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BlackRock Russell Index Non-Lendable Fund (Class M). AS OF INVESTMENT STRATEGY: The Fund is an "index fund" that seeks. Small-blend portfolios favor U.S. firms at the smaller end of the market-capitalization range. Some aim to own an array of. The Russell Index is a market-cap-weighted equity index that includes mid-cap and large-cap stocks all under a market cap of $10 billion.