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

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

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

Name of Fund:	BlackRock 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

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

NOT FDIC INSURED
MAY LOSE VALUE
NO BANK GUARANTEE

Table of Contents

	Page
A Letter to Shareholders	3
Annual Report:
Fund Summary	4
About Fund Performance	6
Disclosure of Expenses	6
Fund Financial Statements:
Statement of Assets and Liabilities	7
Statement of Operations	8
Statements of Changes in Net Assets	9
Fund Financial Highlights	10
Fund Notes to Financial Statements	11
Fund Report of Independent Registered Public Accounting Firm	14
Important Tax Information (Unaudited)	14
Series Portfolio Information	15
Series Financial Statements:
Summary Schedule of Investments	16
Statement of Assets and Liabilities	22
Statement of Operations	23
Statements of Changes in Net Assets	24
Series Financial Highlights	24
Series Notes to Financial Statements	25
Series Report of Independent Registered Public Accounting Firm	28
Officers and Directors	29
Additional Information	32
Mutual Fund Family	34

2 BLACKROCK INTERNATIONAL INDEX FUND DECEMBER 31, 2008

A Letter to Shareholders

Dear Shareholder

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

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

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

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

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

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

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

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

Sincerely,

Rob Kapito

President, BlackRock Advisors, LLC

THIS PAGE NOT PART OF YOUR FUND REPORT

3

Fund Summary

Portfolio Management Commentary

	How did the Fund perform?
•	For the 12 months ended December 31,2008,the Fund 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.
	Describe the market environment.
•	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.
•	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%.
•	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.
	Describe recent portfolio activity.
•	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.
	Describe portfolio positioning at period end.
•	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.

Expense Example

	Actual						Hypothetical2
	Beginning Account Value July 1, 2008		Ending Account Value December 31, 2008		Expenses Paid During the Period1		Beginning Account Value July 1, 2008		Ending Account Value December 31, 2008		Expenses Paid During the Period1
Institutional	$	1,000	$	648.90	$	2.32	$	1,000	$	1,022.28	$	2.85
Investor A	$	1,000	$	648.00	$	3.36	$	1,000	$	1,021.03	$	4.11

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.

2

Hypothetical 5% annual return before expenses is calculated by pro-rating the number of days in the most recent fiscal half year divided by 366. See “Disclosure of Expenses” on page 6 for further information on how expenses were calculated.

4 BLACKROCK INTERNATIONAL INDEX FUND DECEMBER 31, 2008

Total Return Based on a $10,000 Investment

1	Assuming transaction costs, if any, and other operating expenses, including advisory fees.
2	The Fund invests all of its assets in 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.
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.

Performance Summary for the Period Ended December 31, 2008

			Average Annual Total Returns4
	6-Month Total Returns
			1 Year		5 Years		10 Years
Institutional	(35.11	)%	(42.24	)%	1.72	%	0.55	%
Investor A	(35.20	)	(42.41	)	1.44		0.29
MSCI EAFE (Cap Weighted) Index	(36.41	)	(43.38	)	1.66		0.80

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

Past performance is not indicative of future results.
BLACKROCK INTERNATIONAL INDEX FUND	DECEMBER 31, 2008	5

About Fund Performance

• Institutional Shares are not subject to any sales charge. Institutional Shares bear no ongoing distribution or service fees and are available only to eligible investors.

• Investor A Shares are not subject to any sales charge and bear no ongoing distribution fee. Investor A Shares are subject to an ongoing service fee of 0.25% per year.

Performance information reflects past performance and does not guarantee future results. Current performance may be lower or higher than the performance data quoted. Refer to www.blackrock.com/funds to obtain performance data current to the most recent month-end. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. 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.

Disclosure of Expenses

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.

6 BLACKROCK INTERNATIONAL INDEX FUND DECEMBER 31, 2008

Statement of Assets and Liabilities BlackRock International Index Fund

December 31, 2008
Assets
Investment at value — Master International Index Series (the “Series”) (cost — $262,043,568)	$	226,808,727
Capital shares sold receivable		390,811
Prepaid expenses		20,113
Other assets		34,744
Total assets		227,254,395
Liabilities
Capital shares redeemed payable		287,790
Contribution payable to the Series		103,021
Administration fees payable		59,794
Distribution fees payable		25,907
Other affiliates payable		3,962
Officer’s and Directors’ fees payable		27
Other accrued expenses payable		12,857
Total liabilities		493,358
Net Assets	$	226,761,037
Net Assets Consist of
Institutional Shares, $0.0001 par value, 125,000,000 shares authorized	$	1,036
Investor A Shares, $0.0001 par value, 125,000,000 shares authorized		1,562
Paid-in capital in excess of par		278,176,719
Distribution in excess of net investment income		(110,880	)
Accumulated net realized loss allocated from the Series		(16,072,559	)
Net unrealized appreciation/depreciation allocated from the Series		(35,234,841	)
Net Assets	$	226,761,037
Net Asset Value
Institutional — Based on net assets of $90,687,683 and 10,358,989 shares outstanding	$	8.75
Investor A — Based on net assets of $136,073,354 and 15,621,836 shares outstanding	$	8.71

See Notes to Financial Statements.

BLACKROCK INTERNATIONAL INDEX FUND DECEMBER 31, 2008 7

Statement of Operations BlackRock International Index Fund

Year Ended December 31, 2008
Investment Income
Net investment income allocated from the Series:
Dividends	$	12,136,450
Foreign withholding tax		(1,031,920	)
Income — affiliated		115,214
Expenses		(320,927	)
Total income		10,898,817
Expenses
Administration		1,047,304
Service — Investor A		439,609
Transfer agent — Investor A		100,039
Transfer agent — Institutional		81,818
Printing		56,183
Registration		32,945
Professional		17,932
Miscellaneous		8,286
Total expenses		1,784,116
Less fees waived by advisor		(15	)
Total expenses after waiver		1,784,101
Net investment income		9,114,716
Realized and Unrealized Loss Allocated from the Series
Net realized loss from investments, futures and foreign currency		(13,912,767	)
Net change in unrealized appreciation/depreciation on investments, futures and foreign currency		(156,376,351	)
Total realized and unrealized loss		(170,289,118	)
Net Decrease in Net Assets Resulting from Operations	$	(161,174,402	)

See Notes to Financial Statements.

8 BLACKROCK INTERNATIONAL INDEX FUND DECEMBER 31, 2008

Statements of Changes in Net Assets BlackRock International Index Fund

	Year Ended December 31,
Increase (Decrease) in Net Assets:	2008			2007
Operations
Net investment income	$	9,114,716		$	8,236,519
Net realized gain (loss)		(13,912,767	)		9,958,373
Net change in unrealized appreciation/depreciation		(156,376,351	)		16,766,802
Net increase (decrease) in net assets resulting from operations		(161,174,402	)		34,961,694
Dividends and Distributions to Shareholders From
Net investment income:
Institutional		(3,141,391	)		(4,478,760	)
Investor A		(3,858,639	)		(5,514,035	)
Net realized gain:
Institutional		(373,410	)		(4,651,792	)
Investor A		(514,178	)		(6,295,009	)
Decrease in net assets resulting from dividends and distributions to shareholders		(7,887,618	)		(20,939,596	)
Capital Share Transactions
Net increase in net assets derived from capital share transactions		22,648,676			28,346,777
Redemption Fee
Redemption fee		12,292			2,573
Net Assets
Total increase (decrease) in net assets		(146,401,052	)		42,371,448
Beginning of year		373,162,089			330,790,641
End of year	$	226,761,037		$	373,162,089
End of year distributions in excess of net investment income	$	(110,880	)	$	(1,844,288	)

See Notes to Financial Statements.

BLACKROCK INTERNATIONAL INDEX FUND DECEMBER 31, 2008 9

Financial Highlights BlackRock International Index Fund

	Institutional															Investor A
	Year Ended December 31,															Year Ended December 31
	2008			2007			2006			2005			2004			2008			2007			2006			2005			2004
Per Share Operating Performance
Net asset value, beginning of year	$	15.73		$	15.14		$	12.47		$	11.19		$	9.59		$	15.65		$	15.07		$	12.41		$	11.15		$	9.56
Net investment income1		0.40			0.39			0.32			0.23			0.19			0.36			0.34			0.29			0.21			0.17
Net realized and unrealized gain (loss)2		(7.03	)		1.16			2.92			1.24			1.69			(6.98	)		1.16			2.91			1.21			1.67
Net increase (decrease) from investment operations		(6.63	)		1.55			3.24			1.47			1.88			(6.62	)		1.50			3.20			1.42			1.84
Dividends and distributions from:
Net investment income		(0.31	)		(0.47	)		(0.37	)		(0.19	)		(0.28	)		(0.28	)		(0.43	)		(0.34	)		(0.16	)		(0.25	)
Net realized gain		(0.04	)		(0.49	)		(0.20	)		—			—			(0.04	)		(0.49	)		(0.20	)		—			—
Total dividends and distributions		(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

Notes to Financial Statements 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 Securities
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 December 31, 2008						Year Ended December 31, 2007
	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

Report of Independent Registered Public Accounting Firm 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

Important Tax Information (Unaudited)

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 Payable Date	July 16, 2008 July 18, 2008				December 16, 2008 December 18, 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

Portfolio Information Master International Index Series

As of December 31, 2008

Ten Largest Equity Holdings	Percent of Long-Term Investments
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 Long-Term Investments
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

Summary Schedule of Investments December 31, 2008	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 & Energy Traders	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 & Semiconductor Equipment	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 Interest (000)
	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 Activity	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.

See Notes to Financial Statements.

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 Date	Face Value		Unrealized Appreciation (Depreciation)
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 Purchased		Currency Sold		Settlement Date	Unrealized Appreciation (Depreciation)
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

See Notes to Financial Statements.

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 Securities			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 Securities
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

Statement of Assets and Liabilities 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

Statement of Operations 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	)

See Notes to Financial Statements.

BLACKROCK INTERNATIONAL INDEX FUND DECEMBER 31, 2008 23

Statements of Changes in Net Assets Master International Index Series

	Year Ended December 31,
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

Financial Highlights 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	%

See Notes to Financial Statements.

24 BLACKROCK INTERNATIONAL INDEX FUND DECEMBER 31, 2008

Notes to Financial Statements 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

26 BLACKROCK INTERNATIONAL INDEX FUND DECEMBER 31, 2008

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.

BLACKROCK INTERNATIONAL INDEX FUND DECEMBER 31, 2008 27

Report of Independent Registered Public Accounting Firm 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

28 BLACKROCK INTERNATIONAL INDEX FUND DECEMBER 31, 2008

Officers and Directors

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

BLACKROCK INTERNATIONAL INDEX FUND DECEMBER 31, 2008 29

Officers and Directors (continued)

Name, Address and Year of Birth	Position(s) Held with Corporation/ Master LLC		Length of Time Served as a Director2	Principal Occupation(s) During Past Five Years	Number of BlackRock- Advised Funds and Portfolios Overseen	Public Directorships
Non-Interested Directors1 (concluded)
Kenneth L. Urish 40 East 52nd Street New York, NY 10022 1951	Director and Chair of the Audit Committee		Since 2007	Managing Partner, Urish Popeck & Co., LLC (certified public account- ants and consultants) since 1976; Member of External Advisory Board, The Pennsylvania State University Accounting Department since 2001; Trustee, The Holy Family Foundation since 2001; Committee Member/ Professional Ethics Committee of the Pennsylvania Institute of Certified Public Accountants since 2007; Formerly President and Trustee, Pittsburgh Catholic Publishing Associates from 2003 to 2008; Formerly Director, Inter-Tel from 2006 to 2007.	34 Funds 81 Portfolios	None
Frederick W. Winter 40 East 52nd Street New York, NY 10022 1945	Director and Member of the Audit Committee		Since 2007	Professor and Dean Emeritus of the Joseph M. Katz School of Business, University of Pittsburgh since 2005 and Dean thereof from 1997 to 2005. Director, Alkon Corporation (pneumatics) since 1992; Formerly Director, Indotronix International (IT services) from 2004 to 2008; Director, Tippman Sports (recreation) since 2005.	34 Funds 81 Portfolios	None
	1	Directors serve until their resignation, removal or death, or until December 31 of the year in which they turn 72.
	2	Following the combination of Merrill Lynch Investment Managers, L.P. (“MLIM”) and BlackRock, Inc. (“BlackRock”) in September 2006, the various legacy MLIM and legacy BlackRock Fund boards were realigned and consolidated into three new Fund boards in 2007. As a result, although the chart shows directors as joining the Corporation’s/Master LLC’s board in 2007, each director first became a member of the board of directors of other legacy MLIM or legacy BlackRock Funds as follows: David O. Beim since 1998; Ronald W. Forbes since 1977; Matina Horner since 2004; Rodney D. Johnson since 1995; Herbert I. London since 1987; Cynthia A. Montgomery since 1994; Joseph P. Platt since 1999; Robert C. Robb, Jr. since 1999; Toby Rosenblatt since 2005; Kenneth L. Urish since 1999; and Frederick W. Winter since 1999.
Interested Directors3
Richard S. Davis 40 East 52nd Street New York, NY 10022 1945	Director		Since 2007	Managing Director, BlackRock, Inc. since 2005; Formerly Chief Executive Officer, State Street Research & Management Company from 2000 to 2005; Formerly Chairman of the Board of Trustees, State Street Research Mutual Funds from 2000 to 2005; Formerly Chairman, SSR Realty from 2000 to 2004	174 Funds 286 Portfolios	None
Henry Gabbay 40 East 52nd Street New York, NY 10022 1947	Director		Since 2007	Formerly Consultant, BlackRock, Inc. from 2007 to 2008; Formerly Managing Director, BlackRock, Inc. from 1989 to 2007; Formerly Chief Administrative Officer, BlackRock Advisors, LLC from 1998 to 2007; Formerly President of BlackRock Funds and BlackRock Bond Allocation Target Shares from 2005 to 2007 and Treasurer of certain closed-end funds in the BlackRock fund complex from 1989 to 2006.	174 Funds 286 Portfolios	None
	3	Mr. Davis is an “interested person” as defined in the Investment Company Act of 1940, of the Corporation/Master LLC based on his position with BlackRock, Inc. and its affiliates. Mr. Gabbay is an “interested person” of the Corporation/Master LLC based on his former positions with BlackRock, Inc. and its affiliates as well as his ownership of BlackRock, Inc. and PNC securities. Directors serve until their resignation, removal or death, or until December 31 of the year in which they turn 72.

30 BLACKROCK INTERNATIONAL INDEX FUND DECEMBER 31, 2008

Officers and Directors (concluded)

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

1	Officers of the Corporation serve at the pleasure of the Board of Directors.
	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

BLACKROCK INTERNATIONAL INDEX FUND DECEMBER 31, 2008 31

Additional Information

BlackRock Privacy Principles

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

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

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

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

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

Availability of Additional Information

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

To enroll:

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

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

Shareholders Who Hold Accounts Directly with BlackRock:

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

Householding

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

32 BLACKROCK INTERNATIONAL INDEX FUND DECEMBER 31, 2008

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.

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.

BLACKROCK INTERNATIONAL INDEX FUND DECEMBER 31, 2008 33

A World-Class Mutual Fund Family

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

Equity Funds

BlackRock All-Cap Energy & Resources Portfolio

BlackRock Asset Allocation Portfolio†

BlackRock Aurora Portfolio

BlackRock Balanced Capital Fund†

BlackRock Basic Value Fund

BlackRock Capital Appreciation Portfolio

BlackRock Energy & Resources Portfolio

BlackRock Equity Dividend Fund

BlackRock EuroFund

BlackRock Focus Growth Fund

BlackRock Focus Value Fund

BlackRock Fundamental Growth Fund

BlackRock Global Allocation Fund†

BlackRock Global Dynamic Equity Fund

BlackRock Global Emerging Markets Fund

BlackRock Global Financial Services Fund

BlackRock Global Growth Fund

BlackRock Global Opportunities Portfolio

BlackRock Global SmallCap Fund

BlackRock Health Sciences Opportunities Portfolio

BlackRock Healthcare Fund

BlackRock Index Equity Portfolio*

BlackRock International Fund

BlackRock International Diversification Fund

BlackRock International Index Fund

BlackRock International Opportunities Portfolio

BlackRock International Value Fund

BlackRock Large Cap Core Fund

BlackRock Large Cap Core Plus Fund

BlackRock Large Cap Growth Fund

BlackRock Large Cap Value Fund

BlackRock Latin America Fund

BlackRock Mid-Cap Growth Equity Portfolio

BlackRock Mid-Cap Value Equity Portfolio

BlackRock Mid Cap Value Opportunities Fund

BlackRock Natural Resources Trust

BlackRock Pacific Fund

BlackRock Science & Technology Opportunities Portfolio

BlackRock Small Cap Core Equity Portfolio

BlackRock Small Cap Growth Equity Portfolio

BlackRock Small Cap Growth Fund II

BlackRock Small Cap Index Fund

BlackRock Small Cap Value Equity Portfolio*

BlackRock Small/Mid-Cap Growth Portfolio

BlackRock S&P 500 Index Fund

BlackRock U.S. Opportunities Portfolio

BlackRock Utilities and Telecommunications Fund

BlackRock Value Opportunities Fund

Fixed Income Funds

BlackRock Emerging Market Debt Portfolio

BlackRock Enhanced Income Portfolio

BlackRock GNMA Portfolio

BlackRock Government Income Portfolio

BlackRock High Income Fund

BlackRock High Yield Bond Portfolio

BlackRock Income Portfolio†

BlackRock Income Builder Portfolio†

BlackRock Inflation Protected Bond Portfolio

BlackRock Intermediate Bond Portfolio II

BlackRock Intermediate Government Bond Portfolio

BlackRock International Bond Portfolio

BlackRock Long Duration Bond Portfolio

BlackRock Low Duration Bond Portfolio

BlackRock Managed Income Portfolio

BlackRock Short-Term Bond Fund

BlackRock Strategic Income Portfolio

BlackRock Total Return Fund

BlackRock Total Return Portfolio II

BlackRock World Income Fund

Municipal Bond Funds

BlackRock AMT-Free Municipal Bond Portfolio

BlackRock California Insured Municipal Bond Fund

BlackRock Delaware Municipal Bond Portfolio

BlackRock Florida Municipal Bond Fund

BlackRock High Yield Municipal Fund

BlackRock Intermediate Municipal Fund

BlackRock Kentucky Municipal Bond Portfolio

BlackRock Municipal Insured Fund

BlackRock National Municipal Fund

BlackRock New Jersey Municipal Bond Fund

BlackRock New York Municipal Bond Fund

BlackRock Ohio Municipal Bond Portfolio

BlackRock Pennsylvania Municipal Bond Fund

BlackRock Short-Term Municipal Fund

Target Risk & Target Date Funds

BlackRock Prepared Portfolios

Conservative Prepared Portfolio

Moderate Prepared Portfolio

Growth Prepared Portfolio

Aggressive Growth Prepared Portfolio

BlackRock Lifecycle Prepared Portfolios

Prepared Portfolio 2010

Prepared Portfolio 2015

Prepared Portfolio 2020

Prepared Portfolio 2025

Prepared Portfolio 2030

Prepared Portfolio 2035

Prepared Portfolio 2040

Prepared Portfolio 2045

Prepared Portfolio 2050

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

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

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 Under applicable securities laws, a person determined to be an audit committee financial expert will not be deemed an “expert” for any purpose, including without limitation for the purposes of Section 11 of the Securities Act of 1933, as a result of being designated or identified as an audit committee financial expert. The designation or identification as an audit committee financial expert does not impose on such person any duties, obligations, or liabilities greater than the duties, obligations, and liabilities imposed on such person as a member of the audit committee and board of directors in the absence of such designation or identification.
Item 4 –	Principal Accountant Fees and Services

	(a) Audit Fees		(b) Audit-Related Fees1		(c) Tax Fees2		(d) All Other Fees3
Entity Name	Current Fiscal Year End	Previous Fiscal Year End	Current Fiscal Year End	Previous Fiscal Year End	Current Fiscal Year End	Previous Fiscal Year End	Current Fiscal Year End	Previous Fiscal Year End
BlackRock 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 End	Previous Fiscal Year End
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 Services - 0.1%	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 (REITs) - 0.4%	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 & Development - 0.0%	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 Services - 0.1%	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 Services - 0.1%	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 Services - 0.0%	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 Services - 0.0%	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 Services - 0.6%	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 Traders - 0.0%	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 (REITs) - 0.2%	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 Equipment - 0.1%	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 Services - 0.5%	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 Equipment - 0.0%	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 Services - 0.1%	Hellenic Telecommunications Organization SA		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 Services - 0.0%	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 & Instruments - 0.0%	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 (REITs) - 0.1%	The Link REIT		184,414		306,774
Real Estate Management & Development - 0.7%	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 Equipment - 0.0%	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 Services - 0.0%	Hutchison Telecommunications International Ltd.		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 Savings Shares)		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 Savings Shares)		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 Savings Shares)		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 & Supplies - 0.3%	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 Services - 0.3%	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 & Instruments - 1.0%	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 Traders - 0.1%	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 (REITs) - 0.2%	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 & Development - 0.7%	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 Equipment - 0.2%	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 Services - 0.8%	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 Services - 0.3%	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 (REITs) - 0.0%	Corio NV		2,933		135,060
Semiconductors & Semiconductor Equipment - 0.1%	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 Services - 0.1%	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 Registered Shares		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 Services - 0.1%	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 Telecomunicacoes e Multimedia SGPS SA		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 Services - 0.2%	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 Services - 1.1%	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 Traders - 0.0%	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 Services - 0.0%	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 Services - 0.1%	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 & Supplies - 0.2%	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 Services - 0.3%	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 (Cost - $865,585,207) - 97.0%
					685,099,758
	Short-Term Securities	Beneficial Interest (000)
	BlackRock Liquidity Series, LLC Cash Sweep Series, 1.64% (i)(j)		USD 11,260		11,259,665
	Total Short-Term Securities (Cost - $11,259,665) - 1.6%				11,259,665
	Total Investments (Cost - $876,844,872*) - 98.6%				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 Activity		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 Date		Face Value		Unrealized Appreciation (Depreciation)
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 Purchased		Currency Sold		Settlement Date		Unrealized Appreciation (Depreciation)
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 Purchased		Currency Sold		Settlement Date	Unrealized Appreciation (Depreciation)
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 Inputs	Investments in Securities		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

The following is a reconciliation of investments for unobservable inputs Level 3 were used in determining fair value:

	Investments in Securities
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