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 International Index Fund of BlackRock Index Funds, Inc. and Master International 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 International Index Fund of BlackRock Index Funds, Inc. and Master International 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
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BlackRock International | |
OF BLACKROCK INDEX FUNDS, INC. |
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ANNUAL REPORT | DECEMBER 31, 2008 |
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NOT FDIC INSURED
MAY LOSE VALUE
NO BANK GUARANTEE
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Table of Contents |
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| Page |
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Annual Report: |
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| 4 | |
| 6 | |
| 6 | |
Fund Financial Statements: |
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| 7 | |
| 8 | |
| 9 | |
| 10 | |
| 11 | |
Fund Report of Independent Registered Public Accounting Firm |
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| 14 | |
| 15 | |
Series Financial Statements: |
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| 16 | |
| 22 | |
| 23 | |
| 24 | |
| 24 | |
| 25 | |
Series Report of Independent Registered Public Accounting Firm |
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| 29 | |
| 32 | |
| 34 |
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2 | BLACKROCK INTERNATIONAL INDEX FUND | DECEMBER 31, 2008 |
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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:
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Total Returns as of December 31, 2008 |
| 6-month |
| 12-month |
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US equities (S&P 500 Index) |
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| (28.48 | )% |
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| (37.00 | )% |
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Small cap US equities (Russell 2000 Index) |
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| (26.94 | ) |
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| (33.79 | ) |
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International equities (MSCI Europe, Australasia, Far East Index) |
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| (36.41 | ) |
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| (43.38 | ) |
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US Treasury securities (Merrill Lynch 10-Year US Treasury Index) |
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| 17.70 |
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| 20.06 |
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Taxable fixed income (Barclays Capital US Aggregate Index*) |
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| 4.07 |
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| 5.24 |
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Tax-exempt fixed income (Barclays Capital Municipal Bond Index*) |
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| (2.49 | ) |
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| (2.47 | ) |
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High yield bonds (Barclays Capital US Corporate High Yield 2% Issuer Capped Index*) |
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| (25.07 | ) |
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| (25.88 | ) |
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* | Formerly a Lehman Brothers index. |
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| 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
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THIS PAGE NOT PART OF YOUR FUND REPORT |
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Portfolio Management Commentary |
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| How did the Fund perform? |
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• | For the 12 months ended December 31,2008,the Fund generated returns, through its investment in Master International Index Series (the “Series”), that outpaced the return of the benchmark Morgan Stanley Capital International Europe, Australasia, Far East (MSCI EAFE) Index, a free-float adjusted, market-capitalization-weighted index designed to measure equity performance of developed markets, excluding the United States and Canada. |
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| Describe the market environment. |
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• | 2008 turned out to be a year investors would like to forget, but instead will vividly remember. For much of the first half of the year, equity markets held together as the hope of global decoupling (meaning that some markets could be insulated from the effects of the US-centered economic and credit problems) kept investors from panicking. The seminal event appears to have been Lehman Brothers’ bankruptcy declaration in September, which drove fear higher and confidence lower, while causing a massive decline in economic activity in the United States and around the world. |
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• | In a stark reversal of prior years’ trends, non-US markets noticeably under-performed their US counterparts for the 12-month period, with the MSCI EAFE Index losing 43.4% versus the 37.0% decline of the S&P 500 Index. 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 worldwide economy turned south. European stocks declined sharply in the second half of the year, and for 2008 as a whole, UK markets lost 31.0% and markets in Continental Europe were off more than 40%. In Japan, the Nikkei 225 fell 40.1%. In one of the headline stories of 2008, the decoupling theory was put to rest as emerging markets failed to hold up amid the global downturn. Key markets in China and Russia lost more than 60% and the MSCI Emerging Markets Index as a whole was down 53.3%. |
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• | In this environment, all 10 sectors and 21 countries represented in the MSCI EAFE Index recorded negative returns. From a sector perspective, losses were most prominent in financials, which lost 55.2% for the year amid unprecedented difficulties in the banking and credit systems. Materials and consumer discretionary were also hit hard, declining 53.0% and 45.5%, respectively. At the top was the defensive health care sector, which posted a comparatively smaller loss of 19.0%. At the country level, Japan (–29.2%) and Switzerland (–30.5%) fared considerably better than other regions, while the equity markets in Ireland (–71.9%), Austria (–68.4%), Belgium (–66.5%) and Greece (–66.0%) posted the lowest returns. |
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| Describe recent portfolio activity. |
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• | Throughout the 12-month period, as changes were made to the composition of the MSCI EAFE Index, the portfolio purchased and sold securities to maintain its objective of replicating the risks and return of the benchmark. |
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| Describe portfolio positioning at period end. |
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• | In keeping with its investment objective, the Series remains positioned to match the risk characteristics of its benchmark, irrespective of the future direction of international markets. |
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.
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Expense Example |
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| Actual |
| Hypothetical2 |
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| Beginning |
| Ending |
| Expenses Paid |
| Beginning |
| Ending |
| Expenses Paid |
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Institutional |
| $ | 1,000 |
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| $ | 648.90 |
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| $ | 2.32 |
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| $ | 1,000 |
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| $ | 1,022.28 |
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| $ | 2.85 |
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Investor A |
| $ | 1,000 |
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| $ | 648.00 |
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| $ | 3.36 |
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| $ | 1,000 |
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| $ | 1,021.03 |
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| $ | 4.11 |
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1 | For each class of the Fund, expenses are equal to the annualized expense ratio for the class (0.56% for Institutional and 0.81% 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 series in which it invests. |
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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. |
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4 | BLACKROCK INTERNATIONAL INDEX FUND | DECEMBER 31, 2008 |
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Total Return Based on a $10,000 Investment |
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1 | Assuming transaction costs, if any, and other operating expenses, including advisory fees. |
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2 | The Fund invests all of its assets in the Series of Quantitative Master Series LLC. The Series may invest in a statistically selected sample of the equity securities included in the MSCI EAFE Index and other types of financial instruments. |
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3 | This unmanaged capitalization weighted Index is comprised of equity securities of companies from various industrial sectors whose primary trading markets are located outside the United States and which are selected from among the larger-capitalization companies in such markets. |
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Performance Summary for the Period Ended December 31, 2008 |
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| Average Annual Total Returns4 |
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| 1 Year |
| 5 Years |
| 10 Years |
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Institutional |
| (35.11 | )% |
| (42.24 | )% |
| 1.72 | % |
| 0.55 | % |
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Investor A |
| (35.20 | ) |
| (42.41 | ) |
| 1.44 |
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| 0.29 |
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MSCI EAFE (Cap Weighted) Index |
| (36.41 | ) |
| (43.38 | ) |
| 1.66 |
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| 0.80 |
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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. |
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Past performance is not indicative of future results. | ||
BLACKROCK INTERNATIONAL INDEX FUND | DECEMBER 31, 2008 | 5 |
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• | 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. |
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• | 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. The Fund may charge a 2% redemption fee for sales or exchanges of shares within 30 days of purchase or exchange. Performance data does not reflect this potential fee. Figures shown in each of 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. The Fund’s administrator reimbursed a portion of the Fund’s fee. Without such reimbursement, the Fund’s performance would have been lower.
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Shareholders of this Fund may incur the following charges: (a) expenses related to transactions, including 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.
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6 | BLACKROCK INTERNATIONAL INDEX FUND | DECEMBER 31, 2008 |
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BlackRock International Index Fund |
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December 31, 2008 |
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Assets |
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Investment at value — Master International Index Series (the “Series”) (cost — $262,043,568) |
| $ | 226,808,727 |
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Capital shares sold receivable |
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| 390,811 |
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Prepaid expenses |
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| 20,113 |
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Other assets |
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| 34,744 |
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Total assets |
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| 227,254,395 |
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Liabilities |
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Capital shares redeemed payable |
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| 287,790 |
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Contribution payable to the Series |
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| 103,021 |
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Administration fees payable |
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| 59,794 |
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Distribution fees payable |
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| 25,907 |
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Other affiliates payable |
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| 3,962 |
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Officer’s and Directors’ fees payable |
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| 27 |
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Other accrued expenses payable |
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| 12,857 |
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Total liabilities |
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| 493,358 |
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Net Assets |
| $ | 226,761,037 |
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Net Assets Consist of |
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Institutional Shares, $0.0001 par value, 125,000,000 shares authorized |
| $ | 1,036 |
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Investor A Shares, $0.0001 par value, 125,000,000 shares authorized |
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| 1,562 |
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Paid-in capital in excess of par |
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| 278,176,719 |
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Distribution in excess of net investment income |
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| (110,880 | ) |
Accumulated net realized loss allocated from the Series |
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| (16,072,559 | ) |
Net unrealized appreciation/depreciation allocated from the Series |
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| (35,234,841 | ) |
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Net Assets |
| $ | 226,761,037 |
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Net Asset Value |
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Institutional — Based on net assets of $90,687,683 and 10,358,989 shares outstanding |
| $ | 8.75 |
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Investor A — Based on net assets of $136,073,354 and 15,621,836 shares outstanding |
| $ | 8.71 |
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BLACKROCK INTERNATIONAL INDEX FUND | DECEMBER 31, 2008 | 7 |
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BlackRock International Index Fund |
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Year Ended December 31, 2008 |
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Investment Income |
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Net investment income allocated from the Series: |
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Dividends |
| $ | 12,136,450 |
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Foreign withholding tax |
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| (1,031,920 | ) |
Income — affiliated |
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| 115,214 |
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Expenses |
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| (320,927 | ) |
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Total income |
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| 10,898,817 |
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Expenses |
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Administration |
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| 1,047,304 |
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Service — Investor A |
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| 439,609 |
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Transfer agent — Investor A |
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| 100,039 |
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Transfer agent — Institutional |
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| 81,818 |
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Printing |
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| 56,183 |
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Registration |
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| 32,945 |
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Professional |
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| 17,932 |
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Miscellaneous |
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| 8,286 |
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Total expenses |
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| 1,784,116 |
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Less fees waived by advisor |
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| (15 | ) |
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Total expenses after waiver |
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| 1,784,101 |
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Net investment income |
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| 9,114,716 |
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Realized and Unrealized Loss Allocated from the Series |
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Net realized loss from investments, futures and foreign currency |
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| (13,912,767 | ) |
Net change in unrealized appreciation/depreciation on investments, futures and foreign currency |
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| (156,376,351 | ) |
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Total realized and unrealized loss |
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| (170,289,118 | ) |
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Net Decrease in Net Assets Resulting from Operations |
| $ | (161,174,402 | ) |
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8 | BLACKROCK INTERNATIONAL INDEX FUND | DECEMBER 31, 2008 |
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BlackRock International Index Fund |
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| Year Ended |
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Increase (Decrease) in Net Assets: |
| 2008 |
| 2007 |
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Operations |
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Net investment income |
| $ | 9,114,716 |
| $ | 8,236,519 |
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Net realized gain (loss) |
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| (13,912,767 | ) |
| 9,958,373 |
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Net change in unrealized appreciation/depreciation |
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| (156,376,351 | ) |
| 16,766,802 |
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Net increase (decrease) in net assets resulting from operations |
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| (161,174,402 | ) |
| 34,961,694 |
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Dividends and Distributions to Shareholders From |
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Net investment income: |
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Institutional |
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| (3,141,391 | ) |
| (4,478,760 | ) |
Investor A |
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| (3,858,639 | ) |
| (5,514,035 | ) |
Net realized gain: |
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Institutional |
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| (373,410 | ) |
| (4,651,792 | ) |
Investor A |
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| (514,178 | ) |
| (6,295,009 | ) |
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Decrease in net assets resulting from dividends and distributions to shareholders |
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| (7,887,618 | ) |
| (20,939,596 | ) |
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Capital Share Transactions |
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Net increase in net assets derived from capital share transactions |
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| 22,648,676 |
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| 28,346,777 |
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Redemption Fee |
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Redemption fee |
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| 12,292 |
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| 2,573 |
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Net Assets |
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Total increase (decrease) in net assets |
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| (146,401,052 | ) |
| 42,371,448 |
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Beginning of year |
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| 373,162,089 |
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| 330,790,641 |
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End of year |
| $ | 226,761,037 |
| $ | 373,162,089 |
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End of year distributions in excess of net investment income |
| $ | (110,880 | ) | $ | (1,844,288 | ) |
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BLACKROCK INTERNATIONAL INDEX FUND | DECEMBER 31, 2008 | 9 |
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BlackRock International Index Fund |
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| Institutional |
| Investor A |
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| Year Ended December 31, |
| Year Ended December 31 |
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| 2008 |
| 2007 |
| 2006 |
| 2005 |
| 2004 |
| 2008 |
| 2007 |
| 2006 |
| 2005 |
| 2004 |
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Per Share Operating Performance |
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Net asset value, beginning of year |
| $ | 15.73 |
| $ | 15.14 |
| $ | 12.47 |
| $ | 11.19 |
| $ | 9.59 |
| $ | 15.65 |
| $ | 15.07 |
| $ | 12.41 |
| $ | 11.15 |
| $ | 9.56 |
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Net investment income1 |
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| 0.40 |
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| 0.39 |
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| 0.32 |
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| 0.23 |
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| 0.19 |
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| 0.36 |
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| 0.34 |
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| 0.29 |
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| 0.21 |
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| 0.17 |
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Net realized and unrealized gain (loss)2 |
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| (7.03 | ) |
| 1.16 |
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| 2.92 |
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| 1.24 |
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| 1.69 |
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| (6.98 | ) |
| 1.16 |
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| 2.91 |
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| 1.21 |
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| 1.67 |
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Net increase (decrease) from investment operations |
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| (6.63 | ) |
| 1.55 |
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| 3.24 |
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| 1.47 |
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| 1.88 |
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| (6.62 | ) |
| 1.50 |
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| 3.20 |
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| 1.42 |
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| 1.84 |
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Dividends and distributions from: |
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Net investment income |
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| (0.31 | ) |
| (0.47 | ) |
| (0.37 | ) |
| (0.19 | ) |
| (0.28 | ) |
| (0.28 | ) |
| (0.43 | ) |
| (0.34 | ) |
| (0.16 | ) |
| (0.25 | ) |
Net realized gain |
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| (0.04 | ) |
| (0.49 | ) |
| (0.20 | ) |
| — |
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| — |
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| (0.04 | ) |
| (0.49 | ) |
| (0.20 | ) |
| — |
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| — |
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Total dividends and distributions |
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| (0.35 | ) |
| (0.96 | ) |
| (0.57 | ) |
| (0.19 | ) |
| (0.28 | ) |
| (0.32 | ) |
| (0.92 | ) |
| (0.54 | ) |
| (0.16 | ) |
| (0.25 | ) |
|
|
| |||||||||||||||||||||||||||||
Net asset value, end of year |
| $ | 8.75 |
| $ | 15.73 |
| $ | 15.14 |
| $ | 12.47 |
| $ | 11.19 |
| $ | 8.71 |
| $ | 15.65 |
| $ | 15.07 |
| $ | 12.41 |
| $ | 11.15 |
|
|
|
| |||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Investment Return |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Based on net asset value |
|
| (42.24 | )% |
| 10.28 | % |
| 26.09 | % |
| 13.19 | % |
| 19.78 | % |
| (42.41 | )% |
| 9.98 | % |
| 25.85 | % |
| 12.81 | % |
| 19.46 | % |
|
|
| |||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratios to Average Net Assets3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total expenses after waiver |
|
| 0.54 | % |
| 0.54 | % |
| 0.47 | % |
| 0.55 | % |
| 0.58 | % |
| 0.79 | % |
| 0.79 | % |
| 0.72 | % |
| 0.80 | % |
| 0.83 | % |
|
|
| |||||||||||||||||||||||||||||
Total expenses |
|
| 0.54 | % |
| 0.54 | % |
| 0.52 | % |
| 0.56 | % |
| 0.59 | % |
| 0.79 | % |
| 0.79 | % |
| 0.78 | % |
| 0.81 | % |
| 0.84 | % |
|
|
| |||||||||||||||||||||||||||||
Net investment income |
|
| 3.11 | % |
| 2.37 | % |
| 2.31 | % |
| 1.98 | % |
| 1.91 | % |
| 2.83 | % |
| 2.11 | % |
| 2.11 | % |
| 1.84 | % |
| 1.69 | % |
|
|
| |||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental Data |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets, end of year (000) |
| $ | 90,688 |
| $ | 158,740 |
| $ | 133,267 |
| $ | 90,157 |
| $ | 35,878 |
| $ | 136,073 |
| $ | 214,422 |
| $ | 197,524 |
| $ | 160,177 |
| $ | 132,873 |
|
|
|
| |||||||||||||||||||||||||||||
Portfolio turnover of the Series |
|
| 30 | % |
| 30 | % |
| 23 | % |
| 11 | % |
| 14 | % |
| 30 | % |
| 30 | % |
| 23 | % |
| 11 | % |
| 14 | % |
|
|
|
|
|
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 INTERNATIONAL INDEX FUND | DECEMBER 31, 2008 |
|
|
BlackRock International Index Fund |
1. Organization and Significant Accounting Policies:
BlackRock International 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 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 or a portion of its assets in Master International 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 32.1%. The Fund offers two classes of shares. Institutional and Investor A Shares are generally sold without the imposition of a front-end or deferred sales charge. Both classes of shares have identical voting, dividend, liquidation and other rights and the same terms and conditions, except that Investor A Shares bear certain expenses related to the shareholder servicing of such shares and have exclusive voting rights with respect to matters relating to its shareholder servicing expenditures.
The following is a summary of significant accounting policies followed by the Fund:
Valuation 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.
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 and realized and unrealized gains and losses are allocated daily to each class based on its relative net assets.
Effective January 1, 2008, the Fund 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 avail- able in the circumstance, to the extent observable inputs are not available (including the Fund’s own assumption used in determining the fair value of investments) |
|
|
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 |
|
Level 1 |
|
| — |
|
Level 2 |
| $ | 226,808,727 |
|
Level 3 |
|
| — |
|
|
|
| ||
Total |
| $ | 226,808,727 |
|
|
|
|
Dividends and Distributions: 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. Under the applicable foreign tax laws, a withholding tax may be imposed on interest, dividends and capital gains at various rates.
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 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. 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
|
|
|
BLACKROCK INTERNATIONAL INDEX FUND | DECEMBER 31, 2008 | 11 |
|
|
Notes to Financial Statements (continued) | BlackRock International Index Fund |
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, on behalf of the Fund, has entered into an Administration Agreement with BlackRock Advisors, LLC (the “Administrator”), an indirect, wholly owned subsidiary of BlackRock, Inc., to provide administrative services (other than investment advice and related portfolio activities). For such services, the Fund pays the Administrator a monthly fee at an annual rate of 0.34% of the Fund’s average daily net assets. 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 0.65%. This arrangement has a one-year term and is renewable.
Effective October 1, 2008, the Corporation, on behalf of the Fund, has entered into a Distribution Agreement and Account Maintenance 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 Distribution Plans adopted by the Fund in accordance with Rule 12b-1 under the 1940 Act, the Fund pays the Distributor ongoing service fees with respect to Investor A Shares. The fees are accrued daily and paid monthly at the annual rate of 0.25% based upon the average daily net assets 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, is the Fund’s 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 $134,160 in return for these services, which are a component of the 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 $106, 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 following amounts have been accrued by the Fund to reimburse the Administrator 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 |
| $ | 2,033 |
|
Investor A |
| $ | 4,015 |
|
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.
3. Income Tax Information:
Reclassification: Accounting principles generally accepted in the United States of America require that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. The following permanent difference as of December 31, 2008 attributable to foreign currency transactions, gains from the sale of stock of passive foreign investment companies, net losses realized on the distribution of securities not recognized for tax purposes, basis adjustments
|
|
|
12 | BLACKROCK INTERNATIONAL INDEX FUND | DECEMBER 31, 2008 |
|
|
|
|
Notes to Financial Statements (concluded) | BlackRock International Index Fund |
on securities distributed in-kind and reclassification of distributions were reclassified to the following accounts:
|
|
|
|
|
Distributions in excess of net investment income |
| $ | (381,278 | ) |
Paid-in capital in excess of par |
| $ | (2,615,881 | ) |
Accumulated net realized loss |
| $ | 2,997,159 |
|
The tax character of distributions paid during the fiscal years ended December 31, 2008 and December 31, 2007 was as follows:
|
|
|
|
|
|
|
|
|
| 12/31/08 |
| 12/31/07 |
| ||
Distributions paid from: |
|
|
|
|
|
|
|
Ordinary income |
| $ | 7,339,400 |
| $ | 15,560,772 |
|
Net long-term capital gains |
|
| 548,218 |
|
| 5,378,824 |
|
|
| ||||||
Total taxable distributions |
| $ | 7,887,618 |
| $ | 20,939,596 |
|
|
|
As of December 31, 2008, the components of accumulated losses on a tax basis were as follows:
|
|
|
|
|
Undistributed ordinary net income |
| $ | 475,970 |
|
Capital loss carryforward |
|
| (5,386,029 | ) |
Net unrealized losses |
|
| (46,508,221 | )* |
|
| |||
Total net accumulated losses |
| $ | (51,418,280 | ) |
|
|
|
|
* | The difference between book-basis and tax-basis net unrealized losses 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 foreign currency contracts, the deferral of post-October capital losses for tax purposes and other book/tax temporary differences. |
As of December 31, 2008, the Fund had a capital loss carryforward available to offset future realized capital gains through the indicated expiration date:
|
|
|
|
|
Expires December 31, |
|
|
|
|
2016 |
| $ | 5,386,029 |
|
4. Capital Share Transactions:
Transactions in shares for each class were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Year Ended |
| Year Ended |
| ||||||||
|
|
| |||||||||||
|
| Shares |
| Amount |
| Shares |
| Amount |
| ||||
Institutional |
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares sold |
|
| 4,458,355 |
| $ | 56,175,918 |
|
| 4,239,119 |
| $ | 68,229,646 |
|
Shares issued to shareholders in reinvestment of dividends and distributions |
|
| 371,254 |
|
| 3,396,692 |
|
| 568,714 |
|
| 8,861,976 |
|
|
|
| |||||||||||
Total issued |
|
| 4,829,609 |
|
| 59,572,610 |
|
| 4,807,833 |
|
| 77,091,622 |
|
Shares redeemed |
|
| (4,564,007 | ) |
| (55,989,421 | ) |
| (3,515,519 | ) |
| (57,115,652 | ) |
|
|
| |||||||||||
Net increase |
|
| 265,602 |
| $ | 3,583,189 |
|
| 1,292,314 |
| $ | 19,975,970 |
|
|
|
| |||||||||||
Investor A |
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares sold |
|
| 3,811,876 |
| $ | 43,249,950 |
|
| 2,588,127 |
| $ | 41,560,030 |
|
Shares issued to shareholders in reinvestment of dividends and distributions |
|
| 472,470 |
|
| 4,314,568 |
|
| 750,023 |
|
| 11,625,706 |
|
|
|
| |||||||||||
Total issued |
|
| 4,284,346 |
|
| 47,564,518 |
|
| 3,338,150 |
|
| 53,185,736 |
|
Shares redeemed |
|
| (2,366,852 | ) |
| (28,499,031 | ) |
| (2,742,436 | ) |
| (44,814,929 | ) |
|
|
| |||||||||||
Net increase |
|
| 1,917,494 |
| $ | 19,065,487 |
|
| 595,714 |
| $ | 8,370,807 |
|
|
|
|
There is a 2% redemption fee on shares redeemed or exchanged that have been held for 30 days or less. The redemption fees are collected and retained by the Fund for the benefit of the remaining shareholders. The redemption fees are recorded as a credit to paid in capital.
5. Subsequent 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 INTERNATIONAL INDEX FUND | DECEMBER 31, 2008 | 13 |
|
|
|
|
BlackRock International 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 International 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 the financial highlights are free of material misstatement. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of BlackRock International 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
|
The following information is provided with respect to the ordinary income distributions paid by BlackRock International Index Fund of BlackRock Index Funds, Inc. during the fiscal year ended December 31, 2008:
|
|
|
|
|
|
|
|
|
|
|
|
Record Date |
| July 16, 2008 |
| December 16, 2008 |
| ||||||
Qualified Dividend Income for Individuals* |
|
|
| 100 | %† |
|
|
| 100 | %† |
|
Foreign Source Income |
|
|
| 79.45 | %† |
|
|
| 100 | %† |
|
Foreign Taxes Paid Per Share |
|
| $ | 0.001674 |
|
|
| $ | 0.039575 |
|
|
Short-Term Capital Gain Dividends for Non-US Residents** |
|
|
| 100 | % |
|
|
| — |
|
|
|
|
* | The Fund hereby designates the percentage indicated above or the maximum amount allowable by law. |
|
|
** | Represents the portion of the taxable ordinary income dividends eligible for exemption from US withholding tax for nonresident aliens and foreign corporations. |
|
|
† | Expressed as a percentage of the cash distribution grossed-up for foreign taxes. |
The foreign taxes paid represent taxes incurred by the Fund on income received by the Fund from foreign sources. Foreign taxes paid may be included in taxable income with an offsetting deduction from gross income or may be taken as a credit for taxes paid to foreign governments. You should consult your tax advisor regarding the appropriate treatment of foreign taxes paid.
Additionally, the Fund distributed long-term capital gains of $0.022296 per share to shareholders of record on July 16, 2008.
|
|
|
14 | BLACKROCK INTERNATIONAL INDEX FUND | DECEMBER 31, 2008 |
|
|
| |
Master International Index Series |
As of December 31, 2008 |
|
|
|
Ten Largest Equity Holdings | Percent of | |
Nestlé SA Registered Shares | 2 | % |
BP Plc | 2 |
|
Novartis AG Registered Shares | 1 |
|
Total SA | 1 |
|
HSBC Holdings Plc | 1 |
|
Roche Holding AG | 1 |
|
Vodafone Group Plc | 1 |
|
GlaxoSmithKline Plc | 1 |
|
Telefonica SA | 1 |
|
Royal Dutch Shell Plc | 1 |
|
|
|
|
Geographic Allocation | Percent of | |
Japan | 24 | % |
United Kingdom | 19 |
|
France | 10 |
|
Germany | 9 |
|
Switzerland | 8 |
|
Australia | 6 |
|
Spain | 4 |
|
United States | 4 |
|
Italy | 4 |
|
Netherlands | 2 |
|
Sweden | 2 |
|
Hong Kong | 2 |
|
Finland | 1 |
|
Singapore | 1 |
|
Denmark | 1 |
|
Norway | 1 |
|
Greece | 1 |
|
Belgium | 1 |
|
|
|
Derivative Instruments |
The Series may invest in various derivative instruments, including futures and forward currency contracts, 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 INTERNATIONAL INDEX FUND | DECEMBER 31, 2008 | 15 |
|
|
Master International 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 |
| ||
Aerospace & Defense |
| Other Securities |
|
|
| $ | 4,546,560 |
| 0.6 | % |
|
Air Freight & Logistics |
| Other Securities |
|
|
|
| 2,540,547 |
| 0.4 |
|
|
Airlines |
| Other Securities |
|
|
|
| 1,804,705 |
| 0.3 |
|
|
Auto Components |
| Other Securities |
|
|
|
| 4,873,656 |
| 0.7 |
|
|
Automobiles |
| DaimlerChrysler AG |
| 70,599 |
|
| 2,689,951 |
| 0.4 |
|
|
|
| Honda Motor Co., Ltd. |
| 136,500 |
|
| 2,907,271 |
| 0.4 |
|
|
|
| Toyota Motor Corp. |
| 228,200 |
|
| 7,543,910 |
| 1.0 |
|
|
|
| Volkswagen AG |
| 9,578 |
|
| 3,331,346 |
| 0.5 |
|
|
|
| Other Securities |
|
|
|
| 4,853,744 |
| 0.7 |
|
|
|
|
|
|
|
| ||||||
|
|
|
|
|
|
| 21,326,222 |
| 3.0 |
|
|
Beverages |
| Diageo Plc |
| 210,498 |
|
| 2,957,677 |
| 0.4 |
|
|
|
| Other Securities |
|
|
|
| 7,255,328 |
| 1.0 |
|
|
|
|
|
|
|
| ||||||
|
|
|
|
|
|
| 10,213,005 |
| 1.4 |
|
|
Biotechnology |
| Other Securities |
|
|
|
| 1,826,053 |
| 0.3 |
|
|
Building Products |
| Other Securities |
|
|
|
| 3,653,714 |
| 0.5 |
|
|
Capital Markets |
| UBS AG (a) |
| 245,571 |
|
| 3,572,900 |
| 0.5 |
|
|
|
| Other Securities |
|
|
|
| 9,554,396 |
| 1.4 |
|
|
|
|
|
|
|
| ||||||
|
|
|
|
|
|
| 13,127,296 |
| 1.9 |
|
|
Chemicals |
| BASF SE |
| 78,772 |
|
| 3,060,578 |
| 0.4 |
|
|
|
| Other Securities |
|
|
|
| 15,350,353 |
| 2.2 |
|
|
|
|
|
|
|
| ||||||
|
|
|
|
|
|
| 18,410,931 |
| 2.6 |
|
|
Commercial Banks |
| BNP Paribas SA |
| 68,178 |
|
| 2,942,866 |
| 0.4 |
|
|
|
| Banco Bilbao Vizcaya Argentaria SA |
| 295,581 |
|
| 3,662,358 |
| 0.5 |
|
|
|
| Banco Santander SA |
| 652,338 |
|
| 6,295,854 |
| 0.9 |
|
|
|
| HSBC Holdings Plc |
| 991,572 |
|
| 9,704,709 |
| 1.4 |
|
|
|
| Mitsubishi UFJ Financial Group, Inc. |
| 904,674 |
|
| 5,686,011 |
| 0.8 |
|
|
|
| Westpac Banking Corp. |
| 232,966 |
|
| 2,794,129 |
| 0.4 |
|
|
|
| Other Securities |
|
|
|
| 46,270,359 |
| 6.6 |
|
|
|
|
|
|
|
| ||||||
|
|
|
|
|
|
| 77,356,286 |
| 11.0 |
|
|
Commercial Services & Supplies |
| Other Securities |
|
|
|
| 3,701,343 |
| 0.5 |
|
|
Communications Equipment |
| Nokia Oyj |
| 317,753 |
|
| 4,986,297 |
| 0.7 |
|
|
|
| Other Securities |
|
|
|
| 2,427,824 |
| 0.3 |
|
|
|
|
|
|
|
| ||||||
|
|
|
|
|
|
| 7,414,121 |
| 1.0 |
|
|
Computers & Peripherals |
| Other Securities |
|
|
|
| 2,839,458 |
| 0.4 |
|
|
Construction & Engineering |
| Other Securities |
|
|
|
| 6,505,751 |
| 0.9 |
|
|
Construction Materials |
| Other Securities |
|
|
|
| 3,952,025 |
| 0.6 |
|
|
Consumer Finance |
| Other Securities |
|
|
|
| 1,133,074 |
| 0.2 |
|
|
Containers & Packaging |
| Other Securities |
|
|
|
| 736,317 |
| 0.1 |
|
|
Distributors |
| Other Securities |
|
|
|
| 443,728 |
| 0.1 |
|
|
Diversified Consumer Services |
| Other Securities |
|
|
|
| 236,310 |
| 0.0 |
|
|
Diversified Financial Services |
| Other Securities |
|
|
|
| 6,951,431 |
| 1.0 |
|
|
Diversified Telecommunication Services |
| Deutsche Telekom AG |
| 229,735 |
|
| 3,473,430 |
| 0.5 |
|
|
|
| France Telecom SA |
| 150,246 |
|
| 4,187,757 |
| 0.6 |
|
|
|
| Telefonica SA |
| 350,872 |
|
| 7,919,764 |
| 1.1 |
|
|
|
| Other Securities |
|
|
|
| 14,936,900 |
| 2.1 |
|
|
|
|
|
|
|
| ||||||
|
|
|
|
|
|
| 30,517,851 |
| 4.3 |
|
|
|
|
|
See Notes to Financial Statements. |
| |
16 | BLACKROCK INTERNATIONAL INDEX FUND | DECEMBER 31, 2008 |
|
|
Summary Schedule of Investments (continued) | Master International Index Series |
| (Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
|
|
|
|
Industry |
| Common Stocks |
| Shares |
| Value |
| Percent |
| ||
Electric Utilities |
| E.ON AG |
| 158,040 |
| $ | 6,205,782 |
| 0.9 | % |
|
|
| The Tokyo Electric Power Co., Inc. |
| 102,100 |
|
| 3,408,277 |
| 0.5 |
|
|
|
| Other Securities |
|
|
|
| 20,739,937 |
| 2.9 |
|
|
|
|
|
|
|
| ||||||
|
|
|
|
|
|
| 30,353,996 |
| 4.3 |
|
|
Electrical Equipment |
| ABB Ltd. |
| 189,024 |
|
| 2,882,643 |
| 0.4 |
|
|
|
| Other Securities |
|
|
|
| 6,599,483 |
| 0.9 |
|
|
|
|
|
|
|
| ||||||
|
|
|
|
|
|
| 9,482,126 |
| 1.3 |
|
|
Electronic Equipment & Instruments |
| Other Securities |
|
|
|
| 7,269,774 |
| 1.0 |
|
|
Energy Equipment & Services |
| Other Securities |
|
|
|
| 2,133,717 |
| 0.3 |
|
|
Food & Staples Retailing |
| Tesco Plc |
| 654,003 |
|
| 3,405,414 |
| 0.5 |
|
|
|
| Other Securities |
|
|
|
| 12,865,885 |
| 1.8 |
|
|
|
|
|
|
|
| ||||||
|
|
|
|
|
|
| 16,271,299 |
| 2.3 |
|
|
Food Products |
| Nestlé SA Registered Shares |
| 324,020 |
|
| 12,830,590 |
| 1.8 |
|
|
|
| Unilever NV |
| 134,383 |
|
| 3,257,169 |
| 0.5 |
|
|
|
| Other Securities |
|
|
|
| 9,752,645 |
| 1.4 |
|
|
|
|
|
|
|
| ||||||
|
|
|
|
|
|
| 25,840,404 |
| 3.7 |
|
|
Gas Utilities |
| Other Securities |
|
|
|
| 3,474,775 |
| 0.5 |
|
|
Health Care Equipment & Supplies |
| Other Securities |
|
|
|
| 4,559,824 |
| 0.6 |
|
|
Health Care Providers & Services |
| Other Securities |
|
|
|
| 1,682,555 |
| 0.2 |
|
|
Hotels, Restaurants & Leisure |
| Other Securities |
|
|
|
| 5,154,618 |
| 0.7 |
|
|
Household Durables |
| Other Securities |
|
|
|
| 5,955,129 |
| 0.8 |
|
|
Household Products |
| Other Securities |
|
|
|
| 3,740,759 |
| 0.5 |
|
|
IT Services |
| Other Securities |
|
|
|
| 1,919,999 |
| 0.3 |
|
|
Independent Power Producers |
| Other Securities |
|
|
|
| 1,509,842 |
| 0.2 |
|
|
Industrial Conglomerates |
| Siemens AG |
| 71,711 |
|
| 5,398,644 |
| 0.8 |
|
|
|
| Other Securities |
|
|
|
| 5,119,223 |
| 0.7 |
|
|
|
|
|
|
|
| ||||||
|
|
|
|
|
|
| 10,517,867 |
| 1.5 |
|
|
Insurance |
| AXA SA |
| 129,232 |
|
| 2,900,688 |
| 0.4 |
|
|
|
| Allianz AG Registered Shares |
| 36,947 |
|
| 3,931,184 |
| 0.5 |
|
|
|
| Muenchener Rueckversicherungs AG Registered Shares |
| 17,317 |
|
| 2,688,423 |
| 0.4 |
|
|
|
| Other Securities |
|
|
|
| 23,216,877 |
| 3.3 |
|
|
|
|
|
|
|
| ||||||
|
|
|
|
|
|
| 32,737,172 |
| 4.6 |
|
|
Internet & Catalog Retail |
| Other Securities |
|
|
|
| 643,692 |
| 0.1 |
|
|
Internet Software & Services |
| Other Securities |
|
|
|
| 600,113 |
| 0.1 |
|
|
Leisure Equipment & Products |
| Other Securities |
|
|
|
| 1,273,665 |
| 0.2 |
|
|
Life Sciences Tools & Services |
| Other Securities |
|
|
|
| 421,373 |
| 0.1 |
|
|
Machinery |
| Other Securities |
|
|
|
| 12,652,601 |
| 1.8 |
|
|
Marine |
| Other Securities |
|
|
|
| 2,639,730 |
| 0.4 |
|
|
Media |
| Vivendi SA |
| 97,557 |
|
| 3,179,773 |
| 0.5 |
|
|
|
| Other Securities |
|
|
|
| 8,252,973 |
| 1.2 |
|
|
|
|
|
|
|
| ||||||
|
|
|
|
|
|
| 11,432,746 |
| 1.7 |
|
|
Metals & Mining |
| BHP Billiton Ltd. |
| 280,586 |
|
| 5,960,817 |
| 0.8 |
|
|
|
| BHP Billiton Plc |
| 184,260 |
|
| 3,573,834 |
| 0.5 |
|
|
|
| Other Securities |
|
|
|
| 16,964,972 |
| 2.4 |
|
|
|
|
|
|
|
| ||||||
|
|
|
|
|
|
| 26,499,623 |
| 3.7 |
|
|
|
|
|
See Notes to Financial Statements. |
|
|
BLACKROCK INTERNATIONAL INDEX FUND | DECEMBER 31, 2008 | 17 |
|
|
Summary Schedule of Investments (continued) | Master International Index Series |
| (Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
|
|
|
|
Industry |
| Common Stocks |
| Shares |
| Value |
| Percent |
| ||
Multi-Utilities |
| GDF Suez |
| 90,797 |
| $ | 4,506,895 |
| 0.6 | % |
|
|
| RWE AG |
| 37,100 |
|
| 3,295,108 |
| 0.5 |
|
|
|
| Other Securities |
|
|
|
| 5,810,506 |
| 0.8 |
|
|
|
|
|
|
|
| ||||||
|
|
|
|
|
|
| 13,612,509 |
| 1.9 |
|
|
Multiline Retail |
| Other Securities |
|
|
|
| 2,003,499 |
| 0.3 |
|
|
Office Electronics |
| Canon, Inc. |
| 87,300 |
|
| 2,766,064 |
| 0.4 |
|
|
|
| Other Securities |
|
|
|
| 1,366,519 |
| 0.2 |
|
|
|
|
|
|
|
| ||||||
|
|
|
|
|
|
| 4,132,583 |
| 0.6 |
|
|
Oil, Gas & Consumable Fuels |
| BG Group Plc |
| 278,300 |
|
| 3,852,113 |
| 0.5 |
|
|
|
| BP Plc |
| 1,544,898 |
|
| 11,925,745 |
| 1.7 |
|
|
|
| Eni SpA |
| 215,550 |
|
| 5,186,917 |
| 0.7 |
|
|
|
| Royal Dutch Shell Plc |
| 291,305 |
|
| 7,653,486 |
| 1.1 |
|
|
|
| Royal Dutch Shell Plc Class B |
| 223,973 |
|
| 5,677,368 |
| 0.8 |
|
|
|
| Total SA |
| 177,470 |
|
| 9,757,146 |
| 1.4 |
|
|
|
| Other Securities |
|
|
|
| 9,730,837 |
| 1.4 |
|
|
|
|
|
|
|
|
| 53,783,612 |
| 7.6 |
|
|
|
|
|
|
|
| ||||||
Paper & Forest Products |
| Other Securities |
|
|
|
| 2,223,049 |
| 0.3 |
|
|
Personal Products |
| Other Securities |
|
|
|
| 2,757,703 |
| 0.4 |
|
|
Pharmaceuticals |
| AstraZeneca Plc |
| 120,741 |
|
| 4,939,567 |
| 0.7 |
|
|
|
| Bayer AG |
| 63,337 |
|
| 3,690,546 |
| 0.5 |
|
|
|
| GlaxoSmithKline Plc |
| 433,752 |
|
| 8,066,813 |
| 1.2 |
|
|
|
| Novartis AG Registered Shares |
| 200,847 |
|
| 10,058,710 |
| 1.4 |
|
|
|
| Roche Holding AG |
| 58,996 |
|
| 9,133,591 |
| 1.3 |
|
|
|
| Sanofi-Aventis |
| 86,580 |
|
| 5,537,927 |
| 0.8 |
|
|
|
| Takeda Pharmaceutical Co., Ltd. |
| 68,300 |
|
| 3,559,954 |
| 0.5 |
|
|
|
| Other Securities |
|
|
|
| 10,524,500 |
| 1.5 |
|
|
|
|
|
|
|
| ||||||
|
|
|
|
|
|
| 55,511,608 |
| 7.9 |
|
|
Professional Services |
| Other Securities |
|
|
|
| 2,217,546 |
| 0.3 |
|
|
Real Estate Investment Trusts (REITs) |
| Other Securities |
|
|
|
| 7,009,570 |
| 1.0 |
|
|
Real Estate Management & Development |
| Other Securities |
|
|
|
| 10,260,671 |
| 1.4 |
|
|
Road & Rail |
| Other Securities |
|
|
|
| 7,871,885 |
| 1.1 |
|
|
Semiconductors & |
| Other Securities |
|
|
|
| 2,659,634 |
| 0.4 |
|
|
Software |
| Nintendo Co., Ltd. |
| 8,100 |
|
| 3,095,429 |
| 0.4 |
|
|
|
| Other Securities |
|
|
|
| 3,960,332 |
| 0.6 |
|
|
|
|
|
|
|
| ||||||
|
|
|
|
|
|
| 7,055,761 |
| 1.0 |
|
|
Specialty Retail |
| Other Securities |
|
|
|
| 5,059,225 |
| 0.7 |
|
|
Textiles, Apparel & Luxury Goods |
| Other Securities |
|
|
|
| 5,332,533 |
| 0.8 |
|
|
Tobacco |
| British American Tobacco Plc |
| 156,974 |
|
| 4,094,960 |
| 0.6 |
|
|
|
| Other Securities |
|
|
|
| 3,745,625 |
| 0.5 |
|
|
|
|
|
|
|
| ||||||
|
|
|
|
|
|
| 7,840,585 |
| 1.1 |
|
|
Trading Companies & Distributors |
| Other Securities |
|
|
|
| 6,075,353 |
| 0.9 |
|
|
Transportation Infrastructure |
| Other Securities |
|
|
|
| 2,672,582 |
| 0.4 |
|
|
Water Utilities |
| Other Securities |
|
|
|
| 326,778 |
| 0.0 |
|
|
Wireless Telecommunication Services |
| Vodafone Group Plc |
| 4,354,451 |
|
| 8,916,407 |
| 1.3 |
|
|
|
| Other Securities |
|
|
|
| 5,962,912 |
| 0.8 |
|
|
|
|
|
|
|
| ||||||
|
|
|
|
|
|
| 14,879,319 |
| 2.1 |
|
|
|
| Total Common Stocks |
|
|
|
| 656,163,788 |
| 92.9 |
|
|
|
|
|
See Notes to Financial Statements. |
| |
18 | BLACKROCK INTERNATIONAL INDEX FUND | DECEMBER 31, 2008 |
|
|
|
|
Summary Schedule of Investments (continued) | Master International Index Series |
| (Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Exchange-Traded Funds |
| Shares |
| Value |
| Percent |
| ||
|
| iShares MSCI EAFE Index Fund (b) |
| 617,845 |
| $ | 27,722,705 |
|
| 3.9 | % |
|
| Total Exchange-Traded Funds |
|
|
|
| 27,722,705 |
|
| 3.9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Industry |
| Preferred Stocks |
|
|
|
|
|
|
|
|
|
Automobiles |
| Other Securities |
|
|
|
| 457,206 |
|
| 0.1 |
|
Household Products |
| Other Securities |
|
|
|
| 460,595 |
|
| 0.1 |
|
Multi-Utilities |
| Other Securities |
|
|
|
| 197,995 |
|
| 0.0 |
|
|
| Total Preferred Stocks |
|
|
|
| 1,115,796 |
|
| 0.2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Rights |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial Banks |
| Other Securities |
|
|
|
| 97,466 |
|
| 0.0 |
|
Diversified Financial Services |
| Other Securities |
|
|
|
| 3 |
|
| 0.0 |
|
Metals & Mining |
| Other Securities |
|
|
|
| — |
|
| 0.0 |
|
|
| Total Rights |
|
|
|
| 97,469 |
|
| 0.0 |
|
|
| Total Long-Term Securities (Cost — $865,585,207) |
|
|
|
| 685,099,758 |
|
| 97.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Short-Term Securities |
| Beneficial |
|
|
|
|
|
|
|
|
| BlackRock Liquidity Series, LLC Cash Sweep Series, 1.64% (c)(d) |
| USD 11,260 |
|
| 11,259,665 |
|
| 1.6 |
|
|
| Total Short-Term Securities (Cost — $11,259,665) |
|
|
|
| 11,259,665 |
|
| 1.6 |
|
Total Investments (Cost — $876,844,872*) |
|
|
|
|
| 696,359,423 |
|
| 98.6 |
| |
Other Assets Less Liabilities |
|
|
|
|
|
| 9,759,975 |
|
| 1.4 |
|
|
|
|
|
| |||||||
Net Assets |
|
|
|
|
| $ | 706,119,398 |
|
| 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 |
|
|
|
|
|
|
|
| $ | 895,944,370 |
|
|
|
|
|
|
|
|
|
| |||
Gross unrealized appreciation |
|
|
|
|
|
|
|
| $ | 44,690,983 |
|
Gross unrealized depreciation |
|
|
|
|
|
|
|
|
| (244,275,930 | ) |
|
|
|
|
|
|
|
|
| |||
Net unrealized depreciation |
|
|
|
|
|
|
|
| $ | (199,584,947 | ) |
|
|
|
|
|
|
|
|
|
|
|
(a) | Non-income producing security. |
|
|
(b) | All or a portion of security has been pledged as collateral in connection with open financial futures contracts. |
|
|
(c) | Represents the current yield as of report date. |
|
|
(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 |
|
|
| Net |
|
|
|
|
| Income |
|
BlackRock Liquidity Series, LLC Cash Sweep Series |
|
|
| USD (2,269,673) |
|
|
|
|
| $347,498 |
|
|
|
• | 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. These industry classifications are unaudited. |
|
|
|
BLACKROCK INTERNATIONAL INDEX FUND | DECEMBER 31, 2008 | 19 |
|
|
Summary Schedule of Investments (continued) | Master International Index Series |
|
|
• | Financial futures contracts purchased as of December 31, 2008 were as follows: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contracts |
| Issue |
| Exchange |
| Expiration |
| Face Value |
| Unrealized |
| |||
4 |
|
| Hang Seng Index Future |
| Hong Kong |
| January 2009 |
| $ | 364,962 |
| $ | 6,770 |
|
1 |
|
| IBEX 35 Plus |
| Eurex |
| January 2009 |
| $ | 128,154 |
|
| (1,479 | ) |
62 |
|
| OMX Stock Index Future |
| Stockholm |
| January 2009 |
| $ | 528,796 |
|
| (12,126 | ) |
1 |
|
| Dax Index 25 Euro |
| Eurex Deutschland |
| March 2009 |
| $ | 166,557 |
|
| 1,448 |
|
159 |
|
| DJ Euro Stoxx 50 |
| Eurex |
| March 2009 |
| $ | 5,465,643 |
|
| (50,714 | ) |
69 |
|
| FTSE 100 Index Future |
| LIFFE |
| March 2009 |
| $ | 4,255,013 |
|
| 100,083 |
|
1 |
|
| S&P MIB Index |
| Eurex |
| March 2009 |
| $ | 136,511 |
|
| (1,524 | ) |
21 |
|
| SPI 200 Index Future |
| Sydney |
| March 2009 |
| $ | 1,288,532 |
|
| 82,615 |
|
56 |
|
| TOPIX Index Future |
| Tokyo |
| March 2009 |
| $ | 5,045,773 |
|
| 279,324 |
|
Total |
|
|
|
|
|
|
|
|
|
| $ | 404,397 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
• | Foreign currency exchange contracts as of December 31,2008 were as follows: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Currency |
| Currency |
| Settlement |
| Unrealized |
| |||||
AUD |
| 2,905,650 |
| USD |
| 1,889,627 |
| 2/12/09 |
| $ | 126,948 |
|
AUD |
| 427,000 |
| USD |
| 294,124 |
| 2/12/09 |
|
| 2,222 |
|
USD |
| 1,343,567 |
| AUD |
| 2,073,650 |
| 2/12/09 |
|
| (95,585 | ) |
CHF |
| 698,300 |
| USD |
| 589,627 |
| 2/12/09 |
|
| 66,746 |
|
USD |
| 584,084 |
| CHF |
| 698,300 |
| 2/12/09 |
|
| (72,288 | ) |
CHF |
| 233,000 |
| USD |
| 220,812 |
| 2/12/09 |
|
| (1,802 | ) |
EUR |
| 7,325,700 |
| USD |
| 9,176,794 |
| 2/12/09 |
|
| 988,533 |
|
EUR |
| 1,047,000 |
| USD |
| 1,405,492 |
| 2/12/09 |
|
| 47,352 |
|
EUR |
| 444,100 |
| USD |
| 554,487 |
| 2/12/09 |
|
| 61,757 |
|
USD |
| 8,950,183 |
| EUR |
| 7,051,300 |
| 2/12/09 |
|
| (834,380 | ) |
USD |
| 254,738 |
| EUR |
| 181,600 |
| 2/12/09 |
|
| 2,746 |
|
GBP |
| 3,413,500 |
| USD |
| 5,244,862 |
| 2/12/09 |
|
| (342,615 | ) |
GBP |
| 615,300 |
| USD |
| 912,473 |
| 2/12/09 |
|
| (28,819 | ) |
GBP |
| 484,300 |
| USD |
| 709,222 |
| 2/12/09 |
|
| (13,702 | ) |
USD |
| 457,851 |
| GBP |
| 307,900 |
| 2/12/09 |
|
| 15,665 |
|
USD |
| 4,956,738 |
| GBP |
| 3,302,600 |
| 2/12/09 |
|
| 213,758 |
|
USD |
| 326,195 |
| GBP |
| 224,000 |
| 2/12/09 |
|
| 4,500 |
|
JPY |
| 521,967,400 |
| USD |
| 5,391,039 |
| 2/12/09 |
|
| 372,100 |
|
JPY |
| 105,760,000 |
| USD |
| 1,131,019 |
| 2/12/09 |
|
| 36,697 |
|
JPY |
| 21,045,000 |
| USD |
| 232,921 |
| 2/12/09 |
|
| (559 | ) |
USD |
| 479,549 |
| JPY |
| 45,436,000 |
| 2/12/09 |
|
| (22,119 | ) |
USD |
| 3,688,263 |
| JPY |
| 354,702,500 |
| 2/12/09 |
|
| (228,074 | ) |
USD |
| 138,335 |
| JPY |
| 13,360,600 |
| 2/12/09 |
|
| (9,181 | ) |
SEK |
| 4,806,100 |
| USD |
| 594,468 |
| 2/12/09 |
|
| 12,836 |
|
USD |
| 398,679 |
| SEK |
| 3,204,300 |
| 2/12/09 |
|
| (6,220 | ) |
Total |
|
|
|
|
|
|
|
|
| $ | 296,516 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
• | Currency Abbreviations: | |
|
|
|
| AUD | Australian Dollar |
| CHF | Swiss Franc |
| EUR | Euro |
| GBP | British Pound |
| JPY | Japanese Yen |
| SEK | Swedish Krona |
| USD | US Dollar |
|
|
|
20 | BLACKROCK INTERNATIONAL INDEX FUND | DECEMBER 31, 2008 |
|
|
| |
|
| ||
Summary Schedule of Investments (concluded) | Master International Index Series |
| |
|
| ||
|
|
|
• | 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 |
|
| Other Financial Instruments* |
| ||||
| ||||||||||
|
| Assets |
| Assets |
| Liabilities |
| |||
|
|
|
|
| ||||||
Level 1 |
| $ | 40,464,760 |
| $ | 470,240 |
| $ | (65,843 | ) |
Level 2 |
|
| 655,868,163 |
|
| 1,951,860 |
|
| (1,655,344 | ) |
Level 3 |
|
| 26,500 |
|
| — |
|
| — |
|
|
|
|
|
| ||||||
Total |
| $ | 696,359,423 |
| $ | 2,422,100 |
| $ | (1,721,187 | ) |
|
|
|
|
|
* Other financial instruments are futures and foreign currency exchange contracts. The following is a reconciliation of investments for unobservable inputs (Level 3) used in determining fair value:
|
|
|
|
|
| ||||
|
| Investments in |
| |
| ||||
Balance, as of January 1, 2008 |
|
| — |
|
Realized gain (loss) |
|
| — |
|
Change in unrealized appreciation (depreciation)1. |
| $ | (661,574 | ) |
Net purchase (sales) |
|
| — |
|
Net transfers in/out of Level 3 |
|
| 688,074 |
|
| ||||
Balance, as of December 31, 2008 |
| $ | 26,500 |
|
|
|
|
|
|
1 | Included in the related net change in unrealized appreciation/depreciation on the Statement of Operations. |
|
|
|
See Notes to Financial Statements. |
|
|
BLACKROCK INTERNATIONAL INDEX FUND | DECEMBER 31, 2008 | 21 |
|
|
Master International Index Series |
|
|
|
|
|
December 31, 2008 |
|
|
|
|
Assets |
|
|
|
|
Investments at value — unaffiliated (cost — $865,585,207) |
| $ | 685,099,758 |
|
Investments at value — affiliated (cost — $11,259,665) |
|
| 11,259,665 |
|
Unrealized appreciation on foreign currency exchange contracts |
|
| 1,951,860 |
|
Foreign currency at value (cost — $8,721,925) |
|
| 8,868,747 |
|
Dividends receivable |
|
| 3,121,399 |
|
Contributions receivable from investors |
|
| 1,416,877 |
|
Investments sold receivable |
|
| 538,023 |
|
Margin variation receivable |
|
| 383,364 |
|
Prepaid expenses |
|
| 24,472 |
|
|
|
| ||
Total assets |
|
| 712,664,165 |
|
|
|
| ||
|
|
|
|
|
Liabilities |
|
|
|
|
Unrealized depreciation on foreign currency exchange contracts |
|
| 1,655,344 |
|
Investments purchased payable |
|
| 4,575,322 |
|
Withdrawals payable to investors |
|
| 118,681 |
|
Investment advisory fees payable |
|
| 5,532 |
|
Other affiliates payable |
|
| 2,870 |
|
Officer’s and Directors’ fees payable |
|
| 280 |
|
Other accrued expenses payable |
|
| 186,738 |
|
|
|
| ||
Total liabilities |
|
| 6,544,767 |
|
|
|
| ||
Net Assets |
| $ | 706,119,398 |
|
|
|
| ||
|
|
|
|
|
Net Assets Consist of |
|
|
|
|
Investors’ capital |
| $ | 885,713,794 |
|
Net unrealized appreciation/depreciation |
|
| (179,594,396 | ) |
|
|
| ||
Net Assets |
| $ | 706,119,398 |
|
|
|
|
See Notes to Financial Statements.
|
|
|
22 | BLACKROCK INTERNATIONAL INDEX FUND | DECEMBER 31, 2008 |
|
|
Master International Index Series |
|
|
|
|
|
Year Ended December 31, 2008 |
|
|
|
|
Investment Income |
|
|
|
|
Dividends |
| $ | 36,817,766 |
|
Foreign withholding tax |
|
| (3,154,735 | ) |
Income — affiliated |
|
| 347,827 |
|
|
| |||
Total income |
|
| 34,010,858 |
|
|
| |||
|
|
|
|
|
Expenses |
|
|
|
|
Custodian |
|
| 546,663 |
|
Accounting services |
|
| 174,017 |
|
Investment advisory |
|
| 93,067 |
|
Pricing |
|
| 84,257 |
|
Professional |
|
| 82,053 |
|
Officer and Directors |
|
| 28,137 |
|
Printing |
|
| 2,360 |
|
Miscellaneous |
|
| 40,583 |
|
|
| |||
Total expenses |
|
| 1,051,137 |
|
Less fees waived by advisor |
|
| (79,741 | ) |
|
| |||
Total expenses after waiver |
|
| 971,396 |
|
|
| |||
Net investment income |
|
| 33,039,462 |
|
|
| |||
|
|
|
|
|
Realized and Unrealized Gain (Loss) |
|
|
|
|
Net realized loss from: |
|
|
|
|
Investments |
|
| (33,152,715 | ) |
Futures |
|
| (10,835,635 | ) |
In-kind redemption |
|
| (5,277,072 | ) |
Foreign currency |
|
| (3,044,473 | ) |
|
| |||
|
|
| (52,309,895 | ) |
|
| |||
Net change in unrealized appreciation/depreciation on: |
|
|
|
|
Investments |
|
| (468,611,575 | ) |
Futures |
|
| 265,812 |
|
Foreign currency |
|
| 249,595 |
|
|
| |||
|
|
| (468,096,168 | ) |
|
| |||
Total realized and unrealized loss |
|
| (520,406,063 | ) |
|
| |||
Net Decrease in Net Assets Resulting from Operations |
| $ | (487,366,601 | ) |
|
|
|
|
|
BLACKROCK INTERNATIONAL INDEX FUND | DECEMBER 31, 2008 | 23 |
|
|
Master International Index Series |
|
|
|
|
|
|
|
|
|
| Year Ended |
| ||||
|
| ||||||
Increase (Decrease) in Net Assets: |
| 2008 |
| 2007 |
| ||
Operations |
|
|
|
|
|
|
|
Net investment income |
| $ | 33,039,462 |
| $ | 32,702,640 |
|
Net realized gain (loss) |
|
| (52,309,895 | ) |
| 21,342,720 |
|
Net change in unrealized appreciation/depreciation |
|
| (468,096,168 | ) |
| 60,461,397 |
|
|
| ||||||
Net increase (decrease) in net assets resulting from operations |
|
| (487,366,601 | ) |
| 114,506,757 |
|
|
| ||||||
|
|
|
|
|
|
|
|
Capital Transactions |
|
|
|
|
|
|
|
Proceeds from contributions |
|
| 589,551,495 |
|
| 740,944,038 |
|
Fair value of withdrawals |
|
| (539,237,057 | ) |
| (542,265,015 | ) |
|
| ||||||
Net increase in net assets derived from capital transactions |
|
| 50,314,438 |
|
| 198,679,023 |
|
|
| ||||||
|
|
|
|
|
|
|
|
Net Assets |
|
|
|
|
|
|
|
Total increase (decrease) in net assets |
|
| (437,052,163 | ) |
| 313,185,780 |
|
Beginning of year |
|
| 1,143,171,561 |
|
| 829,985,781 |
|
|
| ||||||
End of year |
| $ | 706,119,398 |
| $ | 1,143,171,561 |
|
|
|
|
|
Master International Index Series |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Year Ended December 31, |
| |||||||||||||
|
|
| ||||||||||||||
|
| 2008 |
| 2007 |
| 2006 |
| 2005 |
| 2004 |
| |||||
Total Investment Return |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total investment return |
|
| (41.94 | )% |
| 10.80 | % |
| 26.61 | % |
| 13.64 | % |
| 20.32 | % |
|
| |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratios to Average Net Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total expenses after waive |
|
| 0.10 | % |
| 0.09 | % |
| 0.10 | % |
| 0.10 | % |
| 0.09 | % |
|
| |||||||||||||||
Total expenses |
|
| 0.11 | % |
| 0.10 | % |
| 0.11 | % |
| 0.10 | % |
| 0.10 | % |
|
| |||||||||||||||
Net investment income |
|
| 3.54 | % |
| 2.86 | % |
| 2.70 | % |
| 2.53 | % |
| 2.55 | % |
|
| |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental Data |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets, end of year (000) |
| $ | 706,119 |
| $ | 1,143,172 |
| $ | 829,986 |
| $ | 523,155 |
| $ | 322,067 |
|
|
| |||||||||||||||
Portfolio turnover |
|
| 30 | % |
| 30 | % |
| 23 | % |
| 11 | % |
| 14 | % |
|
|
|
|
|
24 | BLACKROCK INTERNATIONAL INDEX FUND | DECEMBER 31, 2008 |
|
|
Master International Index Series |
1. Organization and Significant Accounting Policies:
Master International 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 Master LLC’s Limited Liability Company Agreement permits the Directors to issue non-transferable interests in the Series 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. The Series values its investment in BlackRock Liquidity Series, LLC Cash Sweep Series 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 of Directors (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.
Generally, trading in foreign securities is substantially completed each day at various times prior to the close of business on the New York Stock Exchange (“NYSE”). The values of such securities used in computing the net assets of the Series are determined as of such times. Foreign currency exchange rates will be determined as of the close of business on the NYSE. Occasionally, events affecting the values of such securities and such exchange rates may occur between the times at which they are determined and the close of business on the NYSE that may not be reflected in the computation of the Series’ net assets. If events (for example, a company announcement, market volatility or a natural disaster) occur during such periods that are expected to materially affect the value of such securities, those securities may be valued at their fair value as determined in good faith by the Board or by the investment advisor using a pricing service and/or procedures approved by the Board. Foreign currency exchange contracts and forward foreign currency exchange contracts are valued at the mean between the bid and ask prices. Interpolated values are derived when the settlement date of the contract is an interim date for which quotations are not available.
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 futures contracts. Futures contracts are contracts for delayed delivery of securities at a specific future date and at a specific price or yield. Pursuant to the contract, the Series agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in value of the contract. Such receipts or payments are known as margin variation and are recorded 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. |
|
|
• | Foreign currency contracts — A forward currency contract is an agreement between two parties to buy and sell a currency at a set exchange rate on a future date. The Series may enter into foreign currency contracts as a hedge against either specific transactions or portfolio positions. Foreign currency exchange contracts, when used by the Series, help to manage the overall exposure to the foreign currency backing some of the investments held by the Series. The contract is marked-to-market daily and the change in market value is recorded by the Series as an unrealized gain or loss. When the contract is closed, the Series records a realized gain or loss equal to the difference between the value at the time it was opened and the value at the time it was closed. The use of forward foreign currency contracts involves the risk that counterparties may not meet the terms of the agreement and market risk of unanticipated movements in the value of a foreign currency relative to the US dollar. |
|
|
|
BLACKROCK INTERNATIONAL INDEX FUND | DECEMBER 31, 2008 | 25 |
|
|
Notes to Financial Statements (continued) | Master International Index Series |
|
|
• | Foreign currency options and futures — The Series may also purchase or sell listed or over-the-counter foreign currency options, foreign currency futures and related options on foreign currency futures as a short or long hedge against possible variations in foreign exchange rates. When foreign currency is purchased or sold through an exercise of a foreign currency option, the related premium paid (or received) is added to (or deducted from) the basis of the foreign currency acquired or deducted from (or added to) the proceeds of the foreign currency sold. Such transactions may be effected with respect to hedges on non-US dollar denominated securities owned by the Series, sold by the Series but not yet delivered, or committed or anticipated to be purchased by the Series. |
Foreign Currency Transactions: Foreign currency amounts are translated into United States dollars on the following basis: (i) market value of investment securities, assets and liabilities at the current rate of exchange; and (ii) purchases and sales of investment securities, income and expenses at the rates of exchange prevailing on the respective dates of such transactions.
The Series reports foreign currency related transactions as components of realized gains for financial reporting purposes, whereas such components are treated as ordinary income for federal income tax purposes.
Preferred Stock: The Series may invest in preferred stocks. Preferred stock has a preference over common stock in liquidation (and generally in receiving dividends as well) but is subordinated to the liabilities of the issuer in all respects. As a general rule, the market value of preferred stock with a fixed dividend rate and no conversion element varies inversely with interest rates and perceived credit risk, while the market price of convertible preferred stock generally also reflects some element of conversion value. Because preferred stock is junior to debt securities and other obligations of the issuer, deterioration in the credit quality of the issuer will cause greater changes in the value of a preferred stock than in a more senior debt security with similar stated yield characteristics. Unlike interest payments on debt securities, preferred stock dividends are payable only if declared by the issuer’s board of directors. Preferred stock also may be subject to optional or mandatory redemption provisions.
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 segregates assets in connection with certain investments (e.g., forward foreign currency contracts and 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 dates. Upon notification from issuers some of the dividend income received from a real estate investment trust may be redesignated as of reduction of cost of the related investment and/or realized gain. Interest income is recognized on the accrual basis.
Income Taxes: The Series is classified as a partnership for federal income tax purposes. As such, each investor in the Series is treated as owner of its proportionate share of the net assets, income, expenses and realized and unrealized gains and losses of the Series. Therefore, no federal income tax provision is required. Under the applicable foreign tax law, a withholding tax may be imposed on interest, dividends and capital gains at various rates. It is intended that the Series’ assets will be managed so an investor in the Series can satisfy the requirements of Subchapter M of the Internal Revenue Code.
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. 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 on the Series’ financial statement disclosures, if any, is currently being assessed.
Other: Expenses directly related to the Series are charged to the 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
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26 | BLACKROCK INTERNATIONAL INDEX FUND | DECEMBER 31, 2008 |
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Notes to Financial Statements (concluded) | Master International Index Series |
advisory and administration services. 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 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 value of the Series’ net assets.
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 0.12% 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 the advisor.
The Advisor has entered into a 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 $15,835 for certain accounting services, which is included in accounting services in the Statement of Operations.
In addition, Merrill Lynch, Pierce, Fenner & Smith Incorporated, a wholly owned subsidiary of Merrill Lynch, received $41,908 in commissions on the execution of portfolio security transactions for the Series for the year ended December 31, 2008.
The Series may earn income on positive cash balances in demand deposit accounts. For the year ended December 31, 2008, the Series earned $329, which is included in income — affiliated in the Statement of Operations.
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 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 $358,428,019 and $272,733,058, respectively.
4. Short-Term Borrowings:
The Series, along with certain other funds managed by the Advisor 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 counterparty risk, or the risk that an entity with which the Series has unsettled or open transactions may default. Financial assets, which potentially expose the Series to credit and counterparty risks, consist principally of investments and cash due from counterparties.The extent of the Series’ exposure to credit and coun-terparty risks with respect to these financial assets is approximated by their value recorded in the Series’ Statement of Assets and Liabilities.
The Series invests from time to time a substantial amount of its assets in issuers located in a single country or a limited number of countries.When the Series concentrates its investments in this manner, it assumes the risk that economic, political and social conditions in those countries may have a significant impact on its investment performance. Please see the Summary Schedule of Investments for concentrations in specific countries.
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.
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BLACKROCK INTERNATIONAL INDEX FUND | DECEMBER 31, 2008 | 27 |
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Master International 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 International 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 International Index Series of Quantitative Master Series LLC 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
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28 | BLACKROCK INTERNATIONAL INDEX FUND | DECEMBER 31, 2008 |
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Name, Address |
| Position(s) |
| Length of |
| Principal Occupation(s) During Past Five Years |
| Number of |
| Public Directorships |
Non-Interested Directors1 |
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Ronald W. Forbes |
| 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 |
| 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 |
| 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 |
| 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 |
| 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 |
| 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. |
| 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. |
| Director |
| Since 2007 |
| Partner, Lewis, Eckert, Robb and Company (management and financial consulting firm) since 1981. |
| 34 Funds 81 Portfolios |
| None |
Toby Rosenblatt |
| 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) |
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BLACKROCK INTERNATIONAL INDEX FUND | DECEMBER 31, 2008 | 29 |
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Officers and Directors (continued) |
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Name, Address |
| Position(s) |
| Length of |
| Principal Occupation(s) During Past Five Years |
| Number of |
| Public Directorships | |
Non-Interested Directors1 (concluded) |
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Kenneth L. Urish |
| 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 |
| 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 | |
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| 1 | Directors serve until their resignation, removal or death, or until December 31 of the year in which they turn 72. | ||||||||
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| 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. | ||||||||
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Interested Directors3 | |||||||||||
Richard S. Davis |
| 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 |
| 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 | |
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| 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. |
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30 | BLACKROCK INTERNATIONAL INDEX FUND | DECEMBER 31, 2008 |
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Officers and Directors (concluded) |
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Name, Address |
| Position(s) |
| Length of |
| Principal Occupation(s) During Past Five Years |
Corporation/Master LLC Officers1 | ||||||
Donald C. Burke |
| 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 |
| 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 |
| 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 |
| 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 |
| 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 |
| 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. |
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| 1 | Officers of the Corporation serve at the pleasure of the Board of Directors. |
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| Further information about the Corporation’s Officers and Directors is available in the Corporation’s Statement of Additional Information, which can be obtained without charge by calling (800) 441-7762. |
Custodian
JPMorgan Chase Bank, N.A.
Brooklyn, NY 11245
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
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BLACKROCK INTERNATIONAL INDEX FUND | DECEMBER 31, 2008 | 31 |
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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.
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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:
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1) | Access the BlackRock website at http://www.blackrock.com/edelivery |
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2) | Click on the applicable link and follow the steps to sign up |
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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.
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32 | BLACKROCK INTERNATIONAL INDEX FUND | DECEMBER 31, 2008 |
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Additional Information (concluded) |
|
Availability of Additional Information (concluded) |
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.
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 its 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.
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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.
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BLACKROCK INTERNATIONAL INDEX FUND | DECEMBER 31, 2008 | 33 |
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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.
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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 |
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Fixed Income Funds |
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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 |
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Municipal Bond Funds |
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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 |
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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 |
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|
* | See the prospectus for information on specific limitations on investments in the fund. |
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† | 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.
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34 | BLACKROCK INTERNATIONAL INDEX FUND | DECEMBER 31, 2008 |
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 International 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 |
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 International Index Fund | $6,800 | $4,500 | $0 | $0 | $6,100 | $6,100 | $1,049 | $1,042 |
Master International Index Series | $35,300 | $37,700 | $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 | Previous Fiscal Year | ||
| BlackRock International Index Fund | $412,149 | $291,642 | ||
| Master International 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 International Index Series - Schedule of Investments |
Master International 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 |
| ||
| |||||||||
Australia - 5.4% |
|
|
|
|
|
|
|
|
|
| |||||||||
Air Freight & Logistics - 0.0% |
| Toll Holdings Ltd. |
|
| 56,456 |
| $ | 243,921 |
|
| |||||||||
Airlines - 0.0% |
| Qantas Airways Ltd. |
|
| 71,345 |
|
| 131,439 |
|
Beverages - 0.2% |
| Coca-Cola Amatil Ltd. |
|
| 47,908 |
|
| 307,862 |
|
|
| Foster’s Group Ltd. |
|
| 166,479 |
|
| 640,291 |
|
|
| Lion Nathan Ltd. |
|
| 17,836 |
|
| 102,464 |
|
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
| 1,050,617 |
|
| |||||||||
Biotechnology - 0.2% |
| CSL Ltd. |
|
| 49,786 |
|
| 1,174,045 |
|
| |||||||||
Capital Markets - 0.1% |
| Macquarie Group Ltd. |
|
| 25,214 |
|
| 511,727 |
|
|
| Perpetual Trustees Australia Ltd. |
|
| 1,777 |
|
| 46,477 |
|
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
| 558,204 |
|
| |||||||||
Chemicals - 0.1% |
| Incitec Pivot Ltd. |
|
| 143,533 |
|
| 251,593 |
|
|
| Nufarm Ltd. |
|
| 7,277 |
|
| 53,655 |
|
|
| Orica Ltd. |
|
| 27,591 |
|
| 270,760 |
|
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
| 576,008 |
|
| |||||||||
Commercial Banks - 1.4% |
| Australia & New Zealand Banking Group Ltd. |
|
| 170,965 |
|
| 1,845,773 |
|
|
| Bendigo and Adelaide Bank Ltd. |
|
| 20,287 |
|
| 156,949 |
|
|
| Commonwealth Bank of Australia Ltd. |
|
| 123,368 |
|
| 2,538,358 |
|
|
| National Australia Bank Ltd. |
|
| 158,209 |
|
| 2,325,934 |
|
|
| Westpac Banking Corp. |
|
| 232,966 |
|
| 2,794,129 |
|
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
| 9,661,143 |
|
| |||||||||
Commercial Services & Supplies - 0.1% |
| Brambles Ltd. |
|
| 118,982 |
|
| 618,176 |
|
| |||||||||
Construction & Engineering - 0.0% |
| Leighton Holdings Ltd. |
|
| 11,839 |
|
| 230,043 |
|
| |||||||||
Construction Materials - 0.0% |
| Boral Ltd. |
|
| 46,639 |
|
| 151,048 |
|
|
| James Hardie Industries NV |
|
| 31,616 |
|
| 103,544 |
|
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
| 254,592 |
|
| |||||||||
Containers & Packaging - 0.0% |
| Amcor Ltd. |
|
| 71,378 |
|
| 290,066 |
|
| |||||||||
Diversified Financial Services - 0.0% |
| Australian Stock Exchange Ltd. |
|
| 13,605 |
|
| 318,021 |
|
| |||||||||
Diversified Telecommunication |
| Telstra Corp. Ltd. |
|
| 354,396 |
|
| 948,731 |
|
| |||||||||
Energy Equipment & Services - 0.0% |
| WorleyParsons Ltd. |
|
| 13,235 |
|
| 132,032 |
|
| |||||||||
Food & Staples Retailing - 0.4% |
| Metcash Ltd. |
|
| 58,380 |
|
| 178,746 |
|
|
| Wesfarmers Ltd. NPV |
|
| 50,712 |
|
| 640,079 |
|
|
| Wesfarmers Ltd. NPV PPS |
|
| 12,455 |
|
| 157,126 |
|
|
| Woolworths Ltd. |
|
| 103,023 |
|
| 1,920,988 |
|
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
| 2,896,939 |
|
| |||||||||
Food Products - 0.0% |
| Goodman Fielder Ltd. |
|
| 77,271 |
|
| 71,832 |
|
| |||||||||
Health Care Equipment & Supplies - 0.0% |
| Cochlear Ltd. |
|
| 3,890 |
|
| 150,696 |
|
| |||||||||
Health Care Providers & Services - 0.0% |
| Sonic Healthcare Ltd. |
|
| 31,035 |
|
| 316,185 |
|
| |||||||||
Hotels, Restaurants & Leisure - 0.1% |
| Aristocrat Leisure Ltd. |
|
| 22,855 |
|
| 62,186 |
|
|
| Crown Ltd. |
|
| 33,445 |
|
| 140,094 |
|
|
| Tabcorp Holdings Ltd. |
|
| 40,947 |
|
| 200,337 |
|
|
| Tatts Group Ltd. |
|
| 98,432 |
|
| 192,195 |
|
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
| 594,812 |
|
| |||||||||
IT Services - 0.0% |
| Computershare Ltd. |
|
| 33,896 |
|
| 185,213 |
|
| |||||||||
Industrial Conglomerates - 0.0% |
| CSR Ltd. |
|
| 92,805 |
|
| 114,789 |
|
| |||||||||
Insurance - 0.5% |
| AMP Ltd. |
|
| 158,343 |
|
| 603,728 |
|
1
Master International 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 |
| ||
| |||||||||
|
| AXA Asia Pacific Holdings Ltd. |
|
| 60,500 |
| $ | 210,289 |
|
|
| Insurance Australia Group Ltd. |
|
| 147,253 |
|
| 401,312 |
|
|
| QBE Insurance Group Ltd. |
|
| 84,374 |
|
| 1,524,918 |
|
|
| Suncorp-Metway Ltd. |
|
| 75,710 |
|
| 446,258 |
|
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
| 3,186,505 |
|
| |||||||||
Media - 0.0% |
| Fairfax Media Ltd. |
|
| 105,523 |
|
| 121,075 |
|
| |||||||||
Metals & Mining - 1.2% |
| Alumina Ltd. |
|
| 100,776 |
|
| 101,530 |
|
|
| BHP Billiton Ltd. |
|
| 280,586 |
|
| 5,960,817 |
|
|
| BlueScope Steel Ltd. |
|
| 59,588 |
|
| 146,402 |
|
|
| Fortescue Metals Group Ltd. (a) |
|
| 109,670 |
|
| 149,543 |
|
|
| Newcrest Mining Ltd. |
|
| 37,808 |
|
| 899,938 |
|
|
| OZ Mineral Ltd. (b) |
|
| 230,335 |
|
| 26,497 |
|
|
| OneSteel Ltd. |
|
| 66,281 |
|
| 114,616 |
|
|
| Rio Tinto Ltd. |
|
| 24,427 |
|
| 654,589 |
|
|
| Sims Metal Management Ltd. |
|
| 11,875 |
|
| 145,343 |
|
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
| 8,199,275 |
|
| |||||||||
Multi-Utilities - 0.1% |
| AGL Energy Ltd. |
|
| 37,661 |
|
| 401,527 |
|
| |||||||||
Multiline Retail - 0.0% |
| Harvey Norman Holdings Ltd. |
|
| 44,194 |
|
| 82,017 |
|
| |||||||||
Oil, Gas & Consumable Fuels - 0.4% |
| Caltex Australia Ltd. |
|
| 12,081 |
|
| 61,049 |
|
|
| Origin Energy Ltd. |
|
| 74,071 |
|
| 835,411 |
|
|
| Santos Ltd. |
|
| 51,987 |
|
| 544,716 |
|
|
| Woodside Petroleum Ltd. |
|
| 40,622 |
|
| 1,051,188 |
|
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
| 2,492,364 |
|
| |||||||||
Real Estate Investment Trusts |
| CFS Retail Property Trust |
|
| 148,618 |
|
| 195,358 |
|
|
| DB RREEF Trust |
|
| 198,135 |
|
| 113,456 |
|
|
| General Property Trust |
|
| 404,333 |
|
| 263,655 |
|
|
| Goodman Group |
|
| 180,246 |
|
| 92,816 |
|
|
| Macquarie Office Trust |
|
| 106,454 |
|
| 18,285 |
|
|
| Mirvac Group |
|
| 104,197 |
|
| 93,255 |
|
|
| Stockland |
|
| 114,066 |
|
| 324,482 |
|
|
| Westfield Group |
|
| 149,494 |
|
| 1,357,218 |
|
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
| 2,458,525 |
|
| |||||||||
Real Estate Management & |
| Lend Lease Corp., Ltd. |
|
| 27,961 |
|
| 140,895 |
|
| |||||||||
Road & Rail - 0.0% |
| Asciano Group |
|
| 48,559 |
|
| 51,692 |
|
| |||||||||
Textiles, Apparel & Luxury Goods - 0.0% |
| Billabong International Ltd. |
|
| 8,070 |
|
| 44,318 |
|
| |||||||||
Transportation Infrastructure - 0.1% |
| Macquarie Airports Group |
|
| 51,082 |
|
| 85,987 |
|
|
| Macquarie Infrastructure Group |
|
| 207,733 |
|
| 249,012 |
|
|
| Transurban Group |
|
| 95,317 |
|
| 360,550 |
|
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
| 695,549 |
|
| |||||||||
|
| Total Common Stocks in Australia |
|
| 38,391,246 |
|
|
|
|
| |||||||||
Austria - 0.3% |
|
|
|
|
|
|
|
|
|
| |||||||||
Building Products - 0.0% |
| Wienerberger AG |
|
| 7,093 |
|
| 120,993 |
|
| |||||||||
Commercial Banks - 0.1% |
| Erste Bank der Oesterreichischen Sparkassen |
|
| 16,166 |
|
| 376,407 |
|
|
| Raiffeisen International Bank Holding AG |
|
| 4,465 |
|
| 124,123 |
|
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
| 500,530 |
|
| |||||||||
Construction & Engineering - 0.0% |
| Strabag SE |
|
| 4,955 |
|
| 115,778 |
|
|
2
Master International 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 |
| ||
| |||||||||
Diversified Telecommunication |
| Telekom Austria AG |
|
| 28,456 |
| $ | 414,038 |
|
| |||||||||
Electric Utilities - 0.0% |
| Verbund - Oesterreichische |
|
|
|
|
|
|
|
|
| Elektrizitaetswirtschafts AG |
|
| 5,715 |
|
| 264,248 |
|
| |||||||||
Insurance - 0.0% |
| Vienna Insurance Group |
|
| 2,331 |
|
| 80,986 |
|
| |||||||||
Metals & Mining - 0.0% |
| Voestalpine AG |
|
| 10,194 |
|
| 220,240 |
|
| |||||||||
Oil, Gas & Consumable Fuels - 0.1% |
| OMV AG |
|
| 13,921 |
|
| 369,901 |
|
| |||||||||
|
| Total Common Stocks in Austria |
|
|
|
|
| 2,086,714 |
|
| |||||||||
Belgium - 0.7% |
|
|
|
|
|
|
|
|
|
| |||||||||
Beverages - 0.1% |
| Anheuser-Busch Inbev NV |
|
| 39,608 |
|
| 919,824 |
|
|
| Anheuser-Busch Inbev NV VVPR STRIP(a) |
|
| 24,374 |
|
| 136 |
|
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
| 919,960 |
|
| |||||||||
Chemicals - 0.1% |
| Solvay SA |
|
| 4,893 |
|
| 363,337 |
|
|
| Umicore SA |
|
| 11,341 |
|
| 224,104 |
|
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
| 587,441 |
|
| |||||||||
Commercial Banks - 0.1% |
| Dexia NV |
|
| 42,737 |
|
| 193,762 |
|
|
| KBC Bancassurance Holding |
|
| 13,180 |
|
| 396,089 |
|
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
| 589,851 |
|
| |||||||||
Diversified Financial Services - 0.2% |
| Fortis |
|
| 184,182 |
|
| 242,873 |
|
|
| Groupe Bruxelles Lambert SA |
|
| 6,501 |
|
| 520,803 |
|
|
| KBC Ancora |
|
| 3,067 |
|
| 53,206 |
|
|
| Nationale A Portefeuille |
|
| 3,872 |
|
| 188,830 |
|
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
| 1,005,712 |
|
| |||||||||
Diversified Telecommunication |
| Belgacom SA |
|
| 13,949 |
|
| 533,248 |
|
| |||||||||
Food & Staples Retailing - 0.1% |
| Colruyt SA |
|
| 1,343 |
|
| 288,593 |
|
|
| Delhaize Group |
|
| 8,278 |
|
| 511,718 |
|
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
| 800,311 |
|
| |||||||||
Pharmaceuticals - 0.0% |
| UCB SA |
|
| 8,700 |
|
| 283,779 |
|
| |||||||||
Wireless Telecommunication |
| Mobistar SA |
|
| 2,394 |
|
| 172,690 |
|
| |||||||||
|
| Total Common Stocks in Belgium |
|
| 4,892,992 |
|
|
|
|
| |||||||||
Bermuda - 0.0% |
|
|
|
|
|
|
|
|
|
| |||||||||
Energy Equipment & Services - 0.0% |
| SeaDrill Ltd. |
|
| 26,734 |
|
| 217,882 |
|
| |||||||||
Marine - 0.0% |
| Pacific Basin Shipping Ltd. |
|
| 110,713 |
|
| 50,965 |
|
| |||||||||
Oil, Gas & Consumable Fuels - 0.0% |
| Mongolia Energy Co. Ltd. (a) |
|
| 244,297 |
|
| 75,990 |
|
| |||||||||
Textiles, Apparel & Luxury Goods - 0.0% |
| Yue Yuen Industrial Holdings Ltd. |
|
| 33,785 |
|
| 67,078 |
|
| |||||||||
|
| Total Common Stocks in Bermuda |
|
|
|
|
| 411,915 |
|
| |||||||||
Cayman Islands - 0.0% |
|
|
|
|
|
|
|
|
|
| |||||||||
Communications Equipment - 0.0% |
| Foxconn International Holdings Ltd. (a) |
|
| 148,529 |
|
| 49,835 |
|
| |||||||||
Multiline Retail - 0.0% |
| Lifestyle International Holdings Ltd. |
|
| 32,013 |
|
| 32,693 |
|
| |||||||||
|
| Total Common Stocks in the Cayman Islands |
|
|
|
|
| 82,528 |
|
| |||||||||
Denmark - 0.8% |
|
|
|
|
|
|
|
|
|
| |||||||||
Beverages - 0.0% |
| Carlsberg A/S |
|
| 5,874 |
|
| 192,019 |
|
| |||||||||
Chemicals - 0.1% |
| Novozymes A/S Class B |
|
| 4,067 |
|
| 326,182 |
|
| |||||||||
Commercial Banks - 0.1% |
| Danske Bank A/S |
|
| 39,851 |
|
| 401,459 |
|
3
Master International 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 |
| ||
| |||||||||
|
| Jyske Bank (a) |
|
| 3,300 |
| $ | 77,026 |
|
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
| 478,485 |
|
Construction & Engineering - 0.0% |
| FLS Industries A/S Class B |
|
| 4,367 |
|
| 153,284 |
|
| |||||||||
Electrical Equipment - 0.1% |
| Vestas Wind Systems A/S (a) |
|
| 16,259 |
|
| 956,790 |
|
| |||||||||
Food Products - 0.0% |
| Danisco A/S |
|
| 4,513 |
|
| 184,314 |
|
| |||||||||
Health Care Equipment & Supplies - 0.0% |
| Coloplast A/S Class B |
|
| 1,521 |
|
| 105,181 |
|
|
| William Demant Holding (a) |
|
| 1,330 |
|
| 55,685 |
|
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
| 160,866 |
|
| |||||||||
Insurance - 0.1% |
| Topdanmark A/S (a) |
|
| 1,551 |
|
| 203,123 |
|
|
| TrygVesta A/S |
|
| 2,219 |
|
| 139,841 |
|
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
| 342,964 |
|
| |||||||||
Marine - 0.1% |
| A P Moller - Maersk A/S Class A |
|
| 50 |
|
| 273,635 |
|
|
| A P Moller - Maersk A/S Class B |
|
| 91 |
|
| 489,717 |
|
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
| 763,352 |
|
| |||||||||
Pharmaceuticals - 0.3% |
| Novo-Nordisk A/S Class B |
|
| 37,952 |
|
| 1,957,712 |
|
| |||||||||
Road & Rail - 0.0% |
| Dsv A/S |
|
| 15,808 |
|
| 172,033 |
|
| |||||||||
|
| Total Common Stocks in Denmark |
|
|
|
|
| 5,688,001 |
|
| |||||||||
Finland - 1.2% |
|
|
|
|
|
|
|
|
|
| |||||||||
Auto Components - 0.0% |
| Nokian Renkaat Oyj |
|
| 8,515 |
|
| 96,745 |
|
| |||||||||
Communications Equipment - 0.7% |
| Nokia Oyj |
|
| 317,753 |
|
| 4,986,297 |
|
| |||||||||
Diversified Financial Services - 0.0% |
| OKO Bank |
|
| 6,121 |
|
| 85,131 |
|
| |||||||||
Diversified Telecommunication |
| Elisa Corp. |
|
| 13,141 |
|
| 228,770 |
|
| |||||||||
Electric Utilities - 0.1% |
| Fortum Oyj |
|
| 36,645 |
|
| 796,490 |
|
| |||||||||
Food & Staples Retailing - 0.0% |
| Kesko Oyj Class B |
|
| 6,235 |
|
| 157,105 |
|
| |||||||||
Insurance - 0.1% |
| Sampo Oyj |
|
| 38,401 |
|
| 726,830 |
|
| |||||||||
Machinery - 0.1% |
| Kone Oyj Class B |
|
| 12,704 |
|
| 284,871 |
|
|
| Metso Oyj |
|
| 11,856 |
|
| 145,296 |
|
|
| Wartsila Oyj |
|
| 7,230 |
|
| 218,463 |
|
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
| 648,630 |
|
| |||||||||
Media - 0.0% |
| Sanoma Oyj |
|
| 4,060 |
|
| 52,732 |
|
| |||||||||
Metals & Mining - 0.0% |
| Outokumpu Oyj |
|
| 9,768 |
|
| 116,230 |
|
|
| Rautaruukki Oyj |
|
| 7,096 |
|
| 123,934 |
|
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
| 240,164 |
|
| |||||||||
Oil, Gas & Consumable Fuels - 0.0% |
| Neste Oil Oyj |
|
| 10,559 |
|
| 158,936 |
|
| |||||||||
Paper & Forest Products - 0.2% |
| Stora Enso Oyj Class R |
|
| 53,245 |
|
| 421,781 |
|
|
| UPM-Kymmene Oyj |
|
| 46,654 |
|
| 598,045 |
|
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
| 1,019,826 |
|
| |||||||||
Pharmaceuticals - 0.0% |
| Orion Oyj |
|
| 4,698 |
|
| 79,902 |
|
| |||||||||
|
| Total Common Stocks in Finland |
|
|
|
|
| 9,277,558 |
|
| |||||||||
France - 9.8% |
|
|
|
|
|
|
|
|
|
| |||||||||
Aerospace & Defense - 0.2% |
| European Aeronautic Defense and Space Co. |
|
| 26,785 |
|
| 453,613 |
|
|
| Safran SA |
|
| 15,605 |
|
| 210,693 |
|
|
| Thales SA |
|
| 7,177 |
|
| 300,595 |
|
|
| Zodiac SA |
|
| 3,520 |
|
| 128,528 |
|
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
| 1,093,429 |
|
| |||||||||
Airlines - 0.0% |
| Air France-KLM |
|
| 11,113 |
|
| 143,316 |
|
|
4
Master International 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 |
| ||
| |||||||||
Auto Components - 0.1% |
| Compagnie Generale des Etablissements |
|
| 12,919 |
| $ | 682,558 |
|
|
| Valeo SA |
|
| 6,460 |
|
| 96,234 |
|
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
| 778,792 |
|
| |||||||||
Automobiles - 0.1% |
| Peugeot SA |
|
| 13,684 |
|
| 233,951 |
|
|
| Renault SA |
|
| 14,516 |
|
| 378,810 |
|
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
| 612,761 |
|
| |||||||||
Beverages - 0.1% |
| Pernod-Ricard SA |
|
| 14,425 |
|
| 1,071,602 |
|
| |||||||||
Building Products - 0.2% |
| Cie de Saint-Gobain SA |
|
| 24,417 |
|
| 1,153,708 |
|
| |||||||||
Chemicals - 0.3% |
| Air Liquide |
|
| 20,763 |
|
| 1,901,462 |
|
| |||||||||
Commercial Banks - 0.8% |
| BNP Paribas SA |
|
| 68,178 |
|
| 2,942,866 |
|
|
| Credit Agricole SA |
|
| 69,667 |
|
| 782,508 |
|
|
| Natixis |
|
| 80,926 |
|
| 143,556 |
|
|
| Societe Generale SA |
|
| 39,264 |
|
| 1,991,977 |
|
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
| 5,860,907 |
|
| |||||||||
Commercial Services & Supplies - 0.1% |
| Societe BIC SA |
|
| 1,668 |
|
| 95,967 |
|
|
| Suez Environnement SA (a) |
|
| 22,304 |
|
| 376,684 |
|
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
| 472,651 |
|
| |||||||||
Communications Equipment - 0.1% |
| Alcatel SA |
|
| 198,597 |
|
| 429,884 |
|
| |||||||||
Construction & Engineering - 0.4% |
| Bouygues |
|
| 20,139 |
|
| 854,366 |
|
|
| Eiffage |
|
| 3,519 |
|
| 184,495 |
|
|
| Vinci SA |
|
| 35,134 |
|
| 1,482,641 |
|
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
| 2,521,502 |
|
| |||||||||
Construction Materials - 0.1% |
| Imerys SA |
|
| 2,195 |
|
| 100,323 |
|
|
| Lafarge SA |
|
| 11,452 |
|
| 700,420 |
|
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
| 800,743 |
|
| |||||||||
Diversified Financial Services - 0.0% |
| Eurazeo |
|
| 2,508 |
|
| 117,950 |
|
| |||||||||
Diversified Telecommunication |
| France Telecom SA |
|
| 150,246 |
|
| 4,187,757 |
|
|
| Iliad SA |
|
| 1,114 |
|
| 96,715 |
|
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
| 4,284,472 |
|
| |||||||||
Electric Utilities - 0.1% |
| Electricite de France SA |
|
| 16,545 |
|
| 962,287 |
|
| |||||||||
Electrical Equipment - 0.4% |
| Alstom |
|
| 17,533 |
|
| 1,044,873 |
|
|
| Legrand Promesses |
|
| 9,435 |
|
| 180,687 |
|
|
| Schneider Electric SA |
|
| 18,786 |
|
| 1,398,688 |
|
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
| 2,624,248 |
|
| |||||||||
Energy Equipment & Services - 0.1% |
| Compagnie Generale de Geophysique SA (a) |
|
| 10,727 |
|
| 160,569 |
|
|
| Technip SA |
|
| 8,422 |
|
| 258,588 |
|
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
| 419,157 |
|
| |||||||||
Food & Staples Retailing - 0.3% |
| Carrefour SA |
|
| 52,655 |
|
| 2,035,347 |
|
|
| Casino Guichard Perrachon SA |
|
| 3,591 |
|
| 273,686 |
|
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
| 2,309,033 |
|
| |||||||||
Food Products - 0.3% |
| Groupe Danone |
|
| 36,628 |
|
| 2,213,055 |
|
| |||||||||
Health Care Equipment & Supplies - 0.1% |
| Cie Generale d’Optique Essilor International |
|
| 17,775 |
|
| 834,980 |
|
| |||||||||
Hotels, Restaurants & Leisure - 0.2% |
| Accor SA |
|
| 16,723 |
|
| 823,767 |
|
|
| Sodexho Alliance SA |
|
| 7,849 |
|
| 436,222 |
|
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
| 1,259,989 |
|
| |||||||||
IT Services - 0.1% |
| Atos Origin SA |
|
| 5,609 |
|
| 141,179 |
|
5
Master International 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 |
| ||
| |||||||||
|
| Cap Gemini SA |
|
| 12,634 |
| $ | 488,518 |
|
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
| 629,697 |
|
| |||||||||
Independent Power Producers & Energy |
| EDP Renovaveis SA (a) |
|
| 13,128 |
|
| 91,821 |
|
| |||||||||
Industrial Conglomerates - 0.0% |
| Wendel |
|
| 2,216 |
|
| 110,857 |
|
| |||||||||
Insurance - 0.5% |
| AXA SA |
|
| 129,232 |
|
| 2,900,688 |
|
|
| CNP Assurances |
|
| 3,055 |
|
| 221,972 |
|
|
| Scor SE |
|
| 13,521 |
|
| 312,381 |
|
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
| 3,435,041 |
|
| |||||||||
Machinery - 0.1% |
| Vallourec SA |
|
| 4,556 |
|
| 518,017 |
|
| |||||||||
Media - 0.6% |
| Eutelsat Communications |
|
| 8,923 |
|
| 210,751 |
|
|
| JC Decaux SA |
|
| 5,607 |
|
| 96,979 |
|
|
| Lagardere S.C.A. |
|
| 10,889 |
|
| 442,401 |
|
|
| M6-Metropole Television SA |
|
| 3,026 |
|
| 58,666 |
|
|
| PagesJaunes Groupe SA |
|
| 10,464 |
|
| 103,111 |
|
|
| Publicis Groupe |
|
| 10,822 |
|
| 279,293 |
|
|
| Societe Television Francaise 1 |
|
| 9,437 |
|
| 138,266 |
|
|
| Vivendi SA |
|
| 97,557 |
|
| 3,179,773 |
|
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
| 4,509,240 |
|
| |||||||||
Metals & Mining - 0.0% |
| Eramet |
|
| 426 |
|
| 83,099 |
|
| |||||||||
Multi-Utilities - 0.8% |
| GDF Suez |
|
| 90,797 |
|
| 4,506,895 |
|
|
| Veolia Environnement SA |
|
| 31,705 |
|
| 1,000,067 |
|
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
| 5,506,962 |
|
| |||||||||
Multiline Retail - 0.1% |
| Pinault-Printemps-Redoute |
|
| 6,346 |
|
| 415,506 |
|
| |||||||||
Office Electronics - 0.0% |
| Neopost SA |
|
| 2,619 |
|
| 237,643 |
|
| |||||||||
Oil, Gas & Consumable Fuels - 1.4% |
| Total SA |
|
| 177,470 |
|
| 9,757,146 |
|
| |||||||||
Personal Products - 0.2% |
| L’Oreal SA |
|
| 19,820 |
|
| 1,729,709 |
|
| |||||||||
Pharmaceuticals - 0.8% |
| Sanofi-Aventis |
|
| 86,580 |
|
| 5,537,927 |
|
| |||||||||
Professional Services - 0.0% |
| Bureau Veritas SA |
|
| 4,034 |
|
| 162,183 |
|
| |||||||||
Real Estate Investment Trusts |
| Gecina SA |
|
| 839 |
|
| 58,336 |
|
|
| ICADE |
|
| 1,182 |
|
| 98,229 |
|
|
| Klepierre |
|
| 6,884 |
|
| 169,292 |
|
|
| Unibail - Rodamco |
|
| 7,161 |
|
| 1,069,814 |
|
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
| 1,395,671 |
|
| |||||||||
Semiconductors & Semiconductor |
| STMicroelectronics NV |
|
| 58,053 |
|
| 389,341 |
|
| |||||||||
Software - 0.0% |
| Dassault Systemes SA |
|
| 5,132 |
|
| 232,670 |
|
| |||||||||
Textiles, Apparel & Luxury Goods - 0.3% |
| Christian Dior SA |
|
| 4,485 |
|
| 253,578 |
|
|
| Hermes International |
|
| 5,692 |
|
| 796,895 |
|
|
| LVMH Moet Hennessy Louis Vuitton SA |
|
| 20,592 |
|
| 1,380,045 |
|
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
| 2,430,518 |
|
| |||||||||
Transportation Infrastructure - 0.0% |
| Aeroports de Paris |
|
| 2,398 |
|
| 163,249 |
|
|
| Societe Des Autoroutes Paris-Rhin-Rhone |
|
| 1,437 |
|
| 100,226 |
|
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
| 263,475 |
|
| |||||||||
|
| Total Common Stocks in France |
|
|
|
|
| 69,302,451 |
|
| |||||||||
Germany - 8.3% |
|
|
|
|
|
|
|
|
|
| |||||||||
Air Freight & Logistics - 0.2% |
| Deutsche Post AG |
|
| 69,745 |
|
| 1,179,641 |
|
|
6
Master International 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 |
| ||
| |||||||||
Airlines - 0.0% |
| Deutsche Lufthansa AG |
|
| 18,828 |
| $ | 309,605 |
|
| |||||||||
Auto Components - 0.2% |
| Continental AG (a) |
|
| 12,383 |
|
| 1,247,939 |
|
| |||||||||
Automobiles - 1.1% |
| Bayerische Motoren Werke AG |
|
| 28,700 |
|
| 881,239 |
|
|
| Bayerische Motoren Werke AG (Preference Shares) |
|
| 5,309 |
|
| 103,699 |
|
|
| DaimlerChrysler AG |
|
| 70,599 |
|
| 2,689,951 |
|
|
| Porsche Automobil Holding SE (Preference Shares) |
|
| 7,884 |
|
| 617,118 |
|
|
| Volkswagen AG |
|
| 9,578 |
|
| 3,331,346 |
|
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
| 7,623,353 |
|
| |||||||||
Capital Markets - 0.3% |
| Deutsche Bank AG Registered Shares |
|
| 45,872 |
|
| 1,814,062 |
|
| |||||||||
Chemicals - 0.7% |
| BASF SE |
|
| 78,772 |
|
| 3,060,578 |
|
|
| K+S AG |
|
| 12,851 |
|
| 734,481 |
|
|
| Linde AG |
|
| 11,059 |
|
| 928,165 |
|
|
| Wacker Chemie AG |
|
| 1,287 |
|
| 137,816 |
|
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
| 4,861,040 |
|
| |||||||||
Commercial Banks - 0.1% |
| Commerzbank AG |
|
| 56,690 |
|
| 538,618 |
|
|
| Deutsche Postbank AG |
|
| 6,769 |
|
| 146,500 |
|
|
| Hypo Real Estate Holding AG |
|
| 13,286 |
|
| 58,701 |
|
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
| 743,819 |
|
| |||||||||
Construction & Engineering - 0.0% |
| Hochtief AG |
|
| 3,455 |
|
| 178,162 |
|
| |||||||||
Construction Materials - 0.0% |
| HeidelbergCement AG |
|
| 2,346 |
|
| 102,630 |
|
| |||||||||
Diversified Financial Services - 0.2% |
| Deutsche Boerse AG |
|
| 16,259 |
|
| 1,176,321 |
|
| |||||||||
Diversified Telecommunication |
| Deutsche Telekom AG |
|
| 229,735 |
|
| 3,473,430 |
|
| |||||||||
Electric Utilities - 0.9% |
| E.ON AG |
|
| 158,040 |
|
| 6,205,782 |
|
| |||||||||
Electrical Equipment - 0.0% |
| Q-Cells AG (a) |
|
| 4,977 |
|
| 186,054 |
|
|
| Solarworld AG |
|
| 6,748 |
|
| 151,020 |
|
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
| 337,074 |
|
| |||||||||
Food & Staples Retailing - 0.1% |
| Metro AG |
|
| 9,362 |
|
| 372,313 |
|
| |||||||||
Health Care Equipment & Supplies - 0.1% |
| Fresenius AG |
|
| 2,764 |
|
| 139,491 |
|
|
| Fresenius AG (Preference Shares) |
|
| 6,253 |
|
| 366,958 |
|
|
|
|
|
|
|
|
| 506,449 |
|
| |||||||||
Health Care Providers & Services - 0.1% |
| Celesio AG |
|
| 7,048 |
|
| 190,702 |
|
|
| Fresenius Medical Care AG |
|
| 16,082 |
|
| 739,317 |
|
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
| 930,019 |
|
| |||||||||
Hotels, Restaurants & Leisure - 0.0% |
| TUI AG |
|
| 17,565 |
|
| 208,667 |
|
| |||||||||
Household Products - 0.0% |
| Henkel KGaA |
|
| 11,896 |
|
| 310,073 |
|
| |||||||||
Industrial Conglomerates - 0.8% |
| Siemens AG |
|
| 71,711 |
|
| 5,398,644 |
|
| |||||||||
Insurance - 1.0% |
| Allianz AG Registered Shares |
|
| 36,947 |
|
| 3,931,184 |
|
|
| Hannover Rueckversicherung AG Registered Shares |
|
| 4,957 |
|
| 157,636 |
|
|
| Muenchener Rueckversicherungs AG Registered Shares |
|
| 17,317 |
|
| 2,688,423 |
|
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
| 6,777,243 |
|
| |||||||||
Internet Software & Services - 0.0% |
| United Internet AG |
|
| 11,411 |
|
| 103,223 |
|
| |||||||||
Machinery - 0.1% |
| GEA Group AG |
|
| 12,377 |
|
| 214,929 |
|
7
|
|
Master International 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 |
| ||
| |||||||||
|
| MAN AG |
|
| 8,972 |
| $ | 503,273 |
|
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
| 718,202 |
|
| |||||||||
Metals & Mining - 0.2% |
| Salzgitter AG |
|
| 3,391 |
|
| 263,532 |
|
|
| ThyssenKrupp AG |
|
| 30,495 |
|
| 848,922 |
|
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
| 1,112,454 |
|
| |||||||||
Multi-Utilities - 0.5% |
| RWE AG |
|
| 37,100 |
|
| 3,295,108 |
|
| |||||||||
Personal Products - 0.1% |
| Beiersdorf AG |
|
| 7,287 |
|
| 431,612 |
|
| |||||||||
Pharmaceuticals - 0.6% |
| Bayer AG |
|
| 63,337 |
|
| 3,690,546 |
|
|
| Merck KGaA |
|
| 5,332 |
|
| 477,002 |
|
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
| 4,167,548 |
|
| |||||||||
Semiconductors & Semiconductor |
| Infineon Technologies AG (a) |
|
| 61,658 |
|
| 82,985 |
|
| |||||||||
Software - 0.4% |
| SAP AG |
|
| 72,430 |
|
| 2,628,269 |
|
| |||||||||
Textiles, Apparel & Luxury Goods - 0.1% |
| Adidas-Salomon AG |
|
| 16,799 |
|
| 640,371 |
|
|
| Puma AG Rudolf Dassler Sport |
|
| 573 |
|
| 114,192 |
|
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
| 754,563 |
|
| |||||||||
Transportation Infrastructure - 0.0% |
| Fraport AG |
|
| 2,921 |
|
| 132,173 |
|
|
| Hamburger Hafen und Logistik AG |
|
| 2,544 |
|
| 85,174 |
|
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
| 217,347 |
|
| |||||||||
|
| Total Common Stocks in Germany |
|
|
|
|
| 57,267,577 |
|
| |||||||||
Greece - 0.4% |
|
|
|
|
|
|
|
|
|
| |||||||||
Beverages - 0.0% |
| Coca-Cola Hellenic Bottling Co. SA |
|
| 12,150 |
|
| 176,669 |
|
| |||||||||
Capital Markets - 0.0% |
| Marfin Investment Group SA |
|
| 53,258 |
|
| 213,080 |
|
| |||||||||
Commercial Banks - 0.2% |
| Alpha Bank AE |
|
| 30,594 |
|
| 286,225 |
|
|
| EFG Eurobank Ergasias SA |
|
| 27,217 |
|
| 216,761 |
|
|
| National Bank of Greece SA |
|
| 43,816 |
|
| 813,689 |
|
|
| Piraeus Bank SA |
|
| 27,189 |
|
| 242,702 |
|
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
| 1,559,377 |
|
| |||||||||
Construction Materials - 0.0% |
| Titan Cement Co. SA |
|
| 3,439 |
|
| 66,754 |
|
| |||||||||
Diversified Telecommunication |
| Hellenic Telecommunications |
|
| 22,722 |
|
| 377,499 |
|
| |||||||||
Electric Utilities - 0.0% |
| Public Power Corp. |
|
| 8,606 |
|
| 138,309 |
|
| |||||||||
Hotels, Restaurants & Leisure - 0.1% |
| OPAP SA |
|
| 17,998 |
|
| 517,953 |
|
| |||||||||
Oil, Gas & Consumable Fuels - 0.0% |
| Hellenic Petroleum SA |
|
| 6,553 |
|
| 48,534 |
|
| |||||||||
|
| Total Common Stocks in Greece |
|
|
|
|
| 3,098,175 |
|
| |||||||||
Hong Kong - 1.7% |
|
|
|
|
|
|
|
|
|
| |||||||||
Airlines - 0.0% |
| Cathay Pacific Airways Ltd. |
|
| 106,263 |
|
| 120,025 |
|
| |||||||||
Commercial Banks - 0.2% |
| BOC Hong Kong Holdings Ltd. |
|
| 304,900 |
|
| 348,985 |
|
|
| Bank of East Asia Ltd. |
|
| 117,139 |
|
| 247,090 |
|
|
| Hang Seng Bank Ltd. |
|
| 63,053 |
|
| 832,464 |
|
|
| Wing Hang Bank Ltd. |
|
| 10,500 |
|
| 61,080 |
|
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
| 1,489,619 |
|
| |||||||||
Distributors - 0.0% |
| Li & Fung Ltd. |
|
| 183,990 |
|
| 317,971 |
|
| |||||||||
Diversified Financial Services - 0.1% |
| Hong Kong Exchanges and Clearing Ltd. |
|
| 89,927 |
|
| 863,383 |
|
| |||||||||
Diversified Telecommunication |
| PCCW Ltd. |
|
| 364,195 |
|
| 174,853 |
|
| |||||||||
Electric Utilities - 0.3% |
| CLP Holdings Ltd. |
|
| 169,187 |
|
| 1,150,256 |
|
8
|
|
Master International 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 |
| ||
| |||||||||
|
| Cheung Kong Infrastructure Holdings Ltd. |
|
| 28,500 |
| $ | 107,626 |
|
|
| HongKong Electric Holdings Ltd. |
|
| 117,000 |
|
| 658,709 |
|
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
| 1,916,591 |
|
| |||||||||
Electronic Equipment & |
| Kingboard Chemical Holdings Ltd. |
|
| 50,647 |
|
| 91,806 |
|
| |||||||||
Gas Utilities - 0.1% |
| The Hong Kong & China Gas Ltd. |
|
| 323,290 |
|
| 490,258 |
|
| |||||||||
Hotels, Restaurants & Leisure - 0.0% |
| Shangri-La Asia Ltd. |
|
| 84,990 |
|
| 98,307 |
|
| |||||||||
Industrial Conglomerates - 0.1% |
| Hutchison Whampoa Ltd. |
|
| 176,176 |
|
| 889,375 |
|
|
| NWS Holdings Ltd. |
|
| 79,000 |
|
| 118,346 |
|
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
| 1,007,721 |
|
| |||||||||
Marine - 0.0% |
| Orient Overseas International Ltd. |
|
| 17,057 |
|
| 38,247 |
|
| |||||||||
Media - 0.0% |
| Television Broadcasts Ltd. |
|
| 15,000 |
|
| 49,174 |
|
| |||||||||
Real Estate Investment Trusts |
| The Link REIT |
|
| 184,414 |
|
| 306,774 |
|
| |||||||||
Real Estate Management & |
| Cheung Kong Holdings Ltd. |
|
| 114,835 |
|
| 1,095,483 |
|
|
| Chinese Estates Holdings Ltd. |
|
| 96,000 |
|
| 109,836 |
|
|
| Hang Lung Group Ltd. |
|
| 83,000 |
|
| 253,552 |
|
|
| Hang Lung Properties Ltd. |
|
| 167,000 |
|
| 366,660 |
|
|
| Henderson Land Development Co., Ltd. |
|
| 86,491 |
|
| 323,491 |
|
|
| Hopewell Holdings Ltd. |
|
| 56,349 |
|
| 186,946 |
|
|
| Hysan Development Co. Ltd. |
|
| 56,791 |
|
| 92,339 |
|
|
| Kerry Properties Ltd. |
|
| 55,000 |
|
| 147,956 |
|
|
| New World Development Ltd. |
|
| 195,484 |
|
| 200,160 |
|
|
| Sino Land Co. |
|
| 160,421 |
|
| 167,999 |
|
|
| Sun Hung Kai Properties Ltd. |
|
| 116,324 |
|
| 978,813 |
|
|
| Swire Pacific Ltd. Class A |
|
| 68,077 |
|
| 471,584 |
|
|
| Wharf Holdings Ltd. |
|
| 112,870 |
|
| 312,442 |
|
|
| Wheelock and Co., Ltd. |
|
| 91,000 |
|
| 200,539 |
|
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
| 4,907,800 |
|
| |||||||||
Road & Rail - 0.0% |
| MTR Corp. |
|
| 115,000 |
|
| 267,827 |
|
| |||||||||
Semiconductors & Semiconductor |
| ASM Pacific Technology Ltd. |
|
| 12,504 |
|
| 41,212 |
|
| |||||||||
Specialty Retail - 0.1% |
| Esprit Holdings Ltd. |
|
| 87,200 |
|
| 496,901 |
|
| |||||||||
Transportation Infrastructure - 0.0% |
| Hong Kong Aircraft Engineering Company Ltd. |
|
| 3,200 |
|
| 26,432 |
|
| |||||||||
Wireless Telecommunication |
| Hutchison Telecommunications |
|
| 158,647 |
|
| 42,782 |
|
| |||||||||
|
| Total Common Stocks in Hong Kong |
|
|
|
|
| 12,747,683 |
|
| |||||||||
Ireland - 0.3% |
|
|
|
|
|
|
|
|
|
| |||||||||
Airlines - 0.0% |
| Ryanair Holdings Plc (a) |
|
| 35,968 |
|
| 152,864 |
|
| |||||||||
Commercial Banks - 0.1% |
| Allied Irish Banks Plc |
|
| 72,617 |
|
| 173,702 |
|
|
| Anglo Irish Bank Corp. Plc |
|
| 62,641 |
|
| 15,080 |
|
|
| Bank of Ireland |
|
| 82,478 |
|
| 95,728 |
|
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
| 284,510 |
|
| |||||||||
Construction Materials - 0.2% |
| CRH Plc |
|
| 44,247 |
|
| 1,130,579 |
|
| |||||||||
Food Products - 0.0% |
| Kerry Group Plc |
|
| 10,288 |
|
| 187,557 |
|
| |||||||||
Pharmaceuticals - 0.0% |
| Elan Corp. Plc (a) |
|
| 37,704 |
|
| 222,533 |
|
| |||||||||
|
| Total Common Stocks in Ireland |
|
|
|
|
| 1,978,043 |
|
|
9
|
|
Master International 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 |
| ||
| |||||||||
Italy - 3.5% |
|
|
|
|
|
|
|
|
|
| |||||||||
Aerospace & Defense - 0.1% |
| Finmeccanica SpA |
|
| 34,599 |
| $ | 535,901 |
|
| |||||||||
Auto Components - 0.0% |
| Pirelli & C. SpA |
|
| 204,382 |
|
| 77,190 |
|
| |||||||||
Automobiles - 0.1% |
| Fiat SpA |
|
| 64,040 |
|
| 428,692 |
|
| |||||||||
Capital Markets - 0.1% |
| Mediobanca SpA |
|
| 40,577 |
|
| 417,280 |
|
| |||||||||
Commercial Banks - 1.0% |
| Banca Carige SpA |
|
| 61,682 |
|
| 150,118 |
|
|
| Banca Monte dei Paschi di Siena SpA |
|
| 204,231 |
|
| 445,967 |
|
|
| Banca Popolare di Milano Scrl |
|
| 34,459 |
|
| 207,131 |
|
|
| Banco Popolare SpA |
|
| 54,523 |
|
| 386,582 |
|
|
| Intesa Sanpaolo SpA |
|
| 636,412 |
|
| 2,311,885 |
|
|
| Intesa Sanpaolo SpA (Non-Convertible |
|
| 68,618 |
|
| 177,506 |
|
|
| Unicredit SpA |
|
| 943,627 |
|
| 2,399,193 |
|
|
| Unione Di Banche Italiane ScpA |
|
| 51,394 |
|
| 753,757 |
|
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
| 6,832,139 |
|
| |||||||||
Construction Materials - 0.0% |
| Italcementi SpA |
|
| 6,190 |
|
| 80,435 |
|
|
| Italcementi SpA (Non-Convertible |
|
| 10,722 |
|
| 74,765 |
|
|
|
|
|
|
|
|
| 155,200 |
|
| |||||||||
Diversified Financial Services - 0.0% |
| IFIL-Investments SpA |
|
| 31,121 |
|
| 80,545 |
|
| |||||||||
Diversified Telecommunication Services - 0.3% |
| Telecom Italia SpA |
|
| 833,858 |
|
| 1,371,839 |
|
|
| Telecom Italia SpA (Non-Convertible |
|
| 497,057 |
|
| 565,929 |
|
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
| 1,937,768 |
|
| |||||||||
Electric Utilities - 0.4% |
| Enel SpA |
|
| 361,832 |
|
| 2,330,774 |
|
|
| Terna SpA |
|
| 102,837 |
|
| 339,360 |
|
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
| 2,670,134 |
|
| |||||||||
Electrical Equipment - 0.0% |
| Prysmian SpA |
|
| 8,885 |
|
| 140,703 |
|
| |||||||||
Energy Equipment & Services - 0.1% |
| Saipem SpA |
|
| 23,126 |
|
| 394,427 |
|
| |||||||||
Food Products - 0.0% |
| Parmalat SpA |
|
| 140,552 |
|
| 235,789 |
|
| |||||||||
Gas Utilities - 0.1% |
| Snam Rete Gas SpA |
|
| 64,373 |
|
| 359,587 |
|
| |||||||||
Hotels, Restaurants & Leisure - 0.0% |
| Autogrill SpA |
|
| 8,807 |
|
| 67,484 |
|
|
| Lottomatica SpA |
|
| 6,535 |
|
| 162,665 |
|
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
| 230,149 |
|
| |||||||||
Insurance - 0.4% |
| Alleanza Assicurazioni SpA |
|
| 34,823 |
|
| 286,234 |
|
|
| Assicurazioni Generali SpA |
|
| 86,256 |
|
| 2,381,482 |
|
|
| Fondiaria-Sai SpA |
|
| 6,498 |
|
| 118,617 |
|
|
| Mediolanum SpA |
|
| 27,409 |
|
| 119,106 |
|
|
| Unipol SpA |
|
| 54,783 |
|
| 85,860 |
|
|
| Unipol SpA (Preference Shares) |
|
| 53,172 |
|
| 58,617 |
|
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
| 3,049,916 |
|
| |||||||||
Media - 0.1% |
| Mediaset SpA |
|
| 63,163 |
|
| 363,946 |
|
| |||||||||
Multi-Utilities - 0.0% |
| A2A SpA |
|
| 103,091 |
|
| 185,338 |
|
| |||||||||
Oil, Gas & Consumable Fuels - 0.7% |
| Eni SpA |
|
| 215,550 |
|
| 5,186,917 |
|
|
| Saras SpA |
|
| 19,965 |
|
| 68,100 |
|
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
| 5,255,017 |
|
| |||||||||
Textiles, Apparel & Luxury Goods - 0.0% |
| Bulgari SpA |
|
| 12,838 |
|
| 81,810 |
|
10
|
|
Master International 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 |
| ||
|
| Luxottica Group SpA |
|
| 11,420 |
| $ | 208,900 |
|
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
| 290,710 |
|
| |||||||||
Transportation Infrastructure - 0.1% |
| Autostrade SpA |
|
| 19,679 |
|
| 369,168 |
|
| |||||||||
|
| Total Common Stocks in Italy |
|
|
|
|
| 24,009,599 |
|
| |||||||||
Japan - 23.7% |
|
|
|
|
|
|
|
|
|
| |||||||||
Air Freight & Logistics - 0.1% |
| Yamato Transport Co., Ltd. |
|
| 35,000 |
|
| 457,688 |
|
| |||||||||
Airlines - 0.1% |
| All Nippon Airways Co., Ltd. |
|
| 41,000 |
|
| 161,588 |
|
|
| Japan Airlines Corp. (a) |
|
| 87,000 |
|
| 205,219 |
|
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
| 366,807 |
|
| |||||||||
Auto Components - 0.4% |
| Aisin Seiki Co., Ltd. |
|
| 15,400 |
|
| 220,569 |
|
|
| Bridgestone Corp. |
|
| 52,700 |
|
| 790,479 |
|
|
| Denso Corp. |
|
| 38,900 |
|
| 659,136 |
|
|
| NGK Spark Plug Co., Ltd. |
|
| 15,000 |
|
| 120,511 |
|
|
| NHK Spring Co., Ltd. |
|
| 9,000 |
|
| 33,248 |
|
|
| NOK Corp. |
|
| 10,600 |
|
| 74,639 |
|
|
| Stanley Electric Co., Ltd. |
|
| 11,100 |
|
| 117,202 |
|
|
| Sumitomo Rubber Industries, Ltd. |
|
| 17,100 |
|
| 148,842 |
|
|
| Toyoda Gosei Co., Ltd. |
|
| 5,300 |
|
| 62,407 |
|
|
| Toyota Boshoku Corp. |
|
| 3,800 |
|
| 30,963 |
|
|
| Toyota Industries Corp. |
|
| 15,400 |
|
| 331,732 |
|
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
| 2,589,728 |
|
| |||||||||
Automobiles - 1.8% |
| Daihatsu Motor Co., Ltd. |
|
| 20,000 |
|
| 176,736 |
|
|
| Fuji Heavy Industries Ltd. |
|
| 47,000 |
|
| 129,162 |
|
|
| Honda Motor Co., Ltd. |
|
| 136,500 |
|
| 2,907,271 |
|
|
| Isuzu Motors Ltd. |
|
| 100,000 |
|
| 129,216 |
|
|
| Mazda Motor Corp. |
|
| 74,000 |
|
| 125,512 |
|
|
| Mitsubishi Motors Corp. (a) |
|
| 280,000 |
|
| 383,522 |
|
|
| Nissan Motor Co., Ltd. |
|
| 181,000 |
|
| 651,171 |
|
|
| Suzuki Motor Corp. |
|
| 31,800 |
|
| 444,454 |
|
|
| Toyota Motor Corp. |
|
| 228,200 |
|
| 7,543,910 |
|
|
| Yamaha Motor Co., Ltd. |
|
| 16,200 |
|
| 170,462 |
|
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
| 12,661,416 |
|
| |||||||||
Beverages - 0.2% |
| Asahi Breweries Ltd. |
|
| 34,200 |
|
| 591,320 |
|
|
| Coca-Cola West Holdings Co., Ltd. |
|
| 3,300 |
|
| 71,350 |
|
|
| Ito En, Ltd. |
|
| 5,800 |
|
| 85,621 |
|
|
| Kirin Holdings Co., Ltd. |
|
| 63,000 |
|
| 837,609 |
|
|
| Sapporo Holdings Ltd. |
|
| 23,000 |
|
| 145,680 |
|
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
| 1,731,580 |
|
| |||||||||
Building Products - 0.2% |
| Asahi Glass Co., Ltd. |
|
| 81,100 |
|
| 462,295 |
|
|
| Daikin Industries Ltd. |
|
| 22,500 |
|
| 591,716 |
|
|
| JS Group Corp. |
|
| 19,300 |
|
| 298,238 |
|
|
| Nippon Sheet Glass Co., Ltd. |
|
| 58,000 |
|
| 192,024 |
|
|
| Toto Ltd. |
|
| 22,000 |
|
| 139,029 |
|
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
| 1,683,302 |
|
| |||||||||
Capital Markets - 0.3% |
| Daiwa Securities Group, Inc. |
|
| 107,000 |
|
| 642,355 |
|
|
| Jafco Co., Ltd. |
|
| 1,900 |
|
| 48,557 |
|
|
| Matsui Securities Co., Ltd. |
|
| 7,900 |
|
| 66,008 |
|
11
|
|
Master International 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 |
| ||
| |||||||||
|
| Nomura Holdings, Inc. |
|
| 146,800 |
| $ | 1,222,304 |
|
|
| SBI Holdings, Inc. |
|
| 1,486 |
|
| 229,408 |
|
|
| Shinko Securities Co., Ltd. |
|
| 40,300 |
|
| 88,424 |
|
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
| 2,297,056 |
|
| |||||||||
Chemicals - 0.9% |
| Asahi Kasei Corp. |
|
| 94,000 |
|
| 414,921 |
|
|
| DIC Corp. |
|
| 30,000 |
|
| 63,293 |
|
|
| Daicel Chemical Industries Ltd. |
|
| 14,000 |
|
| 66,316 |
|
|
| Denki Kagaku Kogyo Kabushiki Kaisha |
|
| 25,000 |
|
| 61,563 |
|
|
| Hitachi Chemical Co., Ltd. |
|
| 8,700 |
|
| 90,377 |
|
|
| JSR Corp. |
|
| 14,500 |
|
| 163,129 |
|
|
| Kaneka Corp. |
|
| 17,000 |
|
| 108,591 |
|
|
| Kansai Paint Co., Ltd. |
|
| 14,000 |
|
| 71,927 |
|
|
| Kuraray Co., Ltd. |
|
| 26,500 |
|
| 207,626 |
|
|
| Mitsubishi Chemical Holdings Corp. |
|
| 103,000 |
|
| 456,403 |
|
|
| Mitsubishi Gas Chemical Co., Inc. |
|
| 31,000 |
|
| 127,200 |
|
|
| Mitsubishi Rayon Co., Ltd. |
|
| 57,000 |
|
| 172,645 |
|
|
| Mitsui Chemicals, Inc. |
|
| 55,000 |
|
| 204,384 |
|
|
| Nippon Sanso Corp. |
|
| 18,000 |
|
| 138,941 |
|
|
| Nissan Chemical Industries Ltd. |
|
| 16,000 |
|
| 155,091 |
|
|
| Nitto Denko Corp. |
|
| 13,010 |
|
| 249,061 |
|
|
| Shin-Etsu Chemical Co., Ltd. |
|
| 34,900 |
|
| 1,610,690 |
|
|
| Showa Denko KK |
|
| 93,000 |
|
| 134,700 |
|
|
| Sumitomo Chemical Co., Ltd. |
|
| 126,000 |
|
| 431,934 |
|
|
| Teijin Ltd. |
|
| 85,000 |
|
| 241,444 |
|
|
| Tokuyama Corp. |
|
| 20,000 |
|
| 169,568 |
|
|
| Toray Industries, Inc. |
|
| 117,700 |
|
| 598,995 |
|
|
| Tosoh Corp. |
|
| 49,000 |
|
| 120,940 |
|
|
| Ube Industries Ltd. |
|
| 81,000 |
|
| 227,541 |
|
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
| 6,287,280 |
|
| |||||||||
Commercial Banks - 2.4% |
| The 77 Bank Ltd. |
|
| 21,000 |
|
| 114,306 |
|
|
| Aozora Bank Ltd. |
|
| 70,000 |
|
| 65,765 |
|
|
| The Bank of Kyoto Ltd. |
|
| 26,000 |
|
| 291,394 |
|
|
| The Bank of Yokohama Ltd. |
|
| 104,000 |
|
| 613,472 |
|
|
| The Chiba Bank Ltd. |
|
| 65,000 |
|
| 406,500 |
|
|
| The Chugoku Bank Ltd. |
|
| 16,000 |
|
| 247,217 |
|
|
| Chuo Mitsui Trust Holdings, Inc. |
|
| 84,000 |
|
| 413,004 |
|
|
| Fukuoka Financial Group, Inc. |
|
| 67,000 |
|
| 292,856 |
|
|
| The Gunma Bank Ltd. |
|
| 26,000 |
|
| 166,443 |
|
|
| The Hachijuni Bank Ltd. |
|
| 28,000 |
|
| 161,013 |
|
|
| The Hiroshima Bank Ltd. |
|
| 31,000 |
|
| 135,658 |
|
|
| Hokuhoku Financial Group, Inc. |
|
| 84,100 |
|
| 199,084 |
|
|
| The Iyo Bank Ltd. |
|
| 23,000 |
|
| 286,281 |
|
|
| The Joyo Bank Ltd. |
|
| 50,000 |
|
| 284,357 |
|
|
| Mitsubishi UFJ Financial Group, Inc. |
|
| 904,674 |
|
| 5,686,011 |
|
|
| Mizuho Financial Group, Inc. |
|
| 812 |
|
| 2,308,355 |
|
|
| The Nishi-Nippon City Bank Ltd. |
|
| 48,000 |
|
| 139,610 |
|
|
| Resona Holdings, Inc. |
|
| 447 |
|
| 661,254 |
|
12
|
|
Master International 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 |
| ||
| |||||||||
|
| Sapporo Hokuyo Holdings, Inc. |
|
| 17 |
| $ | 65,450 |
|
|
| Seven Bank Ltd. |
|
| 40 |
|
| 152,888 |
|
|
| Shinsei Bank Ltd. |
|
| 122,000 |
|
| 193,092 |
|
|
| The Shizuoka Bank Ltd. |
|
| 51,000 |
|
| 592,661 |
|
|
| Sumitomo Mitsui Financial Group, Inc. |
|
| 562 |
|
| 2,331,076 |
|
|
| The Sumitomo Trust & Banking Co., Ltd. |
|
| 125,000 |
|
| 738,906 |
|
|
| Suruga Bank Ltd. |
|
| 15,000 |
|
| 149,019 |
|
|
| Yamaguchi Financial Group, Inc. |
|
| 21,000 |
|
| 236,174 |
|
|
| The Yasuda Trust & Banking Co., Ltd. |
|
| 145,000 |
|
| 183,963 |
|
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
| 17,115,809 |
|
| |||||||||
Commercial Services & |
| Dai Nippon Printing Co., Ltd. |
|
| 47,000 |
|
| 519,566 |
|
|
| Secom Co., Ltd. |
|
| 18,200 |
|
| 939,165 |
|
|
| Toppan Printing Co., Ltd. |
|
| 41,000 |
|
| 316,738 |
|
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
| 1,775,469 |
|
| |||||||||
Computers & Peripherals - 0.4% |
| Fujitsu Ltd. |
|
| 155,000 |
|
| 753,610 |
|
|
| Mitsumi Electric Co., Ltd. |
|
| 7,400 |
|
| 129,580 |
|
|
| NEC Corp. |
|
| 154,000 |
|
| 521,006 |
|
|
| Seiko Epson Corp. |
|
| 10,300 |
|
| 163,893 |
|
|
| Toshiba Corp. |
|
| 256,000 |
|
| 1,053,386 |
|
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
| 2,621,475 |
|
| |||||||||
Construction & Engineering - 0.2% |
| JGC Corp. |
|
| 18,000 |
|
| 269,387 |
|
|
| Kajima Corp. |
|
| 67,800 |
|
| 238,804 |
|
|
| Kinden Corp. |
|
| 7,000 |
|
| 63,313 |
|
|
| Obayashi Corp. |
|
| 54,000 |
|
| 322,753 |
|
|
| Shimizu Corp. |
|
| 48,000 |
|
| 281,781 |
|
|
| Taisei Corp. |
|
| 93,000 |
|
| 256,356 |
|
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
| 1,432,394 |
|
| |||||||||
Construction Materials - 0.0% |
| Taiheiyo Cement Corp. |
|
| 73,000 |
|
| 140,728 |
|
| |||||||||
Consumer Finance - 0.2% |
| Acom Co., Ltd. |
|
| 4,160 |
|
| 175,820 |
|
|
| Aeon Credit Service Co., Ltd. |
|
| 8,900 |
|
| 93,836 |
|
|
| Credit Saison Co., Ltd. |
|
| 15,900 |
|
| 220,728 |
|
|
| ORIX Corp. |
|
| 7,360 |
|
| 420,263 |
|
|
| Promise Co., Ltd. |
|
| 5,900 |
|
| 149,653 |
|
|
| Takefuji Corp. |
|
| 8,870 |
|
| 72,774 |
|
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
| 1,133,074 |
|
| |||||||||
Containers & Packaging - 0.0% |
| Toyo Seikan Kaisha Ltd. |
|
| 10,600 |
|
| 183,739 |
|
| |||||||||
Distributors - 0.0% |
| Canon Marketing Japan Inc. |
|
| 4,700 |
|
| 75,684 |
|
| |||||||||
Diversified Consumer Services - 0.0% |
| Benesse Corp. |
|
| 5,400 |
|
| 236,310 |
|
| |||||||||
Diversified Financial Services - 0.0% |
| Diamond Lease Co., Ltd. |
|
| 3,720 |
|
| 94,808 |
|
| |||||||||
Diversified Telecommunication |
| Nippon Telegraph & Telephone Corp. |
|
| 418 |
|
| 2,158,014 |
|
| |||||||||
Electric Utilities - 1.5% |
| Chubu Electric Power Co., Inc. |
|
| 54,000 |
|
| 1,644,723 |
|
|
| Chugoku Electric Power Co. |
|
| 21,700 |
|
| 571,370 |
|
|
| Hokkaido Electric Power Co., Inc. |
|
| 14,800 |
|
| 374,183 |
|
|
| Hokuriku Electric Power |
|
| 16,000 |
|
| 452,608 |
|
|
| The Kansai Electric Power Co., Inc. |
|
| 62,200 |
|
| 1,801,685 |
|
|
| Kyushu Electric Power Co., Inc. |
|
| 30,300 |
|
| 804,393 |
|
13
|
|
Master International 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 |
| ||
| |||||||||
|
| Shikoku Electric Power Co., Inc. |
|
| 16,200 |
| $ | 546,185 |
|
|
| Tohoku Electric Power Co., Inc. |
|
| 34,100 |
|
| 922,447 |
|
|
| The Tokyo Electric Power Co., Inc. |
|
| 102,100 |
|
| 3,408,277 |
|
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
| 10,525,871 |
|
| |||||||||
Electrical Equipment - 0.3% |
| Fuji Electric Holdings Co., Ltd. |
|
| 31,800 |
|
| 47,911 |
|
|
| Furukawa Electric Co., Ltd. |
|
| 52,000 |
|
| 253,765 |
|
|
| Mitsubishi Electric Corp. |
|
| 155,000 |
|
| 971,347 |
|
|
| Panasonic Electric Works Ltd. |
|
| 32,873 |
|
| 293,127 |
|
|
| Sumitomo Electric Industries Ltd. |
|
| 60,200 |
|
| 466,020 |
|
|
| Ushio, Inc. |
|
| 7,000 |
|
| 92,486 |
|
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
| 2,124,656 |
|
| |||||||||
Electronic Equipment & |
| Alps Electric Co., Ltd. |
|
| 17,700 |
|
| 87,297 |
|
|
| Citizens Holding Co., Ltd. |
|
| 32,400 |
|
| 116,792 |
|
|
| Fuji Photo Film Co., Ltd. |
|
| 42,100 |
|
| 939,845 |
|
|
| Hirose Electric Co., Ltd. |
|
| 2,300 |
|
| 232,716 |
|
|
| Hitachi High-Technologies Corp. |
|
| 4,300 |
|
| 68,860 |
|
|
| Hitachi Ltd. |
|
| 287,000 |
|
| 1,113,824 |
|
|
| Hoya Corp. |
|
| 33,100 |
|
| 578,131 |
|
|
| Ibiden Co., Ltd. |
|
| 10,900 |
|
| 225,999 |
|
|
| Keyence Corp. |
|
| 3,000 |
|
| 616,536 |
|
|
| Kyocera Corp. |
|
| 14,200 |
|
| 1,028,049 |
|
|
| Mabuchi Motor Co., Ltd. |
|
| 1,600 |
|
| 66,328 |
|
|
| Murata Manufacturing Co., Ltd. |
|
| 17,200 |
|
| 674,437 |
|
|
| Nidec Corp. |
|
| 9,200 |
|
| 359,806 |
|
|
| Nippon Electric Glass Co. |
|
| 27,500 |
|
| 145,162 |
|
|
| Omron Corp. |
|
| 14,500 |
|
| 194,820 |
|
|
| Shimadzu Corp. |
|
| 26,000 |
|
| 163,667 |
|
|
| TDK Corp. |
|
| 11,300 |
|
| 417,497 |
|
|
| Yaskawa Electric Corp. |
|
| 16,000 |
|
| 64,625 |
|
|
| Yokogawa Electric Corp. |
|
| 12,700 |
|
| 83,577 |
|
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
| 7,177,968 |
|
| |||||||||
Food & Staples Retailing - 0.5% |
| Aeon Co., Ltd. |
|
| 51,000 |
|
| 513,606 |
|
|
| FamilyMart Co., Ltd. |
|
| 5,700 |
|
| 247,542 |
|
|
| Lawson, Inc. |
|
| 6,500 |
|
| 374,864 |
|
|
| Seven & I Holdings Co., Ltd. |
|
| 68,800 |
|
| 2,364,766 |
|
|
| UNY Co., Ltd. |
|
| 16,000 |
|
| 177,058 |
|
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
| 3,677,836 |
|
| |||||||||
Food Products - 0.3% |
| Ajinomoto Co., Inc. |
|
| 55,000 |
|
| 600,277 |
|
|
| Kikkoman Corp. |
|
| 16,000 |
|
| 190,130 |
|
|
| Meiji Dairies Corp. |
|
| 29,000 |
|
| 156,125 |
|
|
| Nippon Meat Packers, Inc. |
|
| 18,000 |
|
| 273,995 |
|
|
| Nisshin Seifun Group, Inc. |
|
| 11,000 |
|
| 145,268 |
|
|
| Nissin Foods Holdings Co., Ltd. |
|
| 7,500 |
|
| 261,363 |
|
|
| Toyo Suisan Kaisha, Ltd. |
|
| 9,000 |
|
| 259,348 |
|
|
| Yakult Honsha Co., Ltd. |
|
| 6,800 |
|
| 145,500 |
|
|
| Yamazaki Baking Co., Ltd. |
|
| 8,000 |
|
| 123,069 |
|
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
| 2,155,075 |
|
|
14
|
|
Master International 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 |
| ||
| |||||||||
Gas Utilities - 0.3% |
| Osaka Gas Co., Ltd. |
|
| 163,000 |
| $ | 753,751 |
|
|
| Toho Gas Co., Ltd. |
|
| 45,000 |
|
| 296,938 |
|
|
| Tokyo Gas Co., Ltd. |
|
| 198,000 |
|
| 1,003,638 |
|
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
| 2,054,327 |
|
| |||||||||
Health Care Equipment & Supplies - 0.1% |
| Olympus Corp. |
|
| 18,000 |
|
| 360,335 |
|
| |||||||||
|
| Terumo Corp. |
|
| 14,800 |
|
| 693,313 |
|
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
| 1,053,648 |
|
| |||||||||
Health Care Providers & Services - 0.0% |
| Alfresa Holdings Corp. |
|
| 1,900 |
|
| 91,074 |
|
|
| Mediceo Paltac Holdings Co., Ltd. |
|
| 9,400 |
|
| 113,065 |
|
|
| Suzuken Co., Ltd. |
|
| 4,600 |
|
| 137,136 |
|
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
| 341,275 |
|
| |||||||||
Hotels, Restaurants & Leisure - 0.1% |
| Oriental Land Co., Ltd. |
|
| 3,900 |
|
| 320,188 |
|
| |||||||||
Household Durables - 0.8% |
| Casio Computer Co., Ltd. |
|
| 19,000 |
|
| 119,897 |
|
|
| HASEKO Corp. |
|
| 108,000 |
|
| 115,149 |
|
|
| Makita Corp. |
|
| 9,800 |
|
| 219,266 |
|
|
| Panasonic Corp. |
|
| 150,000 |
|
| 1,843,835 |
|
|
| Sanyo Electric Co., Ltd. (a) |
|
| 154,000 |
|
| 288,082 |
|
|
| Sekisui Chemical Co., Ltd. |
|
| 29,000 |
|
| 181,049 |
|
|
| Sekisui House Ltd. |
|
| 37,000 |
|
| 326,431 |
|
|
| Sharp Corp. |
|
| 88,000 |
|
| 634,347 |
|
|
| Sony Corp. |
|
| 84,800 |
|
| 1,854,738 |
|
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
| 5,582,794 |
|
| |||||||||
Household Products - 0.2% |
| Kao Corp. |
|
| 44,000 |
|
| 1,336,515 |
|
|
| Uni-Charm Corp. |
|
| 3,600 |
|
| 270,834 |
|
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
| 1,607,349 |
|
| |||||||||
IT Services - 0.1% |
| Itochu Techno-Science Corp. |
|
| 1,300 |
|
| 31,761 |
|
|
| NTT Data Corp. |
|
| 113 |
|
| 455,285 |
|
|
| Nomura Research Institute Ltd. |
|
| 8,700 |
|
| 165,963 |
|
|
| Obic Co., Ltd. |
|
| 430 |
|
| 70,223 |
|
|
| Otsuka Shokai Co., Ltd. |
|
| 700 |
|
| 31,882 |
|
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
| 755,114 |
|
| |||||||||
Independent Power Producers & Energy |
| Electric Power Development Co. |
|
| 11,300 |
|
| 444,161 |
|
| |||||||||
Industrial Conglomerates - 0.1% |
| Hankyu Hanshin Holdings, Inc. |
|
| 94,000 |
|
| 542,874 |
|
| |||||||||
Insurance - 0.7% |
| Aioi Insurance Co., Ltd. |
|
| 45,000 |
|
| 235,403 |
|
|
| Mitsui Sumitomo Insurance Group Holdings, |
|
| 30,557 |
|
| 971,748 |
|
|
| Nipponkoa Insurance Co., Ltd. |
|
| 53,000 |
|
| 412,330 |
|
|
| Nissay Dowa General Insurance Co., Ltd. |
|
| 8,000 |
|
| 49,754 |
|
|
| Sompo Japan Insurance, Inc. |
|
| 66,800 |
|
| 494,633 |
|
|
| Sony Financial Holdings, Inc. |
|
| 70 |
|
| 267,151 |
|
|
| T&D Holdings, Inc. |
|
| 15,650 |
|
| 662,400 |
|
|
| Tokio Marine Holdings, Inc. |
|
| 57,500 |
|
| 1,703,692 |
|
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
| 4,797,111 |
|
| |||||||||
Internet & Catalog Retail - 0.1% |
| Dena Co. Ltd. |
|
| 24 |
|
| 77,732 |
|
|
| Rakuten, Inc. (a) |
|
| 539 |
|
| 343,178 |
|
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
| 420,910 |
|
| |||||||||
Internet Software & Services - 0.1% |
| Yahoo! Japan Corp. |
|
| 1,211 |
|
| 496,890 |
|
|
15
|
|
Master International 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 |
| ||
Leisure Equipment & Products - 0.2% |
| Namco Bandai Holdings, Inc. |
|
| 16,700 |
| $ | 183,040 |
|
|
| Nikon Corp. |
|
| 28,000 |
|
| 336,072 |
|
|
| Sankyo Co., Ltd. (Gunma) |
|
| 4,300 |
|
| 216,929 |
|
|
| Sega Sammy Holdings, Inc. |
|
| 17,632 |
|
| 205,605 |
|
|
| Shimano, Inc. |
|
| 5,600 |
|
| 220,453 |
|
|
| Yamaha Corp. |
|
| 12,000 |
|
| 111,566 |
|
|
|
|
|
|
|
| |||
|
|
|
|
|
|
|
| 1,273,665 |
|
Machinery - 1.0% |
| Amada Co., Ltd. |
|
| 28,000 |
|
| 136,182 |
|
|
| Fanuc Ltd. |
|
| 15,300 |
|
| 1,096,578 |
|
|
| Hino Motors Ltd. |
|
| 22,000 |
|
| 45,346 |
|
|
| Hitachi Construction Machinery Co., Ltd. |
|
| 11,300 |
|
| 135,117 |
|
|
| IHI Corp. |
|
| 98,000 |
|
| 125,011 |
|
|
| JTEKT Corp. |
|
| 15,600 |
|
| 121,574 |
|
|
| The Japan Steel Works, Ltd. |
|
| 32,000 |
|
| 448,027 |
|
|
| Kawasaki Heavy Industries Ltd. |
|
| 142,000 |
|
| 286,643 |
|
|
| Komatsu Ltd. |
|
| 77,400 |
|
| 987,354 |
|
|
| Kubota Corp. |
|
| 87,000 |
|
| 629,914 |
|
|
| Kurita Water Industries Ltd. |
|
| 10,600 |
|
| 286,557 |
|
|
| Minebea Co., Ltd. |
|
| 29,000 |
|
| 100,358 |
|
|
| Mitsubishi Heavy Industries Ltd. |
|
| 275,200 |
|
| 1,229,938 |
|
|
| Mitsui Engineering & Shipbuilding Co., Ltd. |
|
| 58,000 |
|
| 97,702 |
|
|
| NGK Insulators Ltd. |
|
| 21,000 |
|
| 237,966 |
|
|
| NSK Ltd. |
|
| 35,000 |
|
| 132,182 |
|
|
| NTN Corp. |
|
| 26,000 |
|
| 78,567 |
|
|
| SMC Corp. |
|
| 4,600 |
|
| 473,879 |
|
|
| Sumitomo Heavy Industries Ltd. |
|
| 55,000 |
|
| 220,017 |
|
|
| THK Co., Ltd. |
|
| 9,200 |
|
| 96,820 |
|
|
|
|
|
|
|
| |||
|
|
|
|
|
|
|
| 6,965,732 |
|
Marine - 0.2% |
| Kawasaki Kisen Kaisha Ltd. |
|
| 49,000 |
|
| 229,813 |
|
|
| Mitsui OSK Lines Ltd. |
|
| 101,000 |
|
| 624,209 |
|
|
| Nippon Yusen Kabushiki Kaisha |
|
| 100,000 |
|
| 616,474 |
|
|
|
|
|
|
|
| |||
|
|
|
|
|
|
|
| 1,470,496 |
|
Media - 0.1% |
| Dentsu, Inc. |
|
| 170 |
|
| 331,936 |
|
|
| Fuji Media Holdings, Inc. |
|
| 54 |
|
| 77,249 |
|
|
| Hakuhodo DY Holdings, Inc. |
|
| 1,140 |
|
| 62,194 |
|
|
| Jupiter Telecommunications Co., Ltd. |
|
| 159 |
|
| 165,494 |
|
|
| Toho Co., Ltd. |
|
| 7,400 |
|
| 159,237 |
|
|
| Tokyo Broadcasting System, Inc. |
|
| 3,500 |
|
| 53,399 |
|
|
|
|
|
|
|
| |||
|
|
|
|
|
|
|
| 849,509 |
|
Metals & Mining - 0.7% |
| Daido Steel Co., Ltd. |
|
| 24,000 |
|
| 72,803 |
|
|
| Dowa Mining Co., Ltd. (b) |
|
| 16,000 |
|
| 59,142 |
|
|
| Hitachi Metals Ltd. |
|
| 13,000 |
|
| 60,463 |
|
|
| JFE Holdings, Inc. |
|
| 41,800 |
|
| 1,110,868 |
|
|
| Kobe Steel Ltd. |
|
| 208,000 |
|
| 382,121 |
|
|
| Maruichi Steel Tube Ltd. |
|
| 4,400 |
|
| 122,761 |
|
|
| Mitsubishi Materials Corp. |
|
| 93,000 |
|
| 235,392 |
|
|
| Mitsui Mining & Smelting Co., Ltd. |
|
| 63,000 |
|
| 133,647 |
|
16
|
|
Master International 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 |
| ||
| |||||||||
|
| Nippon Steel Corp. |
|
| 434,000 |
| $ | 1,426,247 |
|
|
| Nisshin Steel Co., Ltd. |
|
| 49,000 |
|
| 100,988 |
|
|
| Osaka Titanium Technologies Co. |
|
| 1,500 |
|
| 37,807 |
|
|
| Sumitomo Metal Industries Ltd. |
|
| 316,000 |
|
| 780,558 |
|
|
| Sumitomo Metal Mining Co., Ltd. |
|
| 49,000 |
|
| 524,182 |
|
|
| Tokyo Steel Manufacturing Co., Ltd. |
|
| 9,700 |
|
| 101,776 |
|
|
| Yamato Kogyo Co. Ltd. |
|
| 3,500 |
|
| 94,725 |
|
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
| 5,243,480 |
|
| |||||||||
Multiline Retail - 0.1% |
| Isetan Mitsukoshi Holdings Ltd. |
|
| 30,105 |
|
| 259,802 |
|
|
| J Front Retailing Co. Ltd. |
|
| 34,600 |
|
| 143,176 |
|
|
| Marui Group Co. Ltd. |
|
| 26,700 |
|
| 155,996 |
|
|
| Takashimaya Co., Ltd. |
|
| 24,000 |
|
| 182,398 |
|
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
| 741,372 |
|
| |||||||||
Office Electronics - 0.6% |
| Brother Industries Ltd. |
|
| 23,000 |
|
| 137,211 |
|
|
| Canon, Inc. |
|
| 87,300 |
|
| 2,766,064 |
|
|
| Konica Minolta Holdings, Inc. |
|
| 38,500 |
|
| 299,562 |
|
|
| Ricoh Co., Ltd. |
|
| 54,000 |
|
| 692,103 |
|
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
| 3,894,940 |
|
| |||||||||
Oil, Gas & Consumable Fuels - 0.3% |
| Cosmo Oil Co., Ltd. |
|
| 33,000 |
|
| 102,733 |
|
|
| Idemitsu Kosan Co., Ltd. |
|
| 2,000 |
|
| 128,803 |
|
|
| Inpex Corp. |
|
| 65 |
|
| 518,184 |
|
|
| Japan Petrolleum Explora |
|
| 3,000 |
|
| 131,898 |
|
|
| Nippon Mining Holdings, Inc. |
|
| 69,500 |
|
| 301,571 |
|
|
| Nippon Oil Corp. |
|
| 104,000 |
|
| 527,318 |
|
|
| Showa Shell Sekiyu KK |
|
| 19,900 |
|
| 197,208 |
|
|
| TonenGeneral Sekiyu KK |
|
| 25,000 |
|
| 250,504 |
|
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
| 2,158,219 |
|
| |||||||||
Paper & Forest Products - 0.1% |
| Nippon Paper Group, Inc. |
|
| 85 |
|
| 335,687 |
|
|
| OJI Paper Co., Ltd. |
|
| 69,000 |
|
| 405,662 |
|
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
| 741,349 |
|
| |||||||||
Personal Products - 0.1% |
| Shiseido Co., Ltd. |
|
| 29,000 |
|
| 596,382 |
|
| |||||||||
Pharmaceuticals - 1.5% |
| Astellas Pharma, Inc. |
|
| 40,600 |
|
| 1,661,852 |
|
|
| Chugai Pharmaceutical Co., Ltd. |
|
| 18,000 |
|
| 349,898 |
|
|
| Daiichi Sankyo Co., Ltd. |
|
| 56,400 |
|
| 1,333,768 |
|
|
| Dainippon Pharma Co., Ltd. |
|
| 17,000 |
|
| 159,165 |
|
|
| Eisai Co., Ltd. |
|
| 22,000 |
|
| 918,051 |
|
|
| Hisamitsu Pharmaceutical Co., Ltd. |
|
| 6,300 |
|
| 257,530 |
|
|
| Kyowa Hakko Kirin Co. Ltd. |
|
| 20,000 |
|
| 209,962 |
|
|
| Mitsubishi Tanabe Pharma Corp. |
|
| 20,000 |
|
| 301,876 |
|
|
| Ono Pharmacecutical Co., Ltd. |
|
| 7,600 |
|
| 393,994 |
|
|
| Santen Pharmaceutical Co., Ltd. |
|
| 4,900 |
|
| 148,887 |
|
|
| Shionogi & Co., Ltd. |
|
| 26,000 |
|
| 671,452 |
|
|
| Taisho Pharmaceutical Co., Ltd. |
|
| 11,000 |
|
| 234,323 |
|
|
| Takeda Pharmaceutical Co., Ltd. |
|
| 68,300 |
|
| 3,559,954 |
|
|
| Tsumura & Co. |
|
| 5,500 |
|
| 204,148 |
|
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
| 10,404,860 |
|
|
17
|
|
Master International 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 |
| ||
| |||||||||
Real Estate Investment Trusts |
| Japan Prime Realty Investment Corp. |
|
| 62 |
| $ | 147,173 |
|
|
| Japan Real Estate Investment Corp. |
|
| 34 |
|
| 303,727 |
|
|
| Japan Retail Fund Investment Corp. |
|
| 37 |
|
| 159,816 |
|
|
| Nippon Building Fund, Inc. |
|
| 41 |
|
| 450,662 |
|
|
| Nomura Real Estate Office Fund, Inc. |
|
| 20 |
|
| 130,133 |
|
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
| 1,191,511 |
|
| |||||||||
Real Estate Management |
| Aeon Mall Co. Ltd. |
|
| 3,600 |
|
| 69,594 |
|
|
| Daito Trust Construction Co., Ltd. |
|
| 6,500 |
|
| 341,213 |
|
|
| Daiwa House Industry Co., Ltd. |
|
| 41,000 |
|
| 401,988 |
|
|
| Leopalace21 Corp. |
|
| 11,400 |
|
| 115,510 |
|
|
| Mitsubishi Estate Co., Ltd. |
|
| 99,000 |
|
| 1,635,370 |
|
|
| Mitsui Fudosan Co., Ltd. |
|
| 72,000 |
|
| 1,200,401 |
|
|
| NTT Urban Development Co. |
|
| 63 |
|
| 68,227 |
|
|
| Nomura Real Estate Holdings, Inc. |
|
| 3,000 |
|
| 59,852 |
|
|
| Sumitomo Realty & Development Co., Ltd. |
|
| 33,000 |
|
| 496,061 |
|
|
| Tokyo Tatemono Co., Ltd. |
|
| 22,000 |
|
| 100,824 |
|
|
| Tokyu Land Corp. |
|
| 35,000 |
|
| 134,157 |
|
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
| 4,623,197 |
|
| |||||||||
Road & Rail - 1.0% |
| Central Japan Railway Co. |
|
| 126 |
|
| 1,092,754 |
|
|
| East Japan Railway Co. |
|
| 286 |
|
| 2,173,789 |
|
|
| Keihin Electric Express Railway Co., Ltd. |
|
| 31,000 |
|
| 273,765 |
|
|
| Keio Electric Railway Co., Ltd. |
|
| 41,000 |
|
| 246,699 |
|
|
| Keisei Electric Railway Co., Ltd. |
|
| 31,000 |
|
| 193,800 |
|
|
| Kintetsu Corp. |
|
| 125,000 |
|
| 575,068 |
|
|
| Nippon Express Co., Ltd. |
|
| 70,000 |
|
| 295,058 |
|
|
| Odakyu Electric Railway Co., Ltd. |
|
| 53,000 |
|
| 466,661 |
|
|
| Tobu Railway Co., Ltd. |
|
| 66,000 |
|
| 394,323 |
|
|
| Tokyu Corp. |
|
| 91,000 |
|
| 458,808 |
|
|
| West Japan Railway Co. |
|
| 148 |
|
| 674,352 |
|
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
| 6,845,077 |
|
| |||||||||
Semiconductors & Semiconductor |
| Advantest Corp. |
|
| 14,800 |
|
| 241,255 |
|
|
| Elpida Memory, Inc. (a) |
|
| 14,400 |
|
| 89,076 |
|
|
| NEC Electronics Corp. (a) |
|
| 1,200 |
|
| 11,362 |
|
|
| Rohm Co., Ltd. |
|
| 8,100 |
|
| 408,944 |
|
|
| Shinko Electric Industries |
|
| 2,100 |
|
| 17,148 |
|
|
| Sumco Corp. |
|
| 11,300 |
|
| 143,560 |
|
|
| Tokyo Electron Ltd. |
|
| 15,300 |
|
| 538,615 |
|
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
| 1,449,960 |
|
| |||||||||
Software - 0.6% |
| Konami Corp. |
|
| 9,800 |
|
| 254,064 |
|
|
| Nintendo Co., Ltd. |
|
| 8,100 |
|
| 3,095,429 |
|
|
| Oracle Corp. Japan |
|
| 2,400 |
|
| 103,952 |
|
|
| Square Enix Holdings Co., Ltd. |
|
| 4,000 |
|
| 129,070 |
|
|
| Trend Micro, Inc. (a) |
|
| 9,500 |
|
| 333,668 |
|
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
| 3,916,183 |
|
| |||||||||
Specialty Retail - 0.2% |
| Abc-Mart Inc |
|
| 1,600 |
|
| 58,509 |
|
|
| Fast Retailing Co., Ltd. |
|
| 4,200 |
|
| 616,278 |
|
|
| Hikari Tsushin, Inc. |
|
| 800 |
|
| 15,206 |
|
18
|
|
Master International 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 |
| ||
| |||||||||
|
| Nitori Co., Ltd. |
|
| 3,450 |
| $ | 268,482 |
|
|
| Shimamura Co., Ltd. |
|
| 1,500 |
|
| 115,808 |
|
|
| USS Co., Ltd. |
|
| 1,440 |
|
| 76,412 |
|
|
| Yamada Denki Co., Ltd. |
|
| 6,920 |
|
| 483,720 |
|
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
| 1,634,415 |
|
| |||||||||
Textiles, Apparel & Luxury Goods - 0.0% |
| Asics Corp. |
|
| 12,000 |
|
| 97,236 |
|
|
| Nisshinbo Industries, Inc. |
|
| 13,000 |
|
| 99,101 |
|
|
| Onward Holdings Co. Ltd. |
|
| 7,000 |
|
| 55,795 |
|
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
| 252,132 |
|
| |||||||||
Tobacco - 0.2% |
| Japan Tobacco, Inc. |
|
| 364 |
|
| 1,205,692 |
|
| |||||||||
Trading Companies & Distributors - 0.8% |
| Itochu Corp. |
|
| 125,000 |
|
| 630,637 |
|
|
| Marubeni Corp. |
|
| 146,000 |
|
| 558,970 |
|
|
| Mitsubishi Corp. |
|
| 109,400 |
|
| 1,549,548 |
|
|
| Mitsui & Co., Ltd. |
|
| 147,000 |
|
| 1,511,214 |
|
|
| Sojitz Corp. |
|
| 99,900 |
|
| 166,952 |
|
|
| Sumitomo Corp. |
|
| 90,200 |
|
| 800,009 |
|
|
| Toyota Tsusho Corp. |
|
| 16,700 |
|
| 179,789 |
|
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
| 5,397,119 |
|
| |||||||||
Transportation Infrastructure - 0.0% |
| Kamigumi Co., Ltd. |
|
| 17,000 |
|
| 151,041 |
|
|
| Mitsubishi Logistics Corp. |
|
| 9,000 |
|
| 114,104 |
|
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
| 265,145 |
|
| |||||||||
Wireless Telecommunication |
| KDDI Corp. |
|
| 248 |
|
| 1,770,794 |
|
|
| NTT DoCoMo, Inc. |
|
| 1,279 |
|
| 2,517,476 |
|
|
| Softbank Corp. |
|
| 64,600 |
|
| 1,173,213 |
|
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
| 5,461,483 |
|
| |||||||||
|
| Total Common Stocks in Japan |
|
|
|
|
| 165,702,326 |
|
| |||||||||
Kazakhstan - 0.0% |
|
|
|
|
|
|
|
|
|
| |||||||||
Metals & Mining - 0.0% |
| Eurasian Natural Resources Corp. |
|
| 25,222 |
|
| 120,682 |
|
| |||||||||
|
| Total Common Stocks in Kazakhstan |
|
|
|
|
| 120,682 |
|
| |||||||||
Luxembourg - 0.4% |
|
|
|
|
|
|
|
|
|
| |||||||||
Energy Equipment & Services - 0.1% |
| Tenaris SA |
|
| 37,664 |
|
| 391,463 |
|
| |||||||||
Media - 0.1% |
| SES Global |
|
| 24,363 |
|
| 472,167 |
|
| |||||||||
Metals & Mining - 0.2% |
| ArcelorMittal |
|
| 70,618 |
|
| 1,711,735 |
|
| |||||||||
|
| Total Common Stocks in Luxembourg |
|
|
|
|
| 2,575,365 |
|
| |||||||||
Netherlands - 2.3% |
|
|
|
|
|
|
|
|
|
| |||||||||
Air Freight & Logistics - 0.1% |
| TNT NV |
|
| 33,940 |
|
| 659,297 |
|
| |||||||||
Beverages - 0.1% |
| Heineken Holding NV |
|
| 10,233 |
|
| 292,302 |
|
|
| Heineken NV |
|
| 20,204 |
|
| 618,580 |
|
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
| 910,882 |
|
| |||||||||
Chemicals - 0.2% |
| Akzo Nobel NV |
|
| 21,126 |
|
| 871,400 |
|
|
| Koninklijke DSM NV |
|
| 11,225 |
|
| 288,047 |
|
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
| 1,159,447 |
|
| |||||||||
Diversified Financial Services - 0.3% |
| ING Groep NV CVA |
|
| 159,098 |
|
| 1,751,020 |
|
|
| SNS Reaal |
|
| 12,764 |
|
| 70,156 |
|
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
| 1,821,176 |
|
| |||||||||
Diversified Telecommunication |
| Koninklijke KPN NV |
|
| 152,062 |
|
| 2,210,743 |
|
|
19
Master International 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 Equipment & Services - 0.0% |
| Fugro NV |
|
| 4,637 |
| $ | 133,281 |
|
|
| SBM Offshore NV |
|
| 12,600 |
|
| 165,536 |
|
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
| 298,817 |
|
Food & Staples Retailing - 0.2% |
| Koninklijke Ahold NV |
|
| 100,527 |
|
| 1,238,784 |
|
| |||||||||
Food Products - 0.5% |
| Unilever NV |
|
| 134,383 |
|
| 3,257,169 |
|
| |||||||||
Industrial Conglomerates - 0.2% |
| Koninklijke Philips Electronics NV |
|
| 86,074 |
|
| 1,706,564 |
|
| |||||||||
Insurance - 0.1% |
| Aegon NV |
|
| 115,294 |
|
| 727,807 |
|
| |||||||||
Media - 0.2% |
| Reed Elsevier NV |
|
| 54,412 |
|
| 646,926 |
|
|
| Wolters Kluwer NV |
|
| 23,939 |
|
| 453,896 |
|
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
| 1,100,822 |
|
| |||||||||
Professional Services - 0.0% |
| Randstad Holdings NV |
|
| 7,691 |
|
| 156,956 |
|
| |||||||||
Real Estate Investment Trusts |
| Corio NV |
|
| 2,933 |
|
| 135,060 |
|
| |||||||||
Semiconductors & Semiconductor |
| ASML Holding NV |
|
| 38,616 |
|
| 696,136 |
|
| |||||||||
Transportation Infrastructure - 0.0% |
| Koninklijke Boskalis Westminster NV |
|
| 4,333 |
|
| 101,090 |
|
| |||||||||
|
| Total Common Stocks in the Netherlands |
|
|
|
|
| 16,180,750 |
|
| |||||||||
New Zealand - 0.1% |
|
|
|
|
|
|
|
|
|
| |||||||||
Construction Materials - 0.0% |
| Fletcher Building Ltd. |
|
| 44,823 |
|
| 151,023 |
|
| |||||||||
Diversified Telecommunication |
| Telecom Corp. of New Zealand Ltd. |
|
| 149,831 |
|
| 201,377 |
|
| |||||||||
Electric Utilities - 0.0% |
| Contact Energy Ltd. |
|
| 18,866 |
|
| 81,102 |
|
| |||||||||
Hotels, Restaurants & Leisure - 0.0% |
| Sky City Ltd. |
|
| 27,722 |
|
| 50,718 |
|
| |||||||||
Transportation Infrastructure - 0.0% |
| Auckland International Airport Ltd. |
|
| 55,023 |
|
| 52,207 |
|
| |||||||||
|
| Total Common Stocks in New Zealand |
|
|
|
|
| 536,427 |
|
| |||||||||
Norway - 0.6% |
|
|
|
|
|
|
|
|
|
| |||||||||
Chemicals - 0.1% |
| Yara International ASA |
|
| 17,600 |
|
| 387,143 |
|
| |||||||||
Commercial Banks - 0.0% |
| DnB NOR ASA |
|
| 60,599 |
|
| 240,435 |
|
| |||||||||
Diversified Telecommunication |
| Telenor ASA |
|
| 52,995 |
|
| 357,525 |
|
Services - 0.1% |
| Telenor ASA (c) |
|
| 5,999 |
|
| 122,980 |
|
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
| 480,505 |
|
| |||||||||
Electrical Equipment - 0.0% |
| Renewable Energy Corp. ASA (a) |
|
| 12,198 |
|
| 116,842 |
|
| |||||||||
Energy Equipment & Services - 0.0% |
| Aker Solutions ASA |
|
| 13,243 |
|
| 87,584 |
|
| |||||||||
Industrial Conglomerates - 0.1% |
| Orkla ASA |
|
| 69,967 |
|
| 465,540 |
|
| |||||||||
Metals & Mining - 0.0% |
| Norsk Hydro ASA |
|
| 57,044 |
|
| 232,420 |
|
| |||||||||
Oil, Gas & Consumable Fuels - 0.3% |
| Frontline Ltd. |
|
| 4,600 |
|
| 135,047 |
|
|
| Statoilhydro ASA |
|
| 108,294 |
|
| 1,811,195 |
|
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
| 1,946,242 |
|
| |||||||||
|
| Total Common Stocks in Norway |
|
|
|
|
| 3,956,711 |
|
| |||||||||
Portugal - 0.3% |
|
|
|
|
|
|
|
|
|
| |||||||||
Commercial Banks - 0.1% |
| Banco Comercial Portugues SA |
|
| 193,098 |
|
| 220,443 |
|
|
| Banco Espirito Santo SA Registered Shares |
|
| 17,884 |
|
| 166,568 |
|
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
| 387,011 |
|
| |||||||||
Construction Materials - 0.0% |
| Cimpor Cimentos de Portugal SA |
|
| 26,806 |
|
| 130,160 |
|
Diversified Telecommunication |
| Portugal Telecom SGPS SA Registered Shares |
|
| 53,624 |
|
| 458,905 |
|
| |||||||||
Electric Utilities - 0.1% |
| Energias de Portugal SA |
|
| 154,384 |
|
| 580,789 |
|
|
20
Master International 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 |
| ||
| |||||||||
Food & Staples Retailing - 0.0% |
| Jeronimo Martins SGPS SA |
|
| 17,014 |
|
| $94,496 |
|
| |||||||||
Media - 0.0% |
| Zon Multimedia Servicos de |
|
| 15,808 |
|
| 82,007 |
|
| |||||||||
Oil, Gas & Consumable Fuels - 0.0% |
| Galp Energia SGPS SA |
|
| 15,896 |
|
| 159,599 |
|
| |||||||||
Transportation Infrastructure - 0.0% |
| Brisa-Auto Estradas de Portugal SA |
|
|
|
|
|
|
|
|
| Private Shares |
|
| 20,401 |
|
| 152,917 |
|
| |||||||||
|
| Total Common Stocks in Portugal |
|
|
|
|
| 2,045,884 |
|
| |||||||||
Singapore - 0.9% |
|
|
|
|
|
|
|
|
|
| |||||||||
Aerospace & Defense - 0.0% |
| Singapore Technologies Engineering Ltd. |
|
| 114,213 |
|
| 189,137 |
|
| |||||||||
Airlines - 0.1% |
| Singapore Airlines Ltd. |
|
| 44,009 |
|
| 346,128 |
|
| |||||||||
Commercial Banks - 0.3% |
| DBS Group Holdings Ltd. |
|
| 93,605 |
|
| 551,369 |
|
|
| Oversea-Chinese Banking Corp. |
|
| 206,914 |
|
| 719,457 |
|
|
| United Overseas Bank Ltd. |
|
| 101,572 |
|
| 917,909 |
|
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
| 2,188,735 |
|
| |||||||||
Distributors - 0.0% |
| Jardine Cycle & Carriage Ltd. |
|
| 7,529 |
|
| 50,073 |
|
| |||||||||
Diversified Financial Services - 0.1% |
| Singapore Exchange Ltd. |
|
| 81,000 |
|
| 288,537 |
|
| |||||||||
Diversified Telecommunication |
| Singapore Telecommunications Ltd. |
|
| 656,132 |
|
| 1,169,263 |
|
| |||||||||
Food & Staples Retailing - 0.0% |
| Olam International Ltd. |
|
| 115,900 |
|
| 93,431 |
|
| |||||||||
Food Products - 0.0% |
| Golden Agri-Resources Ltd. |
|
| 409,497 |
|
| 67,481 |
|
|
| Wilmar International Ltd. |
|
| 68,670 |
|
| 134,548 |
|
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
| 202,029 |
|
| |||||||||
Health Care Providers & Services - 0.0% |
| Parkway Holdings Ltd. |
|
| 109,706 |
|
| 95,076 |
|
| |||||||||
Hotels, Restaurants & Leisure - 0.0% |
| Genting International PLC (a) |
|
| 149,388 |
|
| 46,887 |
|
| |||||||||
Industrial Conglomerates - 0.1% |
| Fraser and Neave Ltd. |
|
| 68,096 |
|
| 140,795 |
|
|
| Keppel Corp. Ltd. |
|
| 119,616 |
|
| 363,165 |
|
|
| SembCorp Industries Ltd. |
|
| 81,590 |
|
| 133,100 |
|
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
| 637,060 |
|
| |||||||||
Machinery - 0.0% |
| Cosco Corp. (Singapore) Ltd. |
|
| 75,002 |
|
| 50,139 |
|
|
| Sembcorp Marine Ltd. |
|
| 87,197 |
|
| 102,773 |
|
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
| 152,912 |
|
| |||||||||
Marine - 0.0% |
| Neptune Orient Lines Ltd. |
|
| 44,200 |
|
| 34,734 |
|
| |||||||||
Media - 0.0% |
| Singapore Press Holdings Ltd. |
|
| 130,316 |
|
| 282,567 |
|
| |||||||||
Real Estate Investment Trusts(REITs) - 0.0% |
| Ascendas Real Estate Investment Trust |
|
| 117,152 |
|
| 112,704 |
|
|
| CapitaMall Trust |
|
| 83,000 |
|
| 92,361 |
|
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
| 205,065 |
|
| |||||||||
Real Estate Management & |
| CapitaLand Ltd. |
|
| 159,833 |
|
| 348,745 |
|
| |||||||||
Development - 0.1% |
| City Developments Ltd. |
|
| 46,535 |
|
| 208,195 |
|
|
| UOL Group Ltd. |
|
| 20,457 |
|
| 31,839 |
|
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
| 588,779 |
|
| |||||||||
Road & Rail - 0.0% |
| ComfortDelgro Corp. Ltd. |
|
| 115,816 |
|
| 117,321 |
|
| |||||||||
Trading Companies & Distributors - 0.0% |
| Noble Group Ltd. |
|
| 175,720 |
|
| 125,862 |
|
| |||||||||
|
| Total Common Stocks in Singapore |
|
|
|
|
| 6,813,596 |
|
| |||||||||
Spain - 4.0% |
|
|
|
|
|
|
|
|
|
| |||||||||
Airlines - 0.0% |
| Iberia Lineas Aereas de Espana |
|
| 40,744 |
|
| 114,915 |
|
| |||||||||
Biotechnology - 0.0% |
| Grifols SA |
|
| 10,517 |
|
| 184,275 |
|
| |||||||||
Commercial Banks - 1.6% |
| Banco Bilbao Vizcaya Argentaria SA |
|
| 295,581 |
|
| 3,662,358 |
|
21
Master International 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 |
|
| |||||||||
|
| Banco de Sabadell SA |
|
| 75,496 |
| $ | 516,832 |
|
|
| Banco de Valencia SA |
|
| 14,005 |
|
| 149,825 |
|
|
| Banco Popular Espanol SA |
|
| 68,136 |
|
| 590,983 |
|
|
| Banco Santander SA |
|
| 652,338 |
|
| 6,295,854 |
|
|
| Bankinter SA |
|
| 20,987 |
|
| 189,830 |
|
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
| 11,405,682 |
|
| |||||||||
Construction & Engineering - 0.2% |
| ACS Actividades de Construccion y Servicios, |
|
| 15,955 |
|
| 740,893 |
|
|
| Acciona SA |
|
| 2,303 |
|
| 292,830 |
|
|
| Fomento de Construcciones y Contratas SA |
|
| 3,759 |
|
| 125,007 |
|
|
| Grupo Ferrovial SA |
|
| 5,192 |
|
| 144,829 |
|
|
| Sacyr Vallehermoso SA |
|
| 6,339 |
|
| 57,471 |
|
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
| 1,361,030 |
|
| |||||||||
Diversified Financial Services - 0.0% |
| Criteria Caixacorp. SA |
|
| 69,161 |
|
| 275,907 |
|
| |||||||||
Diversified Telecommunication |
| Telefonica SA |
|
| 350,872 |
|
| 7,919,764 |
|
| |||||||||
Electric Utilities - 0.6% |
| Iberdrola SA |
|
| 283,581 |
|
| 2,643,453 |
|
|
| Red Electrica de Espana |
|
| 9,950 |
|
| 507,218 |
|
|
| Union Fenosa SA |
|
| 32,135 |
|
| 805,155 |
|
|
|
|
|
|
|
|
| 3,955,826 |
|
|
|
|
|
|
|
|
| ||
Electrical Equipment - 0.1% |
| Gamesa Corp. Tecnologica SA |
|
| 16,408 |
|
| 299,170 |
|
| |||||||||
Gas Utilities - 0.0% |
| Enagas |
|
| 14,730 |
|
| 325,257 |
|
|
| Gas Natural SDG SA |
|
| 9,017 |
|
| 245,346 |
|
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
| 570,603 |
|
| |||||||||
IT Services - 0.0% |
| Indra Sistemas SA |
|
| 9,965 |
|
| 228,724 |
|
| |||||||||
Independent Power Producers & Energy |
| Iberdrola Renovables (a) |
|
| 69,701 |
|
| 303,872 |
|
| |||||||||
Insurance - 0.0% |
| Corp. Mapfre SA |
|
| 57,592 |
|
| 196,413 |
|
| |||||||||
Machinery - 0.0% |
| Zardoya Otis SA |
|
| 8,675 |
|
| 155,923 |
|
| |||||||||
Media - 0.0% |
| Gestevision Telecinco SA |
|
| 10,684 |
|
| 115,086 |
|
| |||||||||
Metals & Mining - 0.0% |
| Acerinox SA |
|
| 11,741 |
|
| 190,847 |
|
| |||||||||
Oil, Gas & Consumable Fuels - 0.2% |
| Repsol YPF SA |
|
| 61,765 |
|
| 1,318,693 |
|
| |||||||||
Specialty Retail - 0.1% |
| Inditex SA |
|
| 17,909 |
|
| 797,502 |
|
| |||||||||
Transportation Infrastructure - 0.1% |
| Abertis Infraestructuras SA |
|
| 20,325 |
|
| 364,272 |
|
|
| Cintra Concesiones de Infraestructuras de Transporte SA |
|
| 21,741 |
|
| 164,980 |
|
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
| 529,252 |
|
| |||||||||
|
| Total Common Stocks in Spain |
|
|
|
|
| 29,923,484 |
|
| |||||||||
Sweden - 1.8% |
|
|
|
|
|
|
|
|
|
| |||||||||
Building Products - 0.1% |
| Assa Abloy AB Series B |
|
| 29,377 |
|
| 341,627 |
|
| |||||||||
Commercial Banks - 0.3% |
| Nordea Bank AB |
|
| 165,351 |
|
| 1,178,570 |
|
|
| Skandinaviska Enskilda Banken AB Class A |
|
| 40,953 |
|
| 330,583 |
|
|
| Svenska Handelsbanken Class A |
|
| 36,512 |
|
| 603,771 |
|
|
| Swedbank AB-A Shares |
|
| 34,000 |
|
| 200,828 |
|
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
| 2,313,752 |
|
| |||||||||
Commercial Services & Supplies - 0.0% |
| Loomis AB (a) |
|
| 1 |
|
| 4 |
|
22
Master International 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 |
|
| |||||||||
|
| Securitas AB |
|
| 29,048 |
| $ | 244,553 |
|
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
| 244,557 |
|
Communications Equipment - 0.3% |
| Telefonaktiebolaget LM Ericsson |
|
| 249,889 |
|
| 1,948,105 |
|
| |||||||||
Construction & Engineering - 0.0% |
| Skanska AB Class B |
|
| 30,205 |
|
| 309,804 |
|
| |||||||||
Diversified Financial Services - 0.1% |
| Investor AB |
|
| 36,400 |
|
| 555,209 |
|
| |||||||||
Diversified Telecommunication Services - 0.2% |
| Tele2 AB |
|
| 24,366 |
|
| 220,498 |
|
|
| TeliaSonera AB |
|
| 173,701 |
|
| 874,762 |
|
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
| 1,095,260 |
|
| |||||||||
Health Care Equipment & Supplies - 0.0% |
| Getinge AB (a) |
|
| 1,414 |
|
| 16,316 |
|
|
| Getinge AB Class B |
|
| 12,727 |
|
| 154,434 |
|
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
| 170,750 |
|
| |||||||||
Household Durables - 0.0% |
| Electrolux AB |
|
| 25,175 |
|
| 220,283 |
|
|
| Husqvarna AB |
|
| 19,458 |
|
| 104,689 |
|
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
| 324,972 |
|
| |||||||||
Machinery - 0.4% |
| Alfa Laval AB |
|
| 30,393 |
|
| 271,336 |
|
|
| Atlas Copco AB Class A |
|
| 60,148 |
|
| 529,211 |
|
|
| Atlas Copco AB Class B |
|
| 31,386 |
|
| 245,742 |
|
|
| SKB AB |
|
| 36,016 |
|
| 366,503 |
|
|
| Sandvik AB |
|
| 80,267 |
|
| 515,580 |
|
|
| Scania AB |
|
| 28,889 |
|
| 293,955 |
|
|
| Volvo AB A Shares |
|
| 30,061 |
|
| 173,388 |
|
|
| Volvo AB B Shares |
|
| 86,159 |
|
| 490,314 |
|
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
| 2,886,029 |
|
| |||||||||
Media - 0.0% |
| Modern Times Group AB |
|
| 4,332 |
|
| 94,839 |
|
| |||||||||
Metals & Mining - 0.0% |
| SSAB Svenskt Stal AB Series A |
|
| 14,420 |
|
| 127,878 |
|
|
| SSAB Svenskt Stal AB Series B |
|
| 6,267 |
|
| 52,252 |
|
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
| 180,130 |
|
| |||||||||
Oil, Gas & Consumable Fuels - 0.0% |
| Lundin Petroleum AB (a) |
|
| 15,302 |
|
| 82,121 |
|
| |||||||||
Paper & Forest Products - 0.1% |
| Holmen AB Class B |
|
| 3,145 |
|
| 78,701 |
|
|
| Svenska Cellulosa AB |
|
| 44,132 |
|
| 383,173 |
|
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
| 461,874 |
|
| |||||||||
Specialty Retail - 0.2% |
| Hennes & Mauritz AB B Shares |
|
| 41,755 |
|
| 1,660,810 |
|
| |||||||||
Tobacco - 0.1% |
| Swedish Match AB |
|
| 23,550 |
|
| 339,988 |
|
| |||||||||
Wireless Telecommunication |
| Millicom International Cellular SA (c) |
|
| 6,052 |
|
| 285,957 |
|
| |||||||||
|
|
|
|
|
|
|
|
|
|
|
| Total Common Stocks in Sweden |
|
|
|
|
| 13,295,784 |
|
| |||||||||
Switzerland - 8.0% |
|
|
|
|
|
|
|
|
|
| |||||||||
Biotechnology - 0.1% |
| Actelion Ltd. (a) |
|
| 8,268 |
|
| 467,733 |
|
| |||||||||
Building Products - 0.1% |
| Geberit AG |
|
| 3,274 |
|
| 354,084 |
|
| |||||||||
Capital Markets - 1.0% |
| Credit Suisse Group AG |
|
| 89,642 |
|
| 2,512,179 |
|
|
| EFG International AG |
|
| 2,886 |
|
| 51,573 |
|
|
| Julius Baer Holding AG Class B |
|
| 17,498 |
|
| 678,176 |
|
|
| UBS AG (a) |
|
| 245,571 |
|
| 3,572,900 |
|
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
| 6,814,828 |
|
| |||||||||
Chemicals - 0.3% |
| Givaudan SA |
|
| 538 |
|
| 425,125 |
|
|
| Syngenta AG |
|
| 8,395 |
|
| 1,630,859 |
|
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
| 2,055,984 |
|
|
23
Master International 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 |
| ||
| |||||||||
Computers & Peripherals - 0.0% |
| Logitech International SA (a) |
|
| 13,890 |
| $ | 217,983 |
|
| |||||||||
Construction Materials - 0.1% |
| Holcim Ltd. |
|
| 17,616 |
|
| 1,019,616 |
|
| |||||||||
Diversified Financial Services - 0.0% |
| Pargesa Holding SA |
|
| 2,669 |
|
| 178,374 |
|
| |||||||||
Diversified Telecommunication |
| Swisscom AG |
|
| 1,952 |
|
| 633,199 |
|
| |||||||||
Electric Utilities - 0.0% |
| BKW FMB Energie AG |
|
| 995 |
|
| 96,088 |
|
| |||||||||
Electrical Equipment - 0.4% |
| ABB Ltd. |
|
| 189,024 |
|
| 2,882,643 |
|
| |||||||||
Food Products - 1.9% |
| Aryzta AG (a) |
|
| 7,200 |
|
| 231,352 |
|
|
| Lindt & Spruengli AG |
|
| 53 |
|
| 99,167 |
|
|
| Lindt & Spruengli AG ‘R’ |
|
| 8 |
|
| 172,100 |
|
|
| Nestle SA Registered Shares |
|
| 324,020 |
|
| 12,830,590 |
|
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
| 13,333,209 |
|
| |||||||||
Health Care Equipment & |
| Nobel Biocare Holding AG |
|
| 9,625 |
|
| 198,754 |
|
|
| Sonova Holding AG |
|
| 3,914 |
|
| 237,883 |
|
|
| Straumann Holding AG Registered Shares |
|
| 806 |
|
| 142,878 |
|
|
| Synthes, Inc. |
|
| 4,898 |
|
| 621,096 |
|
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
| 1,200,611 |
|
Insurance - 0.7% |
| Baloise Holding AG |
|
| 4,219 |
|
| 318,612 |
|
|
| Swiss Life Holding |
|
| 2,886 |
|
| 200,125 |
|
|
| Swiss Reinsurance Co. Registered Shares |
|
| 29,388 |
|
| 1,439,001 |
|
|
| Zurich Financial Services AG |
|
| 12,199 |
|
| 2,665,249 |
|
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
| 4,622,987 |
|
| |||||||||
Life Sciences Tools & Services - 0.1% |
| Lonza Group AG Registered Shares |
|
| 4,545 |
|
| 421,373 |
|
| |||||||||
Machinery - 0.0% |
| OC Oerlikon Corp. AG (a) |
|
| 611 |
|
| 40,861 |
|
|
| Schindler Holding AG |
|
| 3,443 |
|
| 157,964 |
|
|
| Sulzer AG |
|
| 2,539 |
|
| 146,519 |
|
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
| 345,344 |
|
| |||||||||
Marine - 0.0% |
| Kuehne & Nagel International AG |
|
| 4,353 |
|
| 281,936 |
|
| |||||||||
Pharmaceuticals - 2.7% |
| Novartis AG Registered Shares |
|
| 200,847 |
|
| 10,058,710 |
|
|
| Roche Holding AG |
|
| 58,996 |
|
| 9,133,591 |
|
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
| 19,192,301 |
|
| |||||||||
Professional Services - 0.1% |
| Adecco SA Registered Shares |
|
| 10,618 |
|
| 363,497 |
|
|
| SGS SA |
|
| 387 |
|
| 404,746 |
|
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
| 768,243 |
|
| |||||||||
Textiles, Apparel & Luxury Goods - 0.2% |
| Compagnie Financiere Richemont SA |
|
| 46,224 |
|
| 880,747 |
|
|
| The Swatch Group Ltd. Bearer Shares |
|
| 2,613 |
|
| 368,531 |
|
|
| The Swatch Group Ltd. Registered Shares |
|
| 4,656 |
|
| 128,311 |
|
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
| 1,377,589 |
|
| |||||||||
|
| Total Common Stocks in Switzerland |
|
|
|
|
| 56,264,125 |
|
| |||||||||
United Kingdom - 18.4% |
|
|
|
|
|
|
|
|
|
| |||||||||
Aerospace & Defense - 0.4% |
| BAE Systems Plc |
|
| 296,941 |
|
| 1,615,995 |
|
|
| Cobham Plc |
|
| 79,850 |
|
| 238,682 |
|
|
| Meggitt Plc |
|
| 59,138 |
|
| 137,309 |
|
|
| Rolls-Royce Group Plc |
|
| 148,028 |
|
| 724,139 |
|
|
| Rolls-Royce Group Plc (a) |
|
| 8,323,801 |
|
| 11,968 |
|
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
| 2,728,093 |
|
| |||||||||
Airlines - 0.0% |
| British Airways Plc |
|
| 45,251 |
|
| 119,606 |
|
|
24
Master International 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 |
| ||
| |||||||||
Auto Components - 0.0% |
| GKN Plc |
|
| 59,800 |
| $ | 83,262 |
|
| |||||||||
Beverages - 0.6% |
| Diageo Plc |
|
| 210,498 | �� |
| 2,957,677 |
|
|
| SABMiller Plc |
|
| 71,578 |
|
| 1,201,999 |
|
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
| 4,159,676 |
|
| |||||||||
Capital Markets - 0.1% |
| 3i Group Plc |
|
| 30,759 |
|
| 120,455 |
|
|
| ICAP Plc |
|
| 41,753 |
|
| 176,249 |
|
|
| Investec Plc |
|
| 25,570 |
|
| 105,580 |
|
|
| Man Group Plc |
|
| 137,152 |
|
| 471,824 |
|
|
| Schroders Plc |
|
| 11,024 |
|
| 138,678 |
|
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
| 1,012,786 |
|
| |||||||||
Chemicals - 0.0% |
| Johnson Matthey Plc |
|
| 16,900 |
|
| 268,944 |
|
| |||||||||
Commercial Banks - 2.2% |
| Barclays Plc |
|
| 682,849 |
|
| 1,552,041 |
|
|
| HBOS Plc |
|
| 430,039 |
|
| 445,165 |
|
|
| HSBC Holdings Plc |
|
| 991,572 |
|
| 9,704,709 |
|
|
| Lloyds TSB Group Plc |
|
| 475,646 |
|
| 900,266 |
|
|
| Royal Bank of Scotland Group Plc |
|
| 1,501,988 |
|
| 1,105,656 |
|
|
| Standard Chartered Plc |
|
| 156,036 |
|
| 1,996,645 |
|
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
| 15,704,482 |
|
| |||||||||
Commercial Services & Supplies - 0.1% |
| Group 4 Securicor Plc |
|
| 99,341 |
|
| 295,832 |
|
|
| Serco Group Plc |
|
| 45,013 |
|
| 294,658 |
|
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
| 590,490 |
|
| |||||||||
Construction & Engineering - 0.0% |
| Balfour Beatty Plc |
|
| 42,120 |
|
| 203,754 |
|
| |||||||||
Containers & Packaging - 0.0% |
| Rexam Plc |
|
| 51,289 |
|
| 262,512 |
|
| |||||||||
Diversified Financial Services - 0.0% |
| London Stock Exchange Group Plc |
|
| 12,046 |
|
| 90,357 |
|
| |||||||||
Diversified Telecommunication |
| BT Group Plc |
|
| 656,479 |
|
| 1,320,249 |
|
|
| Cable & Wireless Plc |
|
| 220,100 |
|
| 497,763 |
|
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
| 1,818,012 |
|
| |||||||||
Electric Utilities - 0.3% |
| British Energy Group Plc |
|
| 82,572 |
|
| 925,297 |
|
|
| Scottish & Southern Energy Plc |
|
| 70,056 |
|
| 1,235,182 |
|
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
| 2,160,479 |
|
| |||||||||
Energy Equipment & Services - 0.0% |
| Amec Plc |
|
| 26,645 |
|
| 192,355 |
|
| |||||||||
Food & Staples Retailing - 0.7% |
| J Sainsbury Plc |
|
| 93,560 |
|
| 446,470 |
|
|
| Tesco Plc |
|
| 654,003 |
|
| 3,405,414 |
|
|
| William Morrison Supermarkets Plc |
|
| 192,228 |
|
| 779,167 |
|
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
| 4,631,051 |
|
| |||||||||
Food Products - 0.6% |
| Associated British Foods Plc |
|
| 28,555 |
|
| 300,608 |
|
|
| Cadbury Plc |
|
| 116,149 |
|
| 1,026,345 |
|
|
| Tate & Lyle Plc |
|
| 34,772 |
|
| 202,606 |
|
|
| Unilever Plc |
|
| 107,568 |
|
| 2,470,816 |
|
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
| 4,000,375 |
|
| |||||||||
Health Care Equipment & Supplies - 0.1% |
| Smith & Nephew Plc |
|
| 75,444 |
|
| 481,824 |
|
| |||||||||
Hotels, Restaurants & Leisure - 0.3% |
| Carnival Plc |
|
| 15,326 |
|
| 338,460 |
|
|
| Compass Group Plc |
|
| 147,980 |
|
| 738,078 |
|
|
| Intercontinental Hotels Group Plc |
|
| 20,773 |
|
| 171,380 |
|
|
| Ladbrokes Plc |
|
| 53,298 |
|
| 143,157 |
|
|
| TUI Travel Plc |
|
| 39,184 |
|
| 132,817 |
|
|
| Thomas Cook Group Plc |
|
| 28,091 |
|
| 71,834 |
|
25
Master International 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 |
| ||
| |||||||||
|
| Whitbread Plc |
|
| 17,348 |
| $ | 231,222 |
|
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
| 1,826,948 |
|
| |||||||||
Household Durables - 0.0% |
| Berkeley Group Holdings Plc |
|
| 3,735 |
|
| 47,363 |
|
| |||||||||
Household Products - 0.3% |
| Reckitt Benckiser Plc |
|
| 48,660 |
|
| 1,823,337 |
|
| |||||||||
IT Services - 0.0% |
| LogicaCMG Plc |
|
| 120,610 |
|
| 121,251 |
|
| |||||||||
Independent Power Producers & Energy |
| Drax Group Plc |
|
| 27,189 |
|
| 220,714 |
|
Traders - 0.1% |
| International Power Plc |
|
| 128,927 |
|
| 449,274 |
|
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
| 669,988 |
|
| |||||||||
Industrial Conglomerates - 0.1% |
| Smiths Group Plc |
|
| 30,529 |
|
| 392,297 |
|
|
| Tomkins Plc |
|
| 78,603 |
|
| 141,521 |
|
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
| 533,818 |
|
| |||||||||
Insurance - 0.7% |
| Admiral Group Plc |
|
| 13,207 |
|
| 174,331 |
|
|
| Aviva Plc |
|
| 212,278 |
|
| 1,202,872 |
|
|
| Friends Provident Plc |
|
| 186,698 |
|
| 238,643 |
|
|
| Legal & General Group Plc |
|
| 484,369 |
|
| 541,389 |
|
|
| Old Mutual Plc |
|
| 397,492 |
|
| 319,482 |
|
|
| Prudential Plc |
|
| 214,012 |
|
| 1,299,104 |
|
|
| Royal & Sun Alliance Insurance Group |
|
| 259,900 |
|
| 517,908 |
|
|
| Standard Life Plc |
|
| 171,156 |
|
| 499,640 |
|
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
| 4,793,369 |
|
| |||||||||
Internet & Catalog Retail - 0.0% |
| Home Retail Group |
|
| 72,181 |
|
| 222,782 |
|
| |||||||||
Machinery - 0.0% |
| IMI Plc |
|
| 24,844 |
|
| 98,681 |
|
|
| Invensys Plc (a) |
|
| 64,547 |
|
| 163,131 |
|
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
| 261,812 |
|
| |||||||||
Media - 0.5% |
| British Sky Broadcasting Plc |
|
| 90,532 |
|
| 639,330 |
|
|
| Daily Mail & General Trust |
|
| 24,362 |
|
| 96,143 |
|
|
| ITV Plc |
|
| 287,054 |
|
| 165,625 |
|
|
| Pearson Plc |
|
| 70,844 |
|
| 667,730 |
|
|
| Reed Elsevier Plc |
|
| 95,363 |
|
| 700,140 |
|
|
| Thomson Reuters Plc |
|
| 17,001 |
|
| 378,849 |
|
|
| United Business Media Ltd. |
|
| 15,334 |
|
| 113,294 |
|
|
| WPP Plc |
|
| 98,929 |
|
| 578,471 |
|
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
| 3,339,582 |
|
| |||||||||
Metals & Mining - 1.3% |
| Anglo American Plc |
|
| 108,786 |
|
| 2,538,753 |
|
|
| Antofagasta Plc |
|
| 31,691 |
|
| 198,516 |
|
|
| BHP Billiton Plc |
|
| 184,260 |
|
| 3,573,834 |
|
|
| Kazakhmys Plc |
|
| 17,122 |
|
| 58,446 |
|
|
| Lonmin Plc |
|
| 12,492 |
|
| 166,502 |
|
|
| Rio Tinto Plc Registered Shares |
|
| 81,903 |
|
| 1,820,425 |
|
|
| Vedanta Resources Plc |
|
| 11,572 |
|
| 103,912 |
|
|
| Xstrata Plc |
|
| 53,937 |
|
| 504,709 |
|
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
| 8,965,097 |
|
| |||||||||
Multi-Utilities - 0.6% |
| Centrica Plc |
|
| 428,206 |
|
| 1,648,512 |
|
|
| National Grid Plc |
|
| 205,696 |
|
| 2,032,576 |
|
|
| United Utilities Group Plc |
|
| 59,745 |
|
| 542,486 |
|
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
| 4,223,574 |
|
| |||||||||
Multiline Retail - 0.1% |
| Marks & Spencer Group Plc |
|
| 139,616 |
|
| 437,632 |
|
26
|
|
Master International 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 |
| ||
| |||||||||
|
| Next Plc |
|
| 18,727 |
| $ | 294,279 |
|
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
| 731,911 |
|
| |||||||||
Oil, Gas & Consumable Fuels - 4.2% |
| BG Group Plc |
|
| 278,300 |
|
| 3,852,113 |
|
|
| BP Plc |
|
| 1,544,898 |
|
| 11,925,745 |
|
|
| Cairn Energy Plc (a) |
|
| 10,300 |
|
| 301,669 |
|
|
| Royal Dutch Shell Plc |
|
| 291,305 |
|
| 7,653,486 |
|
|
| Royal Dutch Shell Plc Class B |
|
| 223,973 |
|
| 5,677,368 |
|
|
| Tullow Oil Plc |
|
| 57,495 |
|
| 550,469 |
|
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
| 29,960,850 |
|
| |||||||||
Pharmaceuticals - 1.9% |
| AstraZeneca Plc |
|
| 120,741 |
|
| 4,939,567 |
|
|
| GlaxoSmithKline Plc |
|
| 433,752 |
|
| 8,066,813 |
|
|
| Shire Ltd. |
|
| 44,716 |
|
| 658,666 |
|
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
| 13,665,046 |
|
| |||||||||
Professional Services - 0.2% |
| Capita Group Plc |
|
| 534,106 |
|
| 49,791 |
|
|
| Experian Group Ltd. |
|
| 80,535 |
|
| 507,770 |
|
|
| Hays Plc |
|
| 87,373 |
|
| 88,288 |
|
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
| 1,130,164 |
|
| |||||||||
Real Estate Investment Trusts (REITs) - 0.2% |
| British Land Co. Plc |
|
| 40,216 |
|
| 322,221 |
|
|
| Hammerson Plc |
|
| 22,750 |
|
| 176,234 |
|
|
| Land Securities Group Plc |
|
| 41,117 |
|
| 552,791 |
|
|
| Liberty International Plc |
|
| 20,162 |
|
| 139,595 |
|
|
| Segro Plc |
|
| 35,377 |
|
| 126,123 |
|
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
| 1,316,964 |
|
| |||||||||
Road & Rail - 0.1% |
| Firstgroup Plc |
|
| 38,694 |
|
| 244,704 |
|
|
| National Express Group Plc |
|
| 12,431 |
|
| 89,389 |
|
|
| Stagecoach Group Plc |
|
| 40,760 |
|
| 83,842 |
|
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
| 417,935 |
|
| |||||||||
Software - 0.0% |
| Sage Group Plc |
|
| 112,528 |
|
| 278,639 |
|
Specialty Retail - 0.1% |
| The Carphone Warehouse Plc |
|
| 32,874 |
|
| 43,080 |
|
|
| Kingfisher Plc |
|
| 216,514 |
|
| 426,517 |
|
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
| 469,597 |
|
| |||||||||
Textiles, Apparel & Luxury Goods - 0.0% |
| Burberry Group Plc |
|
| 35,712 |
|
| 115,625 |
|
Tobacco - 0.9% |
| British American Tobacco Plc |
|
| 156,974 |
|
| 4,094,960 |
|
|
| Imperial Tobacco Group Plc |
|
| 82,361 |
|
| 2,199,945 |
|
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
| 6,294,905 |
|
| |||||||||
Trading Companies & Distributors - 0.1% |
| Bunzl Plc |
|
| 30,014 |
|
| 256,120 |
|
|
| Wolseley Plc |
|
| 53,182 |
|
| 296,252 |
|
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
| 552,372 |
|
| |||||||||
Water Utilities - 0.0% |
| Severn Trent Plc |
|
| 18,856 |
|
| 326,778 |
|
Wireless Telecommunication Services - 1.3% |
| Vodafone Group Plc |
|
| 4,354,451 |
|
| 8,916,407 |
|
| |||||||||
|
| Total Common Stocks in the United Kingdom |
|
|
|
|
| 129,514,172 |
|
| |||||||||
|
| Total Common Stocks - 92.9% |
|
|
|
|
| 656,163,788 |
|
|
27
|
|
Master International Index Series of Quantitative Master Series LLC | |
|
|
Schedule of Investments December 31, 2008 | (Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
|
|
| |||||||||
|
| Exchange-Traded Funds |
| Shares |
| Value |
| ||
| |||||||||
United States - 3.9% |
|
|
|
|
|
|
|
|
|
| |||||||||
|
| iShares MSCI EAFE Index Fund (d) |
|
| 617,845 |
| $ | 27,722,705 |
|
| |||||||||
|
| Total Exchange-Traded Funds - 3.9% |
|
|
|
|
| 27,722,705 |
|
| |||||||||
Industry |
| Preferred Stocks |
|
|
|
|
|
|
|
| |||||||||
Germany - 0.2% |
|
|
|
|
|
|
|
|
|
| |||||||||
Automobiles - 0.1% |
| Volkswagen AG, 4.35% |
|
| 8,482 |
|
| 457,206 |
|
| |||||||||
Household Products - 0.1% |
| Henkel KGaA, 1.75% |
|
| 14,702 |
|
| 460,595 |
|
| |||||||||
Multi-Utilities - 0.0% |
| RWE AG, 3.50% |
|
| 2,624 |
|
| 197,995 |
|
| |||||||||
|
| Total Preferred Stocks - 0.2% |
|
|
|
|
| 1,115,796 |
|
| |||||||||
|
| Rights |
|
|
|
|
|
|
|
| |||||||||
Belgium - 0.0% |
|
|
|
|
|
|
|
|
|
| |||||||||
Diversified Financial Services - 0.0% |
| Fortis (b)(e) |
|
| 184,182 |
|
| 3 |
|
| |||||||||
|
| Total Rights in Belgium |
|
|
|
|
| 3 |
|
| |||||||||
Japan - 0.0% |
|
|
|
|
|
|
|
|
|
| |||||||||
Metals & Mining - 0.0% |
| Dowa Mining Co., Ltd. (b)(f) |
|
| 7,000 |
|
| - |
|
| |||||||||
|
| Total Rights in Japan |
|
|
|
|
| - |
|
| |||||||||
Singapore - 0.0% |
|
|
|
|
|
|
|
|
|
| |||||||||
Commercial Banks - 0.0% |
| DBS Goup Holdings Ltd. (g) |
|
| 46,803 |
|
| 97,454 |
|
| |||||||||
|
| Total Rights in Singapore |
|
|
|
|
| 97,454 |
|
| |||||||||
United Kingdom - 0.0% |
|
|
|
|
|
|
|
|
|
| |||||||||
Commercial Banks - 0.0% |
| HBOS Plc (h) |
|
| 595,130 |
|
| 9 |
|
| |||||||||
|
| Lloyds TSB Group Plc (h) |
|
| 206,763 |
|
| 3 |
|
| |||||||||
|
| Total Rights in the United Kingdom |
|
|
|
|
| 12 |
|
| |||||||||
|
| Total Rights - 0.0% |
|
|
|
|
| 97,466 |
|
| |||||||||
|
| Total Long-Term Investments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 685,099,758 |
|
| |||||||||
|
| Short-Term Securities |
| Beneficial |
|
|
|
| |
| |||||||||
|
| BlackRock Liquidity Series, LLC |
|
| USD 11,260 |
|
| 11,259,665 |
|
| |||||||||
|
| Total Short-Term Securities |
|
|
|
|
| 11,259,665 |
|
| |||||||||
|
| Total Investments |
|
|
|
|
| 696,359,423 |
|
|
| Other Assets Less Liabilities - 1.4% |
|
|
|
|
| 9,759,975 |
|
|
|
|
|
|
|
|
| ||
|
| Net Assets - 100.0% |
|
|
|
|
| $706,119,398 |
|
|
|
|
|
|
|
|
|
|
|
* | 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 |
| $ | 895,944,370 |
|
Gross unrealized appreciation |
| $ | 44,690,983 |
|
Gross unrealized depreciation |
|
| (244,275,930 | ) |
Net unrealized depreciation |
| $ | (199,584,947 | ) |
|
|
(a) | Non-income producing security. |
|
|
(b) | Security is valued in accordance with the Series’ fair valuation policy. |
|
|
(c) | Depositary receipts. |
|
|
(d) | All or a portion of security has been pledged as collateral in connection with open financial futures contracts. |
|
|
(e) | The rights may be exercised until 7/01/14 |
|
|
(f) | The rights may be exercised until 1/29/10. |
28
|
|
Master International Index Series of Quantitative Master Series LLC | |
Schedule of Investments December 31, 2008 | |
(g) | The rights may be exercised until 1/20/09. |
|
|
(h) | The rights may be exercised until 1/09/09. |
|
|
(i) | Represents the current yield as of report date. |
|
|
(j) | 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 |
|
| Net |
| Income |
| ||
BlackRock Liquidity Series, LLC Cash Sweeps Series |
|
| USD | (2,269,673) |
| $ | 347,498 |
|
|
|
• | 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. These industry classifications are unaudited. |
|
|
• | Financial futures contracts purchased as of December 31, 2008 were as follows: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contracts |
| Issue |
| Exchange |
| Expiration |
|
| Face |
|
| Unrealized |
| |
1 |
|
| IBEX 35 Plus |
| Eurex |
| January 2009 |
| $ | 128,154 |
| $ | (1,479 | ) |
4 |
|
| Hang Seng Index Future |
| Hong Kong |
| January 2009 |
|
| 364,962 |
|
| 6,770 |
|
62 |
|
| OMX Stock Index Future |
| Stockholm |
| January 2009 |
|
| 528,796 |
|
| (12,126 | ) |
1 |
|
| Dax Index 25 Euro |
| Eurex Deutschland |
| March 2009 |
|
| 166,557 |
|
| 1,448 |
|
1 |
|
| S&P MIB Index |
| Eurex |
| March 2009 |
|
| 136,511 |
|
| (1,524 | ) |
159 |
|
| DJ Euro Stoxx 50 |
| Eurex |
| March 2009 |
|
| 5,465,643 |
|
| (50,714 | ) |
69 |
|
| FTSE 100 Index Future |
| LIFFE |
| March 2009 |
|
| 4,255,013 |
|
| 100,083 |
|
21 |
|
| SPI 200 Index Future |
| Sydney |
| March 2009 |
|
| 1,288,532 |
|
| 82,615 |
|
56 |
|
| TOPIX Index Future |
| Tokyo |
| March 2009 |
|
| 5,045,773 |
|
| 279,324 |
|
Total |
|
|
|
|
|
|
|
|
|
|
| $ | 404,397 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
• | Foreign currency exchange contracts as of December 31, 2008 were as follows: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Currency |
| Currency |
| Settlement |
|
| Unrealized |
| ||||||
AUD |
|
| 2,905,650 |
| USD |
|
| 1,889,627 |
| 2/12/09 |
| $ | 126,948 |
|
AUD |
|
| 427,000 |
| USD |
|
| 294,124 |
| 2/12/09 |
|
| 2,222 |
|
USD |
|
| 1,343,567 |
| AUD |
|
| 2,073,650 |
| 2/12/09 |
|
| (95,585 | ) |
CHF |
|
| 698,300 |
| USD |
|
| 589,627 |
| 2/12/09 |
|
| 66,746 |
|
USD |
|
| 584,084 |
| CHF |
|
| 698,300 |
| 2/12/09 |
|
| (72,288 | ) |
CHF |
|
| 233,000 |
| USD |
|
| 220,812 |
| 2/12/09 |
|
| (1,802 | ) |
EUR |
|
| 7,325,700 |
| USD |
|
| 9,176,794 |
| 2/12/09 |
|
| 988,533 |
|
EUR |
|
| 1,047,000 |
| USD |
|
| 1,405,492 |
| 2/12/09 |
|
| 47,352 |
|
EUR |
|
| 444,100 |
| USD |
|
| 554,487 |
| 2/12/09 |
|
| 61,757 |
|
USD |
|
| 8,950,183 |
| EUR |
|
| 7,051,300 |
| 2/12/09 |
|
| (834,380 | ) |
USD |
|
| 254,738 |
| EUR |
|
| 181,600 |
| 2/12/09 |
|
| 2,746 |
|
GBP |
|
| 3,413,500 |
| USD |
|
| 5,244,862 |
| 2/12/09 |
|
| (342,615 | ) |
GBP |
|
| 615,300 |
| USD |
|
| 912,473 |
| 2/12/09 |
|
| (28,819 | ) |
GBP |
|
| 484,300 |
| USD |
|
| 709,222 |
| 2/12/09 |
|
| (13,702 | ) |
USD |
|
| 457,851 |
| GBP |
|
| 307,900 |
| 2/12/09 |
|
| 15,665 |
|
29
|
Master International Index Series of Quantitative Master Series LLC |
Schedule of Investments December 31, 2008 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign currency exchange contracts as of December 31, 2008 were as follows (concluded): | ||||||||||||
Currency |
| Currency |
| Settlement |
| Unrealized |
| |||||
USD |
| 4,956,738 |
| GBP |
| 3,302,600 |
| 2/12/09 |
| $ | 213,758 |
|
USD |
| 326,195 |
| GBP |
| 224,000 |
| 2/12/09 |
|
| 4,500 |
|
JPY |
| 521,967,400 |
| USD |
| 5,391,039 |
| 2/12/09 |
|
| 372,100 |
|
JPY |
| 105,760,000 |
| USD |
| 1,131,019 |
| 2/12/09 |
|
| 36,697 |
|
JPY |
| 21,045,000 |
| USD |
| 232,921 |
| 2/12/09 |
|
| (559 | ) |
USD |
| 479,549 |
| JPY |
| 45,436,000 |
| 2/12/09 |
|
| (22,119 | ) |
USD |
| 3,688,263 |
| JPY |
| 354,702,500 |
| 2/12/09 |
|
| (228,074 | ) |
USD |
| 138,335 |
| JPY |
| 13,360,600 |
| 2/12/09 |
|
| (9,181 | ) |
SEK |
| 4,806,100 |
| USD |
| 594,468 |
| 2/12/09 |
|
| 12,836 |
|
USD |
| 398,679 |
| SEK |
| 3,204,300 |
| 2/12/09 |
|
| (6,220 | ) |
Total |
|
|
|
|
|
|
|
|
| $ | 296,516 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Currency Abbreviations: | ||||
AUD | Australian Dollar | JPY | Japanese Yen |
|
CHF | Swiss Franc | SEK | Swedish Krona |
|
EUR | Euro | USD | US Dollar |
|
GBP | British Pound |
|
|
|
|
|
|
• | 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 |
| Investments in |
| Other Financial Instruments* |
| |||||
|
| Assets |
| Assets |
| Liabilities |
| |||
Level 1 |
| $ | 40,464,760 |
| $ | 470,240 |
| $ | (65,843 | ) |
Level 2 |
|
| 655,868,163 |
|
| 1,951,860 |
|
| (1,655,344 | ) |
Level 3 |
|
| 26,500 |
|
| — |
|
| — |
|
Total |
| $ | 696,359,423 |
| $ | 2,422,100 |
| $ | (1,721,187 | ) |
|
|
|
|
* | Other financial instruments are futures and foreign currency exchange contracts. |
30
|
Master International Index Series of Quantitative Master Series LLC |
Schedule of Investments December 31, 2008 |
|
|
|
|
|
|
| Investments in |
| |
Balance, as of January 1, 2008 |
|
| — |
|
Realized gain (loss) |
|
| — |
|
Change in unrealized appreciation (depreciation)1 |
| $ | (661,574 | ) |
Net purchases (sales) |
|
| — |
|
Net transfers in/out of Level 3 |
|
| 688,074 |
|
Balance, as of December 31, 2008 |
| $ | 26,500 |
|
|
|
|
|
1 | Included in the related net change in unrealized appreciation/depreciation on the Statement of Operations. |
31
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 International 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
32
(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 International Index Fund of BlackRock Index Funds, Inc. and Master International Index Series of Quantitative Master Series LLC | |||
By: | /s/ Donald C. Burke | ||
Donald C. Burke | |||
Chief Executive Officer of | |||
BlackRock International Index Fund of BlackRock Index Funds, Inc. and Master International 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 International Index Fund of BlackRock Index Funds, Inc. and Master International 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 International Index Fund of BlackRock Index Funds, Inc. and Master International Index Series of Quantitative Master Series LLC | |||
Date: February 23, 2009 |