UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSRS

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

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

Name of Fund:	BlackRock Index Funds, Inc.
	BlackRock International Index Fund
	BlackRock S&P 500 Index Fund
	BlackRock Small Cap Index Fund
	Quantitative Master Series LLC
	Master International Index Series
	Master S&P 500 Index Series
	Master Small Cap Index Series

Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809

Name and address of agent for service: Anne F. Ackerley, Chief Executive Officer, BlackRock Index Funds, Inc. and 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: 12/31/2010

Date of reporting period: 06/30/2010

Item 1 – Report to Stockholders

BlackRock International Index Fund
OF BLACKROCK INDEX FUNDS, INC.
SEMI-ANNUAL REPORT
JUNE 30, 2010 | (UNAUDITED)

NOT FDIC INSURED
MAY LOSE VALUE
NO BANK GUARANTEE

Table of Contents

	Page
Dear Shareholder	3
Semi-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	12
Series Portfolio Information	15
Series Financial Statements:
Schedule of Investments	16
Statement of Assets and Liabilities	27
Statement of Operations	28
Statements of Changes in Net Assets	29
Series Financial Highlights	30
Series Notes to Financial Statements	31
Disclosure of Investment Advisory Agreement and Sub-Advisory Agreement	35
Officers and Directors	39
Additional Information	40
Mutual Fund Family	42

2 BLACKROCK INTERNATIONAL INDEX FUND JUNE 30, 2010

Dear Shareholder

Although overall global economic and financial conditions have generally improved over the past year, the past several months have seen high levels of market volatility and diminishing investor confidence sparked by the sovereign debt crisis in Europe and mixed economic data that have raised concerns over the possibility that some economies could slide back into recession. Despite the uneven nature of recent market conditions, we continue to believe that the “Great Recession” likely ended at some point last summer, thanks primarily to massive fiscal and monetary stimulus, and that the global economy remains in recovery mode for most regions of the world. Regarding the US economy, we believe it is unlikely that the United States will experience a “double dip” recession, although we acknowledge that subpar growth is likely to persist for some time.

Global equity markets bottomed in early 2009 and since that time have moved unevenly higher as investors were lured back into the markets by depressed valuations, desire for higher yields and improvements in corporate earnings prospects. Volatility levels, however, have remained elevated — primarily as a result of uneven economic data and lingering deflation issues (especially in Europe). As the period drew to a close, equity markets had endured a significant correction that drove stock prices into negative territory on a year-to-date basis in almost every market. Over a 12-month basis, however, global equities posted positive returns thanks to improving corporate revenues and profits and a reasonably strong macro backdrop. From a geographic perspective, US equities have significantly outpaced their international counterparts over the past six and twelve months, as the domestic economic recovery has been more pronounced and as credit-related issues have held European markets down. Within the United States, smaller cap stocks have noticeably outperformed large caps.

In fixed income markets, yields have been moving unevenly over the past six and twelve months as improving economic conditions have been acting to push Treasury yields higher (and prices correspondingly lower), while concerns over ongoing deflation threats have acted as a counterweight. As the period drew to a close, however, Treasury yields fell sharply as investors flocked to the “safe haven” asset class in the face of escalating uncertainty. As a result, US Treasuries became one of the world’s best-performing asset classes on a six-month basis. High yield bonds have also continued to perform well, thanks in large part to ongoing high levels of investor demand. Meanwhile, municipal bonds performed in line with their taxable counterparts on a 12-month basis, but slightly underperformed over the last six months as investors rotated to the relative safety of Treasuries.

Regarding cash investments, yields on money market securities remain near all-time lows (producing returns only marginally above zero percent), with the Federal Open Market Committee reiterating that economic circumstances are likely to necessitate an accommodative interest rate stance for an “extended period.”

Against this backdrop, the major market averages posted the following returns:

Total Returns as of June 30, 2010	6-month		12-month
US equities (S&P 500 Index)	(6.65	)%	14.43	%
Small cap US equities (Russell 2000 Index)	(1.95	)	21.48
International equities (MSCI Europe, Australasia, Far East Index)	(13.23	)	5.92
3-month Treasury bill (BofA Merrill Lynch 3-Month Treasury Bill Index)	0.05		0.16
US Treasury securities (BofA Merrill Lynch 10-Year US Treasury Index)	9.36		8.20
Taxable fixed income (Barclays Capital US Aggregate Bond Index)	5.33		9.50
Tax-exempt fixed income (Barclays Capital Municipal Bond Index)	3.31		9.61
High yield bonds (Barclays Capital US Corporate High Yield 2% Issuer Capped Index)	4.45		26.66

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

Although conditions are certainly better than they were a couple of years ago, global financial markets continue to face high volatility and questions about the strength and sustainability of the recovery abound. Through periods of uncertainty, as ever, BlackRock’s full resources are dedicated to the management of our clients’ assets. For additional market perspective and investment insight, visit www.blackrock.com/shareholdermagazine, where you’ll find the most recent issue of our award-winning Shareholder^® magazine, as well as its quarterly companion newsletter, Shareholder Perspectives. As always, we thank you for entrusting BlackRock with your investments, and we look forward to your continued partnership in the months and years ahead.

Sincerely,

Rob Kapito
President, BlackRock Advisors, LLC

THIS PAGE NOT PART OF YOUR FUND REPORT 3

Fund Summary as of June 30, 2010 BlackRock International Index Fund

Portfolio Management Commentary

	How did the Fund perform?
•	For the six months ended June 30, 2010, the Fund, through its investment in Master International Series (the “Series”) of Quantitative Master Series LLC, underperformed the benchmark Morgan Stanley Capital International Europe, Australasia, Far East (MSCI EAFE) Index. The MSCI EAFE 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.
•	At the beginning of 2010, we expected to see a modest cyclical recovery that was countered by the structural problems facing most of the developed world. For the first four months of the year, the cyclical recovery did dominate, but over the past two months, structural problems (especially those in Europe) began to win out, and risk assets (including global equities) have struggled. Financial markets took a dramatic turn in late April, as investor sentiment became dominated by concerns over the European sovereign debt crisis and some less positive economic data. Volatility levels moved noticeably higher over the past several months, and investors embarked on a renewed “flight to quality,” abandoning risk assets such as stocks in favor of safer alternatives, most notably US Treasury bonds and gold.
•	International equities, as represented by the MSCI EAFE Index, declined 13.23% over the first six months of the year. Within international developed markets, Denmark (+3.8%) was the lone country to experience positive returns over the last six months, with Sweden (–0.2%) and Singapore (–1.3%) also outperforming on a relative basis. Emerging markets also experienced a downturn over the last six months, with the MSCI Emerging Markets Index declining 6.17%. Within emerging markets, the standout performers on a year-to-date basis were Indonesia (+14.7%), Colombia (+14.3%) and Thailand (+11.1%). From a global sector perspective, all sectors experienced declines for the first six months of 2010, but on a relative basis the industrials (–3.7%), consumer discretionary (–4.2%) and consumer staples (–4.5%) sectors were the best performers, while energy (–17.2%), materials (–13.8%) and utilities (–12.8%) were the worst.
	Describe recent portfolio activity.
•	During the six-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.
•	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 may 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 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, may result in lower dividends paid to shareholders 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 JUNE 30, 2010

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 June 30, 2010

	6-Month Total Returns		Average Annual Total Returns4
			1 Year		5 Years		10 Years
Institutional	(14.13	)%	4.06	%	0.30	%	(0.68	)%
Investor A	(14.30	)	3.74		0.02		(0.95	)
MSCI EAFE (Cap Weighted) Index	(13.23	)	5.92		0.88		0.16

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 JUNE 30, 2010 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 administration 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 January 1, 2010 and held through June 30, 2010) 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 January 1, 2010		Ending Account Value June 30, 2010		Expenses Paid During the Period1		Beginning Account Value January 1, 2010		Ending Account Value June 30, 2010		Expenses Paid During the Period1		Annualized Expense Ratio
Institutional		$1,000		$858.70		$2.44		$1,000		$1,022.17		$2.66		0.53%
Investor A		$1,000		$857.00		$3.68		$1,000		$1,020.83		$4.01		0.80%

1	For each class of the Fund, expenses are equal to the annualized expense ratio for the class, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown). Because the Fund invests significantly in the Series, the expense table example reflects the expenses of both the Fund and the 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 JUNE 30, 2010

Statement of Assets and Liabilities BlackRock International Index Fund

June 30, 2010 (Unaudited)
Assets
Investment at value — Master International Index Series (the “Series”) (cost — $278,689,500)	$	239,755,667
Capital shares sold receivable		7,778,148
Prepaid expenses		12,123
Total assets		247,545,938
Liabilities
Contributions payable to the Series		7,560,273
Capital shares redeemed payable		217,875
Administration fees payable		46,829
Service fees payable		30,148
Other affiliates payable		3,316
Officer’s fees payable		30
Other accrued expenses payable		36,955
Total liabilities		7,895,426
Net Assets	$	239,650,512
Net Assets Consist of
Paid-in capital	$	300,823,499
Undistributed net investment income		4,664,102
Accumulated net realized loss allocated from the Series		(26,903,256	)
Net unrealized appreciation/depreciation allocated from the Series		(38,933,833	)
Net Assets	$	239,650,512
Net Asset Value
Institutional — Based on net assets of $99,373,387 and 10,550,634 shares outstanding, 125 million shares authorized, $0.0001 par value	$	9.42
Investor A — Based on net assets of $140,277,125 and 14,995,112 shares outstanding, 125 million shares authorized, $0.0001 par value	$	9.35

See Notes to Financial Statements.
BLACKROCK INTERNATIONAL INDEX FUND	JUNE 30, 2010	7

Statement of Operations BlackRock International Index Fund

Six Months Ended June 30, 2010 (Unaudited)
Investment Income
Net investment income allocated from the Series:
Dividends	$	4,932,830
Foreign taxes withheld		(540,269	)
Dividends — affiliated		1,221
Expenses		(138,875	)
Total income		4,254,907
Expenses
Administration		393,100
Service — Investor A		193,073
Transfer agent — Institutional		20,452
Transfer agent — Investor A		45,596
Printing		27,322
Registration		14,404
Professional		12,636
Officer		58
Miscellaneous		4,286
Total expenses		710,927
Net investment income		3,543,980
Realized and Unrealized Loss Allocated from the Series
Net realized loss from investments, financial futures contracts and foreign currency transactions		(4,897,984	)
Net change in unrealized appreciation/depreciation on investments, financial futures contracts and foreign currency transactions		(34,748,892	)
Total realized and unrealized loss		(39,646,876	)
Net Decrease in Net Assets Resulting from Operations	$	(36,102,896	)

See Notes to Financial Statements.
8	BLACKROCK INTERNATIONAL INDEX FUND	JUNE 30, 2010

Statements of Changes in Net Assets BlackRock International Index Fund

Increase (Decrease) in Net Assets:	Six Months Ended June 30, 2010 (Unaudited)			Year Ended December 31, 2009
Operations
Net investment income	$	3,543,980		$	4,934,517
Net realized gain (loss)		(4,897,984	)		14,623,210
Net change in unrealized appreciation/depreciation		(34,748,892	)		31,049,900
Net increase (decrease) in net assets resulting from operations		(36,102,896	)		50,607,627
Dividends to Shareholders From
Net investment income:
Institutional		—			(2,060,309	)
Investor A		—			(3,415,709	)
Decrease in net assets resulting from dividends to shareholders		—			(5,476,018	)
Capital Share Transactions
Net increase (decrease) in net assets derived from capital share transactions		24,899,314			(21,041,425	)
Redemption Fee
Redemption fee		1,579			1,294
Net Assets
Total increase (decrease) in net assets		(11,202,003	)		24,091,478
Beginning of period		250,852,515			226,761,037
End of period	$	239,650,512		$	250,852,515
Undistributed net investment income	$	4,664,102		$	1,120,122

See Notes to Financial Statements.
BLACKROCK INTERNATIONAL INDEX FUND	JUNE 30, 2010	9

Financial Highlights BlackRock International Index Fund

	Institutional
	Six Months Ended June 30, 2010 (Unaudited)
				Year Ended December 31,
				2009			2008			2007			2006			2005
Per Share Operating Performance
Net asset value, beginning of period	$	10.97		$	8.75		$	15.73		$	15.14		$	12.47		$	11.19
Net investment income1		0.16			0.23			0.40			0.39			0.32			0.23
Net realized and unrealized gain (loss)2		(1.71	)		2.25			(7.03	)		1.16			2.92			1.24
Net increase (decrease) from investment operations		(1.55	)		2.48			(6.63	)		1.55			3.24			1.47
Dividends and distributions from:
Net investment income		—			(0.26	)		(0.31	)		(0.47	)		(0.37	)		(0.19	)
Net realized gain		—			—			(0.04	)		(0.49	)		(0.20	)		—
Total dividends and distributions		—			(0.26	)		(0.35	)		(0.96	)		(0.57	)		(0.19	)
Net asset value, end of period	$	9.42		$	10.97		$	8.75		$	15.73		$	15.14		$	12.47
Total Investment Return3
Based on net asset value		(14.13	)%4		28.38	%		(42.24	)%		10.28	%		26.09	%		13.19	%
Ratios to Average Net Assets5
Total expenses		0.53	%6		0.54	%		0.54	%		0.54	%		0.52	%		0.56	%
Total expenses after fees waived		0.53	%6		0.54	%		0.54	%		0.54	%		0.47	%		0.55	%
Net investment income		3.07	%6		2.43	%		3.11	%		2.37	%		2.31	%		1.98	%
Supplemental Data
Net assets, end of period (000)	$	99,373		$	89,889		$	90,688		$	158,740		$	133,267		$	90,157
Portfolio turnover of the Series		4	%		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	Aggregate total investment return.
5	Includes the Fund’s share of the Series’ allocated expenses and/or net investment income.
6	Annualized.

See Notes to Financial Statements.
10	BLACKROCK INTERNATIONAL INDEX FUND	JUNE 30, 2010

Financial Highlights (concluded) BlackRock International Index Fund

	Investor A
	Six Months Ended June 30, 2010 (Unaudited)
				Year Ended December 31,
					2009			2008			2007			2006			2005
Per Share Operating Performance
Net asset value, beginning of period	$	10.91		$	8.71		$	15.65		$	15.07		$	12.41		$	11.15
Net investment income1		0.15			0.21			0.36			0.34			0.29			0.21
Net realized and unrealized gain (loss)2		(1.71	)		2.23			(6.98	)		1.16			2.91			1.21
Net increase (decrease) from investment operations		(1.56	)		2.44			(6.62	)		1.50			3.20			1.42
Dividends and distributions from:
Net investment income		—			(0.24	)		(0.28	)		(0.43	)		(0.34	)		(0.16	)
Net realized gain		—			—			(0.04	)		(0.49	)		(0.20	)		—
Total dividends and distributions		—			(0.24	)		(0.32	)		(0.92	)		(0.54	)		(0.16	)
Net asset value, end of period	$	9.35		$	10.91		$	8.71		$	15.65		$	15.07		$	12.41
Total Investment Return3
Based on net asset value		(14.30	)%4		28.00	%		(42.41	)%		9.98	%		25.85	%		12.81	%
Ratios to Average Net Assets5
Total expenses		0.80	%6		0.79	%		0.79	%		0.79	%		0.78	%		0.81	%
Total expenses after fees waived		0.80	%6		0.79	%		0.79	%		0.79	%		0.72	%		0.80	%
Net investment income		2.84	%6		2.27	%		2.83	%		2.11	%		2.11	%		1.84	%
Supplemental Data
Net assets, end of period (000)	$	140,277		$	160,964		$	136,073		$	214,422		$	197,524		$	160,177
Portfolio turnover of the Series		4	%		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	Aggregate total investment return.
5	Includes the Fund’s share of the Series’ allocated expenses and/or net investment income.
6	Annualized.

See Notes to Financial Statements.
BLACKROCK INTERNATIONAL INDEX FUND	JUNE 30, 2010	11

Notes to Financial Statements (Unaudited) BlackRock International Index Fund

1. Organization and Significant Accounting Policies:

BlackRock International Index Fund (the “Fund”), a series of BlackRock Index Funds, Inc. (the “Corporation”), is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as a 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 or a portion of its assets in Master International Index Series (the “Series”) of Quantitative Master Series LLC (the “Master LLC”), which has the same investment objective and strategies as the Fund. The value of the Fund’s investment in the Series reflects the Fund’s proportionate interest in the net assets of the Series. The percentage of the Series owned by the Fund at June 30, 2010 was 32.3%. The performance of the Fund is directly affected by the performance of the Series. The financial statements of the Series, including the Schedule of Investments, are included elsewhere in this report and should be read in conjunction with the Fund’s financial statements. The Fund’s financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (“US GAAP”), which may require management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those 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: The Fund’s policy is to fair value its financial instruments at market value. The Fund records its investment in the Series at fair value based on the Fund’s proportionate interest in the net assets of the Series. Valuation of securities held by the Series, including categorization of fair value measurements, is discussed in Note 1 of the Series’ Notes to Financial Statements, which are included elsewhere in this report.

Investment Transactions and 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 on investments 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. The amount and timing of dividends and distributions are determined in accordance with federal income tax regulations, which may differ from US GAAP.

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

The Fund files US federal and various state and local tax returns. No income tax returns are currently under examination. The statute of limitations on the Fund’s US federal tax returns remains open for 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. There are no uncertain tax positions that require recognition of a tax liability.

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.

12 BLACKROCK INTERNATIONAL INDEX FUND JUNE 30, 2010

Notes to Financial Statements (continued) BlackRock International Index Fund

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 of the Fund for 1940 Act purposes, but BAC and Barclays are not.

The Corporation, on behalf of the Fund, 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 0.24% of the average daily value of the Fund’s net assets. Prior to June 1, 2010, the Fund paid the Administrator a monthly fee at an annual rate of 0.34% of the average daily value of the Fund’s net assets. The Fund does not pay an advisory fee or investment management fee.

The Administrator voluntarily agreed to waive and/or reimburse fees or expenses in order to limit total annual Fund operating expenses (excluding interest expense, acquired fund fees and expenses and certain other fund expenses) to 0.65% for Institutional Shares and 0.90% for Investor A Shares. These voluntary waivers and reimbursements may be reduced or discontinued at any time without notice.

The Corporation, on behalf of the Fund, entered into a Distribution Agreement and Distribution Plan with BlackRock Investments, LLC (“BRIL”), an affiliate of BlackRock. Pursuant to the Distribution Plan and in accordance with Rule 12b-1 under the 1940 Act, the Fund pays BRIL ongoing service and distribution fees. The fees are accrued daily and paid monthly at the annual rate of 0.25% based upon the average daily net assets attributable to 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. (“PNCGIS”), an indirect, wholly owned subsidiary of PNC and an affiliate of the Manager, serves as transfer agent and dividend disbursing agent. Effective July 1, 2010, PNCGIS was sold to The Bank of New York Mellon Corporation and is no longer considered an affiliate of the Administrator. At the close of the sale, PNCGIS changed its name to BNY Mellon Investment Servicing (US) Inc. Transfer agency fees borne by 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 shareholder 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, 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 six months ended June 30, 2010, the Fund reimbursed the Administrator the following amounts for costs incurred in running the call center, which are included in transfer agent — class specific in the Statement of Operations.

Institutional	$	225
Investor A	$	1,327

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. Capital Loss Carryforwards:

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

BLACKROCK INTERNATIONAL INDEX FUND JUNE 30, 2010 13

Notes to Financial Statements (concluded) BlackRock International Index Fund

4. Capital Share Transactions:

Transactions in capital shares for each class were as follows:

	Six Months Ended June 30, 2010						Year Ended December 31, 2009
	Shares			Amount			Shares			Amount
Institutional
Shares sold		3,670,395		$	36,335,722			3,126,704		$	28,967,135
Shares issued to shareholders in reinvestment of dividends		—			—			162,438			1,769,615
Total issued		3,670,395			36,335,722			3,289,142			30,736,750
Shares redeemed		(1,314,295	)		(13,968,709	)		(5,453,597	)		(45,691,682	)
Net increase (decrease)		2,356,100		$	22,367,013			(2,164,455	)	$	(14,954,932	)
Investor A
Shares sold		1,246,369		$	13,069,368			2,365,417		$	21,951,884
Shares issued to shareholders in reinvestment of dividends		—			—			310,951			3,361,868
Total issued		1,246,369			13,069,368			2,676,368			25,313,752
Shares redeemed		(1,005,755	)		(10,537,067	)		(3,543,706	)		(31,400,245	)
Net increase (decrease)		240,614		$	2,532,301			(867,338	)	$	(6,086,493	)

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’s evaluation of the impact of all subsequent events on the Fund’s financial statements was completed through the date the financial statements were issued and the following items were noted:

The Fund paid a net investment income dividend in the following amounts per share on July 23, 2010 to shareholders of record on July 21, 2010 as follows:

	Dividend Per Share
Institutional	$	0.064556
Investor A	$	0.064577

14 BLACKROCK INTERNATIONAL INDEX FUND JUNE 30, 2010

Portfolio Information Master International Index Series

As of June 30, 2010

Ten Largest Holdings	Percent of Long-Term Investments
Nestlé SA, Registered Shares	2	%
HSBC Holdings Plc	2
Vodafone Group Plc	1
BHP Billiton Ltd.	1
Novartis AG, Registered Shares	1
Roche Holding AG	1
Toyota Motor Corp.	1
Total SA	1
BP Plc	1
Royal Dutch Shell Plc	1
Geographic Allocation	Percent of Long-Term Investments
Japan	23	%
United Kingdom	21
France	9
Switzerland	8
Australia	8
Germany	8
Spain	4
Sweden	3
Italy	3
Netherlands	3
Hong Kong	3
Singapore	2
Other1	5

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

BLACKROCK INTERNATIONAL INDEX FUND JUNE 30, 2010 15

Schedule of Investments June 30, 2010 (Unaudited)	Master International Index Series
	(Percentages shown are based on Net Assets)

Common Stocks	Shares		Value
Australia — 7.8%
AGL Energy Ltd.		36,440	$	448,184
AMP Ltd.		166,653		723,284
AXA Asia Pacific Holdings Ltd.		83,908		383,876
Alumina Ltd.		197,274		249,665
Amcor Ltd.		99,510		530,348
Aristocrat Leisure Ltd.		34,664		105,642
Arrow Energy Ltd. (a)		34,672		140,336
Asciano Group (a)		237,702		319,208
Australia & New Zealand Banking Group Ltd.		208,100		3,737,768
Australian Stock Exchange Ltd.		13,995		341,398
BGP Holdings Plc (a)		783,183		10
BHP Billiton Ltd.		275,602		8,573,865
Bendigo and Adelaide Bank Ltd.		28,068		191,308
Billabong International Ltd.		16,993		123,405
BlueScope Steel Ltd. (a)		146,506		254,696
Boral Ltd.		47,943		192,043
Brambles Ltd.		114,949		523,487
CFS Retail Property Trust		141,553		223,745
CSL Ltd.		46,112		1,259,018
CSR Ltd.		121,841		170,635
Caltex Australia Ltd.		11,968		93,904
Coca-Cola Amatil Ltd.		45,808		458,668
Cochlear Ltd.		4,588		285,781
Commonwealth Bank of Australia Ltd.		126,022		5,094,762
Computershare Ltd.		36,181		319,974
Crown Ltd.		36,450		236,300
DB RREEF Trust		385,315		247,249
Energy Resources of Australia Ltd.		5,323		58,782
Fairfax Media Ltd.		171,024		186,871
Fortescue Metals Group Ltd. (a)		100,703		341,527
Foster’s Group Ltd.		156,998		743,627
General Property Trust		143,224		334,407
Goodman Fielder Ltd.		116,560		131,405
Goodman Group		498,305		263,559
Harvey Norman Holdings Ltd.		47,603		131,491
Incitec Pivot Ltd.		132,340		299,297
Insurance Australia Group Ltd.		168,879		480,392
Intoll Group		183,728		160,086
Leighton Holdings Ltd.		10,946		263,263
Lend Lease Group		43,397		264,274
MacArthur Coal Ltd.		11,154		111,466
Macquarie Group Ltd.		27,250		837,571
Map Group		53,883		120,761
Metcash Ltd.		61,185		215,049
Mirvac Group		240,043		262,151
National Australia Bank Ltd.		174,283		3,369,633
Newcrest Mining Ltd.		40,143		1,171,235
OZ Mineral Ltd.		250,020		198,013
OneSteel Ltd.		107,501		265,975
Orica Ltd.		29,385		618,127
Origin Energy Ltd.		71,512		892,165
Paladin Resources Ltd. (a)		54,836		163,283
Common Stocks	Shares		Value
Australia (concluded)
QBE Insurance Group Ltd.		84,889	$	1,288,113
Qantas Airways Ltd.		88,991		163,134
Rio Tinto Ltd.		35,845		1,971,276
SP AusNet		126,344		81,121
Santos Ltd.		68,292		713,687
Sims Metal Management Ltd.		13,095		186,065
Sonic Healthcare Ltd.		29,853		259,776
Stockland		193,769		601,385
Suncorp-Metway Ltd.		103,451		692,106
Tabcorp Holdings Ltd.		49,044		259,922
Tatts Group Ltd.		102,272		191,761
Telstra Corp. Ltd.		354,286		965,695
Toll Holdings Ltd.		53,675		244,437
Transurban Group		103,581		367,679
Wesfarmers Ltd., Ordinary Shares		82,761		1,978,106
Wesfarmers Ltd., Partially Protected Shares		12,351		296,165
Westfield Group		180,671		1,835,938
Westpac Banking Corp.		244,496		4,309,605
Woodside Petroleum Ltd.		45,015		1,564,692
Woolworths Ltd.		101,932		2,307,232
WorleyParsons Ltd.		15,599		287,002
				57,677,866
Austria — 0.3%
Erste Bank der Oesterreichischen Sparkassen AG		15,415		489,092
IMMOFINANZ Immobilien Anlagen AG		79,517		204,170
Immoeast AG NPV (a)		30,710		—
OMV AG		12,154		364,992
Raiffeisen International Bank Holding AG (a)		4,520		171,674
Telekom Austria AG		26,876		298,856
Verbund — Oesterreichische Elektrizitaetswirtschafts AG		6,175		188,945
Vienna Insurance Group		3,349		139,017
Voestalpine AG		8,818		240,156
				2,096,902
Belgium — 0.9%
Anheuser-Busch InBev NV		59,406		2,856,322
Anheuser-Busch InBev NV VVPR Strip (a)		24,368		89
Belgacom SA		12,337		387,898
Colruyt SA		1,220		286,994
Delhaize Group		8,189		594,241
Dexia NV (a)		44,011		153,579
Fortis		180,870		402,494
Groupe Bruxelles Lambert SA		6,548		454,053
KBC Bancassurance Holding		13,157		504,312
Mobistar SA		2,338		124,223
Nationale A Portefeuille		2,247		95,591
Solvay SA		4,823		411,850
UCB SA		8,119		254,970
Umicore SA		9,158		264,220
				6,790,836

Portfolio Abbreviation

ADR      American Depositary Receipts

See Notes to Financial Statements.
16	BLACKROCK INTERNATIONAL INDEX FUND	JUNE 30, 2010

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

Common Stocks	Shares		Value
Bermuda — 0.1%
Mongolia Energy Co. Ltd. (a)		277,140	$	96,418
SeaDrill Ltd.		22,705		409,552
Yue Yuen Industrial Holdings Ltd.		59,285		184,012
				689,982
Cayman Islands — 0.1%
Foxconn International Holdings Ltd. (a)		179,313		116,086
Lifestyle International Holdings Ltd.		52,466		101,513
Sands China Ltd. (a)		161,800		239,137
				456,736
Denmark — 1.0%
A.P. Moller — Maersk A/S, Class A		45		342,244
A.P. Moller — Maersk A/S, Class B		110		866,340
Carlsberg A/S		8,668		660,580
Coloplast A/S, Class B		1,866		185,218
DSV A/S		16,787		241,692
Danske Bank A/S		36,966		711,315
Novo-Nordisk A/S, Class B		35,870		2,898,036
Novozymes A/S, Class B		3,735		398,543
TrygVesta A/S		2,275		119,858
Vestas Wind Systems A/S (a)		17,032		708,806
William Demant Holding (a)		1,985		145,187
				7,277,819
Finland — 1.0%
Elisa Corp.		10,661		184,394
Fortum Oyj		37,127		814,965
Kesko Oyj, Class B		5,511		178,261
Kone Oyj, Class B		12,504		497,852
Metso Oyj		10,339		331,330
Neste Oil Oyj		10,756		156,063
Nokia Oyj		308,437		2,514,016
Nokian Renkaat Oyj		8,578		209,932
OKO Bank		11,663		118,429
Orion Oyj		7,586		141,879
Outokumpu Oyj		10,321		155,079
Rautaruukki Oyj		7,372		107,446
Sampo Oyj		35,153		741,155
Sanoma Oyj		6,877		118,737
Stora Enso Oyj, Class R		47,152		340,709
UPM-Kymmene Oyj		42,226		559,044
Wartsila Oyj		6,344		288,474
				7,457,765
France — 9.1%
AXA SA		141,175		2,156,749
Accor SA (a)		11,870		549,527
Aeroports de Paris		2,495		160,063
Air France-KLM (a)		11,270		133,993
Air Liquide		23,206		2,343,499
Alcatel SA (a)		187,830		478,335
Alstom		17,179		777,821
Atos Origin SA (a)		3,692		148,245
BNP Paribas SA		77,895		4,190,822
BioMerieux		1,006		103,285
Bouygues		18,708		722,158
Bureau Veritas SA		3,936		213,178
CNP Assurances		3,007		204,576
Cap Gemini SA		11,846		520,628
Carrefour SA		49,319		1,956,366
Casino Guichard Perrachon SA		4,470		339,206
Common Stocks	Shares		Value
France (concluded)
Christian Dior SA		5,175	$	496,708
Cie de Saint-Gobain SA		31,903		1,188,853
Cie Générale d’Optique Essilor International SA		17,047		1,013,018
Compagnie Générale de Géophysique SA (a)		11,558		205,616
Compagnie Générale des Etablissements Michelin		12,310		857,667
Credit Agricole SA		75,615		784,518
Dassault Systèmes SA		4,756		288,117
EDP Renovaveis SA (a)		19,120		112,605
Eiffage		3,323		144,257
Electricité de France SA		21,594		821,581
Eramet		468		115,673
Eurazeo		2,412		138,366
European Aeronautic Defense and Space Co.		33,122		675,949
Eutelsat Communications		8,009		268,123
Foncière Des Regions		1,951		160,831
France Telecom SA		152,565		2,646,233
GDF Suez		102,235		2,908,653
Gecina SA		1,623		146,618
Groupe Danone		47,859		2,565,736
Groupe Eurotunnel SA		38,326		259,017
Hermes International		4,286		568,179
ICADE		1,913		161,458
Iliad SA		1,458		113,220
Imerys SA		3,106		158,049
Ipsen		2,637		80,286
JCDecaux SA		5,627		131,107
Klepierre		7,292		201,471
L’Oreal SA		19,743		1,933,044
LVMH Moet Hennessy Louis Vuitton SA		20,162		2,194,495
Lafarge SA		16,693		910,233
Lagardere SCA		9,607		299,636
Legrand Promesses		10,662		316,034
M6-Metropole Television SA		5,646		114,168
Natixis		71,265		309,465
Neopost SA		2,501		181,106
PagesJaunes Groupe SA		10,867		112,008
Pernod-Ricard SA		16,382		1,270,675
Peugeot SA		12,342		313,707
Pinault-Printemps-Redoute		6,164		765,713
Publicis Groupe		10,373		413,778
Renault SA		15,615		578,809
Safran SA		13,513		376,950
Sanofi-Aventis		86,641		5,218,165
Schneider Electric SA		19,464		1,965,868
Scor SE		13,345		254,881
Société BIC SA		2,183		155,042
Société Générale SA		51,770		2,130,284
Société Télévision Française 1		9,864		128,518
Sodexho Alliance SA		7,631		423,498
Suez Environnement SA		21,811		359,933
Technip SA		8,006		459,192
Thales SA		7,174		231,607
Total SA		173,574		7,748,155
Unibail — Rodamco		7,568		1,233,452
Vallourec SA		4,425		762,926
Veolia Environnement SA		28,051		659,003
Vinci SA		35,960		1,493,122
Vivendi SA		101,112		2,054,812
				67,578,639

See Notes to Financial Statements.
BLACKROCK INTERNATIONAL INDEX FUND	JUNE 30, 2010	17

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

Common Stocks	Shares		Value
Germany — 7.6%
Adidas-Salomon AG		17,002	$	823,152
Allianz AG, Registered Shares		37,292		3,690,923
BASF SE		75,455		4,122,897
Bayer AG		67,939		3,796,536
Bayerische Motoren Werke AG		27,425		1,332,215
Bayerische Motoren Werke AG, Preference Shares		4,252		148,760
Beiersdorf AG		8,190		452,335
Celesio AG		6,290		137,157
Commerzbank AG		57,991		404,821
Continental AG		4,014		208,365
DaimlerChrysler AG		74,104		3,748,596
Deutsche Bank AG, Registered Shares		51,020		2,865,760
Deutsche Boerse AG		16,243		986,822
Deutsche Lufthansa AG		18,393		254,275
Deutsche Post AG		70,456		1,027,260
Deutsche Postbank AG		7,057		204,551
Deutsche Telekom AG		233,276		2,753,961
E.ON AG		147,947		3,978,039
Fraport AG		3,203		136,220
Fresenius AG		2,292		151,941
Fresenius AG, Preference Shares		6,530		431,322
Fresenius Medical Care AG		15,859		854,181
GEA Group AG		13,334		265,386
Hannover Rueckversicherung AG, Registered Shares		4,935		211,492
HeidelbergCement AG		11,420		539,718
Henkel KGaA		10,535		431,177
Henkel KGaA, Preference Shares		14,483		707,218
Hochtief AG		3,665		218,821
Infineon Technologies AG (a)		88,113		510,828
K+S AG		11,649		535,347
Linde AG		13,939		1,465,686
MAN SE		8,859		730,355
Merck KGaA		5,239		384,327
Metro AG		10,518		536,646
Muenchener Rueckversicherungs AG, Registered Shares		16,264		2,042,159
Porsche Automobil Holding SE, Preference Shares		7,038		300,894
Puma AG Rudolf Dassler Sport		420		111,628
Qiagen NV (a)		18,812		365,987
RWE AG		34,419		2,252,243
RWE AG, Preference Shares		3,102		186,759
SAP AG		70,522		3,135,925
Salzgitter AG		3,386		201,784
Siemens AG		67,578		6,044,171
Suedzucker AG		5,874		106,128
TUI AG		12,274		107,858
ThyssenKrupp AG		27,156		669,211
United Internet AG		10,588		115,941
Volkswagen AG		2,425		205,728
Volkswagen AG, Preference Shares		14,101		1,237,374
Wacker Chemie AG		1,309		189,613
				56,320,493
Greece — 0.3%
Alpha Bank AE		40,797		199,393
Bank of Cyprus Public Co. Ltd.		46,058		184,455
Coca-Cola Hellenic Bottling Co. SA		14,798		317,138
EFG Eurobank Ergasias SA		27,241		120,971
Hellenic Telecommunications Organization SA (a)		21,160		159,070
National Bank of Greece SA		49,385		531,754
OPAP SA		17,926		223,038
Common Stocks	Shares		Value
Greece (concluded)
Piraeus Bank SA		29,254	$	123,473
Public Power Corp. (a)		9,559		137,060
				1,996,352
Hong Kong — 2.4%
ASM Pacific Technology Ltd.		16,504		128,215
BOC Hong Kong Holdings Ltd.		301,400		686,428
Bank of East Asia Ltd.		123,532		445,653
CLP Holdings Ltd.		159,687		1,155,829
Cathay Pacific Airways Ltd.		93,263		184,449
Cheung Kong Holdings Ltd.		114,835		1,333,147
Cheung Kong Infrastructure Holdings Ltd.		37,500		139,417
Esprit Holdings Ltd.		93,187		500,541
Hang Lung Group Ltd.		65,000		350,296
Hang Lung Properties Ltd.		168,000		642,591
Hang Seng Bank Ltd.		62,253		832,342
Henderson Land Development Co., Ltd.		87,491		512,440
The Hong Kong & China Gas Ltd.		350,319		866,253
Hong Kong Exchanges and Clearing Ltd.		83,427		1,301,167
HongKong Electric Holdings Ltd.		112,500		670,083
Hopewell Holdings Ltd.		46,849		132,314
Hutchison Whampoa Ltd.		177,176		1,098,974
Hysan Development Co. Ltd.		55,791		157,714
Kerry Properties Ltd.		58,000		250,615
Li & Fung Ltd.		189,990		850,011
The Link Real Estate Investment Trust		178,414		444,494
MTR Corp.		116,000		395,586
NWS Holdings Ltd.		73,000		131,943
New World Development Ltd.		205,484		333,593
Orient Overseas International Ltd.		18,057		129,078
PCCW Ltd.		321,000		93,643
Shangri-La Asia Ltd.		106,990		197,473
Sino Land Co.		136,421		243,802
Sun Hung Kai Properties Ltd.		116,324		1,590,844
Swire Pacific Ltd., Class A		62,577		710,327
Television Broadcasts Ltd.		24,000		111,291
Wharf Holdings Ltd.		111,870		548,080
Wheelock and Co., Ltd.		76,000		214,253
Wing Hang Bank Ltd.		14,500		141,569
Wynn Macau Ltd. (a)		124,000		202,211
				17,726,666
Ireland — 0.3%
Anglo Irish Bank Corp. Plc (a)		62,641		1
Bank of Ireland (a)		276,647		224,886
CRH Plc		57,903		1,201,097
Elan Corp. Plc (a)		40,603		184,303
James Hardie Industries SE, Chess Depository Interest (a)		34,963		181,050
Kerry Group Plc		11,352		317,061
Ryanair Holdings Plc (a)		29,444		129,184
				2,237,582
Israel — 0.8%
Bank Hapoalim Ltd. (a)		80,458		289,793
Bank Leumi Le-Israel BM		95,850		341,546
Bezeq Israeli Telecommunication Corp. Ltd.		139,036		303,919
Cellcom Israel Ltd.		4,310		107,342
Delek Group Ltd.		304		63,002
Discount Investment Corp.		2,157		34,119
Elbit Systems Ltd.		2,059		104,513
Israel Chemicals Ltd.		35,906		374,057
The Israel Corp. Ltd. (a)		197		122,165

See Notes to Financial Statements.
18	BLACKROCK INTERNATIONAL INDEX FUND	JUNE 30, 2010

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

Common Stocks	Shares		Value
Israel (concluded)
Israel Discount Bank Ltd. (a)		50,455	$	85,316
Makhteshim-Agan Industries Ltd.		18,550		61,901
Nice Systems Ltd. (a)		5,144		130,545
Ormat Industries		5,090		37,657
Partner Communications Co. Ltd.		7,239		111,114
Teva Pharmaceutical Industries Ltd.		76,289		3,985,892
United Mizrahi Bank Ltd. (a)		11,429		83,170
				6,236,051
Italy — 2.7%
A2A SpA		94,579		129,115
Assicurazioni Generali SpA		96,220		1,677,816
Autogrill SpA (a)		9,990		119,445
Autostrade SpA		19,461		344,904
Banca Carige SpA		49,397		96,496
Banca Monte dei Paschi di Siena SpA		180,685		204,445
Banca Popolare di Milano Scarl		32,797		135,019
Banco Popolare SpA		51,827		284,141
Enel SpA		541,027		2,290,802
Eni SpA		213,884		3,926,078
Exor SpA		5,439		91,442
Fiat SpA		62,194		638,834
Finmeccanica SpA		32,777		339,782
Intesa Sanpaolo SpA		636,143		1,675,411
Intesa Sanpaolo SpA, Non-Convertible Savings Shares		76,292		151,957
Luxottica Group SpA		9,379		227,084
Mediaset SpA		57,153		325,009
Mediobanca SpA		38,112		283,894
Mediolanum SpA		18,571		72,548
Parmalat SpA		139,556		324,374
Pirelli & C. SpA		223,531		123,098
Prysmian SpA		14,478		207,790
Saipem SpA		21,532		655,828
Snam Rete Gas SpA		116,299		464,126
Telecom Italia SpA		781,910		863,506
Telecom Italia SpA, Non-Convertible Savings Shares		488,602		446,320
Terna SpA		105,319		379,071
Unicredit SpA		1,267,087		2,802,849
Unione Di Banche Italiane ScpA		49,558		426,703
				19,707,887
Japan — 22.6%
The 77 Bank Ltd.		29,000		155,772
ABC-Mart, Inc.		2,200		86,303
Acom Co., Ltd.		3,370		43,547
Advantest Corp.		12,900		269,581
Aeon Co., Ltd.		48,700		515,311
Aeon Credit Service Co., Ltd.		6,100		54,327
Aeon Mall Co. Ltd.		6,900		136,693
Air Water Inc.		12,000		131,019
Aisin Seiki Co., Ltd.		15,500		417,300
Ajinomoto Co., Inc.		54,000		488,549
Alfresa Holdings Corp.		3,200		154,660
All Nippon Airways Co., Ltd. (a)		68,000		215,548
Amada Co., Ltd.		29,000		190,624
Aozora Bank Ltd.		46,000		59,572
Asahi Breweries Ltd.		31,400		531,949
Asahi Glass Co., Ltd.		82,100		770,905
Asahi Kasei Corp.		102,000		532,884
Asics Corp.		13,000		119,027
Astellas Pharma, Inc.		37,500		1,256,464
Common Stocks	Shares		Value
Japan (continued)
The Bank of Kyoto Ltd.		26,000	$	214,041
The Bank of Yokohama Ltd.		99,000		452,872
Benesse Holdings, Inc.		5,600		254,928
Bridgestone Corp.		54,300		858,601
Brother Industries Ltd.		19,100		198,282
Canon, Inc.		93,100		3,469,786
Canon Marketing Japan Inc.		5,700		80,223
Casio Computer Co., Ltd.		20,100		120,725
Central Japan Railway Co.		123		1,015,592
The Chiba Bank Ltd.		62,000		374,301
Chiyoda Corp.		13,000		94,406
Chubu Electric Power Co., Inc.		54,800		1,359,938
Chugai Pharmaceutical Co., Ltd.		18,200		323,954
The Chugoku Bank Ltd.		14,000		164,967
Chugoku Electric Power Co.		24,100		496,376
Chuo Mitsui Trust Holdings, Inc.		81,000		285,643
Citizens Holding Co., Ltd.		19,500		119,124
Coca-Cola West Holdings Co., Ltd.		5,300		87,575
Cosmo Oil Co., Ltd.		50,000		119,390
Credit Saison Co., Ltd.		12,900		135,011
Dai Nippon Printing Co., Ltd.		46,000		530,901
Dai-ichi Life Insurance Co.		668		926,277
Daicel Chemical Industries Ltd.		22,000		148,425
Daido Steel Co., Ltd.		25,000		106,911
Daihatsu Motor Co., Ltd.		16,000		148,917
Daiichi Sankyo Co., Ltd.		56,100		1,002,276
Daikin Industries Ltd.		19,000		579,316
Dainippon Pharma Co., Ltd.		13,400		102,603
Daito Trust Construction Co., Ltd.		6,300		356,761
Daiwa House Industry Co., Ltd.		39,000		350,850
Daiwa Securities Group, Inc.		135,000		569,964
Dena Co. Ltd.		6,500		171,628
Denki Kagaku Kogyo Kabushiki Kaisha		38,000		176,874
Denso Corp.		40,400		1,116,612
Dentsu, Inc.		13,513		356,885
Diamond Lease Co., Ltd.		4,690		158,205
Dowa Mining Co., Ltd.		21,350		102,289
East Japan Railway Co.		28,049		1,867,659
Eisai Co., Ltd.		20,500		680,208
Electric Power Development Co.		9,400		298,154
Elpida Memory, Inc. (a)		14,300		219,698
FamilyMart Co., Ltd.		5,200		171,719
Fanuc Ltd.		15,800		1,784,177
Fast Retailing Co., Ltd.		4,300		650,652
Fuji Electric Holdings Co., Ltd.		48,800		140,512
Fuji Heavy Industries Ltd. (a)		48,000		257,140
Fuji Media Holdings, Inc.		44		63,170
Fuji Photo Film Co., Ltd.		38,400		1,109,740
Fujitsu Ltd.		152,000		950,125
Fukuoka Financial Group, Inc.		62,000		258,083
Furukawa Electric Co., Ltd.		51,000		222,507
GS Yuasa Corp.		30,000		196,313
The Gunma Bank Ltd.		32,000		169,693
The Hachijuni Bank Ltd.		35,000		196,481
Hakuhodo DY Holdings, Inc.		2,070		103,706
Hankyu Hanshin Holdings, Inc.		93,000		410,400
Hino Motors Ltd.		23,000		113,403
Hirose Electric Co., Ltd.		2,600		238,117
The Hiroshima Bank Ltd.		41,000		163,871
Hisamitsu Pharmaceutical Co., Ltd.		5,300		210,228
Hitachi Chemical Co., Ltd.		8,500		157,914
Hitachi Construction Machinery Co., Ltd.		7,800		143,608

See Notes to Financial Statements.
BLACKROCK INTERNATIONAL INDEX FUND	JUNE 30, 2010	19

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

Common Stocks	Shares		Value
Japan (continued)
Hitachi High-Technologies Corp.		5,900	$	108,388
Hitachi Ltd. (a)		374,000		1,358,483
Hitachi Metals Ltd.		14,000		141,736
Hokkaido Electric Power Co., Inc.		14,800		318,820
Hokuhoku Financial Group, Inc.		104,100		191,232
Hokuriku Electric Power		14,300		313,591
Honda Motor Co., Ltd.		135,700		3,985,895
Hoya Corp.		36,400		774,507
IHI Corp.		106,000		168,680
Ibiden Co., Ltd.		10,400		280,161
Idemitsu Kosan Co., Ltd.		1,800		135,529
Inpex Corp.		68		377,163
Isetan Mitsukoshi Holdings Ltd.		30,205		294,456
Isuzu Motors Ltd.		96,000		288,480
Ito En, Ltd.		4,300		65,771
Itochu Corp.		125,300		979,528
Itochu Techno-Science Corp.		2,600		95,012
The Iyo Bank Ltd.		20,000		185,989
J Front Retailing Co. Ltd.		38,600		185,773
JFE Holdings, Inc.		38,200		1,181,793
JGC Corp.		17,000		257,962
JS Group Corp.		20,300		387,483
JSR Corp.		14,400		241,888
JTEKT Corp.		15,900		147,046
JX Holdings, Inc. (a)		187,160		925,057
Jafco Co., Ltd.		2,500		55,303
Japan Petroleum Explora		2,400		97,917
Japan Prime Realty Investment Corp.		58		122,176
Japan Real Estate Investment Corp.		40		325,824
Japan Retail Fund Investment Corp.		133		161,984
The Japan Steel Works, Ltd.		25,000		219,748
Japan Tobacco, Inc.		374		1,163,550
The Joyo Bank Ltd.		53,000		210,138
Jupiter Telecommunications Co., Ltd.		196		187,651
KDDI Corp.		243		1,158,305
Kajima Corp.		69,800		158,244
Kamigumi Co., Ltd.		21,000		161,138
Kaneka Corp.		25,000		145,031
The Kansai Electric Power Co., Inc.		62,600		1,526,703
Kansai Paint Co., Ltd.		18,000		154,510
Kao Corp.		44,000		1,035,269
Kawasaki Heavy Industries Ltd.		115,000		278,828
Kawasaki Kisen Kaisha Ltd. (a)		55,000		223,648
Keihin Electric Express Railway Co., Ltd.		38,000		335,843
Keio Electric Railway Co., Ltd.		47,000		303,452
Keisei Electric Railway Co., Ltd.		24,000		134,183
Keyence Corp.		3,420		790,849
Kikkoman Corp.		14,000		146,167
Kinden Corp.		12,000		102,185
Kintetsu Corp.		132,000		402,783
Kirin Holdings Co., Ltd.		68,000		856,092
Kobe Steel Ltd.		202,000		384,779
Koito Manufacturing Co., Ltd.		8,000		117,807
Komatsu Ltd.		78,500		1,413,481
Konami Corp.		7,400		114,128
Konica Minolta Holdings, Inc.		39,000		375,191
Kubota Corp.		94,000		721,009
Kuraray Co., Ltd.		28,000		328,484
Kurita Water Industries Ltd.		9,100		248,666
Kyocera Corp.		13,500		1,092,911
Kyowa Hakko Kirin Co. Ltd.		21,000		199,159

Common Stocks	Shares		Value
Japan (continued)
Kyushu Electric Power Co., Inc.		30,800	$	690,772
Lawson, Inc.		4,900		214,315
Mabuchi Motor Co., Ltd.		2,300		105,015
Makita Corp.		9,000		240,840
Marubeni Corp.		134,000		686,938
Marui Group Co. Ltd.		18,800		126,636
Maruichi Steel Tube Ltd.		3,700		70,773
Matsui Securities Co., Ltd.		9,400		57,395
Mazda Motor Corp.		122,400		286,030
McDonald’s Holdings Co. Japan Ltd.		5,500		123,156
Medipal Holdings Corp.		12,200		144,902
Meiji Holdings Co LTD		5,493		224,735
Minebea Co., Ltd.		28,000		155,110
Mitsubishi Chemical Holdings Corp.		98,000		447,315
Mitsubishi Corp.		111,600		2,308,830
Mitsubishi Electric Corp.		160,000		1,248,787
Mitsubishi Estate Co., Ltd.		98,000		1,364,324
Mitsubishi Gas Chemical Co., Inc.		32,000		155,161
Mitsubishi Heavy Industries Ltd.		247,200		852,776
Mitsubishi Logistics Corp.		9,000		100,300
Mitsubishi Materials Corp. (a)		90,000		239,222
Mitsubishi Motors Corp. (a)		315,000		398,468
Mitsubishi Tanabe Pharma Corp.		18,000		274,250
Mitsubishi UFJ Financial Group, Inc.		1,045,974		4,749,462
Mitsui & Co., Ltd.		143,300		1,671,707
Mitsui Chemicals, Inc.		71,000		198,426
Mitsui Engineering & Shipbuilding Co., Ltd.		59,000		119,168
Mitsui Fudosan Co., Ltd.		70,000		974,293
Mitsui Mining & Smelting Co., Ltd.		47,000		124,035
Mitsui OSK Lines Ltd.		93,000		614,885
Mitsui Sumitomo Insurance Group Holdings, Inc.		44,970		962,508
Mitsumi Electric Co., Ltd.		6,800		115,357
Mizuho Financial Group, Inc.		1,139,040		1,868,949
Murata Manufacturing Co., Ltd.		16,500		786,853
NEC Corp.		212,000		550,324
NGK Insulators Ltd.		21,000		327,076
NGK Spark Plug Co., Ltd.		13,000		161,392
NHK Spring Co., Ltd.		12,000		109,764
NKSJ Holdings, Inc. (a)		115,100		688,660
NOK Corp.		8,400		133,391
NSK Ltd.		35,000		243,080
NTN Corp.		41,000		167,841
NTT Data Corp.		102		376,502
NTT DoCoMo, Inc.		1,267		1,918,605
NTT Urban Development Co.		89		70,705
Namco Bandai Holdings, Inc.		15,200		133,658
Nidec Corp.		9,100		761,826
Nikon Corp.		26,000		448,079
Nintendo Co., Ltd.		8,200		2,407,596
Nippon Building Fund, Inc.		42		333,250
Nippon Electric Glass Co.		28,500		326,454
Nippon Express Co., Ltd.		69,000		310,919
Nippon Meat Packers, Inc.		15,000		185,156
Nippon Paper Group, Inc.		7,894		218,500
Nippon Sanso Corp.		22,000		174,702
Nippon Sheet Glass Co., Ltd.		53,000		129,660
Nippon Steel Corp.		422,000		1,394,896
Nippon Telegraph & Telephone Corp.		42,876		1,746,592
Nippon Yusen Kabushiki Kaisha		124,000		451,890
The Nishi-Nippon City Bank Ltd.		56,000		160,378
Nissan Chemical Industries Ltd.		11,000		122,925
Nissan Motor Co., Ltd. (a)		205,600		1,432,719

See Notes to Financial Statements.
20	BLACKROCK INTERNATIONAL INDEX FUND	JUNE 30, 2010

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

Common Stocks	Shares		Value
Japan (continued)
Nissha Printing Co. Ltd.		2,300	$	61,451
Nisshin Seifun Group, Inc.		15,500		175,015
Nisshin Steel Co., Ltd.		62,000		98,579
Nisshinbo Industries, Inc.		12,000		115,026
Nissin Foods Holdings Co., Ltd.		5,400		198,223
Nitori Co., Ltd.		3,000		258,597
Nitto Denko Corp.		13,410		439,893
Nomura Holdings, Inc.		291,700		1,593,698
Nomura Real Estate Holdings, Inc.		8,300		103,876
Nomura Real Estate Office Fund, Inc.		24		119,480
Nomura Research Institute Ltd.		8,100		171,960
OJI Paper Co., Ltd.		69,000		338,303
ORIX Corp.		8,490		615,056
Obayashi Corp.		53,000		210,118
Obic Co., Ltd.		600		115,816
Odakyu Electric Railway Co., Ltd.		51,000		437,797
Olympus Corp.		17,600		416,926
Omron Corp.		16,500		359,690
Ono Pharmaceutical Co., Ltd.		6,800		276,423
Oracle Corp. Japan		3,200		157,249
Oriental Land Co., Ltd.		4,100		342,648
Osaka Gas Co., Ltd.		158,000		569,900
Otsuka Shokai Co., Ltd.		1,300		82,851
Panasonic Corp.		161,500		2,016,627
Panasonic Electric Works Ltd.		30,873		303,463
Rakuten, Inc.		586		423,405
Resona Holdings, Inc.		49,256		601,120
Ricoh Co., Ltd.		55,000		701,334
Rinnai Corp.		3,000		153,989
Rohm Co., Ltd.		7,900		474,388
SBI Holdings, Inc.		1,367		169,823
SMC Corp.		4,400		588,596
Sankyo Co., Ltd. (Gunma)		4,500		203,407
Santen Pharmaceutical Co., Ltd.		5,900		210,922
Sanyo Electric Co., Ltd. (a)		148,000		190,424
Sapporo Hokuyo Holdings, Inc.		28,289		124,781
Sapporo Holdings Ltd.		23,000		98,870
Secom Co., Ltd.		17,100		759,344
Sega Sammy Holdings, Inc.		16,232		233,167
Seiko Epson Corp.		10,600		136,997
Sekisui Chemical Co., Ltd.		35,000		218,324
Sekisui House Ltd.		47,000		401,968
Senshu Ikeda Holdings, Inc.		49,470		72,038
Seven & I Holdings Co., Ltd.		63,700		1,459,449
Seven Bank Ltd.		56		101,640
Sharp Corp.		83,000		875,537
Shikoku Electric Power Co., Inc.		14,500		414,697
Shimadzu Corp.		20,000		150,756
Shimamura Co., Ltd.		1,900		171,793
Shimano, Inc.		5,300		227,405
Shimizu Corp.		48,000		164,046
Shin-Etsu Chemical Co., Ltd.		33,900		1,576,187
Shinko Electric Industries		6,200		80,571
Shinko Securities Co., Ltd.		48,300		107,686
Shinsei Bank Ltd.		81,000		68,476
Shionogi & Co., Ltd.		24,200		501,708
Shiseido Co., Ltd.		28,300		623,769
The Shizuoka Bank Ltd.		49,000		427,038
Showa Denko KK		116,000		209,503
Showa Shell Sekiyu KK		15,100		104,115
Softbank Corp.		66,900		1,774,406

Common Stocks	Shares		Value
Japan (continued)
Sojitz Corp.		102,000	$	159,409
Sony Corp.		82,600		2,203,191
Sony Financial Holdings, Inc.		71		236,839
Square Enix Holdings Co., Ltd.		5,300		97,625
Stanley Electric Co., Ltd.		11,900		197,068
Sumco Corp. (a)		9,400		155,796
Sumitomo Chemical Co., Ltd.		128,000		495,383
Sumitomo Corp.		93,800		936,781
Sumitomo Electric Industries Ltd.		61,200		713,221
Sumitomo Heavy Industries Ltd.		44,000		258,172
Sumitomo Metal Industries Ltd.		273,000		617,264
Sumitomo Metal Mining Co., Ltd.		44,000		548,902
Sumitomo Mitsui Financial Group, Inc.		110,550		3,128,826
Sumitomo Realty & Development Co., Ltd.		29,000		492,766
Sumitomo Rubber Industries, Ltd.		14,400		127,007
The Sumitomo Trust & Banking Co., Ltd.		116,000		590,575
Suruga Bank Ltd.		17,000		154,290
Suzuken Co., Ltd.		5,200		174,058
Suzuki Motor Corp.		26,500		520,073
Sysmex Corp.		2,800		159,023
T&D Holdings, Inc.		22,100		472,551
TDK Corp.		10,000		547,222
THK Co., Ltd.		9,700		200,683
Taiheiyo Cement Corp. (a)		75,000		94,703
Taisei Corp.		83,000		166,002
Taisho Pharmaceutical Co., Ltd.		11,000		216,997
Takashimaya Co., Ltd.		22,000		175,367
Takeda Pharmaceutical Co., Ltd.		61,800		2,654,474
Teijin Ltd.		77,000		228,610
Terumo Corp.		13,700		656,088
Tobu Railway Co., Ltd.		66,000		355,490
Toho Co., Ltd.		8,600		142,576
Toho Gas Co., Ltd.		35,000		186,695
Tohoku Electric Power Co., Inc.		34,700		744,956
Tokio Marine Holdings, Inc.		59,800		1,572,133
Tokuyama Corp.		25,000		110,038
The Tokyo Electric Power Co., Inc.		100,200		2,725,785
Tokyo Electron Ltd.		14,300		770,301
Tokyo Gas Co., Ltd.		209,000		954,115
Tokyo Steel Manufacturing Co., Ltd.		9,200		106,355
Tokyo Tatemono Co., Ltd.		32,000		98,615
Tokyu Corp.		92,000		374,458
Tokyu Land Corp.		38,000		132,835
TonenGeneral Sekiyu KK		23,000		199,001
Toppan Printing Co., Ltd.		45,000		355,841
Toray Industries, Inc.		116,700		559,352
Toshiba Corp. (a)		333,000		1,649,540
Tosoh Corp.		45,000		116,490
Toto Ltd.		24,000		159,420
Toyo Seikan Kaisha Ltd.		12,200		178,025
Toyo Suisan Kaisha, Ltd.		8,000		190,941
Toyoda Gosei Co., Ltd.		5,700		141,363
Toyota Boshoku Corp.		5,100		74,464
Toyota Industries Corp.		14,500		367,953
Toyota Motor Corp.		226,500		7,782,235
Toyota Tsusho Corp.		17,100		243,737
Trend Micro, Inc.		7,900		213,495
Tsumura & Co.		5,000		153,091
UNY Co., Ltd.		16,100		122,339
USS Co., Ltd.		1,940		138,583
Ube Industries Ltd.		79,000		186,791
Uni-Charm Corp.		3,400		383,405

See Notes to Financial Statements.
BLACKROCK INTERNATIONAL INDEX FUND	JUNE 30, 2010	21

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

Common Stocks	Shares		Value
Japan (concluded)
Ushio, Inc.		8,700	$	134,029
West Japan Railway Co.		138		504,648
Yahoo! Japan Corp.		1,176		468,724
Yakult Honsha Co., Ltd.		8,000		217,623
Yamada Denki Co., Ltd.		6,670		435,816
Yamaguchi Financial Group, Inc.		17,000		162,470
Yamaha Corp.		13,300		135,807
Yamaha Motor Co., Ltd. (a)		20,800		274,980
Yamato Kogyo Co. Ltd.		3,800		94,717
Yamato Transport Co., Ltd.		32,300		427,507
Yamazaki Baking Co., Ltd.		10,000		134,862
Yaskawa Electric Corp.		19,000		140,948
The Yasuda Trust & Banking Co., Ltd. (a)		136,000		116,949
Yokogawa Electric Corp.		17,700		109,561
				167,678,903
Kazakhstan — 0.0%
Eurasian Natural Resources Corp.		20,964		266,764
Luxembourg — 0.4%
ArcelorMittal		70,598		1,893,569
SES Global		24,336		506,105
Tenaris SA		38,378		661,937
				3,061,611
Netherlands — 2.6%
ASML Holding NV		35,884		987,525
Aegon NV (a)		126,902		674,083
Akzo Nobel NV		19,290		1,002,599
Corio NV		4,679		227,217
Delta Lloyd NV		6,510		109,714
Fugro NV		5,592		258,337
Heineken Holding NV		8,948		326,891
Heineken NV		20,454		866,991
ING Groep NV CVA (a)		314,834		2,329,939
Koninklijke Ahold NV		98,855		1,222,828
Koninklijke Boskalis Westminster NV		5,548		215,563
Koninklijke DSM NV		12,579		500,041
Koninklijke KPN NV		134,438		1,713,620
Koninklijke Philips Electronics NV		79,926		2,386,761
Koninklijke Vopak NV		5,668		207,708
Randstad Holdings NV		8,980		352,872
Reed Elsevier NV		55,984		619,757
SBM Offshore NV		13,278		189,958
STMicroelectronics NV		51,718		410,769
TNT NV		30,204		760,753
Unilever NV		133,837		3,654,991
Wolters Kluwer NV		23,838		457,142
				19,476,059
New Zealand — 0.1%
Auckland International Airport Ltd.		81,425		104,099
Contact Energy Ltd.		26,924		104,732
Fletcher Building Ltd.		48,182		257,840
Sky City Ltd.		51,491		100,323
Telecom Corp. of New Zealand Ltd.		156,365		201,363
				768,357
Norway — 0.6%
Aker Solutions ASA		13,242		151,406
DnB NOR ASA		79,785		767,388
Norsk Hydro ASA		55,513		250,688
Orkla ASA		62,744		401,257

Common Stocks	Shares		Value
Norway (concluded)
Renewable Energy Corp. ASA (a)		39,887	$	94,313
Statoil ASA		91,994		1,772,248
Telenor ASA		63,310		797,536
Telenor ASA — ADR		1,431		53,849
Yara International ASA		15,383		432,409
				4,721,094
Portugal — 0.2%
Banco Comercial Portugues SA, Registered Shares		228,344		171,463
Banco Espirito Santo SA, Registered Shares		44,077		173,919
Brisa-Auto Estradas de Portugal SA, Private Shares		15,277		92,457
Cimpor Cimentos de Portugal SA		16,593		93,239
Energias de Portugal SA		141,304		420,527
Galp Energia SGPS SA		18,556		277,173
Jeronimo Martins SGPS SA		18,779		172,058
Portugal Telecom SGPS SA, Registered Shares		47,138		471,143
				1,871,979
Singapore — 1.6%
Ascendas Real Estate Investment Trust		126,962		163,962
CapitaLand Ltd.		206,749		527,198
CapitaMall Trust		179,700		234,279
CapitaMalls Asia Ltd.		110,000		164,464
City Developments Ltd.		44,535		350,556
ComfortDelgro Corp. Ltd.		153,816		159,519
Cosco Corp. Ltd.		79,002		83,105
DBS Group Holdings Ltd.		141,407		1,372,339
Fraser and Neave Ltd.		79,096		289,233
Genting Singapore Plc (a)		491,227		406,298
Golden Agri-Resources Ltd.		540,251		202,535
Jardine Cycle & Carriage Ltd.		8,721		185,587
K-Green Trust (a)		20,723		15,550
Keppel Corp. Ltd.		103,616		625,588
Keppel Land Ltd.		59,000		162,808
Neptune Orient Lines Ltd.		73,350		103,603
Noble Group Ltd.		241,839		292,308
Olam International Ltd.		102,900		188,869
Oversea-Chinese Banking Corp.		201,914		1,271,476
Sembcorp Industries Ltd.		78,590		227,271
Sembcorp Marine Ltd.		69,197		189,096
Singapore Airlines Ltd.		43,009		445,966
Singapore Exchange Ltd.		69,000		361,852
Singapore Press Holdings Ltd.		112,316		302,335
Singapore Technologies Engineering Ltd.		135,213		316,093
Singapore Telecommunications Ltd.		659,132		1,424,987
StarHub Ltd.		52,157		83,856
UOL Group Ltd.		41,457		111,659
United Overseas Bank Ltd.		99,572		1,385,233
Wilmar International Ltd.		103,670		424,171
Yangzijiang Shipbuilding Holdings Ltd.		126,183		120,355
				12,192,151
Spain — 3.4%
ACS Actividades de Construccion y Servicios SA		11,465		421,330
Abertis Infraestructuras SA		24,957		358,729
Acciona SA		2,167		164,921
Acerinox SA		7,858		122,108
Banco Bilbao Vizcaya Argentaria SA		293,119		3,019,991
Banco de Sabadell SA		78,231		354,256
Banco de Valencia SA		16,846		74,986
Banco Popular Espanol SA		70,609		357,877
Banco Santander SA		675,975		7,088,416
Bankinter SA		24,950		152,010
Corp. Mapfre SA		60,921		165,659

See Notes to Financial Statements.
22	BLACKROCK INTERNATIONAL INDEX FUND	JUNE 30, 2010

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

Common Stocks	Shares		Value
Spain (concluded)
Criteria Caixacorp. SA		67,746	$	277,043
Enagas		14,444		217,574
Ferrovial SA		35,567		230,044
Fomento de Construcciones y Contratas SA		3,049		65,271
Gamesa Corp. Tecnologica SA (a)		16,197		139,084
Gas Natural SDG SA		18,479		267,042
Gestevision Telecinco SA		7,629		67,798
Grifols SA		11,816		120,777
Iberdrola Renovables		69,262		217,367
Iberdrola SA		324,167		1,822,004
Iberia Lineas Aereas de Espana		42,454		119,848
Inditex SA		18,140		1,034,370
Indra Sistemas SA		7,647		122,263
Mapfre SA (a)		1,777		4,881
Red Electrica de Espana		8,746		313,151
Repsol YPF SA		60,680		1,224,530
Telefonica SA		337,361		6,249,522
Zardoya Otis SA		11,277		144,878
				24,917,730
Sweden — 2.8%
Alfa Laval AB		27,457		356,566
Assa Abloy AB, Series B		25,366		507,014
Atlas Copco AB, Class A		54,621		798,596
Atlas Copco AB, Class B		31,722		418,777
Boliden AB		21,891		241,953
Electrolux AB		19,427		444,117
Getinge AB, Class B		16,221		313,924
Hennes & Mauritz AB, B Shares		84,043		2,309,701
Holmen AB, Class B		4,661		110,651
Husqvarna AB		33,227		199,808
Investor AB		37,047		599,282
Kinnevik Investment AB		17,606		281,874
Millicom International Cellular SA — ADR		6,165		500,237
Modern Times Group AB		4,005		219,247
Nordea Bank AB		265,984		2,193,348
SKB AB		31,677		568,513
SSAB AB, Series A		14,628		196,396
SSAB AB, Series B		6,561		78,754
Ratos AB		8,157		204,363
Sandvik AB		82,150		1,002,061
Scania AB		25,915		395,562
Securitas AB		25,233		228,724
Skandinaviska Enskilda Banken AB, Class A		115,413		611,519
Skanska AB, Class B		32,491		470,067
Svenska Cellulosa AB		46,497		546,867
Svenska Handelsbanken, Class A		39,933		976,916
Swedbank AB, A Shares		57,595		528,531
Swedish Match AB		19,381		423,520
Tele2 AB		25,290		377,846
Telefonaktiebolaget LM Ericsson		247,507		2,745,403
TeliaSonera AB		186,401		1,197,748
Volvo AB, B Shares		90,501		1,000,833
				21,048,718
Switzerland — 7.8%
ABB Ltd.		181,362		3,157,622
Actelion Ltd. (a)		8,266		309,494
Adecco SA, Registered Shares		9,975		475,876
Aryzta AG		6,515		250,662
Baloise Holding AG		4,033		280,721
Compagnie Financière Richemont SA		43,111		1,505,103

Common Stocks	Shares		Value
Switzerland (concluded)
Crédit Suisse Group AG		92,465	$	3,476,429
GAM Holdings Ltd.		16,634		179,756
Geberit AG		3,159		491,526
Givaudan SA		621		527,436
Holcim Ltd.		20,307		1,359,388
Julius Baer Group Ltd.		16,782		478,498
Kuehne & Nagel International AG		4,391		452,004
Lindt & Spruengli AG		72		156,222
Lindt & Spruengli AG ‘R’		9		220,551
Logitech International SA (a)		15,054		203,777
Lonza Group AG, Registered Shares		3,676		244,746
Nestlé SA, Registered Shares		284,724		13,729,059
Nobel Biocare Holding AG		9,935		171,025
Novartis AG, Registered Shares		173,289		8,398,127
Pargesa Holding SA		2,175		142,624
Roche Holding AG		57,698		7,941,652
SGS SA		445		600,595
Schindler Holding AG		3,942		332,257
Schindler Holding AG, Registered Shares		1,890		157,750
Sika AG		165		292,488
Sonova Holding AG		3,719		456,387
Straumann Holding AG, Registered Shares		656		141,875
The Swatch Group Ltd., Bearer Shares		2,504		706,191
The Swatch Group Ltd., Registered Shares		3,649		186,476
Swiss Life Holding		2,475		236,543
Swiss Reinsurance Co., Registered Shares		29,217		1,200,475
Swisscom AG		1,894		642,103
Syngenta AG		7,803		1,802,618
Synthes, Inc.		4,818		553,975
UBS AG		298,975		3,960,766
Zurich Financial Services AG		12,141		2,676,042
				58,098,839
United Kingdom — 20.4%
3i Group Plc		79,229		312,488
ARM Holdings Plc		107,367		444,379
Admiral Group Plc		16,316		341,694
Aggreko Plc		21,214		445,341
Amec Plc		27,184		333,040
Anglo American Plc (a)		108,154		3,768,642
Antofagasta Plc		32,079		373,227
Associated British Foods Plc		29,005		420,041
AstraZeneca Plc		119,298		5,624,399
Autonomy Corp PLC (a)		17,661		481,410
Aviva Plc		229,956		1,068,648
BAE Systems Plc		292,544		1,361,562
BG Group Plc		277,302		4,124,264
BHP Billiton Plc		181,287		4,700,503
BP Plc (a)		1,541,463		7,379,232
BT Group Plc		643,847		1,242,814
Balfour Beatty Plc		55,595		197,733
Barclays Plc		931,125		3,716,586
British Airways Plc (a)		48,900		142,068
British American Tobacco Plc		164,009		5,204,953
British Land Co. Plc		70,762		457,082
British Sky Broadcasting Plc		93,044		971,544
Bunzl Plc		26,664		267,007
Burberry Group Plc		35,400		399,793
Cable & Wireless Worldwide		209,855		271,529
Cairn Energy Plc (a)		114,438		703,039
Capita Group Plc		50,872		560,468
Capital Shopping Centers Group Plc		38,691		178,747
Carnival Plc		13,602		440,587

See Notes to Financial Statements.
BLACKROCK INTERNATIONAL INDEX FUND	JUNE 30, 2010	23

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

Common Stocks	Shares		Value
United Kingdom (continued)
Centrica Plc		423,524	$	1,869,018
Cobham Plc		93,617		296,572
Compass Group Plc		155,104		1,179,950
Diageo Plc		205,863		3,233,674
Experian Group Ltd.		83,714		728,002
Firstgroup Plc		39,467		214,233
Fresnillo Plc		14,480		210,218
GlaxoSmithKline Plc		426,363		7,240,005
Group 4 Securicor Plc		115,171		456,624
HSBC Holdings Plc		1,430,625		13,069,751
Hammerson Plc		57,667		293,970
Home Retail Group		71,142		225,911
ICAP Plc		45,159		270,670
ITV Plc (a)		296,490		221,569
Imperial Tobacco Group Plc		83,792		2,341,203
Inmarsat Plc		35,578		377,235
Intercontinental Hotels Group Plc		21,038		331,561
International Power Plc		123,803		553,025
Invensys Plc		65,422		234,208
Investec Plc		38,219		257,177
J Sainsbury Plc		98,375		469,373
Johnson Matthey Plc		17,537		389,619
Kazakhmys Plc		17,543		257,513
Kingfisher Plc		192,285		602,344
Land Securities Group Plc		61,829		511,682
Legal & General Group Plc		477,395		556,423
Lloyds TSB Group Plc (a)		3,312,735		2,615,293
London Stock Exchange Group Plc		12,623		105,389
Lonmin Plc (a)		12,630		263,720
Man Group Plc		139,632		462,867
Marks & Spencer Group Plc		128,763		634,339
National Grid Plc		285,204		2,082,263
Next Plc		15,353		457,742
Old Mutual Plc		442,077		676,840
Pearson Plc		66,269		871,554
Petrofac Ltd.		21,216		373,252
Prudential Plc		209,151		1,577,542
Rangold Resources Ltd.		7,343		698,085
Reckitt Benckiser Plc		50,406		2,344,600
Reed Elsevier Plc		99,174		735,354
Resolution Ltd.		195,142		184,558
Rexam Plc		71,587		322,038
Rio Tinto Plc, Registered Shares		118,982		5,225,016
Rolls-Royce Group Plc		153,956		1,285,037
Royal & Sun Alliance Insurance Group		278,885		494,742
Royal Bank of Scotland Group Plc (a)		1,383,236		842,418
Royal Dutch Shell Plc		291,190		7,348,481
Royal Dutch Shell Plc, Class B		221,427		5,352,041
SABMiller Plc		78,065		2,188,980
Sage Group Plc		106,838		367,586
Schroders Plc		9,304		167,452
Scottish & Southern Energy Plc		76,711		1,277,543
Sego Plc		59,362		223,820
Serco Group Plc		40,080		350,018
Severn Trent Plc		19,368		355,468
Shire Ltd.		45,786		939,264
Smith & Nephew Plc		72,324		683,284
Smiths Group Plc		31,869		507,380
Standard Chartered Plc		166,384		4,051,515
Standard Life Plc		182,615		471,914

Common Stocks	Shares		Value
United Kingdom (concluded)
TUI Travel Plc		47,505	$	147,797
Tesco Plc		656,053		3,701,062
Thomas Cook Group Plc		68,661		181,737
Tomkins Plc		71,514		240,193
Tullow Oil Plc		72,385		1,076,748
Unilever Plc		105,699		2,825,545
United Utilities Group Plc		55,598		435,075
Vedanta Resources Plc		9,950		312,623
Vodafone Group Plc		4,321,070		8,903,520
Whitbread Plc		14,314		298,919
William Morrison Supermarkets Plc		172,764		682,683
Wolseley Plc (a)		23,222		460,954
WPP Plc		102,066		961,510
Xstrata Plc		169,099		2,214,291
				151,304,402
Total Common Stocks — 96.9%				719,658,183

Rights
France — 0.0%
Foncière Des Regions (Expires 7/13/10)	1,775	8,074
Norway — 0.0%
Norsk Hydro ASA (Expires 7/09/10)	16,895	8,723
Spain — 0.0%
Zardoya Otis SA (Expires 6/30/10)	11,277	7,185
Total Rights — 0.0%		23,982

Warrants (b)
Hong Kong — 0.0%
Henderson Land Development Co., Ltd. (Expires 6/01/11)	13,757	2,332
Total Warrants — 0.0%		2,332
Total Long-Term Investments (Cost — $816,151,101) — 96.9%		719,684,497

See Notes to Financial Statements.
24	BLACKROCK INTERNATIONAL INDEX FUND	JUNE 30, 2010

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

Short-Term Securities	Shares		Value
BlackRock Liquidity Funds, TempCash, Institutional Class, 0.20% (c)(d)		3,354,915	$	3,354,915
Total Short-Term Securities (Cost — $3,354,915) — 0.4%				3,354,915
Total Investments (Cost — $819,506,016*) — 97.3%				723,039,412
Other Assets Less Liabilities — 2.7%				19,823,217
Net Assets — 100.0%			$	742,862,629

* The cost and unrealized appreciation (depreciation) of investments as of June 30, 2010, as computed for federal income tax purposes, were as follows:

Aggregate cost	$	851,961,122
Gross unrealized appreciation	$	38,324,642
Gross unrealized depreciation		(167,246,352	)
Net unrealized depreciation	$	(128,921,710	)

(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, as amended, were as follows:

Affiliate	Shares Held at December 31, 2009		Net Activity			Shares Held at June 30, 2010		Income
BlackRock Liquidity Funds, TempCash, Institutional Class		6,620,218		(3,265,303	)		3,354,915	$	3,682

(d)	Represents the current yield as of report date.
•	Financial futures contracts purchased as of June 30,2010 were as follows:

Contracts	Issue		Exchange		Expiration Date		Notional Value		Unrealized Depreciation
98		DJ Euro Stoxx 50		Eurex		September 2010	$	3,190,813	$	(113,333	)
49		Emini MSCI		Chicago		September 2010	$	3,224,319		(2,079	)
30		FTSE 100 Index Futures		LIFFE		September 2010	$	2,310,055		(122,471	)
9		SPI 200 Index Futures		Sydney		September 2010	$	849,618		(42,421	)
21		TOPIX Index Futures		Tokyo		September 2010	$	2,044,048		(52,474	)
Total									$	(332,778	)

• Fair Value Measurements — Various inputs are used in determining the fair value of investments and derivatives, 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 and derivatives)

The inputs or methodologies 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 June 30, 2010 in determining the fair valuation of the Series’ investments and derivatives:

Valuation Inputs	Level 1		Level 2		Level 3		Total
Assets:
Investments in Securities:
Long-Term Investments:
Common Stocks:
Australia		—	$	57,677,856	$	10	$	57,677,866
Austria		—		2,096,902		—		2,096,902
Belgium		—		6,790,836		—		6,790,836
Bermuda		—		689,982		—		689,982
Cayman Islands		—		456,736		—		456,736
Denmark		—		7,277,819		—		7,277,819
Finland		—		7,457,765		—		7,457,765
France		—		67,578,639		—		67,578,639
Germany	$	836,662		55,483,831		—		56,320,493
Greece		—		1,996,352		—		1,996,352
Hong Kong		3,564,112		14,162,554		—		17,726,666
Ireland		317,061		1,920,521		—		2,237,582
Israel		—		6,236,051		—		6,236,051
Italy		—		19,707,887		—		19,707,887
Japan		6,525,889		161,153,014		—		167,678,903
Kazakhstan		—		266,764		—		266,764
Luxembourg		—		3,061,611		—		3,061,611
Netherlands		—		19,476,059		—		19,476,059
New Zealand		—		768,357		—		768,357
Norway		53,849		4,667,245		—		4,721,094
Portugal		—		1,871,979		—		1,871,979
Singapore		15,550		12,176,601		—		12,192,151
Spain		4,881		24,912,849		—		24,917,730
Sweden		—		21,048,718		—		21,048,718
Switzerland		—		58,098,839		—		58,098,839
United Kingdom		184,558		151,119,844		—		151,304,402
Rights:
France		—		8,074		—		8,074
Norway		—		8,723		—		8,723
Spain		7,185		—		—		7,185
Warrants:
Hong Kong		2,332		—		—		2,332
Short-Term Securities		3,354,915		—		—		3,354,915
Total	$	14,866,994	$	708,172,408	$	10	$	723,039,412

See Notes to Financial Statements.
	BLACKROCK INTERNATIONAL INDEX FUND	JUNE 30, 2010	25

Schedule of Investments (concluded) Master International Index Series

The following table summarizes the inputs used as of June 30, 2010 in determining the fair valuation of the Series’ derivatives:

	Derivative Financial Instruments1
Valuation Inputs	Level 1			Level 2		Level 3		Total
Liabilities:
Equity contracts	$	(332,778	)		—		—	$	(332,778	)

¹ Derivative financial instruments are financial futures 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:

	Common Stocks
Assets:
Balance, as of December 31, 2009	$	15
Accrued discounts/premiums		—
Net realized gain (loss)		—
Net change in unrealized appreciation/depreciation2		(5	)
Purchases		—
Sales		—
Transfers in3		—
Transfers out3		—
Balance, as of June 30, 2010	$	10

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 June 30, 2010 was $(5).
3	The Series’ policy is to recognize transfers in and transfers out as of the end of the period of the event or the change in circumstances that caused the transfer.

See Notes to Financial Statements.
26	BLACKROCK INTERNATIONAL INDEX FUND	JUNE 30, 2010

Statement of Assets and Liabilities Master International Index Series

June 30, 2010 (Unaudited)
Assets
Investments at value — unaffiliated (cost — $816,151,101)	$	719,684,497
Investments at value — affiliated (cost — $3,354,915)		3,354,915
Cash		301,482
Foreign currency at value (cost — $5,869,225)		5,891,088
Cash pledged for financial futures contracts		1,077,000
Contributions receivable from investors		8,485,526
Dividends receivable		4,508,186
Investments sold receivable		18,017
Investment advisory fees receivable		702
Prepaid expenses		62,805
Other assets		11,026
Total assets		743,395,244
Liabilities
Margin variation payable		401,010
Other affiliates payable		3,387
Directors’ fees payable		625
Other liabilities		104
Other accrued expenses payable		127,489
Total liabilities		532,615
Net Assets	$	742,862,629
Net Assets Consist of
Investors’ capital	$	839,798,928
Net unrealized appreciation/depreciation		(96,936,299	)
Net Assets	$	742,862,629

See Notes to Financial Statements.
	BLACKROCK INTERNATIONAL INDEX FUND	JUNE 30, 2010	27

Statement of Operations Master International Index Series

Six Months Ended June 30, 2010 (Unaudited)
Investment Income
Dividends	$	14,556,138
Foreign taxes withheld		(1,598,285	)
Dividends — affiliated		3,682
Total income		12,961,535
Expenses
Custodian		178,712
Accounting services		86,789
Professional		50,815
Investment advisory		36,028
Directors		11,094
Printing		1,710
Miscellaneous		76,450
Total expenses		441,598
Less fees waived by advisor		(29,248	)
Total expenses after fees waived		412,350
Net investment income		12,549,185
Realized and Unrealized Loss
Net realized loss from:
Investments		(11,048,510	)
Financial futures contracts		(2,337,179	)
Foreign currency transactions		(1,125,051	)
		(14,510,740	)
Net change in unrealized appreciation/depreciation on:
Investments		(100,537,722	)
Financial futures contracts		(839,552	)
Foreign currency transactions		(93,423	)
		(101,470,697	)
Total realized and unrealized loss		(115,981,437	)
Net Decrease in Net Assets Resulting from Operations	$	(103,432,252	)

See Notes to Financial Statements.
28	BLACKROCK INTERNATIONAL INDEX FUND	JUNE 30, 2010

Statements of Changes in Net Assets Master International Index Series

Increase (Decrease) in Net Assets:	Six Months Ended June 30, 2010 (Unaudited)			Year Ended December 31, 2009
Operations
Net investment income	$	12,549,185		$	22,305,320
Net realized gain (loss)		(14,510,740	)		520,540
Net change in unrealized appreciation/depreciation		(101,470,697	)		184,128,794
Net increase (decrease) in net assets resulting from operations		(103,432,252	)		206,954,654
Capital Transactions
Proceeds from contributions		195,115,034			359,210,927
Value of withdrawals		(98,100,069	)		(523,005,063	)
Net increase (decrease) in net assets derived from capital transactions		97,014,965			(163,794,136	)
Net Assets
Total increase (decrease) in net assets		(6,417,287	)		43,160,518
Beginning of period		749,279,916			706,119,398
End of period	$	742,862,629		$	749,279,916

See Notes to Financial Statements.
BLACKROCK INTERNATIONAL INDEX FUND	JUNE 30, 2010	29

Financial Highlights Master International Index Series

	Six Months Ended June 30, 2010 (Unaudited)
				Year Ended December 31,
				2009			2008			2007			2006			2005
Total Investment Return
Total investment return		(13.98	)%1		28.99	%		(41.94	)%		10.80	%		26.61	%		13.64	%
Ratios to Average Net Assets
Total expenses		0.12	%2		0.09	%		0.11	%		0.10	%		0.11	%		0.10	%
Total expenses after fees waived		0.11	%2		0.09	%		0.10	%		0.09	%		0.10	%		0.10	%
Net investment income		3.48	%2		2.98	%		3.54	%		2.86	%		2.70	%		2.53	%
Supplemental Data
Net assets, end of period (000)	$	742,863		$	749,280		$	706,119		$	1,143,172		$	829,986		$	523,155
Portfolio turnover		4	%		30	%		30	%		30	%		23	%		11	%

1	Aggregate total investment return.
2	Annualized.

See Notes to Financial Statements.
30	BLACKROCK INTERNATIONAL INDEX FUND	JUNE 30, 2010

Notes to Financial Statements (Unaudited) 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 management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates.

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

Valuation: The Series’ policy is to fair value its financial instruments and derivatives at market value using independent dealers or pricing services selected under the supervision of the Board. 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 (long positions) or ask (short positions) price. If no bid or ask 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 remaining maturities of 60 days or less 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 mean between the bid and ask prices and are determined as of the close of business on the NYSE. Interpolated values are derived when the settlement date of the contract is an interim date for which quotations are not available.

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 in accordance with a policy approved by the Board as reflecting fair value (“Fair Value Assets”). When determining the price for Fair Value Assets, the investment advisor and/or the sub-advisor seeks to determine the price that the Series might reasonably expect to receive from the current sale of that asset in an arm’s-length transaction. Fair value determinations shall be based upon all available factors that the investment advisor and/or sub-advisor deems relevant. The pricing of all Fair Value Assets is subsequently reported to the Board or a committee thereof.

Generally, trading in foreign instruments is substantially completed each day at various times prior to the close of business on the NYSE. Occasionally, events affecting the values of such instruments may occur between the foreign market close and the close of business on the NYSE that may not be reflected in the computation of the Series’ net assets. If events (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 values, as determined in good faith by the investment advisor using a pricing service and/or policies approved by the Board. Each business day, the Series uses a pricing service to assist with the valuation of certain foreign exchange-traded equity securities and foreign exchange-traded and over-the-counter (“OTC”) options (the “Systematic Fair Value Price”). Using current market factors, the Systematic Fair Value Price is designed to value such foreign securities and foreign options at fair value as of the close of business on the NYSE, which follows the close of the local markets.

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

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.

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 delivers collateral or segregates assets in connection with certain investments (e.g., financial futures contracts and foreign currency exchange 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 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.

BLACKROCK INTERNATIONAL INDEX FUND JUNE 30, 2010 31

Notes to Financial Statements (continued) Master International Index Series

Investment Transactions and Investment Income: For financial reporting purposes, investment transactions are recorded on the dates the transactions are entered into (the trade dates). Realized gains and losses on investment transactions are determined on the identified cost basis. Dividend income is recorded on the ex-dividend dates. Dividends from foreign securities where the ex-dividend date may have passed are subsequently recorded when the Series has determined the ex-dividend date. Under the applicable foreign tax laws, a withholding tax at various rates may be imposed on capital gains, dividends and interest. Upon notification from issuers, some of the dividend income received from a real estate investment trust may be redesignated as a reduction of cost of the related investment and/or realized gain. Interest income is recognized on the accrual basis.

Income Taxes: The Master LLC is classified as a partnership for federal income tax purposes. As such, each investor in the Master LLC is treated as owner of its proportionate share of the net assets, income, expenses and realized and unrealized gains and losses of the Master LLC. Therefore, no federal income tax provision is required. It is intended that the Master LLC’s assets will be managed so an investor in the Master LLC can satisfy the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended.

The Master LLC files US federal and various state and local tax returns. No income tax returns are currently under examination. The statute of limitations on the Master LLC’s US federal tax returns remains open for each of the four years ended December 31, 2009. The statutes of limitations on the Master LLC’s state and local tax returns may remain open for an additional year depending upon the jurisdiction. There are no uncertain tax positions that require recognition of a tax liability.

Other: Expenses directly related to the Series are charged to the Series. Other operating expenses shared by several funds are pro rated among those funds on the basis of relative net assets or other appropriate methods. The Series has an arrangement with the custodian whereby fees may be reduced by credits earned on uninvested cash balances, which if applicable are shown as fees paid indirectly in the Statement of Operations. The custodian imposes fees on overdrawn cash balances, which can be offset by accumulated credits earned or may result in additional custody charges.

2. Derivative Financial Instruments:

The Series engages in various portfolio investment strategies using derivative contracts both to increase the returns of the Series and to economically hedge, or protect, their exposure to certain risks such as equity risk and foreign currency exchange rate risk. These contracts may be transacted on an exchange or OTC. Losses may arise if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument or if the counterparty does not perform under the contract. The Series’ maximum risk of loss from counterparty credit risk on OTC derivatives is generally the aggregate unrealized gain netted against any collateral pledged by/posted to the counterparty.

The Series may mitigate counterparty risk by procuring collateral and through netting provisions included within an International Swaps and Derivatives Association, Inc. (“ISDA”) Master Agreement implemented between a Fund and each of its respective counterparties. The ISDA Master Agreement allows the Fund to offset with each separate counterparty certain derivative financial instrument’s payables and/or receivables with collateral held. The amount of collateral moved to/from applicable counterparties is generally 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 non-performance. See Note 1 “Segregation and Collateralization” for information with respect to collateral practices. In addition, the Series manages counterparty risk by entering into agreements only with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties.

Certain ISDA Master Agreements allow counterparties of 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.

Financial Futures Contracts: The Series purchases or sells financial futures contracts and options on financial futures contracts to gain exposure to, or economically hedge against, changes in foreign currencies (foreign currency exchange rate risk). Financial futures contracts are contracts for delayed delivery of securities or currencies 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

32 BLACKROCK INTERNATIONAL INDEX FUND JUNE 30, 2010

Notes to Financial Statements (continued) Master International Index Series

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 transactions 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 enters into foreign currency exchange contracts as an economic hedge against either specific transactions or portfolio instruments or to gain exposure to foreign currencies (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 the value of a foreign currency contract changes unfavorably due to movements in the value of the referenced foreign currencies and the risk that a counterparty to the contract does not perform it obligations under the agreement.

Derivative Instruments Categorized by Risk Exposure:
Fair Value of Derivative Instruments as of June 30, 2010
	Liability Derivatives
	Statement of Assets and Liabilities Location	Value
Equity contracts	Net unrealized appreciation/ depreciation*	$	332,778

* Includes cumulative appreciation/depreciation of financial futures contracts as reported in the 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 Six Months Ended June 30, 2010
	Net Realized Loss from
	Financial Futures Contracts			Foreign Currency Transactions
Foreign currency transactions		—		$	(169,373	)
Equity contracts	$	(2,337,179	)		—

	Net Change in Unrealized Appreciation/Depreciation on
	Financial Futures Contracts			Foreign Currency Transactions
Foreign currency transactions		—		$	147,613
Equity contracts	$	(839,552	)		—

For the six months ended June 30, 2010, the average quarterly balance of outstanding derivative financial instruments was as follows:

Foreign currency exchange contracts:
Average number of contracts — US dollars purchased		4
Average number of contracts — US dollars sold		4
Average US dollar amounts purchased	$	697,357
Average US dollar amounts sold	$	362,827
Financial futures contracts:
Average number of contracts purchased		290
Average notional value of contracts purchased	$	16,377,099

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 of the Series for 1940 Act purposes, but BAC and Barclays are not.

The Master LLC, on behalf of the Series, entered into an Investment Advisory Agreement with BlackRock Advisors, LLC (the “Manager”), the Series’ investment advisor, an indirect, wholly owned subsidiary of BlackRock, to provide investment advisory and administration services. The Manager is responsible for the management of the Series’ portfolio 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 the annual rate of 0.01% of average daily value of the Series’ net assets.

The Manager 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

BLACKROCK INTERNATIONAL INDEX FUND JUNE 30, 2010 33

Notes to Financial Statements (concluded) Master International Index Series

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. The Manager has agreed not to reduce or discontinue this contractual waiver or reimbursement before May 1, 2011 unless approved by the Board, including a majority of the non-interested directors. For the six months ended June 30, 2010, The Series waived $27,145, which is included in fees waived by advisor in the Statement of Operations.

The Manager voluntarily agreed to waive its advisory fees by the amount of investment advisory fees the Series pays to the Manager indirectly through its investment in affiliated money market funds; however, the Manager does not waive its advisory fees by the amount of investment advisory fees paid through its investment in other affiliated investment companies, if any. For the six months ended June 30, 2010, the Series waived $2,103, which is included in fees waived by advisor in the Statement of Operations.

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

For the six months ended June 30, 2010, the Series reimbursed the Manager $7,716 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 six months ended June 30, 2010 were $855,474,651 and $28,273,521, 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 expires in November 2010. The Series may borrow under the credit agreement to fund shareholder redemptions. The Series paid its pro rata share of 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, which is included in miscellaneous in the Statement of Operations, 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 six months ended June 30, 2010.

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 (issuer credit risk). The value of securities held by the Series may decline in response to certain events, including those directly involving the issuers whose securities are owned by the Series; conditions affecting the general economy; overall market changes; local, regional or global political, social or economic instability; and currency and interest rate and price fluctuations. Similar to issuer credit risk, the Series may be exposed to counterparty credit risk, or the risk that an entity with which the Series has unsettled or open transactions may fail to or be unable to perform on its commitments. The Series manages counterparty credit risk by entering into transactions only with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose the Series to market, issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of the Series’ exposure to market, issuer and counterparty credit risks with respect to these financial assets is generally approximated by their value recorded in the Series’ Statement of Assets and Liabilities, less any collateral held by the Series.

The Series invests a substantial amount of its assets in issuers located in a single country or a limited number of countries. When the Series concentrates its investments in this manner, it assumes the risk that economic, political and social conditions in those countries may have a significant impact on their investment performance. Please see the Schedule of Investments for concentrations in specific countries.

As of June 30, 2010, the Series had the following industry classifications:

Industry	Percent of Long-Term Investments
Commercial Banks		14	%
Pharmaceuticals		8
Oil, Gas & Consumable Fuels		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 through the date the financial statements were issued and has determined that there were no subsequent events requiring adjustment or additional disclosure in the financial statements.

34 BLACKROCK INTERNATIONAL INDEX FUND JUNE 30, 2010

Disclosure of Investment Advisory Agreement and Sub-Advisory Agreement

The Board of Directors of Quantitative Master Series LLC (the “Master LLC”) met on April 20, 2010 and May 18 – 19, 2010 to consider the approval of the Master LLC’s investment advisory agreement (the “Advisory Agreement”) with BlackRock Advisors, LLC (the “Manager”), the Master LLC’s investment advisor, on behalf of the Master International Index Series (the “Master Portfolio”), a series of the Master LLC. The Board of Directors of the Master LLC also considered the approval of the sub-advisory agreement (the “Sub-Advisory Agreement”) between the Manager and BlackRock Investment Management, LLC (the “Sub-Advisor”), with respect to the Master Portfolio. BlackRock International Index Fund (the “Fund”), a series of BlackRock Index Funds, Inc. (the “Corporation”), is a “feeder” fund that invests all of its investable assets in the Master Portfolio. Accordingly, the Board of Directors of the Corporation also considered the approval of the Advisory Agreement and the Sub-Advisory Agreement with respect to the Master Portfolio. The Manager and the Sub-Advisor are referred to herein as “BlackRock.” The Advisory Agreement and the Sub-Advisory Agreement are referred to herein as the “Agreements.” For simplicity, the Board of Directors of the Master LLC and the Board of Directors of the Corporation are referred to herein collectively as the “Board,” and the members are referred to as “Board Members.”

Activities and Composition of the Board

The Board consists of thirteen individuals, eleven of whom are not “interested persons” of the Master LLC or the Corporation as defined in the Investment Company Act of 1940, as amended (the “1940 Act”) (the “Independent Board Members”). The Board Members are responsible for the oversight of the operations of the Master LLC or the Corporation, as pertinent, and perform the various duties imposed on the directors of investment companies by the 1940 Act. The Independent Board Members have retained independent legal counsel to assist them in connection with their duties. The Co-Chairs of the Board are each Independent Board Members. The Board has established five standing committees: an Audit Committee, a Governance and Nominating Committee, a Compliance Committee, a Performance Oversight and Contract Committee and an Executive Committee, each of which is composed of Independent Board Members (except for the Executive Committee, which also has one interested Board Member) and is chaired by Independent Board Members. The Board also has one ad hoc committee, the Joint Product Pricing Committee, which consists of Independent Board Members and directors/trustees of the boards of certain other BlackRock-managed funds, who are not “interested persons” of their respective funds.

The Agreements

Pursuant to the 1940 Act, the Board is required to consider the continuation of the Agreements on an annual basis. In connection with this process, the Board assessed, among other things, the nature, scope and quality of the services provided to the Master Portfolio and the Fund by the personnel of BlackRock and its affiliates, including investment management, administrative and shareholder services, oversight of fund accounting and custody, marketing services and assistance in meeting applicable legal and regulatory requirements.

From time to time throughout the year, the Board, acting directly and through its committees, considers at each of its meetings factors that are relevant to its annual consideration of the renewal of the Agreements, including the services and support provided by BlackRock to the Master Portfolio, the Fund and their shareholders. Among the matters the Board considered were: (a) investment performance for one-, three- and five-year periods, as applicable, against peer funds, and applicable benchmarks, if any, as well as senior management and portfolio managers’ analysis of the reasons for any over performance or underperformance against its peers and/or benchmark, as applicable; (b) fees, including advisory, administration, if applicable, and other amounts paid to BlackRock and its affiliates by the Master Portfolio and/or the Fund for services, such as transfer agency, marketing and distribution, call center and fund accounting; (c) Master Portfolio’s and/or the Fund’s operating expenses; (d) the resources devoted to and compliance reports relating to the Master Portfolio’s and the Fund’s investment objective, policies and restrictions; (e) the Master LLC’s and the Corporation’s compliance with its respective Code of Ethics and compliance policies and procedures; (f) the nature, cost and character of non-investment management services provided by BlackRock and its affiliates; (g) BlackRock’s and other service providers’ internal controls; (h) BlackRock’s implementation of the proxy voting policies approved by the Board; (i) the use of brokerage commissions and execution quality of portfolio transactions; (j) BlackRock’s implementation of the Master LLC’s and/or the Corporation’s valuation and liquidity procedures; (k) an analysis of contractual and actual management fees for products with similar investment objectives across the open-end fund, closed-end fund and institutional account product channels; and (l) periodic updates on BlackRock’s business.

Board Considerations in Approving the Agreements

The Approval Process: Prior to the April 20, 2010 meeting, the Board requested and received materials specifically relating to the Agreements. The Board is engaged in a process with BlackRock to periodically review the nature and scope of the information provided to better assist its deliberations. The materials provided in connection with the April meeting included: (a) information independently compiled and prepared by Lipper, Inc. (“Lipper”) on fees and expenses of the Master Portfolio and the Fund, as applicable, and the investment performance of the Fund as compared with a peer group of funds as determined by Lipper (collectively, “Peers”); (b) information on the profitability of the Agreements to BlackRock and a discussion of fall-out benefits to BlackRock and its affiliates and significant shareholders; (c) a general analysis provided by BlackRock concerning investment advisory fees charged to other clients, such as institutional clients and closed-end funds, under similar investment mandates, as well as the performance of such other clients, as applicable; (d) the impact of economies of scale; (e) a summary of aggregate amounts paid by the Master Portfolio and/or the Fund to BlackRock; (f) sales and redemption

BLACKROCK INTERNATIONAL INDEX FUND JUNE 30, 2010 35

Disclosure of Investment Advisory Agreement and Sub-Advisory Agreement (continued)

data regarding the Fund’s shares; and (g) if applicable, a comparison of management fees to similar BlackRock open-end funds, as classified by Lipper.

At an in-person meeting held on April 20, 2010, the Board reviewed materials relating to its consideration of the Agreements. As a result of the discussions that occurred during the April 20, 2010 meeting, the Board presented BlackRock with questions and requests for additional information and BlackRock responded to these requests with additional written information in advance of the May 18 – 19, 2010 Board meeting.

At an in-person meeting held on May 18 – 19, 2010, the Board of the Master LLC, including the Independent Board Members, unanimously approved the continuation of the Advisory Agreement between the Manager and the Master LLC with respect to the Master Portfolio and the Sub-Advisory Agreement between the Manager and the Sub-Advisor with respect to the Master Portfolio, each for a one-year term ending June 30, 2011. The Board of the Corporation, including the Independent Board Members, also considered the continuation of the Agreements and found the Agreements to be satisfactory. In approving the continuation of the Agreements, the Board considered: (a) the nature, extent and quality of the services provided by BlackRock; (b) the investment performance of the Master Portfolio, the Fund and BlackRock; (c) the advisory fee and the cost of the services and profits to be realized by BlackRock and its affiliates from their relationship with the Master Portfolio and the Fund; (d) economies of scale; and (e) other factors deemed relevant by the Board Members.

The Board also considered other matters it deemed important to the approval process, such as payments made to BlackRock or its affiliates relating to the distribution of Fund shares, services related to the valuation and pricing of portfolio holdings of the Master Portfolio, direct and indirect benefits to BlackRock and its affiliates and significant shareholders from their relationship with the Master Portfolio and the Fund and advice from independent legal counsel with respect to the review process and materials submitted for the Board’s review. The Board noted the willingness of BlackRock personnel to engage in open, candid discussions with the Board. The Board did not identify any particular information as controlling, and each Board Member may have attributed different weights to the various items considered.

A. Nature, Extent and Quality of the Services Provided by BlackRock: The Board, including the Independent Board Members, reviewed the nature, extent and quality of services provided by BlackRock, including the investment advisory services and the resulting performance of the Fund. Throughout the year, the Board compared the Fund’s performance to the performance of a comparable group of mutual funds, and the performance of a relevant benchmark, if any. The Board met with BlackRock’s senior management personnel responsible for investment operations, including the senior investment officers. The Board also reviewed the materials provided by the portfolio management team discussing performance and the investment objective, strategies and outlook.

The Board considered, among other factors, the number, education and experience of BlackRock’s investment personnel generally and the Master Portfolio’s portfolio management team, investments by portfolio managers in the funds they manage, BlackRock’s portfolio trading capabilities, BlackRock’s use of technology, BlackRock’s commitment to compliance and BlackRock’s approach to training and retaining portfolio managers and other research, advisory and management personnel. The Board also reviewed a general description of BlackRock’s compensation structure with respect to the Master Portfolio’s portfolio management team and BlackRock’s ability to attract and retain high-quality talent.

In addition to advisory services, the Board considered the quality of the administrative and non-investment advisory services provided to the Master Portfolio and the Fund. BlackRock and its affiliates and significant shareholders provide the Master Portfolio and the Fund with certain administrative, transfer agency, shareholder and other services (in addition to any such services provided to the Master Portfolio and the Fund by third parties) and officers and other personnel as are necessary for the operations of the Master Portfolio and the Fund. In addition to investment advisory services, BlackRock and its affiliates provide the Master Portfolio and the Fund with other services, including: (i) preparing disclosure documents, such as the prospectus, the statement of additional information and periodic shareholder reports; (ii) assisting with daily accounting and pricing; (iii) overseeing and coordinating the activities of other service providers; (iv) organizing Board meetings and preparing the materials for such Board meetings; (v) providing legal and compliance support; and (vi) performing other administrative functions necessary for the operation of the Master Portfolio and the Fund, such as tax reporting, fulfilling regulatory filing requirements, and call center services. The Board reviewed the structure and duties of BlackRock’s fund administration, accounting, legal and compliance departments and considered BlackRock’s policies and procedures for assuring compliance with applicable laws and regulations.

B. The Investment Performance of the Master Portfolio, the Fund and BlackRock: The Board, including the Independent Board Members, also reviewed and considered the performance history of the Master Portfolio and the Fund, as applicable. The Board noted that the Master Portfolio’s investment results correspond directly to the investment results of the Fund. In preparation for the April 20, 2010 meeting, the Board was provided with reports, independently prepared by Lipper, which included a comprehensive analysis of the Fund’s performance. The Board also reviewed a narrative and statistical analysis of the Lipper data that was prepared by BlackRock, which analyzed various factors that affect Lipper’s rankings. In connection with its review, the Board received and reviewed information regarding the investment performance of the Fund as compared to a representative group of similar funds as determined by Lipper and to all funds in the Fund’s applicable Lipper category. The Board was

36 BLACKROCK INTERNATIONAL INDEX FUND JUNE 30, 2010

Disclosure of Investment Advisory Agreement and Sub-Advisory Agreement (continued)

provided with a description of the methodology used by Lipper to select peer funds. The Board regularly reviews the performance of the Master Portfolio and the Fund, as applicable, throughout the year. The Board attaches more importance to performance over relatively long periods of time, typically three to five years.

The Board noted that the Fund performed below the median of its Lipper Performance Universe in each of the one-, three- and five-year periods reported. The Board and BlackRock reviewed the reasons for the Fund’s underperformance during these periods compared with its Peers. The Board was informed that, among other things, over the one-, three- and five-year periods, the Fund met its objective of matching the risk and return of the MSCI EAFE index before fees and expenses.

The Board and BlackRock discussed BlackRock’s strategy for improving the Fund’s performance and BlackRock’s commitment to providing the resources necessary to assist the Master Portfolio’s portfolio managers and to improve the Fund’s performance.

C. Consideration of the Advisory Fees and the Cost of the Services and Profits to be Realized by BlackRock and its Affiliates from their Relationship with the Master Portfolio and the Fund: The Board, including the Independent Board Members, reviewed the Master Portfolio’s contractual advisory fee rate compared with the other funds in the Fund’s Lipper category. It also compared the Fund’s total expenses, as well as actual management fees, to those of other funds in its Lipper category. The Board considered the services provided and the fees charged by BlackRock to other types of clients with similar investment mandates, including separately managed institutional accounts.

The Board received and reviewed statements relating to BlackRock’s financial condition and profitability with respect to the services it provided the Master Portfolio and the Fund. The Board was also provided with a profitability analysis that detailed the revenues earned and the expenses incurred by BlackRock for services provided to the Master Portfolio and the Fund. The Board reviewed BlackRock’s profitability with respect to the Master Portfolio and the Fund, as applicable, and other funds the Board currently oversees for the year ended December 31, 2009 compared to available aggregate profitability data provided for the year ended December 31, 2008. The Board reviewed BlackRock’s profitability with respect to other fund complexes managed by the Manager and/or its affiliates. The Board reviewed BlackRock’s assumptions and methodology of allocating expenses in the profitability analysis, noting the inherent limitations in allocating costs among various advisory products. The Board recognized that profitability may be affected by numerous factors including, among other things, fee waivers and expense reimbursements by the Manager, the types of funds managed, expense allocations and business mix, and the difficulty of comparing profitability as a result of those factors.

The Board noted that, in general, individual fund or product line profitability of other advisors is not publicly available. Nevertheless, to the extent such information was available, the Board considered BlackRock’s operating margin, in general, compared to the operating margin for leading investment management firms whose operations include advising open-end funds, among other product types. That data indicates that operating margins for BlackRock with respect to its registered funds are generally consistent with margins earned by similarly situated publicly traded competitors. In addition, the Board considered, among other things, certain third party data comparing BlackRock’s operating margin with that of other publicly traded asset management firms. That third party data indicates that larger asset bases do not, in themselves, translate to higher profit margins.

In addition, the Board considered the cost of the services provided to the Master Portfolio and the Fund by BlackRock, and BlackRock’s and its affiliates’ profits relating to the management and distribution of the Master Portfolio and the Fund and the other funds advised by BlackRock and its affiliates. As part of its analysis, the Board reviewed BlackRock’s methodology in allocating its costs to the management of the Master Portfolio and the Fund. The Board also considered whether BlackRock has the financial resources necessary to attract and retain high-quality investment management personnel to perform its obligations under the Agreements and to continue to provide the high quality of services that is expected by the Board.

The Board noted that the Fund’s contractual advisory fee rate was lower than or equal to the median contractual advisory fee rate paid by the Fund’s Peers, in each case before taking into account any expense reimbursements or fee waivers. The Board also noted that BlackRock has contractually agreed to waive fees and/or reimburse expenses in order to limit, to a specified amount, the Master Portfolio’s total operating expenses as a percentage of the Master Portfolio’s average daily net assets and has voluntarily agreed to waive fees and/or reimburse expenses to limit the Fund’s total operating expenses as a percentage of the Fund’s average daily net assets on a class-by-class basis, as applicable.

The Board noted that after discussions between the Board, including the Independent Board Members, and BlackRock, the Board approved BlackRock’s proposed contractual administration fee reduction effective June 1, 2010.

D. Economies of Scale: The Board, including the Independent Board Members, considered the extent to which economies of scale might be realized as the assets of the Master Portfolio and the Fund increase. The Board also considered the extent to which the Master Portfolio and the Fund benefit from such economies and whether there should be changes in the advisory fee rate or structure in order to enable the Master Portfolio and the Fund to participate in these economies of scale, for example through the use of breakpoints in the advisory fee based upon the asset level of the Master Portfolio.

BLACKROCK INTERNATIONAL INDEX FUND JUNE 30, 2010 37

Disclosure of Investment Advisory Agreement and Sub-Advisory Agreement (concluded)

E. Other Factors Deemed Relevant by the Board Members: The Board, including the Independent Board Members, also took into account other ancillary or “fall-out” benefits that BlackRock or its affiliates and significant shareholders may derive from their respective relationships with the Master Portfolio and the Fund, both tangible and intangible, such as BlackRock’s ability to leverage its investment professionals who manage other portfolios, an increase in BlackRock’s profile in the investment advisory community, and the engagement of BlackRock’s affiliates and significant shareholders as service providers to the Master Portfolio and the Fund, including for administrative, transfer agency and distribution services. The Board also considered BlackRock’s overall operations and its efforts to expand the scale of, and improve the quality of, its operations. The Board also noted that BlackRock may use and benefit from third party research obtained by soft dollars generated by certain mutual fund transactions to assist in managing all or a number of its other client accounts. The Board further noted that BlackRock completed the acquisition of a complex of exchange-traded funds (“ETFs”) on December 1, 2009, and that BlackRock’s funds may invest in such ETFs without any offset against the management fees payable by the funds to BlackRock.

In connection with its consideration of the Agreements, the Board also received information regarding BlackRock’s brokerage and soft dollar practices. The Board received reports from BlackRock which included information on brokerage commissions and trade execution practices throughout the year.

The Board noted the competitive nature of the open-end fund marketplace, and that shareholders are able to redeem their Fund shares if they believe that the Fund’s fees and expenses are too high or if they are dissatisfied with the performance of the Fund.

Conclusion

The Board of the Master LLC, including the Independent Board Members, unanimously approved the continuation of the Advisory Agreement between the Manager and the Master LLC, with respect to the Master Portfolio, for a one-year term ending June 30, 2011 and the Sub-Advisory Agreement between the Manager and the Sub-Advisor, with respect to the Master Portfolio, for a one-year term ending June 30, 2011. As part of its approval, the Board of the Master LLC considered the detailed review of BlackRock’s fee structure, as it applies to the Master LLC, being conducted by the ad hoc Joint Product Pricing Committee. Based upon its evaluation of all of the aforementioned factors in their totality, the Board of the Master LLC, including the Independent Board Members, was satisfied that the terms of the Agreements were fair and reasonable and in the best interest of the Master Portfolio and its shareholders. The Board of the Corporation, including the Independent Board Members, also considered the continuation of the Agreements with respect to the Master Portfolio and found the Agreements to be satisfactory. In arriving at a decision to approve the Agreements, the Board of the Master LLC did not identify any single factor or group of factors as all-important or controlling, but considered all factors together, and different Board Members may have attributed different weights to the various factors considered. The Independent Board Members were also assisted by the advice of independent legal counsel in making this determination. The contractual fee arrangements for the Master Portfolio reflect the results of several years of review by the Board Members and predecessor Board Members, and discussions between such Board Members (and predecessor Board Members) and BlackRock. Certain aspects of the arrangements may be the subject of more attention in some years than in others, and the Board Members’ conclusions may be based in part on their consideration of these arrangements in prior years.

38 BLACKROCK INTERNATIONAL INDEX FUND JUNE 30, 2010

Officers and Directors

Ronald W. Forbes, Co-Chairman of the Board and Director

Rodney D. Johnson, Co-Chairman of the Board and Director

David O. Beim, Director

Richard S. Davis, Director

Henry Gabbay, Director

Dr. Matina Horner, Director

Herbert I. London, Director and Member of the Audit Committee

Cynthia A. Montgomery, Director

Joseph P. Platt, Jr., Director

Robert C. Robb, Jr., Director

Toby Rosenblatt, Director

Kenneth L. Urish, Chairman of the Audit Committee and Director

Frederick W. Winter, Director and Member of the Audit Committee

Anne Ackerley, Corporation/Master LLC President and Chief Executive Officer

Jeffrey Holland, Vice President

Brendan Kyne, Vice President

Brian Schmidt, Vice President

Neal Andrews, Chief Financial Officer

Jay Fife, Treasurer

Brian Kindelan, Chief Compliance Officer of the Fund/Master LLC

Howard Surloff, Secretary

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

BNY Mellon Investment Servicing (US) 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 Austin LLP

New York, NY 10019

Independent Registered Public Accounting Firm

Deloitte & Touche LLP

Princeton, NJ 08540

Address of the Fund

100 Bellevue Parkway

Wilmington, DE 19809

BLACKROCK INTERNATIONAL INDEX FUND JUNE 30, 2010 39

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) Select “eDelivery” under the “More Information” section

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 is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call (800) 441-7762.

Availability of Quarterly Portfolio Schedule of Investments

The Fund/Series files its complete schedule of portfolio holdings with the Securities and Exchange Commission (the “SEC”) for 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 (800) SEC-0330. The Fund’s/Series’ Forms N-Q may also be obtained upon request and without charge by calling (800) 441-7762.

Availability of Proxy Voting Policies and Procedures

A description of the policies and procedures that the 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 http://www.blackrock.com; and (3) on 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 http://www.blackrock.com or by calling (800) 441-7762 and (2) on the SEC’s website at http://www.sec.gov.

40 BLACKROCK INTERNATIONAL INDEX FUND JUNE 30, 2010

Additional Information (concluded)

Shareholder Privileges

Account Information

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

Automatic Investment Plans

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

Systematic Withdrawal Plans

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

Retirement Plans

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

BlackRock Privacy Principles

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

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

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

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

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

BLACKROCK INTERNATIONAL INDEX FUND JUNE 30, 2010 41

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 Balanced Capital Fund†

BlackRock Basic Value Fund

BlackRock Capital Appreciation Fund

BlackRock Energy & Resources Portfolio

BlackRock Equity Dividend Fund

BlackRock EuroFund

BlackRock Focus Growth Fund

BlackRock Focus Value 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

BlackRock World Gold Fund

Fixed Income Funds

BlackRock Bond Portfolio

BlackRock Emerging Market Debt Portfolio

BlackRock Floating Rate Income Portfolio

BlackRock GNMA Portfolio

BlackRock Government Income Portfolio

BlackRock High Income Fund

BlackRock High Yield Bond Portfolio

BlackRock Income Portfolio†

BlackRock Income Builder Portfolio†

BlackRock Inflation Protected Bond Portfolio

BlackRock Intermediate Government Bond Portfolio

BlackRock International Bond Portfolio

BlackRock Long Duration Bond Portfolio

BlackRock Low Duration Bond Portfolio

BlackRock Managed Income Portfolio

BlackRock Multi-Sector Bond Portfolio

BlackRock Short-Term Bond Fund

BlackRock Strategic Income Opportunities 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

2010

2015

2020

2025

2030

2035

2040

2045

2050

BlackRock LifePath Portfolios
Retirement

2020

2025

2030

2035

2040

2045

2050

2055

*	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.

42 BLACKROCK INTERNATIONAL INDEX FUND JUNE 30, 2010

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 2-06/10

BlackRock S&P 500 Index Fund
OF BLACKROCK INDEX FUNDS, INC.
SEMI-ANNUAL REPORT JUNE 30, 2010 | (UNAUDITED)

NOT FDIC INSURED
MAY LOSE VALUE
NO BANK GUARANTEE

Table of Contents

	Page
Dear Shareholder	3
Semi-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	12
Series Portfolio Information	15
Series Financial Statements:
Schedule of Investments	16
Statement of Assets and Liabilities	23
Statement of Operations	24
Statements of Changes in Net Assets	25
Series Financial Highlights	26
Series Notes to Financial Statements	27
Disclosure of Investment Advisory Agreement and Sub-Advisory Agreement	31
Officers and Directors	35
Additional Information	36
Mutual Fund Family	39

2 BLACKROCK S&P 500 INDEX FUND JUNE 30, 2010

Dear Shareholder

Although overall global economic and financial conditions have generally improved over the past year, the past several months have seen high levels of market volatility and diminishing investor confidence sparked by the sovereign debt crisis in Europe and mixed economic data that have raised concerns over the possibility that some economies could slide back into recession. Despite the uneven nature of recent market conditions, we continue to believe that the “Great Recession” likely ended at some point last summer, thanks primarily to massive fiscal and monetary stimulus, and that the global economy remains in recovery mode for most regions of the world. Regarding the US economy, we believe it is unlikely that the United States will experience a “double dip” recession, although we acknowledge that subpar growth is likely to persist for some time.

Global equity markets bottomed in early 2009 and since that time have moved unevenly higher as investors were lured back into the markets by depressed valuations, desire for higher yields and improvements in corporate earnings prospects. Volatility levels, however, have remained elevated — primarily as a result of uneven economic data and lingering deflation issues (especially in Europe). As the period drew to a close, equity markets had endured a significant correction that drove stock prices into negative territory on a year-to-date basis in almost every market. Over a 12-month basis, however, global equities posted positive returns thanks to improving corporate revenues and profits and a reasonably strong macro backdrop. From a geographic perspective, US equities have significantly outpaced their international counterparts over the past six and twelve months, as the domestic economic recovery has been more pronounced and as credit-related issues have held European markets down. Within the United States, smaller cap stocks have noticeably outperformed large caps.

In fixed income markets, yields have been moving unevenly over the past six and twelve months as improving economic conditions have been acting to push Treasury yields higher (and prices correspondingly lower), while concerns over ongoing deflation threats have acted as a counterweight. As the period drew to a close, however, Treasury yields fell sharply as investors flocked to the “safe haven” asset class in the face of escalating uncertainty. As a result, US Treasuries became one of the world’s best-performing asset classes on a six-month basis. High yield bonds have also continued to perform well, thanks in large part to ongoing high levels of investor demand. Meanwhile, municipal bonds performed in line with their taxable counterparts on a 12-month basis, but slightly underperformed over the last six months as investors rotated to the relative safety of Treasuries.

Regarding cash investments, yields on money market securities remain near all-time lows (producing returns only marginally above zero percent), with the Federal Open Market Committee reiterating that economic circumstances are likely to necessitate an accommodative interest rate stance for an “extended period.”

Against this backdrop, the major market averages posted the following returns:

Total Returns as of June 30, 2010	6-month		12-month
US equities (S&P 500 Index)	(6.65	)%	14.43	%
Small cap US equities (Russell 2000 Index)	(1.95	)	21.48
International equities (MSCI Europe, Australasia, Far East Index)	(13.23	)	5.92
3-month Treasury bill (BofA Merrill Lynch 3-Month Treasury Bill Index)	0.05		0.16
US Treasury securities (BofA Merrill Lynch 10-Year US Treasury Index)	9.36		8.20
Taxable fixed income (Barclays Capital US Aggregate Bond Index)	5.33		9.50
Tax-exempt fixed income (Barclays Capital Municipal Bond Index)	3.31		9.61
High yield bonds (Barclays Capital US Corporate High Yield 2% Issuer Capped Index)	4.45		26.66

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

Although conditions are certainly better than they were a couple of years ago, global financial markets continue to face high volatility and questions about the strength and sustainability of the recovery abound. Through periods of uncertainty, as ever, BlackRock’s full resources are dedicated to the management of our clients’ assets. For additional market perspective and investment insight, visit www.blackrock.com/shareholdermagazine, where you’ll find the most recent issue of our award-winning Shareholder^® magazine, as well as its quarterly companion newsletter, Shareholder Perspectives. As always, we thank you for entrusting BlackRock with your investments, and we look forward to your continued partnership in the months and years ahead.

Sincerely,

Rob Kapito

President, BlackRock Advisors, LLC

THIS PAGE NOT PART OF YOUR FUND REPORT 3

Fund Summary as of June 30, 2010	BlackRock S&P 500 Index Fund
Portfolio Management Commentary

	How did the Fund perform?
•	For the six-months ended June 30, 2010, through the Fund’s investment in Master S&P 500 Index Series (the “Series”) of Quantitative Master Series LLC, the Fund’s Institutional and Investor A Shares returned (6.82)% and (6.91)%, respectively, underperforming the benchmark, Standard & Poor’s (S&P) 500 Index, which returned (6.65)% for the same period. The S&P 500 is a market-weighted index composed of 500 common stocks issued by large-capitalization companies in a wide range of business. The stocks included in the index collectively represent a substantial portion of all common stocks publicly traded in the United States.
•	Returns for the Fund’s respective share classes differ from the benchmark based on individual share class expenses.
	Describe the market environment.
•	At the beginning of 2010, we expected to see a modest cyclical recovery that was countered by the structural problems facing most of the developed world. For the first four months of the year, the cyclical recovery did dominate, but over the past two months, structural problems (especially those in Europe) began to win out, and risk assets (including U.S. equities) have been struggling. Financial markets took a dramatic turn in late April, as investor sentiment became dominated by concerns over the European sovereign debt crisis, some less-positive economic data and uncertainty over financial regulatory reform in the United States. Volatility levels moved noticeably higher over the past several months, and investors embarked on a renewed “flight to quality,” abandoning risk assets such as stocks in favor of safer alternatives, most notably US Treasury bonds and gold.
•	In the United States, the Dow Jones Industrial Average fell 5.00%, the S&P 500 Index declined 6.65% and the Nasdaq Composite lost 6.63%.
•	Within the benchmark index, the S&P 500 Index, all ten sectors recorded negative returns for the period. Industrials (0.85)%, consumer discretionary (1.59)% and consumer staples (2.79)% were the smallest detractors from performance, while materials (12.88)% and energy (12.21)% posted comparatively larger losses.
	Describe recent portfolio activity.
•	During the six-month period, as changes were made to the composition of the S&P 500 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.
•	The Series remains positioned to match the risk characteristics of its benchmark, irrespective of the market’s future direction.
		The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.

Derivative Financial Instruments

The Series may invest in various derivative instruments, including financial futures 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 and/or equity risks. Such derivative instruments involve risks, including the imperfect correlation between the value of a derivative instrument and the underlying asset 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, may result in lower dividends paid to shareholders 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 S&P 500 INDEX FUND JUNE 30, 2010

Total Return Based on a $10,000 Investment

1	Assuming transaction costs and other operating expenses, including investment advisory fees and administration fees, if any.
2	The Fund invests all of its assets in the Series. The Series’ investments are allocated among common stocks in approximately the same weightings as the S&P 500 Index.
3	This unmanaged index covers 500 industrial, utility, transportation and financial companies of the US markets (mostly New York Stock Exchange (the “NYSE”) issues), representing about 75% of NYSE market capitalization and 30% of NYSE issues.

Performance Summary for the Period Ended June 30, 2010

				Average Annual Total Returns4
	6-Month Total Returns			1 Year			5 Years			10 Years
Institutional		(6.82	)%		14.12	%		(1.07	)%		(1.89	)%
Investor A		(6.91	)		13.90			(1.31	)		(2.14	)
S&P 500 Index		(6.65	)		14.43			(0.79	)		(1.59	)

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 S&P 500 INDEX FUND JUNE 30, 2010 5

About Fund Performance

•	Institutional Shares are not subject to any sales charge. Institutional Shares bear no ongoing distribution or service fees and are available only to eligible investors.
•	Investor A Shares are not subject to any sales charge and bear no ongoing distribution fee. Investor A Shares are subject to an ongoing service fee of 0.25% per year.
	Performance information reflects past performance and does not guarantee future results. Current performance may be lower or higher than the performance data quoted. Refer to www.blackrock.com/funds to obtain performance data current to the most recent month-end. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Figures shown in the performance 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 waived a portion of its fee. Without such waiver, 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 administration fees, 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 January 1, 2010 and held through June 30, 2010) 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
	BeginningAccount ValueJanuary 1, 2010		EndingAccount ValueJune 30, 2010		Expenses PaidDuring the Period1		BeginningAccount ValueJanuary 1, 2010		EndingAccount ValueJune 30, 2010		Expenses PaidDuring the Period1		AnnualizedExpense Ratio
Institutional	$	1,000	$	931.80	$	1.63	$	1,000	$	1,023.11	$	1.71		0.34	%
Investor A	$	1,000	$	930.90	$	2.87	$	1,000	$	1,021.82	$	3.01		0.60	%

1	For each class of the Fund, expenses are equal to the annualized expense ratio for the class, multiplied by the average account value over the period, multiplied by 181/365 (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 fund 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 S&P 500 INDEX FUND JUNE 30, 2010

Statement of Assets and Liabilities BlackRock S&P 500 Index Fund

June 30, 2010 (Unaudited)
Assets
Investments at value — Master S&P 500 Index Series (the “Series”) (cost — $1,462,881,651)	$	1,531,509,274
Capital shares sold receivable		250,152
Withdrawals receivable from the Series		94,471
Prepaid expenses		18,503
Total assets		1,531,872,400
Liabilities
Capital shares redeemed payable		344,623
Administration fees payable		260,325
Service fees payable		141,978
Other affiliates payable		21,115
Officer’s fees payable		203
Other accrued expenses payable		199,007
Total liabilities		967,251
Net Assets	$	1,530,905,149
Net Assets Consist of
Paid-in capital	$	1,655,078,883
Undistributed net investment income		13,576,398
Accumulated net realized loss allocated from the Series		(206,377,755	)
Net unrealized appreciation/depreciation allocated from the Series		68,627,623
Net Assets	$	1,530,905,149
Net Asset Value
Institutional — Based on net assets of $879,145,361 and 69,207,701 shares outstanding, 250 million shares authorized, $0.0001 par value	$	12.70
Investor A — Based on net assets of $651,759,788 and 51,454,223 shares outstanding, 250 million shares authorized, $0.0001 par value	$	12.67

See Notes to Financial Statements.

BLACKROCK S&P 500 INDEX FUND JUNE 30, 2010 7

Statement of Operations BlackRock S&P 500 Index Fund

Six Months Ended June 30, 2010 (Unaudited)
Investment Income
Net investment income allocated from the Series:
Dividends	$	16,239,082
Securities lending — affiliated		70,229
Dividends — affiliated		21,935
Expenses		(316,713	)
Total income		16,014,533
Expenses
Administration		1,983,856
Service — Investor A		888,797
Transfer agent — Institutional		256,803
Transfer agent — Investor A		196,289
Printing		43,836
Licensing		35,897
Registration		21,344
Professional		18,151
Officer		389
Miscellaneous		7,501
Total expenses		3,452,863
Net investment income		12,561,670
Realized and Unrealized Gain (Loss) Allocated from the Series
Net realized gain from investments and financial futures contracts		(4,968,391	)
Net change in unrealized appreciation/depreciation on investments, short positions and financial futures contracts		(120,231,464	)
Total realized and unrealized loss		(125,199,855	)
Net Decrease in Net Assets Resulting from Operations	$	(112,638,185	)

See Notes to Financial Statements.
8	BLACKROCK S&P 500 INDEX FUND	JUNE 30, 2010

Statements of Changes in Net Assets BlackRock S&P 500 Index Fund

Increase (Decrease) in Net Assets:	Six Months Ended June 30, 2010 (Unaudited)			Year Ended December 31, 2009
Operations
Net investment income	$	12,561,670		$	27,714,317
Net realized gain (loss)		(4,968,391	)		(10,017,881	)
Net change in unrealized appreciation/depreciation		(120,231,464	)		339,946,812
Net increase (decrease) in net assets resulting from operations		(112,638,185	)		357,643,248
Dividends to Shareholders From
Net investment income:
Institutional		—			(16,925,135	)
Investor A		—			(10,932,804	)
Decrease in net assets resulting from dividends to shareholders		—			(27,857,939	)
Capital Share Transactions
Net decrease in net assets derived from capital share transactions		(13,444,570	)		(66,243,912	)
Net Assets
Total increase (decrease) in net assets		(126,082,755	)		263,541,397
Beginning of period		1,656,987,904			1,393,446,507
End of period	$	1,530,905,149		$	1,656,987,904
Undistributed net investment income	$	13,576,398		$	1,014,728

See Notes to Financial Statements.

BLACKROCK S&P 500 INDEX FUND JUNE 30, 2010 9

Financial Highlights BlackRock S&P 500 Index Fund

	Institutional
	Six Months Ended June 30, 2010 (Unaudited)
				Year Ended December 31,
				2009			2008			2007			2006			2005
Per Share Operating Performance
Net asset value, beginning of period	$	13.63		$	11.00		$	18.01		$	17.40		$	15.29		$	14.84
Net investment income1		0.11			0.23			0.31			0.30			0.26			0.23
Net realized and unrealized gain (loss)		(1.04	)		2.64			(7.01	)		0.62			2.11			0.46
Net increase (decrease) from investment operations		(0.93	)		2.87			(6.70	)		0.92			2.37			0.69
Dividends from net investment income		—			(0.24	)		(0.31	)		(0.31	)		(0.26	)		(0.24	)
Net asset value, end of period	$	12.70		$	13.63		$	11.00		$	18.01		$	17.40		$	15.29
Total Investment Return2
Based on net asset value		(6.82	)%3		26.15	%		(37.20	)%		5.29	%		15.49	%		4.63	%
Ratios to Average Net Assets4
Total expenses		0.34	%5		0.35	%		0.35	%		0.34	%		0.35	%		0.35	%
Net investment income		1.61	%5		2.02	%		2.00	%		1.64	%		1.61	%		1.52	%
Supplemental Data
Net assets, end of period (000)	$	879,145		$	951,380		$	813,527		$	1,779,030		$	1,699,791		$	1,544,023
Portfolio turnover of the Series		3	%		7	%		8	%		4	%		4	%		11	%

1	Based on average shares outstanding.
2	Where applicable, total investment returns include the reinvestment of dividends and distributions.
3	Aggregate total investment return.
4	Includes the Fund’s share of the Series’ allocated expenses and/or net investment income.
5	Annualized.

See Notes to Financial Statements.
10	BLACKROCK S&P 500 INDEX FUND	JUNE 30, 2010

Financial Highlights (concluded) BlackRock S&P 500 Index Fund

	Investor A
	Six Months Ended June 30, 2010 (Unaudited)
				Year Ended December 31,
				2009			2008			2007			2006			2005
Per Share Operating Performance
Net asset value, beginning of period	$	13.61		$	10.98		$	17.96		$	17.36		$	15.26		$	14.81
Net investment income1		0.09			0.20			0.27			0.25			0.22			0.19
Net realized and unrealized gain (loss)		(1.03	)		2.64			(6.98	)		0.61			2.10			0.46
Net increase (decrease) from investment operations		(0.94	)		2.84			(6.71	)		0.86			2.32			0.65
Dividends from net investment income		—			(0.21	)		(0.27	)		(0.26	)		(0.22	)		(0.20	)
Net asset value, end of period	$	12.67		$	13.61		$	10.98		$	17.96		$	17.36		$	15.26
Total Investment Return2
Based on net asset value		(6.91	)%3		25.92	%		(37.36	)%		4.97	%		15.18	%		4.38	%
Ratios to Average Net Assets4
Total expenses		0.60	%5		0.61	%		0.60	%		0.60	%		0.60	%		0.60	%
Net investment income		1.36	%5		1.76	%		1.75	%		1.38	%		1.36	%		1.27	%
Supplemental Data
Net assets, end of period (000)	$	651,760		$	705,608		$	579,920		$	930,377		$	969,213		$	896,796
Portfolio turnover of the Series		3	%		7	%		8	%		4	%		4	%		11	%

1	Based on average shares outstanding.
2	Where applicable, total investment returns include the reinvestment of dividends and distributions.
3	Aggregate total investment return.
4	Includes the Fund’s share of the Series’ allocated expenses and/or net investment income.
5	Annualized.

See Notes to Financial Statements.
	BLACKROCK S&P 500 INDEX FUND	JUNE 30, 2010	11

Notes to Financial Statements (Unaudited) BlackRock S&P 500 Index Fund

1. Organization and Significant Accounting Policies:

BlackRock S&P 500 Index Fund (the “Fund”), is a series of BlackRock Index Funds, Inc. (the “Corporation), registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as a non-diversified, open-end management investment company. The Fund is organized as a Maryland corporation. The Fund seeks to achieve its investment objective by investing all of its assets in Master S&P 500 Index Series (the “Series”) of Quantitative Master Series LLC. 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 June 30, 2010 was 74.2%. The performance of the Fund is directly affected by the performance of the Series. The financial statements of the Series, including the Schedule of Investments, are included elsewhere in this report and should be read in conjunction with the Fund’s financial statements. The Fund’s financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (“US GAAP”), which may require management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates. The Fund offers multiple classes of shares. Institutional Shares are sold without a sales charge and only to certain eligible investors. Investor A Shares are sold without a front-end 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: The Fund’s policy is to fair value its financial instruments at market value. The Fund records its investment in the Series at fair value based on the Fund’s proportionate interest in the net assets of the Series. Valuation of securities held by the Series, including categorization of fair value measurements, is discussed in Note 1 of the Series’ Notes to Financial Statements, which are included elsewhere in this report.

Investment Transactions and 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 on investments 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. The amount and timing of dividends and distributions are determined in accordance with federal income tax regulations, which may differ from US GAAP.

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

The Fund files US federal and various state and local tax returns. No income tax returns are currently under examination. The statute of limitations on the Fund’s US federal tax returns remains open for 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. There are no uncertain tax positions that require recognition of a tax liability.

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.

12 BLACKROCK S&P 500 INDEX FUND JUNE 30, 2010

Notes to Financial Statements (continued) BlackRock S&P 500 Index Fund

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 of the Fund for 1940 Act purposes, but BAC and Barclays are not.

The Corporation, on behalf of the Fund, 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 0.195% of the average daily value of the Fund’s net assets. Prior to June 1, 2010, the Fund paid the Administrator a monthly fee at an annual rate of 0.245% of the average daily value of the Fund’s net assets. The Fund does not pay an Advisory fee or investment management fee.

The Administrator has agreed voluntarily to waive and/or reimburse fees and/or expenses to limit the net annual operating expenses (excluding dividend expense, interest expense, acquired fund fees and expenses and certain other Fund expenses) will not exceed 0.40% for Institutional Shares and 0.65% for Investor A Shares of average daily net assets. These voluntary waivers or reimbursements may be reduced or discontinued at any time without notice.

The Corporation, on behalf of the Fund, entered into a Distribution Agreement and Distribution Plan with BlackRock Investments, LLC (“BRIL”), an affiliate of BlackRock. Pursuant to the Distribution Plan and in accordance with Rule 12b-1 under the 1940 Act, the Fund pays BRIL ongoing service and distribution fees. The fees are 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 and distribution services to the Fund. The ongoing service and/or distribution fee compensates BRIL and each broker-dealer for providing shareholder servicing services to Investor A shareholders. PNC Global Investment Servicing (U.S.) Inc. (“PNCGIS”), an indirect, wholly owned subsidiary of PNC and an affiliate of the Administrator, serves as transfer agent and dividend disbursing agent. Effective July 1, 2010, PNCGIS was sold to The Bank of New York Mellon Corporation and is no longer considered an affiliate of the Administrator. At the close of the sale, PNCGIS changed its name to BNY Mellon Investment Servicing (US) Inc. Transfer agency fees borne by 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 shareholder 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, 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 six months ended June 30, 2010, the Fund reimbursed the Administrator the following amounts for costs incurred in running the call center, which are included in transfer agent — class specific in the Statement of Operations.

Institutional	$	2,320
Investor A	$	5,073

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. Capital Loss Carryforwards:

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

Expires December 31,
2010	$	3,255,552
2011		7,823,922
2012		21,618,948
2013		28,402,088
2014		26,517,609
2017		14,948,603
Total	$	102,566,722

BLACKROCK S&P 500 INDEX FUND JUNE 30, 2010 13

Notes to Financial Statements (concluded) BlackRock S&P 500 Index Fund

4. Capital Share Transactions:

Transactions in capital shares for each class were as follows:

	Six Months Ended June 30, 2010						Year Ended December 31, 2009
	Shares			Amount			Shares			Amount
Institutional
Shares sold		15,860,746		$	219,233,169			35,619,342		$	404,077,679
Shares issued to shareholders in reinvestment of dividends		—			—			1,198,921			16,162,043
Total issued		15,860,746			219,233,169			36,818,263			420,239,722
Shares redeemed		(16,457,810	)		(227,244,383	)		(40,985,628	)		(471,515,439	)
Net decrease		(597,064	)	$	(8,011,214	)		(4,167,365	)	$	(51,275,717	)
Investor A
Shares sold		5,448,470		$	75,427,223			18,020,743		$	194,637,914
Shares issued to shareholders in reinvestment of dividends		—			—			747,595			10,058,773
Total issued		5,448,470			75,427,223			18,768,338			204,696,687
Shares redeemed		(5,849,518	)		(80,860,579	)		(19,707,775	)		(219,664,882	)
Net decrease		(401,048	)	$	(5,433,356	)		(939,437	)	$	(14,968,195	)

5. Subsequent Events:

Management’s evaluation of the impact of all subsequent events on the Portfolio’s financial statements was completed through the date the financial statements were issued and the following item was noted:

The Fund paid a net investment income dividend on July 23, 2010 to shareholders of record on July 21, 2010 as follows:

	Dividend Per Share
Institutional	$	0.008451
Investor A	$	0.008351

14 BLACKROCK S&P 500 INDEX FUND JUNE 30, 2010

Portfolio Information Master S&P 500 Index Series

As of June 30, 2010
Ten Largest Holdings	Percent of Long-Term Investments
Exxon Mobil Corp.	3	%
Apple, Inc.	2
Microsoft Corp.	2
The Procter & Gamble Co.	2
Johnson & Johnson	2
International Business Machines Corp.	2
General Electric Co.	2
JPMorgan Chase & Co.	2
Bank of America Corp.	2
AT&T Inc.	2
Sector Allocation	Percent of Long-Term Investments
Information Technology	19	%
Financials	16
Health Care	12
Consumer Staples	12
Energy	11
Industrials	10
Consumer Discretionary	10
Utilities	4
Materials	3
Telecommunication Services	3

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

BLACKROCK S&P 500 INDEX FUND JUNE 30, 2010 15

Schedule of Investments June 30, 2010 (Unaudited)	Master S&P 500 Index Series
	(Percentages shown are based on Net Assets)

Common Stocks	Shares		Value
Aerospace & Defense — 2.8%
Boeing Co.		166,339	$	10,437,772
General Dynamics Corp.		85,020		4,978,771
Goodrich Corp.		26,936		1,784,510
Honeywell International, Inc.		167,220		6,526,597
ITT Corp.		40,784		1,832,017
L-3 Communications Holdings, Inc.		25,167		1,782,830
Lockheed Martin Corp.		68,370		5,093,565
Northrop Grumman Corp.		66,890		3,641,492
Precision Castparts Corp.		31,345		3,226,027
Raytheon Co.		82,896		4,011,338
Rockwell Collins, Inc.		35,034		1,861,356
United Technologies Corp.		204,706		13,287,467
				58,463,742
Air Freight & Logistics — 1.0%
C.H. Robinson Worldwide, Inc. (a)		35,766		1,990,735
Expeditors International Washington, Inc.		47,362		1,634,463
FedEx Corp.		68,233		4,783,816
United Parcel Service, Inc., Class B		218,040		12,404,295
				20,813,309
Airlines — 0.1%
Southwest Airlines Co.		161,170		1,790,599
Auto Components — 0.2%
The Goodyear Tire & Rubber Co. (b)		55,536		552,028
Johnson Controls, Inc.		146,299		3,931,054
				4,483,082
Automobiles — 0.4%
Ford Motor Co. (a)(b)		744,158		7,501,113
Harley-Davidson, Inc. (a)		50,281		1,117,746
				8,618,859
Beverages — 2.6%
Brown-Forman Corp., Class B		23,391		1,338,667
The Coca-Cola Co.		505,598		25,340,572
Coca-Cola Enterprises, Inc.		71,291		1,843,585
Constellation Brands, Inc., Class A (b)		42,080		657,290
Dr. Pepper Snapple Group, Inc.		53,902		2,015,396
Molson Coors Brewing Co., Class B		35,372		1,498,358
PepsiCo, Inc.		353,811		21,564,780
				54,258,648
Biotechnology — 1.4%
Amgen, Inc. (b)		210,160		11,054,416
Biogen Idec, Inc. (b)		57,806		2,742,895
Celgene Corp. (b)		100,435		5,104,106
Cephalon, Inc. (b)		15,869		900,566
Genzyme Corp. (b)		58,523		2,971,213
Gilead Sciences, Inc. (b)		195,236		6,692,690
				29,465,886
Building Products — 0.0%
Masco Corp.		81,007		871,635
Capital Markets — 2.4%
Ameriprise Financial, Inc.		56,827		2,053,160
The Bank of New York Mellon Corp.		265,978		6,566,997
The Charles Schwab Corp.		212,349		3,011,109
E*Trade Financial Corp. (b)		45,198		534,240
Federated Investors, Inc., Class B (a)		20,698		428,656

Common Stocks	Shares		Value
Capital Markets (concluded)
Franklin Resources, Inc.		32,864	$	2,832,548
The Goldman Sachs Group, Inc.		112,938		14,825,371
Invesco Ltd.		100,580		1,692,761
Janus Capital Group, Inc.		40,132		356,372
Legg Mason, Inc.		36,654		1,027,412
Morgan Stanley		306,433		7,112,310
Northern Trust Corp.		52,861		2,468,609
State Street Corp.		109,094		3,689,559
T. Rowe Price Group, Inc.		57,419		2,548,829
				49,147,933
Chemicals — 1.9%
Air Products & Chemicals, Inc.		46,060		2,985,148
Airgas, Inc.		18,662		1,160,776
CF Industries Holdings, Inc.		15,732		998,195
The Dow Chemical Co.		253,282		6,007,849
E.I. du Pont de Nemours & Co.		197,788		6,841,487
Eastman Chemical Co.		16,488		879,800
Ecolab, Inc.		50,407		2,263,778
FMC Corp.		16,434		943,805
International Flavors & Fragrances, Inc.		18,062		766,190
Monsanto Co.		119,072		5,503,508
PPG Industries, Inc.		36,860		2,226,713
Praxair, Inc.		67,057		5,095,661
The Sherwin-Williams Co.		19,741		1,365,880
Sigma-Aldrich Corp.		27,319		1,361,306
				38,400,096
Commercial Banks — 3.1%
BB&T Corp.		150,609		3,962,523
Comerica, Inc.		37,717		1,389,117
Fifth Third Bancorp		176,666		2,171,225
First Horizon National Corp. (b)		52,753		604,017
Huntington Bancshares, Inc.		151,139		837,310
KeyCorp		188,434		1,449,057
M&T Bank Corp. (a)		18,466		1,568,687
Marshall & Ilsley Corp.		115,021		825,851
The PNC Financial Services Group, Inc. (c)		114,812		6,486,878
Regions Financial Corp.		256,545		1,688,066
SunTrust Banks, Inc.		108,911		2,537,626
U.S. Bancorp		420,610		9,400,634
Wells Fargo & Co.		1,141,719		29,228,006
Zions Bancorporation		33,618		725,140
				62,874,137
Commercial Services & Supplies — 0.5%
Avery Dennison Corp.		24,812		797,210
Cintas Corp.		30,144		722,552
Iron Mountain, Inc. (a)		41,087		922,814
Pitney Bowes, Inc.		46,662		1,024,697
R.R. Donnelley & Sons Co.		46,921		768,097
Republic Services, Inc., Class A		72,036		2,141,630
Stericycle, Inc. (b)		19,103		1,252,775
Waste Management, Inc.		107,1666		3,356,353
				10,986,128

See Notes to Financial Statements.
16	BLACKROCK S&P 500 INDEX FUND	JUNE 30, 2010

Schedule of Investments (continued)	Master S&P 500 Index Series
	(Percentages shown are based on Net Assets)

Common Stocks	Shares		Value
Communications Equipment — 2.3%
Cisco Systems, Inc. (b)		1,252,957	$	26,700,514
Harris Corp.		29,384		1,223,844
JDS Uniphase Corp. (b)		51,672		508,452
Juniper Networks, Inc. (b)		113,948		2,600,293
Motorola, Inc. (b)		511,508		3,335,032
QUALCOMM, Inc.		359,878		11,818,393
Tellabs, Inc.		89,089		569,279
				46,755,807
Computers & Peripherals — 4.5%
Apple, Inc. (b)		199,490		50,177,720
Dell, Inc. (b)		375,421		4,527,577
EMC Corp. (b)		449,036		8,217,359
Hewlett-Packard Co.		512,160		22,166,285
Lexmark International, Inc., Class A (b)		17,644		582,781
NetApp, Inc. (b)		74,702		2,787,132
QLogic Corp. (b)		25,881		430,142
SanDisk Corp. (b)		49,701		2,090,921
Teradata Corp. (b)		37,547		1,144,433
Western Digital Corp. (b)		49,220		1,484,475
				93,608,825
Construction & Engineering — 0.2%
Fluor Corp.		38,421		1,632,892
Jacobs Engineering Group, Inc. (b)		26,500		965,660
Quanta Services, Inc. (b)		46,600		962,290
				3,560,842
Construction Materials — 0.1%
Vulcan Materials Co. (a)		28,396		1,244,597
Consumer Finance — 0.8%
American Express Co.		262,994		10,440,862
Capital One Financial Corp.		100,570		4,052,971
Discover Financial Services, Inc.		121,608		1,700,080
SLM Corp. (b)		109,196		1,134,546
				17,328,459
Containers & Packaging — 0.2%
Ball Corp.		20,256		1,070,124
Bemis Co.		23,430		632,610
Owens-Illinois, Inc. (b)		36,191		957,252
Pactiv Corp. (b)		29,789		829,624
Sealed Air Corp.		36,435		718,498
				4,208,108
Distributors — 0.1%
Genuine Parts Co.		35,595		1,404,223
Diversified Consumer Services — 0.2%
Apollo Group, Inc., Class A (b)		26,731		1,135,265
DeVry, Inc.		14,176		744,098
H&R Block, Inc.		72,230		1,133,289
				3,012,652
Diversified Financial Services — 4.5%
Bank of America Corp.		2,199,720		31,609,976
CME Group, Inc.		14,465		4,072,621
Citigroup, Inc. (b)		4,949,769		18,611,131
IntercontinentalExchange, Inc. (b)		16,400		1,853,692

Common Stocks	Shares		Value
Diversified Financial Services (concluded)
JPMorgan Chase & Co.		871,910	$	31,920,625
Leucadia National Corp.		42,400		827,224
Moody’s Corp. (a)		42,155		839,728
The NASDAQ Stock Market, Inc. (b)		32,600		579,628
NYSE Euronext		56,700		1,566,621
				91,881,246
Diversified Telecommunication Services — 2.6%
AT&T Inc.		1,294,903		31,323,704
CenturyTel, Inc. (a)		64,835		2,159,654
Frontier Communications Corp. (a)		73,004		519,058
Qwest Communications International, Inc.		320,628		1,683,297
Verizon Communications, Inc.		620,151		17,376,631
Windstream Corp. (a)		105,640		1,115,558
				54,177,902
Electric Utilities — 1.9%
Allegheny Energy, Inc.		38,719		800,709
American Electric Power Co., Inc.		103,953		3,357,682
Duke Energy Corp.		285,830		4,573,280
Edison International		72,393		2,296,306
Entergy Corp.		41,770		2,991,567
Exelon Corp.		144,019		5,468,402
FirstEnergy Corp.		67,034		2,361,608
NextEra Energy, Inc.		90,254		4,400,785
Northeast Utilities, Inc.		37,495		955,373
PPL Corp.		102,774		2,564,211
Pepco Holdings, Inc.		50,846		797,265
Pinnacle West Capital Corp.		24,483		890,202
Progress Energy, Inc.		63,060		2,473,213
The Southern Co.		179,796		5,983,611
				39,914,214
Electrical Equipment — 0.5%
Emerson Electric Co.		165,570		7,233,753
Rockwell Automation, Inc.		31,917		1,566,806
Roper Industries, Inc.		20,700		1,158,372
				9,958,931
Electronic Equipment, Instruments & Components — 0.6%
Agilent Technologies, Inc. (b)		77,489		2,203,012
Amphenol Corp., Class A		38,772		1,522,964
Corning, Inc.		343,320		5,544,618
Flir Systems, Inc. (b)		33,500		974,515
Jabil Circuit, Inc.		42,986		571,714
Molex, Inc.		31,381		572,390
				11,389,213
Energy Equipment & Services — 1.7%
Baker Hughes, Inc.		94,870		3,943,746
Cameron International Corp. (b)		54,496		1,772,210
Diamond Offshore Drilling, Inc. (a)		14,658		911,581
FMC Technologies, Inc. (b)		27,364		1,440,988
Halliburton Co.		198,851		4,881,792
Helmerich & Payne, Inc.		24,000		876,480
Nabors Industries Ltd. (b)		60,822		1,071,683
National Oilwell Varco, Inc.		90,953		3,007,816
Rowan Cos., Inc. (b)		23,618		518,179
Schlumberger Ltd. (a)		261,688		14,481,814
Smith International, Inc.		53,801		2,025,608
				34,931,897

See Notes to Financial Statements.
	BLACKROCK S&P 500 INDEX FUND	JUNE 30, 2010	17

Schedule of Investments (continued)	Master S&P 500 Index Series
	(Percentages shown are based on Net Assets)

Common Stocks	Shares		Value
Food & Staples Retailing — 2.5%
CVS Caremark Corp.		298,561	$	8,753,809
Costco Wholesale Corp.		96,106		5,269,492
The Kroger Co.		139,918		2,754,985
SUPERVALU, Inc.		47,810		518,260
SYSCO Corp.		130,815		3,737,385
Safeway, Inc.		83,503		1,641,669
Wal-Mart Stores, Inc.		455,757		21,908,239
Walgreen Co.		214,655		5,731,288
Whole Foods Market, Inc. (b)		36,690		1,321,574
				51,636,701
Food Products — 1.9%
Archer-Daniels-Midland Co.		142,082		3,668,557
Campbell Soup Co.		42,239		1,513,423
ConAgra Foods, Inc.		98,489		2,296,764
Dean Foods Co. (b)		41,149		414,370
General Mills, Inc.		144,604		5,136,334
H.J. Heinz Co.		68,573		2,963,725
The Hershey Co.		37,146		1,780,408
Hormel Foods Corp.		16,034		649,056
The J.M. Smucker Co.		26,669		1,606,007
Kellogg Co.		55,265		2,779,830
Kraft Foods, Inc.		381,561		10,683,708
McCormick & Co., Inc.		29,800		1,131,208
Mead Johnson Nutrition Co.		44,178		2,214,201
Sara Lee Corp.		147,145		2,074,745
Tyson Foods, Inc., Class A		68,745		1,126,731
				40,039,067
Gas Utilities — 0.2%
EQT Corp.		32,338		1,168,695
Nicor, Inc.		10,658		431,649
Oneok, Inc.		23,900		1,033,675
Questar Corp.		38,965		1,772,518
				4,406,537
Health Care Equipment & Supplies — 1.8%
Baxter International, Inc.		130,677		5,310,713
Becton Dickinson & Co.		51,190		3,461,468
Boston Scientific Corp. (b)		336,891		1,953,968
C.R. Bard, Inc.		21,406		1,659,607
CareFusion Corp. (b)		40,168		911,813
Dentsply International, Inc.		33,322		996,661
Hospira, Inc. (b)		36,520		2,098,074
Intuitive Surgical, Inc. (b)		8,482		2,677,089
Medtronic, Inc.		242,848		8,808,097
St. Jude Medical, Inc. (b)		72,204		2,605,842
Stryker Corp.		62,579		3,132,705
Varian Medical Systems, Inc. (b)		27,821		1,454,482
Zimmer Holdings, Inc. (b)		44,494		2,404,901
				37,475,420
Health Care Providers & Services — 2.1%
Aetna, Inc.		92,511		2,440,440
AmerisourceBergen Corp.		60,844		1,931,797
Cardinal Health, Inc.		78,396		2,634,890
Cigna Corp.		60,057		1,865,370
Coventry Health Care, Inc. (b)		34,091		602,729
DaVita, Inc. (b)		23,126		1,443,987
Express Scripts, Inc. (b)		121,245		5,700,940
Humana, Inc. (b)		36,576		1,670,426

Common Stocks	Shares		Value
Health Care Providers & Services (concluded)
Laboratory Corp. of America Holdings (b)		23,423	$	1,764,923
McKesson Corp.		59,447		3,992,460
Medco Health Solutions, Inc. (b)		100,736		5,548,539
Patterson Cos., Inc.		21,563		615,192
Quest Diagnostics, Inc.		33,562		1,670,381
Tenet Healthcare Corp. (b)		97,485		423,085
UnitedHealth Group, Inc.		249,374		7,082,222
WellPoint, Inc. (b)		93,720		4,585,720
				43,973,101
Health Care Technology — 0.1%
Cerner Corp. (b)		15,200		1,153,528
Hotels, Restaurants & Leisure — 1.6%
Carnival Corp.		96,006		2,903,221
Darden Restaurants, Inc.		30,011		1,165,927
International Game Technology		63,390		995,223
Marriott International, Inc., Class A (a)		55,229		1,653,556
McDonald’s Corp. (a)		236,179		15,557,111
Starbucks Corp.		162,135		3,939,881
Starwood Hotels & Resorts Worldwide, Inc.		40,822		1,691,256
Wyndham Worldwide Corp.		40,594		817,563
Wynn Resorts Ltd.		14,714		1,122,237
Yum! Brands, Inc.		101,679		3,969,548
				33,815,523
Household Durables — 0.4%
D.R. Horton, Inc.		62,311		612,517
Fortune Brands, Inc.		34,017		1,332,786
Harman International Industries, Inc. (b)		14,257		426,142
Leggett & Platt, Inc.		34,006		682,160
Lennar Corp., Class A		33,306		463,287
Newell Rubbermaid, Inc.		62,633		916,947
Pulte Group, Inc. (b)		71,175		589,329
Stanley Black & Decker, Inc.		35,094		1,772,949
Whirlpool Corp.		16,117		1,415,395
				8,211,512
Household Products — 2.6%
Clorox Co.		30,326		1,885,064
Colgate-Palmolive Co.		107,599		8,474,497
Kimberly-Clark Corp.		90,228		5,470,524
The Procter & Gamble Co.		631,816		37,896,324
				53,726,409
IT Services — 3.1%
Automatic Data Processing, Inc.		110,043		4,430,331
Cognizant Technology Solutions Corp. (b)		64,999		3,253,850
Computer Sciences Corp.		34,340		1,553,885
Fidelity National Information Services, Inc.		72,564		1,946,166
Fiserv, Inc. (b)		34,075		1,555,865
International Business Machines Corp.		281,332		34,738,875
MasterCard, Inc., Class A		21,246		4,239,214
Paychex, Inc.		69,679		1,809,564
SAIC, Inc. (b)		64,800		1,084,752
Total System Services, Inc.		45,504		618,854
Visa, Inc., Class A		98,809		6,990,737
The Western Union Co.		147,460		2,198,629
				64,420,722

See Notes to Financial Statements.
18	BLACKROCK S&P 500 INDEX FUND	JUNE 30, 2010

Schedule of Investments (continued)	Master S&P 500 Index Series
	(Percentages shown are based on Net Assets)

Common Stocks	Shares		Value
Independent Power Producers & Energy Traders — 0.2%
The AES Corp. (b)		149,694	$	1,383,173
Constellation Energy Group, Inc.		44,992		1,450,992
NRG Energy, Inc. (b)		57,897		1,227,995
				4,062,160
Industrial Conglomerates — 2.3%
3M Co.		156,340		12,349,296
General Electric Co.		2,340,069		33,743,795
Textron, Inc. (a)		59,138		1,003,572
				47,096,663
Insurance — 4.0%
Aflac, Inc.		103,562		4,418,991
The Allstate Corp.		116,777		3,355,003
American International Group, Inc. (a)(b)		29,279		1,008,369
Aon Corp.		59,340		2,202,701
Assurant, Inc.		24,533		851,295
Berkshire Hathaway, Inc. (a)(b)		362,955		28,923,884
Chubb Corp.		72,632		3,632,326
Cincinnati Financial Corp.		36,362		940,685
Genworth Financial, Inc., Class A (b)		106,275		1,389,014
Hartford Financial Services Group, Inc.		98,560		2,181,133
Lincoln National Corp.		67,431		1,637,899
Loews Corp.		77,123		2,568,967
Marsh & McLennan Cos., Inc.		118,060		2,662,253
MetLife, Inc.		180,246		6,806,089
Principal Financial Group, Inc.		71,289		1,671,014
The Progressive Corp.		148,849		2,786,453
Prudential Financial, Inc.		102,443		5,497,092
Torchmark Corp.		18,802		930,887
The Travelers Cos., Inc.		108,671		5,352,047
UnumProvident Corp.		74,259		1,611,420
XL Capital Ltd., Class A		75,635		1,210,916
				81,638,438
Internet & Catalog Retail — 0.5%
Amazon.com, Inc. (b)		75,255		8,222,362
Expedia, Inc.		47,500		892,050
Priceline.com, Inc. (b)		10,219		1,804,062
				10,918,474
Internet Software & Services — 1.7%
Akamai Technologies, Inc. (a)(b)		38,371		1,556,711
eBay, Inc. (b)		248,937		4,881,655
Google, Inc., Class A (b)		53,029		23,595,254
Monster Worldwide, Inc. (b)		28,851		336,114
VeriSign, Inc. (b)		41,367		1,098,294
Yahoo! Inc. (b)		258,040		3,568,693
				35,036,721
Leisure Equipment & Products — 0.2%
Eastman Kodak Co. (a)(b)		63,127		273,971
Hasbro, Inc.		28,104		1,155,075
Mattel, Inc.		78,370		1,658,309
				3,087,355

Common Stocks	Shares		Value
Life Sciences Tools & Services — 0.5%
Life Technologies Corp. (b)		40,167	$	1,897,891
Millipore Corp. (b)		12,591		1,342,830
PerkinElmer, Inc.		27,215		562,534
Thermo Fisher Scientific, Inc. (b)		89,341		4,382,176
Waters Corp. (b)		20,992		1,358,182
				9,543,613
Machinery — 1.7%
Caterpillar, Inc.		137,402		8,253,738
Cummins, Inc.		43,505		2,833,481
Danaher Corp.		114,468		4,249,052
Deere & Co.		92,577		5,154,687
Dover Corp.		41,558		1,736,709
Eaton Corp.		36,263		2,373,051
Flowserve Corp.		12,600		1,068,480
Illinois Tool Works, Inc.		84,082		3,470,905
PACCAR, Inc.		80,584		3,212,884
Pall Corp.		26,636		915,479
Parker Hannifin Corp.		35,780		1,984,359
Snap-On, Inc.		13,479		551,426
				35,804,251
Media — 3.1%
CBS Corp., Class B		150,623		1,947,555
Comcast Corp., Class A		619,029		10,752,534
DIRECTV, Class A (b)		199,380		6,762,970
Discovery Communications, Inc., Class A (a)(b)		62,992		2,249,444
Gannett Co., Inc.		49,990		672,865
Interpublic Group of Cos., Inc. (b)		110,591		788,514
The McGraw-Hill Cos., Inc.		70,334		1,979,199
Meredith Corp.		8,445		262,893
The New York Times Co., Class A (b)		27,298		236,128
News Corp., Class A		496,190		5,934,432
Omnicom Group, Inc.		66,384		2,276,971
Scripps Networks Interactive		20,374		821,887
Time Warner Cable, Inc.		77,848		4,054,324
Time Warner, Inc.		251,198		7,262,134
Viacom, Inc., Class B		134,033		4,204,615
Walt Disney Co. (a)		428,613		13,501,310
The Washington Post Co., Class B		1,406		577,135
				64,284,910
Metals & Mining — 1.1%
AK Steel Holding Corp.		21,525		256,578
Alcoa, Inc.		221,005		2,223,310
Allegheny Technologies, Inc. (a)		22,113		977,173
Cliffs Natural Resources, Inc.		29,065		1,370,705
Freeport-McMoRan Copper & Gold, Inc., Class B		103,473		6,118,359
Newmont Mining Corp.		107,148		6,615,318
Nucor Corp.		68,251		2,612,648
Titanium Metals Corp. (b)		20,000		351,800
United States Steel Corp. (a)		30,652		1,181,635
				21,707,526
Multi-Utilities — 1.4%
Ameren Corp.		53,301		1,266,965
CMS Energy Corp.		52,599		770,575
CenterPoint Energy, Inc.		88,652		1,166,660
Consolidated Edison, Inc.		61,502		2,650,736
DTE Energy Co.		36,857		1,681,048
Dominion Resources, Inc.		130,767		5,065,914
Integrys Energy Group, Inc.		17,523		766,456

See Notes to Financial Statements.
	BLACKROCK S&P 500 INDEX FUND	JUNE 30, 2010	19

Schedule of Investments (continued)	Master S&P 500 Index Series
	(Percentages shown are based on Net Assets)

Common Stocks	Shares		Value
Multi-Utilities (concluded)
NiSource, Inc.		62,215	$	902,118
PG&E Corp.		82,031		3,371,474
Public Service Enterprise Group, Inc.		111,900		3,505,827
SCANA Corp.		25,358		906,802
Sempra Energy		53,551		2,505,651
TECO Energy, Inc. (a)		48,971		737,993
Wisconsin Energy Corp.		26,290		1,333,955
Xcel Energy, Inc.		101,676		2,095,542
				28,727,716
Multiline Retail — 0.8%
Big Lots, Inc. (b)		19,097		612,823
Family Dollar Stores, Inc.		28,688		1,081,251
JCPenney Co., Inc.		50,457		1,083,816
Kohl’s Corp. (b)		66,854		3,175,565
Macy’s, Inc.		90,896		1,627,038
Nordstrom, Inc.		36,974		1,190,193
Sears Holdings Corp. (b)		10,777		696,733
Target Corp.		161,573		7,944,545
				17,411,964
Office Electronics — 0.1%
Xerox Corp.		298,597		2,400,720
Oil, Gas & Consumable Fuels — 8.9%
Anadarko Petroleum Corp.		108,387		3,911,687
Apache Corp.		74,003		6,230,313
Cabot Oil & Gas Corp., Class A		23,621		739,810
Chesapeake Energy Corp.		141,323		2,960,717
Chevron Corp.		440,389		29,884,798
ConocoPhillips		326,335		16,019,785
Consol Energy, Inc.		48,577		1,639,959
Denbury Resources, Inc. (b)		85,442		1,250,871
Devon Energy Corp.		97,507		5,940,126
EOG Resources, Inc.		55,202		5,430,221
El Paso Corp.		156,423		1,737,860
Exxon Mobil Corp. (d)		1,121,950		64,029,687
Hess Corp.		63,433		3,193,217
Marathon Oil Corp.		154,535		4,804,493
Massey Energy Co.		21,433		586,193
Murphy Oil Corp.		42,490		2,105,379
Noble Energy, Inc.		37,748		2,277,337
Occidental Petroleum Corp.		178,260		13,752,759
Peabody Energy Corp.		58,085		2,272,866
Pioneer Natural Resources Co.		25,798		1,533,691
Range Resources Corp.		34,241		1,374,776
Southwestern Energy Co. (b)		75,117		2,902,521
Spectra Energy Corp.		143,471		2,879,463
Sunoco, Inc.		25,363		881,871
Tesoro Corp. (a)		31,600		368,772
Valero Energy Corp.		122,007		2,193,686
Williams Cos., Inc.		129,538		2,367,955
				183,270,813
Paper & Forest Products — 0.2%
International Paper Co.		96,223		2,177,527
MeadWestvaco Corp.		38,939		864,446
Weyerhaeuser Co.		47,137		1,659,222
				4,701,195

Common Stocks	Shares		Value
Personal Products — 0.2%
Avon Products, Inc.		94,846	$	2,513,419
The Estée Lauder Cos., Inc., Class A		26,460		1,474,616
				3,988,035
Pharmaceuticals — 6.1%
Abbott Laboratories (d)		338,639		15,841,532
Allergan, Inc.		67,925		3,957,311
Bristol-Myers Squibb Co.		375,836		9,373,350
Eli Lilly & Co.		221,535		7,421,422
Forest Laboratories, Inc. (b)		67,535		1,852,485
Johnson & Johnson		604,458		35,699,289
King Pharmaceuticals, Inc. (b)		58,173		441,533
Merck & Co, Inc.		683,381		23,897,834
Mylan, Inc. (a)(b)		65,675		1,119,102
Pfizer, Inc.		1,770,034		25,240,685
Watson Pharmaceuticals, Inc. (b)		24,139		979,319
				125,823,862
Professional Services — 0.1%
Dun & Bradstreet Corp.		11,643		781,478
Equifax, Inc.		28,824		808,801
Robert Half International, Inc.		33,972		800,041
				2,390,320
Real Estate Investment Trusts (REITs) — 1.3%
Apartment Investment & Management Co., Class A		27,209		527,038
AvalonBay Communities, Inc.		17,847		1,666,374
Boston Properties, Inc.		30,868		2,202,123
Equity Residential		61,262		2,550,950
HCP, Inc.		63,402		2,044,715
Health Care REIT, Inc.		26,386		1,111,378
Host Marriott Corp.		142,277		1,917,894
Kimco Realty Corp.		86,541		1,163,111
Plum Creek Timber Co., Inc. (a)		36,630		1,264,834
ProLogis		106,568		1,079,534
Public Storage		29,946		2,632,553
Simon Property Group, Inc. (a)		63,795		5,151,446
Ventas, Inc.		34,600		1,624,470
Vornado Realty Trust		34,214		2,495,911
				27,432,331
Real Estate Management & Development — 0.0%
CB Richard Ellis Group, Inc. (b)		57,119		777,390
Road & Rail — 0.8%
CSX Corp.		84,698		4,203,562
Norfolk Southern Corp.		80,547		4,273,018
Ryder System, Inc.		12,473		501,789
Union Pacific Corp.		110,542		7,683,774
				16,662,143
Semiconductors & Semiconductor Equipment — 2.6%
Advanced Micro Devices, Inc. (a)(b)		127,474		933,110
Altera Corp.		64,750		1,606,447
Analog Devices, Inc.		65,798		1,833,132
Applied Materials, Inc.		291,914		3,508,806
Broadcom Corp., Class A		95,448		3,146,921
First Solar, Inc. (a)(b)		10,385		1,182,125
Intel Corp.		1,218,940		23,708,383
KLA-Tencor Corp.		37,266		1,038,976

See Notes to Financial Statements.
20	BLACKROCK S&P 500 INDEX FUND	JUNE 30, 2010

Schedule of Investments (continued)	Master S&P 500 Index Series
	(Percentages shown are based on Net Assets)

Common Stocks	Shares		Value
Semiconductors & Semiconductor Equipment (concluded)
LSI Corp. (b)		151,275	$	695,865
Linear Technology Corp.		47,909		1,332,349
MEMC Electronic Materials, Inc. (b)		52,000		513,760
Microchip Technology, Inc. (a)		41,400		1,148,436
Micron Technology, Inc. (b)		183,643		1,559,129
National Semiconductor Corp.		49,695		668,895
Novellus Systems, Inc. (b)		21,292		539,965
Nvidia Corp. (b)		122,368		1,249,377
Teradyne, Inc. (b)		39,461		384,745
Texas Instruments, Inc.		269,912		6,283,551
Xilinx, Inc.		58,684		1,482,358
				52,816,330
Software — 3.7%
Adobe Systems, Inc. (b)		114,342		3,022,059
Autodesk, Inc. (b)		49,034		1,194,468
BMC Software, Inc. (b)		38,828		1,344,613
CA, Inc.		88,303		1,624,775
Citrix Systems, Inc. (b)		39,925		1,686,033
Compuware Corp. (b)		53,918		430,266
Electronic Arts, Inc. (b)		70,382		1,013,501
Intuit, Inc. (b)		69,692		2,423,191
McAfee, Inc. (b)		35,814		1,100,206
Microsoft Corp.		1,672,755		38,490,092
Novell, Inc. (b)		81,131		460,824
Oracle Corp.		857,709		18,406,435
Red Hat, Inc. (b)		42,422		1,227,693
Salesforce.com, Inc. (b)		24,439		2,097,355
Symantec Corp. (b)		172,518		2,394,550
				76,916,061
Specialty Retail — 2.0%
Abercrombie & Fitch Co., Class A		18,310		561,934
AutoNation, Inc. (a)(b)		21,380		416,910
AutoZone, Inc. (b)		6,228		1,203,374
Bed Bath & Beyond, Inc. (b)		56,931		2,111,002
Best Buy Co., Inc.		74,923		2,536,893
CarMax, Inc. (b)		48,925		973,608
GameStop Corp., Class A (a)(b)		34,200		642,618
The Gap, Inc.		98,485		1,916,518
Home Depot, Inc.		368,649		10,347,977
Limited Brands, Inc.		57,746		1,274,454
Lowe’s Cos., Inc.		313,549		6,402,671
O’Reilly Automotive, Inc. (b)		30,808		1,465,228
Office Depot, Inc. (b)		64,547		260,770
RadioShack Corp.		28,429		554,650
Ross Stores, Inc.		26,233		1,397,957
Staples, Inc.		158,479		3,019,025
TJX Cos., Inc.		90,672		3,803,690
Tiffany & Co. (a)		28,063		1,063,868
Urban Outfitters, Inc. (b)		29,200		1,004,188
				40,957,335
Textiles, Apparel & Luxury Goods — 0.5%
Coach, Inc.		66,936		2,446,511
Nike, Inc., Class B		85,891		5,801,937
Polo Ralph Lauren Corp.		14,429		1,052,740
VF Corp.		19,794		1,408,937
				10,710,125

Common Stocks	Shares		Value
Thrifts & Mortgage Finance — 0.1%
Hudson City Bancorp, Inc.		106,619	$	1,305,017
People’s United Financial, Inc.		79,660		1,075,410
				2,380,427
Tobacco — 1.6%
Altria Group, Inc.		457,475		9,167,799
Lorillard, Inc.		33,535		2,413,849
Philip Morris International, Inc.		406,279		18,623,829
Reynolds American, Inc. (a)		37,680		1,963,882
				32,169,359
Trading Companies & Distributors — 0.1%
Fastenal Co. (a)		29,394		1,475,285
W.W. Grainger, Inc.		13,792		1,371,614
				2,846,899
Wireless Telecommunication Services — 0.4%
American Tower Corp., Class A (b)		88,981		3,959,655
MetroPCS Communications, Inc. (b)		60,300		493,857
Sprint Nextel Corp. (b)		659,267		2,795,292
				7,248,804
Total Long-Term Investments (Cost — $2,052,790,824) — 99.1%				2,045,221,430

Short-Term Securities
BlackRock Liquidity Funds, TempFund, Institutional Class, 0.16% (c)(e)	16,545,037	16,545,037

	Beneficial Interest (000)
BlackRock Liquidity Series, LLC Money Market Series, 0.27% (c)(e)(f)	$	92,298	92,298,450
Total Short-Term Securities (Cost — $108,843,487) — 5.2%			108,843,487
Total Investments Before Short Positions (Cost — $2,161,634,311*) — 104.3%			2,154,064,917

Short Positions (g)	Shares
Gas Utilities — (0.0)%
Questar Corp. — New Shares (a)		38,965		(629,285	)
Total Short Positions (Proceeds — $629,177) — (0.0)%				(629,285	)
Total Investments, Net of Short Positions — 104.3%				2,153,435,632
Liabilities in Excess of Other Assets — (4.3)%				(89,137,494	)
Net Assets — 100.0%			$	2,064,298,138

* The cost and unrealized appreciation (depreciation) of investments as of June 30, 2010, as computed for federal income tax purposes were as follows:

Aggregate cost	$	1,728,145,994
Gross unrealized appreciation	$	654,704,670
Gross unrealized depreciation		(228,785,747	)
Net unrealized depreciation	$	425,918,923

See Notes to Financial Statements.
	BLACKROCK S&P 500 INDEX FUND	JUNE 30, 2010	21

Schedule of Investments (concluded) Master S&P 500 Index Series

(a)	Security, or a portion of security, is on loan.
(b)	Non-income producing security.
(c)	Investments in companies considered to be an affiliate of the Series during the year, for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliate	Beneficial Interest/ Shares Held at December 31, 2009		Shares Purchased		Beneficial Interest/ Shares Sold			Beneficial Interest/ Shares Held at June 30, 2010		Value at June 30, 2010		Realized Loss			Income
BlackRock Liquidity Funds, TempFund, Institutional Class		4,444,194	12,100,843	1		—			16,545,037	$	16,545,037		—		$	7,699
BlackRock Liquidity Series, LLC Money Market Series	$	270,313,884	—		$	178,015,434	2	$	92,298,450	$	92,298,450		—		$	95,291
The PNC Financial Services Group, Inc.		105,339	13,906			4,433			114,812	$	6,486,878	$	(67,890	)	$	22,078

1	Represents net shares purchased.
2	Represents beneficial interest sold.

(d)	All or a portion of security held as collateral in connection with open financial futures contracts.
(e)	Represents the current yield as of report date.
(f)	Security was purchased with the cash collateral from loaned securities.
(g)	In order to track the performance of its benchmark index, the Series sold non-index securities that it subsequently received in corporate actions occurring on the opening of market trading on the following business day.

• Financial futures contracts purchased as of June 30,2010 were as follows:

Contracts	Issue	Expiration Date	Notional Value	Unrealized Depreciation
373	S&P 500 Index	September 2010	$20,314,742	$(1,168,652)

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

• Fair Value Measurements — Various inputs are used in determining the fair value of investments and derivatives, 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 and derivatives)

The inputs or methodologies 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 tables summarize the inputs used as of June 30, 2010 in determining the fair valuation of the Series’ investments and derivatives:

Valuation Inputs	Level 1			Level 2		Level 3		Total
Assets:
Investments in Securities:
Long-Term Investments1	$	2,045,221,430			—		—	$	2,045,221,430
Short-Term Securities		16,545,037		$	92,298,450		—		108,843,487
Liabilities:
Investments in Securities:
Short Positions		(629,285	)		—		—		(629,285	)
Total	$	2,061,137,182		$	92,298,450		—	$	2,153,435,632

¹ See above Schedule of Investments for values in each industry.

	Derivative Financial Instruments2
Valuation Inputs	Level 1	Level 2	Level 3	Total
Liabilities:
Equity contracts	$  (1,168,652)	—	—	$   (1,168,652)

² Derivative financial instruments are financial futures contracts, which are shown at the unrealized appreciation/depreciation on the instrument.

See Notes to Financial Statements.
22	BLACKROCK S&P 500 INDEX FUND	JUNE 30, 2010

Statement of Assets and Liabilities Master S&P 500 Index Series

June 30, 2010 (Unaudited)
Assets
Investments at value — unaffiliated (including securities loaned of $89,260,632) (cost — $2,047,606,039)	$	2,038,734,552
Investments at value — affiliated (cost — $114,028,272)		115,330,365
Dividends receivable		2,839,986
Investments sold receivable		629,177
Securities lending income receivable — affiliated		19,535
Prepaid expenses		108,641
Total assets		2,157,662,256
Liabilities
Collateral on securities loaned at value		92,298,450
Short positions at value (proceeds — $629,177)		629,285
Withdrawals payable to investor		116,022
Margin variation receivable		159,917
Other affiliates payable		10,743
Investment advisory fees payable		8,496
Directors’ fees payable		1,098
Other accrued expenses payable		139,974
Other liabilities		133
Total liabilities		93,364,118
Net Assets	$	2,064,298,138
Net Assets Consist of
Investor’s capital	$	2,073,036,292
Net unrealized appreciation/depreciation		(8,738,154	)
Net Assets	$	2,064,298,138

See Notes to Financial Statements.
	BLACKROCK S&P 500 INDEX FUND	JUNE 30, 2010	23

Statement of Operations Master S&P 500 Index Series

Six Months Ended June 30, 2010 (Unaudited)
Investment Income
Dividends — unaffiliated	$	22,044,932
Securities lending — affiliated		95,291
Dividends — affiliated		29,777
Total income		22,170,000
Expenses
Accounting services		207,339
Investment advisory		113,586
Custodian		53,479
Professional		51,274
Directors		24,925
Registration		9,918
Printing		3,874
Miscellaneous		26,400
Total expenses		490,795
Less fees waived by advisor		(61,068	)
Total expenses after fees waived		429,727
Net investment income		21,740,273
Realized and Unrealized Gain (Loss)
Net realized loss from:
Investments — unaffiliated		(4,709,695	)
Investments — affiliated		(67,890	)
Financial futures contracts		(1,997,310	)
		(6,774,895	)
Net change in unrealized appreciation/depreciation on:
Investments		(159,887,147	)
Short positions		(108	)
Financial futures contracts		(1,164,013	)
		(161,051,268	)
Total realized and unrealized loss		(167,826,163	)
Net Decrease in Net Assets Resulting from Operations	$	(146,085,890	)

See Notes to Financial Statements.
24	BLACKROCK S&P 500 INDEX FUND	JUNE 30, 2010

Statements of Changes in Net Assets Master S&P 500 Index Series

Increase (Decrease) in Net Assets:	Six Months Ended June 30, 2010 (Unaudited)			Year Ended December 31, 2009
Operations
Net investment income	$	21,740,273		$	46,606,117
Net realized loss		(6,774,895	)		(60,806,194	)
Net change in unrealized appreciation/depreciation		(161,051,268	)		510,710,328
Net increase (decrease) in net assets resulting from operations		(146,085,890	)		496,510,251
Capital Transactions
Proceeds from contributions		319,361,435			667,013,781
Value of withdrawals		(387,636,019	)		(838,713,754	)
Net decrease in net assets derived from capital transactions		(68,274,584	)		(171,699,973	)
Net Assets
Total increase (decrease) in net assets		(214,360,474	)		324,810,278
Beginning of period		2,278,658,612			1,953,848,334
End of period	$	2,064,298,138		$	2,278,658,612

See Notes to Financial Statements.
	BLACKROCK S&P 500 INDEX FUND	JUNE 30, 2010	25

Financial Highlights Master S&P 500 Index Series

		Six Months Ended June 30, 2010 (Unaudited)
				Year Ended December 31,
				2009			2008			2007			2006			2005
Total Investment Return
Total investment return		(6.64	)%1		26.61	%		(36.92	)%		5.56	%		15.85	%		4.96	%
Ratios to Average Net Assets
Total expenses		0.04	%2		0.05	%		0.04	%		0.04	%		0.04	%		0.03	%
Total expenses after fees waived and paid indirectly		0.04	%2		0.04	%		0.04	%		0.03	%		0.04	%		0.03	%
Net investment income		1.91	%2		2.32	%		2.31	%		1.95	%		1.92	%		1.84	%
Supplemental Data
Net assets, end of period (000)	$	2,064,298		$	2,278,659		$	1,953,848		$	3,721,171		$	2,810,633		$	2,945,782
Portfolio turnover		3	%		7	%		8	%		4	%		4	%		11	%

1	Aggregate total investment return.
2	Annualized.

See Notes to Financial Statements.
26	BLACKROCK S&P 500 INDEX FUND	JUNE 30, 2010

Notes to Financial Statements (Unaudited) Master S&P 500 Index Series

1. Organization and Significant Accounting Policies:

Master S&P 500 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 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 (“US GAAP”), which may require management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates.

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

Valuation: The Series’ policy is to fair value its financial instruments and derivatives at market value using independent dealers or pricing services selected under the supervision of the Board. 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 (long positions) or ask (short positions) price. If no bid or ask 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 remaining maturities of 60 days or less may be valued at amortized cost, which approximates fair value.

The Series values its investments in BlackRock Liquidity Series, LLC Money Market Series (the “Money Market Series”) at fair value, which is ordinarily based upon its pro rata ownership in the net assets of the underlying fund. The Money Market Series seeks current income consistent with maintaining liquidity and preserving capital. Although the Money Market Series is not registered under the 1940 Act, its investments will follow the parameters of investments by a money market fund that is subject to Rule 2a-7 promulgated by the Securities and Exchange Commission (“SEC”) under the 1940 Act. The Series may withdraw up to 25% of its investment daily, although the manager of the Money Market Series, in its sole discretion, may permit an investor to withdraw more than 25% on any one day.

In the event that 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 in accordance with a policy approved by the Board as reflecting fair value (“Fair Value Assets”). When determining the price for Fair Value Assets, the investment advisor and/or the sub-advisor seeks to determine the price that the Series might reasonably expect to receive from the current sale of that asset in an arm’s-length transaction. Fair value determinations shall be based upon all available factors that the investment advisor and/or sub-advisor deems relevant. The pricing of all Fair Value Assets is subsequently reported to the Board or a committee thereof.

Segregation and Collateralization: In cases in which the 1940 Act and the interpretive positions of the SEC require that the Series either delivers collateral or segregates assets in connection with certain investments (e.g., 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 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.

Securities Lending: The Series may lend securities to financial institutions that provide cash as collateral, which will be maintained at all times in an amount equal to at least 100% of the current market value of the loaned securities. The market value of the loaned securities is determined at the close of business of the Series and any additional required collateral is delivered to the Series on the next business day. Securities lending income, as disclosed in the Statement of Operations, represents the income earned from the investment of the cash collateral, net of rebates paid to, or fees paid by, borrowers and less the fees paid to the securities lending agent. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions. In the event that the borrower defaults on its obligation to return borrowed securities because of insolvency or for any other reason, the Series could experience delays and costs in gaining access to the collateral. The Series also could suffer a loss if the value of an investment purchased with cash collateral falls below the market value of loaned securities or if the value of an investment purchased with cash collateral falls below the value of the original cash collateral received.

Investment Transactions and Investment Income: For financial reporting purposes, investment transactions are recorded on the dates the transactions are entered into (the trade dates). Realized gains and losses on investment transactions are determined on the identified cost basis. Dividend income is recorded on the ex-dividend dates. Upon notification from

BLACKROCK S&P 500 INDEX FUND JUNE 30, 2010 27

Notes to Financial Statements (continued) Master S&P 500 Index Series

issuers, some of the dividend income received from a real estate investment trust may be redesignated as a reduction of cost of the related investment and/or realized gain. Interest income is recognized on the accrual basis.

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. 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 of 1986, as amended.

The Series files US federal and various state and local tax returns. No income tax returns are currently under examination. The statute of limitations on the Series US federal tax returns remains open for 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.

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

2. Derivative Financial Instruments:

The Series engages in various portfolio investment strategies using derivative contracts both to increase the returns of the Series and to economically hedge, or protect, its exposure to certain risks such as equity risk. These contracts may be transacted on an exchange. Losses may arise if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument or if the counterparty does not perform under the contract. Counterparty risk related to exchange-traded financial futures contracts is minimal because of the protection against default provided by the exchange on which they trade. 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 non-performance. See Note 1 “Segregation and Collateralization” for information with respect to collateral practices. In addition, the Series manages counterparty risk by entering into agreements only with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties.

Financial Futures Contracts: The Series purchases or sells financial futures contracts and options on financial futures contracts to gain exposure to, or economically hedge against, changes in the value of equity securities (equity risk). Financial futures contracts are contracts for delayed delivery of securities at a specific future date and at a specific price. 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 transactions involves the risk of an imperfect correlation in the movements in the price of financial futures contracts, interest rates and the underlying assets.

Derivative Instruments Categorized by Risk Exposure:
Fair Value of Derivative Instruments as of June 30, 2010
	Liability Derivatives
	Statement of Assets and Liabilities Location	Value
Equity contracts	Net unrealized appreciation/ depreciation*	$	1,168,652

* Includes cumulative appreciation/depreciation of financial futures contracts as reported in the 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 Six Months Ended June 30, 2010
	Net Realized Loss from
	Financial Futures Contracts
Equity contracts	$	(1,997,310	)
	Net Change in Unrealized Appreciation/Depreciation on
	Financial Futures Contracts
Equity contracts	$	(1,164,013	)

For the six months ended June 30, 2010, the average quarterly balance of outstanding derivative financial instruments was as follows:

Financial futures contracts:
Average number of contracts purchased		205
Average notional value of contracts purchased	$	15,505,330

28 BLACKROCK S&P 500 INDEX FUND JUNE 30, 2010

Notes to Financial Statements (continued) Master S&P 500 Index Series

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 of the Series for 1940 Act purposes, but BAC and Barclays are not.

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

The Manager is responsible for the management of the Series’ portfolio 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.

Effective June 1, 2010, the Manager contractually agreed to waive its investment advisory fee by 0.005% of the average daily value of the Series’ net assets until May 1, 2011. This agreement may be terminated upon 90 days notice by a majority of the non-interested directors of the Series, or by a vote of a majority of the outstanding voting securities of the Series. Prior to June 1, 2010, the Manager had entered into an agreement which provided that the investment advisory fee for the Series, when combined with the administrative fee of S&P 500 Index Fund would not exceed 0.25% of average daily net assets until May 1, 2011. As a result, the Series paid a monthly fee at an annual rate of 0.005% of the average daily value of the Series’ net assets. For the six months ended June 30, 2010, the Series waived $56,793, which is included in fees waived by Advisor in the Statement of Operations.

The Manager voluntarily agreed to waive its advisory fees by the amount of investment advisory fees the Series pays to the Manager indirectly through its investment in affiliated money market funds, however the Manager does not waive its advisory fees by the amount of investment advisory fees paid through its investment in other affiliated investment companies, if any. For the six months ended June 30, 2010, the Series waived $4,275, which is included in fees waived by advisor in the Statement of Operations.

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

For the six months ended June 30, 2010, the Series reimbursed the Manager $21,298 for certain accounting services, which is included in accounting services in the Statement of Operations.

The Master LLC, on behalf of the Series, received an exemptive order from the SEC permitting, among other things, to pay an affiliated securities lending agent a fee based on a share of the income derived from the securities lending activities and has retained BIM as the securities lending agent. BIM may, on behalf of the Series, invest cash collateral received by the Series for such loans, among other things, in a private investment company managed by the Manager or in registered money market funds advised by the Manager or its affiliates. The market value of securities on loan and the value of the related collateral are shown in the Statement of Assets and Liabilities as securities loaned and collateral on securities loaned at value, respectively. The cash collateral invested by BIM is disclosed in the Schedule of Investments. The share of income earned by the Series on such investments is shown as securities lending — affiliated in the Statement of Operations. For the six months ended June 30, 2010, BIM received $22,886 in securities lending agent fees related to securities lending activities for the Series.

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 six months ended June 30, 2010, were $57,201,556 and $112,878,086, 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 expires in November 2010. The Series may borrow under the credit agreement to fund shareholder redemptions. The Series paid its pro rata share of a 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, which is included in miscellaneous in the Statement of Operations, 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 six months ended June 30, 2010.

BLACKROCK S&P 500 INDEX FUND JUNE 30, 2010 29

Notes to Financial Statements (concluded) Master S&P 500 Index Series

6. 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 (issuer credit risk). The value of securities held by the Series may decline in response to certain events, including those directly involving the issuers whose securities are owned by the Series; conditions affecting the general economy; overall market changes; local, regional or global political, social or economic instability; and currency and interest rate and price fluctuations. Similar to issuer credit risk, the Series may be exposed to counterparty credit risk, or the risk that an entity with which the Series has unsettled or open transactions may fail to or be unable to perform on its commitments. The Series manages counterparty credit risk by entering into transactions only with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose the Series to market, issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of the Series’ exposure to market, issuer and counterparty credit risks with respect to these financial assets is generally approximated by their value recorded in the Series’ Statement of Assets and Liabilities, less any collateral held by the Series.

7. Subsequent Events:

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

30 BLACKROCK S&P 500 INDEX FUND JUNE 30, 2010

Disclosure of Investment Advisory Agreement and Sub-Advisory Agreement

The Board of Directors of Quantitative Master Series LLC (the “Master LLC”) met on April 20, 2010 and May 18 – 19, 2010 to consider the approval of the Master LLC’s investment advisory agreement (the “Advisory Agreement”) with BlackRock Advisors, LLC (the “Manager”), the Master LLC’s investment advisor, on behalf of the Master S&P 500 Index Series (the “Master Portfolio”), a series of the Master LLC. The Board of Directors of the Master LLC also considered the approval of the sub-advisory agreement (the “Sub-Advisory Agreement”) between the Manager and BlackRock Investment Management, LLC (the “Sub-Advisor”), with respect to the Master Portfolio. BlackRock S&P 500 Index Fund (the “Fund”), a series of BlackRock Index Funds, Inc. (the “Corporation”), is a “feeder” fund that invests all of its investable assets in the Master Portfolio. Accordingly, the Board of Directors of the Corporation also considered the approval of the Advisory Agreement and the Sub-Advisory Agreement with respect to the Master Portfolio. The Manager and the Sub-Advisor are referred to herein as “BlackRock.” The Advisory Agreement and the Sub-Advisory Agreement are referred to herein as the “Agreements.” For simplicity, the Board of Directors of the Master LLC and the Board of Directors of the Corporation are referred to herein collectively as the “Board,” and the members are referred to as “Board Members.”

Activities and Composition of the Board

The Board consists of thirteen individuals, eleven of whom are not “interested persons” of the Master LLC or the Corporation as defined in the Investment Company Act of 1940, as amended (the “1940 Act”) (the “Independent Board Members”). The Board Members are responsible for the oversight of the operations of the Master LLC or the Corporation, as pertinent, and perform the various duties imposed on the directors of investment companies by the 1940 Act. The Independent Board Members have retained independent legal counsel to assist them in connection with their duties. The Co-Chairs of the Board are each Independent Board Members. The Board has established five standing committees: an Audit Committee, a Governance and Nominating Committee, a Compliance Committee, a Performance Oversight and Contract Committee and an Executive Committee, each of which is composed of Independent Board Members (except for the Executive Committee, which also has one interested Board Member) and is chaired by Independent Board Members. The Board also has one ad hoc committee, the Joint Product Pricing Committee, which consists of Independent Board Members and directors/trustees of the boards of certain other BlackRock-managed funds, who are not “interested persons” of their respective funds.

The Agreements

Pursuant to the 1940 Act, the Board is required to consider the continuation of the Agreements on an annual basis. In connection with this process, the Board assessed, among other things, the nature, scope and quality of the services provided to the Master Portfolio and the Fund by the personnel of BlackRock and its affiliates, including investment management, administrative and shareholder services, oversight of fund accounting and custody, marketing services and assistance in meeting applicable legal and regulatory requirements.

From time to time throughout the year, the Board, acting directly and through its committees, considers at each of its meetings factors that are relevant to its annual consideration of the renewal of the Agreements, including the services and support provided by BlackRock to the Master Portfolio, the Fund and their shareholders. Among the matters the Board considered were: (a) investment performance for one-, three- and five-year periods, as applicable, against peer funds, and applicable benchmarks, if any, as well as senior management’s and portfolio managers’ analysis of the reasons for any over performance or underperformance against its peers and/or benchmark, as applicable; (b) fees, including advisory, administration, if applicable, and other amounts paid to BlackRock and its affiliates by the Master Portfolio and/or the Fund for services, such as transfer agency, marketing and distribution, call center and fund accounting; (c) Master Portfolio’s and/or the Fund’s operating expenses; (d) the resources devoted to and compliance reports relating to the Master Portfolio’s and the Fund’s investment objective, policies and restrictions; (e) the Master LLC’s and the Corporation’s compliance with its respective Code of Ethics and compliance policies and procedures; (f) the nature, cost and character of non-investment management services provided by BlackRock and its affiliates; (g) BlackRock’s and other service providers’ internal controls; (h) BlackRock’s implementation of the proxy voting policies approved by the Board; (i) the use of brokerage commissions and execution quality of portfolio transactions; (j) BlackRock’s implementation of the Master LLC’s and/or the Corporation’s valuation and liquidity procedures; (k) an analysis of contractual and actual management fees for products with similar investment objectives across the open-end fund, closed-end fund and institutional account product channels; and (l) periodic updates on BlackRock’s business.

Board Considerations in Approving the Agreements

The Approval Process: Prior to the April 20, 2010 meeting, the Board requested and received materials specifically relating to the Agreements. The Board is engaged in a process with BlackRock to periodically review the nature and scope of the information provided to better assist its deliberations. The materials provided in connection with the April meeting included: (a) information independently compiled and prepared by Lipper, Inc. (“Lipper”) on fees and expenses of the Master Portfolio and the Fund, as applicable, and the investment performance of the Fund as compared with a peer group of funds as determined by Lipper (collectively, “Peers”); (b) information on the profitability of the Agreements to BlackRock and a discussion of fall-out benefits to BlackRock and its affiliates and significant shareholders; (c) a general analysis provided by BlackRock concerning investment advisory fees charged to other clients, such as institutional clients and closed-end funds, under similar investment mandates, as well as the performance of such other clients, as applicable; (d) the impact of economies of scale; (e) a summary of aggregate amounts paid by the Master Portfolio and/or the Fund to BlackRock; (f) sales and redemption

BLACKROCK S&P 500 INDEX FUND JUNE 30, 2010 31

Disclosure of Investment Advisory Agreement and Sub-Advisory Agreement (continued)

data regarding the Fund’s shares; and (g) if applicable, a comparison of management fees to similar BlackRock open-end funds, as classified by Lipper.

At an in-person meeting held on April 20, 2010, the Board reviewed materials relating to its consideration of the Agreements. As a result of the discussions that occurred during the April 20, 2010 meeting, the Board presented BlackRock with questions and requests for additional information and BlackRock responded to these requests with additional written information in advance of the May 18 – 19, 2010 Board meeting.

At an in-person meeting held on May 18 – 19, 2010, the Board of the Master LLC, including the Independent Board Members, unanimously approved the continuation of the Advisory Agreement between the Manager and the Master LLC with respect to the Master Portfolio and the Sub-Advisory Agreement between the Manager and the Sub-Advisor with respect to the Master Portfolio, each for a one-year term ending June 30, 2011. The Board of the Corporation, including the Independent Board Members, also considered the continuation of the Agreements and found the Agreements to be satisfactory. In approving the continuation of the Agreements, the Board considered: (a) the nature, extent and quality of the services provided by BlackRock; (b) the investment performance of the Master Portfolio, the Fund and BlackRock; (c) the advisory fee and the cost of the services and profits to be realized by BlackRock and its affiliates from their relationship with the Master Portfolio and the Fund; (d) economies of scale; and (e) other factors deemed relevant by the Board Members.

The Board also considered other matters it deemed important to the approval process, such as payments made to BlackRock or its affiliates relating to the distribution of Fund shares, services related to the valuation and pricing of portfolio holdings of the Master Portfolio, direct and indirect benefits to BlackRock and its affiliates and significant shareholders from their relationship with the Master Portfolio and the Fund and advice from independent legal counsel with respect to the review process and materials submitted for the Board’s review. The Board noted the willingness of BlackRock personnel to engage in open, candid discussions with the Board. The Board did not identify any particular information as controlling, and each Board Member may have attributed different weights to the various items considered.

A. Nature, Extent and Quality of the Services Provided by BlackRock: The Board, including the Independent Board Members, reviewed the nature, extent and quality of services provided by BlackRock, including the investment advisory services and the resulting performance of the Fund. Throughout the year, the Board compared the Fund’s performance to the performance of a comparable group of mutual funds, and the performance of a relevant benchmark, if any. The Board met with BlackRock’s senior management personnel responsible for investment operations, including the senior investment officers. The Board also reviewed the materials provided by the portfolio management team discussing performance and the investment objective, strategies and outlook.

The Board considered, among other factors, the number, education and experience of BlackRock’s investment personnel generally and the Master Portfolio’s portfolio management team, investments by portfolio managers in the funds they manage, BlackRock’s portfolio trading capabilities, BlackRock’s use of technology, BlackRock’s commitment to compliance and BlackRock’s approach to training and retaining portfolio managers and other research, advisory and management personnel. The Board also reviewed a general description of BlackRock’s compensation structure with respect to the Master Portfolio’s portfolio management team and BlackRock’s ability to attract and retain high-quality talent.

In addition to advisory services, the Board considered the quality of the administrative and non-investment advisory services provided to the Master Portfolio and the Fund. BlackRock and its affiliates and significant shareholders provide the Master Portfolio and the Fund with certain administrative, transfer agency, shareholder and other services (in addition to any such services provided to the Master Portfolio and the Fund by third parties) and officers and other personnel as are necessary for the operations of the Master Portfolio and the Fund. In addition to investment advisory services, BlackRock and its affiliates provide the Master Portfolio and the Fund with other services, including: (i) preparing disclosure documents, such as the prospectus, the statement of additional information and periodic shareholder reports; (ii) assisting with daily accounting and pricing; (iii) overseeing and coordinating the activities of other service providers; (iv) organizing Board meetings and preparing the materials for such Board meetings; (v) providing legal and compliance support; and (vi) performing other administrative functions necessary for the operation of the Master Portfolio and the Fund, such as tax reporting, fulfilling regulatory filing requirements, and call center services. The Board reviewed the structure and duties of BlackRock’s fund administration, accounting, legal and compliance departments and considered BlackRock’s policies and procedures for assuring compliance with applicable laws and regulations.

B. The Investment Performance of the Master Portfolio, the Fund and BlackRock: The Board, including the Independent Board Members, also reviewed and considered the performance history of the Master Portfolio and the Fund, as applicable. The Board noted that the Master Portfolio’s investment results correspond directly to the investment results of the Fund. In preparation for the April 20, 2010 meeting, the Board was provided with reports, independently prepared by Lipper, which included a comprehensive analysis of the Fund’s performance. The Board also reviewed a narrative and statistical analysis of the Lipper data that was prepared by BlackRock, which analyzed various factors that affect Lipper’s rankings. In connection with its review, the Board received and reviewed information regarding the investment performance of the Fund as compared to a representative group of similar funds as determined by Lipper and to all funds in the Fund’s applicable Lipper category. The Board was

32 BLACKROCK S&P 500 INDEX FUND JUNE 30, 2010

Disclosure of Investment Advisory Agreement and Sub-Advisory Agreement (continued)

provided with a description of the methodology used by Lipper to select peer funds. The Board regularly reviews the performance of the Master Portfolio and the Fund, as applicable, throughout the year. The Board attaches more importance to performance over relatively long periods of time, typically three to five years.

The Board noted that the Fund performed below the median of its Lipper Performance Universe in each of the one-, three- and five-year periods reported. The Board and BlackRock reviewed the reasons for the Fund’s underperformance during these periods compared with its Peers. The Board was informed that, among other things, over the one-, three- and five-year periods the Fund met its objective of matching the risk and return of the S&P 500 Index before the application of fees and expenses.

C. Consideration of the Advisory Fees and the Cost of the Services and Profits to be Realized by BlackRock and its Affiliates from their Relationship with the Master Portfolio and the Fund: The Board, including the Independent Board Members, reviewed the Master Portfolio’s contractual advisory fee rate compared with the other funds in the Fund’s Lipper category. It also compared the Fund’s total expenses, as well as actual management fees, to those of other funds in its Lipper category. The Board considered the services provided and the fees charged by BlackRock to other types of clients with similar investment mandates, including separately managed institutional accounts.

The Board received and reviewed statements relating to BlackRock’s financial condition and profitability with respect to the services it provided the Master Portfolio and the Fund. The Board was also provided with a profitability analysis that detailed the revenues earned and the expenses incurred by BlackRock for services provided to the Master Portfolio and the Fund. The Board reviewed BlackRock’s profitability with respect to the Master Portfolio and the Fund, as applicable, and other funds the Board currently oversees for the year ended December 31, 2009 compared to available aggregate profitability data provided for the year ended Decem-ber 31, 2008. The Board reviewed BlackRock’s profitability with respect to other fund complexes managed by the Manager and/or its affiliates. The Board reviewed BlackRock’s assumptions and methodology of allocating expenses in the profitability analysis, noting the inherent limitations in allocating costs among various advisory products. The Board recognized that profitability may be affected by numerous factors including, among other things, fee waivers and expense reimbursements by the Manager, the types of funds managed, expense allocations and business mix, and the difficulty of comparing profitability as a result of those factors.

The Board noted that, in general, individual fund or product line profitability of other advisors is not publicly available. Nevertheless, to the extent such information was available, the Board considered BlackRock’s operating margin, in general, compared to the operating margin for leading investment management firms whose operations include advising open-end funds, among other product types. That data indicates that operating margins for BlackRock with respect to its registered funds are generally consistent with margins earned by similarly situated publicly traded competitors. In addition, the Board considered, among other things, certain third party data comparing BlackRock’s operating margin with that of other publicly traded asset management firms. That third party data indicates that larger asset bases do not, in themselves, translate to higher profit margins.

In addition, the Board considered the cost of the services provided to the Master Portfolio and the Fund by BlackRock, and BlackRock’s and its affiliates’ profits relating to the management and distribution of the Master Portfolio and the Fund and the other funds advised by BlackRock and its affiliates. As part of its analysis, the Board reviewed BlackRock’s methodology in allocating its costs to the management of the Master Portfolio and the Fund. The Board also considered whether BlackRock has the financial resources necessary to attract and retain high-quality investment management personnel to perform its obligations under the Agreements and to continue to provide the high quality of services that is expected by the Board.

The Board noted that the Master Portfolio’s contractual advisory fee rate was lower than or equal to the median contractual advisory fee rate paid by the Fund’s Peers, in each case before taking into account any expense reimbursements or fee waivers. The Board also noted that BlackRock (i) has contractually agreed to waive one-half of the advisory fee currently paid by the Master Portfolio and (ii) has contractually agreed to waive and/or reimburse fees and/or expenses so that the advisory fee for the Master Portfolio, when combined with the Fund’s administration fee, will not exceed a specified percentage of the Master Portfolio’s average daily net assets. Additionally, the Board noted that BlackRock has voluntarily agreed to waive fees and/or reimburse expenses in order to limit, to a specified amount, the Fund’s total operating expenses on a class-by-class basis, as applicable.

The Board noted that after discussions between the Board, including the Independent Board Members, and BlackRock, the Board approved BlackRock’s proposed contractual administration fee reduction effective June 1, 2010.

D. Economies of Scale: The Board, including the Independent Board Members, considered the extent to which economies of scale might be realized as the assets of the Master Portfolio and the Fund increase. The Board also considered the extent to which the Master Portfolio and the Fund benefit from such economies and whether there should be changes in the advisory fee rate or structure in order to enable the Master Portfolio and the Fund to participate in these economies of scale, for example

BLACKROCK S&P 500 INDEX FUND JUNE 30, 2010 33

Disclosure of Investment Advisory Agreement and Sub-Advisory Agreement (concluded)

through the use of breakpoints in the advisory fee based upon the asset level of the Master Portfolio.

E. Other Factors Deemed Relevant by the Board Members: The Board, including the Independent Board Members, also took into account other ancillary or “fall-out” benefits that BlackRock or its affiliates and significant shareholders may derive from their respective relationships with the Master Portfolio and the Fund, both tangible and intangible, such as BlackRock’s ability to leverage its investment professionals who manage other portfolios, an increase in BlackRock’s profile in the investment advisory community, and the engagement of BlackRock’s affiliates and significant shareholders as service providers to the Master Portfolio and the Fund, including for administrative, transfer agency and distribution services. The Board also considered BlackRock’s overall operations and its efforts to expand the scale of, and improve the quality of, its operations. The Board also noted that BlackRock may use and benefit from third party research obtained by soft dollars generated by certain mutual fund transactions to assist in managing all or a number of its other client accounts. The Board further noted that BlackRock completed the acquisition of a complex of exchange-traded funds (“ETFs”) on December 1, 2009, and that BlackRock’s funds may invest in such ETFs without any offset against the management fees payable by the funds to BlackRock.

In connection with its consideration of the Agreements, the Board also received information regarding BlackRock’s brokerage and soft dollar practices. The Board received reports from BlackRock which included information on brokerage commissions and trade execution practices throughout the year.

The Board noted the competitive nature of the open-end fund marketplace, and that shareholders are able to redeem their Fund shares if they believe that the Fund’s and/or the Master Portfolio’s fees and expenses are too high or if they are dissatisfied with the performance of the Fund.

Conclusion

The Board of the Master LLC, including the Independent Board Members, unanimously approved the continuation of the Advisory Agreement between the Manager and the Master LLC, with respect to the Master Portfolio, for a one-year term ending June 30, 2011 and the Sub-Advisory Agreement between the Manager and the Sub-Advisor, with respect to the Master Portfolio, for a one-year term ending June 30, 2011. As part of its approval, the Board of the Master LLC considered the detailed review of BlackRock’s fee structure, as it applies to the Master LLC, being conducted by the ad hoc Joint Product Pricing Committee. Based upon its evaluation of all of the aforementioned factors in their totality, the Board of the Master LLC, including the Independent Board Members, was satisfied that the terms of the Agreements were fair and reasonable and in the best interest of the Master Portfolio and its shareholders. The Board of the Corporation, including the Independent Board Members, also considered the continuation of the Agreements with respect to the Master Portfolio and found the Agreements to be satisfactory. In arriving at a decision to approve the Agreements, the Board of the Master LLC did not identify any single factor or group of factors as all-important or controlling, but considered all factors together, and different Board Members may have attributed different weights to the various factors considered. The Independent Board Members were also assisted by the advice of independent legal counsel in making this determination. The contractual fee arrangements for the Master Portfolio reflect the results of several years of review by the Board Members and predecessor Board Members, and discussions between such Board Members (and predecessor Board Members) and BlackRock. Certain aspects of the arrangements may be the subject of more attention in some years than in others, and the Board Members’ conclusions may be based in part on their consideration of these arrangements in prior years.

34 BLACKROCK S&P 500 INDEX FUND JUNE 30, 2010

Officers and Directors

Ronald W. Forbes, Co-Chairman of the Board and Director
Rodney D. Johnson, Co-Chairman of the Board and Director
David O. Beim, Director
Richard S. Davis, Director
Henry Gabbay, Director
Dr. Matina Horner, Director
Herbert I. London, Director and Member of the Audit Committee
Cynthia A. Montgomery, Director
Joseph P. Platt, Jr., Director
Robert C. Robb, Jr., Director
Toby Rosenblatt, Director
Kenneth L. Urish, Chairman of the Audit Committee and Director
Frederick W. Winter, Director and Member of the Audit Committee
Anne Ackerley, Fund/Master LLC President and Chief Executive Officer
Jeffrey Holland, Vice President
Brendan Kyne, Vice President
Brian Schmidt, Vice President
Neal Andrews, Chief Financial Officer
Jay Fife, Treasurer
Brian Kindelan, Chief Compliance Officer of the Fund/Master LLC
Howard Surloff, Secretary

Investment Advisor
BlackRock Advisors, LLC
Wilmington, DE 19809

Sub-Advisor
BlackRock Investment Management, LLC
Plainsboro, NJ 08536

Custodian
State Street Bank and Trust Company
Boston, MA 02266

Transfer Agent
BNY Mellon Investment Servicing (US) 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 Austin LLP
New York, NY 10019

Independent Registered Public Accounting Firm
Deloitte & Touche LLP
Princeton, NJ 08540

Address of the Fund
100 Bellevue Parkway
Wilmington, DE 19809

BLACKROCK S&P 500 INDEX FUND JUNE 30, 2010 35

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)	Select “eDelivery” under the “More Information” section
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 is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call (800) 441-7762.

Availability of Quarterly Portfolio Schedule of Investments

The Fund/Series files its complete schedule of portfolio holdings with the Securities and Exchange Commission (the “SEC”) for the first and third quarters of each 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 (800) SEC-0330. The Fund’s/Series’ Forms N-Q may also be obtained upon request and without charge by calling (800) 441-7762.

Availability of Proxy Voting Policies and Procedures

A description of the policies and procedures that the 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 http://www.blackrock.com; and (3) on the SEC’s website at http://www.sec.gov.

Availability of Proxy Voting Record

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

36 BLACKROCK S&P 500 INDEX FUND JUNE 30, 2010

Additional Information (continued)

Shareholder Privileges

Account Information

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

Automatic Investment Plans

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

Systematic Withdrawal Plans

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

Retirement Plans

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

BLACKROCK S&P 500 INDEX FUND JUNE 30, 2010 37

Additional Information (concluded)

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.

38 BLACKROCK S&P 500 INDEX FUND JUNE 30, 2010

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 Balanced Capital Fund†

BlackRock Basic Value Fund

BlackRock Capital Appreciation Fund

BlackRock Energy & Resources Portfolio

BlackRock Equity Dividend Fund

BlackRock EuroFund

BlackRock Focus Growth Fund

BlackRock Focus Value 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

BlackRock World Gold Fund

Fixed Income Funds

BlackRock Bond Portfolio

BlackRock Emerging Market Debt Portfolio

BlackRock Floating Rate Income Portfolio

BlackRock GNMA Portfolio

BlackRock Government Income Portfolio

BlackRock High Income Fund

BlackRock High Yield Bond Portfolio

BlackRock Income Portfolio†

BlackRock Income Builder Portfolio†

BlackRock Inflation Protected Bond Portfolio

BlackRock Intermediate Government Bond Portfolio

BlackRock International Bond Portfolio

BlackRock Long Duration Bond Portfolio

BlackRock Low Duration Bond Portfolio

BlackRock Managed Income Portfolio

BlackRock Multi-Sector Bond Portfolio

BlackRock Short-Term Bond Fund

BlackRock Strategic Income Opportunities 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

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Moderate Prepared Portfolio

Growth Prepared Portfolio

Aggressive Growth Prepared Portfolio

BlackRock Lifecycle Prepared Portfolios

2010

2015

2020

2025

2030

2035

2040

2045

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BlackRock LifePath Portfolios Retirement

2020

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2035

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2055

*	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.

BLACKROCK S&P 500 INDEX FUND JUNE 30, 2010 39

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 4-06/10

BlackRock Small Cap Index Fund
OF BLACKROCK INDEX FUNDS, INC.
SEMI-ANNUAL REPORT
JUNE 30, 2010 | (UNAUDITED)

NOT FDIC INSURED
MAY LOSE VALUE
NO BANK GUARANTEE

Table of Contents

	Page
Dear Shareholder	3
Semi-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	12
Series Portfolio Information	15
Series Financial Statements:
Schedule of Investments	16
Statement of Assets and Liabilities	36
Statement of Operations	37
Statements of Changes in Net Assets	38
Series Financial Highlights	39
Series Notes to Financial Statements	40
Disclosure of Investment Advisory Agreement and Sub-Advisory Agreement	44
Officers and Directors	48
Additional Information	49
Mutual Fund Family	51

2 BLACKROCK SMALL CAP INDEX FUND JUNE 30, 2010

Dear Shareholder

Although overall global economic and financial conditions have generally improved over the past year, the past several months have seen high levels of market volatility and diminishing investor confidence sparked by the sovereign debt crisis in Europe and mixed economic data that have raised concerns over the possibility that some economies could slide back into recession. Despite the uneven nature of recent market conditions, we continue to believe that the “Great Recession” likely ended at some point last summer, thanks primarily to massive fiscal and monetary stimulus, and that the global economy remains in recovery mode for most regions of the world. Regarding the US economy, we believe it is unlikely that the United States will experience a “double dip” recession, although we acknowledge that subpar growth is likely to persist for some time.

Global equity markets bottomed in early 2009 and since that time have moved unevenly higher as investors were lured back into the markets by depressed valuations, desire for higher yields and improvements in corporate earnings prospects. Volatility levels, however, have remained elevated — primarily as a result of uneven economic data and lingering deflation issues (especially in Europe). As the period drew to a close, equity markets had endured a significant correction that drove stock prices into negative territory on a year-to-date basis in almost every market. Over a 12-month basis, however, global equities posted positive returns thanks to improving corporate revenues and profits and a reasonably strong macro backdrop. From a geographic perspective, US equities have significantly outpaced their international counterparts over the past six and twelve months, as the domestic economic recovery has been more pronounced and as credit-related issues have held European markets down. Within the United States, smaller cap stocks have noticeably outperformed large caps.

In fixed income markets, yields have been moving unevenly over the past six and twelve months as improving economic conditions have been acting to push Treasury yields higher (and prices correspondingly lower), while concerns over ongoing deflation threats have acted as a counterweight. As the period drew to a close, however, Treasury yields fell sharply as investors flocked to the “safe haven” asset class in the face of escalating uncertainty. As a result, US Treasuries became one of the world’s best-performing asset classes on a six-month basis. High yield bonds have also continued to perform well, thanks in large part to ongoing high levels of investor demand. Meanwhile, municipal bonds performed in line with their taxable counterparts on a 12-month basis, but slightly underperformed over the last six months as investors rotated to the relative safety of Treasuries.

Regarding cash investments, yields on money market securities remain near all-time lows (producing returns only marginally above zero percent), with the Federal Open Market Committee reiterating that economic circumstances are likely to necessitate an accommodative interest rate stance for an “extended period.”

Against this backdrop, the major market averages posted the following returns:

Total Returns as of June 30, 2010	6-month		12-month
US equities (S&P 500 Index)	(6.65	)%	14.43	%
Small cap US equities (Russell 2000 Index)	(1.95	)	21.48
International equities (MSCI Europe, Australasia, Far East Index)	(13.23	)	5.92
3-month Treasury bill (BofA Merrill Lynch 3-Month Treasury Bill Index)	0.05		0.16
US Treasury securities (BofA Merrill Lynch 10-Year US Treasury Index)	9.36		8.20
Taxable fixed income (Barclays Capital US Aggregate Bond Index)	5.33		9.50
Tax-exempt fixed income (Barclays Capital Municipal Bond Index)	3.31		9.61
High yield bonds (Barclays Capital US Corporate High Yield 2% Issuer Capped Index)	4.45		26.66

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

Although conditions are certainly better than they were a couple of years ago, global financial markets continue to face high volatility and questions about the strength and sustainability of the recovery abound. Through periods of uncertainty, as ever, BlackRock’s full resources are dedicated to the management of our clients’ assets. For additional market perspective and investment insight, visit www.blackrock.com/shareholdermagazine, where you’ll find the most recent issue of our award-winning Shareholder^® magazine, as well as its quarterly companion newsletter, Shareholder Perspectives. As always, we thank you for entrusting BlackRock with your investments, and we look forward to your continued partnership in the months and years ahead.

Sincerely,

Rob Kapito
President, BlackRock Advisors, LLC

THIS PAGE NOT PART OF YOUR FUND REPORT 3

Fund Summary as of June 30, 2010 BlackRock Small Cap Index Fund

Portfolio Management Commentary

	How did the Fund perform?
•	Through the investment of BlackRock Small Cap Index Fund (the “Fund”) in Master Small Cap Index Series (the “Series”) of Quantitative Master Series LLC (the “Master LLC”), for the six months ended June 30, 2010, the Institutional and Investor A Shares of the Fund underperformed its benchmark, the Russell 2000 Index. The Russell 2000 Index is a market-weighted index composed of approximately 2,000 common stocks issued by small-capitalization US companies in a range of businesses.
•	Returns for the Fund’s respective share classes differ from the benchmark based on individual share-class expenses.
	Describe the market environment.
•	At the beginning of 2010, we expected to see a modest cyclical recovery. For the first four months of the year, the cyclical recovery did dominate, but over the past two months, structural problems (especially those in Europe) began to win out, and risk assets (including US equities) have struggled. Financial markets took a dramatic turn in late April, as investor sentiment became dominated by concerns over the European sovereign debt crisis, some less-positive economic data and uncertainty over financial regulatory reform in the United States. Volatility levels moved noticeably higher over the past several months, and investors embarked on a renewed “flight to quality,” abandoning risk assets such as stocks in favor of safer alternatives, most notably US Treasury bonds and gold.
•	In the United States, the Dow Jones Industrial Average fell 5.00% and the Nasdaq Composite lost 6.63%, while the Russell 2000 Index fell only 1.95%.
•	Within the benchmark Russell 2000 Index, only three of the ten sectors posted positive returns for the period. Consumer Discretionary (+1.73%), Consumer Staples (+0.83%) and Financials (+0.79%) emerged as the best performing sectors over the period, while Telecommunication Services (–11.65%), Energy (–10.92%) and Materials (–8.03%) experienced the largest negative returns.
	Describe recent portfolio activity.
•	During the six-month period, as changes were made to the composition of the Russell 2000 Index, the Series purchased and sold securities to maintain its objective of replicating the risks and return of the benchmark.
	Describe portfolio positioning at period end.
•	The Series remains positioned to match the risk characteristics of its benchmark, irrespective of the market’s future direction.
	The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.

Derivative Financial Instruments

The Series may invest in various derivative instruments, including financial futures contracts, as specified in Note 2 of the Notes to Financial Statements, which may constitute forms of economic leverage. Such instruments are used to obtain exposure to a market without owning or taking physical custody of securities or to hedge market and/or equity risks. Such derivative instruments involve risks, including the imperfect correlation between the value of a derivative instrument and the underlying asset 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, may result in lower dividends paid to shareholders 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 SMALL CAP INDEX FUND JUNE 30, 2010

Total Return Based on a $10,000 Investment

1	Assuming transaction costs and other operating expenses, including investment advisory fees and administration fees, if any.
2	The Fund invests all of its assets in Master Small Cap Index Series (the “Series”) of Quantitative Master Series LLC. The Series may invest in a statistically selected sample of the stocks included in the Russell 2000 Index and other types of financial instruments.
3	This unmanaged index is a market-weighted index composed of approximately 2,000 common stocks issued by small-capitalization US companies in a range of businesses.

Performance Summary for the Period Ended June 30, 2010

			Average Annual Total Returns4
	6-Month Total Returns
			1 Year		5 Years		10 Years
Institutional	(1.96	)%	21.20	%	(0.06	)%	2.58	%
Investor A	(2.16	)	20.81		(0.31	)	2.32
Russell 2000 Index	(1.95	)	21.48		0.37		3.00

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

Past performance is not indicative of future results.

BLACKROCK SMALL CAP INDEX FUND JUNE 30, 2010 5

About Fund Performance

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

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

Performance information reflects past performance and does not guarantee future results. Current performance may be lower or higher than the performance data quoted. Refer to www.blackrock.com/funds to obtain performance data current to the most recent month-end. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Figures shown in the performance tables on page 5 assume reinvestment of all dividends and capital gain distributions, if any, at net asset value on the ex-dividend date. Investment return and principal value of shares will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Dividends paid to each class of shares will vary because of the different levels of service and transfer agency fees applicable to each class, which are deducted from the income available to be paid to shareholders.

Disclosure of Expenses

Shareholders of this Fund may incur the following charges: (a) expenses related to transactions, 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 January 1, 2010 and held through June 30, 2010) 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 January 1, 2010	Ending Account Value June 30, 2010	Expenses Paid During the Period1	Beginning Account Value January 1, 2010	Ending Account Value June 30, 2010	Expenses Paid During the Period1	Annualized Expense Ratio
Institutional	$1,000	$980.40	$2.60	$1,000	$1,022.17	$2.66	0.53%
Investor A	$1,000	$978.40	$3.88	$1,000	$1,020.88	$3.96	0.79%

1	For each class of the Fund, expenses are equal to the annualized expense ratio for the class, multiplied by the average account value over the period, multiplied by 181/365 (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 Fund and the 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 SMALL CAP INDEX FUND JUNE 30, 2010

Statement of Assets and Liabilities BlackRock Small Cap Index Fund

June 30, 2010 (Unaudited)
Assets
Investments at value — Master Small Cap Index Series (the “Series”) (cost — $92,696,787)	$	93,183,070
Capital shares sold receivable		146,837
Prepaid expenses		14,889
Total assets		93,344,796
Liabilities
Withdrawals payable from the Series		89,638
Capital shares redeemed payable		57,199
Administration fees payable		23,511
Distribution fees payable		7,970
Other affiliates payable		1,636
Officer’s fees payable		12
Other accrued expenses payable		17,641
Total liabilities		197,607
Net Assets	$	93,147,189
Net Assets Consist of
Paid-in capital	$	118,566,498
Undistributed net investment income		178,263
Accumulated net realized loss allocated from the Series		(26,083,855	)
Net unrealized appreciation/depreciation allocated from the Series		486,283
Net Assets	$	93,147,189
Net Asset Value
Institutional — Based on net assets of $56,061,042 and 5,897,295 shares outstanding, 125 million shares authorized, $0.0001 par value	$	9.51
Investor A — Based on net assets of $37,086,147 and 3,904,922 shares outstanding, 125 million shares authorized, $0.0001 par value	$	9.50

See Notes to Financial Statements.
BLACKROCK SMALL CAP INDEX FUND	JUNE 30, 2010	7

Statement of Operations BlackRock Small Cap Index Fund

Six Months Ended June 30, 2010 (Unaudited)
Investment Income
Net investment income allocated from the Series:
Dividends — unaffiliated	$	415,146
Foreign taxes withheld		(1,240	)
Securities lending — affiliated		34,537
Dividends — affiliated		2,605
Expenses		(37,847	)
Total income		413,201
Expenses
Administration		144,064
Service — Investor A		50,488
Transfer agent — Institutional		16,150
Transfer agent — Investor A		13,186
Printing		26,805
Registration		14,277
Professional		10,397
Officers		23
Miscellaneous		4,091
Total expenses		279,481
Less fees waived by administrator		(2,669	)
Total expenses after fees waived		276,812
Net investment income		136,389
Realized and Unrealized Gain (Loss) Allocated from the Series
Net realized gain from investments and financial futures contracts		571,175
Net change in unrealized appreciation/depreciation on investments and financial futures contracts		(2,726,744	)
Total realized and unrealized loss		(2,155,569	)
Net Decrease in Net Assets Resulting from Operations	$	(2,019,180	)

See Notes to Financial Statements.
8	BLACKROCK SMALL CAP INDEX FUND	JUNE 30, 2010

Statements of Changes in Net Assets BlackRock Small Cap Index Fund

Increase (Decrease) in Net Assets:	Six Months Ended June 30, 2010 (Unaudited)			Year Ended December 31, 2009
Operations
Net investment income	$	136,389		$	587,044
Net realized gain (loss)		571,175			(8,274,246	)
Net change in unrealized appreciation/depreciation		(2,726,744	)		27,253,654
Net increase (decrease) in net assets resulting from operations		(2,019,180	)		19,566,452
Dividends to Shareholders From
Net investment income:
Institutional		—			(376,750	)
Investor A		—			(174,904	)
Decrease in net assets resulting from dividends to shareholders		—			(551,654	)
Capital Share Transactions
Net increase (decrease) in net assets derived from capital share transactions		1,081,515			(1,003,872	)
Redemption Fee
Redemption fee		1,432			864
Net Assets
Total increase (decrease) in net assets		(936,233	)		18,011,790
Beginning of period		94,083,422			76,071,632
End of period	$	93,147,189		$	94,083,422
Undistributed net investment income	$	178,263		$	41,874

See Notes to Financial Statements.
BLACKROCK SMALL CAP INDEX FUND	JUNE 30, 2010	9

Financial Highlights BlackRock Small Cap Index Fund

	Institutional
	Six Months Ended June 30, 2010 (Unaudited)
				Year Ended December 31,
				2009			2008			2007			2006			2005
Per Share Operating Performance
Net asset value, beginning of period	$	9.70		$	7.71		$	13.79		$	15.48		$	14.36		$	14.10
Net investment income1		0.02			0.07			0.14			0.20			0.17			0.10
Net realized and unrealized gain (loss)2		(0.21	)		1.98			(4.86	)		(0.50	)		2.34			0.49
Net increase (decrease) from investment operations		(0.19	)		2.05			(4.72	)		(0.30	)		2.51			0.59
Dividends and distributions from:
Net investment income		—			(0.06	)		(0.15	)		(0.20	)		(0.17	)		(0.11	)
Net realized gain		—			—			(1.09	)		(1.19	)		(1.22	)		(0.22	)
Tax return of capital		—			—			(0.12	)		—			—			—
Total dividends and distributions		—			(0.06	)		(1.36	)		(1.39	)		(1.39	)		(0.33	)
Net asset value, end of period	$	9.51		$	9.70		$	7.71		$	13.79		$	15.48		$	14.36
Total Investment Return3
Based on net asset value		(1.96	)%4		26.67	%		(34.01	)%		(1.91	)%		17.49	%		4.16	%
Ratios to Average Net Assets5
Total expenses		0.53	%6		0.56	%		0.53	%		0.48	%		0.49	%		0.54	%
Total expenses after fees waived		0.53	%6		0.56	%		0.52	%		0.48	%		0.49	%		0.53	%
Net investment income		0.38	%6		0.85	%		1.19	%		1.23	%		1.10	%		0.69	%
Supplemental Data
Net assets, end of period (000)	$	56,061		$	55,744		$	46,285		$	66,085		$	79,032		$	63,671
Portfolio turnover of the Series		16	%		43	%		42	%		26	%		40	%		37	%

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	Aggregate total investment return.
5	Includes the Fund’s share of the Series’ allocated expenses and/or net investment income.
6	Annualized.

See Notes to Financial Statements.
10	BLACKROCK SMALL CAP INDEX FUND	JUNE 30, 2010

Financial Highlights (concluded) BlackRock Small Cap Index Fund

	Investor A
	Six Months Ended June 30, 2010 (Unaudited)
				Year Ended December 31,
				2009			2008			2007			2006			2005
Per Share Operating Performance
Net asset value, beginning of period	$	9.71		$	7.72		$	13.79		$	15.47		$	14.36		$	14.10
Net investment income1		0.01			0.05			0.11			0.15			0.13			0.06
Net realized and unrealized gain (loss)2		(0.22	)		1.98			(4.85	)		(0.48	)		2.33			0.49
Net increase (decrease) from investment operations		(0.21	)		2.03			(4.74	)		(0.33	)		2.46			0.55
Dividends and distributions from:
Net investment income		—			(0.04	)		(0.12	)		(0.16	)		(0.13	)		(0.07	)
Net realized gain		—			—			(1.09	)		(1.19	)		(1.22	)		(0.22	)
Tax return of capital		—			—			(0.12	)		—			—			—
Total dividends and distributions		—			(0.04	)		(1.33	)		(1.35	)		(1.35	)		(0.29	)
Net asset value, end of period	$	9.50		$	9.71		$	7.72		$	13.79		$	15.47		$	14.36
Total Investment Return3
Based on net asset value		(2.16	)%4		26.36	%		(34.19	)%		(2.12	)%		17.14	%		3.88	%
Ratios to Average Net Assets5
Total expenses		0.79	%6		0.82	%		0.80	%		0.73	%		0.74	%		0.80	%
Total expenses after fees waived		0.79	%6		0.82	%		0.79	%		0.73	%		0.74	%		0.79	%
Net investment income		0.12	%6		0.59	%		0.91	%		0.98	%		0.84	%		0.43	%
Supplemental Data
Net assets, end of period (000)	$	37,086		$	38,340		$	29,787		$	47,605		$	54,083		$	48,896
Portfolio turnover of the Series		16	%		43	%		42	%		26	%		40	%		37	%

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	Aggregate total investment return.
5	Includes the Fund’s share of the Series’ allocated expenses and/or net investment income.
6	Annualized.

See Notes to Financial Statements.
BLACKROCK SMALL CAP INDEX FUND	JUNE 30, 2010	11

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

1. Organization and Significant Accounting Policies:

BlackRock Small Cap Index Fund (the “Fund”) a series of BlackRock Index Funds, Inc. (the “Corporation”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as a non-diversified, open-end management investment company. The Corporation is organized as a Maryland corporation. The Fund seeks to achieve its investment objective by investing all of its assets in Master Small Cap Index Series (the “Series) of Quantitative Master Series LLC ( the “Master LLC”), which has the same investment objective and strategies as the Fund. The value of the Fund’s investment in the Series reflects the Fund’s proportionate interest in the net assets of the Series. The performance of the Fund is directly affected by the performance of the Series. The percentage of the Series owned by the Fund at June 30, 2010 was 32%. The Fund’s financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (“US GAAP”), which may require management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates. The Fund offers two classes of shares. Institutional Shares are sold without a sales charge and only to certain eligible investors. Investor A Shares are generally sold with a front-end 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.

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

Valuation: The Fund’s policy is to fair value its financial instruments at market value. The Fund records its investment in the Series at fair value based on the Fund’s proportionate interest in the net assets of the Series. Valuation of securities held by the Series, including categorization of fair value measurements, is discussed in Note 1 of the Series’ Notes to Financial Statements, which are included elsewhere in this report.

Investment Transactions and 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 on investments 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. The amount and timing of dividends and distributions are determined in accordance with federal income tax regulations, which may differ from US GAAP.

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

The Fund files US federal and various state and local tax returns. No income tax returns are currently under examination. The statute of limitations on the Fund’s US federal tax returns remains open for 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. There are no uncertain tax positions that require recognition of a tax liability.

Other: Expenses directly related to the Fund or its classes are charged to the 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.

12 BLACKROCK SMALL CAP INDEX FUND JUNE 30, 2010

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

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 of the Fund for 1940 Act purposes, but BAC and Barclays are not.

The Corporation, on behalf of the Fund, 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 0.29% of the average daily value of the Fund’s net assets. The Fund does not pay an Advisory fee or investment management fee.

The Administrator voluntarily agreed to waive and/or reimburse fees or expenses in order to limit total annual Fund operating expenses (excluding interest expense, acquired fund fees and expenses and certain other fund expenses) to 0.60% for Institutional Shares and 0.85% for Investor A Shares. These voluntary waivers and reimbursements may be reduced or discontinued at any time without notice. This amount is shown as fees waived by administrator in the Statement of Operations.

The Corporation, on behalf of the Fund, entered into a Distribution Agreement and Distribution Plan with BlackRock Investments, LLC (“BRIL”), which is an affiliate of BlackRock. Pursuant to the Distribution Plan and in accordance with Rule 12b-1 under the 1940 Act, the Fund pays BRIL ongoing service and distribution fees. The fees are accrued daily and paid monthly at annual rates 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 to Investor A shareholders.

PNC Global Investment Servicing (U.S.) Inc. (“PNCGIS”), an indirect, wholly owned subsidiary of PNC and an affiliate of the Manager, serves as transfer agent and dividend disbursing agent. Effective July 1, 2010, PNCGIS was sold to The Bank of New York Mellon Corporation and is no longer considered an affiliate of the Administrator. At the close of the sale, PNCGIS changed its name to BNY Mellon Investment Servicing (US) Inc. Transfer agency fees borne by 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 shareholder 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, 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 six months ended June 30, 2010, the Fund reimbursed the Manager the following amounts for costs incurred in running the call center, which are included in transfer agent in the Statement of Operations.

Institutional	$	162
Investor A	$	456

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

3. Capital Loss Carryforwards:

As of December 31, 2009, the Fund had capital loss carryforwards in the amount of $24,323,969 available to offset future realized capital gains, which expires December 31, 2017.

BLACKROCK SMALL CAP INDEX FUND JUNE 30, 2010 13

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

4. Capital Share Transactions:

Transactions in capital shares for each class were as follows:

	Six Months Ended June 30, 2010						Year Ended December 31, 2009
	Shares			Amount			Shares			Amount
Institutional
Shares sold		1,095,750		$	11,339,403			2,468,390		$	19,948,606
Shares issued to shareholders in reinvestment of dividends		—			—			37,621			356,525
Total issued		1,095,750			11,339,403			2,506,011			20,305,131
Shares redeemed		(942,336	)		(9,732,435	)		(2,765,597	)		(22,094,097	)
Net increase (decrease)		153,414		$	1,606,968			(259,586	)	$	(1,788,966	)
Investor A
Shares sold		397,998		$	4,120,329			913,818		$	7,405,033
Shares issued to shareholders in reinvestment of dividends		—			—			16,832			159,562
Total issued		397,998			4,120,329			930,650			7,564,595
Shares redeemed		(442,251	)		(4,645,782	)		(842,085	)		(6,779,501	)
Net increase (decrease)		(44,253	)	$	(525,453	)		88,565		$	785,094

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 redemptions fees are recorded as credit to paid-in-capital.

5. Subsequent Events:

Management’s evaluation of the impact of all subsequent events on the Fund’s financial statements was completed through the date the financial statements were issued and the following item was noted:

The Fund paid a net investment income dividend on July 23, 2010 to shareholders of record on July 21, 2010 as follows:

	Dividend Per Share
Institutional		$	0.004431
Investor A		$	0.004404

14 BLACKROCK SMALL CAP INDEX FUND JUNE 30, 2010

Portfolio Information Master Small Cap Index Series

As of June 30, 2010

Ten Largest Holdings	Percent of Long-Term Investments
Salix Pharmaceuticals Ltd.	0.2	%
MFA Financial, Inc.	0.2
Jack Henry & Associates, Inc.	0.2
TIBCO Software, Inc.	0.2
Rock-Tenn Co., Class A	0.2
Nordson Corp.	0.2
ev3, Inc.	0.2
Highwoods Properties, Inc.	0.2
Psychiatric Solutions, Inc.	0.2
Deckers Outdoor Corp.	0.2
Sector Allocation	Percent of Long-Term Investments
Financial Services	22	%
Technology	16
Consumer Discretionary	15
Health Care	14
Producer Durables	14
Materials & Processing	7
Energy	5
Utilities	4
Consumer Staples	3

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

BLACKROCK SMALL CAP INDEX FUND JUNE 30, 2010 15

Schedule of Investments June 30, 2010 (Unaudited)	Master Small Cap Index Series
	(Percentages shown are based on Net Assets)

Common Stocks	Shares	Value
Advertising Agencies — 0.9%
Arbitron, Inc.	8,013	$	205,373
Constant Contact, Inc. (a)(b)	8,610		183,651
DG FastChannel, Inc. (a)	7,510		244,676
Dex One Corp. (a)	15,000		285,000
Harte-Hanks, Inc.	11,633		121,565
InterDigital, Inc. (a)(b)	13,144		324,525
National CineMedia, Inc.	13,123		218,629
QuinStreet, Inc. (a)	3,136		36,095
SuperMedia, Inc. (a)	3,894		71,221
Valassis Communications, Inc. (a)	14,966		474,722
ValueClick, Inc. (a)	24,393		260,761
Viad Corp.	6,376		112,537
			2,538,755
Aerospace — 1.4%
AAR Corp. (a)	11,639		194,837
AeroVironment, Inc. (a)	4,967		107,933
Applied Energetics, Inc. (a)	24,385		25,117
Argon ST, Inc. (a)	4,031		138,223
Astronics Corp. (a)	2,930		47,935
Ceradyne, Inc. (a)	7,587		162,134
Cubic Corp.	4,676		170,113
Curtiss-Wright Corp.	13,509		392,301
Ducommun, Inc.	3,300		56,430
Esterline Technologies Corp. (a)	8,871		420,929
GenCorp, Inc. (a)	17,546		76,851
Heico Corp.	8,748		314,228
Herley Industries, Inc. (a)	4,257		60,705
Kaman Corp., Class A	7,809		172,735
Kratos Defense & Security Solutions, Inc. (a)	4,949		51,965
LMI Aerospace, Inc. (a)	2,724		42,957
Ladish Co., Inc. (a)	4,734		107,556
Moog, Inc., Class A (a)	13,539		436,362
Orbital Sciences Corp. (a)	17,124		270,046
Teledyne Technologies, Inc. (a)	10,752		414,812
Triumph Group, Inc.	4,955		330,152
			3,994,321
Agriculture, Fishing & Ranching — 0.5%
The Andersons, Inc.	5,575		181,689
Cadiz, Inc. (a)	4,204		50,742
Cal-Maine Foods, Inc.	4,243		135,479
Calavo Growers, Inc.	3,536		63,507
Fresh Del Monte Produce, Inc. (a)	11,876		240,370
Limoneira Co.	2,434		52,964
Pilgrims Pride Corp. (a)	15,377		101,027
Sanderson Farms, Inc.	6,786		344,322
Seaboard Corp.	96		144,960
			1,315,060
Air Transport — 1.0%
Air Transport Services Group, Inc. (a)	16,200		77,112
AirTran Holdings, Inc. (a)	40,304		195,475
Alaska Air Group, Inc. (a)	10,698		480,875
Allegiant Travel Co. (b)	4,560		194,666
Atlas Air Worldwide Holdings, Inc. (a)	7,760		368,600
Bristow Group, Inc. (a)	10,773		316,726
Hawaiian Holdings, Inc. (a)	15,735		81,350
JetBlue Airways Corp. (a)	73,190		401,813
PHI, Inc. (a)	4,223		59,502
Pinnacle Airlines Corp. (a)	6,116		33,271

Common Stocks	Shares	Value
Air Transport (concluded)
Republic Airways Holdings, Inc. (a)	10,400	$	63,544
SkyWest, Inc.	16,732		204,465
US Airways Group, Inc. (a)(b)	48,454		417,189
			2,894,588
Alternative Energy — 0.3%
Clean Energy Fuels Corp. (a)(b)	12,215		182,492
Comverge, Inc. (a)	7,823		70,094
EnerNOC, Inc. (a)(b)	5,961		187,414
Green Plains Renewable Energy (a)	4,980		50,896
Rex American Resources Corp. (a)	2,365		37,840
Syntroleum Corp. (a)	22,130		36,293
USEC, Inc. (a)	34,150		162,554
			727,583
Aluminum — 0.1%
Century Aluminum Co. (a)	19,199		169,527
Kaiser Aluminum Corp.	4,605		159,656
			329,183
Asset Management & Custodian — 0.9%
American Capital Ltd. (a)(b)	101,892		491,120
Apollo Investment Corp.	58,849		549,061
Artio Global Investors, Inc.	8,318		130,925
Calamos Asset Management, Inc., Class A	5,840		54,195
Capital Southwest Corp.	869		76,394
Cohen & Steers, Inc. (b)	5,134		106,479
Cowen Group, Inc., Class A (a)	11,221		46,006
Diamond Hill Investments Group	728		41,270
Epoch Holding Corp.	4,127		50,638
Fifth Street Finance Corp.	13,513		149,048
Financial Engines, Inc. (a)	4,059		55,203
GAMCO Investors, Inc., Class A	2,066		76,855
Golub Capital BDC, Inc.	2,265		32,661
Harris & Harris Group, Inc. (a)	9,712		39,722
JMP Group, Inc.	4,706		29,130
MCG Capital Corp.	23,131		111,723
MVC Capital, Inc.	7,347		94,923
NGP Capital Resources Co.	6,861		49,193
National Financial Partners Corp. (a)	12,618		123,278
Oppenheimer Holdings, Inc.	3,009		72,066
Solar Capital Ltd.	1,659		31,952
THL Credit, Inc. (a)	2,766		31,809
TICC Capital Corp.	8,304		69,754
Virtus Investment Partners, Inc. (a)	1,648		30,851
Westwood Holdings Group, Inc.	1,758		61,794
			2,606,050
Auto Parts — 0.7%
ATC Technology Corp. (a)	5,990		96,559
American Axle & Manufacturing Holdings, Inc. (a)	16,952		124,258
Amerigon, Inc. (a)	6,500		47,970
ArvinMeritor, Inc. (a)	28,139		368,621
Dana Holding Corp. (a)	42,025		420,250
Dorman Products, Inc. (a)	3,377		68,654
Exide Technologies (a)	22,951		119,345
Fuel Systems Solutions, Inc. (a)(b)	4,251		110,313
Standard Motor Products, Inc.	5,982		48,275
Stoneridge, Inc. (a)	4,767		36,182
Superior Industries International, Inc.	6,929		93,126
Tenneco, Inc. (a)	17,879		376,532
U.S. Auto Parts Network, Inc. (a)	4,321		25,926
			1,936,011

See Notes to Financial Statements.
16	BLACKROCK SMALL CAP INDEX FUND	JUNE 30, 2010

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

Common Stocks	Shares	Value
Auto Services — 0.1%
Cooper Tire & Rubber Co. (b)	18,228	$	355,446
Back Office Support, HR, & Consulting — 1.4%
APAC Customer Services, Inc. (a)	10,021		57,120
Administaff, Inc.	6,459		156,049
The Advisory Board Co. (a)	4,685		201,268
Barrett Business Services, Inc.	2,631		32,624
CBIZ, Inc. (a)	13,553		86,197
CDI Corp.	4,021		62,446
CRA International, Inc. (a)	3,485		65,623
Compass Diversified Holdings	10,042		134,663
Corporate Executive Board Co.	10,242		269,057
CoStar Group, Inc. (a)	6,194		240,327
Diamond Management & Technology Consultants, Inc.	7,358		75,861
Dice Holdings, Inc. (a)	5,025		34,773
ExlService Holdings, Inc. (a)	4,738		81,351
Forrester Research, Inc. (a)	4,445		134,506
GP Strategies Corp. (a)	4,600		33,396
Heidrick & Struggles International, Inc.	5,334		121,722
Hudson Highland Group, Inc. (a)	10,272		45,197
Huron Consulting Group, Inc. (a)	6,670		129,465
ICF International, Inc. (a)	5,280		126,350
Kelly Services, Inc., Class A (a)	8,245		122,603
Kforce, Inc. (a)	9,379		119,582
Korn/Ferry International (a)	13,821		192,112
LECG Corp. (a)	9,818		25,527
Liquidity Services, Inc. (a)	4,300		55,728
LoopNet, Inc. (a)	6,083		75,003
MAXIMUS, Inc.	5,236		303,007
Manpower, Inc.	—		17
Navigant Consulting, Inc. (a)	15,244		158,233
On Assignment, Inc. (a)	11,551		58,102
Resources Connection, Inc. (a)	13,972		190,019
SFN Group, Inc. (a)	16,030		87,524
SYKES Enterprises, Inc. (a)	12,455		177,235
TeleTech Holdings, Inc. (a)	9,140		117,815
TrueBlue, Inc. (a)	13,277		148,570
Volt Information Sciences, Inc. (a)	4,837		40,631
			3,959,703
Banks: Diversified — 6.2%
1st Source Corp.	4,666		78,949
1st United BanCorp., Inc. (a)	6,966		51,270
Alliance Financial Corp.	1,610		44,758
American National Bankshares, Inc.	2,097		44,855
Ameris Bancorp	7,382		71,310
Ames National Corp.	2,595		50,706
Arrow Financial Corp.	2,945		68,029
Bancfirst Corp.	2,089		76,228
Banco Latinoamericana De Comercio Exterior SA	8,601		107,426
The Bancorp, Inc. (a)	7,101		55,601
Bancorp Rhode Island, Inc.	1,320		34,584
Bank of Marin Bancorp	1,727		55,143
Bank of the Ozarks, Inc.	3,914		138,830
Boston Private Financial Holdings, Inc.	21,013		135,114
Bridge Bancorp, Inc.	2,116		51,376
Bryn Mawr Bank Corp.	2,799		46,967
CNB Financial Corporation	3,069		33,698
CVB Financial Corp. (b)	26,827		254,856
Camden National Corp.	2,404		66,038
Capital City Bank Group, Inc. (b)	3,783		46,834
Cardinal Financial Corp.	8,913		82,356

Common Stocks	Shares	Value
Banks: Diversified (continued)
Cathay General Bancorp	23,631	$	244,108
Center Financial Corp. (a)	11,027		56,789
Centerstate Banks, Inc.	6,845		69,066
Chemical Financial Corp.	7,349		160,061
Citizens & Northern Corp.	3,947		42,233
Citizens Banking Corp. (a)	119,962		101,968
City Holding Co.	4,704		131,148
CoBiz Financial, Inc.	10,294		67,837
Columbia Banking System, Inc.	11,788		215,249
Community Bank System, Inc.	9,923		218,604
Community Trust Bancorp, Inc.	4,181		104,943
Danvers Bancorp, Inc.	5,866		84,764
Eagle Bancorp, Inc. (a)	5,134		60,479
Enterprise Financial Services Corp.	4,884		47,082
F.N.B. Corp.	34,235		274,907
Financial Institutions, Inc.	3,303		58,661
First Bancorp, Inc.	2,937		38,563
First Bancorp, North Carolina	4,594		66,567
First Busey Corp. (b)	16,534		74,899
First Commonwealth Financial Corp.	26,125		137,156
First Community Bancshares, Inc.	4,913		72,172
First Financial Bancorp	17,309		258,770
First Financial Bankshares, Inc.	6,139		295,225
First Financial Corp.	3,422		88,322
First Merchants Corp.	8,112		68,790
First Midwest Bancorp, Inc.	22,176		269,660
The First of Long Island Corp.	1,918		49,312
First South Bancorp, Inc.	2,851		30,249
FirstMerit Corp.	32,081		549,548
German American Bancorp, Inc.	3,588		54,896
Glacier Bancorp, Inc.	21,509		315,537
Greene County Bancshares, Inc. (a)	3,759		48,002
Hancock Holding Co.	8,558		285,495
Heartland Financial USA, Inc. (b)	4,086		70,606
Home Bancshares, Inc.	6,655		151,801
Hudson Valley Holding Corp.	3,608		83,417
IBERIABANK Corp.	7,945		409,009
International Bancshares Corp.	15,758		263,001
Investors Bancorp, Inc. (a)	14,211		186,448
Lakeland Bancorp, Inc.	6,523		55,576
Lakeland Financial Corp.	4,970		99,301
MA Independent Bank Corp.	6,415		158,322
MB Financial, Inc.	15,893		292,272
MT First Interstate Bancsystem, Inc.	3,928		61,787
MainSource Financial Group, Inc.	6,605		47,358
Merchants Bancshares, Inc.	1,733		38,507
Meridian Interstate Bancorp, Inc. (a)	3,105		33,845
Metro Bancorp, Inc. (a)	4,251		52,457
Midsouth Bancorp, Inc.	2,564		32,742
NBT Bancorp, Inc.	10,316		210,653
Nara Bancorp, Inc. (a)	11,626		98,007
National Bankshares, Inc.	2,223		53,863
National Penn Bancshares, Inc.	38,212		229,654
Old National Bancorp	25,936		268,697
Oriental Financial Group	9,855		124,764
Orrstown Financial Service, Inc.	2,100		46,473
Pacific Continental Corp.	5,880		55,684
PacWest Bancorp	9,298		170,246
Park National Corp. (b)	3,678		239,217
Peapack-Gladstone Financial Corp.	2,883		33,731
Penns Woods Bancorp, Inc.	1,395		42,436
Peoples Bancorp, Inc.	3,253		47,169
Pinnacle Financial Partners, Inc. (a)	10,234		131,507

See Notes to Financial Statements.
BLACKROCK SMALL CAP INDEX FUND	JUNE 30, 2010	17

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

Common Stocks	Shares	Value
Banks: Diversified (concluded)
PrivateBancorp, Inc.	15,651	$	173,413
Prosperity Bancshares, Inc.	13,829		480,558
Provident Financial Services, Inc.	17,989		210,291
Renasant Corp.	6,616		94,940
Republic Bancorp, Inc., Class A	2,989		66,954
Rockville Financial, Inc.	2,684		31,966
Roma Financial Corp.	2,733		29,680
S&T Bancorp, Inc. (b)	7,470		147,607
SCBT Financial Corp.	3,877		136,548
SVB Financial Group (a)	12,436		512,736
SY Bancorp, Inc.	3,648		83,831
Sandy Spring Bancorp, Inc.	7,344		102,889
Sierra Bancorp	3,072		35,328
Signature Bank (a)	12,173		462,696
Simmons First National Corp., Class A	5,178		135,974
Southside Bancshares, Inc.	4,953		97,277
Southwest Bancorp, Inc.	5,806		77,162
State Bancorp, Inc.	5,431		51,595
StellarOne Corp.	7,122		90,948
Sterling Bancorp	8,268		74,412
Sterling Bancshares, Inc.	27,802		130,947
Suffolk Bancorp	2,985		92,356
Susquehanna Bancshares, Inc.	38,936		324,337
Taylor Capital Group, Inc. (a)	3,084		39,907
Texas Capital Bancshares, Inc. (a)	10,935		179,334
Tompkins Trustco, Inc.	2,401		90,638
Tower Bancorp, Inc.	1,863		40,781
Towne Bank (b)	7,182		104,283
Trico Bancshares	4,347		73,595
TrustCo Bank Corp. NY	23,237		130,127
Trustmark Corp.	18,948		394,497
UMB Financial Corp.	9,330		331,775
Umpqua Holdings Corp.	34,358		394,430
Union First Market Bankshares Corp.	5,521		67,687
United Bankshares, Inc. (b)	11,591		277,489
United Community Banks, Inc. (a)	28,666		113,231
Univest Corp. of Pennsylvania	5,148		89,163
Virginia Commerce Bancorp (a)	6,485		40,531
Washington Banking Co.	4,760		60,880
Washington Trust Bancorp, Inc.	4,461		76,015
Webster Financial Corp.	19,554		350,799
WesBanco, Inc.	7,031		118,472
West Bancorp., Inc. (a)	5,064		34,486
West Coast Bancorp (a)	28,990		73,924
Westamerica Bancorp. (b)	8,584		450,832
Western Alliance Bancorp (a)	17,825		127,805
Whitney Holding Corp.	28,802		266,418
Wilshire Bancorp, Inc.	6,088		53,270
Wintrust Financial Corp.	9,271		309,095
			17,958,449
Banks: Savings, Thrift & Mortgage Lending — 1.1%
Abington Bancorp, Inc.	6,673		58,189
Astoria Financial Corp.	25,494		350,797
Bank Mutual Corp.	14,337		81,434
BankFinancial Corp.	6,200		51,522
Beneficial Mutual Bancorp, Inc. (a)	10,346		102,219
Berkshire Hills Bancorp, Inc.	4,386		85,439
BofI Holding, Inc. (a)	2,218		31,318
Brookline Bancorp, Inc.	17,740		157,531
Dime Community Bancshares, Inc.	8,192		101,007

Common Stocks	Shares		Value
Banks: Savings, Thrift & Mortgage Lending (concluded)
ESB Financial Corp.		2,997	$	39,111
ESSA Bancorp, Inc.		4,914		60,491
First Financial Holdings, Inc.		5,188		59,403
Flagstar BanCorp., Inc. (a)		14,476		45,455
Flushing Financial Corp.		9,466		115,769
Great Southern Bancorp, Inc.		3,095		62,860
Heritage Financial Corp. (a)		2,942		44,042
Home Bancorp, Inc. (a)		2,774		35,812
Home Federal Bancorp, Inc.		5,300		66,939
Kearny Financial Corp.		4,644		42,539
NewAlliance Bancshares, Inc.		31,305		350,929
Northfield Bancorp, Inc.		5,502		71,416
Northwest Bancshares, Inc.		32,849		376,778
OceanFirst Financial Corp.		4,601		55,534
Ocwen Financial Corp. (a)		22,274		226,972
OmniAmerican Bancorp, Inc. (a)		3,994		45,092
Oritani Financial Corp.		16,846		168,460
Provident New York Bancorp		11,920		105,492
Territorial BanCorp., Inc.		3,793		71,877
United Financial Bancorp, Inc.		5,370		73,301
ViewPoint Financial Group		3,233		44,777
WSFS Financial Corp.		1,549		55,656
Westfield Financial, Inc.		9,012		75,070
				3,313,231
Beverage: Brewers & Distillers — 0.1%
Boston Beer Co., Inc., Class A (a)		2,675		180,429
Beverage: Soft Drinks — 0.1%
Coca-Cola Bottling Co. Consolidated		1,333		63,877
Farmer Bros. Co.		2,387		36,020
Heckmann Corp. (a)(b)		27,229		126,342
National Beverage Corp.		3,470		42,612
Peet’s Coffee & Tea, Inc. (a)		3,552		139,487
				408,338
Biotechnology — 3.1%
AMAG Pharmaceuticals, Inc. (a)		6,316		216,955
AVI BioPharma, Inc. (a)		34,178		55,027
Accelrys, Inc. (a)		8,858		57,134
Acorda Therapeutics, Inc. (a)		11,626		361,685
Affymax, Inc. (a)		6,383		38,170
Albany Molecular Research, Inc. (a)		7,440		38,465
Allos Therapeutics, Inc. (a)		23,763		145,667
Alnylam Pharmaceuticals, Inc. (a)		10,998		165,190
Arena Pharmaceuticals, Inc. (a)(b)		30,910		94,894
Ariad Pharmaceuticals, Inc. (a)		33,664		94,932
Arqule, Inc. (a)		12,752		54,834
Array Biopharma, Inc. (a)		16,502		50,331
BioMimetic Therapeutics, Inc. (a)		4,824		53,643
Biosante Pharmaceuticals, Inc. (a)		20,480		36,045
Biotime, Inc. (a)		6,680		41,149
Celera Corp. (a)		24,703		161,805
Celldex Therapeutics, Inc. (a)		9,844		44,889
Cepheid, Inc. (a)		17,847		285,909
Chelsea Therapeutics International, Inc. (a)		10,081		29,537
Clinical Data, Inc. (a)		3,345		41,612
Combinatorx, Inc. (a)		21,729		31,507
Cubist Pharmaceuticals, Inc. (a)		17,260		355,556
Curis, Inc. (a)		23,604		32,810
Cypress Bioscience, Inc. (a)		12,166		27,982
Cytokinetics, Inc. (a)		14,961		35,458
Cytori Therapeutics, Inc. (a)		12,791		44,513

See Notes to Financial Statements.
18	BLACKROCK SMALL CAP INDEX FUND	JUNE 30, 2010

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

Common Stocks	Shares	Value
Biotechnology (concluded)
CytRx Corp. (a)	37,640	$	28,983
Dyax Corp. (a)	30,092		68,309
Dynavax Technologies Corp. (a)	22,519		41,885
Emergent Biosolutions, Inc. (a)	5,657		92,435
Enzo Biochem, Inc. (a)	10,424		42,426
Enzon Pharmaceuticals, Inc. (a)(b)	14,968		159,409
Exact Sciences Corp. (a)	11,168		49,139
Exelixis, Inc. (a)	32,821		113,889
Furiex Pharmaceuticals, Inc. (a)	2,637		26,792
Genomic Health, Inc. (a)(b)	4,272		55,237
Geron Corp. (a)(b)	29,274		146,955
Halozyme Therapeutics, Inc. (a)	21,725		152,944
Idenix Pharmaceuticals, Inc. (a)	11,092		55,460
ImmunoGen, Inc. (a)	20,445		189,525
Immunomedics, Inc. (a)(b)	19,500		60,255
Incyte Corp. (a)	26,476		293,089
Inhibitex, Inc. (a)	15,621		39,833
Inovio Pharmaceuticals, Inc. (a)	26,434		26,963
InterMune, Inc. (a)	13,725		128,329
Kensey Nash Corp. (a)	2,432		57,663
Keryx Biopharmaceuticals, Inc. (a)	15,456		56,569
Lexicon Genetics, Inc. (a)	60,374		77,279
Ligand Pharmaceuticals, Inc., Class B (a)	37,409		54,617
MannKind Corp. (a)(b)	18,741		119,755
Martek Biosciences Corp. (a)	9,923		235,274
Maxygen, Inc. (a)	9,719		53,746
Medivation, Inc. (a)(b)	10,272		90,804
Metabolix, Inc. (a)	8,165		116,841
Micromet, Inc. (a)	24,448		152,555
Momenta Pharmaceuticals, Inc. (a)	12,111		148,481
NPS Pharmaceuticals, Inc. (a)	17,999		115,914
Nabi Biopharmaceuticals (a)	13,970		75,997
Nektar Therapeutics (a)	28,384		343,446
Neuralstem, Inc. (a)	13,499		33,747
Neurocrine Biosciences, Inc. (a)	14,916		83,530
Neurogesx, Inc. (a)	3,644		24,160
Novavax, Inc. (a)(b)	25,850		56,094
Omeros Corp. (a)	6,077		45,091
Onyx Pharmaceuticals, Inc. (a)	18,755		404,920
Opko Health, Inc. (a)	27,628		62,439
Orexigen Therapeutics, Inc. (a)	10,000		42,000
Osiris Therapeutics, Inc. (a)	5,369		31,194
PDL BioPharma, Inc.	35,489		199,448
Peregrine Pharmaceuticals, Inc. (a)	16,080		34,572
Pharmasset, Inc. (a)	8,933		244,228
Progenics Pharmaceuticals, Inc. (a)	8,908		48,816
Pure Bioscience (a)	11,689		27,937
RTI Biologics, Inc. (a)	17,025		49,883
Rigel Pharmaceuticals, Inc. (a)	16,005		115,236
Sangamo Biosciences, Inc. (a)	14,038		52,081
Savient Pharmaceuticals, Inc. (a)	20,161		254,029
Seattle Genetics, Inc. (a)	25,137		301,393
Sequenom, Inc. (a)	18,740		110,753
StemCells, Inc. (a)(b)	39,100		36,754
Targacept, Inc. (a)	7,207		139,311
Theravance, Inc. (a)	18,828		236,668
Vanda Pharmaceuticals, Inc. (a)	8,575		56,681
ViroPharma, Inc. (a)	23,299		261,182
ZIOPHARM Oncology, Inc. (a)	15,216		48,387
ZymoGenetics, Inc. (a)	16,266		68,642
			9,135,673

Common Stocks	Shares	Value
Building Materials — 0.9%
Acuity Brands, Inc.	12,990	$	472,576
Ameron International Corp.	2,766		166,873
Builders FirstSource, Inc. (a)	14,690		35,256
Gibraltar Industries, Inc. (a)	9,304		93,970
Griffon Corp. (a)	13,307		147,175
Headwaters, Inc. (a)	18,810		53,420
LSI Industries, Inc.	6,524		31,837
Louisiana-Pacific Corp. (a)	37,659		251,939
NCI Building Systems, Inc. (a)	5,660		47,374
Quanex Building Products Corp.	11,482		198,524
Simpson Manufacturing Co., Inc.	11,690		286,990
Texas Industries, Inc.	6,233		184,123
Trex Co., Inc. (a)	4,741		95,247
Watsco, Inc.	8,294		480,388
			2,545,692
Building: Climate Control — 0.1%
Aaon, Inc.	3,785		88,228
Comfort Systems USA, Inc.	11,590		111,960
Interline Brands, Inc. (a)	9,882		170,860
			371,048
Building: Roofing, Wallboard & Plumbing — 0.1%
Beacon Roofing Supply, Inc. (a)	13,733		247,469
Cable Television Services — 0.1%
Knology, Inc. (a)	9,458		103,376
Mediacom Communications Corp., Class A (a)	12,803		86,036
			189,412
Casinos & Gambling — 0.3%
Ameristar Casinos, Inc.	8,272		124,576
Boyd Gaming Corp. (a)	16,324		138,591
Isle of Capri Casinos, Inc. (a)	5,003		46,328
Monarch Casino & Resort, Inc. (a)	3,071		31,109
Multimedia Games, Inc. (a)	8,949		40,271
Pinnacle Entertainment, Inc. (a)	18,409		174,149
Scientific Games Corp., Class A (a)	19,554		179,897
Shuffle Master, Inc. (a)	16,308		130,627
			865,548
Chemicals: Diversified — 1.3%
A Schulman, Inc.	9,477		179,684
Aceto Corp.	8,177		46,854
American Vanguard Corp.	6,310		50,038
Arch Chemicals, Inc.	6,774		208,233
Georgia Gulf Corp. (a)	10,107		134,827
Hawkins, Inc. (b)	2,718		65,449
Innophos Holdings, Inc.	6,469		168,712
KMG Chemicals, Inc.	1,950		28,002
LSB Industries, Inc. (a)	5,200		69,212
Landec Corp. (a)	8,333		49,081
OM Group, Inc. (a)	9,242		220,514
Olin Corp.	23,480		424,753
Omnova Solutions, Inc. (a)	13,628		106,435
PolyOne Corp. (a)	27,896		234,884
Rockwood Holdings, Inc. (a)	15,642		354,917
Sensient Technologies Corp.	14,793		383,583
Solutia, Inc. (a)	36,205		474,286
TPC Group, Inc. (a)	2,517		41,782
W.R. Grace & Co. (a)	21,780		458,251
Westlake Chemical Corp.	5,884		109,266
			3,808,763

See Notes to Financial Statements.
BLACKROCK SMALL CAP INDEX FUND	JUNE 30, 2010	19

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

Common Stocks	Shares	Value
Chemicals: Specialty — 0.5%
Balchem Corp.	8,523	$	213,075
Calgon Carbon Corp. (a)	16,780		222,167
Kraton Performance Polymers, Inc. (a)	3,420		64,262
NewMarket Corp.	3,072		268,247
Polypore International, Inc. (a)	6,608		150,266
Quaker Chemical Corp.	3,395		91,970
Senomyx, Inc. (a)	12,066		45,730
Stepan Co.	2,341		160,195
Zep, Inc.	6,589		114,912
			1,330,824
Coal — 0.3%
Cloud Peak Energy, Inc. (a)	9,460		125,439
International Coal Group, Inc. (a)	39,462		151,929
James River Coal Co. (a)	8,287		131,929
L&L Energy, Inc. (a)	5,132		44,135
Patriot Coal Corp. (a)	23,433		275,338
			728,770
Commercial Finance & Mortgage Companies — 0.1%
Asta Funding, Inc.	3,837		37,871
Federal Agricultural Mortgage Corp., Class B	3,005		42,160
Medallion Financial Corp.	5,845		38,577
NewStar Financial, Inc. (a)	8,659		55,072
			173,680
Commercial Services: Rental & Leasing — 0.5%
Aircastle Ltd.	15,396		120,859
CAI International, Inc. (a)	3,206		38,151
Electro Rent Corp.	5,153		65,907
H&E Equipment Services, Inc. (a)	8,621		64,571
Marlin Business Services, Inc. (a)	2,802		33,876
McGrath RentCorp	7,260		165,383
Mobile Mini, Inc. (a)	10,970		178,592
PHH Corp. (a)(b)	16,627		316,578
RSC Holdings, Inc. (a)	14,971		92,371
TAL International Group, Inc.	5,066		113,833
United Rentals, Inc. (a)	18,078		168,487
			1,358,608
Commercial Vehicles & Parts — 0.2%
Commercial Vehicle Group, Inc. (a)	7,476		76,330
Force Protection, Inc. (a)	21,241		87,088
Miller Industries, Inc.	3,090		41,622
Modine Manufacturing Co. (a)	13,946		107,105
Rush Enterprises, Inc., Class A (a)	9,793		130,835
Spartan Motors, Inc.	10,027		42,113
Wabash National Corp. (a)	17,718		125,975
			611,068
Communications Technology — 2.6%
AboveNet, Inc. (a)	6,735		317,757
Acme Packet, Inc. (a)	13,167		353,929
Adtran, Inc.	18,543		505,668
Anaren, Inc. (a)	4,568		68,246
Anixter International, Inc. (a)	8,399		357,797
Aruba Networks, Inc. (a)(b)	22,033		313,750
Aviat Networks, Inc. (a)	18,591		67,485
Bel Fuse, Inc.	3,259		53,806
BigBand Networks, Inc. (a)	15,609		47,139
Black Box Corp.	5,322		148,431

Common Stocks	Shares	Value
Communications Technology (concluded)
Comtech Telecommunications Corp. (a)	8,487	$	254,016
Digi International, Inc. (a)	7,738		63,993
DigitalGlobe, Inc. (a)	8,155		214,477
EMS Technologies, Inc. (a)	4,700		70,594
Echelon Corp. (a)(b)	10,208		74,825
Emulex Corp. (a)	24,180		221,972
Extreme Networks, Inc. (a)	27,499		74,247
Finisar Corp. (a)	22,658		337,604
GSI Technology, Inc. (a)	6,262		35,819
GeoEye, Inc. (a)	6,798		211,690
Globecomm Systems, Inc. (a)	6,819		56,257
Harmonic, Inc. (a)	29,307		159,430
Hughes Communications, Inc. (a)	3,025		73,598
Infinera Corp. (a)	26,645		171,327
Ixia (a)	9,981		85,737
KVH Industries, Inc. (a)	4,559		56,623
Loral Space & Communications Ltd. (a)	3,371		144,009
NETGEAR, Inc. (a)	10,573		188,622
Network Equipment Technologies, Inc. (a)	9,849		34,373
Novatel Wireless, Inc. (a)	9,400		53,956
Oclaro, Inc. (a)	14,947		165,762
Oplink Communications, Inc. (a)	6,474		92,773
PC-Tel, Inc. (a)	6,452		32,518
Plantronics, Inc.	14,449		413,241
Riverbed Technology, Inc. (a)	18,918		522,515
SeaChange International, Inc. (a)	8,651		71,198
Shoretel, Inc. (a)	13,690		63,522
Sonus Networks, Inc. (a)	62,969		170,646
Sycamore Networks, Inc.	6,039		100,368
Syniverse Holdings, Inc. (a)	20,692		423,152
Tekelec (a)	20,484		271,208
Viasat, Inc. (a)	9,945		323,809
			7,467,889
Computer Services Software & Systems — 6.2%
3PAR, Inc. (a)	11,779		109,662
ACI Worldwide, Inc. (a)(c)	10,249		199,548
Actuate Corp. (a)	13,953		62,091
Acxiom Corp. (a)	20,521		301,453
American Reprographics Co. (a)	11,289		98,553
American Software, Class A	7,446		34,401
ArcSight, Inc. (a)	7,433		166,425
Ariba, Inc. (a)	27,012		430,301
Art Technology Group, Inc. (a)	47,601		162,795
Aspen Technology, Inc. (a)	18,777		204,482
Avid Technology, Inc. (a)	8,943		113,844
Bell Microproducts, Inc. (a)	10,049		70,142
Blackbaud, Inc.	13,479		293,438
Blackboard, Inc. (a)	10,236		382,110
Blue Coat Systems, Inc. (a)	12,500		255,375
Bottomline Technologies, Inc. (a)	8,343		108,709
CACI International, Inc., Class A (a)	9,034		383,764
CDC Corp., Class A (a)	30,340		63,107
CSG Systems International, Inc. (a)	10,267		188,194
Ciber, Inc. (a)	19,702		54,575
CommVault Systems, Inc. (a)	13,005		292,612
Compellent Technologies, Inc. (a)	7,042		85,349
Computer Task Group, Inc. (a)	4,822		31,150
ComScore, Inc. (a)	6,814		112,227
Concur Technologies, Inc. (a)	12,059		514,678
DealerTrack Holdings, Inc. (a)	12,132		199,571
Delrek, Inc. (a)	6,015		50,165
DemandTec, Inc. (a)	5,800		39,150

See Notes to Financial Statements.
20	BLACKROCK SMALL CAP INDEX FUND	JUNE 30, 2010

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

Common Stocks	Shares		Value
Computer Services Software & Systems (continued)
Digimarc Corp. (a)		2,239	$	41,981
Digital River, Inc. (a)		11,836		282,999
DivX, Inc. (a)		10,141		77,680
Double-Take Software, Inc. (a)		6,507		68,258
DynaVox, Inc., Class A (a)		2,910		46,589
EPIQ Systems, Inc. (a)		9,930		128,395
EarthLink, Inc.		32,160		255,994
Ebix, Inc. (a)(b)		8,146		127,729
Epicor Software Corp. (a)		14,572		116,430
Fortinet, Inc. (a)		11,935		196,211
Hypercom Corp. (a)		14,288		66,296
iGate Corp.		7,274		93,253
infoGROUP, Inc. (a)		11,948		95,345
Infospace, Inc. (a)		11,014		82,825
Integral Systems, Inc. (a)		5,614		35,649
Interactive Intelligence, Inc. (a)		4,034		66,279
Internap Network Services Corp. (a)		16,205		67,575
Internet Brands, Inc., Class A (a)		8,900		91,937
Internet Capital Group, Inc. (a)		11,289		85,796
JDA Software Group, Inc. (a)		12,520		275,190
KIT Digital, Inc. (a)		6,183		54,534
Kenexa Corp. (a)		7,014		84,168
Keynote Systems, Inc.		4,271		38,524
Lawson Software, Inc. (a)		41,384		302,103
Limelight Networks, Inc. (a)		12,872		56,508
Lionbridge Technologies, Inc. (a)		18,434		84,243
LivePerson, Inc. (a)		13,488		92,528
Local.com Corp. (a)		5,102		34,898
LogMeIn, Inc. (a)		4,574		119,976
Magma Design Automation, Inc. (a)		16,266		46,195
Manhattan Associates, Inc. (a)		6,837		188,359
Mantech International Corp., Class A (a)		6,640		282,665
Mentor Graphics Corp. (a)		32,123		284,289
Mercury Computer Systems, Inc. (a)		7,342		86,122
MicroStrategy, Inc., Class A (a)		2,698		202,593
Moduslink Global Solutions, Inc. (a)		13,831		83,401
Monotype Imaging Holdings, Inc. (a)		6,966		62,764
NCI, Inc., Class A (a)		2,092		47,237
NIC, Inc.		16,995		108,938
NetScout Systems, Inc. (a)		9,278		131,933
NetSuite, Inc. (a)		5,486		69,343
OpenTable, Inc. (a)		4,796		198,890
Openwave Systems, Inc. (a)		26,129		53,042
Opnet Technologies, Inc.		4,149		60,949
PDF Solutions, Inc. (a)		7,469		35,851
PROS Holdings, Inc. (a)		6,019		39,124
Parametric Technology Corp. (a)		34,742		544,407
Pegasystems, Inc.		4,869		156,344
Perficient, Inc. (a)		7,167		63,858
Progress Software Corp. (a)		12,626		379,159
Quest Software, Inc. (a)		17,902		322,952
Rackspace Hosting, Inc. (a)(b)		29,055		532,869
Radiant Systems, Inc. (a)		8,787		127,060
RealNetworks, Inc. (a)		25,832		85,246
RightNow Technologies, Inc. (a)		6,671		104,668
SAVVIS, Inc. (a)		11,422		168,475
SRA International, Inc., Class A (a)		12,853		252,819
SS&C Technologies Holdings, Inc. (a)		3,743		60,000
SYNNEX Corp. (a)		6,747		172,858
Saba Software, Inc. (a)		9,072		46,721

Common Stocks	Shares	Value
Computer Services Software & Systems (concluded)
Sapient Corp.	30,916	$	313,488
Smith Micro Software, Inc. (a)	9,251		87,977
SolarWinds, Inc. (a)	10,495		168,340
Sonic Solutions, Inc. (a)	7,856		65,598
SonicWALL, Inc. (a)	16,684		196,037
Sourcefire, Inc. (a)	8,313		157,947
Stanley, Inc. (a)	4,219		157,706
SuccessFactors, Inc. (a)	18,971		394,407
Support.com, Inc. (a)	14,780		61,485
Synchronoss Technologies, Inc. (a)	6,195		117,519
Syntel, Inc.	3,960		134,442
TIBCO Software, Inc. (a)	49,698		599,358
TNS, Inc. (a)	7,901		137,793
Taleo Corp., Class A (a)	11,992		291,286
TeleCommunication Systems, Inc., Class A (a)	13,870		57,422
Terremark Worldwide, Inc. (a)	17,798		139,002
Tier Technologies, Inc., Class B (a)	4,796		29,160
Tyler Technologies, Inc. (a)	9,295		144,258
Ultimate Software Group, Inc. (a)	7,524		247,239
Unica Corp. (a)	5,343		51,186
Unisys Corp. (a)	12,776		236,228
United Online, Inc.	25,946		149,449
VASCO Data Security International, Inc. (a)	8,346		51,495
VeriFone Systems, Inc. (a)	25,654		485,630
VirnetX Holding Corp.	10,104		59,816
Virtusa Corp. (a)	4,485		41,845
Wave Systems Corp., Class A (a)	24,643		79,843
Websense, Inc. (a)	12,973		245,190
Zix Corp. (a)	18,399		41,582
			18,119,623
Computer Technology — 0.9%
ADPT Corp. (a)	35,000		101,150
Cray, Inc. (a)	11,034		61,570
Hutchinson Technology, Inc. (a)	7,643		33,094
Imation Corp. (a)	9,203		84,576
Immersion Corp. (a)	9,000		45,540
Insight Enterprises, Inc. (a)	14,106		185,635
Intermec, Inc. (a)	14,702		150,695
Isilon Systems, Inc. (a)	8,122		104,286
Netezza Corp. (a)	15,362		210,152
Network Engines, Inc. (a)	11,600		31,436
Palm, Inc. (a)	49,394		281,052
Quantum Corp. (a)	63,826		119,993
Radisys Corp. (a)	7,569		72,057
Rimage Corp. (a)	3,020		47,807
STEC, Inc. (a)(b)	12,189		153,094
Safeguard Scientifics, Inc. (a)	6,233		65,820
Silicon Graphics International Corp. (a)	9,459		66,970
Stratasys, Inc. (a)	6,210		152,518
Super Micro Computer, Inc. (a)	7,404		99,954
Synaptics, Inc. (a)(b)	10,123		278,382
Xyratex Ltd. (a)	9,124		129,105
			2,474,886
Construction — 0.5%
EMCOR Group, Inc. (a)	19,827		459,392
Granite Construction, Inc.	10,376		244,666
Great Lakes Dredge & Dock Corp.	18,018		108,108
Insituform Technologies, Inc., Class A (a)	11,784		241,336
Orion Marine Group, Inc. (a)	8,146		115,673
Primoris Services Corp.	6,696		42,185

See Notes to Financial Statements.
BLACKROCK SMALL CAP INDEX FUND	JUNE 30, 2010	21

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

Common Stocks	Shares		Value
Construction (concluded)
Sterling Construction Co., Inc. (a)		4,995	$	64,635
Tutor Perini Corp. (a)		8,000		131,840
				1,407,835
Consumer Electronics — 0.1%
Audiovox Corp., Class A (a)		5,923		43,534
TiVo, Inc. (a)		34,999		258,293
Universal Electronics, Inc. (a)		4,299		71,492
				373,319
Consumer Lending — 0.8%
Advance America, Cash Advance Centers, Inc.		16,921		69,884
Cash America International, Inc.		8,877		304,215
Credit Acceptance Corp. (a)		1,932		94,224
Dollar Financial Corp. (a)		7,443		147,297
Encore Capital Group, Inc. (a)		4,290		88,417
Ezcorp, Inc. (a)		13,929		258,383
First Cash Financial Services, Inc. (a)		9,146		199,383
The First Marblehead Corp. (a)		17,700		41,595
MGIC Investment Corp. (a)		60,244		415,081
MoneyGram International, Inc. (a)		25,981		63,653
Nelnet, Inc., Class A		8,025		154,722
Portfolio Recovery Associates, Inc. (a)		5,109		341,179
Student Loan Corp.		1,317		31,713
World Acceptance Corp. (a)		4,939		189,213
				2,398,959
Consumer Services: Miscellaneous — 0.6%
Ancestry.com, Inc. (a)		5,738		101,104
Coinstar, Inc. (a)		9,487		407,656
Core-Mark Holdings Co., Inc. (a)		3,341		91,543
The Knot, Inc. (a)		9,100		70,798
Move, Inc. (a)		47,666		97,715
Nutrisystem, Inc. (b)		9,439		216,531
Pre-Paid Legal Services, Inc. (a)		2,270		103,262
Sotheby’s Holdings, Inc., Class A		20,069		458,978
Steiner Leisure Ltd. (a)		4,470		171,827
				1,719,414
Containers & Packaging — 0.5%
AEP Industries, Inc. (a)		1,480		35,342
Graham Packaging Co., Inc. (a)		5,205		62,304
Graphic Packaging Holding Co. (a)		33,561		105,717
Myers Industries, Inc.		10,815		87,493
Rock-Tenn Co., Class A		11,573		574,831
Silgan Holdings, Inc.		16,046		455,386
				1,321,073
Cosmetics — 0.1%
Elizabeth Arden, Inc. (a)		7,466		108,406
Inter Parfums, Inc.		4,595		65,387
Revlon, Inc., Class A (a)		3,396		37,900
				211,693
Diversified Financial Services — 0.4%
American Physicians Service Group, Inc.		2,250		55,013
Duff & Phelps Corp.		8,332		105,233
Evercore Partners, Inc., Class A		4,668		108,998
FBR Capital Markets Corp. (a)		16,015		53,330
Gleacher & Co, Inc. (a)		23,338		59,512
Main Street Capital Corp.		3,852		57,510
MidwestOne Financial Group, Inc.		2,364		36,595
Piper Jaffray Cos. (a)		5,140		165,611

Common Stocks	Shares		Value
Diversified Financial Services (concluded)
Sanders Morris Harris Group, Inc.		6,664	$	36,985
Stifel Financial Corp. (a)		9,178		398,233
Thomas Weisel Partners Group, Inc. (a)		6,946		40,912
Triangle Capital Corp.		3,700		52,614
				1,170,546
Diversified Manufacturing Operations — 0.3%
A.M. Castle & Co. (a)		5,157		71,631
Barnes Group, Inc.		14,488		237,458
Federal Signal Corp.		18,741		113,195
Lydall, Inc. (a)		5,349		40,866
OSI Systems, Inc. (a)		4,879		135,490
Raven Industries, Inc.		4,907		165,415
Standex International Corp.		3,822		96,888
Trimas Corp. (a)		4,741		53,621
				914,564
Diversified Materials & Processing — 0.8%
Belden, Inc.		14,079		309,738
Cabot Microelectronics Corp. (a)		7,105		245,762
Clarcor, Inc.		15,016		533,368
Encore Wire Corp.		5,683		103,374
Hexcel Corp. (a)		28,858		447,588
Insteel Industries, Inc.		5,495		63,852
Koppers Holdings, Inc.		6,232		140,095
Rogers Corp. (a)		4,777		132,657
Symyx Technologies, Inc. (a)		10,942		54,820
Tredegar Corp.		7,422		121,127
Uranium Energy Corp. (a)(b)		18,951		44,724
				2,197,105
Diversified Media — 0.1%
Belo Corp., Class A (a)		27,870		158,580
EW Scripps Co. (a)		10,108		75,103
Playboy Enterprises, Inc., Class B (a)		7,607		31,949
				265,632
Diversified Retail — 0.7%
99 Cents Only Stores (a)		13,806		204,329
The Bon-Ton Stores, Inc. (a)		3,747		36,533
Dillard’s, Inc., Class A		13,767		295,991
Fred’s, Inc.		12,008		132,809
GSI Commerce, Inc. (a)		18,639		536,803
Gaiam, Inc.		5,289		32,104
HSN, Inc. (a)		11,723		281,352
Overstock.com, Inc. (a)(b)		4,521		81,694
PriceSmart, Inc.		4,889		113,572
Saks, Inc. (a)(b)		40,531		307,630
Tuesday Morning Corp. (a)		9,188		36,660
				2,059,477
Drug & Grocery Store Chains — 0.7%
Arden Group, Inc., Class A		421		36,993
Casey’s General Stores, Inc.		15,298		533,900
drugstore.com, Inc. (a)		28,687		88,356
The Great Atlantic & Pacific Tea Co., Inc. (a)(b)		9,827		38,325
Ingles Markets, Inc., Class A		4,469		67,259
Nash Finch Co.		3,900		133,224
The Pantry, Inc. (a)		7,116		100,407
PetMed Express, Inc. (b)		6,993		124,475
Rite Aid Corp. (a)		168,748		165,373
Ruddick Corp.		13,161		407,859
Spartan Stores, Inc.		7,079		97,124
Village Super Market, Inc., Class A		2,149		56,411

See Notes to Financial Statements.
22	BLACKROCK SMALL CAP INDEX FUND	JUNE 30, 2010

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

Common Stocks	Shares		Value
Drug & Grocery Store Chains (concluded)
Weis Markets, Inc.		3,461	$	113,902
Winn-Dixie Stores, Inc. (a)		16,954		163,437
				2,127,045
Education Services — 0.7%
Ambassadors Group, Inc.		5,800		65,482
American Public Education, Inc. (a)		5,551		242,579
Archipelago Learning, Inc. (a)		3,702		42,314
Bridgepoint Education, Inc. (a)		5,887		93,073
Capella Education Co. (a)		5,034		409,516
Corinthian Colleges, Inc. (a)(b)		26,265		258,710
Franklin Covey Co. (a)		4,416		28,704
Grand Canyon Education, Inc. (a)		9,362		219,352
K12, Inc. (a)		7,606		168,701
Lincoln Educational Services Corp. (a)		4,957		102,064
Renaissance Learning, Inc.		4,064		59,700
Rosetta Stone, Inc. (a)		3,179		72,990
School Specialty, Inc. (a)		5,795		104,716
Universal Technical Institute, Inc. (a)		6,341		149,901
				2,017,802
Electronic Components — 0.6%
3D Systems Corp. (a)		5,663		71,071
Acacia Research — Acacia Technologies (a)		10,280		146,284
Checkpoint Systems, Inc. (a)		11,829		205,351
Cogent, Inc. (a)		15,757		141,970
DDi Corp.		4,341		32,688
Methode Electronics, Inc.		11,486		111,874
Microvision, Inc. (a)(b)		27,143		80,343
Multi-Fineline Electronix, Inc. (a)		3,172		79,173
NVE Corp. (a)		1,453		63,249
Park Electrochemical Corp.		6,214		151,684
ScanSource, Inc. (a)		8,100		201,933
Smart Modular Technologies WWH, Inc. (a)		16,041		93,840
TTM Technologies, Inc. (a)		24,204		229,938
Technitrol, Inc.		12,261		38,745
Universal Display Corp. (a)(b)		9,161		164,715
				1,812,858
Electronic Entertainment — 0.2%
DTS, Inc. (a)		5,248		172,502
THQ, Inc. (a)		20,568		88,854
Take-Two Interactive Software, Inc. (a)		21,193		190,737
				452,093
Electronics — 0.5%
Agilysys, Inc.		5,739		38,394
American Science & Engineering, Inc.		2,708		206,377
CPI International, Inc. (a)		2,382		37,135
Coherent, Inc. (a)		7,599		260,646
Daktronics, Inc. (b)		10,489		78,667
II-VI, Inc. (a)		7,540		223,410
IPG Photonics Corp. (a)		7,892		120,195
iRobot Corp. (a)(b)		6,403		120,312
Newport Corp. (a)		11,302		102,396
Richardson Electronics Ltd.		4,678		42,102
Rofin-Sinar Technologies, Inc. (a)		9,613		200,143
SRS Labs Inc. (a)		3,970		36,326
Spectrum Control, Inc. (a)		4,019		56,186
				1,522,289
Energy Equipment — 0.2%
Capstone Turbine Corp. (a)		74,225		72,740

Common Stocks	Shares		Value
Energy Equipment (concluded)
Energy Conversion Devices, Inc. (a)(b)		14,124	$	57,908
Evergreen Solar, Inc. (a)(b)		60,516		41,272
FuelCell Energy, Inc. (a)(b)		22,326		26,345
GT Solar International, Inc. (a)(b)		18,825		105,420
PowerSecure International, Inc. (a)		5,733		52,113
STR Holdings, Inc. (a)		8,537		160,496
				516,294
Engineering & Contracting Services — 0.4%
Dycom Industries, Inc. (a)		11,783		100,745
Exponent, Inc. (a)		4,270		139,714
Furmamite Corp. (a)		11,632		46,179
Hill International, Inc. (a)		8,249		33,491
Layne Christensen Co. (a)		5,980		145,135
MYR Group, Inc. (a)		6,129		102,293
Michael Baker Corp. (a)		2,424		84,598
Mistras Group, Inc. (a)		4,545		48,722
Tetra Tech, Inc. (a)		18,448		361,765
VSE Corp.		1,300		41,366
				1,104,008
Entertainment — 0.5%
Ascent Media Corp., Class A (a)		4,785		120,869
CKx, Inc. (a)		16,600		82,834
Cinemark Holdings, Inc.		17,250		226,838
Lions Gate Entertainment Corp. (a)		20,771		144,982
Live Nation, Inc. (a)		42,373		442,798
LodgeNet Interactive Corp. (a)		8,242		30,578
Rentrak Corp. (a)		3,003		73,063
Warner Music Group Corp. (a)		13,884		67,476
World Wrestling Entertainment, Inc.		7,483		116,435
				1,305,873
Environmental, Maintenance & Security Service — 0.7%
ABM Industries, Inc.		15,588		326,569
The Brink’s Co.		14,185		269,940
Cornell Cos., Inc. (a)		3,463		93,051
DynCorp. International, Inc. (a)		4,664		81,713
G&K Services, Inc., Class A		5,760		118,944
The Geo Group, Inc. (a)		14,737		305,793
Healthcare Services Group, Inc.		13,283		251,713
Mac-Gray Corp.		3,825		42,610
Rollins, Inc.		12,756		263,922
Standard Parking Corp. (a)		4,894		77,472
Unifirst Corp.		4,225		185,984
				2,017,711
Fertilizers — 0.0%
Rentech, Inc. (a)		67,534		66,859
Financial Data & Systems — 1.0%
Advent Software, Inc. (a)		4,735		222,356
Cardtronics, Inc. (a)		8,306		107,646
Cass Information Systems, Inc.		2,650		90,762
CyberSource Corp. (a)		21,275		543,151
Euronet Worldwide, Inc. (a)		14,840		189,804
Fair Isaac Corp.		13,693		298,370
Global Cash Access, Inc. (a)		15,346		110,645
Heartland Payment Systems, Inc.		11,416		169,413
Jack Henry & Associates, Inc.		25,493		608,773
Online Resources Corp. (a)		8,641		35,860
S1 Corp. (a)		15,922		95,691
Wright Express Corp. (a)		11,591		344,253
				2,816,724

See Notes to Financial Statements.
BLACKROCK SMALL CAP INDEX FUND	JUNE 30, 2010	23

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

Common Stocks	Shares		Value
Foods — 1.2%
American Italian Pasta Co., Class A (a)		6,546	$	346,087
B&G Foods, Inc., Class A		14,604		157,431
Chiquita Brands International, Inc. (a)		13,431		163,187
Diamond Foods, Inc.		6,537		268,671
Dole Food Co., Inc. (a)		10,938		114,083
Hain Celestial Group, Inc. (a)		12,323		248,555
J&J Snack Foods Corp.		4,273		179,893
John B. Sanfilippo & Son, Inc. (a)		2,787		40,328
Lancaster Colony Corp.		5,760		307,354
Lance, Inc.		7,862		129,644
Medifast, Inc. (a)(b)		4,013		103,977
Natures Sunshine Prods, Inc. (a)		2,607		21,821
Nutraceutical International Corp. (a)		3,224		49,198
Seneca Foods Corp. (a)		2,425		78,231
Smart Balance, Inc. (a)		19,404		79,362
Synutra International, Inc. (a)(b)		5,506		89,032
Tootsie Roll Industries, Inc. (b)		7,110		168,151
TreeHouse Foods, Inc. (a)		10,391		474,453
United Natural Foods, Inc. (a)		12,933		386,438
				3,405,896
Forest Products — 0.1%
Deltic Timber Corp.		3,216		134,429
Universal Forest Products, Inc.		5,783		175,283
				309,712
Forms & Bulk Printing Services — 0.3%
Bowne & Co., Inc.		12,199		136,873
Consolidated Graphics, Inc. (a)		2,846		123,061
Deluxe Corp.		15,460		289,875
Ennis, Inc.		7,966		119,570
Innerworkings, Inc. (a)		7,589		51,833
M&F Worldwide Corp. (a)		3,238		87,750
Multi-Color Corp.		3,634		37,212
Schawk, Inc.		3,513		52,519
				898,693
Fruit & Grain Processing — 0.0%
MGP Ingredients, Inc. (a)		4,055		26,885
Funeral Parlors & Cemeteries — 0.1%
Matthews International Corp., Class A		8,962		262,407
Stewart Enterprises, Inc., Class A (b)		24,407		132,042
				394,449
Gas Pipeline — 0.0%
Crosstex Energy, Inc. (a)		12,816		82,151
Glass — 0.0%
Apogee Enterprises, Inc.		8,400		90,972
Gold — 0.5%
Allied Nevada Gold Corp. (a)		19,087		375,632
Capital Gold Corp. (a)		15,345		61,380
Coeur d’Alene Mines Corp. (a)(b)		26,326		415,424
Golden Star Resources Ltd. (a)		77,301		338,579
Jaguar Mining, Inc. (a)		25,288		223,293
US Gold Corp. (a)		27,610		138,326
				1,552,634
Health Care Facilities — 0.8%
Amsurg Corp. (a)		9,174		163,481
Assisted Living Concepts, Inc. (a)		2,996		88,652
Capital Senior Living Corp. (a)		8,668		43,080
Emeritus Corp. (a)(b)		6,088		99,295

Common Stocks	Shares		Value
Health Care Facilities (concluded)
The Ensign Group, Inc.		4,340	$	71,697
Five Star Quality Care, Inc. (a)		10,222		30,870
Hanger Orthopedic Group, Inc. (a)		7,743		139,064
HealthSouth Corp. (a)		28,473		532,730
Kindred Healthcare, Inc. (a)		11,821		151,782
LCA-Vision, Inc. (a)		5,807		32,171
MedCath Corp. (a)		6,451		50,705
National Healthcare Corp.		2,638		90,905
Psychiatric Solutions, Inc. (a)		16,999		556,207
Select Medical Holdings Corp. (a)		14,941		101,300
Skilled Healthcare Group, Inc., Class A (a)		6,500		44,135
Sun Healthcare Group, Inc. (a)		13,255		107,100
Sunrise Senior Living, Inc. (a)		17,074		47,466
US Physical Therapy, Inc. (a)		3,141		53,020
				2,403,660
Health Care Management Services — 1.0%
AMERIGROUP Corp. (a)		15,391		499,900
American Dental Partners, Inc. (a)		5,087		61,603
Bioscript, Inc. (a)		11,949		62,613
Catalyst Health Solutions, Inc. (a)		11,325		390,712
Centene Corp. (a)		14,664		315,276
Computer Programs & Systems, Inc.		2,981		121,982
Contiucare Corp. (a)		8,500		28,475
HealthSpring, Inc. (a)		17,298		268,292
Magellan Health Services, Inc. (a)		9,855		357,934
MedQuist, Inc.		3,866		30,580
Metropolitan Health Networks, Inc. (a)		12,257		45,719
Molina Healthcare, Inc. (a)		3,927		113,098
Transcend Services, Inc. (a)		2,879		38,866
Triple-S Management Corp. (a)		6,174		114,528
Universal American Financial Corp. (a)		9,529		137,218
WellCare Health Plans, Inc. (a)		12,671		300,809
				2,887,605
Health Care Services — 1.6%
AMN Healthcare Services, Inc. (a)		10,290		76,969
Accretive Health, Inc. (a)		3,486		46,120
Air Methods Corp. (a)		3,356		99,841
Alliance Healthcare Services, Inc. (a)		8,390		33,896
Allied Healthcare International, Inc. (a)		14,629		33,939
Almost Family, Inc. (a)		2,400		83,832
Amedisys, Inc. (a)(b)		8,510		374,185
athenahealth, Inc. (a)(b)		9,983		260,856
CardioNet, Inc. (a)		7,300		40,004
Chemed Corp.		6,776		370,241
Chindex International, Inc. (a)		4,073		51,035
Corvel Corp. (a)		2,199		74,304
Cross Country Healthcare, Inc. (a)		9,676		86,987
Eclipsys Corp. (a)		17,250		307,740
Gentiva Health Services, Inc. (a)		8,459		228,478
HMS Holdings Corp. (a)		8,155		442,164
Health Grades, Inc. (a)		8,104		48,624
Healthways, Inc. (a)		10,253		122,216
IPC The Hospitalist Co., Inc. (a)		4,889		122,714
LHC Group, Inc. (a)		4,589		127,345
MWI Veterinary Supply, Inc. (a)		3,775		189,732
Medidata Solutions, Inc. (a)		5,772		89,408
Odyssey HealthCare, Inc. (a)		10,070		269,070
Omnicell, Inc. (a)		9,899		115,719
PharMerica Corp. (a)		9,253		135,649
Phase Forward, Inc. (a)		12,036		200,760
Quality Systems, Inc. (b)		5,646		327,412

See Notes to Financial Statements.
24	BLACKROCK SMALL CAP INDEX FUND	JUNE 30, 2010

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

Common Stocks	Shares		Value
Health Care Services (concluded)
RehabCare Group, Inc. (a)		7,397	$	161,107
Res-Care, Inc. (a)		7,749		74,855
Rural/Metro Corp. (a)		5,908		48,091
Team Health Holdings, Inc. (a)		4,721		60,995
Virtual Radiologic Corp. (a)		2,290		39,296
				4,743,584
Health Care: Miscellaneous — 0.1%
MedAssets, Inc. (a)		12,966		299,255
The Providence Service Corp. (a)		4,019		56,266
				355,521
Home Building — 0.2%
Beazer Homes USA, Inc. (a)(b)		22,635		82,165
Hovnanian Enterprises, Inc., Class A (a)(b)		14,514		53,412
M/I Homes, Inc. (a)		5,786		55,777
Meritage Homes Corp. (a)		9,663		157,314
Ryland Group, Inc.		13,220		209,140
Standard-Pacific Corp. (a)		32,431		107,995
				665,803
Hotel/Motel — 0.2%
Gaylord Entertainment Co. (a)(b)		10,488		231,680
Marcus Corp.		6,605		62,483
Morgans Hotel Group Co. (a)		7,160		44,106
Orient Express Hotels Ltd., Class A (a)		27,486		203,396
				541,665
Household Appliances — 0.0%
National Presto Industries, Inc.		1,455		135,111
Household Equipment & Products — 0.3%
American Greetings Corp., Class A		11,990		224,932
Blyth, Inc.		1,806		61,530
CSS Industries, Inc.		2,367		39,056
Central Garden & Pet Co., Class A (a)		17,383		155,926
Helen of Troy Ltd. (a)		9,354		206,349
Libbey, Inc. (a)		5,086		66,016
				753,809
Household Furnishings — 0.3%
American Woodmark Corp.		2,887		49,368
Ethan Allen Interiors, Inc.		7,504		104,981
Furniture Brands International, Inc. (a)		13,457		70,245
Hooker Furniture Corp.		3,663		39,048
Kid Brands, Inc. (a)		4,135		29,069
Kirkland’s, Inc. (a)		5,125		86,484
La-Z-Boy, Inc. (a)		15,619		116,049
Lifetime Brands, Inc. (a)		3,048		44,562
Sealy Corp. (a)(b)		15,196		40,573
Select Comfort Corp. (a)		16,524		144,585
				724,964
Insurance: Life — 0.5%
American Equity Investment Life Holding Co.		17,240		177,917
CNO Financial Group, Inc. (a)		66,420		328,779
Citizens, Inc. (a)		10,851		72,268
Delphi Financial Group, Inc., Class A		14,074		343,546
FBL Financial Group, Inc., Class A		3,994		83,874
Kansas City Life Insurance Co.		1,294		38,264
Life Partners Holdings, Inc. (b)		2,400		49,104
National Western Life Insurance Co., Class A		651		99,447
The Phoenix Cos., Inc. (a)		35,095		74,050

Common Stocks	Shares		Value
Insurance: Life (concluded)
Presidential Life Corp.		6,294	$	57,275
Primerica, Inc. (a)		7,450		159,728
				1,484,252
Insurance: Multi-Line — 0.6%
AMBAC Financial Group, Inc. (a)(b)		66,900		44,823
Alterra Capital Holdings Ltd.		28,798		540,826
Crawford & Co., Class B (a)		8,394		26,525
eHealth, Inc. (a)		7,297		82,967
Flagstone Reinsurance Holdings SA		15,888		171,908
Horace Mann Educators Corp.		11,797		180,494
Maiden Holdings Ltd.		15,714		103,241
Pico Holdings, Inc. (a)		6,784		203,317
Platinum Underwriters Holdings Ltd.		13,382		485,633
				1,839,734
Insurance: Property-Casualty — 1.9%
American Physicians Capital, Inc.		2,471		76,230
American Safety Insurance Holdings Ltd. (a)		3,415		53,684
Amerisafe, Inc. (a)		5,800		101,790
AmTrust Financial Services, Inc.		6,892		82,980
Argo Group International Holdings Ltd.		9,379		286,904
Baldwin & Lyons, Inc., Class B		2,803		58,891
CNA Surety Corp. (a)		5,410		86,939
Donegal Group, Inc., Class A		3,797		46,665
EMC Insurance Group, Inc.		1,697		37,215
Employers Holdings, Inc.		10,980		161,735
Enstar Group Ltd. (a)		2,112		140,321
FPIC Insurance Group, Inc. (a)		3,100		79,515
First American Financial Corp.		31,155		395,045
First Mercury Financial Corp.		4,747		50,223
Greenlight Capital Re Ltd. (a)		8,600		216,634
Hallmark Financial Services, Inc. (a)		3,700		36,815
Harleysville Group, Inc.		3,591		111,429
Hilltop Holdings, Inc. (a)		12,333		123,453
Infinity Property & Casualty Corp.		4,082		188,507
Meadowbrook Insurance Group, Inc.		16,552		142,844
Montpelier Re Holdings Ltd.		21,267		317,516
NYMAGIC, Inc.		1,680		32,407
National Interstate Corp.		2,137		42,355
Navigators Group, Inc. (a)		3,703		152,304
PMA Capital Corp., Class A (a)		10,332		67,675
The PMI Group, Inc. (a)		43,187		124,811
ProAssurance Corp. (a)		9,685		549,721
RLI Corp.		5,474		287,440
Radian Group, Inc.		40,010		289,672
Safety Insurance Group, Inc.		3,961		146,636
SeaBright Holdings, Inc.		7,100		67,308
Selective Insurance Group, Inc.		16,192		240,613
State Auto Financial Corp.		4,512		69,981
Stewart Information Services Corp.		5,580		50,332
Tower Group, Inc.		13,359		287,619
United America Indemnity, Ltd. (a)		8,747		64,378
United Fire & Casualty Co.		6,919		137,135
				5,405,722
International Trade & Diversified Logistics — 0.0%
Global Sources Ltd. (a)		7,205		56,487
Leisure Time — 0.6%
Callaway Golf Co.		19,553		118,100
Churchill Downs, Inc.		3,502		114,866
Interval Leisure Group, Inc. (a)		12,097		150,608
Life Time Fitness, Inc. (a)(b)		12,512		397,756

See Notes to Financial Statements.
BLACKROCK SMALL CAP INDEX FUND	JUNE 30, 2010	25

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

Common Stocks	Shares		Value
Leisure Time (concluded)
Pool Corp.		14,922	$	327,090
Smith & Wesson Holding Corp. (a)(b)		18,518		75,739
Speedway Motorsports, Inc.		3,755		50,918
Sport Supply Group, Inc.		2,550		34,323
Steinway Musical Instruments, Inc. (a)		1,929		34,317
Sturm Ruger & Co., Inc. (b)		5,800		83,114
Vail Resorts, Inc. (a)		10,873		379,576
West Marine, Inc. (a)		4,708		51,223
				1,817,630
Luxury Items — 0.0%
Movado Group, Inc. (a)		4,878		52,097
Machinery: Agricultural — 0.1%
Alamo Group, Inc.		2,049		44,463
Lindsay Manufacturing Co. (b)		3,742		118,584
Titan International, Inc. (b)		10,664		106,320
Titan Machinery, Inc. (a)		4,129		54,214
				323,581
Machinery: Construction & Handling — 0.1%
Astec Industries, Inc. (a)		5,964		165,382
Douglas Dynamics, Inc. (a)		3,610		41,515
NACCO Industries, Inc., Class A		1,761		156,306
				363,203
Machinery: Engines — 0.1%
Briggs & Stratton Corp. (b)		14,974		254,857
Machinery: Industrial — 1.2%
Actuant Corp., Class A		20,308		382,400
Altra Holdings, Inc. (a)		8,247		107,376
Applied Industrial Technologies, Inc.		12,673		320,880
Chart Industries, Inc. (a)		8,674		135,141
Colfax Corp. (a)		7,314		76,139
Columbus McKinnon Corp. (a)		5,910		82,563
DXP Enterprises, Inc. (a)		2,655		41,551
EnPro Industries, Inc. (a)		6,208		174,755
Flow International Corp. (a)		15,069		35,563
Gerber Scientific, Inc. (a)		7,928		42,415
Graham Corp.		2,900		43,471
John Bean Technologies Corp.		8,539		130,220
Kadant, Inc. (a)		3,870		67,415
MTS Systems Corp.		4,986		144,594
Middleby Corp. (a)		4,990		265,418
Nordson Corp.		10,210		572,577
Sauer-Danfoss, Inc. (a)		3,667		44,811
Tecumseh Products Co., Class A (a)		5,904		65,652
Tennant Co.		5,701		192,808
Twin Disc, Inc.		2,812		31,944
Woodward Governor Co.		18,276		466,586
				3,424,279
Machinery: Specialty — 0.1%
Albany International Corp., Class A		8,262		133,762
Cascade Corp.		2,762		98,355
Presstek, Inc. (a)		8,791		31,032
Xerium Technologies, Inc. (a)		2,278		32,165
				295,314
Machinery: Tools — 0.0%
Thermadyne Holdings Corp. (a)		2,827		30,560

Common Stocks	Shares		Value
Manufactured Housing — 0.0%
Cavco Industries, Inc. (a)		2,065	$	72,646
Skyline Corp.		2,279		41,045
				113,691
Medical & Dental Instruments & Supplies — 2.9%
ATS Medical, Inc. (a)		15,932		63,250
AGA Medical Holdings, Inc. (a)		4,172		52,943
Abiomed, Inc. (a)		9,579		92,725
Align Technology, Inc. (a)(b)		17,751		263,957
Alphatec Holdings, Inc. (a)		15,557		72,184
American Medical Systems Holdings, Inc. (a)		22,526		498,275
AngioDynamics, Inc. (a)		7,482		110,359
Antares Pharma, Inc. (a)		22,592		39,762
Atrion Corp.		485		65,499
CONMED Corp. (a)		8,746		162,938
Cantel Medical Corp.		3,900		65,130
Cerus Corp. (a)		12,661		40,009
Conceptus, Inc. (a)(b)		9,391		146,312
CryoLife, Inc. (a)		8,828		47,583
Cutera, Inc. (a)		4,309		39,686
Delcath Systems, Inc. (a)(b)		11,310		71,705
Endologix, Inc. (a)		15,024		68,059
ev3, Inc. (a)		24,904		558,099
Exactech, Inc. (a)		2,570		43,896
Hansen Medical, Inc. (a)		13,638		29,049
Heartware International, Inc. (a)		2,834		198,578
ICU Medical, Inc. (a)		3,474		111,759
Immucor, Inc. (a)		20,828		396,773
Insulet Corp. (a)		11,536		173,617
Integra LifeSciences Holdings Corp. (a)		6,252		231,324
Invacare Corp.		8,673		179,878
Landauer, Inc.		2,845		173,204
MAKO Surgical Corp. (a)(b)		7,835		97,546
Medical Action Industries, Inc. (a)		4,374		52,444
Meridian Bioscience, Inc.		12,175		206,975
Merit Medical Systems, Inc. (a)		8,461		135,968
Micrus Endovascular Corp. (a)		4,944		102,786
Neogen Corp. (a)		6,965		181,438
NuVasive, Inc. (a)		11,730		415,946
OraSure Technologies, Inc. (a)		14,175		65,630
Orthofix International NV (a)		5,308		170,121
Orthovita, Inc. (a)		20,673		41,966
Owens & Minor, Inc.		18,720		531,274
PSS World Medical, Inc. (a)		16,998		359,508
Quidel Corp. (a)		6,522		82,764
Rochester Medical Corp. (a)		3,485		32,933
SenoRx, Inc. (a)		5,168		56,745
Staar Surgical Co. (a)		10,846		62,039
Steris Corp.		17,603		547,101
SurModics, Inc. (a)		5,222		85,693
Symmetry Medical, Inc. (a)		10,772		113,537
Synovis Life Technologies, Inc. (a)		3,504		53,541
Unilife Corp. (a)		14,688		85,484
Vascular Solutions, Inc. (a)		5,200		65,000
Volcano Corp. (a)		15,089		329,242
West Pharmaceutical Services, Inc.		9,818		358,259
Wright Medical Group, Inc. (a)		11,613		192,892
Young Innovations, Inc.		1,731		48,728
				8,472,113

See Notes to Financial Statements.
26	BLACKROCK SMALL CAP INDEX FUND	JUNE 30, 2010

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

Common Stocks	Shares		Value
Medical Equipment — 1.6%
Abaxis, Inc. (a)		6,631	$	142,102
Accuray, Inc. (a)		15,482		102,646
Affymetrix, Inc. (a)		21,334		125,871
Analogic Corp.		3,861		175,714
ArthroCare Corp. (a)		8,102		248,326
Bruker BioSciences Corp. (a)		21,672		263,532
Caliper Life Sciences, Inc. (a)		13,968		59,643
Cyberonics, Inc. (a)		8,390		198,675
Cynosure, Inc., Class A (a)		3,189		34,346
DexCom, Inc. (a)		17,475		202,011
Dionex Corp. (a)		5,274		392,702
Greatbatch, Inc. (a)		6,925		154,497
Haemonetics Corp. (a)		7,398		395,941
HealthTronics, Inc. (a)		13,977		67,509
IRIS International, Inc. (a)		4,995		50,649
Luminex Corp. (a)		11,218		181,956
MELA Sciences, Inc. (a)(b)		7,100		52,824
Masimo Corp.		15,550		370,246
Merge Healthcare, Inc. (a)		16,158		47,343
Natus Medical, Inc. (a)		8,590		139,931
NxStage Medical, Inc. (a)		7,596		112,725
Palomar Medical Technologies, Inc. (a)		5,600		62,664
Sirona Dental Systems, Inc. (a)		9,985		347,877
Solta Medical, Inc. (a)		18,695		35,521
Somanetics Corp. (a)		3,627		90,494
SonoSite, Inc. (a)		4,385		118,877
Spectranetic Corp. (a)		10,358		53,654
Stereotaxis, Inc. (a)		8,900		29,459
Syneron Medical Ltd. (a)		10,712		110,119
Tomotherapy, Inc. (a)		15,541		49,420
Vital Images, Inc. (a)		4,496		57,324
Zoll Medical Corp. (a)		6,423		174,063
				4,648,661
Medical Services — 0.4%
America Service Group, Inc.		2,800		48,160
Bio-Reference Labs, Inc. (a)		7,170		158,959
Clarient, Inc. (a)		17,140		52,791
eResearch Technology, Inc. (a)		14,897		117,388
Genoptix, Inc. (a)		5,261		90,489
inVentiv Health, Inc. (a)		10,224		261,735
Kendle International, Inc. (a)		4,663		53,718
Parexel International Corp. (a)		17,543		380,332
				1,163,572
Metal Fabricating — 0.6%
Ampco-Pittsburgh Corp.		2,674		55,699
Dynamic Materials Corp.		3,900		62,556
Hawk Corp., Class A (a)		1,630		41,484
Haynes International, Inc.		3,740		115,304
Kaydon Corp.		9,968		327,548
L.B. Foster Co., Class A (a)		3,143		81,467
Metals USA Holdings Corp. (a)		3,533		52,818
Mueller Industries, Inc.		11,310		278,226
Mueller Water Products, Inc., Series A		46,750		173,443
Northwest Pipe Co. (a)		2,800		53,200
RBC Bearings, Inc. (a)		6,554		190,000
RTI International Metals, Inc. (a)		9,016		217,376
Worthington Industries, Inc.		18,003		231,519
				1,880,640

Common Stocks	Shares		Value
Metals & Minerals: Diversified — 0.6%
AMCOL International Corp.		7,154	$	168,119
Brush Engineered Materials, Inc. (a)		6,133		122,537
General Moly, Inc. (a)(b)		19,739		60,796
Globe Specialty Metals, Inc. (a)		18,516		191,270
Hecla Mining Co. (a)(b)		72,210		376,936
Minerals Technologies, Inc.		5,611		266,747
Oil-Dri Corp. of America		1,989		45,648
Thompson Creek Metals Co., Inc. (a)		41,886		363,570
US Energy Corp. Wyoming (a)		8,622		40,955
United States Lime & Minerals Inc. (a)		857		33,012
				1,669,590
Miscellaneous Consumer Staples — 0.0%
Spectrum Brands Holdings, Inc. (a)		5,543		140,404
Office Supplies & Equipment — 0.6%
ACCO Brands Corp. (a)		16,844		84,052
Electronics for Imaging, Inc. (a)		13,775		134,306
HNI Corp.		13,606		375,390
Herman Miller, Inc.		17,189		324,356
Kimball International, Inc., Class B		10,241		56,633
Knoll, Inc.		14,243		189,289
Steelcase, Inc., Class A		23,284		180,451
United Stationers, Inc. (a)		7,232		393,927
				1,738,404
Offshore Drilling & Other Services — 0.0%
Hercules Offshore, Inc. (a)		35,312		85,808
Vantage Drilling Co. (a)		39,120		52,812
				138,620
Oil Well Equipment & Services — 1.6%
Basic Energy Services, Inc. (a)		7,333		56,464
Boots & Coots, Inc. (a)		25,145		74,178
CARBO Ceramics, Inc.		5,699		411,411
Cal Dive International, Inc. (a)		28,504		166,748
Complete Production Services, Inc. (a)		23,432		335,078
Dawson Geophysical Co. (a)		2,509		53,366
Dril-Quip, Inc. (a)		10,159		447,199
Global Industries Ltd. (a)		30,427		136,617
Golar LNG Ltd.		11,218		110,722
Gulf Island Fabrication, Inc.		4,470		69,374
Helix Energy Solutions Group, Inc. (a)		31,339		337,521
Hornbeck Offshore Services, Inc. (a)		6,996		102,142
ION Geophysical Corp. (a)		38,400		133,632
Key Energy Services, Inc. (a)		37,690		345,994
Lufkin Industries, Inc.		8,999		350,871
Matrix Service Co. (a)		8,128		75,672
Natural Gas Services Group (a)		3,800		57,494
Newpark Resources, Inc. (a)		26,969		163,162
OYO Geospace Corp. (a)		1,276		61,861
Parker Drilling Co. (a)		35,339		139,589
Pioneer Drilling Co. (a)		16,506		93,589
RPC, Inc.		8,751		119,451
Seahawk Drilling, Inc. (a)		3,601		35,002
Superior Well Services, Inc. (a)		6,970		116,538
T-3 Energy Services, Inc. (a)		4,033		112,521
Tesco Corp. (a)		9,221		113,234
Tetra Technologies, Inc. (a)		22,703		206,143
Union Drilling, Inc. (a)		5,000		27,550
Willbros Group, Inc. (a)		11,910		88,134
				4,541,257

See Notes to Financial Statements.
BLACKROCK SMALL CAP INDEX FUND	JUNE 30, 2010	27

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

Common Stocks	Shares		Value
Oil: Crude Producers — 2.3%
ATP Oil & Gas Corp. (a)(b)		13,437	$	142,298
American Oil & Gas, Inc. (a)		15,434		96,926
Apco Oil and Gas International, Inc.		2,877		67,638
Approach Resources, Inc. (a)		4,519		31,091
Arena Resources, Inc. (a)		11,820		377,058
BPZ Resources, Inc. (a)(b)		29,584		122,774
Berry Petroleum Co., Class A		15,372		395,368
Bill Barrett Corp. (a)		13,762		423,457
Brigham Exploration Co. (a)		35,026		538,700
CAMAC Energy, Inc. (a)		14,747		55,006
Callon Petroleum Co. (a)		8,829		55,623
Carrizo Oil & Gas, Inc. (a)		9,485		147,302
Cheniere Energy, Inc. (a)		17,934		50,574
Clayton Williams Energy, Inc. (a)		1,839		77,459
Contango Oil & Gas Co. (a)		3,578		160,115
Delta Petroleum Corp. (a)(b)		57,892		49,787
Endeavour International Corp. (a)(b)		44,941		47,637
Energy Partners Ltd. (a)		8,941		109,170
Energy XXI Bermuda Ltd. (a)		15,311		241,608
FX Energy, Inc. (a)(b)		14,142		51,194
GMX Resources, Inc. (a)		9,519		61,778
Gastar Exploration Ltd. (a)		13,813		49,865
GeoResources, Inc. (a)		4,137		57,628
Goodrich Petroleum Corp. (a)		7,467		89,604
Gulfport Energy Corp. (a)		8,340		98,912
Harvest Natural Resources, Inc. (a)		10,327		76,110
Houston American Energy Corp.		5,613		55,344
Kodiak Oil & Gas Corp. (a)		36,268		115,695
Magnum Hunter Resources Corp. (a)		15,097		65,823
McMoRan Exploration Co. (a)		25,059		278,405
Miller Petroleum, Inc. (a)		5,648		32,532
Northern Oil And Gas, Inc. (a)		13,419		172,300
Panhandle Oil & Gas, Inc.		2,313		61,133
Penn Virginia Corp.		13,727		276,050
Petroleum Development Corp. (a)		5,920		151,670
Petroquest Energy, Inc. (a)(b)		16,789		113,494
Ram Energy Resources, Inc. (a)		18,416		38,121
Resolute Energy Corp. (a)		11,653		142,633
Rex Energy Corp. (a)		9,908		100,071
Rosetta Resources, Inc. (a)		15,956		316,088
Stone Energy Corp. (a)		13,032		145,437
Swift Energy Co. (a)		11,381		306,263
TransAtlantic Petroleum Ltd. (a)		44,169		140,016
Vaalco Energy, Inc.		15,700		87,920
Venoco, Inc. (a)		6,120		100,796
W&T Offshore, Inc.		10,772		101,903
Warren Resources, Inc. (a)		22,405		64,974
				6,541,350
Oil: Refining & Marketing — 0.2%
CVR Energy, Inc. (a)		9,594		72,147
Delek US Holdings, Inc.		5,108		37,289
Western Refining, Inc. (a)(b)		16,102		80,993
World Fuel Services Corp.		18,046		468,113
				658,542
Paints & Coatings — 0.2%
Ferro Corp. (a)		25,925		191,067
H.B. Fuller Co.		14,573		276,742
				467,809

Common Stocks	Shares		Value
Paper — 0.4%
Boise, Inc. (a)		21,076	$	115,707
Buckeye Technologies, Inc. (a)		11,828		117,688
Clearwater Paper Corp. (a)		3,430		187,827
Kapstone Paper and Packaging Corp. (a)		11,493		128,032
Neenah Paper, Inc.		4,400		80,520
P.H. Glatfelter Co.		13,748		149,166
Schweitzer-Mauduit International, Inc.		5,451		275,003
Wausau Paper Corp. (a)		14,696		99,492
				1,153,435
Personal Care — 0.1%
Female Health Co.		5,798		30,092
USANA Health Sciences, Inc. (a)		1,919		70,101
WD-40 Co.		5,183		173,112
				273,305
Pharmaceuticals — 1.7%
Akorn, Inc. (a)		17,640		52,391
Alexza Pharmaceuticals, Inc. (a)		13,346		36,301
Alkermes, Inc. (a)		28,381		353,343
Ardea Biosciences, Inc. (a)		4,203		86,414
Auxilium Pharmaceuticals, Inc. (a)		12,631		296,828
Avanir Pharmaceuticals, Inc. (a)		22,165		56,964
BMP Sunstone Corp. (a)		8,800		45,320
BioCryst Pharmaceuticals, Inc. (a)(b)		8,850		52,304
Biospecifics Technologies (a)		1,320		26,242
Cadence Pharmaceuticals, Inc. (a)(b)		8,030		56,290
Cambrex Corp. (a)		10,201		32,133
Corcept Therapeutics Inc. (a)		8,329		25,986
Depomed, Inc. (a)		16,956		47,477
Durect Corp. (a)		27,553		66,954
Eurand NV (a)		5,745		55,669
Hi-Tech Pharmacal Co., Inc. (a)		3,015		69,074
Impax Laboratories, Inc. (a)		18,877		359,796
Inspire Pharmaceuticals, Inc. (a)		17,600		87,824
Ironwood Pharmaceuticals, Inc. (a)		6,167		73,511
Isis Pharmaceuticals, Inc. (a)		28,287		270,707
Jazz Pharmaceuticals, Inc. (a)		4,786		37,474
MAP Pharmaceuticals, Inc. (a)		4,360		57,203
Medicines Co. (a)		16,314		124,150
Medicis Pharmaceutical Corp., Class A		18,068		395,328
Obagi Medical Products, Inc. (a)		5,300		62,646
Optimer Pharmaceuticals, Inc. (a)(b)		10,234		94,869
Pain Therapeutics, Inc. (a)		11,625		64,635
Par Pharmaceutical Cos., Inc. (a)		10,572		274,449
Pharmacyclics, Inc. (a)		11,687		77,835
Pozen, Inc. (a)(b)		8,114		56,879
Prestige Brands Holdings, Inc. (a)		13,149		93,095
Questcor Pharmaceuticals, Inc. (a)		16,801		171,538
SIGA Technologies, Inc. (a)(b)		9,971		76,777
Salix Pharmaceuticals Ltd. (a)		17,151		669,404
Santarus, Inc. (a)		16,300		40,424
Sciclone Pharmaceuticals, Inc. (a)		11,500		30,590
Somaxon Pharmaceuticals, Inc. (a)		8,867		31,921
Spectrum Pharmaceuticals, Inc. (a)		15,332		60,101
SuperGen, Inc. (a)		16,900		34,138
Vical, Inc. (a)		17,525		54,327
Vivus, Inc. (a)(b)		24,475		234,960
Xenoport, Inc. (a)		8,568		84,052
				4,978,323

See Notes to Financial Statements.
28	BLACKROCK SMALL CAP INDEX FUND	JUNE 30, 2010

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

Common Stocks	Shares		Value
Photography — 0.1%
CPI Corp.		1,600	$	35,872
Eastman Kodak Co. (a)(b)		80,402		348,945
				384,817
Plastics — 0.0%
Spartech Corp. (a)		9,426		96,616
Power Transmission Equipment — 0.2%
Advanced Energy Industries, Inc. (a)		11,090		136,296
Generac Holdings, Inc. (a)		5,901		82,673
Maxwell Technologies, Inc. (a)		8,097		92,306
Powell Industries, Inc. (a)		2,733		74,720
Power-One, Inc. (a)(b)		22,841		154,177
Vicor Corp. (a)		6,060		75,689
				615,861
Precious Metals & Minerals — 0.1%
Horsehead Holding Corp. (a)		13,263		100,268
Stillwater Mining Co. (a)		13,339		154,999
				255,267
Printing & Copying Services — 0.0%
Casella Waste Systems, Inc. (a)		9,023		34,468
Cenveo, Inc. (a)		16,859		92,387
				126,855
Producer Durables: Miscellaneous — 0.1%
Blount International, Inc. (a)		14,435		148,248
Park-Ohio Holdings Corp. (a)		2,524		36,320
				184,568
Production Technology Equipment — 1.1%
ATMI, Inc. (a)(c)		9,522		139,402
Axcelis Technologies, Inc. (a)		32,969		51,102
Brooks Automation, Inc. (a)		19,825		153,247
Cognex Corp.		11,951		210,099
Cohu, Inc.		7,308		88,646
Cymer, Inc. (a)		9,022		271,021
Electro Scientific Industries, Inc. (a)		8,534		114,014
Entegris, Inc. (a)		39,461		156,660
FEI Co. (a)		11,372		224,142
FSI International, Inc. (a)		10,061		42,156
Intevac, Inc. (a)		6,819		72,759
Kulicke & Soffa Industries, Inc. (a)		21,206		148,866
LTX-Credence Corp. (a)		44,577		126,153
MKS Instruments, Inc. (a)		15,106		282,784
Mattson Technology, Inc. (a)		15,683		59,439
Nanometrics, Inc. (a)		5,562		56,121
Photronics, Inc. (a)		16,527		74,702
Rudolph Technologies, Inc. (a)		9,702		73,250
Tessera Technologies, Inc. (a)		15,063		241,761
Ultra Clean Holdings, Inc. (a)		6,803		57,961
Ultratech, Inc. (a)		7,331		119,275
Veeco Instruments, Inc. (a)		12,175		417,359
				3,180,919
Publishing — 0.2%
AH Belo Corp. (a)		5,951		39,515
Courier Corp.		3,552		43,370
The Dolan Co. (a)		9,334		103,794
Journal Communications, Inc., Class A (a)		13,481		53,519
Lee Enterprises, Inc. (a)		14,445		37,124
Martha Stewart Living Omnimedia, Inc., Class A (a)(b)		8,182		40,255

Common Stocks	Shares		Value
Publishing (concluded)
McClatchy Co., Class A (a)		18,295	$	66,594
Media General, Inc., Class A (a)		6,979		68,115
Scholastic Corp.		9,233		222,700
				674,986
Radio & TV Broadcasters — 0.1%
Entercom Communications Corp. (a)		7,520		66,326
Entravision Communications Corp., Class A (a)		16,361		34,522
Fisher Communications, Inc. (a)		2,214		37,284
Gray Television, Inc. (a)		15,494		37,340
Lin TV Corp., Class A (a)		9,380		50,746
Sinclair Broadcast Group, Inc., Class A (a)		14,285		83,282
				309,500
Railroad Equipment — 0.1%
American Railcar Industries, Inc. (a)		3,077		37,170
Freightcar America, Inc.		3,739		84,576
Greenbrier Cos., Inc. (a)		5,876		65,812
				187,558
Railroads — 0.2%
Genesee & Wyoming, Inc., Class A (a)		11,625		433,729
Railamerica, Inc. (a)		7,311		72,525
				506,254
Real Estate — 0.2%
Avatar Holdings, Inc. (a)		2,784		53,397
Consolidated-Tomoka Land Co.		1,783		50,815
Forestar Group, Inc. (a)		10,878		195,369
HFF, Inc., Class A (a)		6,093		43,078
Kennedy-Wilson Holdings, Inc. (a)		6,551		66,165
Tejon Ranch Co. (a)		4,022		92,828
Thomas Properties Group, Inc.		11,507		38,088
				539,740
Real Estate Investment Trusts (REITs) — 7.0%
Acadia Realty Trust		12,118		203,825
Agree Realty Corp.		2,837		66,159
Alexander’s, Inc.		605		183,267
American Campus Communities, Inc.		15,684		428,016
American Capital Agency Corp.		9,830		259,709
Anworth Mortgage Asset Corp.		33,944		241,681
Apollo Commercial Real Estate Finance, Inc.		3,545		58,351
Ashford Hospitality Trust, Inc. (a)		12,616		92,475
Associated Estates Realty Corp.		9,883		127,985
BioMed Realty Trust, Inc.		33,767		543,311
CBL & Associates Properties, Inc.		41,396		514,966
CapLease, Inc.		18,138		83,616
Capstead Mortgage Corp.		20,701		228,953
Cedar Shopping Centers, Inc.		16,867		101,539
Chatham Lodging Trust (a)		2,902		51,859
Chesapeake Lodging Trust (a)		2,700		42,714
Cogdell Spencer, Inc.		13,672		92,423
Colonial Properties Trust		21,062		306,031
Colony Financial, Inc.		4,607		77,858
Cousins Properties, Inc.		27,130		182,859
CreXus Investment Corp.		4,299		53,437
Cypress Sharpridge Investments, Inc.		4,963		62,832
DCT Industrial Trust, Inc.		63,486		286,957
DiamondRock Hospitality Co.		46,060		378,613
Dupont Fabros Technology, Inc.		12,285		301,720
Dynex Capital Corp.		5,596		51,651
Eastgroup Properties, Inc.		8,039		286,028
Education Realty Trust, Inc.		17,657		106,472

See Notes to Financial Statements.
BLACKROCK SMALL CAP INDEX FUND	JUNE 30, 2010	29

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

Common Stocks	Shares		Value
Real Estate Investment Trusts (REITs) (continued)
Entertainment Properties Trust		13,874	$	528,183
Equity Lifestyle Properties, Inc.		7,728		372,721
Equity One, Inc.		10,835		169,026
Excel Trust, Inc. (a)		4,950		59,400
Extra Space Storage, Inc.		26,139		363,332
FelCor Lodging Trust, Inc. (a)		20,109		100,344
First Industrial Realty Trust, Inc. (a)		19,395		93,484
First Potomac Realty Trust		11,385		163,602
Franklin Street Properties Corp.		20,734		244,869
Getty Realty Corp.		6,400		143,424
Gladstone Commercial Corp.		3,396		55,491
Glimcher Realty Trust		20,874		124,826
Government Properties Income Trust		6,359		162,282
Hatteras Financial Corp.		10,659		296,533
Healthcare Realty Trust, Inc.		18,534		407,192
Hersha Hospitality Trust		33,705		152,347
Highwoods Properties, Inc.		20,100		557,976
Home Properties, Inc.		11,685		526,643
Inland Real Estate Corp.		22,534		178,469
InvesCo. Mortgage Capital, Inc.		7,613		152,336
Investors Real Estate Trust		23,381		206,454
iStar Financial, Inc. (a)		28,545		127,311
Kilroy Realty Corp.		16,092		478,415
Kite Realty Group Trust		17,141		71,649
LTC Properties, Inc.		7,137		173,215
LaSalle Hotel Properties		20,868		429,255
Lexington Corporate Properties Trust		29,743		178,755
MFA Financial, Inc.		82,515		610,611
MPG Office Trust, Inc. (a)		15,205		44,551
Medical Properties Trust, Inc.		33,299		314,343
Mid-America Apartment Communities, Inc.		9,145		470,693
Mission West Properties, Inc.		7,564		51,586
Monmouth Real Estate Investment Corp., Class A		9,554		70,604
National Health Investors, Inc.		7,270		280,331
National Retail Properties, Inc.		24,593		527,274
Newcastle Investment Corp.		19,170		51,376
NorthStar Realty Finance Corp. (b)		23,873		63,741
Omega Healthcare Investors, Inc.		27,488		547,836
One Liberty Properties, Inc.		2,710		40,406
PS Business Parks, Inc.		5,439		303,387
Parkway Properties, Inc.		6,821		99,382
Pebblebrook Hotel Trust (a)		5,757		108,519
Pennsylvania Real Estate Investment Trust (b)		16,753		204,722
PennyMac Mortgage Investment Trust (a)(d)		5,384		85,606
Post Properties, Inc.		14,536		330,403
Potlatch Corp.		11,795		421,435
RAIT Investment Trust (a)		24,762		46,305
Ramco-Gershenson Properties Trust		11,649		117,655
Redwood Trust, Inc.		23,454		343,367
Resource Capital Corp.		13,458		76,441
Retail Opportunity Investments Corp.		12,776		123,288
Saul Centers, Inc.		1,974		80,204
Sovran Self Storage, Inc.		8,221		283,049
Starwood Property Trust, Inc.		14,314		242,622
Strategic Hotel Capital, Inc. (a)		42,484		186,505
Sun Communities, Inc.		5,893		152,982
Sunstone Hotel Investors, Inc. (a)		29,684		294,762
Tanger Factory Outlet Centers, Inc.		11,965		495,112
Terreno Realty Corp. (a)		3,018		53,449
Two Harbors Investment Corp.		8,082		66,676
UMH Properties, Inc.		4,073		41,015

Common Stocks	Shares		Value
Real Estate Investment Trusts (REITs) (concluded)
U-Store-It Trust		22,165	$	165,351
Universal Health Realty Income Trust		3,555		114,222
Urstadt Biddle Properties, Inc., Class A		5,100		82,263
Walter Investment Management Corp.		7,872		128,707
Washington Real Estate Investment Trust		18,064		498,386
Winthrop Realty Trust		5,921		75,848
				20,227,856
Recreational Vehicles & Boats — 0.4%
Arctic Cat, Inc. (a)		3,895		35,483
Brunswick Corp.		26,633		331,048
Drew Industries, Inc. (a)		5,705		115,241
Polaris Industries, Inc.		9,304		508,185
Winnebago Industries, Inc. (a)		8,686		86,339
				1,076,296
Rental & Leasing Services: Consumer — 0.4%
Amerco, Inc. (a)		2,575		141,754
Avis Budget Group, Inc. (a)		30,824		302,692
Dollar Thrifty Automotive Group, Inc. (a)		8,589		365,977
Rent-A-Center, Inc. (a)		19,678		398,676
				1,209,099
Restaurants — 1.4%
AFC Enterprises, Inc. (a)		8,088		73,601
BJ’s Restaurants, Inc. (a)		6,887		162,533
Biglari Holdings, Inc. (a)		441		126,523
Bob Evans Farms, Inc.		9,261		228,006
Buffalo Wild Wings, Inc. (a)		5,479		200,422
CEC Entertainment, Inc. (a)		6,628		233,703
CKE Restaurants, Inc.		16,631		208,386
California Pizza Kitchen, Inc. (a)		5,971		90,461
The Cheesecake Factory, Inc. (a)		18,127		403,507
Cracker Barrel Old Country Store, Inc.		7,197		335,092
Denny’s Corp. (a)		30,612		79,591
DineEquity, Inc. (a)		5,438		151,829
Domino’s Pizza, Inc. (a)		10,973		123,995
Jack in the Box, Inc. (a)		16,539		321,684
Jamba, Inc. (a)		19,330		41,173
Krispy Kreme Doughnuts, Inc. (a)		18,203		61,344
Landry’s Restaurants, Inc. (a)		2,270		55,524
McCormick & Schmick’s Seafood Restaurants, Inc. (a)		4,974		37,106
O’Charleys, Inc. (a)		6,066		32,150
P.F. Chang’s China Bistro, Inc.		6,964		276,123
Papa John’s International, Inc. (a)		6,392		147,783
Red Robin Gourmet Burgers, Inc. (a)		4,820		82,711
Ruby Tuesday, Inc. (a)		19,506		165,801
Ruth’s Hospitality Group, Inc. (a)		9,465		39,564
Sonic Corp. (a)		18,590		144,072
Texas Roadhouse, Inc., Class A (a)		17,371		219,222
				4,041,906
Scientific Instruments: Control & Filter — 0.6%
Brady Corp.		14,581		363,358
CIRCOR International, Inc.		5,175		132,376
ESCO Technologies, Inc.		7,939		204,429
Energy Recovery, Inc. (a)		12,672		50,688
The Gorman-Rupp Co.		3,731		93,462
ICx Technologies, Inc. (a)		3,998		29,185
L-1 Identity Solutions, Inc. (a)		22,957		188,018
Mine Safety Appliances Co.		7,819		193,755
PMFG, Inc. (a)		4,578		69,357
Robbins & Myers, Inc.		8,062		175,268

See Notes to Financial Statements.
30	BLACKROCK SMALL CAP INDEX FUND	JUNE 30, 2010

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

Common Stocks	Shares		Value
Scientific Instruments: Control & Filter (concluded)
Sun Hydraulics, Inc.		3,823	$	89,688
Watts Water Technologies, Inc., Class A		8,759		251,033
X-Rite, Inc. (a)		10,766		39,726
				1,880,343
Scientific Instruments: Electrical — 1.1%
A123 Systems, Inc. (a)		21,936		206,856
AZZ, Inc.		3,766		138,476
A.O. Smith Corp.		7,230		348,414
Advanced Battery Technologies, Inc. (a)		18,142		59,506
American Superconductor Corp. (a)(b)		13,477		359,701
Baldor Electric Co.		14,038		506,491
Ballantyne Strong, Inc. (a)		4,590		33,232
Broadwind Energy, Inc. (a)		28,531		79,887
Ener1, Inc. (a)(b)		18,847		63,703
EnerSys (a)		14,439		308,561
Franklin Electric Co., Inc.		7,026		202,489
GrafTech International Ltd. (a)		36,049		527,036
Houston Wire & Cable Co.		5,400		58,590
Littelfuse, Inc. (a)		6,609		208,911
SatCon Technology Corp. (a)		22,564		64,533
Taser International, Inc. (a)		18,100		70,590
UQM Technologies, Inc. (a)		11,357		38,500
				3,275,476
Scientific Instruments: Gauges & Meters — 0.1%
Badger Meter, Inc.		4,487		173,602
Faro Technologies, Inc. (a)		4,949		92,596
Keithley Instruments, Inc.		3,591		31,708
Measurement Specialties, Inc. (a)		4,531		62,075
Zygo Corp. (a)		5,298		42,967
				402,948
Scientific Instruments: Pollution Control — 0.4%
Clean Harbors, Inc. (a)		6,874		456,502
Darling International, Inc. (a)		24,857		186,676
EnergySolutions, Inc.		26,650		135,648
Fuel Tech, Inc. (a)		5,653		35,727
Met-Pro Corp.		4,810		51,756
Metalico, Inc. (a)		11,625		46,268
Team, Inc. (a)		5,856		76,421
US Ecology, Inc.		5,707		83,151
Waste Services, Inc. (a)		8,326		97,081
				1,169,230
Securities Brokerage & Services — 0.6%
BGC Partners, Inc.		17,354		88,679
GFI Group, Inc.		19,718		110,026
Gladstone Investment Corp.		7,282		42,454
International Assets Holding Corp., Inc. (a)		3,930		62,880
Investment Technology Group, Inc. (a)		12,834		206,114
KBW, Inc. (a)		10,582		226,878
Knight Capital Group, Inc., Class A (a)		27,794		383,279
LaBranche & Co., Inc. (a)		11,366		48,646
Ladenburg Thalmann Financial Services, Inc. (a)		28,230		35,288
MF Global Holdings Ltd. (a)		25,761		147,095
MarketAxess Holdings, Inc.		8,261		113,919
optionsXpress Holdings, Inc. (a)		12,382		194,893
Penson Worldwide, Inc. (a)(b)		6,251		35,256
SWS Group, Inc.		8,390		79,705
TradeStation Group, Inc. (a)		12,177		82,195
				1,857,307

Common Stocks	Shares		Value
Semiconductors & Components — 2.4%
AXT, Inc. (a)		9,878	$	44,550
Actel Corp. (a)		6,718		86,125
Advanced Analogic Technologies, Inc. (a)		13,817		44,076
Amkor Technology, Inc. (a)		31,661		174,452
Anadigics, Inc. (a)		20,070		87,505
Applied Micro Circuits Corp. (a)		19,783		207,326
Cavium Networks, Inc. (a)		13,373		350,239
Ceva, Inc. (a)		6,500		81,900
Cirrus Logic, Inc. (a)		19,670		310,983
Conexant Systems, Inc. (a)		24,961		55,913
DSP Group, Inc. (a)		7,375		47,126
Diodes, Inc. (a)		10,251		162,683
Entropic Communications, Inc. (a)		17,163		108,813
Exar Corp. (a)		11,472		79,501
Formfactor, Inc. (a)		15,202		164,182
Hittite Microwave Corp. (a)		8,196		366,689
IXYS Corp. (a)		7,474		66,070
Integrated Device Technology, Inc. (a)		49,076		242,926
Integrated Silicon Solutions, Inc. (a)		7,952		59,958
Kopin Corp. (a)		20,596		69,820
Lattice Semiconductor Corp. (a)		35,243		152,955
MIPS Technologies, Inc. (a)		14,100		72,051
MaxLinear, Inc., Class A (a)		2,353		32,895
Micrel, Inc.		15,328		156,039
Microsemi Corp. (a)		24,917		364,536
Microtune, Inc. (a)		17,666		37,628
Monolithic Power Systems, Inc. (a)		9,767		174,439
MoSys, Inc. (a)		8,948		39,550
Netlogic Microsystems, Inc. (a)		18,814		511,741
Omnivision Technologies, Inc. (a)		15,518		332,706
PLX Technology, Inc. (a)		11,831		49,572
Pericom Semiconductor Corp. (a)		7,865		75,504
Power Integrations, Inc.		7,415		238,726
RF Micro Devices, Inc. (a)		80,737		315,682
Rubicon Technology, Inc. (a)(b)		4,338		129,229
Semtech Corp. (a)		18,583		304,204
Sigma Designs, Inc. (a)(b)		9,481		94,905
Silicon Image, Inc. (a)		23,791		83,506
Spansion, Inc., Class A (a)		3,931		64,115
Standard Microsystems Corp. (a)		6,829		158,979
Supertex, Inc. (a)		3,024		74,572
Trident Microsystems, Inc. (a)		22,663		32,181
TriQuint Semiconductor, Inc. (a)		46,225		282,435
Virage Logic Corp. (a)		7,132		84,799
Volterra Semiconductor Corp. (a)		7,492		172,765
Zoran Corp. (a)		15,589		148,719
				6,995,270
Shipping — 0.7%
American Commercial Lines, Inc. (a)		2,846		64,063
Baltic Trading Ltd. (a)		5,148		58,533
DHT Holdings, Inc.		15,389		59,248
Eagle Bulk Shipping, Inc. (a)(b)		18,931		79,889
Excel Maritime Carriers Ltd. (a)		12,211		62,520
Genco Shipping & Trading Ltd. (a)		7,618		114,194
General Maritime Corp.		15,769		95,245
Gulfmark Offshore, Inc., Class A (a)		7,019		183,898
Horizon Lines, Inc., Class A		9,959		42,127
International Shipholding Corp.		1,916		42,401
Knightsbridge Tankers Ltd.		5,294		93,121
Nordic American Tanker Shipping Ltd.		14,029		394,075
Overseas Shipholding Group, Inc.		7,646		283,208
Scorpio Tankers, Inc. (a)		4,234		48,479

See Notes to Financial Statements.
BLACKROCK SMALL CAP INDEX FUND	JUNE 30, 2010	31

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

Common Stocks	Shares		Value
Shipping (concluded)
Ship Finance International Ltd.		13,466	$	240,772
Teekay Tankers Ltd., Class A		8,271		92,056
Ultrapetrol Bahamas Ltd. (a)		7,658		33,312
				1,987,141
Specialty Retail — 3.4%
America’s Car Mart, Inc. (a)		3,000		67,890
AnnTaylor Stores Corp. (a)		17,652		287,198
Asbury Automotive Group, Inc. (a)		8,791		92,657
Barnes & Noble, Inc.		11,497		148,311
bebe Stores, Inc.		10,082		64,525
Big 5 Sporting Goods Corp.		6,701		88,051
Blue Nile, Inc. (a)		3,806		179,186
Brown Shoe Co., Inc.		13,121		199,177
The Buckle, Inc. (b)		7,821		253,557
Build-A-Bear Workshop, Inc. (a)		5,470		37,087
Cabela’s, Inc., Class A (a)(b)		11,905		168,337
Casual Male Retail Group, Inc. (a)		13,313		45,530
The Cato Corp., Class A		8,465		186,399
Charming Shoppes, Inc. (a)		35,216		132,060
The Children’s Place Retail Stores, Inc. (a)		8,320		366,246
Christopher & Banks Corp.		11,093		68,666
Citi Trends, Inc. (a)		4,526		149,086
Coldwater Creek, Inc. (a)		18,604		62,509
Collective Brands, Inc. (a)		19,436		307,089
DSW, Inc., Class A (a)		4,292		96,398
Destination Maternity Corp. (a)		1,643		41,568
Dress Barn, Inc. (a)		17,826		424,437
Express, Inc. (a)		4,836		79,165
The Finish Line, Inc., Class A		15,349		213,812
Genesco, Inc. (a)		7,254		190,853
Group 1 Automotive, Inc. (a)		7,380		173,651
Gymboree Corp. (a)		8,878		379,179
Haverty Furniture Cos., Inc.		5,638		69,291
hhgregg, Inc. (a)		3,990		93,047
Hibbett Sports, Inc. (a)		8,580		205,577
Hot Topic, Inc.		13,641		69,296
Jo-Ann Stores, Inc. (a)		8,170		306,457
Jos. A. Bank Clothiers, Inc. (a)		5,515		297,755
Lithia Motors, Inc., Class A		6,400		39,552
Lumber Liquidators Holdings, Inc. (a)		6,723		156,848
MarineMax, Inc. (a)		6,986		48,483
Men’s Wearhouse, Inc.		15,812		290,308
Midas, Inc. (a)		4,370		33,518
Monro Muffler, Inc.		5,964		235,757
Nu Skin Enterprises, Inc., Class A		14,804		369,064
OfficeMax, Inc. (a)		25,445		332,312
Pacific Sunwear of California, Inc. (a)		20,563		65,802
Penske Auto Group, Inc. (a)		13,303		151,122
The Pep Boys — Manny, Moe & Jack		15,933		141,166
Pier 1 Imports, Inc. (a)		31,433		201,486
Regis Corp.		17,181		267,508
Retail Ventures, Inc. (a)		7,100		55,522
Rue21, Inc. (a)		4,466		135,498
Sally Beauty Co., Inc. (a)		28,075		230,215
Shoe Carnival, Inc. (a)		2,891		59,294
Shutterfly, Inc. (a)		8,116		194,459
Sonic Automotive, Inc. (a)		12,135		103,876
Stage Stores, Inc.		11,784		125,853
Stamps.com, Inc. (a)		3,303		33,856
Stein Mart, Inc. (a)		8,438		52,569

Common Stocks	Shares		Value
Specialty Retail (concluded)
Systemax, Inc.		3,350	$	50,485
The Talbots, Inc. (a)		21,066		217,190
Ulta Salon Cosmetics & Fragrance, Inc. (a)		9,462		223,871
Vitacost.com, Inc. (a)		4,529		40,716
Vitamin Shoppe, Inc. (a)		4,838		124,095
The Wet Seal, Inc., Class A (a)		30,611		111,730
Zumiez, Inc. (a)		6,297		101,445
				9,737,647
Steel — 0.0%
Olympic Steel, Inc.		2,846		65,372
Universal Stainless & Alloy Products, Inc. (a)		2,234		35,722
				101,094
Sugar — 0.0%
Imperial Sugar Co., New Shares		3,800		38,380
Synthetic Fibers & Chemicals — 0.0%
Zoltek Cos., Inc. (a)		8,614		72,961
Technology: Miscellaneous — 0.4%
Benchmark Electronics, Inc. (a)		18,912		299,755
CTS Corp.		10,392		96,022
LaBarge, Inc. (a)		4,029		45,971
Plexus Corp. (a)		12,110		323,822
Sanmina-SCI Corp. (a)		23,931		325,701
Vocus, Inc. (a)		5,183		79,196
				1,170,467
Telecommunications Equipment — 0.4%
ADC Telecommunications, Inc. (a)		29,267		216,868
Applied Signal Technology, Inc.		4,140		81,351
Arris Group, Inc. (a)		38,030		387,526
Brightpoint, Inc. (a)		21,306		149,142
Mastec, Inc. (a)		15,770		148,238
Powerwave Technologies, Inc. (a)		39,877		61,411
Symmetricom, Inc. (a)		13,696		69,713
UTStarcom, Inc. (a)		35,961		66,168
				1,180,417
Textile Products — 0.1%
Culp, Inc. (a)		2,850		31,236
Interface, Inc., Class A		15,334		164,687
Unifi, Inc. (a)		13,182		50,355
				246,278
Textiles, Apparel & Shoes — 1.9%
Carter’s, Inc. (a)		17,755		466,069
Cherokee, Inc.		2,567		43,896
Columbia Sportswear Co. (b)		3,398		158,585
Crocs, Inc. (a)		25,808		273,049
Deckers Outdoor Corp. (a)		3,859		551,335
G-III Apparel Group, Ltd. (a)		4,704		107,675
Iconix Brand Group, Inc. (a)		21,561		309,832
Joe’s Jeans, Inc. (a)		13,665		27,057
Jones Apparel Group, Inc.		26,051		412,908
K-Swiss, Inc., Class A (a)		8,063		90,547
Kenneth Cole Productions, Inc., Class A (a)		2,624		28,890
Lacrosse Footwear, Inc.		1,607		27,062
Liz Claiborne, Inc. (a)(b)		28,565		120,544
Maidenform Brands, Inc. (a)		6,913		140,749
Oxford Industries, Inc.		4,306		90,125
Perry Ellis International, Inc. (a)		3,121		63,044
Quiksilver, Inc. (a)		39,110		144,707
R.G. Barry Corp.		2,908		32,075
Skechers U.S.A., Inc., Class A (a)		10,354		378,128

See Notes to Financial Statements.
32	BLACKROCK SMALL CAP INDEX FUND	JUNE 30, 2010

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

Common Stocks	Shares		Value
Textiles, Apparel & Shoes (concluded)
Steven Madden Ltd. (a)		7,373	$	232,397
Timberland Co., Class A (a)		12,400		200,260
True Religion Apparel, Inc. (a)		7,649		168,813
Under Armour, Inc., Class A (a)(b)		10,509		348,163
Volcom, Inc. (a)		5,857		108,764
The Warnaco Group, Inc. (a)		13,248		478,783
Weyco Group, Inc.		2,232		50,845
Wolverine World Wide, Inc.		14,752		372,045
				5,426,347
Tobacco — 0.2%
Alliance One International, Inc. (a)		26,971		96,017
Star Scientific, Inc. (a)(b)		29,459		48,313
Universal Corp.		7,179		284,862
Vector Group Ltd.		12,751		214,472
				643,664
Toys — 0.1%
Jakks Pacific, Inc. (a)		8,650		124,387
Leapfrog Enterprises, Inc. (a)		10,508		42,242
RC2 Corp. (a)		6,624		106,713
				273,342
Transportation: Miscellaneous — 0.2%
Dynamex, Inc. (a)		3,319		40,492
Echo Global Logistics, Inc. (a)		3,489		42,601
HUB Group, Inc., Class A (a)		11,232		337,072
Pacer International, Inc. (a)		10,918		76,317
Textainer Group Holdings Ltd.		2,909		70,223
				566,705
Truckers — 0.7%
Arkansas Best Corp.		7,685		159,464
Celadon Group, Inc. (a)		6,181		87,399
Forward Air Corp.		8,768		238,928
Heartland Express, Inc.		14,967		217,321
Knight Transportation, Inc.		17,681		357,863
Marten Transport Ltd. (a)		4,731		98,310
Old Dominion Freight Line, Inc. (a)		8,354		293,560
Patriot Transportation Holding, Inc. (a)		486		39,322
Roadrunner Transportation Systems, Inc. (a)		3,336		47,405
Saia, Inc. (a)		5,023		75,345
USA Truck, Inc. (a)		2,610		42,073
Werner Enterprises, Inc.		12,793		280,039
				1,937,029
Utilities: Electrical — 1.7%
Allete, Inc.		9,300		318,432
Avista Corp.		16,513		322,499
Black Hills Corp.		11,807		336,145
CH Energy Group, Inc.		4,892		191,962
Central Vermont Public Service Corp.		4,000		78,960
Cleco Corp.		17,888		472,422
Dynegy, Inc. (a)		30,896		118,950
El Paso Electric Co. (a)		13,121		253,891
The Empire District Electric Co.		12,245		229,839
IDACORP, Inc.		14,314		476,227
MGE Energy, Inc.		6,993		252,028
NorthWestern Corp.		10,842		284,060
Otter Tail Corp.		10,878		210,272
PNM Resources, Inc.		26,237		293,330
Pike Electric Corp. (a)		5,114		48,174

Common Stocks	Shares		Value
Utilities: Electrical (concluded)
Portland General Electric Co.		22,494	$	412,315
UIL Holdings Corp.		9,175		229,650
Unisource Energy Corp.		10,771		325,069
Unitil Corp.		3,917		81,904
				4,936,129
Utilities: Gas Distributors — 1.2%
Chesapeake Utilities Corp.		3,004		94,326
The Laclede Group, Inc.		6,857		227,172
New Jersey Resources Corp.		12,243		430,954
Nicor, Inc. (c)		13,339		540,229
Northwest Natural Gas Co.		7,884		343,506
Piedmont Natural Gas Co.		21,252		537,675
South Jersey Industries, Inc.		8,845		379,981
Southwest Gas Corp.		13,534		399,253
WGL Holdings, Inc.		14,991		510,144
				3,463,240
Utilities: Telecommunications — 0.9%
Alaska Communications Systems Group, Inc.		13,857		117,646
Atlantic Tele-Network, Inc.		2,830		116,879
Cbeyond Communications, Inc. (a)		8,142		101,775
Cincinnati Bell, Inc. (a)		60,401		181,807
Cogent Communications Group, Inc. (a)		13,732		104,088
Consolidated Communications Holdings, Inc.		7,815		132,933
FiberTower Corp. (a)		14,458		68,242
General Communication, Inc., Class A (a)		14,734		111,831
Global Crossing Ltd. (a)		9,389		99,242
Globalstar, Inc. (a)		23,452		36,116
ICO Global Communications Holdings Ltd. (a)		28,778		46,332
IDT Corp., Class B (a)		4,600		58,650
Iridium Communications, Inc. (a)		10,375		104,165
j2 Global Communications, Inc. (a)		13,482		294,447
NTELOS Holdings Corp.		8,950		153,940
Neutral Tandem, Inc. (a)		9,922		111,622
PAETEC Holding Corp. (a)		37,848		129,062
Premiere Global Services, Inc. (a)		18,173		115,217
RCN Corp. (a)		10,738		159,030
Shenandoah Telecom Co.		7,233		128,313
USA Mobility, Inc.		6,780		87,598
Vonage Holdings Corp. (a)		32,033		73,676
				2,532,611
Utilities: Water — 0.3%
American States Water Co.		5,607		185,816
Artesian Resources Corp., Class A		2,560		47,258
California Water Service Group		5,853		208,952
Connecticut Water Service, Inc.		2,957		62,156
Consolidated Water Co., Inc.		4,715		53,657
Middlesex Water Co.		4,598		72,878
SJW Corp.		4,025		94,346
Southwest Water Co.		8,584		89,960
York Water Co.		4,423		62,807
				877,830
Total Common Stocks — 96.5%				280,035,773

See Notes to Financial Statements.
BLACKROCK SMALL CAP INDEX FUND	JUNE 30, 2010	33

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

Investment Companies	Shares		Value
BlackRock Kelso Capital Corp. (d)		17,107	$	168,846
Gladstone Capital Corp.		6,400		69,184
Hercules Technology Growth Capital, Inc.		11,650		101,771
Kayne Anderson Energy Development Co.		3,254		49,363
Pennantpark Investment Corp.		9,717		92,797
Prospect Capital Corp.		19,928		192,305
Total Investment Companies — 0.2%				674,266

Warrants (e)
Alternative Energy — 0.0%
GreenHunter Energy, Inc. (Expires 8/27/11) (b)(f)	180	—
Communications Technology — 0.0%
Lantronix, Inc. (Expires 2/09/11)	138	—
Total Warrants — 0.0%		—
Total Long-Term Investments (Cost — $265,134,275) — 96.8%		280,710,039

Short-Term Securities	Shares		Value
BlackRock Liquidity Funds, TempFund, Institutional Class, 0.16% (d)(g)		10,162,728	$	10,162,728

	Beneficial Interest (000)
BlackRock Liquidity Series, LLC Money Market Series, 0.27% (d)(g)(h)	$	14,418		14,418,243
Total Short-Term Securities (Cost — $24,580,971) — 8.5%				24,580,971
Total Investments (Cost — $289,715,246*) — 105.2%				305,291,010
Liabilities in Excess of Other Assets — (5.2)%				(15,218,865	)
Net Assets — 100.0%			$	290,072,145

* The cost and unrealized appreciation (depreciation) of investments as of June 30, 2010, as computed for federal income tax purposes were as follows:

Aggregate cost	$	302,295,372
Gross unrealized appreciation	$	33,709,686
Gross unrealized depreciation		(30,714,048	)
Net unrealized appreciation	$	2,995,638

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

Affiliate	Shares/ Beneficial Interest Held at December 31, 2009		Shares/ Beneficial Interest Purchased			Shares/ Beneficial Interest Sold			Shares/ Beneficial Interest Held at June 30, 2010		Value at June 30, 2010		Income
BlackRock Kelso Capital Corp.		3,100		14,007			—			17,107	$	168,846	$	2,144
BlackRock Liquidity Funds, TempFund, Institutional Class		9,452,117		710,611	1		—			10,162,728	$	10,162,728	$	5,223
BlackRock Liquidity Series, LLC
Money Market Series	$	17,386,620		—		$	(2,968,377	)2	$	14,418,243	$	14,418,243	$	93,053
PennyMac Mortgage Investment Trust		3,500		1,884			—			5,384	$	85,606		—

1	Represents net shares sold.
2	Represents net shares purchased.

See Notes to Financial Statements.
34	BLACKROCK SMALL CAP INDEX FUND	JUNE 30, 2010

Schedule of Investments (concluded) Master Small Cap Index Series

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

Issue	Acquisition Date		Cost		Value
GreenHunter Energy, Inc.		06/27/08		—		—

(g)	Represents the current yield as of report date.
(h)	Security was purchased with the cash collateral from loaned securities.
•	Financial futures contacts purchased as of June 30, 2010 were as follows:

Contracts	Issue		Expiration Date		Notional Value		Unrealized Depreciation
153		Russell 2000 MINI		September 2010	$	9,615,472	$	(316,132	)

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

• Fair Value Measurements — Various inputs are used in determining the fair value of investments and derivatives, 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 and derivatives)

The inputs or methodologies 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 tables summarize the inputs used as of June 30, 2010 in determining the fair valuation of the Series’ investments and derivatives:

Valuation Inputs	Level 1		Level 2		Level 3		Total
Assets:
Investments in Securities:
Long-Term Investments1	$	280,710,039		—		—	$	280,710,039
Short-Term Securities		10,162,728	$	14,418,243		—		24,580,971
Total	$	290,872,767	$	14,418,243		—	$	305,291,010

¹ See above Schedule of Investments for values in each industry.

	Derivative Financial Instruments2
Valuation Inputs	Level 1			Level 2		Level 3		Total
Liabilities:
Equity contracts	$	(316,132	)		—		—	$	(316,132	)

² Derivative financial instruments are financial futures contacts which are shown at the unrealized appreciation/depreciation on the instrument.

See Notes to Financial Statements.
	BLACKROCK SMALL CAP INDEX FUND	JUNE 30, 2010	35

Statement of Assets and Liabilities Master Small Cap Index Series

June 30, 2010 (Unaudited)
Assets
Investments at value — unaffiliated (including securities loaned of $13,644,499) (cost — $264,865,912)	$	280,455,587
Investments at value — affiliated (cost — $24,849,334)		24,835,423
Cash collateral for financial futures contracts		517,000
Investments sold receivable		1,494,370
Dividends receivable		307,245
Securities lending income receivable — affiliated		33,194
Prepaid expenses		54,144
Total assets		307,696,963
Liabilities
Collateral on securities loaned, at value		14,418,243
Investments purchased payable		2,988,212
Withdrawals payable to investors		91,487
Margin variation payable		85,529
Investment advisory fees payable		1,997
Other affiliates payable		1,107
Directors’ fees payable		482
Other accrued expenses payable		37,761
Total liabilities		17,624,818
Net Assets	$	290,072,145
Net Assets Consist of
Investors’ capital	$	274,812,513
Net unrealized appreciation/depreciation		15,259,632
Net Assets	$	290,072,145

See Notes to Financial Statements.
36	BLACKROCK SMALL CAP INDEX FUND	JUNE 30, 2010

Statement of Operations Master Small Cap Index Series

Six Months Ended June 30, 2010 (Unaudited)
Investment Income
Dividends — unaffiliated	$	1,168,923
Foreign taxes withheld		(3,021	)
Security lending — affiliated		93,053
Dividends — affiliated		7,367
Total income		1,266,322
Expenses
Professional		41,536
Accounting services		32,325
Custodian		23,564
Investment advisory		13,082
Directors		4,052
Printing		698
Other		5,223
Total expenses		120,480
Less fees waived by advisor		(21,608	)
Total expenses after fees waived		98,872
Net investment income		1,167,450
Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
Investments		1,959,978
Financial futures contracts		(774,407	)
		1,185,571
Net change in unrealized appreciation/depreciation on:
Investments		(18,638,780	)
Financial futures contracts		(404,705	)
		(19,043,485	)
Total realized and unrealized loss		(17,857,914	)
Net Decrease in Net Assets Resulting from Operations	$	(16,690,464	)

See Notes to Financial Statements.
BLACKROCK SMALL CAP INDEX FUND	JUNE 30, 2010	37

Statements of Changes in Net Assets Master Small Cap Index Series

Increase (Decrease) in Net Assets:	Six Months Ended June 30, 2010 (Unaudited)			Year Ended December 31, 2009
Operations
Net investment income	$	1,167,450		$	4,243,420
Net realized gain (loss)		1,185,571			(30,867,280	)
Net change in unrealized appreciation/depreciation		(19,043,485	)		124,588,792
Net increase (decrease) in net assets resulting from operations		(16,690,464	)		97,964,932
Capital Transactions
Proceeds from contributions		133,107,328			171,416,855
Value of withdrawals		(55,981,415	)		(384,465,211	)
Net increase (decrease) in net assets derived from capital transactions		77,125,913			(213,048,356	)
Net Assets
Total increase (decrease) in net assets		60,435,449			(115,083,424	)
Beginning of period		229,636,696			344,720,120
End of period	$	290,072,145		$	229,636,696

See Notes to Financial Statements.
38	BLACKROCK SMALL CAP INDEX FUND	JUNE 30, 2010

Financial Highlights Master Small Cap Index Series

	Six Months Ended June 30, 2010 (Unaudited)
				Year Ended December 31,
				2009			2008			2007			2006			2005
Total Investment Return
Total investment return		(1.84	)%1		27.37	%		(33.57	)%		(1.46	)%		18.13	%		4.63	%
Ratios to Average Net Assets
Total expenses		0.09	%2		0.09	%		0.08	%		0.06	%		0.07	%		0.08	%
Total expenses after fees waived and paid indirectly		0.08	%2		0.07	%		0.07	%		0.06	%		0.07	%		0.07	%
Net investment income		0.89	%2		1.27	%		1.60	%		1.69	%		1.55	%		1.17	%
Supplemental Data
Net assets, end of period (000)	$	290,072		$	229,637		$	344,720		$	630,394		$	561,373		$	370,145
Portfolio turnover		16	%		43	%		42	%		26	%		40	%		37	%

1	Aggregate total investment return.
2	Annualized.

See Notes to Financial Statements.
BLACKROCK SMALL CAP INDEX FUND	JUNE 30, 2010	39

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

1. Organization and Significant Accounting Policies:

Master Small Cap 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 of the Master LLC (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 management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates.

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

Valuation: The Series’ policy is to fair value its financial instruments at market value using independent dealers or pricing services selected under the supervision of the Board. 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 remaining maturities of 60 days or less may be valued at amortized cost, which approximates fair value.

The Series values its investment in BlackRock Liquidity Series, LLC Money Market Series (the “Money Market Series”) at fair value, which is ordinarily based upon its pro rata ownership in the net assets of the underlying fund. The Money Market Series seeks current income consistent with maintaining liquidity and preserving capital. Although the Money Market Series is not registered under the 1940 Act, its investments will follow the parameters of investments by a money market fund that is subject to Rule 2a-7 promulgated by the Securities and Exchange Commission (the “SEC”) under the 1940 Act. The Series may withdraw up to 25% of its investment daily, although the manager of the Money Market Series, in its sole discretion, may permit an investor to withdraw more than 25% on any one day.

In the event that 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 in accordance with a policy approved by the Board as reflecting fair value (“Fair Value Assets”). When determining the price for Fair Value Assets, the investment advisor and/or the sub-advisor seeks to determine the price that the Series might reasonably expect to receive from the current sale of that asset in an arm’s-length transaction. Fair value determinations shall be based upon all available factors that the investment advisor and/or sub-advisor deems relevant. The pricing of all Fair Value Assets is subsequently reported to the Board or a committee thereof.

Segregation and Collateralization: In cases in which the 1940 Act and the interpretive positions of the SEC require that the Series either delivers collateral or segregates assets in connection with certain investments (e.g., 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 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 investment transactions are determined on the identified cost basis. Dividend income is recorded on the ex-dividend dates. Upon notification from issuers, some of the dividend income received from a real estate investment trust may be redesignated as a reduction of cost of the related investment and/or realized gain. Interest income, including amortization of premium and accretion of discount on debt securities, is recognized on the accrual basis.

Securities Lending: The Series may lend securities to financial institutions that provide cash as collateral, which will be maintained at all times in an amount equal to at least 100% of the current market value of the loaned securities. The market value of the loaned securities is determined at the close of business of the Series and any additional required collateral is delivered to the Series on the next business day. Securities lending income, as disclosed in the Statement of Operations, represents the income earned from the investment of the cash collateral, net of rebates paid to, or fees paid by, borrowers and less the fees paid to the securities lending agent. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions. In the event that the borrower defaults on its obligation to return borrowed securities because of insolvency or for any other reason, the Series could experience delays and costs in gaining access to the collateral. The Series also could suffer a loss if the value of an investment purchased with cash collateral falls below the market value of loaned securities or if the value of an investment purchased with cash collateral falls below the value of the original cash collateral received.

40 BLACKROCK SMALL CAP INDEX FUND JUNE 30, 2010

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

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 Master LLC. Therefore, no federal income tax provision is required. 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 of 1986, as amended.

The Series files US federal and various state and local tax returns. No income tax returns are currently under examination. The statute of limitations on the Series’ US federal tax returns remains open for 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.

2. Derivative Financial Instruments:

The Series engages in various portfolio investment strategies using derivative contracts both to increase the returns of the Series and to economically hedge, or protect, its exposure to certain risks such as equity risk. These contracts may be transacted on an exchange. Losses may arise if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument or if the counterparty does not perform under the contract. Counterparty risk related to exchange traded financial futures contracts is minimal because of the protection against defaults provided by the exchange on which they trade.

Financial Futures Contracts: The Series purchases or sells financial futures contracts and options on financial futures contracts to gain exposure to, or economically hedge against, changes in the value of equity securities (equity risk). Financial futures contracts are contracts for delayed delivery of securities or currencies 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 transactions involves the risk of an imperfect correlation in the movements in the price of financial futures contracts, interest rates and the underlying assets.

Derivative Instruments Categorized by Risk Exposure:
Fair Value of Derivative Instruments as of June 30, 2010
	Liability Derivatives
	Statement of Assets and Liabilities Location	Value
	Net
	unrealized
	appreciation/
Equity contracts	depreciation*	$316,132

* Includes cumulative appreciation/depreciation of financial futures contracts as reported in the 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 Six Months Ended June 30, 2010
	Net Realized Loss from
	Financial Futures Contracts
Equity contracts	$(774,407)
	Net Change in Unrealized
	Appreciation/Depreciation on
	Financial Futures Contracts
Equity contracts	$(404,705)

For the six months ended June 30, 2010, the average quarterly balance of outstanding derivative financial instruments was as follows:

Financial futures contracts:
Average number of contracts purchased		120
Average notional value of contracts purchased	$	7,727,206

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 of the Series for 1940 Act purposes, but BAC and Barclays are not.

The Master LLC, on behalf of the Series, entered into an Investment Advisory Agreement with BlackRock Advisors, LLC (the “Manager”), the Series’ investment advisor, an indirect, wholly owned subsidiary of BlackRock, to provide investment advisory and administration services. The Manager is responsible for the management of the Series’ portfolio 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 0.01% of the Series’ average daily net assets.

The Manager contractually agreed to waive and/or reimburse fees and/or expenses to ensure that the management fee of the Series, when

BLACKROCK SMALL CAP INDEX FUND JUNE 30, 2010 41

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

combined with the administration fee of BlackRock Small Cap Index Fund of BlackRock Index Funds, Inc., will not exceed 0.30%. No fees are currently being waived for the Series.

The Manager 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 0.08% of the average daily value of the Series’ net assets. For the six months ended June 30, 2010, the Manager waived $18,703, which is included in fees waived by advisor in the Statement of Operations.

The Manager has agreed not to reduce or discontinue these contractual waivers or reimbursements before May 1, 2011 unless approved by the Board, including a majority of the non-interested trustees.

The Manager voluntarily agreed to waive its advisory fees by the amount of investment advisory fees the Series pays to the Manager indirectly through its investment in affiliated money market funds; however, the Manager does not waive its advisory fees by the amount of investment advisory fees paid through its investment in other affiliated investment companies, if any. For the six months ended June 30, 2010, the manager waived advisory fees in the amount of $2,905, which is included in fees waived by advisor in the Statement of Operations.

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

For the six months ended June 30, 2010, the Series reimbursed the Manager $4,186 for certain accounting services, which is included in accounting services in the Statement of Operations.

The Master LLC, on behalf of the Series, received an exemptive order from the SEC permitting, among other things, to pay an affiliated securities lending agent a fee based on a share of the income derived from the securities lending activities and has retained BIM as the securities lending agent. BIM may, on behalf of the Master LLC and the Series, invest cash collateral received by the Series for such loans, among other things, in a private investment company managed by the Manager or in registered money market funds advised by the Manager or its affiliates. The market value of securities on loan and the value of the related collateral are shown in the Statement of Assets and Liabilities as securities loaned and collateral on securities loaned, at value, respectively. The cash collateral invested by BIM is disclosed in the Schedule of Investments. The share of income earned by the Series on such investments is shown as securities lending — affiliated in the Statement of Operations. For the six months ended June 30, 2010, BIM received $23,627 in securities lending agent fees related to securities lending activities for the Series.

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 six months ended June 30, 2010, were $115,391,532 and $42,064,540, 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 expires in November 2010.The Series may borrow under the credit agreement to fund shareholder redemptions. The Series paid its pro rata share of a 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, which is included in miscellaneous in the Statement of Operations, 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 six months ended June 30, 2010.

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 (issuer credit risk). The value of securities held by the Series may decline in response to certain events, including those directly involving the issuers whose securities are owned by the Series; conditions affecting the general economy; overall market changes; local, regional or global political, social or economic instability; and currency and interest rate and price fluctuations. Similar to issuer credit risk, the Series may be exposed to counterparty credit risk, or the risk that an entity with which the Series has unsettled or open transactions may fail to or be unable to perform its commitments. The Series manages counterparty credit risk by entering into transactions only with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose the Series to market, issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of the Series’ exposure to market, issuer and counterparty credit risks with respect to these financial assets is generally approximated by their value recorded in the Series’ Statement of Assets and Liabilities, less any collateral held by the Series.

The Series invests a significant portion of its assets in securities in the financial services sector. Changes in economic conditions affecting the sector would have a greater impact on the Series and could affect the value, income and/or liquidity of positions in such securities.

42 BLACKROCK SMALL CAP INDEX FUND JUNE 30, 2010

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

7. Subsequent Events:

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

BLACKROCK SMALL CAP INDEX FUND JUNE 30, 2010 43

Disclosure of Investment Advisory Agreement and Sub-Advisory Agreement

The Board of Directors of Quantitative Master Series LLC (the “Master LLC”) met on April 20, 2010 and May 18 – 19, 2010 to consider the approval of the Master LLC’s investment advisory agreement (the “Advisory Agreement”) with BlackRock Advisors, LLC (the “Manager”), the Master LLC’s investment advisor, on behalf of the Master Small Cap Index Series (the “Master Portfolio”), a series of the Master LLC. The Board of Directors of the Master LLC also considered the approval of the sub-advisory agreement (the “Sub-Advisory Agreement”) between the Manager and BlackRock Investment Management, LLC (the “Sub-Advisor”), with respect to the Master Portfolio. BlackRock Small Cap Index Fund (the “Fund”), a series of BlackRock Index Funds, Inc. (the “Corporation”), is a “feeder” fund that invests all of its investable assets in the Master Portfolio. Accordingly, the Board of Directors of the Corporation also considered the approval of the Advisory Agreement and the Sub-Advisory Agreement with respect to the Master Portfolio. The Manager and the Sub-Advisor are referred to herein as “BlackRock.” The Advisory Agreement and the Sub-Advisory Agreement are referred to herein as the “Agreements.” For simplicity, the Board of Directors of the Master LLC and the Board of Directors of the Corporation are referred to herein collectively as the “Board,” and the members are referred to as “Board Members.”

Activities and Composition of the Board

The Board consists of thirteen individuals, eleven of whom are not “interested persons” of the Master LLC or the Corporation as defined in the Investment Company Act of 1940, as amended (the “1940 Act”) (the “Independent Board Members”). The Board Members are responsible for the oversight of the operations of the Master LLC or the Corporation, as pertinent, and perform the various duties imposed on the directors of investment companies by the 1940 Act. The Independent Board Members have retained independent legal counsel to assist them in connection with their duties. The Co-Chairs of the Board are each Independent Board Members. The Board has established five standing committees: an Audit Committee, a Governance and Nominating Committee, a Compliance Committee, a Performance Oversight and Contract Committee and an Executive Committee, each of which is composed of Independent Board Members (except for the Executive Committee, which also has one interested Board Member) and is chaired by Independent Board Members. The Board also has one ad hoc committee, the Joint Product Pricing Committee, which consists of Independent Board Members and directors/ trustees of the boards of certain other BlackRock-managed funds, who are not “interested persons” of their respective funds.

The Agreements

Pursuant to the 1940 Act, the Board is required to consider the continuation of the Agreements on an annual basis. In connection with this process, the Board assessed, among other things, the nature, scope and quality of the services provided to the Master Portfolio and the Fund by the personnel of BlackRock and its affiliates, including investment management, administrative and shareholder services, oversight of fund accounting and custody, marketing services and assistance in meeting applicable legal and regulatory requirements.

From time to time throughout the year, the Board, acting directly and through its committees, considers at each of its meetings factors that are relevant to its annual consideration of the renewal of the Agreements, including the services and support provided by BlackRock to the Master Portfolio, the Fund and their shareholders. Among the matters the Board considered were: (a) investment performance for one-, three- and five-year periods, as applicable, against peer funds, and applicable benchmarks, if any, as well as senior management and portfolio managers’ analysis of the reasons for any over performance or underperformance against its peers and/or benchmark, as applicable; (b) fees, including advisory, administration, if applicable, and other amounts paid to BlackRock and its affiliates by the Master Portfolio and/or the Fund for services, such as transfer agency, marketing and distribution, call center and fund accounting; (c) Master Portfolio’s and/or the Fund’s operating expenses; (d) the resources devoted to and compliance reports relating to the Master Portfolio’s and the Fund’s investment objective, policies and restrictions; (e) the Master LLC’s and the Corporation’s compliance with its respective Code of Ethics and compliance policies and procedures; (f) the nature, cost and character of non-investment management services provided by BlackRock and its affiliates; (g) BlackRock’s and other service providers’ internal controls; (h) BlackRock’s implementation of the proxy voting policies approved by the Board; (i) the use of brokerage commissions and execution quality of portfolio transactions; (j) BlackRock’s implementation of the Master LLC’s and/or the Corporation’s valuation and liquidity procedures; (k) an analysis of contractual and actual management fees for products with similar investment objectives across the open-end fund, closed-end fund and institutional account product channels; and (l) periodic updates on BlackRock’s business.

Board Considerations in Approving the Agreements

The Approval Process: Prior to the April 20, 2010 meeting, the Board requested and received materials specifically relating to the Agreements. The Board is engaged in a process with BlackRock to periodically review the nature and scope of the information provided to better assist its deliberations. The materials provided in connection with the April meeting included: (a) information independently compiled and prepared by Lipper, Inc. (“Lipper”) on fees and expenses of the Master Portfolio and the Fund, as applicable, and the investment performance of the Fund as compared with a peer group of funds as determined by Lipper (collectively, “Peers”); (b) information on the profitability of the Agreements to BlackRock and a discussion of fall-out benefits to BlackRock and its affiliates and significant shareholders; (c) a general analysis provided by BlackRock concerning investment advisory fees charged to other clients, such as institutional clients and closed-end funds, under similar investment mandates, as well as the performance of such other clients, as applicable; (d) the impact of economies of scale; (e) a summary of aggregate amounts paid by the Master Portfolio and/or the Fund to BlackRock; (f) sales and redemption

44 BLACKROCK SMALL CAP INDEX FUND JUNE 30, 2010

Disclosure of Investment Advisory Agreement and Sub-Advisory Agreement (continued)

data regarding the Fund’s shares; and (g) if applicable, a comparison of management fees to similar BlackRock open-end funds, as classified by Lipper.

At an in-person meeting held on April 20, 2010, the Board reviewed materials relating to its consideration of the Agreements. As a result of the discussions that occurred during the April 20, 2010 meeting, the Board presented BlackRock with questions and requests for additional information and BlackRock responded to these requests with additional written information in advance of the May 18 – 19, 2010 Board meeting.

At an in-person meeting held on May 18 – 19, 2010, the Board of the Master LLC, including the Independent Board Members, unanimously approved the continuation of the Advisory Agreement between the Manager and the Master LLC with respect to the Master Portfolio and the Sub-Advisory Agreement between the Manager and the Sub-Advisor with respect to the Master Portfolio, each for a one-year term ending June 30, 2011. The Board of the Corporation, including the Independent Board Members, also considered the continuation of the Agreements and found the Agreements to be satisfactory. In approving the continuation of the Agreements, the Board considered: (a) the nature, extent and quality of the services provided by BlackRock; (b) the investment performance of the Master Portfolio, the Fund and BlackRock; (c) the advisory fee and the cost of the services and profits to be realized by BlackRock and its affiliates from their relationship with the Master Portfolio and the Fund; (d) economies of scale; and (e) other factors deemed relevant by the Board Members.

The Board also considered other matters it deemed important to the approval process, such as payments made to BlackRock or its affiliates relating to the distribution of Fund shares, services related to the valuation and pricing of portfolio holdings of the Master Portfolio, direct and indirect benefits to BlackRock and its affiliates and significant shareholders from their relationship with the Master Portfolio and the Fund and advice from independent legal counsel with respect to the review process and materials submitted for the Board’s review. The Board noted the willingness of BlackRock personnel to engage in open, candid discussions with the Board. The Board did not identify any particular information as controlling, and each Board Member may have attributed different weights to the various items considered.

A. Nature, Extent and Quality of the Services Provided by BlackRock: The Board, including the Independent Board Members, reviewed the nature, extent and quality of services provided by BlackRock, including the investment advisory services and the resulting performance of the Fund. Throughout the year, the Board compared the Fund’s performance to the performance of a comparable group of mutual funds, and the performance of a relevant benchmark, if any. The Board met with BlackRock’s senior management personnel responsible for investment operations, including the senior investment officers. The Board also reviewed the materials provided by the portfolio management team discussing performance and the investment objective, strategies and outlook.

The Board considered, among other factors, the number, education and experience of BlackRock’s investment personnel generally and the Master Portfolio’s portfolio management team, investments by portfolio managers in the funds they manage, BlackRock’s portfolio trading capabilities, BlackRock’s use of technology, BlackRock’s commitment to compliance and BlackRock’s approach to training and retaining portfolio managers and other research, advisory and management personnel. The Board also reviewed a general description of BlackRock’s compensation structure with respect to the Master Portfolio’s portfolio management team and BlackRock’s ability to attract and retain high-quality talent.

In addition to advisory services, the Board considered the quality of the administrative and non-investment advisory services provided to the Master Portfolio and the Fund. BlackRock and its affiliates and significant shareholders provide the Master Portfolio and the Fund with certain administrative, transfer agency, shareholder and other services (in addition to any such services provided to the Master Portfolio and the Fund by third parties) and officers and other personnel as are necessary for the operations of the Master Portfolio and the Fund. In addition to investment advisory services, BlackRock and its affiliates provide the Master Portfolio and the Fund with other services, including: (i) preparing disclosure documents, such as the prospectus, the statement of additional information and periodic shareholder reports; (ii) assisting with daily accounting and pricing; (iii) overseeing and coordinating the activities of other service providers; (iv) organizing Board meetings and preparing the materials for such Board meetings; (v) providing legal and compliance support; and (vi) performing other administrative functions necessary for the operation of the Master Portfolio and the Fund, such as tax reporting, fulfilling regulatory filing requirements, and call center services. The Board reviewed the structure and duties of BlackRock’s fund administration, accounting, legal and compliance departments and considered BlackRock’s policies and procedures for assuring compliance with applicable laws and regulations.

B. The Investment Performance of the Master Portfolio, the Fund and BlackRock: The Board, including the Independent Board Members, also reviewed and considered the performance history of the Master Portfolio and the Fund, as applicable. The Board noted that the Master Portfolio’s investment results correspond directly to the investment results of the Fund. In preparation for the April 20, 2010 meeting, the Board was provided with reports, independently prepared by Lipper, which included a comprehensive analysis of the Fund’s performance. The Board also reviewed a narrative and statistical analysis of the Lipper data that was prepared by BlackRock, which analyzed various factors that affect Lipper’s rankings. In connection with its review, the Board received and reviewed information regarding the investment performance of the Fund as compared to a representative group of similar funds as determined by Lipper and to all funds in the Fund’s applicable Lipper category. The Board was

BLACKROCK SMALL CAP INDEX FUND JUNE 30, 2010 45

Disclosure of Investment Advisory Agreement and Sub-Advisory Agreement (continued)

provided with a description of the methodology used by Lipper to select peer funds. The Board regularly reviews the performance of the Master Portfolio and the Fund, as applicable, throughout the year. The Board attaches more importance to performance over relatively long periods of time, typically three to five years.

The Board noted that the Fund performed below the median of its Lipper Performance Universe in each of the one-, three- and five-year periods reported. The Board and BlackRock reviewed the reasons for the Fund’s underperformance during these periods compared with its Peers. The Board was informed that, among other things, over the one-, three- and five-year periods, the Fund met its objective of matching the risk and return of the Russell 2000 Index prior to fees and expenses.

The Board and BlackRock discussed BlackRock’s strategy for improving the Fund’s performance and BlackRock’s commitment to providing the resources necessary to assist the Master Portfolio’s portfolio managers and to improve the Fund’s performance.

C. Consideration of the Advisory Fees and the Cost of the Services and Profits to be Realized by BlackRock and its Affiliates from their Relationship with the Master Portfolio and the Fund: The Board, including the Independent Board Members, reviewed the Master Portfolio’s contractual advisory fee rate compared with the other funds in the Fund’s Lipper category. It also compared the Fund’s total expenses, as well as actual management fees, to those of other funds in its Lipper category. The Board considered the services provided and the fees charged by BlackRock to other types of clients with similar investment mandates, including separately managed institutional accounts.

The Board received and reviewed statements relating to BlackRock’s financial condition and profitability with respect to the services it provided the Master Portfolio and the Fund. The Board was also provided with a profitability analysis that detailed the revenues earned and the expenses incurred by BlackRock for services provided to the Master Portfolio and the Fund. The Board reviewed BlackRock’s profitability with respect to the Master Portfolio and the Fund, as applicable, and other funds the Board currently oversees for the year ended December 31, 2009 compared to available aggregate profitability data provided for the year ended December 31, 2008. The Board reviewed BlackRock’s profitability with respect to other fund complexes managed by the Manager and/or its affiliates. The Board reviewed BlackRock’s assumptions and methodology of allocating expenses in the profitability analysis, noting the inherent limitations in allocating costs among various advisory products. The Board recognized that profitability may be affected by numerous factors including, among other things, fee waivers and expense reimbursements by the Manager, the types of funds managed, expense allocations and business mix, and the difficulty of comparing profitability as a result of those factors.

The Board noted that, in general, individual fund or product line profitability of other advisors is not publicly available. Nevertheless, to the extent such information was available, the Board considered BlackRock’s operating margin, in general, compared to the operating margin for leading investment management firms whose operations include advising open-end funds, among other product types. That data indicates that operating margins for BlackRock with respect to its registered funds are generally consistent with margins earned by similarly situated publicly traded competitors. In addition, the Board considered, among other things, certain third party data comparing BlackRock’s operating margin with that of other publicly traded asset management firms. That third party data indicates that larger asset bases do not, in themselves, translate to higher profit margins.

In addition, the Board considered the cost of the services provided to the Master Portfolio and the Fund by BlackRock, and BlackRock’s and its affiliates’ profits relating to the management and distribution of the Master Portfolio and the Fund and the other funds advised by BlackRock and its affiliates. As part of its analysis, the Board reviewed BlackRock’s methodology in allocating its costs to the management of the Master Portfolio and the Fund. The Board also considered whether BlackRock has the financial resources necessary to attract and retain high-quality investment management personnel to perform its obligations under the Agreements and to continue to provide the high quality of services that is expected by the Board.

The Board noted that the Fund’s contractual advisory fee rate was lower than or equal to the median contractual advisory fee rate paid by the Fund’s Peers, in each case before taking into account any expense reimbursements or fee waivers. The Board also noted that BlackRock has contractually agreed to waive fees and/or reimburse expenses so that the advisory fee of the Master Portfolio, when combined with the administration fee of the Fund, will not exceed a specified amount. Additionally, the Board noted that BlackRock has contractually agreed to waive fees and/or reimburse expenses in order to limit, to a specified amount, the Master Portfolio’s total operating expenses as a percentage of the Master Portfolio’s average daily net assets and has voluntarily agreed to waive fees and/or reimburse expenses to limit the Fund’s total operating expenses as a percentage of the Fund’s average daily net assets on a class-by-class basis, as applicable.

D. Economies of Scale: The Board, including the Independent Board Members, considered the extent to which economies of scale might be realized as the assets of the Master Portfolio and the Fund increase. The Board also considered the extent to which the Master Portfolio and the Fund benefit from such economies and whether there should be changes in the advisory fee rate or structure in order to enable the Master Portfolio and the Fund to participate in these economies of scale, for example through the use of breakpoints in the advisory fee based upon the asset level of the Master Portfolio.

46 BLACKROCK SMALL CAP INDEX FUND JUNE 30, 2010

Disclosure of Investment Advisory Agreement and Sub-Advisory Agreement (concluded)

E. Other Factors Deemed Relevant by the Board Members: The Board, including the Independent Board Members, also took into account other ancillary or “fall-out” benefits that BlackRock or its affiliates and significant shareholders may derive from their respective relationships with the Master Portfolio and the Fund, both tangible and intangible, such as BlackRock’s ability to leverage its investment professionals who manage other portfolios, an increase in BlackRock’s profile in the investment advisory community, and the engagement of BlackRock’s affiliates and significant shareholders as service providers to the Master Portfolio and the Fund, including for administrative, transfer agency and distribution services. The Board also considered BlackRock’s overall operations and its efforts to expand the scale of, and improve the quality of, its operations. The Board also noted that BlackRock may use and benefit from third party research obtained by soft dollars generated by certain mutual fund transactions to assist in managing all or a number of its other client accounts. The Board further noted that BlackRock completed the acquisition of a complex of exchange-traded funds (“ETFs”) on December 1, 2009, and that BlackRock’s funds may invest in such ETFs without any offset against the management fees payable by the funds to BlackRock.

In connection with its consideration of the Agreements, the Board also received information regarding BlackRock’s brokerage and soft dollar practices. The Board received reports from BlackRock which included information on brokerage commissions and trade execution practices throughout the year.

The Board noted the competitive nature of the open-end fund marketplace, and that shareholders are able to redeem their Fund shares if they believe that the Fund’s fees and expenses are too high or if they are dissatisfied with the performance of the Fund.

Conclusion

The Board of the Master LLC, including the Independent Board Members, unanimously approved the continuation of the Advisory Agreement between the Manager and the Master LLC, with respect to the Master Portfolio, for a one-year term ending June 30, 2011 and the Sub-Advisory Agreement between the Manager and the Sub-Advisor, with respect to the Master Portfolio, for a one-year term ending June 30, 2011. As part of its approval, the Board of the Master LLC considered the detailed review of BlackRock’s fee structure, as it applies to the Master LLC, being conducted by the ad hoc Joint Product Pricing Committee. Based upon its evaluation of all of the aforementioned factors in their totality, the Board of the Master LLC, including the Independent Board Members, was satisfied that the terms of the Agreements were fair and reasonable and in the best interest of the Master Portfolio and its shareholders. The Board of the Corporation, including the Independent Board Members, also considered the continuation of the Agreements with respect to the Master Portfolio and found the Agreements to be satisfactory. In arriving at a decision to approve the Agreements, the Board of the Master LLC did not identify any single factor or group of factors as all-important or controlling, but considered all factors together, and different Board Members may have attributed different weights to the various factors considered. The Independent Board Members were also assisted by the advice of independent legal counsel in making this determination. The contractual fee arrangements for the Master Portfolio reflect the results of several years of review by the Board Members and predecessor Board Members, and discussions between such Board Members (and predecessor Board Members) and BlackRock. Certain aspects of the arrangements may be the subject of more attention in some years than in others, and the Board Members’ conclusions may be based in part on their consideration of these arrangements in prior years.

BLACKROCK SMALL CAP INDEX FUND JUNE 30, 2010 47

Officers and Directors

Ronald W. Forbes, Co-Chairman of the Board and Director

Rodney D. Johnson, Co-Chairman of the Board and Director

David O. Beim, Director

Richard S. Davis, Director

Henry Gabbay, Director

Dr. Matina Horner, Director

Herbert I. London, Director and Member of the Audit Committee

Cynthia A. Montgomery, Director

Joseph P. Platt, Jr., Director

Robert C. Robb, Jr., Director

Toby Rosenblatt, Director

Kenneth L. Urish, Chairman of the Audit Committee and Director

Frederick W. Winter, Director and Member of the Audit Committee

Anne Ackerley, Fund/Master LLC President and Chief Executive Officer

Jeffrey Holland, Vice President

Brendan Kyne, Vice President

Brian Schmidt, Vice President

Neal Andrews, Chief Financial Officer

Jay Fife, Treasurer

Brian Kindelan, Chief Compliance Officer of the Fund/Master LLC

Howard Surloff, Secretary

Investment Advisor

BlackRock Advisors, LLC

Wilmington, DE 19809

Sub-Advisor

BlackRock Investment Management, LLC

Plainsboro, NJ 08536

Custodian

State Street Bank and Trust Company

North Quincy, MA 02171

Transfer Agent

BNY Mellon Investment Servicing (US) 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 Austin LLP

New York, NY 10019

Independent Registered Public Accounting Firm

Deloitte & Touche LLP

Princeton, NJ 08540

Address of the Fund

100 Bellevue Parkway

Wilmington, DE 19809

48 BLACKROCK SMALL CAP INDEX FUND JUNE 30, 2010

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)	Select “eDelilvery” under the “More Information” section
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 is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call (800) 441-7762.

Availability of Quarterly Portfolio Schedule of Investments

The Fund/Series file their complete schedule of portfolio holdings with the Securities and Exchange Commission (the “SEC”) for the first and third quarters of each 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 (800) SEC-0330. The Fund’s/Series’ Forms N-Q may also be obtained upon request and without charge by calling (800) 441-7762.

Availability of Proxy Voting Policies and Procedures

A description of the policies and procedures that the 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 http://www.blackrock.com; and (3) on the SEC’s 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 http://www.blackrock.com or by calling (800) 441-7762 and (2) on the SEC’s website at http://www.sec.gov.

BLACKROCK SMALL CAP INDEX FUND JUNE 30, 2010 49

Additional Information (concluded)

Shareholder Privileges

Account Information

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

Automatic Investment Plans

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

Systematic Withdrawal Plans

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

Retirement Plans

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

BlackRock Privacy Principles

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

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

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

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

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

50 BLACKROCK SMALL CAP INDEX FUND JUNE 30, 2010

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 Balanced Capital Fund†

BlackRock Basic Value Fund

BlackRock Capital Appreciation Fund

BlackRock Energy & Resources Portfolio

BlackRock Equity Dividend Fund

BlackRock EuroFund

BlackRock Focus Growth Fund

BlackRock Focus Value 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

BlackRock World Gold Fund

Fixed Income Funds

BlackRock Bond Portfolio

BlackRock Emerging Market Debt Portfolio

BlackRock Floating Rate Income Portfolio

BlackRock GNMA Portfolio

BlackRock Government Income Portfolio

BlackRock High Income Fund

BlackRock High Yield Bond Portfolio

BlackRock Income Portfolio†

BlackRock Income Builder Portfolio†

BlackRock Inflation Protected Bond Portfolio

BlackRock Intermediate Government Bond Portfolio

BlackRock International Bond Portfolio

BlackRock Long Duration Bond Portfolio

BlackRock Low Duration Bond Portfolio

BlackRock Managed Income Portfolio

BlackRock Multi-Sector Bond Portfolio

BlackRock Short-Term Bond Fund

BlackRock Strategic Income Opportunities 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

2010

2015

2020

2025

2030

2035

2040

2045

2050

BlackRock LifePath Portfolios
Retirement

2020

2025

2030

2035

2040

2045

2050

2055

*	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.

BLACKROCK SMALL CAP INDEX FUND JUNE 30, 2010 51

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 3-06/10

Item 2 –	Code of Ethics – Not Applicable to this semi-annual report
Item 3 –	Audit Committee Financial Expert – Not Applicable to this semi-annual report
Item 4 –	Principal Accountant Fees and Services – Not Applicable to this semi-annual report
Item 5 –	Audit Committee of Listed Registrants – Not Applicable
Item 6 –	Investments
	(a) The registrant’s Schedule of Investments is included as part of the Report to Stockholders filed under Item 1 of this form.
	(b) Not Applicable due to no such divestments during the semi-annual period covered since the previous Form N-CSR filing.
Item 7 –	Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies – Not Applicable
Item 8 –	Portfolio Managers of Closed-End Management Investment Companies – Not Applicable
Item 9 –	Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers – Not Applicable
Item 10 –	Submission of Matters to a Vote of Security Holders – 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 that 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 – Not Applicable to this semi-annual report
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 Index Funds, Inc. and Quantitative Master Series LLC
By:	/s/ Anne F. Ackerley
	Anne F. Ackerley
	Chief Executive Officer of
	BlackRock Index Funds, Inc. and Quantitative Master Series LLC
Date: September 2, 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 Index Funds, Inc. and Quantitative Master Series LLC
Date: September 2, 2010
By:	/s/ Neal J. Andrews
	Neal J. Andrews
	Chief Financial Officer (principal financial officer) of
	BlackRock Index Funds, Inc. and Quantitative Master Series LLC
Date: September 2, 2010