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: Anne F. Ackerley, Chief Executive Officer, BlackRock International Index Fund of BlackRock Index Funds, Inc. and Master International Index Series of Quantitative Master Series LLC, 55 East 52^nd Street, New York, NY 10055.

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

Date of fiscal year end: 12/31/2009

Date of reporting period: 12/31/2009

Item 1 – Report to Stockholders

EQUITIES    FIXED INCOME    REAL ESTATE    LIQUIDITY    ALTERNATIVES    BLACKROCK SOLUTIONS

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

NOT FDIC INSURED
MAY LOSE VALUE
NO BANK GUARANTEE

Table of Contents

	Page
Dear Shareholder	3
Annual Report:
Fund Summary	4
About Fund Performance	6
Disclosure of Expenses	6
Fund Financial Statements:
Statement of Assets and Liabilities	7
Statement of Operations	8
Statements of Changes in Net Assets	9
Fund Financial Highlights	10
Fund Notes to Financial Statements	11
Fund Report of Independent Registered Public Accounting Firm	14
Important Tax Information (Unaudited)	14
Series Portfolio Information	15
Series Financial Statements:
Summary Schedule of Investments	16
Statement of Assets and Liabilities	21
Statement of Operations	22
Statements of Changes in Net Assets	23
Series Financial Highlights	23
Series Notes to Financial Statements	24
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, 2009

Dear Shareholder

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

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

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

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

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

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

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

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

Sincerely,

Rob Kapito
President, BlackRock Advisors, LLC

Announcement to Shareholders

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

* Data is as of December 31, 2009.

THIS PAGE NOT PART OF YOUR FUND REPORT 3

Fund Summary as of December 31, 2009 BlackRock International Index Fund

Portfolio Management Commentary
	How did the Fund perform?
•	For the 12 months ended December 31,2009,the Fund, through its investment in Master International Index Series (the “Series”) of Quantitative Master Series LLC, underperformed the benchmark Morgan Stanley Capital International Europe, Australasia, Far East (MSCI EAFE) (Cap Weighted) Index. The MSCI EAFE (Cap Weighted) Index is a free-float adjusted, market-capitalization-weighted index designed to measure equity performance of developed markets, excluding the United States and Canada.
•	Returns for the Fund’s respective share classes differ from the benchmark based on individual share class expenses.
	Describe the market environment.
•	International equity markets experienced a dramatic recovery during 2009, with the MSCI EAFE (Cap Weighted) Index gaining 31.78% for the year. The declines that plagued 2008 continued in the early months of the year as investor confidence remained depressed on fears of a deep recession. However, as the risk of further collapse in global markets loomed, governments implemented fiscal stimulus packages on an unprecedented scale worldwide, which succeeded in somewhat stabilizing the global economy. As signs of a slowdown in economic contraction emerged, investors returned to risk assets and relished the opportunity to purchase companies at generationally low valuations. There was distinct sector leadership during most of the rebound as cyclical sectors outperformed. However, in the fourth quarter, returns broadened out as investors locked in profits and focused more on stock-specific factors.
•	From a global sector perspective, materials, financials and consumer discretionary emerged as the best performers, while utilities, telecommunication services and health care posted comparatively smaller gains. At the country level, Norway, Australia and Singapore were on top, while Japan, Finland and Ireland posted the lowest returns for the period.
	Describe recent portfolio activity.
•	Throughout the 12-month period, as changes were made to the composition of the MSCI EAFE Index, the Series purchased and sold securities to maintain its objective of replicating the risks and return of the benchmark.
	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.

Derivative Financial Instruments

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

4 BLACKROCK INTERNATIONAL INDEX FUND DECEMBER 31, 2009

Total Return Based on a $10,000 Investment

1	Assuming transaction costs and other operating expenses, including administration fees, if any.
2	The Fund invests all of its assets in the Series. The Series may invest in a statistically selected sample of the equity securities included in the MSCI EAFE (Cap Weighted) Index and other types of financial instruments.
3	This unmanaged capitalization weighted index is a free-float adjusted, market-capitalization-weighted index designed to measure equity performance of developed markets, excluding the United States and Canada.

Performance Summary for the Period Ended December 31, 2009
				Average Annual Total Returns4
	6-Month Total Returns
					1 Year		5 Years		10 Years
Institutional		21.18	%		28.38	%	3.14	%	0.32	%
Investor A		21.05			28.00		2.85		0.06
MSCI EAFE (Cap Weighted) Index		22.07			31.78		3.54		1.17

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, 2009	5

About Fund Performance

•	Institutional Shares are not subject to any sales charge. Institutional Shares bear no ongoing distribution or service fees and are available only to eligible investors.
•	Investor A Shares are not subject to any sales charge and bear no ongoing distribution fee. Investor A Shares are subject to an ongoing service fee of 0.25% per year.
	Performance information reflects past performance and does not guarantee future results. Current performance may be lower or higher than the performance data quoted. Refer to www.blackrock.com/funds to obtain performance data current to the most recent month-end. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. 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 the performance table on the previous page 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, service and distribution fees including 12b-1 fees and other Fund expenses. The expense example shown below (which is based on a hypothetical investment of $1,000 invested on July 1, 2009 and held through December 31, 2009) is intended to assist shareholders both in calculating expenses based on an investment in the Fund and in comparing these expenses with similar costs of investing in other mutual funds.

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

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

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

Expense Example

	Actual									Hypothetical2
	Beginning Account Value July 1, 2009			Ending Account Value December 31, 2009			Expenses Paid During the Period1			Beginning Account Value July 1, 2009			Ending Account Value December 31, 2009			Expenses Paid During the Period1
Institutional		$	1,000		$	1,211.80		$	2.84		$	1,000		$	1,022.63		$	2.60
Investor A		$	1,000		$	1,210.50		$	4.29		$	1,000		$	1,021.32		$	3.92

1

For each class of the Fund, expenses are equal to the annualized expense ratio for the class (0.51% for Institutional and 0.77% for Investor A), multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period shown). Because the Fund is a feeder fund, the expense table example reflects the expenses of both the feeder fund and the master 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 365.

6 BLACKROCK INTERNATIONAL INDEX FUND DECEMBER 31, 2009

Statement of Assets and Liabilities BlackRock International Index Fund

December 31, 2009
Assets
Investment at value — Master International Index Series (the “Series”) (cost — $255,164,383)	$	250,979,442
Capital shares sold receivable		324,906
Prepaid expenses		12,122
Total assets		251,316,470
Liabilities
Capital shares redeemed payable		299,324
Administration fees payable		72,009
Service fees payable		34,403
Contributions payable to the Series		25,582
Other affiliates payable		2,956
Officer’s fees payable		30
Other accrued expenses payable		29,651
Total liabilities		463,955
Net Assets	$	250,852,515
Net Assets Consist of
Paid-in capital	$	275,922,606
Undistributed net investment income		1,120,122
Accumulated net realized loss allocated from the Series		(22,005,272	)
Net unrealized appreciation/depreciation allocated from the Series		(4,184,941	)
Net Assets	$	250,852,515
Net Asset Value
Institutional — Based on net assets of $89,888,782 and 8,194,534 shares outstanding, 125 million shares authorized, $0.0001 par value	$	10.97
Investor A — Based on net assets of $160,963,733 and 14,754,498 shares outstanding, 125 million shares authorized, $0.0001 par value	$	10.91

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

Statement of Operations BlackRock International Index Fund

Year Ended December 31, 2009
Investment Income
Net investment income allocated from the Series:
Dividends	$	7,083,387
Foreign taxes withheld		(664,560	)
Income — affiliated		6,177
Expenses		(196,183	)
Total income		6,228,821
Expenses
Administration		721,423
Service — Investor A		345,904
Transfer agent — Institutional		34,528
Transfer agent — Investor A		63,238
Printing		56,303
Registration		38,418
Professional		24,448
Officer		97
Miscellaneous		9,945
Total expenses		1,294,304
Net investment income		4,934,517
Realized and Unrealized Gain Allocated from the Series
Net realized gain from investments, in-kind redemptions, financial futures contracts and foreign currency transactions		14,623,210
Net change in unrealized appreciation/depreciation on investments, financial futures contracts and foreign currency transactions		31,049,900
Total realized and unrealized gain		45,673,110
Net Increase in Net Assets Resulting from Operations	$	50,607,627

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

Statements of Changes in Net Assets BlackRock International Index Fund

	Year Ended December 31,
Increase (Decrease) in Net Assets:	2009			2008
Operations
Net investment income	$	4,934,517		$	9,114,716
Net realized gain (loss)		14,623,210			(13,912,767	)
Net change in unrealized appreciation/depreciation		31,049,900			(156,376,351	)
Net increase (decrease) in net assets resulting from operations		50,607,627			(161,174,402	)
Dividends and Distributions to Shareholders From
Net investment income:
Institutional		(2,060,309	)		(3,141,391	)
Investor A		(3,415,709	)		(3,858,639	)
Net realized gain:
Institutional		—			(373,410	)
Investor A		—			(514,178	)
Decrease in net assets resulting from dividends and distributions to shareholders		(5,476,018	)		(7,887,618	)
Capital Share Transactions
Net increase (decrease) in net assets derived from capital share transactions		(21,041,425	)		22,648,676
Redemption Fee
Redemption fee		1,294			12,292
Net Assets
Total increase (decrease) in net assets		24,091,478			(146,401,052	)
Beginning of year		226,761,037			373,162,089
End of year	$	250,852,515		$	226,761,037
Undistributed (distributions in excess of) net investment income	$	1,120,122		$	(110,880	)

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

Financial Highlights BlackRock International Index Fund

	Institutional															Investor A
	Year Ended December 31,															Year Ended December 31,
	2009			2008			2007			2006			2005			2009			2008			2007			2006			2005
Per Share Operating Performance
Net asset value, beginning of year	$	8.75		$	15.73		$	15.14		$	12.47		$	11.19		$	8.71		$	15.65		$	15.07		$	12.41		$	11.15
Net investment income1		0.23			0.40			0.39			0.32			0.23			0.21			0.36			0.34			0.29			0.21
Net realized and unrealized gain (loss)2		2.25			(7.03	)		1.16			2.92			1.24			2.23			(6.98	)		1.16			2.91			1.21
Net increase (decrease) from investment operations		2.48			(6.63	)		1.55			3.24			1.47			2.44			(6.62	)		1.50			3.20			1.42
Dividends and distributions from:
Net investment income		(0.26	)		(0.31	)		(0.47	)		(0.37	)		(0.19	)		(0.24	)		(0.28	)		(0.43	)		(0.34	)		(0.16	)
Net realized gain		—			(0.04	)		(0.49	)		(0.20	)		—			—			(0.04	)		(0.49	)		(0.20	)		—
Total dividends and distributions		(0.26	)		(0.35	)		(0.96	)		(0.57	)		(0.19	)		(0.24	)		(0.32	)		(0.92	)		(0.54	)		(0.16	)
Net asset value, end of year	$	10.97		$	8.75		$	15.73		$	15.14		$	12.47		$	10.91		$	8.71		$	15.65		$	15.07		$	12.41
Total Investment Return3
Based on net asset value		28.38	%		(42.24	)%		10.28	%		26.09	%		13.19	%		28.00	%		(42.41	)%		9.98	%		25.85	%		12.81	%
Ratios to Average Net Assets4
Total expenses		0.54	%		0.54	%		0.54	%		0.52	%		0.56	%		0.79	%		0.79	%		0.79	%		0.78	%		0.81	%
Total expenses after fees waived		0.54	%		0.54	%		0.54	%		0.47	%		0.55	%		0.79	%		0.79	%		0.79	%		0.72	%		0.80	%
Net investment income		2.43	%		3.11	%		2.37	%		2.31	%		1.98	%		2.27	%		2.83	%		2.11	%		2.11	%		1.84	%
Supplemental Data
Net assets, end of year (000)	$	89,889		$	90,688		$	158,740		$	133,267		$	90,157		$	160,964		$	136,073		$	214,422		$	197,524		$	160,177
Portfolio turnover of the Series		30	%		30	%		30	%		23	%		11	%		30	%		30	%		30	%		23	%		11	%

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

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

Notes to Financial Statements BlackRock International Index Fund

1. Organization and Significant Accounting Policies:

BlackRock International Index Fund (the “Fund”), is a series of BlackRock Index Funds, Inc. (the “Corporation”), which is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as a non-diversified, open-end management investment company. The Corporation is organized as a Maryland corporation. The Fund seeks to achieve its investment objective by investing all of its assets in Master International Index Series (the “Series”) of Quantitative Master Series 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 percentage of the Series owned by the Fund at December 31, 2009 was 33.5%. 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 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.

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

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

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

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

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

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

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

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 each of the four years ended December 31, 2009. The statutes of limitations on the Fund’s state and local tax returns may remain open for an additional year depending upon the jurisdiction.

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

BLACKROCK INTERNATIONAL INDEX FUND DECEMBER 31, 2009 11

Notes to Financial Statements (continued) BlackRock International Index Fund

occurring on or after the effective date. Additionally, the enhanced disclosure provisions of the amended guidance should be applied to transfers that occurred both before and after the effective date of this guidance. The impact of this guidance on the Fund’s financial statements and disclosures, if any, is currently being assessed.

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

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

2. Administration Agreement and Other Transactions with Affiliates:

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

The Corporation, on behalf of the Fund, has entered into an Administration Agreement with BlackRock Advisors, LLC (the “Administrator”), an indirect, wholly owned subsidiary of BlackRock, to provide administrative services (other than investment advice and related portfolio activities). For such services, the Fund pays the Administrator a monthly fee at an annual rate of 0.34% of the average daily value of the Fund’s net assets.

The Administrator has entered into a voluntary arrangement with the Fund under which the annual operating expenses incurred by the Fund will not exceed 0.65% for Institutional Shares and 0.90% for Investor A Shares. The Administrator may discontinue the voluntary waiver at any time.

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

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

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

PNC Global Investment Servicing (U.S.) Inc., an indirect, wholly owned subsidiary of PNC and an affiliate of the Administrator, serves as transfer agent and dividend disbursing agent. Each class of the Fund bears the costs of transfer agent fees associated with such respective 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.

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

	Call Center Fees
Institutional		$	233
Investor A		$	1,392

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

3. Income Tax Information:

Reclassifications: Accounting principles generally accepted in the United States of America require that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or net asset values per share. The following permanent differences as of December 31,

12 BLACKROCK INTERNATIONAL INDEX FUND DECEMBER 31, 2009

Notes to Financial Statements (concluded) BlackRock International Index Fund

2009 attributable to foreign currency transactions, the sale of stock of passive foreign investment companies, in-kind withdrawals and non-deductible expenses were reclassified to the following accounts:

Undistributed net investment income			$	1,772,503
Accumulated net realized loss allocated from the Series			$	(20,555,923	)
Paid-in capital			$	18,783,420
The tax character of distributions paid during the fiscal years ended December 31, 2009 and 2008 was as follows:
		12/31/09		12/31/08
Distributions paid from:
Ordinary income	$	5,476,018	$	7,339,400
Long-term capital gains		—		548,218
Total distributions	$	5,476,018	$	7,887,618

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

Undistributed ordinary income	$	1,703,466
Capital loss carryforwards		(11,982,215	)
Net unrealized losses*		(14,791,342	)
Total	$	(25,070,091	)

* The difference between book-basis and tax-basis net unrealized losses was 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 temporary differences.

As of December 31, 2009, the Fund had capital loss carryforwards available to offset future realized capital gains through the indicated expiration dates:

Expires December 31,
2016	$	5,386,029
2017		6,596,186
Total	$	11,982,215
4. Capital Share Transactions:
Transactions in capital shares for each class were as follows:

	Year Ended December 31, 2009						Year Ended December 31, 2008
	Shares			Amount			Shares			Amount
Institutional
Shares sold		3,126,704		$	28,967,135			4,458,355		$	56,175,918
Shares issued to shareholders in reinvestment of dividends and distributions		162,438			1,769,615			371,254			3,396,692
Total issued		3,289,142			30,736,750			4,829,609			59,572,610
Shares redeemed		(5,453,597	)		(45,691,682	)		(4,564,007	)		(55,989,421	)
Net increase (decrease)		(2,164,455	)	$	(14,954,932	)		265,602		$	3,583,189
Investor A
Shares sold		2,365,417		$	21,951,884			3,811,876		$	43,249,950
Shares issued to shareholders in reinvestment of dividends and distributions		310,951			3,361,868			472,470			4,314,568
Total issued		2,676,368			25,313,752			4,284,346			47,564,518
Shares redeemed		(3,543,706	)		(31,400,245	)		(2,366,852	)		(28,499,031	)
Net increase (decrease)		(867,338	)	$	(6,086,493	)		1,917,494		$	19,065,487

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

5. Subsequent Events:

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

BLACKROCK INTERNATIONAL INDEX FUND DECEMBER 31, 2009 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, 2009, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended. These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

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

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

Deloitte & ToucheLLP
Princeton, New Jersey
February 26, 2010

Important Tax Information (Unaudited)

The following information is provided with respect to the ordinary distributions paid by BlackRock International Index Fund of BlackRock Index Funds, Inc. during the fiscal year ended December 31, 2009:

	Payable Date
	7/24/09			12/17/09
Qualified Dividend Income for Individuals1,2		100	%		100	%
Foreign Source Income2		100	%		89.21	%
Foreign Taxes Paid Per Share3	$	0.005669		$	0.025728

1	The Fund hereby designates the percentage indicated above or the maximum amount allowable by law.
2	Expressed as a percentage of the cash distribution grossed-up for foreign taxes.
3	The foreign taxes paid represent taxes incurred by the 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.

14 BLACKROCK INTERNATIONAL INDEX FUND DECEMBER 31, 2009

Portfolio Information Master International Index Series

As of December 31, 2009

Ten Largest Holdings	Percent of Long-Term Investments
HSBC Holdings Plc	2	%
BP Plc	2
Nestlé SA, Registered Shares	2
Total SA	1
Banco Santander SA	1
BHP Billiton Ltd.	1
Roche Holding AG	1
Toyota Motor Corp.	1
Vodafone Group Plc	1
Novartis AG, Registered Shares	1

Geographic Allocation	Percent of Long-Term Investments
United Kingdom	21	%
Japan	21
France	11
Australia	8
Switzerland	8
Germany	8
Spain	5
Italy	3
Netherlands	3
Sweden	2
Hong Kong	2
Singapore	2
Other1	6

¹ Other includes a 1% holding in each of the following countries: Belgium, Denmark, Finland, Greece, Luxembourg and Norway.

BLACKROCK INTERNATIONAL INDEX FUND DECEMBER 31, 2009 15

Summary Schedule of Investments December 31, 2009 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” represents all issues not required to be disclosed under the rules adopted by the Securities and Exchange Commission. A complete schedule of investments is available without charge, upon request, by calling (800) 441-7762 or on the Securities and Exchange Commission’s website at http://www.sec.gov.

Country	Common Stocks	Shares		Value		Percent
Australia	Australia & New Zealand Banking Group Ltd.		175,062	$	3,567,483	0.5	%
	BHP Billiton Ltd.		235,856		9,025,412	1.2
	Commonwealth Bank of Australia Ltd.		108,214		5,283,200	0.7
	National Australia Bank Ltd.		146,693		3,579,900	0.5
	Westpac Banking Corp.		205,646		4,645,276	0.6
	Other Securities				33,587,838	4.5
					59,689,109	8.0
Austria	Other Securities				2,469,114	0.3
Belgium	Other Securities				7,170,804	1.0
Bermuda	Other Securities				695,365	0.1
Cayman Islands	Other Securities				352,666	0.1
Denmark	Other Securities				6,569,630	0.9
Finland	Nokia Oyj		260,135		3,363,540	0.4
	Other Securities				4,931,862	0.7
					8,295,402	1.1
France	BNP Paribas SA		66,723		5,292,332	0.7
	France Telecom SA		127,575		3,187,876	0.4
	GDF Suez		87,797		3,803,453	0.5
	Sanofi-Aventis		73,274		5,762,470	0.8
	Société Générale SA		43,036		2,990,138	0.4
	Total SA		148,344		9,528,118	1.3
	Other Securities				45,852,337	6.1
					76,416,724	10.2
Germany	Allianz AG, Registered Shares		32,101		3,979,237	0.5
	BASF SE		65,061		4,026,667	0.5
	Bayer AG		57,376		4,591,427	0.6
	DaimlerChrysler AG		62,353		3,321,145	0.5
	E.ON AG		133,923		5,621,288	0.8
	Siemens AG		57,947		5,317,843	0.7
	Other Securities				29,842,346	4.0
					56,699,953	7.6
Greece	Other Securities				3,857,171	0.5
Hong Kong	Other Securities				16,607,378	2.2
Ireland	Other Securities				2,055,882	0.3
Italy	Eni SpA		182,935		4,658,582	0.6
	UniCredit SpA		977,959		3,270,057	0.4
	Other Securities				16,350,598	2.2
					24,279,237	3.2

Portfolio Abbreviations

To simplify the listings of portfolio holdings in the Summary Schedule of Investments, the names and descriptions of many of the securities have been abbreviated according to the following list:

AUD	Australian Dollar
EUR	Euro
GBP	British Pound
JPY	Japanese Yen
SEK	Swedish Krona
USD	US Dollar

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

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

Country	Common Stocks	Shares		Value		Percent
Japan	Canon, Inc.		75,500	$	3,211,655	0.4	%
	Honda Motor Co., Ltd.		116,800		3,962,872	0.5
	Mitsubishi UFJ Financial Group, Inc.		891,774		4,392,688	0.6
	Toyota Motor Corp.		207,800		8,761,048	1.2
	Other Securities				127,639,885	17.1
					147,968,148	19.8
Kazakhstan	Other Securities				257,020	0.0
Luxembourg	Other Securities				3,998,531	0.5
Netherlands	Unilever NV		115,438		3,757,134	0.5
	Other Securities				15,736,687	2.1
					19,493,821	2.6
New Zealand	Other Securities				808,698	0.1
Norway	Other Securities				5,390,433	0.7
Portugal	Other Securities				2,310,358	0.3
Singapore	Other Securities				11,172,972	1.5
Spain	Banco Bilbao Vizcaya Argentaria SA		246,340		4,489,549	0.6
	Banco Santander SA		573,683		9,479,911	1.3
	Telefonica SA		295,654		8,275,065	1.1
	Other Securities				10,904,494	1.4
					33,149,019	4.4
Sweden	Other Securities				17,420,607	2.3
Switzerland	ABB Ltd.		160,090		3,084,827	0.4
	Credit Suisse Group AG		82,164		4,070,517	0.5
	Nestlé SA, Registered Shares		256,418		12,444,897	1.7
	Novartis AG, Registered Shares		154,654		8,445,538	1.1
	Roche Holding AG		52,024		8,896,774	1.2	��
	UBS AG		264,485		4,118,620	0.6
	Other Securities				16,784,756	2.2
					57,845,929	7.7
United Kingdom	Anglo American Plc (a)		92,120		3,989,485	0.5
	AstraZeneca Plc		101,396		4,765,323	0.6
	BG Group Plc		235,247		4,247,679	0.6
	BHP Billiton Plc		154,491		4,925,163	0.7
	BP Plc		1,311,741		12,666,379	1.7
	Barclays Plc		798,732		3,519,574	0.5
	British American Tobacco Plc		139,745		4,536,580	0.6
	Diageo Plc		174,907		3,051,444	0.4
	GlaxoSmithKline Plc		362,949		7,696,642	1.0
	HSBC Holdings Plc		1,213,396		13,842,812	1.9
	Rio Tinto Plc, Registered Shares		95,402		5,151,391	0.7
	Royal Dutch Shell Plc		248,191		7,510,303	1.0
	Royal Dutch Shell Plc, Class B		188,629		5,493,474	0.7
	Standard Chartered Plc		140,697		3,552,016	0.5
	Tesco Plc		555,601		3,832,965	0.5
	Vodafone Group Plc		3,680,257		8,522,398	1.1
	Other Securities				56,091,237	7.5
					153,394,865	20.5
	Total Common Stocks				718,368,836	95.9
	Preferred Securities
	Preferred Stocks
Germany	Other Securities				1,729,654	0.2
	Total Preferred Securities				1,729,654	0.2

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

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

Country	Rights	Shares		Value		Percent
Australia	Other Securities			$	7,718	0.0	%
Belgium	Other Securities				3	0.0
Japan	Other Securities				—	0.0
	Total Rights				7,721	0.0
	Warrants (b)
France	Other Securities				1,617	0.0
Italy	Other Securities				3,743	0.0
	Total Warrants				5,360	0.0
	Total Long-Term Securities (Cost — $716,040,453)				720,111,571	96.1
	Short-Term Securities
	BlackRock Liquidity Funds, TempCash, Institutional Class, 0.17% (c)(d)		6,620,218		6,620,218	0.9
	Total Short-Term Securities (Cost — $6,620,218)				6,620,218	0.9
	Total Investments (Cost — $722,660,671*)				726,731,789	97.0
	Other Assets Less Liabilities				22,548,127	3.0
	Net Assets			$	749,279,916	100.0	%

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

Aggregate cost	$	755,115,777
Gross unrealized appreciation	$	84,372,030
Gross unrealized depreciation		(112,756,018	)
Net unrealized depreciation	$	(28,383,988	)

(a)	Non-income producing security.
(b)	Warrants entitle the Series to purchase a predetermined number of shares of common stock and are non-income producing. The purchase price and number of shares are subject to adjustment under certain conditions until the expiration date.
(c)	Investments in companies considered to be an affiliate of the Series, for purposes of Section 2(a)(3) of the Investment Company Act of 1940, were as follows:

Affiliate	Net Activity			Income
BlackRock Liquidity Funds, TempCash, Institutional Class	$	6,620,218		$	18,139
BlackRock Liquidity Series, LLC Cash Sweep Series	$	(11,259,665	)	$	3,568

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

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

Summary Schedule of Investments (continued) Master International Index Series

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

Contracts	Issue		Exchange		Expiration Date		Notional Value		Unrealized Appreciation (Depreciation)
2		Hang Seng Index Futures		Hong Kong		January 2010	$	277,554	$	5,225
97		OMXS30 Index Futures		Stockholm		January 2010	$	1,301,611		(10,248	)
146		DJ Euro Stoxx 50		Eurex		March 2010	$	6,046,911		173,425
79		FTSE 100 Index Futures		LIFFE		March 2010	$	6,742,774		98,525
25		SPI 200 Index Futures		Sydney		March 2010	$	2,624,954		114,137
75		TOPIX Index Futures		Tokyo		March 2010	$	7,158,072		125,710
Total									$	506,774

• Foreign currency exchange contracts as of December 31, 2009 were as follows:

Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
EUR	401,000	USD	574,112	UBS AG		1/04/10	$	741
GBP	246,000	USD	397,612	UBS AG		1/04/10		(274	)
JPY	40,968,000	USD	440,185	UBS AG		1/04/10		(308	)
AUD	315,000	USD	287,457	Brown Brothers Harriman & Co.		1/15/10		(4,942	)
EUR	8,980,000	USD	13,243,561	Goldman Sachs International		1/15/10		(370,429	)
EUR	2,830,000	USD	4,238,803	UBS AG		1/15/10		(181,903	)
GBP	5,700,000	USD	9,352,215	Goldman Sachs International		1/15/10		(146,362	)
GBP	100,000	USD	162,387	UBS AG		1/15/10		(881	)
JPY	513,770,000	USD	5,700,111	Goldman Sachs International		1/15/10		(183,271	)
JPY	195,255,000	USD	2,168,918	UBS AG		1/15/10		(72,278	)
SEK	6,150,000	USD	865,368	Brown Brothers Harriman & Co.		1/15/10		(5,709	)
USD	276,649	AUD	315,000	UBS AG		1/15/10		(5,866	)
USD	3,718,021	EUR	2,552,000	Goldman Sachs International		1/15/10		59,643
USD	10,939,441	EUR	7,340,000	UBS AG		1/15/10		417,304
USD	1,709,400	GBP	1,050,000	Goldman Sachs International		1/15/10		13,585
USD	3,689,929	GBP	2,265,000	UBS AG		1/15/10		31,814
USD	564,052	JPY	50,020,000	Goldman Sachs International		1/15/10		26,940
USD	4,725,345	JPY	414,175,000	UBS AG		1/15/10		277,952
USD	149,693	SEK	1,095,000	Brown Brothers Harriman & Co.		1/15/10		(3,369	)
Total							$	(147,613	)

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

Summary Schedule of Investments (concluded) Master International Index Series

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

Valuation Inputs	Investments in Securities
	Assets
Level 1
Long-Term Investments:
Belgium	$	175
Cayman Islands		149,097
France		1,617
Italy		3,743
Japan		90,791
Norway		158,756
Singapore		148,258
Spain		4,771
Switzerland		486,802
Short-Term Securities		6,620,218
Total Level 1		7,664,228
Level 2
Long-Term Investments:
Australia		59,696,816
Austria		2,469,114
Belgium		7,170,629
Bermuda		695,365
Cayman Islands		203,569
Denmark		6,569,630
Finland		8,295,402
France		76,416,724
Germany		58,429,607
Greece		3,857,171
Hong Kong		16,607,378
Ireland		2,055,881
Italy		24,279,237
Japan		147,877,357
Kazakhstan		257,020
Luxembourg		3,998,531
Netherlands		19,493,821
New Zealand		808,698

Valuation Inputs (concluded)	Investments in Securities
	Assets
Norway	$	5,231,677
Portugal		2,310,358
Singapore		11,024,714
Spain		33,144,248
Sweden		17,420,607
Switzerland		57,359,127
United Kingdom		153,394,865
Total Level 2		719,067,546
Level 3
Long-Term Investments:
Australia		11
Belgium		3
Ireland		1
Total Level 3		15
Total	$	726,731,789

Valuation Inputs	Other Financial Instruments1
	Assets		Liabilities
Level 1	$	517,022	$	(10,248	)
Level 2		827,979		(975,592	)
Level 3		—		—
Total	$	1,345,001	$	(985,840	)

	1	Other financial instruments are financial futures contracts and foreign currency exchange contracts, which are shown at the unrealized appreciation/depreciation on the instrument.
The following table is a reconciliation of Level 3 investments for which significant unobservable inputs were used to determine fair value:

	Investments in Securities
Balance, as of December 31, 2008	$	26,500
Accrued discounts/premiums		—
Realized gain (loss)		—
Change in unrealized appreciation/depreciation2		(1,493	)
Net purchases (sales)		12
Net transfers in/out of level 3		(25,004	)
Balance, as of December 31, 2009	$	15

² Included in the related net change in unrealized appreciation/depreciation on the Statement of Operations. The change in unrealized appreciation/depreciation on securities still held at December 31, 2009 was $12.

See Notes to Financial Statements.

20 BLACKROCK INTERNATIONAL INDEX FUND DECEMBER 31, 2009

Statement of Assets and Liabilities Master International Index Series

December 31, 2009
Assets
Investments at value — unaffiliated (cost — $716,040,453)	$	720,111,571
Investments at value — affiliated (cost — $6,620,218)		6,620,218
Unrealized appreciation on foreign currency exchange contracts		827,979
Cash		309,308
Foreign currency at value (cost — $14,506,460)		14,449,072
Cash pledged for financial futures contracts		4,451,000
Dividends receivable		3,614,124
Contributions receivable from investors		100,427
Investments sold receivable		14,346
Prepaid expenses		62,805
Total assets		750,560,850
Liabilities
Unrealized depreciation on foreign currency exchange contracts		975,592
Margin variation payable		138,091
Investments purchased payable		17,274
Investment advisory fees payable		5,922
Other affiliates payable		4,302
Directors’ fees payable		449
Other accrued expenses payable		137,193
Other liabilities		2,111
Total liabilities		1,280,934
Net Assets	$	749,279,916
Net Assets Consist of
Investors’ capital	$	744,745,518
Net unrealized appreciation/depreciation		4,534,398
Net Assets	$	749,279,916

See Notes to Financial Statements.

BLACKROCK INTERNATIONAL INDEX FUND DECEMBER 31, 2009 21

Statement of Operations Master International Index Series

Year Ended December 31, 2009
Investment Income
Dividends	$	25,323,037
Foreign taxes withheld		(2,351,811	)
Income — affiliated		21,707
Total income		22,992,933
Expenses
Custodian		216,809
Accounting services		159,506
Pricing		117,648
Professional		79,487
Investment advisory		74,764
Directors		26,110
Printing		2,419
Miscellaneous		29,749
Total expenses		706,492
Less fees waived by advisor		(18,879	)
Total expenses after fees waived		687,613
Net investment income		22,305,320
Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
Investments		(68,061,699	)
In-kind redemptions		63,030,935
Financial futures contracts		3,356,669
Foreign currency transactions		2,194,635
		520,540
Net change in unrealized appreciation/depreciation on:
Investments		184,556,567
Financial futures contracts		102,377
Foreign currency transactions		(530,150	)
		184,128,794
Total realized and unrealized gain		184,649,334
Net Increase in Net Assets Resulting from Operations	$	206,954,654

See Notes to Financial Statements.

22 BLACKROCK INTERNATIONAL INDEX FUND DECEMBER 31, 2009

Statements of Changes in Net Assets Master International Index Series

	Year Ended December 31,
Increase (Decrease) in Net Assets:	2009			2008
Operations
Net investment income	$	22,305,320		$	33,039,462
Net realized gain (loss)		520,540			(52,309,895	)
Net change in unrealized appreciation/depreciation		184,128,794			(468,096,168	)
Net increase (decrease) in net assets resulting from operations		206,954,654			(487,366,601	)
Capital Transactions
Proceeds from contributions		359,210,927			589,551,495
Value of withdrawals		(523,005,063	)		(539,237,057	)
Net increase (decrease) in net assets derived from capital transactions		(163,794,136	)		50,314,438
Net Assets
Total increase (decrease) in net assets		43,160,518			(437,052,163	)
Beginning of year		706,119,398			1,143,171,561
End of year	$	749,279,916		$	706,119,398

Financial Highlights Master International Index Series

	Year Ended December 31,
	2009			2008			2007			2006			2005
Total Investment Return
Total investment return		28.99	%		(41.94	)%		10.80	%		26.61	%		13.64	%
Ratios to Average Net Assets
Total expenses		0.09	%		0.11	%		0.10	%		0.11	%		0.10	%
Total expenses after fees waived		0.09	%		0.10	%		0.09	%		0.10	%		0.10	%
Net investment income		2.98	%		3.54	%		2.86	%		2.70	%		2.53	%
Supplemental Data
Net assets, end of year (000)	$	749,280		$	706,119		$	1,143,172		$	829,986		$	523,155
Portfolio turnover		30	%		30	%		30	%		23	%		11	%

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

Notes to Financial Statements Master International Index Series

1. Organization and Significant Accounting Policies:

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

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

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

Securities and other assets and liabilities denominated in foreign currencies are translated into US dollars using exchange rates determined as of the close of business on the New York Stock Exchange (“NYSE”). Foreign currency exchange contracts are valued at the mid between the bid and ask prices and are determined as of the close of business on the NYSE. Interpolated values are derived when the settlement date of the contract is an interim date for which quotations are not available.

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

Generally, trading in foreign instruments is substantially completed each day at various times prior to the close of business on the NYSE. The values of such instruments 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 instruments 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 instruments, those instruments may be Fair Value Assets and 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 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 gain (loss) 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 either deliver collateral or segregate assets in connection with certain investments (e.g., foreign currency exchange contracts and financial futures contracts) the Series will, consistent with SEC rules and/or certain interpretive letters issued by the SEC, segregate collateral or designate on its books and records cash or other liquid

24 BLACKROCK INTERNATIONAL INDEX FUND DECEMBER 31, 2009

Notes to Financial Statements (continued) Master International Index Series

securities having a market value at least equal to the amount that would otherwise be required to be physically segregated. Furthermore, based on requirements and agreements with certain exchanges and third party broker-dealers, each party has requirements to deliver/deposit securities as collateral for certain investments.

Investment Transactions and Investment Income: For financial reporting purposes, investment transactions are recorded on the dates the transactions are entered into (the trade dates). Realized gains and losses on 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 laws, 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 remain open for each of the four years ended December 31, 2009. 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 Standards: In June 2009, amended guidance was issued by the Financial Accounting Standards Board (“FASB”) for transfers of financial assets. This guidance is intended to improve the relevance, representational faithfulness and comparability of the information that a reporting entity provides in its financial statements about a transfer of financial assets; the effects of a transfer on its financial position, financial performance, and cash flows; and a transferor’s continuing involvement, if any, in transferred financial assets. The amended guidance is effective for financial statements for fiscal years and interim periods beginning after November 15, 2009. Earlier application is prohibited. The recognition and measurement provisions of this guidance must be applied to transfers occurring on or after the effective date. Additionally, the enhanced disclosure provisions of the amended guidance should be applied to transfers that occurred both before and after the effective date of this guidance. The impact of this guidance on the Series’ financial statements and disclosures, if any, is currently being assessed.

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

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

2. Derivative Financial Instruments:

The Series may engage in various portfolio investment strategies both to increase the returns of the Series and to economically hedge, or protect, its exposure to certain risks such as equity and foreign currency exchange rate risks. 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. The Series may mitigate counterparty risk through master netting agreements included within an International Swaps and Derivatives Association, Inc. (“ISDA”) Master Agreement between the Series and its counterparties. The ISDA Master Agreement allows the Series to offset with its counterparty certain derivative financial instrument’s payables and/or receivables with collateral held with each counterparty. The amount of collateral moved to/from applicable counterparties is based upon minimum transfer amounts of up to $500,000. To the extent amounts due to the Series from its counterparties are not fully collateralized contractually or otherwise, the Series bears the risk of loss from counterparty nonperformance. See Note 1 “Segregation and Collateralization” for additional information with respect to collateral practices.

The Series’ maximum risk of loss from counterparty credit risk on over-the-counter (“OTC”) derivatives is generally the aggregate unrealized gain in excess of any collateral pledged by the counterparty to the Series. Certain ISDA Master Agreements allow counterparties to OTC derivatives to terminate derivative contracts prior to maturity in the event the Series’ net assets decline by a stated percentage or the Series fails to meet the terms of its ISDA Master Agreements, which would cause the Series to accelerate payment of any net liability owed to the counterparty. Counterparty risk related to exchange-traded financial futures contracts is minimal

BLACKROCK INTERNATIONAL INDEX FUND DECEMBER 31, 2009 25

Notes to Financial Statements (continued) Master International Index Series

because of the protection against defaults provided by the exchange on which they trade.

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

Foreign Currency Exchange Contracts: The Series may enter into foreign currency exchange contracts as an economic hedge against either specific transactions or portfolio positions (foreign currency exchange rate risk). A foreign currency exchange contract is an agreement between two parties to buy and sell a currency at a set exchange rate on a future date. Foreign currency exchange contracts, when used by the Series, help to manage the overall exposure to the 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 foreign currency exchange contracts involves the risk that counterparties may not meet the terms of the agreement or unfavorable movements in the value of a foreign currency relative to the US dollar.

Derivative Instruments Categorized by Risk Exposure:
Values of Derivative Instruments as of December 31, 2009
	Asset Derivatives			Liability Derivatives
	Statement of Assets and Liabilities Location		Value	Statement of Assets and Liabilities Location		Value
Foreign currency exchange contracts	Unrealized appreciation on foreign currency exchange contracts	$	827,979	Unrealized depreciation on foreign currency exchange contracts	$	975,592
Equity contracts*	Net unrealized appreciation/ depreciation	$	517,022	Net unrealized appreciation/ depreciation	$	10,248

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

The Effect of Derivative Instruments on the Statement of Operations Year Ended December 31, 2009
	Net Realized Gain (Loss) from
	Financial Futures Contracts		Foreign Currency Exchange Contracts
Foreign currency transactions		—	$	3,045,619
Equity contracts	$	3,356,669		—
	Net Change in Unrealized Appreciation/Depreciation on
	Financial Futures Contracts		Foreign Currency Exchange Contracts
Foreign currency transactions		—	$	(444,129	)
Equity contracts	$	102,377		—

For the year ended December 31, 2009, the average derivative activity was as follows:

Futures:
Average number of contracts		537
Average value	$	447,752
Foreign currency exchange contracts:
Average number of contracts		81
Average US dollar amount	$	43,305,771

3. Investment Advisory Agreement and Other Transactions with Affiliates:

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

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

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

The Manager has entered into a contractual arrangement with the Master LLC with respect to the Series under which the Manager will waive and/or reimburse its fees and/or expenses so that the total annual operating expenses incurred by the Series (excluding interest expense, acquired fund fees and certain other Series’ expenses) will not exceed 0.12% of the average daily value of the Series’ net assets. This arrangement has a one-year term and is renewable. For the year ended December 31, 2009,

26 BLACKROCK INTERNATIONAL INDEX FUND DECEMBER 31, 2009

Notes to Financial Statements (concluded) Master International Index Series

the Series waived $14,094, which is included in fees waived by advisor in the Statement of Operations.

The Manager has voluntarily agreed to waive its advisory fee by the amount of investment advisory fees the Series pays to the Manager indirectly through its investment in affiliated money market funds. For the year ended December 31, 2009, the Series waived $4,785, which is included in fees waived by advisor in the Statement of Operations.

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

For the year ended December 31, 2009, the Series reimbursed the Manager $15,780 for certain accounting services, which is included in accounting services in the Statement of Operations.

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

4. Investments:

Purchases and sales of investments, excluding short-term securities, for the year ended December 31, 2009, were $210,297,699 and $355,604,095, respectively.

5. Borrowings:

The Master LLC, on behalf of the Series, along with certain other funds managed by the Manager and its affiliates, is a party to a $500 million credit agreement with a group of lenders, which was renewed until November 2010. The Series may borrow under the credit agreement to fund shareholder redemptions and for other lawful purposes other than for leverage. The Series may borrow up to the maximum amount allowable under the Series’ current Prospectus and Statement of Additional Information, subject to various other legal, regulatory or contractual limits. Prior to its renewal, the credit agreement had the following terms: 0.02% upfront fee on the aggregate commitment amount which was allocated to the Series based on its net assets as of October 31, 2008; a commitment fee of 0.08% per annum based on the Series’ pro rata share of the unused portion of the credit agreement, which is included in miscellaneous in the Statement of Operations, and interest at a rate equal to the higher of the (a) federal funds effective rate and (b) reserve adjusted one-month LIBOR, plus, in each case, the higher of (i) 1.50% and (ii) 50% of the CDX Index (as defined in the credit agreement) on amounts borrowed. Effective November 2009, the credit agreement was renewed with the following terms: 0.02% upfront fee on the aggregate commitment amount which was allocated to the Series based on its net assets as of October 31, 2009, a commitment fee of 0.10% per annum based on the Series’ pro rata share of the unused portion of the credit agreement and interest at a rate equal to the higher of (a) the one-month LIBOR plus 1.25% per annum and (b) the Fed Funds rate plus 1.25% per annum on amounts borrowed. The Series did not borrow under the credit agreement during the year ended December 31, 2009.

6. Concentration, Market and Credit Risk:

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

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.

As of December 31, 2009, the Series had the following industry classifications:

Industry	Percent of Long-Term Investments
Commercial Banks		14	%
Oil, Gas & Consumable Fuels		8
Pharmaceuticals		7
Metals & Mining		6
Other*		65

* All other industries held were each less than 5% of long-term investments.

7. Subsequent Events:

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

BLACKROCK INTERNATIONAL INDEX FUND DECEMBER 31, 2009 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, 2009, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended. These financial statements and financial highlights are the responsibility of the Master LLC’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

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

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

Deloitte & Touche LLP
Princeton, New Jersey
February 24, 2010

28 BLACKROCK INTERNATIONAL INDEX FUND DECEMBER 31, 2009

Officers and Directors

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

BLACKROCK INTERNATIONAL INDEX FUND DECEMBER 31, 2009 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 Registered Investment Companies (“RICs”) Consisting of Investment Portfolios (“Portfolios”) Overseen	Public Directorships
Non-Interested Directors1 (concluded)
Kenneth L. Urish 55 East 52nd Street New York, NY 10055 1951	Chair of the Audit Committee and Director	Since 2007	Managing Partner, Urish Popeck & Co., LLC (certified public accountants and consultants) since 1976; Member of External Advisory Board, The Pennsylvania State University Accounting Department since 2001; Trustee, The Holy Family Foundation since 2001; Committee Member, Professional Ethics Committee of the Pennsylvania Institute of Certified Public Accountants from 2007 to 2010; President and Trustee, Pittsburgh Catholic Publishing Associates from 2003 to 2008; Director, Inter-Tel from 2006 to 2007.	36 RICs consisting of 106 Portfolios	None
Frederick W. Winter 55 East 52nd Street New York, NY 10055 1945	Director and Member of the Audit Committee	Since 2007	Professor and Dean Emeritus of the Joseph M. Katz School of Business, University of Pittsburgh since 2005 and Dean thereof from 1997 to 2005; Director, Alkon Corporation (pneumatics) since 1992; Director, Tippman Sports (recreation) since 2005; Director, Indotronix International (IT services) from 2004 to 2008.	36 RICs consisting of 106 Portfolios	None

1

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

2

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

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

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

30 BLACKROCK INTERNATIONAL INDEX FUND DECEMBER 31, 2009

Officers and Directors (concluded)

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

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

Investment Advisor

BlackRock Advisors, LLC
Wilmington, DE 19809

Sub-Advisor

BlackRock Investment
Management, LLC
Plainsboro, NJ 08536

Custodian

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

Distributor

BlackRock
Investments, LLC
New York, NY 10022

Legal Counsel

Sidley AustinLLP
New York, NY 10019

Independent Registered Public Accounting Firm

Deloitte & ToucheLLP
Princeton, NJ 08540

Address of the Fund

100 Bellevue Parkway
Wilmington, DE 19809

BLACKROCK INTERNATIONAL INDEX FUND DECEMBER 31, 2009 31

Additional Information

General Information

Electronic Delivery

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

To enroll:

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

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

Shareholders Who Hold Accounts Directly with BlackRock:

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

Householding

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

Availability of Proxy Voting Policies and Procedures

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

Availability of Proxy Voting Record

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

Availability of Quarterly Portfolio Schedule

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

32 BLACKROCK INTERNATIONAL INDEX FUND DECEMBER 31, 2009

Additional Information (concluded)

Shareholder Privileges

Account Information

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

Automatic Investment Plans

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

Systematic Withdrawal Plans

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

Retirement Plans

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

BlackRock Privacy Principles

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

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

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

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

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

BLACKROCK INTERNATIONAL INDEX FUND DECEMBER 31, 2009 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 Index Fund

BlackRock International Opportunities Portfolio

BlackRock International Value Fund

BlackRock Large Cap Core Fund

BlackRock Large Cap Core Plus Fund

BlackRock Large Cap Growth Fund

BlackRock Large Cap Value Fund

BlackRock Latin America Fund

BlackRock Mid-Cap Growth Equity Portfolio

BlackRock Mid-Cap Value Equity Portfolio

BlackRock Mid Cap Value Opportunities Fund

BlackRock Natural Resources Trust

BlackRock Pacific Fund

BlackRock Science & Technology Opportunities Portfolio

BlackRock Small Cap Core Equity Portfolio

BlackRock Small Cap Growth Equity Portfolio

BlackRock Small Cap Growth Fund II

BlackRock Small Cap Index Fund

BlackRock Small/Mid-Cap Growth Portfolio

BlackRock S&P 500 Index Fund

BlackRock U.S. Opportunities Portfolio

BlackRock Utilities and Telecommunications Fund

BlackRock Value Opportunities Fund

Fixed Income Funds

BlackRock Bond Portfolio

BlackRock Emerging Market Debt Portfolio

BlackRock GNMA Portfolio

BlackRock Government Income Portfolio

BlackRock High Income Fund

BlackRock High Yield Bond Portfolio

BlackRock Income Portfolio†

BlackRock Income Builder Portfolio†

BlackRock Inflation Protected Bond Portfolio

BlackRock Intermediate Government Bond Portfolio

BlackRock International Bond Portfolio

BlackRock Long Duration Bond Portfolio

BlackRock Low Duration Bond Portfolio

BlackRock Managed Income Portfolio

BlackRock Short-Term Bond Fund

BlackRock Strategic Income Portfolio

BlackRock Total Return Fund

BlackRock Total Return Portfolio II

BlackRock World Income Fund

Municipal Bond Funds

BlackRock AMT-Free Municipal Bond Portfolio

BlackRock California Municipal Bond Fund

BlackRock High Yield Municipal Fund

BlackRock Intermediate Municipal Fund

BlackRock Kentucky Municipal Bond Portfolio

BlackRock Municipal Insured Fund

BlackRock National Municipal Fund

BlackRock New Jersey Municipal Bond Fund

BlackRock New York Municipal Bond Fund

BlackRock Ohio Municipal Bond Portfolio

BlackRock Pennsylvania Municipal Bond Fund

BlackRock Short-Term Municipal Fund

Target Risk & Target Date Funds

BlackRock Prepared Portfolios

Conservative Prepared Portfolio

Moderate Prepared Portfolio

Growth Prepared Portfolio

Aggressive Growth Prepared Portfolio

BlackRock Lifecycle Prepared Portfolios

Prepared Portfolio 2010

Prepared Portfolio 2015

Prepared Portfolio 2020

Prepared Portfolio 2025

Prepared Portfolio 2030

Prepared Portfolio 2035

Prepared Portfolio 2040

Prepared Portfolio 2045

Prepared Portfolio 2050

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

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

34 BLACKROCK INTERNATIONAL INDEX FUND DECEMBER 31, 2009

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

#Index 2-12/09

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

	(a) Audit Fees		(b) Audit-Related Fees1		(c) Tax Fees2		(d) All Other Fees3
Entity Name	Current Fiscal Year End	Previous Fiscal Year End	Current Fiscal Year End	Previous Fiscal Year End	Current Fiscal Year End	Previous Fiscal Year End	Current Fiscal Year End	Previous Fiscal Year End
BlackRock International Index Fund of BlackRock Index Funds, Inc.	$6,800	$6,800	$0	$0	$6,100	$6,100	$1,028	$1,049
Master International Index Series of Quantitative Master Series LLC	$35,700	$35,300	$0	$0	$17,000	$17,000	$0	$0

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

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

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

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

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

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

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

(f) Not Applicable

(g) Affiliates’ Aggregate Non-Audit Fees:

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

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

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

Country	Common Stocks	Shares		Value
Australia - 8.0%	AGL Energy Ltd.		32,318	$	406,212
	AMP Ltd.		134,396		811,796
	AXA Asia Pacific Holdings Ltd.		63,768		372,847
	Alumina Ltd.		176,221		288,088
	Amcor Ltd.		85,527		476,158
	Aristocrat Leisure Ltd.		23,258		83,319
	Arrow Energy Ltd. (a)		43,525		161,871
	Asciano Group		177,084		286,684
	Australia & New Zealand Banking Group Ltd.		175,062		3,567,483
	Australian Stock Exchange Ltd.		12,589		392,483
	BGP Holdings Plc (a)		783,183		11
	BHP Billiton Ltd.		235,856		9,025,412
	Bendigo and Adelaide Bank Ltd.		23,903		209,819
	Billabong International Ltd.		14,236		139,288
	BlueScope Steel Ltd.		116,707		321,571
	Boral Ltd.		47,833		253,889
	Brambles Ltd.		93,900		569,494
	CFS Retail Property Trust		120,545		205,259
	CSL Ltd.		40,498		1,177,658
	CSR Ltd.		95,827		154,301
	Caltex Australia Ltd.		5,477		45,560
	Coca-Cola Amatil Ltd.		39,909		411,482
	Cochlear Ltd.		3,996		246,768
	Commonwealth Bank of Australia Ltd.		108,214		5,283,200
	Computershare Ltd.		31,128		318,487
	Crown Ltd.		32,826		234,880
	DB RREEF Trust		326,593		247,777
	Energy Resources of Australia Ltd.		5,323		113,596
	Fairfax Media Ltd.		157,547		244,876
	Fortescue Metals Group Ltd. (a)		90,869		359,429
	Foster’s Group Ltd.		132,582		652,198
	General Property Trust		635,242		341,354
	Goodman Fielder Ltd.		76,606		111,554
	Goodman Group		480,536		271,860
	Harvey Norman Holdings Ltd.		47,593		179,423
	Incitec Pivot Ltd.		103,113		326,158
	Insurance Australia Group Ltd.		153,545		551,484
	James Hardie Industries NV (a)		26,387		200,707
	Leighton Holdings Ltd.		11,460		388,474

Portfolio Abbreviations

To simplify the listings of portfolio holdings in the Schedules of Investments, the names and descriptions of many of securities have been abbreviated according to the following list:

ADR	American Depository Receipt
AUD	Australian Dollar
EUR	Euro
GBP	British Pound
JPY	Japanese Yen
SEK	Swedish Krona
USD	US Dollar

1

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

Country	Common Stocks	Shares		Value
	Lend Lease Group		36,073	$	332,987
	Macquarie Group Ltd.		22,862		979,548
	Macquarie Infrastructure Group (a)		168,493		200,681
	Map Group		48,201		130,463
	Metcash Ltd.		53,350		213,920
	Mirvac Group		179,774		250,829
	National Australia Bank Ltd.		146,693		3,579,900
	Newcrest Mining Ltd.		34,140		1,081,373
	Nufarm Ltd.		12,318		119,571
	OZ Mineral Ltd.		222,416		237,068
	OneSteel Ltd.		99,214		297,996
	Orica Ltd.		25,432		591,292
	Origin Energy Ltd.		63,616		957,118
	Paladin Resources Ltd. (a)		42,215		157,584
	QBE Insurance Group Ltd.		69,424		1,584,275
	Qantas Airways Ltd.		59,212		157,983
	Rio Tinto Ltd.		30,300		2,022,666
	SP AusNet		73,836		60,594
	Santos Ltd.		61,585		775,636
	Sims Metal Management Ltd.		10,713		209,905
	Sonic Healthcare Ltd.		25,851		356,033
	Stockland		156,090		549,937
	Suncorp-Metway Ltd.		101,353		784,667
	Tabcorp Holdings Ltd.		49,709		308,411
	Tatts Group Ltd.		85,322		186,136
	Telstra Corp. Ltd.		274,890		845,114
	Toll Holdings Ltd.		50,305		392,830
	Transurban Group		89,765		444,253
	Wesfarmers Ltd. Ordinary Shares		68,858		1,924,912
	Wesfarmers Ltd. Partially Protected Shares		11,123		310,577
	Westfield Group		142,576		1,595,692
	Westpac Banking Corp.		205,646		4,645,276
	Woodside Petroleum Ltd.		35,566		1,499,891
	Woolworths Ltd.		86,641		2,173,023
	WorleyParsons Ltd.		11,479		298,058
					59,689,109
Austria - 0.3%	Erste Bank der Oesterreichischen Sparkassen AG		14,801		549,989
	Immoeast Immobilien Anlagen AG (a)		30,711		168,610
	OMV AG		11,416		500,890
	Raiffeisen International Bank Holding AG		3,837		214,358
	Telekom Austria AG		25,749		367,559
	Verbund - Oesterreichische Elektrizitaetswirtschafts		5,338		226,342
	Vienna Insurance Group		2,435		124,986
	Voestalpine AG		8,660		316,380
					2,469,114

2

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

Country	Common Stocks	Shares		Value
Belgium - 1.0%	Anheuser-Busch InBev NV		51,402	$	2,660,933
	Anheuser-Busch InBev NV VVPR Strip (a)		24,368		175
	Belgacom SA		11,277		409,389
	Colruyt SA		1,193		287,815
	Delhaize Group		6,859		524,708
	Dexia NV		39,474		248,479
	Fortis		164,508		608,952
	Groupe Bruxelles Lambert SA		6,169		582,511
	KBC Bancassurance Holding		12,538		538,697
	Mobistar SA		1,543		105,781
	Nationale A Portefeuille		3,141		167,141
	Solvay SA		4,453		479,567
	UCB SA		7,495		312,838
	Umicore SA		7,309		243,818
					7,170,804
Bermuda - 0.1%	Mongolia Energy Co., Ltd. (a)		187,757		95,536
	SeaDrill Ltd.		19,162		487,537
	Yue Yuen Industrial Holdings Ltd.		38,785		112,292
					695,365
Cayman Islands - 0.1%	Foxconn International Holdings Ltd. (a)		134,900		155,298
	Lifestyle International Holdings Ltd.		25,966		48,271
	Sands China Ltd. (a)		122,200		149,097
					352,666
Denmark - 0.9%	A P Moller - Maersk A/S, Class A		41		276,953
	A P Moller - Maersk A/S, Class B		103		723,667
	Carlsberg A/S		7,349		540,994
	Coloplast A/S, Class B		1,414		127,871
	Danske Bank A/S		35,051		786,874
	Dsv A/S		15,864		287,501
	H Lundbeck A/S		5,000		90,336
	Novo-Nordisk A/S, Class B		32,752		2,090,944
	Novozymes A/S, Class B		3,292		342,492
	Topdanmark A/S (a)		1,251		168,477
	TrygVesta A/S		1,800		118,322
	Vestas Wind Systems A/S (a)		14,971		911,476
	William Demant Holding (a)		1,380		103,723
					6,569,630
Finland - 1.1%	Elisa Corp.		10,641		242,874
	Fortum Oyj		34,445		934,474
	Kesko Oyj, Class B		5,035		166,269
	Kone Oyj, Class B		11,564		495,563
	Metso Oyj		8,556		300,960
	Neste Oil Oyj		9,709		172,529
	Nokia Oyj		260,135		3,363,540
	Nokian Renkaat Oyj		7,815		189,506
	OKO Bank		9,023		97,315

3

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

Country	Common Stocks	Shares		Value
	Orion Oyj		4,981	$	107,422
	Outokumpu Oyj		10,168		192,482
	Rautaruukki Oyj		5,746		132,914
	Sampo Oyj		32,840		799,981
	Sanoma Oyj		4,340		97,917
	Stora Enso Oyj, Class R		47,345		332,069
	UPM-Kymmene Oyj		35,654		423,883
	Wartsila Oyj		6,130		245,704
					8,295,402
France - 10.2%	AXA SA		118,646		2,785,685
	Accor SA		9,993		546,837
	Aeroports de Paris		1,945		156,335
	Air France-KLM		9,956		156,242
	Air Liquide		17,514		2,082,901
	Alcatel SA		160,264		539,644
	Alstom		13,602		951,267
	Atos Origin SA		3,828		175,374
	BNP Paribas SA		66,723		5,292,332
	BioMerieux		968		113,099
	Bouygues		17,021		881,657
	Bureau Veritas SA		3,272		170,562
	CNP Assurances		2,634		255,064
	Cap Gemini SA		9,826		448,263
	Carrefour SA		43,624		2,092,501
	Casino Guichard Perrachon SA		3,996		356,024
	Christian Dior SA		4,796		491,493
	Cie de Saint-Gobain SA		26,026		1,411,813
	Cie Generale d’Optique Essilor International SA		15,575		931,564
	Compagnie Generale de Geophysique SA (a)		10,011		212,800
	Compagnie Generale des Etablissements Michelin		10,861		831,831
	Credit Agricole SA		66,650		1,169,697
	Dassault Systemes SA		4,640		264,224
	EDP Renovaveis SA (a)		14,456		137,064
	Eiffage		2,707		152,574
	Electricite de France SA		18,214		1,082,518
	Eramet		374		117,126
	Eurazeo		2,034		141,087
	European Aeronautic Defense and Space Co.		31,850		640,221
	Eutelsat Communications		7,237		232,192
	Fonciere Des Regions		1,915		195,815
	France Telecom SA		127,575		3,187,876
	GDF Suez		87,797		3,803,453
	Gecina SA		1,263		137,332
	Groupe Danone		38,312		2,348,594
	Hermes International		4,098		545,536

4

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

Country	Common Stocks	Shares		Value
	ICADE		1,246	$	119,295
	Iliad SA		1,024		122,372
	Imerys SA		2,046		122,485
	Ipsen		1,770		98,145
	JC Decaux SA		4,548		110,393
	Klepierre		6,678		270,561
	L’Oreal SA		17,178		1,918,537
	LVMH Moet Hennessy Louis Vuitton SA		17,330		1,943,172
	Lafarge SA		15,271		1,257,629
	Lagardere S.C.A.		9,747		394,612
	Legrand Promesses		7,653		212,995
	M6-Metropole Television SA		4,449		113,869
	Natixis		70,340		351,232
	Neopost SA		2,223		183,476
	PagesJaunes Groupe SA		9,088		101,298
	Pernod-Ricard SA		14,580		1,246,730
	Peugeot SA		10,153		341,318
	Pinault-Printemps-Redoute		5,920		710,607
	Publicis Groupe		9,773		397,371
	Renault SA		12,929		663,255
	STMicroelectronics NV		55,598		513,738
	Safran SA		13,442		262,647
	Sanofi-Aventis		73,274		5,762,470
	Schneider Electric SA		16,032		1,864,081
	Scor SE		12,536		314,930
	Societe BIC SA		1,501		103,697
	Societe Des Autoroutes Paris-Rhin-Rhone		1,166		89,774
	Societe Generale SA		43,036		2,990,138
	Societe Television Francaise 1		8,432		154,857
	Sodexho Alliance SA		6,923		393,918
	Suez Environnement SA		20,117		463,880
	Technip SA		7,614		535,695
	Thales SA		7,489		384,899
	Total SA		148,344		9,528,118
	Unibail - Rodamco		6,571		1,443,516
	Vallourec SA		3,982		720,417
	Veolia Environnement SA		30,342		1,000,166
	Vinci SA		29,687		1,670,518
	Vivendi SA		84,277		2,501,316
					76,416,724
Germany - 7.6%	Adidas-Salomon AG		13,451		728,579
	Allianz AG, Registered Shares		32,101		3,979,237
	BASF SE		65,061		4,026,667
	Bayer AG		57,376		4,591,427
	Bayerische Motoren Werke AG		23,433		1,066,723
	Bayerische Motoren Werke AG (Preference Shares)		4,306		142,528

5

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

Country	Common Stocks	Shares		Value
	Beiersdorf AG		6,565	$	432,695
	Celesio AG		6,095		154,328
	Commerzbank AG		52,877		443,786
	DaimlerChrysler AG		62,353		3,321,145
	Deutsche Bank AG, Registered Shares		40,836		2,887,512
	Deutsche Boerse AG		14,154		1,172,086
	Deutsche Lufthansa AG		14,269		240,942
	Deutsche Post AG		64,142		1,239,659
	Deutsche Postbank AG		6,288		205,419
	Deutsche Telekom AG		198,099		2,906,073
	E.ON AG		133,923		5,621,288
	Fraport AG		2,369		122,309
	Fresenius AG		2,242		139,858
	Fresenius AG (Preference Shares)		6,590		473,069
	Fresenius Medical Care AG		14,944		792,733
	GEA Group AG		10,961		244,167
	Hannover Rueckversicherung AG, Registered Shares		4,328		202,206
	HeidelbergCement AG		10,390		718,799
	Henkel KGaA		9,649		432,286
	Hochtief AG		3,185		242,910
	Infineon Technologies AG (a)		73,728		410,177
	K+S AG		12,192		695,350
	Linde AG		11,102		1,337,593
	MAN SE		7,221		560,293
	Merck KGaA		4,278		401,138
	Metro AG		8,625		526,752
	Muenchener Rueckversicherungs AG, Registered		13,539		2,108,829
	Porsche Automobil Holding SE (Preference Shares)		6,736		421,230
	Puma AG Rudolf Dassler Sport		465		154,794
	Qiagen NV (a)		16,748		377,173
	RWE AG		29,091		2,823,057
	SAP AG		60,153		2,867,680
	Salzgitter AG		2,546		249,479
	Siemens AG		57,947		5,317,843
	Solarworld AG		6,166		135,697
	Suedzucker AG		4,456		92,843
	TUI AG		14,453		120,835
	ThyssenKrupp AG		23,610		887,553
	United Internet AG		9,255		121,963
	Volkswagen AG		3,304		366,076
	Wacker Chemie AG		1,122		195,167
					56,699,953
Greece - 0.5%	Alpha Bank AE		30,397		354,709
	Bank of Cyprus Public Co., Ltd.		38,379		268,714
	Coca-Cola Hellenic Bottling Co. SA		15,028		342,088
	EFG Eurobank Ergasias SA (a)		27,772		310,373
	Hellenic Petroleum SA		7,916		88,626

6

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

Country	Common Stocks	Shares		Value
	Hellenic Telecommunications Organization SA		21,199	$	311,147
	Marfin Investment Group SA		53,258		150,969
	National Bank of Greece SA		44,706		1,148,580
	OPAP SA		16,937		372,110
	Piraeus Bank SA (a)		21,954		251,930
	Public Power Corp.		8,529		158,179
	Titan Cement Co. SA		3,439		99,746
					3,857,171
Hong Kong - 2.2%	ASM Pacific Technology Ltd.		12,004		113,494
	BOC Hong Kong Holdings Ltd.		282,400		634,460
	Bank of East Asia Ltd.		96,532		379,232
	CLP Holdings Ltd.		155,687		1,053,622
	Cathay Pacific Airways Ltd.		86,263		160,198
	Cheung Kong Holdings Ltd.		97,835		1,257,197
	Cheung Kong Infrastructure Holdings Ltd.		25,500		96,969
	Chinese Estates Holdings Ltd.		64,000		109,046
	Esprit Holdings Ltd.		77,888		516,758
	Hang Lung Group Ltd.		63,000		311,568
	Hang Lung Properties Ltd.		158,000		619,415
	Hang Seng Bank Ltd.		58,753		864,373
	Henderson Land Development Co., Ltd.		81,491		608,960
	The Hong Kong & China Gas Ltd.		306,290		768,222
	Hong Kong Aircraft Engineering Company Ltd.		2,400		31,048
	Hong Kong Exchanges and Clearing Ltd.		72,927		1,297,546
	HongKong Electric Holdings Ltd.		109,000		593,753
	Hopewell Holdings Ltd.		45,349		146,215
	Hutchison Whampoa Ltd.		154,176		1,054,851
	Hysan Development Co., Ltd.		45,791		129,592
	Kerry Properties Ltd.		52,000		263,017
	Li & Fung Ltd.		173,990		719,351
	The Link REIT		141,914		362,125
	MTR Corp.		104,000		358,286
	NWS Holdings Ltd.		64,000		117,464
	New World Development Ltd.		172,484		351,419
	Orient Overseas International Ltd.		16,057		74,460
	PCCW Ltd.		333,000		80,206
	Shangri-La Asia Ltd.		86,990		162,983
	Sino Land Co.		104,421		201,033
	Sun Hung Kai Properties Ltd.		100,324		1,491,729
	Swire Pacific Ltd., Class A		54,077		653,973
	Television Broadcasts Ltd.		14,000		67,262
	Wharf Holdings Ltd.		108,870		624,806
	Wheelock and Co., Ltd.		74,000		225,721
	Wing Hang Bank Ltd.		11,500		107,024
					16,607,378

7

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

Country	Common Stocks	Shares		Value
Ireland - 0.3%	Anglo Irish Bank Corp. Plc (a)		62,641	$	1
	CRH Plc		50,149		1,363,521
	Elan Corp. Plc (a)		35,769		225,738
	Kerry Group Plc		10,099		297,001
	Ryanair Holdings Plc (a)		35,968		169,621
					2,055,882
Italy - 3.2%	A2A SpA		75,591		158,590
	Assicurazioni Generali SpA		79,436		2,140,030
	Autogrill SpA		11,318		142,660
	Autostrade SpA		17,781		465,011
	Banca Carige SpA		50,030		133,550
	Banca Monte dei Paschi di Siena SpA		157,305		274,995
	Banca Popolare di Milano Scrl		35,046		248,993
	Banco Popolare SpA		43,205		323,656
	Enel SpA		454,261		2,629,891
	Eni SpA		182,935		4,658,582
	Exor SpA		6,689		130,284
	Fiat SpA		54,154		792,487
	Finmeccanica SpA		32,731		524,051
	Fondiaria-Sai SpA		6,981		110,980
	Intesa Sanpaolo SpA		523,040		2,353,690
	Intesa Sanpaolo SpA (Non-Convertible Savings Shares)		62,426		209,160
	Italcementi SpA		5,021		68,680
	Luxottica Group SpA		9,899		255,946
	Mediaset SpA		46,410		381,580
	Mediobanca SpA (a)		35,249		418,746
	Mediolanum SpA		22,232		138,877
	Parmalat SpA		141,422		395,375
	Pirelli & C. SpA		171,223		102,541
	Prysmian SpA		5,678		99,111
	Saipem SpA		18,261		630,194
	Snam Rete Gas SpA		108,602		539,336
	Telecom Italia SpA		712,453		1,111,388
	Telecom Italia SpA (Non-Convertible Savings Shares)		456,819		507,383
	Terna SpA		85,253		366,636
	Unicredit SpA		977,959		3,270,057
	Unione Di Banche Italiane ScpA		44,370		635,996
	Unipol SpA		44,435		60,781
					24,279,237
Japan - 19.8%	The 77 Bank Ltd.		18,000		95,769
	Abc-Mart Inc.		1,800		49,933
	Acom Co., Ltd.		3,370		51,307
	Advantest Corp.		10,000		260,510
	Aeon Co., Ltd.		44,400		360,378
	Aeon Credit Service Co., Ltd.		7,200		69,509
	Aeon Mall Co., Ltd.		4,600		89,119

8

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

Country	Common Stocks	Shares		Value
	Aioi Insurance Co., Ltd.	36,000	$	172,564
	Air Water Inc.	6,000		70,674
	Aisin Seiki Co., Ltd.	13,400		387,140
	Ajinomoto Co., Inc.	52,000		489,422
	Alfresa Holdings Corp.	1,900		75,543
	All Nippon Airways Co., Ltd.	69,000		187,287
	Amada Co., Ltd.	25,000		156,590
	Aozora Bank Ltd.	57,000		60,586
	Asahi Breweries Ltd.	24,700		454,908
	Asahi Glass Co., Ltd.	66,100		628,748
	Asahi Kasei Corp.	91,000		455,955
	Asics Corp.	11,000		98,724
	Astellas Pharma, Inc.	30,600		1,141,651
	The Bank of Kyoto Ltd.	21,000		169,736
	The Bank of Yokohama Ltd.	80,000		364,757
	Benesse Holdings, Inc.	6,300		263,409
	Bridgestone Corp.	40,200		709,120
	Brother Industries Ltd.	18,700		215,061
	Canon Marketing Japan Inc.	3,800		55,997
	Canon, Inc.	75,500		3,211,655
	Casio Computer Co., Ltd.	20,700		165,712
	Central Japan Railway Co.	110		736,262
	The Chiba Bank Ltd.	61,000		364,851
	Chiyoda Corp.	7,000		54,063
	Chubu Electric Power Co., Inc.	44,700		1,066,344
	Chugai Pharmaceutical Co., Ltd.	17,700		330,841
	The Chugoku Bank Ltd.	13,000		161,222
	Chugoku Electric Power Co.	19,700		376,233
	Chuo Mitsui Trust Holdings, Inc.	77,000		259,386
	Citizens Holding Co., Ltd.	26,300		151,983
	Coca-Cola West Holdings Co., Ltd.	2,700		47,637
	Cosmo Oil Co., Ltd.	34,000		71,442
	Credit Saison Co., Ltd.	13,900		155,671
	Dai Nippon Printing Co., Ltd.	41,000		522,756
	Daicel Chemical Industries Ltd.	20,000		117,479
	Daido Steel Co., Ltd.	19,000		70,535
	Daihatsu Motor Co., Ltd.	16,000		159,935
	Daiichi Sankyo Co., Ltd.	49,600		1,040,186
	Daikin Industries Ltd.	16,400		647,755
	Dainippon Pharma Co., Ltd.	14,000		146,938
	Daito Trust Construction Co., Ltd.	6,300		298,295
	Daiwa House Industry Co., Ltd.	39,000		419,356
	Daiwa Securities Group, Inc.	108,000		543,525
	Dena Co., Ltd.	14		82,934
	Denki Kagaku Kogyo Kabushiki Kaisha	25,000		111,762
	Denso Corp.	35,700		1,078,749

9

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

Country	Common Stocks	Shares		Value
	Dentsu, Inc.	13,313	$	306,507
	Diamond Lease Co., Ltd.	3,300		99,416
	Dowa Mining Co., Ltd.	14,000		77,463
	East Japan Railway Co.	23,149		1,464,886
	Eisai Co., Ltd.	18,800		691,205
	Electric Power Development Co.	9,400		267,269
	Elpida Memory, Inc. (a)	10,600		172,759
	FamilyMart Co., Ltd.	2,600		76,756
	Fanuc Ltd.	13,500		1,258,227
	Fast Retailing Co., Ltd.	3,200		601,406
	Fuji Electric Holdings Co., Ltd.	25,800		44,619
	Fuji Heavy Industries Ltd.	32,000		156,362
	Fuji Media Holdings, Inc.	44		60,966
	Fuji Photo Film Co., Ltd.	33,400		1,008,702
	Fujitsu Ltd.	123,000		798,075
	Fukuoka Financial Group, Inc.	54,000		188,190
	Furukawa Electric Co., Ltd.	45,000		187,934
	GS Yuasa Corp.	23,000		170,033
	The Gunma Bank Ltd.	22,000		112,517
	The Hachijuni Bank Ltd.	26,000		151,728
	Hakuhodo DY Holdings, Inc.	920		44,814
	Hankyu Hanshin Holdings, Inc.	81,000		361,266
	Hino Motors Ltd.	18,000		62,277
	Hirose Electric Co., Ltd.	2,300		241,155
	The Hiroshima Bank Ltd.	28,000		107,889
	Hisamitsu Pharmaceutical Co., Ltd.	5,100		164,706
	Hitachi Chemical Co., Ltd.	7,100		144,702
	Hitachi Construction Machinery Co., Ltd.	6,700		175,626
	Hitachi High-Technologies Corp.	3,500		69,441
	Hitachi Ltd.	303,000		931,460
	Hitachi Metals Ltd.	11,000		105,830
	Hokkaido Electric Power Co., Inc.	12,900		234,017
	Hokuhoku Financial Group, Inc.	77,100		157,641
	Hokuriku Electric Power	13,000		283,843
	Honda Motor Co., Ltd.	116,800		3,962,872
	Hoya Corp.	27,300		728,433
	IHI Corp.	79,000		125,986
	Ibiden Co., Ltd.	9,500		340,712
	Idemitsu Kosan Co., Ltd.	1,600		93,407
	Inpex Corp.	61		461,228
	Isetan Mitsukoshi Holdings Ltd.	24,405		220,360
	Isuzu Motors Ltd.	83,000		155,911
	Ito En, Ltd.	4,700		70,774
	Itochu Corp.	100,000		738,677
	Itochu Techno-Science Corp.	1,100		29,539
	The Iyo Bank Ltd.	19,000		154,573

10

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

Country	Common Stocks	Shares		Value
	J Front Retailing Co., Ltd.	29,600	$	130,722
	JFE Holdings, Inc.	33,500		1,324,216
	JGC Corp.	16,000		294,843
	JS Group Corp.	18,900		325,360
	JSR Corp.	12,900		262,538
	JTEKT Corp.	12,700		163,344
	Jafco Co., Ltd.	1,500		36,302
	Japan Airlines Corp. (a)	17,000		12,220
	Japan Petroleum Explora	2,400		105,823
	Japan Prime Realty Investment Corp.	50		103,894
	Japan Real Estate Investment Corp.	30		221,154
	Japan Retail Fund Investment Corp.	30		134,917
	The Japan Steel Works, Ltd.	21,000		267,773
	Japan Tobacco, Inc.	326		1,100,737
	The Joyo Bank Ltd.	42,000		168,776
	Jupiter Telecommunications Co., Ltd.	145		143,481
	KDDI Corp.	196		1,038,156
	Kajima Corp.	54,800		110,879
	Kamigumi Co., Ltd.	19,000		138,639
	Kaneka Corp.	21,000		133,799
	The Kansai Electric Power Co., Inc.	52,500		1,184,744
	Kansai Paint Co., Ltd.	11,000		92,185
	Kao Corp.	36,000		843,722
	Kawasaki Heavy Industries Ltd.	84,000		213,209
	Kawasaki Kisen Kaisha Ltd.	30,000		85,719
	Keihin Electric Express Railway Co., Ltd.	28,000		206,123
	Keio Electric Railway Co., Ltd.	38,000		229,310
	Keisei Electric Railway Co., Ltd.	25,000		136,763
	Keyence Corp.	3,120		647,536
	Kikkoman Corp.	13,000		159,290
	Kinden Corp.	6,000		50,842
	Kintetsu Corp.	126,000		417,638
	Kirin Holdings Co., Ltd.	59,000		946,183
	Kobe Steel Ltd.	169,000		306,262
	Koito Manufacturing Co., Ltd.	5,000		80,251
	Komatsu Ltd.	64,700		1,354,441
	Konami Corp.	8,600		153,548
	Konica Minolta Holdings, Inc.	33,500		345,225
	Kubota Corp.	73,000		669,836
	Kuraray Co., Ltd.	20,500		241,280
	Kurita Water Industries Ltd.	8,600		270,191
	Kyocera Corp.	10,900		959,968
	Kyowa Hakko Kirin Co., Ltd.	18,000		190,347
	Kyushu Electric Power Co., Inc.	28,500		587,012
	Lawson, Inc.	3,500		154,578
	Mabuchi Motor Co., Ltd.	1,600		79,297

11

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

Country	Common Stocks	Shares		Value
	Makita Corp.		6,900	$	237,002
	Marubeni Corp.		108,000		596,590
	Marui Group Co., Ltd.		20,400		125,610
	Maruichi Steel Tube Ltd.		3,600		71,878
	Matsui Securities Co., Ltd.		6,400		44,590
	Mazda Motor Corp.		89,400		205,569
	McDonald’s Holdings Co. Japan Ltd.		5,700		109,020
	Medipal Holdings Corp.		8,100		100,397
	Meiji Holdings Co., Ltd.		4,293		162,231
	Minebea Co., Ltd.		19,000		103,103
	Mitsubishi Chemical Holdings Corp.		83,500		355,571
	Mitsubishi Corp.		90,200		2,246,755
	Mitsubishi Electric Corp.		142,000		1,054,869
	Mitsubishi Estate Co., Ltd.		85,000		1,357,099
	Mitsubishi Gas Chemical Co., Inc.		25,000		125,980
	Mitsubishi Heavy Industries Ltd.		223,200		787,219
	Mitsubishi Logistics Corp.		7,000		82,582
	Mitsubishi Materials Corp.		95,000		232,350
	Mitsubishi Motors Corp. (a)		251,000		348,877
	Mitsubishi Rayon Co., Ltd.		27,000		108,604
	Mitsubishi Tanabe Pharma Corp.		16,000		199,646
	Mitsubishi UFJ Financial Group, Inc.		891,774		4,392,688
	Mitsui & Co., Ltd.		119,000		1,688,148
	Mitsui Chemicals, Inc.		45,000		116,518
	Mitsui Engineering & Shipbuilding Co., Ltd.		47,000		113,197
	Mitsui Fudosan Co., Ltd.		56,000		946,861
	Mitsui Mining & Smelting Co., Ltd.		58,000		150,745
	Mitsui OSK Lines Ltd.		74,000		390,918
	Mitsui Sumitomo Insurance Group Holdings, Inc.		28,457		726,826
	Mitsumi Electric Co., Ltd.		5,500		97,145
	Mizuho Financial Group, Inc.		942,240		1,694,432
	Murata Manufacturing Co., Ltd.		16,000		798,515
	NEC Corp.		165,000		426,512
	NGK Insulators Ltd.		19,000		415,519
	NGK Spark Plug Co., Ltd.		12,000		136,133
	NHK Spring Co., Ltd.		8,000		74,487
	NOK Corp.		8,600		118,618
	NSK Ltd.		27,000		198,126
	NTN Corp.		43,000		194,283
	NTT Data Corp.		92		285,280
	NTT DoCoMo, Inc.		1,105		1,542,015
	NTT Urban Development Co.		57		38,050
	Namco Bandai Holdings, Inc.		13,500		128,965
	Nidec Corp.		8,100		748,626
	Nikon Corp.		20,000		394,929
	Nintendo Co., Ltd.		6,800		1,624,092

12

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

Country	Common Stocks	Shares		Value
	Nippon Building Fund, Inc.		36	$	273,605
	Nippon Electric Glass Co.		21,500		295,923
	Nippon Express Co., Ltd.		69,000		284,953
	Nippon Meat Packers, Inc.		10,000		115,773
	Nippon Mining Holdings, Inc.		61,500		263,946
	Nippon Oil Corp.		77,000		356,980
	Nippon Paper Group, Inc.		6,894		175,938
	Nippon Sanso Corp.		20,000		212,853
	Nippon Sheet Glass Co., Ltd.		33,000		94,571
	Nippon Steel Corp.		367,000		1,487,080
	Nippon Telegraph & Telephone Corp.		36,660		1,448,183
	Nippon Yusen Kabushiki Kaisha		90,000		277,186
	Nipponkoa Insurance Co., Ltd.		43,000		244,822
	The Nishi-Nippon City Bank Ltd.		39,000		95,498
	Nissan Chemical Industries Ltd.		13,000		185,305
	Nissan Motor Co., Ltd.		179,600		1,578,310
	Nissay Dowa General Insurance Co., Ltd.		6,000		28,790
	Nissha Printing Co., Ltd.		1,300		64,043
	Nisshin Seifun Group, Inc.		11,000		148,654
	Nisshin Steel Co., Ltd.		49,000		86,628
	Nisshinbo Industries, Inc.		11,000		101,920
	Nissin Foods Holdings Co., Ltd.		6,100		199,255
	Nitori Co., Ltd.		2,600		193,524
	Nitto Denko Corp.		10,610		381,152
	Nomura Holdings, Inc.		249,100		1,852,476
	Nomura Real Estate Holdings, Inc.		6,500		96,424
	Nomura Real Estate Office Fund, Inc.		16		87,018
	Nomura Research Institute Ltd.		7,100		139,629
	OJI Paper Co., Ltd.		59,000		247,201
	ORIX Corp.		6,940		472,505
	Obayashi Corp.		40,000		136,154
	Obic Co., Ltd.		350		57,144
	Odakyu Electric Railway Co., Ltd.		43,000		329,995
	Olympus Corp.		16,000		515,856
	Omron Corp.		13,000		233,802
	Ono Pharmaceutical Co., Ltd.		6,200		268,162
	Oracle Corp. Japan		1,900		79,164
	Oriental Land Co., Ltd.		3,300		217,138
	Osaka Gas Co., Ltd.		130,000		438,137
	Otsuka Shokai Co., Ltd.		600		29,927
	Panasonic Corp.		141,000		2,029,893
	Panasonic Electric Works Ltd.		29,873		361,940
	Rakuten, Inc.		510		388,278
	Resona Holdings, Inc.		36,256		368,352
	Ricoh Co., Ltd.		51,000		730,767
	Rinnai Corp.		3,100		149,807

13

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

Country	Common Stocks	Shares		Value
	Rohm Co., Ltd.		7,500	$	489,472
	SBI Holdings, Inc.		1,385		247,962
	SMC Corp.		4,000		456,728
	Sankyo Co., Ltd. (Gunma)		4,500		225,330
	Santen Pharmaceutical Co., Ltd.		3,900		123,807
	Sanyo Electric Co., Ltd. (a)		104,000		192,101
	Sapporo Hokuyo Holdings, Inc.		13,789		50,049
	Sapporo Holdings Ltd.		19,000		104,695
	Secom Co., Ltd.		13,800		655,467
	Sega Sammy Holdings, Inc.		14,332		171,507
	Seiko Epson Corp.		8,400		135,747
	Sekisui Chemical Co., Ltd.		32,000		199,069
	Sekisui House Ltd.		32,000		290,506
	Senshu Ikeda Holdings, Inc.		24,870		90,791
	Seven & I Holdings Co., Ltd.		56,000		1,143,433
	Seven Bank Ltd.		18		35,934
	Sharp Corp.		67,000		846,096
	Shikoku Electric Power Co., Inc.		13,100		338,475
	Shimadzu Corp.		21,000		139,873
	Shimamura Co., Ltd.		1,500		143,322
	Shimano, Inc.		4,500		181,674
	Shimizu Corp.		43,000		154,448
	Shin-Etsu Chemical Co., Ltd.		29,700		1,676,813
	Shinko Electric Industries		7,100		103,352
	Shinko Securities Co., Ltd.		32,300		97,738
	Shinsei Bank Ltd.		81,000		88,243
	Shionogi & Co., Ltd.		23,000		498,671
	Shiseido Co., Ltd.		22,000		422,818
	The Shizuoka Bank Ltd.		43,000		374,298
	Showa Denko KK		82,000		163,305
	Showa Shell Sekiyu KK		18,700		152,412
	Softbank Corp.		52,500		1,230,744
	Sojitz Corp.		86,500		163,666
	Sompo Japan Insurance, Inc.		69,800		450,033
	Sony Corp.		70,100		2,037,931
	Sony Financial Holdings, Inc.		62		161,351
	Square Enix Holdings Co., Ltd.		5,400		113,922
	Stanley Electric Co., Ltd.		11,600		235,287
	Sumco Corp.		9,200		162,568
	Sumitomo Chemical Co., Ltd.		114,000		500,171
	Sumitomo Corp.		74,800		761,669
	Sumitomo Electric Industries Ltd.		49,500		616,566
	Sumitomo Heavy Industries Ltd.		48,000		243,007
	Sumitomo Metal Industries Ltd.		248,000		666,634
	Sumitomo Metal Mining Co., Ltd.		35,000		516,514
	Sumitomo Mitsui Financial Group, Inc.		62,450		1,792,026

14

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

Country	Common Stocks	Shares		Value
	Sumitomo Realty & Development Co., Ltd.		25,000	$	471,937
	Sumitomo Rubber Industries, Ltd.		16,100		139,964
	The Sumitomo Trust & Banking Co., Ltd.		106,000		520,464
	Suruga Bank Ltd.		15,000		130,715
	Suzuken Co., Ltd.		4,400		144,706
	Suzuki Motor Corp.		22,900		563,959
	Sysmex Corp.		1,800		94,117
	T&D Holdings, Inc.		21,900		450,381
	TDK Corp.		7,700		470,566
	THK Co., Ltd.		7,500		133,372
	Taiheiyo Cement Corp.		92,000		104,950
	Taisei Corp.		75,000		128,685
	Taisho Pharmaceutical Co., Ltd.		9,000		154,850
	Takashimaya Co., Ltd.		19,000		121,063
	Takeda Pharmaceutical Co., Ltd.		51,500		2,121,865
	Teijin Ltd.		66,000		213,238
	Terumo Corp.		11,800		711,185
	Tobu Railway Co., Ltd.		56,000		292,336
	Toho Co., Ltd.		6,000		97,461
	Toho Gas Co., Ltd.		36,000		191,283
	Tohoku Electric Power Co., Inc.		31,600		626,231
	Tokio Marine Holdings, Inc.		50,000		1,364,460
	Tokuyama Corp.		23,000		128,605
	The Tokyo Electric Power Co., Inc.		85,300		2,140,897
	Tokyo Electron Ltd.		11,500		738,163
	Tokyo Gas Co., Ltd.		151,000		602,736
	Tokyo Steel Manufacturing Co., Ltd.		9,900		111,451
	Tokyo Tatemono Co., Ltd.		18,000		69,241
	Tokyu Corp.		79,000		314,590
	Tokyu Land Corp.		23,000		85,437
	TonenGeneral Sekiyu KK		20,000		167,110
	Toppan Printing Co., Ltd.		40,000		325,687
	Toray Industries, Inc.		101,700		553,312
	Toshiba Corp.		274,000		1,520,399
	Tosoh Corp.		40,000		110,469
	Toto Ltd.		18,000		114,455
	Toyo Seikan Kaisha Ltd.		11,200		170,622
	Toyo Suisan Kaisha, Ltd.		8,000		184,485
	Toyoda Gosei Co., Ltd.		5,900		178,735
	Toyota Boshoku Corp.		3,600		80,379
	Toyota Industries Corp.		12,500		373,327
	Toyota Motor Corp.		207,800		8,761,048
	Toyota Tsusho Corp.		13,500		199,767
	Trend Micro, Inc.		8,500		322,866
	Tsumura & Co.		3,000		96,986
	UNY Co., Ltd.		13,000		91,676

15

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

Country	Common Stocks	Shares		Value
	USS Co., Ltd.		1,170	$	71,424
	Ube Industries Ltd.		86,000		235,297
	Uni-Charm Corp.		2,400		224,991
	Ushio, Inc.		6,300		105,060
	West Japan Railway Co.		108		362,086
	Yahoo! Japan Corp.		1,035		311,192
	Yakult Honsha Co., Ltd.		6,400		193,757
	Yamada Denki Co., Ltd.		6,600		445,247
	Yamaguchi Financial Group, Inc.		17,000		157,805
	Yamaha Corp.		9,700		116,870
	Yamaha Motor Co., Ltd.		18,500		233,972
	Yamato Kogyo Co., Ltd.		2,800		91,547
	Yamato Transport Co., Ltd.		24,000		334,081
	Yamazaki Baking Co., Ltd.		6,000		71,365
	Yaskawa Electric Corp.		13,000		108,298
	The Yasuda Trust & Banking Co., Ltd.		118,000		110,091
	Yokogawa Electric Corp.		14,000		123,642
					147,968,148
Kazakhstan - 0.0%	Eurasian Natural Resources Corp.		17,547		257,020
Luxembourg - 0.5%	ArcelorMittal		59,927		2,739,037
	SES Global		21,161		476,700
	Tenaris SA		36,323		782,794
					3,998,531
Netherlands - 2.6%	ASML Holding NV		31,787		1,085,265
	Aegon NV		104,935		671,962
	Akzo Nobel NV		17,764		1,178,017
	Corio NV		3,739		254,737
	Fugro NV		5,693		327,001
	Heineken Holding NV		8,300		347,132
	Heineken NV		18,968		900,477
	ING Groep NV CVA		250,557		2,412,959
	Koninklijke Ahold NV		87,842		1,163,790
	Koninklijke Boskalis Westminster NV		4,224		162,612
	Koninklijke DSM NV		10,467		514,280
	Koninklijke KPN NV		123,146		2,093,169
	Koninklijke Philips Electronics NV		66,644		1,969,950
	Koninklijke Vopak NV (a)		1,953		154,784
	Randstad Holdings NV		8,053		400,696
	Reed Elsevier NV		49,608		608,657
	SBM Offshore NV		10,381		203,676
	TNT NV		25,883		795,215
	Unilever NV		115,438		3,757,134
	Wolters Kluwer NV		22,511		492,308
					19,493,821
New Zealand - 0.1%	Auckland International Airport Ltd.		44,629		65,248
	Contact Energy Ltd. (a)		17,272		76,892

16

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

Country	Common Stocks	Shares		Value
	Fletcher Building Ltd.		53,169	$	306,765
	Sky City Ltd.		28,496		68,058
	Telecom Corp. of New Zealand Ltd.		162,398		291,735
					808,698
Norway - 0.7%	DnB NOR ASA		63,032		680,476
	Norsk Hydro ASA		44,429		373,222
	Orkla ASA		58,937		578,221
	Renewable Energy Corp. ASA (a)		20,857		161,006
	Statoil ASA		84,582		2,109,443
	Telenor ASA		52,195		729,148
	Telenor ASA (a) - ADR		3,798		158,756
	Yara International ASA		13,250		600,161
					5,390,433
Portugal - 0.3%	Banco Comercial Portugues SA, Registered Shares		174,287		210,043
	Banco Espirito Santo SA, Registered Shares		37,186		242,192
	Brisa-Auto Estradas de Portugal SA, Private Shares		16,547		170,028
	Cimpor Cimentos de Portugal SA		21,742		199,843
	Energias de Portugal SA		134,285		597,846
	Galp Energia SGPS SA		10,491		181,208
	Jeronimo Martins SGPS SA		18,526		185,277
	Portugal Telecom SGPS SA, Registered Shares		42,937		523,921
					2,310,358
Singapore - 1.5%	Ascendas Real Estate Investment Trust		136,962		215,002
	CapitaLand Ltd.		184,749		548,069
	CapitaMall Trust		202,700		258,721
	CapitaMalls Asia Ltd. (a)		82,000		148,258
	City Developments Ltd.		37,535		306,906
	ComfortDelgro Corp. Ltd.		110,816		128,900
	Cosco Corp. (Singapore) Ltd.		79,002		66,243
	DBS Group Holdings Ltd.		130,407		1,417,652
	Fraser and Neave Ltd.		63,096		187,556
	Genting Singapore Plc (a)		349,563		322,025
	Golden Agri-Resources Ltd.		402,562		145,068
	Jardine Cycle & Carriage Ltd.		8,721		166,509
	Keppel Corp. Ltd.		93,616		545,326
	Neptune Orient Lines Ltd.		101,350		118,290
	Noble Group Ltd.		99,720		228,733
	Olam International Ltd.		99,900		187,698
	Oversea-Chinese Banking Corp.		194,914		1,255,079
	SembCorp Industries Ltd.		81,590		213,197
	Sembcorp Marine Ltd.		71,197		185,765
	Singapore Airlines Ltd.		39,009		413,143
	Singapore Exchange Ltd.		70,000		412,172
	Singapore Press Holdings Ltd.		105,316		274,162
	Singapore Technologies Engineering Ltd.		92,213		212,235
	Singapore Telecommunications Ltd.		608,132		1,339,481

17

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

Country	Common Stocks	Shares		Value
	StarHub Ltd.		54,157	$	82,712
	UOL Group Ltd.		23,457		67,599
	United Overseas Bank Ltd.		86,572		1,205,061
	Wilmar International Ltd.		98,670		448,653
	Yangzijiang Shipbuilding Holdings Ltd.		85,183		72,757
					11,172,972
Spain - 4.4%	ACS Actividades de Construccion y Servicios, SA		11,364		568,060
	Abertis Infraestructuras SA		21,211		479,563
	Acciona SA		1,758		229,785
	Acerinox SA		11,621		242,695
	Banco Bilbao Vizcaya Argentaria SA		246,340		4,489,549
	Banco Popular Espanol SA		58,737		431,448
	Banco Santander SA		573,683		9,479,911
	Banco de Sabadell SA		67,059		372,491
	Banco de Valencia SA		11,587		88,082
	Bankinter SA		21,946		226,099
	Corp. Mapfre SA		51,177		214,919
	Criteria Caixacorp SA		59,893		283,684
	Enagas		14,796		328,002
	Ferrovial SA		35,676		421,345
	Fomento de Construcciones y Contratas SA		3,049		129,285
	Gamesa Corp. Tecnologica SA		11,623		195,816
	Gas Natural SDG SA		15,958		343,980
	Gestevision Telecinco SA		8,666		126,048
	Grifols SA		10,806		189,745
	Iberdrola Renovables		60,286		287,081
	Iberdrola SA		252,045		2,415,285
	Iberia Lineas Aereas de Espana		36,747		99,679
	Inditex SA		16,079		1,004,173
	Indra Sistemas SA		7,258		171,797
	Mapfre Sa Eur (a)		1,137		4,771
	Red Electrica de Espana		8,800		491,060
	Repsol YPF SA		49,467		1,327,426
	Sacyr Vallehermoso SA		5,142		59,014
	Telefonica SA		295,654		8,275,065
	Zardoya Otis SA		8,897		173,161
					33,149,019
Sweden - 2.3%	Alfa Laval AB		19,718		272,674
	Assa Abloy AB, Series B		19,177		369,445
	Atlas Copco AB, Class A		45,887		674,533
	Atlas Copco AB, Class B		27,049		352,694
	Electrolux AB		14,469		340,009
	Getinge AB, Class B		13,341		254,973
	Hennes & Mauritz AB, B Shares		35,240		1,953,591
	Holmen AB, Class B		2,545		64,839
	Husqvarna AB		27,933		204,925

18

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

Country	Common Stocks	Shares		Value
	Investor AB		34,000	$	629,758
	Lundin Petroleum AB (a)		14,102		111,259
	Millicom International Cellular SA - ADR		5,814		431,465
	Nordea Bank AB		224,634		2,275,994
	SKB AB		24,225		417,727
	SSAB AB		15,106		248,954
	Sandvik AB		67,813		816,599
	Scania AB		21,585		278,754
	Securitas AB		17,048		166,963
	Skandinaviska Enskilda Banken AB, Class A		96,949		599,327
	Skanska AB, Class B		25,005		424,286
	Svenska Cellulosa AB		41,311		550,788
	Svenska Handelsbanken, Class A		34,112		971,844
	Swedbank AB-A Shares		38,450		378,559
	Swedish Match AB		17,350		379,328
	Tele2 AB		22,966		352,787
	Telefonaktiebolaget LM Ericsson		202,889		1,867,807
	TeliaSonera AB		150,701		1,089,207
	Volvo AB, A Shares		31,401		267,655
	Volvo AB, B Shares		78,566		673,863
					17,420,607
Switzerland - 7.7%	ABB Ltd.		160,090		3,084,827
	Actelion Ltd. (a)		7,930		423,544
	Adecco SA, Registered Shares		8,252		455,221
	Aryzta AG		5,840		217,504
	BKW FMB Energie AG		807		62,894
	Baloise Holding AG		3,902		323,973
	Compagnie Financiere Richemont SA		37,060		1,246,212
	Credit Suisse Group AG		82,164		4,070,517
	GAM Holdings Ltd.		18,341		222,092
	Geberit AG		2,933		519,959
	Givaudan SA		572		457,695
	Holcim Ltd. (a)		17,483		1,358,734
	Julius Baer Group Ltd.		13,842		486,802
	Kuehne & Nagel International AG		3,968		385,806
	Lindt & Spruengli AG		61		130,966
	Lindt & Spruengli AG ‘R’		7		171,906
	Logitech International SA (a)		15,111		262,098
	Lonza Group AG, Registered Shares		2,911		205,106
	Nestle SA, Registered Shares		256,418	��	12,444,897
	Nobel Biocare Holding AG		10,399		348,524
	Novartis AG, Registered Shares		154,654		8,445,538
	Pargesa Holding SA		2,165		188,370
	Roche Holding AG		52,024		8,896,774
	SGS SA		430		561,357

19

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

Country	Common Stocks	Shares		Value
	Schindler Holding AG		5,210	$	396,813
	Sonova Holding AG		3,530		427,660
	Straumann Holding AG, Registered Shares		654		183,686
	The Swatch Group Ltd. Bearer Shares		2,162		547,246
	The Swatch Group Ltd., Registered Shares		3,776		179,737
	Swiss Life Holding		2,407		306,258
	Swiss Reinsurance Co., Registered Shares		24,845		1,190,191
	Swisscom AG		1,717		655,744
	Syngenta AG		6,812		1,923,763
	Synthes, Inc.		4,715		618,083
	UBS AG		264,485		4,118,620
	Zurich Financial Services AG		10,643		2,326,812
					57,845,929
United Kingdom - 20.5%	3i Group Plc		67,937		307,596
	Admiral Group Plc		11,889		227,326
	Amec Plc		23,434		298,560
	Anglo American Plc (a)		92,120		3,989,485
	Antofagasta Plc		27,604		439,112
	Associated British Foods Plc		24,559		325,586
	AstraZeneca Plc		101,396		4,765,323
	Autonomy Corp. Plc (a)		15,017		364,678
	Aviva Plc		191,729		1,219,614
	BAE Systems Plc		247,781		1,434,075
	BG Group Plc		235,247		4,247,679
	BHP Billiton Plc		154,491		4,925,163
	BP Plc		1,311,741		12,666,379
	BT Group Plc		542,601		1,181,691
	Balfour Beatty Plc		50,454		209,956
	Barclays Plc		798,732		3,519,574
	British Airways Plc (a)		39,996		120,293
	British American Tobacco Plc		139,745		4,536,580
	British Land Co. Plc		60,133		463,046
	British Sky Broadcasting Plc		79,107		714,557
	Bunzl Plc		24,344		264,627
	Burberry Group Plc		31,090		298,607
	Cable & Wireless Plc		179,589		408,553
	Cadbury Plc		99,248		1,276,089
	Cairn Energy Plc (a)		96,380		515,949
	Capita Group Plc		43,577		526,910
	Carnival Plc (a)		11,216		382,108
	The Carphone Warehouse Plc		26,664		80,382
	Centrica Plc		358,767		1,625,049
	Cobham Plc		80,535		325,305
	Compass Group Plc		129,497		926,744
	Diageo Plc		174,907		3,051,444

20

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

Country	Common Stocks	Shares		Value
	Drax Group Plc		23,972	$	159,817
	Experian Group Ltd.		71,841		709,623
	Firstgroup Plc		34,889		238,663
	Fresnillo Plc		13,316		169,139
	GlaxoSmithKline Plc		362,949		7,696,642
	Group 4 Securicor Plc		88,209		369,734
	HSBC Holdings Plc		1,213,396		13,842,812
	Hammerson Plc		48,068		327,171
	Home Retail Group		61,428		278,604
	ICAP Plc		36,053		248,659
	Imperial Tobacco Group Plc		71,152		2,244,653
	Inmarsat Plc		30,487		339,722
	Intercontinental Hotels Group Plc		17,940		257,762
	International Power Plc		106,548		530,917
	Invensys Plc		56,527		271,941
	Investec Plc		28,233		192,907
	J Sainsbury Plc		81,616		425,560
	Johnson Matthey Plc		15,284		377,031
	Kazakhmys Plc		14,981		317,200
	Kingfisher Plc		165,329		608,610
	Land Securities Group Plc		52,921		582,478
	Legal & General Group Plc		410,318		527,862
	Liberty International Plc		33,369		275,876
	Lloyds TSB Group Plc		2,676,495		2,153,449
	London Stock Exchange Group Plc		9,771		112,840
	Lonmin Plc (a)		10,670		335,331
	Man Group Plc		119,795		591,229
	Marks & Spencer Group Plc		110,508		713,986
	National Grid Plc		172,232		1,879,894
	Next Plc		13,795		461,250
	Old Mutual Plc		369,215		646,567
	Pearson Plc		56,741		813,549
	Petrofac Ltd.		14,306		239,481
	Prudential Plc		176,684		1,808,580
	Rangold Resources Ltd.		6,294		501,196
	Reckitt Benckiser Plc		42,121		2,280,010
	Reed Elsevier Plc		84,850		696,579
	Resolution Ltd. (a)		167,965		242,649
	Rexam Plc		61,337		286,743
	Rio Tinto Plc, Registered Shares		95,402		5,151,391
	Rolls-Royce Group Plc		129,743		1,010,362
	Royal & Sun Alliance Insurance Group		235,791		458,089
	Royal Bank of Scotland Group Plc		1,183,159		549,233
	Royal Dutch Shell Plc		248,191		7,510,303
	Royal Dutch Shell Plc, Class B		188,629		5,493,474
	SABMiller Plc		65,155		1,915,168

21

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

Country	Common Stocks	Shares		Value
	Sage Group Plc		91,802	$	325,094
	Schroders Plc		8,942		191,104
	Scottish & Southern Energy Plc		64,431		1,206,001
	Sego Plc		52,680		292,204
	Serco Group Plc		39,498		336,851
	Severn Trent Plc		16,561		289,370
	Shire Ltd.		39,224		766,432
	Smith & Nephew Plc		61,878		636,500
	Smiths Group Plc		27,238		444,031
	Standard Chartered Plc		140,697		3,552,016
	Standard Life Plc		162,910		565,845
	TUI Travel Plc		39,643		162,470
	Tesco Plc		555,601		3,832,965
	Thomas Cook Group Plc		53,878		199,035
	Tomkins Plc		63,755		198,120
	Tullow Oil Plc		56,187		1,178,825
	Unilever Plc		89,838		2,879,784
	United Utilities Group Plc		47,732		381,531
	Vedanta Resources Plc		9,549		399,394
	Vodafone Group Plc		3,680,257		8,522,398
	WPP Plc		87,706		857,789
	Whitbread Plc		12,394		281,240
	William Morrison Supermarkets Plc		146,459		653,445
	Wolseley Plc (a)		19,874		397,814
	Xstrata Plc		132,419		2,361,831
					153,394,865
	Total Common Stocks - 95.9%				718,368,836
	Preferred Securities
	Preferred Stocks
Germany - 0.2%	Henkel KGaA, 1.75%		13,965		733,345
	RWE AG, 3.50%		2,641		235,090
	Volkswagen AG, 4.35%		8,070		761,219
	Total Preferred Securities - 0.2%				1,729,654
	Rights
Australia - 0.0%	Woodside Petroleum Ltd. (Expires 1/29/10)		2,963		7,718
Belgium - 0.0%	Fortis (Expires 7/01/14)		184,182		3
Japan - 0.0%	Dowa Mining Co., Ltd. (Expires 1/29/10)		7,000		-
	Total Rights - 0.0%				7,721

22

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

Country	Warrants (b)	Shares		Value
France - 0.0%	Fonciere Des Regions (Expires 12/31/10)		1,915	$	1,617
Italy - 0.0%	Mediobanca SpA (Expires 3/18/11)		38,564		1
	Unione Di Banche Italiane ScpA (Expires 6/30/11)		53,164		3,742
					3,743
	Total Warrants - 0.0%				5,360
	Total Long-Term Securities (Cost - $716,040,453) - 96.1%				720,111,571
	Short-Term Securities
	BlackRock Liquidity Funds, TempCash, Institutional Class, 0.17% (c)(d)		6,620,218		6,620,218
	Total Short-Term Securities (Cost - $6,620,218) - 0.9%				6,620,218
	Total Investments
	(Cost - $722,660,671*) - 97.0%				726,731,789
	Other Assets Less Liabilities - 3.0%				22,548,127
	Net Assets - 100.0%			$	749,279,916

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

Aggregate cost	$	755,115,777
Gross unrealized appreciation	$	84,372,030
Gross unrealized depreciation		(112,756,018	)
Net unrealized depreciation	$	(28,383,988	)

(a)	Non-income producing security.
(b)	Warrants entitle the Series to purchase a predetermined number of shares of common stock and are non-income producing. The purchase price and number of shares are subject to adjustment under certain conditions until the expiration date.
(c)	Investments in companies considered to be an affiliate of the Series, for purposes of Section 2(a)(3) of the Investment Company Act of 1940, were as follows:

	Net
Affiliate	Activity			Income
BlackRock Liquidity Funds, TempCash, Institutional Class	$	6,620,218		$	18,139
BlackRock Liquidity Series, LLC Cash Sweep Series	$	(11,259,665	)	$	3,568

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

23

Master International Index Series of Quantitative Master Series LLC

Schedule of Investments December 31, 2009

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

Contracts	Issue	Exchange	Expiration Date	Notional Value		Unrealized Appreciation (Depreciation)
2	Hang Seng Index Futures	Hong Kong	January 2010	$	277,554	$	5,225
97	OMXS30 Index Futures	Stockholm	January 2010	$	1,301,611		(10,248	)
146	DJ Euro Stoxx 50	Eurex	March 2010	$	6,046,911		173,425
79	FTSE 100 Index Futures	LIFFE	March 2010	$	6,742,774		98,525
25	SPI 200 Index Futures	Sydney	March 2010	$	2,624,954		114,137
75	TOPIX Index Futures	Tokyo	March 2010	$	7,158,072		125,710
Total						$	506,774

• Foreign currency exchange contracts as of December 31, 2009 were as follows:

Currency Purchased		Currency Sold		Counterparty	Settlement Date	Unrealized Appreciation (Depreciation)
EUR	401,000	USD	574,112	UBS AG	1/04/10	$	741
GBP	246,000	USD	397,612	UBS AG	1/04/10		(274	)
JPY	40,968,000	USD	440,185	UBS AG	1/04/10		(308	)
AUD	315,000	USD	287,457	Brown Brothers Harriman & Co.	1/15/10		(4,942	)
EUR	8,980,000	USD	13,243,561	Goldman Sachs International	1/15/10		(370,429	)
EUR	2,830,000	USD	4,238,803	UBS AG	1/15/10		(181,903	)
GBP	5,700,000	USD	9,352,215	Goldman Sachs International	1/15/10		(146,362	)
GBP	100,000	USD	162,387	UBS AG	1/15/10		(881	)
JPY	513,770,000	USD	5,700,111	Goldman Sachs International	1/15/10		(183,271	)
JPY	195,255,000	USD	2,168,918	UBS AG	1/15/10		(72,278	)
SEK	6,150,000	USD	865,368	Brown Brothers Harriman & Co.	1/15/10		(5,709	)
USD	276,649	AUD	315,000	UBS AG	1/15/10		(5,866	)
USD	3,718,021	EUR	2,552,000	Goldman Sachs International	1/15/10		59,643
USD	10,939,441	EUR	7,340,000	UBS AG	1/15/10		417,304
USD	1,709,400	GBP	1,050,000	Goldman Sachs International	1/15/10		13,585
USD	3,689,929	GBP	2,265,000	UBS AG	1/15/10		31,814
USD	564,052	JPY	50,020,000	Goldman Sachs International	1/15/10		26,940
USD	4,725,345	JPY	414,175,000	UBS AG	1/15/10		277,952
USD	149,693	SEK	1,095,000	Brown Brothers Harriman & Co.	1/15/10		(3,369	)
Total						$	(147,613	)

24

Master International Index Series of Quantitative Master Series LLC

Schedule of Investments December 31, 2009

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

Valuation Inputs	Investments in Securities
	Assets
Level 1
Long-Term Investments:
Belgium	$	175
Cayman Islands		149,097
France		1,617
Italy		3,743
Japan		90,791
Norway		158,756
Singapore		148,258
Spain		4,771
Switzerland		486,802
Short-Term Securities		6,620,218
Total Level 1		7,664,228
Level 2
Long-Term Investments:
Australia		59,696,816
Austria		2,469,114
Belgium		7,170,629
Bermuda		695,365
Cayman Islands		203,569
Denmark		6,569,630
Finland		8,295,402
France		76,416,724
Germany		58,429,607
Greece		3,857,171
Hong Kong		16,607,378

25

Master International Index Series of Quantitative Master Series LLC

Schedule of Investments December 31, 2009

Valuation Inputs	Investments in Securities
	Assets
Ireland	$	2,055,881
Italy		24,279,237
Japan		147,877,357
Kazakhstan		257,020
Luxembourg		3,998,531
Netherlands		19,493,821
New Zealand		808,698
Norway		5,231,677
Portugal		2,310,358
Singapore		11,024,714
Spain		33,144,248
Sweden		17,420,607
Switzerland		57,359,127
United Kingdom		153,394,865
Total Level 2		719,067,546
Level 3
Long-Term Investments:
Australia		11
Belgium		3
Ireland		1
Total Level 3		15
Total	$	726,731,789

Valuation Inputs	Other Financial Instruments1
	Assets		Liabilities
Level 1	$	517,022	$	(10,248	)
Level 2		827,979		(975,592	)
Level 3		—		—
Total	$	1,345,001	$	(985,840	)

¹ Other financial instruments are financial futures contracts and foreign currency exchange contracts, which are shown at the unrealized appreciation/depreciation on the instrument.

26

Master International Index Series of Quantitative Master Series LLC

Schedule of Investments December 31, 2009

          The following is a reconciliation of Level 3 investments for which significant unobservable inputs were used to determine fair value:

Valuation Inputs	Investments in Securities
Balance, as of December 31, 2008	$	26,500
Accrued discounts/premiums		—
Realized gain (loss)		—
Change in unrealized appreciation/ depreciation2		(1,493	)
Net purchases (sales)		12
Net transfers in/out of level 3		(25,004	)
Balance, as of December 31, 2009	$	15

² Included in the related net change in unrealized appreciation/depreciation on the Statement of Operations. The change in unrealized appreciation/depreciation on securities still held at December 31, 2009 was $12.

27

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

DELOITTE & TOUCHE LLP
February 24, 2010
Princeton, New Jersey

28

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