Audited Financial Statements - Benefits OnLine

INVESTMENT FUNDS FOR EMPLOYEE BENEFIT TRUSTS

BLACKROCK?

O Series Audited Financial Statements

December 31, 2017

O Series

Table of contents

Report of Independent Auditors

3

Financial statements

- Equity Index Fund O

5

- LifePath? Index 2020 Fund O

10

- LifePath? Index 2025 Fund O

15

- LifePath? Index 2030 Fund O

20

- LifePath? Index 2035 Fund O

25

- LifePath? Index 2040 Fund O

30

- LifePath? Index 2045 Fund O

35

- LifePath? Index 2050 Fund O

40

- LifePath? Index 2055 Fund O

45

- LifePath? Index 2060 Fund O

50

- LifePath? Index Retirement Fund O

55

Notes to financial statements

60

Regulatory statement

66

The Funds' financial statements and summary schedules, as applicable, include:

Schedule of investments Statement of assets and liabilities Statement of operations Statement of changes in net assets Financial highlights Schedule of investments acquired, sold or redeemed (In summary)

2 December 31, 2017

BLACKROCK?

Report of Independent Auditors

To the Board of Directors of BlackRock Institutional Trust Company, N.A.

We have audited the accompanying financial statements of each of the funds listed in the table below (hereafter collectively referred to as the "Funds"), which comprise the statements of assets and liabilities, including the schedules of investments, as of December 31, 2017, and the related statements of operations, of changes in net assets and the financial highlights for each of the periods listed in the table below. These financial statements and financial highlights are hereafter collectively referred to as "financial statements."

Equity Index Fund O (1)

LifePath? Index 2045 Fund O (1)

LifePath? Index 2020 Fund O (1)

LifePath? Index 2050 Fund O (1)

LifePath? Index 2025 Fund O (1)

LifePath? Index 2055 Fund O (1)

LifePath? Index 2030 Fund O (1)

LifePath? Index 2060 Fund O (1)

LifePath? Index 2035 Fund O (1)

LifePath? Index Retirement Fund O (1)

LifePath? Index 2040 Fund O (1)

(1) Statement of assets and liabilities, including the schedule of investments, as of December 31, 2017 and the related statement of operations, of changes in net assets and the financial highlights for the year ended December 31, 2017.

Management's Responsibility for the Financial Statements

Management is responsible for the preparation and fair presentation of the financial statements in accordance with accounting principles generally accepted in the United States of America; this includes the design, implementation and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error.

Auditors' Responsibility

Our responsibility is to express an opinion on the financial statements based on our audits. We conducted our audits in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on our judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, we consider internal control relevant to the Fund's preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose

3 December 31, 2017

of expressing an opinion on the effectiveness of the Fund's internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. Opinions In our opinion, for each of the Funds listed in the table above, the financial statements referred to above present fairly, in all material respects, the financial position of each of the Funds as of December 31, 2017, and the results of each of their operations, changes in each of their net assets and each of the financial highlights for the periods listed in the table above, in accordance with accounting principles generally accepted in the United States of America. Other Matter Our audits were conducted for the purpose of forming an opinion on each of the Funds' financial statements taken as a whole. The schedule of investments acquired, sold or redeemed (in summary) of each of the Funds are presented for purposes of additional analysis and are not a required part of the financial statements. The information is the responsibility of management and was derived from and relates directly to the underlying accounting and other records used to prepare the financial statements. The information has been subjected to the auditing procedures applied in the audit of the financial statements and certain additional procedures, including comparing and reconciling such information directly to the underlying accounting and other records used to prepare the financial statements or to the financial statements themselves and other additional procedures, in accordance with auditing standards generally accepted in the United States of America. In our opinion, the schedule of investments acquired, sold or redeemed (in summary) of each of the Funds is fairly stated, in all material respects, in relation to the financial statements of each of the Funds taken as a whole.

San Francisco, California March 16, 2018

4 December 31, 2017

Equity Index Fund O

Schedule of investments

Security

Collective fundsa -- 100.02% Equity Index Fund F

Short term investments -- 0.01% Short term investment fundsa -- 0.01% Short-Term Investment Fund

Total investments -- 100.03% Other assets, less liabilities -- (0.03)% Net assets -- 100.00%

a Managed by BlackRock Institutional Trust Company, N.A.

Units 130,841

December 31, 2017

Cost

Value

$6,650,669

$6,536,456

1,000

1,000 $6,651,669

1,000 $6,537,456

(2,284) $6,535,172

The accompanying notes are an integral part of these financial statements. 5 December 31, 2017

BLACKROCK?

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