Quantitative Master Series N-CSR Certified annual shareholder report (management investment company)

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 Small Cap Index Fund of BlackRock Index Funds, Inc. and Master Small Cap Index Series of Quantitative Master Series LLC

Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809

Name and address of agent for service: Anne F. Ackerley, Chief Executive Officer, BlackRock Small Cap Index Fund of BlackRock Index Funds, Inc. and Master Small Cap Index Series of Quantitative Master Series LLC, 55 East 52^nd Street, New York, NY 10055.

Registrant’s telephone number, including area code: (800) 441-7762

Date of fiscal year end: 12/31/2009

Date of reporting period: 12/31/2009

Item 1 – Report to Stockholders

EQUITIES    FIXED INCOME    REAL ESTATE    LIQUIDITY    ALTERNATIVES    BLACKROCK SOLUTIONS

BlackRock Small Cap Index Fund
OF BLACKROCK INDEX FUNDS, INC.
ANNUAL REPORT  |  DECEMBER 31, 2009

NOT FDIC INSURED
MAY LOSE VALUE
NO BANK GUARANTEE

Table of Contents

	Page
Dear Shareholder	3
Annual Report:
Fund Summary	4
About Fund Performance	6
Disclosure of Expenses	6
Fund Financial Statements:
Statement of Assets and Liabilities	7
Statement of Operations	8
Statements of Changes in Net Assets	9
Fund Financial Highlights	10
Fund Notes to Financial Statements	11
Fund Report of Independent Registered Public Accounting Firm	14
Important Tax Information (Unaudited)	14
Series Portfolio Information	15
Derivative Financial Instruments	15
Series Financial Statements:
Summary Schedule of Investments	16
Statement of Assets and Liabilities	23
Statement of Operations	24
Statements of Changes in Net Assets	25
Series Financial Highlights	25
Series Notes to Financial Statements	26
Series Report of Independent Registered Public Accounting Firm	29
Officers and Directors	30
Additional Information	33
Mutual Fund Family	35

2 BLACKROCK SMALL CAP INDEX FUND DECEMBER 31, 2009

Dear Shareholder

In 2009, investors worldwide witnessed a seismic shift in market sentiment as the fear and pessimism that characterized 2008 were replaced by guarded optimism. The single most important reason for this change was the swing from a deep global recession to the beginnings of a global recovery.

At the outset of the year, markets were still reeling from 2008’s nearly unprecedented global financial and economic meltdown. The looming threat of further collapse in global markets prompted stimulus packages and central bank interventions on an extraordinary scale worldwide. Ultimately, these actions helped stabilize the financial system, and the economic contraction began to abate.

Stocks fell sharply to start 2009 as investor confidence remained low on fears of an economic depression. After touching their lows in March, stocks galloped higher as massive, coordinated global monetary and fiscal stimulus began to reflate world economies. Sidelined cash poured into the markets, triggering a dramatic and steep upward rerating of stocks and other risk assets. The financial sector and low-quality securities that had been battered most in the downturn enjoyed the sharpest recovery. The experience in international markets was similar to that seen in the United States. European stocks slightly edged out other developed markets for the year, but emerging markets were the clear winners in 2009. To some extent, this outperformance reflected the stronger recoveries in emerging economies and corporate earnings, but emerging market stocks also saw significant expansion in valuations.

The improvement in the economic backdrop was reflected in fixed income markets as well, where non-Treasury assets made a robust recovery. One of the major themes for 2009 was the reversal of the flight-to-quality trade seen in 2008. As investors grew more comfortable with risk, high yield finished the year as the strongest-performing fixed income sector in both the taxable and tax-exempt space. Overall, the municipal market made a strong showing, outpacing most taxable sectors. Despite fundamental challenges, the technical picture remained supportive of the asset class. Municipal fund inflows had a record-setting year; investor expectations of higher taxes boosted demand; and the Build America Bonds program was deemed a success, adding $65 billion of taxable supply to the municipal marketplace in 2009. Notably, the program has alleviated tax-exempt supply pressure and attracted the attention of a global audience.

All told, the rebound in sentiment and global market conditions propelled virtually every major benchmark index into positive territory for both the 6- and 12-month periods, with the notable exception of Treasury bonds, which were negatively affected by rising long-term rates.

Total Returns as of December 31, 2009	6-month			12-month
US equities (S&P 500 Index)		22.59	%		26.46	%
Small cap US equities (Russell 2000 Index)		23.90			27.17
International equities (MSCI Europe, Australasia, Far East Index)		22.07			31.78
US Treasury securities (BofA Merrill Lynch 10-Year US Treasury Index)		(1.06	)		(9.71	)
Taxable fixed income (Barclays Capital US Aggregate Bond Index)		3.95			5.93
Tax-exempt fixed income (Barclays Capital Municipal Bond Index)		6.10			12.91
High yield bonds (Barclays Capital US Corporate High Yield 2% Issuer Capped Index)		21.27			58.76

Past performance is no guarantee of future results. Index performance shown for illustrative purposes only. You cannot invest directly in an index.

The market environment improved dramatically in the past year, but uncertainty and risk remain. Through periods of market turbulence, as ever, BlackRock’s full resources are dedicated to the management of our clients’ assets. For additional market perspective and investment insight, visit the most recent issue of our award-winning Shareholder^® magazine at www.blackrock.com/shareholdermagazine. As always, we thank you for entrusting BlackRock with your investments, and we look forward to continuing to serve you in the new year and beyond.

Sincerely,

Rob Kapito
President, BlackRock Advisors, LLC

Announcement to Shareholders

On December 1, 2009, BlackRock, Inc. and Barclays Global Investors, N.A. combined to form one of the world’s preeminent investment management firms. The new company, operating under the BlackRock name, manages $3.346 trillion in assets* and offers clients a full complement of worldwide active management, enhanced and index investment strategies and products, including individual and institutional separate accounts, mutual funds and other pooled investment vehicles, and the industry-leading iShares platform of exchange traded funds.

* Data is as of December 31, 2009.

THIS PAGE NOT PART OF YOUR FUND REPORT 3

Fund Summary as of December 31, 2009 BlackRock Small Cap Index Fund

Portfolio Management Commentary
	How did the Fund perform?
•	Through the Fund’s investment in Master Small Cap Index Series (the “Series”) of Quantitative Master Series LLC (the “Master LLC”), the Fund’s Institutional and Investor A Shares generated returns of 26.67% and 26.36%, respectively, for the 12 months ended December 31, 2009, underperforming its benchmark, the Russell 2000 Index, which returned 27.17%. The Russell 2000 Index is a market-weighted index composed of approximately 2,000 common stocks issued by small-capitalization US companies in a range of businesses.
•	Returns for the Fund’s share classes differ from the benchmark based on individual share-class expenses.
	Describe the market environment.
•	Following a very difficult 2008, during which the world experienced an unprecedented global financial and economic meltdown, stocks entered 2009 by falling another 35% in the United States as fears of depression and financial system nationalization gripped investors. From the March 2009 lows, stocks galloped higher as those fears dissipated and massive global monetary and fiscal stimuli began to re-inflate economic activity. We have described it as a tug of war between the forces of debt-induced deflation and those of policy-induced reflation. While deleveraging and other deflationary forces did not leave the scene, consistent and aggressive policy ignited the reflationary process. 2009 produced negative real economic growth, weak nominal growth and significant earnings declines. Despite that backdrop, “risk” assets outperformed “safe” assets as cash on the sidelines (which was producing near-zero returns) moved back into the markets. Emerging markets handily beat developed markets. Inflation fell in most countries and widespread deflation was avoided. Treasury rates moved modestly higher as the yield curve steepened. Quality spreads narrowed, but ended the year with sharp gains. Financial stocks and low-quality securities led the way back, and materials was the standout sector performer. Government spending reached record proportions, and the year ended with cyclical stimulus leading the way while at the same time masking the structural problems that remain.
•	On a total return basis, the Dow Jones Industrial Average gained 22.68%; the S&P 500 rose 26.46%; and the Nasdaq Composite advanced 45.32% (helped in large part by the exceptional performance of the technology sector). Small-cap stocks experienced similarly strong gains for the year, with the Russell 2000 Index climbing 27.17%.
•	Within the benchmark Russell 2000 Index, nine of the ten sectors posted positive returns for the period. Materials, consumer discretionary and information technology emerged as the best performers, while financials was the only sector to post a negative return.
	Describe recent portfolio activity.
•	Throughout 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 replicating the risks and return of the benchmark.
	Describe portfolio positioning at period end.
•	The Series remains positioned to match the risk characteristics of its benchmark, 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.

Derivative Financial Instruments

The Series may invest in various derivative instruments, including financial futures contracts, as specified in Note 2 of the Notes to Financial Statements, which constitute forms of economic leverage. Such instruments are used to obtain exposure to a market without owning or taking physical custody of securities or to hedge market and/or equity risks. Such derivative instruments involve risks, including the imperfect correlation between the value of a derivative instrument and the underlying asset, possible default of the counterparty to the transaction or illiquidity of the derivative instrument. The Series’ ability to successfully use a derivative instrument depends on the investment advisor’s ability to accurately predict pertinent market movements, which cannot be assured. The use of derivative instruments may result in losses greater than if they had not been used, may require the Series to sell or purchase portfolio securities at inopportune times or for distressed values, may limit the amount of appreciation the Series can realize on an investment or may cause the Series to hold a security that it might otherwise sell. The Series’ investments in these instruments are discussed in detail in the Notes to Financial Statements.

4 BLACKROCK SMALL CAP INDEX FUND DECEMBER 31, 2009

Total Return Based on a $10,000 Investment

1	Assuming transaction costs and other operating expenses, including advisory fees and administration fees, if any.
2	The Fund invests all of its assets in Master Small Cap Index Series of Quantitative Master Series LLC. The Series may invest in a statistically selected sample of the stocks included in the Russell 2000 Index and other types of financial instruments.
3	This unmanaged index is a market-weighted index composed of approximately 2,000 common stocks issued by small-capitalization US companies in a range of businesses.

Performance Summary for the Period Ended December 31, 2009
	6-MonthTotal Returns			Average Annual Total Returns4
					1 Year		5 Years		10 Years
Institutional		23.62	%		26.67	%	0.07	%	3.14	%
Investor A		23.48			26.36		(0.19	)	2.89
Russell 2000 Index		23.90			27.17		0.51		3.51

⁴ Average annual total returns reflect reductions for service fees. See “About Fund Performance” on page 6 for a detailed description of share classes, including any related fees.

Past performance is not indicative of future results.
	BLACKROCK SMALL CAP INDEX FUND	DECEMBER 31, 2009	5

About Fund Performance

•	Institutional Shares are not subject to any sales charge. Institutional Shares bear no ongoing distribution or service fees and are available only to eligible investors.
•	Investor A Shares are not subject to any sales charge and bear no ongoing distribution fee. Investor A Shares are subject to an ongoing service fee of 0.25% per year.
	Performance information reflects past performance and does not guarantee future results. Current performance may be lower or higher than the performance data quoted. Refer to www.blackrock.com/funds 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 tables on page 5 assume reinvestment of all dividends and capital gain distributions, if any, at net asset value on the ex-dividend date. Investment return and principal value of shares will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Dividends paid to each class of shares will vary because of the different levels of service and transfer agency fees applicable to each class, which are deducted from the income available to be paid to shareholders.

Disclosure of Expenses

Shareholders of this Fund may incur the following charges: (a) expenses related to transactions, redemption fees and exchange fees; and (b) operating expenses including advisory fees, service and distribution fees including 12b-1 fees and other Fund expenses. The expense example shown below (which is based on a hypothetical investment of $1,000 invested on July 1, 2009 and held through December 31, 2009) is intended to assist shareholders both in calculating expenses based on an investment in the Fund and in comparing these expenses with similar costs of investing in other mutual funds.

The table provides information about actual account values and actual expenses. 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 share class under the heading entitled “Expenses Paid During the Period.”

The table also provides information about hypothetical account values and hypothetical expenses based on the 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 this Fund and other funds, compare the 5% hypothetical example with the 5% hypothetical examples that appear in other funds’ shareholder reports.

The expenses shown in the table are intended to highlight shareholders’ ongoing costs only and do not reflect any transactional expenses, such as sales charges, redemption fees or exchange fees. Therefore, the hypothetical example is 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.

Expense Example

	Actual						Hypothetical2
	Beginning Account Value July 1, 2009		Ending Account Value December 31, 2009		Expenses Paid During the Period1		Beginning Account Value July 1, 2009		Ending Account Value December 31, 2009		Expenses Paid During the Period1
Institutional	$	1,000	$	1,236.20	$	3.04	$	1,000	$	1,022.48	$	2.75
Investor A	$	1,000	$	1,234.80	$	4.51	$	1,000	$	1,021.17	$	4.08

1

For each class of the Fund, expenses are equal to the annualized expense ratio for the class (0.54% for Institutional and 0.80% for Investor A), multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period shown). Because the Fund is a feeder fund, the expense table example reflects the expenses of both the feeder fund and the master portfolio in which it invests.

2

Hypothetical 5% annual return before expenses is calculated by pro rating the number of days in the most recent fiscal half year divided by 365.

6 BLACKROCK SMALL CAP INDEX FUND DECEMBER 31, 2009

Statement of Assets and Liabilities BlackRock Small Cap Index Fund

December 31, 2009
Assets
Investment at value — Master Small Cap Index Series (the “Series”) (cost — $90,898,434)	$	94,111,461
Withdrawals receivable from the Series		1,221,682
Capital shares sold receivable		138,227
Prepaid expenses		14,889
Total assets		95,486,259
Liabilities
Capital shares redeemed payable		1,359,908
Administration fees payable		22,921
Distribution fees payable		7,920
Other affiliates payable		984
Officer’s fees payable		11
Other accrued expenses payable		11,093
Total liabilities		1,402,837
Net Assets	$	94,083,422
Net Assets Consist of
Paid-in capital	$	117,483,551
Undistributed net investment income		41,874
Accumulated net realized loss allocated from the Series		(26,655,030	)
Net unrealized appreciation/depreciation allocated from the Series		3,213,027
Net Assets	$	94,083,422
Net Asset Value
Institutional — Based on net assets of $55,743,667 and 5,743,881 shares outstanding, 125 million shares authorized, $0.0001 par value	$	9.70
Investor A — Based on net assets of $38,339,755 and 3,949,175 shares outstanding, 125 million shares authorized, $0.0001 par value	$	9.71

See Notes to Financial Statements.
BLACKROCK SMALL CAP INDEX FUND	DECEMBER 31, 2009	7

Statement of Operations BlackRock Small Cap Index Fund

Year Ended December 31, 2009
Investment Income
Net investment income allocated from the Series:
Dividends	$	987,096
Foreign taxes withheld		(94	)
Income — affiliated		13,814
Securities lending — affiliated		108,257
Expenses		(58,388	)
Total income		1,050,685
Expenses
Administration		228,962
Service — Investor A		79,259
Printing		54,810
Transfer agent — Institutional		21,767
Transfer agent — Investor A		18,588
Registration		33,726
Professional		20,533
Officer		36
Miscellaneous		8,437
Total expenses		466,118
Less fees waived by administrator		(2,477	)
Total expenses after fees waived		463,641
Net investment income		587,044
Realized and Unrealized Gain (Loss) Allocated from the Series
Net realized loss from investments and financial futures contracts		(8,274,246	)
Net change in unrealized appreciation/depreciation on investments and financial futures contracts		27,253,654
Total realized and unrealized gain		18,979,408
Net Increase in Net Assets Resulting from Operations	$	19,566,452

See Notes to Financial Statements.
8	BLACKROCK SMALL CAP INDEX FUND	DECEMBER 31, 2009

Statements of Changes in Net Assets BlackRock Small Cap Index Fund

	Year Ended December 31,
Increase (Decrease) in Net Assets:	2009			2008
Operations
Net investment income	$	587,044		$	1,065,549
Net realized gain (loss)		(8,274,246	)		6,307,919
Net change in unrealized appreciation/depreciation		27,253,654			(46,354,296	)
Net increase (decrease) in net assets resulting from operations		19,566,452			(38,980,828	)
Dividends and Distributions to Shareholders From
Net investment income:
Institutional		(376,750	)		(782,173	)
Investor A		(174,904	)		(391,091	)
Net realized gain:
Institutional		—			(5,780,831	)
Investor A		—			(3,674,574	)
Tax return of capital:
Institutional		—			(632,165	)
Investor A		—			(400,501	)
Decrease in net assets resulting from dividends and distributions to shareholders		(551,654	)		(11,661,335	)
Capital Share Transactions
Net increase (decrease) in net assets derived from capital share transactions		(1,003,872	)		13,022,264
Redemption Fee
Redemption fee		864			2,145
Net Assets
Total increase (decrease) in net assets		18,011,790			(37,617,754	)
Beginning of year		76,071,632			113,689,386
End of year	$	94,083,422		$	76,071,632
Undistributed (distributions in excess of) net investment income	$	41,874		$	(185	)

See Notes to Financial Statements.
BLACKROCK SMALL CAP INDEX FUND	DECEMBER 31, 2009	9

Financial Highlights BlackRock Small Cap Index Fund

	Institutional															Investor A
	Year Ended December 31,															Year Ended December 31,
	2009			2008			2007			2006			2005			2009			2008			2007			2006			2005
Per Share Operating Performance
Net asset value, beginning of year	$	7.71		$	13.79		$	15.48		$	14.36		$	14.10		$	7.72		$	13.79		$	15.47		$	14.36		$	14.10
Net investment income1		0.07			0.14			0.20			0.17			0.10			0.05			0.11			0.15			0.13			0.06
Net realized and unrealized gain (loss)2		1.98			(4.86	)		(0.50	)		2.34			0.49			1.98			(4.85	)		(0.48	)		2.33			0.49
Net increase (decrease) from investment operations		2.05			(4.72	)		(0.30	)		2.51			0.59			2.03			(4.74	)		(0.33	)		2.46			0.55
Dividends and distributions from:
Net investment income		(0.06	)		(0.15	)		(0.20	)		(0.17	)		(0.11	)		(0.04	)		(0.12	)		(0.16	)		(0.13	)		(0.07	)
Net realized gain		—			(1.09	)		(1.19	)		(1.22	)		(0.22	)		—			(1.09	)		(1.19	)		(1.22	)		(0.22	)
Tax return of capital		—			(0.12	)		—			—			—			—			(0.12	)		—			—			—
Total dividends and distributions		(0.06	)		(1.36	)		(1.39	)		(1.39	)		(0.33	)		(0.04	)		(1.33	)		(1.35	)		(1.35	)		(0.29	)
Net asset value, end of year	$	9.70		$	7.71		$	13.79		$	15.48		$	14.36		$	9.71		$	7.72		$	13.79		$	15.47		$	14.36
Total Investment Return3
Based on net asset value		26.67	%		(34.01	)%		(1.91	)%		17.49	%		4.16	%		26.36	%		(34.19	)%		(2.12	)%		17.14	%		3.88	%
Ratios to Average Net Assets4
Total expenses		0.56	%		0.53	%		0.48	%		0.49	%		0.54	%		0.82	%		0.80	%		0.73	%		0.74	%		0.80	%
Total expenses after fees waived		0.56	%		0.52	%		0.48	%		0.49	%		0.53	%		0.82	%		0.79	%		0.73	%		0.74	%		0.79	%
Net investment income		0.85	%		1.19	%		1.23	%		1.10	%		0.69	%		0.59	%		0.91	%		0.98	%		0.84	%		0.43	%
Supplemental Data
Net assets, end of year (000)	$	55,744		$	46,285		$	66,085		$	79,032		$	63,671		$	38,340		$	29,787		$	47,605		$	54,083		$	48,896
Portfolio turnover of the Series		43	%		42	%		26	%		40	%		37	%		43	%		42	%		26	%		40	%		37	%

1	Based on average shares outstanding.
2	Includes a redemption fee, which is less than $0.01 per share.
3	Where applicable, total investment returns include the reinvestment of dividends and distributions.
4	Includes the Fund’s share of the Series’ allocated expenses and/or net investment income.

See Notes to Financial Statements.
10	BLACKROCK SMALL CAP INDEX FUND	DECEMBER 31, 2009

Notes to Financial Statements BlackRock Small Cap Index Fund

1. Organization and Significant Accounting Policies:

BlackRock Small Cap Index Fund (the “Fund”), a series of BlackRock Index Funds, Inc. (the “Corporation”), is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as a non-diversified, open-end management investment company. The Corporation is organized as a Maryland corporation. The Fund seeks to achieve its investment objective by investing all of its assets in Master Small Cap Index Series (the “Series”) of Quantitative Master Series LLC (the “Master LLC”), which has the same investment objective and strategies as the Fund. The value of the Fund’s investment in the Series reflects the Fund’s proportionate interest in the net assets of the Series. The performance of the Fund is directly affected by the performance of the Series. The percentage of the Series owned by the Fund at December 31, 2009 was 41%. The financial statements of the Series, including the Summary Schedule of Investments, are included elsewhere in this report and should be read in conjunction with the Fund’s financial statements. The Fund’s financial statements are prepared in conformity with accounting principles generally accepted in the United States of America, which may require the use of management accruals and estimates. Actual results may differ from these estimates. The Fund offers two classes of shares. Institutional and Investor A Shares are generally sold without the imposition of a front-end or deferred sales charge. Both classes of shares have identical voting, dividend, liquidation and other rights and the same terms and conditions, except that Investor A Shares bear certain expenses related to the shareholder servicing of such shares and have exclusive voting rights with respect to matters relating to its shareholder servicing expenditures.

The following is a summary of significant accounting policies followed by the Fund:

Valuation: The Fund records its investment in the Series at fair value. Valuation of securities held by the Series is discussed in Note 1 of the Series’ Notes to Financial Statements, which are included elsewhere in this report.

Fair Value Measurements: Various inputs are used in determining the fair value of investments, which are as follows:

• Level 1 — price quotations in active markets/exchanges for identical assets and liabilities

• Level 2 — other observable inputs (including, but not limited to: quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market corroborated inputs)

• Level 3 — unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Fund’s own assumptions used in determining the fair value of investments)

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

As of December 31, 2009, the Fund’s investment in the Series was classified as Level 2. More relevant disclosure regarding fair value measurements relating to the Series which is disclosed in the Series’ Summary Schedule of Investments included elsewhere in this report.

Investment Transactions and Investment Income: For financial reporting purposes, investment transactions in the Series are accounted for on a trade date basis. The Fund records daily its proportionate share of the Series’ income, expenses and realized and unrealized gains and losses. In addition, the Fund accrues its own expenses. Income, realized and unrealized gains and losses are allocated daily to each class based on its relative net assets.

Dividends and Distributions to Shareholders: Dividends and distributions paid by the Fund are recorded on the ex-dividend dates.

Income Taxes: It is the Fund’s policy to comply with the requirements of the Internal Revenue Code applicable to regulated investment companies and to distribute substantially all of its taxable income to its shareholders. Therefore, no federal income tax provision is required.

The Fund files US federal and various state and local tax returns. No income tax returns are currently under examination. The statute of limitations on the Fund’s US federal tax returns remains open for each of the four years ended December 31, 2009. The statutes of limitations on the Fund’s state and local tax returns may remain open for an additional year depending upon the jurisdiction.

Recent Accounting Standards: In June 2009, amended guidance was issued by the Financial Accounting Standards Board (“FASB”) for transfers of financial assets. This guidance is intended to improve the relevance, representational faithfulness and comparability of the information that a reporting entity provides in its financial statements about a transfer of financial assets; the effects of a transfer on its financial position, financial performance, and cash flows; and a transferor’s continuing involvement, if any, in transferred financial assets. The amended guidance is effective for financial statements for fiscal years and interim periods beginning after November 15, 2009. Earlier application is prohibited. The recognition and measurement provisions of this guidance must be applied to transfers occurring on or after the effective date. Additionally, the enhanced disclosure provisions of the amended guidance should be applied to transfers

BLACKROCK SMALL CAP INDEX FUND DECEMBER 31, 2009 11

Notes to Financial Statements (continued) BlackRock Small Cap Index Fund

that occurred both before and after the effective date of this guidance. The impact of this guidance on the Fund’s financial statements and disclosures, if any, is currently being assessed.

In January 2010, the FASB issued amended guidance for improving disclosure about fair value measurements that adds new disclosure requirements about transfers into and out of Levels 1 and 2 and separate disclosures about purchases, sales, issuances and settlements in the reconciliation for fair value measurements using significant unobservable inputs (Level 3). It also clarifies existing disclosure requirements relating to the levels of disaggregation for fair value measurement and inputs and valuation techniques used to measure fair value. The amended guidance is effective for financial statements for fiscal years and interim periods beginning after December 15, 2009 except for disclosures about purchases, sales, issuances and settlements in the rollforward of activity in Level 3 fair value measurements, which are effective for fiscal years beginning after December 15, 2010 and for interim periods within those fiscal years. The impact of this guidance on the Fund’s financial statements and disclosures, if any, is currently being assessed.

Other: Expenses directly related to the Fund or its classes are charged to that Fund or class. Other operating expenses shared by several funds are pro rated among those funds on the basis of relative net assets or other appropriate methods. Other expenses of the Fund are allocated daily to each class based on its relative net assets.

2. Administration Agreement and Other Transactions with Affiliates:

The PNC Financial Services Group, Inc. (“PNC”), Bank of America Corporation (“BAC”) and Barclays Bank PLC (“Barclays”) are the largest stockholders of BlackRock, Inc. (“BlackRock”). Due to the ownership structure, PNC is an affiliate for 1940 Act purposes, but BAC and Barclays are not.

The Corporation, on behalf of the Fund, has entered into an Administration Agreement with BlackRock Advisors, LLC (the “Administrator”), an indirect, wholly owned subsidiary of BlackRock, to provide administrative services (other than investment advice and related portfolio activities) necessary for the operation of the Fund. For such services, the Fund pays the Administrator a monthly fee at an annual rate of 0.29% of the Fund’s average daily net assets.

The Administrator has entered into a voluntary arrangement with the Fund under which the annual operating expenses (after contractual fee waivers) incurred by each class of shares of the Fund (excluding service fees) will not exceed 0.60% for Institutional Shares and 0.85% for Investor A Shares. This arrangement has a one-year term and is renewable. This amount is shown as fees waived by administrator in the Statement of Operations.

The Corporation, on behalf of the Fund, has entered into a Distribution Agreement and Distribution Plan with BlackRock Investments, LLC (“BRIL”), which is an affiliate of BlackRock.

Pursuant to the Distribution Plans adopted by the Corporation in accordance with Rule 12b-1 under the 1940 Act, the Fund pays BRIL an ongoing service fee with respect to Investor A Shares. The fee is accrued daily and paid monthly at an annual rate of 0.25% based upon the average daily net assets of Investor A Shares.

Pursuant to sub-agreements with BRIL, broker-dealers and BRIL provide shareholder servicing to the Fund. The ongoing service fee compensates BRIL and each broker-dealer for providing shareholder servicing to Investor A shareholders.

PNC Global Investment Servicing (U.S.) Inc., an indirect, wholly owned subsidiary of PNC and an affiliate of the Administrator, serves as transfer agent and dividend disbursing agent. Each class of the Fund bears the costs of transfer agent fees associated with such respective class. Transfer agency fees borne by each class of the Fund are comprised of those fees charged for all shareholder communications including mailing of shareholder reports, dividend and distribution notices, and proxy materials for shareholder meetings, as well as per account and per transaction fees related to servicing and maintenance of shareholder accounts, including the issuing, redeeming and transferring of shares of each class of the Fund, 12b-1 fee calculation, check writing, anti-money laundering services, and customer identification services.

Pursuant to written agreements, certain affiliates provide the Fund with sub-accounting, recordkeeping, sub-transfer agency and other administrative services with respect to sub-accounts they service. For these services, these affiliates receive an annual fee per shareholder account which will vary depending on share class. For the year ended December 31, 2009, the Fund paid $5,835 in return for these services, which are included in transfer agent in the Statement of Operations.

The Administrator maintains a call center, which is responsible for providing certain shareholder services to the Fund, such as responding to shareholder inquiries and processing transactions based upon instructions from shareholders with respect to the subscription and redemption of Fund shares. For the year ended December 31, 2009, the Fund reimbursed the Administrator for costs incurred running the call center, which are included in the transfer agent in the Statement of Operations.

	Call Center Fees
Institutional		$	367
Investor A		$	1,056

Certain officers and/or directors of the Corporation are officers and/or directors of BlackRock or its affiliates. The Fund reimburses the Administrator for compensation paid to the Corporation’s Chief Compliance Officer.

12 BLACKROCK SMALL CAP INDEX FUND DECEMBER 31, 2009

Notes to Financial Statements (concluded) BlackRock Small Cap Index Fund

3. Income Tax Information:

Reclassifications: Accounting principles generally accepted in the United States of America require that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or net asset values per share. The following permanent differences as of December 31, 2009 attributable to the sale of stock of passive foreign investment companies, the classification of settlement proceeds and in-kind withdrawals were reclassified to the following accounts:

Undistributed net investment income	$	6,669
Accumulated net realized loss allocated from Series	$	(13,179,619	)
Paid-in capital	$	13,172,950

The tax character of distributions paid during the fiscal years ended December 31, 2009 and 2008 was as follows:

	12/31/09		12/31/08
Distributions paid from:
Ordinary income	$	551,654	$	1,680,670
Long-term capital gains		—		8,947,999
Tax return of capital		—		1,032,666
Total distributions	$	551,654	$	11,661,335

As of December 31, 2009 the tax components of accumulated net losses were as follows:

Undistributed ordinary income	$	39,363
Capital loss carryforwards		(24,323,969	)
Net unrealized gains*		884,477
Total	$	(23,400,129	)

* The differences between book-basis and tax-basis net unrealized gains were attributable primarily to the tax deferral of losses on wash sales, the realization for tax purposes of unrealized gains on investments in passive foreign investment companies, the treatment of certain security lending transactions, the realization for tax purposes of unrealized gains/(losses) on certain futures contracts, the classification of settlement proceeds and other temporary differences.

As of December 31, 2009, the Fund had capital loss carryforwards in the amount of $24,323,969 available to offset future realized capital gains, which expires December 31, 2017.

4. Capital Share Transactions:

Transactions in capital shares for each class were as follows:

	Year Ended December 31, 2009						Year Ended December 31, 2008
		Shares			Amount			Shares			Amount
Institutional
Shares sold		2,468,390		$	19,948,606			2,634,785		$	28,589,997
Shares issued to shareholders in reinvestment of dividends and distributions		37,621			356,525			921,616			6,983,184
Total issued		2,506,011			20,305,131			3,556,401			35,573,181
Shares redeemed		(2,765,597	)		(22,094,097	)		(2,343,736	)		(25,630,390	)
Net increase (decrease)		(259,586	)	$	(1,788,966	)		1,212,665		$	9,942,791
Investor A
Shares sold		913,818		$	7,405,033			626,761		$	7,412,916
Shares issued to shareholders in reinvestment of dividends and distributions		16,832			159,562			525,666			3,995,432
Total issued		930,650			7,564,595			1,152,427			11,408,348
Shares redeemed		(842,085	)		(6,779,501	)		(744,332	)		(8,328,875	)
Net increase		88,565		$	785,094			408,095		$	3,079,473

There is a 2% redemption fee on shares redeemed or exchanged that have been held for 30 days or less. The redemption fees are collected and retained by the Fund for the benefit of the remaining shareholders. The redemption fees are recorded as a credit to paid-in capital.

5. Subsequent Events:

Management has evaluated the impact of all subsequent events on the Fund through February 26, 2010, the date the financial statements were issued, and has determined that there were no subsequent events requiring adjustment or additional disclosure in the financial statements.

BLACKROCK SMALL CAP INDEX FUND DECEMBER 31, 2009 13

Report of Independent Registered Public Accounting Firm BlackRock Small Cap Index Fund

To the Shareholders and Board of Directors of BlackRock Index Funds, Inc.:

We have audited the accompanying statement of assets and liabilities, of BlackRock Small Cap Index Fund, one of the series constituting BlackRock Index Funds, Inc., (the “Fund”) as of December 31, 2009, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended. These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of BlackRock Small Cap Index Fund of BlackRock Index Funds, Inc. as of December 31, 2009, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

Deloitte & ToucheLLP
Princeton, New Jersey
February 26, 2010

Important Tax Information (Unaudited)

The entire amount of the ordinary income distribution paid by BlackRock Small Cap Index Fund of BlackRock Index Funds, Inc., during the taxable year ended December 31, 2009 qualifies for the dividends received deduction for corporations and consists entirely of qualified dividend income for individuals.

14 BLACKROCK SMALL CAP INDEX FUND DECEMBER 31, 2009

Portfolio Information Master Small Cap Index Series

As of December 31, 2009

Ten Largest Holdings	Percent of Long-Term Investments
Human Genome Sciences, Inc.		0.6	%
Tupperware Corp.		0.3
3Com Corp.		0.3
E*Trade Financial Corp.		0.3
Assured Guaranty Ltd.		0.3
Solera Holdings, Inc.		0.3
Highwoods Properties, Inc.		0.3
Skyworks Solutions, Inc.		0.2
Domtar Corp.		0.2
J. Crew Group, Inc.		0.2

Sector Allocation	Percent of Long-Term Investments
Financial Services		21	%
Technology		16
Health Care		14
Producer Durables		14
Consumer Discretionary & Services		12
Materials & Processing		7
Energy		5
Utilities		4
Consumer Discretionary		3
Consumer Staples		3
Materials & Processing		1

For Series compliance purposes, the Series’ sector classifications refer to any one or more of the sector sub-classifications used by one or more widely recognized market indexes, and/or as defined by Series management. This definition may not apply for purposes of this report, which may combine sector sub-classifications for reporting ease.

BLACKROCK SMALL CAP INDEX FUND DECEMBER 31, 2009 15

Summary Schedule of Investments December 31, 2009	Master Small Cap Index Series
	(Percentages shown are based on Net Assets)

This summary schedule of investments is presented to help investors focus on the Series’ principal holdings. It includes the Series’ 50 largest holdings, each investment of any issuer that exceeds 1% of the Series’ net assets and affiliated issues. “Other Securities” represents all issues not required to be disclosed under the rules adopted by the Securities and Exchange Commission. A complete schedule of investments is available without charge, upon request, by calling (800) 441-7762 or on the Securities and Exchange Commission’s website at http://www.sec.gov.

Industry	Common Stocks	Shares	Value		Percent
Advertising Agencies	Other Securities		$	1,209,229	0.5	%
Aerospace	Other Securities			2,985,173	1.3
Agriculture, Fishing & Ranching	Other Securities			923,904	0.4
Air Transport	UAL Corp. (a)(b)	39,900		515,109	0.2
	Other Securities			2,109,678	0.9
				2,624,787	1.1
Alternative Energy	Other Securities			543,253	0.2
Aluminum	Other Securities			370,245	0.2
Asset Management & Custodian	Other Securities			2,272,509	1.0
Auto Parts	Other Securities			1,532,701	0.7
Auto Services	Other Securities			280,700	0.1
Banks: Diversified	FirstMerit Corp.	19,529		393,314	0.2
	Prosperity Bancshares, Inc.	11,400		461,358	0.2
	SVB Financial Group (a)	9,600		400,224	0.2
	Other Securities			11,957,987	5.2
				13,212,883	5.8
Banks: Savings, Thrift & Mortgage Lending	Other Securities			2,354,824	1.0
Beverage: Brewers & Distillers	Other Securities			88,540	0.0
Beverage: Soft Drinks	Other Securities			326,398	0.1
Biotechnology	Human Genome Sciences, Inc. (a)	43,600		1,334,160	0.6
	Onyx Pharmaceuticals, Inc. (a)	14,820		434,819	0.2
	Other Securities			7,183,001	3.1
				8,951,980	3.9
Building Materials	Other Securities			2,116,429	0.9
Building: Climate Control	Other Securities			312,468	0.1
Building: Roofing, Wallboard & Plumbing	Other Securities			162,400	0.1
Cable Television Services	Other Securities			120,903	0.1
Casinos & Gambling	Bally Technologies, Inc. (a)	12,800		528,512	0.2
	Other Securities			481,517	0.2
				1,010,029	0.4
Cement	Other Securities			7,644	0.0
Chemicals: Diversified	W.R. Grace & Co. (a)	17,300		438,555	0.2
	Other Securities			2,517,683	1.1
				2,956,238	1.3
Chemicals: Specialty	Other Securities			1,040,752	0.5
Coal	Other Securities			588,134	0.3
Commercial Finance & Mortgage Companies	Other Securities			232,499	0.1
Commercial Services	Watson Wyatt Worldwide, Inc. (a)	9,915		471,161	0.2
	Other Securities			5,434,300	2.4
				5,905,461	2.6
Commercial Services: Rental & Leasing	Other Securities			1,030,724	0.4

See Notes to Financial Statements.
16	BLACKROCK SMALL CAP INDEX FUND	DECEMBER 31, 2009

Summary Schedule of Investments (continued)	Master Small Cap Index Series
	(Percentages shown are based on Net Assets)

Industry	Common Stocks	Shares		Value		Percent
Commercial Vehicles & Parts	Other Securities			$	391,538	0.2	%
Communications Technology	3Com Corp. (a)		93,000		697,500	0.3
	Polycom, Inc. (a)		19,600		489,412	0.2
	Other Securities				5,462,788	2.4
					6,649,700	2.9
Computer Services Software & Systems	Concur Technologies, Inc. (a)		9,800		418,950	0.2
	Informatica Corp. (a)		20,800		537,888	0.2
	Parametric Technology Corp. (a)		28,160		460,134	0.2
	Solera Holdings, Inc.		16,900		608,569	0.3
	Other Securities				13,236,890	5.8
					15,262,431	6.7
Computer Technology	Other Securities				1,972,245	0.9
Construction	EMCOR Group, Inc. (a)		16,172		435,027	0.2
	Other Securities				874,632	0.4
					1,309,659	0.6
Consumer Electronics	Other Securities				371,101	0.2
Consumer Lending	Other Securities				1,553,633	0.7
Consumer Services: Miscellaneous	Other Securities				1,581,684	0.7
Containers & Packaging	Rock-Tenn Co., Class A		9,180		462,764	0.2
	Other Securities				607,852	0.3
					1,070,616	0.5
Cosmetics	Other Securities				409,526	0.2
Diversified Financial Services	Stifel Financial Corp. (a)		7,149		423,507	0.2
	Other Securities				635,907	0.3
					1,059,414	0.5
Diversified Manufacturing Operations	Other Securities				540,315	0.2
Diversified Materials & Processing	Clarcor, Inc.		12,610		409,068	0.2
	Other Securities				1,455,413	0.6
					1,864,481	0.8
Diversified Media	Other Securities				180,998	0.1
Diversified Retail	Other Securities				1,300,468	0.6
Drug & Grocery Store Chains	Other Securities				1,532,603	0.7
Education Services	Other Securities				1,394,633	0.6
Electronic Components	Other Securities				1,267,286	0.5
Electronic Entertainment	Other Securities				404,948	0.2
Electronics	Other Securities				1,115,376	0.5
Energy Equipment	Other Securities				391,344	0.2
Engineering & Contracting Services	Other Securities				1,048,636	0.5
Entertainment	Other Securities				636,831	0.3
Financial Data & Systems	Jack Henry & Associates, Inc.		20,100		464,712	0.2
	Other Securities				1,992,463	0.9
					2,457,175	1.1
Foods	Other Securities				2,646,795	1.2
Forest Products	Other Securities				295,680	0.1
Forms & Bulk Printing Services	Other Securities				684,581	0.3
Funeral Parlors & Cemeteries	Other Securities				366,924	0.2
Gas Pipeline	Other Securities				55,660	0.0
Glass	Other Securities				99,400	0.0

See Notes to Financial Statements.
BLACKROCK SMALL CAP INDEX FUND	DECEMBER 31, 2009	17

Summary Schedule of Investments (continued)	Master Small Cap Index Series
	(Percentages shown are based on Net Assets)

Industry	Common Stocks	Shares		Value		Percent
Gold	Other Securities			$	561,406	0.2	%
Health Care Facilities	Other Securities				1,326,509	0.6
Health Care Management Services	Other Securities				2,369,614	1.0
Health Care Services	HealthSouth Corp. (a)		22,000		412,940	0.2
	Other Securities				4,237,718	1.8
					4,650,658	2.0
Health Care: Miscellaneous	Other Securities				255,258	0.1
Home Building	Other Securities				585,005	0.3
Hotel/Motel	Other Securities				482,322	0.2
Household Appliances	Other Securities				114,692	0.0
Household Equipment & Products	Tupperware Corp.		15,174		706,653	0.3
	Other Securities				627,409	0.3
					1,334,062	0.6
Household Furnishings	Tempur-Pedic International, Inc. (a)		17,900		422,977	0.2
	Other Securities				435,564	0.2
					858,541	0.4
Insurance: Life	Other Securities				978,894	0.4
Insurance: Multi-Line	Assured Guaranty Ltd.		29,200		635,392	0.3
	Platinum Underwriters Holdings Ltd.		11,900		455,651	0.2
	Other Securities				967,655	0.4
					2,058,698	0.9
Insurance: Property-Casualty	ProAssurance Corp. (a)		8,023		430,915	0.2
	Other Securities				3,906,752	1.7
					4,337,667	1.9
Leisure Time	Other Securities				1,406,368	0.6
Luxury Items	Other Securities				476,641	0.2
Machinery: Agricultural	Other Securities				225,750	0.1
Machinery: Construction & Handling	Other Securities				190,761	0.1
Machinery: Engines	Other Securities				279,205	0.1
Machinery: Industrial	Nordson Corp.		8,210		502,288	0.2
	Other Securities				2,208,199	1.0
					2,710,487	1.2
Machinery: Specialty	Other Securities				315,396	0.1
Manufactured Housing	Other Securities				88,770	0.0
Medical & Dental Instruments & Supplies	Owens & Minor, Inc.		9,698		416,335	0.2
	Other Securities				5,839,090	2.5
					6,255,425	2.7
Medical Equipment	Other Securities				3,879,084	1.7
Medical Services	Other Securities				789,054	0.3
Metal Fabricating	Other Securities				1,623,438	0.7
Metals & Minerals: Diversified	Other Securities				952,111	0.4
Office Supplies & Equipment	Other Securities				1,420,954	0.6
Offshore Drilling & Other Services	Other Securities				148,551	0.1
Oil Well Equipment & Services	Dril-Quip, Inc. (a)		7,076		399,652	0.2
	Other Securities				2,912,232	1.2
					3,311,884	1.4

See Notes to Financial Statements.
18	BLACKROCK SMALL CAP INDEX FUND	DECEMBER 31, 2009

Summary Schedule of Investments (continued)	Master Small Cap Index Series
	(Percentages shown are based on Net Assets)

Industry	Common Stocks	Shares		Value		Percent
Oil: Crude Producers	Arena Resources, Inc. (a)		9,300	$	401,016	0.2	%
	Atlas Energy, Inc.		16,087		485,345	0.2
	Other Securities				4,362,795	1.9
					5,249,156	2.3
Oil: Integrated	Other Securities				115,125	0.0
Paints & Coatings	Other Securities				469,513	0.2
Paper	Domtar Corp. (a)		10,100		559,641	0.3
	Other Securities				950,550	0.4
					1,510,191	0.7
Personal Care	Chattem, Inc. (a)		4,600		429,180	0.2
	Other Securities				240,111	0.1
					669,291	0.3
Pharmaceuticals	Other Securities				3,849,853	1.7
Photography	Other Securities				293,256	0.1
Plastics	Other Securities				78,530	0.0
Power Transmission Equipment	Regal-Beloit Corp.		8,551		444,139	0.2
	Other Securities				329,228	0.1
					773,367	0.3
Precious Metals & Minerals	Other Securities				222,907	0.1
Printing & Copying Services	Other Securities				105,875	0.0
Producer Durables: Miscellaneous	Other Securities				144,315	0.1
Production Technology Equipment	Other Securities				2,369,944	1.0
Publishing	Other Securities				368,511	0.2
Radio & TV Broadcasters	Other Securities				128,827	0.1
Railroad Equipment	Other Securities				135,620	0.1
Railroads	Other Securities				343,360	0.1
Real Estate	Other Securities				409,562	0.2
Real Estate Investment Trusts (REITs)	Highwoods Properties, Inc.		17,300		576,955	0.2
	MFA Financial, Inc.		67,700		497,595	0.2
	National Retail Properties, Inc.		19,675		417,504	0.2
	Omega Healthcare Investors, Inc.		20,400		396,780	0.2
	Washington REIT		14,365		395,756	0.2
	Other Securities				11,846,327	5.2
					14,130,917	6.2
Recreational Vehicles & Boats	Other Securities				800,568	0.3
Rental & Leasing Services: Consumer	Other Securities				857,321	0.4
Restaurants	Other Securities				2,972,811	1.3
Scientific Instruments: Control & Filter	Other Securities				1,816,142	0.8
Scientific Instruments: Electrical	American Superconductor Corp. (a)(b)		10,200		417,180	0.2
	GrafTech International Ltd. (a)		29,444		457,854	0.2
	Other Securities				1,592,022	0.7
					2,467,056	1.1
Scientific Instruments: Gauges & Meters	Other Securities				304,296	0.1
Scientific Instruments: Pollution Control	Other Securities				995,650	0.4
Securities Brokerage & Services	E*Trade Financial Corp. (a)		372,500		651,875	0.3
	Other Securities				1,436,560	0.6
					2,088,435	0.9

See Notes to Financial Statements.
BLACKROCK SMALL CAP INDEX FUND	DECEMBER 31, 2009	19

Summary Schedule of Investments (continued)	Master Small Cap Index Series
	(Percentages shown are based on Net Assets)

Industry	Common Stocks	Shares		Value		Percent
Semiconductors & Components	Atheros Communications, Inc. (a)		15,370	$	526,269	0.2	%
	Skyworks Solutions, Inc. (a)		40,033		568,068	0.2
	Other Securities				4,737,920	2.1
					5,832,257	2.5
Shipping	Other Securities				1,297,636	0.6
Specialty Retail	Tractor Supply Co. (a)		8,700		460,752	0.2
	Other Securities				6,833,688	3.0
					7,294,440	3.2
Steel	Other Securities				132,021	0.1
Sugar	Other Securities				43,600	0.0
Synthetic Fibers & Chemicals	Other Securities				65,550	0.0
Technology: Miscellaneous	Other Securities				781,324	0.3
Telecommunications Equipment	Other Securities				1,017,303	0.4
Textile Products	Other Securities				146,785	0.1
Textiles Apparel & Shoes	J. Crew Group, Inc. (a)		12,070		540,012	0.2
	The Warnaco Group, Inc. (a)		10,700		451,433	0.2
	Other Securities				3,725,932	1.6
					4,717,377	2.0
Tobacco	Other Securities				510,131	0.2
Toys	Other Securities				175,888	0.1
Transportation: Miscellaneous	Other Securities				396,281	0.2
Truckers	Other Securities				1,459,630	0.6
Utilities: Electrical	Cleco Corp.		14,667		400,849	0.2
	Other Securities				3,544,144	1.5
					3,944,993	1.7
Utilities: Gas Distributors	Nicor, Inc. (c)		10,600		446,260	0.2
	Piedmont Natural Gas Co.		18,000		481,500	0.2
	Other Securities				1,856,979	0.8
					2,784,739	1.2
Utilities: Telecommunications	Other Securities				2,096,170	0.9
Utilities: Water	Other Securities				708,530	0.3
	Total Common Stocks				224,138,747	97.6
	Investment Companies
	BlackRock Kelso Capital Corp. (d)		3,100		26,412	0.0
	Other Securities				382,714	0.2
	Total Investment Companies				409,126	0.2
	Rights
Banks: Savings, Thrift & Mortgage Lending	Other Securities				—	0.0
Building Materials	Other Securities				1,577	0.0
	Total Rights				1,577	0.0

See Notes to Financial Statements.
20	BLACKROCK SMALL CAP INDEX FUND	DECEMBER 31, 2009

Summary Schedule of Investments (continued)	Master Small Cap Index Series
	(Percentages shown are based on Net Assets)

Industry	Warrants (e)	Shares		Value			Percent
Alternative Energy	GreenHunter Energy, Inc. (Expires 8/27/11) (b)(f)		180		—		0.0	%
Communications Technology	Other Securities				—		0.0
	Total Warrants				—		0.0
	Total Long-Term Investments (Cost — $190,334,906)			$	224,549,450		97.8
	Short-Term Securities
	BlackRock Liquidity Funds, TempFund, Institutional Class, 0.11% (d)(g)		9,452,117		9,452,117		4.1
			Beneficial Interest (000)
	BlackRock Liquidity Series, LLC Money Market Series, 0.29% (d)(g)(h)	$	17,387	$	17,386,620		7.6
	Total Short-Term Securities (Cost — $26,838,737)				26,838,737		11.7
	Total Investments (Cost — $217,173,643*)				251,388,187		109.5
	Liabilities in Excess of Other Assets				(21,751,491	)	(9.5	)
	Net Assets			$	229,636,696		100.0	%

* The cost and unrealized appreciation (depreciation) of investments as of December 31, 2009, as computed for federal income tax purposes, were as follows:

Aggregate cost	$	229,753,769
Gross unrealized appreciation	$	48,267,727
Gross unrealized depreciation		(26,633,309	)
Net unrealized appreciation	$	21,634,418

(a)	Non-income producing security.
(b)	Security, or a portion of security, is on loan.
(c)	All or a portion of security has been pledged as collateral in connection with open financial futures contracts.
(d)	Investments in companies considered to be an affiliate of the Series, for purposes of Section 2(a)(3) of the Investment Company Act of 1940, were as follows:

Affiliate	Purchase Cost			Sale Cost			Realized Loss			Income
Anthracite Capital, Inc.	$	16,102		$	239,668		$	(221,996	)		—
BlackRock Kelso Capital Corp.	$	11,712		$	42,960		$	(13,276	)	$	992
BlackRock Liquidity Funds, TempFund, Institutional Class	$	9,452,117	1		—			—		$	26,184
BlackRock Liquidity Series, LLC, Cash Sweep Series		—		$	33,514,609	2		—		$	37,173
BlackRock Liquidity Series, LLC, Money Market Series		—		$	7,257,582	2		—		$	451,286

1	Represents net purchase cost.
2	Represents net sale cost.

(e)	Warrants entitle the Series to purchase a predetermined number of shares of common stock and are non-income producing. The purchase price and number of shares are subject to adjustment under certain conditions until the expiration date.
(f)	Restricted security as to resale, representing 0.0% of net assets was as follows:

Issue	Acquisition Date	Cost		Value
GreenHunter Energy, Inc.	6/27/08	$	—	$	—

(g)	Represents the current yield as of report date.
(h)	Security was purchased with the cash collateral from securities loans.

See Notes to Financial Statements.
BLACKROCK SMALL CAP INDEX FUND	DECEMBER 31, 2009	21

Summary Schedule of Investments (concluded) Master Small Cap Index Series

• For Series compliance purposes, the Series’ industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by Series management. This definition may not apply for purposes of this report, which may combine industry sub-classifications for reporting ease.

• Financial futures contracts purchased as of December 31, 2009 were as follows:

Contracts	Issue	Expiration Date	Notional Value		Unrealized Appreciation
72	Russell 2000 MINI	March 2010	$	4,403,447	$	88,573

•	Fair Value Measurements — Various inputs are used in determining the fair value of investments, which are as follows:
	•	Level 1 — price quotations in active markets/exchanges for identical assets and liabilities
	•	Level 2 — other observable inputs (including, but not limited to: quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs)
	•	Level 3 — unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Series’ own assumptions used in determining the fair value of investments)
	The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For information about the Series’ policy regarding valuation of investments and other significant accounting policies, please refer to Note 1 of the Notes to Financial Statements.
	The following table summarizes the inputs used as of December 31, 2009 in determining the fair valuation of the Series’ investments:

Valuation Inputs	Investments in Securities
	Assets
Level 1
Long-Term Investments1	$	224,549,450
Short-Term Securities		9,452,117
Total Level 1		234,001,567
Level 2 — Short-Term Securities		17,386,620
Level 3		—
Total	$	251,388,187

¹ See above Schedule of Investments for values in each industry.

Valuation Inputs	Other Financial Instruments2
	Assets
Level 1	$	88,573
Level 2		—
Level 3		—
Total	$	88,573

² Other financial instruments are financial futures contracts which are shown at the unrealized appreciation/depreciation on the instrument.

See Notes to Financial Statements.
22	BLACKROCK SMALL CAP INDEX FUND	DECEMBER 31, 2009

Statement of Assets and Liabilities Master Small Cap Index Series

December 31, 2009
Assets
Investments at value — unaffiliated (including securities loaned of $16,357,904) (cost — $190,311,919)	$	224,523,038
Investments at value — affiliated (cost — $26,861,724)		26,865,149
Cash on deposit for financial futures contracts		780,000
Dividends receivable		271,553
Securities lending income receivable — affiliated		27,404
Investment advisor receivable		15,720
Investments sold receivable		12,300
Prepaid expenses		54,144
Total assets		252,549,308
Liabilities
Collateral on securities loaned, at value		17,386,620
Withdrawals payable to investors		5,379,905
Margin variation payable		130,554
Other affiliates payable		1,270
Directors’ fees payable		257
Other accrued expenses payable		14,006
Total liabilities		22,912,612
Net Assets	$	229,636,696
Net Assets Consist of
Investors’ capital	$	195,333,579
Net unrealized appreciation/depreciation		34,303,117
Net Assets	$	229,636,696

See Notes to Financial Statements.
BLACKROCK SMALL CAP INDEX FUND	DECEMBER 31, 2009	23

Statement of Operations Master Small Cap Index Series

Year Ended December 31, 2009
Investment Income
Dividends	$	3,969,783
Foreign taxes withheld		(449	)
Income — affiliated		64,349
Securities lending — affiliated		451,286
Total income		4,484,969
Expenses
Professional		83,163
Accounting services		80,196
Custodian		71,403
Investment advisory		33,405
Directors		20,977
Printing		1,416
Other		11,486
Total expenses		302,046
Less fees paid indirectly		(111	)
Less fees waived by advisor		(60,386	)
Total expenses after fees waived and paid indirectly		241,549
Net investment income		4,243,420
Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
Investments — unaffiliated		(66,098,465	)
Investments — affiliated		(235,272	)
In-kind redemption		32,836,315
Financial futures contracts		2,630,142
		(30,867,280	)
Net change in unrealized appreciation/depreciation on:
Investments		126,875,161
Financial futures contracts		(2,286,369	)
		124,588,792
Total realized and unrealized gain		93,721,512
Net Increase in Net Assets Resulting from Operations	$	97,964,932

See Notes to Financial Statements.

24 BLACKROCK SMALL CAP INDEX FUND DECEMBER 31, 2009

Statements of Changes in Net Assets Master Small Cap Index Series

	Year Ended December 31,
Increase (Decrease) in Net Assets:	2009			2008
Operations
Net investment income	$	4,243,420		$	7,541,773
Net realized loss		(30,867,280	)		(28,428,998	)
Net change in unrealized appreciation/depreciation		124,588,792			(153,156,287	)
Net increase (decrease) in net assets resulting from operations		97,964,932			(174,043,512	)
Capital Transactions
Proceeds from contributions		171,416,855			277,100,847
Fair value of withdrawals		(384,465,211	)		(388,731,499	)
Net decrease in net assets derived from capital transactions		(213,048,356	)		(111,630,652	)
Net Assets
Total decrease in net assets		(115,083,424	)		(285,674,164	)
Beginning of year		344,720,120			630,394,284
End of year	$	229,636,696		$	344,720,120

Financial Highlights Master Small Cap Index Series

	Year Ended December 31,
	2009			2008			2007			2006			2005
Total Investment Return
Total investment return		27.37	%		(33.57	)%		(1.46	)%		18.13	%		4.63	%
Ratios to Average Net Assets
Total expenses		0.09	%		0.08	%		0.06	%		0.07	%		0.08	%
Total expenses after fees waived and paid indirectly		0.07	%		0.07	%		0.06	%		0.07	%		0.07	%
Net investment income		1.27	%		1.60	%		1.69	%		1.55	%		1.17	%
Supplemental Data
Net assets, end of year (000)	$	229,637		$	344,720		$	630,394		$	561,373		$	370,145
Portfolio turnover		43	%		42	%		26	%		40	%		37	%

See Notes to Financial Statements.

BLACKROCK SMALL CAP INDEX FUND DECEMBER 31, 2009 25

Notes to Financial Statements Master Small Cap Index Series

1. Organization and Significant Accounting Policies:

Master Small Cap Index Series (the “Series”), a non-diversified, open-end management investment company, is a series of Quantitative Master Series LLC (the “Master LLC”). The Master LLC is registered as an investment company under the Investment Company Act of 1940, as amended (the “1940 Act”), and is organized as a Delaware limited liability company. The Master LLC’s Limited Liability Company Agreement permits the Board of Directors (the “Board”) to issue nontransferable interests, subject to certain limitations. The Series’ financial statements are prepared in conformity with accounting principles generally accepted in the United States of America, which may require the use of management accruals and estimates. Actual results may differ from these estimates.

The following is a summary of significant accounting policies followed by the Series:

Valuation: The Series’ policy is to value instruments at fair value. Equity investments traded on a recognized securities exchange or the NASDAQ Global Market System are valued at the last reported sale price that day or the NASDAQ official closing price, if applicable. For equity investments traded on more than one exchange, the last reported sale price on the exchange where the stock is primarily traded is used. Equity investments traded on a recognized exchange for which there were no sales on that day are valued at the last available bid price. If no bid price is available, the prior day’s price will be used, unless it is determined that such prior day’s price no longer reflects the fair value of the security. Financial futures contracts traded on exchanges are valued at their last sale price. Investments in open-end investment companies are valued at net asset value each business day. Short-term securities with maturities less than 60 days may be valued at amortized cost, which approximates fair value.

The Series values its investment in BlackRock Liquidity Series, LLC Money Market Series (the “Money Market Series”) at fair value, which is ordinarily based upon its pro rata ownership in the net assets of the underlying fund. The Money Market Series seeks current income consistent with maintaining liquidity and preserving capital. The Money Market Series’ investments will follow the parameters of investments by a money market fund that is subject to Rule 2a-7 promulgated by the Securities and Exchange Commission (“SEC”) under the 1940 Act. The Series may withdraw up to 25% of its investment daily, although the manager of the Money Market Series, in its sole discretion, may permit an investor to withdraw more than 25% on any one day.

In the event that application of these methods of valuation results in a price for an investment which is deemed not to be representative of the market value of such investment, or is not available, the investment will be valued by a method approved by the Board as reflecting fair value (“Fair Value Assets”). When determining the price for Fair Value Assets, the investment advisor and/or sub-advisor seeks to determine the price that the Series might reasonably expect to receive from the current sale of that asset in an arm’s-length transaction. Fair value determinations shall be based upon all available factors that the investment advisor and/or sub-advisor deems relevant.

Segregation and Collateralization: In cases in which the 1940 Act and the interpretive positions of the SEC require that the Series either delivers collateral or segregates assets in connection with certain investments (e.g., financial futures contracts), the Series will, consistent with SEC rules and/or certain interpretive letters issued by the SEC, segregate collateral or designate on its books and records cash or other liquid securities having a market value at least equal to the amount that would otherwise be required to be physically segregated. Furthermore, based on requirements and agreements with certain exchanges and third party broker-dealers, each party has requirements to deliver/deposit securities as collateral for certain investments.

Investment Transactions and Investment Income: For financial reporting purposes, investment transactions are recorded on the dates the transactions are entered into (the trade dates). Realized gains and losses on investment transactions are determined on the identified cost basis. Dividend income is recorded on the ex-dividend dates. Upon notification from issuers, some of the dividend income received from a real estate investment trust may be redesignated as a reduction of cost of the related investment and/or realized gain. Interest income is recognized on the accrual basis.

Securities Lending: The Series may lend securities to financial institutions that provide cash as collateral, which will be maintained at all times in an amount equal to at least 100% of the current market value of the loaned securities. The market value of the loaned securities is determined at the close of business of the Series and any additional required collateral is delivered to the Series on the next business day. The Series typically receives income on the loaned securities but does not receive the income on the collateral. The Series may invest the cash collateral and retain the amount earned on such investment, net of any amount rebated to the borrower. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions. The Series may pay reasonable lending agent, administrative and custodial fees in connection with its loans. In the event that the borrower defaults on its obligation to return borrowed securities because of insolvency or for any other reason, the Series could experience delays and costs in gaining access to the collateral. The Series also could suffer a loss if the value of an investment purchased with cash collateral falls below the market value of loaned securities or if the value of an investment purchased with cash collateral falls below the original value of the cash collateral received.

Income Taxes: The Series is classified as a partnership for federal income tax purposes. As such, each investor in the Series is treated as owner of its proportionate share of the net assets, income, expenses and realized and unrealized gains and losses of the Series. Therefore, no federal income tax

26 BLACKROCK SMALL CAP INDEX FUND DECEMBER 31, 2009

Notes to Financial Statements (continued) Master Small Cap Index Series

provision is required. It is intended that the Master LLC’s assets will be managed so an investor in the Master LLC can satisfy the requirements of Subchapter M of the Internal Revenue Code. Under applicable foreign tax laws, a withholding tax may be imposed on interest, dividends and capital gains at various rates.

The Series files US federal and various state and local tax returns. No income tax returns are currently under examination. The statute of limitations on the Series’ US federal tax returns remain open for each of the four years ended December 31, 2009. The statute of limitations on the Series’ state and local tax returns may remain open for an additional year depending upon the jurisdiction.

Recent Accounting Standards: In June 2009, amended guidance was issued by the Financial Accounting Standards Board (“FASB”) for transfers of financial assets. This guidance is intended to improve the relevance, representational faithfulness and comparability of the information that a reporting entity provides in its financial statements about a transfer of financial assets; the effects of a transfer on its financial position, financial performance, and cash flows; and a transferor’s continuing involvement, if any, in transferred financial assets. The amended guidance is effective for financial statements for fiscal years and interim periods beginning after November 15, 2009. Earlier application is prohibited. The recognition and measurement provisions of this guidance must be applied to transfers occurring on or after the effective date. Additionally, the enhanced disclosure provisions of the amended guidance should be applied to transfers that occurred both before and after the effective date of this guidance. The impact of this guidance on the Series’ financial statements and disclosures, if any, is currently being assessed.

In January 2010, the FASB issued amended guidance for improving disclosure about fair value measurements that adds new disclosure requirements about transfers into and out of Levels 1 and 2 and separate disclosures about purchases, sales, issuances and settlements in the reconciliation for fair value measurements using significant unobservable inputs (Level 3). It also clarifies existing disclosure requirements relating to the levels of disaggregation for fair value measurement and inputs and valuation techniques used to measure fair value. The amended guidance is effective for financial statements for fiscal years and interim periods beginning after December 15, 2009 except for disclosures about purchases, sales, issuances and settlements in the rollforward of activity in Level 3 fair value measurements, which are effective for fiscal years beginning after December 15, 2010 and for interim periods within those fiscal years. The impact of this guidance on the Series’ financial statements and disclosures, if any, is currently being assessed.

Other: Expenses directly related to the Series are charged to that Series. Other operating expenses shared by several funds are pro rated among those funds on the basis of relative net assets or other appropriate methods.

2. Derivative Financial Instruments:

The Series may engage in various portfolio investment strategies both to increase the returns of the Series and to economically hedge, or protect, its exposure to certain risks, such as equity risk. Losses may arise if the value of the contract decreases due to an unfavorable change in the price of the underlying instruments or if the counterparty does not perform under the contract. To the extent amounts due to the Series from its counterparty are not fully collateralized contractually or otherwise, the Series bears the risk of loss from counterparty non-performance. See Note 1 “Segregation and Collateralization” for information with respect to collateral practices. Counterparty risk related to exchange-traded financial futures contracts and options is minimal because of the protection against defaults provided by the exchange on which they trade.

Financial Futures Contracts: The Series may purchase or sell financial futures contracts and options on financial futures contracts to gain exposure to, or economically hedge against, changes in the value of equity securities (equity risk). Financial futures contracts are contracts for delayed delivery of securities at a specific future date and at a specific price or yield. Pursuant to the contract, the Series agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in value of the contract. Such receipts or payments are known as margin variation and are recognized by the Series as unrealized gains or losses. When the contract is closed, the Series records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. The use of financial futures transactions involves the risk of an imperfect correlation in the movements in the price of financial futures contracts, interest rates and the underlying assets.

Derivative Instruments Categorized by Risk Exposure:

Value of Derivative Instruments as of December 31, 2009
	Asset Derivatives
	Statement of Assets and Liabilities Location		Value
Equity contracts*		Net unrealized appreciation/ depreciation	$	88,573

* Includes cumulative appreciation/depreciation of financial futures contracts as reported in the Schedule of Investments. Only current day’s margin variation is reported within the Statement of Assets and Liabilities.

The Effect of Derivative Instruments on the Statement of Operations Year Ended December 31, 2009
Net Realized Gain (Loss) from
	Financial Futures Contracts
Equity contracts	$2,630,142

BLACKROCK SMALL CAP INDEX FUND DECEMBER 31, 2009 27

Notes to Financial Statements (continued) Master Small Cap Index Series

Net Change in Unrealized Appreciation/Depreciation on
	Financial Futures Contracts
Equity contracts	$(2,286,369)
For the year ended December 31, 2009, the average derivative activity was as follows:
Futures:
Average number of contracts		141
Average value	$	206,787

3. Investment Advisory Agreement and Other Transactions with Affiliates:

The PNC Financial Services Group, Inc. (“PNC”), Bank of America Corporation (“BAC”) and Barclays Bank PLC (“Barclays”) are the largest stockholders of BlackRock, Inc. (“BlackRock”). Due to the ownership structure, PNC is an affiliate for 1940 Act purposes, but BAC and Barclays are not.

The Master LLC, on behalf of the Series, entered into an Investment Advisory Agreement with BlackRock Advisors, LLC (the “Manager”), the Series’ investment advisor, an indirect, wholly owned subsidiary of BlackRock, to provide investment advisory and administration services.

The Manager is responsible for the management of the Series’ portfolio and provides the necessary personnel, facilities, equipment and certain other services necessary to the operation of the Series. For such services, the Series pays the Manager a monthly fee at an annual rate of 0.01% of the average daily value of the Series’ net assets.

The Manager has entered into a contract with the Master LLC, on behalf of the Series, that provides that the advisory fee for the Series, when combined with the administration fees of a certain feeder fund, will not exceed a specified amount. No fees are currently being waived for the Series. This arrangement has a one-year term and is renewable.

The Manager has entered into a contractual arrangement with the Master LLC with respect to the Series under which the Manager will waive its fees or reimburse expenses so that the total operating expenses incurred by the Series will not exceed 0.08% of the Series’ average daily net assets. This arrangement has a one-year term and is renewable. For the year ended December 31, 2009, the Manager waived $55,314, which is included in fees waived by advisor in the Statement of Operations.

The Manager has agreed to waive its advisory fee by the amount of investment advisory fees the Series pays to the Manager indirectly through is investment in affiliated money market funds. For the year ended December 31, 2009, the Manager waived advisory fees in the amount of $5,072, which is included in fees waived by advisor in the Statement of Operations.

The Manager has entered into a separate sub-advisory agreement with BlackRock Investment Management, LLC (“BIM”), an affiliate of the Manager, under which the Manager pays the sub-advisor for services it provides, a monthly fee that is a percentage of the investment advisory fee paid by the Series to the Manager.

For the year ended December 31, 2009, the Series reimbursed the Manager $6,369 for certain accounting services, which is included in accounting services in the Statement of Operations.

The Master LLC, on behalf of the Series, has received an exemptive order from the SEC permitting it, among other things, to pay an affiliated securities lending agent a fee based on a share of the income derived from the securities lending activities and has retained BIM as the securities lending agent. BIM may, on behalf of the Master LLC and the Series, invest cash collateral received by the Series for such loans, among other things, in a private investment company managed by the Manager or in registered money market funds advised by the Manager or its affiliates. The share of income earned by the Series on such investments is shown as securities lending — affiliated in the Statement of Operations. For the year ended December 31, 2009, BIM received $110,435 in securities lending agent fees.

Certain officers and/or directors of the Master LLC are officers and/or directors of BlackRock or its affiliates.

4. Investments:

Purchases and sales of investments, excluding short-term securities, for the year ended December 31, 2009 were $133,781,657 and $313,588,744, respectively.

5. Borrowings:

The Master LLC, on behalf of the Series, along with certain other funds managed by the Manager and its affiliates, is a party to a $500 million credit agreement with a group of lenders, which was renewed until November 2010. The Series may borrow under the credit agreement to fund shareholder redemptions and for other lawful purposes other than for leverage. The Series may borrow up to the maximum amount allowable under the Series’ current Prospectus and Statement of Additional Information, subject to various other legal, regulatory or contractual limits. Prior to its renewal, the credit agreement had the following terms: 0.02% upfront fee on the aggregate commitment amount which was allocated to the Series based on its net assets as of October 31, 2008; a commitment fee of 0.08% per annum based on the Series’ pro rata share of the unused portion of the credit agreement, which is included in miscellaneous in the Statement of Operations, and interest at a rate equal to the higher of the (a) federal funds effective rate and (b) reserve adjusted one-month LIBOR, plus, in each case, the higher of (i) 1.50% and (ii) 50% of the CDX Index (as defined in the credit agreement) on amounts borrowed. Effective November 2009, the credit agreement was renewed with the following terms: 0.02% upfront fee on the aggregate commitment amount which was allocated to the Series based on its net assets as of October 31, 2009, a commitment fee of 0.10% per annum based on the Series’ pro

28 BLACKROCK SMALL CAP INDEX FUND DECEMBER 31, 2009

Notes to Financial Statements (concluded) Master Small Cap Index Series

rata share of the unused portion of the credit agreement and interest at a rate equal to the higher of (a) the one-month LIBOR plus 1.25% per annum and (b) the Fed Funds rate plus 1.25% per annum on amounts borrowed. The Series did not borrow under the credit agreement during the year ended December 31, 2009.

6. Concentration, Market and Credit Risk:

In the normal course of business, the Series invests in securities and enters into transactions where risks exist due to fluctuations in the market (market risk) or failure of the issuer of a security to meet all its obligations (credit risk). The value of securities held by the Series may decline in response to certain events, including those directly involving the issuers whose securities are owned by the Series; conditions affecting the general economy; overall market changes; local, regional or global political, social or economic instability; and currency and interest rate and price fluctuations. Similar to credit risk, the Series may be exposed to counterparty risk, or the risk that an entity with which the Series has unsettled or open transactions may default. Financial assets, which potentially expose the Series to credit and counterparty risks, consist principally of investments and cash due from counterparties. The extent of the Series’ exposure to credit and counterparty risks with respect to these financial assets is generally approximated by their value recorded in the Series’ Statement of Assets and Liabilities, less any collateral held by the Series.

The Series invests a significant portion of its assets in the financial services sector. Changes in economic conditions affecting the financial services sector would have a greater impact on the Series, and could affect the value, income and/or liquidity of positions in such securities.

7. Subsequent Events:

Management has evaluated the impact of all subsequent events on the Series through February 24, 2010, the date the financial statements were issued, and has determined that there were no subsequent events requiring adjustment or additional disclosure in the financial statements.

Report of Independent Registered Public Accounting Firm Master Small Cap Index Series

To the Investors and Board of Directors of Quantitative Master Series LLC:

We have audited the accompanying statement of assets and liabilities, including the summary schedule of investments, of Master Small Cap Index Series, one of the portfolios constituting Quantitative Master Series LLC, (the “Master LLC”) as of December 31, 2009, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended. These financial statements and financial highlights are the responsibility of the Master LLC’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. The Master LLC is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Master LLC’s internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of December 31, 2009, by correspondence with the custodian and brokers; where replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Master Small Cap Index Series of Quantitative Master Series LLC as of December 31, 2009, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

Deloitte & ToucheLLP
Princeton, New Jersey
February 24, 2010

BLACKROCK SMALL CAP INDEX FUND DECEMBER 31, 2009 29

Officers and Directors

Name, Address and Year of Birth	Position(s) Held with Corporation/ Master LLC	Length of Time Served as a Director2	Principal Occupation(s) During Past Five Years	Number of BlackRock- Advised Registered Investment Companies (“RICs”) Consisting of Investment Portfolios (“Portfolios”) Overseen	Public Directorships
Non-Interested Directors1
Ronald W. Forbes 55 East 52nd Street New York, NY 10055 1940	Co-Chair of the Board and Director	Since 2007	Professor Emeritus of Finance, School of Business, State University of New York at Albany since 2000.	36 RICs consisting of 106 Portfolios	None
Rodney D. Johnson 55 East 52nd Street New York, NY 10055 1941	Co-Chair of the Board and Director	Since 2007	President, Fairmount Capital Advisors, Inc. since 1987; Director, Fox Chase Cancer Center since 2004; Member of the Archdiocesan Investment Committee of the Archdiocese of Philadelphia since 2004; Director, The Committee of Seventy (civic) since 2006.	36 RICs consisting of 106 Portfolios	None
David O. Beim 55 East 52nd Street New York, NY 10055 1940	Director	Since 2007	Professor of Finance and Economics at the Columbia University Graduate School of Business since 1991; Trustee, Phillips Exeter Academy since 2002; Chairman, Wave Hill, Inc. (public garden and cultural center) from 1990 to 2006.	36 RICs consisting of 106 Portfolios	None
Dr. Matina Horner 55 East 52nd Street New York, NY 10055 1939	Director	Since 2007	Executive Vice President of Teachers Insurance and Annuity Association and College Retirement Equities Fund from 1989 to 2003.	36 RICs consisting of 106 Portfolios	NSTAR (electric and gas utility)
Herbert I. London 55 East 52nd Street New York, NY 10055 1939	Director and Member of the Audit Committee	Since 2007	Professor Emeritus, New York University since 2005; John M. Olin Professor of Humanities, New York University from 1993 to 2005 and Professor thereof from 1980 to 2005; President, Hudson Institute (policy research organization) since 1997 and Trustee thereof since 1980; Chairman of the Board of Trustees for Grantham University since 2006; Director, InnoCentive, Inc. (strategic solutions company) since 2005; Director, Cerego, LLC (software development and design) since 2005.	36 RICs consisting of 106 Portfolios	AIMS Worldwide, Inc. (marketing)
Cynthia A. Montgomery 55 East 52nd Street New York, NY 10055 1952	Director	Since 2007	Professor, Harvard Business School since 1989; Director, Harvard Business School Publishing since 2005; Director, McLean Hospital since 2005.	36 RICs consisting of 106 Portfolios	Newell Rubbermaid, Inc. (manufacturing)
Joseph P. Platt, Jr. 55 East 52nd Street New York, NY 10055 1947	Director	Since 2007	Director, The West Penn Allegheny Health System (a not-for-profit health system) since 2008; Director, Jones and Brown (Canadian insurance broker) since 1998; General Partner, Thorn Partners, LP (private investment) since 1998; Partner, Amarna Corporation, LLC (private investment company) from 2002 to 2008.	36 RICs consisting of 106 Portfolios	Greenlight Capital Re, Ltd. (reinsurance company)
Robert C. Robb, Jr. 55 East 52nd Street New York, NY 10055 1945	Director	Since 2007	Partner, Lewis, Eckert, Robb and Company (management and financial consulting firm) since 1981.	36 RICs consisting of 106 Portfolios	None
Toby Rosenblatt 55 East 52nd Street New York, NY 10055 1938	Director	Since 2007	President, Founders Investments Ltd. (private investments) since 1999; Director, College Access Foundation of California (philanthropic foundation) since 2009; Director, Forward Management, LLC since 2007; Director, The James Irvine Foundation (philanthropic foundation) from 1998 to 2008.	36 RICs consisting of 106 Portfolios	A. P. Pharma, Inc. (specialty pharmaceuticals)

30 BLACKROCK SMALL CAP INDEX FUND DECEMBER 31, 2009

Officers and Directors (continued)

Name, Address and Year of Birth	Position(s) Held with Corporation/ Master LLC	Length of Time Served as a Director2	Principal Occupation(s) During Past Five Years	Number of BlackRock- Advised Registered Investment Companies (“RICs”) Consisting of Investment Portfolios (“Portfolios”) Overseen	Public Directorships
Non-Interested Directors1 (concluded)
Kenneth L. Urish 55 East 52nd Street New York, NY 10055 1951	Chair of the Audit Committee and Director	Since 2007	Managing Partner, Urish Popeck & Co., LLC (certified public accountants and consultants) since 1976; Member of External Advisory Board, The Pennsylvania State University Accounting Department since 2001; Trustee, The Holy Family Foundation since 2001; Committee Member, Professional Ethics Committee of the Pennsylvania Institute of Certified Public Accountants from 2007 to 2010; President and Trustee, Pittsburgh Catholic Publishing Associates from 2003 to 2008; Director, Inter-Tel from 2006 to 2007.	36 RICs consisting of 106 Portfolios	None
Frederick W. Winter 55 East 52nd Street New York, NY 10055 1945	Director and Member of the Audit Committee	Since 2007	Professor and Dean Emeritus of the Joseph M. Katz School of Business, University of Pittsburgh since 2005 and Dean thereof from 1997 to 2005; Director, Alkon Corporation (pneumatics) since 1992; Director, Tippman Sports (recreation) since 2005; Director, Indotronix International (IT services) from 2004 to 2008.	36 RICs consisting of 106 Portfolios	None

1

Directors serve until their resignation, removal or death, or until December 31 of the year in which they turn 72. The Board has approved one-year extensions in terms of Directors who turn 72 prior to December 31, 2013.

2

Date shown is the earliest date a person has served as a director for the Corporation/Master LLC covered by this annual report. Following the combination of Merrill Lynch Investment Managers, L.P. (“MLIM”) and BlackRock, Inc. (“BlackRock”) in September 2006, the various legacy MLIM and legacy BlackRock Fund boards were realigned and consolidated into three new Fund boards in 2007. As a result, although the chart shows directors as joining the Corporation/Master LLC board in 2007, each director first became a member of the board of other legacy MLIM or legacy BlackRock Funds as follows: David O. Beim, 1998; Ronald W. Forbes, 1977; Matina Horner, 2004; Rodney D. Johnson, 1995; Herbert I. London, 1987; Cynthia A. Montgomery, 1994; Joseph P. Platt, Jr., 1999; Robert C. Robb, Jr., 1998; Toby Rosenblatt, 2005; Kenneth L. Urish, 1999 and Frederick W. Winter, 1999.

Interested Directors3
Richard S. Davis 55 East 52nd Street New York, NY 10055 1945	Director	Since 2007	Managing Director, BlackRock, Inc. since 2005; Chief Executive Officer, State Street Research & Management Company from 2000 to 2005; Chairman of the Board of Directors, State Street Research Mutual Funds from 2000 to 2005; Chairman, SSR Realty from 2000 to 2004.	173 RICs consisting of 304 Portfolios	None
Henry Gabbay 55 East 52nd Street New York, NY 10055 1947	Director	Since 2007	Consultant, BlackRock, Inc. from 2007 to 2008; Managing Director, BlackRock, Inc. from 1989 to 2007; Chief Administrative Officer, BlackRock Advisors, LLC from 1998 to 2007; President of BlackRock Funds and BlackRock Bond Allocation Target Shares from 2005 to 2007 and Treasurer of certain closed-end funds in the BlackRock fund complex from 1989 to 2006.	173 RICs consisting of 304 Portfolios	None

3 Mr. Davis is an “interested person” as defined in the Investment Company Act of 1940, of the Corporation/Master LLC based on his position with BlackRock, Inc. and its affiliates. Mr. Gabbay is an “interested person” of the Corporation/Master LLC based on his former positions with BlackRock, Inc. and its affiliates as well as his ownership of BlackRock, Inc. and PNC securities. Directors serve until their resignation, removal or death, or until December 31 of the year in which they turn 72. The Board has approved one-year extensions in terms of Directors who turn 72 prior to December 31, 2013.

BLACKROCK SMALL CAP INDEX FUND DECEMBER 31, 2009 31

Officers and Directors (concluded)

Name, Address and Year of Birth	Position(s) Held with Corporation/ Master LLC	Length of Time Served	Principal Occupation(s) During Past Five Years
Corporation/Master LLC Officers1
Anne F. Ackerley 55 East 52nd Street New York, NY 10055 1962	President and Chief Executive Officer	Since 2009	Managing Director of BlackRock, Inc. since 2000; Vice President of the BlackRock-advised funds from 2007 to 2009; Chief Operating Officer of BlackRock’s Global Client Group (GCG) since 2009; Chief Operating Officer of BlackRock’s U.S. Retail Group from 2006 to 2009; Head of BlackRock’s Mutual Fund Group from 2000 to 2006.
Jeffrey Holland, CFA 55 East 52nd Street New York, NY 10055 1971	Vice President	Since 2009	Managing Director of BlackRock, Inc. since 2010; Director of BlackRock, Inc. from 2006 to 2009; Chief Operating Officer of BlackRock’s U.S. Retail Group since 2009; Co-head of Product Development and Management for BlackRock’s U.S. Retail Group from 2007 to 2009; Product Manager of Raymond James & Associates from 2003 to 2006.
Brendan Kyne 55 East 52nd Street New York, NY 10055 1977	Vice President	Since 2009	Managing Director of BlackRock, Inc. since 2010; Director of BlackRock, Inc. from 2008 to 2009; Head of Product Development and Management for BlackRock’s U.S. Retail Group since 2009, Co-head thereof from 2007 to 2009; Vice President of BlackRock, Inc. from 2005 to 2008.
Brian Schmidt 55 East 52nd Street New York, NY 10055 1958	Vice President	Since 2009	Managing Director of BlackRock, Inc. since 2004; Various positions with U.S. Trust Company from 1991 to 2003 including Director from 2001 to 2003 and Senior Vice President from 1998 to 2003; Vice President, Chief Financial Officer and Treasurer of Excelsior Funds, Inc., Excelsior Tax-Exempt Funds, Inc. and Excelsior Funds Trust from 2001 to 2003.
Neal J. Andrews 55 East 52nd Street New York, NY 10055 1966	Chief Financial Officer	Since 2007	Managing Director of BlackRock, Inc. since 2006; Senior Vice President and Line of Business Head of Fund Accounting and Administration at PNC Global Investment Servicing (U.S.) Inc. from 1992 to 2006.
Jay M. Fife 55 East 52nd Street New York, NY 10055 1970	Treasurer	Since 2007	Managing Director of BlackRock, Inc. since 2007 and Director in 2006; Assistant Treasurer of the Merrill Lynch Investment Managers, L.P. (“MLIM”) and Fund Asset Management, L.P. advised funds from 2005 to 2006; Director of MLIM Fund Services Group from 2001 to 2006.
Brian P. Kindelan 55 East 52nd Street New York, NY 10055 1959	Chief Compliance Officer	Since 2007	Chief Compliance Officer of the BlackRock-advised funds since 2007; Managing Director and Senior Counsel of BlackRock, Inc. since 2005.
Howard B. Surloff 55 East 52nd Street New York, NY 10055 1965	Secretary	Since 2007	Managing Director and General Counsel of U.S. Funds at BlackRock, Inc. since 2006; General Counsel (U.S.) of Goldman Sachs Asset Management, L.P. from 1993 to 2006.

1	Officers of the Corporation/Master LLC serve at the pleasure of the Board of Directors.
Further information about the Corporation/Master LLC’s Officers and Directors is available in the Corporation/Master LLC’s Statement of Additional Information, which can be obtained without charge by calling (800) 441-7762.

Investment Advisor

BlackRock Advisors, LLC
Wilmington, DE 19809

Sub-Advisor

BlackRock Investment
Management, LLC
Plainsboro, NJ 08536

Custodian

State Street Bank
and Trust Company
North Quincy,
MA 02171

Transfer Agent

PNC Global Investment
Servicing (U.S.) Inc.
Wilmington, DE 19809

Accounting Agent

State Street Bank
and Trust Company
Princeton, NJ 08540

Distributor

BlackRock
Investments, LLC
New York, NY 10022

Legal Counsel

Sidley Austin LLP
New York, NY 10019

Independent Registered Public Accounting Firm

Deloitte & Touche LLP
Princeton, NJ 08540

Address of the Fund

100 Bellevue Parkway
Wilmington, DE 19809

32 BLACKROCK SMALL CAP INDEX FUND DECEMBER 31, 2009

Additional Information

General Information

Electronic Delivery

Electronic copies of most financial reports and prospectuses are available on the Fund’s website or shareholders can sign up for e-mail notifications of quarterly statements, annual and semi-annual reports and prospectuses by enrolling in the Fund’s electronic delivery program.

To enroll:

Shareholders Who Hold Accounts with Investment Advisors, Banks or Brokerages:

Please contact your financial advisor. Please note that not all investment advisors, banks or brokerages may offer this service.

Shareholders Who Hold Accounts Directly with BlackRock:

1)	Access the BlackRock website at http://www.blackrock.com/edelivery
2)	Click on the applicable link and follow the steps to sign up
3)	Log into your account

Householding

The Fund will mail only one copy of shareholder documents, including prospectuses, annual and semi-annual reports and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called “householding” and it is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact the Fund at (800) 441-7762.

Availability of Proxy Voting Policies and Procedures

A description of the policies and procedures that the Fund/Series uses to determine how to vote proxies relating to portfolio securities is available (1) without charge, upon request, by calling (800) 441-7762; (2) at www.blackrock.com; and (3) on the Securities and Exchange Commission’s (the “SEC”) website at http://www.sec.gov.

Availability of Proxy Voting Record

Information on how the Fund/Series voted proxies relating to securities held in the Fund’s/Series’ portfolio during the most recent 12-month period ended June 30 is available upon request and without charge (1) at www.blackrock.com or by calling (800) 441-7762 and (2) on the SEC’s website at http://www.sec.gov.

Availability of Quarterly Portfolio Schedule

The Fund/Series file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The Fund’s/Series’ Forms N-Q are available on the SEC’s website at http://www.sec.gov and may also be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C. Information on the operation of the Public Reference Room may be obtained by calling (202) 551-8090. The Fund’s/Series’ Forms N-Q may also be obtained upon request and without charge by calling (800) 441-7762.

BLACKROCK SMALL CAP INDEX FUND DECEMBER 31, 2009 33

Additional Information (concluded)

Shareholder Privileges

Account Information

Call us at (800) 441-7762 from 8:00 AM to 6:00 PM EST on any business day to get information about your account balances, recent transactions and share prices. You can also reach us on the Web at www.blackrock.com/funds.

Automatic Investment Plans

Investor Class shareholders who want to invest regularly can arrange to have $50 or more automatically deducted from their checking or savings account and invested in any of the BlackRock funds.

Systematic Withdrawal Plans

Investor Class shareholders can establish a systematic withdrawal plan and receive periodic payments of $50 or more from their BlackRock funds, as long as their account balance is at least $10,000.

Retirement Plans

Shareholders may make investments in conjunction with Traditional, Rollover, Roth, Coverdell, Simple IRAs, SEP IRAs and 403(b) Plans.

BlackRock Privacy Principles

BlackRock is committed to maintaining the privacy of its current and former fund investors and individual clients (collectively, “Clients”) and to safeguarding their non-public personal information. The following information is provided to help you understand what personal information BlackRock collects, how we protect that information and why in certain cases we share such information with select parties.

If you are located in a jurisdiction where specific laws, rules or regulations require BlackRock to provide you with additional or different privacy-related rights beyond what is set forth below, then BlackRock will comply with those specific laws, rules or regulations.

BlackRock obtains or verifies personal non-public information from and about you from different sources, including the following: (i) information we receive from you or, if applicable, your financial intermediary, on applications, forms or other documents; (ii) information about your transactions with us, our affiliates, or others; (iii) information we receive from a consumer reporting agency; and (iv) from visits to our websites.

BlackRock does not sell or disclose to non-affiliated third parties any non-public personal information about its Clients, except as permitted by law or as is necessary to respond to regulatory requests or to service Client accounts. These non-affiliated third parties are required to protect the confidentiality and security of this information and to use it only for its intended purpose.

We may share information with our affiliates to service your account or to provide you with information about other BlackRock products or services that may be of interest to you. In addition, BlackRock restricts access to non-public personal information about its Clients to those BlackRock employees with a legitimate business need for the information. BlackRock maintains physical, electronic and procedural safeguards that are designed to protect the non-public personal information of its Clients, including procedures relating to the proper storage and disposal of such information.

34 BLACKROCK SMALL CAP INDEX FUND DECEMBER 31, 2009

A World-Class Mutual Fund Family

BlackRock offers a diverse lineup of open-end mutual funds crossing all investment styles and managed by experts in equity, fixed income and tax-exempt investing.

Equity Funds

BlackRock All-Cap Energy & Resources Portfolio

BlackRock Asset Allocation Portfolio†

BlackRock Aurora Portfolio

BlackRock Balanced Capital Fund†

BlackRock Basic Value Fund

BlackRock Capital Appreciation Portfolio

BlackRock Energy & Resources Portfolio

BlackRock Equity Dividend Fund

BlackRock EuroFund

BlackRock Focus Growth Fund

BlackRock Focus Value Fund

BlackRock Fundamental Growth Fund

BlackRock Global Allocation Fund†

BlackRock Global Dynamic Equity Fund

BlackRock Global Emerging Markets Fund

BlackRock Global Financial Services Fund

BlackRock Global Growth Fund

BlackRock Global Opportunities Portfolio

BlackRock Global SmallCap Fund

BlackRock Health Sciences Opportunities Portfolio

BlackRock Healthcare Fund

BlackRock Index Equity Portfolio*

BlackRock International Fund

BlackRock International Index Fund

BlackRock International Opportunities Portfolio

BlackRock International Value Fund

BlackRock Large Cap Core Fund

BlackRock Large Cap Core Plus Fund

BlackRock Large Cap Growth Fund

BlackRock Large Cap Value Fund

BlackRock Latin America Fund

BlackRock Mid-Cap Growth Equity Portfolio

BlackRock Mid-Cap Value Equity Portfolio

BlackRock Mid Cap Value Opportunities Fund

BlackRock Natural Resources Trust

BlackRock Pacific Fund

BlackRock Science & Technology Opportunities Portfolio

BlackRock Small Cap Core Equity Portfolio

BlackRock Small Cap Growth Equity Portfolio

BlackRock Small Cap Growth Fund II

BlackRock Small Cap Index Fund

BlackRock Small/Mid-Cap Growth Portfolio

BlackRock S&P 500 Index Fund

BlackRock U.S. Opportunities Portfolio

BlackRock Utilities and Telecommunications Fund

BlackRock Value Opportunities Fund

Fixed Income Funds

BlackRock Bond Portfolio

BlackRock Emerging Market Debt Portfolio

BlackRock GNMA Portfolio

BlackRock Government Income Portfolio

BlackRock High Income Fund

BlackRock High Yield Bond Portfolio

BlackRock Income Portfolio†

BlackRock Income Builder Portfolio†

BlackRock Inflation Protected Bond Portfolio

BlackRock Intermediate Government Bond Portfolio

BlackRock International Bond Portfolio

BlackRock Long Duration Bond Portfolio

BlackRock Low Duration Bond Portfolio

BlackRock Managed Income Portfolio

BlackRock Short-Term Bond Fund

BlackRock Strategic Income Portfolio

BlackRock Total Return Fund

BlackRock Total Return Portfolio II

BlackRock World Income Fund

Municipal Bond Funds

BlackRock AMT-Free Municipal Bond Portfolio

BlackRock California Municipal Bond Fund

BlackRock High Yield Municipal Fund

BlackRock Intermediate Municipal Fund

BlackRock Kentucky Municipal Bond Portfolio

BlackRock Municipal Insured Fund

BlackRock National Municipal Fund

BlackRock New Jersey Municipal Bond Fund

BlackRock New York Municipal Bond Fund

BlackRock Ohio Municipal Bond Portfolio

BlackRock Pennsylvania Municipal Bond Fund

BlackRock Short-Term Municipal Fund

Target Risk & Target Date Funds

BlackRock Prepared Portfolios

Conservative Prepared Portfolio

Moderate Prepared Portfolio

Growth Prepared Portfolio

Aggressive Growth Prepared Portfolio

BlackRock Lifecycle Prepared Portfolios

Prepared Portfolio 2010

Prepared Portfolio 2015

Prepared Portfolio 2020

Prepared Portfolio 2025

Prepared Portfolio 2030

Prepared Portfolio 2035

Prepared Portfolio 2040

Prepared Portfolio 2045

Prepared Portfolio 2050

*	See the prospectus for information on specific limitations on investments in the fund.
†	Mixed asset fund.

BlackRock mutual funds are currently distributed by BlackRock Investments, LLC. You should consider the investment objectives, risks, charges and expenses of the funds under consideration carefully before investing. Each fund’s prospectus contains this and other information and is available at www.blackrock.com or by calling (800) 441-7762 or from your financial advisor. The prospectus should be read carefully before investing.

BLACKROCK SMALL CAP INDEX FUND DECEMBER 31, 2009 35

This report is transmitted to shareholders only. It is not authorized for use as an offer of sale or a solicitation of an offer to buy shares of the Fund unless accompanied or preceded by the Fund’s current prospectus. Past performance results shown in this report should not be considered a representation of future performance. Investment returns and principal value of shares will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Statements and other information herein are as dated and are subject to change.

#Index 3-12/09

Item 2 –	Code of Ethics – The registrant (or the “Fund”) has adopted a code of ethics, as of the end of the period covered by this report, applicable to the registrant’s principal executive officer, principal financial officer and principal accounting officer, or persons performing similar functions. During the period covered by this report, there have been no amendments to or waivers granted under the code of ethics. A copy of the code of ethics is available without charge at www.blackrock.com.
Item 3 –	Audit Committee Financial Expert – The registrant’s board of directors or trustees, as applicable (the “board of directors”) has determined that (i) the registrant has the following audit committee financial expert serving on its audit committee and (ii) each audit committee financial expert is independent:
	Kenneth L. Urish
	Under applicable securities laws, a person determined to be an audit committee financial expert will not be deemed an “expert” for any purpose, including without limitation for the purposes of Section 11 of the Securities Act of 1933, as a result of being designated or identified as an audit committee financial expert. The designation or identification as an audit committee financial expert does not impose on such person any duties, obligations, or liabilities greater than the duties, obligations, and liabilities imposed on such person as a member of the audit committee and board of directors in the absence of such designation or identification.
Item 4 –	Principal Accountant Fees and Services

	(a) Audit Fees		(b) Audit-Related Fees1		(c) Tax Fees2		(d) All Other Fees3
Entity Name	Current Fiscal Year End	Previous Fiscal Year End	Current Fiscal Year End	Previous Fiscal Year End	Current Fiscal Year End	Previous Fiscal Year End	Current Fiscal Year End	Previous Fiscal Year End
BlackRock Small Cap Index Fund of BlackRock Index Funds, Inc.	$6,800	$6,800	$0	$0	$6,100	$6,100	$1,028	$1,049
Master Small Cap Index Series of Quantitative Master Series LLC	$39,200	$39,000	$0	$0	$17,000	$17,000	$0	$0

1 The nature of the services include assurance and related services reasonably related to the performance of the audit of financial statements not included in Audit Fees.

2 The nature of the services include tax compliance, tax advice and tax planning.

3 The nature of the services include a review of compliance procedures and attestation thereto.

(e)(1) Audit Committee Pre-Approval Policies and Procedures:

          The registrant’s audit committee (the “Committee”) has adopted policies and procedures with regard to the pre-approval of services. Audit, audit-related and tax compliance services provided to the registrant on an annual basis require specific pre-approval by the Committee. The Committee also must approve other non-audit services provided to the registrant and those non-audit services provided to the registrant’s affiliated service providers that relate directly to the operations and the financial reporting of the registrant. Certain of these non-audit services that the Committee believes are a) consistent with the SEC’s auditor independence rules and b) routine and recurring services that will not impair the independence of the independent accountants may be approved by the Committee without consideration on a specific case-by-case basis (“general pre-approval”). The term of any general pre-approval is 12 months from the date of the pre-approval, unless the Committee provides for a different period. Tax or other non-audit services provided to the registrant which have a direct impact on the operation or financial reporting of the registrant will only be deemed pre-approved provided that any individual project does not exceed $10,000 attributable to the registrant or $50,000 for all of the registrants the Committee oversees. For this purpose, multiple projects will be aggregated to determine if they exceed the previously mentioned cost levels.

          Any proposed services exceeding the pre-approved cost levels will require specific pre-approval by the Committee, as will any other services not subject to general pre-approval (e.g., unanticipated but permissible services). The Committee is informed of each service approved subject to general pre-approval at the next regularly scheduled in-person board meeting. At this meeting, an analysis of such services is presented to the Committee for ratification. The Committee may delegate to one or more of its members the authority to approve the provision of and fees for any specific engagement of permitted non-audit services, including services exceeding pre-approved cost levels.

(e)(2) None of the services described in each of Items 4(b) through (d) were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f) Not Applicable

(g) Affiliates’ Aggregate Non-Audit Fees:

Entity Name	Current Fiscal Year End	Previous Fiscal Year End
BlackRock Small Cap Index Fund of BlackRock Index Funds, Inc.	$414,628	$412,149
Master Small Cap Index Series of Quantitative Master Series LLC	$424,500	$422,000

	(h) The registrant’s audit committee has considered and determined that the provision of non-audit services that were rendered to the registrant’s investment adviser (not including any non-affiliated sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by the registrant’s investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant’s independence.
	Regulation S-X Rule 2-01(c)(7)(ii) – $407,500, 0%
Item 5 –	Audit Committee of Listed Registrants – Not Applicable
Item 6 –	Investments
	(a) Master Small Cap Index Series - Schedule of Investments

Master Small Cap Index Series of Quantitative Master Series LLC
Schedule of Investments December 31, 2009	(Percentages shown are based on Net Assets)

Industry	Common Stocks	Shares		Value
Advertising Agencies - 0.5%	AMREP Corp. (a)		300	$	4,110
	Arbitron, Inc.		5,858		137,194
	Constant Contact, Inc. (a)		5,200		83,200
	DG FastChannel, Inc. (a)		4,700		131,271
	Harte-Hanks, Inc.		9,200		99,176
	Marchex, Inc., Class B		5,000		25,400
	National CineMedia, Inc.		10,570		175,145
	Travelzoo, Inc. (a)		1,700		20,893
	Valassis Communications, Inc. (a)		11,900		217,294
	ValueClick, Inc. (a)		20,580		208,270
	Viad Corp.		5,200		107,276
					1,209,229
Aerospace - 1.3%	AAR Corp. (a)		8,868		203,787
	AeroVironment, Inc. (a)		3,200		93,056
	Argon ST, Inc. (a)		3,300		71,676
	Astronics Corp. (a)		2,100		17,955
	Ceradyne, Inc. (a)		6,350		121,984
	Cubic Corp.		3,852		143,680
	Curtiss-Wright Corp.		11,268		352,914
	Ducommun, Inc.		2,600		48,646
	Esterline Technologies Corp. (a)		6,941		282,985
	GenCorp, Inc. (a)		12,371		86,597
	Global Defense Technology & Systems, Inc. (a)		500		8,230
	Heico Corp.		5,226		231,669
	Herley Industries, Inc. (a)		3,300		45,837
	Kaman Corp., Class A		6,394		147,637
	LMI Aerospace, Inc. (a)		2,100		27,930
	Ladish Co., Inc. (a)		4,000		60,320
	Moog, Inc., Class A (a)		10,813		316,064
	Orbital Sciences Corp. (a)		12,735		194,336
	Teledyne Technologies, Inc. (a)		8,934		342,708
	Triumph Group, Inc.		3,879		187,162
					2,985,173
Agriculture, Fishing & Ranching - 0.4%	AgFeed Industries, Inc. (a)(b)		7,400		37,000
	Alico, Inc.		900		25,614
	The Andersons, Inc.		4,300		111,026
	Cadiz, Inc. (a)		2,800		33,516
	Cal-Maine Foods, Inc.		3,100		105,648
	Calavo Growers, Inc.		2,600		44,200
	China Green Agriculture, Inc. (a)		1,800		26,460
	Fresh Del Monte Produce, Inc. (a)		10,100		223,210
	HQ Sustainable Maritime Industries, Inc. (a)		2,100		14,784
	Sanderson Farms, Inc.		4,550		191,828
	Seaboard Corp.		82		110,618
					923,904
Air Transport - 1.1%	Air Transport Services Group, Inc. (a)		13,000		34,320
	AirTran Holdings, Inc. (a)		31,220		162,968
	Alaska Air Group, Inc. (a)		8,498		293,691
	Allegiant Travel Co. (a)		3,400		160,378
	Atlas Air Worldwide Holdings, Inc. (a)		4,800		178,800

1

Master Small Cap Index Series of Quantitative Master Series LLC
Schedule of Investments December 31, 2009	(Percentages shown are based on Net Assets)

Industry	Common Stocks	Shares		Value
	Bristow Group, Inc. (a)		8,285	$	318,558
	Hawaiian Holdings, Inc. (a)		12,900		90,300
	JetBlue Airways Corp. (a)		60,200		328,090
	PHI, Inc. (a)		3,300		68,310
	Republic Airways Holdings, Inc. (a)		7,300		53,947
	SkyWest, Inc.		14,000		236,880
	UAL Corp. (a)(b)		39,900		515,109
	US Airways Group, Inc. (a)		37,900		183,436
					2,624,787
Alternative Energy - 0.2%	Clean Energy Fuels Corp. (a)		8,200		126,362
	Comverge, Inc. (a)(b)		4,500		50,580
	EnerNOC, Inc. (a)(b)		3,100		94,209
	Evergreen Energy, Inc. (a)(b)		30,600		10,496
	Green Plains Renewable Energy (a)		2,800		41,636
	Rex Stores Corp. (a)		1,800		25,308
	Syntroleum Corp. (a)		17,200		45,752
	TGC Industries Inc. (a)		3,800		14,858
	US Geothermal, Inc. (a)		15,500		23,715
	USEC, Inc. (a)		28,659		110,337
					543,253
Aluminum - 0.2%	Century Aluminum Co. (a)		13,100		212,089
	Kaiser Aluminum Corp.		3,800		158,156
					370,245
Asset Management & Custodian - 1.0%	Allied Capital Corp.		44,300		159,923
	American Capital Ltd. (a)(b)		69,600		169,824
	Ampal-American Israel Corp., Class A (a)		4,401		11,883
	Apollo Investment Corp. (b)		38,846		370,202
	Ares Capital Corp.		25,372		315,881
	Artio Global Investors, Inc. (a)		6,200		158,038
	Calamos Asset Management, Inc., Class A		5,100		58,803
	Capital Southwest Corp.		700		55,160
	Cohen & Steers, Inc. (b)		4,300		98,212
	Cowen Group, Inc., Class A (a)		4,000		23,680
	Diamond Hill Investments Group		600		38,538
	Epoch Holding Corp.		2,500		26,125
	Fifth Street Finance Corp.		7,100		76,254
	GAMCO Investors, Inc., Class A		1,896		91,558
	Harris & Harris Group, Inc. (a)		6,400		29,248
	JMP Group, Inc.		4,100		39,852
	Kohlberg Capital Corp.		4,300		19,608
	MCG Capital Corp. (a)		17,400		75,168
	MVC Capital, Inc.		5,500		64,900
	NGP Capital Resources Co.		5,423		44,089
	National Financial Partners Corp. (a)		9,900		80,091
	Oppenheimer Holdings, Inc.		2,500		83,050
	Pzena Investment Management, Inc., Class A (a)		1,900		15,466
	Resource America, Inc., Class A		2,549		10,298
	TICC Capital Corp.		7,400		44,770
	Teton Advisors, Inc.		53		847
	U.S. Global Investors, Inc.		3,200		39,392

2

Master Small Cap Index Series of Quantitative Master Series LLC
Schedule of Investments December 31, 2009	(Percentages shown are based on Net Assets)

Industry	Common Stocks	Shares		Value
	Virtus Investment Partners, Inc. (a)		1,535	$	24,407
	Westwood Holdings Group, Inc.		1,300		47,242
					2,272,509
Auto Parts - 0.7%	ATC Technology Corp. (a)		5,143		122,661
	American Axle & Manufacturing Holdings, Inc. (b)		9,600		76,992
	Amerigon, Inc. (a)		5,300		42,082
	ArvinMeritor, Inc. (a)		18,400		205,712
	China Automotive Systems. Inc. (a)		1,600		29,936
	Dana Holding Corp. (a)		32,800		355,552
	Dorman Products, Inc. (a)		2,600		40,716
	Exide Technologies (a)		11,700		83,187
	Fuel Systems Solutions, Inc. (a)		3,200		131,968
	Standard Motor Products, Inc.		4,300		36,636
	Stoneridge, Inc. (a)		3,800		34,238
	Superior Industries International, Inc.		4,899		74,955
	Tenneco, Inc. (a)		13,800		244,674
	U.S. Auto Parts Network, Inc. (a)		1,900		9,880
	Wonder Auto Technology, Inc. (a)		3,700		43,512
					1,532,701
Auto Services - 0.1%	Cooper Tire & Rubber Co.		14,000		280,700
Banks: Diversified - 5.8%	1st Source Corp.		3,684		59,276
	Alliance Financial Corp.		1,200		32,580
	American National Bankshares, Inc.		1,400		30,660
	Ameris Bancorp		3,461		24,784
	Ames National Corp.		1,600		33,776
	Arrow Financial Corp.		2,290		57,250
	Auburn National Bancorporation		500		9,845
	BancFirst Corp.		1,590		58,894
	Banco Latinoamericana de Comercio Exterior SA		6,800		94,520
	Bancorp Rhode Island, Inc.		900		23,112
	The Bancorp, Inc. (a)		3,800		26,068
	Bank of Kentucky Financial Corp.		700		13,146
	Bank of Marin Bancorp		1,500		48,840
	Bank of the Ozarks, Inc. (b)		3,100		90,737
	Banner Corp.		3,913		10,487
	Bar Harbor Bankshares		900		24,705
	Boston Private Financial Holdings, Inc.		17,533		101,165
	Bridge Bancorp, Inc.		1,700		40,868
	Bryn Mawr Bank Corp.		1,600		24,144
	CNB Financial Corporation		2,100		33,579
	CVB Financial Corp. (b)		20,065		173,362
	California First National Bancorp		300		3,918
	Camden National Corp.		1,900		62,130
	Cape Bancorp, Inc. (a)		2,700		18,144
	Capital City Bank Group, Inc. (b)		2,921		40,427
	Cardinal Financial Corp.		7,000		61,180
	Cathay General Bancorp		13,844		104,522
	Center Bancorp, Inc.		2,945		26,269
	Centerstate Banks, Inc.		3,600		36,324
	Central Pacific Financial Corp. (b)		7,048		9,233

3

Master Small Cap Index Series of Quantitative Master Series LLC
Schedule of Investments December 31, 2009	(Percentages shown are based on Net Assets)

Industry	Common Stocks	Shares		Value
	Century Bancorp, Inc., Class A		1,100	$	24,233
	Chemical Financial Corp.		5,048		119,032
	Chicopee Bancorp, Inc. (a)		1,500		18,720
	Citizens & Northern Corp.		2,200		20,988
	Citizens Banking Corp. (a)		29,487		20,346
	Citizens Holding Co.		1,100		24,629
	City Holding Co.		3,993		129,094
	CoBiz Financial, Inc.		5,826		27,673
	Columbia Banking System, Inc.		6,441		104,215
	Community Bank System, Inc.		8,200		158,342
	Community Trust Bancorp, Inc.		3,823		93,472
	Danvers Bancorp, Inc.		4,500		58,455
	Eagle Bancorp, Inc. (a)		2,900		30,363
	East-West Bancorp, Inc.		22,400		353,920
	Enterprise Bancorp, Inc.		1,600		17,520
	Enterprise Financial Services Corp.		2,700		20,817
	F.N.B. Corp.		27,297		185,347
	Farmers Capital Bank Corp.		1,600		16,352
	Financial Institutions, Inc.		2,700		31,806
	First Bancorp, Inc.		2,100		32,382
	First Bancorp, North Carolina		3,536		49,398
	First BanCorp, Puerto Rico (b)		20,700		47,610
	First Busey Corp. (b)		9,314		36,231
	First Commonwealth Financial Corp.		21,040		97,836
	First Community Bancshares, Inc.		2,994		36,078
	First Financial Bancorp		11,887		173,075
	First Financial Bankshares, Inc.		5,253		284,870
	First Financial Corp. (b)		3,044		92,903
	First Merchants Corp.		5,246		31,161
	First Midwest Bancorp, Inc.		12,500		136,125
	The First of Long Island Corp.		1,600		40,400
	First South Bancorp, Inc.		2,100		21,630
	FirstMerit Corp.		19,529		393,314
	German American Bancorp, Inc. (b)		3,100		50,375
	Glacier Bancorp, Inc.		15,464		212,166
	Guaranty Bancorp (a)		13,200		17,424
	Hampton Roads Bankshares, Inc. (b)		4,400		7,612
	Hancock Holding Co.		6,554		287,000
	Harleysville National Corp.		10,736		69,140
��	Heartland Financial USA, Inc. (b)		3,200		45,920
	Home Bancshares, Inc.		3,760		90,503
	IBERIABANK Corp.		4,950		266,359
	Independent Bank Corp./MA		5,045		105,390
	International Bancshares Corp. (b)		13,210		250,065
	Investors Bancorp, Inc. (a)		11,200		122,528
	Lakeland Bancorp, Inc.		5,005		31,982
	Lakeland Financial Corp.		3,100		53,475
	MB Financial, Inc.		11,783		232,361
	MainSource Financial Group, Inc.		5,019		23,991
	Merchants Bancshares, Inc.		1,400		31,696

4

Master Small Cap Index Series of Quantitative Master Series LLC
Schedule of Investments December 31, 2009	(Percentages shown are based on Net Assets)

Industry	Common Stocks	Shares		Value
	Meridian Interstate Bancorp, Inc. (a)		2,200	$	19,118
	Metro Bancorp, Inc. (a)		1,700		21,369
	Midsouth Bancorp, Inc.		1,400		19,460
	NASB Financial, Inc.		900		20,961
	NBT Bancorp, Inc.		8,513		173,410
	Nara Bancorp, Inc.		7,200		81,648
	National Bankshares, Inc.		1,900		53,751
	National Penn Bancshares, Inc.		29,365		170,023
	Northeast Community Bancorp		1,300		8,541
	Northrim Bancorp Inc.		1,800		30,384
	Norwood Financial Corp.		400		11,436
	Ohio Valley Banc Corp.		1,000		22,030
	Old National Bancorp		20,295		252,267
	Old Point Financial Corp.		400		6,220
	Old Second Bancorp, Inc. (b)		3,422		23,578
	Oriental Financial Group		6,118		66,074
	Orrstown Financial Service, Inc. (b)		1,400		48,832
	Pacific Capital Bancorp (b)		8,862		8,508
	Pacific Continental Corp.		3,500		40,040
	PacWest Bancorp		6,011		121,122
	Park National Corp. (b)		2,715		159,859
	Peapack-Gladstone Financial Corp.		2,120		26,882
	Penns Woods Bancorp, Inc.		900		29,196
	Peoples Bancorp, Inc.		2,610		25,265
	Peoples Financial Corp.		1,300		26,416
	Pinnacle Financial Partners, Inc. (a)		7,800		110,916
	Porter Bancorp, Inc.		1,050		15,792
	PremierWest Bancorp		5,065		7,192
	PrivateBancorp, Inc.		11,896		106,707
	Prosperity Bancshares, Inc.		11,400		461,358
	Provident Financial Services, Inc.		14,958		159,303
	Renasant Corp.		5,298		72,053
	Republic Bancorp, Inc., Class A		2,254		46,432
	Republic First Bancorp, Inc. (a)		2,200		9,394
	Rockville Financial, Inc.		2,100		22,050
	Roma Financial Corp.		2,000		24,720
	S&T Bancorp, Inc. (b)		5,863		99,730
	SCBT Financial Corp.		2,863		79,276
	SVB Financial Group (a)		9,600		400,224
	SY Bancorp, Inc.		2,730		58,286
	Sandy Spring Bancorp, Inc.		4,114		36,573
	Santander BanCorp (a)		903		11,089
	Shore Bancshares, Inc.		2,100		30,366
	Sierra Bancorp		1,800		13,734
	Signature Bank (a)		9,600		306,240
	Simmons First National Corp., Class A		3,500		97,300
	Smithtown Bancorp, Inc.		3,500		20,825
	The South Financial Group, Inc.		38,100		24,563
	Southside Bancshares, Inc.		3,066		60,155
	Southwest Bancorp, Inc.		3,600		24,984

5

Master Small Cap Index Series of Quantitative Master Series LLC
Schedule of Investments December 31, 2009	(Percentages shown are based on Net Assets)

Industry	Common Stocks	Shares		Value
	State Bancorp, Inc.		3,600	$	25,596
	StellarOne Corp.		5,700		56,772
	Sterling Bancorp		4,516		32,244
	Sterling Bancshares, Inc.		17,914		91,899
	Sterling Financial Corp. (a)(b)		13,143		8,149
	Suffolk Bancorp		2,400		71,280
	Sun Bancorp, Inc. (a)		3,414		12,803
	Susquehanna Bancshares, Inc.		21,556		126,965
	Texas Capital Bancshares, Inc. (a)		9,161		127,888
	Tompkins Trustco, Inc.		2,140		86,670
	Tower Bancorp, Inc.		800		18,280
	Towne Bank (b)		5,300		61,904
	Trico Bancshares		3,378		56,244
	TrustCo Bank Corp. NY		19,161		120,714
	Trustmark Corp. (b)		14,727		331,947
	UMB Financial Corp.		8,052		316,846
	Umpqua Holdings Corp.		20,380		273,296
	Union Bankshares Corp.		3,750		46,463
	United Bankshares, Inc. (b)		9,800		195,706
	United Community Banks, Inc. (a)(b)		21,678		73,488
	United Security Bancshares (b)		1,700		29,138
	Univest Corp. of Pennsylvania		3,550		62,232
	Washington Banking Co.		2,800		33,432
	Washington Trust Bancorp, Inc.		3,500		54,530
	Webster Financial Corp.		16,300		193,481
	WesBanco, Inc.		5,563		68,647
	West Bancorp, Inc.		4,100		20,213
	Westamerica Bancorp (b)		6,783		375,575
	Western Alliance Bancorp (a)		11,900		44,982
	Wilber Corp.		1,300		9,360
	Wilshire Bancorp, Inc.		4,800		39,312
	Wintrust Financial Corp.		5,400		166,266
	Yardkin Valley Financial Corp.		4,000		14,640
					13,212,883
Banks: Savings, Thrift & Mortgage Lending - 1.0%	Abington Bancorp, Inc.		5,480		37,757
	Astoria Financial Corp.		21,500		267,245
	Bank Mutual Corp.		11,838		81,919
	BankFinancial Corp.		5,000		49,500
	Beneficial Mutual Bancorp, Inc. (a)		8,100		79,704
	Berkshire Hills Bancorp, Inc.		3,300		68,244
	Brookline Bancorp, Inc.		15,287		151,494
	Brooklyn Federal Bancorp, Inc.		1,100		11,044
	Clifton Savings Bancorp, Inc.		2,100		19,677
	Dime Community Bancshares, Inc.		6,949		81,442
	Doral Financial Corp. (a)		1,400		5,082
	ESB Financial Corp.		2,100		27,762
	ESSA Bancorp, Inc.		3,800		44,460
	First Defiance Financial Corp.		2,300		25,967
	First Financial Holdings, Inc.		3,326		43,205
	First Financial Northwest, Inc.		5,000		32,750

6

Master Small Cap Index Series of Quantitative Master Series LLC
Schedule of Investments December 31, 2009	(Percentages shown are based on Net Assets)

Industry	Common Stocks	Shares		Value
	First Financial Service Corp.		1,300	$	11,778
	Flagstar Bancorp, Inc. (a)		16,750		10,050
	Flushing Financial Corp.		6,475		72,908
	Fox Chase Bancorp, Inc. (a)		1,400		13,328
	Great Southern Bancorp, Inc.		2,400		51,264
	Heritage Financial Corp.		1,700		23,426
	Heritage Financial Group		1,000		7,250
	Home Bancorp, Inc. (a)		2,100		25,599
	Home Federal Bancorp, Inc.		4,000		53,240
	K Fed Bancorp		800		7,032
	Kearny Financial Corp.		4,100		41,328
	Kentucky First Federal Banco		1,200		13,200
	Legacy Bancorp, Inc./MA		1,700		16,762
	NewAlliance Bancshares, Inc.		25,000		300,250
	Northfield Bancorp, Inc.		4,500		60,840
	Northwest Bancshares, Inc.		9,375		106,125
	OceanFirst Financial Corp.		2,300		25,990
	Ocwen Financial Corp. (a)		13,265		126,946
	Oritani Financial Corp.		2,100		28,833
	Provident New York Bancorp		8,089		68,271
	Prudential Bancorp, Inc. of Pennsylvania		1,400		13,328
	Territorial BanCorp, Inc. (a)		2,800		50,540
	United Financial Bancorp, Inc.		4,300		56,373
	ViewPoint Financial Group		2,416		34,815
	WSFS Financial Corp.		1,591		40,777
	Waterstone Financial, Inc. (a)		1,400		2,870
	Westfield Financial, Inc.		7,812		64,449
					2,354,824
Beverage: Brewers & Distillers - 0.0%	Boston Beer Co., Inc., Class A (a)		1,900		88,540
Beverage: Soft Drinks - 0.1%	Coca-Cola Bottling Co. Consolidated		1,087		58,720
	Diedrich Coffee, Inc. (a)		700		24,395
	Farmer Bros. Co.		1,520		30,005
	Heckmann Corp. (a)		20,800		103,792
	National Beverage Corp.		2,128		29,494
	Peet’s Coffee & Tea, Inc. (a)		2,400		79,992
					326,398
Biotechnology - 3.9%	AMAG Pharmaceuticals, Inc. (a)		3,960		150,599
	ARYx Therapeutics, Inc. (a)		4,800		15,408
	AVI BioPharma, Inc. (a)(b)		21,200		30,952
	Accelrys, Inc. (a)		6,700		38,391
	Acorda Therapeutics, Inc. (a)		9,400		237,068
	Affymax, Inc. (a)		3,800		94,012
	Albany Molecular Research, Inc. (a)		5,787		52,546
	Allos Therapeutics, Inc. (a)		16,200		106,434
	Alnylam Pharmaceuticals, Inc. (a)(b)		9,000		158,580
	Amicus Therapeutics, Inc. (a)		4,100		16,277
	Arena Pharmaceuticals, Inc. (a)(b)		21,000		74,550
	Ariad Pharmaceuticals, Inc. (a)		23,719		54,079
	Arqule, Inc. (a)		10,100		37,269
	Array Biopharma, Inc. (a)		11,800		33,158

7

Master Small Cap Index Series of Quantitative Master Series LLC
Schedule of Investments December 31, 2009	(Percentages shown are based on Net Assets)

Industry	Common Stocks	Shares		Value
	BioDelivery Sciences International, Inc. (a)		2,800	$	11,004
	BioMimetic Therapeutics, Inc. (a)		3,022		36,052
	Biodel, Inc. (a)		4,000		17,360
	Cardium Therapeutics, Inc. (a)		9,500		6,460
	Celera Corp. (a)		20,200		139,582
	Cell Therapeutics, Inc. (a)(b)		130,900		149,226
	Celldex Therapeutics, Inc. (a)		5,900		27,612
	Cepheid, Inc. (a)		14,500		180,960
	Chelsea Therapeutics International, Inc. (a)		6,500		17,550
	Clinical Data, Inc. (a)		2,798		51,091
	Cornerstone Therapeutics, Inc. (a)		1,500		9,150
	Cubist Pharmaceuticals, Inc. (a)		13,967		264,954
	Curis, Inc. (a)		14,500		47,125
	Cypress Bioscience, Inc. (a)		9,500		54,720
	Cytokinetics, Inc. (a)		9,400		27,354
	Cytori Therapeutics, Inc. (a)(b)		6,700		40,870
	Discovery Laboratories, Inc. (a)(b)		22,800		14,330
	Dyax Corp. (a)		15,500		52,545
	Emergent Biosolutions, Inc. (a)		4,300		58,437
	Enzo Biochem, Inc. (a)		7,895		42,475
	Enzon Pharmaceuticals, Inc. (a)(b)		11,100		116,883
	Exelixis, Inc. (a)		26,618		196,175
	Facet Biotech Corp. (a)		5,780		101,612
	GTx, Inc. (a)(b)		4,600		19,320
	Genomic Health, Inc. (a)		3,400		66,504
	Geron Corp. (a)(b)		22,329		123,926
	Halozyme Therapeutics, Inc. (a)		16,000		93,920
	Harvard Bioscience, Inc. (a)		7,000		24,990
	Hemispherx Biopharma, Inc. (a)(b)		28,900		16,184
	Human Genome Sciences, Inc. (a)		43,600		1,334,160
	Idenix Pharmaceuticals, Inc. (a)		6,200		13,330
	Idera Pharmaceuticals, Inc. (a)		5,400		27,918
	ImmunoGen, Inc. (a)		13,100		102,966
	Immunomedics, Inc. (a)		15,000		48,150
	Incyte Corp. (a)		20,124		183,330
	Insmed, Inc. (a)		30,600		23,562
	InterMune, Inc. (a)		9,414		122,759
	Kensey Nash Corp. (a)		2,000		51,000
	Lexicon Genetics, Inc. (a)		21,200		36,040
	Ligand Pharmaceuticals, Inc., Class B (a)		29,400		63,798
	MannKind Corp. (a)(b)		13,450		117,822
	Martek Biosciences Corp. (a)		7,400		140,156
	Maxygen, Inc. (a)		6,201		37,764
	Medivation, Inc. (a)		6,600		248,490
	Metabolix, Inc. (a)		4,700		52,029
	Micromet, Inc. (a)(b)		13,200		87,912
	Molecular Insight Pharmaceuticals, Inc. (a)		4,300		9,675
	Momenta Pharmaceuticals, Inc. (a)		9,100		114,751
	Myriad Pharmaceuticals, Inc. (a)		4,675		23,515
	NPS Pharmaceuticals, Inc. (a)		11,900		40,460

8

Master Small Cap Index Series of Quantitative Master Series LLC
Schedule of Investments December 31, 2009	(Percentages shown are based on Net Assets)

Industry	Common Stocks	Shares		Value
	Nabi Biopharmaceuticals (a)		12,854	$	62,985
	Nanosphere, Inc. (a)		2,600		16,744
	Nektar Therapeutics (a)		23,100		215,292
	Neurocrine Biosciences, Inc. (a)		9,800		26,656
	Neurogesx, Inc. (a)		3,000		23,130
	Novavax, Inc. (a)(b)		14,700		39,102
	Omeros Corp. (a)		700		4,914
	OncoGenex Pharmaceutical, Inc. (a)		1,000		22,280
	Onyx Pharmaceuticals, Inc. (a)		14,820		434,819
	Opko Health, Inc. (a)		10,700		19,581
	Orexigen Therapeutics, Inc. (a)		5,800		43,152
	Osiris Therapeutics, Inc. (a)		4,100		29,274
	OxiGene, Inc. (a)(b)		8,200		9,348
	PDL BioPharma, Inc.		27,200		186,592
	Pharmasset, Inc. (a)		5,000		103,500
	Poniard Pharmaceuticals, Inc. (a)(b)		6,400		11,712
	Progenics Pharmaceuticals, Inc. (a)		6,700		29,748
	Protalix BioTherapeutics, Inc. (a)(b)		9,260		61,301
	RTI Biologics, Inc. (a)		13,200		50,688
	Regeneron Pharmaceuticals, Inc. (a)		15,519		375,249
	Repligen Corp. (a)		7,700		31,647
	Repros Therapeutics, Inc. (a)		2,100		1,673
	Rigel Pharmaceuticals, Inc. (a)		12,170		115,737
	Sangamo Biosciences, Inc. (a)		10,300		60,976
	Savient Pharmaceuticals, Inc. (a)		15,328		208,614
	Seattle Genetics, Inc. (a)		19,800		201,168
	Sequenom, Inc. (a)(b)		12,800		52,992
	StemCells, Inc. (a)(b)		21,700		27,342
	Sucampo Pharmaceuticals, Inc., Class A (a)		2,300		9,292
	Synta Pharmaceuticals Corp. (a)		4,100		20,746
	Theravance, Inc. (a)		13,300		173,831
	Vanda Pharmaceuticals, Inc. (a)		6,500		73,060
	ViroPharma, Inc. (a)		19,400		162,766
	ZymoGenetics, Inc. (a)		9,200		58,788
					8,951,980
Building Materials - 0.9%	Acuity Brands, Inc.		9,960		354,974
	Ameron International Corp.		2,100		133,266
	BlueLinx Holdings, Inc. (a)		2,600		7,202
	Builders FirstSource, Inc. (a)(b)		4,000		15,400
	Gibraltar Industries, Inc.		6,734		105,926
	Griffon Corp. (a)		10,455		127,760
	Headwaters, Inc. (a)		13,146		85,712
	LSI Industries, Inc.		4,712		37,131
	Louisiana-Pacific Corp. (a)		29,400		205,212
	NCI Building Systems, Inc. (a)		18,568		33,608
	Orion Energy Systems, Inc. (a)		4,100		17,999
	Quanex Building Products Corp.		9,410		159,688
	Simpson Manufacturing Co., Inc. (b)		9,532		256,315
	Texas Industries, Inc.		5,705		199,618
	Trex Co., Inc. (a)		3,809		74,656

9

Master Small Cap Index Series of Quantitative Master Series LLC
Schedule of Investments December 31, 2009	(Percentages shown are based on Net Assets)

Industry	Common Stocks	Shares		Value
	Watsco, Inc.		6,165	$	301,962
					2,116,429
Building: Climate Control - 0.1%	Aaon, Inc.		2,650		51,649
	Comfort Systems USA, Inc.		9,800		120,932
	Interline Brands, Inc. (a)		8,100		139,887
					312,468
Building: Roofing, Wallboard & Plumbing - 0.1%	Beacon Roofing Supply, Inc. (a)		10,150		162,400
Cable Television Services - 0.1%	Knology, Inc. (a)		7,000		76,650
	Mediacom Communications Corp., Class A (a)		9,900		44,253
					120,903
Casinos & Gambling - 0.4%	Ameristar Casinos, Inc.		6,400		97,472
	Bally Technologies, Inc. (a)		12,800		528,512
	Dover Downs Gaming & Entertainment, Inc.		3,605		13,627
	Isle of Capri Casinos, Inc. (a)		3,975		29,733
	Lakes Entertainment, Inc. (a)		5,300		13,303
	Monarch Casino & Resort, Inc. (a)		2,200		17,820
	Multimedia Games, Inc. (a)		7,300		43,873
	Pinnacle Entertainment, Inc. (a)		14,994		134,646
	Shuffle Master, Inc. (a)		13,500		111,240
	Youbet.com, Inc. (a)		6,900		19,803
					1,010,029
Cement - 0.0%	U.S. Concrete, Inc. (a)		8,400		7,644
Chemicals: Diversified - 1.2%	Aceto Corp.		6,200		31,930
	American Vanguard Corp.		4,733		39,284
	Arch Chemicals, Inc.		6,356		196,273
	Hawkins, Inc.		1,700		37,111
	Innophos Holdings, Inc.		4,290		98,627
	LSB Industries, Inc. (a)		4,300		60,630
	Landec Corp. (a)		7,000		43,680
	OM Group, Inc. (a)		7,200		226,008
	Olin Corp.		18,514		324,365
	Omnova Solutions, Inc. (a)		9,800		60,074
	PolyOne Corp. (a)		23,167		173,057
	Rockwood Holdings, Inc. (a)		12,200		287,432
	Schulman A, Inc.		5,106		103,039
	Sensient Technologies Corp.		11,857		311,839
	ShengdaTech, Inc. (a)		7,000		42,910
	Solutia, Inc. (a)		28,485		361,760
	W.R. Grace & Co. (a)		17,300		438,555
	Westlake Chemical Corp.		4,800		119,664
					2,956,238
Chemicals: Specialty - 0.5%	Balchem Corp.		4,600		154,146
	Calgon Carbon Corp. (a)		12,601		175,154
	ICO, Inc.		5,600		40,936
	Innospec, Inc.		5,900		59,531
	NewMarket Corp.		2,300		263,971
	Polypore International, Inc. (a)		6,000		71,400
	Quaker Chemical Corp.		2,700		55,728
	Stepan Co.		1,955		126,704

10

Master Small Cap Index Series of Quantitative Master Series LLC
Schedule of Investments December 31, 2009	(Percentages shown are based on Net Assets)

Industry	Common Stocks	Shares		Value
	Zep, Inc.		5,380	$	93,182
					1,040,752
Coal - 0.3%	Cloud Peak Energy, Inc. (a)		6,700		97,552
	International Coal Group, Inc. (a)		21,700		83,762
	James River Coal Co. (a)		6,200		114,886
	Patriot Coal Corp. (a)		17,500		270,550
	Westmoreland Coal Co. (a)		2,400		21,384
					588,134
Commercial Finance & Mortgage Companies - 0.1%	Financial Federal Corp.		6,500		178,750
	Medallion Financial Corp.		3,700		30,229
	NewStar Financial, Inc. (a)		6,000		23,520
					232,499
Commercial Services - 2.6%	ABM Industries, Inc.		11,370		234,904
	APAC Customer Services, Inc. (a)		6,900		41,124
	Administaff, Inc.		5,061		119,389
	The Advisory Board Co. (a)		3,900		119,574
	Barrett Business Services, Inc.		1,800		22,122
	CBIZ, Inc. (a)		10,953		84,338
	CDI Corp.		3,101		40,158
	CRA International, Inc. (a)		2,400		63,960
	CoStar Group, Inc. (a)		4,450		185,876
	Compass Diversified Holdings		5,800		74,008
	Cornell Cos., Inc. (a)		2,500		56,750
	Corporate Executive Board Co.		8,100		184,842
	Diamond Management & Technology Consultants, Inc.		5,500		40,535
	Dice Holdings, Inc. (a)		3,600		23,580
	DynCorp. International, Inc. (a)		6,100		87,535
	ExlService Holdings, Inc. (a)		3,800		69,008
	Forrester Research, Inc. (a)		3,281		85,142
	G&K Services, Inc., Class A		4,677		117,533
	GP Strategies Corp. (a)		3,600		27,108
	The Geo Group, Inc. (a)		12,100		264,748
	Global Sources Ltd. (a)		3,997		24,981
	The Hackett Group, Inc. (a)		9,600		26,688
	Healthcare Services Group, Inc.		10,537		226,124
	Heidrick & Struggles International, Inc.		3,758		117,400
	Huron Consulting Group, Inc. (a)		5,000		115,200
	ICF International, Inc. (a)		1,700		45,560
	ICT Group, Inc. (a)		2,100		34,293
	Innodata Corp. (a)		4,300		23,822
	Kelly Services, Inc., Class A		6,468		77,163
	Kforce, Inc. (a)		7,400		92,500
	Korn/Ferry International (a)		10,168		167,772
	Liquidity Services, Inc. (a)		3,600		36,252
	LoopNet, Inc. (a)		4,700		46,718
	MAXIMUS, Inc.		4,004		200,200
	MPS Group, Inc. (a)		22,805		313,341
	Mac-Gray Corp. (a)		3,100		31,930
	Navigant Consulting, Inc. (a)		12,323		183,120

11

Master Small Cap Index Series of Quantitative Master Series LLC
Schedule of Investments December 31, 2009	(Percentages shown are based on Net Assets)

Industry	Common Stocks	Shares		Value
	On Assignment, Inc. (a)		8,900	$	63,635
	Resources Connection, Inc. (a)		11,232		238,343
	Rollins, Inc.		10,953		211,174
	SYKES Enterprises, Inc. (a)		8,161		207,861
	Spherion Corp. (a)		12,929		72,661
	Standard Parking Corp. (a)		1,600		25,408
	Startek, Inc. (a)		3,300		24,684
	TeleTech Holdings, Inc. (a)		7,789		156,014
	TrueBlue, Inc. (a)		10,922		161,755
	Unifirst Corp.		3,500		168,385
	Volt Information Sciences, Inc. (a)		2,938		29,380
	Watson Wyatt Worldwide, Inc. (a)		9,915		471,161
	World Fuel Services Corp.		13,800		369,702
					5,905,461
Commercial Services: Rental & Leasing - 0.4%	Aircastle Ltd.		11,800		116,230
	CAI International, Inc. (a)		2,200		19,866
	Electro Rent Corp.		4,453		51,388
	H&E Equipment Services, Inc. (a)		6,600		69,234
	McGrath RentCorp		6,010		134,384
	Mobile Mini, Inc. (a)		9,142		128,811
	PHH Corp. (a)(b)		13,064		210,461
	RSC Holdings, Inc. (a)		11,800		83,072
	TAL International Group, Inc.		3,600		47,628
	United Rentals, Inc. (a)		15,000		147,150
	Willis Lease Finance Corp. (a)		1,500		22,500
					1,030,724
Commercial Vehicles & Parts - 0.2%	Force Protection, Inc. (a)		17,500		91,175
	Miller Industries, Inc. (a)		2,700		30,645
	Modine Manufacturing Co.		10,694		126,617
	Rush Enterprises, Inc., Class A (a)		8,200		97,498
	Spartan Motors, Inc.		8,100		45,603
					391,538
Communications Technology - 2.9%	3Com Corp. (a)		93,000		697,500
	AboveNet, Inc. (a)		3,000		195,120
	Acme Packet, Inc. (a)		10,100		111,100
	Adtran, Inc.		12,700		286,385
	Airvana, Inc. (a)		5,300		40,280
	Anaren, Inc. (a)		3,022		45,481
	Anixter International, Inc. (a)		6,872		323,671
	Aruba Networks, Inc. (a)		14,900		158,834
	Bel Fuse, Inc.		2,559		54,993
	BigBand Networks, Inc. (a)		8,200		28,208
	Black Box Corp.		4,088		115,854
	Comtech Telecommunications Corp. (a)		6,425		225,196
	Digi International, Inc. (a)		6,200		56,544
	DigitalGlobe, Inc. (a)		3,800		91,960
	EMS Technologies, Inc. (a)		3,800		55,100
	Echelon Corp. (a)(b)		8,413		97,254
	Emulex Corp. (a)		19,000		207,100
	Extreme Networks, Inc. (a)		22,300		64,001

12

Master Small Cap Index Series of Quantitative Master Series LLC
Schedule of Investments December 31, 2009	(Percentages shown are based on Net Assets)

Industry	Common Stocks	Shares		Value
	GSI Technology, Inc. (a)		4,100	$	18,368
	GeoEye, Inc. (a)		4,100		114,308
	Globecomm Systems, Inc. (a)		5,200		40,664
	Harmonic, Inc. (a)		23,996		151,895
	Harris Stratex Networks, Inc., Class A (a)		13,450		92,939
	Hughes Communications, Inc. (a)		2,100		54,663
	Infinera Corp. (a)		20,600		182,722
	InterDigital, Inc. (a)(b)		10,200		270,708
	Ixia (a)		7,229		53,784
	KVH Industries, Inc. (a)		2,700		39,825
	Loral Space & Communications Ltd. (a)		2,700		85,347
	NETGEAR, Inc. (a)		8,100		175,689
	Network Equipment Technologies, Inc. (a)		8,100		32,805
	Novatel Wireless, Inc. (a)		6,300		50,211
	Oplink Communications, Inc. (a)		4,402		72,149
	PC-Tel, Inc. (a)		4,800		28,416
	Plantronics, Inc.		12,099		314,332
	Polycom, Inc. (a)		19,600		489,412
	Power-One, Inc. (a)		19,200		83,520
	Riverbed Technology, Inc. (a)		13,000		298,610
	SeaChange International, Inc. (a)		7,500		49,275
	Shoretel, Inc. (a)		10,309		59,586
	Sonus Networks, Inc. (a)		51,600		108,876
	Switch and Data Facilities Co., Inc. (a)		5,000		101,050
	Sycamore Networks, Inc.		4,940		103,295
	Syniverse Holdings, Inc. (a)		16,600		290,168
	Tekelec (a)		15,200		232,256
	Viasat, Inc. (a)		6,301		200,246
					6,649,700
Computer Services Software & Systems - 6.7%	3PAR, Inc. (a)		6,700		79,395
	ACI Worldwide, Inc. (a)(c)		8,685		148,948
	AMICAS, Inc. (a)		8,100		44,064
	ActivIdentity Corp. (a)		12,900		30,315
	Actuate Corp. (a)		11,200		47,936
	Acxiom Corp. (a)		16,900		226,798
	American Reprographics Co. (a)		9,100		63,791
	American Software, Class A		5,700		34,200
	ArcSight, Inc. (a)		4,100		104,878
	Ariba, Inc. (a)		21,480		268,930
	Art Technology Group, Inc. (a)		31,700		142,967
	AsiaInfo Holdings, Inc. (a)		7,200		219,384
	Avid Technology, Inc. (a)		7,400		94,424
	Blackbaud, Inc.		10,926		258,181
	Blackboard, Inc. (a)		7,800		354,042
	Blue Coat Systems, Inc. (a)		9,600		273,984
	Bottomline Technologies, Inc. (a)		6,500		114,205
	CACI International, Inc., Class A (a)		6,900		337,065
	COMSYS IT Partners, Inc. (a)		3,600		32,004
	CSG Systems International, Inc. (a)		8,500		162,265
	Callidus Software, Inc. (a)		7,300		22,046

13

Master Small Cap Index Series of Quantitative Master Series LLC
Schedule of Investments December 31, 2009	(Percentages shown are based on Net Assets)

Industry	Common Stocks	Shares		Value
	China Information Security Technology, Inc. (a)		6,700	$	41,272
	China Transinfo Technology (a)		2,100		17,157
	Chordiant Software, Inc. (a)		7,540		20,735
	Ciber, Inc. (a)		18,202		62,797
	ComScore, Inc. (a)		5,600		98,280
	CommVault Systems, Inc. (a)		10,100		239,269
	Compellent Technologies, Inc. (a)		4,100		92,988
	Computer Task Group, Inc. (a)		4,300		34,443
	Concur Technologies, Inc. (a)		9,800		418,950
	DealerTrack Holdings, Inc. (a)		9,600		180,384
	Delrek, Inc. (a)		3,529		27,456
	DemandTec, Inc. (a)		5,000		43,850
	Digital River, Inc. (a)		8,800		237,512
	DivX, Inc. (a)		8,700		49,068
	Double-Take Software, Inc. (a)		4,300		42,957
	EarthLink, Inc.		23,900		198,609
	Ebix, Inc. (a)		1,600		78,128
	eLoyalty Corp. (a)		2,100		14,427
	Epicor Software Corp. (a)		11,200		85,344
	EPIQ Systems, Inc. (a)		7,817		109,360
	ePlus, Inc. (a)		800		13,208
	FalconStor Software, Inc. (a)		8,909		36,171
	Fortinet, Inc. (a)		2,400		42,168
	GSE Systems, Inc. (a)		4,300		23,564
	Gartner, Inc., Class A (a)		14,879		268,417
	i2 Technologies, Inc. (a)		3,800		72,656
	iGate Corp.		5,500		55,000
	Imergent, Inc.		1,600		9,712
	infoGROUP, Inc.		8,061		64,649
	Informatica Corp. (a)		20,800		537,888
	Infospace, Inc. (a)		8,700		74,559
	Integral Systems, Inc. (a)		3,182		27,556
	Interactive Intelligence, Inc. (a)		3,100		57,164
	Internap Network Services Corp. (a)		12,690		59,643
	Internet Brands, Inc., Class A (a)		7,300		57,159
	Internet Capital Group, Inc. (a)		9,200		61,180
	JDA Software Group, Inc. (a)		6,608		168,306
	Kenexa Corp. (a)		5,600		73,080
	Keynote Systems, Inc.		3,100		33,821
	Lawson Software, Inc. (a)		34,000		226,100
	Limelight Networks, Inc. (a)		7,100		27,903
	Lionbridge Technologies, Inc. (a)		16,100		37,030
	LivePerson, Inc. (a)		9,800		68,306
	LogMeIn, Inc. (a)		1,700		33,915
	Manhattan Associates, Inc. (a)		5,639		135,505
	Mantech International Corp., Class A (a)		5,100		246,228
	Mentor Graphics Corp. (a)		23,600		208,388
	Mercury Computer Systems, Inc. (a)		5,756		63,374
	MicroStrategy, Inc., Class A (a)		2,000		188,040
	Moduslink Global Solutions, Inc. (a)		11,480		108,027

14

Master Small Cap Index Series of Quantitative Master Series LLC
Schedule of Investments December 31, 2009	(Percentages shown are based on Net Assets)

Industry	Common Stocks	Shares		Value
	Monotype Imaging Holdings, Inc. (a)		5,900	$	53,277
	NCI, Inc., Class A (a)		1,200		33,180
	NIC, Inc.		13,100		119,734
	Ness Technologies, Inc. (a)		9,700		47,530
	NetScout Systems, Inc. (a)		5,800		84,912
	NetSuite, Inc. (a)		4,000		63,920
	OpenTable, Inc. (a)		700		17,822
	Openwave Systems, Inc. (a)		22,100		50,388
	Opnet Technologies, Inc.		3,022		36,838
	PAR Technology Corp. (a)		2,000		11,560
	PROS Holdings, Inc. (a)		4,500		46,575
	Parametric Technology Corp. (a)		28,160		460,134
	Pegasystems, Inc.		3,400		115,600
	Perficient, Inc. (a)		7,200		60,696
	Pervasive Software Inc. (a)		3,500		16,870
	Phoenix Technologies Ltd. (a)		7,300		20,075
	Progress Software Corp. (a)		10,008		292,334
	QAD, Inc.		2,900		17,719
	Quest Software, Inc. (a)		14,300		263,120
	Rackspace Hosting, Inc. (a)		16,200		337,770
	Radiant Systems, Inc. (a)		6,900		71,760
	RealNetworks, Inc. (a)		21,100		78,281
	RightNow Technologies, Inc. (a)		5,200		90,324
	SAVVIS, Inc. (a)		9,180		128,979
	SRA International, Inc., Class A (a)		10,400		198,640
	SYNNEX Corp. (a)		4,200		128,772
	Saba Software, Inc. (a)		5,600		23,184
	Sapient Corp. (a)		21,492		177,739
	Smith Micro Software, Inc. (a)		6,700		61,238
	SolarWinds, Inc. (a)		2,900		66,729
	Solera Holdings, Inc.		16,900		608,569
	SonicWALL, Inc. (a)		13,441		102,286
	Sourcefire, Inc. (a)		5,585		149,399
	Stanley, Inc. (a)		3,000		82,230
	SuccessFactors, Inc. (a)		10,700		177,406
	Support.com, Inc. (a)		11,600		30,624
	Synchronoss Technologies, Inc. (a)		5,000		79,050
	Syntel, Inc.		3,183		121,049
	TIBCO Software, Inc. (a)		40,700		391,941
	TNS, Inc. (a)		6,100		156,709
	Taleo Corp., Class A (a)		9,000		211,680
	TechTarget, Inc. (a)		2,900		16,327
	TeleCommunication Systems, Inc., Class A (a)		9,400		90,992
	Terremark Worldwide, Inc. (a)		13,460		92,066
	Tier Technologies, Inc., Class B (a)		4,100		32,800
	Tyler Technologies, Inc. (a)		7,500		149,325
	Ultimate Software Group, Inc. (a)		6,100		179,157
	Unica Corp. (a)		3,100		24,025
	Unisys Corp. (a)		10,010		385,986
	United Online, Inc.		20,628		148,315

15

Master Small Cap Index Series of Quantitative Master Series LLC
Schedule of Investments December 31, 2009	(Percentages shown are based on Net Assets)

Industry	Common Stocks	Shares		Value
	VASCO Data Security International, Inc. (a)		6,700	$	42,009
	VeriFone Holdings, Inc. (a)		17,800		291,564
	Virtusa Corp. (a)		3,000		27,180
	Web.Com Group, Inc. (a)		7,000		45,710
	Websense, Inc. (a)		11,102		193,841
	Zix Corp. (a)		14,600		24,966
					15,262,431
Computer Technology - 0.9%	Adaptec, Inc. (a)		26,000		87,100
	Cray, Inc. (a)		8,300		53,286
	Dynamics Research Corp. (a)		2,000		21,220
	Imation Corp.		6,100		53,192
	Immersion Corp. (a)		7,000		31,990
	Insight Enterprises, Inc. (a)		11,598		132,449
	Intermec, Inc. (a)		15,509		199,446
	Isilon Systems, Inc. (a)		6,100		41,846
	Netezza Corp. (a)		12,100		117,370
	PC Connection, Inc. (a)		2,100		14,175
	PC Mall, Inc. (a)		2,800		14,616
	Palm, Inc. (a)(b)		38,988		391,440
	Quantum Corp. (a)		48,600		142,398
	Radisys Corp. (a)		5,842		55,791
	Rimage Corp. (a)		2,300		39,882
	STEC, Inc. (a)(b)		5,400		88,236
	Safeguard Scientifics, Inc. (a)		4,533		46,735
	Silicon Graphics International Corp. (a)		7,400		51,874
	Stratasys, Inc. (a)		5,100		88,128
	Super Micro Computer, Inc. (a)		5,300		58,936
	Synaptics, Inc. (a)(b)		7,900		242,135
					1,972,245
Construction - 0.6%	EMCOR Group, Inc. (a)		16,172		435,027
	Granite Construction, Inc.		7,837		263,793
	Great Lakes Dredge & Dock Corp.		9,200		59,616
	Insituform Technologies, Inc., Class A (a)		9,738		221,247
	Orion Marine Group, Inc. (a)		6,300		132,678
	Primoris Services Corp.		1,800		14,346
	Sterling Construction Co., Inc. (a)		3,600		69,048
	Tutor Perini Corp. (a)		6,300		113,904
					1,309,659
Consumer Electronics - 0.2%	Audiovox Corp., Class A (a)		4,285		30,381
	Ipass, Inc.		11,400		11,856
	TiVo, Inc. (a)		25,494		259,529
	Universal Electronics, Inc. (a)		2,986		69,335
					371,101
Consumer Lending - 0.7%	Advance America, Cash Advance Centers, Inc.		10,600		58,936
	Asset Acceptance Capital Corp. (a)		3,700		25,086
	Cash America International, Inc.		6,919		241,888
	Credit Acceptance Corp. (a)(b)		1,562		65,760
	Dollar Financial Corp. (a)		6,000		141,960
	Encore Capital Group, Inc. (a)		3,300		57,420
	Ezcorp, Inc. (a)		11,000		189,310

16

Master Small Cap Index Series of Quantitative Master Series LLC
Schedule of Investments December 31, 2009	(Percentages shown are based on Net Assets)

Industry	Common Stocks	Shares		Value
	First Cash Financial Services, Inc. (a)		5,000	$	110,950
	The First Marblehead Corp. (a)		15,500		33,015
	MGIC Investment Corp. (a)(b)		28,600		165,308
	MoneyGram International, Inc. (a)		19,400		55,872
	Nelnet, Inc., Class A		4,700		80,981
	Portfolio Recovery Associates, Inc. (a)(b)		3,900		175,032
	QC Holdings, Inc.		1,400		6,734
	Tree.com, Inc. (a)		1,400		12,810
	World Acceptance Corp. (a)(b)		3,700		132,571
					1,553,633
Consumer Services: Miscellaneous - 0.7%	Ancestry.com, Inc. (a)		1,200		16,812
	Coinstar, Inc. (a)		6,892		191,460
	Core-Mark Holdings Co., Inc. (a)		2,300		75,808
	Jackson Hewitt Tax Service, Inc.		5,500		24,200
	The Knot, Inc. (a)		7,400		74,518
	Mercadolibre, Inc. (a)		6,300		326,781
	Move, Inc. (a)		40,000		66,400
	Nutrisystem, Inc. (b)		7,100		221,307
	Pre-Paid Legal Services, Inc. (a)		1,760		72,301
	Sotheby’s Holdings, Inc., Class A (b)		16,236		364,985
	Steiner Leisure Ltd. (a)		3,700		147,112
					1,581,684
Containers & Packaging - 0.5%	AEP Industries, Inc. (a)		1,300		49,764
	Bway Holding Co. (a)		1,900		36,518
	Graphic Packaging Holding Co. (a)		26,300		91,261
	Myers Industries, Inc.		7,852		71,453
	Rock-Tenn Co., Class A		9,180		462,764
	Silgan Holdings, Inc.		6,200		358,856
					1,070,616
Cosmetics - 0.2%	Bare Escentuals, Inc. (a)		16,500		201,795
	Elizabeth Arden, Inc. (a)		6,093		87,983
	Inter Parfums, Inc.		3,550		43,203
	Revlon, Inc., Class A (a)		4,500		76,545
					409,526
Diversified Financial Services - 0.5%	American Physicians Service Group, Inc.		1,500		34,605
	Broadpoint Gleacher Securities, Inc. (a)		11,800		52,628
	Cheviot Financial Corp.		500		3,695
	Duff & Phelps Corp.		4,200		76,692
	Evercore Partners, Inc., Class A		3,200		97,280
	FBR Capital Markets Corp. (a)		3,600		22,248
	First California Financial Group (a)		1,100		3,014
	Main Street Capital Corp.		1,600		25,792
	Piper Jaffray Cos. (a)		4,500		227,745
	Rewards Network, Inc.		1,833		23,169
	Sanders Morris Harris Group, Inc.		4,500		24,750
	Stifel Financial Corp. (a)		7,149		423,507
	Thomas Weisel Partners Group, Inc. (a)		5,000		18,900
	Triangle Capital Corp.		2,100		25,389
					1,059,414

17

Master Small Cap Index Series of Quantitative Master Series LLC
Schedule of Investments December 31, 2009	(Percentages shown are based on Net Assets)

Industry	Common Stocks	Shares		Value
Diversified Manufacturing Operations - 0.2%	A.M. Castle & Co.		4,100	$	56,129
	Barnes Group, Inc.		11,714		197,967
	Federal Signal Corp.		12,159		73,197
	Raven Industries, Inc.		4,000		127,080
	Standex International Corp.		3,031		60,893
	Trimas Corp. (a)		3,700		25,049
					540,315
Diversified Materials & Processing - 0.8%	Belden, Inc.		11,561		253,417
	Cabot Microelectronics Corp. (a)		5,800		191,168
	Clarcor, Inc.		12,610		409,068
	Encore Wire Corp. (b)		4,450		93,761
	Fushi Copperweld, Inc. (a)		3,800		38,456
	Harbinger Group, Inc. (a)		2,100		14,742
	Hexcel Corp. (a)		23,962		311,027
	Insteel Industries, Inc.		4,400		57,200
	Koppers Holdings, Inc.		5,000		152,200
	NL Industries, Inc.		1,734		12,034
	Rogers Corp. (a)		4,055		122,907
	Symyx Technologies, Inc. (a)		8,479		46,635
	Tredegar Corp.		7,245		114,616
	Uranium Energy Corp. (a)		12,500		47,250
					1,864,481
Diversified Media - 0.1%	Belo Corp., Class A		22,100		120,224
	EW Scripps Co. (a)		6,200		43,152
	Playboy Enterprises, Inc., Class B (a)		5,507		17,622
					180,998
Diversified Retail - 0.6%	99 Cents Only Stores (a)		11,500		150,305
	Dillard’s, Inc., Class A		11,800		217,710
	Fred’s, Inc.		8,535		87,057
	GSI Commerce, Inc. (a)		6,900		175,191
	Gaiam, Inc. (a)		4,467		34,351
	HSN, Inc. (a)		9,800		197,862
	Lumber Liquidators, Inc. (a)		3,200		85,760
	Overstock.com, Inc. (a)		3,900		52,884
	PriceSmart, Inc.		4,200		85,848
	Saks, Inc. (a)(b)		29,600		194,176
	Tuesday Morning Corp. (a)		7,490		19,324
					1,300,468
Drug & Grocery Store Chains - 0.7%	Arden Group, Inc., Class A		232		22,184
	Casey’s General Stores, Inc.		12,107		386,455
	drugstore.com, Inc. (a)		21,500		66,435
	The Great Atlantic & Pacific Tea Co., Inc. (a)		8,427		99,354
	Ingles Markets, Inc., Class A		3,164		47,871
	Nash Finch Co.		3,277		121,544
	The Pantry, Inc. (a)		4,600		62,514
	PetMed Express, Inc. (b)		5,500		96,965
	Ruddick Corp.		9,869		253,929
	Spartan Stores, Inc.		5,500		78,595
	Susser Holdings Corp. (a)		1,900		16,321
	Village Super Market, Inc., Class A		1,600		43,712

18

Master Small Cap Index Series of Quantitative Master Series LLC
Schedule of Investments December 31, 2009	(Percentages shown are based on Net Assets)

Industry	Common Stocks	Shares		Value
	Weis Markets, Inc.		2,700	$	98,172
	Winn-Dixie Stores, Inc. (a)		13,800		138,552
					1,532,603
Education Services - 0.6%	Ambassadors Group, Inc.		4,700		62,463
	American Public Education, Inc. (a)		4,000		137,440
	Archipelago Learning, Inc. (a)		1,300		26,910
	Bridgepoint Education, Inc. (a)		3,600		54,072
	Capella Education Co. (a)		3,300		248,490
	Chinacast Education Corp. (a)		7,800		58,968
	Corinthian Colleges, Inc. (a)(b)		18,400		253,368
	Franklin Covey Co. (a)		3,700		23,310
	Grand Canyon Education, Inc. (a)		3,800		72,238
	K12, Inc. (a)		5,300		107,431
	Learning Tree International, Inc. (a)		2,100		25,074
	Lincoln Educational Services Corp. (a)		1,800		39,006
	Nobel Learning Communities, Inc. (a)		1,400		10,626
	The Princeton Review, Inc. (a)		3,600		14,616
	Renaissance Learning, Inc.		1,249		14,189
	Rosetta Stone, Inc. (a)		1,700		30,515
	School Specialty, Inc. (a)		4,654		108,857
	Universal Technical Institute, Inc. (a)		5,300		107,060
					1,394,633
Electronic Components - 0.5%	3D Systems Corp. (a)		4,400		49,720
	Acacia Research - Acacia Technologies (a)		7,700		70,147
	Checkpoint Systems, Inc. (a)		9,823		149,801
	Cogent, Inc. (a)		9,000		93,510
	DDi Corp. (a)		4,300		21,027
	Methode Electronics, Inc.		9,480		82,286
	Microvision, Inc. (a)(b)		18,900		59,913
	Multi-Fineline Electronix, Inc. (a)		2,400		68,088
	NVE Corp. (a)		1,000		41,310
	Park Electrochemical Corp.		5,149		142,318
	ScanSource, Inc. (a)		6,500		173,550
	Smart Modular Technologies WWH, Inc. (a)		9,200		57,868
	TTM Technologies, Inc. (a)		10,800		124,524
	Technitrol, Inc.		10,361		45,381
	Universal Display Corp. (a)(b)		7,107		87,843
					1,267,286
Electronic Entertainment - 0.2%	DTS, Inc. (a)		3,800		129,998
	Memsic, Inc. (a)		4,800		15,744
	THQ, Inc. (a)(b)		15,537		78,306
	Take-Two Interactive Software, Inc. (a)(b)		18,000		180,900
					404,948
Electronics - 0.5%	Agilysys, Inc.		3,163		28,783
	American Science & Engineering, Inc.		2,000		151,680
	CPI International, Inc. (a)		1,800		23,832
	Coherent, Inc. (a)		5,300		157,569
	Daktronics, Inc. (b)		8,398		77,346
	II-VI, Inc. (a)		6,220		197,796
	IPG Photonics Corp. (a)		5,600		93,744

19

Master Small Cap Index Series of Quantitative Master Series LLC
Schedule of Investments December 31, 2009	(Percentages shown are based on Net Assets)

Industry	Common Stocks	Shares		Value
	iRobot Corp. (a)		4,700	$	82,720
	Newport Corp. (a)		9,035		83,032
	Rofin-Sinar Technologies, Inc. (a)		7,300		172,353
	SRS Labs Inc. (a)		2,600		19,058
	Spectrum Control, Inc. (a)		2,900		27,463
					1,115,376
Energy Equipment - 0.2%	Ascent Solar Technologies, Inc. (a)		3,600		19,080
	Energy Conversion Devices, Inc. (a)(b)		10,564		111,661
	Evergreen Solar, Inc. (a)(b)		48,300		72,933
	FuelCell Energy, Inc. (a)		16,926		63,642
	GT Solar International, Inc. (a)(b)		7,400		41,144
	PowerSecure International, Inc. (a)		4,300		31,003
	Raser Technologies, Inc. (a)(b)		12,700		15,748
	STR Holdings, Inc. (a)		2,300		36,133
					391,344
Engineering & Contracting Services - 0.5%	Argan, Inc. (a)		2,100		30,219
	Dycom Industries, Inc. (a)		9,902		79,513
	ENGlobal Corp. (a)		4,100		12,833
	Exponent, Inc. (a)		3,404		94,767
	Furmamite Corp. (a)		9,000		34,290
	Hill International, Inc. (a)		6,200		38,688
	Integrated Electrical Services, Inc. (a)		1,800		10,530
	Layne Christensen Co. (a)		4,900		140,679
	MYR Group, Inc. (a)		3,700		66,896
	Michael Baker Corp. (a)		1,900		78,660
	Mistras Group, Inc. (a)		1,800		27,108
	Tetra Tech, Inc. (a)		14,331		389,373
	VSE Corp.		1,000		45,080
					1,048,636
Entertainment - 0.3%	Ascent Media Corp., Class A (a)		3,500		89,355
	CKX, Inc. (a)		14,900		78,523
	Carmike Cinemas, Inc. (a)		2,500		18,900
	Cinemark Holdings, Inc.		8,400		120,708
	Live Nation, Inc. (a)		20,600		175,306
	LodgeNet Interactive Corp. (a)		4,700		25,991
	Reading International, Inc., Class A (a)		5,000		20,250
	Rentrak Corp. (a)		2,200		38,874
	World Wrestling Entertainment, Inc.		4,496		68,924
					636,831
Financial Data & Systems - 1.1%	Advent Software, Inc. (a)		4,000		162,920
	Cardtronics, Inc. (a)		3,200		35,424
	Cass Information Systems, Inc.		2,115		64,296
	CompuCredit Holdings Corp. (b)		4,089		13,616
	CyberSource Corp. (a)		16,764		337,124
	Euronet Worldwide, Inc. (a)(b)		12,050		264,497
	Fair Isaac Corp.		11,200		238,672
	Global Cash Access, Inc. (a)		9,900		74,151
	Heartland Payment Systems, Inc.		9,700		127,361
	Information Services Group, Inc. (a)		5,500		17,435
	Jack Henry & Associates, Inc.		20,100		464,712

20

Master Small Cap Index Series of Quantitative Master Series LLC
Schedule of Investments December 31, 2009	(Percentages shown are based on Net Assets)

Industry	Common Stocks	Shares		Value
	Net 1 UEPS Technologies, Inc. (a)		7,600	$	147,592
	Online Resources Corp. (a)		6,400		33,664
	RiskMetrics Group, Inc. (a)		5,300		84,323
	S1 Corp. (a)		13,222		86,207
	Value Line, Inc.		100		2,511
	Wright Express Corp. (a)		9,500		302,670
					2,457,175
Foods - 1.2%	American Dairy, Inc. (a)(b)		2,100		45,528
	American Italian Pasta Co., Class A (a)		4,700		163,513
	B&G Foods, Inc., Class A		6,100		55,998
	China Biotics, Inc. (a)		1,800		27,846
	Chiquita Brands International, Inc. (a)		11,100		200,244
	Diamond Foods, Inc.		4,000		142,160
	Dole Food Co., Inc. (a)		7,600		94,316
	Hain Celestial Group, Inc. (a)		9,057		154,060
	J&J Snack Foods Corp.		3,500		139,860
	Lancaster Colony Corp.		4,499		223,600
	Lance, Inc.		7,100		186,730
	Lifeway Foods, Inc. (a)		1,000		11,880
	Medifast, Inc. (a)		2,900		88,682
	Nutraceutical International Corp. (a)		2,500		30,925
	Omega Protein Corp. (a)		4,700		20,492
	Overhill Farms, Inc. (a)		4,500		21,870
	Schiff Nutrition International, Inc.		1,500		11,730
	Seneca Foods Corp. (a)		2,000		47,740
	Smart Balance, Inc. (a)		15,700		94,200
	Synutra International, Inc. (a)(b)		4,800		64,848
	Tootsie Roll Industries, Inc. (b)		6,157		168,579
	TreeHouse Foods, Inc. (a)		7,300		283,678
	United Natural Foods, Inc. (a)		10,680		285,583
	Zhongpin, Inc. (a)		5,300		82,733
					2,646,795
Forest Products - 0.1%	Deltic Timber Corp.		2,709		125,102
	Universal Forest Products, Inc.		4,634		170,578
					295,680
Forms & Bulk Printing Services - 0.3%	Bowne & Co., Inc.		8,503		56,800
	Consolidated Graphics, Inc. (a)		2,400		84,048
	Deluxe Corp.		12,800		189,312
	Ennis, Inc.		6,400		107,456
	Innerworkings, Inc. (a)		5,700		33,630
	M&F Worldwide Corp. (a)		2,800		110,600
	Multi-Color Corp.		2,450		29,915
	Schawk, Inc.		3,800		51,680
	The Standard Register Co.		4,145		21,140
					684,581
Funeral Parlors & Cemeteries - 0.2%	Matthews International Corp., Class A		7,373		261,225
	Stewart Enterprises, Inc., Class A		20,524		105,699
					366,924
Gas Pipeline - 0.0%	Crosstex Energy, Inc.		9,200		55,660
Glass - 0.0%	Apogee Enterprises, Inc. (b)		7,100		99,400

21

Master Small Cap Index Series of Quantitative Master Series LLC
Schedule of Investments December 31, 2009	(Percentages shown are based on Net Assets)

Industry	Common Stocks	Shares		Value
Gold - 0.2%	Allied Nevada Gold Corp. (a)(b)		12,700	$	191,516
	Coeur d’Alene Mines Corp. (a)		17,570		317,314
	US Gold Corp. (a)		21,200		52,576
					561,406
Health Care Facilities - 0.6%	Amsurg Corp. (a)		7,700		169,554
	Assisted Living Concepts, Inc. (a)		2,440		64,343
	Capital Senior Living Corp. (a)		5,300		26,606
	Emeritus Corp. (a)		5,000		93,750
	The Ensign Group, Inc.		2,531		38,901
	Hanger Orthopedic Group, Inc. (a)		6,100		84,363
	Kindred Healthcare, Inc. (a)		8,790		162,263
	LCA-Vision, Inc. (a)		4,900		25,088
	MedCath Corp. (a)		3,700		29,267
	National Healthcare Corp.		1,900		68,609
	Psychiatric Solutions, Inc. (a)		13,000		274,820
	Select Medical Holdings Corp. (a)		7,100		75,402
	Skilled Healthcare Group, Inc., Class A (a)		3,600		26,820
	Sun Healthcare Group, Inc. (a)		10,900		99,953
	Sunrise Senior Living, Inc. (a)		11,174		35,980
	US Physical Therapy, Inc. (a)		3,000		50,790
					1,326,509
Health Care Management Services - 1.0%	AMERIGROUP Corp. (a)		12,200		328,912
	American Caresource Holdings, Inc. (a)		2,500		6,000
	American Dental Partners, Inc. (a)		3,200		41,280
	Bioscript, Inc. (a)		10,200		85,272
	Catalyst Health Solutions, Inc. (a)		8,900		324,583
	Centene Corp. (a)		9,800		207,466
	Computer Programs & Systems, Inc.		2,100		96,705
	Contiucare Corp. (a)		6,500		28,405
	HealthSpring, Inc. (a)		12,200		214,842
	Magellan Health Services, Inc. (a)		8,400		342,132
	MedQuist Inc.		1,900		12,711
	Metropolitan Health Networks, Inc. (a)		11,600		23,084
	Molina Healthcare, Inc. (a)		3,200		73,184
	National Research Corp.		300		6,210
	Transcend Services, Inc. (a)		1,500		32,040
	Triple-S Management Corp. (a)		5,300		93,280
	Universal American Financial Corp. (a)		6,400		74,880
	WellCare Health Plans, Inc. (a)		10,300		378,628
					2,369,614
Health Care Services - 2.0%	AMN Healthcare Services, Inc. (a)		8,405		76,149
	Air Methods Corp. (a)		2,400		80,688
	Alliance Healthcare Services, Inc. (a)		5,800		33,118
	Allied Healthcare International, Inc. (a)		12,700		36,957
	Almost Family, Inc. (a)		1,700		67,201
	Amedisys, Inc. (a)(b)		6,366		309,133
	athenahealth, Inc. (a)		8,200		370,968
	CardioNet, Inc. (a)		4,500		26,730
	Chemed Corp.		5,472		262,492
	Chindex International, Inc. (a)		3,300		46,629

22

Master Small Cap Index Series of Quantitative Master Series LLC
Schedule of Investments December 31, 2009	(Percentages shown are based on Net Assets)

Industry	Common Stocks	Shares		Value
	Corvel Corp. (a)		1,885	$	63,223
	Cross Country Healthcare, Inc. (a)		7,700		76,307
	Eclipsys Corp. (a)		14,031		259,854
	Emergency Medical Services Corp. (a)		6,700		362,805
	Gentiva Health Services, Inc. (a)		6,912		186,693
	HMS Holdings Corp. (a)		5,900		287,271
	Health Grades, Inc. (a)		5,500		23,595
	HealthSouth Corp. (a)		22,000		412,940
	Healthways, Inc. (a)		8,600		157,724
	IPC The Hospitalist Co., Inc. (a)		4,000		133,000
	LHC Group, Inc. (a)		3,400		114,274
	MWI Veterinary Supply, Inc. (a)		2,800		105,560
	Medidata Solutions, Inc. (a)		1,600		24,960
	NovaMed Eyecare, Inc. (a)(b)		4,400		17,072
	Odyssey HealthCare, Inc. (a)		8,200		127,756
	Omnicell, Inc. (a)		7,900		92,351
	PharMerica Corp. (a)		7,569		120,196
	Phase Forward, Inc. (a)		10,900		167,315
	Quality Systems, Inc.		5,500		345,345
	RehabCare Group, Inc. (a)		5,595		170,256
	Res-Care, Inc. (a)		6,400		71,680
	Virtual Radiologic Corp. (a)		1,600		20,416
					4,650,658
Health Care: Miscellaneous - 0.1%	MedAssets, Inc. (a)		9,800		207,858
	The Providence Service Corp. (a)		3,000		47,400
					255,258
Home Building - 0.3%	Beazer Homes USA, Inc. (a)(b)		8,300		40,172
	Brookfield Homes Corp. (a)(b)		2,451		19,608
	Hovnanian Enterprises, Inc., Class A (a)(b)		11,600		44,544
	M/I Homes, Inc. (a)		4,100		42,599
	Meritage Homes Corp. (a)		7,800		150,774
	Ryland Group, Inc.		9,800		193,060
	Standard-Pacific Corp. (a)		25,200		94,248
					585,005
Hotel/Motel - 0.2%	Gaylord Entertainment Co. (a)(b)		9,155		180,811
	Marcus Corp.		4,979		63,831
	Morgans Hotel Group Co. (a)		5,800		26,274
	Orient Express Hotels Ltd., Class A (b)		18,900		191,646
	Red Lion Hotels Corp. (a)		4,000		19,760
					482,322
Household Appliances - 0.0%	National Presto Industries, Inc.		1,050		114,692
Household Equipment & Products - 0.6%	American Greetings Corp., Class A		9,300		202,647
	Blyth, Inc.		1,525		51,423
	CSS Industries, Inc.		1,891		36,761
	Central Garden & Pet Co., Class A (a)		15,534		154,408
	Helen of Troy Ltd. (a)		7,300		178,558
	Nivs Intellimedia Technology (a)		1,400		3,612
	Tupperware Corp.		15,174		706,653
					1,334,062
Household Furnishings - 0.4%	American Woodmark Corp.		2,600		51,168

23

Master Small Cap Index Series of Quantitative Master Series LLC
Schedule of Investments December 31, 2009	(Percentages shown are based on Net Assets)

Industry	Common Stocks	Shares		Value
	Ethan Allen Interiors, Inc. (b)		5,200	$	69,784
	Furniture Brands International, Inc. (a)		10,400		56,784
	Hooker Furniture Corp.		2,500		30,925
	Kirkland’s, Inc. (a)		2,600		45,162
	La-Z-Boy, Inc. (b)		12,900		122,937
	Sealy Corp. (a)(b)		10,900		34,444
	Stanley Furniture Co., Inc.		2,400		24,360
	Tempur-Pedic International, Inc. (a)		17,900		422,977
					858,541
Insurance: Life - 0.4%	American Equity Investment Life Holding Co.		13,500		100,440
	Citizens, Inc. (a)		7,800		50,934
	Conseco, Inc. (a)		46,900		234,500
	Delphi Financial Group, Inc., Class A		10,905		243,945
	FBL Financial Group, Inc., Class A		3,225		59,727
	Independence Holding Co.		740		4,292
	Kansas City Life Insurance Co.		1,042		30,999
	Life Partners Holdings, Inc. (b)		1,400		29,666
	National Western Life Insurance Co., Class A		556		96,533
	The Phoenix Cos., Inc. (a)		28,900		80,342
	Presidential Life Corp.		5,193		47,516
					978,894
Insurance: Multi-Line - 0.9%	AMBAC Financial Group, Inc. (a)(b)		66,900		55,527
	Assured Guaranty Ltd.		29,200		635,392
	Crawford & Co., Class B (a)		5,909		23,281
	Eastern Insurance Holdings, Inc.		2,200		18,964
	eHealth, Inc. (a)		6,200		101,866
	Flagstone Reinsurance Holdings Ltd.		10,300		112,682
	Horace Mann Educators Corp.		9,968		124,600
	Maiden Holdings Ltd.		12,200		89,304
	Max Capital Group Ltd.		11,200		249,760
	Pico Holdings, Inc. (a)		5,297		173,371
	Platinum Underwriters Holdings Ltd.		11,900		455,651
	Primus Guaranty Ltd. (a)		6,000		18,300
					2,058,698
Insurance: Property-Casualty - 1.9%	American Physicians Capital, Inc.		1,674		50,756
	American Safety Insurance Holdings Ltd. (a)		2,100		30,345
	Amerisafe, Inc. (a)		4,300		77,271
	AmTrust Financial Services, Inc.		5,500		65,010
	Argo Group International Holdings Ltd. (a)		7,479		217,938
	Baldwin & Lyons, Inc., Class B		2,032		50,008
	CNA Surety Corp. (a)		4,086		60,841
	Donegal Group, Inc., Class A		2,744		42,642
	EMC Insurance Group, Inc.		1,300		27,963
	Employers Holdings, Inc.		11,380		174,569
	Enstar Group Ltd. (a)		1,600		116,832
	FPIC Insurance Group, Inc. (a)		1,400		54,068
	First Acceptance Corp. (a)		3,877		7,560
	First Mercury Financial Corp.		3,600		49,356
	Greenlight Capital Re Ltd. (a)		7,000		164,990
	Hallmark Financial Services, Inc. (a)		2,100		16,716

24

Master Small Cap Index Series of Quantitative Master Series LLC
Schedule of Investments December 31, 2009	(Percentages shown are based on Net Assets)

Industry	Common Stocks	Shares		Value
	Harleysville Group, Inc.		3,462	$	110,057
	Hilltop Holdings, Inc. (a)		9,572		111,418
	Infinity Property & Casualty Corp.		3,400		138,176
	Meadowbrook Insurance Group, Inc.		14,952		110,645
	Mercer Insurance Group, Inc.		1,300		23,621
	Montpelier Re Holdings Ltd.		21,000		363,720
	NYMAGIC, Inc.		1,100		18,249
	National Interstate Corp.		1,600		27,136
	Navigators Group, Inc. (a)		3,100		146,041
	PMA Capital Corp., Class A (a)		7,806		49,178
	The PMI Group, Inc.		15,600		39,312
	ProAssurance Corp. (a)		8,023		430,915
	RLI Corp.		4,564		243,033
	Radian Group, Inc.		18,500		135,235
	Safety Insurance Group, Inc.		2,900		105,067
	SeaBright Insurance Holdings, Inc. (a)		4,200		48,258
	Selective Insurance Group, Inc.		13,208		217,272
	State Auto Financial Corp.		3,512		64,972
	Stewart Information Services Corp.		4,022		45,368
	Tower Group, Inc.		10,786		252,500
	United America Indemnity, Ltd. (a)		8,741		69,229
	United Fire & Casualty Co.		5,500		100,265
	Universal Insurance Holdings, Inc.		3,000		17,610
	Zenith National Insurance Corp.		8,855		263,525
					4,337,667
Leisure Time - 0.6%	Bluegreen Corp. (a)		3,500		8,470
	Callaway Golf Co.		14,100		106,314
	Churchill Downs, Inc.		2,332		87,100
	Great Wolf Resorts, Inc. (a)		6,700		15,879
	Interval Leisure Group, Inc. (a)		9,700		120,959
	Life Time Fitness, Inc. (a)(b)		10,000		249,300
	Orbitz Worldwide, Inc. (a)		8,400		61,656
	Pool Corp. (b)		11,600		221,328
	Smith & Wesson Holding Corp. (a)		12,300		50,307
	Speedway Motorsports, Inc.		3,255		57,353
	Sport Supply Group, Inc.		2,100		26,439
	Steinway Musical Instruments, Inc. (a)		1,700		27,047
	Sturm Ruger & Co., Inc. (b)		3,600		34,920
	Town Sports International Holdings, Inc. (a)		4,900		11,417
	Universal Travel Group (a)		2,400		24,336
	Vail Resorts, Inc. (a)(b)		7,156		270,497
	West Marine, Inc. (a)		4,100		33,046
					1,406,368
Luxury Items - 0.2%	Fossil, Inc. (a)		11,600		389,296
	Fuqi International, Inc. (a)(b)		2,700		48,465
	Movado Group, Inc.		4,000		38,880
					476,641
Machinery: Agricultural - 0.1%	Alamo Group, Inc.		1,600		27,440
	Lindsay Manufacturing Co. (b)		2,713		108,113
	Titan International, Inc. (b)		7,849		63,655

25

Master Small Cap Index Series of Quantitative Master Series LLC
Schedule of Investments December 31, 2009	(Percentages shown are based on Net Assets)

Industry	Common Stocks	Shares		Value
	Titan Machinery, Inc. (a)		2,300	$	26,542
					225,750
Machinery: Construction & Handling - 0.1%	Astec Industries, Inc. (a)		4,517		121,688
	NACCO Industries, Inc., Class A		1,387		69,073
					190,761
Machinery: Engines - 0.1%	Briggs & Stratton Corp. (b)		11,300		211,423
	Harbin Electric, Inc. (a)		3,300		67,782
					279,205
Machinery: Industrial - 1.2%	Actuant Corp., Class A		16,300		302,039
	Altra Holdings, Inc. (a)		6,700		82,745
	Applied Industrial Technologies, Inc.		10,690		235,928
	Chart Industries, Inc. (a)		6,700		110,885
	Colfax Corp. (a)		6,000		72,240
	Columbus McKinnon Corp. (a)		4,736		64,694
	DXP Enterprises, Inc. (a)		1,900		24,833
	EnPro Industries, Inc. (a)		5,000		132,050
	Flow International Corp. (a)		9,400		28,952
	Graham Corp.		2,400		49,680
	John Bean Technologies Corp.		7,100		120,771
	Kadant, Inc. (a)		3,170		50,593
	MTS Systems Corp.		4,300		123,582
	Middleby Corp. (a)		4,017		196,913
	Nordson Corp.		8,210		502,288
	Sauer-Danfoss, Inc.		2,773		33,304
	Tecumseh Products Co., Class A (a)		4,428		51,763
	Tennant Co.		4,674		122,412
	Twin Disc, Inc.		2,100		21,924
	Woodward Governor Co.		14,858		382,891
					2,710,487
Machinery: Specialty - 0.1%	Albany International Corp., Class A		6,874		154,390
	Cascade Corp.		2,300		63,227
	Duoyuan Printing, Inc. (a)		1,100		8,855
	Hurco Companies, Inc. (a)		1,600		23,680
	K-Tron International, Inc. (a)		600		65,244
					315,396
Manufactured Housing - 0.0%	Cavco Industries, Inc. (a)		1,600		57,472
	Skyline Corp.		1,701		31,298
					88,770
Medical & Dental Instruments & Supplies - 2.7%	AGA Medical Holdings, Inc. (a)		2,700		39,879
	ATS Medical, Inc. (a)		12,900		41,667
	Abiomed, Inc. (a)		7,700		67,298
	Align Technology, Inc. (a)		14,500		258,390
	Alphatec Holdings, Inc. (a)		6,700		35,778
	American Medical Systems Holdings, Inc. (a)		18,300		353,007
	AngioDynamics, Inc. (a)		6,100		98,088
	Atrion Corp.		300		46,716
	Bovie Medical Corp. (a)		4,700		36,707
	CONMED Corp. (a)		7,228		164,798
	Cantel Medical Corp.		2,500		50,450
	Cardiovascular Systems, Inc. (a)		2,700		12,393

26

Master Small Cap Index Series of Quantitative Master Series LLC
Schedule of Investments December 31, 2009	(Percentages shown are based on Net Assets)

Industry	Common Stocks	Shares		Value
	Conceptus, Inc. (a)		7,600	$	142,576
	CryoLife, Inc. (a)		6,100		39,162
	Cutera, Inc. (a)		3,100		26,381
	Delcath Systems, Inc. (a)		6,400		32,896
	Endologix, Inc. (a)		12,000		63,360
	ev3, Inc. (a)		17,732		236,545
	Exactech, Inc. (a)		1,900		32,889
	Hansen Medical, Inc. (a)		5,500		16,665
	Heartware International, Inc. (a)		1,200		42,564
	Home Diagnostics, Inc. (a)		2,600		15,860
	ICU Medical, Inc. (a)		2,750		100,210
	Immucor, Inc. (a)		17,143		346,974
	Insulet Corp. (a)		7,900		112,812
	Integra LifeSciences Holdings Corp. (a)		4,600		169,188
	Invacare Corp.		6,922		172,635
	Landauer, Inc.		2,278		139,869
	MAKO Surgical Corp. (a)		3,600		39,960
	Matrixx Initiatives, Inc. (a)		600		2,532
	Medical Action Industries, Inc. (a)		3,550		57,013
	Meridian Bioscience, Inc.		10,200		219,810
	Merit Medical Systems, Inc. (a)		6,810		131,365
	Micrus Endovascular Corp. (a)		3,900		58,539
	Neogen Corp. (a)		5,150		121,592
	NuVasive, Inc. (a)		8,400		268,632
	OraSure Technologies, Inc. (a)		11,559		58,720
	Orthofix International NV (a)		4,300		133,171
	Orthovita, Inc. (a)		15,800		55,458
	Owens & Minor, Inc.		9,698		416,335
	PSS World Medical, Inc. (a)		13,673		308,600
	Quidel Corp. (a)		6,300		86,814
	Rochester Medical Corp. (a)		2,300		25,599
	Rockwell Medical Technologies, Inc. (a)		3,300		25,377
	Steris Corp.		13,600		380,392
	SurModics, Inc. (a)(b)		3,783		85,723
	Symmetry Medical, Inc. (a)		9,000		72,540
	Synovis Life Technologies, Inc. (a)		2,200		28,402
	Trans1, Inc. (a)		3,100		12,245
	Utah Medical Products, Inc.		700		20,524
	Vascular Solutions, Inc. (a)		4,300		36,077
	Volcano Corp. (a)		12,000		208,560
	West Pharmaceutical Services, Inc.		7,776		304,819
	Wright Medical Group, Inc. (a)		8,900		168,655
	Young Innovations, Inc.		1,300		32,214
					6,255,425
Medical Equipment - 1.7%	Abaxis, Inc. (a)		5,100		130,305
	Accuray, Inc. (a)(b)		10,400		58,344
	Affymetrix, Inc. (a)		17,700		103,368
	Analogic Corp.		3,272		126,005
	Bruker BioSciences Corp. (a)		12,387		149,387
	Cardiac Science Corp. (a)		4,800		10,704

27

Master Small Cap Index Series of Quantitative Master Series LLC
Schedule of Investments December 31, 2009	(Percentages shown are based on Net Assets)

Industry	Common Stocks	Shares		Value
	Cyberonics, Inc. (a)		6,769	$	138,358
	Cynosure, Inc., Class A (a)		2,400		27,576
	DexCom, Inc. (a)		12,000		96,960
	Dionex Corp. (a)		4,431		327,318
	Electro-Optical Sciences, Inc. (a)(b)		4,800		49,728
	Enteromedics, Inc. (a)(b)		4,700		2,632
	Greatbatch, Inc. (a)		5,800		111,534
	Haemonetics Corp. (a)		5,972		329,356
	IRIS International, Inc. (a)		4,500		55,620
	Luminex Corp. (a)		10,651		159,019
	Masimo Corp. (a)		12,600		383,292
	Merge Healthcare, Inc. (a)		6,100		20,496
	Natus Medical, Inc. (a)		6,800		100,572
	NxStage Medical, Inc. (a)		5,700		47,595
	OSI Systems, Inc. (a)		3,800		103,664
	Palomar Medical Technologies, Inc. (a)		4,500		45,360
	Sirona Dental Systems, Inc. (a)		4,300		136,482
	Somanetics Corp. (a)		2,400		42,120
	SonoSite, Inc. (a)		4,315		101,963
	Spectranetic Corp. (a)		8,100		56,376
	Stereotaxis, Inc. (a)		6,500		25,545
	Thoratec Corp. (a)		13,147		353,917
	Tomotherapy, Inc. (a)		10,300		40,170
	Varian, Inc. (a)		6,935		357,430
	Vital Images, Inc. (a)		3,600		45,684
	Zoll Medical Corp. (a)		5,322		142,204
					3,879,084
Medical Services - 0.3%	America Service Group, Inc.		2,200		34,914
	Bio-Reference Labs, Inc. (a)		2,600		101,894
	Clarient, Inc. (a)		8,300		21,995
	eResearch Technology, Inc. (a)		10,650		64,007
	Genoptix, Inc. (a)		3,800		135,014
	inVentiv Health, Inc. (a)		8,400		135,828
	Kendle International, Inc. (a)		3,200		58,592
	Nighthawk Radiology Holdings, Inc. (a)		5,300		24,009
	Parexel International Corp. (a)		14,094		198,725
	RadNet, Inc. (a)		6,900		14,076
					789,054
Metal Fabricating - 0.7%	Ampco-Pittsburgh Corp.		2,100		66,213
	Dynamic Materials Corp.		3,200		64,160
	The Eastern Co.		1,700		22,831
	Hawk Corp., Class A (a)		1,300		22,893
	Haynes International, Inc.		3,000		98,910
	Kaydon Corp.		7,626		272,706
	L.B. Foster Co., Class A (a)		2,500		74,525
	Lawson Products, Inc.		988		17,438
	Mueller Industries, Inc.		9,382		233,049
	Mueller Water Products, Inc., Series A		36,260		188,552
	Northwest Pipe Co. (a)		2,000		53,720
	Omega Flex, Inc.		600		8,400

28

Master Small Cap Index Series of Quantitative Master Series LLC
Schedule of Investments December 31, 2009	(Percentages shown are based on Net Assets)

Industry	Common Stocks	Shares		Value
	RBC Bearings, Inc. (a)		5,500	$	133,815
	RTI International Metals, Inc. (a)		6,813		171,483
	Worthington Industries, Inc.		14,900		194,743
					1,623,438
Metals & Minerals: Diversified - 0.4%	AMCOL International Corp.		5,773		164,069
	Brush Engineered Materials, Inc. (a)		5,011		92,904
	General Moly, Inc. (a)		15,600		32,448
	Hecla Mining Co. (a)(b)		55,800		344,844
	Minerals Technologies, Inc.		4,653		253,449
	Oil-Dri Corp. of America		800		12,400
	Paramount Gold and Silver Corp. (a)		14,500		21,025
	United States Lime & Minerals, Inc. (a)		400		13,812
	Uranerz Energy Corp. (a)		13,200		17,160
					952,111
Office Supplies & Equipment - 0.6%	ACCO Brands Corp. (a)		13,500		98,280
	Electronics for Imaging, Inc. (a)		12,639		164,433
	HNI Corp.		11,100		306,693
	Herman Miller, Inc.		13,500		215,730
	Kimball International, Inc., Class B		7,974		67,938
	Knoll, Inc.		11,900		122,927
	Steelcase, Inc., Class A		17,500		111,300
	United Stationers, Inc. (a)		5,869		333,653
					1,420,954
Offshore Drilling & Other Services - 0.1%	Hercules Offshore, Inc. (a)		26,800		128,104
	Vantage Drilling Co. (a)		12,700		20,447
					148,551
Oil Well Equipment & Services - 1.4%	Allis-Chalmers Energy, Inc. (a)(b)		12,700		47,879
	Basic Energy Services, Inc. (a)		5,300		47,170
	Bolt Technology Corp. (a)		2,100		23,142
	Boots & Coots, Inc. (a)		21,700		35,805
	Bronco Drilling Co., Inc. (a)		4,700		23,829
	CARBO Ceramics, Inc. (b)		4,402		300,084
	Cal Dive International, Inc. (a)		10,974		82,963
	Complete Production Services, Inc. (a)		14,600		189,800
	Dawson Geophysical Co. (a)		1,500		34,665
	Dril-Quip, Inc. (a)		7,076		399,652
	Geokinetics, Inc. (a)		1,300		12,506
	Global Industries Ltd. (a)		25,000		178,250
	Gulf Island Fabrication, Inc.		3,017		63,448
	Hornbeck Offshore Services, Inc. (a)		5,040		117,331
	ION Geophysical Corp. (a)		24,246		143,536
	Key Energy Services, Inc. (a)		30,600		268,974
	Lufkin Industries, Inc.		3,400		248,880
	Matrix Service Co. (a)		6,500		69,225
	Natural Gas Services Group (a)		3,000		56,550
	Newpark Resources, Inc. (a)		22,220		93,991
	OYO Geospace Corp. (a)		1,000		42,890
	Parker Drilling Co. (a)		29,681		146,921
	Pioneer Drilling Co. (a)		10,100		79,790
	RPC, Inc.		7,100		73,840

29

Master Small Cap Index Series of Quantitative Master Series LLC
Schedule of Investments December 31, 2009	(Percentages shown are based on Net Assets)

Industry	Common Stocks	Shares		Value
	Sulphco, Inc. (a)(b)		12,200	$	8,174
	Superior Well Services, Inc. (a)		3,800		54,188
	T-3 Energy Services, Inc. (a)		3,100		79,050
	Tetra Technologies, Inc. (a)		18,600		206,088
	Union Drilling, Inc. (a)		2,600		16,250
	Willbros Group, Inc. (a)		9,900		167,013
					3,311,884
Oil: Crude Producers - 2.3%	ATP Oil & Gas Corp. (a)(b)		9,300		170,004
	Apco Oil and Gas International, Inc.		2,100		46,410
	Approach Resources, Inc. (a)		3,500		27,020
	Arena Resources, Inc. (a)		9,300		401,016
	Atlas Energy, Inc.		16,087		485,345
	BPZ Resources, Inc. (a)(b)		22,200		210,900
	Berry Petroleum Co., Class A		10,602		309,048
	Bill Barrett Corp. (a)		9,600		298,656
	Brigham Exploration Co. (a)		23,200		314,360
	CREDO Petroleum Corp. (a)		1,600		14,880
	Carrizo Oil & Gas, Inc. (a)		6,900		182,781
	Cheniere Energy, Inc. (a)		13,100		31,702
	Clayton Williams Energy, Inc. (a)		1,500		52,560
	Contango Oil & Gas Co. (a)		3,000		141,030
	Cubic Energy, Inc. (a)		5,300		7,897
	Delta Petroleum Corp. (a)(b)		45,900		47,736
	Endeavour International Corp. (a)		28,500		30,780
	FX Energy, Inc. (a)(b)		10,500		29,925
	GMX Resources, Inc. (a)		7,100		97,554
	GeoResources, Inc. (a)		1,800		24,588
	Goodrich Petroleum Corp. (a)		5,500		133,925
	Gran Tierra Energy, Inc. (a)		50,100		287,073
	Gulfport Energy Corp. (a)		6,500		74,425
	Harvest Natural Resources, Inc. (a)		8,200		43,378
	Isramco, Inc. (a)		200		14,300
	McMoRan Exploration Co. (a)(b)		17,900		143,558
	Northern Oil And Gas, Inc. (a)		7,800		92,352
	Oilsands Quest, Inc. (a)		48,600		55,890
	Panhandle Oil & Gas, Inc.		1,800		46,620
	Penn Virginia Corp.		10,616		226,015
	Petroleum Development Corp. (a)		4,300		78,303
	Petroquest Energy, Inc. (a)(b)		11,400		69,882
	PrimeEnergy Corp. (a)		100		3,639
	Rex Energy Corp. (a)		6,700		80,400
	Rosetta Resources, Inc. (a)		12,800		255,104
	Stone Energy Corp. (a)		9,798		176,854
	Swift Energy Co. (a)		8,917		213,651
	Toreador Resources Corp. (b)		5,500		54,450
	Vaalco Energy, Inc.		14,600		66,430
	Venoco, Inc. (a)		4,500		58,680
	W&T Offshore, Inc.		8,300		97,110
	Warren Resources, Inc. (a)		15,100		36,995

30

Master Small Cap Index Series of Quantitative Master Series LLC
Schedule of Investments December 31, 2009	(Percentages shown are based on Net Assets)

Industry	Common Stocks	Shares		Value
	Zion Oil & Gas, Inc. (a)		2,228	$	15,930
					5,249,156
Oil: Integrated - 0.0%	Alon USA Energy, Inc.		1,800		12,312
	CVR Energy, Inc. (a)		5,700		39,102
	Delek US Holdings, Inc.		3,200		21,792
	Western Refining, Inc. (a)(b)		8,900		41,919
					115,125
Paints & Coatings - 0.2%	Chase Corp.		1,800		21,258
	Ferro Corp.		19,676		162,130
	H.B. Fuller Co.		11,980		272,545
	North American Galvanizing & Coatings (a)		2,800		13,580
					469,513
Paper - 0.7%	Boise, Inc. (a)		7,000		37,170
	Buckeye Technologies, Inc. (a)		9,698		94,652
	Clearwater Paper Corp. (a)		2,599		142,867
	Domtar Corp. (a)		10,100		559,641
	Kapstone Paper and Packaging Corp. (a)		7,100		69,935
	Neenah Paper, Inc.		3,800		53,010
	P.H. Glatfelter Co.		11,301		137,307
	Schweitzer-Mauduit International, Inc.		4,120		289,842
	Wausau Paper Corp.		10,842		125,767
					1,510,191
Personal Care - 0.3%	Chattem, Inc. (a)		4,600		429,180
	Female Health Co. (a)		3,500		16,555
	Mannatech, Inc.		3,900		12,168
	Orchids Paper Products Co. (a)		1,400		28,028
	USANA Health Sciences, Inc. (a)		1,600		51,040
	WD-40 Co.		4,089		132,320
					669,291
Pharmaceuticals - 1.7%	Acura Pharmaceuticals, Inc. (a)		2,100		11,193
	Adolor Corp. (a)		11,600		16,936
	Akorn, Inc. (a)		13,100		23,449
	Alkermes, Inc. (a)		23,600		222,076
	Allion Healthcare, Inc. (a)		4,700		30,832
	American Oriental Bioengineering, Inc. (a)		15,500		72,075
	Ardea Biosciences, Inc. (a)		3,300		46,200
	Auxilium Pharmaceuticals, Inc. (a)		11,000		329,780
	Avanir Pharmaceuticals, Inc. (a)(b)		16,700		31,730
	BMP Sunstone Corp. (a)		8,800		50,072
	BioCryst Pharmaceuticals, Inc. (a)(b)		5,800		37,468
	Biospecifics Technologies (a)		800		23,480
	Cadence Pharmaceuticals, Inc. (a)(b)		6,000		58,020
	Cambrex Corp. (a)		7,285		40,650
	Caraco Pharmaceutical Laboratories Ltd. (a)		2,600		15,704
	China Sky One Medical, Inc. (a)(b)		2,800		63,700
	Cumberland Pharmaceuticals, Inc. (a)		1,800		24,462
	Depomed, Inc. (a)		12,800		42,880
	Durect Corp. (a)		20,100		49,647
	Hi-Tech Pharmacal Co., Inc. (a)		1,800		50,490
	Impax Laboratories, Inc. (a)		15,200		206,720

31

Master Small Cap Index Series of Quantitative Master Series LLC
Schedule of Investments December 31, 2009	(Percentages shown are based on Net Assets)

Industry	Common Stocks	Shares		Value
	Infinity Pharmaceuticals, Inc. (a)		5,000	$	30,900
	Inspire Pharmaceuticals, Inc. (a)		14,100		77,832
	Isis Pharmaceuticals, Inc. (a)		23,089		256,288
	Ista Pharmaceuticals, Inc. (a)		9,100		41,496
	Javelin Pharmaceuticals, Inc. (a)		12,600		16,380
	K-V Pharmaceutical Co., Class A (a)		8,700		31,929
	Lannett Co., Inc. (a)		2,100		12,411
	MAP Pharmaceuticals, Inc. (a)		1,800		17,154
	Medicines Co. (a)		13,227		110,313
	Medicis Pharmaceutical Corp., Class A		13,700		370,585
	MiddleBrook Pharmaceuticals, Inc. (a)		9,100		4,641
	Obagi Medical Products, Inc. (a)		4,300		51,600
	Optimer Pharmaceuticals, Inc. (a)(b)		7,200		81,216
	Pain Therapeutics, Inc. (a)		8,700		46,632
	Par Pharmaceutical Cos., Inc. (a)		8,000		216,480
	Pozen, Inc. (a)		6,400		38,336
	Prestige Brands Holdings, Inc. (a)		8,300		65,238
	Questcor Pharmaceuticals, Inc. (a)		14,400		68,400
	SIGA Technologies, Inc. (a)		6,900		40,020
	Salix Pharmaceuticals Ltd. (a)		13,000		330,200
	Santarus, Inc. (a)		12,300		56,826
	Sciclone Pharmaceuticals, Inc. (a)		10,300		23,999
	Spectrum Pharmaceuticals, Inc. (a)		9,500		42,180
	SuperGen, Inc. (a)		13,800		36,156
	Vical, Inc. (a)		9,000		29,610
	Vivus, Inc. (a)(b)		18,900		173,691
	Xenoport, Inc. (a)		7,100		131,776
					3,849,853
Photography - 0.1%	CPI Corp.		1,200		14,736
	Eastman Kodak Co. (b)		66,000		278,520
					293,256
Plastics - 0.0%	Spartech Corp.		7,654		78,530
Power Transmission Equipment - 0.3%	Advanced Energy Industries, Inc. (a)		8,212		123,837
	Maxwell Technologies, Inc. (a)		5,600		99,904
	Powell Industries, Inc. (a)		1,931		60,884
	Regal-Beloit Corp.		8,551		444,139
	Vicor Corp. (a)		4,796		44,603
					773,367
Precious Metals & Minerals - 0.1%	Horsehead Holding Corp. (a)		10,000		127,500
	Stillwater Mining Co. (a)		10,064		95,407
					222,907
Printing & Copying Services - 0.0%	Cenveo, Inc. (a)		12,100		105,875
Producer Durables: Miscellaneous - 0.1%	Blount International, Inc. (a)		9,600		96,960
	China Fire & Security Group, Inc. (a)(b)		3,500		47,355
					144,315
Production Technology Equipment - 1.0%	ATMI, Inc. (a)(c)		7,857		146,297
	Brooks Automation, Inc. (a)		16,078		137,949
	Cognex Corp.		9,956		176,420
	Cohu, Inc.		5,818		81,161
	Cymer, Inc. (a)		7,000		268,660

32

Master Small Cap Index Series of Quantitative Master Series LLC
Schedule of Investments December 31, 2009	(Percentages shown are based on Net Assets)

Industry	Common Stocks	Shares		Value
	Electro Scientific Industries, Inc. (a)		6,761	$	73,154
	Entegris, Inc. (a)		30,292		159,942
	FEI Co. (a)		9,455		220,869
	Intevac, Inc. (a)		5,500		63,085
	Kulicke & Soffa Industries, Inc. (a)		15,656		84,386
	MKS Instruments, Inc. (a)		12,300		214,143
	Photronics, Inc. (a)		11,079		49,302
	Rudolph Technologies, Inc. (a)		7,573		50,891
	Tessera Technologies, Inc. (a)		11,800		274,586
	Ultratech, Inc. (a)		4,990		74,151
	Veeco Instruments, Inc. (a)		8,927		294,948
					2,369,944
Publishing - 0.2%	Courier Corp.		2,450		34,912
	Dolan Media Co. (a)		6,500		66,365
	Journal Communications, Inc., Class A		9,800		38,122
	Martha Stewart Living Omnimedia, Inc., Class A (a)(b)		6,682		33,009
	Primedia, Inc.		5,900		21,299
	Scholastic Corp.		5,860		174,804
					368,511
Radio & TV Broadcasters - 0.1%	Crown Media Holdings, Inc., Class A (a)		2,698		3,912
	Fisher Communications, Inc. (a)		1,500		24,375
	Lin TV Corp., Class A (a)		6,700		29,882
	Outdoor Channel Holdings, Inc. (a)		3,800		22,040
	Sinclair Broadcast Group, Inc., Class A		12,064		48,618
					128,827
Railroad Equipment - 0.1%	American Railcar Industries, Inc.		2,300		25,346
	Freightcar America, Inc.		2,500		49,575
	Greenbrier Cos., Inc.		4,300		44,634
	Portec Rail Products, Inc.		1,500		16,065
					135,620
Railroads - 0.1%	Genesee & Wyoming, Inc., Class A (a)		8,875		289,680
	RailAmerica, Inc. (a)		4,400		53,680
					343,360
Real Estate - 0.2%	American Realty Investors, Inc. (a)		400		4,900
	Avatar Holdings, Inc. (a)		1,500		25,515
	China Housing & Land Development (a)(b)		7,100		29,323
	Consolidated-Tomoka Land Co.		1,400		48,916
	Forestar Group, Inc. (a)(b)		8,828		194,039
	Griffin Land & Nurseries, Inc.		700		20,391
	Tejon Ranch Co. (a)		2,715		79,332
	United Capital Corp. (a)		300		7,146
					409,562
Real Estate Investment Trusts (REITs) - 6.2%	Acadia Realty Trust		9,913		167,232
	Agree Realty Corp.		1,900		44,251
	Alexander’s, Inc. (a)		467		142,164
	American Campus Communities, Inc.		12,903		362,574
	American Capital Agency Corp.		3,500		92,890
	Anworth Mortgage Asset Corp.		25,500		178,500
	Apollo Commercial Real Estate Finance, Inc. (a)		1,800		32,382

33

Master Small Cap Index Series of Quantitative Master Series LLC
Schedule of Investments December 31, 2009	(Percentages shown are based on Net Assets)

Industry	Common Stocks	Shares		Value
	Ashford Hospitality Trust, Inc. (a)		14,080	$	65,331
	Associated Estates Realty Corp.		3,600		40,572
	BioMed Realty Trust, Inc.		24,220		382,192
	CBL & Associates Properties, Inc.		33,800		326,846
	CapLease, Inc.		11,100		48,618
	Capstead Mortgage Corp.		15,800		215,670
	Care Investment Trust, Inc.		2,900		22,562
	Cedar Shopping Centers, Inc.		9,800		66,640
	Cogdell Spencer, Inc.		6,900		39,054
	Colonial Properties Trust		15,300		179,469
	Colony Financial, Inc.		2,900		59,073
	Cousins Properties, Inc.		16,809		128,253
	CreXus Investment Corp. (a)		2,500		34,900
	Cypress Sharpridge Investments, Inc.		3,800		51,338
	DCT Industrial Trust, Inc.		48,310		242,516
	Developers Diversified Realty Corp.		37,700		349,102
	DiamondRock Hospitality Co.		27,380		231,909
	DuPont Fabros Technology, Inc.		6,900		124,131
	Dynex Capital Corp.		2,600		22,698
	EastGroup Properties, Inc.		6,227		238,370
	Education Realty Trust, Inc.		12,400		60,016
	Entertainment Properties Trust		9,680		341,414
	Equity Lifestyle Properties, Inc.		6,094		307,564
	Equity One, Inc. (b)		7,800		126,126
	Extra Space Storage, Inc.		21,550		248,903
	FelCor Lodging Trust, Inc. (a)		16,170		58,212
	First Industrial Realty Trust, Inc.		11,400		59,622
	First Potomac Realty Trust		6,900		86,733
	Franklin Street Properties Corp.		15,500		226,455
	Getty Realty Corp.		4,300		101,179
	Gladstone Commercial Corp.		2,400		32,184
	Glimcher Realty Trust		12,556		33,901
	Government Properties Income Trust		2,700		62,046
	Gramercy Capital Corp. (a)		10,702		27,718
	Hatteras Financial Corp.		8,300		232,068
	Healthcare Realty Trust, Inc.		14,100		302,586
	Hersha Hospitality Trust		10,700		33,598
	Highwoods Properties, Inc.		17,300		576,955
	Home Properties, Inc.		8,120		387,405
	Inland Real Estate Corp.		16,900		137,735
	Invesco Mortgage Capital, Inc.		2,100		47,796
	Investors Real Estate Trust		16,400		147,600
	iStar Financial, Inc. (a)(b)		26,000		66,560
	Kilroy Realty Corp. (b)		10,200		312,834
	Kite Realty Group Trust		9,740		39,642
	LTC Properties, Inc.		5,800		155,150
	LaSalle Hotel Properties		15,420		327,367
	Lexington Corporate Properties Trust		22,643		137,669
	MFA Financial, Inc.		67,700		497,595
	Medical Properties Trust, Inc.		20,100		201,000

34

Master Small Cap Index Series of Quantitative Master Series LLC
Schedule of Investments December 31, 2009	(Percentages shown are based on Net Assets)

Industry	Common Stocks	Shares		Value
	Mid-America Apartment Communities, Inc.		6,529	$	315,220
	Mission West Properties, Inc.		3,800		27,322
	Monmouth Real Estate Investment Corp., Class A		4,900		36,456
	National Health Investors, Inc.		6,429		237,809
	National Retail Properties, Inc.		19,675		417,504
	NorthStar Realty Finance Corp. (b)		14,963		51,323
	Omega Healthcare Investors, Inc.		20,400		396,780
	PS Business Parks, Inc.		4,208		210,610
	Parkway Properties, Inc.		5,504		114,593
	Pennsylvania Real Estate Investment Trust (b)		8,932		75,565
	PennyMac Mortgage Investment Trust (a)		3,500		60,130
	Post Properties, Inc.		11,086		217,286
	Potlatch Corp.		9,947		317,110
	RAIT Investment Trust (b)		16,210		21,235
	Ramco-Gershenson Properties Trust		5,400		51,516
	Redwood Trust, Inc.		19,195		277,560
	Resource Capital Corp.		5,200		25,584
	Saul Centers, Inc.		1,522		49,861
	Sovran Self Storage, Inc.		6,280		224,384
	Starwood Property Trust, Inc.		10,500		198,345
	Strategic Hotel Capital, Inc. (a)(b)		19,850		36,921
	Sun Communities, Inc.		4,143		81,824
	Sunstone Hotel Investors, Inc.		24,521		217,746
	Tanger Factory Outlet Centers, Inc.		9,622		375,162
	Transcontinental Realty Investors, Inc. (a)		700		8,337
	U-Store-It Trust		18,670		136,664
	UMH Properties, Inc.		2,000		16,960
	Universal Health Realty Income Trust		2,927		93,752
	Urstadt Biddle Properties, Inc., Class A		5,100		77,877
	Walter Investment Management Corp.		4,900		70,217
	Washington REIT		14,365		395,756
	Winthrop Realty Trust		2,637		28,638
					14,130,917
Recreational Vehicles & Boats - 0.3%	Brunswick Corp.		21,800		277,078
	Drew Industries, Inc. (a)		4,700		97,055
	Marine Products Corp.		2,331		11,492
	Polaris Industries, Inc. (b)		7,500		327,225
	Winnebago Industries, Inc. (a)		7,190		87,718
					800,568
Rental & Leasing Services: Consumer - 0.4%	Amerco, Inc. (a)		2,200		109,384
	Avis Budget Group, Inc. (a)		23,800		312,256
	Dollar Thrifty Automotive Group, Inc. (a)		6,495		166,337
	Rent-A-Center, Inc. (a)		15,200		269,344
					857,321
Restaurants - 1.3%	AFC Enterprises, Inc. (a)		6,200		50,592
	BJ’s Restaurants, Inc. (a)		4,800		90,336
	Benihana, Inc., Class A (a)		3,700		14,023
	Bob Evans Farms, Inc.		7,680		222,336
	Buffalo Wild Wings, Inc. (a)(b)		4,050		163,093
	CEC Entertainment, Inc. (a)		5,550		177,156

35

Master Small Cap Index Series of Quantitative Master Series LLC
Schedule of Investments December 31, 2009	(Percentages shown are based on Net Assets)

Industry	Common Stocks	Shares		Value
	CKE Restaurants, Inc.		12,800	$	108,288
	California Pizza Kitchen, Inc. (a)		5,150		69,267
	Caribou Coffee Co., Inc. (a)		1,400		10,808
	Carrols Restaurant Group, Inc. (a)		2,500		17,675
	The Cheesecake Factory, Inc. (a)		13,800		297,942
	Cracker Barrel Old Country Store, Inc.		5,100		193,749
	Denny’s Corp. (a)(b)		24,000		52,560
	DineEquity, Inc. (a)(b)		4,448		108,042
	Domino’s Pizza, Inc. (a)		9,650		80,867
	Einstein Noah Restaurant Group, Inc. (a)		1,000		9,830
	Frisch’s Restaurants, Inc.		600		14,310
	Jack in the Box, Inc. (a)		13,536		266,253
	Krispy Kreme Doughnuts, Inc. (a)		14,600		43,070
	Landry’s Restaurants, Inc. (a)		1,596		33,979
	Luby’s, Inc. (a)		4,800		17,664
	McCormick & Schmick’s Seafood Restaurants, Inc. (a)		3,400		23,664
	O’Charleys, Inc. (a)		4,684		30,680
	P.F. Chang’s China Bistro, Inc. (a)		5,408		205,017
	Papa John’s International, Inc. (a)		4,796		112,035
	Red Robin Gourmet Burgers, Inc. (a)		3,200		57,280
	Ruby Tuesday, Inc. (a)		15,300		110,160
	Ruth’s Hospitality Group, Inc. (a)		5,000		10,450
	Sonic Corp. (a)		14,820		149,237
	The Steak N Shake Co. (a)		291		94,319
	Texas Roadhouse, Inc., Class A (a)		12,300		138,129
					2,972,811
Scientific Instruments: Control & Filter - 0.8%	Brady Corp.		11,694		350,937
	CIRCOR International, Inc.		4,300		108,274
	China Security & Surveillance Technology, Inc. (a)		9,500		72,580
	ESCO Technologies, Inc.		6,532		234,172
	Energy Recovery, Inc. (a)(b)		8,900		61,232
	Flanders Corp. (a)		3,800		16,948
	The Gorman-Rupp Co.		3,597		99,421
	ICx Technologies, Inc. (a)		2,800		26,656
	L-1 Identity Solutions, Inc. (a)		18,428		138,026
	Mine Safety Appliances Co.		6,526		173,135
	PMFG, Inc. (a)		3,300		53,493
	RAE Systems, Inc. (a)		12,500		13,750
	Robbins & Myers, Inc.		6,424		151,092
	Sun Hydraulics, Inc.		2,850		74,813
	Watts Water Technologies, Inc., Class A		7,236		223,737
	X-Rite, Inc. (a)		8,200		17,876
					1,816,142
Scientific Instruments: Electrical - 1.1%	A.O. Smith Corp.		5,081		220,465
	AZZ, Inc. (a)		2,600		85,020
	Advanced Battery Technologies, Inc. (a)(b)		11,700		46,800
	American Superconductor Corp. (a)(b)		10,200		417,180
	Baldor Electric Co.		11,501		323,063
	Broadwind Energy, Inc. (a)(b)		7,600		61,484

36

Master Small Cap Index Series of Quantitative Master Series LLC
Schedule of Investments December 31, 2009	(Percentages shown are based on Net Assets)

Industry	Common Stocks	Shares		Value
	China BAK Battery, Inc. (a)		9,400	$	26,132
	Ener1, Inc. (a)(b)		11,600		73,544
	EnerSys (a)		9,200		201,204
	Franklin Electric Co., Inc.		5,860		170,409
	GrafTech International Ltd. (a)		29,444		457,854
	Houston Wire & Cable Co.		4,400		52,360
	Littelfuse, Inc. (a)		5,460		175,539
	Preformed Line Products Co.		500		21,900
	SatCon Technology Corp. (a)		14,600		41,172
	Taser International, Inc. (a)		15,500		67,890
	Ultralife Batteries, Inc. (a)		3,100		13,392
	Valence Technology, Inc. (a)		12,800		11,648
					2,467,056
Scientific Instruments: Gauges & Meters - 0.1%	Badger Meter, Inc.		3,300		131,406
	Faro Technologies, Inc. (a)		4,100		87,904
	Measurement Specialties, Inc. (a)		3,600		36,180
	Smartheat, Inc. (a)		1,600		23,232
	Zygo Corp. (a)		3,800		25,574
					304,296
Scientific Instruments: Pollution Control - 0.4%	American Ecology Corp.		4,700		80,088
	Clean Harbors, Inc. (a)		5,100		304,011
	Darling International, Inc. (a)		20,900		175,142
	EnergySolutions, Inc.		19,100		162,159
	Fuel Tech, Inc. (a)		4,700		38,399
	Heritage Crystal Clean, Inc. (a)		1,000		10,460
	Met-Pro Corp.		3,600		38,232
	Metalico, Inc. (a)		6,700		32,964
	Perma-Fix Environmental Services (a)		14,000		31,780
	Team, Inc. (a)		4,700		88,407
	Waste Services, Inc. (a)		3,733		34,008
					995,650
Securities Brokerage & Services - 0.9%	BGC Partners, Inc.		12,323		56,932
	E*Trade Financial Corp. (a)		372,500		651,875
	GFI Group, Inc.		16,200		74,034
	Gladstone Investment Corp.		5,500		25,080
	International Assets Holding Corp., Inc. (a)		3,155		45,874
	KBW, Inc. (a)		8,700		238,032
	Knight Capital Group, Inc., Class A (a)		21,600		332,640
	LaBranche & Co., Inc. (a)		14,600		41,464
	MF Global Ltd. (a)		23,600		164,020
	MarketAxess Holdings, Inc.		7,900		109,810
	optionsXpress Holdings, Inc.		10,600		163,770
	Penson Worldwide, Inc. (a)(b)		5,200		47,112
	SWS Group, Inc.		6,106		73,883
	TradeStation Group, Inc. (a)		8,100		63,909
					2,088,435
Semiconductors & Components - - 2.5%	Actel Corp. (a)		6,516		77,410
	Advanced Analogic Technologies, Inc. (a)		10,700		42,158
	Amkor Technology, Inc. (a)		27,400		196,184
	Anadigics, Inc. (a)		15,800		66,676

37

Master Small Cap Index Series of Quantitative Master Series LLC
Schedule of Investments December 31, 2009	(Percentages shown are based on Net Assets)

Industry	Common Stocks	Shares		Value
	Applied Micro Circuits Corp. (a)		16,400	$	122,508
	Atheros Communications, Inc. (a)		15,370		526,269
	Cavium Networks, Inc. (a)		8,800		209,704
	Ceva, Inc. (a)		5,000		64,300
	Cirrus Logic, Inc. (a)		14,300		97,526
	DSP Group, Inc. (a)		5,783		32,558
	Diodes, Inc. (a)		7,812		159,755
	Emcore Corp. (a)		18,900		20,223
	Entropic Communications, Inc. (a)		14,500		44,515
	Exar Corp. (a)		9,227		65,604
	FormFactor, Inc. (a)		11,300		245,888
	Hittite Microwave Corp. (a)		5,200		211,900
	IXYS Corp. (a)		5,737		42,569
	Kopin Corp. (a)		16,900		70,642
	Lattice Semiconductor Corp. (a)		23,700		63,990
	MIPS Technologies, Inc. (a)		11,000		48,070
	Micrel, Inc.		11,300		92,660
	Microsemi Corp. (a)		19,290		342,397
	Microtune, Inc. (a)		12,500		28,250
	Monolithic Power Systems, Inc. (a)		8,200		196,554
	NetLogic Microsystems, Inc. (a)		4,100		189,666
	Omnivision Technologies, Inc. (a)		11,200		162,736
	PLX Technology, Inc. (a)		8,400		27,132
	ParkerVision, Inc. (a)(b)		7,300		13,359
	Pericom Semiconductor Corp. (a)		6,693		77,170
	Power Integrations, Inc.		5,400		196,344
	RF Micro Devices, Inc. (a)		65,284		311,405
	Rubicon Technology, Inc. (a)(b)		3,100		62,961
	Semtech Corp. (a)		14,800		251,748
	Sigma Designs, Inc. (a)		6,500		69,550
	Silicon Image, Inc. (a)		18,676		48,184
	Silicon Storage Technology, Inc. (a)		19,858		50,836
	Skyworks Solutions, Inc. (a)		40,033		568,068
	Standard Microsystems Corp. (a)		5,510		114,498
	Supertex, Inc. (a)		2,267		67,557
	Techwell, Inc. (a)		3,600		47,520
	Trident Microsystems, Inc. (a)		15,800		29,388
	TriQuint Semiconductor, Inc. (a)		33,836		203,016
	Virage Logic Corp. (a)		4,800		26,400
	Volterra Semiconductor Corp. (a)		5,000		95,600
	White Electronic Designs Corp. (a)		5,300		24,751
	Zoran Corp. (a)		11,408		126,058
					5,832,257
Shipping - 0.6%	American Commercial Lines, Inc. (a)		2,250		41,242
	DHT Maritime, Inc.		10,100		37,168
	Eagle Bulk Shipping, Inc. (a)(b)		13,700		67,815
	Genco Shipping & Trading Ltd. (b)		5,900		132,042
	General Maritime Corp.		12,140		84,859
	Golar LNG Ltd.		8,600		110,252
	Gulfmark Offshore, Inc. (a)		5,500		155,705

38

Master Small Cap Index Series of Quantitative Master Series LLC
Schedule of Investments December 31, 2009	(Percentages shown are based on Net Assets)

Industry	Common Stocks	Shares		Value
	Horizon Lines, Inc., Class A		7,500	$	41,775
	International Shipholding Corp.		1,400		43,498
	Knightsbridge Tankers Ltd.		4,200		55,692
	Nordic American Tanker Shipping Ltd. (b)		10,500		315,000
	Ship Finance International Ltd.		11,200		152,656
	TBS International Ltd. (a)		2,800		20,580
	Teekay Tankers Ltd., Class A		1,600		13,648
	Ultrapetrol Bahamas Ltd. (a)		5,400		25,704
					1,297,636
Specialty Retail - 3.2%	1-800-FLOWERS.COM, Inc., Class A (a)		6,524		17,289
	America’s Car Mart, Inc. (a)		2,300		60,559
	AnnTaylor Stores Corp. (a)		13,500		184,140
	Asbury Automotive Group, Inc. (a)		7,900		91,087
	bebe Stores, Inc.		5,500		34,485
	Big 5 Sporting Goods Corp.		5,500		94,490
	Blue Nile, Inc. (a)		3,200		202,656
	Books-A-Million, Inc.		1,500		10,080
	Borders Group, Inc. (a)		11,200		13,216
	Brown Shoe Co., Inc.		10,527		103,901
	The Buckle, Inc. (b)		6,009		175,944
	Build-A-Bear Workshop, Inc. (a)		4,100		20,049
	Cabela’s, Inc., Class A (a)(b)		8,900		126,914
	The Cato Corp., Class A		6,295		126,278
	Charming Shoppes, Inc. (a)		28,840		186,595
	The Children’s Place Retail Stores, Inc. (a)		4,985		164,555
	Christopher & Banks Corp.		8,928		68,031
	Citi Trends, Inc. (a)		3,700		102,194
	Coldwater Creek, Inc. (a)		14,300		63,778
	Collective Brands, Inc. (a)		14,900		339,273
	Conn’s, Inc. (a)(b)		2,400		14,016
	DSW, Inc., Class A (a)		2,600		67,288
	Destination Maternity Corp. (a)		1,400		26,600
	Dress Barn, Inc. (a)		13,982		322,984
	The Finish Line, Inc., Class A		10,580		132,779
	Gander Mountain Co. (a)		1,000		5,100
	Genesco, Inc. (a)		5,238		143,835
	Group 1 Automotive, Inc.		5,432		153,997
	Gymboree Corp. (a)		6,758		293,905
	Haverty Furniture Cos., Inc.		4,436		60,906
	hhgregg, Inc. (a)		2,800		61,684
	Hibbett Sports, Inc. (a)		6,275		137,987
	Hot Topic, Inc. (a)		9,181		58,391
	Jo-Ann Stores, Inc. (a)		6,105		221,245
	Jos. A. Bank Clothiers, Inc. (a)		4,133		174,371
	Lithia Motors, Inc., Class A (b)		4,500		36,990
	Men’s Wearhouse, Inc.		12,900		271,674
	Midas, Inc. (a)		3,542		29,930
	Monro Muffler, Inc.		3,650		122,056
	New York & Co. (a)		5,800		24,882
	Nu Skin Enterprises, Inc., Class A		11,426		307,017

39

Master Small Cap Index Series of Quantitative Master Series LLC
Schedule of Investments December 31, 2009	(Percentages shown are based on Net Assets)

Industry	Common Stocks	Shares		Value
	OfficeMax, Inc. (a)		18,800	$	238,572
	Pacific Sunwear of California, Inc. (a)		16,600		66,068
	The Pep Boys - Manny, Moe & Jack		11,966		101,232
	Pier 1 Imports, Inc. (a)		26,299		133,862
	Regis Corp.		13,100		203,967
	Retail Ventures, Inc. (a)		6,200		55,118
	Rue21, Inc. (a)		1,300		36,517
	Sally Beauty Co., Inc. (a)		23,500		179,775
	Shoe Carnival, Inc. (a)		2,100		42,987
	Shutterfly, Inc. (a)		4,400		78,364
	Sonic Automotive, Inc.		6,900		71,691
	Stage Stores, Inc.		9,550		118,038
	Stamps.com, Inc. (a)		3,403		30,627
	Stein Mart, Inc. (a)		6,324		67,414
	Syms Corp. (a)		1,600		11,568
	Systemax, Inc.		2,400		37,704
	The Talbots, Inc. (b)		6,100		54,351
	Ticketmaster Entertainment (a)		9,200		112,424
	Tractor Supply Co. (a)		8,700		460,752
	Ulta Salon Cosmetics & Fragrance, Inc. (a)		6,900		125,304
	Vitacost.com, Inc. (a)		1,900		19,798
	Vitamin Shoppe, Inc. (a)		1,700		37,808
	The Wet Seal, Inc., Class A (a)		23,600		81,420
	Zale Corp. (a)(b)		5,000		13,600
	Zumiez, Inc. (a)		4,900		62,328
					7,294,440
Steel - 0.1%	China Precision Steel, Inc. (a)(b)		9,000		18,450
	General Steel Holdings, Inc. (a)		3,300		14,553
	Olympic Steel, Inc.		1,900		61,902
	Sutor Technology Group Ltd. (a)		1,900		5,054
	Universal Stainless & Alloy Products, Inc. (a)		1,700		32,062
					132,021
Sugar - 0.0%	Imperial Sugar Co., New Shares		2,500		43,600
Synthetic Fibers & Chemicals - 0.0%	Zoltek Cos., Inc. (a)(b)		6,900		65,550
Technology: Miscellaneous - 0.3%	Benchmark Electronics, Inc. (a)		16,329		308,781
	CTS Corp.		8,368		80,500
	LaBarge, Inc. (a)		3,000		36,150
	Plexus Corp. (a)		9,898		282,093
	Vocus, Inc. (a)		4,100		73,800
					781,324
Telecommunications Equipment - 0.4%	ADC Telecommunications, Inc. (a)		22,000		136,620
	Applied Signal Technology, Inc.		2,600		50,154
	Arris Group, Inc. (a)		30,500		348,615
	Brightpoint, Inc. (a)		12,530		92,095
	Cogo Group, Inc. (a)		5,800		42,746
	Communications System, Inc.		1,300		16,172
	Mastec, Inc. (a)		12,900		161,250
	OpNext, Inc. (a)		6,700		12,730
	Powerwave Technologies, Inc. (a)		30,977		39,031
	Symmetricom, Inc. (a)		11,300		58,760

40

Master Small Cap Index Series of Quantitative Master Series LLC
Schedule of Investments December 31, 2009	(Percentages shown are based on Net Assets)

Industry	Common Stocks	Shares		Value
	UTStarcom, Inc. (a)(b)		27,000	$	59,130
					1,017,303
Textile Products - 0.1%	Interface, Inc., Class A		12,621		104,881
	Unifi, Inc. (a)		10,800		41,904
					146,785
Textiles Apparel & Shoes - 2.1%	American Apparel, Inc. (a)		8,500		26,350
	Carter’s, Inc. (a)		13,200		346,500
	Cherokee, Inc.		1,900		33,858
	Columbia Sportswear Co. (b)		2,800		109,312
	Crocs, Inc. (a)		20,900		120,175
	Deckers Outdoor Corp. (a)		3,000		305,160
	FGX International Holdings Ltd. (a)		3,400		66,606
	G-III Apparel Group, Ltd. (a)		3,300		71,511
	Iconix Brand Group, Inc. (a)		17,300		218,845
	J. Crew Group, Inc. (a)		12,070		540,012
	Jones Apparel Group, Inc.		20,900		335,654
	K-Swiss, Inc., Class A		6,496		64,570
	Kenneth Cole Productions, Inc., Class A		1,092		10,538
	Liz Claiborne, Inc. (a)(b)		24,100		135,683
	lululemon athletica, Inc. (a)		10,000		301,000
	Maidenform Brands, Inc. (a)		4,400		73,436
	Oxford Industries, Inc.		3,342		69,113
	Perry Ellis International, Inc. (a)		1,850		27,861
	Quiksilver, Inc. (a)		32,000		64,640
	Skechers U.S.A., Inc., Class A (a)		7,655		225,134
	Steven Madden Ltd. (a)		3,568		147,144
	Timberland Co., Class A (a)		10,700		191,851
	True Religion Apparel, Inc. (a)		6,200		114,638
	Under Armour, Inc., Class A (a)		8,300		226,341
	Volcom, Inc. (a)		4,500		75,330
	The Warnaco Group, Inc. (a)		10,700		451,433
	Weyco Group, Inc.		1,600		37,824
	Wolverine World Wide, Inc.		12,008		326,858
					4,717,377
Tobacco - 0.2%	Alliance One International, Inc. (a)		19,955		97,380
	Star Scientific, Inc. (a)		18,100		12,670
	Universal Corp.		5,756		262,531
	Vector Group Ltd.		9,825		137,550
					510,131
Toys - 0.1%	Jakks Pacific, Inc. (a)		5,930		71,872
	Leapfrog Enterprises, Inc. (a)		8,446		33,024
	RC2 Corp. (a)		4,813		70,992
					175,888
Transportation Miscellaneous - 0.2%	Dynamex, Inc. (a)		2,100		38,010
	Echo Global Logistics, Inc. (a)		500		6,345
	HUB Group, Inc., Class A (a)		9,200		246,836
	Odyssey Marine Exploration, Inc. (a)		12,900		18,189
	Pacer International, Inc.		6,900		21,804
	Textainer Group Holdings Ltd.		2,166		36,605

41

Master Small Cap Index Series of Quantitative Master Series LLC
Schedule of Investments December 31, 2009	(Percentages shown are based on Net Assets)

Industry	Common Stocks	Shares		Value
	Todd Shipyards Corp.		1,700	$	28,492
					396,281
Truckers - 0.6%	Arkansas Best Corp.		5,741		168,958
	Celadon Group, Inc. (a)		5,500		59,675
	Forward Air Corp.		7,232		181,162
	Heartland Express, Inc.		12,273		187,409
	Knight Transportation, Inc.		14,262		275,114
	Marten Transport Ltd. (a)		3,850		69,107
	Old Dominion Freight Line, Inc. (a)		6,325		194,178
	Patriot Transportation Holding, Inc. (a)		300		28,338
	Saia, Inc. (a)		3,281		48,624
	USA Truck, Inc. (a)		2,200		27,544
	Universal Truckload Services, Inc.		1,321		23,910
	Werner Enterprises, Inc.		9,600		189,984
	YRC Worldwide, Inc. (a)(b)		6,700		5,627
					1,459,630
Utilities: Electrical - 1.7%	Allete, Inc.		6,966		227,649
	Avista Corp.		13,275		286,607
	Black Hills Corp.		9,300		247,659
	CH Energy Group, Inc.		3,989		169,612
	Central Vermont Public Service Corp.		2,800		58,240
	Cleco Corp.		14,667		400,849
	El Paso Electric Co. (a)		10,908		221,214
	The Empire District Electric Co.		7,968		149,241
	IDACORP, Inc.		11,500		367,425
	MGE Energy, Inc.		5,745		205,326
	NorthWestern Corp.		8,200		213,364
	Otter Tail Corp.		8,986		222,853
	PNM Resources, Inc.		19,800		250,470
	Pike Electric Corp. (a)		4,100		38,048
	Portland General Electric Co.		17,400		355,134
	UIL Holdings Corp.		7,167		201,249
	Unisource Energy Corp.		8,183		263,411
	Unitil Corp.		2,900		66,642
					3,944,993
Utilities: Gas Distributors - 1.2%	Chesapeake Utilities Corp.		2,267		72,657
	The Laclede Group, Inc.		4,948		167,094
	New Jersey Resources Corp.		9,761		365,061
	Nicor, Inc. (c)		10,600		446,260
	Northwest Natural Gas Co.		6,399		288,211
	Piedmont Natural Gas Co.		18,000		481,500
	South Jersey Industries, Inc.		6,832		260,846
	Southwest Gas Corp.		10,890		310,692
	WGL Holdings, Inc.		11,700		392,418
					2,784,739
Utilities: Telecommunications - 0.9%	Alaska Communications Systems Group, Inc.		11,000		87,780
	Atlantic Tele-Network, Inc.		2,200		121,022
	Cbeyond Communications, Inc. (a)		5,700		89,775
	Cincinnati Bell, Inc. (a)		51,600		178,020
	Cogent Communications Group, Inc. (a)		11,100		109,446

42

Master Small Cap Index Series of Quantitative Master Series LLC
Schedule of Investments December 31, 2009	(Percentages shown are based on Net Assets)

Industry	Common Stocks	Shares		Value
	Consolidated Communications Holdings, Inc.		5,835	$	102,112
	General Communication, Inc., Class A (a)		11,139		71,067
	Global Crossing Ltd. (a)		7,300		104,025
	HickoryTech Corp.		3,000		26,490
	Incontact, Inc. (a)		6,100		17,873
	Iowa Telecommunications Services, Inc.		7,100		118,996
	j2 Global Communications, Inc. (a)		10,500		213,675
	NTELOS Holdings Corp.		7,500		133,650
	Neutral Tandem, Inc. (a)		7,300		166,075
	PAETEC Holding Corp. (a)		30,520		126,658
	Premiere Global Services, Inc. (a)		15,200		125,400
	RCN Corp. (a)		9,100		98,735
	Shenandoah Telecom Co.		5,900		120,065
	SureWest Communications (a)		3,900		38,844
	USA Mobility, Inc.		4,220		46,462
					2,096,170
Utilities: Water - 0.3%	American States Water Co.		4,485		158,814
	Artesian Resources Corp., Class A		1,900		34,789
	California Water Service Group		4,796		176,589
	Connecticut Water Service, Inc.		2,100		52,017
	Consolidated Water Co., Inc.		3,600		51,444
	Middlesex Water Co.		3,300		58,179
	Pennichuck Corp.		1,000		21,130
	SJW Corp.		3,248		73,307
	Southwest Water Co.		6,083		35,829
	York Water Co.		3,200		46,432
					708,530
	Total Common Stocks - 97.6%				224,138,747
	Investment Companies
	BlackRock Kelso Capital Corp. (d)		3,100		26,412
	Gladstone Capital Corp.		5,200		40,040
	Hercules Technology Growth Capital, Inc.		8,562		88,959
	Kayne Anderson Energy Development Co.		2,500		36,375
	Pennantpark Investment Corp.		5,300		47,276
	Prospect Capital Corp. (b)		14,400		170,064
	Total Investment Companies - 0.2%				409,126
	Rights
Banks: Savings, Thrift & Mortgage Lending - 0.0%	Flagstar Bancorp, Inc. (Expires 1/25/10)		25,125		—
Building Materials - 0.0%	Builders FirstSource, Inc. (Expires 1/14/10)		6,444		1,577
	Total Rights - 0.0%				1,577
	Warrants (e)
Alternative Energy - 0.0%	GreenHunter Energy, Inc. (Expires 8/27/11) (b)(f)		180		—
Communications Technology - 0.0%	Lantronix, Inc. (Expires 2/09/11) (a)(f)		138		—
	Total Warrants - 0.0%				—
	Total Long-Term Investments (Cost - $190,334,906) - 97.8%				224,549,450

43

Master Small Cap Index Series of Quantitative Master Series LLC
Schedule of Investments December 31, 2009	(Percentages shown are based on Net Assets)

Short-Term Securities	Shares		Value
BlackRock Liquidity Funds, TempFund, Institutional Class, 0.11% (d)(g)		9,452,117	$	9,452,117
	Beneficial Interest (000)
BlackRock Liquidity Series, LLC Money Market Series, 0.29% (d)(g)(h)	$	17,387	$	17,386,620
Total Short-Term Securities (Cost - $26,838,737) - 11.7%				26,838,737
Total Investments (Cost - $217,173,643*) - 109.5%				251,388,187
Liabilities in Excess of Other Assets - (9.5)%				(21,751,491	)
Net Assets - 100.0%			$	229,636,696

* The cost and unrealized appreciation (depreciation) of investments as December 31, 2009, as computed for federal income tax purposes, were as follows:

Aggregate cost	$	229,753,769
Gross unrealized appreciation	$	48,267,727
Gross unrealized depreciation		(26,633,309	)
Net unrealized appreciation	$	21,634,418

(a)	Non-income producing security.
(b)	Security, or a portion of security, is on loan.
(c)	All or a portion of security has been pledged as collateral in connection with open financial futures contracts. (d) Investments in companies considered to be an affiliate of the Series, for purposes of Section 2(a)(3) of the Investment Company Act of 1940, were as follows:

Affiliate	Purchase Cost			Sale Cost			Realized Loss			Income
Anthracite Capital, Inc.	$	16,102		$	239,668		$	(221,996	)		—
BlackRock Kelso Capital Corp.	$	11,712		$	42,960		$	(13,276	)	$	992
BlackRock Liquidity Funds, TempFund, Institutional Class	$	9,452,117	1		—			—		$	26,184
BlackRock Liquidity Series, LLC Cash Sweep Series		—		$	33,514,609	2		—		$	37,173
BlackRock Liquidity Series, LLC Money Market Series		—		$	7,257,582	2		—		$	451,286

	1	Represents net purchase cost.
	2	Represents net sale cost.
(e)	Warrants entitle the Series to purchase a predetermined number of shares of common stock and are non-income producing. The purchase price and number of shares are subject to adjustment under certain conditions until the expiration date.
(f)	Restricted security as to resale, representing 0.0% of net assets was as follows:

Issue	Acquisition Date		Cost		Value
GreenHunter Energy, Inc.		6/27/08	$	—	$	—

(g)	Represents the current yield as of report date.
(h)	Security was purchased with the cash collateral from securities loans.
•	For Series compliance purposes, the Series’ industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by Series management. This definition may not apply for purposes of this report, which may combine industry sub-classifications for reporting ease.

44

Master Small Cap Index Series of Quantitative Master Series LLC

Schedule of Investments December 31, 2009

• Financial futures contracts purchased as of December 31, 2009 were as follows:

Contracts	Issue	Expiration Date	Notional Value		Unrealized Appreciation
72	Russell 2000 MINI	March 2010	$	4,403,447	$	88,573

•	Fair Value Measurements - Various inputs are used in determining the fair value of investments, which are as follows:
		•	Level 1 - price quotations in active markets/exchanges for identical asset and liabilities
		•	Level 2 - other observable inputs (including, but not limited to: quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs)
		•	Level 3 - unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Series’ own assumptions used in determining the fair value of investments)
	The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For information about the Series’ policy regarding valuation of investments and other significant accounting policies, please refer to Note 1 of the Notes to Financial Statements.
	The following table summarizes the inputs used as of December 31, 2009 in determining the fair valuation of the Series’ investments:

Valuation Inputs	Investments in Securities
	Assets
Level 1 - Long-Term Investments1	$	224,549,450
Short-Term Securities		9,452,117
Total Level 1		234,001,567
Level 2 - Short-Term Securities		17,386,620
Level 3		—
Total	$	251,388,187

¹ See above Schedule of Investments for values in each industry.

Valuation Inputs	Other Financial Instruments2
	Assets
Level 1	$	88,573
Level 2		—
Level 3		—
Total	$	88,573

² Other financial instruments are financial futures contracts which are shown at the unrealized appreciation/depreciation on the instrument.

45

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM ON DETAILED
SCHEDULE OF INVESTMENTS

To the Investors and Board of Directors of
Quantitative Master Series LLC:

We have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), the financial statements of Master Small Cap Index Series, one of the portfolios constituting Quantitative Master Series LLC, (the “Master LLC”) as of December 31, 2009, and for the year then ended and have issued our report thereon dated February 24, 2010 which report and financial statements are included in Item 1 of this Certified Shareholder Report on Form N-CSR. Our audit also included the Master LLC’s Schedule of Investments (the “Schedule”) as of December 31, 2009 appearing in Item 6 of this Form N-CSR. This Schedule is the responsibility of the Master LLC’s management. Our responsibility is to express an opinion based on our audit. In our opinion, the Schedule referred to above, when considered in relation to the basic financial statements taken as a whole of the Master LLC referred to above, presents fairly, in all material respects, the information set forth therein.

DELOITTE & TOUCHE LLP

February 24, 2010
Princeton, New Jersey

46

	(b) Not Applicable due to no such divestments during the semi-annual period covered since the previous Form N-CSR filing.
Item 7 –	Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies – Not Applicable
Item 8 –	Portfolio Managers of Closed-End Management Investment Companies – Not Applicable

Item 9 –	Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers – Not Applicable
Item 10 –	Submission of Matters to a Vote of Security Holders – The registrant’s Nominating and Governance Committee will consider nominees to the board of directors recommended by shareholders when a vacancy becomes available. Shareholders who wish to recommend a nominee should send nominations which include biographical information and set forth the qualifications of the proposed nominee to the registrant’s Secretary. There have been no material changes to these procedures.
Item 11 –	Controls and Procedures
11(a) –	The registrant’s principal executive and principal financial officers or persons performing similar functions have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) are effective as of a date within 90 days of the filing of this report based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rule 15(d)-15(b) under the Securities Exchange Act of 1934, as amended.
11(b) –	There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.
Item 12 –	Exhibits attached hereto
12(a)(1) –	Code of Ethics – See Item 2
12(a)(2) –	Certifications – Attached hereto
12(a)(3) –	Not Applicable
12(b) –	Certifications – Attached hereto

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
BlackRock Small Cap Index Fund of BlackRock Index Funds, Inc. and Master Small Cap Index Series of Quantitative Master Series LLC
By:	/s/ Anne F. Ackerley
	Anne F. Ackerley
	Chief Executive Officer of
	BlackRock Small Cap Index Fund of BlackRock Index Funds, Inc. and Master Small Cap Index Series of Quantitative Master Series LLC
Date: February 23, 2010
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By:	/s/ Anne F. Ackerley
	Anne F. Ackerley
	Chief Executive Officer (principal executive officer) of
	BlackRock Small Cap Index Fund of BlackRock Index Funds, Inc. and Master Small Cap Index Series of Quantitative Master Series LLC
Date: February 23, 2010
By:	/s/ Neal J. Andrews
	Neal J. Andrews
	Chief Financial Officer (principal financial officer) of
	BlackRock Small Cap Index Fund of BlackRock Index Funds, Inc. and Master Small Cap Index Series of Quantitative Master Series LLC
Date: February 23, 2010