BlackRock Russell 2000 T - T. Rowe Price

Release Date: 09-30-2019

BlackRock Russell 2000 T

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Benchmark

Overall Morningstar RatingTM

Morningstar Return

Morningstar Risk

Russell 2000 TR USD

QQQ

Above Average

Above Average

Out of 640 Small Blend investments. An investment's overall Morningstar Rating, based on its risk-adjusted return, is a

weighted average of its applicable 3-, 5-, and 10-year Ratings. See disclosure page for details.

Investment Information

Investment Objective & Strategy

The Fund is an "index fund" that seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of its Underlying Index (defined below).

The Fund is a collective investment trust maintained and managed by BlackRock Institutional Trust Company, N.A. ("BTC").

The Fund shall be invested and reinvested in a portfolio of equity securities with the objective of approximating as closely as practicable the capitalization weighted total return of that segment of the U.S. market for publicly traded equity securities represented by the Russell 2000[rt] Index (the "Underlying Index"). BTC uses a "passive" or indexing approach to try to achieve the Fund's investment objective. Unlike many funds, the Fund does not try to outperform the index it seeks to track and does not seek temporary defensive positions when markets decline or appear overvalued.

BTC uses a representative sampling indexing strategy to manage the Fund.

Fees and Expenses as of 12-31-18

Expense Ratio Total Annual Operating Exp per $1000 Maximum Sales Charge 12b-1 Fee Redemption Fee/Term

0.06% $ 0.60

. . .

Portfolio Manager(s)

Management Team.

Operations and Management

Inception Date

01-02-01

Management Company BlackRock Institutional Trust

Company NA

Telephone

800-441-7762

Web Site



Issuer

BlackRock Institutional Trust

Company NA

Category Description: 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.

Volatility And Risk

Low

Moderate

Investment High

Performance as of 09-30-19

YTD

14.27 14.18 14.25

1 Year

-8.79 -8.89 -7.72

3 Year

8.39 8.23 7.21

5 Year

8.38 8.19 6.89

20 15 10 5 0 -5 -10 -15

10 Year

11.35 11.19 10.68

Since Inception

7.33 8.01 7.75

Total Return % as of 09-30-19

Investment Benchmark

Average annual, if greater than 1 year

Investment Return % Benchmark Return % Category Average %

The performance data quoted reflects past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower than the performance data quoted. For the most receYnTtDmonth end pYeTrDformance infoYTrmD ation, pleasYeTcDall 1-800-922Y-T9D945, or visit YrpTDs..

Portfolio Analysis

Composition as of 09-30-19

U.S. Stocks Non-U.S. Stocks Bonds Cash Other

% Assets

95.8 1.0 0.0 3.2 0.0

Large Mid Small

Morningstar Equity Style BoxTM as of 09-30-19

% Market Cap

.G..i.a..n..t.........................................0.....0..0.

Large

0.00

Medium

16.18

.S..m...a..l.l......................................7..1.....5..2.

Value Blend Growth

Micro

12.30

Top 10 Holdings as of 09-30-19

% Assets

NovoCure Ltd

0.33

Haemonetics Corp

0.32

Trex Co Inc

0.27

Science Applications International Corp

0.26

F..i.r.s..t...I.n..d..u..s..t.r.i.a..l..R..e..a..l.t..y..T..r.u..s..t...I.n..c................................................0....2..5.

Maximus Inc

0.25

ONE Gas Inc

0.25

Portland General Electric Co

0.25

Southwest Gas Holdings Inc

0.25

Teladoc Health Inc

0.25

.......................................................................................................

Total Number of Stock Holdings

1997

Total Number of Bond Holdings

0

Turnover Ratio %

22.35

Total Assets ($mil)

197.19

Morningstar Sectors as of 09-30-19

% Fund

h ........C...y.c..l.i.c..a..l...........................................................................4..3....3..7.

r Basic Materials

5.35

t Consumer Cyclical

11.68

y Financial Services

16.79

u Real Estate

9.55

j ........S...e..n..s..it..i.v.e..........................................................................3..3....8..6.

i Communication Services

0.98

o Energy

2.74

p Industrials

15.28

a Technology

14.86

.k.......D...e..f.e..n..s..i.v..e........................................................................2..2....7..6.

s Consumer Defensive

3.73

d Healthcare

14.92

f Utilities

4.11

Principal Risks For more information on the risks presented, please refer to

Underlying Fund Risk 1, Equity Investment Risk, Securities Lending Risk 1, Derivatives Risk 1, Small-Capitalization Companies Risk, Large-Capitalization Companies Risk

Category

Best 3 Month Return

29.68% (Mar '09 - May '09)

Worst 3 Month Return

-35.70% (Sep '08 - Nov '08)

BRIF

?2019 Morningstar, Inc., Morningstar Investment ProfilesTM 312-696-6000. All rights reserved. The information contained herein: (1) is proprietary to

Morningstar and/or its content providers; (2) may not be copied or distributed and (3) is not warranted to be accurate, complete or timely. Neither Morningstar

nor its content providers are responsible for any damages or losses arising from any use of information. Past performance is no guarantee of future

performance. Visit our investment website at .

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