SA | | | 140,286 | | | | 69,932,652 | |
LVMH Moet Hennessy Louis Vuitton SE | | | 160,601 | | | | 130,494,229 | |
Orange SA | | | 1,075,895 | | | | 12,262,672 | |
Pernod Ricard SA | | | 118,944 | | | | 21,019,998 | |
Publicis Groupe SA | | | 132,751 | | | | 12,334,135 | |
Remy Cointreau SA | | | 13,305 | | | | 1,697,118 | |
Renault SA | | | 109,744 | | | | 4,488,522 | |
Safran SA | | | 198,802 | | | | 35,050,846 | |
Sanofi SA | | | 662,049 | | | | 65,789,646 | |
Sartorius Stedim Biotech | | | 16,244 | | | | 4,307,622 | |
Schneider Electric SE | | | 316,514 | | | | 63,716,225 | |
SEB SA | | | 14,642 | | | | 1,833,554 | |
Societe Generale SA | | | 429,632 | | | | 11,430,493 | |
Sodexo SA | | | 51,255 | | | | 5,642,578 | |
Teleperformance SE | | | 33,923 | | | | 4,966,573 | |
Thales SA | | | 61,131 | | | | 9,051,833 | |
TotalEnergies SE | | | 1,332,862 | | | | 90,633,252 | |
Unibail-Rodamco-Westfield(a) | | | 68,975 | | | | 5,101,629 | |
| | | | | | | | |
Security | | Shares | | | Value | |
| | |
France (continued) | | | | | | |
Veolia Environnement SA | | | 393,651 | | | $ | 12,441,993 | |
Vinci SA | | | 295,280 | | | | 37,159,580 | |
Vivendi SE | | | 395,819 | | | | 4,237,234 | |
Worldline SA/France(a)(b) | | | 136,981 | | | | 2,382,099 | |
| | | | | | | | |
| | |
| | | | | | | 1,098,517,877 | |
| | |
Germany — 8.0% | | | | | | |
Adidas AG, Class N | | | 94,222 | | | | 19,146,541 | |
Allianz SE, Registered Shares | | | 234,575 | | | | 62,688,113 | |
BASF SE | | | 519,108 | | | | 27,952,450 | |
Bayer AG, Registered Shares | | | 571,397 | | | | 21,201,058 | |
Bayerische Motoren Werke AG | | | 185,471 | | | | 20,637,668 | |
Bechtle AG | | | 47,563 | | | | 2,382,314 | |
Beiersdorf AG | | | 58,872 | | | | 8,816,365 | |
Brenntag SE, Class N | | | 84,770 | | | | 7,790,997 | |
Carl Zeiss Meditec AG | | | 22,979 | | | | 2,501,363 | |
Commerzbank AG | | | 614,716 | | | | 7,306,389 | |
Continental AG, Class A | | | 64,038 | | | | 5,438,836 | |
Covestro AG(a)(b) | | | 111,823 | | | | 6,516,137 | |
Daimler Truck Holding AG(c) | | | 311,119 | | | | 11,686,888 | |
Delivery Hero SE(a)(b) | | | 103,253 | | | | 2,841,825 | |
Deutsche Bank AG, Class N, Registered Shares | | | 1,128,383 | | | | 15,403,664 | |
Deutsche Boerse AG, Class N | | | 110,508 | | | | 22,757,429 | |
Deutsche Lufthansa AG, Registered Shares(a) | | | 341,660 | | | | 3,037,443 | |
Deutsche Post AG, Class N, Registered Shares | | | 576,529 | | | | 28,535,905 | |
Deutsche Telekom AG, Class N, Registered Shares | | | 1,885,144 | | | | 45,325,094 | |
E.ON SE, Class N | | | 1,305,806 | | | | 17,543,579 | |
Evonik Industries AG | | | 135,517 | | | | 2,768,469 | |
Fresenius Medical Care AG | | | 119,640 | | | | 5,001,941 | |
Fresenius SE & Co. KGaA | | | 243,996 | | | | 7,562,786 | |
GEA Group AG | | | 95,220 | | | | 3,958,693 | |
Hannover Rueck SE, Class N | | | 34,736 | | | | 8,305,514 | |
Heidelberg Materials AG | | | 83,717 | | | | 7,483,306 | |
HelloFresh SE(a)(c) | | | 88,234 | | | | 1,391,144 | |
Henkel AG & Co. KGaA | | | 61,100 | | | | 4,383,839 | |
Infineon Technologies AG, Class N | | | 759,549 | | | | 31,720,753 | |
Knorr-Bremse AG | | | 41,447 | | | | 2,676,870 | |
LEG Immobilien SE(a) | | | 42,448 | | | | 3,714,605 | |
Mercedes-Benz Group AG, Class N, Registered Shares | | | 466,679 | | | | 32,199,827 | |
Merck KGaA | | | 75,358 | | | | 11,998,081 | |
MTU Aero Engines AG, Class N | | | 31,471 | | | | 6,780,289 | |
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, Class N, Registered Shares | | | 78,743 | | | | 32,663,657 | |
Nemetschek SE | | | 33,179 | | | | 2,864,499 | |
Puma SE | | | 61,710 | | | | 3,432,897 | |
Rational AG | | | 2,955 | | | | 2,280,242 | |
Rheinmetall AG | | | 25,468 | | | | 8,076,827 | |
RWE AG | | | 367,738 | | | | 16,736,823 | |
SAP SE | | | 607,344 | | | | 93,483,319 | |
Scout24 SE(b) | | | 43,946 | | | | 3,107,476 | |
Siemens AG, Registered Shares | | | 442,031 | | | | 82,929,119 | |
Siemens Energy AG(a) | | | 298,011 | | | | 3,938,590 | |
Siemens Healthineers AG(b)(c) | | | 164,121 | | | | 9,528,636 | |
Symrise AG, Class A | | | 77,405 | | | | 8,506,462 | |
Talanx AG(a) | | | 37,548 | | | | 2,683,376 | |
Volkswagen AG | | | 16,958 | | | | 2,219,038 | |
Vonovia SE | | | 426,656 | | | | 13,406,257 | |
Wacker Chemie AG | | | 10,367 | | | | 1,307,067 | |
Zalando SE(a)(b) | | | 129,251 | | | | 3,059,952 | |
| | | | | | | | |
| | |
| | | | | | | 759,680,412 | |
| | |
FUND SCHEDULE S OF INVESTMENTS | | 27 |
| | |
Schedule of Investments (continued) December 31, 2023 | | iShares MSCI EAFE International Index Fund (Percentages shown are based on Net Assets) |
| | | | | | | | |
Security | | Shares | | | Value | |
| | |
Hong Kong — 2.0% | | | | | | |
AIA Group Ltd. | | | 6,664,883 | | | $ | 58,003,671 | |
CK Asset Holdings Ltd. | | | 1,144,089 | | | | 5,742,287 | |
CK Hutchison Holdings Ltd. | | | 1,566,617 | | | | 8,416,806 | |
CK Infrastructure Holdings Ltd. | | | 373,844 | | | | 2,068,922 | |
CLP Holdings Ltd. | | | 960,761 | | | | 7,937,916 | |
ESR Group Ltd.(b)(c) | | | 1,271,000 | | | | 1,757,735 | |
Galaxy Entertainment Group Ltd. | | | 1,260,058 | | | | 7,057,412 | |
Hang Lung Properties Ltd. | | | 1,016,565 | | | | 1,413,341 | |
Hang Seng Bank Ltd. | | | 443,448 | | | | 5,177,454 | |
Henderson Land Development Co. Ltd. | | | 861,774 | | | | 2,653,777 | |
HKT Trust & HKT Ltd., Class SS | | | 2,252,417 | | | | 2,689,223 | |
Hong Kong & China Gas Co. Ltd. | | | 6,515,383 | | | | 4,995,887 | |
Hong Kong Exchanges & Clearing Ltd. | | | 660,743 | | | | 22,663,656 | |
Hongkong Land Holdings Ltd. | | | 659,793 | | | | 2,294,796 | |
Jardine Matheson Holdings Ltd. | | | 93,086 | | | | 3,831,678 | |
Link REIT | | | 1,490,091 | | | | 8,366,938 | |
MTR Corp. Ltd. | | | 911,033 | | | | 3,536,034 | |
New World Development Co. Ltd. | | | 880,824 | | | | 1,365,734 | |
Power Assets Holdings Ltd. | | | 810,118 | | | | 4,696,823 | |
Sino Land Co. Ltd. | | | 2,169,975 | | | | 2,359,807 | |
SITC International Holdings Co. Ltd. | | | 782,000 | | | | 1,349,754 | |
Sun Hung Kai Properties Ltd. | | | 844,088 | | | | 9,134,186 | |
Swire Pacific Ltd., Class A | | | 259,200 | | | | 2,195,332 | |
Swire Properties Ltd. | | | 692,336 | | | | 1,401,466 | |
Techtronic Industries Co., Ltd. | | | 793,631 | | | | 9,456,179 | |
WH Group Ltd.(b) | | | 4,922,607 | | | | 3,179,014 | |
Wharf Holdings Ltd. | | | 621,426 | | | | 2,001,890 | |
Wharf Real Estate Investment Co. Ltd. | | | 978,245 | | | | 3,306,936 | |
Xinyi Glass Holdings Ltd. | | | 1,016,000 | | | | 1,141,152 | |
| | | | | | | | |
| | |
| | | | | | | 190,195,806 | |
| | |
Ireland — 1.2% | | | | | | |
AerCap Holdings NV(a) | | | 116,332 | | | | 8,645,794 | |
AIB Group PLC | | | 913,871 | | | | 3,913,890 | |
Bank of Ireland Group PLC | | | 614,560 | | | | 5,579,252 | |
CRH PLC | | | 411,506 | | | | 28,319,545 | |
Experian PLC | | | 534,970 | | | | 21,824,271 | |
Flutter Entertainment PLC, Class DI(a) | | | 102,756 | | | | 18,135,553 | |
James Hardie Industries PLC(a) | | | 255,984 | | | | 9,869,693 | |
Kerry Group PLC, Class A | | | 91,969 | | | | 7,982,844 | |
Kingspan Group PLC | | | 89,974 | | | | 7,776,032 | |
Smurfit Kappa Group PLC | | | 150,208 | | | | 5,954,321 | |
| | | | | | | | |
| | |
| | | | | | | 118,001,195 | |
| | |
Isle of Man — 0.1% | | | | | | |
Entain PLC | | | 372,000 | | | | 4,691,319 | |
| | | | | | | | |
| | |
Israel — 0.7% | | | | | | |
Azrieli Group Ltd. | | | 24,689 | | | | 1,596,901 | |
Bank Hapoalim BM | | | 738,891 | | | | 6,637,881 | |
Bank Leumi Le-Israel BM | | | 880,453 | | | | 7,085,728 | |
Check Point Software Technologies Ltd.(a)(c) | | | 54,692 | | | | 8,356,391 | |
CyberArk Software Ltd.(a)(c) | | | 24,419 | | | | 5,348,982 | |
Elbit Systems Ltd. | | | 15,649 | | | | 3,319,006 | |
Global-e Online Ltd.(a) | | | 52,429 | | | | 2,077,761 | |
ICL Group Ltd. | | | 456,195 | | | | 2,293,590 | |
Isracard Ltd. | | | 1 | | | | 2 | |
Israel Discount Bank Ltd., Class A | | | 725,409 | | | | 3,632,068 | |
Mizrahi Tefahot Bank Ltd. | | | 88,008 | | | | 3,406,960 | |
Monday.com Ltd.(a) | | | 15,444 | | | | 2,900,538 | |
Nice Ltd.(a) | | | 37,085 | | | | 7,375,418 | |
| | | | | | | | |
Security | | Shares | | | Value | |
| | |
Israel (continued) | | | | | | |
Teva Pharmaceutical Industries Ltd., ADR(a) | | | 646,914 | | | $ | 6,753,782 | |
Wix.com Ltd.(a) | | | 30,696 | | | | 3,776,222 | |
| | | | | | | | |
| | |
| | | | | | | 64,561,230 | |
| | |
Italy — 2.2% | | | | | | |
Amplifon SpA | | | 74,287 | | | | 2,574,091 | |
Assicurazioni Generali SpA | | | 589,621 | | | | 12,457,228 | |
Banco BPM SpA | | | 705,007 | | | | 3,735,793 | |
Davide Campari-Milano NV | | | 305,884 | | | | 3,454,261 | |
DiaSorin SpA | | | 13,771 | | | | 1,419,290 | |
Enel SpA | | | 4,730,510 | | | | 35,194,082 | |
Eni SpA | | | 1,374,458 | | | | 23,312,713 | |
Ferrari NV | | | 73,313 | | | | 24,750,946 | |
FinecoBank Banca Fineco SpA | | | 357,025 | | | | 5,371,143 | |
Infrastrutture Wireless Italiane SpA(b) | | | 191,874 | | | | 2,429,299 | |
Intesa Sanpaolo SpA | | | 9,038,586 | | | | 26,450,455 | |
Leonardo SpA | | | 161,273 | | | | 2,664,731 | |
Mediobanca Banca di Credito Finanziario SpA | | | 319,433 | | | | 3,958,339 | |
Moncler SpA | | | 120,735 | | | | 7,433,575 | |
Nexi SpA(a)(b) | | | 349,968 | | | | 2,867,290 | |
Poste Italiane SpA(b) | | | 307,327 | | | | 3,493,302 | |
Prysmian SpA | | | 153,413 | | | | 6,993,342 | |
Recordati Industria Chimica e Farmaceutica SpA | | | 61,580 | | | | 3,320,564 | |
Snam SpA | | | 1,188,259 | | | | 6,113,492 | |
Telecom Italia SpA/Milano(a) | | | 5,688,866 | | | | 1,847,642 | |
Terna - Rete Elettrica Nazionale | | | 825,463 | | | | 6,886,556 | |
UniCredit SpA | | | 934,195 | | | | 25,437,843 | |
| | | | | | | | |
| | |
| | | | | | | 212,165,977 | |
| | |
Japan — 22.1% | | | | | | |
Advantest Corp. | | | 443,000 | | | | 14,927,132 | |
Aeon Co. Ltd. | | | 376,746 | | | | 8,406,886 | |
AGC, Inc. | | | 112,848 | | | | 4,182,641 | |
Aisin Corp. | | | 84,646 | | | | 2,950,864 | |
Ajinomoto Co., Inc. | | | 258,754 | | | | 9,960,431 | |
ANA Holdings, Inc.(a) | | | 92,111 | | | | 1,995,634 | |
Asahi Group Holdings Ltd. | | | 280,102 | | | | 10,429,983 | |
Asahi Intecc Co. Ltd. | | | 124,700 | | | | 2,528,775 | |
Asahi Kasei Corp. | | | 731,468 | | | | 5,398,478 | |
Astellas Pharma, Inc. | | | 1,053,043 | | | | 12,524,126 | |
Azbil Corp. | | | 65,600 | | | | 2,163,624 | |
Bandai Namco Holdings, Inc. | | | 345,812 | | | | 6,915,628 | |
BayCurrent Consulting, Inc. | | | 75,400 | | | | 2,639,452 | |
Bridgestone Corp. | | | 329,941 | | | | 13,627,009 | |
Brother Industries Ltd. | | | 134,863 | | | | 2,147,693 | |
Canon, Inc. | | | 581,848 | | | | 14,926,558 | |
Capcom Co. Ltd. | | | 101,600 | | | | 3,278,703 | |
Central Japan Railway Co. | | | 419,300 | | | | 10,641,944 | |
Chiba Bank Ltd. | | | 311,270 | | | | 2,242,579 | |
Chubu Electric Power Co., Inc. | | | 374,311 | | | | 4,832,859 | |
Chugai Pharmaceutical Co. Ltd. | | | 390,630 | | | | 14,757,345 | |
Concordia Financial Group Ltd. | | | 623,770 | | | | 2,843,251 | |
Dai Nippon Printing Co. Ltd. | | | 126,868 | | | | 3,746,538 | |
Daifuku Co. Ltd. | | | 179,028 | | | | 3,609,917 | |
Dai-ichi Life Holdings, Inc. | | | 547,000 | | | | 11,603,467 | |
Daiichi Sankyo Co. Ltd. | | | 1,075,762 | | | | 29,450,830 | |
Daikin Industries Ltd. | | | 153,468 | | | | 24,895,576 | |
Daito Trust Construction Co. Ltd. | | | 36,270 | | | | 4,198,122 | |
Daiwa House Industry Co. Ltd. | | | 345,176 | | | | 10,434,798 | |
Daiwa House REIT Investment Corp. | | | 1,349 | | | | 2,405,534 | |
Daiwa Securities Group, Inc. | | | 776,252 | | | | 5,210,340 | |
Denso Corp. | | | 1,099,860 | | | | 16,511,468 | |
Dentsu Group, Inc. | | | 115,982 | | | | 2,969,531 | |
| | |
28 | | 2 0 2 3 BLACK ROCK ANNUAL REPORT TO SHAREHOLDERS |
| | |
Schedule of Investments (continued) December 31, 2023 | | iShares MSCI EAFE International Index Fund (Percentages shown are based on Net Assets) |
| | | | | | | | |
Security | | Shares | | | Value | |
| | |
Japan (continued) | | | | | | |
Disco Corp. | | | 53,577 | | | $ | 13,231,737 | |
East Japan Railway Co. | | | 175,844 | | | | 10,122,058 | |
Eisai Co. Ltd. | | | 145,415 | | | | 7,240,383 | |
ENEOS Holdings, Inc. | | | 1,656,963 | | | | 6,571,901 | |
FANUC Corp. | | | 554,255 | | | | 16,266,893 | |
Fast Retailing Co. Ltd. | | | 101,823 | | | | 25,178,669 | |
Fuji Electric Co. Ltd. | | | 72,494 | | | | 3,107,234 | |
FUJIFILM Holdings Corp. | | | 217,008 | | | | 13,005,239 | |
Fujitsu Ltd. | | | 102,404 | | | | 15,411,148 | |
GLP J-REIT | | | 2,721 | | | | 2,708,588 | |
Hamamatsu Photonics KK | | | 82,387 | | | | 3,380,151 | |
Hankyu Hanshin Holdings, Inc. | | | 133,463 | | | | 4,241,435 | |
Hikari Tsushin, Inc. | | | 12,006 | | | | 1,984,219 | |
Hirose Electric Co. Ltd. | | | 17,992 | | | | 2,031,987 | |
Hitachi Construction Machinery Co. Ltd. | | | 61,905 | | | | 1,629,575 | |
Hitachi Ltd. | | | 541,413 | | | | 38,943,658 | |
Honda Motor Co. Ltd. | | | 2,686,605 | | | | 27,712,902 | |
Hoshizaki Corp. | | | 62,630 | | | | 2,287,894 | |
Hoya Corp. | | | 205,978 | | | | 25,652,320 | |
Hulic Co. Ltd. | | | 222,367 | | | | 2,322,868 | |
Ibiden Co. Ltd. | | | 64,400 | | | | 3,552,671 | |
Idemitsu Kosan Co. Ltd. | | | 550,500 | | | | 2,989,468 | |
Iida Group Holdings Co. Ltd. | | | 90,422 | | | | 1,350,578 | |
Inpex Corp. | | | 560,100 | | | | 7,495,116 | |
Isuzu Motors Ltd. | | | 340,382 | | | | 4,363,586 | |
ITOCHU Corp. | | | 691,373 | | | | 28,166,430 | |
Japan Airlines Co. Ltd. | | | 85,762 | | | | 1,684,801 | |
Japan Exchange Group, Inc. | | | 295,636 | | | | 6,239,542 | |
Japan Metropolitan Fund Invest | | | 3,990 | | | | 2,879,986 | |
Japan Post Bank Co. Ltd. | | | 835,000 | | | | 8,497,730 | |
Japan Post Holdings Co. Ltd. | | | 1,301,929 | | | | 11,622,920 | |
Japan Post Insurance Co. Ltd. | | | 109,000 | | | | 1,934,818 | |
Japan Real Estate Investment Corp. | | | 737 | | | | 3,048,937 | |
Japan Tobacco, Inc. | | | 697,941 | | | | 18,024,475 | |
JFE Holdings, Inc. | | | 334,712 | | | | 5,178,400 | |
JSR Corp. | | | 101,928 | | | | 2,900,287 | |
Kajima Corp. | | | 246,877 | | | | 4,116,475 | |
Kansai Electric Power Co., Inc. | | | 408,051 | | | | 5,415,686 | |
Kao Corp. | | | 271,007 | | | | 11,139,902 | |
Kawasaki Kisen Kaisha Ltd. | | | 81,300 | | | | 3,479,348 | |
KDDI Corp. | | | 870,575 | | | | 27,613,335 | |
KDX Realty Investment Corp. | | | 2,374 | | | | 2,704,065 | |
Keisei Electric Railway Co. Ltd. | | | 73,787 | | | | 3,482,058 | |
Keyence Corp. | | | 113,180 | | | | 49,726,341 | |
Kikkoman Corp. | | | 78,664 | | | | 4,806,905 | |
Kintetsu Group Holdings Co. Ltd. | | | 106,698 | | | | 3,380,619 | |
Kirin Holdings Co. Ltd. | | | 452,755 | | | | 6,628,392 | |
Kobe Bussan Co. Ltd. | | | 85,900 | | | | 2,537,545 | |
Koei Tecmo Holdings Co. Ltd. | | | 67,900 | | | | 773,518 | |
Koito Manufacturing Co. Ltd. | | | 119,894 | | | | 1,863,004 | |
Komatsu Ltd. | | | 538,254 | | | | 14,007,166 | |
Konami Group Corp. | | | 57,299 | | | | 2,993,196 | |
Kose Corp. | | | 19,159 | | | | 1,432,044 | |
Kubota Corp. | | | 583,089 | | | | 8,750,992 | |
Kyocera Corp. | | | 746,800 | | | | 10,873,451 | |
Kyowa Kirin Co. Ltd. | | | 156,297 | | | | 2,622,496 | |
Lasertec Corp. | | | 44,000 | | | | 11,551,163 | |
LY Corp. | | | 1,537,227 | | | | 5,436,067 | |
M3, Inc. | | | 252,713 | | | | 4,170,342 | |
Makita Corp. | | | 131,439 | | | | 3,615,277 | |
Marubeni Corp. | | | 834,464 | | | | 13,138,254 | |
MatsukiyoCocokara & Co. | | | 200,700 | | | | 3,547,157 | |
Mazda Motor Corp. | | | 333,598 | | | | 3,565,856 | |
| | | | | | | | |
Security | | Shares | | | Value | |
| | |
Japan (continued) | | | | | | |
McDonald’s Holdings Co. Japan Ltd. | | | 50,494 | | | $ | 2,187,255 | |
MEIJI Holdings Co. Ltd. | | | 136,268 | | | | 3,236,856 | |
MINEBEA MITSUMI, Inc. | | | 212,408 | | | | 4,347,570 | |
MISUMI Group, Inc. | | | 163,556 | | | | 2,761,439 | |
Mitsubishi Chemical Group Corp. | | | 746,709 | | | | 4,564,721 | |
Mitsubishi Corp. | | | 2,006,691 | | | | 31,965,095 | |
Mitsubishi Electric Corp. | | | 1,123,921 | | | | 15,896,821 | |
Mitsubishi Estate Co. Ltd. | | | 649,482 | | | | 8,903,146 | |
Mitsubishi HC Capital, Inc. | | | 458,773 | | | | 3,073,687 | |
Mitsubishi Heavy Industries Ltd. | | | 186,405 | | | | 10,853,268 | |
Mitsubishi UFJ Financial Group, Inc. | | | 6,641,470 | | | | 56,997,949 | |
Mitsui & Co. Ltd. | | | 757,700 | | | | 28,386,415 | |
Mitsui Chemicals, Inc. | | | 100,151 | | | | 2,961,664 | |
Mitsui Fudosan Co. Ltd. | | | 517,620 | | | | 12,655,655 | |
Mitsui OSK Lines Ltd. | | | 200,300 | | | | 6,403,645 | |
Mizuho Financial Group, Inc. | | | 1,403,051 | | | | 23,932,980 | |
MonotaRO Co. Ltd. | | | 143,100 | | | | 1,557,110 | |
MS&AD Insurance Group Holdings, Inc. | | | 246,624 | | | | 9,696,964 | |
Murata Manufacturing Co. Ltd. | | | 1,002,275 | | | | 21,180,056 | |
NEC Corp. | | | 141,774 | | | | 8,376,878 | |
Nexon Co. Ltd. | | | 199,548 | | | | 3,629,596 | |
NIDEC Corp. | | | 242,720 | | | | 9,783,342 | |
Nintendo Co. Ltd. | | | 604,320 | | | | 31,445,109 | |
Nippon Building Fund, Inc. | | | 875 | | | | 3,787,773 | |
Nippon Express Holdings, Inc. | | | 41,070 | | | | 2,330,311 | |
Nippon Paint Holdings Co. Ltd. | | | 551,880 | | | | 4,451,648 | |
Nippon Prologis REIT, Inc. | | | 1,326 | | | | 2,549,609 | |
Nippon Sanso Holdings Corp. | | | 99,493 | | | | 2,656,723 | |
Nippon Steel Corp. | | | 495,756 | | | | 11,324,938 | |
Nippon Telegraph & Telephone Corp. | | | 17,379,700 | | | | 21,222,073 | |
Nippon Yusen KK | | | 279,566 | | | | 8,633,977 | |
Nissan Chemical Corp. | | | 72,611 | | | | 2,827,373 | |
Nissan Motor Co. Ltd. | | | 1,345,215 | | | | 5,259,689 | |
Nissin Foods Holdings Co. Ltd. | | | 116,523 | | | | 4,068,960 | |
Nitori Holdings Co. Ltd. | | | 45,823 | | | | 6,152,955 | |
Nitto Denko Corp. | | | 82,426 | | | | 6,151,054 | |
Nomura Holdings, Inc. | | | 1,759,618 | | | | 7,924,560 | |
Nomura Real Estate Holdings, Inc. | | | 61,958 | | | | 1,625,805 | |
Nomura Real Estate Master Fund, Inc. | | | 2,423 | | | | 2,833,784 | |
Nomura Research Institute Ltd. | | | 222,763 | | | | 6,469,646 | |
NTT Data Group Corp. | | | 360,317 | | | | 5,093,311 | |
Obayashi Corp. | | | 370,734 | | | | 3,202,554 | |
Obic Co. Ltd. | | | 40,394 | | | | 6,949,988 | |
Odakyu Electric Railway Co. Ltd. | | | 182,585 | | | | 2,780,362 | |
Oji Holdings Corp. | | | 491,726 | | | | 1,890,150 | |
Olympus Corp. | | | 727,812 | | | | 10,505,432 | |
Omron Corp. | | | 101,428 | | | | 4,719,743 | |
Ono Pharmaceutical Co. Ltd. | | | 226,131 | | | | 4,022,760 | |
Open House Group Co. Ltd. | | | 44,700 | | | | 1,322,187 | |
Oracle Corp. Japan | | | 21,735 | | | | 1,673,141 | |
Oriental Land Co. Ltd./Japan | | | 634,620 | | | | 23,587,741 | |
ORIX Corp. | | | 678,400 | | | | 12,741,152 | |
Osaka Gas Co. Ltd. | | | 218,508 | | | | 4,561,239 | |
Otsuka Corp. | | | 65,282 | | | | 2,686,676 | |
Otsuka Holdings Co. Ltd. | | | 243,355 | | | | 9,100,742 | |
Pan Pacific International Holdings Corp. | | | 217,836 | | | | 5,185,466 | |
Panasonic Holdings Corp. | | | 1,284,657 | | | | 12,650,754 | |
Rakuten Group, Inc.(a) | | | 876,900 | | | | 3,909,496 | |
Recruit Holdings Co. Ltd. | | | 838,394 | | | | 35,054,191 | |
Renesas Electronics Corp.(a) | | | 854,308 | | | | 15,275,850 | |
Resona Holdings, Inc. | | | 1,235,699 | | | | 6,264,171 | |
Ricoh Co. Ltd. | | | 315,081 | | | | 2,413,055 | |
Rohm Co. Ltd. | | | 205,500 | | | | 3,923,149 | |
| | |
FUND SCHEDULE S OF INVESTMENTS | | 29 |
| | |
Schedule of Investments (continued) December 31, 2023 | | iShares MSCI EAFE International Index Fund (Percentages shown are based on Net Assets) |
| | | | | | | | |
Security | | Shares | | | Value | |
| | |
Japan (continued) | | | | | | |
SBI Holdings, Inc. | | | 144,297 | | | $ | 3,238,503 | |
SCSK Corp. | | | 93,300 | | | | 1,847,190 | |
Secom Co. Ltd. | | | 121,157 | | | | 8,716,065 | |
Seiko Epson Corp. | | | 164,703 | | | | 2,459,167 | |
Sekisui Chemical Co. Ltd. | | | 223,978 | | | | 3,221,468 | |
Sekisui House Ltd. | | | 344,299 | | | | 7,631,803 | |
Seven & i Holdings Co. Ltd. | | | 438,259 | | | | 17,332,945 | |
SG Holdings Co. Ltd. | | | 188,804 | | | | 2,706,671 | |
Sharp Corp./Japan(a) | | | 149,069 | | | | 1,061,000 | |
Shimadzu Corp. | | | 139,263 | | | | 3,883,074 | |
Shimano, Inc. | | | 44,470 | | | | 6,850,340 | |
Shimizu Corp. | | | 320,706 | | | | 2,127,346 | |
Shin-Etsu Chemical Co. Ltd. | | | 1,059,530 | | | | 44,312,893 | |
Shionogi & Co. Ltd. | | | 150,821 | | | | 7,258,707 | |
Shiseido Co. Ltd. | | | 230,778 | | | | 6,956,195 | |
Shizuoka Financial Group, Inc. | | | 272,601 | | | | 2,305,107 | |
SMC Corp. | | | 33,341 | | | | 17,835,301 | |
SoftBank Corp. | | | 1,672,300 | | | | 20,839,747 | |
SoftBank Group Corp. | | | 598,500 | | | | 26,416,852 | |
Sompo Holdings, Inc. | | | 170,542 | | | | 8,344,337 | |
Sony Group Corp. | | | 733,468 | | | | 69,410,166 | |
Square Enix Holdings Co. Ltd. | | | 49,000 | | | | 1,756,649 | |
Subaru Corp. | | | 355,546 | | | | 6,484,948 | |
SUMCO Corp. | | | 199,915 | | | | 2,990,563 | |
Sumitomo Chemical Co. Ltd. | | | 800,360 | | | | 1,945,462 | |
Sumitomo Corp. | | | 604,640 | | | | 13,157,966 | |
Sumitomo Electric Industries Ltd. | | | 415,580 | | | | 5,273,121 | |
Sumitomo Metal Mining Co. Ltd. | | | 145,215 | | | | 4,312,573 | |
Sumitomo Mitsui Financial Group, Inc. | | | 739,027 | | | | 35,960,906 | |
Sumitomo Mitsui Trust Holdings, Inc. | | | 378,052 | | | | 7,240,406 | |
Sumitomo Realty & Development Co. Ltd. | | | 165,349 | | | | 4,899,952 | |
Suntory Beverage & Food Ltd. | | | 79,340 | | | | 2,608,690 | |
Suzuki Motor Corp. | | | 214,519 | | | | 9,142,061 | |
Sysmex Corp. | | | 97,522 | | | | 5,421,297 | |
T&D Holdings, Inc. | | | 290,206 | | | | 4,607,151 | |
Taisei Corp. | | | 98,710 | | | | 3,370,736 | |
Takeda Pharmaceutical Co. Ltd. | | | 920,308 | | | | 26,392,616 | |
TDK Corp. | | | 224,374 | | | | 10,640,792 | |
Terumo Corp. | | | 391,406 | | | | 12,799,372 | |
TIS, Inc. | | | 129,600 | | | | 2,848,516 | |
Tobu Railway Co. Ltd. | | | 107,798 | | | | 2,892,147 | |
Toho Co. Ltd. | | | 64,582 | | | | 2,180,303 | |
Tokio Marine Holdings, Inc. | | | 1,048,261 | | | | 26,102,720 | |
Tokyo Electric Power Co. Holdings, Inc.(a) | | | 890,312 | | | | 4,659,110 | |
Tokyo Electron Ltd. | | | 274,279 | | | | 48,750,309 | |
Tokyo Gas Co. Ltd. | | | 226,955 | | | | 5,206,043 | |
Tokyu Corp. | | | 293,065 | | | | 3,573,364 | |
TOPPAN, Inc. | | | 143,100 | | | | 3,985,280 | |
Toray Industries, Inc. | | | 811,214 | | | | 4,202,102 | |
Tosoh Corp. | | | 151,174 | | | | 1,927,170 | |
TOTO Ltd. | | | 75,487 | | | | 1,983,020 | |
Toyota Industries Corp. | | | 84,700 | | | | 6,885,283 | |
Toyota Motor Corp. | | | 6,167,945 | | | | 113,019,628 | |
Toyota Tsusho Corp. | | | 122,581 | | | | 7,193,319 | |
Trend Micro, Inc./Japan(a) | | | 78,534 | | | | 4,191,358 | |
Unicharm Corp. | | | 232,802 | | | | 8,419,830 | |
USS Co. Ltd. | | | 117,363 | | | | 2,356,204 | |
West Japan Railway Co. | | | 127,340 | | | | 5,306,052 | |
Yakult Honsha Co. Ltd. | | | 146,964 | | | | 3,298,990 | |
Yamaha Corp. | | | 80,164 | | | | 1,846,547 | |
Yamaha Motor Co. Ltd. | | | 509,781 | | | | 4,536,214 | |
Yamato Holdings Co. Ltd. | | | 151,162 | | | | 2,789,465 | |
| | | | | | | | |
Security | | Shares | | | Value | |
| | |
Japan (continued) | | | | | | |
Yaskawa Electric Corp. | | | 139,345 | | | $ | 5,799,800 | |
Yokogawa Electric Corp. | | | 131,163 | | | | 2,493,142 | |
Zensho Holdings Co. Ltd. | | | 53,900 | | | | 2,820,288 | |
ZOZO, Inc. | | | 81,651 | | | | 1,842,791 | |
| | | | | | | | |
| | |
| | | | | | | 2,105,139,516 | |
| | |
Jordan — 0.0% | | | | | | |
Hikma Pharmaceuticals PLC | | | 95,327 | | | | 2,172,223 | |
| | | | | | | | |
| | |
Luxembourg — 0.2% | | | | | | |
ArcelorMittal SA | | | 295,490 | | | | 8,386,007 | |
Eurofins Scientific SE | | | 78,501 | | | | 5,120,809 | |
Tenaris SA | | | 274,235 | | | | 4,769,815 | |
| | | | | | | | |
| | |
| | | | | | | 18,276,631 | |
| | |
Macau — 0.0% | | | | | | |
Sands China Ltd.(a) | | | 1,424,460 | | | | 4,169,345 | |
| | | | | | | | |
| | |
Netherlands — 5.0% | | | | | | |
ABN AMRO Bank NV (b) | | | 276,889 | | | | 4,163,989 | |
Adyen NV(a)(b) | | | 12,491 | | | | 16,125,145 | |
Aegon Ltd. | | | 979,262 | | | | 5,693,474 | |
Akzo Nobel NV | | | 98,460 | | | | 8,153,155 | |
Argenx SE(a) | | | 34,361 | | | | 13,069,838 | |
ASM International NV | | | 26,702 | | | | 13,897,710 | |
ASML Holding NV | | | 234,473 | | | | 177,000,734 | |
ASR Nederland NV | | | 93,238 | | | | 4,404,556 | |
BE Semiconductor Industries NV | | | 44,855 | | | | 6,772,026 | |
Euronext NV(b) | | | 50,255 | | | | 4,367,491 | |
EXOR NV | | | 62,766 | | | | 6,282,727 | |
Ferrovial SE | | | 294,395 | | | | 10,745,676 | |
Heineken Holding NV | | | 74,965 | | | | 6,347,595 | |
Heineken NV | | | 166,179 | | | | 16,883,701 | |
IMCD NV | | | 32,536 | | | | 5,666,585 | |
ING Groep NV, Series N | | | 2,088,490 | | | | 31,315,935 | |
JDE Peet’s NV | | | 71,381 | | | | 1,919,594 | |
Koninklijke Ahold Delhaize NV | | | 560,429 | | | | 16,124,353 | |
Koninklijke KPN NV | | | 1,951,510 | | | | 6,723,202 | |
Koninklijke Philips NV(a) | | | 459,103 | | | | 10,744,033 | |
NN Group NV | | | 157,473 | | | | 6,223,465 | |
OCI NV | | | 60,672 | | | | 1,758,358 | |
Prosus NV | | | 850,766 | | | | 25,344,400 | |
QIAGEN NV(a) | | | 132,215 | | | | 5,748,216 | |
Randstad NV | | | 64,012 | | | | 4,017,398 | |
Stellantis NV | | | 1,286,779 | | | | 30,150,054 | |
Universal Music Group NV | | | 473,568 | | | | 13,519,001 | |
Wolters Kluwer NV, Class C | | | 148,589 | | | | 21,139,680 | |
| | | | | | | | |
| | |
| | | | | | | 474,302,091 | |
| | |
New Zealand — 0.2% | | | | | | |
Auckland International Airport Ltd. | | | 770,959 | | | | 4,288,783 | |
Fisher & Paykel Healthcare Corp. Ltd. | | | 337,108 | | | | 5,027,436 | |
Mercury NZ Ltd. | | | 415,437 | | | | 1,733,282 | |
Meridian Energy Ltd. | | | 768,347 | | | | 2,690,524 | |
Spark New Zealand Ltd. | | | 1,068,307 | | | | 3,498,211 | |
Xero Ltd.(a) | | | 82,983 | | | | 6,330,652 | |
| | | | | | | | |
| | |
| | | | | | | 23,568,888 | |
| | |
Norway — 0.7% | | | | | | |
Adevinta ASA, Class B(a) | | | 203,396 | | | | 2,247,083 | |
Aker BP ASA | | | 183,294 | | | | 5,324,248 | |
DNB Bank ASA | | | 537,462 | | | | 11,427,110 | |
Equinor ASA | | | 519,845 | | | | 16,474,899 | |
Gjensidige Forsikring ASA | | | 115,606 | | | | 2,133,370 | |
Kongsberg Gruppen ASA | | | 50,951 | | | | 2,332,586 | |
Mowi ASA | | | 270,686 | | | | 4,847,379 | |
| | |
30 | | 2 0 2 3 BLACK ROCK ANNUAL REPORT TO SHAREHOLDERS |
| | |
Schedule of Investments (continued) December 31, 2023 | | iShares MSCI EAFE International Index Fund (Percentages shown are based on Net Assets) |
| | | | | | | | |
Security | | Shares | | | Value | |
| | |
Norway (continued) | | | | | | |
Norsk Hydro ASA | | | 771,720 | | | $ | 5,187,197 | |
Orkla ASA | | | 441,307 | | | | 3,427,075 | |
Salmar ASA | | | 41,387 | | | | 2,317,870 | |
Telenor ASA | | | 400,867 | | | | 4,600,547 | |
Yara International ASA | | | 95,093 | | | | 3,378,332 | |
| | | | | | | | |
| | |
| | | | | | | �� 63,697,696 | |
| | |
Portugal — 0.2% | | | | | | |
Banco Espirito Santo SA, Class N, Registered Shares(d) | | | 47,542 | | | | — | |
EDP - Energias de Portugal SA | | | 1,831,374 | | | | 9,217,302 | |
Galp Energia SGPS SA | | | 284,709 | | | | 4,189,116 | |
Jeronimo Martins SGPS SA | | | 165,830 | | | | 4,220,461 | |
| | | | | | | | |
| | |
| | | | | | | 17,626,879 | |
| | |
Singapore — 1.3% | | | | | | |
CapitaLand Ascendas REIT | | | 2,165,875 | | | | 4,965,423 | |
CapitaLand Integrated Commercial Trust | | | 3,106,501 | | | | 4,842,389 | |
Capitaland Investment Ltd./Singapore | | | 1,528,930 | | | | 3,655,480 | |
City Developments Ltd. | | | 285,178 | | | | 1,435,869 | |
DBS Group Holdings Ltd. | | | 1,053,409 | | | | 26,639,470 | |
Genting Singapore Ltd. | | | 3,593,425 | | | | 2,721,863 | |
Grab Holdings Ltd., Class A(a) | | | 1,121,577 | | | | 3,779,714 | |
Jardine Cycle & Carriage Ltd. | | | 57,700 | | | | 1,300,411 | |
Keppel Corp. Ltd. | | | 849,342 | | | | 4,544,661 | |
Mapletree Logistics Trust | | | 2,049,541 | | | | 2,698,620 | |
Mapletree Pan Asia Commercial Trust | | | 1,383,900 | | | | 1,644,134 | |
Oversea-Chinese Banking Corp. Ltd. | | | 1,969,387 | | | | 19,377,600 | |
Sea Ltd., Class A, ADR(a) | | | 214,656 | | | | 8,693,568 | |
Seatrium Ltd.(a) | | | 25,741,221 | | | | 2,298,463 | |
Sembcorp Industries Ltd. | | | 518,700 | | | | 2,084,913 | |
Singapore Airlines Ltd.(c) | | | 866,199 | | | | 4,300,963 | |
Singapore Exchange Ltd. | | | 419,326 | | | | 3,119,530 | |
Singapore Technologies Engineering Ltd. | | | 922,479 | | | | 2,716,428 | |
Singapore Telecommunications Ltd. | | | 4,764,546 | | | | 8,919,248 | |
United Overseas Bank Ltd. | | | 735,405 | | | | 15,872,391 | |
UOL Group Ltd. | | | 271,899 | | | | 1,291,657 | |
| | | | | | | | |
| | |
| | | | | | | 126,902,795 | |
| | |
South Africa — 0.2% | | | | | | |
Anglo American PLC | | | 739,063 | | | | 18,496,307 | |
| | | | | | | | |
| | |
Spain — 2.6% | | | | | | |
Acciona SA | | | 15,017 | | | | 2,211,167 | |
ACS Actividades de Construccion y Servicios SA | | | 127,472 | | | | 5,661,648 | |
Aena SME SA(b) | | | 43,934 | | | | 7,974,509 | |
Amadeus IT Group SA | | | 262,019 | | | | 18,818,608 | |
Banco Bilbao Vizcaya Argentaria SA | | | 3,469,635 | | | | 31,623,148 | |
Banco Santander SA | | | 9,413,013 | | | | 39,371,627 | |
CaixaBank SA | | | 2,396,967 | | | | 9,871,515 | |
Cellnex Telecom SA(b) | | | 327,526 | | | | 12,895,682 | |
Corp. ACCIONA Energias Renovables SA | | | 38,166 | | | | 1,184,522 | |
EDP Renovaveis SA | | | 178,282 | | | | 3,649,666 | |
Enagas SA | | | 102,462 | | | | 1,728,465 | |
Endesa SA | | | 186,084 | | | | 3,796,317 | |
Grifols SA , Class A(a) | | | 179,018 | | | | 3,062,528 | |
Iberdrola SA | | | 3,512,955 | | | | 46,078,666 | |
Industria de Diseno Textil SA | | | 635,829 | | | | 27,743,795 | |
Naturgy Energy Group SA | | | 75,208 | | | | 2,243,246 | |
Redeia Corp. SA | | | 180,542 | | | | 2,975,084 | |
| | | | | | | | |
Security | | Shares | | | Value | |
| | |
Spain (continued) | | | | | | |
Repsol SA | | | 739,696 | | | $ | 10,972,591 | |
Telefonica SA | | | 2,994,256 | | | | 11,707,159 | |
| | | | | | | | |
| | |
| | | | | | | 243,569,943 | |
| | |
Sweden — 3.2% | | | | | | |
Alfa Laval AB | | | 167,515 | | | | 6,706,301 | |
Assa Abloy AB, Class B | | | 583,060 | | | | 16,803,305 | |
Atlas Copco AB, A Shares | | | 1,562,265 | | | | 26,919,560 | |
Atlas Copco AB, B Shares | | | 907,836 | | | | 13,468,777 | |
Beijer Ref AB, Class B | | | 219,516 | | | | 2,945,675 | |
Boliden AB | | | 157,243 | | | | 4,921,630 | |
Epiroc AB, Class A | | | 385,985 | | | | 7,769,447 | |
Epiroc AB, Class B | | | 230,275 | | | | 4,038,511 | |
EQT AB | | | 207,726 | | | | 5,881,480 | |
Essity AB, Class B | | | 355,044 | | | | 8,798,762 | |
Evolution AB(b) | | | 106,338 | | | | 12,665,964 | |
Fastighets AB Balder, B Shares(a) | | | 374,451 | | | | 2,655,557 | |
Getinge AB, B Shares | | | 130,593 | | | | 2,907,977 | |
H&M Hennes & Mauritz AB, B Shares | | | 374,093 | | | | 6,561,604 | |
Hexagon AB, B Shares | | | 1,213,938 | | | | 14,580,970 | |
Holmen AB, B Shares | | | 53,974 | | | | 2,279,690 | |
Husqvarna AB, B Shares | | | 198,845 | | | | 1,640,182 | |
Industrivarden AB, A Shares | | | 75,819 | | | | 2,478,810 | |
Industrivarden AB, C Shares | | | 89,017 | | | | 2,904,617 | |
Indutrade AB | | | 160,668 | | | | 4,187,417 | |
Investment AB Latour, B Shares | | | 87,360 | | | | 2,278,898 | |
Investor AB, B Shares | | | 998,710 | | | | 23,159,789 | |
L E Lundbergforetagen AB, B Shares | | | 44,092 | | | | 2,401,112 | |
Lifco AB, Class B | | | 133,090 | | | | 3,267,478 | |
Nibe Industrier AB, B Shares | | | 873,122 | | | | 6,131,422 | |
Saab AB, Class B | | | 47,419 | | | | 2,857,640 | |
Sagax AB, Class B | | | 114,731 | | | | 3,157,921 | |
Sandvik AB | | | 622,914 | | | | 13,533,020 | |
Securitas AB, B Shares | | | 287,189 | | | | 2,815,598 | |
Skandinaviska Enskilda Banken AB, Class A | | | 920,156 | | | | 12,698,790 | |
Skanska AB, B Shares | | | 195,339 | | | | 3,539,069 | |
SKF AB, B Shares | | | 198,170 | | | | 3,971,435 | |
Svenska Cellulosa AB SCA, Class B | | | 352,526 | | | | 5,295,810 | |
Svenska Handelsbanken AB, A Shares | | | 841,615 | | | | 9,146,194 | |
Swedbank AB, A Shares | | | 489,883 | | | | 9,904,282 | |
Swedish Orphan Biovitrum AB(a) | | | 111,357 | | | | 2,947,866 | |
Tele2 AB, B Shares | | | 316,573 | | | | 2,721,160 | |
Telefonaktiebolaget LM Ericsson, B Shares | | | 1,709,658 | | | | 10,759,185 | |
Telia Co. AB | | | 1,385,831 | | | | 3,535,848 | |
Volvo AB, Class A | | | 115,543 | | | | 3,065,579 | |
Volvo AB, Class B | | | 877,688 | | | | 22,837,443 | |
Volvo Car AB, Class B(a) | | | 345,226 | | | | 1,119,633 | |
| | | | | | | | |
| | |
| | | | | | | 302,261,408 | |
| | |
Switzerland — 8.9% | | | | | | |
ABB Ltd., Class N, Registered Shares | | | 930,418 | | | | 41,308,841 | |
Adecco Group AG, Class N, Registered Shares | | | 93,242 | | | | 4,579,439 | |
Alcon, Inc. | | | 290,635 | | | | 22,738,110 | |
Avolta AG, Class N, Registered Shares(a) | | | 57,731 | | | | 2,272,929 | |
Bachem Holding AG, Class N | | | 19,535 | | | | 1,512,816 | |
Baloise Holding AG, Class N, Registered Shares | | | 26,216 | | | | 4,110,363 | |
Banque Cantonale Vaudoise, Registered Shares | | | 17,291 | | | | 2,229,999 | |
Barry Callebaut AG, Class N, Registered Shares | | | 2,090 | | | | 3,528,294 | |
BKW AG | | | 12,592 | | | | 2,239,702 | |
Chocoladefabriken Lindt & Spruengli AG | | | 553 | | | | 6,637,999 | |
| | |
FUND SCHEDULE S OF INVESTMENTS | | 31 |
| | |
Schedule of Investments (continued) December 31, 2023 | | iShares MSCI EAFE International Index Fund (Percentages shown are based on Net Assets) |
| | | | | | | | |
Security | | Shares | | | Value | |
|
Switzerland (continued) | |
Chocoladefabriken Lindt & Spruengli AG, Class N, Registered Shares | | | 62 | | | $ | 7,521,752 | |
Cie Financiere Richemont SA, Class A, Registered Shares | | | 303,605 | | | | 41,935,157 | |
Clariant AG, Class N, Registered Shares | | | 125,905 | | | | 1,860,210 | |
Coca-Cola HBC AG, Class DI | | | 128,790 | | | | 3,781,653 | |
DSM-Firmenich AG | | | 108,166 | | | | 10,999,770 | |
EMS-Chemie Holding AG, Registered Shares | | | 4,149 | | | | 3,364,124 | |
Geberit AG, Class N, Registered Shares | | | 19,415 | | | | 12,462,848 | |
Givaudan SA, Class N, Registered Shares | | | 5,370 | | | | 22,267,843 | |
Helvetia Holding AG, Registered Shares | | | 21,807 | | | | 3,006,896 | |
Holcim AG | | | 300,744 | | | | 23,620,851 | |
Julius Baer Group Ltd., Class N | | | 120,474 | | | | 6,758,356 | |
Kuehne and Nagel International AG, Registered Shares | | | 31,620 | | | | 10,911,962 | |
Logitech International SA, Class N, Registered Shares | | | 95,572 | | | | 9,087,786 | |
Lonza Group AG, Registered Shares | | | 43,312 | | | | 18,259,740 | |
Nestle SA, Registered Shares | | | 1,552,924 | | | | 180,014,732 | |
Novartis AG, Class N, Registered Shares | | | 1,192,163 | | | | 120,420,965 | |
Partners Group Holding AG | | | 13,200 | | | | 19,086,539 | |
Sandoz Group AG(a) | | | 236,590 | | | | 7,612,063 | |
Schindler Holding AG | | | 23,632 | | | | 5,916,387 | |
Schindler Holding AG, Class N, Registered Shares | | | 13,450 | | | | 3,194,117 | |
SGS SA | | | 86,442 | | | | 7,462,603 | |
SIG Group AG | | | 179,009 | | | | 4,122,760 | |
Sika AG, Registered Shares | | | 88,671 | | | | 28,913,494 | |
Sonova Holding AG, Registered Shares | | | 29,996 | | | | 9,810,124 | |
STMicroelectronics NV | | | 397,514 | | | | 19,938,887 | |
Straumann Holding AG, Registered Shares | | | 64,993 | | | | 10,503,055 | |
Swatch Group AG | | | 16,556 | | | | 4,504,724 | |
Swatch Group AG, Class N, Registered Shares | | | 31,184 | | | | 1,634,951 | |
Swiss Life Holding AG, Class N, Registered Shares | | | 17,096 | | | | 11,880,923 | |
Swiss Prime Site AG, Registered Shares | | | 43,810 | | | | 4,680,803 | |
Swiss Re AG | | | 174,039 | | | | 19,584,696 | |
Swisscom AG, Class N, Registered Shares | | | 14,897 | | | | 8,966,042 | |
Temenos AG, Class N, Registered Shares | | | 37,528 | | | | 3,497,165 | |
UBS Group AG, Registered Shares | | | 1,912,936 | | | | 59,418,776 | |
VAT Group AG (b) | | | 15,612 | | | | 7,841,249 | |
Zurich Insurance Group AG, Class N | | | 86,817 | | | | 45,390,259 | |
| | | | | | | | |
| | |
| | | | | | | 851,392,754 | |
| | |
United Arab Emirates — 0.0% | | | | | | |
NMC Health PLC(a)(d) | | | 45,379 | | | | 1 | |
| | | | | | | | |
| | |
United Kingdom — 12.9% | | | | | | |
3i Group PLC | | | 566,116 | | | | 17,424,772 | |
abrdn PLC | | | 1,107,534 | | | | 2,518,047 | |
Admiral Group PLC | | | 151,430 | | | | 5,177,167 | |
Ashtead Group PLC | | | 252,849 | | | | 17,574,811 | |
Associated British Foods PLC, Series 20B | | | 201,552 | | | | 6,074,579 | |
AstraZeneca PLC | | | 901,455 | | | | 121,597,124 | |
Auto Trader Group PLC(b) | | | 531,824 | | | | 4,885,678 | |
Aviva PLC | | | 1,580,007 | | | | 8,742,856 | |
BAE Systems PLC | | | 1,768,538 | | | | 25,033,637 | |
Barclays PLC | | | 8,975,816 | | | | 17,575,245 | |
Barratt Developments PLC | | | 572,467 | | | | 4,100,872 | |
Berkeley Group Holdings PLC | | | 62,164 | | | | 3,711,259 | |
BP PLC | | | 10,012,139 | | | | 59,352,638 | |
British American Tobacco PLC | | | 1,225,880 | | | | 35,868,248 | |
BT Group PLC | | | 3,737,164 | | | | 5,888,219 | |
Bunzl PLC | | | 195,061 | | | | 7,926,405 | |
Burberry Group PLC | | | 217,617 | | | | 3,925,144 | |
| | | | | | | | |
Security | | Shares | | | Value | |
| | |
United Kingdom (continued) | | | | | | |
Centrica PLC | | | 3,216,542 | | | $ | 5,766,298 | |
Coca-Cola Europacific Partners PLC | | | 120,093 | | | | 8,015,007 | |
Compass Group PLC | | | 1,000,288 | | | | 27,371,199 | |
Croda International PLC | | | 80,329 | | | | 5,167,077 | |
DCC PLC, Series A | | | 56,360 | | | | 4,147,026 | |
Diageo PLC | | | 1,296,553 | | | | 47,058,598 | |
Endeavour Mining PLC | | | 105,431 | | | | 2,359,144 | |
GSK PLC | | | 2,381,746 | | | | 43,988,919 | |
Haleon PLC | | | 3,200,587 | | | | 13,104,069 | |
Halma PLC | | | 220,149 | | | | 6,401,028 | |
Hargreaves Lansdown PLC | | | 212,479 | | | | 1,985,818 | |
HSBC Holdings PLC | | | 11,406,094 | | | | 92,274,841 | |
Imperial Brands PLC | | | 495,698 | | | | 11,414,833 | |
Informa PLC | | | 803,109 | | | | 7,988,046 | |
InterContinental Hotels Group PLC | | | 97,112 | | | | 8,757,158 | |
Intertek Group PLC | | | 91,776 | | | | 4,968,439 | |
J Sainsbury PLC | | | 963,891 | | | | 3,716,205 | |
JD Sports Fashion PLC | | | 1,471,362 | | | | 3,105,069 | |
Kingfisher PLC(c) | | | 1,117,069 | | | | 3,461,107 | |
Land Securities Group PLC | | | 402,198 | | | | 3,609,493 | |
Legal & General Group PLC | | | 3,439,126 | | | | 10,990,374 | |
Lloyds Banking Group PLC, Series L | | | 37,160,272 | | | | 22,539,039 | |
London Stock Exchange Group PLC | | | 245,021 | | | | 28,964,306 | |
M&G PLC | | | 1,315,277 | | | | 3,722,381 | |
Melrose Industries PLC | | | 784,818 | | | | 5,672,962 | |
Mondi PLC | | | 282,082 | | | | 5,518,851 | |
National Grid PLC | | | 2,145,088 | | | | 28,897,155 | |
NatWest Group PLC | | | 3,334,017 | | | | 9,286,583 | |
Next PLC | | | 69,601 | | | | 7,194,989 | |
Ocado Group PLC(a) | | | 331,793 | | | | 3,205,100 | |
Pearson PLC | | | 369,259 | | | | 4,535,581 | |
Persimmon PLC | | | 182,312 | | | | 3,222,578 | |
Phoenix Group Holdings PLC | | | 431,458 | | | | 2,937,856 | |
Prudential PLC | | | 1,588,630 | | | | 17,924,013 | |
Reckitt Benckiser Group PLC | | | 417,376 | | | | 28,800,367 | |
RELX PLC | | | 1,092,673 | | | | 43,350,499 | |
Rentokil Initial PLC | | | 1,454,085 | | | | 8,195,602 | |
Rolls-Royce Holdings PLC(a) | | | 4,895,928 | | | | 18,674,875 | |
Sage Group PLC | | | 591,440 | | | | 8,829,491 | |
Schroders PLC | | | 476,250 | | | | 2,604,020 | |
Segro PLC | | | 671,913 | | | | 7,577,336 | |
Severn Trent PLC | | | 154,051 | | | | 5,065,890 | |
Shell PLC | | | 3,868,473 | | | | 126,630,850 | |
Smith & Nephew PLC | | | 504,757 | | | | 6,933,880 | |
Smiths Group PLC | | | 197,523 | | | | 4,433,485 | |
Spirax-Sarco Engineering PLC | | | 42,910 | | | | 5,741,173 | |
SSE PLC | | | 635,210 | | | | 14,994,755 | |
St. James’s Place PLC | | | 322,095 | | | | 2,802,325 | |
Standard Chartered PLC | | | 1,373,372 | | | | 11,654,622 | |
Taylor Wimpey PLC, Series L | | | 2,016,528 | | | | 3,774,770 | |
Tesco PLC | | | 4,136,262 | | | | 15,323,712 | |
Unilever PLC | | | 1,451,193 | | | | 70,253,683 | |
United Utilities Group PLC | | | 395,236 | | | | 5,338,953 | |
Vodafone Group PLC | | | 13,290,249 | | | | 11,606,897 | |
Whitbread PLC | | | 115,020 | | | | 5,355,022 | |
Wise PLC, Class A(a) | | | 349,644 | | | | 3,888,559 | |
WPP PLC | | | 622,070 | | | | 5,941,938 | |
| | | | | | | | |
| | |
| | | | | | | 1,224,420,547 | |
| | |
32 | | 2 0 2 3 BLACK ROCK ANNUAL REPORT TO SHAREHOLDERS |
| | |
Schedule of Investments (continued) December 31, 2023 | | iShares MSCI EAFE International Index Fund (Percentages shown are based on Net Assets) |
| | | | | | | | |
Security | | Shares | | | Value | |
| | |
United States — 1.3% | | | | | | |
Roche Holding AG | | | 427,142 | | | $ | 124,538,359 | |
| | | | | | | | |
| |
Total Common Stocks — 98.4% (Cost: $6,966,539,261) | | | | 9,362,881,548 | |
| | | | | | | | |
| | |
Preferred Securities | | | | | | |
| | |
Preferred Stocks — 0.4% | | | | | | |
| | |
Germany — 0.4% | | | | | | |
Bayerische Motoren Werke AG | | | 34,269 | | | | 3,409,861 | |
Dr Ing hc F Porsche AG(b) | | | 65,847 | | | | 5,799,613 | |
Henkel AG & Co. KGaA | | | 98,928 | | | | 7,957,967 | |
Porsche Automobil Holding SE | | | 89,157 | | | | 4,556,082 | |
Sartorius AG | | | 15,272 | | | | 5,608,196 | |
Volkswagen AG | | | 119,946 | | | | 14,784,093 | |
| | | | | | | | |
| | |
| | | | | | | 42,115,812 | |
| | | | | | | | |
| |
Total Preferred Securities — 0.4% (Cost: $42,948,064) | | | | 42,115,812 | |
| | | | | | | | |
| |
Total Long-Term Investments — 98.8% (Cost: $7,009,487,325) | | | | 9,404,997,360 | |
| | | | | | | | |
| | |
Short-Term Securities | | | | | | | | |
| | |
Money Market Funds — 0.5% | | | | | | |
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.54%(e)(f)(g) | | | 21,799,896 | | | | 21,812,976 | |
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.33%(e)(f) | | | 24,213,354 | | | | 24,213,354 | |
| | | | | | | | |
| |
Total Short-Term Securities — 0.5% (Cost: $46,021,343) | | | | 46,026,330 | |
| | | | | | | | |
| |
Total Investments — 99.3% (Cost: $7,055,508,668) | | | | 9,451,023,690 | |
| | |
Other Assets Less Liabilities — 0.7% | | | | | | | 64,745,894 | |
| | | | | | | | |
| | |
Net Assets — 100.0% | | | | | | $ | 9,515,769,584 | |
| | | | | | | | |
(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) | Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. |
(e) | Affiliate of the Fund. |
(f) | Annualized 7-day yield as of period end. |
(g) | All or a portion of this security was purchased with the cash collateral from loaned securities. |
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the year ended December 31, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | |
Affiliated Issuer | | Value at 12/31/22 | | | Purchases at Cost | | | Proceeds from Sale | | | Net Realized Gain (Loss) | | | Change in Unrealized Appreciation (Depreciation) | | | Value at 12/31/23 | | | Shares Held at 12/31/23 | | | Income | | | Capital Gain Distributions from Underlying Funds | |
BlackRock Cash Funds: Institutional, SL Agency Shares | | $ | 66,124,984 | | | $ | — | | | $ | (44,335,597 | )(a) | | $ | 28,664 | | | $ | (5,075 | ) | | $ | 21,812,976 | | | | 21,799,896 | | | $ | 240,108 | (b) | | $ | — | |
| | | | | | | | | |
BlackRock Cash Funds: Treasury, SL Agency Shares | | | 16,740,802 | | | | 7,472,552 | (a) | | | — | | | | — | | | | — | | | | 24,213,354 | | | | 24,213,354 | | | | 919,958 | | | | — | |
| | | | | | | | | |
iShares MSCI EAFE ETF(c) | | | — | | | | 650,264,017 | | | | (657,835,539 | ) | | | 7,571,522 | | | | — | | | | — | | | | — | | | | — | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | $ | 7,600,186 | | | $ | (5,075 | ) | | $ | 46,026,330 | | | | | | | $ | 1,160,066 | | | $ | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| (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. | |
| (c) | As of period end, the entity is no longer held. | |
| | |
FUND SCHEDULE S OF INVESTMENTS | | 33 |
| | |
Schedule of Investments (continued) December 31, 2023 | | 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 | | | 225 | | | | 03/07/24 | | | $ | 26,572 | | | $ | 184,690 | |
Euro Stoxx 50 Index | | | 892 | | | | 03/15/24 | | | | 44,817 | | | | (132,222 | ) |
FTSE 100 Index | | | 249 | | | | 03/15/24 | | | | 24,588 | | | | 397,484 | |
SPI 200 Index | | | 106 | | | | 03/21/24 | | | | 13,684 | | | | 229,427 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | $ | 679,379 | |
| | | | | | | | | | | | | | | | |
Derivative Financial Instruments Categorized by Risk Exposure
As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
| | Commodity Contracts | | | Credit Contracts | | | Equity Contracts
| | | Foreign Currency Exchange Contracts | | | Interest Rate Contracts | | | Other Contracts | | | Total | |
| | | | | | | |
Assets — Derivative Financial Instruments | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Futures contracts | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Unrealized appreciation on futures contracts(a) | | $ | — | | | $ | — | | | $ | 811,601 | | | $ | — | | | $ | — | | | $ | — | | | $ | 811,601 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Liabilities — Derivative Financial Instruments | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Futures contracts | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Unrealized depreciation on futures contracts(a) | | $ | — | | | $ | — | | | $ | 132,222 | | | $ | — | | | $ | — | | | $ | — | | | $ | 132,222 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| (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, 2023, 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 | | $ | — | | | $ | — | | | $ | 9,114,153 | | | $ | — | | | $ | — | | | $ | — | | | $ | 9,114,153 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Net Change in Unrealized Appreciation (Depreciation) on: | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Futures contracts | | $ | — | | | $ | — | | | $ | 2,757,042 | | | $ | — | | | $ | — | | | $ | — | | | $ | 2,757,042 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Average Quarterly Balances of Outstanding Derivative Financial Instruments
| | | | |
| |
Futures contracts: | | | | |
Average notional value of contracts — long | | $ | 112,044,036 | |
| |
For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.
| | |
34 | | 2 0 2 3 BLACK ROCK ANNUAL REPORT TO SHAREHOLDERS |
| | |
Schedule of Investments (continued) December 31, 2023 | | iShares MSCI EAFE International Index Fund |
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.
The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.
| | | | | | | | | | | | | | | | |
| | | | |
| | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
| | | | |
Assets | | | | | | | | | | | | | | | | |
Investments | | | | | | | | | | | | | | | | |
Long-Term Investments | | | | | | | | | | | | | | | | |
Common Stocks | | | | | | | | | | | | | | | | |
Australia | | $ | — | | | $ | 786,586,809 | | | $ | — | | | $ | 786,586,809 | |
Austria | | | — | | | | 17,520,192 | | | | — | | | | 17,520,192 | |
Belgium | | | 6,655,246 | | | | 69,819,718 | | | | — | | | | 76,474,964 | |
Chile | | | — | | | | 4,922,067 | | | | — | | | | 4,922,067 | |
China | | | 1,813,443 | | | | 10,714,809 | | | | — | | | | 12,528,252 | |
Denmark | | | — | | | | 314,805,332 | | | | — | | | | 314,805,332 | |
Finland | | | 3,775,907 | | | | 97,918,826 | | | | — | | | | 101,694,733 | |
France | | | — | | | | 1,098,517,877 | | | | — | | | | 1,098,517,877 | |
Germany | | | — | | | | 759,680,412 | | | | — | | | | 759,680,412 | |
Hong Kong | | | — | | | | 190,195,806 | | | | — | | | | 190,195,806 | |
Ireland | | | 8,645,794 | | | | 109,355,401 | | | | — | | | | 118,001,195 | |
Isle of Man | | | — | | | | 4,691,319 | | | | — | | | | 4,691,319 | |
Israel | | | 29,213,676 | | | | 35,347,554 | | | | — | | | | 64,561,230 | |
Italy | | | 1,847,642 | | | | 210,318,335 | | | | — | | | | 212,165,977 | |
Japan | | | — | | | | 2,105,139,516 | | | | — | | | | 2,105,139,516 | |
Jordan | | | — | | | | 2,172,223 | | | | — | | | | 2,172,223 | |
Luxembourg | | | — | | | | 18,276,631 | | | | — | | | | 18,276,631 | |
Macau | | | — | | | | 4,169,345 | | | | — | | | | 4,169,345 | |
Netherlands | | | 27,263,994 | | | | 447,038,097 | | | | — | | | | 474,302,091 | |
New Zealand | | | 9,520,276 | | | | 14,048,612 | | | | — | | | | 23,568,888 | |
Norway | | | 4,600,547 | | | | 59,097,149 | | | | — | | | | 63,697,696 | |
Portugal | | | — | | | | 17,626,879 | | | | — | | | | 17,626,879 | |
Singapore | | | 12,473,282 | | | | 114,429,513 | | | | — | | | | 126,902,795 | |
South Africa | | | — | | | | 18,496,307 | | | | — | | | | 18,496,307 | |
Spain | | | — | | | | 243,569,943 | | | | — | | | | 243,569,943 | |
Sweden | | | 2,947,866 | | | | 299,313,542 | | | | — | | | | 302,261,408 | |
Switzerland | | | 7,612,063 | | | | 843,780,691 | | | | — | | | | 851,392,754 | |
United Arab Emirates | | | — | | | | — | | | | 1 | | | | 1 | |
United Kingdom | | | 33,048,644 | | | | 1,191,371,903 | | | | — | | | | 1,224,420,547 | |
United States | | | — | | | | 124,538,359 | | | | — | | | | 124,538,359 | |
Preferred Securities | | | | | | | | | | | | | | | | |
Preferred Stocks | | | — | | | | 42,115,812 | | | | — | | | | 42,115,812 | |
| | | | |
Short-Term Securities | | | | | | | | | | | | | | | | |
Money Market Funds | | | 46,026,330 | | | | — | | | | — | | | | 46,026,330 | |
| | | | | | | | | | | | | | | | |
| | $ | 195,444,710 | | | $ | 9,255,578,979 | | | $ | 1 | | | $ | 9,451,023,690 | |
| | | | | | | | | | | | | | | | |
Derivative Financial Instruments(a) | | | | | | | | | | | | | | | | |
Assets | | | | | | | | | | | | | | | | |
Equity Contracts | | $ | — | | | $ | 811,601 | | | $ | — | | | $ | 811,601 | |
Liabilities | | | | | | | | | | | | | | | | |
Equity Contracts | | | — | | | | (132,222 | ) | | | — | | | | (132,222 | ) |
| | | | | | | | | | | | | | | | |
| | $ | — | | | $ | 679,379 | | | $ | — | | | $ | 679,379 | |
| | | | | | | | | | | | | | | | |
| (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 SCHEDULE S OF INVESTMENTS | | 35 |
Statements of Assets and Liabilities
December 31, 2023
| | | | | | | | | | | | | | | | |
| | 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) | | $ | 253,909,999 | | | $ | 274,404,845 | | | $ | 9,404,997,360 | | | $ | — | |
Investments, at value — Master Small Cap Index Series | | | — | | | | — | | | | — | | | | 2,768,215,930 | |
Investments, at value — affiliated(c) | | | 3,355,327 | | | | 2,285,632 | | | | 46,026,330 | | | | — | |
Cash pledged for futures contracts | | | — | | | | — | | | | 6,182,788 | | | | — | |
Foreign currency, at value(d) | | | — | | | | — | | | | 75,273,052 | | | | — | |
Receivables: | | | | | | | | | | | | | | | | |
Investments sold | | | — | | | | 2,715,599 | | | | — | | | | — | |
Securities lending income — affiliated | | | — | | | | 1,757 | | | | 7,788 | | | | — | |
Capital shares sold | | | 126,486 | | | | 3,302,221 | | | | 34,673,979 | | | | 9,031,224 | |
Dividends — unaffiliated | | | — | | | | — | | | | 25,221,626 | | | | — | |
Dividends — affiliated | | | 8,218 | | | | 8,814 | | | | 58,178 | | | | — | |
Interest — unaffiliated | | | 3,026,520 | | | | 721,689 | | | | — | | | | — | |
From the Manager | | | — | | | | 35,543 | | | | — | | | | — | |
Variation margin on futures contracts | | | — | | | | — | | | | 60,756 | | | | — | |
Withdrawals from the Master Portfolio | | | — | | | | — | | | | — | | | | 15,278,788 | |
Prepaid expenses | | | 47,942 | | | | 52,194 | | | | — | | | | 53,055 | |
| | | | | | | | | | | | | | | | |
Total assets | | | 260,474,492 | | | | 283,528,294 | | | | 9,592,501,857 | | | | 2,792,578,997 | |
| | | | | | | | | | | | | | | | |
| | | | |
LIABILITIES | | | | | | | | | | | | | | | | |
Bank overdraft | | | 15,759 | | | | 9,618 | | | | — | | | | — | |
Collateral on securities loaned | | | — | | | | — | | | | 21,805,959 | | | | — | |
Payables: | | | | | | | | | | | | | | | | |
Investments purchased | | | — | | | | 4,162,357 | | | | — | | | | — | |
Accounting services fees | | | 2,256 | | | | 2,256 | | | | — | | | | 1,241 | |
Administration fees | | | — | | | | — | | | | 265,954 | | | | 65,476 | |
Capital shares redeemed | | | 571,447 | | | | 1,435,482 | | | | 53,779,007 | | | | 24,310,037 | |
Custodian fees | | | 1,011 | | | | 804 | | | | — | | | | — | |
Income dividend distributions | | | 23,406 | | | | 9,134 | | | | — | | | | — | |
Investment advisory fees | | | 21,381 | | | | — | | | | 77,863 | | | | — | |
Directors’ and Officer’s fees | | | 1,820 | | | | 1,708 | | | | 17,434 | | | | — | |
Recoupment of past waived fees | | | 6,297 | | | | — | | | | — | | | | — | |
Other accrued expenses | | | 1,993 | | | | 8,068 | | | | 93,251 | | | | 7,823 | |
Professional fees | | | 33,347 | | | | 37,411 | | | | 429,567 | | | | 35,320 | |
Service fees | | | 47,367 | | | | 585 | | | | 107,884 | | | | 101,011 | |
Transfer agent fees | | | 21,502 | | | | 16,366 | | | | 17,984 | | | | 132,138 | |
Variation margin on futures contracts | | | — | | | | — | | | | 137,370 | | | | — | |
| | | | | | | | | | | | | | | | |
Total liabilities | | | 747,586 | | | | 5,683,789 | | | | 76,732,273 | | | | 24,653,046 | |
| | | | | | | | | | | | | | | | |
Commitments and contingent liabilities | | | | | | | | | | | | | | | | |
| | | | |
NET ASSETS | | $ | 259,726,906 | | | $ | 277,844,505 | | | $ | 9,515,769,584 | | | $ | 2,767,925,951 | |
| | | | | | | | | | | | | | | | |
| | | | |
NET ASSETS CONSIST OF | | | | | | | | | | | | | | | | |
Paid-in capital | | $ | 263,186,911 | | | $ | 288,029,493 | | | $ | 8,588,771,133 | | | $ | 2,299,035,762 | |
Accumulated earnings (loss) | | | (3,460,005 | ) | | | (10,184,988 | ) | | | 926,998,451 | | | | 468,890,189 | |
| | | | | | | | | | | | | | | | |
NET ASSETS | | $ | 259,726,906 | | | $ | 277,844,505 | | | $ | 9,515,769,584 | | | $ | 2,767,925,951 | |
| | | | | | | | | | | | | | | | |
| | | | |
(a) Investments, at cost — unaffiliated | | $ | 255,549,469 | | | $ | 277,078,734 | | | $ | 7,009,487,325 | | | $ | — | |
(b) Securities loaned, at value | | $ | — | | | $ | — | | | $ | 20,724,237 | | | $ | — | |
(c) Investments, at cost — affiliated | | $ | 3,355,171 | | | $ | 2,285,632 | | | $ | 46,021,343 | | | $ | — | |
(d) Foreign currency, at cost | | $ | — | | | $ | — | | | $ | 74,073,327 | | | $ | — | |
| | |
36 | | 2 0 2 3 BLACK ROCK ANNUAL REPORT TO SHAREHOLDERS |
Statements of Assets and Liabilities (continued)
December 31, 2023
| | | | | | | | | | | | | | | | |
| | 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 | | $ | 41,268,360 | | | $ | 120,828,484 | | | $ | 1,126,850,384 | | | $ | 400,743,380 | |
| | | | | | | | | | | | | | | | |
Shares outstanding | | | 3,688,478 | | | | 12,623,041 | | | | 74,190,990 | | | | 17,500,447 | |
| | | | | | | | | | | | | | | | |
Net asset value | | $ | 11.19 | | | $ | 9.57 | | | $ | 15.19 | | | $ | 22.90 | |
| | | | | | | | | | | | | | | | |
Shares authorized | | | Unlimited | | | | Unlimited | | | | 1.208 billion | | | | 208 million | |
| | | | | | | | | | | | | | | | |
Par value | | $ | 0.001 | | | $ | 0.001 | | | $ | 0.0001 | | | $ | 0.0001 | |
| | | | | | | | | | | | | | | | |
| | | | |
Investor A | | | | | | | | | | | | |
Net assets | | $ | 19,071,230 | | | $ | 2,092,690 | | | $ | 385,831,767 | | | $ | 206,976,720 | |
| | | | | | | | | | | | | | | | |
Shares outstanding | | | 1,704,663 | | | | 218,343 | | | | 25,591,943 | | | | 9,025,349 | |
| | | | | | | | | | | | | | | | |
Net asset value | | $ | 11.19 | | | $ | 9.58 | | | $ | 15.08 | | | $ | 22.93 | |
| | | | | | | | | | | | | | | | |
Shares authorized | | | Unlimited | | | | Unlimited | | | | 208 million | | | | 208 million | |
| | | | | | | | | | | | | | | | |
Par value | | $ | 0.001 | | | $ | 0.001 | | | $ | 0.0001 | | | $ | 0.0001 | |
| | | | | | | | | | | | | | | | |
| | | | |
Investor P | | | | | | | | | | | | |
Net assets | | $ | 199,289,906 | | | | N/A | | | $ | 137,724,660 | | | $ | 287,808,342 | |
| | | | | | | | | | | | | | | | |
Shares outstanding | | | 17,813,559 | | | | N/A | | | | 9,167,536 | | | | 12,597,173 | |
| | | | | | | | | | | | | | | | |
Net asset value | | $ | 11.19 | | | | N/A | | | $ | 15.02 | | | $ | 22.85 | |
| | | | | | | | | | | | | | | | |
Shares authorized | | | Unlimited | | | | N/A | | | | 2 billion | | | | 2 billion | |
| | | | | | | | | | | | | | | | |
Par value | | $ | 0.001 | | | | N/A | | | $ | 0.0001 | | | $ | 0.0001 | |
| | | | | | | | | | | | | | | | |
| | | | |
Class G | | | | | | | | | | | | |
Net assets | | | N/A | | | | N/A | | | $ | 2,737,539,109 | | | | N/A | |
| | | | | | | | | | | | | | | | |
Shares outstanding | | | N/A | | | | N/A | | | | 180,092,359 | | | | N/A | |
| | | | | | | | | | | | | | | | |
Net asset value | | | N/A | | | | N/A | | | $ | 15.20 | | | | N/A | |
| | | | | | | | | | | | | | | | |
Shares authorized | | | N/A | | | | N/A | | | | 800 million | | | | N/A | |
| | | | | | | | | | | | | | | | |
Par value | | | N/A | | | | N/A | | | $ | 0.0001 | | | | N/A | |
| | | | | | | | | | | | | | | | |
| | | | |
Class K | | | | | | | | | | | | |
Net assets | | $ | 97,410 | | | $ | 154,923,331 | | | $ | 5,127,823,664 | | | $ | 1,872,397,509 | |
| | | | | | | | | | | | | | | | |
Shares outstanding | | | 8,707 | | | | 16,164,998 | | | | 337,210,483 | | | | 81,484,805 | |
| | | | | | | | | | | | | | | | |
Net asset value | | $ | 11.19 | | | $ | 9.58 | | | $ | 15.21 | | | $ | 22.98 | |
| | | | | | | | | | | | | | | | |
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, 2023
| | | | | | | | | | | | | | | | |
| | 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 | | $ | — | | | $ | — | | | $ | 287,198,678 | | | $ | — | |
Dividends — affiliated | | | 69,882 | | | | 137,113 | | | | 919,958 | | | | — | |
Interest — unaffiliated | | | 8,383,194 | | | | 6,929,287 | | | | — | | | | — | |
Securities lending income — affiliated — net | | | — | | | | 1,915 | | | | 240,108 | | | | — | |
Other income — unaffiliated | | | — | | | | — | | | | 522,176 | | | | — | |
Foreign taxes withheld | | | — | | | | — | | | | (24,802,716 | ) | | | — | |
Foreign withholding tax claims | | | — | | | | — | | | | 6,428,675 | | | | — | |
Net investment income allocated from the Master Small Cap Index Series: | | | | | | | | | | | | | | | | |
Dividends — unaffiliated | | | — | | | | — | | | | — | | | | 38,679,614 | |
Dividends — affiliated | | | — | | | | — | | | | — | | | | 1,585,503 | |
Interest — unaffiliated | | | — | | | | — | | | | — | | | | 33,893 | |
Securities lending income — affiliated — net | | | — | | | | — | | | | — | | | | 3,551,308 | |
Foreign taxes withheld | | | — | | | | — | | | | — | | | | (87,404 | ) |
Expenses | | | — | | | | — | | | | — | | | | (491,267 | ) |
Fees waived | | | — | | | | — | | | | — | | | | 22,197 | |
| | | | | | | | | | | | | | | | |
Total investment income | | | 8,453,076 | | | | 7,068,315 | | | | 270,506,879 | | | | 43,293,844 | |
| | | | | | | | | | | | | | | | |
| | | | |
EXPENSES | | | | | | | | | | | | | | | | |
Service — class specific | | | 570,077 | | | | 6,268 | | | | 1,237,358 | | | | 1,160,198 | |
Investment advisory | | | 267,328 | | | | 17,612 | | | | 870,479 | | | | — | |
Transfer agent — class specific | | | 134,830 | | | | 58,087 | | | | — | | | | 696,059 | |
Professional | | | 98,945 | | | | 126,008 | | | | 744,271 | | | | 62,718 | |
Registration | | | 84,483 | | | | 63,371 | | | | — | | | | 117,269 | |
Printing and postage | | | 33,834 | | | | 41,667 | | | | — | | | | 26,419 | |
Accounting services | | | 9,030 | | | | 9,034 | | | | — | | | | 4,976 | |
Directors and Officer | | | 8,100 | | | | 7,439 | | | | 66,521 | | | | — | |
Recoupment of past waived and/or reimbursed fees — class specific | | | 5,384 | | | | — | | | | — | | | | — | |
Custodian | | | 3,294 | | | | 3,049 | | | | — | | | | — | |
Administration | | | — | | | | — | | | | — | | | | 1,052,529 | |
Administration — class specific | | | — | | | | — | | | | 3,360,894 | | | | — | |
Miscellaneous | | | 29,319 | | | | 15,456 | | | | 208 | | | | 19,982 | |
| | | | | | | | | | | | | | | | |
Total expenses excluding interest expense | | | 1,244,624 | | | | 347,991 | | | | 6,279,731 | | | | 3,140,150 | |
Interest expense | | | — | | | | — | | | | 353 | | | | — | |
| | | | | | | | | | | | | | | | |
Total expenses | | | 1,244,624 | | | | 347,991 | | | | 6,280,084 | | | | 3,140,150 | |
Less: | | | | | | | | | | | | | | | | |
Fees waived and/or reimbursed by the Administrator | | | — | | | | — | | | | — | | | | (26,399 | ) |
Fees waived and/or reimbursed by the Manager | | | (9,309 | ) | | | (177,765 | ) | | | (129,208 | ) | | | — | |
Transfer agent fees waived and/or reimbursed by the Manager — class specific | | | (21,031 | ) | | | (31,127 | ) | | | — | | | | (205,594 | ) |
| | | | | | | | | | | | | | | | |
Total expenses after fees waived and/or reimbursed | | | 1,214,284 | | | | 139,099 | | | | 6,150,876 | | | | 2,908,157 | |
| | | | | | | | | | | | | | | | |
Net investment income | | | 7,238,792 | | | | 6,929,216 | | | | 264,356,003 | | | | 40,385,687 | |
| | | | | | | | | | | | | | | | |
| | | | |
REALIZED AND UNREALIZED GAIN (LOSS) | | | | | | | | | | | | | | | | |
Net realized gain (loss) from: | | | | | | | | | | | | | | | | |
Investments — unaffiliated | | | (1,362,650 | ) | | | (2,682,794 | ) | | | (118,339,804 | ) | | | — | |
Investments — affiliated | | | (169 | ) | | | — | | | | 7,600,186 | | | | — | |
Foreign currency transactions | | | — | | | | — | | | | (1,594,437 | ) | | | — | |
Futures contracts | | | — | | | | — | | | | 9,114,153 | | | | — | |
Net realized gain (loss) allocated from the Master Small Cap Index Series from: | | | | | | | | | | | | | | | | |
Investments — unaffiliated | | | — | | | | — | | | | — | | | | 9,935,091 | |
Investments — affiliated | | | — | | | | — | | | | — | | | | 1,490,688 | |
Futures contracts | | | — | | | | — | | | | — | | | | 2,485,377 | |
Swaps | | | — | | | | — | | | | — | | | | 1,150,755 | |
| | | | | | | | | | | | | | | | |
| | | (1,362,819 | ) | | | (2,682,794 | ) | | | (103,219,902 | ) | | | 15,061,911 | |
| | | | | | | | | | | | | | | | |
| | |
38 | | 2 0 2 3 BLACK ROCK ANNUAL REPORT TO SHAREHOLDERS |
Statements of Operations (continued)
Year Ended December 31, 2023
| | | | | | | | | | | | | | | | |
| | 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 | | $ | 10,046,343 | | | $ | 4,664,334 | | | $ | 1,300,207,654 | | | $ | — | |
Investments — affiliated | | | 183 | | | | — | | | | (5,075 | ) | | | — | |
Foreign currency translations | | | — | | | | — | | | | 1,672,748 | | | | — | |
Futures contracts | | | — | | | | — | | | | 2,757,042 | | | | — | |
Net change in unrealized appreciation (depreciation) allocated from Master Small Cap Index Series on: | | | | | | | | | | | | | | | | |
Investments — unaffiliated | | | — | | | | — | | | | — | | | | 355,787,414 | |
Investments — affiliated | | | — | | | | — | | | | — | | | | 2,214,905 | |
Futures contracts | | | — | | | | — | | | | — | | | | 138,830 | |
Swaps | | | — | | | | — | | | | — | | | | 388,709 | |
| | | | | | | | | | | | | | | | |
| | | 10,046,526 | | | | 4,664,334 | | | | 1,304,632,369 | | | | 358,529,858 | |
| | | | | | | | | | | | | | | | |
Net realized and unrealized gain | | | 8,683,707 | | | | 1,981,540 | | | | 1,201,412,467 | | | | 373,591,769 | |
| | | | | | | | | | | | | | | | |
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | | $ | 15,922,499 | | | $ | 8,910,756 | | | $ | 1,465,768,470 | | | $ | 413,977,456 | |
| | | | | | | | | | | | | | | | |
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 12/31/23 | | | | | | Year Ended 12/31/22 | | | | | | Year Ended 12/31/23 | | | | | | Year Ended 12/31/22 | |
| | | | | | | |
INCREASE (DECREASE) IN NET ASSETS | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
OPERATIONS | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income | | $ | 7,238,792 | | | | | | | $ | 7,387,171 | | | | | | | $ | 6,929,216 | | | | | | | $ | 8,596,075 | |
Net realized loss | | | (1,362,819 | ) | | | | | | | (729,225 | ) | | | | | | | (2,682,794 | ) | | | | | | | (4,717,963 | ) |
Net change in unrealized appreciation (depreciation) | | | 10,046,526 | | | | | | | | (35,793,824 | ) | | | | | | | 4,664,334 | | | | | | | | (8,963,607 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net increase (decrease) in net assets resulting from operations | | | 15,922,499 | | | | | | | | (29,135,878 | ) | | | | | | | 8,910,756 | | | | | | | | (5,085,495 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
DISTRIBUTIONS TO SHAREHOLDERS(a) | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
From net investment income and net realized gain | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Institutional | | | (1,140,391 | ) | | | | | | | (796,740 | ) | | | | | | | (2,084,691 | ) | | | | | | | (2,804,472 | ) |
Investor A | | | (519,335 | ) | | | | | | | (511,155 | ) | | | | | | | (92,099 | ) | | | | | | | (121,688 | ) |
Investor P | | | (5,555,089 | ) | | | | | | | (6,184,204 | ) | | | | | | | — | | | | | | | | — | |
Class K | | | (2,921 | ) | | | | | | | (2,763 | ) | | | | | | | (4,749,773 | ) | | | | | | | (5,656,150 | ) |
Return of capital | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Institutional | | | — | | | | | | | | — | | | | | | | | (5,463 | ) | | | | | | | (9,161 | ) |
Investor A | | | — | | | | | | | | — | | | | | | | | (267 | ) | | | | | | | (468 | ) |
Class K | | | — | | | | | | | | — | | | | | | | | (13,026 | ) | | | | | | | (20,245 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Decrease in net assets resulting from distributions to shareholders | | | (7,217,736 | ) | | | | | | | (7,494,862 | ) | | | | | | | (6,945,319 | ) | | | | | | | (8,612,184 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
CAPITAL SHARE TRANSACTIONS | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net increase (decrease) in net assets derived from capital share transactions | | | (29,234,014 | ) | | | | | | | (11,343,682 | ) | | | | | | | 140,118,911 | | | | | | | | 44,739,190 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
NET ASSETS | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total increase (decrease) in net assets | | | (20,529,251 | ) | | | | | | | (47,974,422 | ) | | | | | | | 142,084,348 | | | | | | | | 31,041,511 | |
Beginning of year | | | 280,256,157 | | | | | | | | 328,230,579 | | | | | | | | 135,760,157 | | | | | | | | 104,718,646 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
End of year | | $ | 259,726,906 | | | | | | | $ | 280,256,157 | | | | | | | $ | 277,844,505 | | | | | | | $ | 135,760,157 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
(a) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | |
See notes to financial statements.
| | |
40 | | 2 0 2 3 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 12/31/23 | | | | | | Year Ended 12/31/22 | | | | | | Year Ended 12/31/23 | | | | | | Year Ended 12/31/22 | |
| | | | | | | |
INCREASE (DECREASE) IN NET ASSETS | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
OPERATIONS | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income | | $ | 264,356,003 | | | | | | | $ | 245,816,336 | | | | | | | $ | 40,385,687 | | | | | | | $ | 35,520,785 | |
Net realized gain (loss) | | | (103,219,902 | ) | | | | | | | (117,015,183 | ) | | | | | | | 15,061,911 | | | | | | | | (45,853,774 | ) |
Net change in unrealized appreciation (depreciation) | | | 1,304,632,369 | | | | | | | | (1,406,167,395 | ) | | | | | | | 358,529,858 | | | | | | | | (673,608,609 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net increase (decrease) in net assets resulting from operations | | | 1,465,768,470 | | | | | | | | (1,277,366,242 | ) | | | | | | | 413,977,456 | | | | | | | | (683,941,598 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
DISTRIBUTIONS TO SHAREHOLDERS(a) | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Institutional | | | (35,553,987 | ) | | | | | | | (28,819,074 | ) | | | | | | | (10,194,573 | ) | | | | | | | (6,608,956 | ) |
Investor A | | | (11,099,208 | ) | | | | | | | (8,746,128 | ) | | | | | | | (5,449,687 | ) | | | | | | | (2,784,133 | ) |
Investor P | | | (3,952,518 | ) | | | | | | | (3,057,353 | ) | | | | | | | (7,634,389 | ) | | | | | | | (3,814,743 | ) |
Class G | | | (81,197,080 | ) | | | | | | | — | | | | | | | | — | | | | | | | | — | |
Class K | | | (162,225,094 | ) | | | | | | | (169,428,266 | ) | | | | | | | (54,470,520 | ) | | | | | | | (30,551,485 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Decrease in net assets resulting from distributions to shareholders | | | (294,027,887 | ) | | | | | | | (210,050,821 | ) | | | | | | | (77,749,169 | ) | | | | | | | (43,759,317 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
CAPITAL SHARE TRANSACTIONS | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net increase (decrease) in net assets derived from capital share transactions | | | 599,156,405 | | | | | | | | 704,872,365 | | | | | | | | (172,089,720 | ) | | | | | | | (34,710,452 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
NET ASSETS | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total increase (decrease) in net assets | | | 1,770,896,988 | | | | | | | | (782,544,698 | ) | | | | | | | 164,138,567 | | | | | | | | (762,411,367 | ) |
Beginning of year | | | 7,744,872,596 | | | | | | | | 8,527,417,294 | | | | | | | | 2,603,787,384 | | | | | | | | 3,366,198,751 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
End of year | | $ | 9,515,769,584 | | | | | | | $ | 7,744,872,596 | | | | | | | $ | 2,767,925,951 | | | | | | | $ | 2,603,787,384 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
(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 | |
| | | | | |
| | Year Ended 12/31/23 | | | Year Ended 12/31/22 | | | Year Ended 12/31/21 | | | Year Ended 12/31/20 | | | Year Ended 12/31/19 | |
| | | | | |
Net asset value, beginning of year | | $ | 10.81 | | | $ | 12.16 | | | $ | 12.29 | | | $ | 12.02 | | | $ | 11.59 | |
| | | | | | | | | | | | | | | | | | | | |
Net investment income(a) | | | 0.32 | | | | 0.30 | | | | 0.29 | | | | 0.30 | | | | 0.30 | |
Net realized and unrealized gain (loss)(b) | | | 0.38 | | | | (1.35 | ) | | | (0.11 | ) | | | 0.29 | | | | 0.56 | |
| | | | | | | | | | | | | | | | | | | | |
Net increase (decrease) from investment operations | | | 0.70 | | | | (1.05 | ) | | | 0.18 | | | | 0.59 | | | | 0.86 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Distributions(c) | | | | | | | | | | | | | | | | | | | | |
From net investment income | | | (0.32 | ) | | | (0.30 | ) | | | (0.29 | ) | | | (0.30 | ) | | | (0.30 | ) |
From net realized gain | | | — | | | | (0.00 | )(d) | | | (0.02 | ) | | | (0.02 | ) | | | (0.13 | ) |
| | | | | | | | | | | | | | | | | | | | |
Total distributions | | | (0.32 | ) | | | (0.30 | ) | | | (0.31 | ) | | | (0.32 | ) | | | (0.43 | ) |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Net asset value, end of year | | $ | 11.19 | | | $ | 10.81 | | | $ | 12.16 | | | $ | 12.29 | | | $ | 12.02 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Total Return(e) | | | | | | | | | | | | | | | | | | | | |
Based on net asset value | | | 6.58 | % | | | (8.61 | )% | | | 1.54 | % | | | 4.97 | % | | | 7.52 | % |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Ratios to Average Net Assets(f) | | | | | | | | | | | | | | | | | | | | |
Total expenses | | | 0.25 | %(g) | | | 0.24 | % | | | 0.25 | % | | | 0.23 | % | | | 0.30 | %(h) |
| | | | | | | | | | | | | | | | | | | | |
Total expenses after fees waived and/or reimbursed | | | 0.25 | % | | | 0.24 | % | | | 0.24 | % | | | 0.22 | % | | | 0.23 | %(h) |
| | | | | | | | | | | | | | | | | | | | |
Net investment income | | | 2.92 | % | | | 2.75 | % | | | 2.40 | % | | | 2.46 | % | | | 2.49 | % |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Supplemental Data | | | | | | | | | | | | | | | | | | | | |
Net assets, end of year (000) | | $ | 41,268 | | | $ | 37,235 | | | $ | 11,794 | | | $ | 6,115 | | | $ | 477 | |
| | | | | | | | | | | | | | | | | | | | |
Portfolio turnover rate | | | 10 | % | | | 21 | % | | | 7 | % | | | 8 | % | | | 24 | % |
| | | | | | | | | | | | | | | | | | | | |
(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 recoupment of past waived and/or reimbursed fees with no financial impact to the expense ratio. |
(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. |
See notes to financial statements.
| | |
42 | | 2 0 2 3 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 12/31/23 | | | Year Ended 12/31/22 | | | Year Ended 12/31/21 | | | Year Ended 12/31/20 | | | Year Ended 12/31/19 | |
| | | | | |
Net asset value, beginning of year | | $ | 10.81 | | | $ | 12.16 | | | $ | 12.29 | | | $ | 12.02 | | | $ | 11.59 | |
| | | | | | | | | | | | | | | | | | | | |
Net investment income(a) | | | 0.29 | | | | 0.27 | | | | 0.26 | | | | 0.27 | | | | 0.27 | |
Net realized and unrealized gain (loss)(b) | | | 0.38 | | | | (1.35 | ) | | | (0.11 | ) | | | 0.29 | | | | 0.56 | |
| | | | | | | | | | | | | | | | | | | | |
Net increase (decrease) from investment operations | | | 0.67 | | | | (1.08 | ) | | | 0.15 | | | | 0.56 | | | | 0.83 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Distributions(c) | | | | | | | | | | | | | | | | | | | | |
From net investment income | | | (0.29 | ) | | | (0.27 | ) | | | (0.26 | ) | | | (0.27 | ) | | | (0.27 | ) |
From net realized gain | | | — | | | | (0.00 | )(d) | | | (0.02 | ) | | | (0.02 | ) | | | (0.13 | ) |
| | | | | | | | | | | | | | | | | | | | |
Total distributions | | | (0.29 | ) | | | (0.27 | ) | | | (0.28 | ) | | | (0.29 | ) | | | (0.40 | ) |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Net asset value, end of year | | $ | 11.19 | | | $ | 10.81 | | | $ | 12.16 | | | $ | 12.29 | | | $ | 12.02 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Total Return(e) | | | | | | | | | | | | | | | | | | | | |
Based on net asset value | | | 6.31 | % | | | (8.85 | )% | | | 1.28 | % | | | 4.70 | % | | | 7.24 | % |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Ratios to Average Net Assets(f) | | | | | | | | | | | | | | | | | | | | |
Total expenses | | | 0.55 | % | | | 0.51 | % | | | 0.53 | % | | | 0.50 | % | | | 0.62 | %(g) |
| | | | | | | | | | | | | | | | | | | | |
Total expenses after fees waived and/or reimbursed | | | 0.50 | % | | | 0.50 | % | | | 0.50 | % | | | 0.48 | % | | | 0.50 | %(g) |
| | | | | | | | | | | | | | | | | | | | |
Net investment income | | | 2.66 | % | | | 2.45 | % | | | 2.15 | % | | | 2.22 | % | | | 2.25 | % |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Supplemental Data | | | | | | | | | | | | | | | | | | | | |
Net assets, end of year (000) | | $ | 19,071 | | | $ | 20,060 | | | $ | 23,348 | | | $ | 23,315 | | | $ | 23,805 | |
| | | | | | | | | | | | | | | | | | | | |
Portfolio turnover rate | | | 10 | % | | | 21 | % | | | 7 | % | | | 8 | % | | | 24 | % |
| | | | | | | | | | | | | | | | | | | | |
(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 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. |
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 12/31/23 | | | Year Ended 12/31/22 | | | Year Ended 12/31/21 | | | Year Ended 12/31/20 | | | Year Ended 12/31/19 | |
| | | | | |
Net asset value, beginning of year | | $ | 10.81 | | | $ | 12.16 | | | $ | 12.29 | | | $ | 12.02 | | | $ | 11.59 | |
| | | | | | | | | | | | | | | | | | | | |
Net investment income(a) | | | 0.29 | | | | 0.27 | | | | 0.26 | | | | 0.27 | | | | 0.27 | |
Net realized and unrealized gain (loss)(b) | | | 0.38 | | | | (1.35 | ) | | | (0.11 | ) | | | 0.29 | | | | 0.56 | |
| | | | | | | | | | | | | | | | | | | | |
Net increase (decrease) from investment operations | | | 0.67 | | | | (1.08 | ) | | | 0.15 | | | | 0.56 | | | | 0.83 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Distributions(c) | | | | | | | | | | | | | | | | | | | | |
From net investment income | | | (0.29 | ) | | | (0.27 | ) | | | (0.26 | ) | | | (0.27 | ) | | | (0.27 | ) |
From net realized gain | | | — | | | | (0.00 | )(d) | | | (0.02 | ) | | | (0.02 | ) | | | (0.13 | ) |
| | | | | | | | | | | | | | | | | | | | |
Total distributions | | | (0.29 | ) | | | (0.27 | ) | | | (0.28 | ) | | | (0.29 | ) | | | (0.40 | ) |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Net asset value, end of year | | $ | 11.19 | | | $ | 10.81 | | | $ | 12.16 | | | $ | 12.29 | | | $ | 12.02 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Total Return(e) | | | | | | | | | | | | | | | | | | | | |
Based on net asset value | | | 6.32 | % | | | (8.84 | )% | | | 1.29 | % | | | 4.69 | % | | | 7.25 | % |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Ratios to Average Net Assets(f) | | | | | | | | | | | | | | | | | | | | |
Total expenses | | | 0.50 | %(g) | | | 0.49 | % | | | 0.49 | % | | | 0.50 | % | | | 0.53 | %(h) |
| | | | | | | | | | | | | | | | | | | | |
Total expenses after fees waived and/or reimbursed | | | 0.49 | % | | | 0.49 | % | | | 0.49 | % | | | 0.49 | % | | | 0.50 | %(h) |
| | | | | | | | | | | | | | | | | | | | |
Net investment income | | | 2.67 | % | | | 2.45 | % | | | 2.16 | % | | | 2.21 | % | | | 2.26 | % |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Supplemental Data | | | | | | | | | | | | | | | | | | | | |
Net assets, end of year (000) | | $ | 199,290 | | | $ | 222,859 | | | $ | 292,983 | | | $ | 316,772 | | | $ | 333,565 | |
| | | | | | | | | | | | | | | | | | | | |
Portfolio turnover rate | | | 10 | % | | | 21 | % | | | 7 | % | | | 8 | % | | | 24 | % |
| | | | | | | | | | | | | | | | | | | | |
(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, 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 recoupment of past waived and/or reimbursed fees with no financial impact to the expense ratio. |
(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 0.47% and 0.50%, respectively. |
See notes to financial statements.
| | |
44 | | 2 0 2 3 BLACK ROCK ANNUAL REPORT TO SHAREHOLDERS |
Financial Highlights (continued)
(For a share outstanding throughout each period)
| | | | | | | | | | | | | | | | | | | | |
| | iShares Municipal Bond Index Fund (continued) | |
| | Class K | |
| | | | | |
| | Year Ended 12/31/23 | | | Year Ended 12/31/22 | | | Year Ended 12/31/21 | | | Year Ended 12/31/20 | | | Year Ended 12/31/19 | |
| | | | | |
Net asset value, beginning of year | | $ | 10.81 | | | $ | 12.16 | | | $ | 12.29 | | | $ | 12.02 | | | $ | 11.59 | |
| | | | | | | | | | | | | | | | | | | | |
Net investment income(a) | | | 0.32 | | | | 0.31 | | | | 0.30 | | | | 0.30 | | | | 0.30 | |
Net realized and unrealized gain (loss)(b) | | | 0.38 | | | | (1.35 | ) | | | (0.11 | ) | | | 0.29 | | | | 0.56 | |
| | | | | | | | | | | | | | | | | | | | |
Net increase (decrease) from investment operations | | | 0.70 | | | | (1.04 | ) | | | 0.19 | | | | 0.59 | | | | 0.86 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Distributions(c) | | | | | | | | | | | | | | | | | | | | |
From net investment income | | | (0.32 | ) | | | (0.31 | ) | | | (0.30 | ) | | | (0.30 | ) | | | (0.30 | ) |
From net realized gain | | | — | | | | (0.00 | )(d) | | | (0.02 | ) | | | (0.02 | ) | | | (0.13 | ) |
| | | | | | | | | | | | | | | | | | | | |
Total distributions | | | (0.32 | ) | | | (0.31 | ) | | | (0.32 | ) | | | (0.32 | ) | | | (0.43 | ) |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Net asset value, end of year | | $ | 11.19 | | | $ | 10.81 | | | $ | 12.16 | | | $ | 12.29 | | | $ | 12.02 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Total Return(e) | | | | | | | | | | | | | | | | | | | | |
Based on net asset value | | | 6.63 | % | | | (8.58 | )% | | | 1.58 | % | | | 5.00 | % | | | 7.57 | % |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Ratios to Average Net Assets(f) | | | | | | | | | | | | | | | | | | | | |
Total expenses | | | 0.27 | % | | | 0.32 | % | | | 0.25 | % | | | 0.24 | % | | | 0.27 | %(g) |
| | | | | | | | | | | | | | | | | | | | |
Total expenses after fees waived and/or reimbursed | | | 0.20 | % | | | 0.20 | % | | | 0.20 | % | | | 0.20 | % | | | 0.20 | %(g) |
| | | | | | | | | | | | | | | | | | | | |
Net investment income | | | 2.96 | % | | | 2.75 | % | | | 2.45 | % | | | 2.50 | % | | | 2.55 | % |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Supplemental Data | | | | | | | | | | | | | | | | | | | | |
Net assets, end of year (000) | | $ | 97 | | | $ | 102 | | | $ | 106 | | | $ | 107 | | | $ | 105 | |
| | | | | | | | | | | | | | | | | | | | |
|