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

Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809

Name and address of agent for service: John M. Perlowski, Chief Executive Officer, BlackRock Index Funds, Inc.

            and Quantitative Master Series LLC, 55 East 52^nd Street, New York, NY 10055

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

Date of fiscal year end: 12/31/2014

Date of reporting period: 12/31/2014

Item 1 – Report to Stockholders

DECEMBER 31, 2014

  ANNUAL REPORT  

BlackRock Index Funds, Inc.

^Ø   BlackRock International Index Fund

^Ø   BlackRock Small Cap Index Fund

Not FDIC Insured • May Lose Value • No Bank Guarantee

Table of Contents

	Page
The Markets in Review		3
Annual Report:
Fund Summary		4
About Fund Performance		8
Disclosure of Expenses		8
Derivative Financial Instruments		8
Fund Financial Statements:
Statements of Assets and Liabilities		9
Statements of Operations		10
Statements of Changes in Net Assets		11
Fund Financial Highlights		12
Fund Notes to Financial Statements		18
Fund Report of Independent Registered Public Accounting Firm		22
Important Tax Information		22
Series Portfolio Information		23
Series Financial Statements:
Schedules of Investments		24
Statements of Assets and Liabilities		54
Statements of Operations		55
Statements of Changes in Net Assets		56
Series Financial Highlights		57
Series Notes to Financial Statements		58
Series Report of Independent Registered Public Accounting Firm		65
Officers and Directors		66
Additional Information		69

2 BLACKROCK INDEX FUNDS, INC. DECEMBER 31, 2014

The Markets in Review

Dear Shareholder,

After an extended period of calm, market volatility increased over the course of 2014, driven largely by higher valuations in risk assets (such as equities and high yield bonds), rising geopolitical risks and expectations around global central bank policies. Several key trends drove strong performance in U.S. markets, particularly large-cap stocks, Treasuries and municipal bonds, while markets outside the U.S. were more challenged.

Investors began the year in search of relatively safer assets due to heightened risks in emerging markets, slowing growth in China and weakening U.S. economic data. As a result, equities globally declined in January while bond markets strengthened despite the expectation that interest rates would rise as the U.S. Federal Reserve had begun reducing its asset purchase programs. Strong demand for relatively safer assets pushed U.S. Treasury bond prices higher and thus kept rates low in the United States. This surprising development, as well as increasing evidence that the soft patch in U.S. economic data had been temporary and weather-related, brought equity investors racing back to the market in February.

In the months that followed, interest rates trended lower in a modest growth environment and more investors turned to equities in search of yield. Markets remained relatively calm despite rising tensions in Russia and Ukraine and further signs of decelerating growth in China. Strong corporate earnings, increased merger and acquisition activity and signs of a strengthening recovery in the U.S. and other developed economies kept equity prices moving higher. Not all segments benefited from these trends, however, as investors ultimately became wary of high valuations, resulting in a broad rotation into cheaper assets.

Volatility ticked up in the summer as geopolitical tensions escalated and investors feared that better U.S. economic indicators may compel the Fed to increase short-term interest rates sooner than previously anticipated. Global credit markets tightened as the U.S. dollar strengthened, ultimately putting a strain on investor flows, and financial markets broadly weakened in the third quarter.

Several themes dominated the markets in the fourth quarter, resulting in higher levels of volatility and the outperformance of U.S. markets versus other areas of the world. Economic growth strengthened considerably in the United States while the broader global economy showed signs of slowing. The European Central Bank and the Bank of Japan took aggressive measures to stimulate growth while the Fed moved toward tighter policy. This divergence in central bank policy caused further strengthening in the U.S. dollar versus other currencies. Oil prices, which had been falling gradually since the summer, plummeted in the fourth quarter due to a global supply-and-demand imbalance. Energy stocks sold off sharply and oil-exporting economies suffered, resulting in the poor performance of emerging market stocks.

At BlackRock, we believe investors need to think globally, extend their scope across a broad array of asset classes and be prepared to move freely as market conditions change over time. We encourage you to talk with your financial advisor and visit blackrock.com for further insight about investing in today’s markets.

Sincerely,

Rob Kapito

President, BlackRock Advisors, LLC

Rob Kapito

President, BlackRock Advisors, LLC

Total Returns as of December 31, 2014
	6-month			12-month
U.S. large cap equities (S&P 500® Index)		6.12	%		13.69	%
U.S. small cap equities (Russell 2000® Index)		1.65			4.89
International equities (MSCI Europe, Australasia, Far East Index)		(9.24	)		(4.90	)
Emerging market equities (MSCI Emerging Markets Index)		(7.84	)		(2.19	)
3-month Treasury bills (BofA Merrill Lynch 3-Month U.S. Treasury Bill Index)		0.01			0.03
U.S. Treasury securities (BofA Merrill Lynch 10-Year U.S. Treasury Index)		4.33			10.72
U.S. investment-grade bonds (Barclays U.S. Aggregate Bond Index)		1.96			5.97
Tax-exempt municipal bonds (S&P Municipal Bond Index)		3.00			9.25
U.S. high yield bonds (Barclays U.S. Corporate High Yield 2% Issuer Capped Index)		(2.84	)		2.46
Past performance is no guarantee of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.

THIS PAGE NOT PART OF YOUR FUND REPORT 3

Fund Summary as of December 31, 2014 BlackRock International Index Fund

Investment Objective

BlackRock International Index Fund’s (the “Fund”), investment objective is to match the performance of the MSCI EAFE Index (Europe, Australasia, Far East) (the “MSCI EAFE Index”) in U.S. dollars with net dividends as closely as possible before the deduction of Fund expenses.

Portfolio Management Commentary

How did the Fund perform?

Ÿ For the 12 months ended December 31, 2014, the Fund’s Institutional Shares returned (6.13)%, Investor A Shares returned (6.45)% and Class K Shares returned (6.12)%. The benchmark MSCI EAFE Index returned (4.90)% for the same period. The MSCI EAFE Index is a free float-adjusted, market capitalization-weighted index designed to measure equity performance of developed markets, excluding the United States and Canada.

Ÿ Returns for the Fund’s respective share classes differ from the benchmark index based on individual share-class expenses. The Fund invests all of its assets in Master International Index Series (the “Series”), a series of Quantitative Master Series LLC.

Describe the market environment.

Ÿ International equities exhibited higher volatility in 2014 amid rising geopolitical risks and uneven growth rates across the global economy. The year got off to a rough start due to heightened risks in emerging markets, slowing growth in China and softer economic data in the United States, while investors were bracing for the impact of the U.S. Federal Reserve scaling back on stimulus. Equity markets around the world declined sharply in January. But the sell-off was short-lived and international equities rebounded in February, particularly in Europe. Signs of a strengthening economic recovery combined with hopes that the European Central Bank (“ECB”) would soon take measures to combat the uncomfortably low level of inflation in the eurozone, fueled a rally in European stocks. The ECB ultimately took policy action in early June, with a bold move to a negative deposit rate.

Ÿ However, high valuations and uncertainty around global central bank policies left equities particularly vulnerable to bad news. Consequently, geopolitical risks took a toll on international equity prices as tensions between Russia and Ukraine mounted and the fragmentation of Iraq led to escalating violence and a spike in oil prices during the summer. A ground war in Gaza, the downing of a civilian airliner over Malaysia, and Scotland’s flirtation with independence from the United Kingdom added to global headwinds, causing many investors to retreat from risk assets.

Ÿ In the latter part of the year, economic growth strengthened in the United States, while the broader global economy showed signs of slowing. In Europe, most developed economies again struggled with sluggish activity and equity prices were tossed about between investors’ concerns about geopolitical turmoil and hopes for central bank stimulus. The continuation of the Russia-Ukraine conflict and a Russian currency crisis, as well as Greece’s failure to successfully elect a new president, drove volatility higher. In the eurozone, inflation rates continued to be dangerously low. Another round of policy easing from the ECB gave international equities a much-needed boost, but the significant depreciation of the euro and other currencies versus the U.S. dollar resulted in negative returns in the MSCI EAFE Index.

Ÿ Similarly, Asian developed market equities performed well in local currency terms, but generated negative results on a U.S. dollar basis. As the Japanese economy struggled to get on its legs, the nation’s equity market benefited from central bank stimulus and positive sentiment toward structural reform. Strong corporate earnings results also pushed Japanese stocks higher, as did a surge of domestic inflows due to the reallocation of Japan’s Government Pension Investment Fund. However, a weakening yen versus a strengthening U.S. dollar resulted in Japanese equities having the largest negative effect on the performance of the MSCI EAFE Index.

Ÿ In the latter months of 2014, the divergence in global central bank policies became a major theme in equity markets and the strong appreciation in the U.S. dollar pressured commodity prices. Oil prices in particular plunged as a global supply-and-demand imbalance materialized. While lower prices were harmful to economies that rely heavily on oil exports, most developed markets derived a boost in consumer spending, a positive for equity markets.

Ÿ Stock markets in most countries represented in the MSCI EAFE Index declined (in U.S. dollar terms) in the 12-month period. U.K. and Japanese stocks, which represent the most significant weightings in the MSCI EAFE Index composition, lost 5.37% and 4.02%, respectively. Negative results came from other markets with notable index weights, including France (-9.92%), Australia (-3.55%) and Switzerland (-0.15%). On an absolute basis (in USD), Israeli stocks (+22.77%) generated stand-out performance and the worst performers included stocks in Portugal (-38.24%), Austria (-29.77%) and Norway (-21.74%).

Describe recent portfolio activity.

Ÿ During the period, as changes were made to the composition of the MSCI EAFE Index, the Series purchased and sold securities to maintain its objective of replicating the risks and return of the benchmark index.

Describe portfolio positioning at period end.

Ÿ The Series remains positioned to match the risk characteristics of its benchmark index, irrespective of the future direction of international markets.

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.

4 BLACKROCK INDEX FUNDS, INC. DECEMBER 31, 2014

BlackRock International Index Fund

Total Return Based on a $10,000 Investment

¹  Assuming transaction costs and other operating expenses, including administration fees, if any.

²  The Fund invests all of its assets in the Series. The Series invests in a statistically selected sample of equity securities included in the MSCI EAFE Index and in derivative instruments linked to the MSCI EAFE Index.

³  A free-float adjusted, market capitalization-weighted index designed to measure equity performance of developed markets, excluding the United States and Canada.

Performance Summary for the Period Ended December 31, 2014

	6-Month Total Returns			Average Annual Total Returns4
				1 Year			5 Years			10 Years
Institutional		(10.30	)%		(6.13	)%		4.88	%		4.00	%
Investor A		(10.50	)		(6.45	)		4.59			3.72
Class K5		(10.36	)		(6.12	)		4.91			4.05
MSCI EAFE Index		(9.24	)		(4.90	)		5.33			4.43

⁴  Average annual total returns reflect reductions for service fees, if any. See “About Fund Performance” on page 8 for a detailed description of share classes, including any related fees.

⁵  Class K Shares commenced operations on March 31, 2011.

Past performance is not indicative of future results.

Expense Example

	Actual						Hypothetical7
	Beginning Account Value July 1, 2014		Ending Account Value December 31, 2014		Expenses Paid During the Period6		Beginning Account Value July 1, 2014		Ending Account Value December 31, 2014		Expenses Paid During the Period6		Annualized Expense Ratio
Institutional	$	1,000.00	$	897.00	$	1.58	$	1,000.00	$	1,023.54	$	1.68		0.33	%
Investor A	$	1,000.00	$	895.00	$	2.39	$	1,000.00	$	1,022.68	$	2.55		0.50	%
Class K	$	1,000.00	$	896.40	$	0.86	$	1,000.00	$	1,024.30	$	0.92		0.18	%

⁶  For each class of the Fund, expenses are equal to the annualized net expense ratio for the class, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period shown). Because the Fund invests all of its assets in the Series, the expense example reflects the net expenses of both the Fund and the Series.

⁷  Hypothetical 5% return before expenses is calculated by prorating the number of days in the most recent fiscal half year divided by 365.

See “Disclosure of Expenses” on page 8 for further information on how expenses were calculated.

BLACKROCK INDEX FUNDS, INC. DECEMBER 31, 2014 5

Fund Summary as of December 31, 2014 BlackRock Small Cap Index Fund

Investment Objective

BlackRock Small Cap Index Fund’s (the “Fund”), investment objective is to match the performance of the Russell 2000^® Index (the “Russell 2000^®”) as closely as possible before the deduction of Fund expenses.

Portfolio Management Commentary

How did the Fund perform?

Ÿ For the 12 months ended December 31, 2014, the Fund’s Institutional Shares returned 4.81%, Investor A Shares returned 4.54% and Class K Shares returned 4.87%. The benchmark Russell 2000^® Index returned 4.89% for the same period.

Ÿ Returns for the Fund’s respective share classes differ from the benchmark index based on individual share-class expenses. The Fund invests all of its assets in Master Small Cap Index Series (the “Series”), a series of Quantitative Master Series LLC.

Describe the market environment.

Ÿ U.S. equities moved higher in 2014 as domestic economic growth picked up momentum and interest rates continued to be low. Although volatility increased, levels generally remained below the historical norm. The year got off to a rough start, however, due to heightened risks in emerging markets, slowing growth in China and softer economic data in the United States, while investors were bracing for the impact of the U.S. Federal Reserve (the “Fed”) scaling back on stimulus. Equity markets around the world declined sharply in January. But the sell-off was short-lived and equities rebounded as uncertainty abated. Notably, relief came in the form of long-term interest rates remaining low even as the Fed reduced its open-market purchases. Additionally, investors were comforted by the Fed’s dovish stance on short-term rates and increasing evidence that the recent weakness in U.S. economic data had been temporary and weather-related.

Ÿ Equity valuations were relatively high in the aftermath of the strong rally in 2013. Nevertheless, investors continued to favor equities in 2014 as bond yields were persistently low. Improving U.S. economic data, strong corporate earnings and increased merger and acquisition activity propelled market gains, pushing major U.S. stock indexes to all-time highs.

Ÿ However, the combination of high valuations and expectations of higher interest rates left equities particularly vulnerable to bad news. Volatility increased as tensions between Russia and Ukraine mounted and investors considered the potential implications of economic sanctions. The fragmentation of Iraq led to escalating violence and a spike in oil prices during the summer. A ground war in Gaza, the downing of a civilian airliner over Malaysia, and Scotland’s flirtation with independence from the United Kingdom added to global headwinds, resulting in a challenging third quarter for equity markets.

Ÿ U.S. economic growth strengthened considerably in the latter part of 2014. Initially, the good news was bad for stocks, spurring a sell-off in September as investors feared the Fed would raise short-term rates earlier than previously expected. But calm was restored when the Fed reaffirmed its anticipation that short-term rates would likely continue to be warranted for some time after its target employment and inflation levels are realized. U.S. stocks rebounded in October and continued their climb through year end as U.S. economic data continued to impress investors and help fuel a positive corporate earnings season.

Ÿ While the pace of U.S. economic growth strengthened, the broader global economy showed signs of slowing. This drove volatility higher as the divergence in global central bank policies became a major theme in equity markets. While the Fed moved toward tightening policy, the European Central Bank and Bank of Japan implemented easing measures to stimulate their economies and support their currencies. However, the U.S. equity market absorbed much of the increased liquidity flowing from foreign central banks as global investors sought relative stability in a world of rising geopolitical tensions and uneven economic growth.

Ÿ As the U.S. economy strengthened, so did the U.S. dollar, which put downward pressure on commodity prices. Oil prices in particular plunged in the latter months of 2014 as a global supply-and-demand imbalance materialized. Lower oil prices led to a pickup in consumer spending in the United States, a positive for U.S. stocks.

Describe recent portfolio activity.

Ÿ During the 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 index.

Describe portfolio positioning at period end.

Ÿ The Series remains positioned to match the risk characteristics of its benchmark index, 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.

6 BLACKROCK INDEX FUNDS, INC. DECEMBER 31, 2014

BlackRock Small Cap Index Fund

Total Return Based on a $10,000 Investment

¹  Assuming transaction costs and other operating expenses, including administration fees, if any.

²  The Fund invests all of its assets in the Series. The Series may invest in a statistically selected sample of the stocks included in the Russell 2000^® Index and in derivative instruments linked to the Russell 2000^® Index.

³  An unmanaged index that is a subset of the Russell 3000^® Index representing approximately 10% of the total market capitalization of that index. It includes approximately 2000 of the smallest securities based on a combination of their market cap and current index membership.

Performance Summary for the Period Ended December 31, 2014

	6-Month Total Returns			Average Annual Total Returns4
				1 Year			5 Years			10 Years
Institutional		1.68	%		4.81	%		15.44	%		7.48	%
Investor A		1.53			4.54			15.14			7.20
Class K5		1.73			4.87			15.51			7.54
Russell 2000® Index		1.65			4.89			15.55			7.77

⁴  Average annual total returns reflect reductions for service fees, if any. See “About Fund Performance” on page 8 for a detailed description of share classes, including related fees, if any.

⁵  Class K commenced operations on March 31, 2011.

    Past performance is not indicative of future results.

Expense Example

	Actual						Hypothetical7
	Beginning Account Value July 1, 2014		Ending Account Value December 31, 2014		Expenses Paid During the Period6		Beginning Account Value July 1, 2014		Ending Account Value December 31, 2014		Expenses Paid During the Period6		Annualized Expense Ratio
Institutional	$	1,000.00	$	1,016.80	$	1.07	$	1,000.00	$	1,024.15	$	1.07		0.21	%
Investor A	$	1,000.00	$	1,015.30	$	2.34	$	1,000.00	$	1,022.89	$	2.35		0.52	%
Class K	$	1,000.00	$	1,017.30	$	0.81	$	1,000.00	$	1,024.40	$	0.82		0.16	%

⁶  For each class of the Fund, expenses are equal to the annualized net expense ratio for the class, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period shown). Because the Fund invests all of its assets in the Series, the expense example reflects the net expenses of both the Fund and the Series.

⁷  Hypothetical 5% annual return before expenses is calculated by prorating the number of days in the most recent fiscal half year divided by 365.

    See “Disclosure of Expenses” on page 8 for further information on how expenses were calculated.

BLACKROCK INDEX FUNDS, INC. DECEMBER 31, 2014 7

About Fund Performance

Ÿ Institutional and Class K Shares are not subject to any sales charge. These shares bear no ongoing distribution or service fees and are available only to certain eligible investors. Prior to March 31, 2011, Class K Shares’ performance results are those of Institutional Shares restated to reflect Class K Shares’ fees.

Ÿ Investor A Shares are not subject to any sales charge and bear no ongoing distribution fee. These 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 the previous pages assume reinvestment of all dividends and capital gain distributions, if any, at net asset value (“NAV”) 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. Distributions paid to each class of shares will vary because of the different levels of service, distribution and transfer agency fees applicable to each class, which are deducted from the income available to be paid to shareholders.

BlackRock Advisors, LLC (the “Administrator”), the Fund’s investment advisor, has contractually agreed to waive and/or reimburse a portion of the Fund’s expenses. Without such waiver and/or reimbursement, the Fund’s performance would have been lower. The Administrator is under no obligation to continue waiving and/or reimbursing its fees after the applicable termination date of such agreement. See Note 3 of the Notes to Financial Statements for additional information on waivers and/or reimbursements.

Disclosure of Expenses

Shareholders of these Funds may incur the following charges: (a) transactional expenses, such as sales charges; and (b) operating expenses, including administration fees, service fees, including 12b-1 fees, and other Fund expenses. The expense examples on the previous pages (which are based on a hypothetical investment of $1,000 invested on July 1, 2014 and held through December 31, 2014) are intended to assist shareholders both in calculating expenses based on an investment in each Fund and in comparing these expenses with similar costs of investing in other mutual funds.

The expense examples provide 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 Fund and share class under the heading entitled “Expenses Paid During the Period.”

The expense examples also provide information about hypothetical account values and hypothetical expenses based on a 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 these Funds and other funds, compare the 5% hypothetical examples with the 5% hypothetical examples that appear in other funds’ shareholder reports.

The expenses shown in the expense examples are intended to highlight shareholders’ ongoing costs only and do not reflect any transactional expenses, such as sales charges, if any. Therefore, the hypothetical examples are 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.

Derivative Financial Instruments

The Series may invest in various derivative financial instruments. Derivative financial instruments are used to obtain exposure to a security, index and/or market without owning or taking physical custody of securities or to manage market, equity, credit, interest rate, foreign currency exchange rate, commodity and/or other risks. Derivative financial instruments may give rise to a form of economic leverage. Derivative financial instruments also involve risks, including the imperfect correlation between the value of a derivative financial instrument and the underlying asset, possible default of the counterparty to the transaction or illiquidity of the derivative financial instrument. The Series’ ability to use a derivative financial instrument successfully depends on the investment advisor’s ability to predict pertinent market movements accurately, which cannot be assured. The use of derivative financial instruments may result in losses greater than if they had not been used, may limit the amount of appreciation a Series can realize on an investment and/or may result in lower distributions paid to shareholders. The Series’ investments in these instruments are discussed in detail in the Notes to Financial Statements.

8 BLACKROCK INDEX FUNDS, INC. DECEMBER 31, 2014

Statements of Assets and Liabilities

December 31, 2014	BlackRock International Index Fund			BlackRock Small Cap Index Fund
Assets
Investments at value — from Master International Index Series and Master Small Cap Index Series (each, a “Series”), respectively1	$	2,112,826,456		$	133,463,563
Capital shares sold receivable		5,086,140			84,468
Withdrawals receivable from the Series		—			1,138,284
Receivable from administrator		82,650			10,515
Prepaid expenses		550,342			32,794
Total assets		2,118,545,588			134,729,624
Liabilities
Capital shares redeemed payable		2,499,727			1,222,752
Service fees payable		71,189			17,468
Officer’s fees payable		69			20
Administration fees payable		20,761			—
Contributions payable to the Series		2,586,413			—
Other accrued expenses payable		84,357			26,327
Total liabilities		5,262,516			1,266,567
Net Assets	$	2,113,283,072		$	133,463,057
Net Assets Consist of
Paid-in capital	$	2,180,551,899		$	100,100,346
Distributions in excess of investment income		(2,581,716	)		(102,440	)
Accumulated net realized loss		(56,617,905	)		(2,003,589	)
Net unrealized appreciation/depreciation		(8,069,206	)		35,468,740
Net Assets	$	2,113,283,072		$	133,463,057
1    Investments at cost	$	2,120,895,662		$	97,994,823
Net Asset Value
Institutional:
Net assets	$	1,764,794,313		$	46,987,562
Shares outstanding2		144,561,745			2,830,164
Net asset value	$	12.21		$	16.60
Investor A:
Net assets	$	332,474,711		$	83,858,785
Shares outstanding2		27,425,559			5,047,254
Net asset value	$	12.12		$	16.61
Class K:
Net assets	$	16,014,048		$	2,616,710
Shares outstanding2		1,311,249			157,413
Net asset value	$	12.21		$	16.62
2    208 million shares authorized, $0.0001 par value.

See Notes to Financial Statements.
	BLACKROCK INDEX FUNDS, INC.	DECEMBER 31, 2014	9

Statements of Operations

Year Ended December 31, 2014	BlackRock International Index Fund			BlackRock Small Cap Index Fund
Investment Income
Net investment income allocated from the Series:
Dividends — unaffiliated	$	19,006,008		$	1,705,473
Securities lending — affiliated — net		45,282			285,945
Dividends — affiliated		7,020			19,841
Foreign taxes withheld		(1,682,048	)		(1,628	)
Expenses		(429,598	)		(116,762	)
Fees waived		13,320			8,166
Total income		16,959,984			1,901,035
Fund Expenses
Administration		354,245			180,651
Service — Investor A		815,999			205,123
Transfer agent — Institutional		48,162			27,522
Transfer agent — Investor A		322,364			64,026
Transfer agent — Class K		265			361
Registration		84,770			51,924
Professional		66,022			57,029
Printing		36,479			15,294
Officer		226			75
Miscellaneous		12,866			10,766
Total expenses		1,741,398			612,771
Less administration fees waived		(268,181	)		(168,065	)
Less transfer agent fees waived and/or reimbursed — class specific		(158,180	)		(24,606	)
Total expenses after fees waived and/or reimbursed		1,315,037			420,100
Net investment income		15,644,947			1,480,935
Realized and Unrealized Gain (Loss) Allocated from the Series
Net realized gain (loss) from investments, financial futures contracts and foreign currency transactions		(6,707,171	)		11,431,686
Net change in unrealized appreciation/depreciation on investments, financial futures contracts and foreign currency translations		(99,989,047	)		(7,088,981	)
Net realized and unrealized gain (loss)		(106,696,218	)		4,342,705
Net Increase (Decrease) in Net Assets Resulting from Operations	$	(91,051,271	)	$	5,823,640

See Notes to Financial Statements.
10	BLACKROCK INDEX FUNDS, INC.	DECEMBER 31, 2014

Statements of Changes in Net Assets

	BlackRock International Index Fund						BlackRock Small Cap Index Fund
	Year Ended December 31,						Year Ended December 31,
Increase (Decrease) in Net Assets:	2014			2013			2014			2013
Operations
Net investment income	$	15,644,947		$	7,947,227		$	1,480,935		$	1,538,848
Net realized gain (loss)		(6,707,171	)		(3,186,390	)		11,431,686			9,238,334
Net change in unrealized appreciation/depreciation		(99,989,047	)		58,864,584			(7,088,981	)		27,192,380
Net increase (decrease) in net assets resulting from operations		(91,051,271	)		63,625,421			5,823,640			37,969,562
Distributions to Shareholders From1
Net investment income:
Institutional		(12,556,660	)		(1,625,236	)		(712,508	)		(637,619	)
Investor A		(1,638,076	)		(6,601,334	)		(1,007,255	)		(706,766	)
Class K		(119,038	)		(54,078	)		(40,628	)		(11,944	)
Net realized gain:
Institutional		—			—			(3,858,445	)		(1,093,818	)
Investor A		—			—			(6,546,880	)		(1,553,975	)
Class K		—			—			(212,248	)		(21,681	)
Decrease in net assets resulting from distributions to shareholders		(14,313,774	)		(8,280,648	)		(12,377,964	)		(4,025,803	)
Capital Share Transactions
Net increase (decrease) in net assets derived from capital share transactions		1,835,861,523			50,389,204			(5,003,618	)		17,405,626
Net Assets
Total increase (decrease) in net assets		1,730,496,478			105,733,977			(11,557,942	)		51,349,385
Beginning of year		382,786,594			277,052,617			145,020,999			93,671,614
End of year	$	2,113,283,072		$	382,786,594		$	133,463,057		$	145,020,999
Undistributed (distributions in excess of) net investment income, end of year	$	(2,581,716	)	$	(2,082,337	)	$	(102,440	)	$	148,170
1    Distributions for annual periods determined in accordance with federal income tax regulations.

See Notes to Financial Statements.
	BLACKROCK INDEX FUNDS, INC.	DECEMBER 31, 2014	11

Financial Highlights BlackRock International Index Fund

	Institutional
	Year Ended December 31,
	2014			2013			2012			2011			2010
Per Share Operating Performance
Net asset value, beginning of year	$	13.11		$	11.06		$	9.63		$	11.42		$	10.97
Net investment income1		0.24			0.32			0.33			0.35			0.25
Net realized and unrealized gain (loss)		(1.04	)		2.04			1.45			(1.79	)2		0.53	2
Net increase (decrease) from investment operations		(0.80	)		2.36			1.78			(1.44	)		0.78
Distributions from net investment income		(0.10	)		(0.31	)		(0.35	)		(0.35	)		(0.33	)
Net asset value, end of year	$	12.21		$	13.11		$	11.06		$	9.63		$	11.42
Total Return4
Based on net asset value		(6.13	)%		21.52%			18.58%			(12.55	)%		7.26%
Ratios to Average Net Assets5
Total expenses		0.16%	6		0.40%	6		0.42%	6		0.44%	6		0.47%
Total expenses after fees waived and/or reimbursed		0.11%	6		0.35%	6		0.34%	6		0.35%	6		0.46%
Net investment income		1.91%	6		2.64%	6		3.22%	6		3.14%	6		2.35%
Supplemental Data
Net assets, end of year (000)	$	1,764,794		$	71,826		$	52,589		$	70,169		$	112,145
Portfolio turnover of the Series		6%			8%			21%			6%			8%

¹ Based on average shares outstanding.

² Includes redemption fees, which are less than $0.005 per share.

³ Distributions for annual periods determined in accordance with federal income tax regulations.

⁴ Where applicable, assumes the reinvestment of distributions.

⁵ Includes the Fund’s share of the Series’ allocated expenses and/or net investment income.

⁶ Includes the Fund’s share of the Series’ allocated fees waived of less than 0.01%.

See Notes to Financial Statements.
12	BLACKROCK INDEX FUNDS, INC.	DECEMBER 31, 2014

Financial Highlights (continued) BlackRock International Index Fund

	Investor A
	Year Ended December 31,
	2014			2013			2012			2011			2010
Per Share Operating Performance
Net asset value, beginning of year	$	13.02		$	10.99		$	9.57		$	11.36		$	10.91
Net investment income1		0.41			0.29			0.30			0.31			0.23
Net realized and unrealized gain (loss)		(1.25	)		2.02			1.45			(1.77	)2		0.52	2
Net increase (decrease) from investment operations		(0.84	)		2.31			1.75			(1.46	)		0.75
Distributions from net investment income3		(0.06	)		(0.28	)		(0.33	)		(0.33	)		(0.30	)
Total distributions		(0.06	)		(0.28	)		(0.33	)		(0.33	)		(0.30	)
Net asset value, end of year	$	12.12		$	13.02		$	10.99		$	9.57		$	11.36
Total Return4
Based on net asset value		(6.45	)%		21.20%			18.33%			(12.84	)%		7.02%
Ratios to Average Net Assets5
Total expenses		0.52%	6		0.69%	6		0.69%	6		0.70%	6		0.74%
Total expenses after fees waived and/or reimbursed		0.43%	6		0.60%	6		0.60%	6		0.60%	6		0.73%
Net investment income		3.13%	6		2.41%	6		2.90%	6		2.84%	6		2.16%
Supplemental Data
Net assets, end of year (000)	$	332,475		$	308,624		$	223,754		$	168,266		$	163,033
Portfolio turnover of the Series		6%			8%			21%			6%			8%

¹ Based on average shares outstanding.

² Includes redemption fees, which are less than $0.005 per share.

³ Distributions for annual periods determined in accordance with federal income tax regulations.

⁴ Where applicable, assumes the reinvestment of distributions.

⁵ Includes the Fund’s share of the Series’ allocated expenses and/or net investment income.

⁶ Includes the Fund’s share of the Series’ allocated fees waived of less than 0.01%.

See Notes to Financial Statements.
	BLACKROCK INDEX FUNDS, INC.	DECEMBER 31, 2014	13

Financial Highlights (concluded) BlackRock International Index Fund

	Class K
	Year Ended December 31,									Period March 31, 20111 to December 31, 2011
	2014			2013			2012
Per Share Operating Performance
Net asset value, beginning of period.	$	13.11		$	11.06		$	9.63		$	11.80
Net investment income2		0.34			0.28			0.22			0.26
Net realized and unrealized gain (loss)		(1.14	)		2.09			1.57			(2.08	)
Net increase (decrease) from investment operations		(0.80	)		2.37			1.79			(1.82	)
Distributions from net investment income3		(0.10	)		(0.32	)		(0.36	)		(0.35	)
Total distributions		(0.10	)		(0.32	)		(0.36	)		(0.35	)
Net asset value, end of period	$	12.21		$	13.11		$	11.06		$	9.63
Total Return4
Based on net asset value		(6.12)%			21.57%			18.65%			(15.38)%	5
Ratios to Average Net Assets6,7
Total expenses		0.15%			0.36%			0.33%			0.48%	8
Total expenses after fees waived and/or reimbursed		0.11%			0.30%			0.29%			0.30%	8
Net investment income		2.65%			2.29%			2.11%			3.27%	8
Supplemental Data
Net assets, end of period (000)	$	16,014		$	2,336		$	710		$	20
Portfolio turnover of the Series		6%			8%			21%			6%

¹ Commencement of operations.

² Based on average shares outstanding.

³ Distributions for annual periods determined in accordance with federal income tax regulations.

⁴ Where applicable, assumes the reinvestment of distributions.

⁵ Aggregate total return.

⁶ Includes the Fund’s share of the Series’ allocated expenses and/or net investment income.

⁷ Includes the Fund’s share of the Series’ allocated fees waived of less than 0.01%.

⁸ Annualized.

See Notes to Financial Statements.
14	BLACKROCK INDEX FUNDS, INC.	DECEMBER 31, 2014

Financial Highlights BlackRock Small Cap Index Fund

	Institutional
	Year Ended December 31,
	2014			2013			2012			2011			2010
Per Share Operating Performance
Net asset value, beginning of year	$	17.51		$	12.99		$	11.51		$	12.21		$	9.70
Net investment income1		0.20			0.22			0.24			0.14			0.08
Net realized and unrealized gain (loss)		0.56			4.83			1.61			(0.69	)2		2.51	2
Net increase (decrease) from investment operations		0.76			5.05			1.85			(0.55	)		2.59
Distributions from:3
Net investment income		(0.26	)		(0.19	)		(0.37	)		(0.15	)		(0.08	)
Net realized gain		(1.41	)		(0.34	)		—			—			—
Total distributions		(1.67	)		(0.53	)		(0.37	)		(0.15	)		(0.08	)
Net asset value, end of year	$	16.60		$	17.51		$	12.99		$	11.51		$	12.21
Total Return4
Based on net asset value		4.81%			39.14%			16.10%			(4.49	)%		26.77%
Ratios to Average Net Assets5
Total expenses		0.35%	6		0.51%	6		0.60%	6		0.61%	6		0.57%
Total expenses after fees waived and/or reimbursed		0.23%	6		0.29%	6		0.28%	6		0.30%	6		0.52%
Net investment income		1.17%	6		1.45%	6		1.88%	6		1.14%	6		0.80%
Supplemental Data
Net assets, end of year (000)	$	46,988		$	60,707		$	44,328		$	49,829		$	71,443
Portfolio turnover of the Series		21%			22%			68%			31%			42%

¹ Based on average shares outstanding.

² Includes redemption fees, which are less than $0.005 per share.

³ Distributions for annual periods determined in accordance with federal income tax regulations.

⁴ Where applicable, assumes the reinvestment of distributions.

⁵ Includes the Fund’s share of the Series’ allocated expenses and/or net investment income.

⁶ Includes the Fund’s share of the Series’ allocated fees waived of less than 0.01%.

See Notes to Financial Statements.
	BLACKROCK INDEX FUNDS, INC.	DECEMBER 31, 2014	15

Financial Highlights (continued) BlackRock Small Cap Index Fund

	Investor A
	Year Ended December 31,
	2014			2013			2012			2011			2010
Per Share Operating Performance
Net asset value, beginning of year	$	17.52		$	13.01		$	11.51		$	12.21		$	9.71
Net investment income1		0.16			0.19			0.21			0.11			0.06
Net realized and unrealized gain (loss)		0.56			4.82			1.62			(0.70	)		2.50	2
Net increase (decrease) from investment operations		0.72			5.01			1.83			(0.59	)		2.56
Distributions from:3
Net investment income		(0.22	)		(0.16	)		(0.33	)		(0.11	)		(0.06	)
Net realized gain		(1.41	)		(0.34	)		—			—			—
Total distributions		(1.63	)		(0.50	)		(0.33	)		(0.11	)		(0.06	)
Net asset value, end of year	$	16.61		$	17.52		$	13.01		$	11.51		$	12.21
Total Return4
Based on net asset value		4.54%			38.72%			15.96%			(4.76	)%		26.35%
Ratios to Average Net Assets5
Total expenses		0.63%	6		0.77%	6		0.88%	6		0.88%	6		0.80%
Total expenses after fees waived and/or reimbursed		0.48%	6		0.55%	6		0.55%	6		0.55%	6		0.78%
Net investment income		0.95%	6		1.20%	6		1.64%	6		0.88%	6		0.53%
Supplemental Data
Net assets, end of year (000)	$	83,859		$	83,118		$	49,303		$	45,263		$	47,252
Portfolio turnover of the Series		21%			22%			68%			31%			42%

¹ Based on average shares outstanding.

² Includes redemption fees, which are less than $0.005 per share.

³ Distribution for annual periods determined in accordance with federal income tax regulations.

⁴ Where applicable, assumes the reinvestment of distributions.

⁵ Includes the Fund’s share of the Series’ allocated expenses and/or net investment income.

⁶ Includes the Fund’s share of the Series’ allocated fees waived of less than 0.01%.

See Notes to Financial Statements.
16	BLACKROCK INDEX FUNDS, INC.	DECEMBER 31, 2014

Financial Highlights (concluded) BlackRock Small Cap Index Fund

	Class K
	Year Ended December 31,									Period March 31, 20111 to December  31, 2011
	2014			2013			2012
Per Share Operating Performance
Net asset value, beginning of period	$	17.53		$	13.01		$	11.51		$	13.17
Net investment income2		0.23			0.25			0.25			0.11
Net realized and unrealized gain (loss)		0.54			4.81			1.62			(1.62	)
Net increase (decrease) from investment operations		0.77			5.06			1.87			(1.51	)
Distributions from:3
Net investment income		(0.27	)		(0.20	)		(0.37	)		(0.15	)
Net realized gain		(1.41	)		(0.34	)		—			—
Total distributions		(1.68	)		(0.54	)		(0.37	)		(0.15	)
Net asset value, end of period	$	16.62		$	17.53		$	13.01		$	11.51
Total Return4
Based on net asset value		4.87%			39.14%			16.30%			(11.42)%	5
Ratios to Average Net Assets6,7
Total expenses		0.32%			0.49%			0.68%			0.68%	8
Total expenses after fees waived and/or reimbursed		0.18%			0.25%			0.25%			0.25%	8
Net investment income		1.35%			1.57%			1.99%			1.28%	8
Supplemental Data
Net assets, end of period (000)	$	2,617		$	1,196		$	40		$	22
Portfolio turnover of the Series		21%			22%			68%			31%

¹ Commencement of operations

² Based on average shares outstanding.

³ Distributions for annual periods determined in accordance with federal income tax regulations.

⁴ Where applicable, assumes the reinvestment of distributions.

⁵ Aggregate total return.

⁶ Includes the Fund’s share of the Series’ allocated expenses and/or net investment income.

⁷ Includes the Fund’s share of the Series’ allocated fees waived of less than 0.01%.

⁸  Annualized.

See Notes to Financial Statements.
	BLACKROCK INDEX FUNDS, INC.	DECEMBER 31, 2014	17

Notes to Financial Statements BlackRock Index Funds, Inc.

1. Organization:

BlackRock International Index Fund (“International Index”) and BlackRock Small Cap Index Fund (“Small Cap Index”) (collectively, the “Funds” or individually, a “Fund”), are each a series of BlackRock Index Funds, Inc. (the “Corporation”), which is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Corporation is organized as a Maryland corporation. Each Fund is classified as diversified. The Funds seek to achieve their investment objectives by investing all of their assets in Master International Index Series (“Master International Index”) and Master Small Cap Index Series (“Master Small Cap Index”), respectively (collectively, the “Series” or individually, a “Series”), of Quantitative Master Series LLC (the “Master LLC”), an affiliate of the Funds, each of which has the same investment objective and strategies as the corresponding Fund. The value of the Fund’s investment in the applicable Series reflects the Fund’s proportionate interest in the net assets of the Series. The performance of the Funds is directly affected by the performance of the Series. At December 31, 2014, the percentages of Master International Index and Master Small Cap Index owned by International Index and Small Cap Index were 79.12% and 19.04%, respectively. As such, the financial statements of the Series, including the Schedule of Investments, are included elsewhere in this report and should be read in conjunction with the Fund’s financial statements.

Each Fund offers multiple classes of shares. Institutional and Class K Shares are sold without a sales charge and only to certain eligible investors. Investor A Shares are generally sold without a front-end sales charge, and may be subject to a CDSC for certain redemptions where no intial sales charge was paid at the time of purchase. All classes of shares have identical voting, dividend, liquidation and other rights and are subject to the same terms and conditions except that Investor A Shares bear certain expenses related to the shareholder servicing of such shares. Each class has exclusive voting rights with respect to matters relating to its shareholder servicing and distribution expenditures.

2. Significant Accounting Policies

The Fund’s financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”), which may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. Each Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. The following is a summary of significant accounting policies followed by the Fund:

Valuation: The Funds’ investments are valued at fair value as of the close of trading on the New York Stock Exchange (“NYSE”)(generally 4:00 p.m., Eastern time). U.S. GAAP defines fair value as the price the Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The Funds determine the fair values of their financial instruments at market value using independent dealers or pricing services under policies approved by the Board of Directors of the Fund (the “Board”). The BlackRock Global Valuation Methodologies Committee (the “Global Valuation Committee”) is the committee formed by management to develop global pricing policies and procedures and to provide oversight of the pricing function for the Fund for all financial instruments.

Each Fund’s policy is to fair value its financial instruments at market value. The Funds record their investment in the Series at fair value based on the Fund’s proportionate interest in the net assets of the applicable Series. Valuation of securities held by the Series is discussed in Note 2 of the Series’ Notes to Financial Statements, which are included elsewhere in this report.

Investment Transactions and Investment Income: For financial reporting purposes, contributions to and withdrawals from the Series are accounted on a trade date basis. The Funds record daily their proportionate share of the Series’ income, expenses and realized and unrealized gains and losses. In addition, the Funds accrue their own expenses. Income, expenses and realized and unrealized gains and losses are allocated daily to each class based on its relative net assets.

Distributions: Distributions paid by the Funds are recorded on the ex-dividend dates. The character and timing of distributions are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP.

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

3. Administration Agreement and Other Transactions with Affiliates:

The PNC Financial Services Group, Inc. is the largest stockholder and an affiliate, for 1940 Act purposes of BlackRock, Inc. (“BlackRock”).

The Corporation, on behalf of the Funds, 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). For such services, International Index and Small Cap Index pay the Administrator a monthly fee at an annual rate of 0.03% and 0.08%, respectively, of the average daily value of the Funds’ net assets. Effective March 21, 2014, the administration fee was reduced to 0.24% and 0.29%, respectively of the average daily value of the Funds’ net assets. The Funds do not pay an investment advisory or management fee.

18 BLACKROCK INDEX FUNDS, INC. DECEMBER 31, 2014

Notes to Financial Statements (continued) BlackRock Index Funds, Inc.

The Administrator contractually agreed to waive and/or reimburse fees or expenses, in order to limit expenses, excluding interest expense, dividend expense, acquired fund fees and expenses and certain other fund expenses, which constitute extraordinary expenses not incurred in the ordinary course of the Funds’ business. Prior to March 21, 2014, the expense limitations as a percentage of average daily net assets were as follows:

	International Index		Small Cap Index
Institutional		0.35%		0.30%
Investor A		0.60%		0.55%
Class K		0.30%		0.25%

Effective March 21, 2014, the expense limitations as a percentage of average daily net assets are as follows:

	International Index		Small Cap Index
Institutional		0.14%		0.21%
Investor A		0.39%		0.46%
Class K		0.09%		0.16%

The Administrator has agreed not to reduce or discontinue this contractual waiver or reimbursement prior to May 1, 2015 unless approved by the Corporation’s Board, including a majority of the Independent Directors. These amounts are shown as administration fees waived and transfer agent fees waived and/or reimbursed — class specific, respectively, in the Statements of Operations.

For the year ended December 31, 2014, the amounts shown as transfer agent fees waived and/or reimbursed — class specific were as follows:

	International Index		Small Cap Index
Institutional	$	1,522	$	1,123
Investor A	$	156,430	$	23,124
Class K	$	228	$	359

The Funds entered into a Distribution Agreement and a Distribution and Service Plan with BlackRock Investments, LLC (“BRIL”), an affiliate of BlackRock. Pursuant to the Distribution and Service Plan and in accordance with Rule 12b-1 under the 1940 Act, each Fund pays BRIL ongoing service and distribution fees with respect to their Investor A Shares. The fees are accrued daily and paid monthly at the annual rate of 0.25% based upon the average daily net assets.

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

Pursuant to written agreements, certain financial intermediaries, some of which may be affiliates, provide the Funds with sub-accounting, recordkeeping, sub-transfer agency and other administrative services with respect to sub-accounts they service. For these services, these entities receive an asset-based fee or an annual fee per shareholder account, which will vary depending on share class and/or net assets. For the year ended December 31, 2014, the Funds paid the following amounts to affiliates in return for these services, which are included in transfer agent — class specific in the Statements of Operations:

	International Index		Small Cap Index
Investor A		—	$	75

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 twelve months ended December 31, 2014, each Fund reimbursed the Administrator the following amounts for costs incurred in running the call center, which are included in transfer agent — class specific in the Statements of Operations:

	International Index		Small Cap Index
Institutional	$	705	$	427
Investor A	$	4,391	$	2,322
Class K	$	17	$	6

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

BLACKROCK INDEX FUNDS, INC. DECEMBER 31, 2014 19

Notes to Financial Statements (continued) BlackRock Index Funds, Inc.

4. Income Tax Information:

It is the Funds’ policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, and to distribute substantially all of their taxable income to their shareholders. Therefore, no federal income tax provision is required.

The Funds file U.S. federal and various state and local tax returns. No income tax returns are currently under examination. The statute of limitations on the Fund’s U.S. federal tax returns remains open for each of the four years ended December 31, 2014. The statutes of limitations on the Fund’s state and local tax returns may remain open for an additional year depending upon the jurisdiction.

Management has analyzed tax laws and regulations and their application to the Funds’ facts and circumstances and does not believe that there are any uncertain tax positions that require recognition of a tax liability.

U.S. GAAP requires 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. As of December 31, 2014, the following permanent differences attributable to foreign currency transactions and the sale or passive foreign investment companies by the Series were reclassified to the following accounts:

	International Index			Small Cap Index
Distributions in excess of net investment income	$	(1,830,552	)	$	28,846
Accumulated net realized loss	$	1,830,552		$	(28,846	)

The tax character of distributions paid during the fiscal years ended December 31, 2014 and December 31, 2013 were as follows

		International Index			Small Cap Index
Ordinary income	12/31/14		$	14,313,774	$	2,186,848
	12/31/13			8,280,648		1,356,329
Long-term capital gains	12/31/14			—		10,191,116
	12/31/13			—		2,669,474
Total	12/31/14		$	14,313,774	$	12,377,964
	12/31/13		$	8,280,648	$	4,025,803

As of December 31, 2014, the tax components of accumulated net earnings (losses) were as follows:

	International Index				Small Cap Index
Undistributed net investment income		$	1,384,356		$	21,894
Undistributed long-term capital gains			—			1,868,175
Capital loss carryforwards			(42,978,551	)		—
Net unrealized gains (losses)1			(22,475,132	)		31,472,642
Qualified late-year losses2			(3,199,500	)		—
Total		$	(67,268,827	)	$	33,362,711

¹  The differences between book-basis and tax-basis net unrealized gains (losses) were attributable primarily to the timing and recognition of partnership income.

²  The Series has elected to defer certain late-year losses and recognize such losses in the next taxable year.

As of December 31, 2014, International Index had capital loss carryforwards available to offset future realized capital gains through the indicated expiration dates as follows:

Expires December 31,	International Index
2016		$	4,270,741
2017			6,596,186
No expiration date3			32,111,624
Total		$	42,978,551

³  Must be utilized prior to losses subject to expiration.

5. Capital Share Transactions:

Transactions in capital shares for each class were as follows:

	Year Ended December 31, 2014						Year Ended December 31, 2013
International Index	Shares			Amount			Shares			Amount
Institutional
Shares sold		144,662,721		$	1,845,029,543			2,307,793		$	28,259,339
Shares issued to shareholders in reinvestment of distributions		1,030,829			12,541,117			118,137			1,469,546
Shares redeemed		(6,610,394	)		(84,894,321	)		(1,702,180	)		(20,394,277	)
Net increase		139,083,156		$	1,772,676,339			723,750		$	9,334,608

20 BLACKROCK INDEX FUNDS, INC. DECEMBER 31, 2014

Notes to Financial Statements (concluded) BlackRock Index Funds, Inc.

	Year Ended December 31, 2014						Year Ended December 31, 2013
International Index	Shares			Amount			Shares			Amount
Investor A
Shares sold		11,606,455		$	151,854,021			8,157,663		$	97,856,110
Shares issued to shareholders in reinvestment of distributions		132,973			1,629,568			531,595			6,563,648
Shares redeemed		(8,019,713	)		(105,018,790	)		(5,347,646	)		(64,736,792	)
Net increase		3,719,715		$	48,464,799			3,341,612		$	39,682,966
Class K
Shares sold		1,344,085		$	17,426,754			142,049		$	1,709,658
Shares issued to shareholders in reinvestment of distributions		9,743			119,038			4,293			53,404
Shares redeemed		(220,728	)		(2,825,407	)		(32,374	)		(391,432	)
Net increase		1,133,100		$	14,720,385			113,968		$	1,371,630
Total Net Increase (Decrease)		143,935,971		$	1,835,861,523			4,179,330		$	50,389,204
	Year Ended December 31, 2014						Year Ended December 31, 2013
Small Cap Index	Shares			Amount			Shares			Amount
Institutional
Shares sold		1,065,529		$	18,355,091			1,391,454		$	21,530,848
Shares issued to shareholders in reinvestment of distributions		272,582			4,364,658			96,233			1,594,347
Shares redeemed		(1,975,628	)		(33,823,911	)		(1,432,058	)		(21,790,150	)
Net increase (decrease)		(637,517	)	$	(11,104,162	)		55,629		$	1,335,045
Investor A
Shares sold and automatic conversion of shares		1,065,381		$	18,374,630			1,794,352		$	27,777,242
Shares issued to shareholders in reinvestment of distributions		451,129			7,219,938			123,926			2,058,237
Shares redeemed		(1,213,790	)		(21,038,490	)		(964,345	)		(14,728,990	)
Net increase		302,720		$	4,556,078			953,933		$	15,106,489
Class K
Shares sold		125,184		$	2,169,394			74,025		$	1,102,083
Shares issued to shareholders in reinvestment of distributions		15,634			249,688			1,967			32,605
Shares redeemed		(51,667	)		(874,616	)		(10,838	)		(170,596	)
Net increase		89,151		$	1,544,466			65,154		$	964,092
Total Net Increase (Decrease)		(245,646	)	$	(5,003,618	)		1,074,716		$	17,405,626

At December 31, 2014, 1,898 Class K Shares of Small Cap Index were owned by affiliates.

6. Subsequent Events:

Management has evaluated the impact of all subsequent events on the Fund through 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 INDEX FUNDS, INC. DECEMBER 31, 2014 21

Report of Independent Registered Public Accounting Firm BlackRock Index Funds, Inc.

To the Shareholders of BlackRock International Index Fund and BlackRock Small Cap Index Fund and Board of Directors of BlackRock Index Funds, Inc.:

We have audited the accompanying statements of assets and liabilities of BlackRock International Index Fund and BlackRock Small Cap Index Fund, each one of the series constituting BlackRock Index Funds, Inc., (the “Funds”) as of December 31, 2014, and the related statements 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 periods presented. These financial statements and financial highlights are the responsibility of the Funds’ 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 audits to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. The Funds are 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 Funds’ 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 International Index Fund and BlackRock Small Cap Index Fund, of BlackRock Index Funds, Inc., as of December 31, 2014, the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended, and the financial highlights for each of the periods presented, in conformity with accounting principles generally accepted in the United States of America.

Deloitte & Touche LLP

Boston, Massachusetts

February 18, 2015

Important Tax Information (Unaudited)

The following information is provided with respect to the ordinary income distributions paid by the Funds for the taxable year ended December 31, 2014.

	Payable Date		International Index		Small Cap Index
Qualified Dividend Income for Individuals1,2		7/18/2014 12/12/2014 1/5/2015		100.00% 94.54% 94.54%		— 67.33%
Dividends Qualifying for the Dividend Received Deduction for Corporations1		12/12/2014		—		64.19%
Foreign Source Income2		7/18/2014 12/12/2014 1/5/2015		100.00% 100.00% 100.00%		— — —
Foreign Taxes Paid Per Share3		7/18/2014 12/12/2014 1/5/2015		$0.001010 $0.009015 $0.000507		— — —

¹  The Funds hereby designate the percentage indicated or the maximum amount allowable by law.

²  Expressed as a percentage of the cash distribution grossed-up for foreign taxes.

³  The foreign taxes paid represent taxes incurred by the Funds on income received by the Funds from foreign sources. Foreign taxes paid may be included in taxable income with an offsetting deduction from gross income or may be taken as a credit for taxes paid to foreign governments. You should consult your tax advisor regarding the appropriate treatment of foreign taxes paid.

Additionally, Small Cap Index Fund distributed long-term capital gains of $0.164310 and $1.188264 per share to shareholders of record on July 16, 2014 and December 11, 2014, respectively.

22 BLACKROCK INDEX FUNDS, INC. DECEMBER 31, 2014

Series Portfolio Information as of December 31, 2014 Quantitative Master Series LLC

Master International Index Series

Master Small Cap Index Series

Ten Largest Holdings Percent of
Long-Term Investments

Nestlé SA, Registered Shares	2	%
Novartis AG, Registered Shares	2
Roche Holding AG	2
HSBC Holdings PLC	1
Toyota Motor Corp.	1
Royal Dutch Shell PLC	1
BP PLC	1
Bayer AG, Registered Shares	1
Commonwealth Bank of Australia	1
Total SA	1

Geographic Allocation Percent of
Long-Term  Investments

Japan	21	%
United Kingdom	19
France	10
Switzerland	10
Germany	9
Australia	8
Netherlands	5
Spain	4
Sweden	3
Hong Kong	3
Italy	2
Other1	6

¹  Includes holdings within countries that are 1% or less of long-term investments. Please refer to the Schedule of Investments for such countries.

Ten Largest Holdings Percent of
Long-Term Investments

Isis Pharmaceuticals, Inc.	0.4	%
TriQuint Semiconductor, Inc.	0.3
Brunswick Corp.	0.3
RF Micro Devices, Inc.	0.3
Office Depot, Inc.	0.3
LaSalle Hotel Properties	0.3
Graphic Packaging Holding Co.	0.3
Puma Biotechnology, Inc.	0.2
RLJ Lodging Trust	0.2
Ultimate Software Group, Inc.	0.2

Sector Allocation Percent of
Long-Term Investments

Financial	24	%
Information Technology	18
Health Care	15
Consumer Discretionary	14
Industrials	14
Materials	4
Utilities	4
Consumer Staples	3
Energy	3
Telecommunication Services	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 the investment advisor. These definitions may not apply for purposes of this report, which may combine such sector sub-classifications for reporting ease.

BLACKROCK INDEX FUNDS, INC. DECEMBER 31, 2014 23

Schedule of Investments December 31, 2014 Master International Index Series (Percentages shown are based on Net Assets)

Common Stocks	Shares		Value
Australia — 7.3%
AGL Energy, Ltd.		134,154	$	1,463,231
ALS Ltd.		92,006		398,550
Alumina Ltd. (a)		512,206		739,983
Amcor Ltd.		254,055		2,795,197
AMP Ltd.		622,719		2,773,441
APA Group		260,454		1,574,520
Asciano Ltd.		211,529		1,035,910
ASX Ltd.		44,552		1,329,188
Aurizon Holdings Ltd.		462,702		1,731,557
AusNet Services		449,402		485,521
Australia & New Zealand Banking Group Ltd.		580,373		15,101,270
Bank of Queensland Ltd.		78,442		772,804
Bendigo and Adelaide Bank Ltd.		97,453		1,013,310
BGP Holdings PLC (a)		783,183		9
BHP Billiton Ltd.		676,186		15,986,810
Boral Ltd.		160,991		690,868
Brambles Ltd.		329,173		2,835,572
Caltex Australia Ltd.		30,182		837,462
Coca-Cola Amatil Ltd.		127,342		961,440
Cochlear Ltd.		11,624		733,321
Commonwealth Bank of Australia		341,351		23,716,636
Computershare Ltd.		90,027		861,167
Crown Resorts Ltd.		70,081		720,739
CSL Ltd.		99,920		7,018,950
Dexus Property Group		191,750		1,085,468
Federation Centres Ltd.		290,920		677,339
Flight Centre Travel Group Ltd.		12,329		326,361
Fortescue Metals Group Ltd.		342,631		752,294
Goodman Group		348,641		1,610,332
GPT Group		348,352		1,232,833
Harvey Norman Holdings Ltd.		122,036		333,107
Healthscope Ltd. (a)		246,247		544,021
Iluka Resources Ltd.		75,214		361,218
Incitec Pivot Ltd.		325,883		842,967
Insurance Australia Group Ltd.		493,908		2,507,824
Leighton Holdings Ltd.		23,200		422,438
Lend Lease Group		120,232		1,601,354
Macquarie Group Ltd.		60,864		2,870,154
Medibank Pvt, Ltd. (a)		579,560		1,140,298
Metcash Ltd.		170,560		257,049
Mirvac Group		775,736		1,122,141
National Australia Bank Ltd.		498,087		13,582,962
Newcrest Mining Ltd. (a)		156,844		1,380,060
Novion Property Group		426,508		733,090
Orica Ltd.		77,792		1,192,053
Origin Energy Ltd.		234,203		2,215,899
Qantas Airways Ltd. (a)		112,951		219,386
QBE Insurance Group Ltd.		282,815		2,568,069
Ramsay Health Care Ltd.		27,140		1,258,161
REA Group Ltd.		13,923		510,475
Rio Tinto Ltd.		91,745		4,301,088
Santos Ltd.		213,333		1,425,016
Scentre Group (a)		1,120,972		3,175,906
Seek Ltd.		70,701		985,862
Sonic Healthcare Ltd.		79,491		1,195,907
Common Stocks	Shares		Value
Australia (concluded)
Stockland		507,923	$	1,697,419
Suncorp Group Ltd.		270,880		3,094,474
Sydney Airport		221,305		847,265
Tabcorp Holdings Ltd.		174,938		590,541
Tatts Group Ltd.		281,428		791,516
Telstra Corp. Ltd.		916,913		4,451,452
Toll Holdings Ltd.		131,276		625,334
TPG Telecom Ltd.		63,778		348,883
Transurban Group		381,301		2,657,180
Treasury Wine Estates Ltd.		149,095		575,473
Wesfarmers Ltd.		236,540		8,008,687
Westfield Corp. (a)		415,643		3,046,813
Westpac Banking Corp.		654,576		17,605,326
Woodside Petroleum Ltd.		156,119		4,828,341
Woolworths Ltd.		265,256		6,591,505
WorleyParsons Ltd.		39,073		320,064
				194,088,861
Austria — 0.2%
Andritz AG		15,286		840,365
Erste Group Bank AG		60,899		1,416,430
IMMOFINANZ AG (a)		211,895		533,660
OMV AG		28,050		744,819
Raiffeisen Bank International AG		21,912		334,816
Strabag SE		30,711		—
Vienna Insurance Group AG		8,077		360,993
Voestalpine AG		24,354		962,301
				5,193,384
Belgium — 1.3%
Ageas		47,677		1,695,165
Anheuser-Busch InBev NV		169,299		19,053,133
Belgacom SA		31,472		1,141,914
Colruyt SA		13,316		619,054
Delhaize Group		20,521		1,494,448
Groupe Bruxelles Lambert SA		17,077		1,457,013
KBC Groep NV (a)		52,723		2,942,471
Solvay SA		12,840		1,737,445
Telenet Group Holding NV (a)		12,687		711,965
UCB SA		25,254		1,920,249
Umicore SA		24,014		966,331
				33,739,188
Denmark — 1.5%
A.P. Moeller — Maersk A/S, Class A		839		1,605,531
A.P. Moeller — Maersk A/S, Class B		1,504		2,991,381
Carlsberg A/S, Class B		22,974		1,764,400
Coloplast A/S, Class B		23,764		1,988,677
Danske Bank A/S		138,030		3,731,757
DSV A/S		37,104		1,129,779
ISS A/S (a)		19,959		572,880
Novo Nordisk A/S, Class B		422,539		17,873,298
Novozymes A/S, Class B		50,906		2,142,815
Pandora A/S		24,646		1,997,733
TDC A/S		180,713		1,378,280
Tryg A/S		3,832		428,176

Portfolio Abbreviations

ADR	American Depositary Receipts
CLP	Chilean Peso
CVA	Certificaten Van Aandelen (Dutch Certificate)
FTSE	Financial Times Stock Exchange
NOK	Norwegian Krone
REIT	Real Estate Investment Trust
EUR	Euro
USD	U.S. Dollar

See Notes to Financial Statements.

24 BLACKROCK INDEX FUNDS, INC. DECEMBER 31, 2014

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

Common Stocks	Shares		Value
Denmark (concluded)
Vestas Wind Systems A/S (a)		44,758	$	1,625,463
William Demant Holding A/S (a)		5,076		386,157
				39,616,327
Finland — 0.9%
Elisa OYJ		29,105		794,422
Fortum OYJ		94,393		2,049,418
Kone OYJ, Class B		65,865		2,998,684
Metso OYJ		22,142		662,924
Neste Oil OYJ		25,426		617,181
Nokia OYJ		788,467		6,235,831
Nokian Renkaat OYJ		23,350		569,589
Orion OYJ, Class B		19,952		620,517
Sampo OYJ, Class A		94,120		4,406,170
Stora Enso OYJ, Class R		118,803		1,062,213
UPM-Kymmene OYJ		114,518		1,876,739
Wartsila OYJ		32,969		1,475,633
				23,369,321
France — 9.4%
Accor SA		34,480		1,549,910
Aeroports de Paris		5,931		717,205
Air Liquide SA		72,548		8,977,066
Airbus Group NV		123,823		6,121,561
Alcatel-Lucent (a)		601,255		2,150,821
Alstom SA (a)		47,225		1,523,130
ArcelorMittal		210,781		2,309,294
Arkema		12,926		854,885
AtoS		16,799		1,334,772
AXA SA		382,400		8,811,658
BNP Paribas SA		223,019		13,165,719
Bollore SA (b)		123,936		564,416
Bollore SA (a)		200		903
Bouygues SA		33,945		1,225,692
Bureau Veritas SA		47,217		1,046,138
Cap Gemini SA		30,471		2,179,198
Carrefour SA		131,519		4,002,309
Casino Guichard-Perrachon SA		11,841		1,088,950
Christian Dior SA		11,613		1,987,426
Cie Generale des Etablissements Michelin		39,263		3,544,140
CNP Assurances		35,304		625,875
Compagnie de Saint-Gobain		95,664		4,052,405
Credit Agricole SA		216,971		2,800,774
Danone SA		121,989		7,975,404
Dassault Systemes SA		25,540		1,557,438
Edenred		42,595		1,178,007
EDF		52,815		1,453,912
Essilor International SA		43,022		4,797,784
Eurazeo		8,996		630,044
Eutelsat Communications SA		32,984		1,066,691
Fonciere Des Regions		5,222		482,645
GDF Suez		304,796		7,107,545
Gecina SA		6,152		768,001
Groupe Eurotunnel SA, Registered Shares		96,131		1,241,068
Hermes International		5,554		1,977,682
ICADE		7,932		634,660
Iliad SA		5,308		1,276,239
Imerys SA		6,409		471,516
JCDecaux SA		16,544		569,623
Kering		15,946		3,064,352
Klepierre		19,922		855,414
L’Oreal SA		52,923		8,857,818
Lafarge SA		39,327		2,760,759
Lagardere SCA		27,158		707,248
Legrand SA		55,749		2,924,490
LVMH Moet Hennessy Louis Vuitton SA		58,796		9,313,383
Natixis		189,865		1,252,846
Common Stocks	Shares		Value
France (concluded)
Numericable-SFR (a)		20,310	$	1,006,146
Orange SA		390,386		6,639,179
Pernod Ricard SA		44,706		4,968,519
Peugeot SA (a)		85,406		1,046,427
Publicis Groupe SA		39,231		2,813,464
Remy Cointreau SA		5,536		369,359
Renault SA		40,470		2,947,685
Rexel SA		55,694		997,820
Safran SA		57,071		3,520,993
Sanofi		250,386		22,827,802
Schneider Electric SE (a)		110,578		8,053,310
SCOR SE		33,603		1,018,182
SES SA		64,397		2,315,500
Societe BIC SA		6,127		814,425
Societe Generale SA		152,572		6,385,164
Sodexo		20,220		1,979,220
Suez Environnement Co.		63,813		1,111,828
Technip SA		22,724		1,353,613
Thales SA		18,591		1,005,906
Total SA		450,661		23,088,263
Unibail-Rodamco SE		20,640		5,302,889
Valeo SA		16,198		2,015,519
Vallourec SA		21,181		574,040
Veolia Environnement SA		91,896		1,627,738
Vinci SA		102,986		5,623,294
Vivendi SA (a)		255,525		6,360,152
Wendel SA		7,421		831,478
Zodiac Aerospace		38,441		1,294,223
				251,450,954
Germany — 8.9%
adidas AG		44,049		3,059,006
Allianz SE, Registered Shares		96,112		15,918,663
Axel Springer AG		9,650		582,037
BASF SE		193,376		16,220,555
Bayer AG, Registered Shares		174,105		23,731,969
Bayerische Motoren Werke AG		69,709		7,522,868
Bayerische Motoren Werke AG, Preference Shares		10,550		861,932
Beiersdorf AG		21,699		1,761,828
Brenntag AG		33,322		1,863,035
Celesio AG		12,746		410,812
Commerzbank AG (a)		203,745		2,672,440
Continental AG		23,160		4,884,969
Daimler AG, Registered Shares		202,719		16,836,637
Deutsche Annington Immobilien SE		48,830		1,657,860
Deutsche Bank AG, Registered Shares		290,391		8,695,569
Deutsche Boerse AG		41,077		2,919,009
Deutsche Lufthansa AG, Registered Shares		53,816		891,783
Deutsche Post AG, Registered Shares		203,747		6,614,016
Deutsche Telekom AG, Registered Shares		668,440		10,695,260
Deutsche Wohnen AG		57,606		1,358,909
E.ON SE		421,289		7,200,541
Fraport AG Frankfurt Airport Services Worldwide		7,087		408,933
Fresenius Medical Care AG & Co. KGaA		45,695		3,410,530
Fresenius SE & Co. KGaA		79,687		4,143,249
Fuchs Petrolub SE, Preference Shares		15,102		601,497
GEA Group AG		36,528		1,605,996
Hannover Rueck SE		12,795		1,154,254
HeidelbergCement AG		29,980		2,115,985
Henkel AG & Co. KGaA		24,746		2,397,107
Henkel AG & Co. KGaA, Preference Shares		37,511		4,040,604
Hugo Boss AG		8,933		1,092,788
Infineon Technologies AG		238,913		2,528,142
K+S AG, Registered Shares		36,888		1,017,930
Kabel Deutschland Holding AG (a)		5,530		749,418
Lanxess AG		20,366		943,195
Linde AG		39,105		7,203,232

See Notes to Financial Statements.

BLACKROCK INDEX FUNDS, INC. DECEMBER 31, 2014 25

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

Common Stocks	Shares		Value
Germany (concluded)
MAN SE		7,261	$	808,649
Merck KGaA		27,230		2,562,570
Metro AG (a)		32,370		989,476
Muenchener Rueckversicherungs AG, Registered Shares		36,412		7,250,991
Osram Licht AG (a)		17,775		697,845
Porsche Automobil Holding SE, Preference Shares		32,239		2,607,251
ProSiebenSat.1 Media AG, Registered Shares		46,970		1,962,562
RWE AG		103,035		3,180,140
SAP AG		193,986		13,545,725
Siemens AG, Registered Shares		166,937		18,730,978
Symrise AG		26,862		1,618,303
Telefonica Deutschland Holding AG (a)		122,544		649,464
ThyssenKrupp AG (a)		95,578		2,434,738
TUI AG (a)		54,087		893,609
TUI AG		41,148		661,215
United Internet AG, Registered Shares		25,290		1,139,185
Volkswagen AG		5,970		1,294,317
Volkswagen AG, Preference Shares		34,224		7,606,467
				238,406,043
Hong Kong — 3.0%
AIA Group Ltd.		2,536,000		13,987,217
ASM Pacific Technology Ltd.		43,604		415,173
Bank of East Asia Ltd.		276,732		1,111,361
BOC Hong Kong Holdings Ltd.		778,900		2,595,404
Cathay Pacific Airways Ltd.		199,263		434,261
Cheung Kong Holdings Ltd.		292,835		4,904,054
Cheung Kong Infrastructure Holdings Ltd.		140,500		1,033,204
CLP Holdings Ltd.		399,187		3,456,723
First Pacific Co. Ltd.		505,250		498,934
Galaxy Entertainment Group Ltd.		491,000		2,728,346
Hang Lung Properties Ltd.		500,000		1,394,854
Hang Seng Bank Ltd.		161,153		2,678,438
Henderson Land Development Co. Ltd.		221,564		1,539,929
HKT Trust and HKT Ltd.		523,560		681,908
Hong Kong & China Gas Co. Ltd.		1,328,556		3,026,907
Hong Kong Exchanges & Clearing Ltd.		201,327		4,444,640
Hutchison Whampoa Ltd.		449,176		5,134,782
Hysan Development Co. Ltd.		154,791		686,963
Kerry Properties Ltd.		168,500		607,861
Li & Fung Ltd.		1,167,980		1,093,477
The Link REIT		486,414		3,045,321
MGM China Holdings Ltd.		223,600		564,570
MTR Corp.		290,500		1,188,512
New World Development Co. Ltd.		1,037,968		1,191,597
NWS Holdings Ltd.		375,824		689,351
PCCW Ltd.		849,000		578,076
Power Assets Holdings Ltd.		292,000		2,823,059
Sands China Ltd.		509,400		2,479,833
Shangri-La Asia Ltd.		225,905		309,553
Sino Land Co., Ltd.		639,263		1,026,212
SJM Holdings Ltd.		469,000		741,440
Sun Hung Kai Properties Ltd.		344,324		5,216,659
Swire Pacific Ltd., Class A		129,077		1,675,481
Swire Properties Ltd.		254,400		748,550
Techtronic Industries Co.		294,000		943,177
WH Group, Ltd. (a)(c)		778,500		443,960
Wharf Holdings Ltd.		319,357		2,292,693
Wheelock & Co. Ltd.		205,000		951,803
Wynn Macau Ltd.		357,600		997,651
Yue Yuen Industrial Holdings Ltd.		167,785		603,321
				80,965,255
Ireland — 0.8%
Bank of Ireland (a)		5,825,131		2,186,119
CRH PLC		155,659		3,742,893
Common Stocks	Shares		Value
Ireland (concluded)
Experian PLC		208,584	$	3,516,091
James Hardie Industries SE		97,902		1,045,129
Kerry Group PLC, Class A		33,489		2,313,626
Ryanair Holdings PLC (a)		10,891		129,207
Ryanair Holdings PLC — ADR (a)		4,433		315,940
Shire PLC		124,126		8,800,543
				22,049,548
Israel — 0.6%
Bank Hapoalim BM		211,043		992,351
Bank Leumi Le-Israel BM (a)		264,903		904,964
Bezeq The Israeli Telecommunication Corp. Ltd.		386,409		685,418
Delek Group Ltd.		1,219		305,762
Israel Chemicals Ltd.		90,372		650,243
The Israel Corp. Ltd. (a)		641		303,387
Mizrahi Tefahot Bank Ltd. (a)		35,985		376,597
NICE Systems Ltd.		12,039		608,853
Teva Pharmaceutical Industries Ltd.		180,410		10,341,973
				15,169,548
Italy — 2.1%
Assicurazioni Generali SpA		245,837		5,047,732
Atlantia SpA		87,994		2,045,152
Banca Monte dei Paschi di Siena SpA (a)		973,823		554,759
Banco Popolare SC (a)		72,344		870,424
Enel Green Power SpA		350,190		733,704
Enel SpA		1,385,841		6,177,407
Eni SpA		535,597		9,381,773
Exor SpA		21,875		897,570
Finmeccanica SpA (a)		85,824		797,719
Intesa Sanpaolo SpA		2,624,944		7,538,362
Luxottica Group SpA		36,122		1,980,166
Mediobanca SpA		120,458		978,784
Pirelli & C SpA		47,542		641,218
Prysmian SpA		44,113		803,904
Saipem SpA (a)		50,972		534,322
Snam SpA		431,627		2,136,217
Telecom Italia SpA (a)		2,139,354		2,281,592
Telecom Italia SpA, Non-Convertible Savings Shares		1,286,225		1,075,341
Tenaris SA		102,746		1,552,579
Terna — Rete Elettrica Nazionale SpA		329,575		1,496,985
UniCredit SpA		925,845		5,930,604
Unione di Banche Italiane SCpA		174,377		1,247,189
UnipolSai SpA		211,988		570,747
				55,274,250
Japan — 20.6%
ABC-Mart, Inc.		4,700		227,425
Acom Co. Ltd. (a)		116,300		355,046
Advantest Corp.		32,000		396,619
Aeon Co. Ltd.		142,700		1,434,062
AEON Financial Service Co. Ltd.		26,100		515,499
Aeon Mall Co. Ltd.		21,850		387,203
Air Water, Inc.		36,000		570,219
Aisin Seiki Co. Ltd.		40,300		1,447,915
Ajinomoto Co., Inc.		113,000		2,103,708
Alfresa Holdings Corp.		26,300		317,597
Amada Co. Ltd.		68,600		587,819
ANA Holdings, Inc.		244,000		603,322
Aozora Bank Ltd.		231,000		715,070
Asahi Glass Co. Ltd.		218,100		1,061,749
Asahi Group Holdings Ltd.		77,300		2,391,454
Asahi Kasei Corp.		268,000		2,444,810
Asics Corp.		32,000		770,409
Astellas Pharma, Inc.		452,000		6,292,790
The Bank of Kyoto Ltd.		69,000		576,814
The Bank of Yokohama Ltd.		245,000		1,330,665

See Notes to Financial Statements.

26 BLACKROCK INDEX FUNDS, INC. DECEMBER 31, 2014

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

Common Stocks	Shares		Value
Japan (continued)
Benesse Holdings, Inc.		15,300	$	453,996
Bridgestone Corp.		137,000		4,751,424
Brother Industries Ltd.		47,100		853,798
Calbee, Inc.		15,700		540,814
Canon, Inc.		238,700		7,586,780
Casio Computer Co. Ltd.		33,900		518,580
Central Japan Railway Co.		30,400		4,556,238
The Chiba Bank Ltd.		170,000		1,113,993
Chiyoda Corp.		29,000		240,265
Chubu Electric Power Co., Inc. (a)		140,500		1,651,019
Chugai Pharmaceutical Co. Ltd.		47,100		1,156,461
The Chugoku Bank Ltd.		31,900		434,827
The Chugoku Electric Power Co., Inc.		71,400		933,518
Citizen Holdings Co. Ltd.		53,500		411,651
COLOPL, Inc.		12,900		289,892
Credit Saison Co. Ltd.		29,600		550,453
Dai Nippon Printing Co. Ltd.		128,000		1,152,837
The Dai-ichi Life Insurance Co. Ltd.		227,000		3,445,824
Daicel Corp.		58,000		677,468
Daihatsu Motor Co. Ltd.		44,100		575,983
Daiichi Sankyo Co. Ltd.		136,800		1,912,840
Daikin Industries Ltd.		49,400		3,167,727
Daito Trust Construction Co. Ltd.		14,500		1,644,848
Daiwa House Industry Co. Ltd.		118,700		2,242,389
Daiwa Securities Group, Inc.		350,000		2,740,548
Denso Corp.		102,400		4,772,640
Dentsu, Inc.		43,213		1,816,736
Don Quijote Co. Ltd.		11,800		811,214
East Japan Railway Co.		70,449		5,309,801
Eisai Co. Ltd.		54,100		2,092,217
Electric Power Development Co. Ltd.		24,500		827,878
FamilyMart Co. Ltd.		14,700		553,658
FANUC Corp.		40,300		6,644,675
Fast Retailing Co. Ltd.		11,200		4,075,625
Fuji Electric Co. Ltd.		132,800		529,458
Fuji Heavy Industries Ltd.		123,600		4,373,706
FUJIFILM Holdings Corp.		97,500		2,975,070
Fujitsu Ltd.		396,000		2,111,340
Fukuoka Financial Group, Inc.		154,000		793,942
GungHo Online Entertainment, Inc. (b)		89,400		323,682
The Gunma Bank Ltd.		93,000		603,524
The Hachijuni Bank Ltd.		71,000		456,075
Hakuhodo DY Holdings, Inc.		50,500		483,282
Hamamatsu Photonics KK		15,000		714,045
Hankyu Hanshin Holdings, Inc.		229,000		1,228,378
Hikari Tsushin, Inc.		4,700		285,875
Hino Motors Ltd.		53,300		701,604
Hirose Electric Co. Ltd.		7,100		823,763
The Hiroshima Bank Ltd.		112,000		533,077
Hisamitsu Pharmaceutical Co., Inc.		12,100		381,547
Hitachi Chemical Co. Ltd.		21,700		383,370
Hitachi Construction Machinery Co. Ltd.		21,500		454,578
Hitachi High-Technologies Corp.		14,600		419,410
Hitachi Ltd.		1,018,000		7,513,616
Hitachi Metals Ltd.		51,000		866,535
Hokuhoku Financial Group, Inc.		226,000		455,737
Hokuriku Electric Power Co.		43,200		551,682
Honda Motor Co. Ltd.		343,200		10,068,896
Hoya Corp.		89,600		3,030,704
Hulic Co. Ltd.		50,600		505,857
Ibiden Co. Ltd.		28,100		414,928
Idemitsu Kosan Co. Ltd.		22,100		364,944
IHI Corp.		293,000		1,483,886
Iida Group Holdings Co. Ltd.		32,600		397,118
Inpex Corp.		188,400		2,097,450
Isetan Mitsukoshi Holdings Ltd.		73,805		913,277
Isuzu Motors Ltd.		129,400		1,576,132
Common Stocks	Shares		Value
Japan (continued)
ITOCHU Corp.		317,000	$	3,384,005
Itochu Techno-Solutions Corp.		4,800		169,365
The Iyo Bank Ltd.		52,600		569,697
J. Front Retailing Co. Ltd.		45,800		530,455
Japan Airlines Co. Ltd.		25,180		746,563
Japan Display, Inc. (a)		101,000		308,251
Japan Exchange Group, Inc.		50,600		1,179,545
Japan Prime Realty Investment Corp.		164		570,630
Japan Real Estate Investment Corp.		258		1,243,115
Japan Retail Fund Investment Corp.		521		1,101,020
Japan Tobacco, Inc.		231,600		6,374,273
JFE Holdings, Inc.		104,400		2,328,212
JGC Corp.		41,000		844,059
The Joyo Bank Ltd.		125,000		618,986
JSR Corp.		31,000		532,093
JTEKT Corp.		47,500		799,415
JX Holdings, Inc.		448,660		1,746,008
Kajima Corp.		175,800		722,948
Kakaku.com, Inc.		36,400		520,764
Kamigumi Co. Ltd.		60,000		534,469
Kaneka Corp.		53,000		283,986
The Kansai Electric Power Co., Inc. (a)		140,600		1,337,541
Kansai Paint Co. Ltd.		50,000		774,598
Kao Corp.		108,600		4,282,590
Kawasaki Heavy Industries Ltd.		314,000		1,427,928
KDDI Corp.		122,800		7,714,793
Keihan Electric Railway Co. Ltd.		110,000		588,639
Keikyu Corp.		97,000		717,682
Keio Corp.		123,000		884,810
Keisei Electric Railway Co. Ltd.		62,000		753,887
Keyence Corp.		9,592		4,274,144
Kikkoman Corp.		33,000		808,798
Kintetsu Corp.		413,000		1,357,905
Kirin Holdings Co. Ltd.		174,400		2,167,075
Kobe Steel Ltd.		668,000		1,150,629
Koito Manufacturing Co. Ltd.		19,800		605,717
Komatsu Ltd.		196,600		4,346,419
Konami Corp.		20,700		379,501
Konica Minolta, Inc.		105,900		1,153,888
Kubota Corp.		237,000		3,440,000
Kuraray Co. Ltd.		73,000		829,411
Kurita Water Industries Ltd.		25,700		535,899
Kyocera Corp.		67,600		3,093,348
Kyowa Hakko Kirin Co. Ltd.		52,000		489,663
Kyushu Electric Power Co., Inc. (a)		94,000		941,429
Lawson, Inc.		13,900		839,951
LIXIL Group Corp.		53,200		1,119,634
M3, Inc.		36,600		612,391
Mabuchi Motor Co. Ltd.		10,000		396,924
Makita Corp.		26,600		1,198,648
Marubeni Corp.		329,800		1,973,316
Marui Group Co. Ltd.		58,700		529,456
Maruichi Steel Tube Ltd.		14,000		297,966
Mazda Motor Corp.		113,680		2,730,090
McDonald’s Holdings Co. Japan Ltd. (b)		15,400		337,071
Medipal Holdings Corp.		32,000		373,750
Meiji Holdings Co. Ltd.		11,393		1,036,526
Minebea Co., Ltd.		74,000		1,092,824
Miraca Holdings, Inc.		14,700		632,377
Mitsubishi Chemical Holdings Corp.		296,900		1,440,111
Mitsubishi Corp.		290,600		5,318,014
Mitsubishi Electric Corp.		407,000		4,834,366
Mitsubishi Estate Co. Ltd.		263,000		5,541,637
Mitsubishi Gas Chemical Co., Inc.		64,000		321,209
Mitsubishi Heavy Industries Ltd.		639,200		3,527,480
Mitsubishi Logistics Corp.		25,000		363,596
Mitsubishi Materials Corp.		235,000		779,594

See Notes to Financial Statements.

BLACKROCK INDEX FUNDS, INC. DECEMBER 31, 2014 27

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

Common Stocks	Shares		Value
Japan (continued)
Mitsubishi Motors Corp.		141,100	$	1,289,014
Mitsubishi Tanabe Pharma Corp.		44,700		655,240
Mitsubishi UFJ Financial Group, Inc.		2,684,774		14,750,751
Mitsubishi UFJ Lease & Finance Co., Ltd.		99,100		466,050
Mitsui & Co. Ltd.		359,300		4,812,152
Mitsui Chemicals, Inc.		207,000		586,302
Mitsui Fudosan Co. Ltd.		198,000		5,309,477
Mitsui OSK Lines Ltd.		197,000		583,660
Mixi, Inc.		8,900		328,144
Mizuho Financial Group, Inc.		4,858,664		8,144,588
MS&AD Insurance Group Holdings, Inc.		106,870		2,532,628
Murata Manufacturing Co. Ltd.		42,700		4,659,463
Nabtesco Corp.		23,400		565,546
Nagoya Railroad Co. Ltd.		180,000		670,180
Namco Bandai Holdings, Inc.		41,200		872,257
NEC Corp.		520,000		1,511,120
Nexon Co. Ltd.		27,400		255,426
NGK Insulators Ltd.		52,000		1,065,911
NGK Spark Plug Co. Ltd.		33,500		1,017,912
NH Foods Ltd.		35,000		765,740
NHK Spring Co. Ltd.		41,900		364,587
Nidec Corp.		45,800		2,958,023
Nikon Corp.		73,600		977,916
Nintendo Co. Ltd.		22,400		2,337,610
Nippon Building Fund, Inc.		311		1,561,254
Nippon Electric Glass Co. Ltd.		72,500		326,234
Nippon Express Co. Ltd.		175,000		886,861
Nippon Paint Co. Ltd.		36,000		1,043,208
Nippon Prologis REIT, Inc.		336		729,541
Nippon Steel & Sumitomo Metal		1,600,265		3,969,668
Nippon Telegraph & Telephone Corp.		78,976		4,034,299
Nippon Yusen KK		293,000		827,580
Nissan Motor Co. Ltd.		523,500		4,565,845
Nisshin Seifun Group, Inc.		53,240		515,415
Nissin Foods Holdings Co. Ltd.		12,600		600,555
Nitori Holdings Co. Ltd.		15,000		805,927
Nitto Denko Corp.		33,810		1,889,151
NOK Corp.		23,500		598,157
Nomura Holdings, Inc.		764,600		4,326,898
Nomura Real Estate Holdings, Inc.		30,600		523,642
Nomura Research Institute Ltd.		20,500		626,996
NSK Ltd.		99,000		1,168,867
NTT Data Corp.		28,900		1,076,664
NTT DoCoMo, Inc.		321,700		4,684,932
NTT Urban Development Corp.		24,600		247,737
Obayashi Corp.		133,000		857,344
Odakyu Electric Railway Co. Ltd.		118,000		1,045,258
Oji Holdings Corp.		170,000		608,241
Olympus Corp. (a)		51,500		1,804,062
Omron Corp.		40,800		1,825,207
Ono Pharmaceutical Co. Ltd.		17,400		1,540,518
Oracle Corp. Japan		10,100		411,537
Oriental Land Co. Ltd.		10,000		2,306,139
ORIX Corp.		278,700		3,506,824
Osaka Gas Co. Ltd.		375,000		1,400,606
Otsuka Corp.		10,500		332,938
Otsuka Holdings Co. Ltd.		82,500		2,473,450
Panasonic Corp.		464,800		5,474,616
Park24 Co. Ltd.		26,000		382,755
Rakuten, Inc.		169,400		2,355,644
Recruit Holdings Co. Ltd.		28,700		824,244
Resona Holdings, Inc.		466,956		2,358,829
Ricoh Co. Ltd.		141,400		1,429,420
Rinnai Corp.		6,600		443,468
Rohm Co. Ltd.		21,900		1,319,546
Sankyo Co. Ltd.		11,200		384,203
Sanrio Co. Ltd. (b)		13,000		321,199
Common Stocks	Shares		Value
Japan (continued)
Santen Pharmaceutical Co. Ltd.		17,000	$	915,191
SBI Holdings, Inc.		48,340		528,145
Secom Co. Ltd.		44,300		2,545,239
Sega Sammy Holdings, Inc.		43,932		562,073
Seibu Holdings, Inc.		23,900		487,270
Seiko Epson Corp.		27,300		1,142,346
Sekisui Chemical Co. Ltd.		91,000		1,094,818
Sekisui House Ltd.		121,000		1,592,115
Seven & I Holdings Co. Ltd.		158,600		5,705,055
Seven Bank Ltd.		108,100		453,748
Sharp Corp. (a)		332,000		734,482
Shikoku Electric Power Co., Inc. (a)		43,600		528,854
Shimadzu Corp.		44,000		447,567
Shimamura Co. Ltd.		4,400		379,706
Shimano, Inc.		16,700		2,163,010
Shimizu Corp.		118,000		801,465
Shin-Etsu Chemical Co. Ltd.		86,400		5,624,616
Shinsei Bank Ltd.		341,000		593,482
Shionogi & Co. Ltd.		64,800		1,674,162
Shiseido Co. Ltd.		71,900		1,008,355
The Shizuoka Bank Ltd.		106,000		969,297
Showa Shell Sekiyu KK		48,300		475,777
SMC Corp.		11,600		3,041,798
Softbank Corp.		202,200		12,035,601
Sompo Japan Nipponkoa Holdings Inc.		66,375		1,669,178
Sony Corp. (a)		220,800		4,506,363
Sony Financial Holdings, Inc.		34,800		512,434
Stanley Electric Co. Ltd.		28,800		621,891
Sumitomo Chemical Co. Ltd.		298,000		1,173,144
Sumitomo Corp.		224,800		2,308,849
Sumitomo Dainippon Pharma Co. Ltd.		33,200		321,505
Sumitomo Electric Industries Ltd.		161,100		2,012,022
Sumitomo Heavy Industries Ltd.		124,000		666,994
Sumitomo Metal Mining Co. Ltd.		105,000		1,566,062
Sumitomo Mitsui Financial Group, Inc.		267,950		9,687,116
Sumitomo Mitsui Trust Holdings, Inc.		698,820		2,676,681
Sumitomo Realty & Development Co. Ltd.		75,000		2,555,186
Sumitomo Rubber Industries Ltd.		34,200		508,419
Suntory Beverage & Food Ltd.		27,800		960,470
Suruga Bank Ltd.		39,800		731,404
Suzuken Co. Ltd.		15,000		414,351
Suzuki Motor Corp.		77,000		2,307,485
Sysmex Corp.		30,600		1,358,104
T&D Holdings, Inc.		115,700		1,386,994
Taiheiyo Cement Corp.		252,000		790,619
Taisei Corp.		217,000		1,230,826
Taisho Pharmaceutical Holdings Co. Ltd.		7,100		433,813
Taiyo Nippon Sanso Corp.		28,000		308,241
Takashimaya Co. Ltd.		58,000		463,112
Takeda Pharmaceutical Co. Ltd.		166,300		6,884,451
TDK Corp.		24,600		1,448,827
Teijin Ltd.		166,000		441,211
Terumo Corp.		66,900		1,518,379
THK Co. Ltd.		26,200		629,636
Tobu Railway Co. Ltd.		236,000		1,009,169
Toho Co. Ltd.		22,700		515,052
Toho Gas Co. Ltd.		82,000		401,174
Tohoku Electric Power Co., Inc.		102,000		1,186,920
Tokio Marine Holdings, Inc.		145,800		4,735,246
The Tokyo Electric Power Co., Inc. (a)		269,900		1,097,768
Tokyo Electron Ltd.		34,300		2,600,976
Tokyo Gas Co. Ltd.		464,000		2,503,587
Tokyo Tatemono Co. Ltd.		88,000		640,431
Tokyu Corp.		227,000		1,406,599
Tokyu Fudosan Holdings Corp.		96,000		666,077
TonenGeneral Sekiyu KK		52,000		443,903
Toppan Printing Co. Ltd.		102,000		662,739

See Notes to Financial Statements.

28 BLACKROCK INDEX FUNDS, INC. DECEMBER 31, 2014

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

Common Stocks	Shares		Value
Japan (concluded)
Toray Industries, Inc.		293,700	$	2,346,657
Toshiba Corp.		848,000		3,576,269
Toto Ltd.		54,000		628,166
Toyo Seikan Kaisha Ltd.		32,800		407,426
Toyo Suisan Kaisha Ltd.		19,900		640,757
Toyoda Gosei Co. Ltd.		17,900		360,045
Toyota Industries Corp.		32,500		1,665,681
Toyota Motor Corp.		575,700		35,876,095
Toyota Tsusho Corp.		44,700		1,038,377
Trend Micro, Inc.		24,700		682,541
Unicharm Corp.		74,400		1,783,300
United Urban Investment Corp.		589		927,158
USS Co. Ltd.		48,800		749,797
West Japan Railway Co.		32,900		1,555,453
Yahoo! Japan Corp.		321,800		1,153,307
Yakult Honsha Co. Ltd.		19,000		1,002,914
Yamada Denki Co. Ltd.		192,800		646,867
Yamaguchi Financial Group, Inc.		42,000		431,640
Yamaha Corp.		33,500		493,786
Yamaha Motor Co. Ltd.		53,700		1,074,392
Yamato Holdings Co. Ltd.		79,200		1,568,293
Yamato Kogyo Co. Ltd.		6,400		178,999
Yamazaki Baking Co. Ltd.		29,000		357,838
Yaskawa Electric Corp.		51,200		653,984
Yokogawa Electric Corp.		46,100		505,857
The Yokohama Rubber Co. Ltd.		47,000		427,950
				550,412,689
Luxembourg — 0.1%
Altice SA (a)		18,049		1,425,291
RTL Group SA		8,978		856,107
				2,281,398
Netherlands — 4.4%
Aegon NV		384,035		2,886,395
Akzo Nobel NV		51,083		3,534,434
ASML Holding NV		75,271		8,132,842
CNH Industrial NV		189,226		1,531,799
Corio NV		15,985		782,815
Delta Lloyd NV		44,127		970,368
Gemalto NV (b)		15,823		1,295,072
Heineken Holding NV		22,349		1,399,081
Heineken NV		48,509		3,444,512
ING Groep NV CVA (a)		812,182		10,493,114
Koninklijke Ahold NV		188,301		3,346,647
Koninklijke Boskalis Westminster NV		18,803		1,028,620
Koninklijke DSM NV		36,506		2,226,610
Koninklijke KPN NV		681,737		2,152,481
Koninklijke Philips Electronics NV		201,414		5,838,188
Koninklijke Vopak NV		15,223		789,799
NN Group NV (a)		23,995		716,334
OCI NV (a)		16,586		576,692
QIAGEN NV (a)		48,737		1,135,234
Randstad Holding NV		25,914		1,246,888
Reed Elsevier NV		147,260		3,516,659
Royal Dutch Shell PLC, A Shares		830,101		27,702,867
Royal Dutch Shell PLC, Class B		513,802		17,752,404
TNT Express NV		95,298		635,295
Unilever NV CVA		342,967		13,416,082
Wolters Kluwer NV		64,923		1,981,138
				118,532,370
New Zealand — 0.2%
Auckland International Airport Ltd.		211,147		694,753
Contact Energy Ltd.		102,592		509,489
Fletcher Building Ltd.		146,940		946,702
Meridian Energy, Ltd.		302,548		413,309
Common Stocks	Shares		Value
New Zealand (concluded)
Mighty River Power, Ltd.		166,224	$	385,502
Ryman Healthcare Ltd.		68,729		455,900
Telecom Corp. of New Zealand Ltd.		365,242		885,406
				4,291,061
Norway — 0.6%
DnB NOR ASA		205,756		3,035,029
Gjensidige Forsikring ASA		42,157		687,892
Norsk Hydro ASA		268,629		1,513,197
Orkla ASA		181,380		1,234,738
Seadrill Ltd.		80,974		936,882
Statoil ASA		234,967		4,137,025
Subsea 7 SA		67,352		689,206
Telenor ASA		158,058		3,197,294
Yara International ASA		38,972		1,735,517
				17,166,780
Portugal — 0.1%
Banco Comercial Portugues SA (a)		7,943,508		623,322
EDP — Energias de Portugal SA		495,328		1,920,704
Galp Energia SGPS SA		74,194		753,440
Jeronimo Martins SGPS SA		56,235		563,496
				3,860,962
Singapore — 1.5%
Ascendas Real Estate Investment Trust		443,962		796,358
CapitaCommercial Trust		376,000		496,415
CapitaLand Ltd.		539,749		1,342,004
CapitaMall Trust		523,700		804,074
City Developments Ltd.		96,535		744,771
ComfortDelGro Corp. Ltd.		461,816		903,737
DBS Group Holdings Ltd.		363,407		5,626,023
Genting Singapore PLC		1,306,227		1,059,078
Global Logistic Properties Ltd.		697,000		1,299,488
Golden Agri-Resources Ltd.		1,223,251		423,365
Hutchison Port Holdings Trust		1,171,000		804,780
Jardine Cycle & Carriage Ltd.		24,721		792,001
Keppel Corp. Ltd.		290,577		1,936,805
Keppel Land Ltd.		198,000		510,072
Noble Group Ltd.		994,840		848,735
Oversea-Chinese Banking Corp. Ltd. (b)		610,898		4,806,530
SembCorp Industries Ltd.		206,590		691,874
SembCorp Marine Ltd. (b)		220,197		540,295
Singapore Airlines Ltd.		104,009		907,317
Singapore Exchange Ltd.		186,000		1,093,515
Singapore Press Holdings Ltd.		99,985		317,399
Singapore Technologies Engineering Ltd.		360,213		922,000
Singapore Telecommunications Ltd.		1,678,132		4,925,826
StarHub Ltd.		121,157		378,538
Suntec Real Estate Investment Trust		500,000		739,657
United Overseas Bank Ltd.		272,147		5,022,213
UOL Group Ltd.		94,499		494,020
Wilmar International Ltd.		421,670		1,027,456
Yangzijiang Shipbuilding Holdings Ltd.		427,183		387,119
				40,641,465
Spain — 3.4%
Abertis Infraestructuras SA		86,237		1,710,062
ACS Actividades de Construccion y Servicios SA		40,227		1,402,114
Amadeus IT Holding SA, Class A		89,522		3,565,422
Banco Bilbao Vizcaya Argentaria SA		1,249,807		11,803,680
Banco de Sabadell SA		733,010		1,939,516
Banco Popular Espanol SA		383,725		1,912,804
Banco Santander SA		2,602,057		21,839,361
Bankia SA (a)		1,045,214		1,551,021
Bankinter SA		154,899		1,244,414
CaixaBank SA		482,319		2,527,283
Distribuidora Internacional de Alimentacion SA		143,344		971,310

See Notes to Financial Statements.

BLACKROCK INDEX FUNDS, INC. DECEMBER 31, 2014 29

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

Common Stocks	Shares		Value
Spain (concluded)
Enagas SA		13,781	$	434,667
Ferrovial SA		94,291		1,863,960
Gas Natural SDG SA		75,895		1,906,527
Grifols SA		32,498		1,296,785
Iberdrola SA		1,085,942		7,320,057
Inditex SA		230,294		6,569,225
International Consolidated Airlines Group SA (a)		223,500		1,664,910
Mapfre SA		208,345		704,202
Red Electrica Corp. SA		7,322		645,444
Repsol SA		216,790		4,058,488
Telefonica SA		886,989		12,734,962
Zardoya Otis SA		47,968		531,947
				90,198,161
Sweden — 3.0%
Alfa Laval AB		64,188		1,213,782
Assa Abloy AB, Class B		70,341		3,715,163
Atlas Copco AB, Class A		141,381		3,934,017
Atlas Copco AB, Class B		83,214		2,130,096
Boliden AB		60,183		962,013
Electrolux AB, Class B		52,732		1,540,787
Elekta AB, B Shares		77,103		788,284
Getinge AB, Class B		43,965		1,001,187
Hennes & Mauritz AB, Class B		199,894		8,304,598
Hexagon AB, Class B		55,259		1,704,714
Husqvarna AB, Class B		80,578		592,286
ICA Gruppen AB		16,112		627,374
Industrivarden AB, Class C		41,350		717,760
Investment AB Kinnevik, Class B		49,364		1,605,279
Investor AB, Class B		95,898		3,486,641
Lundin Petroleum AB (a)		45,190		646,685
Millicom International Cellular SA		13,872		1,027,848
Nordea Bank AB		639,505		7,402,772
Sandvik AB		226,244		2,199,788
Securitas AB, Class B		65,801		796,040
Skandinaviska Enskilda Banken AB, Class A		319,812		4,061,150
Skanska AB, Class B		82,272		1,766,412
SKF AB, Class B		79,130		1,666,915
Svenska Cellulosa AB, B Shares		123,720		2,667,242
Svenska Handelsbanken AB, Class A		105,089		4,916,887
Swedbank AB, Class A		190,665		4,730,575
Swedish Match AB		40,538		1,270,239
Tele2 AB, Class B		68,811		833,830
Telefonaktiebolaget LM Ericsson, Class B		640,733		7,758,063
TeliaSonera AB		501,409		3,223,741
Volvo AB, Class B		323,081		3,483,940
				80,776,108
Switzerland — 9.6%
ABB Ltd., Registered Shares (a)		462,977		9,795,731
Actelion Ltd., Registered Shares (a)		21,672		2,494,903
Adecco SA, Registered Shares (a)		35,956		2,471,589
Aryzta AG (a)		19,184		1,474,281
Baloise Holding AG, Registered Shares		9,727		1,243,223
Barry Callebaut AG, Registered Shares (a)		423		433,671
Cie Financiere Richemont SA, Registered Shares		109,902		9,743,758
Coca-Cola HBC AG (a)		38,764		738,047
Credit Suisse Group AG, Registered Shares (a)		321,453		8,075,299
EMS-Chemie Holding AG, Registered Shares		1,697		686,985
Geberit AG, Registered Shares		7,959		2,692,551
Givaudan SA, Registered Shares (a)		1,945		3,489,051
Glencore PLC (a)		2,235,234		10,317,456
Holcim Ltd., Registered Shares (a)		48,206		3,445,964
Julius Baer Group Ltd. (a)		47,696		2,177,704
Kuehne & Nagel International AG, Registered Shares		11,799		1,602,722
Lindt & Spruengli AG		190		939,449
Lindt & Spruengli AG, Registered Shares		21		1,211,738
Common Stocks	Shares		Value
Switzerland (concluded)
Lonza Group AG, Registered Shares (a)		10,897	$	1,226,911
Nestle SA, Registered Shares		678,946		49,495,832
Novartis AG, Registered Shares		484,296		44,915,295
Pargesa Holding SA, Bearer Shares		7,471		576,506
Partners Group Holding AG		3,735		1,086,650
Roche Holding AG		147,917		40,076,956
Schindler Holding AG, Participation Certificates		9,093		1,312,703
Schindler Holding AG, Registered Shares		4,420		633,969
SGS SA, Registered Shares		1,158		2,364,601
Sika AG — Bearer Shares		466		1,374,671
Sonova Holding AG, Registered Shares		10,735		1,577,084
STMicroelectronics NV		145,524		1,085,833
Sulzer AG, Registered Shares		4,287		458,585
The Swatch Group AG, Bearer Shares		6,494		2,885,000
The Swatch Group AG, Registered Shares		11,193		968,214
Swiss Life Holding AG, Registered Shares (a)		7,012		1,657,298
Swiss Prime Site AG, Registered Shares (a)		11,481		843,002
Swiss Re AG (a)		74,146		6,211,334
Swisscom AG, Registered Shares		4,908		2,575,410
Syngenta AG, Registered Shares		19,569		6,294,518
Transocean Ltd.		79,185		1,453,035
UBS Group AG (a)		768,875		13,216,731
Zurich Insurance Group AG (a)		31,463		9,832,260
				255,156,520
United Kingdom — 18.0%
3i Group PLC		196,723		1,371,705
Aberdeen Asset Management PLC		186,347		1,245,162
Admiral Group PLC		42,240		866,558
Aggreko PLC		52,256		1,218,609
AMEC PLC		79,944		1,055,801
Anglo American PLC		294,042		5,441,087
Antofagasta PLC		87,688		1,021,738
ARM Holdings PLC		295,706		4,542,748
Ashtead Group PLC		108,709		1,930,662
Associated British Foods PLC		75,006		3,666,973
AstraZeneca PLC		265,824		18,775,343
Aviva PLC		620,585		4,662,689
Babcock International Group PLC		55,593		910,739
BAE Systems PLC		664,495		4,859,580
Barclays PLC		3,457,464		12,997,754
BG Group PLC		718,112		9,609,560
BHP Billiton PLC		444,674		9,529,961
BP PLC		3,878,667		24,620,133
British American Tobacco PLC		392,447		21,267,074
British Land Co. PLC		204,257		2,463,065
British Sky Broadcasting Group PLC		217,381		3,033,839
BT Group PLC		1,713,792		10,659,890
Bunzl PLC		71,691		1,959,831
Burberry Group PLC		94,011		2,385,222
Capita PLC		140,353		2,353,395
Carnival PLC		39,920		1,804,312
Centrica PLC		1,056,640		4,576,766
Cobham PLC		242,454		1,217,133
Compass Group PLC		353,188		6,037,005
Croda International PLC		28,719		1,185,360
Diageo PLC		528,937		15,152,493
Direct Line Insurance Group PLC		302,089		1,366,527
Dixons Carphone PLC		198,238		1,428,696
easyJet PLC		32,924		852,043
Fiat Chrysler Automobiles NV		185,090		2,150,694
Fresnillo PLC		50,551		600,795
Friends Life Group Ltd.		306,280		1,739,434
G4S PLC		313,579		1,352,662
GKN PLC		353,070		1,879,299
GlaxoSmithKline PLC		1,021,015		21,904,446
Hammerson PLC		170,614		1,597,786

See Notes to Financial Statements.

30 BLACKROCK INDEX FUNDS, INC. DECEMBER 31, 2014

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

Common Stocks	Shares		Value
United Kingdom (continued)
Hargreaves Lansdown PLC		47,725	$	746,748
HSBC Holdings PLC		4,031,669		38,098,308
ICAP PLC		124,022		868,424
IMI PLC		58,145		1,137,546
Imperial Tobacco Group PLC		201,505		8,870,150
Inmarsat PLC		91,023		1,128,637
InterContinental Hotels Group PLC		50,547		2,033,827
Intertek Group PLC		33,323		1,206,026
Intu Properties PLC		197,682		1,022,004
Investec PLC		118,620		993,831
ITV PLC		806,430		2,690,021
J. Sainsbury PLC		271,116		1,035,307
Johnson Matthey PLC		43,555		2,291,463
Kingfisher PLC		500,602		2,646,251
Land Securities Group PLC		166,402		2,991,181
Legal & General Group PLC		1,250,142		4,826,982
Lloyds Banking Group PLC (a)		12,021,558		14,140,467
London Stock Exchange Group PLC		47,431		1,632,053
Marks & Spencer Group PLC		344,380		2,549,925
Meggitt PLC		164,824		1,325,884
Melrose Industries PLC		214,081		886,178
Merlin Entertainments PLC (c)		105,886		655,185
National Grid PLC		793,971		11,265,883
Next PLC		32,292		3,424,789
Old Mutual PLC		1,032,829		3,043,917
Pearson PLC		172,589		3,187,397
Persimmon PLC (a)		66,765		1,630,661
Petrofac Ltd.		53,021		577,608
Prudential PLC		540,334		12,492,238
Randgold Resources Ltd.		18,155		1,232,544
Reckitt Benckiser Group PLC		136,825		11,081,995
Reed Elsevier PLC		240,482		4,107,909
Rexam PLC		140,636		990,076
Rio Tinto PLC		267,904		12,349,587
Rolls-Royce Holdings PLC (a)		397,160		5,335,386
Royal Bank of Scotland Group PLC (a)		532,341		3,238,863
Royal Mail PLC		125,421		835,799
RSA Insurance Group PLC (a)		221,639		1,496,388
SABMiller PLC		203,617		10,614,787
The Sage Group PLC		218,202		1,575,982
Schroders PLC		26,579		1,104,684
Segro PLC		148,283		849,465
Severn Trent PLC		52,237		1,629,233
Smith & Nephew PLC		188,000		3,390,117
Smiths Group PLC		86,720		1,474,597
Sports Direct International PLC (a)		59,623		655,895
SSE PLC		205,282		5,186,878
Standard Chartered PLC		520,061		7,777,978
Common Stocks	Shares		Value
United Kingdom (concluded)
Standard Life PLC (a)		503,480	$	3,118,700
Tate & Lyle PLC		93,359		874,724
Tesco PLC		1,710,206		4,986,448
Travis Perkins PLC		54,510		1,569,018
Tullow Oil PLC		185,939		1,198,256
Unilever PLC		270,219		10,978,505
United Utilities Group PLC		145,922		2,072,664
Vodafone Group PLC		5,579,296		19,129,320
The Weir Group PLC		43,351		1,243,123
Whitbread PLC		38,208		2,827,628
William Hill PLC		190,301		1,069,319
WM Morrison Supermarkets PLC		433,596		1,237,163
Wolseley PLC		56,119		3,208,425
WPP PLC		277,388		5,767,358
				480,902,274
Total Common Stocks — 97.5%				2,603,542,467
Rights
Spain — 0.0%
Banco Bilbao Vizcaya Argentaria SA (Expires 01/07/15) (a)		1,249,807		119,474
Repsol SA (Expires 01/08/15) (a)		216,790		119,884
Total Rights — 0.0%				239,358
Total Long-Term Investments (Cost — $2,456,264,285) — 97.5%				2,603,781,825
Short-Term Securities
BlackRock Liquidity Funds, TempFund, Institutional Class, 0.04% (d)(e)		3,872,785		3,872,785
	Beneficial Interest (000)
BlackRock Liquidity Series, LLC, Money Market Series, 0.20% (d)(e)(f)	$	4,107		4,107,347
Total Short-Term Securities (Cost — $7,980,132) — 0.3%				7,980,132
Total Investments (Cost — $2,464,244,417) — 97.8%				2,611,761,957
Other Assets Less Liabilities — 2.2%				58,599,282
Net Assets — 100.0%			$	2,670,361,239

Notes to Schedule of Investments

(a) Non-income producing security.

(b) Security, or a portion of security, is on loan.

(c) Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

(d) Represents the current yield as of report date.

(e) During the year ended December 31, 2014 investments in issuers considered to be an affiliate of the Series, for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliate	Shares/Beneficial Interest Held at December 31, 2013		Net Activity			Shares/Beneficial Interest Held at December 31, 2014		Income
BlackRock Liquidity Funds, TempFund, Institutional Class		587,542		3,285,243	1		3,872,785	$	10,577
BlackRock Liquidity Series, LLC, Money Market Series		528,856		3,578,491	1		4,107,347	$	81,222
1   Represents net shares/beneficial interest purchased.

See Notes to Financial Statements.

BLACKROCK INDEX FUNDS, INC. DECEMBER 31, 2014 31

Schedule of Investments (continued) Master International Index Series

(f) Security was purchased with the cash collateral from loaned securities. The Series may withdraw up to 25% of its investment daily, although the manager of the BlackRock Liquidity Series, LLC, Money Market Series, in its sole discretion, may permit an investor to withdraw more than 25% on any one day.

Ÿ As of December 31, 2014, financial futures contracts outstanding were as follows:

Contracts Purchased		Issue	Exchange	Expiration	Notional Value				Unrealized Appreciation (Depreciation)
	86	SPI 200 Index	Australian Securities Exchange	March 2015		USD	$	9,448,563	$	365,339
	200	FTSE 100 Index	Euronext Life	March 2015		USD	$	20,331,951		899,087
	242	Nikkei 225 Index	Singapore Exchange	March 2015		USD	$	17,557,021		(407,203	)
	598	Euro Stoxx 50 Index	Eurex Mercantile	March 2015		USD	$	22,670,702		803,476
	Total								$	1,660,699

Ÿ Fair Value Measurements — Various inputs are used in determining the fair value of investments and derivative financial instruments. These inputs to valuation techniques are categorized into a disclosure hierarchy consisting of three broad levels for financial statement purposes. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The categorization of a value determined for investments and derivative financial instruments is based on the pricing transparency of the investment and is not necessarily an indication of the risks associated with investing in those securities. The three levels of the fair value hierarchy are as follows:

Ÿ Level 1 — unadjusted quoted prices in active markets/exchanges for identical assets or liabilities that the Series has the ability to access

Ÿ 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)

Ÿ 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 and derivative financial instruments)

Changes in valuation techniques may result in transfers into or out of an assigned level within the disclosure hierarchy. In accordance with the Series’ policy, transfers between different levels of the fair value disclosure hierarchy are deemed to have occurred as of the beginning of the reporting period. For information about the Series’ policy regarding valuation of investments, please refer to Note 2 of the Notes to Financial Statements.

As of December 31, 2014 the following tables summarize the Series’ investments and derivative financial instruments categorized in the disclosure hierarchy:

	Level 1		Level 2		Level 3		Total
Assets:
Investments:
Common Stocks:
Australia	$	2,603,529	$	191,485,323	$	9	$	194,088,861
Austria		—		5,193,384		—		5,193,384
Belgium		—		33,739,188		—		33,739,188
Denmark		386,157		39,230,170		—		39,616,327
Finland		617,181		22,752,140		—		23,369,321
France		5,413,214		246,037,740		—		251,450,954
Germany		661,215		237,744,828		—		238,406,043
Hong Kong		5,254,967		75,710,288		—		80,965,255
Ireland		315,940		21,733,608		—		22,049,548
Israel		—		15,169,548		—		15,169,548
Italy		—		55,274,250		—		55,274,250
Japan		824,244		549,588,445		—		550,412,689
Luxembourg		1,425,291		856,107		—		2,281,398
Netherlands		—		118,532,370		—		118,532,370
New Zealand		—		4,291,061		—		4,291,061
Norway		—		17,166,780		—		17,166,780
Portugal		—		3,860,962		—		3,860,962
Singapore		—		40,641,465		—		40,641,465
Spain		—		90,198,161		—		90,198,161
Sweden		788,284		79,987,824		—		80,776,108
Switzerland		15,661,916		239,494,604		—		255,156,520
United Kingdom		1,428,696		479,473,578		—		480,902,274
Rights		239,358		—		—		239,358
Short-Term Securities		3,872,785		4,107,347		—		7,980,132
Total	$	39,492,777	$	2,572,269,171	$	9	$	2,611,761,957

See Notes to Financial Statements.

32 BLACKROCK INDEX FUNDS, INC. DECEMBER 31, 2014

Schedule of Investments (concluded) Master International Index Series

	Level 1			Level 2			Level 3		Total
Derivative Financial Instruments 1
Assets:
Equity contracts	$	2,067,902			—			—	$	2,067,902
Liabilities:
Equity contracts	$	(407,203	)		—			—	$	(407,203	)
Total	$	1,660,699			—			—	$	1,660,699
1   Derivative financial instruments are financial futures contracts, which are valued at the unrealized appreciation/depreciation on the instrument.
The Series may hold assets and/or liabilities in which the fair value approximates the carrying amount for financial statement purposes. As of December 31, 2014, such assets and/or liabilities are categorized within the disclosure hierarchy as follows:
	Level 1			Level 2			Level 3		Total
Assets:
Cash	$	200							$	200
Cash pledged for financial futures contracts		3,900,000			—			—		3,900,000
Foreign currency at value		62,016,065			—			—		62,016,065
Liabilities:
Collateral on securities loaned at value		—		$	(4,107,347	)		—		(4,107,347	)
Total	$	65,916,265		$	(4,107,347	)		—	$	61,808,918

During the year ended December 31, 2014, there were no transfers between levels.

See Notes to Financial Statements.

BLACKROCK INDEX FUNDS, INC. DECEMBER 31, 2014 33

Schedule of Investments December 31, 2014 Master Small Cap Index Series (Percentages shown are based on Net Assets)

Common Stocks	Shares			Value
Advertising Agencies — 0.3%
Constant Contact, Inc. (a)		12,168		$	446,565
Harte-Hanks, Inc.		19,420			150,311
Marchex, Inc., Class B		12,646			58,045
Marin Software, Inc. (a)		9,969			84,338
Marketo, Inc. (a)		9,929			324,877
MDC Partners, Inc., Class A		16,580			376,698
National CineMedia, Inc.		23,849			342,710
QuinStreet, Inc. (a)		13,474			81,787
ReachLocal, Inc. (a)		5,647			19,426
Sizmek, Inc. (a)		8,669			54,268
TubeMogul, Inc. (a)(b)		1,269			28,616
Viad Corp.		8,016			213,706
					2,181,347
Aerospace — 1.4%
AAR Corp.		15,370			426,979
Aerovironment, Inc. (a)		7,408			201,868
Astronics Corp. (a)		7,303			403,929
Cubic Corp.		7,994			420,804
Curtiss-Wright Corp.		18,673			1,318,127
Ducommun, Inc. (a)		4,305			108,830
Erickson Air-Crane, Inc. (a)(b)		2,434			20,300
Esterline Technologies Corp. (a)		12,333			1,352,683
GenCorp, Inc. (a)		23,260			425,658
HEICO Corp.		25,787			1,557,535
Kaman Corp.		10,620			425,756
Kratos Defense & Security Solutions, Inc. (a)		17,347			87,082
LMI Aerospace, Inc. (a)		3,990			56,259
Moog, Inc., Class A (a)		16,053			1,188,404
Orbital Sciences Corp. (a)		23,499			631,888
SIFCO Industries, Inc.		989			28,829
Teledyne Technologies, Inc. (a)		14,568			1,496,716
					10,151,647
Agriculture, Fishing & Ranching — 0.5%
Alico, Inc.		1,143			57,184
The Andersons, Inc.		10,928			580,714
Cal-Maine Foods, Inc.		12,009			468,711
Calavo Growers, Inc.		5,561			263,035
Fresh Del Monte Produce, Inc.		13,929			467,318
Limoneira Co.		4,448			111,111
Sanderson Farms, Inc. (b)		8,952			752,192
Seaboard Corp. (a)		110			461,775
					3,162,040
Air Transport — 0.8%
Air Transport Services Group, Inc. (a)		20,327			173,999
Allegiant Travel Co.		5,340			802,762
Atlas Air Worldwide Holdings, Inc. (a)		9,791			482,696
Bristow Group, Inc.		13,776			906,323
Era Group, Inc. (a)		7,942			167,973
Hawaiian Holdings, Inc. (a)		17,459			454,807
JetBlue Airways Corp. (a)		96,376			1,528,523
PHI, Inc. (a)		4,887			182,774
Republic Airways Holdings, Inc. (a)		19,349			282,302
SkyWest, Inc.		19,809			263,064
Virgin America, Inc. (a)		5,928			256,386
					5,501,609
Alternative Energy — 0.2%
Abengoa Yield PLC		11,109			303,498
Ameresco, Inc., Class A (a)		7,754			54,278
Amyris, Inc. (a)(b)		10,883			22,419
EnerNOC, Inc. (a)		10,515			162,457
Green Plains Renewable Energy, Inc.		14,510			359,558
REX American Resources Corp. (a)		2,410			149,347
Solazyme, Inc. (a)(b)		28,929			74,637
Common Stocks	Shares			Value
Alternative Energy (concluded)
TerraForm Power, Inc., Class A		9,002		$	277,982
Vivint Solar, Inc. (a)		7,766			71,602
					1,475,778
Aluminum — 0.1%
Century Aluminum Co. (a)		19,902			485,609
Kaiser Aluminum Corp.		6,979			498,510
Noranda Aluminum Holding Corp.		16,608			58,460
					1,042,579
Asset Management & Custodian — 0.6%
Arlington Asset Investment Corp.		8,623			229,458
Ashford, Inc. (a)		333			31,302
Calamos Asset Management, Inc., Class A		6,599			87,899
CIFC Corp.		2,412			19,947
Cohen & Steers, Inc.		7,495			315,390
Cowen Group, Inc., Class A (a)		44,815			215,112
Diamond Hill Investment Group, Inc.		1,095			151,154
Fifth Street Asset Management, Inc. (a)		1,919			26,770
Financial Engines, Inc.		19,971			729,940
GAMCO Investors, Inc., Class A		2,495			221,905
KCG Holdings, Inc., Class A (a)		17,517			204,073
Manning & Napier, Inc.		5,222			72,168
Medley Management, Inc.		2,216			32,575
OM Asset Management PLC (a)		9,609			156,050
Oppenheimer Holdings, Inc., Class A		3,950			91,838
Pzena Investment Management, Inc., Class A		4,229			40,006
RCS Capital Corp., Class A		3,838			46,977
Resource America, Inc., Class A		5,415			48,952
Silvercrest Asset Management Group, Inc., Class A		2,100			32,865
Virtus Investment Partners, Inc.		2,745			467,995
Westwood Holdings Group, Inc.		2,844			175,816
WisdomTree Investments, Inc.		41,804			655,278
					4,053,470
Auto Parts — 0.9%
American Axle & Manufacturing Holdings, Inc. (a)		26,307			594,275
Dana Holding Corp.		65,707			1,428,470
Dorman Products, Inc. (a)		10,474			505,580
Federal-Mogul Corp. (a)		11,167			179,677
Fox Factory Holding Corp. (a)		4,301			69,805
Fuel Systems Solutions, Inc. (a)		5,352			58,551
Gentherm, Inc. (a)		13,668			500,522
Meritor, Inc. (a)		37,983			575,442
Remy International, Inc.		12,294			257,191
Standard Motor Products, Inc.		7,665			292,190
Stoneridge, Inc. (a)		11,019			141,704
Superior Industries International, Inc.		9,071			179,515
Tenneco, Inc. (a)		23,621			1,337,185
Tower International, Inc. (a)		7,949			203,097
					6,323,204
Auto Services — 0.1%
Cooper Tire & Rubber Co.		22,534			780,803
Back Office Support, HR & Consulting — 1.8%
The Advisory Board Co. (a)		14,263			698,602
Angie’s List, Inc. (a)		17,323			107,922
Arrowhead Research Corp. (a)(b)		21,385			157,821
Barrett Business Services, Inc.		2,801			76,747
CBIZ, Inc. (a)		16,458			140,881
CDI Corp.		5,426			96,094
Convergys Corp.		39,584			806,326
The Corporate Executive Board Co.		13,166			954,930
Corporate Resource Services, Inc. (a)(b)		6,542			7,850
CRA International, Inc. (a)		3,770	��		114,306
Dice Holdings, Inc. (a)		15,091			151,061
ExlService Holdings, Inc. (a)		12,834			368,464
Forrester Research, Inc.		4,358			171,531

See Notes to Financial Statements.

34 BLACKROCK INDEX FUNDS, INC. DECEMBER 31, 2014

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

Common Stocks	Shares		Value
Back Office Support, HR & Consulting (concluded)
FTI Consulting, Inc. (a)		15,944	$	615,917
GP Strategies Corp. (a)		5,154		174,875
The Hackett Group, Inc.		9,818		86,300
Heidrick & Struggles International, Inc.		7,034		162,134
Huron Consulting Group, Inc. (a)		9,195		628,846
ICF International, Inc. (a)		7,828		320,791
Insperity, Inc.		8,793		297,995
Kelly Services, Inc., Class A		10,600		180,412
Kforce, Inc.		9,596		231,552
Korn/Ferry International (a)		19,309		555,327
Liquidity Services, Inc. (a)		9,741		79,584
MAXIMUS, Inc.		26,326		1,443,718
Monster Worldwide, Inc. (a)		35,415		163,617
Navigant Consulting, Inc. (a)		19,308		296,764
On Assignment, Inc. (a)		21,092		700,044
Paylocity Holding Corp. (a)		3,289		85,876
PRGX Global, Inc. (a)		11,421		65,328
Resources Connection, Inc.		15,373		252,886
RPX Corp. (a)		20,855		287,382
ServiceSource International, Inc. (a)		26,566		124,329
Sykes Enterprises, Inc. (a)		15,447		362,541
TeleTech Holdings, Inc. (a)		6,968		165,002
TriNet Group, Inc. (a)		6,110		191,121
TrueBlue, Inc. (a)		16,082		357,825
WageWorks, Inc. (a)		13,613		878,991
				12,561,692
Banks: Diversified — 7.5%
1st Source Corp.		5,814		199,478
Ambac Financial Group, Inc. (a)		17,555		430,097
American National Bankshares, Inc.		3,133		77,730
Ameris Bancorp		9,761		250,272
Ames National Corp.		3,208		83,216
Anchor BanCorp Wisconsin, Inc. (a)		2,223		76,560
Arrow Financial Corp.		4,319		118,729
Bancfirst Corp.		2,747		174,132
Banco Latinoamericano de Comercio Exterior SA		11,507		346,361
The Bancorp, Inc. (a)		12,780		139,174
BancorpSouth, Inc.		37,282		839,218
The Bank of Kentucky Financial Corp.		2,387		115,220
Bank of Marin Bancorp		2,287		120,273
Bank of the Ozarks, Inc.		30,848		1,169,756
Banner Corp.		7,592		326,608
BBCN Bancorp, Inc.		30,889		444,184
BBX Capital Corp. (a)		2,922		48,067
BNC Bancorp		7,712		132,724
Boston Private Financial Holdings, Inc.		31,003		417,610
Bridge Bancorp, Inc.		4,409		117,941
Bridge Capital Holdings (a)		3,905		87,394
Bryn Mawr Bank Corp.		5,322		166,579
Camden National Corp.		2,936		116,970
Capital City Bank Group, Inc.		4,188		65,082
Capitol Federal Financial, Inc.		55,344		707,296
Cardinal Financial Corp.		12,431		246,507
Cascade Bancorp (a)		12,109		62,846
Cathay General Bancorp		30,883		790,296
Centerstate Banks, Inc.		13,863		165,108
Central Pacific Financial Corp.		6,540		140,610
Century Bancorp, Inc., Class A		1,315		52,679
Charter Financial Corp.		5,945		68,070
Chemical Financial Corp.		12,701		389,159
Citizens & Northern Corp.		4,880		100,870
City Holding Co.		6,106		284,112
CNB Financial Corp.		5,668		104,858
CoBiz Financial, Inc.		13,914		182,691
Columbia Banking System, Inc.		22,246		614,212
Community Bank System, Inc.		15,760		600,929
Common Stocks	Shares		Value
Banks: Diversified (continued)
Community Trust Bancorp, Inc.		6,067	$	222,113
CommunityOne Bancorp (a)		4,620		52,899
ConnectOne Bancorp, Inc.		8,784		166,896
CU Bancorp (a)		3,778		81,945
Customers Bancorp, Inc. (a)		9,971		194,036
CVB Financial Corp.		41,076		658,038
Eagle Bancorp, Inc. (a)		10,217		362,908
Enterprise Bancorp, Inc.		2,917		73,654
Enterprise Financial Services Corp.		7,665		151,230
EverBank Financial Corp.		35,371		674,171
Fidelity Southern Corp.		6,282		101,203
Financial Institutions, Inc.		5,335		134,175
First Bancorp, Inc.		3,751		67,856
First Bancorp, North Carolina		7,644		141,185
First BanCorp, Puerto Rico (a)		40,420		237,265
First Busey Corp.		27,869		181,427
First Business Financial Services, Inc.		1,491		71,434
First Citizens BancShares, Inc., Class A		2,930		740,675
First Commonwealth Financial Corp.		36,521		336,724
First Community Bancshares, Inc.		6,480		106,726
First Connecticut Bancorp, Inc.		6,407		104,562
First Financial Bancorp		22,338		415,263
First Financial Bankshares, Inc.		24,845		742,369
First Financial Corp.		4,451		158,545
First Interstate Bancsystem, Inc.		6,994		194,573
First Merchants Corp.		13,964		317,681
First Midwest Bancorp, Inc.		29,217		499,903
First NBC Bank Holding Co. (a)		5,809		204,477
The First of Long Island Corp.		4,704		133,452
FirstMerit Corp.		64,148		1,211,756
Flagstar Bancorp, Inc. (a)		7,708		121,247
FNB Corp.		67,295		896,369
German American Bancorp, Inc.		5,150		157,178
Glacier Bancorp, Inc.		28,878		801,942
Great Western Bancorp, Inc. (a)		7,125		162,379
Guaranty Bancorp		5,640		81,442
Hampton Roads Bankshares, Inc. (a)		14,153		23,777
Hancock Holding Co.		31,898		979,269
Hanmi Financial Corp.		12,306		268,394
Heartland Financial USA, Inc.		6,132		166,177
Heritage Commerce Corp.		8,011		70,737
Heritage Oaks Bancorp		8,891		74,595
Home BancShares, Inc.		21,000		675,360
Horizon Bancorp		3,575		93,450
Hudson Valley Holding Corp.		5,704		154,921
Iberiabank Corp.		12,171		789,289
Independent Bank Corp./MA		9,249		395,950
Independent Bank Corp./MI		8,253		107,702
Independent Bank Group, Inc.		3,547		138,546
International Bancshares Corp.		21,084		559,569
Janus Capital Group, Inc.		58,007		935,653
Lakeland Bancorp, Inc.		14,743		172,493
Lakeland Financial Corp.		6,411		278,686
Macatawa Bank Corp.		9,848		53,573
MainSource Financial Group, Inc.		7,930		165,896
MB Financial, Inc.		25,749		846,112
Mercantile Bank Corp.		6,408		134,696
Merchants Bancshares, Inc.		2,013		61,658
Metro Bancorp, Inc. (a)		5,516		142,975
MidSouth Bancorp, Inc.		3,185		55,228
National Bank Holdings Corp., Class A		14,506		281,561
National Bankshares, Inc.		2,793		84,879
National Penn Bancshares, Inc.		48,006		505,263
NBT Bancorp, Inc.		16,927		444,672
NewBridge Bancorp (a)		12,943		112,734
Northrim BanCorp, Inc.		2,668		70,008
OFG Bancorp		17,544		292,108

See Notes to Financial Statements.

BLACKROCK INDEX FUNDS, INC. DECEMBER 31, 2014 35

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

Common Stocks	Shares		Value
Banks: Diversified (concluded)
Old Line Bancshares, Inc.		3,195	$	50,545
Old National Bancorp		45,702		680,046
Opus Bank (a)		2,099		59,549
Pacific Continental Corp.		7,028		99,657
Pacific Premier Bancorp, Inc. (a)		6,713		116,336
Palmetto Bancshares, Inc.		1,830		30,561
Park National Corp.		4,950		437,976
Park Sterling Corp.		17,241		126,721
Peapack Gladstone Financial Corp.		4,701		87,251
Penns Woods Bancorp, Inc.		1,905		93,840
Peoples Bancorp, Inc.		5,194		134,680
Peoples Financial Services Corp.		2,878		142,979
Pinnacle Financial Partners, Inc.		13,785		545,059
Preferred Bank		4,415		123,134
PrivateBancorp, Inc.		27,769		927,485
Prosperity Bancshares, Inc.		27,053		1,497,654
Provident Financial Services, Inc.		23,391		422,441
Renasant Corp.		12,199		352,917
Republic Bancorp, Inc., Class A		3,869		95,642
Republic First Bancorp, Inc. (a)		11,468		43,005
S&T Bancorp, Inc.		11,515		343,262
Sandy Spring Bancorp, Inc.		9,729		253,732
Seacoast Banking Corp. of Florida (a)		7,357		101,159
ServisFirst Bancshares, Inc.		732		24,119
Sierra Bancorp		4,741		83,252
Simmons First National Corp., Class A		6,313		256,623
South State Corp.		9,347		626,997
Southside Bancshares, Inc.		9,299		268,834
Southwest Bancorp, Inc.		7,644		132,700
Square 1 Financial, Inc. (a)		2,776		68,567
State Bank Financial Corp.		12,469		249,131
Stock Yards Bancorp, Inc.		5,712		190,438
Stonegate Bank		3,831		113,474
Suffolk Bancorp		4,623		104,988
Susquehanna Bancshares, Inc.		72,712		976,522
Talmer Bancorp, Inc., Class A		7,128		100,077
Texas Capital Bancshares, Inc. (a)		17,732		963,380
Tompkins Financial Corp.		5,778		319,523
TowneBank		11,471		173,442
Trico Bancshares		8,777		216,792
Tristate Capital Holdings, Inc. (a)		8,546		87,511
Triumph Bancorp, Inc. (a)		2,313		31,341
TrustCo Bank Corp. NY		36,570		265,498
Trustmark Corp.		26,145		641,598
UMB Financial Corp.		14,633		832,471
Umpqua Holdings Corp.		64,625		1,099,271
Union Bankshares Corp.		17,963		432,549
United Bankshares, Inc.		26,739		1,001,376
United Community Banks, Inc.		19,394		367,322
United Community Financial Corp.		18,909		101,541
Univest Corp. of Pennsylvania		6,212		125,731
Valley National Bancorp		88,042		854,888
Washington Trust Bancorp, Inc.		5,692		228,705
Webster Financial Corp.		35,013		1,138,973
WesBanco, Inc.		10,154		353,359
West BanCorp., Inc.		6,239		106,188
Westamerica BanCorp		10,216		500,788
Western Alliance Bancorp (a)		29,268		813,650
Wilshire Bancorp, Inc.		27,351		277,066
Wintrust Financial Corp.		18,052		844,112
Yadkin Financial Corp. (a)		7,861		154,469
				52,562,144
Banks: Savings, Thrift & Mortgage Lending — 1.4%
Apollo Residential Mortgage, Inc.		12,483		196,857
Astoria Financial Corp.		33,672		449,858
Banc of California, Inc.		12,462		142,939
Common Stocks	Shares		Value
Banks: Savings, Thrift & Mortgage Lending (concluded)
Bank Mutual Corp.		17,905	$	122,828
BankFinancial Corp.		7,228		85,724
Beneficial Mutual Bancorp, Inc. (a)		11,342		139,166
Berkshire Hills Bancorp, Inc.		9,751		259,962
BofI Holding, Inc. (a)		5,520		429,511
Brookline Bancorp, Inc.		27,420		275,023
Clifton Bancorp, Inc.		10,249		139,284
Dime Community Bancshares, Inc.		12,776		207,993
ESB Financial Corp.		4,995		94,605
First Defiance Financial Corp.		3,796		129,292
First Financial Northwest, Inc.		5,035		60,621
Flushing Financial Corp.		11,778		238,740
Fox Chase Bancorp, Inc.		4,769		79,499
Franklin Financial Corp. (a)		3,781		80,082
Great Southern Bancorp, Inc.		4,009		159,037
Heritage Financial Corp.		11,746		206,142
Home Loan Servicing Solutions Ltd.		27,576		538,283
HomeStreet, Inc.		5,954		103,659
Investors Bancorp, Inc.		138,918		1,559,355
Kearny Financial Corp. (a)		5,355		73,631
Ladder Capital Corp., Class A (a)		6,124		120,092
LegacyTexas Financial Group, Inc.		15,497		369,603
Meridian Bancorp, Inc. (a)		8,105		90,938
Northfield Bancorp, Inc.		19,532		289,074
Northwest Bancshares, Inc.		36,541		457,859
OceanFirst Financial Corp.		5,356		91,802
Oritani Financial Corp.		17,694		272,488
Sterling Bancorp		32,457		466,732
Territorial Bancorp, Inc.		3,423		73,766
United Financial Bancorp, Inc.		20,455		293,734
Washington Federal, Inc.		39,315		870,827
Waterstone Financial, Inc.		13,360		175,684
WSFS Financial Corp.		3,474		267,116
				9,611,806
Beverage: Brewers & Distillers — 0.1%
The Boston Beer Co., Inc., Class A (a)		3,230		935,214
Craft Brew Alliance, Inc. (a)		4,248		56,669
				991,883
Beverage: Soft Drinks — 0.1%
Coca-Cola Bottling Co. Consolidated		1,793		157,838
Farmer Bros Co. (a)		2,939		86,553
National Beverage Corp. (a)		4,414		99,845
				344,236
Biotechnology — 4.7%
Acceleron Pharma, Inc. (a)		6,358		247,708
Acorda Therapeutics, Inc. (a)		16,172		660,950
Actinium Pharmaceuticals, Inc. (a)(b)		8,313		48,964
Aegerion Pharmaceuticals, Inc. (a)		11,498		240,768
Agenus, Inc. (a)		23,818		94,557
Akebia Therapeutics, Inc. (a)		3,226		37,551
Albany Molecular Research, Inc. (a)		9,036		147,106
Alder Biopharmaceuticals, Inc. (a)		3,126		90,935
Alimera Sciences, Inc. (a)		9,946		55,101
AMAG Pharmaceuticals, Inc. (a)		8,505		362,483
ANI Pharmaceuticals, Inc. (a)		2,655		149,715
Applied Genetic Technologies Corp. (a)		2,234		46,959
Ardelyx, Inc. (a)		1,837		34,701
Arena Pharmaceuticals, Inc. (a)		85,330		296,095
Ariad Pharmaceuticals, Inc. (a)		63,933		439,220
Array BioPharma, Inc. (a)		48,939		231,481
Atara Biotherapeutics, Inc. (a)		2,149		57,486
Avalanche Biotechnologies, Inc. (a)		2,663		143,802
Bio Path Holdings, Inc. (a)(b)		29,067		77,318
BioCryst Pharmaceuticals, Inc. (a)		27,178		330,484

See Notes to Financial Statements.

36 BLACKROCK INDEX FUNDS, INC. DECEMBER 31, 2014

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

Common Stocks	Shares		Value
Biotechnology (continued)
BioDelivery Sciences International, Inc. (a)		16,189	$	194,592
BioTelemetry, Inc. (a)		10,060		100,902
Biotime, Inc. (a)(b)		19,992		74,570
Bluebird Bio, Inc. (a)		8,438		773,933
Calithera Biosciences, Inc. (a)		3,045		61,509
Celldex Therapeutics, Inc. (a)		34,674		632,800
Cellular Dynamics International, Inc. (a)		4,032		25,926
Cepheid, Inc. (a)		27,031		1,463,458
ChemoCentryx, Inc. (a)(b)		10,580		72,261
Clovis Oncology, Inc. (a)		9,570		535,920
Coherus Biosciences, Inc. (a)		2,401		39,184
CTI BioPharma Corp. (a)		57,545		135,806
Cytokinetics, Inc. (a)		13,729		109,969
Cytori Therapeutics, Inc. (a)(b)		29,158		14,250
CytRx Corp. (a)(b)		21,371		58,557
Dermira, Inc. (a)		2,863		51,849
Dyax Corp. (a)		52,645		740,189
Dynavax Technologies Corp. (a)		10,193		171,854
Eleven Biotherapeutics, Inc. (a)		1,919		22,798
Emergent Biosolutions, Inc. (a)		11,372		309,660
Enzo Biochem, Inc. (a)		14,056		62,409
Epizyme, Inc. (a)		5,090		96,048
Exact Sciences Corp. (a)(b)		32,092		880,604
Exelixis, Inc. (a)(b)		74,260		106,934
FibroGen, Inc. (a)		3,641		99,545
Five Prime Therapeutics, Inc. (a)		6,655		179,685
Foundation Medicine, Inc. (a)(b)		5,339		118,633
Galena Biopharma, Inc. (a)(b)		45,524		68,741
GenMark Diagnostics, Inc. (a)		16,133		219,570
Genocea Biosciences, Inc. (a)		1,630		11,410
Genomic Health, Inc. (a)		6,490		207,485
Geron Corp. (a)		61,023		198,325
Halozyme Therapeutics, Inc. (a)		40,208		388,007
Heron Therapeutics, Inc. (a)		8,746		87,985
Hyperion Therapeutics, Inc. (a)		5,390		129,360
Idera Pharmaceuticals, Inc. (a)(b)		23,257		102,563
IGI Laboratories, Inc. (a)		12,528		110,246
Immunogen, Inc. (a)		33,448		204,033
Immunomedics, Inc. (a)		32,110		154,128
INC Research Holdings, Inc., Class A (a)		3,606		92,638
Inovio Pharmaceuticals, Inc. (a)(b)		23,379		214,619
Insmed, Inc. (a)		19,228		297,457
Insys Therapeutics, Inc. (a)		3,879		163,539
Intrexon Corp. (a)(b)		13,824		380,575
Karyopharm Therapeutics, Inc. (a)(b)		5,222		195,459
Keryx Biopharmaceuticals, Inc. (a)(b)		35,469		501,886
Kindred Biosciences, Inc. (a)		3,761		28,019
Lexicon Pharmaceuticals, Inc. (a)		90,626		82,461
Liberator Medical Holdings, Inc.		13,178		38,216
Ligand Pharmaceuticals, Inc., Class B (a)		7,633		406,152
Loxo Oncology, Inc. (a)		1,214		14,265
MacroGenics, Inc. (a)		7,758		272,073
MannKind Corp. (a)(b)		88,459		461,314
Merrimack Pharmaceuticals, Inc. (a)		38,023		429,660
Mirati Therapeutics, Inc. (a)		2,702		50,041
Momenta Pharmaceuticals, Inc. (a)		18,733		225,545
Nektar Therapeutics (a)		49,226		763,003
Neuralstem, Inc. (a)(b)		27,037		73,541
Neurocrine Biosciences, Inc. (a)		29,364		655,992
NewLink Genetics Corp. (a)(b)		7,673		305,002
Northwest Biotherapeutics, Inc. (a)(b)		15,016		80,336
Novavax, Inc. (a)		92,325		547,487
NPS Pharmaceuticals, Inc. (a)		41,226		1,474,654
Omeros Corp. (a)(b)		13,128		325,312
OncoMed Pharmaceuticals, Inc. (a)		4,795		104,339
Oncothyreon, Inc. (a)		31,623		60,084
Ophthotech Corp. (a)		5,359		240,458
Common Stocks	Shares		Value
Biotechnology (concluded)
Opko Health, Inc. (a)(b)		76,498	$	764,215
Orexigen Therapeutics, Inc. (a)(b)		47,581		288,341
Organovo Holdings, Inc. (a)(b)		24,411		176,980
Osiris Therapeutics, Inc. (a)		7,268		116,215
Pacific Biosciences of California, Inc. (a)		22,282		174,691
PDL BioPharma, Inc.		62,724		483,602
Peregrine Pharmaceuticals, Inc. (a)(b)		69,739		96,937
PRA Health Sciences, Inc. (a)		7,673		185,840
Progenics Pharmaceuticals, Inc. (a)		26,995		204,082
Prothena Corp. PLC (a)		10,339		214,638
PTC Therapeutics, Inc. (a)		9,437		488,553
Puma Biotechnology, Inc. (a)		8,995		1,702,484
RadNet, Inc. (a)		12,464		106,443
Raptor Pharmaceutical Corp. (a)(b)		24,347		256,130
Regado Biosciences, Inc. (a)		6,473		5,911
Regulus Therapeutics, Inc. (a)		5,985		95,999
Repligen Corp. (a)		12,428		246,074
Repros Therapeutics, Inc. (a)		9,575		95,463
Retrophin, Inc. (a)		8,268		101,200
Rigel Pharmaceuticals, Inc. (a)		33,720		76,544
Rockwell Medical, Inc. (a)(b)		18,281		187,929
RTI Surgical, Inc. (a)		22,339		116,163
Sage Therapeutics, Inc. (a)		2,188		80,081
Sangamo Biosciences, Inc. (a)		26,392		401,422
Sarepta Therapeutics, Inc. (a)(b)		15,786		228,423
Sequenom, Inc. (a)		45,229		167,347
Stemline Therapeutics, Inc. (a)		4,482		76,463
Sucampo Pharmaceuticals, Inc., Class A (a)		6,706		95,762
Sunesis Pharmaceuticals, Inc. (a)		18,565		47,341
Synageva BioPharma Corp. (a)		8,282		768,487
Synergy Pharmaceuticals, Inc. (a)(b)		35,660		108,763
Synta Pharmaceuticals Corp. (a)		24,428		64,734
TESARO, Inc. (a)		7,473		277,921
Theravance, Inc. (b)		32,003		452,842
Threshold Pharmaceuticals, Inc. (a)		20,317		64,608
Tokai Pharmaceuticals, Inc. (a)		1,992		29,362
Vanda Pharmaceuticals, Inc. (a)(b)		15,544		222,590
Veracyte, Inc. (a)		2,754		26,604
Verastem, Inc. (a)		8,120		74,217
Versartis, Inc. (a)		2,797		62,793
Vitae Pharmaceuticals, Inc. (a)		2,076		34,545
Vital Therapies, Inc. (a)(b)		2,226		55,494
West Pharmaceutical Services, Inc.		27,410		1,459,308
Wright Medical Group, Inc. (a)		19,347		519,854
Xencor Inc. (a)		5,742		92,102
XOMA Corp. (a)		35,259		126,580
ZIOPHARM Oncology, Inc. (a)(b)		31,238		158,377
				33,173,663
Building Materials — 0.8%
Aspen Aerogels, Inc. (a)(b)		1,901		15,170
Builders FirstSource, Inc. (a)		17,503		120,246
Continental Building Products, Inc. (a)		4,517		80,086
Gibraltar Industries, Inc. (a)		11,981		194,811
Griffon Corp.		15,483		205,924
Headwaters, Inc. (a)		28,506		427,305
Louisiana-Pacific Corp. (a)		54,890		908,978
LSI Industries, Inc.		8,678		58,924
Masonite International Corp. (a)		11,438		702,979
NCI Building Systems, Inc. (a)		10,906		201,979
Patrick Industries, Inc. (a)		3,161		139,021
PGT, Inc. (a)		18,494		178,097
Quanex Building Products Corp.		14,620		274,564
Revolution Lighting Technologies, Inc. (a)(b)		14,116		19,057
Simpson Manufacturing Co., Inc.		16,029		554,603
Stock Building Supply Holdings, Inc. (a)		5,882		90,112
Trex Co., Inc. (a)		13,055		555,882

See Notes to Financial Statements.

BLACKROCK INDEX FUNDS, INC. DECEMBER 31, 2014 37

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

Common Stocks	Shares		Value
Building Materials (concluded)
Watsco, Inc.		10,013	$	1,071,391
				5,799,129
Building: Climate Control — 0.1%
AAON, Inc.		16,381		366,770
Comfort Systems USA, Inc.		14,716		251,938
Nortek, Inc. (a)		3,536		287,583
				906,291
Building: Roofing, Wallboard & Plumbing — 0.1%
Beacon Roofing Supply, Inc. (a)		19,192		533,538
Casinos & Gambling — 0.3%
Boyd Gaming Corp. (a)		30,136		385,138
Caesars Acquisition Co., Class A (a)		17,876		184,302
Caesars Entertainment Corp. (a)(b)		19,857		311,556
Empire Resorts, Inc. (a)(b)		5,549		43,060
Isle of Capri Casinos, Inc. (a)		8,248		69,036
Monarch Casino & Resort, Inc. (a)		3,663		60,769
Penn National Gaming, Inc. (a)		30,383		417,159
Pinnacle Entertainment, Inc. (a)		23,194		516,066
Scientific Games Corp., Class A (a)		19,666		250,348
				2,237,434
Cement — 0.0%
US Concrete, Inc. (a)		5,516		156,930
Chemicals: Diversified — 1.1%
Aceto Corp.		11,143		241,803
American Vanguard Corp.		11,139		129,435
Axiall Corp.		27,119		1,151,744
Chemtura Corp. (a)		33,080		818,068
Hawkins, Inc.		4,093		177,350
Innophos Holdings, Inc.		8,487		496,065
KMG Chemicals, Inc.		3,699		73,980
Landec Corp. (a)		10,359		143,058
LSB Industries, Inc. (a)		7,530		236,743
Marrone Bio Innovations, Inc. (a)(b)		5,154		18,606
Olin Corp.		30,656		698,037
OM Group, Inc.		12,453		371,099
OMNOVA Solutions, Inc. (a)		18,442		150,118
PolyOne Corp.		36,482		1,383,033
Sensient Technologies Corp.		19,165		1,156,416
Tronox Ltd., Class A		23,809		568,559
				7,814,114
Chemicals: Specialty — 0.6%
Advanced Emissions Solutions, Inc. (a)		8,413		191,732
Balchem Corp.		11,784		785,286
Calgon Carbon Corp. (a)		20,703		430,208
FutureFuel Corp.		8,389		109,225
Innospec, Inc.		9,453		403,643
Kraton Performance Polymers, Inc. (a)		12,743		264,927
Polypore International, Inc. (a)		17,469		821,917
Quaker Chemical Corp.		5,125		471,705
Stepan Co.		7,478		299,718
Zep, Inc.		8,866		134,320
				3,912,681
Coal — 0.1%
Arch Coal, Inc.		82,361		146,603
Cloud Peak Energy, Inc. (a)		23,801		218,493
Hallador Energy Co.		3,731		41,078
Walter Energy, Inc. (b)		26,168		36,112
Westmoreland Coal Co. (a)		5,781		191,987
				634,273
Commercial Banks — 0.1%
Blue Hills Bancorp, Inc. (a)		11,032		149,814
C1 Financial, Inc. (a)(b)		1,228		22,460
Common Stocks	Shares		Value
Commercial Banks (concluded)
Green Bancorp, Inc. (a)		1,822	$	21,937
HomeTrust Bancshares, Inc. (a)		8,001		133,297
Sun Bancorp, Inc. (a)		3,223		62,526
				390,034
Commercial Finance & Mortgage Companies — 0.1%
Capital Bank Financial Corp., Class A (a)		8,783		235,384
Federal Agricultural Mortgage Corp., Class C		4,018		121,906
Meta Financial Group, Inc.		2,356		82,554
NewStar Financial, Inc. (a)		10,273		131,494
PennyMac Financial Services, Inc. (a)(c)		5,912		102,278
RE/MAX Holdings, Inc., Class A		4,178		143,097
Stonegate Mortgage Corp. (a)(b)		5,468		65,397
Walker & Dunlop, Inc. (a)		7,188		126,078
				1,008,188
Commercial Services & Supplies — 0.2%
ARC Document Solutions, Inc. (a)		15,997		163,489
Civeo Corp.		36,420		149,686
Collectors Universe, Inc.		2,815		58,721
Hill International, Inc. (a)		11,976		45,988
Information Services Group, Inc. (a)		13,519		57,050
LifeLock, Inc. (a)		31,221		577,901
National Research Corp.		3,697		51,721
National Research Corp., Class B		262		9,388
Performant Financial Corp. (a)		11,503		76,495
Quest Resource Holding Corp. (a)		4,700		6,768
Weight Watchers International, Inc. (a)(b)		10,816		268,669
				1,465,876
Commercial Services: Rental & Leasing — 0.5%
Aircastle Ltd.		25,070		535,746
CAI International, Inc. (a)		6,330		146,856
Electro Rent Corp.		6,396		89,800
H&E Equipment Services, Inc.		12,111		340,198
Marlin Business Services Corp.		3,294		67,626
McGrath RentCorp		10,058		360,680
Mobile Mini, Inc.		18,113		733,758
Neff Corp., Class A (a)		3,802		42,848
PHH Corp. (a)		19,747		473,138
TAL International Group, Inc. (a)		13,223		576,126
				3,366,776
Commercial Vehicles & Parts — 0.3%
Accuride Corp. (a)		15,236		66,124
Commercial Vehicle Group, Inc. (a)		10,370		69,064
Cooper-Standard Holding, Inc. (a)		5,301		306,822
Miller Industries, Inc.		4,308		89,564
Modine Manufacturing Co. (a)		18,407		250,335
Motorcar Parts of America, Inc. (a)		6,902		214,583
Rush Enterprises, Inc., Class A (a)		13,325		427,066
Spartan Motors, Inc.		13,521		71,121
Strattec Security Corp.		1,328		109,666
Wabash National Corp. (a)		26,752		330,655
				1,935,000
Communications Equipment — 0.2%
Aerohive Networks, Inc. (a)		3,939		18,907
Polycom, Inc. (a)		53,551		722,938
Ruckus Wireless, Inc. (a)		25,225		303,205
				1,045,050
Communications Technology — 1.8%
ADTRAN, Inc.		21,888		477,159
Alliance Fiber Optic Products, Inc.		4,901		71,114
Anixter International, Inc. (a)		10,518		930,422
Aruba Networks, Inc. (a)		41,410		752,834
Bel Fuse, Inc., Class B		3,927		107,364

See Notes to Financial Statements.

38 BLACKROCK INDEX FUNDS, INC. DECEMBER 31, 2014

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

Common Stocks	Shares		Value
Communications Technology (concluded)
Black Box Corp.		5,919	$	141,464
Calix, Inc. (a)		16,116		161,482
Ciena Corp. (a)		40,800		791,928
Comtech Telecommunications Corp.		5,905		186,126
Cyan, Inc. (a)(b)		11,482		28,705
Datalink Corp. (a)		7,956		102,632
Digi International, Inc. (a)		8,825		81,984
DigitalGlobe, Inc. (a)		29,284		906,926
Emulex Corp. (a)		27,530		156,095
Extreme Networks, Inc. (a)		37,270		131,563
Finisar Corp. (a)		40,130		778,923
General Cable Corp.		18,847		280,820
Harmonic, Inc. (a)		33,839		237,211
Infinera Corp. (a)		47,471		698,773
Intelsat SA (a)		10,635		184,624
InterDigital, Inc.		14,394		761,443
Ixia (a)		22,208		249,840
KVH Industries, Inc. (a)		6,346		80,277
Loral Space & Communications, Inc. (a)		5,078		399,689
NETGEAR, Inc. (a)		13,410		477,128
Numerex Corp., Class A (a)		5,622		62,179
Parkervision, Inc. (a)(b)		41,777		38,013
Plantronics, Inc.		16,487		874,141
Procera Networks, Inc. (a)		7,857		56,492
QLogic Corp. (a)		33,851		450,895
Rightside Group Ltd. (a)		3,728		25,052
RingCentral, Inc., Class A (a)		10,948		163,344
Seachange International, Inc. (a)		12,845		81,951
ShoreTel, Inc. (a)		24,291		178,539
Sonus Networks, Inc. (a)		95,123		377,638
TeleNav, Inc. (a)		10,664		71,129
ViaSat, Inc. (a)		16,033		1,010,560
				12,566,459
Computer Services Software & Systems — 5.9%
A10 Networks, Inc. (a)		5,452		23,771
ACI Worldwide, Inc. (a)		44,125		890,001
Actuate Corp. (a)		18,225		120,285
Acxiom Corp. (a)		29,936		606,803
American Software, Inc., Class A		9,755		88,868
Aspen Technology, Inc. (a)		35,697		1,250,109
AVG Technologies NV (a)		13,545		267,378
Bankrate, Inc. (a)		26,045		323,739
Barracuda Networks, Inc. (a)		3,047		109,204
Bazaarvoice, Inc. (a)		19,326		155,381
Benefitfocus, Inc. (a)		1,910		62,724
Blackbaud, Inc.		17,914		774,960
Blucora, Inc. (a)		16,445		227,763
Bottomline Technologies, Inc. (a)		15,286		386,430
Brightcove, Inc. (a)		12,803		99,607
BroadSoft, Inc. (a)		11,084		321,658
CACI International, Inc., Class A (a)		9,169		790,184
Callidus Software, Inc. (a)		18,823		307,380
CIBER, Inc. (a)		30,900		109,695
CommVault Systems, Inc. (a)		18,306		946,237
Computer Task Group, Inc.		6,088		58,019
ComScore, Inc. (a)		13,414		622,812
Cornerstone OnDemand, Inc. (a)		20,623		725,930
Covisint Corp. (a)		14,132		37,450
CSG Systems International, Inc.		13,430		336,690
Cvent, Inc. (a)		6,984		194,435
DealerTrack Holdings, Inc. (a)		20,765		920,097
Demandware, Inc. (a)		11,651		670,398
Digimarc Corp.		2,522		68,472
Digital River, Inc. (a)		12,602		311,647
Dot Hill Systems Corp. (a)		23,645		104,511
EarthLink Holdings Corp.		39,063		171,487
Common Stocks	Shares		Value
Computer Services Software & Systems (continued)
Ebix, Inc. (b)		11,861	$	201,518
Endurance International Group Holdings, Inc. (a)(b)		11,639		214,507
Envestnet, Inc. (a)		13,204		648,845
EPAM Systems, Inc. (a)		13,789		658,425
EPIQ Systems, Inc.		12,035		205,558
ePlus, Inc. (a)		1,998		151,229
Guidance Software, Inc. (a)		6,843		49,612
Guidewire Software, Inc. (a)		26,339		1,333,544
HubSpot, Inc. (a)(b)		2,165		72,766
iGATE Corp. (a)		14,364		567,091
Imperva, Inc. (a)		8,579		424,060
Infoblox, Inc. (a)		20,933		423,056
Interactive Intelligence Group, Inc. (a)		6,506		311,637
Internap Network Services Corp. (a)		21,375		170,145
IntraLinks Holdings, Inc. (a)		15,249		181,463
Jive Software, Inc. (a)		16,806		101,340
The KEYW Holding Corp. (a)(b)		12,627		131,068
Limelight Networks, Inc. (a)		22,797		63,148
Lionbridge Technologies, Inc. (a)		25,290		145,417
LivePerson, Inc. (a)		21,014		296,297
LogMeIn, Inc. (a)		9,402		463,895
Luxoft Holding, Inc. (a)		3,105		119,573
Manhattan Associates, Inc. (a)		29,362		1,195,621
Mantech International Corp., Class A		9,403		284,253
Mavenir Systems, Inc. (a)		4,345		58,918
Mentor Graphics Corp.		37,526		822,570
Mercury Systems, Inc. (a)		12,885		179,359
MicroStrategy, Inc., Class A (a)		3,514		570,674
Millennial Media, Inc. (a)		28,058		44,893
ModusLink Global Solutions, Inc. (a)		14,638		54,892
Monotype Imaging Holdings, Inc.		15,308		441,330
Netscout Systems, Inc. (a)		14,119		515,908
NIC, Inc.		25,299		455,129
Nimble Storage, Inc. (a)		3,604		99,110
PDF Solutions, Inc. (a)		11,888		176,656
Pegasystems, Inc.		13,753		285,650
Perficient, Inc. (a)		13,430		250,201
Progress Software Corp. (a)		19,922		538,292
Proofpoint, Inc. (a)		14,329		691,088
PROS Holdings, Inc. (a)		9,133		250,975
Q2 Holdings, Inc. (a)		3,924		73,928
QAD, Inc., Class A		2,259		51,099
QLIK Technologies, Inc. (a)		34,750		1,073,427
RealNetworks, Inc. (a)		8,646		60,868
RealPage, Inc. (a)		20,095		441,286
Reis, Inc.		3,349		87,643
Rocket Fuel, Inc. (a)		7,305		117,757
Sapiens International Corp. NV (a)		9,411		69,359
Sapient Corp. (a)		46,061		1,145,998
Science Applications International Corp.		15,480		766,724
SciQuest, Inc. (a)		10,686		154,413
Shutterstock, Inc. (a)		5,908		408,243
SPS Commerce, Inc. (a)		6,348		359,487
SS&C Technologies Holdings, Inc.		26,394		1,543,785
Synchronoss Technologies, Inc. (a)		13,672		572,310
SYNNEX Corp.		11,038		862,730
Syntel, Inc. (a)		12,149		546,462
Tangoe, Inc. (a)(b)		15,053		196,141
TechTarget, Inc. (a)		6,209		70,596
TeleCommunication Systems, Inc., Class A (a)		18,594		58,013
Textura Corp. (a)(b)		7,252		206,464
Travelzoo, Inc. (a)		2,799		35,323
Tremor Video, Inc. (a)		13,334		38,269
Turtle Beach Corp. (a)(b)		2,916		9,302
Tyler Technologies, Inc. (a)		12,794		1,400,175
The Ultimate Software Group, Inc. (a)		10,989		1,613,350
Unisys Corp. (a)		19,945		587,979

See Notes to Financial Statements.

BLACKROCK INDEX FUNDS, INC. DECEMBER 31, 2014 39

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

Common Stocks	Shares		Value
Computer Services Software & Systems (concluded)
Unwired Planet, Inc. (a)		39,752	$	39,752
Varonis Systems, Inc. (a)		2,070		67,958
VASCO Data Security International, Inc. (a)		11,376		320,917
Verint Systems, Inc. (a)		23,167		1,350,173
VirnetX Holding Corp. (a)(b)		16,891		92,732
Virtusa Corp. (a)		10,156		423,200
Web.com Group, Inc. (a)		20,106		381,813
Wix.com Ltd. (a)		5,284		110,964
Yodlee, Inc. (a)		2,516		30,695
YuMe, Inc. (a)(b)		7,674		38,677
Zix Corp. (a)		22,986		82,750
				41,424,600
Computer Technology — 0.5%
Cray, Inc. (a)		15,765		543,577
Immersion Corp. (a)		11,231		106,358
Insight Enterprises, Inc. (a)		15,870		410,874
PC Connection, Inc.		3,644		89,460
Quantum Corp. (a)		85,041		149,672
Safeguard Scientifics, Inc. (a)		8,021		158,976
Silicon Graphics International Corp. (a)		13,367		152,117
Super Micro Computer, Inc. (a)		13,355		465,822
Synaptics, Inc. (a)		13,972		961,833
Violin Memory, Inc. (a)		30,919		148,102
				3,186,791
Construction — 0.4%
Aegion Corp. (a)		14,815		275,707
EMCOR Group, Inc.		26,130		1,162,524
Granite Construction, Inc.		15,185		577,334
Great Lakes Dredge & Dock Corp. (a)		23,429		200,552
Orion Marine Group, Inc. (a)		10,667		117,870
Primoris Services Corp.		14,787		343,650
Sterling Construction Co., Inc. (a)		7,189		45,938
Tutor Perini Corp. (a)		14,505		349,135
				3,072,710
Consumer Electronics — 0.2%
RealD, Inc. (a)		15,428		182,051
Skullcandy, Inc. (a)		7,652		70,322
TiVo, Inc. (a)		39,819		471,457
Universal Electronics, Inc. (a)		6,165		400,910
VOXX International Corp. (a)		7,579		66,392
XO Group, Inc. (a)		10,449		190,276
				1,381,408
Consumer Lending — 0.8%
Cash America International, Inc.		10,994		248,684
Credit Acceptance Corp. (a)		2,506		341,843
Encore Capital Group, Inc. (a)		10,013		444,577
Enova International, Inc. (a)		10,035		223,379
Ezcorp, Inc., Class A (a)		20,016		235,188
First Cash Financial Services, Inc. (a)		11,252		626,399
LendingTree, Inc. (a)		2,468		119,303
Marcus & Millichap, Inc. (a)		3,006		99,950
MGIC Investment Corp. (a)		131,294		1,223,660
MoneyGram International, Inc. (a)		11,664		106,026
Nelnet, Inc., Class A		8,123		376,339
Nicholas Financial, Inc. (a)		4,262		63,504
PRA Group, Inc. (a)		19,425		1,125,290
Regional Management Corp. (a)		4,215		66,639
Springleaf Holdings, Inc. (a)		9,505		343,796
World Acceptance Corp. (a)		3,084		245,024
				5,889,601
Consumer Services: Miscellaneous — 0.6%
Chuy’s Holdings, Inc. (a)		6,424		126,360
Core-Mark Holding Co., Inc.		8,886		550,310
Common Stocks	Shares		Value
Consumer Services: Miscellaneous (concluded)
Del Frisco’s Restaurant Group, Inc. (a)		9,123	$	216,580
Nutrisystem, Inc.		11,165		218,276
Sotheby’s		23,645		1,020,991
Steiner Leisure Ltd. (a)		5,230		241,678
WEX, Inc. (a)		15,075		1,491,219
				3,865,414
Containers & Packaging — 0.5%
AEP Industries, Inc. (a)		1,566		91,063
Berry Plastics Group, Inc. (a)		34,873		1,100,243
Graphic Packaging Holding Co. (a)		126,928		1,728,759
Myers Industries, Inc.		10,209		179,678
UFP Technologies, Inc. (a)		2,293		56,374
				3,156,117
Cosmetics — 0.1%
Elizabeth Arden, Inc. (a)		10,054		215,055
Inter Parfums, Inc.		6,476		177,766
Revlon, Inc., Class A (a)		4,425		151,158
				543,979
Diversified Financial Services — 0.7%
Altisource Asset Management Corp. (a)		550		170,566
Altisource Portfolio Solutions SA (a)(b)		5,207		175,945
Blackhawk Network Holdings, Inc. (a)		20,399		791,481
Evercore Partners, Inc., Class A		12,849		672,902
FBR & Co. (a)		3,039		74,729
FCB Financial Holdings, Inc., Class A (a)		3,244		79,932
Greenhill & Co., Inc.		10,999		479,556
Hannon Armstrong Sustainable Infrastructure Capital, Inc.		9,934		141,361
JG Wentworth Co (a)		4,554		48,546
Liberty Tax, Inc. (a)		1,444		51,609
MidWestOne Financial Group, Inc.		2,771		79,832
Moelis & Co., Class A		2,911		101,681
Outerwall, Inc. (a)		7,357		553,394
Piper Jaffray Cos. (a)		6,322		367,245
Stifel Financial Corp. (a)		25,398		1,295,806
Tiptree Financial, Inc. A REIT (a)(b)		2,551		20,663
				5,105,248
Diversified Manufacturing Operations — 0.6%
AM Castle & Co. (a)		7,247		57,831
ARC Group Worldwide, Inc. (a)(b)		1,293		13,111
Barnes Group, Inc.		21,028		778,246
Federal Signal Corp.		24,410		376,890
Harsco Corp.		31,348		592,164
Lydall, Inc. (a)		6,589		216,251
OSI Systems, Inc. (a)		7,735		547,406
Raven Industries, Inc.		14,150		353,750
Standex International Corp.		4,948		382,283
TriMas Corp. (a)		17,544		548,952
				3,866,884
Diversified Materials & Processing — 0.6%
Belden, Inc.		16,904		1,332,204
Cabot Microelectronics Corp. (a)		9,353		442,584
CLARCOR, Inc.		19,545		1,302,479
Encore Wire Corp.		8,041		300,171
Harbinger Group, Inc. (a)		32,203		455,994
Insteel Industries, Inc.		7,092		167,229
Koppers Holdings, Inc.		7,984		207,424
NL Industries, Inc.		2,756		23,702
Tredegar Corp.		9,661		217,276
				4,449,063
Diversified Media — 0.0%
Demand Media, Inc. (a)		3,728		22,815

See Notes to Financial Statements.

40 BLACKROCK INDEX FUNDS, INC. DECEMBER 31, 2014

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

Common Stocks	Shares		Value
Diversified Media (concluded)
EW Scripps Co. (a)		12,116	$	270,793
Hemisphere Media Group, Inc. (a)(b)		3,041		41,023
				334,631
Diversified Retail — 0.4%
The Bon-Ton Stores, Inc.		6,042		44,771
EVINE Live, Inc. (a)		16,601		109,401
Fred’s, Inc., Class A		14,140		246,177
Gaiam, Inc., Class A (a)		6,086		43,393
HSN, Inc.		12,860		977,360
Overstock.com, Inc. (a)		4,497		109,142
Pricesmart, Inc.		7,248		661,163
Tuesday Morning Corp. (a)		16,837		365,363
Winmark Corp.		926		80,488
				2,637,258
Drug & Grocery Store Chains — 0.5%
Casey’s General Stores, Inc.		14,920		1,347,574
Diplomat Pharmacy, Inc. (a)		5,873		160,744
Ingles Markets, Inc., Class A		5,127		190,160
The Pantry, Inc. (a)		9,069		336,097
PetMed Express, Inc.		7,999		114,946
Smart & Final Stores, Inc. (a)		4,968		78,147
Supervalu, Inc. (a)		78,647		762,876
Village Super Market, Inc., Class A		2,559		70,040
Weis Markets, Inc.		4,265		203,952
				3,264,536
Education Services — 0.6%
2U, Inc. (a)		4,083		80,272
American Public Education, Inc. (a)		6,809		251,048
Bridgepoint Education, Inc. (a)		6,633		75,085
Bright Horizons Family Solutions, Inc. (a)		11,895		559,184
Capella Education Co.		4,248		326,926
Career Education Corp. (a)		25,905		180,299
Chegg, Inc. (a)(b)		28,477		196,776
Franklin Covey Co. (a)		4,242		82,125
Grand Canyon Education, Inc. (a)		18,109		844,966
HealthStream, Inc. (a)		8,242		242,974
Houghton Mifflin Harcourt Co. (a)		42,239		874,770
ITT Educational Services, Inc. (a)(b)		9,019		86,673
K12, Inc. (a)		13,370		158,702
Rosetta Stone, Inc. (a)		8,217		80,198
Strayer Education, Inc. (a)		4,212		312,867
Universal Technical Institute, Inc.		8,698		85,588
				4,438,453
Electronic Components — 0.6%
Acacia Research Corp.		19,527		330,787
Checkpoint Systems, Inc. (a)		16,198		222,399
InvenSense, Inc. (a)(b)		27,618		449,069
Kemet Corp. (a)		17,240		72,408
Methode Electronics, Inc.		14,690		536,332
Multi-Fineline Electronix, Inc. (a)		3,251		36,509
NVE Corp. (a)		1,868		132,236
Park Electrochemical Corp.		8,101		201,958
Rogers Corp. (a)		7,026		572,197
Sanmina Corp. (a)		31,876		750,042
ScanSource, Inc. (a)		11,052		443,848
Sparton Corp. (a)		3,942		111,716
Speed Commerce, Inc. (a)		18,798		58,086
TTM Technologies, Inc. (a)		20,993		158,077
Universal Display Corp. (a)		15,736		436,674
Viasystems Group, Inc. (a)		1,896		30,867
				4,543,205
Common Stocks	Shares		Value
Electronic Entertainment — 0.2%
DTS, Inc. (a)		6,548	$	201,351
Glu Mobile, Inc. (a)		34,878		136,024
Take-Two Interactive Software, Inc. (a)		32,367		907,247
				1,244,622
Electronics — 0.4%
Agilysys, Inc. (a)		5,746		72,342
American Science & Engineering, Inc.		3,032		157,361
Coherent, Inc. (a)		9,668		587,041
Control4 Corp. (a)		4,556		70,026
CUI Global, Inc. (a)		7,999		59,592
Daktronics, Inc.		14,872		186,049
II-VI, Inc. (a)		20,436		278,951
Imprivata, Inc. (a)		2,120		27,560
iRobot Corp. (a)		11,447		397,440
Newport Corp. (a)		15,472		295,670
Rofin-Sinar Technologies, Inc. (a)		10,873		312,816
				2,444,848
Energy Equipment — 0.4%
C&J Energy Services, Inc. (a)		17,946		237,067
Capstone Turbine Corp. (a)(b)		137,560		101,698
Dynegy, Inc. (a)		47,638		1,445,813
Enphase Energy, Inc. (a)		6,960		99,458
FuelCell Energy, Inc. (a)(b)		89,656		138,070
Matador Resources Co. (a)		28,446		575,463
PowerSecure International, Inc. (a)		8,916		103,872
Silver Spring Networks, Inc. (a)		13,975		117,809
				2,819,250
Energy Equipment & Services — 0.0%
CHC Group, Ltd. (a)		12,133		39,068
Geospace Technologies Corp. (a)		5,126		135,839
Pioneer Energy Services Corp. (a)		24,157		133,830
				308,737
Engineering & Contracting Services — 0.5%
Argan, Inc.		4,895		164,668
Dycom Industries, Inc. (a)		13,209		463,504
Engility Holdings, Inc. (a)		6,778		290,098
Exponent, Inc.		5,147		424,628
Furmanite Corp. (a)		14,679		114,790
Layne Christensen Co. (a)		7,643		72,914
MasTec, Inc. (a)		25,454		575,515
Mistras Group, Inc. (a)		6,373		116,817
MYR Group, Inc. (a)		8,326		228,132
Power Solutions International, Inc. (a)		1,769		91,298
Tetra Tech, Inc.		25,262		674,495
VSE Corp.		1,625		107,088
				3,323,947
Entertainment — 0.2%
AMC Entertainment Holdings, Inc., Class A		8,200		214,676
Ascent Capital Group, Inc., Class A (a)		5,397		285,663
Carmike Cinemas, Inc. (a)		9,393		246,754
Reading International, Inc., Class A (a)		6,772		89,797
Rentrak Corp. (a)		3,844		279,920
World Wrestling Entertainment, Inc. (b)		11,597		143,107
				1,259,917
Environmental, Maintenance, & Security Service — 0.6%
ABM Industries, Inc.		21,649		620,244
The Brink’s Co.		18,821		459,420
G&K Services, Inc., Class A		7,700		545,545
Healthcare Services Group, Inc.		27,217		841,822
MSA Safety, Inc.		11,454		608,093
SP Plus Corp. (a)		5,936		149,765
UniFirst Corp.		5,726		695,423
				3,920,312

See Notes to Financial Statements.

BLACKROCK INDEX FUNDS, INC. DECEMBER 31, 2014 41

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

Common Stocks	Shares		Value
Fertilizers — 0.1%
Intrepid Potash, Inc. (a)		21,687	$	301,016
Rentech, Inc. (a)		83,520		105,235
				406,251
Financial Data & Systems — 0.8%
Advent Software, Inc.		19,967		611,789
Cardtronics, Inc. (a)		17,345		669,170
Cass Information Systems, Inc.		4,514		240,371
Consumer Portfolio Services, Inc. (a)		8,532		62,796
Euronet Worldwide, Inc. (a)		19,825		1,088,393
EVERTEC, Inc.		25,559		565,621
Fair Isaac Corp.		12,520		905,196
Global Cash Access Holdings, Inc. (a)		25,788		184,384
Green Dot Corp., Class A (a)		12,156		249,076
Heartland Payment Systems, Inc.		13,971		753,735
Higher One Holdings, Inc. (a)		13,335		56,140
Xoom Corp. (a)		12,040		210,820
				5,597,491
Food & Staples Retailing — 0.0%
Fairway Group Holdings Corp. (a)(b)		7,928		24,973
Natural Grocers by Vitamin Cottage, Inc. (a)		3,575		100,708
				125,681
Foods — 1.4%
B&G Foods, Inc.		20,809		622,189
Boulder Brands, Inc. (a)		23,641		261,470
The Chefs’ Warehouse, Inc. (a)		7,009		161,487
Chiquita Brands International, Inc. (a)		19,322		279,396
Dean Foods Co.		36,276		703,029
Diamond Foods, Inc. (a)		8,422		237,753
The Fresh Market, Inc. (a)		16,638		685,486
Freshpet, Inc. (a)(b)		4,574		78,032
Inventure Foods, Inc. (a)		6,088		77,561
J&J Snack Foods Corp.		5,759		626,406
John B Sanfilippo & Son, Inc.		3,188		145,054
Lancaster Colony Corp.		7,162		670,650
Lifeway Foods, Inc. (a)		1,745		32,335
Medifast, Inc. (a)		4,696		157,551
Nature’s Sunshine Products, Inc.		4,093		60,658
Nutraceutical International Corp. (a)		3,420		73,735
Omega Protein Corp. (a)		8,249		87,192
Post Holdings, Inc. (a)		17,069		715,020
Roundy’s, Inc.		15,527		75,151
Seneca Foods Corp., Class A (a)		3,155		85,280
Senomyx, Inc. (a)		16,790		100,908
Snyders-Lance, Inc.		18,428		562,975
SpartanNash Co.		14,608		381,853
Synutra International, Inc. (a)		6,746		41,016
Tootsie Roll Industries, Inc.		7,301		223,776
TreeHouse Foods, Inc. (a)		16,313		1,395,251
United Natural Foods, Inc. (a)		19,235		1,487,346
				10,028,560
Forest Products — 0.2%
Boise Cascade Co. (a)		15,332		569,584
Deltic Timber Corp.		4,348		297,403
Universal Forest Products, Inc.		7,808		415,386
				1,282,373
Forms & Bulk Printing Services — 0.3%
Deluxe Corp.		19,423		1,209,082
Ennis, Inc.		10,013		134,875
InnerWorkings, Inc. (a)		13,362		104,090
Multi-Color Corp.		4,822		267,235
Quad/Graphics, Inc.		10,697		245,603
				1,960,885
Common Stocks	Shares		Value
Funeral Parlors & Cemeteries — 0.2%
Carriage Services, Inc.		6,152	$	128,884
Hillenbrand, Inc.		24,357		840,317
Matthews International Corp., Class A		11,573		563,258
				1,532,459
Gas Pipeline — 0.2%
SemGroup Corp., Class A		16,527		1,130,282
Glass — 0.1%
Apogee Enterprises, Inc.		11,288		478,273
Gold — 0.0%
Allied Nevada Gold Corp. (a)(b)		43,445		37,797
Coeur Mining, Inc. (a)		40,221		205,529
Gold Resource Corp.		14,583		49,291
				292,617
Health Care Equipment & Supplies — 0.0%
Inogen, Inc. (a)		2,001		62,771
Health Care Facilities — 0.7%
AAC Holdings, Inc. (a)		2,198		67,962
Adeptus Health, Inc., Class A (a)		2,152		80,485
Amsurg Corp. (a)		16,445		900,035
Capital Senior Living Corp. (a)		11,292		281,284
The Ensign Group, Inc.		7,740		343,578
Five Star Quality Care, Inc. (a)		16,494		68,450
Hanger, Inc. (a)		13,732		300,731
HealthSouth Corp.		34,213		1,315,832
Kindred Healthcare, Inc.		27,160		493,769
National Healthcare Corp.		4,002		251,485
Select Medical Holdings Corp.		30,515		439,416
Skilled Healthcare Group, Inc., Class A (a)		9,217		78,990
Surgical Care Affiliates, Inc. (a)		4,890		164,548
U.S. Physical Therapy, Inc.		4,755		199,520
				4,986,085
Health Care Management Services — 0.5%
BioScrip, Inc. (a)		26,567		185,703
Computer Programs & Systems, Inc.		4,325		262,744
Magellan Health Services, Inc. (a)		10,701		642,381
Molina Healthcare, Inc. (a)		11,715		627,104
Triple-S Management Corp., Class B (a)		9,581		229,082
Universal American Corp. (a)		16,492		153,046
WellCare Health Plans, Inc. (a)		17,023		1,396,907
				3,496,967
Health Care Services — 2.1%
Acadia Healthcare Co., Inc. (a)		16,579		1,014,801
Accelerate Diagnostics, Inc. (a)(b)		8,783		168,546
Addus HomeCare Corp. (a)		2,464		59,801
Air Methods Corp. (a)		15,211		669,740
Alliance HealthCare Services, Inc. (a)		1,898		39,839
Almost Family, Inc. (a)		3,215		93,074
Amedisys, Inc. (a)		10,587		310,728
AMN Healthcare Services, Inc. (a)		18,049		353,760
Cara Therapeutics, Inc. (a)		2,256		22,492
Care.com, Inc. (a)(b)		2,860		23,681
Catalent, Inc. (a)		18,965		528,744
Chemed Corp.		6,810		719,613
Civitas Solutions, Inc. (a)		4,415		75,187
Corvel Corp. (a)		4,321		160,828
Cross Country Healthcare, Inc. (a)		12,026		150,085
ExamWorks Group, Inc. (a)		13,465		560,009
Flexion Therapeutics, Inc. (a)		2,169		43,792
Gentiva Health Services, Inc. (a)		12,162		231,686
Globus Medical, Inc., Class A (a)		25,534		606,943
HealthEquity, Inc. (a)		4,095		104,218
Healthways, Inc. (a)		12,215		242,834
HMS Holdings Corp. (a)		34,120		721,297

See Notes to Financial Statements.

42 BLACKROCK INDEX FUNDS, INC. DECEMBER 31, 2014

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

Common Stocks	Shares		Value
Health Care Services (concluded)
IPC The Hospitalist Co., Inc. (a)		6,679	$	306,499
LHC Group, Inc. (a)		4,796		149,539
Medidata Solutions, Inc. (a)		20,978		1,001,700
MiMedx Group, Inc. (a)		36,050		415,657
MWI Veterinary Supply, Inc. (a)		4,986		847,171
Omnicell, Inc. (a)		14,172		469,377
OvaScience, Inc. (a)		5,953		263,242
PharMerica Corp. (a)		11,666		241,603
Phibro Animal Health Corp., Class A		5,695		179,677
Quality Systems, Inc.		19,339		301,495
Roka Bioscience, Inc. (a)		1,703		7,510
Ryman Hospitality Properties		16,869		889,671
T2 Biosystems, Inc. (a)(b)		2,307		44,387
Team Health Holdings, Inc. (a)		27,291		1,570,051
Tetraphase Pharmaceuticals, Inc. (a)		10,090		400,674
WebMD Health Corp. (a)		15,036		594,674
				14,584,625
Health Care: Miscellaneous — 0.1%
MedAssets, Inc. (a)		23,837		471,019
The Providence Service Corp. (a)		4,475		163,069
				634,088
Home Building — 0.7%
Beazer Homes USA, Inc. (a)		10,446		202,235
Century Communities, Inc. (a)		1,446		24,987
Hovnanian Enterprises, Inc., Class A (a)		45,345		187,275
Installed Building Products, Inc. (a)		3,343		59,572
KB Home		32,630		540,027
LGI Homes, Inc. (a)		5,750		85,790
M/I Homes, Inc. (a)		9,573		219,796
MDC Holdings, Inc.		15,236		403,297
Meritage Homes Corp. (a)		15,256		549,063
The New Home Co., Inc. (a)		3,500		50,680
The Ryland Group, Inc.		18,268		704,414
Standard Pacific Corp. (a)		56,566		412,366
Tile Shop Holdings, Inc. (a)(b)		10,730		95,282
TRI Pointe Homes, Inc. (a)		57,061		870,180
UCP, Inc., Class A (a)		2,956		31,038
WCI Communities, Inc. (a)		4,797		93,925
William Lyon Homes, Class A (a)		6,913		140,127
				4,670,054
Hotel/Motel — 0.3%
Belmond Ltd., Class A (a)		37,531		464,258
Bloomin’ Brands, Inc. (a)		29,960		741,810
Intrawest Resorts Holdings, Inc. (a)		4,991		59,593
La Quinta Holdings, Inc. (a)		17,180		378,991
The Marcus Corp.		6,864		127,053
Morgans Hotel Group Co. (a)		11,303		88,615
				1,860,320
Household Appliances — 0.0%
National Presto Industries, Inc.		1,894		109,928
Household Equipment & Products — 0.2%
Central Garden and Pet Co., Class A (a)		16,803		160,469
CSS Industries, Inc.		3,590		99,227
Helen of Troy Ltd. (a)		11,088		721,385
Libbey, Inc. (a)		8,346		262,398
Sears Hometown and Outlet Stores, Inc. (a)		4,531		59,583
				1,303,062
Household Furnishings — 0.3%
American Woodmark Corp. (a)		4,858		196,457
Ethan Allen Interiors, Inc.		9,820		304,125
Flexsteel Industries, Inc.		1,788		57,663
Kirkland’s, Inc. (a)		5,668		133,992
La-Z-Boy, Inc.		20,318		545,335
Common Stocks	Shares		Value
Household Furnishings (concluded)
Lifetime Brands, Inc.		4,025	$	69,230
Norcraft Cos., Inc. (a)		2,970		57,321
Select Comfort Corp. (a)		21,052		569,036
				1,933,159
Insurance: Life — 0.8%
American Equity Investment Life Holding Co.		28,877		842,920
Citizens, Inc. (a)(b)		17,095		129,922
CNO Financial Group, Inc.		79,587		1,370,488
FBL Financial Group, Inc., Class A		3,749		217,554
Fidelity & Guaranty Life		4,348		105,526
Independence Holding Co.		2,909		40,581
Kansas City Life Insurance Co.		1,463		70,268
National Western Life Insurance Co., Class A		868		233,709
The Phoenix Cos., Inc. (a)		2,181		150,205
Primerica, Inc.		21,207		1,150,692
Symetra Financial Corp.		29,237		673,913
Third Point Reinsurance Ltd. (a)		22,180		321,388
Trupanion, Inc. (a)		3,097		21,462
				5,328,628
Insurance: Multi-Line — 0.4%
Atlas Financial Holdings, Inc. (a)		4,480		73,114
Crawford & Co., Class B		10,900		112,052
eHealth, Inc. (a)		6,925		172,571
Horace Mann Educators Corp.		15,795		524,078
Kemper Corp.		18,028		650,991
Maiden Holdings Ltd.		19,352		247,512
PICO Holdings, Inc. (a)		8,817		166,201
Platinum Underwriters Holdings Ltd.		9,632		707,181
				2,653,700
Insurance: Property-Casualty — 1.7%
Amerisafe, Inc.		7,257		307,407
AmTrust Financial Services, Inc. (b)		11,647		655,144
Argo Group International Holdings Ltd.		10,114		561,024
Baldwin & Lyons, Inc., Class B		3,556		91,674
Donegal Group, Inc., Class A		3,240		51,775
EMC Insurance Group, Inc.		1,989		70,530
Employers Holdings, Inc.		12,244		287,856
Enstar Group Ltd. (a)		3,339		510,500
Essent Group Ltd. (a)		17,313		445,117
Federated National Holding Co.		5,291		127,831
First American Financial Corp.		41,376		1,402,646
Global Indemnity PLC (a)		3,214		91,181
Greenlight Capital Re Ltd. (a)		11,050		360,782
Hallmark Financial Services, Inc. (a)		5,566		67,293
HCI Group, Inc.		3,529		152,594
Heritage Insurance Holdings, Inc. (a)		2,803		54,462
Hilltop Holdings, Inc. (a)		26,988		538,411
Infinity Property & Casualty Corp.		4,452		343,961
Meadowbrook Insurance Group, Inc.		19,216		162,567
Montpelier Re Holdings Ltd.		14,199		508,608
National General Holdings Corp.		13,806		256,930
National Interstate Corp.		2,721		81,086
The Navigators Group, Inc. (a)		4,061		297,834
NMI Holdings, Inc., Class A (a)		19,697		179,834
OneBeacon Insurance Group Ltd.		8,618		139,612
Radian Group, Inc.		74,069		1,238,434
RLI Corp.		16,678		823,893
Safety Insurance Group, Inc.		5,004		320,306
Selective Insurance Group, Inc.		21,783		591,844
State Auto Financial Corp.		5,802		128,920
State National Cos., Inc.		9,719		116,434
Stewart Information Services Corp.		8,351		309,321
United Fire Group, Inc.		7,992		237,602
United Insurance Holdings Corp.		6,415		140,809

See Notes to Financial Statements.

BLACKROCK INDEX FUNDS, INC. DECEMBER 31, 2014 43

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

Common Stocks	Shares			Value
Insurance: Property-Casualty (concluded)
Universal Insurance Holdings, Inc.		12,109		$	247,629
					11,901,851
International Trade & Diversified Logistic — 0.0%
Global Sources Ltd. (a)		6,276			39,915
Internet Software & Services — 0.2%
Amber Road, Inc. (a)		3,274			33,460
Borderfree, Inc. (a)		2,515			22,534
ChannelAdvisor Corp. (a)		8,044			173,590
Cinedigm Corp. (a)		29,227			47,348
Coupons.com, Inc. (a)		4,777			84,792
E2open, Inc. (a)		9,142			87,855
Everyday Health, Inc. (a)		2,891			42,642
Global Eagle Entertainment, Inc. (a)		15,764			214,548
Gogo, Inc. (a)(b)		21,691			358,552
GrubHub, Inc. (a)		3,549			128,900
OPOWER, Inc. (a)(b)		2,949			41,964
TrueCar, Inc. (a)		2,980			68,242
Zendesk, Inc. (a)		4,329			105,498
					1,409,925
Leisure Time — 1.0%
Black Diamond, Inc. (a)		9,027			78,986
Callaway Golf Co.		30,265			233,040
Churchill Downs, Inc.		5,190			494,607
ClubCorp Holdings, Inc.		8,264			148,174
Escalade, Inc.		3,676			55,471
International Speedway Corp., Class A		10,772			340,934
Interval Leisure Group, Inc.		15,413			321,978
Johnson Outdoors, Inc.		1,910			59,592
Life Time Fitness, Inc. (a)		15,854			897,653
Marriott Vacations Worldwide Corp.		10,382			773,874
Nautilus, Inc. (a)		12,084			183,435
Orbitz Worldwide, Inc. (a)		20,028			164,830
Pool Corp.		17,468			1,108,170
SFX Entertainment, Inc. (a)		17,076			77,354
Smith & Wesson Holding Corp. (a)		21,456			203,188
Speedway Motorsports, Inc.		4,323			94,544
Sturm Ruger & Co., Inc. (b)		7,557			261,699
Travelport Worldwide, Ltd.		11,570	��		208,260
Vail Resorts, Inc.		14,004			1,276,185
West Marine, Inc. (a)		6,930			89,536
					7,071,510
Luxury Items — 0.0%
Movado Group, Inc.		7,127			202,193
Machinery: Agricultural — 0.1%
Alamo Group, Inc.		2,610			126,428
Lindsay Corp. (b)		4,738			406,236
Titan International, Inc.		17,132			182,113
Titan Machinery, Inc. (a)(b)		6,776			94,458
					809,235
Machinery: Construction & Handling — 0.1%
Astec Industries, Inc.		7,301			287,002
Douglas Dynamics, Inc.		8,564			183,527
NACCO Industries, Inc., Class A		1,728			102,574
					573,103
Machinery: Engines — 0.1%
Briggs & Stratton Corp.		18,130			370,215
Machinery: Industrial — 1.0%
Actuant Corp., Class A		25,264			688,191
Altra Industrial Motion Corp.		10,517			298,578
Applied Industrial Technologies, Inc.		16,195			738,330
Chart Industries, Inc. (a)		11,849			405,236
Columbus McKinnon Corp.		7,684			215,459
Common Stocks	Shares			Value
Machinery: Industrial (concluded)
DXP Enterprises, Inc. (a)		5,032		$	254,267
EnPro Industries, Inc. (a)		8,817			553,355
The ExOne Co. (a)(b)		3,982			66,898
Graham Corp.		3,870			111,340
Hyster-Yale Materials Handling, Inc.		3,990			292,068
Intevac, Inc. (a)		9,112			70,800
John Bean Technologies Corp.		11,313			371,745
Kadant, Inc.		4,344			185,445
Manitex International, Inc. (a)		5,407			68,723
MTS Systems Corp.		5,864			439,976
Omega Flex, Inc.		1,119			42,310
Proto Labs, Inc. (a)		8,789			590,269
Tennant Co.		7,135			514,933
Twin Disc, Inc.		3,159			62,738
Woodward, Inc.		25,687			1,264,571
					7,235,232
Machinery: Specialty — 0.1%
Albany International Corp., Class A		10,893			413,825
Hurco Cos., Inc.		2,543			86,691
Xerium Technologies, Inc. (a)		4,253			67,112
					567,628
Manufactured Housing — 0.0%
Cavco Industries, Inc. (a)		3,448			273,323
Medical & Dental Instruments & Supplies — 2.0%
ABIOMED, Inc. (a)		15,483			589,283
AngioDynamics, Inc. (a)		9,603			182,553
Anika Therapeutics, Inc. (a)		5,615			228,755
Antares Pharma, Inc. (a)		44,679			114,825
AtriCure, Inc. (a)		10,632			212,215
Atrion Corp.		597			202,986
Cantel Medical Corp.		13,111			567,182
Cardiovascular Systems, Inc. (a)		10,732			322,819
Cerus Corp. (a)		30,207			188,492
CONMED Corp.		10,563			474,912
CryoLife, Inc.		10,876			123,225
Derma Sciences, Inc. (a)		8,917			83,017
Endologix, Inc. (a)		24,870			380,262
Exactech, Inc. (a)		3,868			91,169
HeartWare International, Inc. (a)		6,598			484,491
ICU Medical, Inc. (a)		5,204			426,208
Insulet Corp. (a)		21,488			989,737
Integra LifeSciences Holdings Corp. (a)		9,698			525,923
Intersect ENT, Inc. (a)		2,237			41,496
Invacare Corp.		12,468			208,964
K2M Group Holdings, Inc. (a)		3,438			71,751
Landauer, Inc.		3,650			124,611
LDR Holding Corp. (a)		6,424			210,579
Meridian Bioscience, Inc.		16,197			266,603
Merit Medical Systems, Inc. (a)		16,723			289,810
NanoString Technologies, Inc. (a)		3,936			54,828
Navidea Biopharmaceuticals, Inc. (a)(b)		58,229			110,053
Neogen Corp. (a)		14,224			705,368
NuVasive, Inc. (a)		18,074			852,370
Ocular Therapeutix, Inc. (a)		2,141			50,356
OraSure Technologies, Inc. (a)		21,693			219,967
Orthofix International NV (a)		7,122			214,087
Owens & Minor, Inc.		24,454			858,580
Quidel Corp. (a)		11,062			319,913
Sientra, Inc. (a)		1,918			32,203
Staar Surgical Co. (a)		14,861			135,384
STERIS Corp.		22,911			1,485,778
SurModics, Inc. (a)		5,042			111,428
Symmetry Surgical, Inc. (a)		3,756			29,259
Tornier NV (a)		13,769			351,110
TransEnterix, Inc. (a)		10,468			30,462

See Notes to Financial Statements.

44 BLACKROCK INDEX FUNDS, INC. DECEMBER 31, 2014

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

Common Stocks	Shares		Value
Medical & Dental Instruments & Supplies (concluded)
TriVascular Technologies, Inc. (a)(b)		2,770	$	34,819
Unilife Corp. (a)(b)		42,507		142,398
Utah Medical Products, Inc.		1,480		88,874
Vascular Solutions, Inc. (a)		6,652		180,668
Volcano Corp. (a)		19,928		356,313
				13,766,086
Medical Equipment — 1.3%
Abaxis, Inc.		8,702		494,535
Accuray, Inc. (a)		29,861		225,451
Affymetrix, Inc. (a)		28,284		279,163
Analogic Corp.		4,825		408,243
Cyberonics, Inc. (a)		10,430		580,742
Cynosure, Inc., Class A (a)		8,666		237,622
DexCom, Inc. (a)		29,034		1,598,322
Fluidigm Corp. (a)		10,894		367,455
Greatbatch, Inc. (a)		9,657		476,090
Haemonetics Corp. (a)		20,235		757,194
Luminex Corp. (a)		14,604		273,971
Masimo Corp. (a)		17,381		457,816
Merge Healthcare, Inc. (a)		26,938		95,899
Natus Medical, Inc. (a)		12,462		449,130
Nevro Corp. (a)		3,095		119,684
NxStage Medical, Inc. (a)		23,794		426,626
Oxford Immunotec Global PLC (a)		5,102		69,489
Spectranetics Corp. (a)		16,113		557,188
Tandem Diabetes Care, Inc. (a)		3,072		39,014
Thoratec Corp. (a)		22,057		715,970
Zeltiq Aesthetics, Inc. (a)		11,265		314,406
				8,944,010
Medical Services — 0.2%
Bio-Reference Laboratories, Inc. (a)		9,565		307,323
PAREXEL International Corp. (a)		22,075		1,226,487
				1,533,810
Metal Fabricating — 0.7%
Advanced Drainage Systems, Inc.		5,953		136,800
Ampco-Pittsburgh Corp.		3,093		59,540
Dynamic Materials Corp.		5,425		86,908
Global Brass & Copper Holdings, Inc.		8,531		112,268
Haynes International, Inc.		4,808		233,188
LB Foster Co., Class A		4,026		195,543
Mueller Industries, Inc.		21,967		749,953
Mueller Water Products, Inc., Series A		61,779		632,617
NN, Inc.		6,868		141,206
Northwest Pipe Co. (a)		3,608		108,673
RBC Bearings, Inc.		9,007		581,222
Rexnord Corp. (a)		29,171		822,914
RTI International Metals, Inc. (a)		11,943		301,680
Worthington Industries, Inc.		19,963		600,687
				4,763,199
Metals & Minerals: Diversified — 0.6%
Alpha Natural Resources, Inc. (a)(b)		86,007		143,632
Commercial Metals Co.		45,653		743,687
Globe Specialty Metals, Inc.		24,756		426,546
Hecla Mining Co.		143,216		399,573
Materion Corp.		7,980		281,135
Minerals Technologies, Inc.		13,366		928,269
Molycorp, Inc. (a)(b)		75,611		66,583
Oil-Dri Corp. of America		1,888		61,605
Ring Energy, Inc. (a)		7,757		81,449
SunCoke Energy, Inc.		25,717		497,367
U.S. Silica Holdings, Inc.		20,880		536,407
United States Lime & Minerals, Inc.		750		54,645
				4,220,898
Common Stocks	Shares		Value
Office Supplies & Equipement — 0.7%
ACCO Brands Corp. (a)		44,285	$	399,008
Eastman Kodak Co. (a)		6,927		150,385
Electronics for Imaging, Inc. (a)		18,056		773,338
Herman Miller, Inc.		22,967		675,919
HNI Corp.		17,482		892,631
Kimball International, Inc., Class B		13,265		120,977
Knoll, Inc.		18,787		397,721
Steelcase, Inc., Class A		32,027		574,885
United Stationers, Inc.		15,304		645,216
				4,630,080
Offshore Drilling & Other Services — 0.0%
Hercules Offshore, Inc. (a)(b)		63,064		63,064
North Atlantic Drilling, Ltd.		26,731		43,571
Vantage Drilling Co. (a)		85,202		41,647
				148,282
Oil Well Equipment & Services — 0.8%
Basic Energy Services, Inc. (a)		12,423		87,085
Dawson Geophysical Co.		3,306		40,432
Exterran Holdings, Inc.		22,684		739,045
Flotek Industries, Inc. (a)		20,866		390,820
FMSA Holdings, Inc. (a)		9,312		64,439
Forum Energy Technologies, Inc. (a)		23,108		479,029
Glori Energy, Inc. (a)(b)		5,086		21,260
Gulf Island Fabrication, Inc.		5,685		110,232
Helix Energy Solutions Group, Inc. (a)		40,898		887,487
Hornbeck Offshore Services, Inc. (a)		14,105		352,202
Independence Contract Drilling, Inc. (a)		3,763		19,643
ION Geophysical Corp. (a)		49,875		137,156
Key Energy Services, Inc. (a)		51,151		85,422
Matrix Service Co. (a)		10,303		229,963
McDermott International, Inc. (a)		92,196		268,290
Mitcham Industries, Inc. (a)		5,440		32,259
Natural Gas Services Group, Inc. (a)		4,932		113,633
Newpark Resources, Inc. (a)		32,897		313,837
Nuverra Environmental Solutions, Inc. (a)(b)		6,238		34,621
Parker Drilling Co. (a)		47,238		145,021
Profire Energy, Inc. (a)(b)		6,300		14,364
RigNet, Inc. (a)		4,617		189,436
SEACOR Holdings, Inc. (a)		7,200		531,432
Tesco Corp.		13,425		172,109
TETRA Technologies, Inc. (a)		30,684		204,969
Willbros Group, Inc. (a)		14,923		93,567
				5,757,753
Oil, Gas & Consumable Fuels — 0.3%
Ardmore Shipping Corp.		6,945		83,132
CARBO Ceramics, Inc.		7,685		307,784
DHT Holdings, Inc.		36,027		263,357
Dorian LPG, Ltd. (a)		2,658		36,920
Emerald Oil, Inc. (a)(b)		23,794		28,553
EXCO Resources, Inc. (b)		59,200		128,464
Gastar Exploration, Inc. (a)		26,608		64,125
Navios Maritime Acq Corp.		32,496		117,960
Pacific Ethanol, Inc. (a)		9,199		95,026
Parsley Energy, Inc., Class A (a)		20,672		329,925
Plug Power, Inc. (a)(b)		64,585		193,755
RSP Permian, Inc. (a)		9,075		228,146
TransAtlantic Petroleum, Ltd. (a)		8,454		45,567
				1,922,714
Oil: Crude Producers — 1.1%
Abraxas Petroleum Corp. (a)		35,179		103,426
American Eagle Energy Corp. (a)		12,925		8,047
Apco Oil and Gas International, Inc. (a)		3,414		47,898
Approach Resources, Inc. (a)(b)		14,965		95,626
Bill Barrett Corp. (a)		19,318		220,032

See Notes to Financial Statements.

BLACKROCK INDEX FUNDS, INC. DECEMBER 31, 2014 45

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

Common Stocks	Shares		Value
Oil: Crude Producers (concluded)
Bonanza Creek Energy, Inc. (a)		12,767	$	306,408
BPZ Resources, Inc. (a)		48,818		14,108
Callon Petroleum Co. (a)		21,558		117,491
Carrizo Oil & Gas, Inc. (a)		17,643		733,949
Clayton Williams Energy, Inc. (a)		2,289		146,038
Comstock Resources, Inc. (b)		18,465		125,747
Contango Oil & Gas Co. (a)		6,767		197,867
Diamondback Energy, Inc. (a)		16,237		970,648
Eclipse Resources Corp. (a)		11,625		81,724
Energy XXI Bermuda Ltd. (b)		35,911		117,070
Evolution Petroleum Corp.		7,574		56,275
FX Energy, Inc. (a)		22,182		34,382
Goodrich Petroleum Corp. (a)(b)		13,980		62,071
Halcon Resources Corp. (a)(b)		100,619		179,102
Harvest Natural Resources, Inc. (a)		17,052		30,864
Isramco, Inc. (a)(b)		337		46,506
Jones Energy, Inc., Class A (a)		4,612		52,623
Magnum Hunter Resources Corp. (a)(b)		77,138		242,213
Midstates Petroleum Co., Inc. (a)(b)		15,172		22,910
Northern Oil and Gas, Inc. (a)		23,787		134,397
ONE Gas, Inc.		20,166		831,243
Panhandle Oil and Gas, Inc.		5,288		123,105
PDC Energy, Inc. (a)		13,886		573,075
Penn Virginia Corp. (a)		25,305		169,037
PetroQuest Energy, Inc. (a)		23,024		86,110
Quicksilver Resources, Inc. (a)(b)		53,958		10,695
Resolute Energy Corp. (a)		27,594		36,424
Rex Energy Corp. (a)		19,118		97,502
Rosetta Resources, Inc. (a)		23,867		532,473
Sanchez Energy Corp. (a)(b)		19,859		184,490
Stone Energy Corp. (a)		21,839		368,642
Swift Energy Co. (a)(b)		17,269		69,939
Synergy Resources Corp. (a)		25,820		323,783
Triangle Petroleum Corp. (a)(b)		26,270		125,571
Vaalco Energy, Inc. (a)		18,888		86,129
W&T Offshore, Inc.		13,248		97,240
Warren Resources, Inc. (a)		27,529		44,322
				7,907,202
Oil: Refining & Marketing — 0.3%
Adams Resources & Energy, Inc.		798		39,860
Alon USA Energy, Inc.		10,149		128,588
Clean Energy Fuels Corp. (a)		27,328		136,503
Delek U.S. Holdings, Inc.		23,014		627,822
Miller Energy Resources, Inc. (a)(b)		12,729		15,911
Renewable Energy Group, Inc. (a)		13,436		130,463
Trecora Resources (a)		7,421		109,089
Vertex Energy, Inc. (a)(b)		5,225		21,893
Western Refining, Inc.		20,647		780,044
				1,990,173
Paints & Coatings — 0.2%
Chase Corp.		2,542		91,487
Ferro Corp. (a)		27,858		361,040
HB Fuller Co.		19,440		865,663
Kronos Worldwide, Inc.		8,228		107,128
				1,425,318
Paper — 0.5%
Clearwater Paper Corp. (a)		7,956		545,384
KapStone Paper and Packaging Corp.		32,883		963,801
Neenah Paper, Inc.		6,449		388,681
PH Glatfelter Co.		16,800		429,576
Resolute Forest Products (a)		25,268		444,969
Schweitzer-Mauduit International, Inc.		11,889		502,905
Wausau Paper Corp.		16,574		188,446
				3,463,762
Common Stocks	Shares		Value
Personal Care — 0.1%
The Female Health Co.		8,082	$	31,681
Orchids Paper Products Co.		3,162		92,046
PhotoMedex, Inc. (a)(b)		5,565		8,515
USANA Health Sciences, Inc. (a)		2,212		226,929
WD-40 Co.		5,810		494,315
				853,486
Pharmaceuticals — 2.9%
ACADIA Pharmaceuticals, Inc. (a)		30,537		969,550
AcelRx Pharmaceuticals, Inc. (a)(b)		9,825		66,122
Achaogen, Inc. (a)		2,870		37,454
Achillion Pharmaceuticals, Inc. (a)		37,510		459,498
Adamas Pharmaceuticals, Inc. (a)		1,173		20,375
Aerie Pharmaceuticals, Inc. (a)		4,086		119,270
Agios Pharmaceuticals, Inc. (a)		5,666		634,819
Akorn, Inc. (a)		24,148		874,158
Amphastar Pharmaceuticals, Inc. (a)		3,450		40,055
Ampio Pharmaceuticals, Inc. (a)(b)		15,852		54,372
Anacor Pharmaceuticals, Inc. (a)		12,736		410,736
Aratana Therapeutics, Inc. (a)		11,152		198,729
Auspex Pharmaceuticals, Inc. (a)		3,609		189,400
Auxilium Pharmaceuticals, Inc. (a)		19,490		670,164
AVANIR Pharmaceuticals, Inc. (a)		74,683		1,265,877
Biospecifics Technologies Corp. (a)		1,379		53,257
Cambrex Corp. (a)		11,907		257,429
Cempra, Inc. (a)		9,612		225,978
Chimerix, Inc. (a)		11,697		470,921
Corcept Therapeutics, Inc. (a)		19,964		59,892
Depomed, Inc. (a)		22,490		362,314
Dicerna Pharmaceuticals, Inc. (a)		1,444		23,783
Egalet Corp. (a)		1,683		9,576
Enanta Pharmaceuticals, Inc. (a)		4,016		204,214
Endocyte, Inc. (a)		14,760		92,840
Esperion Therapeutics, Inc. (a)		2,333		94,347
Furiex Pharamceuticals, Inc.		3,003		30,030
Galectin Therapeutics, Inc. (a)		7,543		26,174
Horizon Pharma PLC (a)		25,198		324,802
Immune Design Corp. (a)		2,381		73,287
Impax Laboratories, Inc. (a)		27,157		860,334
Infinity Pharmaceuticals, Inc. (a)		18,826		317,971
Intra-Cellular Therapies, Inc. (a)(b)		6,659		117,531
Ironwood Pharmaceuticals, Inc. (a)		46,372		710,419
Isis Pharmaceuticals, Inc. (a)		45,583		2,814,294
Kite Pharma, Inc. (a)(b)		3,626		209,111
Lannett Co., Inc. (a)		9,978		427,857
The Medicines Co. (a)		25,228		698,059
Nanoviricides, Inc. (a)(b)		16,944		46,088
NeoStem, Inc. (a)(b)		10,036		37,836
Ohr Pharmaceutical, Inc. (a)(b)		7,948		66,286
Otonomy, Inc. (a)		2,816		93,857
Pacira Pharmaceuticals, Inc. (a)		13,811		1,224,483
Pain Therapeutics, Inc. (a)		15,839		32,153
Pernix Therapeutics Holdings (a)		12,636		118,652
Portola Pharmaceuticals, Inc. (a)		16,544		468,526
Pozen, Inc. (a)		10,624		84,992
Prestige Brands Holdings, Inc. (a)		20,115		698,393
Radius Health, Inc. (a)		3,017		117,391
Receptos, Inc. (a)		8,499		1,041,213
Relypsa, Inc. (a)		6,526		201,001
Revance Therapeutics, Inc. (a)		3,464		58,680
Sagent Pharmaceuticals, Inc. (a)		8,506		213,586
Sciclone Pharmaceuticals, Inc. (a)		20,032		175,480
Spectrum Pharmaceuticals, Inc. (a)		25,554		177,089
Supernus Pharmaceuticals, Inc. (a)		11,352		94,222
TG Therapeutics, Inc. (a)		10,431		165,227
TherapeuticsMD, Inc. (a)		41,852		186,241
Theravance Biopharma, Inc. (a)		9,012		134,459

See Notes to Financial Statements.

46 BLACKROCK INDEX FUNDS, INC. DECEMBER 31, 2014

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

Common Stocks	Shares		Value
Pharmaceuticals (concluded)
Ultragenyx Pharmaceutical, Inc. (a)		2,729	$	119,749
Vivus, Inc. (a)(b)		35,964		103,576
XenoPort, Inc. (a)		22,394		196,395
Zafgen, Inc. (a)		2,652		81,788
Zogenix, Inc. (a)		48,087		65,879
ZS Pharma, Inc. (a)(b)		2,616		108,747
				20,586,988
Plastics — 0.1%
A. Schulman, Inc.		11,300		457,989
Ply Gem Holdings, Inc. (a)		8,317		116,272
Trinseo SA (a)		4,533		79,101
				653,362
Power Transmission Equipment — 0.3%
Advanced Energy Industries, Inc. (a)		15,969		378,465
Generac Holdings, Inc. (a)		26,709		1,248,913
Global Power Equipment Group, Inc.		6,637		91,657
Maxwell Technologies, Inc. (a)		11,883		108,373
Powell Industries, Inc.		3,605		176,897
Vicor Corp. (a)		6,316		76,424
				2,080,729
Precious Metals & Minerals — 0.1%
Horsehead Holding Corp. (a)		19,705		311,930
Stillwater Mining Co. (a)		46,496		685,351
				997,281
Printing & Copying Services — 0.2%
Casella Waste Systems, Inc. (a)		15,074		60,899
Cenveo, Inc. (a)		21,392		44,923
Cimpress NV (a)		12,918		966,783
				1,072,605
Producer Durables: Miscellaneous — 0.1%
Blount International, Inc. (a)		19,239		338,029
Park-Ohio Holdings Corp.		3,398		214,176
				552,205
Production Technology Equipment — 1.0%
Axcelis Technologies, Inc. (a)		42,825		109,632
Brooks Automation, Inc.		25,854		329,638
Cognex Corp. (a)		33,645		1,390,548
Cohu, Inc.		9,909		117,917
Electro Scientific Industries, Inc.		9,335		72,440
Entegris, Inc. (a)		53,947		712,640
FEI Co.		16,377		1,479,662
GSI Group, Inc. (a)		11,748		172,931
MKS Instruments, Inc.		20,714		758,132
Nanometrics, Inc. (a)		9,232		155,282
Photronics, Inc. (a)		23,606		196,166
Rudolph Technologies, Inc. (a)		12,725		130,177
Tessera Technologies, Inc.		20,693		739,982
Ultra Clean Holdings, Inc. (a)		11,512		106,831
Ultratech, Inc. (a)		10,893		202,174
Veeco Instruments, Inc. (a)		15,523		541,442
				7,215,594
Publishing — 0.6%
AH Belo Corp.		7,170		74,425
Daily Journal Corp. (a)		415		109,149
Dex Media, Inc. (a)		5,741		51,497
Eros International PLC (a)		8,596		181,891
Journal Communications, Inc., Class A (a)		17,458		199,545
Lee Enterprises, Inc. (a)		20,392		75,043
Martha Stewart Living Omnimedia, Class A (a)		11,528		49,686
The McClatchy Co., Class A (a)		23,664		78,564
Media General, Inc. (a)		21,116		353,271
Common Stocks	Shares		Value
Publishing (concluded)
Meredith Corp.		13,935	$	756,949
New Media Investment Group, Inc.		14,247		336,657
The New York Times Co., Class A		53,732		710,337
Scholastic Corp.		10,263		373,778
Time, Inc.		42,732		1,051,634
				4,402,426
Radio & TV Broadcasters — 0.3%
Central European Media Enterprises Ltd. (a)		27,697		88,907
Crown Media Holdings, Inc., Class A (a)		13,437		47,567
Cumulus Media, Inc., Class A (a)		55,696		235,594
Entercom Communications Corp., Class A (a)		9,615		116,918
Entravision Communications Corp., Class A		22,160		143,597
Gray Television, Inc. (a)		19,245		215,544
Nexstar Broadcasting Group, Inc., Class A		11,877		615,110
Radio One, Inc., Class D (a)		9,662		16,136
Saga Communications, Inc., Class A		1,431		62,220
Salem Communications Corp., Class A		4,446		34,768
Sinclair Broadcast Group, Inc., Class A		26,643		728,952
Townsquare Media, Inc. (a)		3,307		43,652
				2,348,965
Railroad Equipment — 0.1%
American Railcar Industries, Inc.		3,657		188,335
FreightCar America, Inc.		4,665		122,736
The Greenbrier Cos., Inc. (b)		10,705		575,180
				886,251
Real Estate — 0.3%
AV Homes, Inc. (a)		4,451		64,851
Consolidated-Tomoka Land Co.		1,691		94,358
Forestar Group, Inc. (a)		13,643		210,102
HFF, Inc., Class A		12,729		457,226
Kennedy-Wilson Holdings, Inc.		27,881		705,389
The St. Joe Co. (a)		16,367		300,989
Tejon Ranch Co. (a)		5,325		156,875
				1,989,790
Real Estate Investment Trusts (REITs) — 8.9%
Acadia Realty Trust		24,952		799,213
AG Mortgage Investment Trust, Inc.		11,039		204,994
Agree Realty Corp.		6,516		202,582
Alexander & Baldwin, Inc.		18,929		743,153
Alexander’s, Inc.		818		357,613
Altisource Residential Corp.		22,244		431,534
American Assets Trust, Inc.		13,915		553,956
American Capital Mortgage Investment Corp.		19,760		372,278
American Realty Capital Healthcare Trust, Inc.		65,669		781,461
American Residential Properties, Inc. (a)		12,615		221,646
AmREIT, Inc., Class B		7,614		202,076
Anworth Mortgage Asset Corp.		43,707		229,462
Apollo Commercial Real Estate Finance, Inc.		17,994		294,382
Ares Commercial Real Estate Corp.		11,353		130,332
Armada Hoffler Properties, Inc.		9,715		92,195
ARMOUR Residential REIT, Inc.		138,756		510,622
Ashford Hospitality Prime, Inc.		8,691		149,138
Ashford Hospitality Trust, Inc.		27,002		282,981
Associated Estates Realty Corp.		22,352		518,790
Aviv REIT, Inc.		7,643		263,531
Campus Crest Communities, Inc.		25,123		183,649
Capstead Mortgage Corp.		37,149		456,190
CareTrust REIT, Inc.		7,675		94,633
Catchmark Timber Trust, Inc.		7,537		85,319
Cedar Realty Trust, Inc.		30,937		227,078
Chambers Street Properties		92,082		742,181
Chatham Lodging Trust		13,242		383,621
Chesapeake Lodging Trust		21,288		792,127
Colony Financial, Inc.		41,723		993,842

See Notes to Financial Statements.

BLACKROCK INDEX FUNDS, INC. DECEMBER 31, 2014 47

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

Common Stocks	Shares		Value
Real Estate Investment Trusts (REITs) (continued)
CorEnergy Infrastructure Trust, Inc.		17,459	$	113,134
Coresite Realty Corp.		8,253		322,280
Cousins Properties, Inc.		85,472		976,090
CubeSmart		62,860		1,387,320
CyrusOne, Inc.		12,861		354,321
CYS Investments, Inc.		63,409		552,926
DCT Industrial Trust, Inc.		31,984		1,140,549
DiamondRock Hospitality Co.		75,948		1,129,347
DuPont Fabros Technology, Inc.		24,750		822,690
Dynex Capital, Inc.		21,310		175,808
EastGroup Properties, Inc.		12,171		770,668
Education Realty Trust, Inc.		16,288		595,978
Empire State Realty Trust, Inc., Class A		35,756		628,591
EPR Properties		22,179		1,278,176
Equity One, Inc.		23,867		605,267
Excel Trust, Inc.		23,770		318,280
FelCor Lodging Trust, Inc.		48,221		521,751
First Industrial Realty Trust, Inc.		42,705		878,015
First Potomac Realty Trust		22,837		282,265
Franklin Street Properties Corp.		34,895		428,162
Geo Group, Inc.		28,120		1,134,923
Getty Realty Corp.		9,977		181,681
Gladstone Commercial Corp.		6,764		116,138
Glimcher Realty Trust		56,318		773,809
Government Properties Income Trust		26,595		611,951
Gramercy Property Trust, Inc.		72,461		499,981
Hatteras Financial Corp.		37,333		688,047
Healthcare Realty Trust, Inc.		37,261		1,017,971
Hersha Hospitality Trust		77,810		547,004
Highwoods Properties, Inc.		34,983		1,549,047
Hudson Pacific Properties, Inc.		21,329		641,150
Inland Real Estate Corp.		34,099		373,384
Invesco Mortgage Capital, Inc.		47,659		736,808
Investors Real Estate Trust		43,607		356,269
iStar Financial, Inc. (a)		32,799		447,706
Kite Realty Group Trust		12,864		369,711
KYTHERA Biopharmaceuticals, Inc. (a)		6,751		234,125
LaSalle Hotel Properties		43,315		1,752,958
Lexington Realty Trust		79,805		876,259
LTC Properties, Inc.		13,525		583,874
Mack-Cali Realty Corp.		34,498		657,532
Medical Properties Trust, Inc.		66,988		923,095
Monmouth Real Estate Investment Corp., Class A		21,797		241,293
National Health Investors, Inc.		14,546		1,017,638
New Residential Investment Corp.		55,028		702,708
New York Mortgage Trust, Inc.		41,300		318,423
New York REIT, Inc.		62,946		666,598
One Liberty Properties, Inc.		4,621		109,379
Owens Realty Mortgage, Inc. REIT		4,019		58,878
Parkway Properties, Inc.		30,577		562,311
Pebblebrook Hotel Trust		27,701		1,263,997
Pennsylvania Real Estate Investment Trust		26,635		624,857
PennyMac Mortgage Investment Trust (c)		28,817		607,751
Physicians Realty Trust		18,452		306,303
Potlatch Corp.		15,800		661,546
PS Business Parks, Inc.		7,569		602,038
QTS Realty Trust, Inc., Class A		4,591		155,359
RAIT Financial Trust		31,620		242,525
Ramco-Gershenson Properties Trust		29,983		561,881
Redwood Trust, Inc.		32,279		635,896
Resource Capital Corp.		50,440		254,218
Retail Opportunity Investments Corp.		35,043		588,372
Rexford Industrial Realty, Inc.		17,991		282,639
RLJ Lodging Trust		50,729		1,700,943
Rouse Properties, Inc. (b)		14,518		268,873
Sabra Health Care REIT, Inc.		21,036		638,863
Saul Centers, Inc.		3,817		218,294
Common Stocks	Shares		Value
Real Estate Investment Trusts (REITs) (concluded)
Select Income REIT		14,325	$	349,673
Silver Bay Realty Trust Corp.		14,202		235,185
Sovran Self Storage, Inc.		12,793		1,115,805
STAG Industrial, Inc.		21,977		538,437
Starwood Waypoint Residential Trust		15,203		400,903
STORE Capital Corp.		12,351		266,905
Strategic Hotels & Resorts, Inc. (a)		103,686		1,371,766
Summit Hotel Properties, Inc.		33,089		411,627
Sun Communities, Inc.		18,600		1,124,556
Sunstone Hotel Investors, Inc.		79,763		1,316,887
Terreno Realty Corp.		16,351		337,321
Trade Street Residential, Inc.		6,914		53,169
UMH Properties, Inc. (b)		7,812		74,605
Universal Health Realty Income Trust		4,736		227,896
Urstadt Biddle Properties, Inc., Class A		10,436		228,340
Walter Investment Management Corp. (a)(b)		14,689		242,515
Washington Real Estate Investment Trust		25,884		715,951
Western Asset Mortgage Capital Corp. (b)		16,558		243,403
Whitestone REIT		8,809		133,104
				62,335,251
Recreational Vehicles & Boats — 0.4%
Arctic Cat, Inc.		5,025		178,387
Brunswick Corp.		35,968		1,843,720
Drew Industries, Inc. (a)		9,176		468,618
Malibu Boats, Inc. (a)		3,388		65,287
Marine Products Corp.		4,468		37,710
Winnebago Industries, Inc.		10,610		230,874
				2,824,596
Rental & Leasing Services: Consumer — 0.1%
Rent-A-Center, Inc.		20,490		744,197
Restaurants — 1.9%
Biglari Holdings, Inc. (a)		674		269,270
BJ’s Restaurants, Inc. (a)		8,408		422,166	��
Bob Evans Farms, Inc.		9,575		490,048
Bravo Brio Restaurant Group, Inc. (a)		7,384		102,711
Buffalo Wild Wings, Inc. (a)		7,333		1,322,727
Carrols Restaurant Group, Inc. (a)		13,888		105,965
The Cheesecake Factory, Inc.		19,375		974,756
Cracker Barrel Old Country Store, Inc.		7,388		1,039,935
Dave & Buster’s Entertainment, Inc. (a)		2,497		68,168
Denny’s Corp. (a)		33,838		348,870
Diamond Resorts International, Inc. (a)		13,723		382,872
DineEquity, Inc.		6,455		668,996
El Pollo Loco Holdings, Inc. (a)		3,121		62,326
Ellie Mae, Inc. (a)		10,890		439,085
Famous Dave’s Of America, Inc. (a)		1,784		46,866
Fiesta Restaurant Group, Inc. (a)		10,382		631,226
The Habit Restaurants, Inc. (a)		2,140		69,229
Ignite Restaurant Group, Inc. (a)		3,176		24,995
Jack in the Box, Inc.		15,510		1,240,180
Jamba, Inc. (a)		6,692		100,982
Krispy Kreme Doughnuts, Inc. (a)		25,311		499,639
Nathan’s Famous, Inc. (a)		1,211		96,880
Noodles & Co. (a)		4,190		110,406
Papa John’s International, Inc.		11,862		661,900
Papa Murphy’s Holdings, Inc. (a)(b)		2,464		28,632
Popeyes Louisiana Kitchen, Inc. (a)		9,167		515,827
Potbelly Corp. (a)		5,847		75,251
Red Robin Gourmet Burgers, Inc. (a)		5,549		427,134
Ruby Tuesday, Inc. (a)		23,823		162,949
Ruth’s Hospitality Group, Inc.		13,985		209,775
Sonic Corp.		21,103		574,635
Texas Roadhouse, Inc.		27,001		911,554
Zoe’s Kitchen, Inc. (a)		2,218		66,340
				13,152,295

See Notes to Financial Statements.

48 BLACKROCK INDEX FUNDS, INC. DECEMBER 31, 2014

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

Common Stocks	Shares		Value
Scientific Instruments: Control & Filter — 0.4%
Brady Corp., Class A		18,592	$	508,305
CIRCOR International, Inc.		6,862		413,641
Energy Recovery, Inc. (a)(b)		15,446		81,401
ESCO Technologies, Inc.		10,290		379,701
The Gorman-Rupp Co.		7,327		235,343
Sun Hydraulics Corp.		8,633		339,968
Thermon Group Holdings, Inc. (a)		12,407		300,125
Watts Water Technologies, Inc., Class A		11,052		701,139
				2,959,623
Scientific Instruments: Electrical — 0.6%
AZZ, Inc.		9,922		465,540
EnerSys, Inc.		18,209		1,123,860
Franklin Electric Co., Inc.		18,477		693,442
GrafTech International Ltd. (a)		45,652		230,999
Houston Wire & Cable Co.		6,853		81,893
Littelfuse, Inc.		8,717		842,672
Preformed Line Products Co.		1,022		55,832
Taser International, Inc. (a)		20,903		553,512
				4,047,750
Scientific Instruments: Gauges & Meters — 0.2%
Badger Meter, Inc.		5,615		333,250
FARO Technologies, Inc. (a)		6,681		418,765
Itron, Inc. (a)		15,237		644,373
Mesa Laboratories, Inc.		1,088		84,113
Vishay Precision Group, Inc. (a)		5,035		86,401
				1,566,902
Scientific Instruments: Pollution Control — 0.3%
Ceco Environmental Corp.		8,162		126,837
Darling International, Inc. (a)		63,886		1,160,170
Heritage-Crystal Clean, Inc. (a)		4,086		50,380
Team, Inc. (a)		7,958		321,981
U.S. Ecology, Inc.		8,376		336,045
				1,995,413
Securities Brokerage & Services — 0.4%
BGC Partners, Inc., Class A		67,387		616,591
FXCM, Inc., Class A		17,719		293,604
Gain Capital Holdings, Inc.		9,201		82,993
GFI Group, Inc.		29,476		160,644
INTL. FCStone, Inc. (a)		6,064		124,737
Investment Technology Group, Inc. (a)		13,989		291,251
Ladenburg Thalmann Financial Services, Inc. (a)		38,283		151,218
MarketAxess Holdings, Inc.		14,616		1,048,113
SWS Group, Inc. (a)		11,889		82,153
				2,851,304
Semiconductors & Components — 2.8%
Alpha & Omega Semiconductor Ltd. (a)		8,107		71,747
Amkor Technology, Inc. (a)		33,183		235,599
Applied Micro Circuits Corp. (a)		30,341		197,823
Audience, Inc. (a)		5,958		26,215
Cavium, Inc. (a)		20,481		1,266,135
Ceva, Inc. (a)		8,118		147,261
Cirrus Logic, Inc. (a)		24,088		567,754
Cypress Semiconductor Corp. (a)		61,143		873,122
Diodes, Inc. (a)		14,124		389,399
DSP Group, Inc. (a)		8,566		93,112
Entropic Communications, Inc. (a)		34,423		87,090
Exar Corp. (a)		15,299		156,050
Fairchild Semiconductor International, Inc. (a)		48,429		817,482
FormFactor, Inc. (a)		21,493		184,840
Inphi Corp. (a)		12,167		224,846
Integrated Device Technology, Inc. (a)		51,754		1,014,378
Integrated Silicon Solution, Inc.		11,718		194,167
International Rectifier Corp. (a)		27,627		1,102,317
Common Stocks	Shares		Value
Semiconductors & Components (concluded)
Intersil Corp., Class A		49,853	$	721,373
IXYS Corp.		9,662		121,741
Kopin Corp. (a)		25,611		92,712
Lattice Semiconductor Corp. (a)		45,666		314,639
MA-COM Technology Solutions Holdings, Inc. (a)		4,722		147,704
MaxLinear, Inc., Class A (a)		10,742		79,598
Micrel, Inc.		17,244		250,211
Microsemi Corp. (a)		36,821		1,044,980
Monolithic Power Systems, Inc.		14,953		743,762
OmniVision Technologies, Inc. (a)		21,725		564,850
Pericom Semiconductor Corp. (a)		8,584		116,227
PMC — Sierra, Inc. (a)		67,207		615,616
Power Integrations, Inc.		11,797		610,377
QuickLogic Corp. (a)(b)		21,118		66,311
Rambus, Inc. (a)		44,117		489,258
RF Micro Devices, Inc. (a)		107,459		1,782,745
Rubicon Technology, Inc. (a)		10,210		46,660
Semtech Corp. (a)		26,072		718,805
Silicon Image, Inc. (a)		29,910		165,103
Silicon Laboratories, Inc. (a)		16,847		802,254
Spansion, Inc., Class A (a)		23,410		801,090
TriQuint Semiconductor, Inc. (a)		68,473		1,886,431
Vitesse Semiconductor Corp. (a)		20,797		78,613
				19,910,397
Semiconductors & Semiconductor Equipment — 0.1%
Ambarella, Inc. (a)(b)		11,158		565,934
Cascade Microtech, Inc. (a)		5,037		73,591
Xcerra Corp. (a)		20,614		188,824
				828,349
Shipping — 0.5%
Baltic Trading Ltd.		18,421		46,237
Frontline Ltd. (a)(b)		24,976		62,690
GasLog Ltd.		16,368		333,089
Gulfmark Offshore, Inc., Class A		10,455		255,311
International Shipholding Corp.		2,309		34,404
Knightsbridge Tankers Ltd.		12,818		58,065
Matson, Inc.		16,647		574,654
Navios Maritime Holdings, Inc.		30,735		126,321
Nordic American Offshore, Ltd.		6,898		84,707
Nordic American Tankers Ltd.		34,539		347,808
Safe Bulkers, Inc.		14,966		58,517
Scorpio Tankers, Inc.		63,541		552,171
Ship Finance International Ltd. (b)		22,914		323,546
Teekay Tankers Ltd., Class A		24,072		121,804
Ultrapetrol Bahamas Ltd. (a)		9,205		19,699
UTI Worldwide, Inc. (a)		35,470		428,123
				3,427,146
Software — 0.4%
Actua Corp. (a)		15,946		294,523
Castlight Health, Inc. (a)(b)		4,965		58,090
Comverse, Inc. (a)		8,756		164,438
Five9, Inc. (a)		5,079		22,754
FleetMatics Group PLC (a)		14,489		514,215
Gigamon, Inc. (a)		9,435		167,283
Globant SA (a)		2,463		38,472
Kofax, Ltd. (a)		28,811		202,541
MobileIron, Inc. (a)		4,728		47,091
Model N, Inc. (a)		7,263		77,133
Park City Group, Inc. (a)(b)		3,464		31,245
Paycom Software, Inc. (a)		2,566		67,563
Qualys, Inc. (a)		7,768		293,242
Rally Software Development Corp. (a)		9,528		108,333
The Rubicon Project, Inc. (a)		3,060		49,388
Trulia, Inc. (a)		14,313		658,827

See Notes to Financial Statements.

BLACKROCK INDEX FUNDS, INC. DECEMBER 31, 2014 49

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

Common Stocks	Shares		Value
Software (concluded)
Vringo, Inc. (a)(b)		30,292	$	16,664
				2,811,802
Specialty Retail — 3.3%
1-800-Flowers.com, Inc., Class A (a)		9,507		78,338
Aeéropostale, Inc. (a)		31,304		72,625
America’s Car-Mart, Inc. (a)		3,019		161,154
American Eagle Outfitters, Inc.		75,462		1,047,413
ANN, Inc. (a)		18,185		663,389
Asbury Automotive Group, Inc. (a)		11,877		901,702
Barnes & Noble, Inc. (a)		15,897		369,128
bebe Stores, Inc.		12,482		27,336
Big 5 Sporting Goods Corp.		7,035		102,922
Blue Nile, Inc. (a)		4,734		170,471
Boot Barn Holdings, Inc. (a)		2,140		38,948
Brown Shoe Co., Inc.		16,927		544,203
The Buckle, Inc. (b)		10,940		574,569
Build-A-Bear Workshop, Inc. (a)		4,746		95,395
Burlington Stores, Inc. (a)		11,098		524,491
The Cato Corp., Class A		10,620		447,952
The Children’s Place Retail Stores, Inc.		8,556		487,692
Christopher & Banks Corp. (a)		14,448		82,498
Citi Trends, Inc. (a)		6,000		151,500
Conn’s, Inc. (a)(b)		10,797		201,796
The Container Store Group, Inc. (a)(b)		6,662		127,444
Destination Maternity Corp.		5,441		86,784
Destination XL Group, Inc. (a)		13,610		74,311
Express, Inc. (a)		32,775		481,465
The Finish Line, Inc., Class A		18,706		454,743
Five Below, Inc. (a)		21,073		860,411
Francesca’s Holdings Corp. (a)		16,465		274,965
FTD Cos., Inc. (a)		7,350		255,927
Genesco, Inc. (a)		9,301		712,643
Group 1 Automotive, Inc.		9,386		841,173
Guess?, Inc.		23,876		503,306
Haverty Furniture Cos., Inc.		7,825		172,228
hhgregg, Inc. (a)(b)		4,243		32,119
Hibbett Sports, Inc. (a)		10,074		487,884
Lands’ End, Inc. (a)		6,390		344,804
Lithia Motors, Inc., Class A		8,848		767,033
Lumber Liquidators Holdings, Inc. (a)		10,663		707,064
MarineMax, Inc. (a)		9,604		192,560
Mattress Firm Holding Corp. (a)		5,794		336,516
The Men’s Wearhouse, Inc.		18,611		821,676
Monro Muffler Brake, Inc.		12,221		706,374
New York & Co., Inc. (a)		10,682		28,200
Office Depot, Inc. (a)		207,324		1,777,803
Pacific Sunwear of California, Inc. (a)		18,567		40,476
The Pep Boys-Manny Moe & Jack (a)		20,739		203,657
Pier 1 Imports, Inc.		36,763		566,150
Regis Corp. (a)		16,896		283,177
Restoration Hardware Holdings, Inc. (a)		12,097		1,161,433
RetailMeNot, Inc. (a)		12,005		175,513
Shoe Carnival, Inc.		5,806		149,156
Shutterfly, Inc. (a)		14,935		622,715
Sonic Automotive, Inc., Class A		15,468		418,255
Sportsman’s Warehouse Holdings, Inc. (a)		4,085		29,902
Stage Stores, Inc.		12,295		254,506
Stamps.com, Inc. (a)		5,501		263,993
Stein Mart, Inc.		10,735		156,946
Systemax, Inc. (a)		4,307		58,144
Tilly’s, Inc., Class A (a)		3,510		34,012
Vitamin Shoppe, Inc. (a)		11,967		581,357
Wayfair, Inc., Class A (a)		4,712		93,533
Zumiez, Inc. (a)		8,039		310,547
				23,194,427
Common Stocks	Shares		Value
Steel — 0.1%
AK Steel Holding Corp. (a)		68,787	$	408,595
Carbonite, Inc. (a)		6,739		96,166
Handy & Harman Ltd. (a)		1,549		71,300
Olympic Steel, Inc.		3,428		60,950
Ryerson Holding Corp. (a)		4,295		42,649
Schnitzer Steel Industries, Inc., Class A		10,179		229,638
Shiloh Industries, Inc. (a)		3,347		52,648
Universal Stainless & Alloy Products, Inc. (a)		2,691		67,679
				1,029,625
Technology: Miscellaneous — 0.3%
Benchmark Electronics, Inc. (a)		20,898		531,645
CTS Corp.		13,118		233,894
Fabrinet (a)		13,651		242,169
Kimball Electronics, Inc. (a)		9,993		120,116
Pendrell Corp. (a)		64,214		88,615
Plexus Corp. (a)		13,154		542,076
				1,758,515
Telecommunications Equipment — 0.2%
Applied Optoelectronics, Inc. (a)		5,699		63,943
CalAmp Corp. (a)		13,967		255,596
Clearfield, Inc. (a)		4,487		55,235
Inteliquent, Inc.		12,583		247,004
Oclaro, Inc. (a)		35,478		63,151
Tessco Technologies, Inc.		2,204		63,916
Ubiquiti Networks, Inc.		11,544		342,164
Vocera Communications, Inc. (a)		8,817		91,873
				1,182,882
Textile Products — 0.1%
Culp, Inc.		3,358		72,802
The Dixie Group, Inc. (a)		5,740		52,636
Interface, Inc.		25,845		425,667
Unifi, Inc. (a)		5,677		168,777
				719,882
Textiles Apparel & Shoes — 0.9%
Columbia Sportswear Co.		10,597		471,990
Crocs, Inc. (a)		31,962		399,205
G-III Apparel Group Ltd. (a)		7,432		750,706
Iconix Brand Group, Inc. (a)		18,668		630,792
Oxford Industries, Inc.		5,637		311,219
Perry Ellis International, Inc. (a)		4,574		118,604
Quiksilver, Inc. (a)		51,679		114,211
Sequential Brands Group, Inc. (a)		6,494		84,877
Skechers U.S.A., Inc., Class A (a)		15,152		837,148
Steven Madden Ltd. (a)		22,603		719,453
Tumi Holdings, Inc. (a)		19,681		467,030
Vera Bradley, Inc. (a)		8,498		173,189
Vince Holding Corp. (a)		4,290		112,141
Weyco Group, Inc.		2,526		74,946
Wolverine World Wide, Inc.		39,329		1,159,026
				6,424,537
Tobacco — 0.2%
22nd Century Group Inc. (a)(b)		17,650		29,123
Alliance One International, Inc. (a)		36,247		57,270
Universal Corp.		9,027		397,007
Vector Group Ltd.		29,206		622,380
				1,105,780
Toys — 0.0%
JAKKS Pacific, Inc. (a)		7,196		48,933
LeapFrog Enterprises, Inc. (a)		25,515		120,431
				169,364

See Notes to Financial Statements.

50 BLACKROCK INDEX FUNDS, INC. DECEMBER 31, 2014

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

Common Stocks	Shares		Value
Transportation Miscellaneous — 0.3%
Echo Global Logistics, Inc. (a)		9,192	$	268,407
General Finance Corp. (a)		4,419		43,571
Hub Group, Inc., Class A (a)		14,271		543,440
Scorpio Bulkers, Inc. (a)		51,295		101,051
Textainer Group Holdings Ltd. (b)		8,388		287,876
Wesco Aircraft Holdings, Inc. (a)		20,410		285,332
XPO Logistics, Inc. (a)		20,358		832,235
				2,361,912
Truckers — 0.8%
ArcBest Corp.		10,073		467,085
Celadon Group, Inc.		8,165		185,264
Forward Air Corp.		12,089		608,923
FRP Holdings, Inc. (a)		2,660		104,298
Heartland Express, Inc.		21,062		568,885
Knight Transportation, Inc.		23,133		778,657
Marten Transport Ltd.		9,182		200,718
PAM Transportation Services, Inc. (a)		1,188		61,586
Quality Distribution, Inc. (a)		10,414		110,805
Roadrunner Transportation Systems, Inc. (a)		10,836		253,020
Saia, Inc. (a)		9,550		528,688
Swift Transportation Co. (a)		33,024		945,477
Universal Truckload Services, Inc.		2,560		72,986
USA Truck, Inc. (a)		2,434		69,126
Werner Enterprises, Inc.		17,305		539,051
YRC Worldwide, Inc. (a)		12,116		272,489
				5,767,058
Utilities: Electrical — 1.8%
ALLETE, Inc.		17,253		951,330
Atlantic Power Corp.		46,035		124,755
Avista Corp.		23,334		824,857
Black Hills Corp.		17,298		917,486
Cleco Corp.		23,408		1,276,672
El Paso Electric Co.		15,635		626,338
The Empire District Electric Co.		16,728		497,491
IDACORP, Inc.		19,496		1,290,440
MGE Energy, Inc.		13,409		611,584
NorthWestern Corp.		18,194		1,029,417
NRG Yield, Inc., Class A		9,238		435,479
Otter Tail Corp.		14,127		437,372
Pattern Energy Group, Inc.		15,292		377,101
PNM Resources, Inc.		30,852		914,145
Portland General Electric Co.		30,313		1,146,741
Spark Energy, Inc., Class A		1,167		16,443
TCP International Holdings Ltd. (a)		2,530		15,559
UIL Holdings Corp.		21,938		955,181
Unitil Corp.		5,386		197,505
				12,645,896
Utilities: Gas Distributors — 1.0%
Chesapeake Utilities Corp.		5,643		280,231
The Laclede Group, Inc.		16,718		889,398
New Jersey Resources Corp.		16,291		997,009
Northwest Natural Gas Co.		10,511		524,499
Piedmont Natural Gas Co., Inc.		30,204		1,190,340
South Jersey Industries, Inc.		12,797		754,127
Southwest Gas Corp.		18,033		1,114,620
WGL Holdings, Inc.		20,092		1,097,425
				6,847,649
Utilities: Miscellaneous — 0.0%
Ormat Technologies, Inc.		6,895		187,406
Utilities: Telecommunications — 0.9%
8x8, Inc. (a)		34,363		314,765
Atlantic Tele-Network, Inc.		3,624		244,946
Boingo Wireless, Inc. (a)		8,819		67,642
Common Stocks	Shares		Value
Utilities: Telecommunications (concluded)
Cincinnati Bell, Inc. (a)		81,974	$	261,497
Cogent Communications Group, Inc.		18,048		638,719
Consolidated Communications Holdings, Inc.		19,491		542,435
Fairpoint Communications, Inc. (a)		7,907		112,358
General Communication, Inc., Class A (a)		13,991		192,376
Globalstar, Inc. (a)(b)		106,112		291,808
GTT Communications, Inc. (a)		6,059		80,161
Hawaiian Telcom Holdco, Inc. (a)		4,234		116,731
IDT Corp., Class B (a)		6,427		130,532
inContact, Inc. (a)		23,571		207,189
Iridium Communications, Inc. (a)		31,318		305,351
j2 Global, Inc.		18,411		1,141,482
Lumos Networks Corp.		7,241		121,794
magicJack VocalTec Ltd. (a)		6,986		56,726
NeuStar, Inc., Class A (a)		9,676		268,993
NTELOS Holdings Corp.		7,244		30,352
ORBCOMM, Inc. (a)		20,910		136,751
Premiere Global Services, Inc. (a)		18,757		199,199
Shenandoah Telecommunications Co.		9,350		292,188
Spok Holdings, Inc.		8,305		144,175
Vonage Holdings Corp. (a)		67,764		258,181
West Corp.		14,914		492,162
				6,648,513
Utilities: Water — 0.2%
American States Water Co.		15,025		565,842
Artesian Resources Corp., Class A		2,959		66,844
California Water Service Group		18,553		456,589
Connecticut Water Service, Inc.		4,196		152,273
Middlesex Water Co.		6,124		141,219
SJW Corp.		6,104		196,060
York Water Co.		5,057		117,373
				1,696,200
Total Common Stocks — 97.7%				684,391,234
Other Interests (d) — 0.0%	Beneficial Interest (000)
Gerber Scientific, Inc.	$	13		129
Rights — 0.0%	Shares
Utilities: Telecommunications — 0.0%
Leap Wireless, CVR (a)		28,200		71,064
Warrants (e) — 0.0%
Magnum Hunter Resources Corp., (Issued 10/15/13, 1 Share for 10 Warrants, Expires 4/15/16, Strike Price $8.50)		7,791		—
Total Long-Term Investments (Cost — $419,203,067) — 97.7%				684,462,427

See Notes to Financial Statements.

BLACKROCK INDEX FUNDS, INC. DECEMBER 31, 2014 51

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

Short-Term Securities	Shares		Value
BlackRock Liquidity Funds, TempFund, Institutional Class, 0.04% (c)(f)		14,055,813	$	14,055,813
	Beneficial Interest (000)
BlackRock Liquidity Series, LLC, Money Market Series, 0.20% (c)(f)(g)	$	18,352		18,352,402
Total Short-Term Securities (Cost — $32,408,215) — 4.6%				32,408,215
Total Investments (Cost — $451,611,282) — 102.3%				716,870,642
Liabilities in Excess of Other Assets — (2.3)%				(15,935,736	)
Net Assets — 100.0%			$	700,934,906

Notes to Schedule of Investments

(a) Non-income producing security.

(b) Security, or a portion of security, is on loan.

(c) During the year ended December 31, 2014 investments in issuers considered to be an affiliate of the Series, for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliate	Shares/ Beneficial Interest Held at December 31,  2013		Shares/ Beneficial Interest Purchased		Shares/ Beneficial Interest Sold			Shares/ Beneficial Interest Held at December 31,  2014		Value at December 31, 2014		Income		Realized Loss
BlackRock Kelso Capital Corp.1		37,065		2,009		(39,074	)		—		—	$	17,111	$	(620	)
BlackRock Liquidity Funds, TempFund, Institutional Class		48,629,247		—		(34,573,434	)2		14,055,813	$	14,055,813	$	5,797		—
BlackRock Liquidity Series, LLC, Money Market Series	$	45,115,062		—	$	(26,762,660	)2	$	18,352,402	$	18,352,402	$	1,546,926		—
PennyMac Financial Services, Inc.		5,912		—		—			5,912	$	102,278		—		—
PennyMac Mortgage Investment Trust		28,588		8,169		(7,940	)		28,817	$	607,751	$	94,190	$	(24,758	)
1   No longer held by the Series as of report date.
2  Represents net shares/beneficial interest sold.

(d) Other interests represent beneficial interests in liquidation trusts and other reorganization or private entities.

(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, if any.

(f) Represents the current yield as of report date.

(g) Security was purchased with the cash collateral from loaned securities. The Series may withdraw up to 25% of its investment daily, although the manager of the BlackRock Liquidity Series, LLC, Money Market Series, in its sole discretion, may permit an investor to withdraw more than 25% on any one day.

Ÿ As of December 31, 2014, financial futures contracts outstanding were as follows:

Contracts Purchased		Issue	Exchange	Expiration	Notional Value		Unrealized Appreciation
	151	Russell 2000 Mini Index	ICE Futures U.S. Indices	March 2015	$	18,130,570	$	340,563

Ÿ Fair Value Measurements — Various inputs are used in determining the fair value of investments and derivative financial instruments. These inputs to valuation techniques are categorized into a disclosure hierarchy consisting of three broad levels for financial statement purposes. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The categorization of a value determined for investments and derivative financial instruments is based on the pricing transparency of the investment and derivative financial instrument and is not necessarily an indication of the risks associated with investing in those securities. The three levels of the fair value hierarchy are as follows:

Ÿ Level 1 — unadjusted quoted prices in active markets/exchanges for identical assets or liabilities that the Series has the ability to access

Ÿ 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)

Ÿ 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 and derivative financial instruments)

See Notes to Financial Statements.

52 BLACKROCK INDEX FUNDS, INC. DECEMBER 31, 2014

Schedule of Investments (concluded) Master Small Cap Index Series

Changes in valuation techniques may result in transfers into or out of an assigned level within the disclosure hierarchy. In accordance with the Series’ policy, transfers between different levels of the fair value disclosure hierarchy are deemed to have occurred as of the beginning of the reporting period. For information about the Series’ policy regarding valuation of investments and derivative financial instruments, refer to Note 2 of the Notes to Financial Statements.

As of December 31, 2014, the following tables summarize the Series’ investments and derivative financial instruments categorized in the disclosure hierarchy:

	Level 1		Level 2		Level 3		Total
Assets:
Investments:
Long-Term Investments1
Common Stocks	$	684,361,204		—	$	30,030	$	684,391,234
Other Interests		—		—		129		129
Rights		—		—		71,064		71,064
Short-Term Securities		14,055,813	$	18,352,402		—		32,408,215
Total	$	698,417,017	$	18,352,402	$	101,223	$	716,870,642
1    See above Schedule of Investments for values in each industry.
	Level 1		Level 2		Level 3		Total
Derivative Financial Instruments 2
Assets:
Equity contracts	$	340,563		—		—	$	340,563
2    Derivative financial instruments are financial futures contracts, which are valued at the unrealized appreciation/depreciation on the instrument.

The Series may hold assets and/or liabilities in which the fair value approximates the carrying amount for financial statement purposes. As of December 31, 2014, such assets and/or liabilities are categorized within the disclosure hierarchy as follows:

	Level 1		Level 2			Level 3	Total
Assets:
Cash	$	979		—		—	$	979
Cash pledged for financial futures contracts		628,000		—		—		628,000
Liabilities:
Collateral on securities loaned at value		—	$	(18,352,402	)	—		(18,352,402	)
Total	$	628,979	$	(18,352,402	)	—	$	(17,723,423	)

During the year ended December 31, 2014, there were no transfers between levels.

See Notes to Financial Statements.

BLACKROCK INDEX FUNDS, INC. DECEMBER 31, 2014 53

Statements of Assets and Liabilities

December 31, 2014	Master International Index Series		Master Small Cap Index Series
Assets
Investments at value — unaffiliated1,2	$	2,603,781,825	$	683,752,398
Investments at value — affiliated3		7,980,132		33,118,244
Cash		200		979
Cash pledged for financial futures contracts		3,900,000		628,000
Foreign currency at value4		62,016,065		—
Investments sold receivable		27,506		20,780,001
Dividends receivable — unaffiliated		4,102,800		835,846
Securities lending income receivable — affiliated		28,645		133,046
Dividends receivable — affiliated		—		18,248
Income receivable — affiliated		—		261
Prepaid expenses		5,362		3,725
Other assets		14,612		—
Total assets		2,681,857,147		739,270,748
Liabilities
Collateral on securities loaned at value		4,107,347		18,352,402
Variation margin payable on financial futures contracts		1,039,495		123,744
Investments purchased payable		—		233,984
Professional fees payable		45,560		—
Directors’ fees payable		11,433		5,630
Investment advisory fees payable		13,081		3,420
Other affiliates payable		7,593		4,027
Withdrawals payable to investors		6,062,063		19,457,778
Other accrued expenses payable		209,336		154,857
Total liabilities		11,495,908		38,335,842
Net Assets	$	2,670,361,239	$	700,934,906
Net Assets Consist of
Investors’ capital	$	2,521,660,758	$	435,335,387
Net unrealized appreciation/depreciation		148,700,481		265,599,923
Net Assets	$	2,670,361,239	$	700,934,906
1    Investments at cost — unaffiliated	$	2,456,264,285	$	418,516,529
2    Securities loaned at value	$	3,871,237	$	17,267,756
3    Investments at cost — affiliated	$	7,980,132	$	33,094,753
4    Foreign currency at cost	$	62,490,064		—

See Notes to Financial Statements.
54	BLACKROCK INDEX FUNDS, INC.	DECEMBER 31, 2014

Statements of Operations

Year Ended December 31, 2014	Master International Index Series			Master Small Cap Index Series
Investment Income
Dividends — unaffiliated	$	43,904,393		$	9,294,295
Securities lending — affiliated — net		81,222			1,546,926
Dividends — affiliated		10,577			117,098
Foreign taxes withheld		(3,572,572	)		(9,030	)
Total income		40,423,620			10,949,289
Expenses
Investment advisory		123,905			78,122
Accounting services		266,900			187,068
Custodian		233,866			219,743
Professional		79,166			73,638
Directors		35,433	��		25,877
Printing		18,124			11,221
Miscellaneous		91,788			43,315
Total expenses		849,182			638,984
Less fees waived and/or reimbursed by Manager		(18,747	)		(43,702	)
Total expenses after fees waived and/or reimbursed		830,435			595,282
Net investment income		39,593,185			10,354,007
Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
Investments		(7,953,570	)		50,876,239
Investments — affiliated		—			(25,378	)
Financial futures contracts		29,542			2,527,898
Foreign currency transactions		(2,092,089	)		—
		(10,016,117	)		53,378,759
Net change in unrealized appreciation/depreciation on:
Investments		(154,591,003	)		(28,620,736	)
Financial futures contracts		901,984			(1,170,914	)
Foreign currency translations		(750,854	)		—
		(154,439,873	)		(29,791,650	)
Net realized and unrealized gain (loss)		(164,455,990	)		23,587,109
Net Increase (Decrease) in Net Assets Resulting from Operations	$	(124,862,805	)	$	33,941,116

See Notes to Financial Statements.
	BLACKROCK INDEX FUNDS, INC.	DECEMBER 31, 2014	55

Statements of Changes in Net Assets

	Master International Index Series						Master Small Cap Index Series
	Year Ended December 31,						Year Ended December 31,
Increase (Decrease) in Net Assets:	2014			2013			2014			2013
Operations
Net investment income	$	39,593,185		$	26,032,478		$	10,354,007		$	10,262,296
Net realized gain (loss)		(10,016,117	)		(8,862,796	)		53,378,759			37,795,072
Net change in unrealized appreciation/depreciation		(154,439,873	)		155,441,911			(29,791,650	)		181,146,437
Net increase (decrease) in net assets resulting from operations		(124,862,805	)		172,611,593			33,941,116			229,203,805
Capital Transactions
Proceeds from contributions		2,104,755,673			274,848,943			181,052,493			223,976,607
Value of withdrawals		(322,345,637	)		(192,790,156	)		(373,456,979	)		(175,553,424	)
Net increase (decrease) in net assets derived from capital transactions		1,782,410,035			82,058,787			(192,404,490	)		48,423,183
Net Assets
Total increase (decrease) in net assets		1,657,547,230			254,670,380			(158,463,374	)		277,626,988
Beginning of year		1,012,814,009			758,143,629			859,398,280			581,771,292
End of year	$	2,670,361,239		$	1,012,814,009		$	700,934,906		$	859,398,280

See Notes to Financial Statements.
56	BLACKROCK INDEX FUNDS, INC.	DECEMBER 31, 2014

Financial Highlights Master International Index Series

	Year Ended December 31,
	2014		2013		2012		2011		2010
Total Return
Total return		(6.02)%		21.94%		19.01%		(12.34)%		7.66%
Ratios to Average Net Assets
Total expenses		0.07%		0.07%		0.06%		0.08%		0.11%
Total expenses after fees waived and paid indirectly		0.07%		0.07%		0.06%		0.08%		0.10%
Net investment income		3.20%		2.97%		3.36%		3.38%		2.73%
Supplemental Data
Net assets, end of year (000)		$2,670,361		$1,012,814		$758,144		$855,781		$922,700
Portfolio turnover rate		6%		8%		21%		6%		8%

Master Small Cap Index Series

	Year Ended December 31,
	2014		2013		2012		2011		2010
Total Return
Total return		5.05%		39.11%		16.52%		(4.30)%		27.19%
Ratios to Average Net Assets
Total expenses		0.09%		0.07%		0.14%		0.09%		0.12%
Total expenses after fees waived and/or reimbursed		0.08%		0.06%		0.08%		0.07%		0.08%
Net investment income		1.45%		1.46%		2.13%		1.46%		1.27%
Supplemental Data
Net assets, end of year (000)		$700,935		$859,398		$581,771		$529,054		$338,172
Portfolio turnover rate		21%		22%		68%		31%		42%

See Notes to Financial Statements.
	BLACKROCK INDEX FUNDS, INC.	DECEMBER 31, 2014	57

Notes to Financial Statements Quantitative Master Series LLC

1. Organization:

Master International Index Series (“Master International Index”) and Master Small Cap Index Series (“Master Small Cap Index”) (collectively, the “Series”, or individually, a “Series”) are series of Quantitative Master Series LLC (the “Master LLC”) which is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as a diversified open-end management investment company. The Series is organized as a Delaware statutory trust. The Master LLC’s Limited Liability Company Agreement permits the Board of Directors of the Master LLC (the “Board”) to issue non-transferable interests, subject to certain limitations.

The Series, together with certain other registered investment companies advised by BlackRock Advisors, LLC (the “Manager”) or its affiliates, is a complex of open-end funds referred to as the Equity-Liquidity Complex.

2. Significant Accounting Policies:

The Series financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”), which may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. Each Series is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. The following is a summary of significant accounting policies followed by the Series:

Valuation: The Series’ investments are valued at fair value as of the close of trading on the New York Stock Exchange (“NYSE”) (generally 4:00 p.m., Eastern time). U.S. GAAP defines fair value as the price the Series would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The Series determine the fair value of their financial instruments at market value using independent dealers or pricing services under policies approved by the Board. The BlackRock Global Valuation Methodologies Committee (the “Global Valuation Committee”) is the committee formed by management to develop global pricing policies and procedures and to provide oversight of the pricing function for the Series for all financial instruments.

Equity investments traded on a recognized securities exchange are valued at the official close each day, if available. For equity investments traded on more than one exchange, the official close 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 may be valued at the last available bid (long positions) or ask (short positions) price. Financial futures contracts traded on exchanges are valued at their last sale price.

Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars using exchange rates determined as of the close of business on the NYSE. Forward foreign currency exchange contracts are valued at the mean between the bid and ask prices and are determined as of the close of business on the NYSE. Interpolated values are derived when the settlement date of the contract is an interim date for which quotations are not available.

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 underlying fund’s net assets. The Money Market Series seeks current income consistent with maintaining liquidity and preserving capital. Although the Money Market Series is not registered under the 1940 Act, its investments will follow the parameters of investments by a money market fund that is subject to Rule 2a-7 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 the application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment will be valued by the Global Valuation Committee, or its delegate, in accordance with a policy approved by the Board as reflecting fair value (“Fair Value Investments”). When determining the price for Fair Value Investments, the Global Valuation Committee, or its delegate, seeks to determine the price that each Series might reasonably expect to receive or pay from the current sale or purchase of that asset or liability in an arm’s-length transaction. Fair value determinations shall be based upon all available factors that the Global Valuation Committee, or its delegate, deems relevant consistent with the principles of fair value measurement, which include the market approach, income approach and/or in the case of recent investments, the cost approach, as appropriate. The market approach generally consists of using comparable market transactions. The income approach generally is used to discount future cash flows to present value and is adjusted for liquidity as appropriate. These factors include but are not limited to: (i) attributes specific to the investment or asset; (ii) the principal market for the investment or asset; (iii) the customary participants in the principal market for the investment or asset; (iv) data assumptions by market participants for the investment or asset, if reasonably available; (v) quoted prices for similar investments or assets in active markets; and (vi) other factors, such as future cash flows, interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, recovery rates, liquidation amounts and/or default rates. Due to the inherent uncertainty of valuations of such investments, the fair values may differ from the values that would have been used had an active market existed. The Global Valuation Committee, or its delegate, employs various methods for calibrating valuation approaches for investments where an active market does not exist, including regular due diligence of the Series’ pricing vendors, regular reviews of key inputs and assumptions, transactional back-testing or disposition analysis to compare unrealized gains and losses to realized gains and losses, reviews of missing or stale prices and large movements in market values and reviews of any market related activity. The pricing of all Fair Value Investments is subsequently reported to the Board or a committee thereof on a quarterly basis.

58 BLACKROCK INDEX FUNDS, INC. DECEMBER 31, 2014

Notes to Financial Statements (continued) Quantitative Master Series LLC

Generally, trading in foreign instruments is substantially completed each day at various times prior to the close of business on the NYSE. Occasionally, events affecting the values of such instruments may occur between the foreign market close and the close of business on the NYSE that may not be reflected in the computation of the Series net assets. If events (e.g., a company announcement, market volatility or a natural disaster) occur during such periods that are expected to materially affect the value of such instruments, those instruments may be Fair Value Investments and be valued at their fair value, as determined in good faith by the Global Valuation Committee, or its delegate, using a pricing service and/or policies approved by the Board. Each business day, the Series uses a pricing service to assist with the valuation of certain foreign exchange-traded equity securities and foreign exchange-traded and OTC options (the “Systematic Fair Value Price”). Using current market factors, the Systematic Fair Value Price is designed to value such foreign securities and foreign options at fair value as of the close of business on the NYSE, which follows the close of the local markets.

Foreign Currency: The Series’ books and records are maintained in U.S. dollars. Purchases and sales of investment securities are recorded at the rates of exchange prevailing on the respective date of such transactions. Generally, when the U.S. dollar rises in value against a foreign currency, the Series investments denominated in that currency will lose value because that currency is worth fewer U.S. dollars; the opposite effect occurs if the U.S. dollar falls in relative value.

The Series does not isolate the portion of the results of operations arising as a result of changes in the foreign exchange rates from the changes in the market prices of investments held or sold for financial reporting purposes. Accordingly, the effects of changes in foreign currency exchange rates on investments are not segregated in the Statements of Operations from the effects of changes in market prices of those investments but are included as a component of net realized and unrealized gain (loss) from investments. The Series reports realized currency gains (losses) on foreign currency related transactions as components of net realized gain (loss) for financial reporting purposes, whereas such components are generally treated as ordinary income for federal income tax purposes.

Segregation and Collateralization: In cases where a Series enters into certain investments (e.g., financial futures contracts and forward foreign currency exchange contracts) that would be “senior securities” for 1940 Act purposes, the Series may segregate or designate on its books and records cash or liquid securities having a market value at least equal to the amount of the Series’ future obligations under such investments. Doing so allows the investment to be excluded from treatment as a “senior security.” Furthermore, if required by an exchange or counterparty agreement, the Series may be required to deliver/deposit cash and/or securities to/with an exchange, or broker-dealer or custodian as collateral for certain investments or obligations.

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. Dividends from foreign securities where the ex-dividend date may have passed are subsequently recorded when the Series is informed of the ex-dividend date. Under the applicable foreign tax laws, a withholding tax at various rates may be imposed on capital gains, dividends and interest. 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.

Recent Accounting Standard: In June 2014, the Financial Accounting Standards Board issued guidance to improve the financial reporting of reverse repurchase agreements and other similar transactions. The guidance will require expanded disclosure for entities that enter into reverse repurchase agreements and similar transactions accounted for as secured borrowings. It is effective for financial statements with fiscal years beginning on or after December 15, 2014 and interim periods within those fiscal years. Management is evaluating the impact, if any, of this guidance on the Series financial statement disclosures.

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

The Series have an arrangement with the custodian whereby fees may be reduced by credits earned on uninvested cash balances, which, if applicable, are shown as fees paid indirectly in the Statements of Operations. The custodian imposes fees on overdrawn cash balances, which can be offset by accumulated credits earned or may result in additional custody charges.

3. Securities and Other Investments:

Preferred Stock: The Series may invest in preferred stock. Preferred stock has a preference over common stock in liquidation (and generally in receiving dividends as well) but is subordinated to the liabilities of the issuer in all respects. As a general rule, the market value of preferred stock with a fixed dividend rate and no conversion element varies inversely with interest rates and perceived credit risk, while the market price of convertible preferred stock generally also reflects some element of conversion value. Because preferred stock is junior to debt securities and other obligations of the issuer, deterioration in the credit quality of the issuer will cause greater changes in the value of a preferred stock than in a more senior debt security with similar stated yield characteristics. Unlike interest payments on debt securities, preferred stock dividends are payable only if declared by the issuer’s board of directors. Preferred stock also may be subject to optional or mandatory redemption provisions.

Securities Lending: The Series may lend its securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Series collateral consisting of cash, an irrevocable letter of credit issued by a bank, or securities issued or guaranteed by

BLACKROCK INDEX FUNDS, INC. DECEMBER 31, 2014 59

Notes to Financial Statements (continued) Quantitative Master Series LLC

the U.S. government. The initial collateral received by each Series is required to have a value of at least 102% of the current value of the loaned securities for securities traded on U.S. exchanges and a value of at least 105% for all other securities. The collateral is maintained thereafter, at a value equal to at least 100% of the current market value of the securities on loan. The market value of the loaned securities is determined at the close of each business day of the Series and any additional required collateral is delivered to the Series on the next business day. During the term of the loan, the Series is entitled to all distributions made on or in respect of the loaned securities. 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 market value of securities on loan and the value of the related collateral are shown separately in the Statements of Assets and Liabilities as a component of investments at value-unaffiliated, and collateral on securities loaned at value, respectively. As of December 31, 2014, any securities on loan were collateralized by cash. The cash collateral invested by the securities lending agent, BlackRock Investment Management, LLC (“BIM”), if any, is disclosed in the Schedules of Investments.

Securities lending transactions are entered into by the Series under Master Securities Lending Agreements (each, an “MSLA”) which provide the right, in the event of default (including bankruptcy or insolvency), for the non-defaulting party to liquidate the collateral and calculate a net exposure to the defaulting party or request additional collateral. In the event that a borrower defaults, the Series, as lender, would offset the market value of the collateral received against the market value of the securities loaned. When the value of the collateral is greater than that of the market value of the securities loaned, the lender is left with a net amount payable to the defaulting party. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of an MSLA counterparty’s bankruptcy or insolvency. Under the MSLA, the borrower can resell or re-pledge the loaned securities, and the Series can reinvest cash collateral, or, upon an event of default, resell or re-pledge the collateral.

As of December 31, 2014, the following table is a summary of the Series’ securities lending agreements by counterparty, which are subject to offset under an MSLA:

Master International Index
Counterparty	Securities Loaned at Value		Cash Collateral Received1			Net Amount
CitiGroup Global Markets Inc.	$	153,459	$	(153,459	)	—
Credit Suisse Securities (USA) LLC		445,869		(445,869	)	—
JP Morgan Clearing Corp.		508,217		(508,217	)	—
Merrill Lynch, Pierce, Fenner & Smith		1,492,834		(1,492,834	)	—
Morgan Stanley & Co. LLC		1,090,319		(1,090,319	)	—
SG Americas Securities LLC		180,539		(180,539	)	—
Total	$	3,871,237	$	(3,871,237	)	—

¹  Collateral with a value of $4,107,347 has been received in connection with securities lending agreements. Excess of collateral received from the individual counterparty is not shown for financial reporting purposes.

Master Small Cap Index
Counterparty	Securities Loaned at Value		Cash Collateral Received2			Net Amount
Barclays Capital, Inc.	$	1,674,414	$	(1,674,414	)		—
BNP Paribas Prime Brokerage, Inc.		482,856		(482,856	)		—
Citigroup Global Markets, Inc.		280,710		(280,710	)		—
Credit Suisse Securities (USA) LLC		135,239		(135,239	)		—
Deutsche Bank Securities, Inc.		905,370		(905,370	)		—
Goldman Sachs & Co.		3,926,709		(3,926,709	)		—
JP Morgan Clearing Corp.		2,367,436		(2,367,436	)		—
Merrill Lynch, Pierce, Fenner & Smith, Inc.		1,776,714		(1,776,714	)		—
Morgan Stanley & Co. LLC		4,990,757		(4,990,757	)		—
National Financial Services LLC		85,373		(85,373	)		—
SG Americas Securities LLC		95,913		(95,913	)		—
UBS Securities LLC		546,265		(546,265	)		—
Total	$	17,267,756	$	(17,267,756	)		—

²  Collateral with a value of $18,352,402 has been received in connection with securities lending agreements. Excess of collateral received from the individual counterparty is not shown for financial reporting purposes.

The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks the Series benefits from a borrower default indemnity provided by BIM. BIM’s indemnity allows for full replacement of the securities lent if the collateral received does not cover the value on the securities loaned in the event of borrower default. The Series 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 value of the original cash collateral received.

60 BLACKROCK INDEX FUNDS, INC. DECEMBER 31, 2014

Notes to Financial Statements (continued) Quantitative Master Series LLC

4. Derivative Financial Instruments:

The Series engage in various portfolio investment strategies using derivative contracts both to increase the returns of the Series and/or to economically hedge their exposure to certain risks such as equity risk or foreign currency exchange rate risk. These contracts may be transacted on an exchange or over-the-counter (“OTC”).

Financial Futures Contracts: The Series purchase and/or sell financial futures contracts and options on financial futures contracts to gain exposure to, or economically hedge against, changes in interest rates (interest rate risk), changes in the value of equity securities (equity risk) or foreign currencies (foreign currency exchange rate risk). Financial futures contracts are agreements between the Series and a counterparty to buy or sell a specific quantity of an underlying instrument at a specified price and at a specified date. Depending on the terms of the particular contract, financial futures contracts are settled either through physical delivery of the underlying instrument on the settlement date or by payment of a cash settlement amount on the settlement date.

Upon entering into a financial futures contract, the Series are required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on a contract’s size and risk profile. The initial margin deposit must then be maintained at an established level over the life of the contract. Securities deposited as initial margin are designated on the Schedules of Investments and cash deposited, if any, is recorded on the Statements of Assets and Liabilities as cash pledged for financial futures contracts. Pursuant to the contract, the Series agree 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 variation margin. Variation margin is recorded by the Series as unrealized appreciation or depreciation and, if applicable, as a receivable or payable for variation margin in the Statements of Assets and Liabilities.

When the contract is closed, the Series record 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 contracts involves the risk of an imperfect correlation in the movements in the price of financial futures contracts, interest or foreign currency exchange rates and the underlying assets.

The following is a summary of the Series’ derivative financial instruments categorized by risk exposure:

Fair Values of Derivative Financial Instruments Year Ended December 31, 2014
		Value
		Master International Index				Master Small Cap Index
	Statement of Assets and Liabilities Location	Derivative Assets		Derivative Liabilities		Derivative Assets
Equity contracts	Net unrealized appreciation/depreciation1	$	2,067,902	$	407,203		340,563

¹ Includes cumulative appreciation/depreciation on financial futures as reported in the Schedules of Investments. Only current day’s variation margin is reported within the Statements of Assets and Liabilities.

The Effect of Derivative Financial Instruments in the Statements of Operations Year Ended December 31, 2014
	Net Realized Gain From				Net Change in Unrealized Appreciation/Depreciation on
	Master International Index		Master Small Cap Index		Master International Index		Master Small Cap Index
Equity Contracts:
Financial futures contracts	$	29,542	$	2,527,898	$	901,984	$	(1,170,914	)

For the year ended December 31, 2014, the average quarterly balances of outstanding derivative financial instruments were as follows:

	Master International Index		Master Small Cap Index
Financial futures contracts:
Average notional value of contracts purchased	$	36,294,523	$	19,409,645

Counterparty Credit Risk: A derivative contract may suffer a mark-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform under the contract.

With exchange-traded futures, there is less counterparty credit risk to the Series since the exchange or clearinghouse, as counterparty to such instruments, guarantees against a possible default. The clearinghouse stands between the buyer and the seller of the contract; therefore, credit risk is limited to failure of the clearinghouse. While offset rights may exist under applicable law, a Series does not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default (including the bankruptcy or insolvency) of the clearing broker or clearinghouse. Additionally, credit risk exists in exchange-traded futures with respect to initial and variation margin that is held in a clearing broker’s customer accounts. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that

BLACKROCK INDEX FUNDS, INC. DECEMBER 31, 2014 61

Notes to Financial Statements (continued) Quantitative Master Series LLC

time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients, typically the shortfall would be allocated on a pro rata basis across all the clearing broker’s customers, potentially resulting in losses to the Series.

5. Investment Advisory Agreement and Other Transactions with Affiliates:

The PNC Financial Services Group, Inc. is the largest stockholder and an affiliate, for 1940 Act purposes of BlackRock, Inc. (“BlackRock”).

The Master LLC, on behalf of the Series, entered into an Investment Advisory Agreement with 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’ portfolios and provides the necessary personnel, facilities, equipment and certain other services necessary to the operations of the Series. For such services, the Series pays the Manager a monthly fee at an annual rate of 0.01% of the Series’ average daily net assets.

The Manager contractually agreed to waive or reimburse fees or expenses, in order to limit expenses, excluding interest expense, dividend expense, acquired fund fees and expenses and certain other Series expenses, which constitute extraordinary expenses not incurred in the ordinary course of the Series’ business. The expense limitation as a percentage of average daily net assets is 0.12% for Master International Index and 0.08% for Master Small Cap Index.

The Manager has agreed not to reduce or discontinue this contractual waiver or reimbursement prior to May 1, 2015 unless approved by the Board, including a majority of the Independent Directors. For the year ended December 31, 2014, the Manager waived $7,283 and $32,284 with respect to Master International Index and Master Small Cap Index, respectively, which is included in fees waived by manager in the Statements of Operations.

The Manager voluntarily agreed to waive its investment advisory fees by the amount of investment advisory fees each Series pays to the Manager indirectly through its investment in affiliated money market funds. However, the Manager does not waive its investment advisory fees by the amount of investment advisory fees paid in connection with the Series’ investment in other affiliated investment companies, if any. These amounts are included in fees waived and/or reimbursed by Manager in the Statements of Operations. For the year ended December 31, 2014 the amounts waived for Master International Index and Master Small Cap Index were $11,464 and $11,418, respectively.

Prior to July 1, 2014, BIM, an affiliate of the Manager, served as a sub-advisor to each Series pursuant to sub-advisory agreements with the Manager, and received for its services a monthly fee from the Manager at an annual rate equal to a percentage of the investment advisory fees paid by each Series to the Manager under the Investment Advisory Agreement. Effective July 1, 2014, the sub-advisory agreements between the Manager and BIM, with respect to each Series, expired.

For the year ended December 31, 2014, the Series reimbursed the Manager for certain accounting services, which is included in accounting services in the Statements of Operations.

The U.S. Securities and Exchange Commission has issued an exemptive order which permits BIM, an affiliate of the Manager, to serve as securities lending agent for the Series subject to applicable conditions. As securities lending agent, BIM bears all operational costs directly related to securities lending. The Series are responsible for expenses in connection with the investment of cash collateral received for securities on loan (the “collateral investment expenses”). The cash collateral is invested in a private investment company managed by the Manager or its affiliates. However, BIM has agreed to cap the collateral investment expenses of the private investment company to an annual rate of 0.04%. The investment advisor to the private investment company will not charge any advisory fees with respect to shares purchased by the Series.

Securities lending income is equal to the total of income earned from the reinvestment of cash collateral, net of fees and other payments to and from borrowers of securities, and less the collateral investment expenses. The Series retains a portion of securities lending income and remits a remaining portion to BIM as compensation for its services as securities lending agent. Pursuant to a securities lending agreement effective February 1, 2014, BIM may lend securities only when the difference between the borrower rebate rate and the risk free rate exceeds a certain level (such securities, the “specials only securities”).

Pursuant to such agreement, each Series retains 80% of securities lending income. In addition, commencing the business day following the date that the aggregate securities lending income earned across the Equity-Liquidity Complex in a calendar year exceeds the aggregate securities lending income earned across the Equity-Liquidity Complex through the lending of specials only securities in the calendar year 2013, each Series, pursuant to the securities lending agreement, will retain for the remainder of the calendar year securities lending income in an amount equal to 85% of securities lending income. Prior to February 1, 2014 each Series retained 65% of securities lending income and paid a fee to BIM equal to 35% of such income. The share of securities lending income earned by each Series is shown as securities lending — affiliated — net in the Statements of Operations. For the year ended December 31, 2014, each Series paid BIM the following amounts for securities lending agent services:

Master International Index	$	18,165
Master Small Cap Index	$	366,193

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

62 BLACKROCK INDEX FUNDS, INC. DECEMBER 31, 2014

Notes to Financial Statements (continued) Quantitative Master Series LLC

The Series may purchase securities from, or sell securities to, an affiliated fund provided the affiliation is due solely to having a common investment advisor, common officers, or common trustees.

6. Purchases and Sales:

For the year ended December 31, 2014, purchases and sales of investments, excluding short-term securities, were as follows:

	Purchases		Sales
Master International Index	$	1,855,870,783	$	76,632,340
Master Small Cap Index	$	156,571,896	$	317,309,448

7. Income Tax Information:

The Series are classified as partnerships for federal income tax purposes. As such, each investor in the Series is treated as the owner of its proportionate share of net assets, income, expenses and realized and unrealized gains and losses of the Series. Therefore, no federal income tax provision is required. It is intended that the Series’ assets will be managed so the owner of the Series can satisfy the requirements of subchapter M of the Internal Revenue Code of 1986, as amended.

The Series files U.S. federal and various state and local tax returns. No income tax returns are currently under examination. The statute of limitations on the Series U.S. federal tax returns remains open for each of the four years ended December 31, 2014. The statutes of limitations on the Series’ state and local tax returns may remain open for an additional year depending upon the jurisdiction.

Management has analyzed tax laws and regulations and their application to the Series’ facts and circumstances and does not believe that there are any uncertain tax positions that require recognition of a tax liability.

As of December 31, 2014, gross unrealized appreciation and gross unrealized depreciation based on cost for federal income tax purpose were as follows:

	Master International Index			Master Small Cap Index
Tax cost	$	2,509,080,004		$	469,633,898
Gross unrealized appreciation.		166,452,542		$	275,685,225
Gross unrealized depreciation.		(63,770,589	)		(28,448,481	)
Net unrealized appreciation	$	102,681,953		$	247,236,744

8. Bank Borrowings:

The Master LLC, on behalf of the Series, along with certain other funds managed by the Manager and its affiliates (“Participating Funds”), was a party to a 364-day, $1.1 billion credit agreement with a group of lenders, under which the Series may borrow to fund shareholder redemptions. Excluding commitments designated for a certain individual fund, the Participating Funds, including the Series, could borrow up to an aggregate commitment amount of $650 million, subject to asset coverage and other limitations as specified in the agreement. Effective November 25, 2014, the credit agreement was amended to an aggregate commitment amount of $2.1 billion, of which, the Participating Funds, including the Series, can borrow up to $1.6 billion at any time outstanding, subject to asset coverage and other limitations as specified in the agreement. The agreement terminates on April 23, 2015, unless otherwise extended to November 24, 2015 or renewed for a period of 364 days from April 23, 2015. The amended agreement has the following terms: a fee of 0.06% per annum on unused commitment amounts and interest at a rate equal to the higher of (a) one month LIBOR (but in any event, not less than 0.00%) on the date the loan is made plus 0.80% per annum or (b) the Fed Funds rate (but in any event, not less than 0.00%) in effect from time to time plus 0.80% per annum on amounts borrowed. Participating Funds paid administration, legal and arrangement fees, which are included in miscellaneous expenses in the Statement of Operations, and along with commitment fees, were allocated among such funds based upon portions of the aggregate commitment available to them and relative net assets of Participating Funds. During the year ended December 31, 2014, the Series did not borrow under the credit agreement.

9. Principal Risks:

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 (issuer 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 issuer credit risk, the Series may be exposed to counterparty credit risk, or the risk that an entity with which the Series have unsettled or open transactions may fail to or be unable to perform on its commitments. The Series manages counterparty credit risk by entering into transactions only with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose the Series to market, issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counter-

BLACKROCK INDEX FUNDS, INC. DECEMBER 31, 2014 63

Notes to Financial Statements (concluded) Quantitative Master Series LLC

parties. The extent of the Series’ exposure to market, issuer and counterparty credit risks with respect to these financial assets is generally approximated by their value recorded in the Statements of Assets and Liabilities, less any collateral held by the Series.

Master International Index invests a substantial amount of its assets in issuers located in a single country or a limited number of countries. When the Series concentrates its investments in this manner, it assumes the risk that economic, political and social conditions in those countries may have a significant impact on their investment performance. Foreign issuers may not be subject to the same uniform accounting, auditing and financial reporting standards and practices as used in the United States. Foreign securities markets may also be less liquid, more volatile, and less subject to governmental supervision not typically associated with investing in U.S. securities. Investment percentages in specific countries are presented in the Schedules of Investments.

Master International Index invests a significant portion of its assets in securities of issuers located in Europe or with significant exposure to European issuers or countries. The European financial markets have recently experienced volatility and adverse trends due to concerns about economic downturns in, or rising government debt levels of, several European countries. These events may spread to other countries in Europe and may affect the value and liquidity of certain of the Series investments.

As of December 31, 2014, Master Small Cap Index invested a significant portion of its assets in securities in the financial sector. Changes in economic conditions affecting such sectors would have a greater impact on the Series and could affect the value, income and/or liquidity of positions in such securities.

As of December 31, 2014, the Series’ investments had the following industry classifications:

Master International Index
Industry	Percent of Long-Term  Investments
Banks		13	%
Pharmaceuticals		10
Insurance		6
Oil, Gas & Consumable Fuels		5
Other		66

Master Small Cap Index
Industry	Percent of Long-Term  Investments
Computer Services Software & Systems		9	%
Real Estate Investment Trusts		9
Banks		8
Biotechnology		6
Other		68

10. Subsequent Events:

Management has evaluated the impact of all subsequent events on the Series through 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.

64 BLACKROCK INDEX FUNDS, INC. DECEMBER 31, 2014

Report of Independent Registered Public Accounting Firm Quantitative Master Series LLC

To the Investors of Master International Index Series and Master Small Cap Index Series and Board of Directors of Quantitative Master Series LLC:

We have audited the accompanying statements of assets and liabilities, including the schedules of investments of Master International Index Series and Master Small Cap Index Series, each one of the series constituting Quantitative Master Series LLC, (the “Series”) as of December 31, 2014, and the related statements 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 Series’ 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 audits to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. The Series 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 Series’ 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, 2014, 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 International Index Series and Master Small Cap Index Series, of Quantitative Master Series LLC, as of December 31, 2014, the results of their operations for the year then ended, the changes in their 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 & Touche LLP

Boston, Massachusetts

February 18, 2015

BLACKROCK INDEX FUNDS, INC. DECEMBER 31, 2014 65

Officers and Directors

Name, Address1 and Year of Birth	Position(s) Held with Corporation/ Master LLC	Length of Time Served as a Director3	Principal Occupation(s) During Past Five Years	Number of BlackRock- Advised Registered Investment Companies (“RICs”) Consisting of Investment Portfolios (“Portfolios”) Overseen	Public Directorships
Independent Directors2
Ronald W. Forbes 1940	Co-Chairman of the Board and Director	Since 2007	Professor Emeritus of Finance, School of Business, State University of New York at Albany since 2000.	33 RICs consisting of 153 Portfolios	None
Rodney D. Johnson 1941	Co-Chairman of the Board and Director	Since 2007	President, Fairmount Capital Advisors, Inc. from 1987 to 2013; Member of the Archdiocesan Investment Committee of the Archdiocese of Philadelphia from 2004 to 2012; Director, The Committee of Seventy (civic) from 2006 to 2012; Director, Fox Chase Cancer Center from 2004 to 2011.	33 RICs consisting of 153 Portfolios	None
David O. Beim 1940	Director	Since 2007	Professor of Professional Practice at the Columbia University Graduate School of Business since 1991; Trustee, Phillips Exeter Academy from 2002 to 2012; Chairman, Wave Hill, Inc. (public garden and cultural center) from 1990 to 2006.	33 RICs consisting of 153 Portfolios	None
Frank J. Fabozzi 1948	Director	Since 2014	Editor of and Consultant for The Journal of Portfolio Management since 2006; Professor of Finance, EDHEC Business School since 2011; Professor in the Practice of Finance and Becton Fellow, Yale University School of Management from 2006 to 2011; Adjunct Professor of Finance and Becton Fellow, Yale University from 1994 to 2006.	112 RICs consisting of 232 Portfolios	None
Dr. Matina S. Horner 1939	Director	Since 2007	Executive Vice President, Teachers Insurance and Annuity Association and College Retirement Equities Fund from 1989 to 2003.	33 RICs consisting of 153 Portfolios	NSTAR (electric and gas utility)
Herbert I. London 1939	Director	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 Emeritus, Hudson Institute (policy research organization) from 2011 to 2012, President thereof from 1997 to 2011 and Trustee from 1980 to 2012; Chairman of the Board of Trustees for Grantham University since 2006; Director, InnoCentive, Inc. (global internet services) since 2005; Director, Cerego, LLC (educational software) since 2005; Director, Cybersettle (online adjudication) since 2009; Director, AIMS Worldwide, Inc. (marketing) from 2007 to 2012.	33 RICs consisting of 153 Portfolios	None
Ian A. MacKinnon 1948	Director	Since 2012	Director, Kennett Capital, Inc. (investments) since 2006; Director, Free Library of Philadelphia from 1998 to 2008.	33 RICs consisting of 153 Portfolios	None
Cynthia A. Montgomery 1952	Director	Since 2007	Professor, Harvard Business School since 1989; Director, McLean Hospital from 2005 to 2012; Director, Harvard Business School Publishing from 2005 to 2010.	33 RICs consisting of 153 Portfolios	Newell Rubbermaid, Inc. (manufacturing)
Joseph P. Platt 1947	Director	Since 2007	Director, Jones and Brown (Canadian insurance broker) since 1998; General Partner, Thorn Partners, LP (private investments) since 1998; Director, WQED Multi-Media (public broadcasting not-for-profit) since 2001; Director, The West Penn Allegheny Health System (a not-for-profit health system) from 2008 to 2013; Partner, Amarna Corporation, LLC (private investment company) from 2002 to 2008.	33 RICs consisting of 153 Portfolios	Greenlight Capital Re, Ltd. (reinsurance company)
Robert C. Robb, Jr. 1945	Director	Since 2007	Partner, Lewis, Eckert, Robb and Company (management and financial consulting firm) since 1981.	33 RICs consisting of 153 Portfolios	None
Toby Rosenblatt 1938	Director	Since 2007	President, Founders Investments Ltd. (private investments) since 1999; Director, Forward Management, LLC since 2007; Director, College Futures Foundation (philanthropic foundation) since 2009; Director, The James Irvine Foundation (philanthropic foundation) from 1998 to 2008.	33 RICs consisting of 153 Portfolios	None

66 BLACKROCK INDEX FUNDS, INC. DECEMBER 31, 2014

Officers and Directors (continued)

Name, Address1 and Year of Birth	Position(s) Held with Corporation/ Master LLC	Length of Time Served as a Director3	Principal Occupation(s) During Past Five Years	Number of BlackRock- Advised Registered Investment Companies (“RICs”) Consisting of Investment Portfolios (“Portfolios”) Overseen	Public Directorships
Independent Directors2 (concluded)
Kenneth L. Urish 1951	Director	Since 2007	Managing Partner, Urish Popeck & Co., LLC (certified public accountants and consultants) since 1976; Immediate past-Chairman of the Professional Ethics Committee of the Pennsylvania Institute of Certified Public Accountants and Committee Member thereof since 2007; Member of External Advisory Board, The Pennsylvania State University Accounting Department since 2001; Principal, UP Strategic Wealth Investment Advisors, LLC since 2013; Trustee, The Holy Family Institute from 2001 to 2010; President and Trustee, Pittsburgh Catholic Publishing Associates from 2003 to 2008; Director, Inter-Tel from 2006 to 2007.	33 RICs consisting of 153 Portfolios	None
Frederick W. Winter 1945	Director	Since 2007	Director, Alkon Corporation (pneumatics) since 1992; Professor and Dean Emeritus of the Joseph M. Katz School of Business, University of Pittsburgh from 2005 to 2013 and Dean thereof from 1997 to 2005; Director, Tippman Sports (recreation) from 2005 to 2013; Director, Indotronix International (IT services) from 2004 to 2008.	33 RICs consisting of 153 Portfolios	None
	1   The address of each Officer is c/o BlackRock, Inc., Park Avenue Plaza, 55 East 52nd Street, New York, NY 10055.
	2   Directors serve until their resignation, removal or death, or until December 31 of the year in which they turn 75. The Board has determined to extend the terms of Directors on a case-by-case basis, as appropriate.
	3   Date shown is the earliest date a person has served 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 certain Directors as joining the Corporation’s/Master LLC’s board in 2007, those Directors first became members of the boards of other legacy MLIM or legacy BlackRock funds as follows: David O. Beim, 1998; Ronald W. Forbes, 1977; Dr. Matina S. Horner, 2004; Rodney D. Johnson, 1995; Herbert I. London, 1987; Cynthia A. Montgomery, 1994; Joseph P. Platt, 1999; Robert C. Robb, Jr., 1998; Toby Rosenblatt, 2005; Kenneth L. Urish, 1999; and Frederick W. Winter, 1999. Frank Fabozzi first became a member of the board of other funds advised by BlackRock Advisors, LLC or its affiliates in 1988.
Interested Directors4
Paul L. Audet 1953	Director	Since 2011	Senior Managing Director of BlackRock and Head of U.S. Mutual Funds since 2011; Chair of the U.S. Mutual Funds Committee reporting to the Global Executive Committee since 2011; Head of BlackRock’s Real Estate business from 2008 to 2011; Member of BlackRock’s Global Operating and Corporate Risk Management Committees and of the BlackRock Alternative Investors Executive Committee and Investment Committee for the Private Equity Fund of Funds business since 2008; Head of BlackRock’s Global Cash Management business from 2005 to 2010; Acting Chief Financial Officer of BlackRock from 2007 to 2008; Chief Financial Officer of BlackRock from 1998 to 2005.	141 RICs consisting of 329 Portfolios	None
Henry Gabbay 1947	Director	Since 2007	Consultant, BlackRock from 2007 to 2008; Managing Director, BlackRock from 1989 to 2007; Chief Administrative Officer, BlackRock Advisors, LLC from 1998 to 2007; President of BlackRock Funds and BlackRock Allocation Target Shares (formerly 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.	29 RICs consisting of 97 Portfolios	None
	4   Mr. Audet is an “interested person,” as defined in the 1940 Act, of the Corporation/Master LLC based on his position with BlackRock and its affiliates. Mr. Gabbay is an “interested person” of the Corporation/Master LLC based on his former positions with BlackRock and its affiliates as well as his ownership of BlackRock and The PNC Financial Services Group, Inc. securities. Mr. Audet and Mr. Gabbay are also Directors of the BlackRock registered closed-end funds and Directors of other BlackRock registered open-end funds. Directors serve until their resignation, removal or death, or until December 31 of the year in which they turn 75. The Board has determined to extend the terms of Directors on a case-by-case basis, as appropriate.

BLACKROCK INDEX FUNDS, INC. DECEMBER 31, 2014 67

Officers and Directors (concluded)

Name, Address1 and Year of Birth	Position(s) Held with Corporation/ Master LLC	Length of Time Served	Principal Occupation(s) During Past Five Years
Officers2
John M. Perlowski 1964	President and Chief Executive Officer	Since 2010	Managing Director of BlackRock since 2009; Global Head of BlackRock Fund Services since 2009; Managing Director and Chief Operating Officer of the Global Product Group at Goldman Sachs Asset Management, L.P. from 2003 to 2009; Treasurer of Goldman Sachs Mutual Funds from 2003 to 2009 and Senior Vice President thereof from 2007 to 2009; Director of Goldman Sachs Offshore Funds from 2002 to 2009; Director of Family Resource Network (charitable foundation) since 2009.
Jennifer McGovern 1977	Vice President	Since 2014	Director of BlackRock since 2011; Head of Product Structure and Oversight for BlackRock’s U.S. Wealth Advisory Group since 2013; Vice President of BlackRock, Inc. from 2008 to 2010.
Neal Andrews 1966	Chief Financial Officer	Since 2007	Managing Director of BlackRock 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 Fife 1970	Treasurer	Since 2007	Managing Director of BlackRock since 2007; Director of BlackRock in 2006; Assistant Treasurer of the MLIM and Fund Asset Management, L.P. advised funds from 2005 to 2006; Director of MLIM Fund Services Group from 2001 to 2006.
Charles Park 1967	Chief Compliance Officer and Anti-Money Laundering Officer	Since 2014	Chief Compliance Officer of BlackRock Advisors, LLC and the BlackRock-advised Funds in the Equity-Bond Complex, the Equity-Liquidity Complex and the Closed-End Complex since 2014; Principal of and Chief Compliance Officer for iShares® Delaware Trust Sponsor LLC since 2012 and BlackRock Fund Advisors (“BFA”) since 2006; Chief Compliance Officer for the BFA-advised iShares exchange traded funds since 2006; Chief Compliance Officer for BlackRock Asset Management International Inc. since 2012.
Benjamin Archibald 1975	Secretary	Since 2012	Managing Director of BlackRock since 2014; Director of BlackRock from 2010 to 2013; Assistant Secretary of the BlackRock-advised funds from 2010 to 2012; General Counsel and Chief Operating Officer of Uhuru Capital Management from 2009 to 2010; Executive Director and Counsel of Goldman Sachs Asset Management from 2005 to 2009.
	1   The address of each Officer is c/o BlackRock, Inc., Park Avenue Plaza, 55 East 52nd Street, New York, NY 10055.
	2   Officers of the Corporation/Master LLC serve at the pleasure of the Board.
	Further information about the Officers and Directors is available in the Corporation’s/Master LLC’s Statement of Additional Information, which can be obtained without charge by calling (800) 441-7762.

Effective September 10, 2014, Brendan Kyne resigned as a Vice President of the Fund and Jennifer McGovern became a Vice President of the Fund.

Effective December 31, 2014, Paul L. Audet and Henry Gabbay resigned as a Director of the Corporation and Ronald W. Forbes resigned as a Director of the Corporation and Co-Chair of the Board.

Effective January 1, 2015, Collette Chilton, Barbara G. Novick and Mark Stalnecker was appointed to serve as a Director of the Corporation.

Investment Advisor BlackRock Advisors, LLC Wilmington, DE 19809	Custodian State Street Bank and Trust Company Boston, MA 02110	Accounting Agent State Street Bank and Trust Company Boston, MA 02110	Distributor BlackRock Investments, LLC New York, NY 10022	Address of the Funds 100 Bellevue Parkway Wilmington, DE 19809
	Transfer Agent BNY Mellon Investment Servicing (US) Inc. Wilmington, DE 19809	Independent Registered Public Accounting Firm Deloitte & Touche LLP Boston, MA 02116	Legal Counsel Sidley Austin LLP New York, NY 10019

68 BLACKROCK INDEX FUNDS, INC. DECEMBER 31, 2014

Additional Information

General Information

Householding

The Funds 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 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 call the Funds at (800) 441-7762.

Availability of Quarterly Schedule of Investments

The Funds/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 Funds’/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, DC. Information on how to access documents on the SEC’s website without charge may be obtained by calling (800) SEC-0330. The Funds’/Series’ Forms N-Q may also be obtained upon request and without charge by calling (800) 441-7762.

Availability of Proxy Voting Policies and Procedures

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

Availability of Proxy Voting Record

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

BlackRock’s 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. Visit http://www.blackrock.com for more information.

BLACKROCK INDEX FUNDS, INC. DECEMBER 31, 2014 69

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 http://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.

70 BLACKROCK INDEX FUNDS, INC. DECEMBER 31, 2014

This report is intended for existing shareholders. It is not authorized for use as an offer of sale or a solicitation of an offer to buy shares of a Fund unless preceded or accompanied by that Funds’ 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.

Index2-12/14-AR

Item 2 –	Code of Ethics – Each registrant (or “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, principal accounting officer or controller, or persons performing similar functions. During the period covered by this report, the code of ethics was amended to update certain information and to make other non-material changes. During the period covered by this report, there have been no 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 – Each registrant’s board of directors (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 of a person 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
	The following table presents fees billed by Deloitte & Touche LLP (“D&T”) in each of the last two fiscal years for the services rendered to the Funds:

	(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 International Index Fund of BlackRock Index Funds, Inc.	$7,437	$7,363	$0	$0	$9,100	$9,100	$0	$0
BlackRock Small Cap Index Fund of BlackRock Index Funds, Inc.	$7,437	$7,363	$0	$0	$11,200	$11,200	$0	$0
Master International Index Series of Quantitative Master Series LLC	$39,706	$37,563	$0	$0	$17,000	$17,000	$0	$0
Master Small Cap Index Series of Quantitative Master Series LLC	$39,681	$38,763	$0	$0	$17,000	$17,000	$0	$0

The following table presents fees billed by D&T that were required to be approved by each registrant’s audit committee (each a “Committee”) for services that relate directly to the operations or financial reporting of the Fund and that are rendered on behalf of BlackRock Advisors, LLC (“Investment Adviser” or “BlackRock”) and entities controlling, controlled by, or under common control with BlackRock (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser) that provide ongoing services to the Fund (“Fund Service Providers”):

2

	Current Fiscal Year End	Previous Fiscal Year End
(b) Audit-Related Fees1	$0	$0
(c) Tax Fees2	$0	$0
(d) All Other Fees3	$2,555,000	$2,865,000

¹ The nature of the services includes 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 includes tax compliance, tax advice and tax planning.

³ Aggregate fees borne by BlackRock in connection with the review of compliance procedures and attestation thereto performed by D&T with respect to all of the registered closed-end funds and some of the registered open-end funds advised by BlackRock.

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

Each 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 registrant’s Committee. The Committee also must approve other non-audit services provided to the registrant and those non-audit services provided to the Investment Adviser and Fund 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 registrants which have a direct impact on the operations 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 per project. 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 registrant’s 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 the Committee Chairman 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 either Committee pursuant to the de minimus exception in paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f) Not Applicable

(g) The aggregate non-audit fees paid to the accountant for services rendered by the accountant to the registrant, the Investment Adviser and the Fund Service Providers were:

Entity Name	Current Fiscal Year   End	Previous Fiscal Year End
BlackRock International Index Fund of BlackRock Index Funds, Inc.	$9,100	$9,100
BlackRock Small Cap Index Fund of BlackRock Index Funds, Inc.	$11,200	$11,200
Master International Index Series of Quantitative Master Series LLC	$17,000	$17,000
Master Small Cap Index Series of Quantitative Master Series LLC	$17,000	$17,000

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	Additionally, SSAE 16 Review (Formerly, SAS No. 70) fees for the current and previous fiscal years of $2,555,000 and $2,865,000, respectively, were billed by D&T to the Investment Adviser.
	(h) Each Committee has considered and determined that the provision of non-audit services that were rendered to the Investment Adviser and the Fund Service Providers 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.
Item 5 –	Audit Committee of Listed Registrants – Not Applicable
Item 6 –	Investments
	(a) The registrants’ Schedules of Investments are included as part of the Report to Stockholders filed under Item 1 of this Form.
	(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 – There have been no material changes to these procedures.
Item 11 –	Controls and Procedures
	(a) – The registrants’ principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrants’ 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.
	(b) – There were no changes in the registrants’ 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 registrants’ internal control over financial reporting.
Item 12 –	Exhibits attached hereto
	(a)(1) – Code of Ethics – See Item 2
	(a)(2) – Certifications – Attached hereto
	(a)(3) – Not Applicable
	(b) – Certifications – Attached hereto

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Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, each registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

BlackRock Index Funds, Inc. and Quantitative Master Series LLC

By:	/s/ John M. Perlowski
	John M. Perlowski
	Chief Executive Officer (principal executive officer) of
	BlackRock Index Funds, Inc. and Quantitative Master Series LLC

Date: February 27, 2015

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 each registrant and in the capacities and on the dates indicated.

By:	/s/ John M. Perlowski
	John M. Perlowski
	Chief Executive Officer (principal executive officer) of
	BlackRock Index Funds, Inc. and Quantitative Master Series LLC

Date: February 27, 2015

By:	/s/ Neal J. Andrews
	Neal J. Andrews
	Chief Financial Officer (principal financial officer) of
	BlackRock Index Funds, Inc. and Quantitative Master Series LLC

Date: February 27, 2015

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