Morningstar® Investment Profile™   Morningstar® Disclosure   Format for Print iShares Russell 2000 Small-Cap Idx Inv A  MDSKX Release date as of 2024-04-30. Data on page is subject to change. Snapshot Total Returns Ratings & Risk Portfolio Nuts & Bolts

Morningstar Report Overall Morningstar Rating™ What is this? As of 2024-04-30 Out of 583 Small Blend Funds Morningstar® Style Box™ What is this? As of 2024-03-31 Total Fund Assets ($ Mil) 2,625.26 View Historical Morningstar Star Ratings and Definitions

Investment Objective & Strategy   The investment seeks to match the performance of the Russell 2000® Index as closely as possible before the deduction of fund expenses. The fund is a "feeder" fund that invests all of its assets in the Series, a series of the Master LLC, which has the same investment objective and strategies as the fund. It will be substantially invested in securities in the Russell 2000, and will invest, under normal circumstances, at least 80% of its assets in securities or other financial instruments that are components of or have economic characteristics similar to the securities included in the Russell 2000.

Morningstar Category: Small Blend Small-blend portfolios favor U.S. firms at the smaller end of the market-capitalization range. Some aim to own an array of value and growth stocks while others employ a discipline that leads to holdings with valuations and growth rates close to the small-cap averages. Stocks in the bottom 10% of the capitalization of the U.S. equity market are defined as small cap. The blend style is assigned to portfolios where neither growth nor value characteristics predominate.

Performance Growth of $10,000 (from 2014-01-01 to 2024-04-30) Investment: iShares Russell 2000 Small-Cap Idx Inv A Benchmark 1: S&P 500 TR USD Benchmark 2: Russell 2000 TR USD Category: Small Blend This graph presents historical performance for the investment as well as an index and/or peer group. If the investment, index and/or peer group have performed similarly, the line representing the fund will overlay the index and/or peer group. Therefore, the line(s) representing the index and/or peer group history may be hidden. Total Annualized Returns % YTD 1 Year 3 Year 5 Year 10 Year Since Inception Investment -2.36 12.90 -3.44 5.55 6.94 7.57 S&P 500 TR USD 6.04 22.66 8.06 13.19 12.41 9.23 Russell 2000 TR USD -2.22 13.32 -3.18 5.83 7.22 8.06 Category -0.79 13.98 0.25 7.17 7.28 8.56 Morningstar Rating --- --- --- # of compared Small Blend funds covered (3 yrs : out of 583 funds) (5 yrs : out of 551 funds) (10 yrs : out of 390 funds) Ratings reflect risk-adjusted performance and are derived from a weighted average of the performance figures associated with its three, five and ten-year (if applicable) time periods. Investment results shown represent historical performance and do not guarantee future results. Investment returns and principal values fluctuate with changes in interest rates and other market conditions so the value, when redeemed may be worth more or less than original costs. Current performance may be lower or higher than the performance data shown. Fees and Expenses Total Annual Operating Expense 0.42% Prospectus Net Expense Ratio 0.37% Maximum Sales Charge --- The total annual operating expense shown is before management fee waivers or expense caps. For more information on waivers/reimbursements, please see the prospectus. The total annual operating expense is also referred to as the prospectus gross expense ratio. Waiver Data Type Date % ExpenseRatio Contractual 2025-06-30 0.05

Portfolio Profile Asset Allocation % of Net Assets U.S. Stocks 96.7 Non-U.S. Stocks 1.7 Bonds 0.0 Cash 1.6 Other 0.0 Data through 2024-03-31 Morningstar Equity Sectors % of Stocks Cyclical 36.20 Basic Materials 4.89 Consumer Cyclical 10.52 Financial Services 14.13 Real Estate 6.66 Sensitive 41.94 Communication Services 1.87 Energy 7.04 Industrials 15.81 Technology 17.22 Defensive 21.85 Consumer Defensive 3.99 Healthcare 15.32 Utilities 2.54 Data through 2024-03-31 Holding Status Total Number of Stock Holdings 1948 Total Number of Bond Holdings 0 % of Net Assets in Top 10 Holdings 7.03 Turnover % (as of 2023-12-31) 29.00 30 Day SEC Yield % 0.00 Top Holdings Sector P/E % of Net Assets Super Micro Computer Inc 47.82 1.90 BlackRock Cash Funds Treasury SL Agency --- --- 1.44 MicroStrategy Inc Class A --- 0.94 iShares Russell 2000 ETF --- --- 0.60 Comfort Systems USA Inc 30.60 0.42 e.l.f. Beauty Inc 71.92 0.39 Light & Wonder Inc Ordinary Shares 51.01 0.34 Carvana Co Class A 110.56 0.34 Onto Innovation Inc 75.40 0.33 Simpson Manufacturing Co Inc 21.79 0.33 Data through 2024-03-31

Principal Risks    Loss of Money, Not FDIC Insured, Country or Region, Index Correlation/Tracking Error, Market/Market Volatility, Equity Securities, Management, Passive Management, Small Cap, Sampling Show Risk Definitions

Other Information Inception Date: 1997-04-09 Portfolio Manager(s) Jennifer Hsui   (2016-04-08) Jennifer Hsui, Managing Director & Portfolio Manager at BlackRock Investment Management LLC has been employed by BlackRock Fund Advisors as a senior portfolio manager since 2007. Prior to that, Ms. Hsui was a portfolio manager from 2006 to 2007 for BGFA. She was a research analyst for RBC Capital Markets from 2003 to 2006. Paul Whitehead   (2022-01-01) Paul Whitehead, Managing Director, is the Co-Head of Index Equity with responsibility for Global Portfolio Engineering, Index Asset Allocation, Investment Process & Platform, and Transition Management (TRIM) within BlackRock's ETF and Index Investments group. Mr. Whitehead's service with the firm dates back to 1996, including his years with Barclays Global Investors (BGI), which merged with BlackRock in 2009. Prior to assuming his current role , Mr. Whitehead was Global Head of Equity Trading, Global Head of Transition Management and Head of Americas Equity Trading. Investment Advisor(s) BlackRock Advisors LLC Issuer BlackRock

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