Blackrock Index Funds N-CSR Certified annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-07899 and 811-07885

Name of Fund:	BlackRock Small Cap Index Fund of BlackRock Index Funds, Inc. and Master Small Cap Index Series of Quantitative Master Series LLC
Fund Address:	100 Bellevue Parkway, Wilmington, DE 19809

Name and address of agent for service: Donald C. Burke, Chief Executive Officer, BlackRock Small Cap Index Fund of BlackRock Index Funds, Inc. and Master Small Cap Index Series of Quantitative Master Series LLC, 800 Scudders Mill Road, Plainsboro, NJ, 08536. Mailing address: P.O. Box 9011, Princeton, NJ, 08543-9011

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

Date of fiscal year end: 12/31/2008

Date of reporting period: 12/31/2008

Item 1 – Report to Stockholders

EQUITIES  FIXED INCOME  REAL ESTATE  LIQUIDITY  ALTERNATIVES  BLACKROCK SOLUTIONS

BlackRock Small Cap Index Fund OF BLACKROCK INDEX FUNDS, INC.
ANNUAL REPORT | DECEMBER 31, 2008

NOT FDIC INSURED
MAY LOSE VALUE
NO BANK GUARANTEE

Table of Contents

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

2 BLACKROCK SMALL CAP INDEX FUND DECEMBER 31, 2008

A Letter to Shareholders

Dear Shareholder

The present time may well be remembered as one of the most tumultuous periods in financial market history. Over the past year, the bursting of the housing bubble and the resultant credit crisis swelled into an all-out global financial market meltdown that featured the collapse of storied financial firms, volatile swings in the world’s financial markets and monumental government responses designed to prop up the economy and stabilize the financial system.

The US economy appeared relatively resilient through the first half of 2008, when rising food and energy prices stoked fears of inflation. The tenor changed dramatically in the second half, as inflationary pressure subsided amid plummeting oil prices, while economic pressures escalated in the midst of a rapid deterioration in consumer spending, employment and other key indicators. By period-end, the National Bureau of Economic Research had confirmed what most already knew — the United States was in a recession, which officially began in December 2007. The Federal Reserve Board (the “Fed”), after slashing interest rates aggressively in the early months of the year, resumed that rate-cutting campaign in the fall, with the final reduction in Decem-ber bringing the target federal funds rate to a record low range of between zero and 0.25%. Importantly, the central bank pledged that future policy moves to revive the global economy and financial markets would comprise primarily of nontraditional and quantitative easing measures, such as capital injections, lending programs and government guarantees.

Against this backdrop, US equity markets experienced intense volatility, with periods of downward pressure punctuated by sharp rebounds. Declines were significant and broad-based, though smaller cap stocks posted somewhat better relative performance. Non-US stocks started off the year stronger, but quickly lost ground as the credit crisis revealed itself to be global in nature and as the global economy turned south. Overall, domestic equities notched better results than non-US equities, reversing the prior years’ trend of international equity outperformance.

In fixed income markets, investors shunned risky assets and sought the safety and liquidity of US Treasury issues. Prices soared, while yields fell to record lows, with the Treasury sector topping all other asset classes over the reporting period. Amid spillover from historic events in the financial sector, municipals contended with fewer market participants, lack of liquidity, a challenging funding environment and a backlog of new-issue supply, all of which contributed to the sector’s underperformance relative to taxable issues. At the same time, economic turmoil combined with dislocated credit markets and substantial technical pressures resulted in the worst year on record for the high yield market.

In all, an investor flight to safety prevailed, as evidenced in the six- and 12-month returns of the major benchmark indexes:

Total Returns as of December 31, 2008	6-month			12-month
US equities (S&P 500 Index)		(28.48	)%		(37.00	)%
Small cap US equities (Russell 2000 Index)		(26.94	)		(33.79	)
International equities (MSCI Europe, Australasia, Far East Index)		(36.41	)		(43.38	)
US Treasury securities (Merrill Lynch 10-Year US Treasury Index)		17.70			20.06
Taxable fixed income (Barclays Capital US Aggregate Index*)		4.07			5.24
Tax-exempt fixed income (Barclays Capital Municipal Bond Index*)		(2.49	)		(2.47	)
High yield bonds (Barclays Capital US Corporate High Yield 2% Issuer Capped Index*)		(25.07	)		(25.88	)

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

Through periods of market turbulence, as ever, BlackRock’s full resources are dedicated to the management of our clients’ assets. For our most current views on the economy and financial markets, we invite you to visit www.blackrock.com/funds. As always, we thank you for entrusting BlackRock with your investments, and we look forward to continuing to serve you in the months and years ahead.

Sincerely,

Rob Kapito
President, BlackRock Advisors, LLC

THIS PAGE NOT PART OF YOUR FUND REPORT

3

Fund Summary

Portfolio Management Commentary

	How did the Fund perform?
•	For the 12 months ended December 31, 2008, the Fund, through its investment in Master Small Cap Index Series (the “Series”), generated returns that generally tracked that of the benchmark Russell 2000 Index, a market-weighted index composed of approximately 2,000 common stocks issued by small-capitalization US companies in a range of businesses.
•	Returns for the Fund’s respective share classes differ from the benchmark based on individual share-class expenses.
	Describe the market environment.
•	2008 turned out to be a year investors would like to forget, but instead will vividly remember. The economy and financial markets remained relatively resilient throughout the first part of the year before collapsing outright in September, producing the worst year for stocks since The Great Depression. With the exception of government bonds and cash, nearly every asset class, including stocks, credit-related fixed income, commodities and real estate, saw sharp declines. Credit issues dominated the financial headlines, resulting in the collapse of several storied financial institutions. Government responses around the world were rapid and inventive, with the US Federal Reserve and other policymakers adopting new lending and asset purchase programs in an effort to restore some measure of liquidity to the system.
•	The Federal Reserve Board (the “Fed”), after slashing interest rates aggressively in the early months of 2008, resumed that rate-cutting campaign in the fall, bringing the target federal funds rate to a “target range” of between zero and 0.25% on December 16, its lowest level in history. The Fed acknowledged that “weak economic conditions are likely to warrant exceptionally low levels of the federal funds rate for some time,” and indicated that it will continue to pursue unconventional policies of quantitative easing (in which the Fed injects cash into the financial system by purchasing assets).
•	In this environment, all 10 sectors within the Russell 2000 Index posted negative returns. Losses were most prominent in telecommunication services, which lost 49.7% for the year. Energy and consumer discretionary were also hit hard, declining 49.5% and 47.6%, respectively. At the top were the defensive utilities and consumer staples sectors, which posted comparatively smaller losses of 11.3% and 17.9%, respectively.
	Describe recent portfolio activity.
•	Throughout the 12-month period,as changes were made to the composition of the Russell 2000 Index, the portfolio purchased and sold securities to maintain its objective of replicating the risks and return of the benchmark.
	Describe portfolio positioning at period end.
•	In keeping with its investment objective,the portfolio remains positioned to match the risk characteristics of its benchmark, irrespective of the market’s future direction.

Expense Example

	Actual						Hypothetical2
	Beginning Account Value July 1, 2008		Ending Account Value December 31, 2008		Expenses Paid During the Period1		Beginning Account Value July 1, 2008		Ending Account Value December 31, 2008		Expenses Paid During the Period1
Institutional	$	1,000	$	728.60	$	2.35	$	1,000	$	1,022.39	$	2.75
Investor A	$	1,000	$	728.40	$	3.56	$	1,000	$	1,020.98	$	4.17

1	For each class of the Fund, expenses are equal to the annualized expense ratio for the class (0.54% for Institutional and 0.82% for Investor A), multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period shown). Because the Fund is a feeder fund, the expense table example reflects the expenses of both the feeder fund and the master portfolio in which it invests.
2	Hypothetical 5% annual return before expenses is calculated by pro-rating the number of days in the most recent fiscal half year divided by 366.
	See “Disclosure of Expenses” on page 6 for further information on how expenses were calculated.

4 BLACKROCK SMALL CAP INDEX FUND DECEMBER 31, 2008

Total Return Based on a $10,000 Investment

1	Assuming transaction costs, if any, and other operating expenses, including advisory fees.
2	The Fund invests all of its assets in Master Small Cap Index Series of Quantitative Master Series LLC. The Series may invest in a statistically selected sample of the stocks included in the Russell 2000 Index and other types of financial instruments.
3	This unmanaged Index is comprised of approximately 2,000 smaller-capitalization common stocks from various industrial sectors.

Performance Summary for the Period Ended December 31, 2008

	6-Month Total Returns			Average Annual Total Returns4
				1 Year			5 Years			10 Years
Institutional		(27.14	)%		(34.01	)%		(1.42	)%		2.65	%
Investor A		(27.16	)		(34.19	)		(1.67	)		2.39
Russell 2000 Index		(26.94	)		(33.79	)		(0.93	)		3.02

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

Past performance is not indicative of future results.

BLACKROCK SMALL CAP INDEX FUND DECEMBER 31, 2008 5

About Fund Performance

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

Disclosure of Expenses

Shareholders of this Fund may incur the following charges: (a) expenses related to transactions, including sales charges, redemption fees and exchange fees; and (b) operating expenses including advisory fees, distribution fees including 12b-1 fees and other Fund expenses. The expense example on page 4 (which is based on a hypothetical investment of $1,000 invested on July 1, 2008 and held through December 31, 2008) is intended to assist shareholders both in calculating expenses based on an investment in the Fund and in comparing these expenses with similar costs of investing in other mutual funds.

The table provides information about actual account values and actual expenses. In order to estimate the expenses a shareholder paid during the period covered by this report, shareholders can divide their account value by $1,000 and then multiply the result by the number corresponding to their share class under the heading entitled “Expenses Paid During the Period.”

The table also provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses. In order to assist shareholders in comparing the ongoing expenses of investing in this Fund and other funds, compare the 5% hypothetical example with the 5% hypothetical examples that appear in other funds’ shareholder reports.

The expenses shown in the table are intended to highlight shareholders’ ongoing costs only and do not reflect any transactional expenses, such as sales charges, redemption fees or exchange fees. Therefore, the hypothetical example is useful in comparing ongoing expenses only, and will not help shareholders determine the relative total expenses of owning different funds. If these transactional expenses were included, shareholder expenses would have been higher.

6 BLACKROCK SMALL CAP INDEX FUND DECEMBER 31, 2008

Statement of Assets and Liabilities BlackRock Small Cap Index Fund

December 31, 2008
Assets
Investment at value — Master Small Cap Index Series (the “Series”) (cost — $100,047,962)	$	76,007,335
Withdrawals receivable from the Series		3,643,829
Capital shares sold receivable		180,135
Receivable from administrator		71,251
Prepaid expenses		18,443
Total assets		79,920,993
Liabilities
Capital shares redeemed payable		3,823,964
Administration fees payable		8,448
Distribution fees payable		6,019
Other affiliates payable		1,274
Officer’s and Directors’ fees payable		10
Other accrued expenses payable		9,646
Total liabilities		3,849,361
Net Assets	$	76,071,632
Net Assets Consist of
Institutional Shares, $0.0001 par value, 125,000,000 shares authorized	$	600
Investor A Shares, $0.0001 par value, 125,000,000 shares authorized		386
Paid-in capital in excess of par		105,312,623
Distributions in excess of net investment income		(185	)
Accumulated net realized loss allocated from the Series		(5,201,165	)
Net unrealized appreciation/depreciation allocated from the Series		(24,040,627	)
Net Assets	$	76,071,632
Net Asset Value
Institutional — Based on net assets of $46,284,692 and 6,003,467 shares outstanding	$	7.71
Investor A — Based on net assets of $29,786,940 and 3,860,610 shares outstanding	$	7.72

See Notes to Financial Statements.
BLACKROCK SMALL CAP INDEX FUND	DECEMBER 31, 2008	7

Statement of Operations BlackRock Small Cap Index Fund

Year Ended December 31, 2008
Investment Income
Net investment income allocated from the Series:
Dividends	$	1,307,151
Foreign taxes withheld		(434	)
Income — affiliated		124,695
Securities lending — affiliated		259,172
Expenses		(74,007	)
Total income		1,616,577
Expenses
Administration		286,822
Service — Investor A		101,576
Transfer agent — Institutional		33,719
Transfer agent — Investor A		31,640
Printing		54,397
Registration		29,321
Professional		15,563
Miscellaneous		7,614
Total expenses		560,652
Less fees waived by administrator		(9,624	)
Total expenses after waiver		551,028
Net investment income		1,065,549
Realized and Unrealized Gain (Loss) Allocated from the Series
Net realized gain from investments, in-kind redemptions and futures		6,307,919
Net change in unrealized appreciation/depreciation on investments and futures		(46,354,296	)
Total realized and unrealized loss		(40,046,377	)
Net Decrease in Net Assets Resulting from Operations	$	(38,980,828	)

See Notes to Financial Statements.
8	BLACKROCK SMALL CAP INDEX FUND	DECEMBER 31, 2008

Statements of Changes in Net Assets BlackRock Small Cap Index Fund

	Year Ended December 31,
Increase (Decrease) in Net Assets:	2008			2007
Operations
Net investment income	$	1,065,549		$	1,507,537
Net realized gain		6,307,919			8,019,469
Net change in unrealized appreciation/depreciation		(46,354,296	)		(11,614,283	)
Net decrease in net assets resulting from operations		(38,980,828	)		(2,087,277	)
Dividends and Distributions to Shareholders From
Net investment income:
Institutional		(782,173	)		(954,343	)
Investor A		(391,091	)		(496,834	)
Net realized gain:
Institutional		(5,780,831	)		(5,755,647	)
Investor A		(3,674,574	)		(3,798,883	)
Tax return of capital:
Institutional		(632,165	)		—
Investor A		(400,501	)		—
Decrease in net assets resulting from dividends and distributions to shareholders		(11,661,335	)		(11,005,707	)
Capital Share Transactions
Net increase (decrease) in net assets derived from capital share transactions		13,022,264			(6,333,341	)
Redemption Fee
Redemption fee		2,145			971
Net Assets
Total decrease in net assets		(37,617,754	)		(19,425,354	)
Beginning of year		113,689,386			133,114,740
End of year	$	76,071,632		$	113,689,386
End of year undistributed (distributions in excess of) net investment income	$	(185	)	$	107,530

See Notes to Financial Statements.
BLACKROCK SMALL CAP INDEX FUND	DECEMBER 31, 2008	9

Financial Highlights BlackRock Small Cap Index Fund

	Institutional															Investor A
	Year Ended December 31,															Year Ended December 31
	2008			2007			2006			2005			2004			2008			2007			2006			2005			2004
Per Share Operating Performance
Net asset value, beginning of year	$	13.79		$	15.48		$	14.36		$	14.10		$	12.06		$	13.79		$	15.47		$	14.36		$	14.10		$	12.06
Net investment income1		0.14			0.20			0.17			0.10			0.08			0.11			0.15			0.13			0.06			0.05
Net realized and unrealized gain (loss)2		(4.86	)		(0.50	)		2.34			0.49			2.04			(4.85	)		(0.48	)		2.33			0.49			2.03
Net increase (decrease) from investment operations		(4.72	)		(0.30	)		2.51			0.59			2.12			(4.74	)		(0.33	)		2.46			0.55			2.08
Dividends and distributions from:
Net investment income		(0.15	)		(0.20	)		(0.17	)		(0.11	)		(0.08	)		(0.12	)		(0.16	)		(0.13	)		(0.07	)		(0.04	)
Net realized gain		(1.09	)		(1.19	)		(1.22	)		(0.22	)		—			(1.09	)		(1.19	)		(1.22	)		(0.22	)		—
Tax return of capital		(0.12	)		—			—			—			—			(0.12	)		—			—			—			—
Total dividends and distributions		(1.36	)		(1.39	)		(1.39	)		(0.33	)		(0.08	)		(1.33	)		(1.35	)		(1.35	)		(0.29	)		(0.04	)
Net asset value, end of year	$	7.71		$	13.79		$	15.48		$	14.36		$	14.10		$	7.72		$	13.79		$	15.47		$	14.36		$	14.10
Total Investment Return
Based on net asset value		(34.01	)%		(1.91	)%		17.49	%		4.16	%		17.55	%		(34.19	)%		(2.12	)%		17.14	%		3.88	%		17.29	%
Ratios to Average Net Assets3
Total expenses after waiver		0.52	%		0.48	%		0.49	%		0.53	%		0.56	%		0.79	%		0.73	%		0.74	%		0.79	%		0.81	%
Total expenses		0.53	%		0.48	%		0.49	%		0.54	%		0.56	%		0.80	%		0.73	%		0.74	%		0.80	%		0.81	%
Net investment income		1.19	%		1.23	%		1.10	%		0.69	%		0.64	%		0.91	%		0.98	%		0.84	%		0.43	%		0.38	%
Supplemental Data
Net assets, end of year (000)	$	46,285		$	66,085		$	79,032		$	63,671		$	68,024		$	29,787		$	47,605		$	54,083		$	48,896		$	56,522
Portfolio turnover of the Series		42	%		26	%		40	%		37	%		38	%		42	%		26	%		40	%		37	%		38	%

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

See Notes to Financial Statements.
10	BLACKROCK SMALL CAP INDEX FUND	DECEMBER 31, 2008

Notes to Financial Statements BlackRock Small Cap Index Fund

1. Organization and Significant Accounting Policies:

BlackRock Small Cap Index Fund (the “Fund”), a series of BlackRock Index Funds, Inc. (the “Corporation”), is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as a non-diversified, open-end management investment company. The Corporation is organized as a Maryland corporation. The Fund seeks to achieve its investment objective by investing all of its assets in Master Small Cap Index Series (the “Series”) of Quantitative Master Series LLC (the “Master LLC”), which has the same investment objective and strategies as the Fund. The value of the Fund’s investment in the Series reflects the Fund’s proportionate interest in the net assets of the Series. The performance of the Fund is directly affected by the performance of the Series. The financial statements of the Series, including the Summary Schedule of Investments, are included elsewhere in this report and should be read in conjunction with the Fund’s financial statements. The Fund’s financial statements are prepared in conformity with accounting principles generally accepted in the United States of America, which may require the use of management accruals and estimates. Actual results may differ from these estimates. The percentage of the Series owned by the Fund at December 31, 2008 was 22%. The Fund offers two classes of shares. Institutional and Investor A Shares are sold without the imposition of a front-end or deferred sales charge. Both classes of shares have identical voting, dividend, liquidation and other rights and the same terms and conditions, except that Investor A Shares bear certain expenses related to the shareholder servicing of such shares and have exclusive voting rights with respect to matters relating to its shareholder servicing expenditures.

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

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

Effective January 1, 2008, the Fund implemented Financial Accounting Standards Board Statement of Financial Accounting Standards No. 157, “Fair Value Measurements” (“FAS 157”). FAS 157 clarifies the definition of fair value, establishes a framework for measuring fair values and requires additional disclosures about the use of fair value measurements.Various inputs are used in determining the fair value of investments, which are as follows:

• Level 1 — price quotations in active markets/exchanges foridentical securities

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

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

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

The following table summarizes the inputs used as of December 31, 2008 in determining the fair valuation of the Fund’s investments:

Valuation Inputs	Investments in Securities
Level 1		—
Level 2	$	76,007,335
Level 3		—
Total	$	76,007,335

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

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

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

The Fund files US federal and various state and local tax returns. No income tax returns are currently under examination. The statute of limitations on the Fund’s US federal tax returns remains open for the years ended December 31, 2005 through December 31, 2007. The statutes of limitations on the Fund’s state and local tax returns may remain open for an additional year depending upon the jurisdiction.

Recent Accounting Pronouncements: In March 2008, Statement of Financial Accounting Standards No. 161, “Disclosures about Derivative Instruments and Hedging Activities — an amendment of FASB Statement No. 133” (“FAS 161”) was issued and is effective for fiscal years beginning after November 15, 2008. FAS 161 is intended to improve financial reporting for derivative instruments by requiring enhanced disclosure that enables investors to understand how and why an entity uses derivatives,

BLACKROCK SMALL CAP INDEX FUND DECEMBER 31, 2008 11

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

how derivatives are accounted for, and how derivative instruments affect an entity’s results of operations and financial position. FAS 161 is effective for financial statements issued for fiscal years and interim periods beginning after November 15, 2008. The impact on the Fund’s financial statement disclosures, if any, is currently being assessed.

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

2. Transactions with Affiliates:

The Corporation has entered into an Administration Agreement with BlackRock Advisors, LLC (the “Administrator”). The Fund pays the Administrator a monthly fee at an annual rate of 0.29% of the average daily value of the Fund’s net assets for the performance of administrative services (other than investment advice and related portfolio activities) necessary for the operation of the Fund. Merrill Lynch & Co., Inc. (“Merrill Lynch”) and The PNC Financial Services Group, Inc. (“PNC”) are the largest stockholders of BlackRock, Inc. As of December 31, 2008, Merrill Lynch and PNC are affiliates of BlackRock, Inc.

The Administrator has entered into a voluntary arrangement with the Fund under which the expenses incurred by each class of shares of the Fund (excluding service fees) will not exceed 0.60%. This arrangement has a one-year term and is renewable.

Effective October 1, 2008, the Fund entered into a Distribution Agreement and Distribution Plan with BlackRock Investments, Inc. (“BII”), which replaced FAM Distributors, Inc. (“FAMD”) and BlackRock Distributors, Inc. and its affiliates (“BDI”) (collectively, the “Distributor”) as the sole distributor of the Fund. FAMD is a wholly owned subsidiary of Merrill Lynch Group, Inc. BII and BDI are affiliates of BlackRock, Inc. The service fees did not change as a result of this transaction.

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

Pursuant to sub-agreements with the Distributor, broker-dealers, including Merrill Lynch, Pierce, Fenner & Smith Incorporated, a wholly owned subsidiary of Merrill Lynch, and the Distributor provide shareholder servicing to the Fund. The ongoing service fee compensates the Distributor and each broker-dealer for providing shareholder servicing to Investor A shareholders.

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

Pursuant to written agreements, certain affiliates provide the Fund with sub-accounting, recordkeeping, sub-transfer agency and other administrative services with respect to sub-accounts they service. For these services, these affiliates receive an annual fee per shareholder account which will vary depending on share class. For the year ended December 31, 2008, the Fund paid $55,167 in return for these services, which is a component of transfer agent fees in the accompanying Statement of Operations.

The Fund may earn income on positive cash balances in demand deposit accounts that are maintained by the transfer agent on behalf of the Fund. For the year ended December 31, 2008, the Fund earned $80, which is included in income — affiliated in the Statement of Operations.

The Administrator maintains a call center, which is responsible for providing certain shareholder services to the Fund, such as responding to shareholder inquiries and processing transactions based upon instructions from shareholders with respect to the subscription and redemption of Fund shares. During the year ended December 31, 2008, the Fund reimbursed the Administrator the following amounts for costs incurred running the call center, which are a component of the transfer agent fees in the accompanying Statement of Operations.

	Call Center Fees
Institutional		$	437
Investor A		$	1,279

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

12 BLACKROCK SMALL CAP INDEX FUND DECEMBER 31, 2008

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

3. Capital Share Transactions:

Transactions in capital shares for each class were as follows:

	Year Ended December 31, 2008						Year Ended December 31, 2007
	Shares			Amount			Shares			Amount
Institutional
Shares sold		2,634,785		$	28,589,997			1,758,158		$	27,610,915
Shares issued to shareholders in reinvestment of dividends and distributions		921,616			6,983,184			461,820			6,415,190
Total issued		3,556,401			35,573,181			2,219,978			34,026,105
Shares redeemed		(2,343,736	)		(25,630,390	)		(2,534,096	)		(39,137,703	)
Net increase (decrease)		1,212,665		$	9,942,791			(314,118	)	$	(5,111,598	)
Investor A
Shares sold		626,761		$	7,412,916			518,509		$	8,099,326
Shares issued to shareholders in reinvestment of dividends and distributions		525,666			3,995,432			275,919			3,831,846
Total issued		1,152,427			11,408,348			794,428			11,931,172
Shares redeemed		(744,332	)		(8,328,875	)		(837,326	)		(13,152,915	)
Net increase (decrease)		408,095		$	3,079,473			(42,898	)	$	(1,221,743	)

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

4. Income Tax Information:

The tax character of distributions paid during the fiscal year ended December 31, 2008 and December 31, 2007 was as follows:

	12/31/2008		12/31/2007
Distributions paid from:
Ordinary income	$	1,680,670	$	3,342,328
Net long-term capital gains		8,947,999		7,663,379
Tax return of capital		1,032,666		—
Total taxable distributions	$	11,661,335	$	11,005,707

As of December 31, 2008, the components of accumulated losses on a tax basis were as follows:

Net unrealized losses	$	(29,241,977	)*
Total accumulated net losses	$	(29,241,977	)

* The difference between book-basis and tax-basis net unrealized gains is attributable primarily to the tax deferral of losses on wash sales, the realization for tax purposes of unrealized gains on investments in passive foreign investment companies, the realization for tax purposes of unrealized gains/losses on certain futures contracts, the deferral of post-October capital losses for tax purposes and the difference between book and tax treatment of certain stock lending transactions.

5. Subsequent Event:

On January 1, 2009, Bank of America Corporation announced that it had completed its acquisition of Merrill Lynch, one of the largest stockholders of BlackRock, Inc.

BLACKROCK SMALL CAP INDEX FUND DECEMBER 31, 2008 13

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

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

We have audited the accompanying statement of assets and liabilities of BlackRock Small Cap Index Fund, one of the series constituting BlackRock Index Funds, Inc. (the “Fund”), as of December 31, 2008, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended.These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

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

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of BlackRock Small Cap Index Fund of BlackRock Index Funds, Inc. as of December 31, 2008, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

Deloitte & Touche LLP
Princeton, New Jersey
February 25, 2009

Important Tax Information (Unaudited)

The following information is provided with respect to the ordinary income distributions paid by BlackRock Small Cap Index Fund of BlackRock Index Funds, Inc. during the fiscal year ended December 31, 2008:

Record Date Payable Date	July 16, 2008 July 18, 2008		December 16, 2008 December 18, 2008
Qualified Dividend Income for Individuals	4.79	%*	67.79	%*
Dividends Qualifying for the Dividends Received Deduction for Corporations	10.58	%*	67.84	%*

* The Fund hereby designates the percentage indicated above or the maximum amount allowable by law.

Additionally, the Fund paid long-term capital gain distributions of $0.024910 and $1.011075 per share to shareholders of record on July 16, 2008 and December 16, 2008, respectively.

14 BLACKROCK SMALL CAP INDEX FUND DECEMBER 31, 2008

Portfolio Information	Master Small Cap Index Series
As of December 31, 2008

Ten Largest Equity Holdings	Percent of Long-Term Investments
Ralcorp Holdings, Inc.	0.4	%
Myriad Genetics, Inc.	0.4
Alexion Pharmaceuticals, Inc.	0.4
Waste Connections, Inc.	0.3
Realty Income Corp.	0.3
Piedmont Natural Gas Co.	0.3
OSI Pharmaceuticals, Inc.	0.3
Comstock Resources, Inc.	0.3
Westar Energy, Inc.	0.3
ITC Holdings Corp.	0.3
Sector Representation	Percent of Long-Term Investments
Financial Services	24	%
Health Care	15
Consumer Discretionary	15
Technology	13
Materials & Processing	9
Producer Durables	7
Utilities	6
Auto & Transportation	4
Other Energy	4
Consumer Staples	3

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

Derivative Instruments

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

BLACKROCK SMALL CAP INDEX FUND DECEMBER 31, 2008 15

Summary Schedule of Investments December 31, 2008	Master Small Cap Index Series
	(Percentages shown are based on Net Assets)

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

Industry	Common Stocks	Shares	Value		Percent
Advertising Agencies	Other Securities		$	856,963	0.3	%
Aerospace	Curtiss-Wright Corp.	18,468		616,647	0.2
	Moog, Inc. Class A (a)	17,613		644,107	0.2
	Teledyne Technologies, Inc. (a)	14,634		651,945	0.2
	Other Securities			1,779,852	0.5
				3,692,551	1.1
Agriculture, Fishing & Ranching	Other Securities			337,315	0.1
Air Transport	Other Securities			3,890,238	1.1
Aluminum	Other Securities			139,624	0.0
Auto Parts: After Market	Other Securities			309,186	0.1
Auto Parts: Original Equipment	Other Securities			613,863	0.2
Auto, Trucks & Parts	Other Securities			358,447	0.1
Banks: New York City	Other Securities			424,612	0.1
Banks: Non U.S. Banks	Other Securities			162,268	0.0
Banks: Outside New York City	FirstMerit Corp.	34,000		700,060	0.2
	UMB Financial Corp.	13,052		641,375	0.2
	Westamerica Bancorp.	12,183		623,160	0.2
	Other Securities			23,510,673	6.8
				25,475,268	7.4
Beverage: Brewers (Wineries)	Other Securities			99,400	0.0
Beverage: Soft Drinks	Other Securities			584,603	0.2
Biotechnology Research & Production	Alexion Pharmaceuticals, Inc. (a)(i)	32,160		1,163,870	0.3
	Myriad Genetics, Inc. (a)	18,700		1,239,062	0.4
	OSI Pharmaceuticals, Inc. (a)	24,000		937,200	0.3
	Other Securities			9,012,788	2.6
				12,352,920	3.6
Building Materials	Other Securities			1,934,147	0.6
Building: Cement	Other Securities			54,432	0.0
Building: Heating & Plumbing	Other Securities			262,502	0.1
Building: Miscellaneous	Other Securities			546,544	0.2
Building: Roofing & Wallboard	Other Securities			277,804	0.1
Cable Television Services	Other Securities			404,521	0.1
Casinos & Gambling	Other Securities			1,704,403	0.5
Chemicals	Other Securities			4,513,774	1.3
Coal	Other Securities			357,362	0.1
Commercial Information Services	Other Securities			373,719	0.1
Communications & Media	Other Securities			98,592	0.0
Communications Technology	Other Securities			8,596,701	2.5
Computer Services Software & Systems	Parametric Technology Corp. (a)	48,360		611,754	0.2
	Sybase, Inc. (a)	33,300		824,841	0.2
	Other Securities			16,156,112	4.7
				17,592,707	5.1

See Notes to Financial Statements.
16	BLACKROCK SMALL CAP INDEX FUND	DECEMBER 31, 2008

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

Industry	Common Stocks	Shares	Value		Percent
Computer Technology	Other Securities		$	3,179,823	0.9	%
Construction	EMCOR Group, Inc. (a)	28,472		638,627	0.2
	Granite Construction, Inc.	13,871		609,353	0.2
	Other Securities			670,714	0.2
				1,918,694	0.6
Consumer Electronics	Other Securities			1,877,777	0.5
Consumer Products	Other Securities			1,698,048	0.5
Containers & Packaging: Metals & Glass	Other Securities			731,896	0.2
Containers & Packaging: Paper & Plastic	Other Securities			205,110	0.1
Cosmetics	Other Securities			674,318	0.2
Diversified Financial Services	Other Securities			2,378,073	0.7
Diversified Materials & Processing	Clarcor, Inc.	20,810		690,476	0.2
	Other Securities			2,610,215	0.8
				3,300,691	1.0
Drug & Grocery Store Chains	Other Securities			2,284,787	0.7
Drugs & Pharmaceuticals	Onyx Pharmaceuticals, Inc. (a)	23,320		796,611	0.2
	Valeant Pharmaceuticals International (a)(b)	26,700		611,430	0.2
	Other Securities			8,065,321	2.3
				9,473,362	2.7
Education Services	Other Securities			1,595,653	0.5
Electrical & Electronics	Other Securities			1,215,231	0.4
Electrical Equipment & Components	Other Securities			3,238,471	0.9
Electrical: Household Appliance	Other Securities			185,658	0.1
Electronics	Other Securities			1,524,301	0.4
Electronics: Instruments, Gauges & Meters	Other Securities			234,638	0.1
Electronics: Medical Systems	Haemonetics Corp. (a)	10,772		608,618	0.2
	Other Securities			3,307,858	0.9
				3,916,476	1.1
Electronics: Other	Other Securities			45,087	0.0
Electronics:	Other Securities			4,795,470	1.4
Semi-Conductors/Components
Electronics: Technology	Other Securities			1,836,291	0.5
Energy Equipment	Other Securities			140,775	0.0
Energy Miscellaneous	Other Securities			2,332,626	0.7
Engineering & Contracting Services	Other Securities			1,254,649	0.4
Entertainment	Other Securities			549,114	0.2
Finance Companies	Other Securities			444,171	0.1
Finance: Small Loan	Other Securities			315,523	0.1
Financial Data Processing	Jack Henry & Associates, Inc.	31,300		607,533	0.2
Services & Systems	Other Securities			1,957,471	0.5
				2,565,004	0.7

See Notes to Financial Statements.
BLACKROCK SMALL CAP INDEX FUND	DECEMBER 31, 2008	17

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

Industry	Common Stocks	Shares	Value		Percent
Financial Information Services	Other Securities		$	855,442	0.2	%
Financial Miscellaneous	Other Securities			2,391,320	0.7
Foods	Flowers Foods, Inc.	32,476		791,115	0.2
	Ralcorp Holdings, Inc. (a)	23,595		1,377,948	0.4
	Other Securities			4,215,668	1.3
				6,384,731	1.9
Forest Products	Other Securities			453,034	0.1
Forms & Bulk Printing Services	Other Securities			269,046	0.1
Funeral Parlors & Cemeteries	Other Securities			103,917	0.0
Glass	Other Securities			127,428	0.0
Gold	Other Securities			899,599	0.3
Health Care Facilities	Psychiatric Solutions, Inc. (a)	23,300		648,905	0.2
	Other Securities			1,128,158	0.3
				1,777,063	0.5
Health Care Management Services	AMERIGROUP Corp. (a)	22,500		664,200	0.2
	Other Securities			3,825,787	1.1
				4,489,987	1.3
Health Care Services	Other Securities			2,667,230	0.8
Homebuilding	Other Securities			683,878	0.2
Hotel/Motel	Other Securities			201,988	0.1
Household Furnishings	Other Securities			731,947	0.2
Identification Control & Filter Devices	Other Securities			2,301,398	0.7
Industrial Products	Other Securities			158,244	0.0
Insurance: Life	Other Securities			1,347,609	0.4
Insurance: Multi-Line	Montpelier Re Holdings Ltd.	39,100		656,489	0.2
	Platinum Underwriters Holdings Ltd.	20,600		743,248	0.2
	Other Securities			2,389,968	0.7
				3,789,705	1.1
Insurance: Property-Casualty	Aspen Insurance Holdings Ltd.	35,800		868,150	0.3
	ProAssurance Corp. (a)	13,523		713,744	0.2
	Validus Holdings Ltd.	26,600		695,856	0.2
	Other Securities			6,375,254	1.8
				8,653,004	2.5
Investment Management Companies	Other Securities			1,561,805	0.5
Jewelry, Watches & Gemstones	Other Securities			404,314	0.1
Lead & Zinc	Other Securities			71,440	0.0
Leisure Time	Other Securities			1,256,235	0.4
Machine Tools	Other Securities			71,385	0.0
Machinery & Engineering	Other Securities			330,911	0.0
Machinery: Agricultural	Other Securities			243,225	0.1
Machinery: Construction & Handling	Other Securities			331,680	0.1
Machinery: Engines	Other Securities			456,024	0.1
Machinery: Industrial/Specialty	Other Securities			2,620,302	0.8
Machinery: Oil Well Equipment & Services	Other Securities			2,576,349	0.7

See Notes to Financial Statements.
18	BLACKROCK SMALL CAP INDEX FUND	DECEMBER 31, 2008

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

Industry	Common Stocks	Shares	Value		Percent
Machinery: Specialty	Other Securities		$	261,283	0.1	%
Manufactured Housing	Other Securities			174,021	0.1
Manufacturing	Other Securities			264,841	0.1
Medical & Dental Instruments & Supplies	Immucor, Inc. (a)	29,343		779,937	0.2
	Owens & Minor, Inc.	17,298		651,270	0.2
	Thoratec Corp. (a)	22,847		742,299	0.2
	Other Securities			9,194,626	2.7
				11,368,132	3.3
Medical Services	Magellan Health Services, Inc. (a)	17,000		665,720	0.2
	Other Securities			941,711	0.3
				1,607,431	0.5
Metal Fabricating	Other Securities			3,120,324	0.9
Metals & Minerals Miscellaneous	Compass Minerals International, Inc. (i)	13,600		797,776	0.2
	Other Securities			1,031,148	0.3
				1,828,924	0.5
Miscellaneous Business & Consumer Discretionary	Other Securities			332,279	0.1
Miscellaneous Consumer Staples	Other Securities			10,656	0.0
Miscellaneous Health Care	Other Securities			100,740	0.0
Miscellaneous Materials & Commodities	Other Securities			538,603	0.2
Miscellaneous Materials & Processing	Other Securities			442,568	0.1
Miscellaneous Producer Durables	Other Securities			170,762	0.1
Miscellaneous Technology	Other Securities			241,175	0.1
Multi-Sector Companies	Other Securities			1,054,867	0.3
Office Furniture & Business Equipment	Other Securities			1,004,673	0.3
Oil: Crude Producers	Comstock Resources, Inc. (a)	19,057		900,443	0.3
	Other Securities			5,345,917	1.5
				6,246,360	1.8
Oil: Integrated Domestic	Other Securities			315,744	0.1
Oil: Integrated International	Other Securities			186,744	0.1
Paints & Coatings	Other Securities			462,706	0.1
Paper	Other Securities			1,364,303	0.4
Plastics	Other Securities			79,214	0.0
Pollution Control & Environmental Services	Other Securities			925,709	0.3
Power Transmission Equipment	Other Securities			509,253	0.2
Printing & Copying Services	Other Securities			565,976	0.2
Production Technology Equipment	Other Securities			3,092,187	0.9
Publishing: Miscellaneous	Other Securities			375,185	0.1
Publishing: Newspapers	Other Securities			234,468	0.1
Radio & TV Broadcasters	Other Securities			532,673	0.2
Railroad Equipment	Westinghouse Air Brake Technologies Corp.	20,339		808,475	0.2
	Other Securities			177,801	0.1
				986,276	0.3

See Notes to Financial Statements.
BLACKROCK SMALL CAP INDEX FUND	DECEMBER 31, 2008	19

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

Industry	Common Stocks	Shares	Value		Percent
Railroads	Other Securities		$	392,688	0.1	%
Real Estate	Other Securities			854,938	0.3
Real Estate Investment Trusts (REITs)	Anthracite Capital, Inc. (b)(c)	24,500		54,635	0.0
	Highwoods Properties, Inc.	26,700		730,512	0.2
	Realty Income Corp. (b)	42,500		983,875	0.3
	Senior Housing Properties Trust	47,914		858,619	0.2
	Washington Real Estate Investment Trust	22,065		624,440	0.2
	Other Securities			15,026,977	4.4
				18,279,058	5.3
Recreational Vehicles & Boats	Other Securities			491,782	0.1
Rental & Leasing Services: Commercial	Other Securities			453,023	0.1
Rental & Leasing Services: Consumer	Other Securities			1,311,045	0.4
Restaurants	Wendy’s	165,652		818,321	0.3
	Other Securities			3,563,503	1.0
				4,381,824	1.3
Retail	Other Securities			8,696,576	2.5
Savings & Loan	First Niagara Financial Group, Inc.	49,853		806,123	0.2
	Other Securities			4,008,991	1.2
				4,815,114	1.4
Securities Brokerage & Services	Knight Capital Group, Inc. Class A (a)	39,500		637,925	0.2
	Other Securities			1,226,496	0.3
				1,864,421	0.5
Services: Commercial	Waste Connections, Inc. (a)	33,427		1,055,290	0.3
	Watson Wyatt Worldwide, Inc.	17,915		856,695	0.2
	Other Securities			9,958,418	2.9
				11,870,403	3.4
Shipping	Other Securities			1,926,274	0.5
Shoes	Other Securities			2,168,556	0.6
Steel	Other Securities			151,254	0.0
Sugar	Other Securities			74,568	0.0
Telecommunications Equipment	Other Securities			2,124,104	0.6
Textile Products	Other Securities			156,603	0.0
Textiles Apparel Manufacturers	Other Securities			2,101,467	0.6
Tires & Rubber	Other Securities			268,694	0.1
Tobacco	Other Securities			856,228	0.2
Toys	Marvel Entertainment, Inc. (a)	20,500		630,375	0.2
	Other Securities			289,125	0.1
				919,500	0.3
Transportation Miscellaneous	Other Securities			850,543	0.2
Truckers	Other Securities			2,307,856	0.7
Utilities: Electrical	ITC Holdings Corp.	20,600		899,808	0.3
	Westar Energy, Inc.	43,900		900,389	0.3
	Other Securities			6,076,930	1.7
				7,877,127	2.3

See Notes to Financial Statements.
20	BLACKROCK SMALL CAP INDEX FUND	DECEMBER 31, 2008

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

Industry	Common Stocks	Shares		Value		Percent
Utilities: Gas Distributors	New Jersey Resources Corp.	17,661	$	694,960		0.2	%
	Nicor, Inc.	18,900		656,586		0.2
	Piedmont Natural Gas Co.	30,600		969,102		0.3
	WGL Holdings, Inc.	20,700		676,683		0.2
	Other Securities			1,937,330		0.5
				4,934,661		1.4
Utilities: Telecommunications	Other Securities			3,249,984		0.9
Utilities: Water	Other Securities			1,073,422		0.3
Wholesalers	Other Securities			781,901		0.2
	Total Common Stocks			311,768,114		90.4
	Investment Companies
	BlackRock Kelso Capital Corp. (c)	4,400		43,384		0.0
	Other Securities			412,452		0.1
	Total Investment Companies			455,836		0.1
	Warrants (d)
Communications Technology	Other Securities			0		0.0
Energy Miscellaneous	GreenHunter Energy, Inc. (expires 8/27/11) (b)(e)	180		0		0.0
	Total Warrants			0		0.0
	Other Interests (f)
Oil: Crude Producers	Other Securities			0		0.0
	Total Other Interests			0		0.0
	Total Long-Term Investments (Cost — $404,884,567)			312,223,950		90.5
	Short-Term Securities	Beneficial Interest (000)
	BlackRock Liquidity Series, LLC Cash Sweep Series, 1.64% (c)(g)	$   33,515		33,514,609		9.7
	BlackRock Liquidity Series, LLC Money Market Series, 0.80% (c)(g)(h)	24,644		24,644,202		7.2
	Total Short-Term Securities (Cost — $58,158,811)			58,158,811		16.9
Total Investments (Cost — $463,043,378*)				370,382,761		107.4
Liabilities in Excess of Other Assets				(25,662,641	)	(7.4	)
Net Assets			$	344,720,120		100.0	%

*	The cost and unrealized appreciation (depreciation) of investments as of December 31, 2008, as computed for federal income tax purposes, were as follows:
	Aggregate cost	$	484,047,076
	Gross unrealized appreciation	$	35,373,591
	Gross unrealized depreciation		(149,037,906	)
	Net unrealized depreciation	$	(113,664,315	)

(a)	Non-income producing security.
(b)	Security, or a portion of security, is on loan.

See Notes to Financial Statements.
BLACKROCK SMALL CAP INDEX FUND	DECEMBER 31, 2008	21

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

(c) Investments in companies considered to be an affiliate of the Series, for purposes of Section 2(a)(3) of the Investment Company Act of 1940, were as follows:

Affiliate	Purchase Cost			Sale Cost			Realized Loss			Income
Anthracite Capital, Inc.	$	62,886		$	166,460		$	(68,727	)	$	24,910
BlackRock Kelso Capital Corp.	$	18,400		$	6,168		$	(524	)	$	5,848
BlackRock Liquidity Series, LLC Cash Sweep Series	$	287,816	*		—			—		$	580,110
BlackRock Liquidity Series, LLC Money Market Series		—		$	59,164,615	**		—		$	1,200,163

*	Represents net purchase cost.
**	Represents net sale cost.

(d)	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.
(e)	Restricted security as to resale, representing 0.0% of net assets, were as follows:

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

(f)	Other interests represent beneficial interest in liquidation trusts and other reorganization entities and are non-income producing. (g) Represents the current yield as of report date.
(h)	Security was purchased with the cash proceeds from securities loans.
(i)	All or a portion of the security has been pledged as collateral in connection with open financial futures contracts.
•	For Series compliance purposes, the Series’ industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by Series management. This definition may not apply for purposes of this report, which may combine industry sub-classifications for reporting ease. Industries are shown as a percent of net assets. These industry classifications are unaudited.
•	Other securities represent issues that are not identified as the 50 largest holdings of the Series and issues not exceeding 1% of net assets. Some securities, or a portion of, in this category are either held as collateral in connection with open financial futures contracts or are out on loan.
•	Financial futures contracts purchased as of December 31,2008 were as follows:

Contracts	Issue	Expiration Date	Face Value		Unrealized Appreciation
683	Russell 2000 Index	March 2009	$	31,631,628	$	2,374,942

• Effective January 1,2008,the Series adopted Financial Accounting Standards Board Statement of Financial Accounting Standards No.157,”Fair Value Measurements,” clarifies the definition of fair value, establishes a framework for measuring fair values and requires additional disclosures about the use of fair value measurements. Various inputs are used in determining the fair value of investments, which are as follows:

• Level 1 — price quotations in active markets/exchanges for identical securities

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

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

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For information about the Series’ policy regarding valuation of investments and other significant accounting policies, please refer to Note 1 of the Notes to Financial Statements.

The following table summarizes the inputs used as of December 31, 2008 in determining the fair valuation of the Series’ investments:

Valuation Inputs	Investments in Securities		Other Financial Instruments*
	Assets		Assets
Level 1	$	312,223,950	$	2,374,942
Level 2		58,158,811		—
Level 3		—		—
Total	$	370,382,761	$	2,374,942

* Other financial instruments are futures.

See Notes to Financial Statements.

22 BLACKROCK SMALL CAP INDEX FUND DECEMBER 31, 2008

Statement of Assets and Liabilities Master Small Cap Index Series

December 31, 2008
Assets
Investments at value — unaffiliated (including securities loaned of $23,975,661) (cost — $404,606,765)	$	312,125,931
Investments at value — affiliated (cost — $58,436,613)		58,256,830
Cash		1,156,226
Margin variation receivable — affiliated		972,195
Dividends receivable		494,666
Investments sold receivable		255,872
Securities lending income receivable — affiliated		185,400
Prepaid expenses		13,361
Other assets		5,208
Investment advisor receivable		1,235
Total assets		373,466,924
Liabilities
Collateral at value — securities loaned		24,644,202
Investments purchased payable		3,424,491
Withdrawals payable from investors		615,391
Other accrued expenses payable		60,633
Other affiliates payable		1,998
Officer’s and Directors’ fees payable		89
Total liabilities		28,746,804
Net Assets	$	344,720,120
Net Assets Consist of
Investors’ capital	$	435,005,795
Net unrealized appreciation/depreciation		(90,285,675	)
Net Assets	$	344,720,120

See Notes to Financial Statements.

BLACKROCK SMALL CAP INDEX FUND DECEMBER 31, 2008 23

Statement of Operations Master Small Cap Index Series

Year Ended December 31, 2008
Investment Income
Dividends	$	6,083,383
Foreign taxes withheld		(2,011	)
Income — affiliated		611,275
Securities lending — affiliated		1,200,163
Total income		7,892,810
Expenses
Custodian		134,965
Accounting services		96,677
Professional		64,069
Investment advisory		47,115
Officer and Directors		22,623
Printing		1,393
Other		12,324
Total expenses		379,166
Less fees waived by advisor		(26,007	)
Less fees paid indirectly		(2,122	)
Total expenses after fees waived and paid indirectly		351,037
Net investment income		7,541,773
Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
Investments — unaffiliated		2,219,093
Investments — affiliated		(69,251	)
In-kind redemption		(22,495,309	)
Futures		(8,083,531	)
		(28,428,998	)
Net change in unrealized appreciation/depreciation on:
Investments		(155,061,624	)
Futures		1,905,337
		(153,156,287	)
Total realized and unrealized loss		(181,585,285	)
Net Decrease in Net Assets Resulting from Operations	$	(174,043,512	)

See Notes to Financial Statements.

24 BLACKROCK SMALL CAP INDEX FUND DECEMBER 31, 2008

Statements of Changes in Net Assets Master Small Cap Index Series

	Year Ended December 31,
Increase (Decrease) in Net Assets:	2008			2007
Operations
Net investment income	$	7,541,773		$	10,909,414
Net realized gain (loss)		(28,428,998	)		21,031,968
Net change in unrealized appreciation/depreciation		(153,156,287	)		(45,314,859	)
Net decrease in net assets resulting from operations		(174,043,512	)		(13,373,477	)
Capital Transactions
Proceeds from contributions		277,100,847			443,692,332
Fair value of withdrawals		(388,731,499	)		(361,297,148	)
Net increase (decrease) in net assets derived from capital transactions		(111,630,652	)		82,395,184
Net Assets
Total increase (decrease) in net assets		(285,674,164	)		69,021,707
Beginning of year		630,394,284			561,372,577
End of year	$	344,720,120		$	630,394,284

Financial Highlights Master Small Cap Index Series

	Year Ended December 31,
	2008			2007			2006			2005			2004
Total Investment Return
Total investment return		(33.57	)%		(1.46	)%		18.13	%		4.63	%		18.15	%
Ratios to Average Net Assets
Total expenses after waiver and fees paid indirectly		0.07	%		0.06	%		0.07	%		0.07	%		0.08	%
Total expenses after waiver and before fees paid indirectly		0.07	%		0.06	%		0.07	%		0.07	%		0.08	%
Total expenses		0.08	%		0.06	%		0.07	%		0.08	%		0.08	%
Net investment income		1.60	%		1.69	%		1.55	%		1.17	%		1.11	%
Supplemental Data
Net assets, end of year (000)	$	344,720		$	630,394		$	561,373		$	370,145		$	365,661
Portfolio turnover		42	%		26	%		40	%		37	%		38	%

See Notes to Financial Statements.
BLACKROCK SMALL CAP INDEX FUND	DECEMBER 31, 2008	25

Notes to Financial Statements Master Small Cap Index Series

1. Organization and Significant Accounting Policies:

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

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

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

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

Derivative Financial Instruments: The Series may engage in various portfolio investment strategies both to increase the return of the Series and to hedge, or protect, its exposure to interest rate movements and movements in the securities markets. Losses may arise if the value of the contract decreases due to an unfavorable change in the price of the underlying security, or if the counterparty does not perform under the contract.

• Financial futures contracts — The Series may purchase or sell financial futures contracts and options on financial futures contracts for investment purposes or to manage its interest rate risk. Futures are contracts for delayed delivery of securities at a specific future date and at a specific price or yield. Pursuant to the contract, the Series agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in value of the contract. Such receipts or payments are known as margin variation and are recognized by the Series as unrealized gains or losses. When the contract is closed, the Series records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. The use of futures transactions involves the risk of an imperfect correlation in the movements in the price of futures contracts, interest rates and the underlying assets, and the possible inability of counter-parties to meet the terms of their contracts.

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

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

Securities Lending: The Series may lend securities to financial institutions that provide cash or securities issued or guaranteed by the US government as collateral, which will be maintained at all times in an amount equal to at least 100% of the current market value of the loaned securities. The market value of the loaned securities is determined at the close of business of the Series and any additional required collateral is

26 BLACKROCK SMALL CAP INDEX FUND DECEMBER 31, 2008

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

delivered to the Series on the next business day. The Series typically receives the income on the loaned securities but does not receive the income on the collateral. Where the Series receives cash collateral, it may invest such collateral and retain the amount earned on such investment, net of any amount rebated to the borrower. The Series may receive a flat fee for its loans. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions. The Series may pay reasonable lending agent, administrative and custodial fees in connection with its loans. In the event that the borrower defaults on its obligation to return borrowed securities because of insolvency or for any other reason, the Series could experience delays and costs in gaining access to the collateral. The Series also could suffer a loss where the value of the invested collateral falls below the market value of the borrowed securities either in the event of borrower default or in the event of losses on investments made with cash collateral. For the year ended December 31, 2008, the Series received only cash collateral for any securities loaned.

Income Taxes: The Series is classified as a “pass-through entity” for federal income tax purposes. As such, each investor in the Series is treated as owner of its proportionate shares of the 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 Master LLC’s assets will be managed so an investor in the Master LLC can satisfy the requirements of Subchapter M of the Internal Revenue Code. The Series is disregarded as an entity from its owner for tax purposes, therefore it is not required to file tax returns. Under the applicable foreign tax laws, a withholding tax may be imposed on interest, dividend and capital gains at various rates.

The Series files US federal and various state and local tax returns. No income tax returns are currently under examination. The statute of limitations on the Series’ US federal tax returns remains open for the years ended December 31, 2005 through December 31, 2007. The statutes of limitations on the Series’ state and local tax returns may remain open for an additional year depending upon the jurisdiction.

Recent Accounting Pronouncement: In March 2008, Statement of Financial Accounting Standards No. 161, “Disclosures about Derivative Instruments and Hedging Activities — an amendment of FASB Statement No. 133” (“FAS 161”), was issued and is effective for fiscal years beginning after November 15, 2008. FAS 161 is intended to improve financial reporting for derivative instruments by requiring enhanced disclosure that enables investors to understand how and why an entity uses derivatives, how derivatives are accounted for, and how derivative instruments affect an entity’s results of operations and financial position. FAS 161 is effective for financial statements issued for fiscal years and interim periods beginning after November 15, 2008. The impact of the Fund’s financial statement disclosures, if any, is currently being assessed.

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

2. Investment Advisory Agreement and Other Transactions with Affiliates:

The Master LLC, on behalf of the Series, has entered into an Investment Advisory Agreement with BlackRock Advisors, LLC (the “Advisor”), an indirect, wholly owned subsidiary of BlackRock, Inc., to provide investment advisory and administration services. Merrill Lynch & Co., Inc. (“Merrill Lynch”) and The PNC Financial Services Group, Inc. are the largest stockholders of BlackRock, Inc. As of December 31, 2008, Merrill Lynch and PNC are affiliates of BlackRock, Inc.

The Advisor is responsible for the management of the Series’ investments 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 Advisor a monthly fee at an annual rate of 0.01% of the average daily net assets of the Series.

The Advisor has entered into a contractual arrangement with the Master LLC with respect to the Series under which the Advisor will waive its fees or reimburse expenses so that the total operating expenses incurred by the Series will not exceed 0.08% of the Series’ average daily net assets. This arrangement has a one-year term and is renewable. This amount is shown on the Statement of Operations as fees waived by advisor.

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

For the year ended December 31, 2008, the Series reimbursed the Advisor $8,365 for certain accounting services, which is included in accounting services in the Statement of Operations.

The Master LLC, on behalf of the Series, has received an exemptive order from the SEC permitting it to lend portfolio securities to Merrill Lynch, Pierce, Fenner & Smith Incorporated (“MLPF&S”), a wholly owned subsidiary of Merrill Lynch, or its affiliates. As of the report date, the Series lent securities with a value of $1,175,816 to MLPF&S or its affiliates. Pursuant to that order, the Master LLC has retained BIM as the securities lending agent for a fee based on a share of the returns on investment of cash collateral. BIM may, on behalf of the Master LLC and the Series, invest cash collateral received by the Series for such loans, among other things, in a private investment company managed by the Advisor or in

BLACKROCK SMALL CAP INDEX FUND DECEMBER 31, 2008 27

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

registered money market funds advised by the Advisor or its affiliates. The share of income earned by the Series on such investments is shown as securities lending — affiliated on the Statement of Operations. For the year ended December 31, 2008, BIM received $298,692 in securities lending agent fees.

The Series may earn income on positive cash balances in demand deposit accounts. For the year ended December 31, 2008, the Series earned $407, which is included in income — affiliated in the Statement of Operations.

Pursuant to the terms of the custody agreement, custodian fees may be reduced by amounts calculated on uninvested cash balances, which are shown on the Statement of Operations as fees paid indirectly.

Certain officers and/or directors of the Master LLC are officers and/or directors of BlackRock, Inc. or its affiliates. The Series reimburses the Advisor for its allocated share of compensation paid to the Master LLC’s Chief Compliance Officer.

3. Investments:

Purchases and sales of investments, excluding short-term securities, for the year ended December 31, 2008 were $191,017,169 and $303,329,787, respectively.

4. Short-Term Borrowings:

The Master LLC, on behalf of the Series, along with certain other funds managed by the Manager and its affiliates, is a party to a $500,000,000 credit agreement with a group of lenders, which expired November 2008 and was subsequently renewed until November 2009. The Series may borrow under the credit agreement to fund shareholder redemptions and for other lawful purposes other than for leverage. The Series may borrow up to the maximum amount allowable under the Series’ current Prospectus and Statement of Additional Information, subject to various other legal, regulatory or contractual limits. The Series paid its pro rata share of a 0.02% upfront fee on the aggregate commitment amount based on its net assets as of October 31, 2008. The Series pays a commitment fee of 0.08% per annum based on the Series’ pro rata share of the unused portion of the credit agreement, which is included in miscellaneous in the Statement of Operations. Amounts borrowed under the credit agreement bear interest at a rate equal to the higher of the (a) federal funds effective rate and (b) reserve adjusted one month LIBOR, plus, in each case, the higher of (i) 1.50% and (ii) 50% of the CDX Index (as defined in the credit agreement) in effect from time to time. The Series did not borrow under the credit agreement during the year ended December 31, 2008.

5. Market and Credit Risk:

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

The Series invests a significant portion of its assets in the financial services industry. Please see the Summary Schedule of Investments for these securities. Changes in economic conditions affecting the financial services industry would have a greater impact on the Series, and could affect the value, income and/or liquidity of positions in such securities.

6. Subsequent Event:

On January 1, 2009, Bank of America Corporation announced that it had completed its acquisition of Merrill Lynch, one of the largest stockholders of BlackRock, Inc.

28 BLACKROCK SMALL CAP INDEX FUND DECEMBER 31, 2008

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

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

We have audited the accompanying statement of assets and liabilities, including the summary schedule of investments, of Master Small Cap Index Series, one of the portfolios constituting Quantitative Master Series LLC (the “Master LLC”) as of December 31, 2008, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended. These financial statements and financial highlights are the responsibility of the Master LLC’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. The Master LLC is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Master LLC’s internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of December 31, 2008, by correspondence with the custodian and brokers; where replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Master Small Cap Index Series of Quantitative Master Series LLC as of Decem-ber 31, 2008, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

Deloitte & Touche LLP
Princeton, New Jersey
February 25, 2009

BLACKROCK SMALL CAP INDEX FUND DECEMBER 31, 2008 29

Officers and Directors

Name, Address and Year of Birth	Position(s) Held with Corporation/ Master LLC	Length of Time Served as a Director2	Principal Occupation(s) During Past Five Years	Number of BlackRock- Advised Funds and Portfolios Overseen	Public Directorships
Non-Interested Directors1
Ronald W. Forbes 40 East 52nd Street New York, NY 10022 1940	Director and Co-Chair of the Board of Directors	Since 2007	Professor Emeritus of Finance, School of Business, State University of New York at Albany since 2000.	34 Funds 81 Portfolios	None
Rodney D. Johnson 40 East 52nd Street New York, NY 10022 1941	Director and Co-Chair of the Board of Directors	Since 2007	President, Fairmount Capital Advisors, Inc. since 1987; Director, Fox Chase Cancer Center since 2002; Member of the Archdiocesan Investment Committee of the Archdiocese of Philadelphia since 2003; Director, The Committee of Seventy (civic) since 2006.	34 Funds 81 Portfolios	None
David O. Beim 40 East 52nd Street New York, NY 10022 1940	Director	Since 2007	Professor of Finance and Economics at the Columbia University Graduate School of Business since 1991; Trustee, Phillips Exeter Academy since 2002; Formerly Chairman, Wave Hill Inc. (public garden and cultural center) from 1990 to 2006.	34 Funds 81 Portfolios	None
Dr. Matina Horner 40 East 52nd Street New York, NY 10022 1939	Director	Since 2007	Formerly Executive Vice President of Teachers Insurance and Annuity Association and College Retirement Equities Fund from 1989 to 2003.	34 Funds 81 Portfolios	NSTAR (electric and gas utility)
Herbert I. London 40 East 52nd Street New York, NY 10022 1939	Director and Member of the Audit Committee	Since 2007	Professor Emeritus, New York University since 2005; John M. Olin Professor of Humanities, New York University from 1993 to 2005 and Professor thereof from 1980 to 2005; President, Hudson Institute (policy research organization) since 1997 and Trustee thereof since 1980; Chairman of the Board of Trustees for Grantham University since 2006; Director, InnoCentive, Inc. (strategic solutions company) since 2005; Director, Cerego, LLC (software development and design) since 2005.	34 Funds 81 Portfolios	AIMS Worldwide, Inc. (marketing)
Cynthia A. Montgomery 40 East 52nd Street New York, NY 10022 1952	Director	Since 2007	Professor, Harvard Business School since 1989; Director, Harvard Business School Publishing since 2005; Director, McLean Hospital since 2005.	34 Funds 81 Portfolios	Newell Rubbermaid, Inc. (manufacturing)
Joseph P. Platt, Jr. 40 East 52nd Street New York, NY 10022 1947	Director	Since 2007	Director, The West Penn Allegheny Health System (a not-for-profit health system) since 2008; Director, Jones and Brown (Canadian insurance broker) since 1998; General Partner, Thorn Partners, LP (private investment) since 1998; Formerly Partner, Amarna Corporation, LLC (private investment company) from 2002 to 2008.	34 Funds 81 Portfolios	Greenlight Capital Re, Ltd (reinsurance company)
Robert C. Robb, Jr. 40 East 52nd Street New York, NY 10022 1945	Director	Since 2007	Partner, Lewis, Eckert, Robb and Company (management and financial consulting firm) since 1981.	34 Funds 81 Portfolios	None
Toby Rosenblatt 40 East 52nd Street New York, NY 10022 1938	Director	Since 2007	President, Founders Investments Ltd. (private investments) since 1999; Director of Forward Management, LLC since 2007; Director, The James Irvine Foundation (philanthropic foundation) since 1997; Formerly Trustee, State Street Research Mutual Funds from 1990 to 2005; Formerly Trustee, Metropolitan Series Funds, Inc. from 2001 to 2005.	34 Funds 81 Portfolios	A.P. Pharma, Inc. (specialty pharmaceuticals)

30 BLACKROCK SMALL CAP INDEX FUND DECEMBER 31, 2008

Officers and Directors (continued)

Name, Address and Year of Birth	Position(s) Held with Corporation/ Master LLC	Length of Time Served as a Director2	Principal Occupation(s) During Past Five Years	Number of BlackRock- Advised Funds and Portfolios Overseen	Public Directorships
Non-Interested Directors1 (concluded)
Kenneth L. Urish 40 East 52nd Street New York, NY 10022 1951	Director and Chair of the Audit Committee	Since 2007	Managing Partner, Urish Popeck & Co., LLC (certified public account- ants and consultants) since 1976; Member of External Advisory Board, The Pennsylvania State University Accounting Department since 2001; Trustee, The Holy Family Foundation since 2001; Committee Member/ Professional Ethics Committee of the Pennsylvania Institute of Certified Public Accountants since 2007; Formerly President and Trustee, Pittsburgh Catholic Publishing Associates from 2003 to 2008; Formerly Director, Inter-Tel from 2006 to 2007.	34 Funds 81 Portfolios	None
Frederick W. Winter 40 East 52nd Street New York, NY 10022 1945	Director and Member of the Audit Committee	Since 2007	Professor and Dean Emeritus of the Joseph M. Katz School of Business, University of Pittsburgh since 2005 and Dean thereof from 1997 to 2005. Director, Alkon Corporation (pneumatics) since 1992; Formerly Director, Indotronix International (IT services) from 2004 to 2008; Director, Tippman Sports (recreation) since 2005.	34 Funds 81 Portfolios	None

1

Directors serve until their resignation, removal or death, or until December 31 of the year in which they turn 72.

2

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

Interested Directors3
Richard S. Davis 40 East 52nd Street New York, NY 10022 1945	Director	Since 2007	Managing Director, BlackRock, Inc. since 2005; Formerly Chief Executive Officer, State Street Research & Management Company from 2000 to 2005; Formerly Chairman of the Board of Trustees, State Street Research Mutual Funds from 2000 to 2005; Formerly Chairman, SSR Realty from 2000 to 2004	174 Funds 286 Portfolios	None
Henry Gabbay 40 East 52nd Street New York, NY 10022 1947	Director	Since 2007	Formerly Consultant, BlackRock, Inc. from 2007 to 2008; Formerly Managing Director, BlackRock, Inc. from 1989 to 2007; Formerly Chief Administrative Officer, BlackRock Advisors, LLC from 1998 to 2007; Formerly President of BlackRock Funds and BlackRock Bond Allocation Target Shares from 2005 to 2007 and Treasurer of certain closed-end funds in the BlackRock fund complex from 1989 to 2006.	174 Funds 286 Portfolios	None

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

BLACKROCK SMALL CAP INDEX FUND DECEMBER 31, 2008 31

Officers and Directors (concluded)

Name, Address and Year of Birth	Position(s) Held with Corporation/ Master LLC	Length of Time Served	Principal Occupation(s) During Past Five Years
Corporation/Master LLC Officers1
Donald C. Burke 40 East 52nd Street New York, NY 10022 1960	Corporation President and Chief Executive Officer	Since 2007	Managing Director of BlackRock, Inc. since 2006; Formerly Managing Director of Merrill Lynch Investment Managers, L.P. (“MLIM”) and Fund Asset Management, L.P. (“FAM”) in 2006, First Vice President thereof from 1997 to 2005, Treasurer thereof from 1999 to 2006 and Vice President thereof from 1990 to 1997.
Anne F. Ackerley 40 East 52nd Street New York, NY 10022 1962	Vice President	Since 2007	Managing Director of BlackRock, Inc. since 2000; Chief Operating Officer of BlackRock’s US Retail Group since 2006; Formerly Head of BlackRock’s Mutual Fund Group from 2000 to 2006.
Neal J. Andrews 40 East 52nd Street New York, NY 10022 1966	Chief Financial Officer	Since 2007	Managing Director of BlackRock, Inc. since 2006; Formerly Senior Vice President and Line of Business Head of Fund Accounting and Administration at PNC Global Investment Servicing (US) Inc. (formerly PFPC Inc.) from 1992 to 2006.
Jay M. Fife 40 East 52nd Street New York, NY 10022 1970	Treasurer	Since 2007	Managing Director of BlackRock, Inc. since 2007 and Director in 2006; Formerly Assistant Treasurer of the MLIM/FAM-advised Funds from 2005 to 2006; Director of MLIM Fund Services Group from 2001 to 2006.
Brian P. Kindelan 40 East 52nd Street New York, NY 10022 1959	Chief Compliance Officer	Since 2007	Chief Compliance Officer of the BlackRock-advised Funds since 2007; Managing Director and Senior Counsel of BlackRock, Inc. since 2005; Formerly Director and Senior Counsel of BlackRock Advisors, Inc. from 2001 to 2004.
Howard B. Surloff 40 East 52nd Street New York, NY 10022 1965	Secretary	Since 2007	Managing Director of BlackRock, Inc. and General Counsel of US Funds at BlackRock, Inc. since 2006; Formerly General Counsel (US) of Goldman Sachs Asset Management, L.P. from 1993 to 2006.

1	Officers of the Corporation/Master LLC serve at the pleasure of the Board of Directors.
Further information about the Corporation’s/Master LLC’s 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.

Custodian

State Street Bank and

Trust Company

North Quincy, MA 02171

Transfer Agent

PNC Global Investment

Servicing (U.S.) Inc.

Wilmington, DE 19809

Accounting Agent

State Street Bank and

Trust Company

Princeton, NJ 08540

Independent Registered Public Accounting Firm

Deloitte & Touche LLP

Princeton, NJ 08540

Legal Counsel

Sidley Austin LLP

New York, NY 10019

32 BLACKROCK SMALL CAP INDEX FUND DECEMBER 31, 2008

Additional Information

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.

Availability of Additional Information

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

To enroll:

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

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

Shareholders Who Hold Accounts Directly with BlackRock:

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

Householding

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

Availability of Proxy Voting Policies and Procedures

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

BLACKROCK SMALL CAP INDEX FUND DECEMBER 31, 2008 33

Additional Information (concluded)

Availability of Additional Information (concluded)

Availability of Proxy Voting Record

Information on how the Fund votes proxies relating to securities held in the Fund’s portfolio during the most recent 12-month period ended June 30 is available upon request and without charge

(1)	at www.blackrock.com or by calling (800) 441-7762 and
(2)	on the SEC’s website at http://www.sec.gov.

Availability of Quarterly Portfolio Schedule

The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The Fund’s Forms N-Q are available on the SEC’s website at http://www.sec.gov and may also be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C. Information on the operation of the Public Reference Room may be obtained by calling (800) SEC-0330. The Fund’s Forms N-Q may also be obtained upon request and without charge by calling (800) 441-7762.

Shareholder Privileges

Account Information

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

Automatic Investment Plans

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

Systematic Withdrawal Plans

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

34 BLACKROCK SMALL CAP INDEX FUND DECEMBER 31, 2008

A World-Class Mutual Fund Family

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

Equity Funds

BlackRock All-Cap Energy & Resources Portfolio

BlackRock Asset Allocation Portfolio†

BlackRock Aurora Portfolio

BlackRock Balanced Capital Fund†

BlackRock Basic Value Fund

BlackRock Capital Appreciation Portfolio

BlackRock Energy & Resources Portfolio

BlackRock Equity Dividend Fund

BlackRock EuroFund

BlackRock Focus Growth Fund

BlackRock Focus Value Fund

BlackRock Fundamental Growth Fund

BlackRock Global Allocation Fund†

BlackRock Global Dynamic Equity Fund

BlackRock Global Emerging Markets Fund

BlackRock Global Financial Services Fund

BlackRock Global Growth Fund

BlackRock Global Opportunities Portfolio

BlackRock Global SmallCap Fund

BlackRock Health Sciences Opportunities Portfolio

BlackRock Healthcare Fund

BlackRock Index Equity Portfolio*

BlackRock International Fund

BlackRock International Diversification Fund

BlackRock International Index Fund

BlackRock International Opportunities Portfolio

BlackRock International Value Fund

BlackRock Large Cap Core Fund

BlackRock Large Cap Core Plus Fund

BlackRock Large Cap Growth Fund

BlackRock Large Cap Value Fund

BlackRock Latin America Fund

BlackRock Mid-Cap Growth Equity Portfolio

BlackRock Mid-Cap Value Equity Portfolio

BlackRock Mid Cap Value Opportunities Fund

BlackRock Natural Resources Trust

BlackRock Pacific Fund

BlackRock Science & Technology Opportunities Portfolio

BlackRock Small Cap Core Equity Portfolio

BlackRock Small Cap Growth Equity Portfolio

BlackRock Small Cap Growth Fund II

BlackRock Small Cap Index Fund

BlackRock Small Cap Value Equity Portfolio*

BlackRock Small/Mid-Cap Growth Portfolio

BlackRock S&P 500 Index Fund

BlackRock U.S. Opportunities Portfolio

BlackRock Utilities and Telecommunications Fund

BlackRock Value Opportunities Fund

Fixed Income Funds

BlackRock Emerging Market Debt Portfolio

BlackRock Enhanced Income Portfolio

BlackRock GNMA Portfolio

BlackRock Government Income Portfolio

BlackRock High Income Fund

BlackRock High Yield Bond Portfolio

BlackRock Income Portfolio†

BlackRock Income Builder Portfolio†

BlackRock Inflation Protected Bond Portfolio

BlackRock Intermediate Bond Portfolio II

BlackRock Intermediate Government Bond Portfolio

BlackRock International Bond Portfolio

BlackRock Long Duration Bond Portfolio

BlackRock Low Duration Bond Portfolio

BlackRock Managed Income Portfolio

BlackRock Short-Term Bond Fund

BlackRock Strategic Income Portfolio

BlackRock Total Return Fund

BlackRock Total Return Portfolio II

BlackRock World Income Fund

Municipal Bond Funds

BlackRock AMT-Free Municipal Bond Portfolio

BlackRock California Insured Municipal Bond Fund

BlackRock Delaware Municipal Bond Portfolio

BlackRock Florida Municipal Bond Fund

BlackRock High Yield Municipal Fund

BlackRock Intermediate Municipal Fund

BlackRock Kentucky Municipal Bond Portfolio

BlackRock Municipal Insured Fund

BlackRock National Municipal Fund

BlackRock New Jersey Municipal Bond Fund

BlackRock New York Municipal Bond Fund

BlackRock Ohio Municipal Bond Portfolio

BlackRock Pennsylvania Municipal Bond Fund

BlackRock Short-Term Municipal Fund

Target Risk & Target Date Funds

BlackRock Prepared Portfolios

Conservative Prepared Portfolio

Moderate Prepared Portfolio

Growth Prepared Portfolio

Aggressive Growth Prepared Portfolio

BlackRock Lifecycle Prepared Portfolios

Prepared Portfolio 2010

Prepared Portfolio 2015

Prepared Portfolio 2020

Prepared Portfolio 2025

Prepared Portfolio 2030

Prepared Portfolio 2035

Prepared Portfolio 2040

Prepared Portfolio 2045

Prepared Portfolio 2050

Prepared Portfolio 2050

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

BlackRock mutual funds are currently distributed by BlackRock Investments, Inc. You should consider the investment objectives, risks, charges and expenses of the funds under consideration carefully before investing. Each fund’s prospectus contains this and other information and is available at www.blackrock.com or by calling (800) 882-0052 or from your financial advisor. The prospectus should be read carefully before investing.

BLACKROCK SMALL CAP INDEX FUND DECEMBER 31, 2008 35

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

BlackRock Small Cap Index Fund of BlackRock Index Funds, Inc. 100 Bellevue Parkway Wilmington, DE 19809

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

	(a) Audit Fees		(b) Audit-Related Fees1		(c) Tax Fees2		(d) All Other Fees3
Entity Name	Current Fiscal Year End	Previous Fiscal Year End	Current Fiscal Year End	Previous Fiscal Year End	Current Fiscal Year End	Previous Fiscal Year End	Current Fiscal Year End	Previous Fiscal Year End
BlackRock Small Cap Index Fund	$6,800	$6,500	$0	$0	$6,100	$6,100	$1,049	$1,042
Master Small Cap Index Series	$39,000	$43,300	$0	$0	$17,000	$17,000	$0	$0

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

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

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

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

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

registrant or $50,000 for all of the registrants the Committee oversees. For this purpose, multiple projects will be aggregated to determine if they exceed the previously mentioned cost levels.

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

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

(f) Not Applicable

(g) Affiliates’ Aggregate Non-Audit Fees:

Entity Name	Current Fiscal Year End	Previous Fiscal Year End
BlackRock Small Cap Index Fund	$412,149	$291,642
Master Small Cap Index Series	$422,000	$301,500

	(h) The registrant’s audit committee has considered and determined that the provision of non-audit services that were rendered to the registrant’s investment adviser (not including any non-affiliated sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by the registrant’s investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant’s independence.
	Regulation S-X Rule 2-01(c)(7)(ii) – $405,000, 0%
Item 5 –	Audit Committee of Listed Registrants – Not Applicable
Item 6 –	Investments (a) Master Small Cap Index Series - Schedule of Investments

Master Small Cap Index Series of Quantitative Master Series LLC

Schedule of Investments December 31, 2008 (Percentages shown are based on Net Assets)

Industry	Common Stocks	Shares		Value
Advertising Agencies - 0.3%	DG FastChannel, Inc. (a)		6,800	$	84,864
	Harte-Hanks, Inc.		15,200		94,848
	inVentiv Health, Inc. (a)		13,700		158,098
	Marchex, Inc. Class B		9,800		57,134
	National CineMedia, Inc.		17,370		176,132
	R.H. Donnelley Corp. (a)(b)		28,000		10,360
	Valassis Communications, Inc. (a)		19,700		26,004
	ValueClick, Inc. (a)		36,480		249,523
					856,963
Aerospace - 1.1%	AeroVironment, Inc. (a)		4,400		161,964
	Argon ST, Inc. (a)		5,400		101,844
	Ascent Solar Technologies, Inc. (a)		3,200		12,032
	Curtiss-Wright Corp.		18,468		616,647
	Ducommun, Inc.		4,600		76,820
	Heico Corp. (b)		9,326		362,129
	LMI Aerospace, Inc. (a)		3,600		40,932
	Ladish Co., Inc. (a)		6,000		83,100
	Moog, Inc. Class A (a)		17,613		644,107
	Orbital Sciences Corp. (a)		24,635		481,122
	Teledyne Technologies, Inc. (a)		14,634		651,945
	TransDigm Group, Inc. (a)		13,700		459,909
					3,692,551
Agriculture, Fishing & Ranching - 0.1%	AgFeed Industries, Inc. (a)		10,100		16,261
	Alico, Inc.		1,500		61,485
	The Andersons, Inc.		7,700		126,896
	Cadiz, Inc. (a)		4,900		61,299
	Calavo Growers, Inc.		4,300		49,450
	HQ Sustainable Maritime Industries, Inc. (a)		2,800		21,924
					337,315
Air Transport - 1.1%	AAR Corp. (a)(c)		16,368		301,335
	AirTran Holdings, Inc. (a)(b)		49,420		219,425
	Alaska Air Group, Inc. (a)		15,098		441,616
	Allegiant Travel Co. (a)		5,800		281,706
	Atlas Air Worldwide Holdings, Inc. (a)		5,600		105,840
	Bristow Group, Inc. (a)		10,185		272,856
	Hawaiian Holdings, Inc. (a)		18,500		118,030
	JetBlue Airways Corp. (a)		72,700		516,170
	PHI, Inc. (a)		5,600		78,456
	Republic Airways Holdings, Inc. (a)		14,400		153,648
	SkyWest, Inc.		24,100		448,260
	UAL Corp.		52,800		581,856
	US Airways Group, Inc. (a)(b)		48,000		371,040
					3,890,238
Aluminum - 0.0%	Kaiser Aluminum Corp.		6,200		139,624
Auto Parts: After Market - 0.1%	ATC Technology Corp. (a)(c)		8,743		127,910
	Commercial Vehicle Group, Inc. (a)		8,850		8,231

1

Master Small Cap Index Series of Quantitative Master Series LLC

Schedule of Investments December 31, 2008 (Percentages shown are based on Net Assets)

Industry	Common Stocks	Shares		Value
	Dorman Products, Inc. (a)		5,300	$	69,960
	Superior Industries International, Inc. (b)		9,799		103,085
					309,186
Auto Parts: Original Equipment - 0.2%	American Axle & Manufacturing Holdings, Inc.		19,000		54,910
	Amerigon Inc. (a)		9,200		29,992
	ArvinMeritor, Inc.		31,500		89,775
	Dana Holding Corp. (a)		40,900		30,266
	Fuel Systems Solutions, Inc. (a)		5,100		167,076
	Hayes Lemmerz International, Inc. (a)		41,700		18,765
	Lear Corp. (a)		20,580		29,018
	Quantum Fuel Systems Technologies Worldwide, Inc. (a)		28,600		24,310
	Sauer-Danfoss, Inc.		4,473		39,139
	Stoneridge, Inc. (a)		6,000		27,360
	Tenneco, Inc. (a)		20,500		60,475
	Visteon Corp. (a)		53,900		18,865
	Wonder Auto Technology, Inc. (a)		6,100		23,912
					613,863
Auto, Trucks & Parts - 0.1%	Force Protection, Inc. (a)		29,000		173,420
	Modine Manufacturing Co.		13,294		64,742
	Spartan Motors, Inc.		13,400		63,382
	Wabash National Corp.		12,645		56,903
					358,447
Banks: New York City - 0.1%	Signature Bank (a)		14,800		424,612
Banks: Non U.S. Banks - 0.0%	Banco Latinoamericano de Exportaciones, SA ‘E’		11,300		162,268
Banks: Outside New York City - 7.4%	1st Source Corp.		5,684		134,313
	Abington Bancorp, Inc.		10,080		93,240
	Amcore Financial, Inc.		9,525		34,480
	Ameris Bancorp		6,400		75,840
	Ames National Corp.		3,100		82,274
	Arrow Financial Corp.		3,800		95,532
	BancTrust Financial Group, Inc.		8,100		119,556
	Bancfirst Corp.		2,990		158,231
	Bank of the Ozarks, Inc.		5,300		157,092
	BankFinancial Corp.		8,100		82,539
	Banner Corp.		6,013		56,582
	Beneficial Mutual Bancorp, Inc. (a)		13,500		151,875
	Boston Private Financial Holdings, Inc.		23,233		158,914
	Bryn Mawr Bank Corp.		3,000		60,300
	CVB Financial Corp.		27,965		332,783
	Camden National Corp.		3,200		86,336
	Capital City Bank Group, Inc.		4,721		128,600
	Capitol Bancorp Ltd.		5,900		46,020
	Cardinal Financial Corp.		10,000		56,900
	Cascade Bancorp (b)		9,225		62,269
	Cathay General Bancorp (b)		20,744		492,670
	Centerstate Banks of Florida, Inc.		4,200		71,358

2

Master Small Cap Index Series of Quantitative Master Series LLC

Schedule of Investments December 31, 2008 (Percentages shown are based on Net Assets)

Industry	Common Stocks	Shares		Value
	Central Pacific Financial Corp.		12,248	$	122,970
	Chemical Financial Corp.		9,848		274,562
	Citizens & Northern Corp.		4,300		84,925
	Citizens Banking Corp.		48,787		145,385
	City Holding Co.		6,893		239,739
	CityBank		5,698		29,630
	Clifton Savings Bancorp, Inc.		3,100		36,766
	CoBiz Financial, Inc.		8,726		84,991
	The Colonial BancGroup, Inc. (b)		84,500		174,915
	Columbia Banking System, Inc.		7,441		88,771
	Community Bank System, Inc.		13,800		336,582
	Community Trust Bancorp, Inc.		6,223		228,695
	Corus Bankshares, Inc. (b)		15,504		17,209
	East-West Bancorp, Inc.		26,700		426,399
	Encore Bancshares, Inc. (a)		2,800		30,800
	Enterprise Financial Services Corp. (b)		4,200		64,008
	Farmers Capital Bank Corp.		2,700		65,934
	Financial Institutions, Inc.		4,500		64,575
	First BanCorp, Puerto Rico		29,400		327,516
	First Bancorp, Inc.		3,800		75,582
	First Bancorp, North Carolina		5,236		96,081
	First Busey Corp. (b)		10,514		191,775
	First Commonwealth Financial Corp.		35,740		442,461
	First Community Bancshares, Inc.		3,794		132,297
	First Financial Bancorp		15,487		191,884
	First Financial Bankshares, Inc.		8,753		483,253
	First Financial Corp.		4,644		190,358
	First Merchants Corp.		7,546		167,597
	First Midwest Bancorp, Inc.		20,400		407,388
	First South Bancorp, Inc. (b)		3,800		47,728
	FirstMerit Corp.		34,000		700,060
	Fox Chase Bancorp, Inc. (a)		2,500		27,500
	Frontier Financial Corp. (b)		19,466		84,872
	Glacier Bancorp, Inc.		25,564		486,227
	Greene County Bancshares, Inc.		5,450		73,793
	Guaranty Bancorp (a)		21,100		42,200
	Hancock Holding Co.		10,854		493,423
	Hanmi Financial Corp.		17,004		35,028
	Harleysville National Corp.		17,636		254,664
	Heartland Financial USA, Inc.		4,800		98,832
	Heritage Commerce Corp.		5,100		57,324
	Home Bancshares, Inc.		5,060		136,367
	Independent Bank Corp./MA		6,945		181,681
	Integra Bank Corp.		8,574		11,746
	International Bancshares Corp.		21,310		465,197
	Investors Bancorp, Inc. (a)		18,200		244,426

3

Master Small Cap Index Series of Quantitative Master Series LLC

Schedule of Investments December 31, 2008 (Percentages shown are based on Net Assets)

Industry	Common Stocks	Shares		Value
	Lakeland Bancorp, Inc.		7,605	$	85,632
	Lakeland Financial Corp.		5,100		121,482
	MB Financial, Inc.		14,383		402,005
	MainSource Financial Group, Inc.		7,719		119,645
	Midwest Banc Holdings, Inc.		10,380		14,532
	NBT Bancorp, Inc.		13,213		369,435
	Nara Bancorp, Inc.		9,400		92,402
	National Penn Bancshares, Inc. (b)		32,865		476,871
	Northfield Bancorp, Inc.		7,000		78,750
	Old National Bancorp		27,895		506,573
	Old Second Bancorp, Inc. (b)		5,722		66,375
	Oriental Financial Group		10,618		64,239
	PacWest Bancorp		10,311		277,366
	Pacific Capital Bancorp (b)		19,462		328,519
	Pacific Continental Corp.		4,700		70,359
	Park National Corp. (b)		4,515		323,951
	Peapack-Gladstone Financial Corp.		3,400		90,576
	Pennsylvania Commerce Bancorp, Inc. (a)		2,600		69,316
	Peoples Bancorp, Inc.		4,210		80,537
	Pinnacle Financial Partners, Inc. (a)		9,300		277,233
	Piper Jaffray Cos. (a)		7,900		314,104
	Premierwest Bancorp		9,300		62,217
	PrivateBancorp, Inc.		9,096		295,256
	Prosperity Bancshares, Inc.		16,500		488,235
	Provident Bankshares Corp.		14,024		135,472
	Renasant Corp.		8,698		148,127
	Republic Bancorp, Inc. Class A		3,454		93,949
	S&T Bancorp, Inc.		10,063		357,237
	SCBT Financial Corp.		4,263		147,074
	SVB Financial Group (a)		12,600		330,498
	SY Bancorp, Inc.		5,530		152,075
	Sandy Spring Bancorp, Inc.		6,814		148,750
	Santander BanCorp		1,203		15,025
	Seacoast Banking Corp. of Florida		6,358		41,963
	Shore Bancshares, Inc.		4,000		95,960
	Sierra Bancorp		3,500		73,500
	Simmons First National Corp. Class A		5,700		167,979
	Smithtown Bancorp, Inc.		4,100		65,723
	The South Financial Group, Inc.		30,100		130,032
	Southside Bancshares, Inc.		5,049		118,652
	Southwest Bancorp, Inc.		6,000		77,760
	State Bancorp, Inc.		5,900		57,466
	StellarOne Corp.		9,300		157,170
	Sterling Bancshares, Inc.		31,114		189,173
	Suffolk Bancorp		4,000		143,720
	Sun Bancorp, Inc. (a)		5,728		42,903

4

Master Small Cap Index Series of Quantitative Master Series LLC

Schedule of Investments December 31, 2008 (Percentages shown are based on Net Assets)

Industry	Common Stocks	Shares		Value
	Susquehanna Bancshares, Inc.		36,056	$	573,651
	Texas Capital Bancshares, Inc. (a)		11,761		157,127
	Tompkins Trustco, Inc.		2,440		141,398
	Towne Bank		8,600		213,194
	Trico Bancshares		5,778		144,277
	TrustCo Bank Corp. NY		31,261		297,292
	Trustmark Corp.		20,827		449,655
	UCBH Holdings, Inc.		46,600		320,608
	UMB Financial Corp.		13,052		641,375
	Umpqua Holdings Corp. (b)		25,280		365,802
	Union Bankshares Corp.		5,200		128,960
	United Bankshares, Inc.		16,000		531,520
	United Community Banks, Inc. (b)		16,856		228,900
	United Financial Bancorp, Inc.		7,700		116,578
	United Security Bancshares (b)		2,828		32,748
	Univest Corp. of Pennsylvania		5,050		162,307
	Washington Trust Bancorp, Inc.		5,000		98,750
	WesBanco, Inc.		10,963		298,303
	West Bancorp., Inc.		7,600		93,100
	West Coast Bancorp		7,400		48,766
	Westamerica Bancorp.		12,183		623,160
	Western Alliance Bancorp (a)(b)		8,000		80,720
	Wilshire Bancorp, Inc.		8,300		75,364
	Wintrust Financial Corp.		10,000		205,700
	Yardkin Valley Financial Corp.		5,500		78,375
					25,475,268
Beverage: Brewers (Wineries) - 0.0%	Boston Beer Co., Inc. Class A (a)		3,500		99,400
Beverage: Soft Drinks - 0.2%	Coca-Cola Bottling Co. Consolidated		1,687		77,535
	Farmer Bros. Co.		2,310		57,611
	Green Mountain Coffee Roasters, Inc. (a)(b)		7,300		282,510
	National Beverage Corp. (a)		3,308		29,772
	Peet’s Coffee & Tea, Inc. (a)		5,900		137,175
					584,603
Biotechnology Research & Production - 3.6%	AMAG Pharmaceuticals, Inc. (a)(c)		7,160		256,686
	Acadia Pharmaceuticals, Inc. (a)		13,500		12,150
	Accelrys, Inc. (a)		13,400		58,424
	Acorda Therapeutics, Inc. (a)(c)		15,600		319,956
	Albany Molecular Research, Inc. (a)		9,687		94,351
	Alexion Pharmaceuticals, Inc. (a)(c)		32,160		1,163,870
	Allos Therapeutics, Inc. (a)		21,900		134,028
	Alnylam Pharmaceuticals, Inc. (a)(b)		15,000		370,950
	American Oriental Bioengineering, Inc. (a)		26,100		177,219
	Amicus Therapeutics, Inc. (a)		2,300		18,354
	Arena Pharmaceuticals, Inc. (a)		31,400		130,938
	Ariad Pharmaceuticals, Inc. (a)		30,419		25,856

5

Master Small Cap Index Series of Quantitative Master Series LLC

Schedule of Investments December 31, 2008 (Percentages shown are based on Net Assets)

Industry	Common Stocks	Shares		Value
	Arqule, Inc. (a)		18,800	$	79,336
	Array Biopharma, Inc. (a)		19,600		79,380
	ArthroCare Corp. (a)(b)		11,120		53,042
	Biodel, Inc. (a)		5,100		24,582
	Caliper Life Sciences, Inc. (a)		23,200		22,504
	Celera Corp. (a)		33,000		367,290
	Cell Genesys, Inc. (a)		35,324		7,771
	Celldex Therapeutics, Inc. (a)		6,200		49,104
	Cougar Biotechnology, Inc. (a)		6,200		161,200
	Cubist Pharmaceuticals, Inc. (a)		23,667		571,795
	Cypress Bioscience, Inc. (a)		16,100		110,124
	Cytokinetics, Inc. (a)		11,900		33,915
	Cytori Therapeutics, Inc. (a)		8,200		29,602
	Discovery Laboratories, Inc. (a)		41,900		46,928
	Dyax Corp. (a)		22,900		83,356
	Enzon Pharmaceuticals, Inc. (a)(b)		19,200		111,936
	Exelixis, Inc. (a)(b)		44,418		222,978
	Facet Biotech Corp. (a)		9,980		95,708
	Genomic Health, Inc. (a)		5,900		114,932
	Geron Corp. (a)(b)		33,129		154,712
	Halozyme Therapeutics, Inc. (a)		25,100		140,560
	Human Genome Sciences, Inc. (a)		58,100		123,172
	Idenix Pharmaceuticals, Inc. (a)		10,300		59,637
	Idera Pharmaceuticals, Inc. (a)		8,500		65,280
	Immunomedics, Inc. (a)		27,400		46,580
	Incyte Corp. (a)		32,624		123,645
	Integra LifeSciences Holdings Corp. (a)		7,500		266,775
	InterMune, Inc. (a)(b)		13,414		141,920
	Kendle International, Inc. (a)		5,500		141,460
	Kensey Nash Corp. (a)		3,200		62,112
	Lexicon Genetics, Inc. (a)		33,100		46,340
	Life Sciences Research, Inc. (a)		3,600		33,840
	MannKind Corp. (a)(b)		21,150		72,545
	Marshall Edwards, Inc. (a)		6,400		4,480
	Martek Biosciences Corp. (a)		13,800		418,278
	Maxygen, Inc. (a)		10,801		96,345
	Medivation, Inc. (a)		10,700		155,899
	Metabolix, Inc. (a)(b)		8,100		103,032
	Momenta Pharmaceuticals, Inc. (a)		10,900		126,440
	Myriad Genetics, Inc. (a)		18,700		1,239,062
	NPS Pharmaceuticals, Inc. (a)		20,200		125,442
	Nabi Biopharmaceuticals (a)		21,454		71,871
	Nanosphere, Inc. (a)		5,500		26,180
	Neurocrine Biosciences, Inc. (a)		16,700		53,440
	OSI Pharmaceuticals, Inc. (a)		24,000		937,200
	Opko Health, Inc. (a)(b)		19,700		31,914

6

Master Small Cap Index Series of Quantitative Master Series LLC

Schedule of Investments December 31, 2008 (Percentages shown are based on Net Assets)

Industry	Common Stocks	Shares		Value
	Orexigen Therapeutics, Inc. (a)		8,300	$	46,314
	Osiris Therapeutics, Inc. (a)(b)		5,700		109,212
	PDL BioPharma, Inc.		49,900		308,382
	PharmaNet Development Group, Inc. (a)		8,650		7,872
	Progenics Pharmaceuticals, Inc. (a)		11,300		116,503
	Protalix BioTherapeutics, Inc. (a)		4,560		8,390
	RTI Biologics, Inc. (a)		22,200		61,272
	Repligen Corp. (a)		12,800		48,384
	Rexahn Pharmaceuticals, Inc. (a)		12,400		11,036
	Rigel Pharmaceuticals, Inc. (a)		15,570		124,560
	Sangamo Biosciences, Inc. (a)(b)		16,200		56,376
	Savient Pharmaceuticals, Inc. (a)		23,128		133,911
	Seattle Genetics, Inc. (a)		25,000		223,500
	Sequenom, Inc. (a)		25,500		505,920
	Sucampo Pharmaceuticals, Inc. Class A (a)		4,200		24,150
	Synta Pharmaceuticals Corp. (a)		6,900		42,228
	Targacept, Inc. (a)		7,500		26,700
	VNUS Medical Technologies, Inc. (a)		5,600		90,832
	ViroPharma, Inc. (a)		33,100		430,962
	XOMA Ltd. (a)		54,500		33,790
	ZymoGenetics, Inc. (a)		15,400		46,200
					12,352,920
Building Materials - 0.6%	Ameron International Corp.		3,900		245,388
	LSI Industries, Inc.		7,712		52,981
	NCI Building Systems, Inc. (a)		8,368		136,398
	Quanex Building Products Corp.		15,310		143,455
	Simpson Manufacturing Co., Inc.		15,332		425,616
	Texas Industries, Inc. (b)		9,805		338,273
	Trex Co., Inc. (a)(b)		6,509		107,138
	Watsco, Inc.		9,865		378,816
	Zoltek Cos., Inc. (a)(b)		11,800		106,082
					1,934,147
Building: Cement - 0.0%	U.S. Concrete, Inc. (a)		16,200		54,432
Building: Heating & Plumbing - 0.1%	Aaon, Inc.		5,750		120,060
	Interline Brands, Inc. (a)		13,400		142,442
					262,502
Building: Miscellaneous - 0.2%	Builders FirstSource, Inc. (a)(b)		6,600		10,098
	Comfort Systems USA, Inc.		16,900		180,154
	Drew Industries, Inc. (a)		8,100		97,200
	Griffon Corp. (a)		18,555		173,118
	Orion Marine Group, Inc. (a)		8,900		85,974
					546,544
Building: Roofing & Wallboard - 0.1%	Beacon Roofing Supply, Inc. (a)(b)		18,650		258,862
	China Architectural Engineering, Inc. (a)		7,700		18,942
					277,804

7

Master Small Cap Index Series of Quantitative Master Series LLC

Schedule of Investments December 31, 2008 (Percentages shown are based on Net Assets)

Industry	Common Stocks	Shares		Value
Cable Television Services - 0.1%	Charter Communications, Inc. Class A (a)		168,400	$	13,775
	Crown Media Holdings, Inc. Class A (a)		4,498		12,819
	Mediacom Communications Corp. Class A (a)		16,300		70,090
	TiVo, Inc. (a)		42,994		307,837
					404,521
Casinos & Gambling - 0.5%	Ameristar Casinos, Inc.		10,500		90,720
	Bally Technologies, Inc. (a)(c)		23,000		552,690
	Churchill Downs, Inc.		3,932		158,931
	Dover Downs Gaming & Entertainment, Inc.		5,805		18,460
	Elixir Gaming Technologies, Inc. (a)(b)		38,000		4,940
	Isle of Capri Casinos, Inc. (a)(b)		6,475		20,720
	Monarch Casino & Resort, Inc. (a)		5,200		60,580
	Pinnacle Entertainment, Inc. (a)		24,794		190,418
	Riviera Holdings Corp. (a)		4,100		12,300
	Shuffle Master, Inc. (a)		20,000		99,200
	WMS Industries, Inc. (a)		18,418		495,444
					1,704,403
Chemicals - 1.3%	Aceto Corp.		10,100		101,101
	American Vanguard Corp.		7,533		88,136
	Arch Chemicals, Inc. (c)		10,256		267,374
	Balchem Corp.		7,500		186,825
	Cabot Microelectronics Corp. (a)		9,900		258,093
	Calgon Carbon Corp. (a)		22,801		350,223
	Cambrex Corp. (a)		12,685		58,605
	China BAK Battery, Inc. (a)		12,500		20,250
	EnerSys (a)		11,700		128,700
	Energy Conversion Devices, Inc. (a)(b)		18,964		478,082
	Exide Technologies (a)		31,100		164,519
	ICO Inc. (a)		11,400		36,024
	Innophos Holdings, Inc.		4,500		89,145
	Innospec, Inc.		9,700		57,133
	LSB Industries, Inc. (a)		7,600		63,232
	Landec Corp. (a)		9,300		61,194
	Medis Technologies Ltd. (a)(b)		10,641		4,788
	NL Industries, Inc.		2,834		37,976
	NewMarket Corp.		5,600		195,496
	OM Group, Inc. (a)		12,900		272,319
	Penford Corp.		3,800		38,456
	PolyOne Corp. (a)		38,567		121,486
	Polypore International, Inc. (a)		6,600		49,896
	Quaker Chemical Corp.		4,700		77,315
	Rockwood Holdings, Inc. (a)		17,200		185,760
	Schulman A, Inc.		11,506		195,602
	ShengdaTech, Inc. (a)(b)		12,300		43,296
	Solutia, Inc. (a)		37,700		169,650
	Stepan Co.		2,655		124,758

8

Master Small Cap Index Series of Quantitative Master Series LLC

Schedule of Investments December 31, 2008 (Percentages shown are based on Net Assets)

Industry	Common Stocks	Shares		Value
	Ultralife Batteries, Inc. (a)		5,400	$	72,414
	Valence Technology, Inc. (a)(b)		20,800		37,856
	W.R. Grace & Co. (a)		29,800		177,906
	Westlake Chemical Corp.		7,900		128,691
	Zep, Inc.		8,880		171,473
					4,513,774
Coal - 0.1%	International Coal Group, Inc. (a)(b)		52,500		120,750
	James River Coal Co. (a)		11,600		177,828
	National Coal Corp. (a)(b)		12,200		15,494
	Westmoreland Coal Co. (a)		3,900		43,290
					357,362
Commercial Information Services - 0.1%	Arbitron, Inc.		11,658		154,818
	HSW International, Inc. (a)		11,600		4,408
	infoGROUP, Inc.		12,261		58,117
	LECG Corp. (a)		10,600		71,126
	LoopNet, Inc. (a)		12,500		85,250
					373,719
Communications & Media - 0.0%	Entravision Communications Corp. Class A (a)		24,500		38,220
	Knology, Inc. (a)		11,700		60,372
					98,592
Communications Technology - 2.5%	3Com Corp. (a)		166,500		379,620
	Acme Packet, Inc. (a)		11,200		58,912
	Adtran, Inc.		23,600		351,168
	Anaren, Inc. (a)		6,322		75,548
	Anixter International, Inc. (a)		12,472		375,657
	Aruba Networks, Inc. (a)		21,600		55,080
	Atheros Communications, Inc. (a)		25,000		357,750
	Avanex Corp. (a)		5,320		5,586
	Avocent Corp. (a)		18,850		337,603
	Bel Fuse, Inc.		4,859		103,011
	BigBand Networks, Inc. (a)		14,200		78,384
	Black Box Corp.		7,188		187,751
	CPI International, Inc. (a)		3,700		32,042
	CSG Systems International, Inc. (a)		14,800		258,556
	Cbeyond Communications, Inc. (a)		10,200		162,996
	Cogent Communications Group, Inc. (a)(b)		19,700		128,641
	Cogo Group, Inc. (a)		11,200		54,432
	Comtech Telecommunications Corp. (a)		10,225		468,510
	Digi International, Inc. (a)		10,600		85,966
	EMS Technologies, Inc. (a)		6,400		165,568
	Echelon Corp. (a)		12,213		99,536
	Entrust, Inc. (a)		25,200		39,816
	Extreme Networks, Inc. (a)		41,100		96,174
	Finisar Corp. (a)		163,819		62,251
	GeoEye, Inc. (a)		7,700		148,071
	Globecomm Systems Inc. (a)		8,300		45,567

9

Master Small Cap Index Series of Quantitative Master Series LLC

Schedule of Investments December 31, 2008 (Percentages shown are based on Net Assets)

Industry	Common Stocks	Shares		Value
	Harmonic, Inc. (a)		39,396	$	221,012
	Harris Stratex Networks, Inc. Class A (a)		10,250		52,890
	Hughes Communications, Inc. (a)		3,000		47,820
	Infinera Corp. (a)(b)		38,300		343,168
	InterDigital, Inc. (a)		19,100		525,250
	Ixia (a)		17,329		100,162
	j2 Global Communications, Inc. (a)		18,300		366,732
	Loral Space & Communications Ltd. (a)		4,400		63,932
	NETGEAR, Inc. (a)		14,900		170,009
	Nextwave Wireless, Inc. (a)		19,900		1,791
	Novatel Wireless, Inc. (a)		13,900		64,496
	Oplink Communications, Inc. (a)		8,602		73,977
	SeaChange International, Inc. (a)		13,200		95,172
	Shoretel, Inc. (a)		17,900		80,371
	Sonus Networks, Inc. (a)		84,100		132,878
	Standard Microsystems Corp. (a)		9,310		152,125
	Starent Networks Corp. (a)		12,300		146,739
	Switch and Data Facilities Co., Inc. (a)		8,900		65,771
	Sycamore Networks, Inc. (a)		78,900		212,241
	Syniverse Holdings, Inc. (a)		21,500		256,710
	TIBCO Software, Inc. (a)		78,400		406,896
	Tekelec (a)		27,300		364,182
	Terremark Worldwide, Inc. (a)		21,830		84,919
	UTStarcom, Inc. (a)		45,600		84,360
	Viasat, Inc. (a)		10,501		252,864
	Vonage Holdings Corp. (a)(b)		24,300		16,038
					8,596,701
Computer Services Software & Systems - 5.1%	3PAR, Inc. (a)		11,200		85,456
	ACI Worldwide, Inc. (a)		14,485		230,311
	Actuate Corp. (a)		25,000		74,000
	Acxiom Corp.		25,200		204,372
	American Reprographics Co. (a)		15,000		103,500
	American Software Class A		11,600		54,520
	ArcSight, Inc. (a)		1,600		12,816
	Ariba, Inc. (a)		35,280		254,369
	Art Technology Group, Inc. (a)		53,100		102,483
	AsiaInfo Holdings, Inc. (a)		14,400		170,496
	Blackbaud, Inc.		18,426		248,751
	Blackboard, Inc. (a)		13,000		340,990
	Blue Coat Systems, Inc. (a)		14,200		119,280
	Bottomline Technologies, Inc. (a)		9,100		64,610
	CACI International, Inc. Class A (a)(c)		12,700		572,643
	COMSYS IT Partners, Inc. (a)		6,000		13,440
	Callidus Software Inc. (a)		13,400		40,066
	China Fire & Security Group, Inc. (a)		5,800		39,498
	China Information Security Technology, Inc. (a)		9,500		34,200

10

Master Small Cap Index Series of Quantitative Master Series LLC

Schedule of Investments December 31, 2008 (Percentages shown are based on Net Assets)

Industry	Common Stocks	Shares		Value
	Chordiant Software, Inc. (a)		12,440	$	33,090
	Ciber, Inc. (a)		22,102		106,311
	ComScore, Inc. (a)		7,400		94,350
	CommVault Systems, Inc. (a)		18,100		242,721
	Compellent Technologies, Inc. (a)		5,800		56,434
	Comverge, Inc. (a)		9,600		47,040
	Concur Technologies, Inc. (a)		18,100		594,042
	Constant Contact, Inc. (a)(b)		8,400		111,300
	DealerTrack Holdings, Inc. (a)		17,300		205,697
	Delrek, Inc. (a)		4,100		19,024
	DemandTec, Inc. (a)		8,100		65,367
	Digimarc Corp. (a)		2,657		26,623
	Digital River, Inc. (a)		15,600		386,880
	DivX, Inc. (a)		11,000		57,530
	Double-Take Software, Inc. (a)		7,500		67,275
	EPIQ Systems, Inc. (a)		14,617		244,250
	Ebix, Inc. (a)		2,600		62,140
	Electronics for Imaging, Inc. (a)		21,939		209,737
	Ener1, Inc. (a)(b)		15,700		112,255
	Epicor Software Corp. (a)		24,500		117,600
	Gartner, Inc. Class A (a)		24,579		438,244
	Guidance Software, Inc. (a)		3,800		15,504
	The Hackett Group, Inc. (a)		17,000		49,640
	i2 Technologies, Inc. (a)		6,500		41,535
	iGate Corp. (a)		8,000		52,080
	Informatica Corp. (a)		37,000		508,010
	Integral Systems, Inc. (a)		7,282		87,748
	Interactive Intelligence, Inc. (a)		5,700		36,537
	Internet Brands, Inc. Class A (a)		9,200		53,544
	Internet Capital Group, Inc. (a)		16,700		91,015
	Interwoven, Inc. (a)		19,225		242,235
	JDA Software Group, Inc. (a)		10,608		139,283
	Kenexa Corp. (a)		9,800		78,204
	Keynote Systems, Inc. (a)		5,700		43,947
	Lawson Software, Inc. (a)		51,100		242,214
	Limelight Networks, Inc. (a)		9,200		22,540
	MSC.Software Corp. (a)		18,600		124,248
	Macrovision Solutions Corp. (a)		34,708		439,056
	Magma Design Automation, Inc. (a)		19,200		19,584
	Manhattan Associates, Inc. (a)		10,539		166,622
	Mantech International Corp. Class A (a)		8,600		466,034
	Mentor Graphics Corp. (a)		37,500		193,875
	Mercadolibre, Inc. (a)(b)		10,800		177,228
	Mercury Computer Systems, Inc. (a)		9,356		59,036
	MicroStrategy, Inc. Class A (a)		3,800		141,094
	Micros Systems, Inc. (a)		33,996		554,815

11

Master Small Cap Index Series of Quantitative Master Series LLC

Schedule of Investments December 31, 2008 (Percentages shown are based on Net Assets)

Industry	Common Stocks	Shares		Value
	Moduslink Global Solutions, Inc. (a)		20,280	$	58,609
	Monotype Imaging Holdings, Inc. (a)		6,200		35,960
	Ness Technologies, Inc. (a)		16,200		69,336
	NetScout Systems, Inc. (a)		12,200		105,164
	NetSuite, Inc. (a)		2,500		21,100
	Netezza Corp. (a)		16,300		108,232
	Omniture, Inc. (a)		26,202		278,789
	OpenTV Corp. (a)		41,200		50,676
	Opnet Technologies, Inc. (a)		5,400		53,244
	PC-Tel, Inc.		8,600		56,502
	PROS Holdings, Inc. (a)		5,300		30,475
	Parametric Technology Corp. (a)		48,360		611,754
	Pegasystems, Inc.		5,200		64,272
	Progress Software Corp. (a)		17,108		329,500
	QAD, Inc.		3,400		14,246
	Quest Software, Inc. (a)		30,500		383,995
	Rackspace Hosting, Inc. (a)		5,700		30,666
	RealNetworks, Inc. (a)		37,400		132,022
	RightNow Technologies, Inc. (a)		11,500		88,895
	SAVVIS, Inc. (a)		15,480		106,657
	SPSS, Inc. (a)		7,589		204,599
	SRA International, Inc. Class A (a)		17,600		303,600
	SYKES Enterprises, Inc. (a)		13,961		266,934
	SYNNEX Corp. (a)		7,200		81,576
	Sapient Corp. (a)		36,292		161,136
	Sigma Designs, Inc. (a)(b)		11,400		108,300
	Smith Micro Software, Inc. (a)		12,600		70,056
	Solera Holdings, Inc. (a)		21,700		522,970
	SonicWALL, Inc. (a)		23,741		94,489
	Sourcefire, Inc. (a)		8,700		48,720
	Stanley, Inc. (a)		3,600		130,392
	SuccessFactors, Inc. (a)		9,400		53,956
	SupportSoft, Inc. (a)		19,000		42,370
	Sybase, Inc. (a)		33,300		824,841
	Synchronoss Technologies, Inc. (a)		9,100		97,006
	Syntel, Inc.		5,283		122,143
	Taleo Corp. Class A (a)		11,000		86,130
	TechTarget, Inc. (a)		5,700		24,624
	TeleCommunication Systems, Inc. Class A (a)		14,400		123,696
	Tyler Technologies, Inc. (a)		16,200		194,076
	Ultimate Software Group, Inc. (a)		10,400		151,840
	Unica Corp. (a)		4,600		25,208
	VASCO Data Security International, Inc. (a)		11,100		114,663
	VeriFone Holdings, Inc. (a)		28,900		141,610
	Vignette Corp. (a)		10,580		99,558
	Virtusa Corp. (a)		3,600		20,304

12

Master Small Cap Index Series of Quantitative Master Series LLC
Schedule of Investments December 31, 2008	(Percentages shown are based on Net Assets)

Industry	Common Stocks	Shares		Value
	Web.Com Group, Inc. (a)		11,400	$	41,724
	Websense, Inc. (a)		19,102		285,957
	Wind River Systems, Inc. (a)		29,300		264,579
	Zoran Corp. (a)		21,408		146,217
					17,592,707
Computer Technology - 0.9%	Adaptec, Inc. (a)		49,900		164,670
	Advanced Analogic Technologies, Inc. (a)		18,900		57,078
	Cray, Inc. (a)		15,300		31,824
	Data Domain, Inc. (a)(b)		14,000		263,200
	Emulex Corp. (a)		34,300		239,414
	FalconStor Software, Inc. (a)		15,809		43,949
	Hutchinson Technology, Inc. (a)		10,717		37,295
	Imation Corp.		11,700		158,769
	Immersion Corp. (a)		13,200		77,748
	Intermec, Inc. (a)		25,409		337,432
	Isilon Systems, Inc. (a)		11,400		37,506
	NCI, Inc. Class A (a)		2,800		84,364
	Palm, Inc. (a)(b)		45,688		140,262
	Perot Systems Corp. Class A (a)		35,700		488,019
	Phoenix Technologies Ltd. (a)		11,400		39,900
	Quantum Corp. (a)		84,800		30,528
	Rackable Systems, Inc. (a)(b)		13,100		51,614
	Radiant Systems, Inc. (a)		11,400		38,418
	Radisys Corp. (a)		9,742		53,873
	Rimage Corp. (a)		4,600		61,686
	Riverbed Technology, Inc. (a)		23,700		269,943
	STEC, Inc. (a)		13,200		56,232
	Safeguard Scientifics, Inc. (a)		45,100		31,119
	Stratasys, Inc. (a)		8,900		95,675
	Synaptics, Inc. (a)(b)		14,400		238,464
	Trident Microsystems, Inc. (a)		26,900		50,841
					3,179,823
Construction - 0.6%	Brookfield Homes Corp.		3,851		16,636
	EMCOR Group, Inc. (a)		28,472		638,627
	Granite Construction, Inc.		13,871		609,353
	Great Lakes Dredge & Dock Corp.		16,400		68,060
	Perini Corp. (a)		21,100		493,318
	Sterling Construction Co., Inc. (a)		5,000		92,700
					1,918,694
Consumer Electronics - 0.5%	DTS, Inc. (a)		7,600		139,460
	EarthLink, Inc. (a)		46,000		310,960
	InfoSpace, Inc.		14,200		107,210
	Internap Network Services Corp. (a)		20,790		51,975
	Midway Games, Inc. (a)(b)		7,774		1,477
	NIC, Inc.		16,500		75,900
	NetFlix, Inc. (a)(b)		17,000		508,130

13

Master Small Cap Index Series of Quantitative Master Series LLC
Schedule of Investments December 31, 2008	(Percentages shown are based on Net Assets)

Industry	Common Stocks	Shares		Value
	ParkerVision, Inc. (a)(b)		9,500	$	23,465
	Protection One, Inc. (a)		1,200		5,736
	THQ, Inc. (a)		27,937		117,056
	Take-Two Interactive Software, Inc. (a)		32,100		242,676
	United Online, Inc.		32,128		195,017
	Universal Electronics, Inc. (a)		6,086		98,715
					1,877,777
Consumer Products - 0.5%	American Greetings Corp. Class A		19,800		149,886
	Blyth, Inc.		10,100		79,184
	CSS Industries, Inc.		3,191		56,608
	Citi Trends, Inc. (a)		6,100		89,792
	Mannatech, Inc. (b)		7,600		18,620
	Matthews International Corp. Class A		12,873		472,182
	Nautilus, Inc. (a)		9,363		20,692
	RC2 Corp. (a)		7,513		80,164
	Smith & Wesson Holding Corp. (a)		17,000		38,590
	Tupperware Corp.		25,974		589,610
	USANA Health Sciences, Inc. (a)(b)		3,000		102,720
					1,698,048
Containers & Packaging: Metals & Glass - 0.2%	Bway Holding Co. (a)		3,500		27,860
	Mobile Mini, Inc. (a)		14,342		206,812
	Silgan Holdings, Inc.		10,400		497,224
					731,896
Containers & Packaging: Paper & Plastic - 0.1%	AEP Industries, Inc. (a)		2,500		43,950
	Graphic Packaging Holding Co. (a)		59,600		67,944
	Myers Industries, Inc.		11,652		93,216
					205,110
Cosmetics - 0.2%	Elizabeth Arden, Inc. (a)		10,293		129,795
	Helen of Troy Ltd. (a)		12,500		217,000
	Inter Parfums, Inc.		5,850		44,928
	Nu Skin Enterprises, Inc. Class A		20,426		213,043
	Ulta Salon Cosmetics & Fragrance, Inc. (a)		8,400		69,552
					674,318
Diversified Financial Services - 0.7%	BGC Partners, Inc.		12,023		33,183
	Broadpoint Securities Group, Inc. (a)		9,100		27,027
	Cardtronics, Inc. (a)		3,800		4,902
	China Direct, Inc. (a)		2,600		3,770
	Doral Financial Corp. (a)		2,200		16,500
	Duff & Phelps Corp. (a)		4,600		87,952
	Euronet Worldwide, Inc. (a)		19,950		231,620
	Evercore Partners, Inc. Class A		4,400		54,956
	F.N.B. Corp.		36,097		476,480
	FCStone Group, Inc. (a)		10,300		45,629
	Greenhill & Co., Inc. (b)		7,300		509,321
	Huron Consulting Group, Inc. (a)		8,700		498,249
	Interactive Brokers Group, Inc. Class A (a)		17,100		305,919

14

Master Small Cap Index Series of Quantitative Master Series LLC
Schedule of Investments December 31, 2008	(Percentages shown are based on Net Assets)

Industry	Common Stocks	Shares		Value
	Oritani Financial Corp. (a)		4,900	$	82,565
					2,378,073
Diversified Materials & Processing - 1.0%	Acuity Brands, Inc. (c)		17,060		595,565
	Barnes Group, Inc.		19,714		285,853
	Brady Corp.		20,994		502,806
	Clarcor, Inc.		20,810		690,476
	Hexcel Corp. (a)		39,662		293,102
	Koppers Holdings, Inc.		8,600		185,932
	Olin Corp.		31,314		566,157
	Tredegar Corp.		9,945		180,800
					3,300,691
Drug & Grocery Store Chains - 0.7%	Arden Group, Inc. Class A		432		54,432
	Casey’s General Stores, Inc.		21,407		487,437
	The Great Atlantic & Pacific Tea Co., Inc. (a)		15,127		94,846
	Ingles Markets, Inc. Class A		5,164		90,835
	Nash Finch Co.		5,377		241,374
	Ruddick Corp.		17,369		480,253
	Spartan Stores, Inc.		9,300		216,225
	Susser Holdings Corp. (a)		3,200		42,528
	Village Super Market, Inc. Class A		1,100		63,129
	Weis Markets, Inc.		4,600		154,698
	Winn-Dixie Stores, Inc. (a)		22,300		359,030
					2,284,787
Drugs & Pharmaceuticals - 2.7%	Acura Pharmaceuticals, Inc. (a)		3,400		24,956
	Adolor Corp. (a)		19,900		33,034
	Affymax, Inc. (a)		4,300		42,957
	Akorn, Inc. (a)		23,300		53,590
	Alexza Pharmaceuticals, Inc. (a)		9,700		30,749
	Alkermes, Inc. (a)		40,200		428,130
	Ardea Biosciences, Inc. (a)		4,500		53,865
	Auxilium Pharmaceuticals, Inc. (a)(b)		17,300		492,012
	BMP Sunstone Corp. (a)(b)		9,600		53,472
	BioForm Medical, Inc. (a)		9,000		8,190
	CV Therapeutics, Inc. (a)		25,700		236,697
	Cadence Pharmaceuticals, Inc. (a)		8,400		60,732
	Caraco Pharmaceutical Laboratories Ltd. (a)		3,700		21,904
	Chattem, Inc. (a)(b)		7,200		515,016
	China Sky One Medical, Inc. (a)(b)		3,200		51,168
	Columbia Laboratories, Inc. (a)		19,300		24,511
	Dendreon Corp. (a)(b)		39,500		180,910
	Depomed, Inc. (a)		20,200		33,330
	Durect Corp. (a)		31,300		106,107
	Emergent Biosolutions, Inc. (a)		5,800		151,438
	Enzo Biochem, Inc. (a)		13,295		65,013
	GTx, Inc. (a)(b)		7,700		129,668

15

Master Small Cap Index Series of Quantitative Master Series LLC
Schedule of Investments December 31, 2008	(Percentages shown are based on Net Assets)

Industry	Common Stocks	Shares		Value
	ImmunoGen, Inc. (a)		18,800	$	80,652
	Indevus Pharmaceuticals, Inc. (a)		28,900		90,746
	Inspire Pharmaceuticals, Inc. (a)		17,300		62,280
	Isis Pharmaceuticals, Inc. (a)(b)		37,889		537,266
	Javelin Pharmaceuticals, Inc. (a)		20,200		25,250
	Jazz Pharmaceuticals, Inc. (a)(b)		3,100		5,983
	K-V Pharmaceutical Co. Class A (a)		13,100		37,728
	Ligand Pharmaceuticals, Inc. Class B (a)		42,800		117,272
	MAP Pharmaceuticals, Inc. (a)		2,200		15,356
	Medarex, Inc. (a)		53,800		300,204
	Medicines Co. (a)		21,727		320,039
	Medicis Pharmaceutical Corp. Class A		23,800		330,820
	MiddleBrook Pharmaceuticals, Inc. (a)(b)		14,700		22,050
	Molecular Insight Pharmaceuticals, Inc. (a)		7,700		33,110
	Nektar Therapeutics (a)		39,300		218,508
	Novavax, Inc. (a)		21,400		40,446
	Noven Pharmaceuticals, Inc. (a)		10,531		115,841
	Obagi Medical Products, Inc. (a)		7,300		54,458
	Onyx Pharmaceuticals, Inc. (a)		23,320		796,611
	Optimer Pharmaceuticals, Inc. (a)(b)		11,000		133,210
	Pain Therapeutics, Inc. (a)		14,600		86,432
	Par Pharmaceutical Cos., Inc. (a)		14,600		195,786
	Pharmasset, Inc. (a)		7,100		93,081
	Pozen, Inc. (a)		11,100		55,944
	Questcor Pharmaceuticals, Inc. (a)		22,100		205,751
	Quidel Corp. (a)		12,000		156,840
	Regeneron Pharmaceuticals, Inc. (a)		25,619		470,365
	Salix Pharmaceuticals Ltd. (a)		20,300		179,249
	Theravance, Inc. (a)		21,800		270,102
	United Therapeutics Corp. (a)		9,446		590,847
	Valeant Pharmaceuticals International (a)(b)		26,700		611,430
	Vivus, Inc. (a)		29,400		156,408
	Xenoport, Inc. (a)		10,600		265,848
					9,473,362
Education Services - 0.5%	American Public Education, Inc. (a)		4,700		174,793
	Capella Education Co. (a)		6,000		352,560
	Corinthian Colleges, Inc. (a)		35,800		586,046
	Grand Canyon Education, Inc. (a)		3,400		63,852
	K12, Inc. (a)		2,300		43,125
	Learning Tree International, Inc. (a)		3,700		31,524
	Lincoln Educational Services Corp. (a)		900		11,925
	The Princeton Review, Inc. (a)		5,500		27,115
	Renaissance Learning, Inc.		3,049		27,411
	Thinkorswim Group, Inc. (a)		21,540		121,055
	Universal Technical Institute, Inc. (a)		9,100		156,247
					1,595,653

16

Master Small Cap Index Series of Quantitative Master Series LLC
Schedule of Investments December 31, 2008	(Percentages shown are based on Net Assets)

Industry	Common Stocks	Shares		Value
Electrical & Electronics - 0.4%	Benchmark Electronics, Inc. (a)		27,629	$	352,822
	Coleman Cable, Inc. (a)		3,800		17,214
	OSI Systems, Inc. (a)		6,500		90,025
	Plexus Corp. (a)		16,998		288,116
	Power Integrations, Inc.		12,900		256,452
	TTM Technologies, Inc. (a)		18,100		94,301
	Universal Display Corp. (a)		12,307		116,301
					1,215,231
Electrical Equipment & Components - 0.9%	A.O. Smith Corp.		8,281		244,455
	AZZ Inc. (a)(c)		5,200		130,520
	American Superconductor Corp. (a)(b)		17,700		288,687
	Axsys Technologies, Inc. (a)		3,700		202,982
	Baldor Electric Co.		19,001		339,168
	Beacon Power Corp. (a)(b)		36,500		19,345
	CTS Corp.		13,868		76,413
	Cohu, Inc.		9,518		115,644
	Franklin Electric Co., Inc.		9,460		265,921
	Fushi Copperweld, Inc. (a)		6,000		31,620
	GrafTech International Ltd. (a)		50,144		417,198
	Littelfuse, Inc. (a)		8,960		148,736
	MKS Instruments, Inc. (a)		20,600		304,674
	Orion Energy Systems, Inc. (a)		2,600		14,066
	Powell Industries, Inc. (a)		3,231		93,764
	Power-One, Inc. (a)		35,400		42,126
	Sonic Solutions, Inc. (a)		9,200		16,192
	Taser International, Inc. (a)		26,600		140,448
	Technitrol, Inc.		16,861		58,676
	Triumph Group, Inc.		6,779		287,836
					3,238,471
Electrical: Household Appliance - 0.1%	National Presto Industries, Inc.		1,950		150,150
	Rex Stores Corp. (a)		4,400		35,508
					185,658
Electronics - 0.4%	Agilysys, Inc.		9,863		42,312
	Avid Technology, Inc. (a)		12,700		138,557
	Daktronics, Inc.		13,498		126,341
	II-VI, Inc. (a)		10,072		192,274
	Kopin Corp. (a)		28,400		57,936
	MRV Communications, Inc. (a)		60,666		46,713
	Methode Electronics, Inc.		15,680		105,683
	Multi-Fineline Electronix, Inc. (a)		3,600		42,084
	Newport Corp. (a)		14,835		100,581
	Park Electrochemical Corp.		8,449		160,193
	Sanmina-SCI Corp. (a)		219,200		103,024
	Semtech Corp. (a)		26,100		294,147
	Supertex, Inc. (a)		4,767		114,456
					1,524,301

17

Master Small Cap Index Series of Quantitative Master Series LLC
Schedule of Investments December 31, 2008	(Percentages shown are based on Net Assets)

Industry	Common Stocks	Shares		Value
Electronics: Instruments, Gauges & Meters - 0.1%	Faro Technologies, Inc. (a)		7,100	$	119,706
	Measurement Specialties, Inc. (a)		6,000		41,700
	OYO Geospace Corp. (a)		1,700		29,699
	Zygo Corp. (a)		6,300		43,533
					234,638
Electronics: Medical Systems - 1.1%	Accuray, Inc. (a)		14,900		76,884
	Affymetrix, Inc. (a)		29,500		88,205
	Analogic Corp.		5,572		152,004
	Bruker BioSciences Corp. (a)		20,887		84,383
	Cynosure, Inc. Class A (a)		4,300		39,259
	Datascope Corp.		5,470		285,753
	eResearch Technology, Inc. (a)		18,450		122,324
	Greatbatch, Inc. (a)		9,700		256,662
	Haemonetics Corp. (a)		10,772		608,618
	Luminex Corp. (a)		16,751		357,801
	Masimo Corp. (a)		19,300		575,719
	Natus Medical, Inc. (a)		11,600		150,220
	NxStage Medical, Inc. (a)		9,700		25,899
	Quality Systems, Inc. (b)		7,400		322,788
	Sirona Dental Systems, Inc. (a)		7,000		73,500
	Somanetics Corp. (a)		5,200		85,852
	Tomotherapy, Inc. (a)		17,700		42,126
	Varian, Inc. (a)		11,935		399,942
	Zoll Medical Corp. (a)		8,922		168,537
					3,916,476
Electronics: Other - 0.0%	ICx Technologies, Inc. (a)		5,700		45,087
Electronics: Semi- Conductors/Components - 1.4%	Actel Corp. (a)		10,816		126,764
	Advanced Battery Technologies, Inc. (a)		17,400		46,284
	Amkor Technology, Inc. (a)		45,000		98,100
	Anadigics, Inc. (a)		27,100		40,108
	Applied Micro Circuits Corp. (a)		27,800		109,254
	AuthenTec, Inc. (a)		11,800		19,706
	Bookham, Inc. (a)		41,500		18,675
	Cavium Networks, Inc. (a)(b)		12,800		134,528
	Ceva, Inc. (a)		8,300		58,100
	Cirrus Logic, Inc. (a)		27,500		73,700
	DSP Group, Inc. (a)		10,083		80,866
	Diodes, Inc. (a)		12,512		75,823
	Entropic Communications, Inc. (a)		700		350
	Exar Corp. (a)		15,427		102,898
	Formfactor, Inc. (a)		20,200		294,920
	Hittite Microwave Corp. (a)		8,300		244,518
	IPG Photonics Corp. (a)		7,900		104,122
	IXYS Corp.		9,993		82,542
	Lattice Semiconductor Corp. (a)		49,200		74,292
	MIPS Technologies, Inc. (a)		18,200		20,202

18

Master Small Cap Index Series of Quantitative Master Series LLC
Schedule of Investments December 31, 2008	(Percentages shown are based on Net Assets)

Industry	Common Stocks	Shares		Value
	Micrel, Inc.		20,500	$	149,855
	Microsemi Corp. (a)		33,190		419,522
	Microtune, Inc. (a)		21,100		43,044
	Monolithic Power Systems, Inc. (a)		11,100		139,971
	NVE Corp. (a)		2,000		52,260
	Netlogic Microsystems, Inc. (a)		7,300		160,673
	Omnivision Technologies, Inc. (a)		21,500		112,875
	PLX Technology, Inc. (a)		11,600		19,952
	PMC-Sierra, Inc. (a)		91,600		445,176
	Pericom Semiconductor Corp. (a)		9,093		49,830
	RF Micro Devices, Inc. (a)		110,384		86,100
	Rubicon Technology, Inc. (a)		5,500		23,430
	SiRF Technology Holdings, Inc. (a)		25,100		32,128
	Silicon Image, Inc. (a)		31,176		130,939
	Silicon Storage Technology, Inc. (a)		34,458		78,909
	Skyworks Solutions, Inc. (a)		68,633		380,227
	Spansion LLC Class A (a)		52,600		9,957
	Techwell, Inc. (a)		6,300		40,950
	Tessera Technologies, Inc. (a)		20,000		237,600
	Transmeta Corp. (a)		5,200		94,640
	TriQuint Semiconductor, Inc. (a)		59,436		204,460
	Volterra Semiconductor Corp. (a)		10,800		77,220
					4,795,470
Electronics: Technology - 0.5%	3D Systems Corp. (a)		7,400		58,756
	American Science & Engineering, Inc.		3,800		281,048
	Checkpoint Systems, Inc. (a)		16,423		161,602
	China Security & Surveillance Technology, Inc. (a)(b)		11,100		49,173
	Cogent, Inc. (a)		17,400		236,118
	Coherent, Inc. (a)		9,800		210,308
	Cubic Corp.		6,452		175,494
	Gerber Scientific, Inc. (a)		9,800		50,078
	Herley Industries, Inc. (a)		5,600		68,768
	ION Geophysical Corp. (a)		37,946		130,155
	Kemet Corp. (a)		34,600		9,342
	LaBarge, Inc. (a)		5,000		71,750
	Maxwell Technologies, Inc. (a)		7,500		38,025
	ScanSource, Inc. (a)		10,900		210,043
	Smart Modular Technologies WWH, Inc. (a)		18,200		28,028
	Super Micro Computer, Inc. (a)		9,100		57,603
					1,836,291
Energy Equipment - 0.0%	Capstone Turbine Corp. (a)		62,600		52,584
	GT Solar International, Inc. (a)		10,900		31,501
	Plug Power, Inc. (a)		33,000		33,660
	PowerSecure International, Inc. (a)		7,000		23,030
					140,775

19

Master Small Cap Index Series of Quantitative Master Series LLC
Schedule of Investments December 31, 2008	(Percentages shown are based on Net Assets)

Industry	Common Stocks	Shares		Value
Energy Miscellaneous - 0.7%	Akeena Solar, Inc. (a)(b)		8,600	$	14,792
	Alon USA Energy, Inc. (b)		4,500		41,175
	Approach Resources, Inc. (a)		3,500		25,585
	Aventine Renewable Energy Holdings, Inc. (a)		12,140		7,891
	CVR Energy, Inc. (a)		9,500		38,000
	Clean Energy Fuels Corp. (a)(b)		10,700		64,628
	Concho Resources, Inc. (a)		22,700		518,014
	Crosstex Energy, Inc. (b)		16,600		64,740
	Dawson Geophysical Co. (a)		3,400		60,554
	EnerNOC, Inc. (a)		4,400		32,736
	Evergreen Energy, Inc. (a)(b)		36,900		10,701
	Evergreen Solar, Inc. (a)(b)		60,500		192,995
	FuelCell Energy, Inc. (a)(b)		29,426		114,173
	GeoMet, Inc. (a)		6,300		10,836
	GreenHunter Energy, Inc. (a)(b)		1,800		8,856
	Matrix Service Co. (a)		10,700		82,069
	Ormat Technologies, Inc.		7,400		235,838
	Pacific Ethanol, Inc. (a)		17,300		7,612
	Penn Virginia Corp.		17,416		452,468
	Rentech, Inc. (a)(b)		68,400		46,512
	Teekay Tankers Ltd. Class A		5,900		74,930
	US Geothermal, Inc. (a)		25,500		21,165
	USEC, Inc. (a)(b)		45,959		206,356
					2,332,626
Engineering & Contracting Services - 0.4%	Clean Harbors, Inc. (a)		8,300		526,552
	Dycom Industries, Inc. (a)		16,902		138,934
	ENGlobal Corp. (a)		11,200		36,400
	Furmamite Corp. (a)		15,000		80,850
	Hill International, Inc. (a)		9,700		68,288
	Integrated Electrical Services, Inc. (a)		3,200		28,032
	Layne Christensen Co. (a)		8,100		194,481
	Michael Baker Corp. (a)		3,100		114,421
	VSE Corp.		1,700		66,691
					1,254,649
Entertainment - 0.2%	Cinemark Holdings, Inc.		12,200		90,646
	Dover Motorsports, Inc.		8,800		11,440
	Gaylord Entertainment Co. (a)(b)		16,855		182,708
	Live Nation, Inc. (a)		31,300		179,662
	Speedway Motorsports, Inc.		5,255		84,658
					549,114
Finance Companies - 0.1%	Credit Acceptance Corp. (a)		2,169		29,715
	MVC Capital, Inc.		10,000		109,700
	NewStar Financial, Inc. (a)		8,500		33,915
	Riskmetrics Group, Inc. (a)		8,900		132,521
	World Acceptance Corp. (a)		7,000		138,320
					444,171

20

Master Small Cap Index Series of Quantitative Master Series LLC
Schedule of Investments December 31, 2008	(Percentages shown are based on Net Assets)

Industry	Common Stocks	Shares		Value
Finance: Small Loan - 0.1%	Advance America, Cash Advance Centers, Inc.		18,300	$	34,587
	Dollar Financial Corp. (a)		10,400		107,120
	Encore Capital Group, Inc. (a)		5,700		41,040
	The First Marblehead Corp. (a)		28,500		36,765
	Nelnet, Inc. Class A		6,700		96,011
					315,523
Financial Data Processing Services & Systems - 0.7%	Advent Software, Inc. (a)(b)		7,100		141,787
	Cass Information Systems, Inc.		2,515		76,607
	CompuCredit Corp. (a)(b)		7,189		39,755
	CyberSource Corp. (a)		29,064		348,477
	Deluxe Corp.		21,300		318,648
	ExlService Holdings, Inc. (a)		5,900		50,563
	Fair Isaac Corp.		20,100		338,886
	Heartland Payment Systems, Inc. (b)		10,300		180,250
	Hypercom Corp. (a)		22,100		23,868
	Jack Henry & Associates, Inc.		31,300		607,533
	Online Resources Corp. (a)		11,900		56,406
	TNS, Inc. (a)		10,100		94,839
	TradeStation Group, Inc. (a)		13,300		85,785
	Wright Express Corp. (a)		16,000		201,600
					2,565,004
Financial Information Services - 0.2%	Bankrate, Inc. (a)(b)		5,400		205,200
	Interactive Data Corp.		15,100		372,366
	Move, Inc. (a)		52,900		84,640
	S1 Corp. (a)		20,422		161,130
	TheStreet.com, Inc.		7,500		21,750
	Value Line, Inc.		300		10,356
					855,442
Financial Miscellaneous - 0.7%	AMBAC Financial Group, Inc. (b)		121,500		157,950
	Advanta Corp. Class B		15,850		33,126
	Asset Acceptance Capital Corp. (a)(b)		6,200		31,682
	Cash America International, Inc.		12,319		336,925
	Federal Agricultural Mortgage Corp. Class B		4,500		15,750
	Financial Federal Corp.		10,800		251,316
	First Cash Financial Services, Inc. (a)		8,400		160,104
	Global Cash Access, Inc. (a)		16,600		36,852
	Harris & Harris Group, Inc. (a)		9,600		37,920
	Medallion Financial Corp.		6,100		46,543
	Portfolio Recovery Associates, Inc. (a)(b)		6,400		216,576
	Radian Group, Inc.		34,000		125,120
	Sanders Morris Harris Group, Inc.		6,700		40,133
	Sterling Bancorp		7,516		105,449
	Stewart Information Services Corp.		7,222		169,645
	Stifel Financial Corp. (a)		10,749		492,842
	WSFS Financial Corp.		2,591		124,342
	Waterstone Financial, Inc. (a)		2,700		9,045
					2,391,320

21

Master Small Cap Index Series of Quantitative Master Series LLC
Schedule of Investments December 31, 2008	(Percentages shown are based on Net Assets)

Industry	Common Stocks	Shares		Value
Foods - 1.9%	American Dairy, Inc. (a)		2,300	$	34,592
	B&G Foods, Inc. Class A		8,300		44,820
	Cal-Maine Foods, Inc. (b)		5,500		157,850
	Chiquita Brands International, Inc. (a)		18,300		270,474
	Diamond Foods, Inc.		6,800		137,020
	Flowers Foods, Inc.		32,476		791,115
	Fresh Del Monte Produce, Inc. (a)		17,300		387,866
	Hain Celestial Group, Inc. (a)		17,057		325,618
	J&J Snack Foods Corp.		5,800		208,104
	Lance, Inc.		11,400		261,516
	Lifeway Foods, Inc. (a)		1,900		17,062
	M&F Worldwide Corp. (a)		5,100		78,795
	Maui Land & Pineapple Co., Inc. (a)		1,963		26,363
	Omega Protein Corp. (a)		8,000		32,080
	Ralcorp Holdings, Inc. (a)		23,595		1,377,948
	Sanderson Farms, Inc.		8,550		295,488
	Schiff Nutrition International, Inc. (a)		5,700		34,029
	Seaboard Corp.		142		169,548
	Sensient Technologies Corp.		20,157		481,349
	Smart Balance, Inc. (a)		26,600		180,880
	Synutra International, Inc. (a)		4,300		47,386
	Tootsie Roll Industries, Inc. (b)		9,835		251,874
	TreeHouse Foods, Inc. (a)		13,200		359,568
	United Natural Foods, Inc. (a)		18,080		322,186
	Zhongpin, Inc. (a)		7,600		91,200
					6,384,731
Forest Products - 0.1%	Deltic Timber Corp.		4,309		197,137
	Louisiana-Pacific Corp.		42,700		66,612
	Universal Forest Products, Inc.		7,034		189,285
					453,034
Forms & Bulk Printing Services - 0.1%	Ennis, Inc.		10,600		128,366
	Innerworkings, Inc. (a)(b)		13,100		85,805
	The Standard Register Co.		6,145		54,875
					269,046
Funeral Parlors & Cemeteries - 0.0%	Stewart Enterprises, Inc. Class A		34,524		103,917
Glass - 0.0%	Apogee Enterprises, Inc.		12,300		127,428
Gold - 0.3%	Allied Nevada Gold Corp. (a)		18,600		94,116
	Coeur d’Alene Mines Corp. (a)(b)		227,500		200,200
	Royal Gold, Inc.		12,300		605,283
					899,599
Health Care Facilities - 0.5%	Assisted Living Concepts, Inc. (a)		22,700		94,205
	Capital Senior Living Corp. (a)		9,200		27,416
	Emeritus Corp. (a)		8,500		85,255
	The Ensign Group, Inc.		3,400		56,916
	Five Star Quality Care, Inc. (a)		16,300		24,939

22

Master Small Cap Index Series of Quantitative Master Series LLC
Schedule of Investments December 31, 2008	(Percentages shown are based on Net Assets)

Industry	Common Stocks	Shares		Value
	IPC The Hospitalist Co., Inc. (a)		2,000	$	33,660
	Kindred Healthcare, Inc. (a)		11,590		150,902
	MedCath Corp. (a)		6,600		68,904
	National Healthcare Corp.		3,500		177,240
	Psychiatric Solutions, Inc. (a)		23,300		648,905
	Res-Care, Inc. (a)		10,200		153,204
	Skilled Healthcare Group, Inc. Class A (a)		7,200		60,768
	Sun Healthcare Group, Inc. (a)		18,100		160,185
	Sunrise Senior Living, Inc. (a)		20,574		34,564
					1,777,063
Health Care Management Services - 1.3%	AMERIGROUP Corp. (a)		22,500		664,200
	Amsurg Corp. (a)		13,000		303,420
	athenahealth, Inc. (a)		8,700		327,294
	Catalyst Health Solutions, Inc. (a)		13,800		336,030
	Centene Corp. (a)		18,000		354,780
	Computer Programs & Systems, Inc.		4,000		107,200
	Corvel Corp. (a)		3,285		72,204
	Eclipsys Corp. (a)		21,931		311,201
	HMS Holdings Corp. (a)		10,500		330,960
	HealthSpring, Inc. (a)		20,800		415,376
	Inter Allscripts - Misys Healthcare Solutions, Inc.		59,941		594,615
	Molina Healthcare, Inc. (a)		6,000		105,660
	National Research Corp.		600		17,376
	Omnicell, Inc. (a)		13,600		166,056
	Phase Forward, Inc. (a)		17,700		221,604
	Triple-S Management Corp. (a)		5,500		63,250
	Vital Images, Inc. (a)		7,100		98,761
					4,489,987
Health Care Services - 0.8%	Alliance Imaging, Inc. (a)		10,500		83,685
	Amedisys, Inc. (a)		11,166		461,602
	Bio-Reference Labs, Inc. (a)		4,900		128,527
	CardioNet, Inc. (a)		1,900		46,835
	Emergency Medical Services Corp. (a)		4,000		146,440
	Gentiva Health Services, Inc. (a)		10,712		313,433
	HealthSouth Corp. (a)		36,800		403,328
	Healthcare Services Group, Inc.		17,737		282,550
	Healthways, Inc. (a)		14,900		171,052
	LHC Group, Inc. (a)		6,200		223,200
	Nighthawk Radiology Holdings, Inc. (a)		10,300		50,058
	Odyssey HealthCare, Inc. (a)		13,900		128,575
	PharMerica Corp. (a)		12,869		201,657
	Virtual Radiologic Corp. (a)		3,100		26,288
					2,667,230
Homebuilding - 0.2%	Beazer Homes USA, Inc. (a)(b)		17,000		26,860
	Hovnanian Enterprises, Inc. Class A (a)(b)		19,800		34,056
	M/I Homes, Inc.		6,100		64,294

23

Master Small Cap Index Series of Quantitative Master Series LLC
Schedule of Investments December 31, 2008	(Percentages shown are based on Net Assets)

Industry	Common Stocks	Shares		Value
	Meritage Homes Corp. (a)		13,100	$	159,427
	Ryland Group, Inc.		17,900		316,293
	Standard-Pacific Corp. (a)		46,600		82,948
					683,878
Hotel/Motel - 0.1%	Lodgian, Inc. (a)		6,700		14,271
	Marcus Corp.		8,379		135,991
	Morgans Hotel Group Co. (a)		11,100		51,726
					201,988
Household Furnishings - 0.2%	American Woodmark Corp.		4,400		80,212
	Ethan Allen Interiors, Inc.		10,400		149,448
	Furniture Brands International, Inc.		17,600		38,896
	Haverty Furniture Cos., Inc.		7,736		72,177
	hhgregg, Inc. (a)		4,200		36,456
	Hooker Furniture Corp.		4,100		31,406
	La-Z-Boy, Inc.		21,200		46,004
	Libbey, Inc.		6,700		8,375
	Sealy Corp. (b)		17,900		44,929
	Tempur-Pedic International, Inc. (b)		31,600		224,044
					731,947
Identification Control & Filter Devices - 0.7%	Advanced Energy Industries, Inc. (a)		13,912		138,424
	Asyst Technologies, Inc. (a)		20,541		5,135
	Badger Meter, Inc.		6,200		179,924
	ESCO Technologies, Inc. (a)		10,932		447,665
	Energy Recovery, Inc. (a)		5,000		37,900
	Flanders Corp. (a)		6,600		30,954
	The Gorman-Rupp Co.		5,897		183,515
	L-1 Identity Solutions, Inc. (a)		28,628		192,953
	Mine Safety Appliances Co.		12,826		306,670
	PMFG, Inc. (a)		5,400		51,624
	Robbins & Myers, Inc.		11,624		187,960
	Sun Hydraulics, Inc.		4,950		93,258
	Veeco Instruments, Inc. (a)		13,727		87,029
	Vicor Corp.		7,996		52,854
	Watts Water Technologies, Inc. Class A		12,236		305,533
					2,301,398
Industrial Products - 0.0%	A.M. Castle & Co.		6,800		73,644
	TAL International Group, Inc.		6,000		84,600
					158,244
Insurance: Life - 0.4%	American Equity Investment Life Holding Co.		22,600		158,200
	Citizens, Inc. (a)		15,400		149,380
	Delphi Financial Group, Inc. Class A		17,105		315,416
	Kansas City Life Insurance Co.		1,642		71,181
	Life Partners Holdings, Inc. (b)		2,500		109,100
	National Western Life Insurance Co. Class A		933		157,836
	The Phoenix Cos., Inc.		47,300		154,671
	Presidential Life Corp.		8,993		88,941

24

Master Small Cap Index Series of Quantitative Master Series LLC

Schedule of Investments December 31, 2008 (Percentages shown are based on Net Assets)

Industry	Common Stocks	Shares		Value
	Universal American Financial Corp. (a)		16,200	$	142,884
					1,347,609
Insurance: Multi-Line - 1.1%	Assured Guaranty Ltd.		23,000		262,200
	CNA Surety Corp. (a)		6,386		122,611
	Crawford & Co. Class B (a)		10,009		145,531
	EMC Insurance Group, Inc.		2,200		56,430
	eHealth, Inc. (a)		10,600		140,768
	FBL Financial Group, Inc. Class A		5,325		82,271
	Flagstone Reinsurance Holdings Ltd.		12,400		121,148
	Horace Mann Educators Corp.		16,768		154,098
	Independence Holding Co.		1,440		5,198
	Maiden Holdings Ltd.		20,300		63,539
	Max Capital Group Ltd.		23,300		412,410
	Meadowbrook Insurance Group, Inc.		22,752		146,523
	Montpelier Re Holdings Ltd.		39,100		656,489
	Pico Holdings, Inc. (a)		6,697		178,006
	Platinum Underwriters Holdings Ltd.		20,600		743,248
	Primus Guaranty Ltd. (a)(b)		12,700		14,478
	Zenith National Insurance Corp.		15,355		484,757
					3,789,705
Insurance: Property-Casualty - 2.5%	AmTrust Financial Services, Inc.		6,500		75,400
	American Physicians Capital, Inc.		3,556		171,044
	American Safety Insurance Holdings Ltd. (a)		4,400		58,124
	Amerisafe, Inc. (a)		8,000		164,240
	Argo Group International Holdings Ltd. (a)		12,779		433,464
	Aspen Insurance Holdings Ltd.		35,800		868,150
	Baldwin & Lyons, Inc. Class B		3,432		62,428
	CastlePoint Holdings, Ltd.		13,800		187,128
	Donegal Group, Inc. Class A		4,544		76,203
	Employers Holdings, Inc.		20,380		336,270
	Enstar Group Ltd. (a)		2,200		130,108
	FPIC Insurance Group, Inc. (a)(b)		3,600		157,608
	First Acceptance Corp. (a)		3,777		10,953
	First Mercury Financial Corp. (a)		6,300		89,838
	Greenlight Capital Re Ltd. (a)		11,900		154,581
	Hallmark Financial Services, Inc. (a)		2,400		21,048
	Harleysville Group, Inc.		5,362		186,222
	IPC Holdings, Ltd.		19,800		592,020
	Infinity Property & Casualty Corp.		6,200		289,726
	NYMAGIC, Inc.		1,800		34,290
	National Interstate Corp.		2,500		44,675
	Navigators Group, Inc. (a)		5,600		307,496
	Odyssey Re Holdings Corp.		9,400		487,014
	PMA Capital Corp. Class A (a)		13,106		92,790
	The PMI Group, Inc.		34,900		68,055
	ProAssurance Corp. (a)		13,523		713,744

25

Master Small Cap Index Series of Quantitative Master Series LLC

Schedule of Investments December 31, 2008 (Percentages shown are based on Net Assets)

Industry	Common Stocks	Shares		Value
	RLI Corp.		7,854	$	480,351
	Safety Insurance Group, Inc.		6,700		255,002
	SeaBright Insurance Holdings, Inc. (a)		8,800		103,312
	Selective Insurance Group, Inc.		22,008		504,643
	State Auto Financial Corp.		5,612		168,697
	Tower Group, Inc.		8,300		234,143
	United America Indemnity, Ltd. (a)		8,300		106,323
	United Fire & Casualty Co.		9,400		292,058
	Validus Holdings Ltd.		26,600		695,856
					8,653,004
Investment Management Companies - 0.5%	Ampal-American Israel Corp. Class A (a)		6,000		3,480
	Apollo Investment Corp. (b)		58,946		548,787
	Ares Capital Corp.		40,172		254,289
	Calamos Asset Management, Inc. Class A		8,300		61,420
	Capital Southwest Corp.		1,200		129,792
	Cohen & Steers, Inc. (b)		6,900		75,831
	Epoch Holding Corp.		4,800		36,432
	FBR Capital Markets Corp. (a)		11,300		54,918
	Fifth Street Finance Corp.		3,000		22,650
	GAMCO Investors, Inc. Class A		3,296		90,047
	Kohlberg Capital Corp.		7,100		25,844
	MCG Capital Corp.		31,200		22,152
	NGP Capital Resources Co.		8,623		72,175
	National Financial Partners Corp.		14,000		42,560
	Pzena Investment Management, Inc. Class A		4,100		17,302
	Resource America, Inc. Class A		4,049		16,196
	U.S. Global Investors, Inc.		5,200		25,428
	Westwood Holdings Group Inc.		2,200		62,502
					1,561,805
Jewelry, Watches & Gemstones - 0.1%	Fossil, Inc. (a)		19,000		317,300
	Fuqi International, Inc. (a)		4,000		25,040
	Movado Group, Inc.		6,600		61,974
					404,314
Lead & Zinc - 0.0%	Horsehead Holding Corp. (a)		15,200		71,440
Leisure Time - 0.4%	Callaway Golf Co.		27,400		254,546
	Great Wolf Resorts, Inc. (a)		12,800		19,712
	Life Time Fitness, Inc. (a)(b)		14,600		189,070
	Pool Corp. (b)		20,100		361,197
	Rick’s Cabaret International, Inc. (a)		3,100		12,369
	Six Flags, Inc. (a)		34,500		10,695
	Steinway Musical Instruments, Inc. (a)		2,800		49,028
	Town Sports International Holdings, Inc. (a)		7,200		22,968
	Vail Resorts, Inc. (a)(b)		12,656		336,650
					1,256,235
Machine Tools - 0.0%	Hurco Companies, Inc. (a)		2,800		33,600
	Thermadyne Holdings Corp. (a)		5,500		37,785
					71,385

26

Master Small Cap Index Series of Quantitative Master Series LLC

Schedule of Investments December 31, 2008 (Percentages shown are based on Net Assets)

Industry	Common Stocks	Shares		Value
Machinery & Engineering - 0.0%	Applied Industrial Technologies, Inc. (c)		17,490	$	330,911
Machinery: Agricultural - 0.1%	Alamo Group, Inc.		2,600		38,870
	Lindsay Manufacturing Co. (b)		5,013		159,363
	Titan Machinery, Inc. (a)		3,200		44,992
					243,225
Machinery: Construction & Handling - 0.1%	Astec Industries, Inc. (a)		7,617		238,641
	NACCO Industries, Inc. Class A		2,487		93,039
					331,680
Machinery: Engines - 0.1%	Briggs & Stratton Corp. (b)		20,800		365,872
	Harbin Electric, Inc. (a)(b)		2,600		20,774
	Raser Technologies, Inc. (a)(b)		18,600		69,378
					456,024
Machinery: Industrial/Specialty - 0.8%	Actuant Corp. Class A (c)		23,500		446,970
	Altra Holdings, Inc. (a)		10,900		86,219
	Chart Industries, Inc. (a)		12,100		128,623
	Colfax Corp. (a)		8,900		92,471
	Columbus McKinnon Corp. (a)		7,800		106,470
	DXP Enterprises, Inc. (a)		3,200		46,752
	EnPro Industries, Inc. (a)		8,500		183,090
	Graham Corp.		4,400		47,608
	Kadant, Inc. (a)		5,770		77,780
	Middleby Corp. (a)(b)		7,000		190,890
	Nordson Corp.		13,910		449,154
	Tecumseh Products Co. Class A (a)		7,128		68,286
	Tennant Co.		6,874		105,860
	Twin Disc, Inc.		3,600		24,804
	Woodward Governor Co.		24,558		565,325
					2,620,302
Machinery: Oil Well Equipment & Services - 0.7%	Allis-Chalmers Energy, Inc. (a)		12,500		68,750
	Basic Energy Services, Inc. (a)		17,000		221,680
	Bolt Technology Corp. (a)		3,900		27,144
	CARBO Ceramics, Inc.		8,702		309,182
	Cal Dive International, Inc. (a)		18,274		118,964
	Complete Production Services, Inc. (a)		19,900		162,185
	Dril-Quip, Inc. (a)		12,976		266,138
	Flotek Industries, Inc. (a)(b)		9,400		23,688
	Gulf Island Fabrication, Inc.		5,017		72,295
	Hornbeck Offshore Services, Inc. (a)		9,840		160,786
	Lufkin Industries, Inc.		6,200		213,900
	Mitcham Industries, Inc. (a)		4,000		15,880
	NATCO Group, Inc. Class A (a)		8,300		125,994
	Natural Gas Services Group (a)		5,300		53,689
	Newpark Resources, Inc. (a)		37,120		137,344
	Parker Drilling Co. (a)		46,681		135,375
	Precision Drilling Trust		1,428		11,984
	RPC, Inc.		12,000		117,120

27

Master Small Cap Index Series of Quantitative Master Series LLC

Schedule of Investments December 31, 2008 (Percentages shown are based on Net Assets)

Industry	Common Stocks	Shares		Value
	Sulphco, Inc. (a)(b)		19,500	$	18,330
	Superior Well Services, Inc. (a)		7,100		71,000
	T-3 Energy Services, Inc. (a)		5,300		50,032
	Trico Marine Services, Inc. (a)(b)		5,600		25,032
	Union Drilling, Inc. (a)		5,800		30,102
	Willbros Group, Inc. (a)		16,500		139,755
					2,576,349
Machinery: Specialty - 0.1%	Cascade Corp.		3,700		110,482
	Flow International Corp. (a)		16,400		39,688
	Key Technology Inc. (a)		2,300		43,447
	Semitool, Inc. (a)		8,341		25,440
	TurboChef Technologies, Inc. (a)		8,600		42,226
					261,283
Manufactured Housing - 0.1%	Cavco Industries, Inc. (a)		2,700		72,603
	Champion Enterprises, Inc. (a)		33,027		18,495
	Palm Harbor Homes, Inc. (a)(b)		4,605		22,933
	Skyline Corp.		3,001		59,990
					174,021
Manufacturing - 0.1%	Federal Signal Corp.		19,859		163,042
	Standex International Corp.		5,131		101,799
					264,841
Medical & Dental Instruments & Supplies - 3.3%	Abaxis, Inc. (a)(c)		9,200		147,476
	Abiomed, Inc. (a)(c)		14,400		236,448
	Align Technology, Inc. (a)		25,600		224,000
	Alphatec Holdings, Inc. (a)		10,300		24,205
	American Medical Systems Holdings, Inc. (a)		30,100		270,599
	AngioDynamics, Inc. (a)		10,000		136,900
	Atrion Corp.		600		58,260
	Bio-Rad Laboratories, Inc. Class A (a)(c)		7,800		587,418
	BioMimetic Therapeutics, Inc. (a)		5,400		49,788
	CONMED Corp. (a)		11,828		283,162
	Cantel Medical Corp. (a)		5,400		79,218
	Cardiac Science Corp. (a)		8,000		60,000
	Cepheid, Inc. (a)		24,000		249,120
	Clinical Data, Inc. (a)		4,300		38,270
	Conceptus, Inc. (a)		12,800		194,816
	CryoLife, Inc. (a)		11,900		115,549
	Cyberonics, Inc. (a)		10,069		166,843
	DexCom, Inc. (a)		12,100		33,396
	ev3, Inc. (a)		29,032		177,095
	Exactech, Inc. (a)		3,300		55,572
	Hansen Medical, Inc. (a)		7,000		50,540
	I-Flow Corp. (a)		8,900		42,720
	ICU Medical, Inc. (a)		4,750		157,415
	IRIS International, Inc. (a)		7,600		105,944
	Immucor, Inc. (a)		29,343		779,937

28

Master Small Cap Index Series of Quantitative Master Series LLC

Schedule of Investments December 31, 2008 (Percentages shown are based on Net Assets)

Industry	Common Stocks	Shares		Value
	Insulet Corp. (a)		8,000	$	61,760
	Invacare Corp.		13,522		209,861
	Landauer, Inc.		3,878		284,257
	Medical Action Industries, Inc. (a)		5,850		58,500
	Mentor Corp.		14,244		440,567
	Meridian Bioscience, Inc.		16,600		422,802
	Merit Medical Systems, Inc. (a)		11,710		209,960
	Micrus Endovascular Corp. (a)		6,700		77,787
	Neogen Corp. (a)		6,100		152,378
	NuVasive, Inc. (a)		14,900		516,285
	OraSure Technologies, Inc. (a)		19,259		70,873
	Orthofix International NV (a)		7,300		111,909
	Orthovita, Inc. (a)		27,300		92,547
	Owens & Minor, Inc.		17,298		651,270
	PSS World Medical, Inc. (a)		26,073		490,694
	Palomar Medical Technologies, Inc. (a)		7,900		91,087
	SonoSite, Inc. (a)		7,215		137,662
	Spectranetic Corp. (a)		13,900		36,279
	Stereotaxis, Inc. (a)(b)		11,300		49,720
	Steris Corp.		24,600		587,694
	SurModics, Inc. (a)(b)		6,483		163,825
	Symmetry Medical, Inc. (a)		14,700		117,159
	Synovis Life Technologies, Inc. (a)		5,400		101,196
	Thoratec Corp. (a)		22,847		742,299
	Trans1, Inc. (a)		5,000		36,050
	Vision-Sciences Inc. (a)		6,900		10,557
	Volcano Corp. (a)		19,500		292,500
	West Pharmaceutical Services, Inc.		13,376		505,212
	Wright Medical Group, Inc. (a)		15,700		320,751
					11,368,132
Medical Services - 0.5%	Air Methods Corp. (a)		4,700		75,153
	Almost Family, Inc. (a)(b)		2,700		121,446
	Genoptix, Inc. (a)		3,600		122,688
	Hanger Orthopedic Group, Inc. (a)		12,200		177,022
	Magellan Health Services, Inc. (a)		17,000		665,720
	Parexel International Corp. (a)		23,994		232,982
	RadNet, Inc. (a)		8,800		29,480
	RehabCare Group, Inc. (a)		7,495		113,624
	US Physical Therapy, Inc. (a)		5,200		69,316
					1,607,431
Metal Fabricating - 0.9%	Ampco-Pittsburgh Corp.		3,400		73,780
	CIRCOR International, Inc.		6,700		184,250
	Dynamic Materials Corp.		5,400		104,274
	Encore Wire Corp. (b)		7,750		146,940
	Gibraltar Industries, Inc.		11,334		135,328
	Haynes International, Inc. (a)		5,100		125,562

29

Master Small Cap Index Series of Quantitative Master Series LLC

Schedule of Investments December 31, 2008 (Percentages shown are based on Net Assets)

Industry	Common Stocks	Shares		Value
	Insteel Industries, Inc.		7,600	$	85,804
	Kaydon Corp.		14,426		495,533
	L.B. Foster Co. Class A (a)		4,600		143,888
	Mueller Industries, Inc.		15,282		383,273
	Mueller Water Products, Inc. Series A		48,460		407,064
	NN, Inc.		6,900		15,801
	Northwest Pipe Co. (a)		3,900		166,179
	Omega Flex, Inc.		1,200		25,128
	RBC Bearings, Inc. (a)		9,000		182,520
	RTI International Metals, Inc. (a)		9,813		140,424
	Trimas Corp. (a)		4,300		5,934
	Worthington Industries, Inc.		27,100		298,642
					3,120,324
Metals & Minerals Miscellaneous - 0.5%	AMCOL International Corp.		10,673		223,599
	Apex Silver Mines Ltd. (a)		24,900		24,402
	Brush Engineered Materials, Inc. (a)		8,711		110,804
	Compass Minerals International, Inc. (c)		13,600		797,776
	General Moly, Inc. (a)		28,400		33,512
	Hecla Mining Co. (a)		71,900		201,320
	Minerals Technologies, Inc.		7,953		325,278
	Stillwater Mining Co. (a)		16,364		80,838
	United States Lime & Minerals Inc. (a)		700		16,765
	Uranium Resources, Inc. (a)		19,000		14,630
					1,828,924
Miscellaneous Business & Consumer Discretionary - 0.1%	Core-Mark Holdings Co., Inc. (a)		3,900		83,928
	Sotheby’s Holdings, Inc. Class A (b)		27,936		248,351
					332,279
Miscellaneous Consumer Staples - 0.0%	Reddy Ice Holdings, Inc.		7,400		10,656
Miscellaneous Health Care - 0.0%	MedAssets, Inc. (a)		6,900		100,740
Miscellaneous Materials & Commodities - 0.2%	Ceradyne, Inc. (a)		11,050		224,426
	Lydall, Inc. (a)		6,900		39,675
	Symyx Technologies Inc. (a)		13,879		82,441
	WD-40 Co.		6,789		192,061
					538,603
Miscellaneous Materials & Processing - 0.1%	Insituform Technologies, Inc. Class A (a)		11,738		231,121
	Rogers Corp. (a)		7,455		207,025
	Xerium Technologies, Inc. (a)		6,700		4,422
					442,568
Miscellaneous Producer Durables - 0.1%	Blount International, Inc. (a)		15,800		149,784
	Park-Ohio Holdings Corp. (a)		3,400		20,978
					170,762
Miscellaneous Technology - 0.1%	iRobot Corp. (a)		7,400		66,822
	Microvision, Inc. (a)(b)		23,300		39,144
	TerreStar Corp. (a)		23,900		9,560

30

Master Small Cap Index Series of Quantitative Master Series LLC

Schedule of Investments December 31, 2008 (Percentages shown are based on Net Assets)

Industry	Common Stocks	Shares		Value
	Vocus, Inc. (a)		6,900	$	125,649
					241,175
Multi-Sector Companies - 0.3%	Brunswick Corp.		37,300		157,033
	Compass Diversified Holdings		9,800		110,250
	GenCorp, Inc. (a)		24,471		90,053
	GenTek Inc. (a)		3,500		52,675
	Kaman Corp. Class A		10,494		190,256
	Lancaster Colony Corp.		8,299		284,656
	Raven Industries, Inc.		6,600		159,060
	United Capital Corp. (a)		600		10,884
					1,054,867
Office Furniture & Business Equipment - 0.3%	ACCO Brands Corp. (a)		22,200		76,590
	HNI Corp. (b)		18,400		291,456
	Herman Miller, Inc.		23,500		306,205
	Kimball International, Inc. Class B		13,174		113,428
	Knoll, Inc.		20,000		180,400
	Presstek, Inc. (a)		11,400		36,594
					1,004,673
Oil: Crude Producers - 1.8%	APCO Argentina, Inc.		1,600		42,608
	ATP Oil & Gas Corp. (a)		11,800		69,030
	Abraxas Petroleum Corp. (a)		17,300		12,456
	American Oil & Gas, Inc. (a)		15,100		12,080
	Arena Resources, Inc. (a)(c)		15,900		446,631
	Atlas America, Inc.		14,287		212,162
	BMB Munai, Inc. (a)		15,400		21,406
	BPZ Resources, Inc. (a)(b)		25,400		162,560
	Berry Petroleum Co. Class A		18,102		136,851
	Bill Barrett Corp. (a)		15,400		325,402
	Brigham Exploration Co. (a)		20,200		64,640
	Bronco Drilling Co., Inc. (a)		12,000		77,520
	Callon Petroleum Co. (a)		10,000		26,000
	Cano Petroleum, Inc. (a)		16,100		7,084
	Carrizo Oil & Gas, Inc. (a)		11,600		186,760
	Cheniere Energy, Inc. (a)(b)		21,300		60,705
	Clayton Williams Energy, Inc. (a)		2,200		99,968
	Comstock Resources, Inc. (a)(c)		19,057		900,443
	Contango Oil & Gas Co. (a)		5,500		309,650
	Delek US Holdings, Inc.		4,600		24,334
	Double Eagle Pete & Mining Co. (a)		3,400		23,868
	EXCO Resources, Inc. (a)		62,500		566,250
	Endeavour International Corp. (a)		46,900		23,450
	Energy Partners Ltd. (a)		13,837		18,680
	Energy XXI Bermuda Ltd.		46,200		36,498
	FX Energy, Inc. (a)		16,600		46,314
	Gasco Energy, Inc. (a)		38,600		15,054
	GeoGlobal Resources, Inc. (a)(b)		16,300		26,080

31

Master Small Cap Index Series of Quantitative Master Series LLC

Schedule of Investments December 31, 2008 (Percentages shown are based on Net Assets)

Industry	Common Stocks	Shares		Value
	GeoResources, Inc. (a)		2,300	$	19,987
	Geokinetics, Inc. (a)		2,600		6,422
	Goodrich Petroleum Corp. (a)		9,500		284,525
	Gran Tierra Energy, Inc. (a)(b)		88,500		247,800
	Gulfport Energy Corp. (a)		10,800		42,660
	Harvest Natural Resources, Inc. (a)		15,000		64,500
	Houston American Energy Corp.		6,200		20,956
	McMoRan Exploration Co. (a)		25,300		247,940
	Meridian Resource Corp. (a)		31,911		18,189
	Northern Oil And Gas, Inc. (a)		8,100		21,060
	Oilsands Quest, Inc. (a)		68,100		49,713
	Panhandle Oil & Gas Inc.		3,000		54,000
	Parallel Petroleum Corp. (a)		17,100		34,371
	Petroleum Development Corp. (a)		6,100		146,827
	Petroquest Energy, Inc. (a)(b)		18,500		125,060
	Pioneer Drilling Co. (a)		20,600		114,742
	PrimeEnergy Corp. (a)		300		15,585
	Quest Resource Corp. (a)		9,800		4,312
	Rex Energy Corp. (a)		6,900		20,286
	Rosetta Resources, Inc. (a)		21,200		150,096
	Stone Energy Corp. (a)		13,298		146,544
	Swift Energy Co. (a)		12,417		208,730
	TXCO Resources, Inc. (a)		15,000		22,350
	Toreador Resources Corp. (a)		7,000		38,430
	Tri-Valley Corp. (a)(b)		9,300		16,740
	Venoco, Inc. (a)		8,400		22,764
	Warren Resources, Inc. (a)		24,100		47,959
	Western Refining, Inc. (b)		12,800		99,328
					6,246,360
Oil: Integrated Domestic - 0.1%	Delta Petroleum Corp. (a)(b)		25,700		122,332
	GMX Resources Inc. (a)		7,100		179,772
	Ram Energy Resources, Inc. (a)		15,500		13,640
					315,744
Oil: Integrated International - 0.1%	Vaalco Energy, Inc. (a)		25,100		186,744
Paints & Coatings - 0.1%	Ferro Corp.		18,376		129,551
	H.B. Fuller Co.		20,680		333,155
					462,706
Paper - 0.4%	AbitibiBowater, Inc. (a)(b)		21,944		10,314
	Albany International Corp. Class A		12,274		157,598
	Boise, Inc. (a)		14,600		6,278
	Buckeye Technologies, Inc. (a)		16,198		58,961
	Clearwater Paper Corp. (a)		4,699		39,426
	Kapstone Paper and Packaging Corp. (a)		7,400		17,612
	Mercer International, Inc.-Sbi (a)		12,400		23,808
	Multi-Color Corp.		3,950		62,489

32

Master Small Cap Index Series of Quantitative Master Series LLC

Schedule of Investments December 31, 2008 (Percentages shown are based on Net Assets)

Industry	Common Stocks	Shares		Value
	Neenah Paper, Inc.		6,000	$	53,040
	P.H. Glatfelter Co.		18,701		173,919
	Rock-Tenn Co. Class A		15,980		546,196
	Verso Paper Corp.		5,800		5,974
	Wausau Paper Corp.		18,242		208,688
					1,364,303
Plastics - 0.0%	Spartech Corp.		12,654		79,214
Pollution Control & Environmental Services - 0.3%	American Ecology Corp.		6,700		135,541
	Darling International, Inc. (a)		34,500		189,405
	EnergySolutions, Inc.		13,700		77,405
	Fuel Tech, Inc. (a)(b)		8,200		86,838
	Headwaters, Inc. (a)		17,946		121,136
	Met-Pro Corp.		6,200		82,584
	Metalico, Inc. (a)(b)		10,800		16,740
	Team, Inc. (a)		7,800		216,060
					925,709
Power Transmission Equipment - 0.2%	Regal-Beloit Corp.		13,251		503,405
	Synthesis Energy Systems, Inc. (a)		8,600		5,848
					509,253
Printing & Copying Services - 0.2%	Bowne & Co., Inc.		11,682		68,690
	Cenveo, Inc. (a)		19,800		88,110
	Schawk, Inc.		5,500		63,030
	VistaPrint Ltd. (a)		18,600		346,146
					565,976
Production Technology Equipment - 0.9%	ATMI, Inc. (a)(c)		13,257		204,556
	Axcelis Technologies, Inc. (a)		44,800		22,848
	Brooks Automation, Inc. (a)		26,178		152,094
	Cognex Corp.		17,156		253,909
	Cymer, Inc. (a)		12,800		280,448
	Dionex Corp. (a)		7,731		346,735
	Electro Scientific Industries, Inc. (a)		11,161		75,783
	Emcore Corp. (a)		31,200		40,560
	Entegris, Inc. (a)		47,199		103,366
	Esterline Technologies Corp. (a)		12,190		461,879
	FEI Co. (a)		15,055		283,937
	Intevac, Inc. (a)		9,000		45,630
	K-Tron International, Inc. (a)		1,000		79,900
	Kulicke & Soffa Industries, Inc. (a)		22,156		37,665
	LTX-Credence Corp. (a)		57,003		15,391
	MTS Systems Corp.		7,200		191,808
	Mattson Technology, Inc. (a)		21,099		29,750
	Photronics, Inc. (a)		17,279		33,694
	Rofin-Sinar Technologies, Inc. (a)		12,300		253,134
	Rudolph Technologies, Inc. (a)		12,673		44,736
	Ultra Clean Holdings, Inc. (a)		8,000		16,080
	Ultratech, Inc. (a)		9,890		118,284
					3,092,187

33

Master Small Cap Index Series of Quantitative Master Series LLC

Schedule of Investments December 31, 2008 (Percentages shown are based on Net Assets)

Industry	Common Stocks	Shares		Value
Publishing: Miscellaneous - 0.1%	Consolidated Graphics, Inc. (a)		4,300	$	97,352
	Courier Corp.		3,750		67,125
	Martha Stewart Living Omnimedia, Inc. Class A (a)		10,982		28,553
	Playboy Enterprises, Inc. Class B (a)		10,107		21,831
	Primedia, Inc.		10,300		22,351
	Scholastic Corp.		10,160		137,973
					375,185
Publishing: Newspapers - 0.1%	AH Belo Corp.		7,980		17,396
	Belo Corp. Class A		36,800		57,408
	Dolan Media Co. (a)		11,100		73,149
	Journal Communications, Inc. Class A		17,400		42,630
	Lee Enterprises, Inc. (b)		19,500		7,995
	McClatchy Co. Class A (b)		24,300		19,440
	Media General, Inc. Class A (b)		9,400		16,450
					234,468
Radio & TV Broadcasters - 0.2%	CKX, Inc. (a)		23,500		86,245
	Citadel Broadcasting Corp. (a)		74,730		11,957
	Cox Radio, Inc. Class A (a)		8,800		52,888
	Cumulus Media, Inc. Class A (a)		13,900		34,611
	Entercom Communications Corp.		10,600		13,038
	Fisher Communications, Inc.		2,800		57,792
	Gray Television, Inc.		19,500		7,800
	Lin TV Corp. Class A (a)		11,000		11,990
	Outdoor Channel Holdings, Inc. (a)		6,600		49,434
	RHI Entertainment, Inc. (a)		4,800		38,976
	Sinclair Broadcast Group, Inc. Class A		21,664		67,158
	World Wrestling Entertainment, Inc.		9,096		100,784
					532,673
Railroad Equipment - 0.3%	American Railcar Industries, Inc.		3,600		37,908
	Freightcar America, Inc.		5,100		93,177
	Greenbrier Cos., Inc.		6,800		46,716
	Westinghouse Air Brake Technologies Corp.		20,339		808,475
					986,276
Railroads - 0.1%	Genesee & Wyoming, Inc. Class A (a)		12,875		392,688
Real Estate - 0.3%	AMREP Corp. (a)(b)		700		21,896
	Avatar Holdings, Inc. (a)		2,500		66,300
	Bluegreen Corp. (a)		5,300		16,589
	Cogdell Spencer, Inc.		5,300		49,608
	Consolidated-Tomoka Land Co.		2,200		84,018
	FX Real Estate and Entertainment, Inc. (a)		3,220		483
	Forestar Group, Inc. (a)		15,200		144,704
	Griffin Land & Nurseries, Inc.		1,400		51,604
	Grubb & Ellis Co.		14,200		17,608
	Hilltop Holdings, Inc. (a)		18,572		180,891
	Meruelo Maddux Properties, Inc. (a)		17,380		21,551
	Resource Capital Corp.		8,800		33,704

34

Master Small Cap Index Series of Quantitative Master Series LLC

Schedule of Investments December 31, 2008 (Percentages shown are based on Net Assets)

Industry	Common Stocks	Shares		Value
	Stratus Properties, Inc. (a)		2,100	$	26,166
	Tejon Ranch Co. (a)		4,615		114,175
	Thomas Properties Group, Inc.		9,900		25,641
					854,938
Real Estate Investment Trusts (REITs) - 5.3%	Acadia Realty Trust		13,301		189,805
	Agree Realty Corp.		3,400		61,642
	Alexander’s, Inc.		867		220,998
	American Campus Communities, Inc.		17,803		364,605
	American Capital Agency Corp.		4,300		91,848
	Anthracite Capital, Inc. (b)(d)		24,500		54,635
	Anworth Mortgage Asset Corp.		35,800		230,194
	Arbor Realty Trust, Inc. (b)		5,900		17,405
	Ashford Hospitality Trust, Inc.		44,880		51,612
	Associated Estates Realty Corp.		6,000		54,780
	BioMed Realty Trust, Inc.		33,720		395,198
	CapLease, Inc.		18,500		32,005
	Capital Trust, Inc.		6,900		24,840
	Capstead Mortgage Corp.		23,800		256,326
	Care Investment Trust, Inc.		5,500		42,845
	Cedar Shopping Centers, Inc.		15,800		111,864
	Chimera Investment Corp.		54,000		186,300
	Colonial Properties Trust		20,100		167,433
	Corporate Office Properties Trust		17,700		543,390
	Cousins Properties, Inc. (b)		18,700		258,995
	DCT Industrial Trust, Inc.		72,210		365,383
	DiamondRock Hospitality Co.		40,050		203,054
	Dupont Fabros Technology, Inc.		4,900		10,143
	Eastgroup Properties, Inc.		10,527		374,551
	Education Realty Trust, Inc.		11,800		61,596
	Entertainment Properties Trust		13,780		410,644
	Equity Lifestyle Properties, Inc.		8,594		329,666
	Equity One, Inc. (b)		13,600		240,720
	Extra Space Storage, Inc.		34,550		356,556
	FelCor Lodging Trust, Inc.		27,970		51,465
	First Industrial Realty Trust, Inc. (b)		18,800		141,940
	First Potomac Realty Trust		10,500		97,650
	Franklin Street Properties Corp.		24,900		367,275
	Friedman Billings Ramsey Group, Inc. Class A (a)		60,800		10,336
	Getty Realty Corp.		7,200		151,632
	Glimcher Realty Trust		16,456		46,241
	Gramercy Capital Corp.		17,202		22,019
	Hatteras Financial Corp.		6,600		175,560
	Healthcare Realty Trust, Inc.		24,700		579,956
	Hersha Hospitality Trust		17,100		51,300
	Highwoods Properties, Inc.		26,700		730,512
	Home Properties, Inc.		13,320		540,792

35

Master Small Cap Index Series of Quantitative Master Series LLC

Schedule of Investments December 31, 2008 (Percentages shown are based on Net Assets)

Industry	Common Stocks	Shares		Value
	Inland Real Estate Corp.		23,700	$	307,626
	Investors Real Estate Trust		23,700		253,827
	JER Investors Trust, Inc.		9,400		8,742
	Kite Realty Group Trust		8,340		46,370
	LTC Properties, Inc.		9,500		192,660
	LaSalle Hotel Properties (b)		17,020		188,071
	Lexington Corporate Properties Trust		31,892		159,460
	MFA Financial, Inc.		80,300		472,967
	Maguire Properties, Inc.		17,600		25,696
	Medical Properties Trust, Inc.		28,100		177,311
	Mid-America Apartment Communities, Inc.		11,929		443,282
	Mission West Properties, Inc.		8,100		61,965
	Monmouth Real Estate Investment Corp. Class A		8,200		57,400
	National Health Investors, Inc.		9,229		253,151
	National Retail Properties, Inc.		32,875		565,121
	Newcastle Investment Corp.		21,800		18,312
	NorthStar Realty Finance Corp. (b)		23,600		92,276
	Omega Healthcare Investors, Inc.		33,200		530,204
	One Liberty Properties, Inc.		3,300		29,040
	PS Business Parks, Inc.		6,208		277,249
	Parkway Properties, Inc.		6,504		117,072
	Pennsylvania Real Estate Investment Trust (b)		15,032		111,988
	Post Properties, Inc.		18,586		306,669
	Potlatch Corp.		16,547		430,387
	RAIT Investment Trust (b)		25,610		66,586
	Ramco-Gershenson Properties Trust		6,500		40,170
	Realty Income Corp. (b)		42,500		983,875
	Redwood Trust, Inc. (b)		13,895		207,174
	Saul Centers, Inc.		3,922		154,919
	Senior Housing Properties Trust		47,914		858,619
	Sovran Self Storage, Inc.		9,180		330,480
	Strategic Hotel Capital, Inc.		32,900		55,272
	Sun Communities, Inc.		7,043		98,602
	Sunstone Hotel Investors, Inc.		21,900		135,561
	Tanger Factory Outlet Centers, Inc.		13,322		501,174
	U-Store-It Trust		20,470		91,092
	Universal Health Realty Income Trust		4,927		162,148
	Urstadt Biddle Properties, Inc. Class A		7,900		125,847
	Washington Real Estate Investment Trust		22,065		624,440
	Winthrop Realty Trust		3,740		40,542
					18,279,058
Recreational Vehicles & Boats - 0.1%	Fleetwood Enterprises, Inc. (a)		26,499		2,650
	Marine Products Corp.		3,175		17,844
	Polaris Industries, Inc. (b)		13,800		395,370
	Winnebago Industries, Inc. (b)		12,590		75,918
					491,782

36

Master Small Cap Index Series of Quantitative Master Series LLC

Schedule of Investments December 31, 2008 (Percentages shown are based on Net Assets)

Industry	Common Stocks	Shares		Value
Rental & Leasing Services: Commercial - 0.1%	Aircastle Ltd.		19,300	$	92,254
	Electro Rent Corp.		8,853		98,799
	H&E Equipment Services, Inc. (a)		6,800		52,428
	McGrath RentCorp		9,810		209,542
					453,023
Rental & Leasing Services: Consumer - 0.4%	Aaron Rents, Inc. (c)		19,093		508,256
	Amerco, Inc. (a)		3,900		134,667
	Dollar Thrifty Automotive Group, Inc. (a)		7,195		7,843
	RSC Holdings, Inc. (a)		19,700		167,844
	Rent-A-Center, Inc. (a)		27,900		492,435
					1,311,045
Restaurants - 1.3%	AFC Enterprises, Inc. (a)		10,400		48,776
	BJ’s Restaurants, Inc. (a)		7,300		78,621
	Bob Evans Farms, Inc.		13,080		267,224
	Buffalo Wild Wings, Inc. (a)(b)		7,550		193,657
	CEC Entertainment, Inc. (a)		8,550		207,337
	CKE Restaurants, Inc.		21,600		187,488
	California Pizza Kitchen, Inc. (a)		9,050		97,016
	The Cheesecake Factory, Inc. (a)		25,200		254,520
	Cracker Barrel Old Country Store, Inc.		9,400		193,546
	Denny’s Corp. (a)		39,100		77,809
	DineEquity, Inc. (b)		7,148		82,631
	Domino’s Pizza, Inc. (a)		16,250		76,538
	Einstein Noah Restaurant Group, Inc. (a)		1,600		9,200
	Jack in the Box, Inc. (a)		24,736		546,418
	Krispy Kreme Doughnuts, Inc. (a)(b)		23,300		39,144
	Landry’s Restaurants, Inc.		5,496		63,754
	Luby’s, Inc. (a)		8,900		37,291
	O’Charleys, Inc.		7,484		14,968
	P.F. Chang’s China Bistro, Inc. (a)		10,208		213,756
	Papa John’s International, Inc. (a)		9,296		171,325
	Red Robin Gourmet Burgers, Inc. (a)		6,600		111,078
	Ruby Tuesday, Inc. (a)		21,400		33,384
	Ruth’s Hospitality Group, Inc. (a)		9,200		12,696
	Sonic Corp. (a)		25,320		308,144
	The Steak n Shake Co. (a)		11,728		69,782
	Texas Roadhouse, Inc. Class A (a)		21,600		167,400
	Wendy’s		165,652		818,321
					4,381,824
Retail - 2.5%	1-800-FLOWERS.COM, Inc. Class A (a)		10,824		41,348
	99 Cents Only Stores (a)		19,900		217,507
	America’s Car Mart, Inc. (a)		4,400		60,764
	Asbury Automotive Group, Inc.		13,200		60,324
	Aéropostale, Inc. (a)		28,075		452,007
	bebe Stores, Inc.		15,900		118,773
	Bidz.com, Inc. (a)(b)		2,800		12,880

37

Master Small Cap Index Series of Quantitative Master Series LLC

Schedule of Investments December 31, 2008 (Percentages shown are based on Net Assets)

Industry	Common Stocks	Shares		Value
	Big 5 Sporting Goods Corp.		9,000	$	46,890
	Blockbuster, Inc. Class A (a)(b)		75,600		95,256
	Blue Nile, Inc. (a)(b)		5,700		139,593
	Borders Group, Inc.		25,000		10,000
	Brown Shoe Co., Inc.		17,527		148,454
	The Buckle, Inc.		9,809		214,032
	Build-A-Bear Workshop, Inc. (a)		7,500		36,450
	Cabela’s, Inc. Class A (a)(b)		16,200		94,446
	Cache, Inc. (a)		4,650		9,393
	Casual Male Retail Group, Inc. (a)		14,500		7,540
	The Cato Corp. Class A		11,395		172,065
	Central Garden & Pet Co. Class A (a)		26,634		157,141
	Charlotte Russe Holding, Inc. (a)		9,100		59,059
	Charming Shoppes, Inc. (a)		48,540		118,438
	Chico’s FAS, Inc. (a)		74,400		310,992
	The Children’s Place Retail Stores, Inc. (a)		9,885		214,307
	Christopher & Banks Corp.		14,928		83,597
	Coldwater Creek, Inc. (a)		23,500		66,975
	Collective Brands, Inc. (a)		26,700		312,924
	Conn’s, Inc. (a)(b)		4,000		33,920
	Dillard’s, Inc. Class A (b)		22,200		88,134
	Dress Barn, Inc. (a)		18,890		202,879
	drugstore.com, Inc. (a)		34,400		42,656
	Ezcorp, Inc. (a)		16,200		246,402
	FGX International Holdings Ltd. (a)		5,700		78,318
	Fred’s, Inc.		16,935		182,221
	GSI Commerce, Inc. (a)		10,100		106,252
	Gaiam, Inc. (a)		7,400		34,188
	Genesco, Inc. (a)		8,238		139,387
	Group 1 Automotive, Inc.		9,632		103,737
	Gymboree Corp. (a)		11,958		311,984
	Hibbett Sports, Inc. (a)		12,075		189,698
	Hot Topic, Inc. (a)		18,581		172,246
	Insight Enterprises, Inc. (a)		19,398		133,846
	Jo-Ann Stores, Inc. (a)		10,805		167,369
	Jos. A. Bank Clothiers, Inc. (a)		7,733		202,218
	Lawson Products, Inc.		1,888		43,141
	Lumber Liquidators, Inc. (a)		4,200		44,352
	MarineMax, Inc. (a)		6,800		23,052
	Men’s Wearhouse, Inc.		21,700		293,818
	New York & Co. (a)		9,300		21,576
	Overstock.com, Inc. (a)		6,400		68,992
	PC Connection, Inc. (a)		2,900		14,848
	PC Mall, Inc. (a)		4,600		18,446
	Pacific Sunwear of California, Inc. (a)		28,200		44,838
	The Pantry, Inc. (a)		9,400		201,630

38

Master Small Cap Index Series of Quantitative Master Series LLC

Schedule of Investments December 31, 2008 (Percentages shown are based on Net Assets)

Industry	Common Stocks	Shares		Value
	The Pep Boys - Manny, Moe & Jack		17,410	$	71,903
	PetMed Express, Inc. (a)		10,100		178,063
	Pier 1 Imports, Inc. (a)		36,699		13,579
	PriceSmart, Inc.		6,000		123,960
	Retail Ventures, Inc. (a)		11,800		40,946
	Rush Enterprises, Inc. Class A (a)		13,900		119,123
	Russ Berrie & Co., Inc. (a)		6,147		18,257
	Sally Beauty Co., Inc. (a)		39,000		221,910
	School Specialty, Inc. (a)		8,154		155,904
	Shutterfly, Inc. (a)		8,100		56,619
	Sonic Automotive, Inc.		10,800		42,984
	Stage Stores, Inc.		15,850		130,763
	Stamps.com, Inc. (a)		6,303		61,958
	Stein Mart, Inc. (a)		10,424		11,779
	Syms Corp. (a)		2,700		23,976
	Systemax, Inc.		4,600		49,542
	The Talbots, Inc. (b)		10,100		24,139
	Tractor Supply Co. (a)		14,000		505,960
	Tuesday Morning Corp. (a)		12,390		20,196
	Tween Brands, Inc. (a)		10,666		46,077
	Volcom, Inc. (a)		7,800		85,020
	The Wet Seal, Inc. Class A (a)		39,500		117,315
	Zale Corp. (a)(b)		13,500		44,955
	Zumiez, Inc. (a)		8,100		60,345
					8,696,576
Savings & Loan - 1.4%	Anchor Bancorp Wisconsin, Inc.		8,337		23,010
	Bank Mutual Corp.		19,938		230,085
	Berkshire Hills Bancorp, Inc.		4,600		141,956
	Brookline Bancorp, Inc.		24,587		261,852
	Brooklyn Federal Bancorp, Inc.		2,400		33,720
	Danvers Bancorp, Inc.		7,700		102,949
	Dime Community Bancshares, Inc.		9,749		129,662
	ESSA Bancorp, Inc.		7,400		104,562
	First Financial Holdings, Inc.		4,826		97,678
	First Financial Northwest, Inc.		9,400		87,796
	First Niagara Financial Group, Inc.		49,853		806,123
	First Place Financial Corp.		7,500		28,725
	FirstFed Financial Corp. (a)(b)		5,900		10,325
	Flagstar Bancorp, Inc. (a)		18,150		12,887
	Flushing Financial Corp.		8,875		106,145
	Guaranty Financial Group, Inc. (a)(b)		33,900		88,479
	Home Federal Bancorp, Inc.		2,700		28,944
	IBERIABANK Corp.		6,750		324,000
	Kearny Financial Corp.		7,300		93,440
	Meridian Interstate Bancorp, Inc. (a)		4,300		39,775
	NASB Financial, Inc.		1,100		29,700

39

Master Small Cap Index Series of Quantitative Master Series LLC

Schedule of Investments December 31, 2008 (Percentages shown are based on Net Assets)

Industry	Common Stocks	Shares		Value
	NewAlliance Bancshares, Inc.		45,700	$	601,869
	Northwest Bancorp, Inc.		7,067		151,092
	OceanFirst Financial Corp.		3,700		61,420
	Ocwen Financial Corp. (a)		13,665		125,445
	Provident Financial Services, Inc.		25,258		386,447
	Provident New York Bancorp		16,589		205,704
	Rockville Financial, Inc.		3,000		41,910
	Roma Financial Corp.		3,200		40,288
	Sterling Financial Corp.		21,743		191,338
	United Community Financial Corp.		9,314		8,383
	ViewPoint Financial Group		4,600		73,830
	W Hldg Co., Inc.		996		10,259
	Westfield Financial, Inc.		13,112		135,316
					4,815,114
Securities Brokerage & Services - 0.5%	Diamond Hill Investments Group		800		52,000
	GFI Group, Inc.		27,300		96,642
	Gladstone Investment Corp.		11,000		54,010
	International Assets Holding Corp., Inc. (a)		1,700		14,586
	KBW, Inc. (a)(b)		10,800		248,400
	Knight Capital Group, Inc. Class A (a)		39,500		637,925
	LaBranche & Co., Inc. (a)		21,100		101,069
	Ladenburg Thalmann Financial Services, Inc. (a)		42,000		30,240
	MarketAxess Holdings, Inc. (a)		12,800		104,448
	optionsXpress Holdings, Inc. (c)		17,500		233,800
	Penson Worldwide, Inc. (a)		6,900		52,578
	SWS Group, Inc.		10,306		195,299
	Thomas Weisel Partners Group, Inc. (a)		9,200		43,424
					1,864,421
Services: Commercial - 3.4%	ABM Industries, Inc. (c)		18,070		344,233
	AMN Healthcare Services, Inc. (a)		14,005		118,482
	Administaff, Inc.		9,161		198,610
	The Advisory Board Co. (a)		7,000		156,100
	Ambassadors Group, Inc.		7,900		72,680
	CBIZ, Inc. (a)		18,453		159,618
	CDI Corp.		5,501		71,183
	CRA International, Inc. (a)		4,700		126,571
	Casella Waste Systems, Inc. (a)		9,278		37,854
	Chemed Corp.		9,472		376,701
	CoStar Group, Inc. (a)(b)		8,250		271,755
	Coinstar, Inc. (a)		11,792		230,062
	Cornell Cos., Inc. (a)		4,800		89,232
	Cross Country Healthcare, Inc. (a)		12,700		111,633
	Dice Holdings, Inc. (a)		6,500		26,520
	DynCorp. International, Inc. (a)		10,200		154,734
	Exponent, Inc. (a)		6,104		183,608
	First Advantage Corp. Class A (a)		4,200		59,430

40

Master Small Cap Index Series of Quantitative Master Series LLC

Schedule of Investments December 31, 2008 (Percentages shown are based on Net Assets)

Industry	Common Stocks	Shares		Value
	Forrester Research, Inc. (a)		6,581	$	185,650
	G&K Services, Inc. Class A		8,177		165,339
	The Geo Group, Inc. (a)		21,500		387,645
	Gevity HR, Inc.		11,400		17,214
	Global Sources Ltd. (a)		5,898		32,144
	Global Traffic Network, Inc. (a)		4,900		28,616
	Heidrick & Struggles International, Inc.		7,358		158,491
	Hudson Highland Group, Inc. (a)		10,300		34,505
	ICF International, Inc. (a)		2,900		71,253
	ICT Group, Inc. (a)		4,100		18,778
	Jackson Hewitt Tax Service, Inc.		12,000		188,280
	Kelly Services, Inc. Class A		10,868		141,393
	Kforce, Inc. (a)		12,700		97,536
	The Knot, Inc. (a)		11,700		97,344
	Korn/Ferry International (a)		19,168		218,899
	Liquidity Services, Inc. (a)		6,000		49,980
	MAXIMUS, Inc.		7,504		263,465
	MPS Group, Inc. (a)		39,005		293,708
	Midas, Inc. (a)		5,742		60,234
	Monro Muffler, Inc.		6,950		177,225
	Navigant Consulting, Inc. (a)		20,323		322,526
	Net 1 UEPS Technologies, Inc. (a)		20,100		275,370
	Nutri/System, Inc. (b)		12,900		188,211
	On Assignment, Inc. (a)		15,300		86,751
	Orbitz Worldwide, Inc. (a)		14,600		56,648
	PHH Corp. (a)		22,864		291,059
	PRG-Schultz International, Inc. (a)		6,200		25,296
	Perficient, Inc. (a)		13,200		63,096
	Pre-Paid Legal Services, Inc. (a)		3,260		121,565
	The Providence Service Corp. (a)		5,000		7,250
	Regis Corp.		17,800		258,634
	Resources Connection, Inc. (a)		19,132		313,382
	Rollins, Inc.		17,153		310,126
	Spherion Corp. (a)		22,629		50,010
	Standard Parking Corp. (a)		3,600		69,624
	Steiner Leisure Ltd. (a)		6,700		197,784
	TeleTech Holdings, Inc. (a)		16,189		135,178
	Tetra Tech, Inc. (a)		24,731		597,254
	TrueBlue, Inc. (a)		18,822		180,127
	Unifirst Corp.		5,900		175,171
	Viad Corp.		8,600		212,764
	Volt Information Sciences, Inc. (a)		5,538		40,040
	Waste Connections, Inc. (a)		33,427		1,055,290
	Waste Services, Inc. (a)		8,533		56,147
	Watson Wyatt Worldwide, Inc.		17,915		856,695
	World Fuel Services Corp.		12,100		447,700
					11,870,403

41

Master Small Cap Index Series of Quantitative Master Series LLC
Schedule of Investments December 31, 2008	(Percentages shown are based on Net Assets)

Industry	Common Stocks	Shares		Value
Shipping - 0.5%	American Commercial Lines, Inc. (a)		15,200	$	74,480
	DHT Maritime, Inc.		17,000		94,180
	Eagle Bulk Shipping, Inc. (b)		19,900		135,718
	Genco Shipping & Trading Ltd. (b)		10,400		153,920
	General Maritime Corp.		20,240		218,592
	Golar LNG Ltd.		14,600		98,696
	Gulfmark Offshore, Inc. (a)		8,900		211,731
	Horizon Lines, Inc. Class A (b)		12,400		43,276
	International Shipholding Corp.		2,500		63,325
	Knightsbridge Tankers Ltd.		7,300		106,945
	Nordic American Tanker Shipping Ltd.		14,400		486,000
	Ship Finance International Ltd. (b)		17,400		192,270
	TBS International Ltd. (a)		4,700		47,141
					1,926,274
Shoes - 0.6%	Crocs, Inc. (a)(b)		37,100		46,004
	DSW, Inc. Class A (a)		5,800		72,268
	Deckers Outdoor Corp. (a)		5,500		439,285
	The Finish Line, Inc. Class A		18,080		101,248
	Iconix Brand Group, Inc. (a)		24,200		236,676
	K-Swiss, Inc. Class A		10,696		121,934
	Kenneth Cole Productions, Inc. Class A		3,692		26,139
	Shoe Carnival, Inc. (a)		3,700		35,335
	Skechers U.S.A., Inc. Class A (a)		13,555		173,775
	Steven Madden Ltd. (a)		7,468		159,218
	Timberland Co. Class A (a)		19,700		227,535
	Weyco Group, Inc.		2,700		89,235
	Wolverine World Wide, Inc.		20,908		439,904
					2,168,556
Steel - 0.0%	China Precision Steel, Inc. (a)		7,100		8,875
	General Steel Holdings, Inc. (a)(b)		3,800		14,972
	Olympic Steel, Inc.		3,900		79,443
	Sutor Technology Group Ltd. (a)		3,200		7,392
	Universal Stainless & Alloy Products, Inc. (a)		2,800		40,572
					151,254
Sugar - 0.0%	Imperial Sugar Co. New Shares		5,200		74,568
Telecommunications Equipment - 0.6%	Airvana, Inc. (a)		10,000		61,200
	Applied Signal Technology, Inc.		5,400		96,876
	Arris Group, Inc. (a)		51,600		410,220
	Audiovox Corp. Class A (a)		6,585		32,991
	Belden, Inc.		18,961		395,906
	Mastec, Inc. (a)		17,700		204,966
	OpNext, Inc. (a)		7,900		13,825
	Plantronics, Inc.		20,199		266,627
	Polycom, Inc. (a)		36,800		497,168
	Powerwave Technologies, Inc. (a)		55,677		27,839
	Preformed Line Products Co.		900		41,436

42

Master Small Cap Index Series of Quantitative Master Series LLC
Schedule of Investments December 31, 2008	(Percentages shown are based on Net Assets)

Industry	Common Stocks	Shares		Value
	Symmetricom, Inc. (a)		19,000	$	75,050
					2,124,104
Textile Products - 0.0%	Interface, Inc. Class A		22,021		102,177
	Unifi, Inc. (a)		19,300		54,426
					156,603
Textiles Apparel Manufacturers - 0.6%	American Apparel, Inc. (a)(b)		14,000		27,860
	Carter’s, Inc. (a)		23,800		458,388
	Cherokee, Inc.		3,100		53,785
	Columbia Sportswear Co. (b)		4,800		169,776
	G-III Apparel Group, Ltd. (a)		5,900		37,701
	J. Crew Group, Inc. (a)		17,970		219,234
	Lululemon Athletica, Inc. (a)(b)		7,400		58,682
	Maidenform Brands, Inc. (a)		9,300		94,395
	Oxford Industries, Inc.		6,242		54,742
	Perry Ellis International, Inc. (a)		5,350		33,919
	Quiksilver, Inc. (a)		52,100		95,864
	True Religion Apparel, Inc. (a)		7,300		90,812
	Under Armour, Inc. Class A (a)(b)		13,900		331,376
	The Warnaco Group, Inc. (a)		19,100		374,933
					2,101,467
Tires & Rubber - 0.1%	Cooper Tire & Rubber Co.		24,300		149,688
	Titan International, Inc.		14,425		119,006
					268,694
Tobacco - 0.2%	Alliance One International, Inc. (a)		39,655		116,586
	Schweitzer-Mauduit International, Inc.		6,520		130,530
	Star Scientific, Inc. (a)		27,600		105,708
	Universal Corp.		10,656		318,295
	Vector Group Ltd. (b)		13,591		185,109
					856,228
Toys - 0.3%	Jakks Pacific, Inc. (a)		11,530		237,864
	Leapfrog Enterprises, Inc. (a)		14,646		51,261
	Marvel Entertainment, Inc. (a)		20,500		630,375
					919,500
Transportation Miscellaneous - 0.2%	CAI International, Inc. (a)		3,000		9,510
	Celadon Group, Inc. (a)		9,500		81,035
	Dynamex, Inc. (a)		3,800		56,050
	HUB Group, Inc. Class A (a)		15,600		413,868
	Odyssey Marine Exploration, Inc. (a)		19,100		61,502
	Pacer International, Inc.		14,700		153,321
	Textainer Group Holdings Ltd.		4,000		42,400
	Ultrapetrol Bahamas Ltd. (a)		10,300		32,857
					850,543
Truckers - 0.7%	Arkansas Best Corp.		9,541		287,280
	Forward Air Corp.		12,232		296,871
	Heartland Express, Inc.		23,573		371,510
	Knight Transportation, Inc.		24,162		389,491

43

Master Small Cap Index Series of Quantitative Master Series LLC
Schedule of Investments December 31, 2008	(Percentages shown are based on Net Assets)

Industry	Common Stocks	Shares		Value
	Marten Transport Ltd. (a)		6,550	$	124,188
	Old Dominion Freight Line, Inc. (a)		11,625		330,848
	Patriot Transportation Holding, Inc. (a)		500		35,035
	Saia, Inc. (a)		5,881		63,868
	Universal Truckload Services, Inc. (a)		1,900		26,904
	Werner Enterprises, Inc.		18,000		312,120
	YRC Worldwide, Inc. (a)(b)		24,300		69,741
					2,307,856
Utilities: Electrical - 2.3%	Allete, Inc.		10,966		353,873
	Avista Corp.		21,875		423,937
	Black Hills Corp.		16,200		436,752
	CH Energy Group, Inc. (c)		6,489		333,470
	Central Vermont Public Service Corp.		5,000		119,300
	Cleco Corp.		25,067		572,280
	El Paso Electric Co. (a)		18,508		334,810
	The Empire District Electric Co.		13,968		245,837
	IDACORP, Inc.		19,100		562,495
	ITC Holdings Corp.		20,600		899,808
	MGE Energy, Inc.		9,145		301,785
	NorthWestern Corp.		15,600		366,132
	Otter Tail Corp.		14,786		344,957
	PNM Resources, Inc.		34,700		349,776
	Pike Electric Corp. (a)		6,900		84,870
	Portland General Electric Co.		26,200		510,114
	UIL Holdings Corp.		10,367		311,321
	Unisource Energy Corp.		14,483		425,221
	Westar Energy, Inc.		43,900		900,389
					7,877,127
Utilities: Gas Distributors - 1.4%	Chesapeake Utilities Corp.		2,800		88,144
	The Laclede Group, Inc.		9,148		428,492
	New Jersey Resources Corp.		17,661		694,960
	Nicor, Inc.		18,900		656,586
	Northwest Natural Gas Co.		10,899		482,063
	Piedmont Natural Gas Co.		30,600		969,102
	South Jersey Industries, Inc.		12,232		487,445
	Southwest Gas Corp.		17,890		451,186
	WGL Holdings, Inc.		20,700		676,683
					4,934,661
Utilities: Telecommunications - 0.9%	Alaska Communications Systems Group, Inc. (b)		18,300		171,654
	Atlantic Tele-Network, Inc.		3,900		103,545
	Centennial Communications Corp. (a)		27,826		224,278
	Cincinnati Bell, Inc. (a)		100,400		193,772
	Consolidated Communications Holdings, Inc.		9,535		113,276
	FairPoint Communications, Inc.		37,793		123,961
	FiberTower Corp. (a)		46,850		7,496
	General Communication, Inc. Class A (a)		18,639		150,790

44

Master Small Cap Index Series of Quantitative Master Series LLC
Schedule of Investments December 31, 2008	(Percentages shown are based on Net Assets)

Industry	Common Stocks	Shares		Value
	Global Crossing Ltd. (a)		10,800	$	85,752
	Globalstar, Inc. (a)		18,000		3,600
	Hungarian Telephone & Cable Corp. (a)		1,300		11,180
	ICO Global Communications Holdings Ltd. (a)		42,700		48,251
	IDT Corp. Class B (a)		18,200		7,280
	Ibasis, Inc. (a)		10,600		14,946
	Iowa Telecommunications Services, Inc.		13,600		194,208
	iPCS, Inc. (a)		7,100		48,706
	NTELOS Holdings Corp.		12,300		303,318
	Neutral Tandem, Inc. (a)		6,900		111,918
	ORBCOMM, Inc. (a)(b)		12,200		26,352
	PAETEC Holding Corp. (a)		51,020		73,469
	Premiere Global Services, Inc. (a)		25,600		220,416
	RCN Corp. (a)		15,500		91,450
	Shenandoah Telecom Co.		9,700		272,085
	TW Telecom, Inc. (a)		61,800		523,446
	USA Mobility, Inc.		10,020		115,931
	Virgin Mobile USA, Inc. (a)		10,600		8,904
					3,249,984
Utilities: Water - 0.3%	American States Water Co.		7,285		240,259
	California Water Service Group		8,296		385,183
	Connecticut Water Service, Inc.		3,500		82,635
	Consolidated Water Co., Inc.		6,000		75,000
	Middlesex Water Co.		5,500		94,765
	SJW Corp.		5,448		163,113
	Southwest Water Co.		10,083		32,467
					1,073,422
Wholesalers - 0.2%	Brightpoint, Inc. (a)		20,630		89,740
	Chindex International Inc. (a)		4,900		38,955
	Houston Wire & Cable Co.		7,400		68,894
	MWI Veterinary Supply, Inc. (a)		4,400		118,624
	Prestige Brands Holdings, Inc. (a)		14,400		151,920
	United Stationers, Inc. (a)		9,369		313,768
					781,901
	Total Common Stocks - 90.4%				311,768,114
	Investment Companies
	BlackRock Kelso Capital Corp. (d)		4,400		43,384
	Gladstone Capital Corp. (b)		8,700		70,383
	Hercules Technology Growth Capital, Inc.		13,600		107,712
	Kayne Anderson Energy Development Co.		4,200		31,542
	Patriot Capital Funding, Inc.		9,800		35,672
	Pennantpark Investment Corp.		8,500		30,685
	Prospect Capital Corp. (b)		11,400		136,458
	Total Investment Companies - 0.1%				455,836

45

Master Small Cap Index Series of Quantitative Master Series LLC
Schedule of Investments December 31, 2008	(Percentages shown are based on Net Assets)

Industry	Warrants (e)	Shares		Value
Communications Technology - 0.0%	Lantronix, Inc. (expires 2/09/11)		138	$	0
Energy Miscellaneous - 0.0%	GreenHunter Energy, Inc. (expires 8/27/11) (b)(f)		180		0
	Total Warrants - 0.0%				0
	Other Interests (g)
Oil: Crude Producers - 0.0%	PetroCorp Inc. (Escrow Shares) (h)		500		0
	Total Other Interests - 0.0%				0
	Total Long-Term Investments (Cost - $404,884,567) - 90.5%				312,223,950
	Short-Term Securities	Beneficial Interest (000)
	BlackRock Liquidity Series, LLC Cash Sweep Series, 1.64% (d)(i)	$	33,515		33,514,609
	BlackRock Liquidity Series, LLC Money Market Series, 0.80% (d)(i)(j)		24,644		24,644,202
	Total Short-Term Securities (Cost - $58,158,811) - 16.9%				58,158,811
	Total Investments (Cost - $463,043,378*) - 107.4%				370,382,761
	Liabilities in Excess of Other Assets - (7.4)%				(25,662,641	)
	Net Assets - 100.0%			$	344,720,120

* The cost and unrealized appreciation (depreciation) of investments as of December 31, 2008, as computed for federal income tax purposes, were as follows:

Aggregate cost	$	484,047,076
Gross unrealized appreciation	$	35,373,591
Gross unrealized depreciation		(149,037,906	)
Net unrealized depreciation	$	(113,664,315	)

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

Affiliate	Purchase Cost			Sale Cost			Realized Loss			Income
Anthracite Capital, Inc.	$	62,886		$	166,460		$	(68,727	)	$	24,910
BlackRock Kelso Capital Corp.	$	18,400		$	6,168		$	(524	)	$	5,848
BlackRock Liquidity Series, LLC Cash Sweep Series	$	287,816	*		—			—		$	580,110
BlackRock Liquidity Series, LLC Money Market Series		—		$	59,164,615	**		—		$	1,200,163

*	Represents net purchase cost.
**	Represents net sale cost.

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

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

46

Master Small Cap Index Series of Quantitative Master Series LLC

Schedule of Investments December 31, 2008

(g)	Other interests represent beneficial interest in liquidation trusts and other reorganization entities and are non-income producing.
(h)	Security is fair valued in accordance with the Series’ fair valuation policy.
(i)	Represents the current yield as of report date.
(j)	Security was purchased with the cash proceeds from securities loans.
•	For Series compliance purposes, the Series’ industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by Series management. This definition may not apply for purposes of this report, which may combine industry sub-classifications for reporting ease. Industries are shown as a percent of net assets. These industry classifications are unaudited.
•	Financial futures contracts purchased as of December 31, 2008 were as follows:

Contracts	Issue		Expiration Date		Face Value		Unrealized Appreciation
683		Russell 2000 Index		March 2009	$	31,631,628	$	2,374,942

  • Effective January 1, 2008, the Series adopted Financial Accounting Standards Board Statement of Financial Accounting Standards No. 157, “Fair Value Measurements” (“FAS 157”). FAS 157 clarifies the definition of fair value, establishes a framework for measuring fair values and requires additional disclosures about the use of fair value measurements. Various inputs are used in determining the fair value of investments, which are as follows:

• Level 1 - price quotations in active markets/exchanges for identical securities

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

• Level 3 - unobservable inputs based on the best information available in the circumstance, to the extent observable inputs are not available (including the Series’ own assumption used in determining the fair value of investments)

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For information about the Series’ policy regarding valuation of investments and other significant accounting policies, please refer to Note 1 of the Notes to Financial Statements.

The following table summarizes the inputs used as of December 31, 2008 in determining the fair valuation of the Series’ investments:

Valuation Inputs	Investments in Securities		Other Financial Instruments*
	Assets		Assets
Level 1	$	312,223,950	$	2,374,942
Level 2		58,158,811		—
Level 3		—		—
Total	$	370,382,761	$	2,374,942

* Other financial instruments are futures.

47

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

To the Investors and Board of Directors of

Quantitative Master Series LLC:

We have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), the financial statements of Master Small Cap Index Series (the “Series”), one of the portfolios constituting Quantitative Master Series LLC as of December 31, 2008, and for the year then ended and have issued our report thereon dated February 25, 2009 which report and financial statements are included in Item 1 of this Certified Shareholder Report on Form N-CSR. Our audit also included the Series' Schedule of Investments (the “Schedule”) as of December 31, 2008 appearing in Item 6 of this Form N-CSR. This Schedule is the responsibility of the Series’ management. Our responsibility is to express an opinion based on our audit. In our opinion, the Schedule referred to above, when considered in relation to the basic financial statements taken as a whole of the Series referred to above, presents fairly, in all material respects, the information set forth therein.

DELOITTE & TOUCHE LLP

February 25, 2009

Princeton, New Jersey

48

	(b) Not Applicable due to no such divestments during the semi-annual period covered since the previous Form N-CSR filing.
Item 7 –	Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies – Not Applicable
Item 8 –	Portfolio Managers of Closed-End Management Investment Companies – Not Applicable
Item 9 –	Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers – Not Applicable
Item 10 –	Submission of Matters to a Vote of Security Holders – The registrant’s Nominating and Governance Committee will consider nominees to the board of directors recommended by shareholders when a vacancy becomes available. Shareholders who wish to recommend a nominee should send nominations which include biographical information and set forth the qualifications of the proposed nominee to the registrant’s Secretary. There have been no material changes to these procedures.
Item 11 –	Controls and Procedures
11(a) –	The registrant’s principal executive and principal financial officers or persons performing similar functions have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) are effective as of a date within 90 days of the filing of this report based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rule 15(d)-15(b) under the Securities Exchange Act of 1934, as amended.
11(b) –	There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.
Item 12 –	Exhibits attached hereto
12(a)(1) –	Code of Ethics – See Item 2
12(a)(2) –	Certifications – Attached hereto
12(a)(3) –	Not Applicable
12(b) –	Certifications – Attached hereto

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
BlackRock Small Cap Index Fund of BlackRock Index Funds, Inc. and Master Small Cap Index Series of Quantitative Master Series LLC
By:	/s/ Donald C. Burke
	Donald C. Burke
	Chief Executive Officer of
	BlackRock Small Cap Index Fund of BlackRock Index Funds, Inc. and Master Small Cap Index Series of Quantitative Master Series LLC
Date: February 23, 2009
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By:	/s/ Donald C. Burke
	Donald C. Burke
	Chief Executive Officer (principal executive officer) of
	BlackRock Small Cap Index Fund of BlackRock Index Funds, Inc. and Master Small Cap Index Series of Quantitative Master Series LLC
Date: February 23, 2009
By:	/s/ Neal J. Andrews
	Neal J. Andrews
	Chief Financial Officer (principal financial officer) of
	BlackRock Small Cap Index Fund of BlackRock Index Funds, Inc. and Master Small Cap Index Series of Quantitative Master Series LLC
Date: February 23, 2009