UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

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

Name of Fund:	BlackRock 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: John M. Perlowski, Chief Executive Officer, BlackRock Index Funds, Inc. and Quantitative Master Series LLC, 40 East 52^nd Street, New York, NY 10022

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

Date of fiscal year end: 12/31/2010

Date of reporting period: 12/31/2010

Item 1 – Report to Stockholders

December 31, 2010

Annual Report

BlackRock International Index Fund | of BlackRock Index Funds, Inc.

Not FDIC Insured § No Bank Guarantee § May Lose Value

Table of Contents

	Page
Dear Shareholder	3
Annual Report:
Fund Summary	4
About Fund Performance	6
Disclosure of Expenses	6
Fund Financial Statements:
Statement of Assets and Liabilities	7
Statement of Operations	8
Statements of Changes in Net Assets	9
Fund Financial Highlights	10
Fund Notes to Financial Statements	11
Fund Report of Independent Registered Public Accounting Firm	14
Important Tax Information (Unaudited)	14
Series Portfolio Information	15
Series Financial Statements:
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
Series Report of Independent Registered Public Accounting Firm	35
Officers and Directors	36
Additional Information	39
Mutual Fund Family	42

2 BLACKROCK INTERNATIONAL INDEX FUND DECEMBER 31, 2010

Dear Shareholder

Economic data fluctuated widely throughout 2010 as the global economy continued to emerge from the “Great Recession.” As the year drew to a close, it became clear that cyclical stimulus had beaten out structural problems as economic data releases generally became more positive and financial markets showed signs of continuing improvement.

Debt and deflationary risks remained present throughout 2010, causing central banks worldwide to respond with unprecedented actions, most notably a second round of quantitative easing (informally known as “QE2”) from the US Federal Reserve Board (the “Fed”). Inflation remained a non-issue in the developed world, but continued to rear its ugly head in some emerging economies, most evidently in China. Global and US gross domestic product (“GDP”) growth both continued in a positive direction but remained subpar compared to most historical economic recoveries. In the United States, the corporate sector has been an important area of strength and consumer spending has shown improvement, although weakness in the housing and labor markets continues to burden the economy.

Stocks moved higher in the early months of 2010 on the continuation of the 2009 asset recovery story. The mid-year months saw a double-digit percentage correction on the back of the Greek sovereign debt crisis and a stalling in jobs growth, leading to fears of a double-dip recession. After touching a late summer low, equity markets rallied through year end as these concerns receded. The announcement of QE2 and extension of the Bush-era tax cuts further boosted equities as the year came to a close. Although the course was uneven and high volatility remained a constant for stocks, equity markets globally ended the year strong. Emerging markets outpaced the developed world in terms of economic growth and posted respectable gains for the year despite sovereign debt problems and heightening inflationary pressures. US stocks recorded double-digit percentage gains for the second consecutive year. Small cap stocks outperformed large caps as investors began to move into higher-risk assets.

In fixed income markets, yields trended lower over most of the year as investors continued to favor safer assets. That trend reversed abruptly in the fourth quarter when market fears abated and investors began seeking higher-risk assets, driving yields sharply upward through year end. However, yields were lower overall for the year and fixed income markets finished 2010 in positive territory. Although fixed income securities generally underperformed equities, high yield bonds only marginally trailed large cap stocks. Conversely, the tax-exempt municipal market was dealt an additional blow as it became apparent that an extension of the Build America Bond program was unlikely. In addition, the fourth quarter brought an increase in negative headlines regarding fiscal challenges faced by state and local governments, sparking additional volatility in the municipal market.

Cash investments, as represented by the 3-month Treasury bill, returned only a fraction over 0% for the year as short-term interest rates remained low. Yields on money market securities remain near all-time lows.

Total Returns as of December 31, 2010	6-month		12-month
US large cap equities (S&P 500 Index)	23.27	%	15.06	%
US small cap equities (Russell 2000 Index)	29.38		26.85
International equities (MSCI Europe, Australasia, Far East Index)	24.18		7.75
3-month Treasury bill (BofA Merrill Lynch 3-Month Treasury Bill Index)	0.08		0.13
US Treasury securities (BofA Merrill Lynch 10-Year US Treasury Index)	(1.33	)	7.90
US investment grade bonds (Barclays Capital US Aggregate Bond Index)	1.15		6.54
Tax-exempt municipal bonds (Barclays Capital Municipal Bond Index)	(0.90	)	2.38
US high yield bonds (Barclays Capital US Corporate High Yield 2% Issuer Capped Index)	10.04		14.94

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

While no one can peer into a crystal ball and eliminate the uncertainties presented by the economic landscape and financial markets, BlackRock can offer investors the next best thing: partnership with the world’s largest asset management firm and a unique global perspective that allows us to identify trends early and capitalize on market opportunities. 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 December 31, 2010 BlackRock International Index Fund

Portfolio Management Commentary

	How did the Fund perform?
•	For the 12 months ended December 31, 2010, the BlackRock International Index Fund (the “Fund”), through its investment in Master International Index Series (the “Series”) of Quantitative Master Series LLC, underperformed the benchmark Morgan Stanley Capital International Europe, Australasia, Far East (MSCI EAFE) Index. The MSCI EAFE (Cap Weighted) 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.
•	Over the course of 2010, cyclical stimulus beat out structural problems and stocks continued the choppy advance they began in 2009. The early months of 2010 saw risk assets move higher on the continuation of the 2009 asset recovery story, aided by preliminary signs of improvement in the employment situation and strong corporate earnings reported for fourth quarter 2009 and first quarter 2010. The middle months of 2010 saw a double-digit percentage correction on the back of the Greek sovereign debt crisis and a stalling in jobs growth, leading to fears of a double-dip recession. Investors were also unnerved by the May “flash crash” and the uncertainty surrounding the financial reform bill in the United States. Nevertheless, after touching a late summer low, equity markets experienced a strong finish to the year as double-dip fears receded, jobs growth resumed and the US midterm elections results were perceived to be capital markets friendly. Additionally, in the United States, Federal Reserve Chairman Ben Bernanke delivered his famous Jackson Hole speech, leading to a second round of quantitative easing measures (informally known as “QE2”) and, perhaps most importantly, the Bush-era tax cuts were extended.
•	International equities, as represented by the MSCI EAFE Index, gained 7.75% for the year. Among developed markets, Sweden posted the largest annual gain (+33.8%), followed by Denmark (+30.7%), Hong Kong (+23.2%) and Singapore (+22.1%), while Greece experienced the most significant loss (-44.9%), followed by Spain (-22.0%) and Ireland (-18.1%). Emerging markets outpaced the developed world in terms of economic growth and posted respectable gains despite sovereign debt problems in emerging Europe and heightening inflationary pressure in China. The MSCI Emerging Markets Index advanced 18.88% for the year. Standout performers were Thailand (+55.7%), Peru (+53.3%), Chile (+44.2%) and Colombia (+43.4%). On a sector basis, cyclicals outpaced the more defensive sectors as the global economy expanded over the year. Industrials was the leading sector in the MSCI EAFE Index with a gain of 20.4%, followed by consumer discretionary (+19.7%) and materials (+17.7%), while the utilities and financials sectors lost 4.9% and 1.6%, respectively.
	Describe recent portfolio activity.
•	During the 12-month period, as changes were made to the composition of the MSCI EAFE Index, the Series purchased and sold securities to maintain its objective of replicating the risks and return of the benchmark.
	Describe portfolio positioning at period end.
•	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 Series’ 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 investments 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 an investment that it might otherwise sell. The Series’ investments in these instruments are discussed in detail in the Series’ Notes to Financial Statements.

4 BLACKROCK INTERNATIONAL INDEX FUND DECEMBER 31, 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 index is a free-float adjusted, market capitalization-weighted index designed to measure equity performance of developed markets, excluding the United States and Canada.

Performance Summary for the Period Ended December 31, 2010

	6-Month Total Returns		Average Annual Total Returns4
			1 Year		5 Years		10 Years
Institutional	24.91	%	7.26	%	2.03	%	3.03	%
Investor A	24.88		7.02		1.78		2.76
MSCI EAFE (Cap Weighted) Index	24.18		7.75		2.46		3.50

⁴ Average annual total returns reflect reductions for service fees. See “About Fund Performance” on for a detailed description of share classes, including any related fees. Past performance is not indicative of future results.

BLACKROCK INTERNATIONAL INDEX FUND DECEMBER 31, 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 waived and/or reimbursed a portion of the Fund’s fee. Without such waiver and/or 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 fees including 12b-1 fees and other Fund expenses. The expense example shown below (which is based on a hypothetical investment of $1,000 invested on July 1, 2010 and held through December 31, 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 July 1, 2010		Ending Account Value December 31, 2010		Expenses Paid During the Period1		Beginning Account Value July 1, 2010		Ending Account Value December 31, 2010		Expenses Paid During the Period1		Annualized Expense Ratio
Institutional	$	1,000.00	$	1,249.10	$	2.27	$	1,000.00	$	1,023.18	$	2.04		0.40	%
Investor A	$	1,000.00	$	1,248.80	$	3.74	$	1,000.00	$	1,021.87	$	3.36		0.66	%

1	Expenses are equal to the expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period shown).
2	Hypothetical 5% return before expenses is calculated by pro rating the number of days in the most recent fiscal half year divided by 365.

6 BLACKROCK INTERNATIONAL INDEX FUND DECEMBER 31, 2010

Statement of Assets and Liabilities BlackRock International Index Fund

December 31, 2010
Assets
Investments at value — Master International Index Series (the “Series”) (cost — $261,127,305)	$	275,257,980
Capital shares sold receivable		359,997
Prepaid expenses		12,340
Total assets		275,630,317
Liabilities
Capital shares redeemed payable		331,738
Service fees payable		34,120
Contributions payable to the Series		28,259
Administration fees payable		25,404
Other affiliates payable		952
Officer’s fees payable		60
Other accrued expenses payable		31,379
Total liabilities		451,912
Net Assets	$	275,178,405
Net Assets Consist of
Paid-in capital	$	284,347,242
Distributions in excess of net investment income		(652,102	)
Accumulated net realized loss allocated from the Series		(22,647,410	)
Net unrealized appreciation/depreciation allocated from the Series		14,130,675
Net Assets	$	275,178,405
Net Asset Value
Institutional — Based on net assets of $112,145,040 and 9,817,222 shares outstanding, 125 million shares authorized, $0.0001 par value	$	11.42
Investor A — Based on net assets of $163,033,365 and 14,354,365 shares outstanding, 125 million shares authorized, $0.0001 par value	$	11.36

See Notes to Financial Statements.

BLACKROCK INTERNATIONAL INDEX FUND DECEMBER 31, 2010 7

Statement of Operations BlackRock International Index Fund

Year Ended December 31, 2010
Investment Income
Net investment income allocated from the Series:
Dividends — unaffiliated	$	8,099,162
Foreign taxes withheld		(711,434	)
Dividends — affiliated		2,094
Expenses		(256,759	)
Total income		7,133,063
Expenses
Administration		722,117
Service — Investor A		394,375
Transfer agent — Institutional		45,320
Transfer agent — Investor A		92,351
Printing		64,064
Registration		35,818
Professional		20,827
Officer		119
Miscellaneous		6,512
Total expenses		1,381,503
Less fees waived by administrator		(17,711	)
Less transfer agent fees waived and/or reimbursed — class specific		(12,598	)
Total expenses after fees waived and/or reimbursed		1,351,194
Net investment income		5,781,869
Realized and Unrealized Gain (Loss) Allocated from the Series
Net realized loss from investments, financial futures contracts and foreign currency transactions		(492,726	)
Net change in unrealized appreciation/depreciation on investments, financial futures contracts and foreign currency transactions		18,315,616
Total realized and unrealized gain		17,822,890
Net Increase in Net Assets Resulting from Operations	$	23,604,759

See Notes to Financial Statements.
8	BLACKROCK INTERNATIONAL INDEX FUND	DECEMBER 31, 2010

Statements of Changes in Net Assets BlackRock International Index Fund

	Year Ended December 31,
Increase (Decrease) in Net Assets:	2010			2009
Operations
Net investment income	$	5,781,869		$	4,934,517
Net realized gain (loss)		(492,726	)		14,623,210
Net change in unrealized appreciation/depreciation		18,315,616			31,049,900
Net increase in net assets resulting from operations		23,604,759			50,607,627
Dividends to Shareholders From
Net investment income:
Institutional		(3,316,785	)		(2,060,309	)
Investor A		(4,386,720	)		(3,415,709	)
Decrease in net assets resulting from dividends to shareholders		(7,703,505	)		(5,476,018	)
Capital Share Transactions
Net increase (decrease) in net assets derived from capital share transactions		8,421,610			(21,041,425	)
Redemption Fee
Redemption fee		3,026			1,294
Net Assets
Total increase in net assets		24,325,890			24,091,478
Beginning of year		250,852,515			226,761,037
End of year	$	275,178,405		$	250,852,515
Undistributed (distributions in excess of) net investment income	$	(652,102	)	$	1,120,122

See Notes to Financial Statements.

BLACKROCK INTERNATIONAL INDEX FUND DECEMBER 31, 2010 9

Financial Highlights BlackRock International Index Fund

	Institutional															Investor A
	Year Ended December 31,															Year Ended December 31,
	2010			2009			2008			2007			2006			2010			2009			2008			2007			2006
Per Share Operating Performance
Net asset value, beginning of year	$	10.97		$	8.75		$	15.73		$	15.14		$	12.47		$	10.91		$	8.71		$	15.65		$	15.07		$	12.41
Net investment income1		0.25			0.23			0.40			0.39			0.32			0.23			0.21			0.36			0.34			0.29
Net realized and unrealized gain (loss)2		0.53			2.25			(7.03	)		1.16			2.92			0.52			2.23			(6.98	)		1.16			2.91
Net increase (decrease) from investment operations		0.78			2.48			(6.63	)		1.55			3.24			0.75			2.44			(6.62	)		1.50			3.20
Dividends and distributions from:
Net investment income		(0.33	)		(0.26	)		(0.31	)		(0.47	)		(0.37	)		(0.30	)		(0.24	)		(0.28	)		(0.43	)		(0.34	)
Net realized gain		—			—			(0.04	)		(0.49	)		(0.20	)		—			—			(0.04	)		(0.49	)		(0.20	)
Total dividends and distributions		(0.33	)		(0.26	)		(0.35	)		(0.96	)		(0.57	)		(0.30	)		(0.24	)		(0.32	)		(0.92	)		(0.54	)
Net asset value, end of year	$	11.42		$	10.97		$	8.75		$	15.73		$	15.14		$	11.36		$	10.91		$	8.71		$	15.65		$	15.07
Total Investment Return3
Based on net asset value		7.26	%		28.38	%		(42.24	)%		10.28	%		26.09	%		7.02	%		28.00	%		(42.41	)%		9.98	%		25.85	%
Ratios to Average Net Assets4
Total expenses		0.47	%		0.54	%		0.54	%		0.54	%		0.52	%		0.74	%		0.79	%		0.79	%		0.79	%		0.78	%
Total expenses after fees waived and/or reimbursed		0.46	%		0.54	%		0.54	%		0.54	%		0.47	%		0.73	%		0.79	%		0.79	%		0.79	%		0.72	%
Net investment income		2.35	%		2.43	%		3.11	%		2.37	%		2.31	%		2.16	%		2.27	%		2.83	%		2.11	%		2.11	%
Supplemental Data
Net assets, end of year (000)	$	112,145		$	89,889		$	90,688		$	158,740		$	133,267		$	163,033		$	160,964		$	136,073		$	214,422		$	197,524
Portfolio turnover of the Series		8	%		30	%		30	%		30	%		23	%		8	%		30	%		30	%		30	%		23	%

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

See Notes to Financial Statements.

10 BLACKROCK INTERNATIONAL INDEX FUND DECEMBER 31, 2010

Notes to Financial Statements BlackRock International Index Fund

1. Organization and Significant Accounting Policies:

BlackRock International Index Fund (the “Fund”), a series of BlackRock Index Funds, Inc. (the “Corporation”), is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as a non-diversified, open-end management investment company. The Corporation is organized as a Maryland corporation. The Fund seeks to achieve its investment objective by investing all of its assets in Master International Index Series (the “Series”) of Quantitative Master Series LLC (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 December 31, 2010 was 29.8%. 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. The Fund’s Institutional and Investor A Shares are generally sold without 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 fair values 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. For financial reporting purposes, contributions to and withdrawals from the Series are accounted on a trade date basis. The Fund records daily its proportionate share of the Series’ income, expenses and realized and unrealized gains and losses. In addition, the Fund accrues its own expenses. Income and realized and unrealized gains and losses are allocated daily to each class based on its relative net assets.

Dividends and Distributions: Dividends and distributions paid by the Fund are recorded on the ex-dividend dates. 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, 2010. The statutes of limitations on the Fund’s state and local tax returns may remain open for an additional year depending upon the jurisdiction. Management does not believe there are any 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.

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 investment advisory fee or an investment management fee.

Effective December 1, 2010, the Administrator contractually agreed to waive and/or reimburse fees or expenses, excluding interest expense, dividend expense, acquired fund fees and expenses and certain other fund expenses in order to limit expenses. The Administrator has agreed not to reduce or discontinue this contractual waiver or reimbursement prior to May 1, 2012 unless approved by the Series’ Board of Directors (the “Board”), including a majority of the non-interested Directors. These amounts are shown as fees waived by administrator and transfer agent fees waived and/or reimbursed — class specific, respectively, in the Statement of Operations. The current expense limitation as a percentage of average daily net assets is 0.35% for Institutional and 0.60% for Investor A. Prior to December 1, 2010, the Administrator had voluntarily agreed to waive

BLACKROCK INTERNATIONAL INDEX FUND DECEMBER 31, 2010 11

Notes to Financial Statements (continued) BlackRock International Index Fund

and/or reimburse annual operating expenses incurred by the Fund which exceeded 0.65% for Institutional Shares and 0.90% for Investor A Shares. For the year ended December 31, 2010, the amounts shown as transfer agent fees waived and/or reimbursed — class specific were as follows:

Institutional	$	4,790
Investor A	$	7,808

In addition, the Administrator waived $17,711, which 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 and Service Plan with BlackRock Investments, LLC (“BRIL”), an affiliate of BlackRock. Pursuant to the Distribution and Service Plan and in accordance with Rule 12b-1 under the 1940 Act, the Fund pays BRIL ongoing service 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 services to the Fund. The ongoing service fee compensates BRIL and each broker-dealer for providing shareholder services to Investor A shareholders.

BNY Mellon Investment Servicing (US) Inc. (formerly PNC Global Investment Servicing (U.S.) Inc. (“PNCGIS”)), serves as transfer agent and dividend disbursing agent. On July 1, 2010, the Bank of New York Mellon Corporation purchased PNCGIS, which prior to this date was an indirect, wholly owned subsidiary of PNC and an affiliate of the Administrator. 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. Pursuant to written agreements, certain financial intermediaries, some of which may be affiliates, provide the Fund with sub-accounting, recordkeeping, sub-transfer agency and other administrative services with respect to sub-accounts they service. For these services, these entities receive an annual fee per shareholder account, which will vary depending on share class. Prior to July 1, 2010, PNCGIS was an affiliate and earned $6,468 in transfer agent fees for the period from January 1, 2010 to June 30, 2010, which are included as a component of transfer agent — class specific in the Statement of Operations.

The Administrator maintains a call center, which is responsible for providing certain shareholder services to the Fund, such as responding to shareholder inquiries and processing transactions based upon instructions from shareholders with respect to the subscription and redemption of Fund shares. For the year ended December 31, 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:

	Call Center Fees
Institutional	$	399
Investor A	$	2,064

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 Fund’s Chief Compliance Officer.

3. Income Tax Information:

Reclassifications: US GAAP require that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or net asset values per share. The following permanent differences as of December 31, 2010 attributable to foreign currency transactions and the sale of stock of passive foreign investment companies were reclassified to the following accounts:

Distributions in excess of net investment income	$	149,412
Accumulated net realized loss allocated from Series	$	(149,412	)

The tax character of distributions paid during the fiscal years ended December 31, 2010 and December 31, 2009 was as follows:

	12/31/10		12/31/09
Distributions paid from:
Ordinary income	$	7,703,505	$	5,476,018

As of December 31, 2010 the tax components of accumulated net losses were as follows:

Undistributed ordinary income	$	546,126
Capital loss carryforwards		(10,866,927	)
Net unrealized gains*		1,151,964
Total	$	(9,168,837	)

* The differences between book-basis and tax-basis net unrealized gains were attributable primarily to the tax deferral of losses on wash sales, the realization for tax purposes of unrealized gains on investments in passive foreign investment companies, the realization for tax purposes of unrealized gains/losses on certain future contracts, the deferral of post-October capital losses for tax purposes, and other temporary differences.

As of December 31, 2010, the Fund had a capital loss carryforward available to offset future realized gains through the indicated expiration dates:

Expires December 31,
2016	$	4,270,741
2017		6,596,186
Total	$	10,866,927

12 BLACKROCK INTERNATIONAL INDEX FUND DECEMBER 31, 2010

Notes to Financial Statements (concluded) BlackRock International Index Fund

Under the recently enacted Regulated Investment Company Modernization Act of 2010, capital losses incurred by the Fund after December 31, 2010 will not be subject to expiration. In addition, such losses must be utilized prior to the losses incurred in the years preceding enactment.

4. Capital Share Transactions:

Transactions in capital shares for each class were as follows:

	Year Ended December 31, 2010						Year Ended December 31, 2009
	Shares			Amount			Shares			Amount
Institutional
Shares sold		4,757,714		$	48,155,053			3,126,704		$	28,967,135
Shares issued to shareholders in reinvestment of dividends		272,016			3,004,545			162,438			1,769,615
Total issued		5,029,730			51,159,598			3,289,142			30,736,750
Shares redeemed		(3,407,042	)		(37,070,076	)		(5,453,597	)		(45,691,682	)
Net increase (decrease)		1,622,688		$	14,089,522			(2,164,455	)	$	(14,954,932	)
Investor A
Shares sold		3,080,972		$	31,744,710			2,365,417		$	21,951,884
Shares issued to shareholders in reinvestment of dividends		395,583			4,329,347			310,951			3,361,868
Total issued		3,476,555			36,074,057			2,676,368			25,313,752
Shares redeemed		(3,876,688	)		(41,741,969	)		(3,543,706	)		(31,400,245	)
Net decrease		(400,133	)	$	(5,667,912	)		(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 has determined that there were no subsequent events requiring adjustment or additional disclosure in the financial statements.

BLACKROCK INTERNATIONAL INDEX FUND DECEMBER 31, 2010 13

Report of Independent Registered Public Accounting Firm BlackRock International Index Fund

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

We have audited the accompanying statement of assets and liabilities of BlackRock International Index Fund, one of the series constituting BlackRock Index Funds, Inc., (the “Fund”) as of December 31, 2010, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended. These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

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

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of BlackRock International Index Fund of BlackRock Index Funds, Inc. as of December 31, 2010, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

Deloitte & Touche LLP
Princeton, New Jersey
February 28, 2011

Important Tax Information (Unaudited)

The following information is provided with respect to the ordinary distributions paid by BlackRock International Index Fund of BlackRock Index Funds, Inc. during the fiscal year ended December 31, 2010.

	Payable Date		Percentage/ Per Share
Qualified Dividend Income for Individuals1,2		7/23/10		61.95	%
		12/17/10		100	%
Foreign Source Income2		7/23/10		43.07	%
		12/17/10		91.12	%
Foreign Taxes Paid Per Share3		7/23/10	$	0.003385
		12/17/10	$	0.027246

1	The Fund hereby designates the percentage indicated above or the maximum amount allowable by law.
2	Expressed as a percentage of the cash distribution grossed-up for foreign taxes.
3	The foreign taxes paid represent taxes incurred by the Fund on income received by the Fund from foreign sources. Foreign taxes paid may be included in taxable income with an offsetting deduction from gross income or may be taken as a credit for taxes paid to foreign governments. You should consult your tax advisor regarding the appropriate treatment of foreign taxes paid.

14 BLACKROCK INTERNATIONAL INDEX FUND DECEMBER 31, 2010

Portfolio Information Master International Index Series

As of December 31, 2010

Ten Largest Holdings	Percent of Long-Term Investments
Nestlé SA, Registered Shares	2	%
HSBC Holdings Plc	2
BHP Billiton Ltd.	1
BP Plc	1
Vodafone Group Plc	1
Novartis AG, Registered Shares	1
Royal Dutch Shell Plc	1
Total SA	1
Toyota Motor Corp.	1
Rio Tinto Plc, Registered Shares	1
Geographic Allocations	Percent of Long-Term Investments
Japan	22	%
United Kingdom	21
France	9
Australia	9
Germany	8
Switzerland	8
Spain	3
Sweden	3
Hong Kong	3
Netherlands	3
Italy	3
Singapore	2
Other1	6

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

BLACKROCK INTERNATIONAL INDEX FUND DECEMBER 31, 2010 15

Schedule of Investments December 31, 2010	Master International Index Series
	(Percentages shown are based on Net Assets)

Common Stocks	Shares		Value
Australia — 8.6%
AGL Energy Ltd.	36,852	$	574,488
AMP Ltd.	169,535		917,366
AXA Asia Pacific Holdings Ltd.	84,379		544,899
Alumina Ltd.	197,274		501,487
Amcor Ltd.	100,121		691,329
Asciano Group (a)	237,702		388,047
Australia & New Zealand Banking Group Ltd.	209,425		5,002,133
Australian Stock Exchange Ltd.	14,178		546,524
BGP Holdings Plc (a)	783,183		—
BHP Billiton Ltd.	274,798		12,778,392
Bendigo and Adelaide Bank Ltd.	29,862		304,111
Billabong International Ltd.	16,993		141,704
BlueScope Steel Ltd.	149,481		343,550
Boral Ltd.	57,533		284,608
Brambles Ltd.	116,064		845,421
CFS Retail Property Trust	173,084		311,462
CSL Ltd.	44,993		1,670,237
CSR Ltd.	121,841		209,299
Caltex Australia Ltd.	11,046		162,321
Coca-Cola Amatil Ltd.	46,125		512,902
Cochlear Ltd.	4,588		377,682
Commonwealth Bank of Australia Ltd.	126,733		6,585,102
Computershare Ltd.	36,181		398,787
Crown Ltd.	36,450		307,842
DB RREEF Trust	388,898		316,138
Fairfax Media Ltd.	171,024		245,237
Fortescue Metals Group Ltd. (a)	102,597		687,744
Foster’s Group Ltd.	158,076		918,941
General Property Trust	144,930		436,397
Goodman Fielder Ltd.	116,560		160,408
Goodman Group	521,205		346,384
Harvey Norman Holdings Ltd.	43,462		130,715
Incitec Pivot Ltd.	132,340		536,504
Insurance Australia Group Ltd.	170,369		676,636
Leighton Holdings Ltd.	10,946		345,004
Lend Lease Group	43,397		383,179
MacArthur Coal Ltd.	14,359		188,537
Macquarie Group Ltd.	28,257		1,069,260
Map Group	31,261		95,552
Metcash Ltd.	61,185		257,065
Mirvac Group	265,085		332,600
National Australia Bank Ltd.	174,226		4,226,987
Newcrest Mining Ltd.	62,551		2,594,523
OZ Mineral Ltd.	255,778		451,746
OneSteel Ltd.	107,501		284,787
Orica Ltd.	29,518		752,784
Origin Energy Ltd.	71,896		1,225,857
Paladin Resources Ltd. (a)	54,836		276,381
QBE Insurance Group Ltd.	85,035		1,579,190
QR National Ltd. (a)	139,757		393,094

Common Stocks	Shares		Value
Australia (concluded)
Qantas Airways Ltd. (a)	88,991	$	231,196
Ramsay Health Care Ltd.	10,748		195,769
Rio Tinto Ltd.	35,707		3,126,751
SP AusNet	112,442		100,035
Santos Ltd.	68,600		923,604
Sims Metal Management Ltd.	13,095		288,034
Sonic Healthcare Ltd.	29,853		354,878
Stockland	195,033		718,405
Suncorp Group Ltd.	104,322		918,690
Tabcorp Holdings Ltd.	55,212		401,465
Tatts Group Ltd.	102,272		270,056
Telstra Corp. Ltd.	356,354		1,016,648
Toll Holdings Ltd.	54,447		319,501
Transurban Group	105,377		553,214
Wesfarmers Ltd., Ordinary Shares	82,305		2,696,246
Wesfarmers Ltd., Partially Protected Shares	12,351		408,546
Westfield Group	179,392		1,757,196
Westfield Retail Trust (a)	179,392		471,548
Westpac Banking Corp.	244,595		5,556,680
Woodside Petroleum Ltd.	51,068		2,224,550
Woolworths Ltd.	100,744		2,782,028
WorleyParsons Ltd.	15,599		427,235
			79,053,618
Austria — 0.3%
Erste Bank der Oesterreichischen Sparkassen AG	15,540		733,441
IMMOFINANZ Immobilien Anlagen AG (a)	80,227		342,901
Immoeast AG NPV (a)	30,710		—
OMV AG	12,288		512,111
Raiffeisen International Bank Holding AG	3,999		220,285
Telekom Austria AG	27,364		385,694
Verbund — Oesterreichische Elektrizitaetswirtschafts AG	6,175		230,731
Vienna Insurance Group	3,349		174,551
Voestalpine AG	8,818		421,772
			3,021,486
Belgium — 0.9%
Anheuser-Busch InBev NV	59,259		3,386,011
Anheuser-Busch InBev NV VVPR Strip (a)	24,368		130
Bekaert SA	3,181		365,031
Belgacom SA	12,482		419,359
Colruyt SA	6,100		310,205
Delhaize Group	8,175		604,569
Dexia NV (a)	44,011		152,903
Fortis	183,167		418,648
Groupe Bruxelles Lambert SA	6,597		555,062
KBC Bancassurance Holding (a)	13,262		451,875
Mobistar SA	2,338		151,708
Nationale A Portefeuille	2,247		109,953

Portfolio Abbreviation

ADR American Depositary Receipts

See Notes to Financial Statements.

16 BLACKROCK INTERNATIONAL INDEX FUND DECEMBER 31, 2010

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

Common Stocks	Shares		Value
Belgium (concluded)
Solvay SA	4,872	$	519,493
UCB SA	8,119		278,791
Umicore SA	9,429		490,914
			8,214,652
Bermuda — 0.1%
SeaDrill Ltd.	22,670		773,346
China — 0.0%
Foxconn International Holdings Ltd. (a)	179,313		125,168
Denmark — 1.0%
A.P. Moller — Maersk A/S, Class A	45		396,447
A.P. Moller — Maersk A/S, Class B	108		977,794
Carlsberg A/S	8,753		878,587
Coloplast A/S, Class B	1,866		253,576
DSV A/S	17,009		377,037
Danske Bank A/S (a)	37,247		955,213
Novo-Nordisk A/S, Class B	34,255		3,859,324
Novozymes A/S, Class B	3,779		527,294
TrygVesta A/S	2,275		104,913
Vestas Wind Systems A/S (a)	17,032		539,408
William Demant Holding (a)	1,985		146,741
			9,016,334
Finland — 1.1%
Elisa Corp.	10,661		232,112
Fortum Oyj	36,243		1,093,214
Kesko Oyj, Class B	5,511		257,531
Kone Oyj, Class B	12,667		703,556
Metso Oyj	10,528		588,943
Neste Oil Oyj	10,756		171,989
Nokia Oyj	307,149		3,181,702
Nokian Renkaat Oyj	8,836		324,661
Orion Oyj	7,586		166,077
Outokumpu Oyj	10,321		191,318
Pohjola Bank Plc	11,663		139,922
Rautaruukki Oyj	7,372		173,106
Sampo Oyj	34,259		916,072
Sanoma Oyj	6,877		149,153
Stora Enso Oyj, Class R	47,872		492,656
UPM-Kymmene Oyj	42,587		754,977
Wartsila Oyj	6,476		493,498
			10,030,487
France — 8.9%
AXA SA	140,585		2,340,099
Accor SA	12,098		539,178
Aeroports de Paris	2,495		197,192
Air France-KLM (a)	11,270		205,730
Air Liquide	23,182		2,935,176
Alcatel SA (a)	189,255		553,670
Alstom	16,850		807,641
Atos Origin SA (a)	3,692		196,886
BNP Paribas SA	78,431		4,995,004
BioMerieux	1,006		99,280
Bouygues	18,786		810,777
Bureau Veritas SA	3,936		298,695
CNP Assurances	12,028		217,094
Cap Gemini SA	11,914		556,975

Common Stocks	Shares		Value
France (continued)
Carrefour SA	49,057	$	2,022,745
Casino Guichard Perrachon SA	4,524		441,426
Christian Dior SA	5,228		747,782
Cie de Saint-Gobain SA	32,575		1,677,794
Cie Générale d’Optique Essilor International SA	16,634		1,071,745
Compagnie Générale de Géophysique SA (a)	11,558		352,834
Compagnie Générale des Etablissements Michelin	14,233		1,021,726
Credit Agricole SA	78,606		999,533
Dassault Systèmes SA	4,808		362,961
EDP Renovaveis SA (a)	19,120		110,875
Edenred (a)	12,396		293,447
Eiffage	3,323		146,724
Electricité de France SA	21,047		864,350
Eramet	468		160,599
Eurazeo	2,412		178,976
European Aeronautic Defense and Space Co. (a)	33,345		778,107
Eutelsat Communications	8,009		293,316
Foncière Des Regions	2,189		211,858
France Telecom SA	152,160		3,184,079
GDF Suez	101,225		3,635,513
Gecina SA	1,623		178,679
Groupe Danone	47,796		3,005,276
Groupe Eurotunnel SA	39,103		344,116
Hermes International	864		181,166
ICADE	1,913		195,340
Iliad SA	1,331		144,833
Imerys SA	3,106		207,317
JC Decaux SA (a)	5,627		173,259
Klepierre	7,759		280,237
L’Oreal SA	19,601		2,179,470
LVMH Moët Hennessy Louis Vuitton SA	20,075		3,306,446
Lafarge SA	16,407		1,029,977
Lagardere S.C.A.	9,607		396,092
Legrand Promesses	12,920		527,007
M6-Metropole Television SA	5,646		136,775
Natixis (a)	71,265		333,361
Neopost SA	2,501		218,109
PagesJaunes Groupe SA	10,867		98,817
Pernod-Ricard SA	16,216		1,526,400
Peugeot SA (a)	12,545		476,671
Pinault-Printemps-Redoute	6,210		988,705
Publicis Groupe	10,110		527,553
Renault SA (a)	15,773		918,182
Safran SA	13,534		479,759
Sanofi-Aventis	85,807		5,501,155
Schneider Electric SA	19,890		2,982,228
Scor SE	13,510		343,335
Société BIC SA	2,183		187,671
Société Générale SA	51,546		2,773,527
Société Télévision Française 1	9,864		171,478
Sodexho Alliance SA	7,683		530,163
Suez Environnement SA	21,938		453,220
Technip SA	8,110		749,636
Thales SA	7,174		251,285
Total SA	172,944		9,211,435
Unibail-Rodamco SE	7,482		1,481,422
Vallourec SA	8,896		935,316

See Notes to Financial Statements.
	BLACKROCK INTERNATIONAL INDEX FUND	DECEMBER 31, 2010	17

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

Common Stocks	Shares		Value
France (concluded)
Veolia Environnement SA		28,237	$	826,535
Vinci SA		36,048		1,961,650
Vivendi SA		100,725		2,721,756
				82,245,146
Germany — 8.1%
Adidas-Salomon AG		17,134		1,114,552
Allianz AG, Registered Shares		37,140		4,412,815
Axel Springer AG		1,214		197,918
BASF SE		75,155		5,997,593
Bayer AG		67,665		5,015,827
Bayerische Motoren Werke AG		27,092		2,134,498
Bayerische Motoren Werke AG, Preference Shares		4,252		218,622
Beiersdorf AG		8,201		455,075
Brenntag AG (a)		2,318		236,344
Celesio AG		6,290		156,750
Commerzbank AG (a)		58,084		432,425
Continental AG (a)		4,014		318,853
Daimler AG (a)		73,823		4,995,226
Deutsche Bank AG, Registered Shares		76,203		3,985,111
Deutsche Boerse AG		15,887		1,097,650
Deutsche Lufthansa AG (a)		18,793		408,799
Deutsche Post AG		69,113		1,172,516
Deutsche Telekom AG		232,525		2,997,529
E.ON AG		147,359		4,500,174
Fraport AG		3,007		189,851
Fresenius AG		2,292		192,332
Fresenius AG, Preference Shares		6,590		564,599
Fresenius Medical Care AG		15,901		914,197
GEA Group AG		13,334		385,331
Hannover Rueckversicherung AG, Registered Shares		4,935		264,737
HeidelbergCement AG		11,425		717,067
Henkel KGaA		10,588		545,909
Henkel KGaA, Preference Shares		14,575		903,675
Hochtief AG		3,665		310,690
Infineon Technologies AG (a)		88,518		825,102
K+S AG		11,763		886,603
Kabel Deutschland Holding AG (a)		4,419		207,223
Lanxess		6,808		535,296
Linde AG		13,835		2,092,950
MAN SE		8,631		1,028,003
Merck KGaA		5,316		425,601
Metro AG		10,594		764,641
Muenchener Rueckversicherungs AG, Registered Shares		15,420		2,335,432
Porsche Automobil Holding SE, Preference Shares		7,095		566,725
ProSieben SAT.1 Media AG, Preference Shares		6,266		188,077
Puma AG Rudolf Dassler Sport		420		139,190
Qiagen NV (a)		18,745		367,907
RWE AG		34,262		2,288,354
RWE AG, Preference Shares		3,102		198,960
SAP AG		70,432		3,592,220
Salzgitter AG		3,386		261,785
Siemens AG		67,324		8,339,736
Suedzucker AG		5,874		156,874
TUI AG (a)		12,274		172,180
ThyssenKrupp AG		27,366		1,136,917
United Internet AG		9,819		159,764

Common Stocks	Shares		Value
Germany (concluded)
Volkswagen AG		2,425	$	343,964
Volkswagen AG, Preference Shares		13,904		2,260,633
Wacker Chemie AG		1,309		228,219
				74,339,021
Greece — 0.2%
Alpha Bank AE (a)		40,797		207,399
Bank of Cyprus Public Co. Ltd.		69,678		240,485
Coca-Cola Hellenic Bottling Co. SA		14,949		387,286
EFG Eurobank Ergasias SA (a)		27,241		136,739
Hellenic Telecommunications Organization SA		21,160		173,677
National Bank of Greece SA (a)		78,954		642,397
OPAP SA		17,926		310,154
Public Power Corp.		9,559		137,470
				2,235,607
Hong Kong — 2.8%
AIA Group Ltd. (a)		641,400		1,803,030
ASM Pacific Technology Ltd.		16,504		208,435
BOC Hong Kong Holdings Ltd.		303,900		1,033,419
Bank of East Asia Ltd.		124,332		520,275
CLP Holdings Ltd.		157,687		1,280,377
Cathay Pacific Airways Ltd.		99,263		273,819
Cheung Kong Holdings Ltd.		113,835		1,754,365
Cheung Kong Infrastructure Holdings Ltd.		37,500		171,687
Esprit Holdings Ltd.		94,887		451,368
Hang Lung Group Ltd.		66,000		433,631
Hang Lung Properties Ltd.		201,000		939,479
Hang Seng Bank Ltd.		62,753		1,031,053
Henderson Land Development Co., Ltd.		87,491		595,956
The Hong Kong & China Gas Ltd.		353,319		832,532
Hong Kong Exchanges and Clearing Ltd.		83,827		1,900,582
HongKong Electric Holdings Ltd.		113,000		712,356
Hopewell Holdings Ltd.		46,849		147,015
Hutchison Whampoa Ltd.		174,176		1,791,800
Hysan Development Co. Ltd.		48,791		229,583
Kerry Properties Ltd.		58,000		301,966
Li & Fung Ltd.		187,990		1,090,723
Lifestyle International Holdings Ltd.		52,466		129,102
The Link Real Estate Investment Trust		179,914		558,623
MTR Corp.		117,000		425,766
Mongolia Energy Co. Ltd. (a)		277,140		82,667
NWS Holdings Ltd.		109,500		166,186
New World Development Ltd.		207,484		389,281
Orient Overseas International Ltd.		18,057		175,036
PCCW Ltd.		321,000		141,978
SJM Holdings Ltd.		129,000		204,639
Sands China Ltd. (a)		202,600		445,381
Shangri-La Asia Ltd.		106,990		290,242
Sino Land Co.		138,421		258,644
Sun Hung Kai Properties Ltd.		116,324		1,930,002
Swire Pacific Ltd., Class A		63,077		1,036,357
Wharf Holdings Ltd.		112,870		867,795
Wheelock and Co., Ltd.		76,000		307,316
Wing Hang Bank Ltd.		14,500		200,430
Wynn Macau Ltd.		124,000		277,528
Yue Yuen Industrial Holdings Ltd.		59,285		213,261
				25,603,685

See Notes to Financial Statements.
18	BLACKROCK INTERNATIONAL INDEX FUND	DECEMBER 31, 2010

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

Common Stocks	Shares		Value
Ireland — 0.2%
Anglo Irish Bank Corp. Plc (a)		62,641		—
Bank of Ireland (a)		276,647	$	137,608
CRH Plc		57,632		1,198,544
Elan Corp. Plc (a)		40,603		228,928
James Hardie Industries SE, Chess Depository Interest (a)		34,963		242,440
Kerry Group Plc		11,530		384,729
Ryanair Holdings Plc		29,444		148,243
				2,340,492
Israel — 0.8%
Bank Hapoalim Ltd. (a)		80,458		418,888
Bank Leumi Le-Israel BM		96,283		493,534
Bezeq Israeli Telecommunication Corp. Ltd.		141,076		429,494
Cellcom Israel Ltd.		4,310		139,860
Delek Group Ltd.		304		78,382
Elbit Systems Ltd.		2,059		109,884
Israel Chemicals Ltd.		36,231		620,519
The Israel Corp. Ltd. (a)		197		239,017
Israel Discount Bank Ltd. (a)		52,473		119,457
Makhteshim-Agan Industries Ltd. (a)		18,550		95,270
Nice Systems Ltd. (a)		5,144		179,208
Partner Communications Co. Ltd.		7,239		146,548
Teva Pharmaceutical Industries Ltd.		76,618		3,987,845
United Mizrahi Bank Ltd.		10,047		110,491
				7,168,397
Italy — 2.4%
A2A SpA		94,579		130,176
Assicurazioni Generali SpA		95,543		1,819,104
Autogrill SpA (a)		9,990		141,436
Autostrade SpA		19,629		400,847
Banca Carige SpA		49,397		103,610
Banca Monte dei Paschi di Siena SpA (a)		180,685		206,292
Banco Popolare SpA		51,827		235,248
Enel Green Power SpA (a)		123,095		260,063
Enel SpA		539,599		2,703,957
Eni SpA		213,030		4,669,067
Exor SpA		5,439		179,519
Fiat SpA		62,899		1,300,823
Finmeccanica SpA		32,962		375,018
Intesa Sanpaolo SpA		629,648		1,711,787
Intesa Sanpaolo SpA, Non-Convertible Savings Shares		76,292		181,947
Luxottica Group SpA		9,379		286,715
Mediaset SpA		57,906		350,690
Mediobanca SpA		38,712		345,299
Parmalat SpA		140,429		385,207
Pirelli & C. SpA		20,321		164,443
Prysmian SpA		14,654		249,743
Saipem SpA		21,688		1,070,806
Snam Rete Gas SpA		117,430		584,772
Telecom Italia SpA		765,587		993,315
Telecom Italia SpA, Non-Convertible Savings Shares		493,132		536,721
Terna SpA		106,204		448,863
Unicredit SpA		1,105,400		2,291,679
Unione Di Banche Italiane ScpA		49,809		437,035
				22,564,182
Common Stocks		Shares		Value
Japan — 21.6%
The 77 Bank Ltd.		29,000	$	153,201
ABC-Mart, Inc.		2,200		78,361
Advantest Corp.		12,900		290,033
Aeon Co., Ltd.		48,800		608,941
Aeon Credit Service Co., Ltd.		6,100		85,833
Aeon Mall Co. Ltd.		6,900		184,579
Air Water Inc.		12,000		152,835
Aisin Seiki Co., Ltd.		15,600		549,689
Ajinomoto Co., Inc.		54,000		560,956
Alfresa Holdings Corp.		3,200		141,806
All Nippon Airways Co., Ltd. (a)		68,000		253,060
Amada Co., Ltd.		29,000		235,019
Aozora Bank Ltd.		46,000		94,879
Asahi Breweries Ltd.		31,500		607,970
Asahi Glass Co., Ltd.		83,100		966,439
Asahi Kasei Corp.		102,000		663,475
Asics Corp.		13,000		166,394
Astellas Pharma, Inc.		36,600		1,390,999
The Bank of Kyoto Ltd.		26,000		245,764
The Bank of Yokohama Ltd.		98,000		505,345
Benesse Holdings, Inc.		5,600		257,657
Bridgestone Corp.		52,900		1,018,271
Brother Industries Ltd.		19,100		281,895
Canon, Inc.		92,800		4,766,698
Canon Marketing Japan Inc.		5,700		80,966
Casio Computer Co., Ltd.		20,100		161,328
Central Japan Railway Co.		123		1,028,210
The Chiba Bank Ltd.		62,000		402,021
Chiyoda Corp.		13,000		128,758
Chubu Electric Power Co., Inc.		53,500		1,313,334
Chugai Pharmaceutical Co., Ltd.		18,200		333,251
The Chugoku Bank Ltd.		14,000		168,935
Chugoku Electric Power Co.		24,100		489,140
Chuo Mitsui Trust Holdings, Inc.		81,000		334,605
Citizens Holding Co., Ltd.		19,500		133,798
Coca-Cola West Holdings Co., Ltd.		4,500		81,456
Cosmo Oil Co., Ltd.		50,000		163,288
Credit Saison Co., Ltd.		12,100		197,468
Dai Nippon Printing Co., Ltd.		46,000		623,911
Dai-ichi Life Insurance Co.		655		1,060,034
Daicel Chemical Industries Ltd.		22,000		160,093
Daido Steel Co., Ltd.		25,000		146,372
Daihatsu Motor Co., Ltd.		16,000		244,780
Daiichi Sankyo Co., Ltd.		54,900		1,199,070
Daikin Industries Ltd.		19,100		674,719
Dainippon Pharma Co., Ltd.		13,400		121,544
Daito Trust Construction Co., Ltd.		6,400		437,392
Daiwa House Industry Co., Ltd.		40,000		489,987
Daiwa Securities Group, Inc.		135,000		692,497
Dena Co. Ltd.		6,500		232,874
Denki Kagaku Kogyo Kabushiki Kaisha		38,000		179,918
Denso Corp.		39,800		1,368,279
Dentsu, Inc.		13,313		411,335
Diamond Lease Co., Ltd.		4,690		185,117
Dowa Mining Co., Ltd.		21,350		139,482
East Japan Railway Co.		27,849		1,807,100
Eisai Co., Ltd.		20,400		736,997

See Notes to Financial Statements.

BLACKROCK INTERNATIONAL INDEX FUND DECEMBER 31, 2010 19

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

Common Stocks	Shares		Value
Japan (continued)
Electric Power Development Co.	9,400	$	294,387
Elpida Memory, Inc. (a)	15,000		173,489
FamilyMart Co., Ltd.	5,200		195,637
Fanuc Ltd.	15,700		2,399,844
Fast Retailing Co., Ltd.	4,300		682,072
Fuji Electric Holdings Co., Ltd.	48,800		151,229
Fuji Heavy Industries Ltd.	48,000		370,166
Fuji Media Holdings, Inc.	44		69,314
Fuji Photo Film Co., Ltd.	37,900		1,365,108
Fujitsu Ltd.	153,000		1,060,037
Fukuoka Financial Group, Inc.	62,000		268,369
Furukawa Electric Co., Ltd.	51,000		228,235
GS Yuasa Corp.	30,000		206,849
Gree Inc.	7,400		93,854
The Gunma Bank Ltd.	32,000		175,160
The Hachijuni Bank Ltd.	35,000		195,011
Hakuhodo DY Holdings, Inc.	2,070		118,213
Hamamatsu Photonics KK	5,600		204,139
Hankyu Hanshin Holdings, Inc.	94,000		435,659
Hino Motors Ltd.	23,000		123,993
Hirose Electric Co., Ltd.	2,600		292,168
The Hiroshima Bank Ltd.	41,000		172,433
Hisamitsu Pharmaceutical Co., Ltd.	5,300		222,756
Hitachi Chemical Co., Ltd.	8,500		175,181
Hitachi Construction Machinery Co., Ltd.	7,800		186,166
Hitachi High-Technologies Corp.	5,900		137,474
Hitachi Ltd.	370,000		1,964,393
Hitachi Metals Ltd.	14,000		167,362
Hokkaido Electric Power Co., Inc.	14,800		302,227
Hokuhoku Financial Group, Inc.	104,100		211,039
Hokuriku Electric Power	14,300		351,127
Honda Motor Co., Ltd.	133,400		5,265,136
Hoya Corp.	35,300		853,526
IHI Corp.	106,000		235,338
Ibiden Co., Ltd.	10,400		326,231
Idemitsu Kosan Co., Ltd.	1,800		190,739
Inpex Corp.	175		1,021,893
Isetan Mitsukoshi Holdings Ltd.	30,305		351,234
Isuzu Motors Ltd.	97,000		438,315
Ito En, Ltd.	4,300		71,397
Itochu Corp.	123,200		1,241,331
Itochu Techno-Science Corp.	2,600		97,268
The Iyo Bank Ltd.	20,000		159,562
J Front Retailing Co. Ltd.	38,600		210,352
JFE Holdings, Inc.	37,700		1,307,147
JGC Corp.	17,000		368,452
JS Group Corp.	20,300		445,296
JSR Corp.	14,400		267,279
JTEKT Corp.	18,200		213,551
JX Holdings, Inc.	182,860		1,237,419
Japan Petroleum Explora	2,400		91,013
Japan Prime Realty Investment Corp.	58		178,352
Japan Real Estate Investment Corp.	40		414,384
Japan Retail Fund Investment Corp.	133		254,342
The Japan Steel Works, Ltd.	25,000		260,378
Japan Tobacco, Inc.	368		1,358,866
The Joyo Bank Ltd.	53,000		232,317
Jupiter Telecommunications Co., Ltd.	196		205,621
KDDI Corp.	238		1,372,484

Common Stocks	Shares		Value
Japan (continued)
Kajima Corp.	69,800	$	185,079
Kamigumi Co., Ltd.	21,000		175,757
Kaneka Corp.	25,000		172,728
The Kansai Electric Power Co., Inc.	61,400		1,514,051
Kansai Paint Co., Ltd.	18,000		173,802
Kao Corp.	44,000		1,182,504
Kawasaki Heavy Industries Ltd.	115,000		385,415
Kawasaki Kisen Kaisha Ltd.	55,000		239,456
Keihin Electric Express Railway Co., Ltd.	39,000		343,984
Keio Electric Railway Co., Ltd.	47,000		320,127
Keisei Electric Railway Co., Ltd.	24,000		159,747
Keyence Corp.	3,420		986,790
Kikkoman Corp.	13,000		145,269
Kinden Corp.	12,000		110,581
Kintetsu Corp.	133,000		415,585
Kirin Holdings Co., Ltd.	68,000		951,052
Kobe Steel Ltd.	204,000		515,454
Koito Manufacturing Co., Ltd.	8,000		124,370
Komatsu Ltd.	77,600		2,335,517
Konami Corp.	7,400		156,569
Konica Minolta Holdings, Inc.	39,000		403,079
Kubota Corp.	94,000		885,584
Kuraray Co., Ltd.	28,000		399,698
Kurita Water Industries Ltd.	9,100		285,668
Kyocera Corp.	13,300		1,351,246
Kyowa Hakko Kirin Co. Ltd.	21,000		215,669
Kyushu Electric Power Co., Inc.	30,800		689,550
Lawson, Inc.	4,900		241,897
MS&AD Insurance Group Holdings, Inc.	43,870		1,095,113
Mabuchi Motor Co., Ltd.	2,100		107,948
Makita Corp.	9,000		366,227
Marubeni Corp.	135,000		945,107
Marui Group Co. Ltd.	18,800		152,644
Maruichi Steel Tube Ltd.	3,700		78,456
Matsui Securities Co., Ltd.	9,400		66,582
Mazda Motor Corp.	122,400		349,140
McDonald’s Holdings Co. Japan Ltd.	5,500		137,810
Medipal Holdings Corp.	12,200		134,245
Meiji Holdings Co., Ltd.	5,493		247,880
Minebea Co., Ltd.	28,000		175,649
Miraca Holdings, Inc.	4,500		180,642
Mitsubishi Chemical Holdings Corp.	105,000		709,261
Mitsubishi Corp.	111,100		2,994,338
Mitsubishi Electric Corp.	158,000		1,650,985
Mitsubishi Estate Co., Ltd.	96,000		1,774,196
Mitsubishi Gas Chemical Co., Inc.	32,000		226,336
Mitsubishi Heavy Industries Ltd.	247,200		925,391
Mitsubishi Logistics Corp.	9,000		119,258
Mitsubishi Materials Corp. (a)	90,000		286,001
Mitsubishi Motors Corp. (a)	316,000		457,855
Mitsubishi Tanabe Pharma Corp.	18,000		303,433
Mitsubishi UFJ Financial Group, Inc.	1,042,074		5,618,989
Mitsui & Co., Ltd.	142,100		2,338,101
Mitsui Chemicals, Inc.	71,000		253,130
Mitsui Engineering & Shipbuilding Co., Ltd.	59,000		155,567
Mitsui Fudosan Co., Ltd.	68,000		1,351,404
Mitsui Mining & Smelting Co., Ltd.	47,000		154,578
Mitsui OSK Lines Ltd.	93,000		630,181

See Notes to Financial Statements.

20 BLACKROCK INTERNATIONAL INDEX FUND DECEMBER 31, 2010

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

Common Stocks	Shares		Value
Japan (continued)
Mitsumi Electric Co., Ltd.		6,800	$	124,270
Mizuho Financial Group, Inc.		1,672,740		3,137,851
Murata Manufacturing Co., Ltd.		16,500		1,151,793
NEC Corp.		212,000		634,304
NGK Insulators Ltd.		21,000		341,125
NGK Spark Plug Co., Ltd.		13,000		198,662
NHK Spring Co., Ltd.		12,000		130,062
NKSJ Holdings, Inc. (a)		115,100		844,341
NOK Corp.		8,400		174,118
NSK Ltd.		36,000		323,761
NTN Corp.		41,000		216,373
NTT Data Corp.		101		348,309
NTT DoCoMo, Inc.		1,253		2,182,233
NTT Urban Development Co.		89		87,369
Nabtesco Corp.		7,800		165,844
Namco Bandai Holdings, Inc.		15,200		162,927
Nidec Corp.		8,800		887,340
Nikon Corp.		26,000		524,855
Nintendo Co., Ltd.		8,100		2,364,809
Nippon Building Fund, Inc.		42		430,430
Nippon Electric Glass Co.		28,500		409,086
Nippon Express Co., Ltd.		69,000		309,871
Nippon Meat Packers, Inc.		15,000		195,451
Nippon Paper Group, Inc.		7,894		206,640
Nippon Sanso Corp.		22,000		193,663
Nippon Sheet Glass Co., Ltd.		73,000		195,804
Nippon Steel Corp.		418,000		1,497,467
Nippon Telegraph & Telephone Corp.		42,476		1,934,264
Nippon Yusen Kabushiki Kaisha		125,000		550,321
The Nishi-Nippon City Bank Ltd.		56,000		169,378
Nissan Chemical Industries Ltd.		11,000		141,927
Nissan Motor Co., Ltd.		203,400		1,924,134
Nisshin Seifun Group, Inc.		15,500		196,213
Nisshin Steel Co., Ltd.		62,000		137,610
Nisshinbo Industries, Inc.		10,000		109,153
Nissin Foods Holdings Co., Ltd.		5,400		193,260
Nitori Co., Ltd.		3,000		262,153
Nitto Denko Corp.		13,410		628,939
Nomura Holdings, Inc.		289,100		1,834,361
Nomura Real Estate Holdings, Inc.		8,300		150,605
Nomura Real Estate Office Fund, Inc.		22		158,721
Nomura Research Institute Ltd.		8,100		179,943
OJI Paper Co., Ltd.		68,000		328,169
ORIX Corp.		8,550		837,688
Obayashi Corp.		53,000		243,307
Obic Co., Ltd.		600		123,221
Odakyu Electric Railway Co., Ltd.		51,000		474,040
Olympus Corp.		17,700		532,949
Omron Corp.		16,500		434,835
Ono Pharmaceutical Co., Ltd.		6,800		317,096
Oracle Corp. Japan		3,200		156,864
Oriental Land Co., Ltd.		4,100		379,218
Osaka Gas Co., Ltd.		158,000		612,477
Otsuka Holdings Co., Ltd.		20,500		504,988
Otsuka Shokai Co., Ltd.		1,300		88,455
Panasonic Corp.		160,400		2,264,655
Common Stocks	Shares		Value
Japan (continued)
Rakuten, Inc.		585	$	489,558
Resona Holdings, Inc.		51,256		305,521
Ricoh Co., Ltd.		55,000		801,956
Rinnai Corp.		3,000		182,884
Rohm Co., Ltd.		7,800		507,255
SBI Holdings, Inc.		1,670		251,839
SMC Corp.		4,400		750,844
Sankyo Co., Ltd.		4,500		253,545
Santen Pharmaceutical Co., Ltd.		5,900		204,554
Sapporo Hokuyo Holdings, Inc.		28,289		132,187
Sapporo Holdings Ltd.		23,000		103,888
Secom Co., Ltd.		17,100		807,989
Sega Sammy Holdings, Inc.		16,232		307,851
Seiko Epson Corp.		10,600		192,437
Sekisui Chemical Co., Ltd.		35,000		250,401
Sekisui House Ltd.		47,000		473,596
Senshu Ikeda Holdings, Inc.		49,470		70,458
Seven & I Holdings Co., Ltd.		61,700		1,641,476
Seven Bank Ltd.		56		118,416
Sharp Corp.		82,000		841,473
Shikoku Electric Power Co., Inc.		14,300		420,036
Shimadzu Corp.		20,000		154,913
Shimamura Co., Ltd.		1,900		175,863
Shimano, Inc.		5,400		273,750
Shimizu Corp.		48,000		204,474
Shin-Etsu Chemical Co., Ltd.		33,600		1,810,925
Shinko Electric Industries		6,200		69,172
Shinko Securities Co., Ltd.		48,300		137,728
Shinsei Bank Ltd.		81,000		105,421
Shionogi & Co., Ltd.		24,200		476,907
Shiseido Co., Ltd.		27,800		605,382
The Shizuoka Bank Ltd.		49,000		450,551
Showa Denko KK		116,000		260,238
Showa Shell Sekiyu KK		15,100		137,964
Softbank Corp.		66,400		2,289,502
Sojitz Corp.		102,000		223,034
Sony Corp.		82,200		2,939,855
Sony Financial Holdings, Inc.		71		285,941
Square Enix Holdings Co., Ltd.		5,300		93,746
Stanley Electric Co., Ltd.		11,900		221,285
Sumco Corp. (a)		9,400		133,851
Sumitomo Chemical Co., Ltd.		128,000		628,352
Sumitomo Corp.		91,800		1,292,293
Sumitomo Electric Industries Ltd.		61,300		847,116
Sumitomo Heavy Industries Ltd.		44,000		281,438
Sumitomo Metal Industries Ltd.		274,000		671,713
Sumitomo Metal Mining Co., Ltd.		42,000		731,562
Sumitomo Mitsui Financial Group, Inc.		110,050		3,896,555
Sumitomo Realty & Development Co., Ltd.		29,000		689,899
Sumitomo Rubber Industries, Ltd.		14,400		149,781
The Sumitomo Trust & Banking Co., Ltd.		116,000		726,699
Suruga Bank Ltd.		17,000		157,747
Suzuken Co., Ltd.		5,200		158,550
Suzuki Motor Corp.		27,700		680,002
Sysmex Corp.		2,800		193,658
T&D Holdings, Inc.		22,100		557,492

See Notes to Financial Statements.
BLACKROCK INTERNATIONAL INDEX FUND	DECEMBER 31, 2010	21

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

Common Stocks	Shares		Value
Japan (concluded)
TDK Corp.		9,900	$	685,440
THK Co., Ltd.		9,700		221,866
Taisei Corp.		83,000		193,533
Taisho Pharmaceutical Co., Ltd.		11,000		240,416
Takashimaya Co., Ltd.		22,000		187,901
Takeda Pharmaceutical Co., Ltd.		61,400		3,016,326
Teijin Ltd.		77,000		327,827
Terumo Corp.		13,700		768,396
Tobu Railway Co., Ltd.		67,000		375,755
Toho Co., Ltd.		8,600		137,892
Toho Gas Co., Ltd.		35,000		174,718
Tohoku Electric Power Co., Inc.		34,600		770,344
Tokio Marine Holdings, Inc.		59,200		1,758,681
Tokuyama Corp.		25,000		128,856
The Tokyo Electric Power Co., Inc.		116,400		2,838,129
Tokyo Electron Ltd.		14,000		881,457
Tokyo Gas Co., Ltd.		209,000		925,507
Tokyo Steel Manufacturing Co., Ltd.		9,200		99,950
Tokyo Tatemono Co., Ltd.		32,000		147,490
Tokyu Corp.		92,000		420,857
Tokyu Land Corp.		38,000		190,158
TonenGeneral Sekiyu KK		23,000		250,958
Toppan Printing Co., Ltd.		44,000		400,415
Toray Industries, Inc.		116,700		695,710
Toshiba Corp.		329,000		1,785,577
Tosoh Corp.		45,000		145,726
Toto Ltd.		24,000		173,445
Toyo Seikan Kaisha Ltd.		12,200		231,120
Toyo Suisan Kaisha, Ltd.		8,000		177,622
Toyoda Gosei Co., Ltd.		5,700		133,360
Toyota Boshoku Corp.		5,100		89,665
Toyota Industries Corp.		14,500		448,620
Toyota Motor Corp.		225,700		8,885,458
Toyota Tsusho Corp.		17,100		299,444
Trend Micro, Inc.		7,900		259,530
Tsumura & Co.		5,000		161,542
UNY Co., Ltd.		16,100		162,141
USS Co., Ltd.		1,940		158,313
Ube Industries Ltd.		79,000		236,559
Uni-Charm Corp.		10,200		405,036
Ushio, Inc.		8,700		165,196
West Japan Railway Co.		138		515,085
Yahoo! Japan Corp.		1,166		450,691
Yakult Honsha Co., Ltd.		8,000		230,007
Yamada Denki Co., Ltd.		6,650		452,408
Yamaguchi Financial Group, Inc.		17,000		171,211
Yamaha Corp.		13,300		164,199
Yamaha Motor Co., Ltd. (a)		21,000		340,783
Yamato Kogyo Co. Ltd.		3,800		114,249
Yamato Transport Co., Ltd.		32,100		455,359
Yamazaki Baking Co., Ltd.		10,000		120,411
Yaskawa Electric Corp.		19,000		178,903
The Yasuda Trust & Banking Co., Ltd. (a)		136,000		140,090
Yokogawa Electric Corp.		17,700		140,158
				199,262,862
Kazakhstan — 0.0%
Eurasian Natural Resources Corp.		20,964		344,740
Common Stocks	Shares		Value
Luxembourg — 0.5%
ArcelorMittal		70,185	$	2,671,009
SES Global		24,468		582,647
Tenaris SA		38,580		946,160
				4,199,816
Netherlands — 2.5%
ASML Holding NV		35,290		1,353,449
Aegon NV (a)		127,549		780,819
Akzo Nobel NV		18,868		1,173,917
Corio NV		4,778		306,790
Delta Lloyd NV		6,510		131,287
Fugro NV		5,592		460,421
Heineken Holding NV		9,628		418,716
Heineken NV		21,292		1,044,303
ING Groep NV CVA (a)		314,184		3,065,099
Koninklijke Ahold NV		97,526		1,288,342
Koninklijke Boskalis Westminster NV		5,548		264,899
Koninklijke DSM NV		12,704		724,166
Koninklijke KPN NV		128,679		1,879,474
Koninklijke Philips Electronics NV		80,676		2,473,311
Koninklijke Vopak NV		5,668		267,969
Randstad Holdings NV (a)		8,980		474,585
Reed Elsevier NV		56,237		696,233
SBM Offshore NV		13,278		297,913
STMicroelectronics NV		51,528		535,862
TNT NV		31,190		824,845
Unilever NV		133,292		4,158,390
Wolters Kluwer NV		24,438		535,946
				23,156,736
New Zealand — 0.1%
Auckland International Airport Ltd.		81,425		138,214
Contact Energy Ltd.		26,924		130,807
Fletcher Building Ltd.		48,760		290,657
Sky City Ltd.		51,491		130,013
Telecom Corp. of New Zealand Ltd.		156,365		262,857
				952,548
Norway — 0.7%
Aker Solutions ASA		13,242		225,917
DnB NOR ASA		80,460		1,131,915
Norsk Hydro ASA		72,408		533,341
Orkla ASA		63,881		623,123
Renewable Energy Corp. ASA (a)		39,887		122,498
Statoil ASA		91,319		2,175,040
Telenor ASA		65,303		1,064,135
Telenor ASA — ADR		839		41,027
Yara International ASA		15,711		914,519
				6,831,515
Portugal — 0.2%
Banco Comercial Portugues SA, Registered Shares		228,344		177,574
Banco Espirito Santo SA, Registered Shares		44,077		169,506
Brisa-Auto Estradas de Portugal SA, Private Shares		15,277		106,562
Cimpor Cimentos de Portugal SA		16,593		112,431
Energias de Portugal SA		156,167		519,974
Galp Energia SGPS SA		18,699		358,609
Jeronimo Martins SGPS SA		18,022		274,789
Portugal Telecom SGPS SA, Registered Shares		47,680		544,271
				2,263,716

See Notes to Financial Statements.
22	BLACKROCK INTERNATIONAL INDEX FUND	DECEMBER 31, 2010

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

Common Stocks	Shares		Value
Singapore — 1.7%
Ascendas Real Estate Investment Trust		126,962	$	204,875
CapitaLand Ltd.		208,749		603,809
CapitaMall Trust		179,700		273,312
CapitaMalls Asia Ltd.		110,000		166,346
City Developments Ltd.		44,535		436,475
ComfortDelgro Corp. Ltd.		153,816		185,756
Cosco Corp. (Singapore) Ltd.		79,002		131,858
DBS Group Holdings Ltd.		141,407		1,578,323
Fraser and Neave Ltd.		80,096		399,846
Genting Singapore Plc (a)		504,227		862,585
Global Logistic Properties Ltd. (a)		130,000		218,802
Golden Agri-Resources Ltd.		540,251		337,315
Jardine Cycle & Carriage Ltd.		8,721		248,665
Keppel Corp. Ltd.		103,616		914,263
Keppel Land Ltd.		59,000		220,914
Neptune Orient Lines Ltd. (a)		73,350		124,682
Noble Group Ltd.		241,840		408,766
Olam International Ltd.		102,900		252,016
Oversea-Chinese Banking Corp.		200,914		1,546,828
SembCorp Industries Ltd.		78,590		314,598
Sembcorp Marine Ltd.		69,197		289,478
Singapore Airlines Ltd.		44,009		525,137
Singapore Exchange Ltd.		70,000		459,081
Singapore Press Holdings Ltd.		127,316		395,261
Singapore Technologies Engineering Ltd.		135,213		360,294
Singapore Telecommunications Ltd.		652,132		1,549,689
StarHub Ltd.		52,157		107,108
UOL Group Ltd.		38,457		142,492
United Overseas Bank Ltd.		100,572		1,427,214
Wilmar International Ltd.		156,670		688,753
Yangzijiang Shipbuilding Holdings Ltd.		126,183		187,908
				15,562,449
Spain — 3.2%
ACS Actividades de Construccion y Servicios SA		11,628		545,016
Abertis Infraestructuras SA		24,189		436,695
Acciona SA		2,167		153,817
Acerinox SA		7,858		138,341
Amadeus IT Holding SA, Class A (a)		16,481		346,353
Banco Bilbao Vizcaya Argentaria SA		350,714		3,574,224
Banco de Sabadell SA		84,681		333,821
Banco de Valencia SA		16,986		74,660
Banco Popular Espanol SA		72,772		375,238
Banco Santander SA		673,324		7,174,823
Bankinter SA		24,950		138,886
Corp. Mapfre SA		62,698		174,780
Criteria Caixacorp. SA		68,975		368,395
Enagas		14,444		288,886
Ferrovial SA		35,567		355,190
Fomento de Construcciones y Contratas SA		4,167		109,741
Gas Natural SDG SA		26,398		406,660
Gestevision Telecinco SA		10,971		120,849
Grifols SA		11,816		161,501
Iberdrola Renovables		69,262		246,156
Iberdrola SA		330,654		2,563,763
Common Stocks	Shares		Value
Spain (concluded)
Iberia Lineas Aereas de Espana (a)		38,994	$	167,321
Inditex SA		17,993		1,346,840
Indra Sistemas SA		7,647		131,072
Red Electrica de Espana		8,893		419,231
Repsol YPF SA		59,938		1,678,481
Telefonica SA		336,104		7,673,269
Zardoya Otis SA		11,840		167,001
				29,671,010
Sweden — 3.2%
Alfa Laval AB		27,893		588,905
Assa Abloy AB, Series B		25,592		721,917
Atlas Copco AB, Class A		54,951		1,387,154
Atlas Copco AB, Class B		32,080		726,204
Boliden AB		22,397		456,314
CDON Group AB (a)		4,108		18,996
Electrolux AB		19,478		552,742
Getinge AB, Class B		16,450		344,375
Hennes & Mauritz AB, B Shares		83,777		2,790,198
Hexagon AB		21,252		456,432
Holmen AB, Class B		4,661		153,437
Husqvarna AB		33,227		277,640
Industrivarden AB		9,633		169,006
Investor AB		37,325		798,689
Kinnevik Investment AB		17,606		358,550
Millicom International Cellular SA — ADR		6,219		596,936
Modern Times Group AB		4,108		272,162
Nordea Bank AB		265,000		2,881,304
Ratos AB		8,157		301,584
SKB AB		31,930		911,177
SSAB AB, Series A		14,628		246,542
Sandvik AB		82,522		1,610,166
Scania AB		26,383		607,312
Securitas AB		25,233		295,478
Skandinaviska Enskilda Banken AB, Class A		116,620		973,687
Skanska AB, Class B		32,777		649,795
Svenska Cellulosa AB		46,921		740,829
Svenska Handelsbanken, Class A		40,158		1,283,671
Swedbank AB, A Shares (a)		58,427		817,003
Swedish Match AB		18,902		547,747
Tele2 AB		25,727		533,773
Telefonaktiebolaget LM Ericsson		246,614		2,857,965
TeliaSonera AB		183,716		1,458,457
Volvo AB, B Shares (a)		112,778		1,986,674
				29,372,821
Switzerland — 7.9%
ABB Ltd.		179,305		4,003,505
Actelion Ltd. (a)		8,296		454,284
Adecco SA, Registered Shares		10,018		656,974
Aryzta AG		7,164		330,924
Baloise Holding AG		4,101		398,927
Compagnie Financière Richemont SA		42,713		2,511,688
Crédit Suisse Group AG		92,456		3,723,660
GAM Holdings Ltd. (a)		16,634		274,955
Geberit AG		3,178		734,825
Givaudan SA		674		727,586

See Notes to Financial Statements.
BLACKROCK INTERNATIONAL INDEX FUND	DECEMBER 31, 2010	23

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

Common Stocks	Shares		Value
Switzerland (concluded)
Holcim Ltd.		20,073	$	1,518,973
Julius Baer Group Ltd.		17,001		796,039
Kuehne & Nagel International AG		4,421		615,088
Lindt & Spruengli AG		72		217,350
Lindt & Spruengli AG ‘R’		9		289,648
Logitech International SA (a)		15,054		286,251
Lonza Group AG, Registered Shares		3,676		294,650
Nestlé SA, Registered Shares		283,524		16,609,877
Novartis AG, Registered Shares		172,659		10,163,677
Pargesa Holding SA		2,175		184,481
Roche Holding AG		57,487		8,427,183
SGS SA		448		751,910
Schindler Holding AG		4,002		473,419
Schindler Holding AG, Registered Shares		1,762		210,895
Sika AG		166		364,409
Sonova Holding AG		3,721		479,661
Straumann Holding AG, Registered Shares		656		150,227
The Swatch Group Ltd., Bearer Shares		2,524		1,125,377
The Swatch Group Ltd., Registered Shares		3,649		294,433
Swiss Life Holding		2,475		356,976
Swiss Reinsurance Co., Registered Shares		28,816		1,545,887
Swisscom AG		1,905		837,412
Syngenta AG		7,731		2,266,218
Synthes, Inc.		4,823		650,995
Transocean Ltd. (a)		26,179		1,803,439
UBS AG (a)		297,783		4,889,198
Zurich Financial Services AG		11,917		3,086,106
				72,507,107
United Kingdom — 21.0%
3i Group Plc		79,229		407,023
ARM Holdings Plc		109,009		744,009
Admiral Group Plc		16,401		387,923
Aggreko Plc		21,377		494,653
Amec Plc		27,184		488,875
Anglo American Plc		107,948		5,647,034
Antofagasta Plc		31,934		808,026
Associated British Foods Plc		29,225		539,535
AstraZeneca Plc		117,271		5,344,552
Autonomy Corp. Plc (a)		17,668		415,660
Aviva Plc		231,255		1,421,489
BAE Systems Plc		278,825		1,436,167
BG Group Plc		276,736		5,613,647
BHP Billiton Plc		180,589		7,265,398
BP Plc		1,537,565		11,333,288
BT Group Plc		634,926		1,803,318
Babcock International Group Plc		30,277		269,812
Balfour Beatty Plc		55,595		271,850
Barclays Plc		936,461		3,870,282
British Airways Plc (a)		48,900		208,437
British American Tobacco Plc		163,386		6,284,800
British Land Co. Plc		71,159		584,106
British Sky Broadcasting Plc		93,199		1,069,449
Bunzl Plc		26,664		299,392
Burberry Group Plc		35,919		631,273
Cable & Wireless Worldwide		209,855		214,959

Common Stocks	Shares		Value
United Kingdom (continued)
Cairn Energy Plc (a)		114,919	$	754,457
Capita Group Plc		50,969		554,314
Capital Shopping Centers Group Plc		38,691		252,365
Carnival Plc		14,373		668,522
Centrica Plc		420,626		2,179,388
Cobham Plc		93,617		297,675
Compass Group Plc		155,384		1,410,251
Diageo Plc		205,017		3,798,555
Essar Energy Plc (a)		26,663		242,008
Experian Group Ltd.		84,087		1,047,319
Firstgroup Plc		39,467		245,562
Fresnillo Plc		14,480		378,904
G4S Plc		115,198		456,989
GlaxoSmithKline Plc		424,901		8,240,024
HSBC Holdings Plc		1,440,801		14,725,149
Hammerson Plc		57,667		375,807
Home Retail Group		71,142		210,228
ICAP Plc		45,159		377,598
ITV Plc (a)		296,490		325,098
Imperial Tobacco Group Plc		83,375		2,562,914
Inmarsat Plc		35,635		374,774
Intercontinental Hotels Group Plc		24,198		472,681
International Power Plc		125,206		857,459
Intertek Group Plc		13,369		369,647
Invensys Plc		65,422		361,571
Investec Plc		38,518		317,322
J Sainsbury Plc		99,485		584,460
Johnson Matthey Plc		17,633		561,785
Kazakhmys Plc		17,543		445,319
Kingfisher Plc		193,160		795,764
Land Securities Group Plc		62,184		655,948
Legal & General Group Plc		482,689		731,051
Lloyds TSB Group Plc (a)		3,351,766		3,460,026
London Stock Exchange Group Plc		12,623		165,501
Lonmin Plc		13,242		407,619
Man Group Plc		145,808		676,095
Marks & Spencer Group Plc		129,556		747,083
National Grid Plc		286,041		2,472,320
Next Plc		15,002		463,333
Old Mutual Plc		446,307		859,456
Pearson Plc		66,529		1,048,438
Petrofac Ltd.		21,216		527,153
Prudential Plc		207,771		2,170,623
Rangold Resources Ltd.		7,336		604,943
Reckitt Benckiser Plc		50,475		2,776,867
Reed Elsevier Plc		99,546		840,864
Resolution Ltd.		117,583		430,191
Rexam Plc		71,587		371,777
Rio Tinto Plc, Registered Shares		118,619		8,455,322
Rolls-Royce Group Plc		151,718		1,478,223
Rolls-Royce Group Plc (a)		9,817,536		15,306
Royal & Sun Alliance Insurance Group		280,584		548,546
Royal Bank of Scotland Group Plc (a)		1,428,612		877,333
Royal Dutch Shell Plc		290,124		9,686,771
Royal Dutch Shell Plc, Class B		220,585		7,304,569
SABMiller Plc		77,733		2,738,462

See Notes to Financial Statements.
24	BLACKROCK INTERNATIONAL INDEX FUND	DECEMBER 31, 2010

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

Common Stocks	Shares		Value
United Kingdom (concluded)
Sage Group Plc		107,732	$	460,172
Schroders Plc		9,304		269,801
Scottish & Southern Energy Plc		75,535		1,442,884
Sego Plc		59,362		265,805
Serco Group Plc		40,080		347,934
Severn Trent Plc		19,368		447,783
Shire Ltd.		45,931		1,107,493
Smith & Nephew Plc		72,092		761,208
Smiths Group Plc		32,111		624,226
Standard Chartered Plc		190,865		5,152,512
Standard Life Plc		185,169		625,382
TUI Travel Plc		47,505		183,070
Tesco Plc		656,748		4,354,907
Thomas Cook Group Plc		68,661		203,245
Tullow Oil Plc		72,763		1,436,886
Unilever Plc		105,193		3,231,120
United Utilities Group Plc		55,994		518,038
Vedanta Resources Plc		9,950		392,542
Vodafone Group Plc		4,316,073		11,330,291
The Weir Group Plc		17,245		479,112
WPP Plc		102,548		1,267,756
Whitbread Plc		14,314		400,534
William Morrison Supermarkets Plc		173,666		725,584
Wolseley Plc (a)		23,393		748,859
Xstrata Plc		168,709		3,997,754
				193,387,584
Total Common Stocks — 98.0%				904,244,525
Total Long-Term Investments
(Cost — $815,717,744) — 98.0%				904,244,525

Short-Term Securities
BlackRock Liquidity Funds, TempCash, Institutional Class, 0.18% (b)(c)	2,576,868		2,576,868
Total Short-Term Securities
(Cost — $2,576,868) — 0.3%			2,576,868
Total Investments (Cost — $818,294,612*) — 98.3%			906,821,393
Other Assets Less Liabilities — 1.7%			15,878,962
Net Assets — 100.0%		$	922,700,355

* The cost and unrealized appreciation (depreciation) of investments as of December 31, 2010, as computed for federal income tax purposes, were as follows:

Aggregate cost	$	858,176,885
Gross unrealized appreciation	$	145,966,648
Gross unrealized depreciation		(97,322,140	)
Net unrealized appreciation	$	48,644,508

(a)	Non-income producing security.
(b)	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	Shares Held at December 31, 2009		Net Activity			Shares Held at December 31, 2010		Income
BlackRock Liquidity Funds, TempCash, Institutional Class		6,620,218		(4,043,350	)		2,576,868	$	6,442

(c)	Represents the current yield as of report date.
•	Financial futures contracts purchased as of December 31,2010 were as follows:

Contracts	Issue	Exchange	Expiration	Notional Value		Unrealized Appreciation (Depreciation)
95	DJ Euro	Eurex	March 2011	$	3,617,151	$	(70,186	)
	Stoxx 50
10	Emini	Chicago	March 2011	$	816,785		13,715
	MSCI EAFE	Mercantile
35	FTSE 100 Index	LIFFE	March 2011	$	3,182,925		32,775
11	SPI 200 Index	Sydney	March 2011	$	1,342,541		(12,136	)
25	TOPIX Index	Tokyo	March 2011	$	2,718,205		40,764
Total						$	4,932

•	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 risks associated with investing in those securities. For information about the Series’ policy regarding valuation of investments and derivatives and other significant accounting policies, please refer to Note 1 of the Series’ Notes to Financial Statements.

See Notes to Financial Statements.
	BLACKROCK INTERNATIONAL INDEX FUND	DECEMBER 31, 2010	25

Schedule of Investments (concluded) Master International Index Series

The following tables summarize the inputs used as of December 31, 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	$	1,783,333		$	77,270,285		—	$	79,053,618
Austria		—			3,021,486		—		3,021,486
Belgium		130			8,214,522		—		8,214,652
Bermuda		—			773,346		—		773,346
China		—			125,168		—		125,168
Denmark		—			9,016,334		—		9,016,334
Finland		—			10,030,487		—		10,030,487
France		293,447			81,951,699		—		82,245,146
Germany		1,028,527			73,310,494		—		74,339,021
Greece		—			2,235,607		—		2,235,607
Hong Kong		2,515,386			23,088,299		—		25,603,685
Ireland		384,729			1,955,763		—		2,340,492
Israel		—			7,168,397		—		7,168,397
Italy		260,063			22,304,119		—		22,564,182
Japan		504,988			198,757,874		—		199,262,862
Kazakhstan		—			344,740		—		344,740
Luxembourg		—			4,199,816		—		4,199,816
Netherlands		—			23,156,736		—		23,156,736
New Zealand		—			952,548		—		952,548
Norway		41,027			6,790,488		—		6,831,515
Portugal		—			2,263,716		—		2,263,716
Singapore		218,802			15,343,647		—		15,562,449
Spain		545,016			29,125,994		—		29,671,010
Sweden		18,996			29,353,825		—		29,372,821
Switzerland		454,284			72,052,823		—		72,507,107
United Kingdom		1,284,408			192,103,176		—		193,387,584
Short-Term Securities		2,576,868			—		—		2,576,868
Total	$	11,910,004		$	894,911,389		—	$	906,821,393
	Derivative Financial Instruments1
Valuation Inputs	Level 1			Level 2		Level 3		Total
Assets:
Equity contracts	$	87,254			—		—	$	87,254
Liabilities:
Equity contracts		(82,322	)		—		—		(82,322	)
Total	$	4,932			—		—	$	4,932

¹ Derivative financial instruments are financial futures contracts, which are valued 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 in determining 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		—
Purchases		—
Sales		—
Transfers in3		—
Transfers out3		(15	)
Balance, as of December 31, 2010	$	—

2	The change in unrealized appreciation/depreciation securities still held on December 31, 2010 was $0.
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	DECEMBER 31, 2010

Statement of Assets and Liabilities Master International Index Series

December 31, 2010
Assets
Investments at value — unaffiliated (cost — $815,717,744)	$	904,244,525
Investments at value — affiliated (cost — $2,576,868)		2,576,868
Foreign currency at value (cost — $10,204,882)		10,303,607
Cash pledged as collateral for financial futures contracts		962,000
Dividends receivable		4,139,504
Contributions receivable from investors		2,292,185
Receivable from advisor		6,270
Prepaid expenses		19,524
Total assets		924,544,483
Liabilities
Bank overdraft		769,758
Investments purchased payable		520,775
Margin variation payable		125,494
Other affiliates payable		4,040
Directors’ fees payable		318
Other accrued expenses payable		257,293
Other liabilities		166,450
Total liabilities		1,844,128
Net Assets	$	922,700,355
Net Assets Consist of
Investors’ capital	$	833,852,476
Net unrealized appreciation/depreciation		88,847,879
Net Assets	$	922,700,355

See Notes to Financial Statements.
	BLACKROCK INTERNATIONAL INDEX FUND	DECEMBER 31, 2010	27

Statement of Operations Master International Index Series

Year Ended December 31, 2010
Investment Income
Dividends — unaffiliated	$	24,643,163
Foreign taxes withheld		(2,145,389	)
Dividends — affiliated		6,442
Total income		22,504,216
Expenses
Investment advisory		79,568
Custodian		362,621
Accounting services		153,218
Pricing		116,507
Professional		78,830
Directors		22,052
Printing		1,967
Miscellaneous		24,085
Total expenses		838,848
Less fees waived by advisor		(49,666	)
Less fees paid indirectly		(768	)
Total expenses after fees waived and paid indirectly		788,414
Net investment income		21,715,802
Realized and Unrealized Gain (Loss)
Net realized loss from:
Investments		(19,541,760	)
Financial futures contracts		(1,497,079	)
Foreign currency transactions		(567,649	)
		(21,606,488	)
Net change in unrealized appreciation/depreciation on:
Investments		84,455,663
Financial futures contracts		(501,842	)
Foreign currency transactions		359,660
		84,313,481
Total realized and unrealized gain		62,706,993
Net Increase in Net Assets Resulting from Operations	$	84,422,795

See Notes to Financial Statements.
28	BLACKROCK INTERNATIONAL INDEX FUND	DECEMBER 31, 2010

Statements of Changes in Net Assets Master International Index Series

	Year Ended December 31,
Increase (Decrease) in Net Assets:	2010			2009
Operations
Net investment income	$	21,715,802		$	22,305,320
Net realized gain (loss)		(21,606,488	)		520,540
Net change in unrealized appreciation/depreciation		84,313,481			184,128,794
Net increase in net assets resulting from operations		84,422,795			206,954,654
Capital Transactions
Proceeds from contributions		325,133,239			359,210,927
Value of withdrawals		(236,135,595	)		(523,005,063	)
Net increase (decrease) in net assets derived from capital transactions		88,997,644			(163,794,136	)
Net Assets
Total increase in net assets		173,420,439			43,160,518
Beginning of year		749,279,916			706,119,398
End of year	$	922,700,355		$	749,279,916

See Notes to Financial Statements.
	BLACKROCK INTERNATIONAL INDEX FUND	DECEMBER 31, 2010	29

Financial Highlights Master International Index Series

	Year Ended December 31,
	2010			2009			2008			2007			2006
Total Investment Return
Total investment return		7.66	%		28.99	%		(41.94	)%		10.80	%		26.61	%
Ratios to Average Net Assets
Total expenses		0.11	%		0.09	%		0.11	%		0.10	%		0.11	%
Total expenses after fees waived and paid indirectly		0.10	%		0.09	%		0.10	%		0.09	%		0.10	%
Net investment income		2.73	%		2.98	%		3.54	%		2.86	%		2.70	%
Supplemental Data
Net assets, end of year (000)	$	922,700		$	749,280		$	706,119		$	1,143,172		$	829,986
Portfolio turnover		8	%		30	%		30	%		30	%		23	%

See Notes to Financial Statements.
30	BLACKROCK INTERNATIONAL INDEX FUND	DECEMBER 31, 2010

Notes to Financial Statements Master International Index Series

1. Organization and Significant Accounting Policies:

Master International Index Series (the “Series”), a non-diversified open-end management investment company, is a series of Quantitative Master Series LLC (the “Master LLC”). The Master LLC is registered as an investment company under the Investment Company Act of 1940, as amended (the “1940 Act”), and is organized as a Delaware limited liability company. The Master LLC’s Limited Liability Company Agreement permits the Board of Directors (the “Board”) to issue non-transferable interests, subject to certain limitations. The Series’ financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (“US GAAP”), which may require management to make estimates and assumptions that affect the reported amounts and disclosure 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 fair values its financial instruments at market value using independent dealers or pricing services under policies approved by the Board. Equity investments traded on a recognized securities exchange or the NASDAQ Global Market System (“NASDAQ”) 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 registered 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 investments 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 a 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 DECEMBER 31, 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.

Income Taxes: The Series is classified as a partnership for federal income tax purposes. As such, each investor in the Series is treated as the owner of its proportionate share of 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, 2010. The statutes of limitations on the Series’ state and local tax returns may remain open for an additional year depending upon the jurisdiction. Management does not believe there are any 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, its 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. Counterparty risk related to exchange-traded financial futures contracts is deemed to be minimal due to the protection against defaults provided by the exchange on which these contracts trade.

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 the Series and each of its respective counterparties. The ISDA Master Agreement allows the Series to offset with each separate counter-party 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 counterpar-ties 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 to OTC derivatives to terminate derivative contracts prior to maturity in the event the Series’ net assets decline by a stated percentage or the Series fails to meet the terms of its ISDA Master Agreements, which would cause the Series to accelerate payment of any net liability owed to the counterparty.

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 values of equity securities (equity risk) or foreign currencies (foreign currency exchange rate risk). Financial futures contracts are agreements between the Series and coun-terparty to buy or sell a specific quantity of an underlying instrument at a specified price and at a specified date. Depending on the terms of the particular contract, futures contracts are settled either through physical delivery of the underlying instrument on the settlement date or by payment of a cash settlement amount on settlement date. Pursuant to the contract, the Series agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in value of the contract. Such receipts or payments are known as margin variation and are recorded by the Series as unrealized gains or losses. When the contract is closed, the Series records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. The use of 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.

32 BLACKROCK INTERNATIONAL INDEX FUND DECEMBER 31, 2010

Notes to Financial Statements (continued) Master International Index Series

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 obtain 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 Values of Derivative Instruments as of December 31, 2010
	Asset Derivatives				Liability Derivatives
	Statement of Assets and Liabilities Location		Value		Statement of Assets and Liabilities Location		Value
Equity contracts		Net unrealized appreciation/ depreciation*	$	87,254		Net unrealized appreciation/ depreciation*	$	82,322

* 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 Year Ended December 31, 2010
	Net Realized Gain (Loss) from
	Financial Futures Contracts			Foreign Currency Transactions
Foreign currency exchange contracts		—		$	258,055
Equity contracts	$	(1,497,079	)		—

	Net Change in Unrealized Appreciation/Depreciation on
	Financial Futures Contracts			Foreign Currency Transactions
Foreign currency exchange contracts		—		$	147,613
Equity contracts	$	(501,842	)		—

For the year ended December 31, 2010, the average quarterly balances of outstanding derivative financial instruments were as follows:

Financial futures contracts:
Average number of contracts purchased		225
Average notional value of contracts purchased	$	13,412,825
Foreign currency exchange contracts:
Average number of contracts — US dollars purchased		2
Average number of contracts — US dollars sold		2
Average US dollar amounts purchased	$	348,679
Average US dollar amounts sold	$	181,414

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 Master LLC’s investment advisor, an indirect, wholly owned subsidiary of BlackRock, to provide investment advisory and administration services. The Manager is responsible for the management of the Series’ 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.

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, dividend expense, acquired fund fees and expenses 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 prior to May 1, 2012 unless approved by the Board, including a majority of non-interested Directors. For the year ended December 31, 2010, the Series waived $46,646, which is included in fees waived by advisor in the Statement of Operations.

The Manager voluntarily agreed to waive its investment 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 year ended December 31, 2010, the Series waived $3,020, which is included in fees waived by advisor in the Statement of Operations.

BLACKROCK INTERNATIONAL INDEX FUND DECEMBER 31, 2010 33

Notes to Financial Statements (concluded) Master International Index Series

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 year ended December 31, 2010, the Series reimbursed the Manager $14,269 for certain accounting services, which are included in accounting services in the Statement of Operations.

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

4. Investments:

Purchases and sales of investments, excluding short-term securities for the year ended December 31, 2010, were $175,951,778 and $57,569,320, 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 expired in November 2010. The Series may borrow under the credit agreement to fund investor withdrawals. Effective November 2009, the credit agreement had the following terms: 0.02% upfront fee on the aggregate commitment amount, which was allocated to the Series based on its net assets as of October 31, 2009, a commitment fee of 0.10% per annum based on the Series’ pro rata share of the unused portion of the credit agreement, and interest at a rate equal to the higher of (a) the one-month LIBOR plus 1.25% per annum and (b) the Fed Funds rate plus 1.25% per annum on amounts borrowed. In addition, the Series paid administration and arrangement fees which were allocated to the Series based on its net assets as of October 31, 2009. Effective November 2010, the credit agreement was renewed until November 2011 with the following terms: a commitment fee of 0.08% per annum based on the Series’ pro rata share of the unused portion of the credit agreement and interest at a rate equal to the higher of (a) the one-month LIBOR plus 1.00% per annum and (b) the Fed Funds rate plus 1.00% per annum on amounts borrowed. In addition, the Series paid administration and arrangement fees which were allocated to the Series based on its net assets as of October 31, 2010. The Series did not borrow under the credit agreement during the year ended December 31, 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 counter-party 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 December 31, 2010, the Series had the following industry classifications:

Industry	Percent of Long-Term Investments
Commercial Banks	13	%
Oil, Gas & Consumable Fuels	7
Pharmaceuticals	7
Metals & Mining	6
Other*	67

* 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 DECEMBER 31, 2010

Report of Independent Registered Public Accounting Firm Master International Index Series

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

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Master International Index Series, one of the portfolios constituting Quantitative Master Series LLC, (the “Master LLC”) as of December 31, 2010, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended. These financial statements and financial highlights are the responsibility of the Master LLC’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. The Master LLC is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Master LLC’s internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of December 31, 2010, by correspondence with the custodian and brokers; where replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Master International Index Series of Quantitative Master Series LLC as of December 31, 2010, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

Deloitte & Touche LLP
Princeton, New Jersey
February 25, 2011

BLACKROCK INTERNATIONAL INDEX FUND DECEMBER 31, 2010 35

Officers and Directors

Name, Address and Year of Birth	Position(s) Held with Corporation/ Master LLC	Length of Time Served as a Director2	Principal Occupation(s) During Past Five Years	Number of BlackRock- Advised Registered Investment Companies (“RICs”) Consisting of Investment Portfolios (“Portfolios”) Overseen	Public Directorships
Non-Interested Directors1
Ronald W. Forbes 55 East 52nd Street New York, NY 10055 1940	Co-Chair of the Board and Director	Since 2007	Professor Emeritus of Finance, School of Business, State University of New York at Albany since 2000.	36 RICs consisting of 95 Portfolios	None
Rodney D. Johnson 55 East 52nd Street New York, NY 10055 1941	Co-Chair of the Board and Director	Since 2007	President, Fairmount Capital Advisors, Inc. since 1987; Director, Fox Chase Cancer Center since 2004; Member of the Archdiocesan Investment Committee of the Archdiocese of Philadelphia since 2004; Director, The Committee of Seventy (civic) since 2006.	36 RICs consisting of 95 Portfolios	None
David O. Beim 55 East 52nd Street New York, NY 10055 1940	Director	Since 2007	Professor of Finance and Economics at the Columbia University Graduate School of Business since 1991; Trustee, Phillips Exeter Academy since 2002; Chairman, Wave Hill, Inc. (public garden and cultural center) from 1990 to 2006.	36 RICs consisting of 95 Portfolios	None
Dr. Matina S. Horner 55 East 52nd Street New York, NY 10055 1939	Director	Since 2007	Executive Vice President of Teachers Insurance and Annuity Association and College Retirement Equities Fund from 1989 to 2003.	36 RICs consisting of 95 Portfolios	NSTAR (electric and gas utility)
Herbert I. London 55 East 52nd Street New York, NY 10055 1939	Director and Member of the Audit Committee	Since 2007	Professor Emeritus, New York University since 2005; John M. Olin Professor of Humanities, New York University from 1993 to 2005 and Professor thereof from 1980 to 2005; President, Hudson Institute (policy research organization) since 1997 and Trustee thereof since 1980; Chairman of the Board of Trustees for Grantham University since 2006; Director, InnoCentive, Inc. (strategic solutions company) since 2005; Director, Cerego, LLC (software development and design) since 2005.	36 RICs consisting of 95 Portfolios	AIMS Worldwide, Inc. (marketing)
Cynthia A. Montgomery 55 East 52nd Street New York, NY 10055 1952	Director	Since 2007	Professor, Harvard Business School since 1989; Director, Harvard Business School Publishing since 2005; Director, McLean Hospital since 2005.	36 RICs consisting of 95 Portfolios	Newell Rubbermaid, Inc. (manufacturing)
Joseph P. Platt 55 East 52nd Street New York, NY 10055 1947	Director	Since 2007	Director, The West Penn Allegheny Health System (a not-for-profit health system) since 2008; Director, Jones and Brown (Canadian insurance broker) since 1998; General Partner, Thorn Partners, LP (private investment) since 1998; Partner, Amarna Corporation, LLC (private investment company) from 2002 to 2008.	36 RICs consisting of 95 Portfolios	Greenlight Capital Re, Ltd. (reinsurance company); WQED Multi-Media (public broadcasting not-for-profit)
Robert C. Robb, Jr. 55 East 52nd Street New York, NY 10055 1945	Director	Since 2007	Partner, Lewis, Eckert, Robb and Company (management and financial consulting firm) since 1981.	36 RICs consisting of 95 Portfolios	None
Toby Rosenblatt 55 East 52nd Street New York, NY 10055 1938	Director	Since 2007	President, Founders Investments Ltd. (private investments) since 1999; Director, College Access Foundation of California (philanthropic foundation) since 2009; Director, Forward Management, LLC since 2007; Director, The James Irvine Foundation (philanthropic foundation) from 1998 to 2008.	36 RICs consisting of 95 Portfolios	A.P. Pharma, Inc. (specialty pharmaceuticals)

36 BLACKROCK INTERNATIONAL INDEX FUND DECEMBER 31, 2010

Officers and Directors (continued)

Name, Address and Year of Birth	Position(s) Held with Corporation/ Master LLC		Length of Time Served as a Director2	Principal Occupation(s) During Past Five Years	Number of BlackRock- Advised Registered Investment Companies (“RICs”) Consisting of Investment Portfolios (“Portfolios”) Overseen	Public Directorships
Non-Interested Directors1 (concluded)
Kenneth L. Urish 55 East 52nd Street New York, NY 10055 1951	Chair of the Audit Committee and Director		Since 2007	Managing Partner, Urish Popeck & Co., LLC (certified public accountants and consultants) since 1976; Chairman Elect of the Professional Ethics Committee of the Pennsylvania Institute of Certified Public Accountants and Committee Member thereof since 2007; Member of External Advisory Board, The Pennsylvania State University Accounting Department since 2001; Trustee, The Holy Family Foundation from 2001 to 2009; President and Trustee, Pittsburgh Catholic Publishing Associates from 2003 to 2008; Director, Inter-Tel from 2006 to 2007.	36 RICs consisting of 95 Portfolios	None
Frederick W. Winter 55 East 52nd Street New York, NY 10055 1945	Director and Member of the Audit Committee		Since 2007	Professor and Dean Emeritus of the Joseph M. Katz School of Business, University of Pittsburgh since 2005 and Dean thereof from 1997 to 2005; Director, Alkon Corporation (pneumatics) since 1992; Director, Tippman Sports (recreation) since 2005; Director, Indotronix International (IT services) from 2004 to 2008.	36 RICs consisting of 95 Portfolios	None
	1	Directors serve until their resignation, removal or death, or until December 31 of the year in which they turn 72. The Board has approved one-year extensions in terms of Directors who turn 72 prior to December 31, 2013.
	2	Date shown is the earliest date a person has served as a director for the Corporation/Master LLC covered by this annual report. Following the combination of Merrill Lynch Investment Managers, L.P. (“MLIM”) and BlackRock, Inc. (“BlackRock”) in September 2006, the various legacy MLIM and legacy BlackRock fund boards were realigned and consolidated into three new Fund boards in 2007. As a result, although the chart shows directors as joining the Corporation/Master LLC board in 2007, each director first became a member of the board of other legacy MLIM or legacy BlackRock Funds as follows: David O. Beim, 1998; Ronald W. Forbes, 1977; Dr. Matina S. Horner, 2004; Rodney D. Johnson, 1995; Herbert I. London, 1987; Cynthia A. Montgomery, 1994; Joseph P. Platt, 1999; Robert C. Robb, Jr., 1998; Toby Rosenblatt, 2005; Kenneth L. Urish, 1999; and Frederick W. Winter, 1999.

Interested Directors3
Richard S. Davis 55 East 52nd Street New York, NY 10055 1945	Director		Since 2007	Managing Director, BlackRock, Inc. since 2005; Chief Executive Officer, State Street Research & Management Company from 2000 to 2005; Chairman of the Board of Trustees, State Street Research Mutual Funds from 2000 to 2005.	169 RICs consisting of 289 Portfolios	None
Henry Gabbay 55 East 52nd Street New York, NY 10055 1947	Director		Since 2007	Consultant, BlackRock, Inc. from 2007 to 2008; Managing Director, BlackRock, Inc. from 1989 to 2007; Chief Administrative Officer, BlackRock Advisors, LLC from 1998 to 2007; President of BlackRock Funds and BlackRock Bond Allocation Target Shares from 2005 to 2007 and Treasurer of certain closed-end funds in the BlackRock fund complex from 1989 to 2006.	169 RICs consisting of 289 Portfolios	None
	3	Mr. Davis is an “interested person” as defined in the Investment Company Act of 1940, of the Corporation/Master LLC based on his position with BlackRock, Inc. and its affiliates. Mr. Gabbay is an “interested person” of the Corporation/Master LLC based on his former positions with BlackRock, Inc. and its affiliates as well as his ownership of BlackRock, Inc. and The PNC Financial Services Group, Inc. securities. Directors serve until their resignation, removal or death, or until December 31 of the year in which they turn 72.

BLACKROCK INTERNATIONAL INDEX FUND DECEMBER 31, 2010 37

Officers and Directors (concluded)

Name, Address and Year of Birth	Position(s) Held with Corporation/ Master LLC		Length of Time Served	Principal Occupation(s) During Past Five Years
Corporation/Master LLC Officers1
John M. Perlowski 55 East 52nd Street New York, NY 10055 1964	President and Chief Executive Officer		Since 2010	Managing Director of BlackRock, Inc. since 2009; Global Head of BlackRock Fund Administration since 2009; Managing Director and Chief Operating Officer of the Global Product Group at Goldman Sachs Asset Management, L.P. from 2003 to 2009; Treasurer of Goldman Sachs Mutual Funds from 2003 to 2009 and Senior Vice President thereof from 2007 to 2009; Director of Goldman Sachs Offshore Funds from 2002 to 2009.
Brendan Kyne 55 East 52nd Street New York, NY 10055 1977	Vice President		Since 2009	Managing Director of BlackRock, Inc. since 2010; Director of BlackRock, Inc. from 2008 to 2009; Head of Product Development and Management for BlackRock’s US Retail Group since 2009, Co-head thereof from 2007 to 2009; Vice President of BlackRock, Inc. from 2005 to 2008.
Brian Schmidt 55 East 52nd Street New York, NY 10055 1958	Vice President		Since 2009	Managing Director of BlackRock, Inc. since 2004; Various positions with US Trust Company from 1991 to 2003 including Director from 2001 to 2003 and Senior Vice President from 1998 to 2003; Vice President, Chief Financial Officer and Treasurer of Excelsior Funds, Inc., Excelsior Tax-Exempt Funds, Inc. and Excelsior Funds Trust from 2001 to 2003.
Neal Andrews 55 East 52nd Street New York, NY 10055 1966	Chief Financial Officer		Since 2007	Managing Director of BlackRock, Inc. since 2006; Senior Vice President and Line of Business Head of Fund Accounting and Administration at PNC Global Investment Servicing (U.S.) Inc. from 1992 to 2006.
Jay Fife 55 East 52nd Street New York, NY 10055 1970	Treasurer		Since 2007	Managing Director of BlackRock, Inc. since 2007 and Director in 2006; Assistant Treasurer of the Merrill Lynch Investment Managers, L.P. (“MLIM”) and Fund Asset Management, L.P.-advised funds from 2005 to 2006; Director of MLIM Fund Services Group from 2001 to 2006.
Brian Kindelan 55 East 52nd Street New York, NY 10055 1959	Chief Compliance Officer		Since 2007	Chief Compliance Officer of the BlackRock-advised funds since 2007; Managing Director and Senior Counsel of BlackRock, Inc. since 2005.
Ira Shapiro 55 East 52nd Street New York, NY 10055 1963	Secretary		Since 2010	Managing Director of BlackRock, Inc. since 2009; Managing Director and Associate General Counsel of Barclays Global Investors from 2008 to 2009 and Principal thereof from 2004 to 2008.
	1	Officers of the Corporation/Master LLC serve at the pleasure of the Board of Directors.
	Further information about the Corporation/Master LLC’s Officers and Directors is available in the Corporation/Master LLC’s Statement of Additional Information, which can be obtained without charge by calling (800) 441-7762.

Investment Advisor

BlackRock Advisors, LLC

Wilmington, DE 19809

Sub-Advisor

BlackRock Investment

Management, LLC

Plainsboro, NJ 08536

Custodian

JPMorgan Chase Bank, N.A.

Brooklyn, NY 11245

Transfer Agent

BNY Mellon Investment

Servicing (US) Inc.

Wilmington, DE 19809

Distributor

BlackRock Investments, LLC

New York, NY 10022

Legal Counsel

Sidley Austin LLP

New York, NY 10019

Accounting Agent

State Street Bank

and Trust Company

Princeton, NJ 08540

Independent Registered

Public Accounting Firm

Deloitte & Touche LLP

Princeton, NJ 08540

Address of the Fund

100 Bellevue Parkway

Wilmington, DE 19809

Effective September 24, 2010, John M. Perlowski became President and Chief Executive Officer of the Corporation and the Master LLC.

Effective November 16, 2010, Ira Shapiro became Secretary of the Corporation and the Master LLC.

38 BLACKROCK INTERNATIONAL INDEX FUND DECEMBER 31, 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 “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.

BLACKROCK INTERNATIONAL INDEX FUND DECEMBER 31, 2010 39

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.

40 BLACKROCK INTERNATIONAL INDEX FUND DECEMBER 31, 2010

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.

BLACKROCK INTERNATIONAL INDEX FUND DECEMBER 31, 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 S&P 500 Stock Fund

BlackRock U.S. Opportunities Portfolio

BlackRock Utilities and Telecommunications Fund

BlackRock Value Opportunities Fund

BlackRock World Gold Fund

Fixed Income Funds

BlackRock Bond Index Fund

BlackRock Bond Portfolio

BlackRock Emerging Market Debt Portfolio

BlackRock Floating Rate Income Portfolio

BlackRock GNMA Portfolio

BlackRock Global Dividend Income Portfolio†

BlackRock Government Income Portfolio

BlackRock High Income Fund

BlackRock High Yield Bond Portfolio

BlackRock Income 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 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

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 DECEMBER 31, 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 2-12/10

December 31, 2010

Annual Report

BlackRock S&P 500 Index Fund | of BlackRock Index Funds, Inc.

Not FDIC Insured § No Bank Guarantee § May Lose Value

Table of Contents

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

2 BLACKROCK S&P 500 INDEX FUND DECEMBER 31, 2010

Dear Shareholder

Economic data fluctuated widely throughout 2010 as the global economy continued to emerge from the “Great Recession.” As the year drew to a close, it became clear that cyclical stimulus had beaten out structural problems as economic data releases generally became more positive and financial markets showed signs of continuing improvement.

Debt and deflationary risks remained present throughout 2010, causing central banks worldwide to respond with unprecedented actions, most notably a second round of quantitative easing (informally known as “QE2”) from the US Federal Reserve Board (the “Fed”). Inflation remained a non-issue in the developed world, but continued to rear its ugly head in some emerging economies, most evidently in China. Global and US gross domestic product (“GDP”) growth both continued in a positive direction but remained subpar compared to most historical economic recoveries. In the United States, the corporate sector has been an important area of strength and consumer spending has shown improvement, although weakness in the housing and labor markets continues to burden the economy.

Stocks moved higher in the early months of 2010 on the continuation of the 2009 asset recovery story. The mid-year months saw a double-digit percentage correction on the back of the Greek sovereign debt crisis and a stalling in jobs growth, leading to fears of a double-dip recession. After touching a late summer low, equity markets rallied through year end as these concerns receded. The announcement of QE2 and extension of the Bush-era tax cuts further boosted equities as the year came to a close. Although the course was uneven and high volatility remained a constant for stocks, equity markets globally ended the year strong. Emerging markets outpaced the developed world in terms of economic growth and posted respectable gains for the year despite sovereign debt problems and heightening inflationary pressures. US stocks recorded double-digit percentage gains for the second consecutive year. Small cap stocks outperformed large caps as investors began to move into higher-risk assets.

In fixed income markets, yields trended lower over most of the year as investors continued to favor safer assets. That trend reversed abruptly in the fourth quarter when market fears abated and investors began seeking higher-risk assets, driving yields sharply upward through year end. However, yields were lower overall for the year and fixed income markets finished 2010 in positive territory. Although fixed income securities generally underperformed equities, high yield bonds only marginally trailed large cap stocks. Conversely, the tax-exempt municipal market was dealt an additional blow as it became apparent that an extension of the Build America Bond program was unlikely. In addition, the fourth quarter brought an increase in negative headlines regarding fiscal challenges faced by state and local governments, sparking additional volatility in the municipal market.

Cash investments, as represented by the 3-month Treasury bill, returned only a fraction over 0% for the year as short-term interest rates remained low. Yields on money market securities remain near all-time lows.

Total Returns as of December 31, 2010	6-month		12-month
US large cap equities (S&P 500 Index)	23.27	%	15.06	%
US small cap equities (Russell 2000 Index)	29.38		26.85
International equities (MSCI Europe, Australasia, Far East Index)	24.18		7.75
3-month Treasury bill (BofA Merrill Lynch 3-Month Treasury Bill Index)	0.08		0.13
US Treasury securities (BofA Merrill Lynch 10-Year US Treasury Index)	(1.33	)	7.90
US investment grade bonds (Barclays Capital US Aggregate Bond Index)	1.15		6.54
Tax-exempt municipal bonds (Barclays Capital Municipal Bond Index)	(0.90	)	2.38
US high yield bonds (Barclays Capital US Corporate High Yield 2% Issuer Capped Index)	10.04		14.94

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

While no one can peer into a crystal ball and eliminate the uncertainties presented by the economic landscape and financial markets, BlackRock can offer investors the next best thing: partnership with the world’s largest asset management firm and a unique global perspective that allows us to identify trends early and capitalize on market opportunities. 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 December 31, 2010	BlackRock S&P 500 Index Fund
Portfolio Management Commentary

	How did the Fund perform?
•	For the 12 months ended December 31, 2010, Institutional and Investor A Shares of BlackRock S&P 500 Index Fund (the “Fund”), a series of BlackRock Index Funds, Inc., returned 14.75% and 14.42%, respectively, while the benchmark Standard & Poor’s (S&P) 500 Index returned 15.06% for the same period. The S&P 500 Index is a market-weighted index composed of 500 common stocks issued by large-capitalization companies in a wide range of businesses. 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 index based on individual share class expenses. The Fund invests all of its assets in Master S&P 500 Index Series (the “Series”), a series of Quantitative Master Series LLC.
	Describe the market environment.
•	Over the course of 2010, cyclical stimulus beat out structural problems and stocks continued the choppy advance they began in 2009. The early months of 2010 saw risk assets move higher on the continuation of the 2009 asset recovery story, aided by preliminary signs of improvement in the employment situation and strong corporate earnings reported for fourth quarter 2009 and first quarter 2010. The middle months of 2010 saw a double-digit percentage correction on the back of the Greek sovereign debt crisis and a stalling in jobs growth, leading to fears of a double-dip recession. Investors were also unnerved by the May “flash crash” and the uncertainty surrounding the financial reform bill in the United States. Nevertheless, after touching a late summer low, equity markets experienced a strong finish to the year as double-dip fears receded, jobs growth resumed and the US midterm elections results were perceived to be capital markets friendly. Additionally, in the United States, Federal Reserve Chairman Ben Bernanke delivered his famous Jackson Hole speech, leading to a second round of quantitative easing measures (informally known as “QE2”) and, perhaps most importantly, the Bush-era tax cuts were extended and supplemented with some fiscal sweeteners.
•	In 2010, US stocks posted double-digit percentage gains for the second consecutive year. The Dow Jones Industrial Average gained 14.06%, and in the process, moved past the levels last seen before the collapse of Lehman Brothers in late 2008. The S&P 500 Index advanced 15.06%, while the NASDAQ Composite Index moved up 18.02%.
•	Within the benchmark S&P 500 Index, all 10 sectors posted gains for the period. Consumer discretionary posted the strongest returns (+27.66%), followed closely by industrials (+26.73%), materials (+22.20%) and energy (+20.46%), while the weakest returns came from health care (+2.90%) and utilities (+5.46%).
	Describe recent portfolio activity.
•	During the 12-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 index, 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 Series’ 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 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 Series’ Notes to Financial Statements.

4 BLACKROCK S&P 500 INDEX FUND DECEMBER 31, 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 (“NYSE”) issues), representing about 75% of NYSE market capitalization and 30% of NYSE issues.

Performance Summary for the Period Ended December 31, 2010

			Average Annual Total Returns4
	6-Month Total Returns		1 Year		5 Years		10 Years
Institutional	23.16	%	14.75	%	2.03	%	1.11	%
Investor A	22.91		14.42		1.76		0.85
S&P 500 Index	23.27		15.06		2.29		1.41

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 DECEMBER 31, 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 July 1, 2010 and held through December 31, 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 July 1, 2010	Ending Account Value December 31, 2010	Expenses Paid During the Period1	Beginning Account Value July 1, 2010	Ending Account Value December 31, 2010	Expenses Paid During the Period1	Annualized Expense Ratio
Institutional	$1,000.00	$1,231.60	$1.74	$1,000.00	$1,023.64	$1.58	0.31%
Investor A	$1,000.00	$1,229.10	$3.20	$1,000.00	$1,022.33	$2.91	0.57%

1	For each class of the Fund, expenses are equal to the expense ratio for the class, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period shown). Because the Fund is a feeder fund, the expense table example reflects the expenses of both the 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 S&P 500 INDEX FUND DECEMBER 31, 2010

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

December 31, 2010
Assets
Investments at value — Master S&P 500 Index Series (cost — $1,384,769,196)	$	1,761,305,300
Withdrawals receivable from the Series		9,558,117
Capital shares sold receivable		3,969,097
Prepaid expenses		32,874
Total assets		1,774,865,388
Liabilities
Capital shares redeemed payable		13,527,214
Administration fees payable		290,518
Service fees payable		157,227
Other affiliates payable		4,935
Officer’s fees payable		392
Other accrued expenses payable		240,842
Total liabilities		14,221,128
Net Assets	$	1,760,644,260
Net Assets Consist of
Paid-in capital	$	1,569,965,068
Undistributed net investment income		776,883
Accumulated net realized loss allocated from the Series		(186,633,795	)
Net unrealized appreciation/depreciation allocated from the Series		376,536,104
Net Assets	$	1,760,644,260
Net Asset Value
Institutional — Based on net assets of $1,018,080,343 and 66,201,564 shares outstanding, 250 million shares authorized, $0.0001 par value	$	15.38
Investor A — Based on net assets of $742,563,917 and 48,368,835 shares outstanding, 250 million shares authorized, $0.0001 par value	$	15.35

See Notes to Financial Statements.
	BLACKROCK S&P 500 INDEX FUND	DECEMBER 31, 2010	7

Statement of Operations BlackRock S&P 500 Index Fund

Year Ended December 31, 2010
Investment Income
Net investment income allocated from the Series:
Dividends — unaffiliated	$	34,461,220
Securities lending — affiliated		150,501
Dividends — affiliated		50,951
Expenses		(635,807	)
Total income		34,026,865
Expenses
Administration		3,616,820
Service — Investor A		1,776,836
Transfer agent — Institutional		545,469
Transfer agent — Investor A		438,148
Printing		96,654
Licensing		75,517
Registration		50,298
Professional		31,597
Officer		789
Miscellaneous		17,653
Total expenses		6,649,781
Net investment income		27,377,084
Realized and Unrealized Gain Allocated from the Series
Net realized gain from investments and financial futures contracts		14,775,569
Net change in unrealized appreciation/depreciation on investments and financial futures contracts		187,677,017
Total realized and unrealized gain		202,452,586
Net Increase in Net Assets Resulting from Operations	$	229,829,670

See Notes to Financial Statements.
8	BLACKROCK S&P 500 INDEX FUND	DECEMBER 31, 2010

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

	Year Ended December 31,
Increase (Decrease) in Net Assets:	2010			2009
Operations
Net investment income	$	27,377,084		$	27,714,317
Net realized gain (loss)		14,775,569			(10,017,881	)
Net change in unrealized appreciation/depreciation		187,677,017			339,946,812
Net increase in net assets resulting from operations		229,829,670			357,643,248
Dividends to Shareholders From
Net investment income:
Institutional		(17,049,427	)		(16,925,135	)
Investor A		(10,565,502	)		(10,932,804	)
Decrease in net assets resulting from dividends to shareholders		(27,614,929	)		(27,857,939	)
Capital Share Transactions
Net decrease in net assets derived from capital share transactions		(98,558,385	)		(66,243,912	)
Net Assets
Total increase in net assets		103,656,356			263,541,397
Beginning of year		1,656,987,904			1,393,446,507
End of year	$	1,760,644,260		$	1,656,987,904
Undistributed net investment income	$	776,883		$	1,014,728

See Notes to Financial Statements.
	BLACKROCK S&P 500 INDEX FUND	DECEMBER 31, 2010	9

Financial Highlights BlackRock S&P 500 Index Fund

	Institutional															Investor A
	Year Ended December 31,															Year Ended December 31,
	2010			2009			2008			2007			2006			2010			2009			2008			2007			2006
Per Share Operating Performance
Net asset value, beginning of year	$	13.63		$	11.00		$	18.01		$	17.40		$	15.29		$	13.61		$	10.98		$	17.96		$	17.36		$	15.26
Net investment income1		0.24			0.23			0.31			0.30			0.26			0.21			0.20			0.27			0.25			0.22
Net realized and unrealized gain (loss)		1.77			2.64			(7.01	)		0.62			2.11			1.75			2.64			(6.98	)		0.61			2.10
Net increase (decrease) from investment operations		2.01			2.87			(6.70	)		0.92			2.37			1.96			2.84			(6.71	)		0.86			2.32
Dividends from net investment income		(0.26	)		(0.24	)		(0.31	)		(0.31	)		(0.26	)		(0.22	)		(0.21	)		(0.27	)		(0.26	)		(0.22	)
Net asset value, end of year	$	15.38		$	13.63		$	11.00		$	18.01		$	17.40		$	15.35		$	13.61		$	10.98		$	17.96		$	17.36
Total Investment Return2
Based on net asset value		14.75	%		26.15	%		(37.20	)%		5.29	%		15.49	%		14.42	%		25.92	%		(37.36	)%		4.97	%		15.18	%
Ratios to Average Net Assets3
Total expenses		0.33	%		0.35	%		0.35	%		0.34	%		0.35	%		0.58	%		0.61	%		0.60	%		0.60	%		0.60	%
Net investment income		1.74	%		2.02	%		2.00	%		1.64	%		1.61	%		1.49	%		1.76	%		1.75	%		1.38	%		1.36	%
Supplemental Data
Net assets, end of year (000)	$	1,018,080		$	951,380		$	813,527		$	1,779,030		$	1,699,791		$	742,564		$	705,608		$	579,920		$	930,377		$	969,213
Portfolio turnover of the Series		5	%		7	%		8	%		4	%		4	%		5	%		7	%		8	%		4	%		4	%

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

See Notes to Financial Statements.
10	BLACKROCK S&P 500 INDEX FUND	DECEMBER 31, 2010

Notes to Financial Statements BlackRock S&P 500 Index Fund

1. Organization and Significant Accounting Policies:

BlackRock S&P 500 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 S&P 500 Index Series (the “Series”), a series of Quantitative Master Series LLC, which has the same investment objective and strategies as the Fund. The value of the Fund’s investment in the Series reflects the Fund’s proportionate interest in the net assets of the Series. The percentage of the Series owned by the Fund at December 31, 2010 was 74.5%. 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 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. For financial reporting purposes, contributions to and withdrawals from the Series are accounted for on a trade 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, 2010. The statutes of limitations on the Fund’s state and local tax returns may remain open for an additional year depending upon the jurisdiction. Management does not believe there are any 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.

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 Fund’s average daily net assets. The Fund does not pay an investment advisory fee or investment management fee.

BLACKROCK S&P 500 INDEX FUND DECEMBER 31, 2010 11

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

The Administrator voluntarily agreed to waive and/or reimburse fees or expenses, excluding interest expense, dividend expense, acquired fund fees and expenses and certain other fund expenses, in order to limit expenses. The expense limitation as a percentage of net assets is 0.40% for Institutional Shares and 0.65% for Investor A Shares. The Administrator may reduce or discontinue this waiver and/or reimbursement 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 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 and/or distribution related services to Investor A shareholders.

BNY Mellon Investment Servicing (US) Inc. (formerly PNC Global Investment Servicing (U.S.) Inc. (“PNCGIS”)), serves as transfer agent and dividend disbursing agent. On July 1, 2010, the Bank of New York Mellon Corporation purchased PNCGIS, which prior to this date was an indirect, wholly owned subsidiary of PNC and an affiliate of the Administrator. 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. Pursuant to written agreements, certain financial intermediaries, some of which may be affiliates, provide the Fund with sub-accounting, recordkeeping, sub-transfer agency and other administrative services with respect to the sub-accounts they service. For these services, these entities receive an annual fee per shareholder account which will vary depending on share class. Prior to July 1, 2010, PNCGIS was an affiliate and earned $29,514 in transfer agency fees for the period January 1, 2010 to June 30, 2010, which are included as a component of transfer agent — class specific in the Statement of Operations.

The Administrator maintains a call center, which is responsible for providing certain shareholder services to the Fund, such as responding to shareholder inquiries and processing transactions based upon instructions from shareholders with respect to the subscription and redemption of Fund shares. For the year ended December 31, 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	$	3,786
Investor A	$	8,653

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

3. Income Tax Information:

The tax character of distributions paid during the fiscal years ended December 31, 2010 and December 31, 2009 was as follows:

	12/31/10		12/31/09
Distributions paid from:
Ordinary income	$	27,614,929	$	27,857,939
Total distributions	$	27,614,929	$	27,857,939

As of December 31, 2010, the tax components of accumulated gains were as follows:

Undistributed ordinary income	$	776,883
Capital loss carryforwards		(82,853,687	)
Net unrealized gains*		272,755,996
Total	$	190,679,192

* The differences between book-basis and tax-basis net unrealized gains were attributable primarily to the timing and recognition of partnership income.

As of December 31, 2010, the Fund had capital loss carryforwards available to offset future realized capital gains through the indicated expiration dates:

Expires December 31,
2012	$	12,985,387
2013		28,402,088
2014		26,517,609
2017		14,948,603
Total	$	82,853,687

Under the recently enacted Regulated Investment Company Modernization Act of 2010, capital losses incurred by the Fund after December 31, 2010 will not be subject to expiration. In addition, such losses must be utilized prior to the losses incurred in the years preceding enactment.

12 BLACKROCK S&P 500 INDEX FUND DECEMBER 31, 2010

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:

	Year Ended December 31, 2010						Year Ended December 31, 2009
	Shares			Amount			Shares			Amount
Institutional
Shares sold		29,561,942		$	415,514,624			35,619,342		$	404,077,679
Shares issued to shareholders in reinvestment of dividends		1,076,994			16,287,469			1,198,921			16,162,043
Total issued		30,638,936			431,802,093			36,818,263			420,239,722
Shares redeemed		(34,242,137	)		(481,214,108	)		(40,985,628	)		(471,515,439	)
Net decrease		(3,603,201	)	$	(49,412,015	)		(4,167,365	)	$	(51,275,717	)
Investor A
Shares sold		9,986,596		$	139,337,943			18,020,743		$	194,637,914
Shares issued to shareholders in reinvestment of dividends		646,756			9,759,878			747,595			10,058,773
Total issued		10,633,352			149,097,821			18,768,338			204,696,687
Shares redeemed		(14,119,788	)		(198,244,191	)		(19,707,775	)		(219,664,882	)
Net decrease		(3,486,436	)	$	(49,146,370	)		(939,437	)	$	(14,968,195	)

5. Subsequent Events:

Management has evaluated the impact of all subsequent events on the Fund 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 S&P 500 INDEX FUND DECEMBER 31, 2010 13

Report of Independent Registered Public Accounting Firm BlackRock S&P 500 Index Fund

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

We have audited the accompanying statement of assets and liabilities of BlackRock S&P 500 Index Fund, one of the series constituting BlackRock Index Funds, Inc., (the “Fund”) as of December 31, 2010, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended. These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

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

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of BlackRock S&P 500 Index Fund of BlackRock Index Funds, Inc. as of December 31, 2010, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

Deloitte & Touche LLP
Princeton, New Jersey
February 28, 2011

Important Tax Information (Unaudited)

All of the ordinary income distributions paid by BlackRock S&P 500 Index Fund of BlackRock Index Funds, Inc. during the fiscal year ended December 31, 2010 qualify for the dividends received deduction for corporations and consist entirely of qualified dividend income for individuals.

14 BLACKROCK S&P 500 INDEX FUND DECEMBER 31, 2010

Portfolio Information Master S&P 500 Index Series

As of December 31, 2010

Ten Largest Holdings	Percent of Long-Term Investments
Exxon Mobil Corp.		3	%
Apple, Inc.		3
Microsoft Corp.		2
General Electric Co.		2
Chevron Corp.		2
International Business Machines Corp.		2
The Procter & Gamble Co.		2
AT&T Inc.		2
Johnson & Johnson		1
JPMorgan Chase & Co.		1

Sector Allocations	Percent of Long-Term Investments
Information Technology	19	%
Financials	16
Energy	12
Industrials	11
Health Care	11
Consumer Discretionary	11
Consumer Staples	10
Materials	4
Utilities	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 DECEMBER 31, 2010 15

Schedule of Investments December 31, 2010	Master S&P 500 Index Series
	(Percentages shown are based on Net Assets)

Common Stocks	Shares		Value
Aerospace & Defense — 2.6%
Boeing Co.		151,675	$	9,898,310
General Dynamics Corp.		78,109		5,542,615
Goodrich Corp.		25,954		2,285,769
Honeywell International, Inc.		161,317		8,575,612
ITT Corp.		38,016		1,981,014
L-3 Communications Holdings, Inc.		23,171		1,633,324
Lockheed Martin Corp.		60,990		4,263,811
Northrop Grumman Corp.		60,271		3,904,355
Precision Castparts Corp.		29,448		4,099,456
Raytheon Co.		75,184		3,484,026
Rockwell Collins, Inc.		32,481		1,892,343
United Technologies Corp.		190,899		15,027,569
				62,588,204
Air Freight & Logistics — 1.1%
C.H. Robinson Worldwide, Inc. (a)		34,178		2,740,734
Expeditors International Washington, Inc.		43,955		2,399,943
FedEx Corp.		65,088		6,053,835
United Parcel Service, Inc., Class B		204,446		14,838,690
				26,033,202
Airlines — 0.1%
Southwest Airlines Co.		154,690		2,007,876
Auto Components — 0.2%
The Goodyear Tire & Rubber Co. (b)		50,673		600,475
Johnson Controls, Inc.		139,433		5,326,341
				5,926,816
Automobiles — 0.6%
Ford Motor Co. (a)(b)		774,585		13,005,282
Harley-Davidson, Inc.		48,785		1,691,376
				14,696,658
Beverages — 2.6%
Brown-Forman Corp., Class B		21,502		1,496,969
The Coca-Cola Co.		479,981		31,568,351
Coca-Cola Enterprises Inc.		69,636		1,742,989
Constellation Brands, Inc., Class A (b)		37,188		823,714
Dr. Pepper Snapple Group, Inc.		46,530		1,635,995
Molson Coors Brewing Co., Class B		32,768		1,644,626
PepsiCo, Inc.		327,616		21,403,153
				60,315,797
Biotechnology — 1.3%
Amgen, Inc. (b)		195,341		10,724,221
Biogen Idec, Inc. (b)		49,135		3,294,502
Celgene Corp. (b)		97,333		5,756,273
Cephalon, Inc. (b)		15,606		963,202
Genzyme Corp. (b)		53,580		3,814,896
Gilead Sciences, Inc. (b)		167,899		6,084,660
				30,637,754
Building Products — 0.0%
Masco Corp. (a)		74,374		941,575

Common Stocks	Shares		Value
Capital Markets — 2.5%
Ameriprise Financial, Inc.		51,070	$	2,939,078
The Bank of New York Mellon Corp.		256,503		7,746,390
The Charles Schwab Corp.		204,556		3,499,953
E*Trade Financial Corp. (b)		41,543		664,688
Federated Investors, Inc., Class B (a)		19,041		498,303
Franklin Resources, Inc.		30,036		3,340,303
The Goldman Sachs Group, Inc.		105,687		17,772,326
Invesco Ltd.		94,924		2,283,871
Janus Capital Group, Inc.		38,242		495,999
Legg Mason, Inc.		31,121		1,128,759
Morgan Stanley		312,822		8,511,887
Northern Trust Corp.		50,124		2,777,371
State Street Corp.		103,740		4,807,312
T. Rowe Price Group, Inc.		52,881		3,412,940
				59,879,180
Chemicals — 2.1%
Air Products & Chemicals, Inc.		44,327		4,031,541
Airgas, Inc.		15,494		967,755
CF Industries Holdings, Inc.		14,730		1,990,759
The Dow Chemical Co. (a)		240,007		8,193,839
E.I. du Pont de Nemours & Co.		188,753		9,415,000
Eastman Chemical Co.		14,952		1,257,164
Ecolab, Inc.		47,731		2,406,597
FMC Corp.		15,037		1,201,306
International Flavors & Fragrances, Inc.		16,565		920,848
Monsanto Co.		110,855		7,719,942
PPG Industries, Inc.		33,570		2,822,230
Praxair, Inc.		63,374		6,050,316
The Sherwin-Williams Co.		18,316		1,533,965
Sigma-Aldrich Corp.		25,125		1,672,320
				50,183,582
Commercial Banks — 3.0%
BB&T Corp.		143,174		3,764,044
Comerica, Inc.		36,563		1,544,421
Fifth Third Bancorp		164,832		2,419,734
First Horizon National Corp. (b)		49,501		583,123
Huntington Bancshares, Inc.		178,404		1,225,636
KeyCorp		182,406		1,614,293
M&T Bank Corp.		24,716		2,151,528
Marshall & Ilsley Corp.		109,305		756,391
The PNC Financial Services Group, Inc. (c)		108,792		6,605,850
Regions Financial Corp.		260,175		1,821,225
SunTrust Banks, Inc.		102,928		3,037,405
U.S. Bancorp		396,619		10,696,814
Wells Fargo & Co.		1,084,948		33,622,539
Zions Bancorporation		36,309		879,767
				70,722,770
Commercial Services & Supplies — 0.5%
Avery Dennison Corp.		21,863		925,680
Cintas Corp.		25,446		711,470
Iron Mountain, Inc. (a)		41,509		1,038,140
Pitney Bowes, Inc.		41,267		997,836
R.R. Donnelley & Sons Co.		42,729		746,476
Republic Services, Inc., Class A		63,655		1,900,738
Stericycle, Inc. (b)		17,723		1,434,145
Waste Management, Inc. (a)		98,163		3,619,270
				11,373,755

See Notes to Financial Statements.
16	BLACKROCK S&P 500 INDEX FUND	DECEMBER 31, 2010

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

Common Stocks	Shares		Value
Communications Equipment — 2.2%
Cisco Systems, Inc. (b)		1,145,783	$	23,179,190
F5 Networks, Inc. (b)		16,720		2,176,275
Harris Corp.		26,592		1,204,618
JDS Uniphase Corp. (b)		46,293		670,323
Juniper Networks, Inc. (b)		108,234		3,995,999
Motorola, Inc. (b)		485,981		4,407,848
QUALCOMM, Inc.		334,427		16,550,792
Tellabs, Inc.		76,789		520,629
				52,705,674
Computers & Peripherals — 4.4%
Apple, Inc. (b)		189,604		61,158,666
Dell, Inc. (b)		346,991		4,701,728
EMC Corp. (b)		426,008		9,755,583
Hewlett-Packard Co.		468,791		19,736,101
Lexmark International, Inc., Class A (b)		16,260		566,173
NetApp, Inc. (b)		74,849		4,113,701
QLogic Corp. (b)		22,042		375,155
SanDisk Corp. (b)		48,538		2,420,105
Western Digital Corp. (b)		47,604		1,613,776
				104,440,988
Construction & Engineering — 0.2%
Fluor Corp.		37,009		2,452,217
Jacobs Engineering Group, Inc. (b)		26,119		1,197,556
Quanta Services, Inc. (b)		44,234		881,141
				4,530,914
Construction Materials — 0.0%
Vulcan Materials Co. (a)		26,582		1,179,177
Consumer Finance — 0.7%
American Express Co.		216,538		9,293,811
Capital One Financial Corp.		94,327		4,014,557
Discover Financial Services, Inc.		112,757		2,089,387
SLM Corp. (b)		100,643		1,267,096
				16,664,851
Containers & Packaging — 0.2%
Ball Corp.		18,000		1,224,900
Bemis Co.		22,471		733,903
Owens-Illinois, Inc. (b)		33,923		1,041,436
Sealed Air Corp.		33,123		842,980
				3,843,219
Distributors — 0.1%
Genuine Parts Co.		32,631		1,675,276
Diversified Consumer Services — 0.1%
Apollo Group, Inc., Class A (b)		26,277		1,037,678
DeVry, Inc.		12,963		621,965
H&R Block, Inc.		63,869		760,680
				2,420,323
Diversified Financial Services — 4.3%
Bank of America Corp.		2,084,712		27,810,058
CME Group, Inc.		13,844		4,454,307
Citigroup, Inc. (b)		6,004,952		28,403,423
IntercontinentalExchange, Inc. (b)		14,993		1,786,416
JPMorgan Chase & Co.		808,051		34,277,523
Leucadia National Corp.		40,842		1,191,770

Common Stocks	Shares		Value
Diversified Financial Services (concluded)
Moody’s Corp. (a)		42,251	$	1,121,341
The NASDAQ Stock Market, Inc. (b)		29,183		691,929
NYSE Euronext		54,066		1,620,899
				101,357,666
Diversified Telecommunication Services — 2.8%
AT&T Inc.		1,221,623		35,891,284
CenturyLink, Inc. (a)		62,754		2,897,352
Frontier Communications Corp.		205,802		2,002,454
Qwest Communications International, Inc.		358,795		2,730,430
Verizon Communications, Inc. (a)		584,353		20,908,150
Windstream Corp.		100,229		1,397,192
				65,826,862
Electric Utilities — 1.8%
Allegheny Energy, Inc.		35,126		851,454
American Electric Power Co., Inc.		99,366		3,575,189
Duke Energy Corp.		273,736		4,875,238
Edison International		67,433		2,602,914
Entergy Corp.		37,239		2,637,638
Exelon Corp.		136,782		5,695,603
FirstEnergy Corp. (a)		63,103		2,336,073
NextEra Energy, Inc.		85,898		4,465,837
Northeast Utilities, Inc.		36,556		1,165,405
PPL Corp.		100,027		2,632,711
Pepco Holdings, Inc.		46,600		850,450
Pinnacle West Capital Corp.		22,440		930,138
Progress Energy, Inc.		60,298		2,621,757
The Southern Co.		173,434		6,630,382
				41,870,789
Electrical Equipment — 0.5%
Emerson Electric Co.		155,624		8,897,024
Rockwell Automation, Inc.		29,356		2,105,119
Roper Industries, Inc.		19,614		1,499,098
				12,501,241
Electronic Equipment, Instruments & Components — 0.6%
Agilent Technologies, Inc. (b)		71,324		2,954,954
Amphenol Corp., Class A		36,158		1,908,419
Corning, Inc.		323,306		6,246,272
Flir Systems, Inc. (b)		32,784		975,324
Jabil Circuit, Inc.		40,448		812,600
Molex, Inc. (a)		28,546		648,565
				13,546,134
Energy Equipment & Services — 2.2%
Baker Hughes, Inc.		89,136		5,095,905
Cameron International Corp. (b)		50,206		2,546,950
Diamond Offshore Drilling, Inc.		14,415		963,931
FMC Technologies, Inc. (b)		24,588		2,186,119
Halliburton Co.		188,045		7,677,877
Helmerich & Payne, Inc.		21,980		1,065,591
Nabors Industries Ltd. (b)		59,148		1,387,612
National Oilwell Varco, Inc.		86,769		5,835,215
Rowan Cos., Inc. (b)		26,191		914,328
Schlumberger Ltd.		282,039		23,550,257
				51,223,785

See Notes to Financial Statements.
	BLACKROCK S&P 500 INDEX FUND	DECEMBER 31, 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 — 2.4%
CVS Caremark Corp.		280,947	$	9,768,527
Costco Wholesale Corp.		89,406		6,456,007
The Kroger Co.		131,345		2,936,874
SUPERVALU, Inc.		44,171		425,367
SYSCO Corp.		120,704		3,548,698
Safeway, Inc.		76,314		1,716,302
Wal-Mart Stores, Inc. (a)		404,980		21,840,571
Walgreen Co.		191,439		7,458,463
Whole Foods Market, Inc. (b)		30,408		1,538,341
				55,689,150
Food Products — 1.7%
Archer-Daniels-Midland Co.		131,905		3,967,702
Campbell Soup Co.		39,102		1,358,794
ConAgra Foods, Inc.		91,045		2,055,796
Dean Foods Co. (b)		38,158		337,317
General Mills, Inc.		132,328		4,709,554
H.J. Heinz Co.		66,366		3,282,462
The Hershey Co.		32,045		1,510,922
Hormel Foods Corp.		14,383		737,273
The J.M. Smucker Co.		24,755		1,625,166
Kellogg Co.		52,305		2,671,739
Kraft Foods, Inc.		361,143		11,379,616
McCormick & Co., Inc.		27,554		1,282,088
Mead Johnson Nutrition Co.		42,341		2,635,727
Sara Lee Corp.		131,311		2,299,256
Tyson Foods, Inc., Class A		61,801		1,064,213
				40,917,625
Gas Utilities — 0.1%
Nicor, Inc.		9,532		475,837
Oneok, Inc.		22,042		1,222,670
				1,698,507
Health Care Equipment & Supplies — 1.7%
Baxter International, Inc.		120,563		6,102,899
Becton Dickinson & Co.		47,475		4,012,587
Boston Scientific Corp. (b)		314,637		2,381,802
C.R. Bard, Inc.		19,038		1,747,117
CareFusion Corp. (b)		46,202		1,187,392
Dentsply International, Inc.		28,818		984,711
Hospira, Inc. (b)		34,283		1,909,220
Intuitive Surgical, Inc. (b)		8,069		2,079,785
Medtronic, Inc.		223,293		8,281,937
St. Jude Medical, Inc. (b)		70,944		3,032,856
Stryker Corp.		70,488		3,785,206
Varian Medical Systems, Inc. (b)		24,368		1,688,215
Zimmer Holdings, Inc. (b)		40,568		2,177,690
				39,371,417
Health Care Providers & Services — 1.9%
Aetna, Inc.		82,814		2,526,655
AmerisourceBergen Corp.		56,666		1,933,444
Cardinal Health, Inc.		71,839		2,752,152
Cigna Corp.		55,628		2,039,323
Coventry Health Care, Inc. (b)		30,746		811,694
DaVita, Inc. (b)		19,856		1,379,793

Common Stocks	Shares		Value
Health Care Providers & Services (concluded)
Express Scripts, Inc. (b)		108,998	$	5,891,342
Humana, Inc. (b)		34,527		1,890,008
Laboratory Corp. of America Holdings (b)		20,851		1,833,220
McKesson Corp.		52,356		3,684,815
Medco Health Solutions, Inc. (b)		87,776		5,378,036
Patterson Cos., Inc.		19,954		611,191
Quest Diagnostics, Inc.		28,931		1,561,406
Tenet Healthcare Corp. (b)		100,884		674,914
UnitedHealth Group, Inc.		227,442		8,212,931
WellPoint, Inc. (b)		81,326		4,624,196
				45,805,120
Health Care Technology — 0.1%
Cerner Corp. (b)		14,765		1,398,836
Hotels, Restaurants & Leisure — 1.7%
Carnival Corp.		88,882		4,098,349
Darden Restaurants, Inc.		28,684		1,332,085
International Game Technology		61,842		1,093,985
Marriott International, Inc., Class A (a)		59,560		2,474,123
McDonald’s Corp.		218,410		16,765,152
Starbucks Corp.		153,170		4,921,352
Starwood Hotels & Resorts Worldwide, Inc.		39,462		2,398,500
Wyndham Worldwide Corp.		35,542		1,064,838
Wynn Resorts Ltd.		15,661		1,626,238
Yum! Brands, Inc.		96,837		4,749,855
				40,524,477
Household Durables — 0.4%
D.R. Horton, Inc.		58,692		700,196
Fortune Brands, Inc.		31,596		1,903,659
Harman International Industries, Inc. (b)		14,504		671,535
Leggett & Platt, Inc.		30,343		690,607
Lennar Corp., Class A		33,071		620,081
Newell Rubbermaid, Inc.		58,974		1,072,147
Pulte Group, Inc. (b)		69,363		521,610
Stanley Black & Decker, Inc.		34,090		2,279,598
Whirlpool Corp.		15,753		1,399,339
				9,858,772
Household Products — 2.2%
Clorox Co.		28,878		1,827,400
Colgate-Palmolive Co.		99,808		8,021,569
Kimberly-Clark Corp.		84,309		5,314,839
The Procter & Gamble Co.		578,603		37,221,531
				52,385,339
IT Services — 3.0%
Automatic Data Processing, Inc.		101,923		4,716,996
Cognizant Technology Solutions Corp. (b)		62,775		4,600,780
Computer Sciences Corp.		32,005		1,587,448
Fidelity National Information Services, Inc.		54,873		1,502,971
Fiserv, Inc. (b)		30,493		1,785,670
International Business Machines Corp. (a)		256,801		37,688,115
MasterCard, Inc., Class A		20,019		4,486,458
Paychex, Inc.		66,647		2,060,059
SAIC, Inc. (b)		60,920		966,191
Teradata Corp. (b)		34,704		1,428,417
Total System Services, Inc.		33,977		522,566
Visa, Inc., Class A		100,771		7,092,263
The Western Union Co.		134,940		2,505,836
				70,943,770

See Notes to Financial Statements.
18	BLACKROCK S&P 500 INDEX FUND	DECEMBER 31, 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)		135,393	$	1,649,087
Constellation Energy Group, Inc.		41,419		1,268,664
NRG Energy, Inc. (b)		50,075		978,465
				3,896,216
Industrial Conglomerates — 2.5%
3M Co.		147,791		12,754,363
General Electric Co.		2,202,357		40,281,110
Textron, Inc.		56,972		1,346,818
Tyco International Ltd.		101,084		4,188,921
				58,571,212
Insurance — 3.9%
ACE Ltd.		70,096		4,363,476
Aflac, Inc.		97,442		5,498,652
The Allstate Corp.		111,005		3,538,839
American International Group, Inc. (b)		29,007		1,671,383
Aon Corp.		68,267		3,140,965
Assurant, Inc.		22,071		850,175
Berkshire Hathaway, Inc. (b)		357,694		28,654,866
Chubb Corp.		63,086		3,762,449
Cincinnati Financial Corp.		33,749		1,069,506
Genworth Financial, Inc., Class A (b)		101,470		1,333,316
Hartford Financial Services Group, Inc.		92,013		2,437,424
Lincoln National Corp.		65,596		1,824,225
Loews Corp.		65,083		2,532,380
Marsh & McLennan Cos., Inc.		112,456		3,074,547
MetLife, Inc. (a)		187,396		8,327,878
Principal Financial Group, Inc.		66,322		2,159,444
The Progressive Corp.		136,606		2,714,361
Prudential Financial, Inc.		100,375		5,893,016
Torchmark Corp.		16,606		992,043
The Travelers Cos., Inc.		94,942		5,289,219
Unum Group		64,879		1,571,369
XL Group Plc		66,008		1,440,295
				92,139,828
Internet & Catalog Retail — 0.8%
Amazon.com, Inc. (b)		73,306		13,195,080
Expedia, Inc.		41,094		1,031,048
NetFlix, Inc. (b)		8,956		1,573,569
Priceline.com, Inc. (b)		10,141		4,051,837
				19,851,534
Internet Software & Services — 1.9%
Akamai Technologies, Inc. (b)		37,759		1,776,561
eBay, Inc. (b)		237,132		6,599,384
Google, Inc., Class A (b)		51,558		30,623,905
Monster Worldwide, Inc. (b)		27,134		641,176
VeriSign, Inc.		35,031		1,144,463
Yahoo! Inc. (b)		269,631		4,483,963
				45,269,452
Leisure Equipment & Products — 0.1%
Hasbro, Inc.		27,804		1,311,793
Mattel, Inc.		73,595		1,871,521
				3,183,314

Common Stocks	Shares		Value
Life Sciences Tools & Services — 0.4%
Life Technologies Corp. (b)		38,420	$	2,132,310
PerkinElmer, Inc.		24,537		633,546
Thermo Fisher Scientific, Inc. (b)		82,217		4,551,533
Waters Corp. (b)		18,672		1,451,001
				8,768,390
Machinery — 2.3%
Caterpillar, Inc. (a)		131,221		12,290,159
Cummins, Inc.		40,864		4,495,449
Danaher Corp.		110,852		5,228,889
Deere & Co.		87,617		7,276,592
Dover Corp.		38,670		2,260,261
Eaton Corp.		34,820		3,534,578
Flowserve Corp.		11,571		1,379,495
Illinois Tool Works, Inc.		102,569		5,477,185
Ingersoll-Rand Plc		67,045		3,157,149
PACCAR, Inc.		75,328		4,325,334
Pall Corp.		23,449		1,162,601
Parker Hannifin Corp.		33,387		2,881,298
Snap-On, Inc.		12,114		685,410
				54,154,400
Media — 3.1%
CBS Corp., Class B		140,088		2,668,676
Cablevision Systems Corp., Class A		49,580		1,677,787
Comcast Corp., Class A		576,833		12,673,021
DIRECTV, Class A (b)		172,409		6,884,291
Discovery Communications, Inc., Class A (a)(b)		58,485		2,438,825
Gannett Co., Inc.		49,456		746,291
Interpublic Group of Cos., Inc. (b)		101,346		1,076,295
The McGraw-Hill Cos., Inc.		63,113		2,297,944
Meredith Corp.		7,512		260,291
News Corp., Class A		471,931		6,871,315
Omnicom Group, Inc.		62,051		2,841,936
Scripps Networks Interactive		18,637		964,465
Time Warner Cable, Inc.		73,512		4,853,997
Time Warner, Inc.		229,387		7,379,380
Viacom, Inc., Class B		124,938		4,948,794
Walt Disney Co. (a)		391,470		14,684,040
The Washington Post Co., Class B		1,085		476,858
				73,744,206
Metals & Mining — 1.3%
AK Steel Holding Corp.		23,183		379,506
Alcoa, Inc.		210,449		3,238,810
Allegheny Technologies, Inc. (a)		20,439		1,127,824
Cliffs Natural Resources, Inc.		28,043		2,187,634
Freeport-McMoRan Copper & Gold, Inc., Class B		97,354		11,691,242
Newmont Mining Corp.		102,008		6,266,352
Nucor Corp.		65,337		2,863,067
Titanium Metals Corp. (b)		19,062		327,485
United States Steel Corp. (a)		29,744		1,737,645
				29,819,565
Multi-Utilities — 1.3%
Ameren Corp.		49,691		1,400,789
CMS Energy Corp.		50,714		943,280
CenterPoint Energy, Inc.		87,694		1,378,550
Consolidated Edison, Inc.		60,122		2,980,247

See Notes to Financial Statements.
	BLACKROCK S&P 500 INDEX FUND	DECEMBER 31, 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)
DTE Energy Co.		35,034	$	1,587,741
Dominion Resources, Inc.		120,066		5,129,219
Integrys Energy Group, Inc.		16,126		782,272
NiSource, Inc.		57,730		1,017,203
PG&E Corp.		81,109		3,880,255
Public Service Enterprise Group, Inc.		104,318		3,318,356
SCANA Corp.		23,562		956,617
Sempra Energy		49,400		2,592,512
TECO Energy, Inc.		44,576		793,453
Wisconsin Energy Corp.		24,222		1,425,707
Xcel Energy, Inc.		95,252		2,243,185
				30,429,386
Multiline Retail — 0.8%
Big Lots, Inc. (b)		15,758		479,989
Family Dollar Stores, Inc.		25,669		1,276,006
JCPenney Co., Inc.		48,977		1,582,447
Kohl’s Corp. (b)		63,525		3,451,948
Macy’s, Inc.		87,665		2,217,924
Nordstrom, Inc.		34,873		1,477,918
Sears Holdings Corp. (a)(b)		9,109		671,789
Target Corp.		146,410		8,803,633
				19,961,654
Office Electronics — 0.1%
Xerox Corp.		287,016		3,306,424
Oil, Gas & Consumable Fuels — 9.9%
Anadarko Petroleum Corp.		102,425		7,800,688
Apache Corp.		79,019		9,421,435
Cabot Oil & Gas Corp., Class A		21,580		816,803
Chesapeake Energy Corp.		134,805		3,492,798
Chevron Corp.		415,976		37,957,810
ConocoPhillips		303,719		20,683,264
Consol Energy, Inc.		46,758		2,278,985
Denbury Resources, Inc. (b)		82,794		1,580,538
Devon Energy Corp.		89,373		7,016,674
EOG Resources, Inc.		52,492		4,798,294
EQT Corp.		30,906		1,385,825
El Paso Corp.		145,801		2,006,222
Exxon Mobil Corp. (d)		1,042,262		76,210,197
Hess Corp.		62,058		4,749,919
Marathon Oil Corp.		146,756		5,434,375
Massey Energy Co.		21,177		1,136,146
Murphy Oil Corp.		39,809		2,967,761
Newfield Exploration Co. (b)		27,671		1,995,356
Noble Energy, Inc.		36,079		3,105,680
Occidental Petroleum Corp.		167,986		16,479,427
Peabody Energy Corp.		55,609		3,557,864
Pioneer Natural Resources Co.		24,037		2,086,892
QEP Resources, Inc.		36,395		1,321,502
Range Resources Corp.		33,166		1,491,807
Southwestern Energy Co. (b)		71,777		2,686,613
Spectra Energy Corp.		133,662		3,340,213
Sunoco, Inc.		25,005		1,007,952
Tesoro Corp.		29,967		555,588
Valero Energy Corp.		116,475		2,692,902
Williams Cos., Inc.		120,453		2,977,598
				233,037,128

Common Stocks	Shares		Value
Paper & Forest Products — 0.1%
International Paper Co.		90,550	$	2,466,582
MeadWestvaco Corp.		34,916		913,403
				3,379,985
Personal Products — 0.2%
Avon Products, Inc.		88,830		2,581,400
The Estée Lauder Cos., Inc., Class A		23,284		1,879,019
				4,460,419
Pharmaceuticals — 5.5%
Abbott Laboratories		319,570		15,310,599
Allergan, Inc.		63,528		4,362,468
Bristol-Myers Squibb Co. (a)		353,915		9,371,669
Eli Lilly & Co.		209,784		7,350,831
Forest Laboratories, Inc. (b)		59,144		1,891,425
Johnson & Johnson		567,663		35,109,957
King Pharmaceuticals, Inc. (b)		52,022		730,909
Merck & Co, Inc.		636,867		22,952,687
Mylan, Inc. (b)		90,124		1,904,320
Pfizer, Inc.		1,655,732		28,991,867
Watson Pharmaceuticals, Inc. (b)		25,970		1,341,350
				129,318,082
Professional Services — 0.1%
Dun & Bradstreet Corp.		10,320		847,169
Equifax, Inc.		25,607		911,609
Robert Half International, Inc.		30,532		934,279
				2,693,057
Real Estate Investment Trusts (REITs) — 1.5%
Apartment Investment & Management Co., Class A		24,413		630,832
AvalonBay Communities, Inc.		17,660		1,987,633
Boston Properties, Inc.		29,000		2,496,900
Equity Residential		58,862		3,057,881
HCP, Inc.		75,302		2,770,361
Health Care REIT, Inc.		29,929		1,425,818
Host Marriott Corp.		137,758		2,461,735
Kimco Realty Corp.		84,112		1,517,381
Plum Creek Timber Co., Inc. (a)		33,501		1,254,612
ProLogis		116,686		1,684,946
Public Storage		28,767		2,917,549
Simon Property Group, Inc.		60,581		6,027,204
Ventas, Inc.		32,540		1,707,699
Vornado Realty Trust		33,646		2,803,721
Weyerhaeuser Co. (a)		110,968		2,100,624
				34,844,896
Real Estate Management & Development — 0.1%
CB Richard Ellis Group, Inc. (b)		60,188		1,232,650
Road & Rail — 0.8%
CSX Corp.		77,337		4,996,744
Norfolk Southern Corp.		75,088		4,717,028
Ryder System, Inc.		10,764		566,617
Union Pacific Corp.		101,965		9,448,077
				19,728,466

See Notes to Financial Statements.
20	BLACKROCK S&P 500 INDEX FUND	DECEMBER 31, 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 — 2.5%
Advanced Micro Devices, Inc. (b)	119,254	$	975,498
Altera Corp.	64,429		2,292,384
Analog Devices, Inc.	61,822		2,328,835
Applied Materials, Inc.	275,690		3,873,445
Broadcom Corp., Class A	94,209		4,102,802
First Solar, Inc. (b)	11,189		1,456,136
Intel Corp.	1,153,052		24,248,684
KLA-Tencor Corp.	34,621		1,337,755
LSI Corp. (b)	124,085		743,269
Linear Technology Corp.	46,653		1,613,727
MEMC Electronic Materials, Inc. (b)	47,463		534,433
Microchip Technology, Inc.	38,648		1,322,148
Micron Technology, Inc. (b)	177,527		1,423,767
National Semiconductor Corp.	49,674		683,514
Novellus Systems, Inc. (b)	18,693		604,158
Nvidia Corp. (b)	120,226		1,851,480
Teradyne, Inc. (b)	37,748		529,982
Texas Instruments, Inc.	242,791		7,890,708
Xilinx, Inc.	53,683		1,555,733
			59,368,458
Software — 4.0%
Adobe Systems, Inc. (b)	104,803		3,225,836
Autodesk, Inc. (b)	47,090		1,798,838
BMC Software, Inc. (b)	36,410		1,716,367
CA, Inc.	78,730		1,924,161
Citrix Systems, Inc. (b)	38,862		2,658,550
Compuware Corp. (b)	43,470		507,295
Electronic Arts, Inc. (b)	68,813		1,127,157
Intuit, Inc. (b)	57,567		2,838,053
McAfee, Inc. (b)	31,830		1,474,047
Microsoft Corp.	1,556,219		43,449,635
Novell, Inc. (b)	73,955		437,814
Oracle Corp.	800,160		25,045,008
Red Hat, Inc. (b)	39,368		1,797,149
Salesforce.com, Inc. (b)	24,490		3,232,680
Symantec Corp. (b)	159,842		2,675,755
			93,908,345
Specialty Retail — 2.0%
Abercrombie & Fitch Co., Class A	18,219		1,049,961
AutoNation, Inc. (a)(b)	13,147		370,745
AutoZone, Inc. (b)	5,565		1,516,963
Bed Bath & Beyond, Inc. (b)	53,318		2,620,580
Best Buy Co., Inc.	68,357		2,343,962
CarMax, Inc. (b)	46,583		1,485,066
GameStop Corp., Class A (b)	31,494		720,583
The Gap, Inc.	90,990		2,014,519
Home Depot, Inc.	338,821		11,879,064
Limited Brands, Inc.	54,781		1,683,420
Lowe’s Cos., Inc.	285,365		7,156,954
O’Reilly Automotive Inc. (b)	28,919		1,747,286
RadioShack Corp.	22,363		413,492
Ross Stores, Inc.	24,954		1,578,340
Staples, Inc.	149,146		3,396,054
TJX Cos., Inc.	81,664		3,625,065
Tiffany & Co.	26,180		1,630,229
Urban Outfitters, Inc. (b)	26,707		956,378
			46,188,661

Common Stocks	Shares	Value
Textiles, Apparel & Luxury Goods — 0.6%
Coach, Inc.	61,144	$	3,381,874
Nike, Inc., Class B	79,054		6,752,793
Polo Ralph Lauren Corp.	13,216		1,465,919
VF Corp.	17,975		1,549,085
			13,149,671
Thrifts & Mortgage Finance — 0.1%
Hudson City Bancorp, Inc.	109,126		1,390,265
People’s United Financial, Inc.	76,521		1,072,059
			2,462,324
Tobacco — 1.6%
Altria Group, Inc.	431,663		10,627,543
Lorillard, Inc.	30,785		2,526,217
Philip Morris International, Inc.	375,067		21,952,672
Reynolds American, Inc.	70,005		2,283,563
			37,389,995
Trading Companies & Distributors — 0.1%
Fastenal Co. (a)	30,532		1,829,172
W.W. Grainger, Inc.	11,875		1,640,056
			3,469,228
Wireless Telecommunication Services — 0.3%
American Tower Corp., Class A (b)	82,410		4,255,653
MetroPCS Communications, Inc. (b)	54,743		691,404
Sprint Nextel Corp. (b)	614,797		2,600,591
			7,547,648
Total Long-Term Investments (Cost — $1,931,130,091) — 100.0%			2,362,961,675
Short-Term Securities
BlackRock Liquidity Funds, TempFund, Institutional Class, 0.17% (c)(e)	11,774,805		11,774,805

	Beneficial Interest (000)
BlackRock Liquidity Series, LLC Money Market Series, 0.44% (c)(e)(f)	$	135,285		135,284,520
Total Short-Term Securities (Cost — $147,059,325) — 6.2%				147,059,325
Total Investments (Cost — $2,078,189,416*) — 106.2%				2,510,021,000
Liabilities in Excess of Other Assets — (6.2)%				(146,037,154	)
Net Assets — 100.0%			$	2,363,983,846

* The cost and unrealized appreciation (depreciation) of investments as of December 31, 2010, as computed for federal income tax purposes were as follows:

Aggregate cost	$	1,666,714,580
Gross unrealized appreciation	$	978,592,780
Gross unrealized depreciation		(135,286,360	)
Net unrealized appreciation	$	843,306,420

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

See Notes to Financial Statements.
BLACKROCK S&P 500 INDEX FUND	DECEMBER 31, 2010	21

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

(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 December 31, 2010		Value at December 31, 2010		Realized Loss			Income
BlackRock Liquidity Funds, TempFund, Institutional Class		4,444,194	7,330,611	1		—			11,774,805	$	11,774,805		—		$	24,343
BlackRock Liquidity Series, LLC Money Market Series	$	270,313,884	—		$	(135,029,364	)2	$	135,284,520	$	135,284,520		—		$	203,433
The PNC Financial Services Group, Inc.		105,339	13,906			(10,453	)		108,792	$	6,605,850	$	(184,655	)	$	44,573

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.
•	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.
•	Financial futures contracts purchased as of December 31, 2010 were as follows:

Contracts	Issue	Exchange	Expiration Date	Notional Value	Unrealized Appreciation
249	S&P 500 EMINI	Chicago Mercantile Exchange	March 2011	$15,589,197	$10,653

• 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 derivatives and other significant accounting policies, please refer to Note 1 of the Series’ Notes to Financial Statements.

The following tables summarize the inputs used as of December 31, 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 Investments3	$	2,362,961,675		—		—	$	2,362,961,675
Short-Term Securities		11,774,805	$	135,284,520		—		147,059,325
Total	$	2,374,736,480	$	135,284,520		—	$	2,510,021,000

³ See above Schedule of Investments for values in each industry.

	Derivative Financial Instruments4
Valuation Inputs	Level 1		Level 2		Level 3		Total
Assets:
Equity contracts	$	10,653		—		—	$	10,653

⁴ 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	DECEMBER 31, 2010

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

December 31, 2010
Assets
Investments at value — unaffiliated (including securities loaned of $131,753,539) (cost — $1,926,387,682)	$	2,356,355,825
Investments at value — affiliated (cost — $151,801,734)		153,665,175
Cash		20,105
Dividends receivable		2,857,376
Securities lending income receivable — affiliated		41,390
Prepaid expenses		56,982
Other assets		37,949
Total assets		2,513,034,802
Liabilities
Collateral on securities loaned at value		135,284,520
Withdrawals payable to investors		13,477,003
Margin variation payable		19,095
Other affiliates payable		10,515
Investment advisory fees payable		9,023
Directors’ fees payable		754
Other accrued expenses payable		217,474
Other liabilities		32,572
Total liabilities		149,050,956
Net Assets	$	2,363,983,846
Net Assets Consist of
Investors’ capital	$	1,932,141,609
Net unrealized appreciation/depreciation		431,842,237
Net Assets	$	2,363,983,846

See Notes to Financial Statements.
	BLACKROCK S&P 500 INDEX FUND	DECEMBER 31, 2010	23

Statement of Operations Master S&P 500 Index Series

Year Ended December 31, 2010
Investment Income
Dividends — unaffiliated	$	46,623,203
Securities lending — affiliated		203,433
Dividends — affiliated		68,916
Total income		46,895,552
Expenses
Investment advisory		226,584
Accounting services		402,876
Custodian		135,613
Professional		86,602
Directors		56,921
Registration		20,000
Printing		5,404
Miscellaneous		49,454
Total expenses		983,454
Less fees waived by advisor		(123,313	)
Total expenses after fees waived		860,141
Net investment income		46,035,411
Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
Investments — unaffiliated		(6,041,348	)
Investments — affiliated		(184,665	)
Financial futures contracts		1,035,859
		(5,190,154	)
Net change in unrealized appreciation/depreciation on:
Investments		279,513,831
Financial futures contracts		15,292
		279,529,123
Total realized and unrealized gain		274,338,969
Net Increase in Net Assets Resulting from Operations	$	320,374,380

See Notes to Financial Statements.
24	BLACKROCK S&P 500 INDEX FUND	DECEMBER 31, 2010

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

	Year Ended December 31,
	2010			2009
Increase (Decrease) in Net Assets:
Operations
Net investment income	$	46,035,411		$	46,606,117
Net realized loss		(5,190,154	)		(60,806,194	)
Net change in unrealized appreciation/depreciation		279,529,123			510,710,328
Net increase in net assets resulting from operations		320,374,380			496,510,251
Capital Transactions
Proceeds from contributions		601,567,988			667,013,781
Value of withdrawals		(836,617,134	)		(838,713,754	)
Net decrease in net assets derived from capital transactions		(235,049,146	)		(171,699,973	)
Net Assets
Total increase in net assets		85,325,234			324,810,278
Beginning of year		2,278,658,612			1,953,848,334
End of year	$	2,363,983,846		$	2,278,658,612

Financial Highlights Master S&P 500 Index Series

	Year Ended December 31,
	2010			2009			2008			2007			2006
Total Investment Return
Total investment return		15.11	%		26.61	%		(36.92	)%		5.56	%		15.85	%
Ratios to Average Net Assets
Total expenses		0.04	%		0.05	%		0.04	%		0.04	%		0.04	%
Total expenses after fees waived and paid indirectly		0.04	%		0.04	%		0.04	%		0.03	%		0.04	%
Net investment income		2.03	%		2.32	%		2.31	%		1.95	%		1.92	%
Supplemental Data
Net assets, end of year (000)	$	2,363,984		$	2,278,659		$	1,953,848		$	3,721,171		$	2,810,633
Portfolio turnover		5	%		7	%		8	%		4	%		4	%

See Notes to Financial Statements.
	BLACKROCK S&P 500 INDEX FUND	DECEMBER 31, 2010	25

Notes to Financial Statements 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 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 Series:

Valuation: The Series fair values its financial instruments at market value using independent dealers or pricing services under policies approved by the Board. Equity investments traded on a recognized securities exchange or the NASDAQ Global Market System (“NASDAQ”) 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 registered 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.

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 and accretion of premiums and discounts 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. During the term of the loan, the Series earns dividends and

26 BLACKROCK S&P 500 INDEX FUND DECEMBER 31, 2010

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

interest on the securities loaned. 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.

Income Taxes: The Series is classified as a partnership for federal income tax purposes. As such, each investor in the Series is treated as the 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, 2010. The statutes of limitations on the Series’ state and local tax returns may remain open for an additional year depending upon the jurisdiction. Management does not believe there are any uncertain tax positions that require recognition of a tax liability.

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 return 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 deemed to be minimal due to the protection against defaults provided by the exchanges on which these contracts 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 agreements between the Series and counterparty to buy or sell a specific quantity of an underlying instrument at a specified price and at a specified date. Depending on the terms of the particular contract, futures contracts are settled either through physical delivery of the underlying instrument on the settlement date or by payment of a cash settlement amount on settlement date. Pursuant to the contract, the Series agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in value of the contract. Such receipts or payments are known as margin variation and are recorded by the Series as unrealized gains or losses. When the contract is closed, the Series records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. The use of 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 December 31, 2010
	Asset Derivatives
	Statement of Assets and Liabilities Location		Value
Equity contracts		Net unrealized appreciation/ depreciation*	$	10,653

* 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 in the Statement of Operations Year Ended December 31, 2010
	Net Realized Gain From
	Financial Futures Contracts
Equity contracts	$	1,035,859
	Net Change in Unrealized Appreciation/Depreciation on
	Financial Futures Contracts
Equity contracts	$	15,292

BLACKROCK S&P 500 INDEX FUND DECEMBER 31, 2010 27

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

For the year ended December 31, 2010, the average quarterly balances of outstanding derivative financial instruments were as follows:

Financial futures contracts:
Average number of contracts purchased		280
Average notional value of contracts purchased	$	18,105,990

3. Investment Management 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 Management 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. The Manager has agreed not to reduce or discontinue this contractual waiver until May 1, 2011 unless approved by the Board, including a majority of the non-interested Directors. 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 BlackRock S&P 500 Index Fund would not exceed 0.25% of average daily net assets. 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 year ended December 31, 2010, the Manager waived $113,292, which is included in fees waived by advisor in the Statement of Operations.

The Manager voluntarily agreed to waive its investment 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 investment advisory fees by the amount of investment advisory fees paid through the Series’ investment in other affiliated investment companies, if any. For the year ended December 31, 2010, the Series waived $10,021, which is or 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 year ended December 31, 2010, the Series reimbursed the Manager $42,260 for certain accounting services, which are 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 it, 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, if applicable 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 year ended December 31, 2010, BIM received $50,457 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 year ended December 31, 2010, were $104,823,718 and $280,419,809, 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 expired in November 2010. The Series may borrow under the credit agreement to fund investor withdrawals. Effective November 2009, the credit agreement had the following terms: 0.02% upfront fee on the aggregate commitment amount which was allocated to the Series based on its net assets as of October 31, 2009, a commitment fee of 0.10% per annum based on the Series’ pro rata share of the unused portion of the credit agreement and interest at a rate equal to the higher of (a) the one-month LIBOR plus 1.25% per annum and (b) the Fed Funds rate plus 1.25% per annum on amounts borrowed. In addition, the Series paid administration and

28 BLACKROCK S&P 500 INDEX FUND DECEMBER 31, 2010

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

arrangement fees which were allocated to the Series based on its net assets as of October 31, 2009. Effective November 2010, the credit agreement was renewed until November 2011 with the following terms: a commitment fee of 0.08% per annum based on the Series’ pro rata share of the unused portion of the credit agreement and interest at a rate equal to the higher of (a) the one-month LIBOR plus 1.00% per annum and (b) the Fed Funds rate plus 1.00% per annum on amounts borrowed. In addition, the Series paid administration and arrangement fees which were allocated to the Series based on its net assets as of October 31, 2010. The Series did not borrow under the credit agreement during the year ended December 31, 2010.

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.

Report of Independent Registered Public Accounting Firm Master S&P 500 Index Series

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

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Master S&P 500 Index Series, one of the portfolios constituting Quantitative Master Series LLC, (the “Master LLC”) as of December 31, 2010, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended. These financial statements and financial highlights are the responsibility of the Master LLC’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. The Master LLC is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Master LLC’s internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of December 31, 2010, by correspondence with the custodian and brokers; where replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Master S&P 500 Index Series of Quantitative Master Series LLC as of December 31, 2010, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

Deloitte & Touche LLP
Princeton, New Jersey
February 28, 2011

BLACKROCK S&P 500 INDEX FUND DECEMBER 31, 2010 29

Officers and Directors

Name, Address and Year of Birth	Position(s) Held with Corporation/ Master LLC	Length of Time Served as a Director2	Principal Occupation(s) During Past Five Years	Number of BlackRock- Advised Registered Investment Companies (“RICs”) Consisting of Investment Portfolios (“Portfolios”) Overseen	Public Directorships
Non-Interested Directors1
Ronald W. Forbes 55 East 52nd Street New York, NY 10055 1940	Co-Chair of the Board and Director	Since 2007	Professor Emeritus of Finance, School of Business, State University of New York at Albany since 2000.	36 RICs consisting of 95 Portfolios	None
Rodney D. Johnson 55 East 52nd Street New York, NY 10055 1941	Co-Chair of the Board and Director	Since 2007	President, Fairmount Capital Advisors, Inc. since 1987; Director, Fox Chase Cancer Center since 2004; Member of the Archdiocesan Investment Committee of the Archdiocese of Philadelphia since 2004; Director, The Committee of Seventy (civic) since 2006.	36 RICs consisting of 95 Portfolios	None
David O. Beim 55 East 52nd Street New York, NY 10055 1940	Director	Since 2007	Professor of Finance and Economics at the Columbia University Graduate School of Business since 1991; Trustee, Phillips Exeter Academy since 2002; Chairman, Wave Hill, Inc. (public garden and cultural center) from 1990 to 2006.	36 RICs consisting of 95 Portfolios	None
Dr. Matina S. Horner 55 East 52nd Street New York, NY 10055 1939	Director	Since 2007	Executive Vice President of Teachers Insurance and Annuity Association and College Retirement Equities Fund from 1989 to 2003.	36 RICs consisting of 95 Portfolios	NSTAR (electric and gas utility)
Herbert I. London 55 East 52nd Street New York, NY 10055 1939	Director and Member of the Audit Committee	Since 2007	Professor Emeritus, New York University since 2005; John M. Olin Professor of Humanities, New York University from 1993 to 2005 and Professor thereof from 1980 to 2005; President, Hudson Institute (policy research organization) since 1997 and Trustee thereof since 1980; Chairman of the Board of Trustees for Grantham University since 2006; Director, InnoCentive, Inc. (strategic solutions company) since 2005; Director, Cerego, LLC (software development and design) since 2005.	36 RICs consisting of 95 Portfolios	AIMS Worldwide, Inc. (marketing)
Cynthia A. Montgomery 55 East 52nd Street New York, NY 10055 1952	Director	Since 2007	Professor, Harvard Business School since 1989; Director, Harvard Business School Publishing since 2005; Director, McLean Hospital since 2005.	36 RICs consisting of 95 Portfolios	Newell Rubbermaid, Inc. (manufacturing)
Joseph P. Platt 55 East 52nd Street New York, NY 10055 1947	Director	Since 2007	Director, The West Penn Allegheny Health System (a not-for-profit health system) since 2008; Director, Jones and Brown (Canadian insurance broker) since 1998; General Partner, Thorn Partners, LP (private investment) since 1998; Partner, Amarna Corporation, LLC (private investment company) from 2002 to 2008.	36 RICs consisting of 95 Portfolios	Greenlight Capital Re, Ltd. (reinsurance company); WQED Multi-Media (public broadcasting not-for-profit)
Robert C. Robb, Jr. 55 East 52nd Street New York, NY 10055 1945	Director	Since 2007	Partner, Lewis, Eckert, Robb and Company (management and financial consulting firm) since 1981.	36 RICs consisting of 95 Portfolios	None
Toby Rosenblatt 55 East 52nd Street New York, NY 10055 1938	Director	Since 2007	President, Founders Investments Ltd. (private investments) since 1999; Director, College Access Foundation of California (philanthropic foundation) since 2009; Director, Forward Management, LLC since 2007; Director, The James Irvine Foundation (philanthropic foundation) since from 1998 to 2008.	36 RICs consisting of 95 Portfolios	A.P. Pharma, Inc. (specialty pharmaceuticals)

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

Officers and Directors (continued)

Name, Address and Year of Birth	Position(s) Held with Corporation/ Master LLC		Length of Time Served as a Director2	Principal Occupation(s) During Past Five Years	Number of BlackRock- Advised Registered Investment Companies (“RICs”) Consisting of Investment Portfolios (“Portfolios”) Overseen	Public Directorships
Non-Interested Directors1 (concluded)
Kenneth L. Urish 55 East 52nd Street New York, NY 10055 1951	Chair of the Audit Committee and Director		Since 2007	Managing Partner, Urish Popeck & Co., LLC (certified public accountants and consultants) since 1976; Chairman Elect of the Professional Ethics Committee of the Pennsylvania Institute of Certified Public Accountants and Committee Member thereof since 2007; Member of External Advisory Board, The Pennsylvania State University Accounting Department since 2001; Trustee, The Holy Family Foundation from 2001 to 2009; President and Trustee, Pittsburgh Catholic Publishing Associates from 2003 to 2008; Director, Inter-Tel from 2006 to 2007.	36 RICs consisting of 95 Portfolios	None
Frederick W. Winter 55 East 52nd Street New York, NY 10055 1945	Director and Member of the Audit Committee		Since 2007	Professor and Dean Emeritus of the Joseph M. Katz School of Business, University of Pittsburgh since 2005 and Dean thereof from 1997 to 2005; Director, Alkon Corporation (pneumatics) since 1992; Director, Tippman Sports (recreation) since 2005; Director, Indotronix International (IT services) from 2004 to 2008.	36 RICs consisting of 95 Portfolios	None
	1	Directors serve until their resignation, removal or death, or until December 31 of the year in which they turn 72. The Board has approved one-year extensions in terms of Directors who turn 72 prior to December 31, 2013.
	2	Date shown is the earliest date a person has served as a director for the Corporation/Master LLC covered by this annual report. Following the combination of Merrill Lynch Investment Managers, L.P. (“MLIM”) and BlackRock, Inc. (“BlackRock”) in September 2006, the various legacy MLIM and legacy BlackRock Fund boards were realigned and consolidated into three new Fund boards in 2007. As a result, although the chart shows directors as joining the Corporation/Master LLC board in 2007, each director first became a member of the board of other legacy MLIM or legacy BlackRock Funds as follows: David O. Beim, 1998; Ronald W. Forbes, 1977; Dr. Matina S. Horner, 2004; Rodney D. Johnson, 1995; Herbert I. London, 1987; Cynthia A. Montgomery, 1994; Joseph P. Platt, 1999; Robert C. Robb, Jr., 1998; Toby Rosenblatt, 2005; Kenneth L. Urish, 1999; and Frederick W. Winter, 1999.

Interested Directors3
Richard S. Davis 55 East 52nd Street New York, NY 10055 1945	Director		Since 2007	Managing Director, BlackRock, Inc. since 2005; Chief Executive Officer, State Street Research & Management Company from 2000 to 2005; Chairman of the Board of Trustees, State Street Research Mutual Funds from 2000 to 2005.	169 RICs consisting of 289 Portfolios	None
Henry Gabbay 55 East 52nd Street New York, NY 10055 1947	Director		Since 2007	Consultant, BlackRock, Inc. from 2007 to 2008; Managing Director, BlackRock, Inc. from 1989 to 2007; Chief Administrative Officer, BlackRock Advisors, LLC from 1998 to 2007; President of BlackRock Funds and BlackRock Bond Allocation Target Shares from 2005 to 2007 and Treasurer of certain closed-end funds in the BlackRock fund complex from 1989 to 2006.	169 RICs consisting of 289 Portfolios	None
	3	Mr. Davis is an “interested person” as defined in the 1940 Act, of the Corporation/Master LLC based on his position with BlackRock, Inc. and its affiliates. Mr. Gabbay is an “interested person” of the Corporation/Master LLC based on his former positions with BlackRock, Inc. and its affiliates as well as his ownership of BlackRock, Inc. and The PNC Financial Services Group, Inc. securities. Directors serve until their resignation, removal or death, or until December 31 of the year in which they turn 72.

BLACKROCK S&P 500 INDEX FUND DECEMBER 31, 2010 31

Officers and Directors (concluded)

Name, Address and Year of Birth	Position(s) Held with Corporation/ Master LLC		Length of Time Served	Principal Occupation(s) During Past Five Years
Officers1
John M. Perlowski 55 East 52nd Street New York, NY 10055 1964	President and Chief Executive Officer		Since 2010	Managing Director of BlackRock, Inc. since 2009; Global Head of BlackRock Fund Administration since 2009; Managing Director and Chief Operating Officer of the Global Product Group at Goldman Sachs Asset Management, L.P. from 2003 to 2009; Treasurer of Goldman Sachs Mutual Funds from 2003 to 2009 and Senior Vice President thereof from 2007 to 2009; Director of Goldman Sachs Offshore Funds from 2002 to 2009.
Brendan Kyne 55 East 52nd Street New York, NY 10055 1977	Vice President		Since 2009	Managing Director of BlackRock, Inc. since 2010; Director of BlackRock, Inc. from 2008 to 2009; Head of Product Development and Management for BlackRock’s U.S. Retail Group since 2009, Co-head thereof from 2007 to 2009; Vice President of BlackRock, Inc. from 2005 to 2008.
Brian Schmidt 55 East 52nd Street New York, NY 10055 1958	Vice President		Since 2009	Managing Director of BlackRock, Inc. since 2004; Various positions with U.S. Trust Company from 1991 to 2003 including Director from 2001 to 2003 and Senior Vice President from 1998 to 2003; Vice President, Chief Financial Officer and Treasurer of Excelsior Funds, Inc., Excelsior Tax-Exempt Funds, Inc. and Excelsior Funds Trust from 2001 to 2003.
Neal Andrews 55 East 52nd Street New York, NY 10055 1966	Chief Financial Officer		Since 2007	Managing Director of BlackRock, Inc. since 2006; Senior Vice President and Line of Business Head of Fund Accounting and Administration at PNC Global Investment Servicing (U.S.) Inc. from 1992 to 2006.
Jay Fife 55 East 52nd Street New York, NY 10055 1970	Treasurer		Since 2007	Managing Director of BlackRock, Inc. since 2007 and Director in 2006; Assistant Treasurer of the Merrill Lynch Investment Managers, L.P. (“MLIM”) and Fund Asset Management, L.P.-advised funds from 2005 to 2006; Director of MLIM Fund Services Group from 2001 to 2006.
Brian Kindelan 55 East 52nd Street New York, NY 10055 1959	Chief Compliance Officer		Since 2007	Chief Compliance Officer of the BlackRock-advised funds since 2007; Managing Director and Senior Counsel of BlackRock, Inc. since 2005.
Ira Shapiro 55 East 52nd Street New York, NY 10055 1963	Secretary		Since 2010	Managing Director of BlackRock, Inc. since 2009; Managing Director and Associate General Counsel of Barclays Global Investors from 2008 to 2009 and Principal thereof from 2004 to 2008.
	1	Officers of the Corporation/Master LLC serve at the pleasure of the Board of Directors.
	Further information about the Corporation/Master LLC’s Officers and Directors is available in the Corporation/Master LLC’s Statement of Additional Information, which can be obtained without charge by calling (800) 441-7762.

Investment Advisor

BlackRock Advisors, LLC

Wilmington, DE 19809

Sub-Advisor

BlackRock Investment

Management, LLC

Plainsboro, NJ 08536

Custodian

State Street Bank and Trust Company
Boston, MA 02111

Transfer Agent

BNY Mellon Investment Servicing (US) Inc.
Wilmington, DE 19809

Distributor

BlackRock Investments, LLC
New York, NY 10022

Legal Counsel

Sidley Austin LLP
New York, NY 10019

Accounting Agent

State Street Bank and

Trust Company

Princeton, NJ 08540

Independent Registered Public Accounting Firm

Deloitte & Touche LLP

Princeton, NJ 08540

Address of the Fund

100 Bellevue Parkway

Wilmington, DE 19809

Effective September 24, 2010, John M. Perlowski became President and Chief Executive Officer of the Corporation and the Master LLC.

Effective November 16, 2010, Ira Shapiro became Secretary of the Corporation and the Master LLC.

32 BLACKROCK S&P 500 INDEX FUND DECEMBER 31, 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 “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.

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 DECEMBER 31, 2010 33

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.

34 BLACKROCK S&P 500 INDEX FUND DECEMBER 31, 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 S&P 500 Stock Fund

BlackRock U.S. Opportunities Portfolio

BlackRock Utilities and Telecommunications Fund

BlackRock Value Opportunities Fund

BlackRock World Gold Fund

Fixed Income Funds

BlackRock Bond Index Fund

BlackRock Bond Portfolio

BlackRock Emerging Market Debt Portfolio

BlackRock Floating Rate Income Portfolio

BlackRock GNMA Portfolio

BlackRock Global Dividend Income Portfolio†

BlackRock Government Income Portfolio

BlackRock High Income Fund

BlackRock High Yield Bond Portfolio

BlackRock Income 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 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

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 S&P 500 INDEX FUND DECEMBER 31, 2010 35

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

#Index 4-12/10

December 31, 2010

Annual Report

BlackRock Small Cap Index Fund | of BlackRock Index Funds, Inc.

Not FDIC Insured § No Bank Guarantee § May Lose Value

Table of Contents

	Page
Dear Shareholder	3
Annual Report:
Fund Summary	4
About Fund Performance	6
Disclosure of Expenses	6
Fund Financial Statements:
Statement of Assets and Liabilities	7
Statement of Operations	8
Statements of Changes in Net Assets	9
Fund Financial Highlights	10
Fund Notes to Financial Statements	11
Fund Report of Independent Registered Public Accounting Firm	14
Important Tax Information (Unaudited)	14
Series Portfolio Information	15
Series Financial Statements:
Schedule of Investments	16
Statement of Assets and Liabilities	39
Statement of Operations	40
Statements of Changes in Net Assets	41
Series Financial Highlights	41
Series Notes to Financial Statements	42
Series Report of Independent Registered Public Accounting Firm	45
Officers and Directors	46
Additional Information	49
Mutual Fund Family	51

2 BLACKROCK SMALL CAP INDEX FUND DECEMBER 31, 2010

Dear Shareholder

Economic data fluctuated widely throughout 2010 as the global economy continued to emerge from the “Great Recession.” As the year drew to a close, it became clear that cyclical stimulus had beaten out structural problems as economic data releases generally became more positive and financial markets showed signs of continuing improvement.

Debt and deflationary risks remained present throughout 2010, causing central banks worldwide to respond with unprecedented actions, most notably a second round of quantitative easing (informally known as “QE2”) from the US Federal Reserve Board (the “Fed”). Inflation remained a non-issue in the developed world, but continued to rear its ugly head in some emerging economies, most evidently in China. Global and US gross domestic product (“GDP”) growth both continued in a positive direction but remained subpar compared to most historical economic recoveries. In the United States, the corporate sector has been an important area of strength and consumer spending has shown improvement, although weakness in the housing and labor markets continues to burden the economy.

Stocks moved higher in the early months of 2010 on the continuation of the 2009 asset recovery story. The mid-year months saw a double-digit percentage correction on the back of the Greek sovereign debt crisis and a stalling in jobs growth, leading to fears of a double-dip recession. After touching a late summer low, equity markets rallied through year end as these concerns receded. The announcement of QE2 and extension of the Bush-era tax cuts further boosted equities as the year came to a close. Although the course was uneven and high volatility remained a constant for stocks, equity markets globally ended the year strong. Emerging markets outpaced the developed world in terms of economic growth and posted respectable gains for the year despite sovereign debt problems and heightening inflationary pressures. US stocks recorded double-digit percentage gains for the second consecutive year. Small cap stocks outperformed large caps as investors began to move into higher-risk assets.

In fixed income markets, yields trended lower over most of the year as investors continued to favor safer assets. That trend reversed abruptly in the fourth quarter when market fears abated and investors began seeking higher-risk assets, driving yields sharply upward through year end. However, yields were lower overall for the year and fixed income markets finished 2010 in positive territory. Although fixed income securities generally underperformed equities, high yield bonds only marginally trailed large cap stocks. Conversely, the tax-exempt municipal market was dealt an additional blow as it became apparent that an extension of the Build America Bond program was unlikely. In addition, the fourth quarter brought an increase in negative headlines regarding fiscal challenges faced by state and local governments, sparking additional volatility in the municipal market.

Cash investments, as represented by the 3-month Treasury bill, returned only a fraction over 0% for the year as short-term interest rates remained low. Yields on money market securities remain near all-time lows.

Total Returns as of December 31, 2010	6-month		12-month
US large cap equities (S&P 500 Index)	23.27	%	15.06	%
US small cap equities (Russell 2000 Index)	29.38		26.85
International equities (MSCI Europe, Australasia, Far East Index)	24.18		7.75
3-month Treasury bill (BofA Merrill Lynch 3-Month Treasury Bill Index)	0.08		0.13
US Treasury securities (BofA Merrill Lynch 10-Year US Treasury Index)	(1.33	)	7.90
US investment grade bonds (Barclays Capital US Aggregate Bond Index)	1.15		6.54
Tax-exempt municipal bonds (Barclays Capital Municipal Bond Index)	(0.90	)	2.38
US high yield bonds (Barclays Capital US Corporate High Yield 2% Issuer Capped Index)	10.04		14.94

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

While no one can peer into a crystal ball and eliminate the uncertainties presented by the economic landscape and financial markets, BlackRock can offer investors the next best thing: partnership with the world’s largest asset management firm and a unique global perspective that allows us to identify trends early and capitalize on market opportunities. 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 December 31, 2010 BlackRock Small Cap Index Fund

Portfolio Management Commentary

	How did the Fund perform?
•	For the 12 months ended December 31,2010, BlackRock Small Cap Index Fund (the “Fund”), through its investment in Master Small Cap Index Series (the “Series”) of Quantitative Master Series LLC (the “Master LLC”), slightly underperformed the benchmark 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 Fund level and individual share-class expenses.
	Describe the market environment.
•	Over the course of 2010, cyclical stimulus beat out structural problems and stocks continued the choppy advance they began in 2009. The early months of 2010 saw risk assets move higher on the continuation of the 2009 asset recovery story, aided by preliminary signs of improvement in the employment situation and strong corporate earnings reported for fourth quarter 2009 and first quarter 2010. The middle months of 2010 saw a double-digit percentage correction on the back of the Greek sovereign debt crisis and a stalling in jobs growth, leading to fears of a double-dip recession. Investors were also unnerved by the May “flash crash” and the uncertainty surrounding the financial reform bill in the United States. Nevertheless, after touching a late summer low, equity markets experienced a strong finish to the year as double-dip fears receded, jobs growth resumed and the US midterm election results were perceived to be capital markets friendly. Additionally, in the United States, Federal Reserve Chairman Ben Bernanke delivered his famous Jackson Hole speech, leading to a second round of quantitative easing measures (informally known as “QE2”) and, perhaps most importantly, the Bush-era tax cuts were extended.
•	In 2010, US stocks posted double-digit percentage gains for the second consecutive year. The Dow Jones Industrial Average gained 14.06%, a level not seen since before the collapse of Lehman Brothers in late 2008. The S&P 500 Index advanced 15.06%, while the NASDAQ Composite Index moved up 18.02%. Small cap stocks experienced even stronger gains for the year as investors began to move into higher risk assets. For the annual period, the Russell 2000 Index climbed 26.85%.
•	Within the benchmark, Russell 2000 Index, all sectors posted double-digit positive returns for the period. Information technology (+33.98%), materials (+33.65%), and energy (+33.28%) emerged as the best performing sectors over the period, while telecommunication services (+12.20%), utilities (+15.16%) and health care (+17.10%) experienced less positive returns.
	Describe recent portfolio activity.
•	During the 12-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 Series’ 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 Series’ Notes to Financial Statements.

4 BLACKROCK SMALL CAP INDEX FUND DECEMBER 31, 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 comprised of approximately 2,000 smaller-capitalization common stocks from various industrial sectors.

Performance Summary for the Period Ended December 31, 2010

	6-Month Total Returns		Average Annual Total Returns4
			1 Year		5 Years		10 Years
Institutional	29.30	%	26.77	%	4.08	%	5.87	%
Investor A	29.15		26.35		3.80		5.59
Russell 2000 Index	29.38		26.85		4.47		6.33

⁴ Average annual total returns reflect reductions for service fees. See “About Fund Performance” on page 6 for a detailed description of share classes, including any related fees. Past performance is not indicative of future results.

BLACKROCK SMALL CAP INDEX FUND DECEMBER 31, 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 administration fees, service fees including 12b-1 fees and other Fund expenses. The expense example shown below (which is based on a hypothetical investment of $1,000 invested on July 1, 2010 and held through December 31, 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 July 1, 2010		Ending Account Value December 31, 2010		Expenses Paid During the Period1		Beginning Account Value July 1, 2010		Ending Account Value December 31, 2010		Expenses Paid During the Period1		Annualized Expense Ratio
Institutional		$1,000.00		$1,293.00		$3.01		$1,000.00		$1,022.58		$2.65		0.52%
Investor A		$1,000.00		$1,291.50		$4.45		$1,000.00		$1,021.32		$3.92		0.77%

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 184/365 (to reflect the one-half year period shown). Because the Fund is a feeder fund, the expense table example reflects the expenses of both the Fund and the Series in which it invests.
2	Hypothetical 5% 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 DECEMBER 31, 2010

Statement of Assets and Liabilities BlackRock Small Cap Index Fund

December 31, 2010
Assets
Investments at value — Master Small Cap Index Series (the “Series”) (cost — $92,884,001)	$	118,702,858
Capital shares sold receivable		202,152
Withdrawals receivable from the Series		38,528
Receivable from administrator		2,315
Prepaid expenses		17,362
Total assets		118,963,215
Liabilities
Capital shares redeemed payable		240,678
Service fees payable		10,010
Other affiliates payable		429
Officer’s fees payable		24
Other accrued expenses payable		16,653
Total liabilities		267,794
Net Assets	$	118,695,421
Net Assets Consist of
Paid-in capital	$	117,904,367
Undistributed net investment income		30,409
Accumulated net realized loss allocated from the Series		(25,058,212	)
Net unrealized appreciation/depreciation allocated from the Series		25,818,857
Net Assets	$	118,695,421
Net Asset Value
Institutional — Based on net assets of $71,443,369 and 5,852,886 shares outstanding, 125 million shares authorized, $0.0001 par value	$	12.21
Investor A — Based on net assets of $47,252,052 and 3,870,961 shares outstanding, 125 million shares authorized, $0.0001 par value	$	12.21

See Notes to Financial Statements.
BLACKROCK SMALL CAP INDEX FUND	DECEMBER 31, 2010	7

Statement of Operations BlackRock Small Cap Index Fund

Year Ended December 31, 2010
Investment Income
Net investment income allocated from the Series:
Dividends — unaffiliated	$	1,275,407
Foreign taxes withheld		(1,272	)
Securities lending — affiliated		54,422
Dividends — affiliated		10,545
Expenses		(79,692	)
Total income		1,259,410
Expenses
Administration		295,653
Service — Investor A		102,428
Transfer agent — Institutional		34,374
Transfer agent — Investor A		28,315
Printing		73,534
Registration		32,332
Professional		17,741
Officer		48
Miscellaneous		8,671
Total expenses		593,096
Less fees waived by administrator		(25,223	)
Less transfer agent fees waived and/or reimbursed — class specific		(9,717	)
Total expenses after fees waived and/or reimbursed		558,156
Net investment income		701,254
Realized and Unrealized Gain Allocated from the Series
Net realized gain from investments and financial futures contracts		1,597,176
Net change in unrealized appreciation/depreciation on investments and financial futures contracts		22,605,830
Total realized and unrealized gain		24,203,006
Net Increase in Net Assets Resulting from Operations	$	24,904,260

See Notes to Financial Statements.
8	BLACKROCK SMALL CAP INDEX FUND	DECEMBER 31, 2010

Statements of Changes in Net Assets BlackRock Small Cap Index Fund

	Year Ended December 31,
Increase (Decrease) in Net Assets:	2010			2009
Operations
Net investment income	$	701,254		$	587,044
Net realized gain (loss)		1,597,176			(8,274,246	)
Net change in unrealized appreciation/depreciation		22,605,830			27,253,654
Net increase in net assets resulting from operations		24,904,260			19,566,452
Dividends to Shareholders From
Net investment income:
Institutional		(491,823	)		(376,750	)
Investor A		(221,254	)		(174,904	)
Decrease in net assets resulting from dividends to shareholders		(713,077	)		(551,654	)
Capital Share Transactions
Net increase (decrease) in net assets derived from capital share transactions		418,291			(1,003,872	)
Redemption Fee
Redemption fee		2,525			864
Net Assets
Total increase in net assets		24,611,999			18,011,790
Beginning of year		94,083,422			76,071,632
End of year	$	118,695,421		$	94,083,422
Undistributed net investment income	$	30,409		$	41,874

See Notes to Financial Statements.
BLACKROCK SMALL CAP INDEX FUND	DECEMBER 31, 2010	9

Financial Highlights BlackRock Small Cap Index Fund

	Institutional															Investor A
	Year Ended December 31,															Year Ended December 31,
	2010			2009			2008			2007			2006			2010			2009			2008			2007			2006
Per Share Operating Performance
Net asset value, beginning of year	$	9.70		$	7.71		$	13.79		$	15.48		$	14.36		$	9.71		$	7.72		$	13.79		$	15.47		$	14.36
Net investment income1		0.08			0.07			0.14			0.20			0.17			0.06			0.05			0.11			0.15			0.13
Net realized and unrealized gain (loss)2		2.51			1.98			(4.86	)		(0.50	)		2.34			2.50			1.98			(4.85	)		(0.48	)		2.33
Net increase (decrease) from investment operations		2.59			2.05			(4.72	)		(0.30	)		2.51			2.56			2.03			(4.74	)		(0.33	)		2.46
Dividends and distributions from:
Net investment income		(0.08	)		(0.06	)		(0.15	)		(0.20	)		(0.17	)		(0.06	)		(0.04	)		(0.12	)		(0.16	)		(0.13	)
Net realized gain		—			—			(1.09	)		(1.19	)		(1.22	)		—			—			(1.09	)		(1.19	)		(1.22	)
Tax return of capital		—			—			(0.12	)		—			—			—			—			(0.12	)		—			—
Total dividends and distributions		(0.08	)		(0.06	)		(1.36	)		(1.39	)		(1.39	)		(0.06	)		(0.04	)		(1.33	)		(1.35	)		(1.35	)
Net asset value, end of year	$	12.21		$	9.70		$	7.71		$	13.79		$	15.48		$	12.21		$	9.71		$	7.72		$	13.79		$	15.47
Total Investment Return3
Based on net asset value		26.77	%		26.67	%		(34.01	)%		(1.91	)%		17.49	%		26.35	%		26.36	%		(34.19	)%		(2.12	)%		17.14	%
Ratios to Average Net Assets4
Total expenses		0.57	%		0.56	%		0.53	%		0.48	%		0.49	%		0.80	%		0.82	%		0.80	%		0.73	%		0.74	%
Total expenses after fees waived and/or reimbursed		0.52	%		0.56	%		0.52	%		0.48	%		0.49	%		0.78	%		0.82	%		0.79	%		0.73	%		0.74	%
Net investment income		0.80	%		0.85	%		1.19	%		1.23	%		1.10	%		0.53	%		0.59	%		0.91	%		0.98	%		0.84	%
Supplemental Data
Net assets, end of year (000)	$	71,443		$	55,744		$	46,285		$	66,085		$	79,032		$	47,252		$	38,340		$	29,787		$	47,605		$	54,083
Portfolio turnover of the Series		42	%		43	%		42	%		26	%		40	%		42	%		43	%		42	%		26	%		40	%

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

See Notes to Financial Statements.
10	BLACKROCK SMALL CAP INDEX FUND	DECEMBER 31, 2010

Notes to Financial Statements BlackRock Small Cap Index Fund

1. Organization and Significant Accounting Policies:

BlackRock Small Cap Index Fund (the “Fund”), a series of BlackRock Index Funds, Inc. (“the Corporation”), is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as a non-diversified, open-end management investment company. The Corporation is organized as a Maryland corporation. The Fund seeks to achieve its investment objective by investing all of its assets in Master Small Cap Index Series (the “Series”), a 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 December 31, 2010 was 35%. 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 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.

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

Dividends and Distributions: Dividends and distributions paid by the Fund are recorded on the ex-dividend dates. 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, 2010. The statutes of limitations on the Fund’s state and local tax returns may remain open for an additional year depending upon the jurisdiction. Management does not believe there are any 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. 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. 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 investment advisory fee or an 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 dividend expense, interest expense, acquired fund fees and expenses and certain other Fund expenses) as a percentage of average daily net assets to 0.60% for Institutional Shares and 0.85% for Investor A Shares through November 30, 2010. Effective December 1, 2010 this voluntary fee arrangement was discontinued and the Administrator contractually agreed to waive and/or reimburse fees or expenses to limit annual Fund operating expenses (excluding dividend expense, interest expense, acquired fund fees and expenses and certain other Fund expenses) as a percentage of average daily net assets to 0.30% for Institutional Shares and 0.55% for Investor A Shares, until May 1, 2012.The Administrator has agreed not to reduce or discontinue this contractual waiver or reimbursement unless

BLACKROCK SMALL CAP INDEX FUND DECEMBER 31, 2010 11

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

approved by the Board of Directors, including a majority of the non-interested directors. As a result of these agreements, the Administrator waived and/or reimbursed the following amounts, which are shown as transfer agent fees waived and/or reimbursed — class specific in the Statement of Operations:

Institutional	$	4,830
Investor A	$	4,887

In addition, the Administrator waived $25,223, which 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 and Service Plan with BlackRock Investments, LLC (“BRIL”), an affiliate of BlackRock. Pursuant to the Distribution and Service Plan and in accordance with Rule 12b-1 under the 1940 Act, the Fund pays BRIL ongoing service 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 to Investor A shareholders.

BNY Mellon Investment Servicing (US) Inc. (formerly PNC Global Investment Servicing (U.S.) Inc. (“PNCGIS”)) serves as transfer agent and dividend disbursing agent. On July 1, 2010, the Bank of New York Mellon Corporation purchased PNCGIS, which prior to this date was an indirect, wholly owned subsidiary of PNC and an affiliate of the Administrator. 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.

Pursuant to written agreements, certain financial intermediaries, some of which may be affiliates, provide the Fund with sub-accounting, record-keeping, sub-transfer agency and other administrative services with respect to sub-accounts they service. For these services, these entities receive an annual fee which will vary depending on share class and/or net assets. Prior to July 1, 2010, PNCGIS was an affiliate and transfer agency fees earned for the period from January 1, 2010 to June 30, 2010, which are included as a component of transfer agent in the Statement of Operations, were as follows:

Institutional	$	900
Investor A	$	2,454

The Administrator maintains a call center, which is responsible for providing certain shareholder services to the Fund, such as responding to shareholder inquiries and processing transactions based upon instructions from shareholders with respect to the subscription and redemption of Fund shares. For the year ended December 31, 2010, the Fund reimbursed the Administrator the following amounts for costs incurred in running the call center, which are included in transfer agent in the Statement of Operations:

Institutional	$	284
Investor A	$	783

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

3. Income Tax Information:

Reclassifications: US GAAP require that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or net asset values per share. The following permanent differences as of December 31, 2010 attributable to the sale of stock of passive foreign investment companies were reclassified to the following accounts:

Undistributed net investment income	$	358
Accumulated net realized loss allocated from Series	$	(358	)

The tax character of distributions paid during the fiscal years ended December 31, 2010 and 2009 was as follows:

	12/31/10		12/31/09
Distributions paid from:
Ordinary income	$	713,077	$	551,654
Total distributions	$	713,077	$	551,654

As of December 31, 2010, the tax components of undistributed net earnings were as follows:

Undistributed ordinary income	$	60,074
Capital loss carryforwards		(23,091,658	)
Net unrealized gains*		23,822,638
Total	$	791,054

* The differences between book-basis and tax-basis net unrealized gains were attributable primarily to the tax deferral of losses on wash sales, the realization for tax purposes of unrealized gains on investments in passive foreign investment companies, the treatment of certain security lending transactions, the realization for tax purposes of unrealized gains /losses on certain futures contracts and other temporary differences.

As of December 31, 2010, the Fund had a capital loss carryforward in the amount of $23,091,658 available to offset future realized gains, which expires December 31, 2017.

12 BLACKROCK SMALL CAP INDEX FUND DECEMBER 31, 2010

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

Under the recently enacted Regulated Investment Company Modernization Act of 2010, capital losses incurred by the Fund after December 31, 2010 will not be subject to expiration. In addition, such losses must be utilized prior to the losses incurred in the years preceding enactment.

4. Capital Share Transactions:

Transactions in capital shares for each class were as follows:

	Year Ended December 31, 2010						Year Ended December 31, 2009
	Shares			Amount			Shares			Amount
Institutional
Shares sold		2,098,681		$	22,240,658			2,468,390		$	19,948,606
Shares issued to shareholders in reinvestment of dividends		39,323			469,746			37,621			356,525
Total issued		2,138,004			22,710,404			2,506,011			20,305,131
Shares redeemed		(2,028,999	)		(21,560,365	)		(2,765,597	)		(22,094,097	)
Net increase (decrease)		109,005		$	1,150,039			(259,586	)	$	(1,788,966	)
Investor A
Shares sold		747,472		$	7,965,898			913,818		$	7,405,033
Shares issued to shareholders in reinvestment of dividends		16,979			201,821			16,832			159,562
Total issued		764,451			8,167,719			930,650			7,564,595
Shares redeemed		(842,665	)		(8,899,467	)		(842,085	)		(6,779,501	)
Net increase (decrease)		(78,214	)	$	(731,748	)		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 redemption fees are recorded as a credit to paid-in capital.

5. Subsequent Events:

Management has evaluated the impact of all subsequent events on the Fund through 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 DECEMBER 31, 2010 13

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

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

We have audited the accompanying statement of assets and liabilities of BlackRock Small Cap Index Fund, one of the series constituting BlackRock Index Funds, Inc., (the “Fund”) as of December 31, 2010, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended. These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

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

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of BlackRock Small Cap Index Fund of BlackRock Index Funds, Inc. as of December 31, 2010, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

Deloitte & Touche LLP
Princeton, New Jersey
February 28, 2011

Important Tax Information (Unaudited)

The entire amount of the ordinary income distribution paid by BlackRock Small Cap Index Fund of BlackRock Index Funds, Inc. during the fiscal year ended December 31, 2010 qualifies for the dividend received deduction for corporations and consists entirely of qualified dividend income for individuals.

14 BLACKROCK SMALL CAP INDEX FUND DECEMBER 31, 2010

Portfolio Information	Master Small Cap Index Series
As of December 31, 2010

Ten Largest Holdings	Percent of Long-Term Investments
Riverbed Technology, Inc.	0.4	%
VeriFone Systems, Inc.	0.3
TIBCO Software, Inc.	0.3
Brigham Exploration Co.	0.3
Nordson Corp.	0.3
Deckers Outdoor Corp.	0.3
Rackspace Hosting, Inc.	0.3
Sotheby’s Holdings, Inc., Class A	0.3
Baldor Electric Co.	0.2
Hecla Mining Co.	0.2
Sector Allocations	Percent of Long-Term Investments
Financial Services	21	%
Technology	17
Consumer Discretionary	15
Producer Durables	14
Health Care	12
Materials & Processing	8
Energy	6
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 DECEMBER 31, 2010 15

Schedule of Investments December 31, 2010	Master Small Cap Index Series
	(Percentages shown are based on Net Assets)

Common Stocks	Shares		Value
Advertising Agencies — 0.7%
Arbitron, Inc.		7,513	$	311,940
Constant Contact, Inc. (a)(b)		8,097		250,926
DG FastChannel, Inc. (a)		7,091		204,788
Dex One Corp. (a)		14,899		111,146
Harte-Hanks, Inc.		10,630		135,745
Marchex, Inc., Class B		5,365		51,182
National CineMedia, Inc.		14,960		297,853
QuinStreet, Inc. (a)		3,194		61,357
SuperMedia, Inc. (a)		3,269		28,473
Travelzoo, Inc. (a)		1,535		63,273
Valassis Communications, Inc. (a)		13,914		450,118
ValueClick, Inc. (a)		23,023		369,059
Viad Corp.		5,643		143,727
				2,479,587
Aerospace — 1.4%
AAR Corp. (a)		11,002		302,225
AeroVironment, Inc. (a)		4,483		120,279
Applied Energetics, Inc. (a)		19,880		16,916
Astronics Corp. (a)		2,803		58,863
Ceradyne, Inc. (a)		7,101		223,895
Cubic Corp.		4,314		203,405
Curtiss-Wright Corp.		12,650		419,980
Ducommun, Inc.		2,779		60,527
Esterline Technologies Corp. (a)		8,237		564,976
GenCorp, Inc. (a)		17,241		89,136
Heico Corp.		8,126		414,670
Herley Industries, Inc. (a)		3,601		62,369
Kaman Corp., Class A		7,307		212,414
Kratos Defense & Security Solutions, Inc. (a)		5,735		75,530
LMI Aerospace, Inc. (a)		2,864		45,795
Ladish Co., Inc. (a)		4,397		213,738
Moog, Inc., Class A (a)		12,575		500,485
Orbital Sciences Corp. (a)		16,177		277,112
Teledyne Technologies, Inc. (a)		9,978		438,733
Triumph Group, Inc.		4,544		406,279
				4,707,327
Agriculture, Fishing & Ranching — 0.4%
The Andersons, Inc.		5,228		190,038
Cadiz, Inc. (a)		4,456		55,433
Cal-Maine Foods, Inc.		3,927		124,015
Calavo Growers, Inc.		3,311		76,318
Fresh Del Monte Produce, Inc.		10,928		272,654
Limoneira Co.		2,283		65,522
Pilgrims Pride Corp. (a)		14,134		100,210
Sanderson Farms, Inc.		6,201		242,769
Seaboard Corp.		91		181,181
				1,308,140
Air Transport — 1.0%
Air Transport Services Group, Inc. (a)		15,195		120,040
AirTran Holdings, Inc. (a)		38,092		281,500
Alaska Air Group, Inc. (a)		9,872		559,644
Allegiant Travel Co.		4,241		208,827
Atlas Air Worldwide Holdings, Inc. (a)		7,189		401,362
Bristow Group, Inc. (a)		10,014		474,163
Hawaiian Holdings, Inc. (a)		14,090		110,465
JetBlue Airways Corp. (a)		68,311		451,536
PHI, Inc. (a)		4,094		77,131

Common Stocks	Shares		Value
Air Transport (concluded)
Pinnacle Airlines Corp. (a)		5,107	$	40,345
Republic Airways Holdings, Inc. (a)		11,165		81,728
SkyWest, Inc.		15,379		240,220
US Airways Group, Inc. (a)(b)		44,916		449,609
				3,496,570
Alternative Energy — 0.2%
Ameresco Inc. (a)		2,197		31,549
Comverge, Inc. (a)		7,712		53,290
EnerNOC, Inc. (a)(b)		5,401		129,138
Green Plains Renewable Energy (a)		5,005		56,356
Rex American Resources Corp. (a)		1,997		30,674
Syntroleum Corp. (a)		19,188		35,498
USEC, Inc. (a)		32,263		194,223
				530,728
Aluminum — 0.2%
Century Aluminum Co. (a)		17,538		272,365
Kaiser Aluminum Corp.		4,291		214,936
Noranda Aluminum Holding Corp. (a)		3,773		55,086
				542,387
Asset Management & Custodian — 0.9%
American Capital Ltd. (a)		94,558		714,859
Apollo Investment Corp.		54,856		607,256
Arlington Asset Investment Corp.		1,873		44,933
Artio Global Investors, Inc.		7,719		113,855
Calamos Asset Management, Inc., Class A		5,728		80,192
Capital Southwest Corp.		756		78,473
Cohen & Steers, Inc.		5,021		131,048
Cowen Group, Inc., Class A (a)		11,601		54,061
Diamond Hill Investments Group		641		46,370
Epoch Holding Corp.		3,651		56,700
Fifth Street Finance Corp.		15,310		185,863
Financial Engines, Inc. (a)		3,875		76,841
GAMCO Investors, Inc., Class A		2,015		96,740
Golub Capital BDC, Inc.		1,924		32,939
Harris & Harris Group, Inc. (a)		8,451		37,015
JMP Group, Inc.		3,753		28,635
MCG Capital Corp.		21,011		146,447
MVC Capital, Inc.		7,075		103,295
NGP Capital Resources Co.		6,745		62,054
National Financial Partners Corp. (a)		12,254		164,204
Oppenheimer Holdings, Inc.		3,115		81,644
THL Credit, Inc.		3,221		41,905
TICC Capital Corp.		8,093		90,723
Virtus Investment Partners, Inc. (a)		1,484		67,329
Westwood Holdings Group, Inc.		1,777		71,009
				3,214,390
Auto Parts — 0.9%
American Axle & Manufacturing Holdings, Inc. (a)		16,725		215,084
Amerigon, Inc. (a)		6,524		70,981
ArvinMeritor, Inc. (a)		26,179		537,193
Dana Holding Corp. (a)		39,026		671,638
Dorman Products, Inc. (a)		3,071		111,293
Exide Technologies (a)		20,978		197,403
Fuel Systems Solutions, Inc. (a)		4,164		122,338
Standard Motor Products, Inc.		5,702		78,117

See Notes to Financial Statements.

16 BLACKROCK SMALL CAP INDEX FUND DECEMBER 31, 2010

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

Common Stocks	Shares		Value
Auto Parts (concluded)
Stoneridge, Inc. (a)		4,113	$	64,944
Superior Industries International, Inc.		6,596		139,967
Tenneco, Inc. (a)		16,623		684,203
U.S. Auto Parts Network, Inc. (a)		4,614		38,758
				2,931,919
Auto Services — 0.1%
Cooper Tire & Rubber Co.		17,075		402,629
Back Office Support, HR & Consulting — 1.4%
APAC Customer Services, Inc. (a)		9,849		59,783
Administaff, Inc.		6,161		180,517
The Advisory Board Co. (a)		4,373		208,286
Barrett Business Services, Inc.		2,009		31,240
CBIZ, Inc. (a)		12,599		78,618
CDI Corp.		3,841		71,404
CRA International, Inc. (a)		3,524		82,849
Compass Diversified Holdings		8,945		158,237
Corporate Executive Board Co.		9,581		359,767
CoStar Group, Inc. (a)		5,837		335,978
Dice Holdings, Inc. (a)		4,311		61,863
ExlService Holdings, Inc. (a)		4,519		97,068
Forrester Research, Inc.		3,965		139,925
GP Strategies Corp. (a)		4,255		43,571
Heidrick & Struggles International, Inc.		5,160		147,834
Hudson Highland Group, Inc. (a)		8,669		50,540
Huron Consulting Group, Inc. (a)		6,044		159,864
ICF International, Inc. (a)		4,738		121,861
Kelly Services, Inc., Class A (a)		7,463		140,304
Kforce, Inc. (a)		8,450		136,721
Korn/Ferry International (a)		12,668		292,758
LECG Corp. (a)		9,818		13,549
Liquidity Services, Inc. (a)		4,302		60,443
LoopNet, Inc. (a)		5,965		66,271
MAXIMUS, Inc.		4,877		319,834
Navigant Consulting, Inc. (a)		13,829		127,227
On Assignment, Inc. (a)		11,218		91,427
Resources Connection, Inc.		13,167		244,775
SFN Group, Inc. (a)		14,612		142,613
SYKES Enterprises, Inc. (a)		11,714		237,326
TeleTech Holdings, Inc. (a)		8,626		177,609
TrueBlue, Inc. (a)		12,456		224,083
Volt Information Sciences, Inc. (a)		4,122		35,655
				4,699,800
Banks: Diversified — 5.7%
1st Source Corp.		4,534		91,768
1st United BanCorp., Inc. (a)		5,635		38,938
Alliance Financial Corp.		1,273		41,182
American National Bankshares, Inc.		1,631		38,410
Ameris Bancorp (a)		7,512		79,176
Ames National Corp.		2,078		45,030
Arrow Financial Corp.		2,576		70,866
Bancfirst Corp.		1,916		78,920
Banco Latinoamericana De Comercio Exterior SA		7,907		145,963
The Bancorp, Inc. (a)		7,011		71,302
Bancorp Rhode Island, Inc.		941		27,374
Bank of Marin Bancorp		1,409		49,315
Bank of the Ozarks, Inc.		3,448		149,471
Boston Private Financial Holdings, Inc.		21,149		138,526
Bridge Bancorp, Inc.		1,661		40,944
Bryn Mawr Bank Corp.		2,485		43,363

Common Stocks	Shares		Value
Banks: Diversified (continued)
CNB Financial Corp.		3,286	$	48,666
CVB Financial Corp. (b)		25,322		219,542
Camden National Corp.		2,338		84,706
Capital City Bank Group, Inc. (b)		4,028		50,753
Cardinal Financial Corp.		8,760		101,879
Cathay General Bancorp		22,030		367,901
Center Financial Corp. (a)		11,411		86,495
Centerstate Banks, Inc.		6,720		53,222
Chemical Financial Corp.		6,973		154,452
Citizens & Northern Corp.		3,883		57,701
Citizens Banking Corp. (a)		119,962		73,777
City Holding Co.		4,426		160,354
CoBiz Financial, Inc.		8,417		51,175
Columbia Banking System, Inc.		11,079		233,324
Community Bank System, Inc.		9,024		250,596
Community Trust Bancorp, Inc.		3,810		110,338
Danvers Bancorp, Inc.		5,535		97,803
Eagle Bancorp, Inc. (a)		4,253		61,371
Enterprise Financial Services Corp.		5,009		52,394
F.N.B. Corp.		32,065		314,878
Financial Institutions, Inc.		3,012		57,138
First Bancorp, Inc.		2,554		40,328
First Bancorp, North Carolina		4,541		69,523
First Busey Corp. (b)		16,782		78,875
First Commonwealth Financial Corp.		29,581		209,433
First Community Bancshares, Inc.		4,244		63,405
First Financial Bancorp		16,288		301,002
First Financial Bankshares, Inc.		5,711		292,289
First Financial Corp.		3,157		110,937
First Merchants Corp.		6,818		60,407
First Midwest Bancorp, Inc.		21,086		242,911
The First of Long Island Corp.		1,762		50,939
First South Bancorp, Inc.		2,370		15,334
FirstMerit Corp.		29,779		589,326
German American Bancorp, Inc.		2,966		54,619
Glacier Bancorp, Inc.		20,151		304,482
Greene County Bancshares, Inc. (a)		2,897		9,270
Hancock Holding Co.		7,954		277,276
Heartland Financial USA, Inc.		4,147		72,407
Home Bancshares, Inc.		6,370		140,331
Hudson Valley Holding Corp.		3,941		97,569
IBERIABANK Corp.		7,356		434,960
International Bancshares Corp.		14,921		298,868
Investors Bancorp, Inc. (a)		13,630		178,826
Lakeland Bancorp, Inc.		6,402		70,230
Lakeland Financial Corp.		4,784		102,665
MA Independent Bank Corp.		5,778		156,295
MB Financial, Inc.		15,086		261,290
MT First Interstate Bancsystem, Inc.		4,065		61,951
MainSource Financial Group, Inc.		6,639		69,112
Merchants Bancshares, Inc.		1,312		36,159
Meridian Interstate Bancorp, Inc. (a)		2,629		30,996
Metro Bancorp, Inc. (a)		3,702		40,759
Midsouth Bancorp, Inc.		2,164		33,239
NBT Bancorp, Inc.		9,661		233,313
Nara Bancorp, Inc. (a)		10,670		104,779
National Bankshares, Inc.		1,803		56,776
National Penn Bancshares, Inc.		35,969		288,831
Old National Bancorp		24,002		285,384
Oriental Financial Group		13,280		165,867
Orrstown Financial Service, Inc.		1,867		51,174
Pacific Continental Corp.		6,216		62,533
PacWest Bancorp		8,404		179,678

See Notes to Financial Statements.

BLACKROCK SMALL CAP INDEX FUND DECEMBER 31, 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)
Park National Corp. (b)	3,457	$	251,220
Peapack-Gladstone Financial Corp.	2,357		30,759
Penns Woods Bancorp, Inc.	1,114		44,337
Peoples Bancorp, Inc.	2,840		44,446
Pinnacle Financial Partners, Inc. (a)	9,935		134,917
PrivateBancorp, Inc.	14,856		213,629
Prosperity Bancshares, Inc.	12,899		506,673
Provident Financial Services, Inc.	16,891		255,561
Renasant Corp.	7,002		118,404
Republic Bancorp, Inc., Class A	3,034		72,057
Rockville Financial, Inc.	2,246		27,446
Roma Financial Corp.	2,249		23,839
S&T Bancorp, Inc. (b)	6,761		152,731
SCBT Financial Corp.	3,549		116,230
SVB Financial Group (a)	11,524		611,348
SY Bancorp, Inc.	3,578		87,840
Sandy Spring Bancorp, Inc.	6,732		124,071
Sierra Bancorp	3,790		40,667
Signature Bank (a)	11,244		562,200
Simmons First National Corp., Class A	4,661		132,838
Southside Bancshares, Inc.	4,240		89,337
Southwest Bancorp, Inc. (a)	6,006		74,474
State Bancorp, Inc.	5,482		50,708
StellarOne Corp.	6,915		100,544
Sterling Bancorp	7,118		74,525
Sterling Bancshares, Inc.	24,928		174,995
Suffolk Bancorp	2,560		63,181
Susquehanna Bancshares, Inc.	35,570		344,318
Taylor Capital Group, Inc. (a)	2,613		34,361
Texas Capital Bancshares, Inc. (a)	10,251		218,039
Tompkins Trustco, Inc.	2,287		89,559
Tower Bancorp, Inc.	2,586		56,995
Towne Bank (b)	6,578		104,524
Trico Bancshares	3,626		58,560
TrustCo Bank Corp. NY	21,337		135,277
Trustmark Corp.	17,528		435,396
UMB Financial Corp.	8,668		359,029
Umpqua Holdings Corp.	31,483		383,463
Union First Market Bankshares Corp.	5,403		79,856
United Bankshares, Inc.	10,919		318,835
United Community Banks, Inc. (a)	31,060		60,567
Univest Corp. of Pennsylvania	4,951		94,911
Virginia Commerce Bancorp (a)	5,599		34,602
Washington Banking Co.	3,981		54,579
Washington Trust Bancorp, Inc.	4,328		94,697
Webster Financial Corp.	18,376		362,007
WesBanco, Inc.	6,580		124,757
West Bancorp., Inc.	4,227		32,928
West Coast Bancorp (a)	24,788		69,902
Westamerica Bancorp. (b)	7,958		441,430
Western Alliance Bancorp (a)	18,035		132,738
Whitney Holding Corp.	27,199		384,866
Wilshire Bancorp, Inc.	5,264		40,112
Wintrust Financial Corp.	8,503		280,854
			19,129,500

Common Stocks	Shares		Value
Banks: Savings, Thrift & Mortgage Lending — 1.0%
Abington Bancorp, Inc.		5,676	$	67,715
Astoria Financial Corp.		24,131		335,662
Bank Mutual Corp.		12,544		59,960
BankFinancial Corp.		5,050		49,238
Beneficial Mutual Bancorp, Inc. (a)		10,634		93,898
Berkshire Hills Bancorp, Inc.		4,256		94,058
BofI Holding, Inc. (a)		1,803		27,965
Brookline Bancorp, Inc.		15,960		173,166
Dime Community Bancshares, Inc.		7,846		114,473
ESB Financial Corp.		2,554		41,477
ESSA Bancorp, Inc.		4,575		60,482
First Financial Holdings, Inc.		5,653		65,066
Flagstar BanCorp., Inc. (a)		11,589		18,890
Flushing Financial Corp.		9,115		127,610
Great Southern Bancorp, Inc.		2,691		63,481
Heritage Financial Corp. (a)		2,621		36,484
Home Bancorp, Inc. (a)		2,132		29,464
Home Federal Bancorp, Inc.		4,516		55,411
Kearny Financial Corp.		3,744		32,198
NewAlliance Bancshares, Inc.		29,184		437,176
Northfield Bancorp, Inc.		5,634		75,045
Northwest Bancshares, Inc.		30,938		363,831
OceanFirst Financial Corp.		5,261		67,709
Ocwen Financial Corp. (a)		20,860		199,004
OmniAmerican Bancorp, Inc. (a)		4,232		57,344
Oritani Financial Corp.		15,172		185,705
Provident New York Bancorp		11,601		121,694
Territorial BanCorp., Inc.		3,203		63,772
United Financial Bancorp, Inc.		5,324		81,297
ViewPoint Financial Group		3,964		46,339
WSFS Financial Corp.		1,549		73,485
Westfield Financial, Inc.		8,079		74,731
				3,393,830
Beverage: Brewers & Distillers — 0.1%
Boston Beer Co., Inc., Class A (a)		2,361		224,507
Beverage: Soft Drinks — 0.1%
Coca-Cola Bottling Co. Consolidated		1,262		70,142
Farmer Bros. Co.		2,052		36,526
Heckmann Corp. (a)		24,875		125,121
National Beverage Corp.		3,583		47,081
Peet’s Coffee & Tea, Inc. (a)		3,198		133,484
				412,354
Biotechnology — 3.4%
AMAG Pharmaceuticals, Inc. (a)		5,804		105,052
AVEO Pharmaceuticals Inc. (a)		3,059		44,723
AVI BioPharma, Inc. (a)		29,393		62,313
Accelrys, Inc. (a)		15,873		131,746
Acorda Therapeutics, Inc. (a)		10,646		290,210
Affymax, Inc. (a)		5,315		35,345
Albany Molecular Research, Inc. (a)		5,877		33,029
Allos Therapeutics, Inc. (a)		23,553		108,579
Alnylam Pharmaceuticals, Inc. (a)		10,297		101,528
Arena Pharmaceuticals, Inc. (a)(b)		34,831		59,909
Ariad Pharmaceuticals, Inc. (a)		35,601		181,565
Arqule, Inc. (a)		11,067		64,963
Array Biopharma, Inc. (a)		17,537		52,436
BioMimetic Therapeutics, Inc. (a)		5,479		69,583
Biosante Pharmaceuticals, Inc. (a)		25,188		41,308
Biotime, Inc. (a)		7,035		58,602
Celera Corp. (a)		22,818		143,753
Celldex Therapeutics, Inc. (a)		8,602		35,440

See Notes to Financial Statements.

18 BLACKROCK SMALL CAP INDEX FUND DECEMBER 31, 2010

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

Common Stocks	Shares		Value
Biotechnology (continued)
Cepheid, Inc. (a)		16,669	$	379,220
Chelsea Therapeutics International, Inc. (a)		11,224		84,180
Clinical Data, Inc. (a)		3,426		54,508
Codexis Inc. (a)		3,408		36,130
Cubist Pharmaceuticals, Inc. (a)		15,967		341,694
Curis, Inc. (a)		25,136		49,769
Cypress Bioscience, Inc. (a)		12,458		80,728
Cytokinetics, Inc. (a)		12,738		26,622
Cytori Therapeutics, Inc. (a)		13,585		70,506
CytRx Corp. (a)		37,640		38,016
Dyax Corp. (a)		29,631		63,410
Dynavax Technologies Corp. (a)		26,944		86,221
Emergent Biosolutions, Inc. (a)		5,490		128,795
Enzo Biochem, Inc. (a)		9,003		47,536
Enzon Pharmaceuticals, Inc. (a)		13,516		164,490
Exact Sciences Corp. (a)		12,583		75,246
Exelixis, Inc. (a)		31,077		255,142
Furiex Pharmaceuticals, Inc. (a)		3,523		50,907
Genomic Health, Inc. (a)		4,274		91,421
Geron Corp. (a)(b)		32,882		170,000
Halozyme Therapeutics, Inc. (a)		21,215		168,023
Idenix Pharmaceuticals, Inc. (a)		10,319		52,008
ImmunoGen, Inc. (a)		18,480		171,125
Immunomedics, Inc. (a)		18,022		64,519
Incyte Corp. (a)		24,787		410,473
Inhibitex, Inc. (a)		12,947		33,662
Inovio Pharmaceuticals Inc. (a)		21,433		24,648
InterMune, Inc. (a)		13,045		474,838
Kensey Nash Corp. (a)		1,854		51,597
Keryx Biopharmaceuticals, Inc. (a)		14,942		68,434
Lexicon Genetics, Inc. (a)		59,551		85,753
Ligand Pharmaceuticals, Inc. (a)		6,858		61,173
MannKind Corp. (a)(b)		18,293		147,442
Martek Biosciences Corp. (a)		9,345		292,498
Maxygen, Inc.		10,364		40,731
Medivation, Inc. (a)		10,059		152,595
Metabolix, Inc. (a)		7,956		96,825
Micromet, Inc. (a)		24,767		201,108
Momenta Pharmaceuticals, Inc. (a)		12,174		182,245
NPS Pharmaceuticals, Inc. (a)		18,637		147,232
Nabi Biopharmaceuticals (a)		11,908		68,947
Nektar Therapeutics (a)		26,237		337,145
Neuralstem, Inc. (a)		15,917		33,744
Neurocrine Biosciences, Inc. (a)		13,998		106,945
Neurogesx, Inc. (a)		4,216		26,814
Novavax, Inc. (a)		28,284		68,730
Omeros Corp. (a)		6,567		54,112
Onyx Pharmaceuticals, Inc. (a)		17,542		646,774
Opko Health, Inc. (a)		26,181		96,084
Orexigen Therapeutics, Inc. (a)		9,144		73,884
Osiris Therapeutics, Inc. (a)		4,623		36,013
PDL BioPharma, Inc.		39,526		246,247
Pacific Biosciences of California, Inc. (a)		4,226		67,236
Peregrine Pharmaceuticals, Inc. (a)		20,894		48,056
Pharmasset, Inc. (a)		8,256		358,393
Progenics Pharmaceuticals, Inc. (a)		7,728		42,195
Pure Bioscience (a)		9,330		20,713
RTI Biologics, Inc. (a)		14,802		39,521
Rigel Pharmaceuticals, Inc. (a)		14,492		109,125
Sangamo Biosciences, Inc. (a)		12,393		82,290
Savient Pharmaceuticals, Inc. (a)		19,100		212,774

Common Stocks	Shares		Value
Biotechnology (concluded)
Seattle Genetics, Inc. (a)		23,588	$	352,641
Sequenom, Inc. (a)		25,712		206,210
StemCells, Inc. (a)		39,100		42,228
Targacept, Inc. (a)		6,499		172,224
Theravance, Inc. (a)		17,611		441,508
Vanda Pharmaceuticals, Inc. (a)		8,530		80,694
ViroPharma, Inc. (a)		21,748		376,675
ZIOPHARM Oncology, Inc. (a)		15,452		72,006
Zalicus, Inc. (a)		17,912		28,301
				11,389,783
Building Materials — 0.9%
Acuity Brands, Inc.		11,956		689,503
Ameron International Corp.		2,573		196,500
Builders FirstSource, Inc. (a)		12,175		23,985
Gibraltar Industries, Inc. (a)		8,715		118,263
Griffon Corp. (a)		12,864		163,887
Headwaters, Inc. (a)		18,899		86,557
LSI Industries, Inc.		5,533		46,809
Louisiana-Pacific Corp. (a)		35,850		339,141
NCI Building Systems, Inc. (a)		6,307		88,235
Quanex Building Products Corp.		10,811		205,085
Simpson Manufacturing Co., Inc.		11,098		343,039
Texas Industries, Inc.		5,750		263,235
Trex Co., Inc. (a)		4,563		109,329
Watsco, Inc.		7,647		482,373
				3,155,941
Building: Climate Control — 0.1%
Aaon, Inc.		3,611		101,867
Comfort Systems USA, Inc.		10,901		143,566
Interline Brands, Inc. (a)		9,343		212,740
				458,173
Building: Roofing, Wallboard & Plumbing — 0.1%
Beacon Roofing Supply, Inc. (a)		12,821		229,111
Cable Television Services — 0.1%
Knology, Inc. (a)		8,440		131,917
Mediacom Communications Corp., Class A (a)		11,599		98,128
				230,045
Casinos & Gambling — 0.3%
Ameristar Casinos, Inc.		8,159		127,525
Boyd Gaming Corp. (a)		15,602		165,381
Isle of Capri Casinos, Inc. (a)		4,441		45,387
Monarch Casino & Resort, Inc. (a)		2,571		32,137
Multimedia Games, Inc. (a)		7,612		42,475
Pinnacle Entertainment, Inc. (a)		15,194		213,020
Scientific Games Corp., Class A (a)		17,953		178,812
Shuffle Master, Inc. (a)		15,457		176,983
				981,720
Chemicals: Diversified — 1.5%
Aceto Corp.		8,227		74,043
American Vanguard Corp.		5,145		43,938
Arch Chemicals, Inc.		6,189		234,749
Georgia Gulf Corp. (a)		9,588		230,687
Hawkins, Inc.		2,452		108,869
Innophos Holdings, Inc.		6,064		218,789
KMG Chemicals, Inc.		1,598		26,479
LSB Industries, Inc. (a)		4,636		112,469
Landec Corp. (a)		6,860		41,023
OM Group, Inc. (a)		8,613		331,687
Olin Corp.		21,795		447,233

See Notes to Financial Statements.

BLACKROCK SMALL CAP INDEX FUND DECEMBER 31, 2010 19

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

Common Stocks	Shares		Value
Chemicals: Diversified (concluded)
Omnova Solutions, Inc. (a)		12,713	$	106,281
PolyOne Corp. (a)		25,994		324,665
Rockwood Holdings, Inc. (a)		14,506		567,475
Sensient Technologies Corp.		13,600		499,528
Solutia, Inc. (a)		33,774		779,504
TPC Group, Inc. (a)		2,307		69,948
W.R. Grace & Co. (a)		20,151		707,905
Westlake Chemical Corp.		5,382		233,955
				5,159,227
Chemicals: Specialty — 0.5%
Balchem Corp.		7,734		261,487
Calgon Carbon Corp. (a)		15,390		232,697
Kraton Performance Polymers, Inc. (a)		3,215		99,504
NewMarket Corp.		2,831		349,260
Polypore International, Inc. (a)		6,115		249,064
Quaker Chemical Corp.		3,013		125,552
Senomyx, Inc. (a)		11,804		84,162
Stepan Co.		2,108		160,777
Zep, Inc.		5,992		119,121
				1,681,624
Coal — 0.3%
Cloud Peak Energy, Inc. (a)		8,872		206,097
International Coal Group, Inc. (a)		37,154		287,572
James River Coal Co. (a)		7,416		187,847
L&L Energy, Inc. (a)		5,371		58,007
Patriot Coal Corp. (a)		21,831		422,866
				1,162,389
Commercial Finance & Mortgage Companies — 0.1%
Asta Funding, Inc.		4,159		33,688
Federal Agricultural Mortgage Corp., Class B		2,525		41,208
Medallion Financial Corp.		5,747		47,126
NewStar Financial, Inc. (a)		8,462		89,443
				211,465
Commercial Services: Rental & Leasing — 0.6%
Aircastle Ltd.		13,828		144,503
CAI International, Inc. (a)		3,024		59,270
Electro Rent Corp.		5,052		81,640
H&E Equipment Services, Inc. (a)		8,394		97,119
Marlin Business Services, Inc. (a)		2,283		28,880
McGrath RentCorp		6,835		179,214
Mobile Mini, Inc. (a)		10,363		204,048
PHH Corp. (a)		15,575		360,561
RSC Holdings, Inc. (a)		13,484		131,334
SeaCube Container Leasing Ltd.		3,037		42,700
TAL International Group, Inc.		4,828		149,040
United Rentals, Inc. (a)		16,903		384,543
				1,862,852
Commercial Vehicles & Parts — 0.3%
Commercial Vehicle Group, Inc. (a)		7,113		115,586
Force Protection, Inc. (a)		19,673		108,398
Miller Industries, Inc.		2,710		38,564
Modine Manufacturing Co. (a)		13,116		203,298
Rush Enterprises, Inc., Class A (a)		9,230		188,661
Spartan Motors, Inc.		10,280		62,605
Wabash National Corp. (a)		18,952		224,581
				941,693

Common Stocks	Shares		Value
Communications Technology — 3.2%
AboveNet, Inc.		6,173	$	360,874
Acme Packet, Inc. (a)		12,197		648,393
Adtran, Inc.		17,264		625,129
Anaren, Inc. (a)		4,408		91,907
Anixter International, Inc.		7,796		465,655
Aruba Networks, Inc. (a)		21,591		450,820
Aviat Networks, Inc. (a)		18,839		95,514
Bel Fuse, Inc.		3,256		77,818
BigBand Networks, Inc. (a)		13,752		38,506
Black Box Corp.		4,852		185,783
Comtech Telecommunications Corp.		8,044		223,060
Digi International, Inc. (a)		7,948		88,223
DigitalGlobe, Inc. (a)		7,687		243,755
EMS Technologies, Inc. (a)		4,405		87,131
Echelon Corp. (a)		10,004		101,941
Emulex Corp. (a)		23,243		271,013
Extreme Networks, Inc. (a)		27,561		85,163
Finisar Corp. (a)		21,060		625,271
GSI Technology, Inc. (a)		4,937		39,990
GeoEye, Inc. (a)		6,114		259,172
Globecomm Systems, Inc. (a)		6,651		66,510
Harmonic, Inc. (a)		27,452		235,264
Hughes Communications, Inc. (a)		2,650		107,166
Infinera Corp. (a)		24,897		257,186
InterDigital, Inc. (a)(b)		12,235		509,465
Ixia (a)		8,980		150,684
KVH Industries, Inc. (a)		4,532		54,157
Loral Space & Communications Ltd. (a)		3,024		231,336
NETGEAR, Inc. (a)		9,928		334,375
Network Equipment Technologies, Inc. (a)		8,165		37,804
Novatel Wireless, Inc. (a)		8,850		84,518
Oclaro, Inc. (a)		14,280		187,782
Oplink Communications, Inc. (a)		5,696		105,205
PC-Tel, Inc. (a)		4,815		28,890
Plantronics, Inc.		13,418		499,418
Riverbed Technology, Inc. (a)		35,147		1,236,120
SeaChange International, Inc. (a)		8,576		73,325
Shoretel, Inc. (a)		13,394		104,607
Sonus Networks, Inc. (a)		58,419		155,979
Sycamore Networks, Inc.		5,573		114,748
Syniverse Holdings, Inc. (a)		19,166		591,271
Tekelec (a)		18,982		226,076
Viasat, Inc. (a)		9,276		411,947
				10,868,951
Computer Services Software & Systems — 6.7%
ACI Worldwide, Inc. (a)(c)		9,391		252,336
Actuate Corp. (a)		13,455		76,694
Acxiom Corp. (a)		19,178		328,903
American Reprographics Co. (a)		11,101		84,257
American Software, Class A		7,492		50,721
Ariba, Inc. (a)		25,118		590,022
Art Technology Group, Inc. (a)		44,418		265,620
Aspen Technology, Inc. (a)		17,836		226,517
Avid Technology, Inc. (a)		8,148		142,264
Blackbaud, Inc.		12,651		327,661
Blackboard, Inc. (a)		9,618		397,223
Blue Coat Systems, Inc. (a)		11,468		342,549
Bottomline Technologies, Inc. (a)		9,065		196,801
BroadSoft, Inc. (a)		2,081		49,694
CACI International, Inc., Class A (a)		8,409		449,041
CDC Corp. (a)		7,453		26,160
CSG Systems International, Inc. (a)		9,715		184,002

See Notes to Financial Statements.

20 BLACKROCK SMALL CAP INDEX FUND DECEMBER 31, 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)
Ciber, Inc. (a)		19,400	$	90,792
CommVault Systems, Inc. (a)		12,126		347,046
Compellent Technologies, Inc. (a)		6,600		182,094
Computer Task Group, Inc. (a)		4,095		44,554
ComScore, Inc. (a)		6,275		139,995
Concur Technologies, Inc. (a)		11,198		581,512
Deltek, Inc. (a)		5,271		38,267
DealerTrack Holdings, Inc. (a)		11,426		229,320
DemandTec, Inc. (a)		5,233		56,726
Digimarc Corp. (a)		2,156		64,702
Digital River, Inc. (a)		11,096		381,924
DynaVox, Inc., Class A (a)		2,910		14,928
EPIQ Systems, Inc.		9,048		124,229
EarthLink, Inc.		30,934		266,032
Ebix, Inc. (a)(b)		7,644		180,933
Epicor Software Corp. (a)		13,337		134,704
Fortinet, Inc. (a)		11,700		378,495
Hypercom Corp. (a)		13,204		110,517
iGate Corp.		6,883		135,664
Infospace, Inc. (a)		11,166		92,678
Integral Systems, Inc. (a)		5,890		58,370
Interactive Intelligence, Inc. (a)		3,737		97,760
Internap Network Services Corp. (a)		15,693		95,413
Internet Capital Group, Inc. (a)		10,158		144,447
IntraLinks Holdings, Inc. (a)		3,288		61,518
JDA Software Group, Inc. (a)		11,783		329,924
KIT Digital, Inc. (a)		7,970		127,839
Kenexa Corp. (a)		6,263		136,471
Keynote Systems, Inc.		4,265		62,354
Lawson Software, Inc. (a)		38,987		360,630
Limelight Networks, Inc. (a)		13,693		79,556
Lionbridge Technologies, Inc. (a)		18,197		67,147
LivePerson, Inc. (a)		13,020		147,126
LogMeIn, Inc. (a)		4,233		187,691
Magma Design Automation, Inc. (a)		17,304		86,693
Manhattan Associates, Inc. (a)		6,447		196,891
Mantech International Corp., Class A (a)		6,298		260,296
Mentor Graphics Corp. (a)		30,075		360,900
Mercury Computer Systems, Inc. (a)		6,749		124,047
MicroStrategy, Inc., Class A (a)		2,484		212,307
Moduslink Global Solutions, Inc. (a)		13,785		92,359
Monotype Imaging Holdings, Inc. (a)		6,643		73,737
NCI, Inc., Class A (a)		1,829		42,049
NIC, Inc.		15,822		153,632
NetScout Systems, Inc. (a)		8,614		198,208
NetSuite, Inc. (a)		5,365		134,125
OpenTable, Inc. (a)		4,446		313,354
Openwave Systems, Inc. (a)		26,472		56,121
Opnet Technologies, Inc.		3,910		104,671
PDF Solutions, Inc. (a)		6,099		29,397
PROS Holdings, Inc. (a)		5,951		67,782
Parametric Technology Corp. (a)		32,264		726,908
Pegasystems, Inc.		4,662		170,769
Perficient, Inc. (a)		6,938		86,725
Progress Software Corp. (a)		11,739		496,794
QLIK Technologies, Inc. (a)		3,794		97,923
Quest Software, Inc. (a)		16,628		461,261
Rackspace Hosting, Inc. (a)		27,028		848,949

Common Stocks	Shares		Value
Computer Services Software & Systems (concluded)
Radiant Systems, Inc. (a)		9,361	$	183,195
RealNetworks, Inc. (a)		25,684		107,873
RealPage, Inc. (a)		4,286		132,566
RightNow Technologies, Inc. (a)		6,264		148,269
SAVVIS, Inc. (a)		10,340		263,877
SRA International, Inc., Class A (a)		11,801		241,330
SS&C Technologies Holdings, Inc. (a)		3,576		73,344
SYNNEX Corp. (a)		6,350		198,120
Saba Software, Inc. (a)		9,438		57,761
Sapient Corp.		28,831		348,855
Smith Micro Software, Inc. (a)		8,650		136,151
SolarWinds, Inc. (a)		9,916		190,883
Sonic Solutions, Inc. (a)		11,983		179,745
Sourcefire, Inc. (a)		7,788		201,943
SuccessFactors, Inc. (a)		17,608		509,928
Support.com, Inc. (a)		13,677		88,627
Synchronoss Technologies, Inc. (a)		5,863		156,601
Syntel, Inc.		3,723		177,922
TIBCO Software, Inc. (a)		46,168		909,971
TNS, Inc. (a)		7,144		148,595
Taleo Corp., Class A (a)		11,227		310,427
TeleCommunication Systems, Inc., Class A (a)		12,196		56,955
Terremark Worldwide, Inc. (a)		16,771		217,184
Tier Technologies, Inc., Class B (a)		3,808		22,810
Tyler Technologies, Inc. (a)		8,776		182,190
Ultimate Software Group, Inc. (a)		7,017		341,237
Unisys Corp. (a)		11,764		304,570
United Online, Inc.		25,722		169,765
VASCO Data Security International, Inc. (a)		7,887		64,121
VeriFone Systems, Inc. (a)		23,839		919,232
VirnetX Holding Corp.		10,248		152,183
Virtusa Corp. (a)		4,160		68,058
Wave Systems Corp., Class A (a)		21,971		86,566
Websense, Inc. (a)		11,904		241,056
Zix Corp. (a)		17,043		72,774
				22,602,405
Computer Technology — 0.6%
Cray, Inc. (a)		10,787		77,127
Hutchinson Technology, Inc. (a)		6,167		22,880
Imation Corp. (a)		8,846		91,202
Immersion Corp. (a)		9,143		61,350
Insight Enterprises, Inc. (a)		13,317		175,252
Intermec, Inc. (a)		14,173		179,430
Quantum Corp. (a)		59,610		221,749
Radisys Corp. (a)		6,507		57,912
Rimage Corp. (a)		3,339		49,784
STEC, Inc. (a)		11,398		201,175
Safeguard Scientifics, Inc. (a)		6,132		104,735
Silicon Graphics International Corp. (a)		9,555		86,282
Stratasys, Inc. (a)		5,828		190,226
Super Micro Computer, Inc. (a)		7,145		82,453
Synaptics, Inc. (a)		9,314		273,645
Xyratex Ltd. (a)		8,251		134,574
				2,009,776

See Notes to Financial Statements.

BLACKROCK SMALL CAP INDEX FUND DECEMBER 31, 2010 21

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

Common Stocks	Shares		Value
Construction — 0.5%
EMCOR Group, Inc. (a)		18,337	$	531,406
Granite Construction, Inc.		9,570		262,505
Great Lakes Dredge & Dock Corp.		16,695		123,042
Insituform Technologies, Inc., Class A (a)		10,968		290,762
Orion Marine Group, Inc. (a)		7,892		91,547
Primoris Services Corp.		6,863		65,473
Sterling Construction Co., Inc. (a)		5,135		66,961
Tutor Perini Corp.		7,332		156,978
				1,588,674
Consumer Electronics — 0.2%
Audiovox Corp., Class A (a)		4,450		38,403
RealD Inc. (a)		4,079		105,728
TiVo, Inc. (a)		31,997		276,134
Universal Electronics, Inc. (a)		3,743		106,189
				526,454
Consumer Lending — 0.9%
Advance America, Cash Advance Centers, Inc.		16,629		93,787
Cash America International, Inc.		8,288		306,076
Credit Acceptance Corp. (a)		1,510		94,783
Dollar Financial Corp. (a)		6,982		199,895
Encore Capital Group, Inc. (a)		4,108		96,333
Ezcorp, Inc. (a)		12,908		350,194
First Cash Financial Services, Inc. (a)		8,403		260,409
The First Marblehead Corp. (a)		18,710		40,601
MGIC Investment Corp. (a)		56,003		570,670
MoneyGram International, Inc. (a)		26,653		72,230
Nelnet, Inc., Class A		7,528		178,338
Netspend Holdings, Inc. (a)		8,431		108,085
Portfolio Recovery Associates, Inc. (a)		4,751		357,275
Student Loan Corp.		1,040		33,738
World Acceptance Corp. (a)		4,585		242,088
				3,004,502
Consumer Services: Miscellaneous — 0.7%
Ancestry.com, Inc. (a)		5,484		155,307
Coinstar, Inc. (a)		8,825		498,083
Core-Mark Holdings Co., Inc. (a)		3,107		110,578
The Knot, Inc. (a)		8,783		86,776
Move, Inc. (a)		44,535		114,455
NutriSystem, Inc. (b)		7,652		160,922
Pre-Paid Legal Services, Inc. (a)		2,044		123,151
Sotheby’s Holdings, Inc., Class A		18,618		837,810
Steiner Leisure Ltd. (a)		4,315		201,510
				2,288,592
Containers & Packaging — 0.4%
AEP Industries, Inc. (a)		1,150		29,843
Graham Packaging Co., Inc. (a)		5,139		67,013
Graphic Packaging Holding Co. (a)		31,761		123,550
Myers Industries, Inc.		10,282		100,147
Rock-Tenn Co., Class A		10,754		580,178
Silgan Holdings, Inc.		14,840		531,420
				1,432,151
Cosmetics — 0.1%
Elizabeth Arden, Inc. (a)		6,725		154,742
Inter Parfums, Inc.		4,215		79,453
Revlon, Inc., Class A (a)		3,695		36,359
				270,554

Common Stocks	Shares		Value
Diversified Financial Services — 0.4%
Duff & Phelps Corp.		8,086	$	136,330
Evercore Partners, Inc., Class A		4,505		153,170
FBR Capital Markets Corp. (a)		14,655		55,982
Gleacher & Co, Inc. (a)		23,750		56,288
Main Street Capital Corp.		4,434		80,654
MidwestOne Financial Group, Inc.		1,865		28,180
Piper Jaffray Cos. (a)		4,213		147,497
Sanders Morris Harris Group, Inc.		5,727		41,521
Stifel Financial Corp. (a)		9,417		584,231
Triangle Capital Corp.		4,316		82,004
				1,365,857
Diversified Manufacturing Operations — 0.3%
A.M. Castle & Co. (a)		4,762		87,669
Barnes Group, Inc.		13,810		285,453
Federal Signal Corp.		17,890		122,725
Lydall, Inc. (a)		4,646		37,400
OSI Systems, Inc. (a)		4,609		167,583
Raven Industries, Inc.		4,607		219,708
Standex International Corp.		3,548		106,121
Trimas Corp. (a)		4,407		90,167
				1,116,826
Diversified Materials & Processing — 0.8%
Belden, Inc.		13,241		487,534
Cabot Microelectronics Corp. (a)		6,637		275,104
Clarcor, Inc.		13,889		595,699
Encore Wire Corp.		5,047		126,579
Hexcel Corp. (a)		26,888		486,404
Insteel Industries, Inc.		4,853		60,614
Koppers Holdings, Inc.		5,904		211,245
Rogers Corp. (a)		4,522		172,966
Tredegar Corp.		6,809		131,958
Uranium Energy Corp. (a)(b)		16,751		101,176
				2,649,279
Diversified Media — 0.1%
Belo Corp., Class A (a)		26,829		189,949
EW Scripps Co. (a)		9,726		98,719
Playboy Enterprises, Inc., Class B (a)		7,669		40,032
				328,700
Diversified Retail — 0.7%
99 Cents Only Stores (a)		12,612		201,035
The Bon-Ton Stores, Inc. (a)		3,782		47,880
Dillard’s, Inc., Class A		11,211		425,345
Fred’s, Inc.		10,754		147,975
GSI Commerce, Inc. (a)		18,657		432,843
Gaiam, Inc.		4,379		33,718
HSN, Inc. (a)		10,902		334,037
Overstock.com, Inc.		4,575		75,396
PriceSmart, Inc.		4,549		172,999
Saks, Inc. (a)		37,767		404,107
Tuesday Morning Corp. (a)		7,728		40,804
				2,316,139
Drug & Grocery Store Chains — 0.7%
Arden Group, Inc., Class A		556		45,870
Casey’s General Stores, Inc.		10,841		460,851
drugstore.com, Inc. (a)		24,853		54,925

See Notes to Financial Statements.

22 BLACKROCK SMALL CAP INDEX FUND DECEMBER 31, 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)
The Fresh Market, Inc. (a)		4,210	$	173,452
Ingles Markets, Inc., Class A		4,294		82,445
Nash Finch Co.		3,603		153,163
The Pantry, Inc. (a)		7,076		140,529
PetMed Express, Inc. (b)		6,312		112,417
Rite Aid Corp. (a)		147,313		130,107
Ruddick Corp.		12,199		449,411
Spartan Stores, Inc.		6,686		113,328
Village Super Market, Inc., Class A		2,539		83,787
Weis Markets, Inc.		3,843		154,988
Winn-Dixie Stores, Inc. (a)		15,711		112,648
				2,267,921
Education Services — 0.5%
Ambassadors Group, Inc.		6,426		73,899
American Public Education, Inc. (a)		5,243		195,249
Archipelago Learning, Inc. (a)		3,223		31,618
Bridgepoint Education, Inc. (a)		5,635		107,065
Capella Education Co. (a)		4,619		307,533
Corinthian Colleges, Inc. (a)(b)		24,036		125,228
Franklin Covey Co. (a)		3,631		31,190
Grand Canyon Education, Inc. (a)		8,882		173,998
K12, Inc. (a)		7,103		203,572
Lincoln Educational Services Corp.		4,710		73,052
Renaissance Learning, Inc.		3,534		41,843
Rosetta Stone, Inc. (a)		3,247		68,901
School Specialty, Inc. (a)		5,959		83,009
Universal Technical Institute, Inc.		6,007		132,274
				1,648,431
Electronic Components — 0.7%
3D Systems Corp. (a)		5,226		164,567
Acacia Research — Acacia Technologies (a)		9,518		246,897
Checkpoint Systems, Inc. (a)		11,234		230,859
DDi Corp.		4,437		52,179
Methode Electronics, Inc.		10,475		135,861
Microvision, Inc. (a)(b)		28,837		53,637
Multi-Fineline Electronix, Inc. (a)		3,100		82,119
NVE Corp. (a)		1,420		82,118
Park Electrochemical Corp.		5,596		167,880
Pulse Electronics Corp.		11,258		59,892
ScanSource, Inc. (a)		7,682		245,056
Smart Modular Technologies WWH, Inc. (a)		15,215		87,638
TTM Technologies, Inc. (a)		22,744		339,113
Universal Display Corp. (a)(b)		8,555		262,211
				2,210,027
Electronic Entertainment — 0.2%
DTS, Inc. (a)		4,900		240,345
THQ, Inc. (a)		17,766		107,662
Take-Two Interactive Software, Inc. (a)		19,580		239,659
				587,666
Electronics — 0.6%
Agilysys, Inc. (a)		4,728		26,619
American Science & Engineering, Inc.		2,530		215,632
CPI International, Inc. (a)		2,027		39,222
Coherent, Inc. (a)		7,111		320,991

Common Stocks	Shares		Value
Electronics (concluded)
Daktronics, Inc.		9,319	$	148,358
II-VI, Inc. (a)		7,044		326,560
IPG Photonics Corp. (a)		7,327		231,680
iRobot Corp. (a)		5,743		142,886
Newport Corp. (a)		10,058		174,707
Richardson Electronics Ltd.		4,813		56,264
Rofin-Sinar Technologies, Inc. (a)		7,968		282,386
SRS Labs Inc. (a)		2,855		25,153
Spectrum Control, Inc. (a)		3,858		57,831
				2,048,289
Energy Equipment — 0.2%
Capstone Turbine Corp. (a)		74,225		71,241
Energy Conversion Devices, Inc. (a)		13,908		63,977
Evergreen Solar, Inc. (a)(b)		60,516		35,281
FuelCell Energy, Inc. (a)		31,215		72,106
GT Solar International, Inc. (a)		16,949		154,575
PowerSecure International, Inc. (a)		4,805		37,383
STR Holdings, Inc. (a)		8,135		162,700
				597,263
Engineering & Contracting Services — 0.5%
Dycom Industries, Inc. (a)		10,628		156,763
Exponent, Inc. (a)		3,921		147,155
Furmamite Corp. (a)		10,777		74,469
Hill International, Inc. (a)		7,044		45,575
Layne Christensen Co. (a)		5,598		192,683
MYR Group, Inc. (a)		5,845		122,745
Mastec, Inc. (a)		14,840		216,516
Michael Baker Corp. (a)		2,393		74,422
Mistras Group, Inc. (a)		4,735		63,828
Tetra Tech, Inc. (a)		17,187		430,706
VSE Corp.		1,173		38,732
				1,563,594
Entertainment — 0.4%
Ascent Media Corp., Class A (a)		4,280		165,893
CKx, Inc. (a)		15,485		62,405
Cinemark Holdings, Inc.		16,272		280,529
Lions Gate Entertainment Corp. (a)		19,947		129,855
Live Nation Entertainment, Inc. (a)		39,468		450,725
LodgeNet Interactive Corp. (a)		8,242		35,028
Rentrak Corp. (a)		2,896		87,343
Warner Music Group Corp. (a)		13,332		75,059
World Wrestling Entertainment, Inc.		7,119		101,375
				1,388,212
Environmental, Maintenance, & Security Service — 0.7%
ABM Industries, Inc.		14,481		380,850
The Brink’s Co.		13,331		358,337
G&K Services, Inc., Class A		5,185		160,268
The Geo Group, Inc. (a)		16,971		418,505
Healthcare Services Group, Inc.		18,539		301,630
Mac-Gray Corp.		3,791		56,675
Rollins, Inc.		17,166		339,029
Standard Parking Corp. (a)		4,544		85,836
Unifirst Corp.		3,889		214,090
				2,315,220

See Notes to Financial Statements.

BLACKROCK SMALL CAP INDEX FUND DECEMBER 31, 2010 23

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

Common Stocks	Shares		Value
Fertilizers — 0.0%
Rentech, Inc. (a)		64,661	$	78,886
Financial Data & Systems — 0.8%
Advent Software, Inc. (a)		4,325		250,504
Cardtronics, Inc. (a)		7,404		131,051
Cass Information Systems, Inc.		2,384		90,449
Euronet Worldwide, Inc. (a)		14,020		244,509
Fair Isaac Corp.		11,427		267,049
Global Cash Access, Inc. (a)		16,150		51,519
Heartland Payment Systems, Inc.		10,871		167,631
Higher One Holdings, Inc. (a)		3,197		64,675
Jack Henry & Associates, Inc.		23,682		690,330
Online Resources Corp. (a)		7,311		33,996
S1 Corp. (a)		15,357		105,963
Wright Express Corp. (a)		10,793		496,478
				2,594,154
Foods — 1.0%
B&G Foods, Inc., Class A		13,669		187,675
Chiquita Brands International, Inc. (a)		12,202		171,072
Diamond Foods, Inc.		6,091		323,919
Dole Food Co.,Inc. (a)		10,876		146,935
Hain Celestial Group, Inc. (a)		11,456		309,999
J&J Snack Foods Corp.		3,993		192,622
John B. Sanfilippo & Son, Inc. (a)		2,400		29,856
Lancaster Colony Corp.		5,319		304,247
Medifast, Inc. (a)		3,726		107,607
Natures Sunshine Prods, Inc. (a)		1,998		17,942
Nutraceutical International Corp. (a)		2,499		35,461
Seneca Foods Corp. (a)		2,214		59,734
Smart Balance, Inc. (a)		19,827		85,851
Snyders-Lance, Inc.		7,361		172,542
Synutra International, Inc. (a)		5,592		75,212
Tootsie Roll Industries, Inc. (b)		6,510		188,595
TreeHouse Foods, Inc. (a)		9,559		488,369
United Natural Foods, Inc. (a)		13,305		488,028
				3,385,666
Forest Products — 0.1%
Deltic Timber Corp.		3,070		172,964
Universal Forest Products, Inc.		5,542		215,584
				388,548
Forms & Bulk Printing Services — 0.2%
Consolidated Graphics, Inc. (a)		2,559		123,932
Deluxe Corp.		14,525		334,365
Ennis, Inc.		7,538		128,900
Innerworkings, Inc. (a)		6,187		40,525
M&F Worldwide Corp. (a)		3,188		73,643
Multi-Color Corp.		3,463		67,390
Schawk, Inc.		3,365		69,252
				838,007
Fruit & Grain Processing — 0.0%
MGP Ingredients, Inc.		3,933		43,420
Funeral Parlors & Cemeteries — 0.1%
Matthews International Corp., Class A		8,281		289,669
Stewart Enterprises, Inc., Class A		22,211		148,592
				438,261

Common Stocks	Shares		Value
Gas Pipeline — 0.0%
Crosstex Energy, Inc.		11,553	$	102,360
Glass — 0.0%
Apogee Enterprises, Inc.		8,299		111,788
Gold — 0.6%
Allied Nevada Gold Corp. (a)		20,807		547,432
Capital Gold Corp. (a)		17,576		89,110
Coeur d’Alene Mines Corp. (a)		24,393		666,417
Golden Star Resources Ltd. (a)		72,556		333,032
Jaguar Mining, Inc. (a)		24,168		172,318
US Gold Corp. (a)		25,079		202,388
				2,010,697
Health Care Facilities — 0.6%
Amsurg Corp. (a)		8,820		184,779
Assisted Living Concepts, Inc. (a)		2,928		95,248
Capital Senior Living Corp. (a)		8,621		57,761
Contiucare Corp. (a)		8,969		41,975
Emeritus Corp. (a)		6,319		124,547
The Ensign Group, Inc.		4,084		101,569
Five Star Quality Care, Inc. (a)		9,511		67,243
Hanger Orthopedic Group, Inc. (a)		7,373		156,234
HealthSouth Corp. (a)		26,167		541,919
Kindred Healthcare, Inc. (a)		11,204		205,817
LCA-Vision, Inc. (a)		4,820		27,715
MedCath Corp. (a)		6,149		85,778
National Healthcare Corp.		2,595		120,071
Select Medical Holdings Corp. (a)		13,893		101,558
Skilled Healthcare Group, Inc., Class A (a)		6,242		56,053
Sunrise Senior Living, Inc. (a)		16,340		89,053
US Physical Therapy, Inc. (a)		3,213		63,682
				2,121,002
Health Care Management Services — 1.0%
AMERIGROUP Corp. (a)		14,235		625,201
American Dental Partners, Inc. (a)		5,099		68,887
Bioscript, Inc. (a)		12,427		64,993
Catalyst Health Solutions, Inc. (a)		10,553		490,609
Centene Corp. (a)		13,736		348,070
Computer Programs & Systems, Inc.		2,708		126,843
HealthSpring, Inc. (a)		16,101		427,160
Magellan Health Services, Inc. (a)		9,129		431,619
MedQuist Inc.		3,203		27,706
Metropolitan Health Networks, Inc. (a)		10,827		48,397
Molina Healthcare, Inc. (a)		4,133		115,104
Triple-S Management Corp. (a)		5,696		108,680
Universal American Financial Corp.		8,747		178,876
WellCare Health Plans, Inc. (a)		11,883		359,104
				3,421,249
Health Care Services — 1.3%
AMN Healthcare Services, Inc. (a)		11,567		71,021
Accretive Health, Inc. (a)		3,635		59,069
Air Methods Corp. (a)		3,041		171,117
Alliance Healthcare Services, Inc. (a)		7,266		30,808
Allied Healthcare International, Inc. (a)		12,096		30,361
Almost Family, Inc. (a)		2,370		91,055
Amedisys, Inc. (a)		7,896		264,516
athenahealth, Inc. (a)(b)		9,331		382,384

See Notes to Financial Statements.

24 BLACKROCK SMALL CAP INDEX FUND DECEMBER 31, 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)
CardioNet, Inc. (a)		6,020	$	28,174
Chemed Corp.		6,277		398,652
Chindex International, Inc. (a)		4,132		68,137
Corvel Corp. (a)		2,010		97,183
Cross Country Healthcare, Inc. (a)		8,368		70,877
ExamWorks Group, Inc. (a)		3,291		60,818
Gentiva Health Services, Inc. (a)		8,396		223,334
HMS Holdings Corp. (a)		7,521		487,135
Healthways, Inc. (a)		9,598		107,114
IPC The Hospitalist Co., Inc. (a)		4,653		181,513
LHC Group, Inc. (a)		4,227		126,810
MWI Veterinary Supply, Inc. (a)		3,513		221,846
Medidata Solutions, Inc. (a)		5,179		123,674
Omnicell, Inc. (a)		8,995		129,978
PharMerica Corp. (a)		8,626		98,768
Quality Systems, Inc. (b)		5,269		367,882
RehabCare Group, Inc. (a)		7,132		169,028
Rural/Metro Corp. (a)		5,805		84,637
Sun Healthcare Group Inc. (a)		7,668		97,077
Team Health Holdings, Inc. (a)		4,741		73,675
Transcend Services, Inc. (a)		2,798		54,813
				4,371,456
Health Care: Miscellaneous — 0.1%
MedAssets, Inc. (a)		12,070		243,693
The Providence Service Corp. (a)		4,028		64,730
				308,423
Home Building — 0.2%
Beazer Homes USA, Inc. (a)(b)		19,013		102,480
Hovnanian Enterprises, Inc., Class A (a)(b)		16,382		67,002
M/I Homes, Inc. (a)		6,002		92,311
Meritage Homes Corp. (a)		9,116		202,375
Ryland Group, Inc.		12,494		212,773
Standard-Pacific Corp. (a)		29,587		136,100
				813,041
Hotel/Motel — 0.3%
Gaylord Entertainment Co. (a)(b)		9,822		353,003
Marcus Corp.		6,181		82,022
Morgans Hotel Group Co. (a)		6,954		63,073
Orient Express Hotels Ltd., Class A (a)		27,882		362,187
				860,285
Household Appliances — 0.1%
National Presto Industries, Inc.		1,310		170,313
Household Equipment & Products — 0.2%
American Greetings Corp., Class A		11,160		247,306
Blyth, Inc.		1,589		54,789
CSS Industries, Inc.		2,155		44,414
Central Garden & Pet Co., Class A (a)		15,543		153,565
Helen of Troy Ltd. (a)		8,684		258,262
Libbey, Inc. (a)		4,923		76,159
				834,495
Household Furnishings — 0.2%
American Woodmark Corp.		2,821		69,227
Ethan Allen Interiors, Inc.		6,721		134,487
Furniture Brands International, Inc. (a)		13,612		69,966

Common Stocks	Shares		Value
Household Furnishings (concluded)
Hooker Furniture Corp.		3,616	$	51,094
Kid Brands, Inc. (a)		3,219		27,522
Kirkland’s, Inc. (a)		5,129		71,960
La-Z-Boy, Inc. (a)		14,172		127,831
Lifetime Brands, Inc. (a)		3,057		42,920
Sealy Corp. (a)(b)		13,256		38,708
Select Comfort Corp. (a)		15,196		138,740
				772,455
Insurance: Life — 0.5%
American Equity Investment Life Holding Co.		16,358		205,293
CNO Financial Group, Inc. (a)		61,894		419,641
Citizens, Inc. (a)		11,072		82,486
Delphi Financial Group, Inc., Class A		13,193		380,486
FBL Financial Group, Inc., Class A		3,792		108,717
Kansas City Life Insurance Co.		1,186		39,174
Life Partners Holdings, Inc.		2,272		43,463
National Western Life Insurance Co., Class A		616		102,700
The Phoenix Cos., Inc. (a)		35,222		89,464
Presidential Life Corp.		6,613		65,667
Primerica, Inc.		6,401		155,224
				1,692,315
Insurance: Multi-Line — 0.6%
Alterra Capital Holdings Ltd.		26,686		577,485
Crawford & Co., Class B (a)		8,394		28,540
eHealth, Inc. (a)		6,702		95,101
Flagstone Reinsurance Holdings SA		14,819		186,719
Horace Mann Educators Corp.		10,981		198,097
Maiden Holdings Ltd.		14,600		114,756
Pico Holdings, Inc. (a)		6,453		205,206
Platinum Underwriters Holdings Ltd.		11,251		505,958
				1,911,862
Insurance: Property-Casualty — 1.7%
American Safety Insurance Holdings Ltd. (a)		2,775		59,330
Amerisafe, Inc. (a)		4,659		81,533
AmTrust Financial Services, Inc.		6,124		107,170
Argo Group International Holdings Ltd.		8,550		320,198
Baldwin & Lyons, Inc., Class B		2,672		62,872
CNA Surety Corp. (a)		4,978		117,879
Donegal Group, Inc., Class A		3,801		55,039
EMC Insurance Group, Inc.		1,220		27,621
Employers Holdings, Inc.		10,651		186,180
Enstar Group Ltd. (a)		2,000		169,160
FPIC Insurance Group, Inc. (a)		2,797		103,377
First American Financial Corp.		28,911		431,930
First Mercury Financial Corp.		4,283		70,241
Global Indemnity Plc (a)		4,063		83,088
Greenlight Capital Re Ltd. (a)		7,991		214,239
Hallmark Financial Services, Inc. (a)		3,125		28,438
Harleysville Group, Inc.		3,337		122,601
Hilltop Holdings, Inc. (a)		11,058		109,695
Infinity Property & Casualty Corp.		3,698		228,536
Meadowbrook Insurance Group, Inc.		15,729		161,222
Montpelier Re Holdings Ltd.		19,863		396,068
National Interstate Corp.		1,701		36,401
Navigators Group, Inc. (a)		3,393		170,838
The PMI Group, Inc. (a)		41,267		136,181

See Notes to Financial Statements.

BLACKROCK SMALL CAP INDEX FUND DECEMBER 31, 2010 25

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

Common Stocks	Shares		Value
Insurance: Property-Casualty (concluded)
ProAssurance Corp. (a)		8,824	$	534,734
RLI Corp.		4,986		262,114
Radian Group, Inc.		37,759		304,715
Safety Insurance Group, Inc.		3,560		169,349
SeaBright Holdings, Inc.		7,002		64,559
Selective Insurance Group, Inc.		14,954		271,415
State Auto Financial Corp.		4,480		78,042
Stewart Information Services Corp.		4,621		53,280
Tower Group, Inc.		11,064		283,017
United Fire & Casualty Co.		6,351		141,754
				5,642,816
International Trade & Diversified Logistic — 0.0%
Global Sources Ltd. (a)		6,515		62,023
Leisure Time — 0.6%
Callaway Golf Co.		17,662		142,532
Churchill Downs, Inc.		3,137		136,146
Interval Leisure Group, Inc. (a)		11,392		183,867
Life Time Fitness, Inc. (a)		11,638		477,042
Pool Corp.		14,068		317,093
Smith & Wesson Holding Corp. (a)		15,851		59,283
Speedway Motorsports, Inc.		3,970		60,820
Steinway Musical Instruments, Inc. (a)		1,615		32,058
Sturm Ruger & Co., Inc.		5,038		77,031
Vail Resorts, Inc. (a)		10,137		527,529
West Marine, Inc. (a)		4,954		52,413
				2,065,814
Luxury Items — 0.0%
Movado Group, Inc. (a)		4,897		79,038
Machinery: Agricultural — 0.2%
Alamo Group, Inc.		1,915		53,275
Lindsay Manufacturing Co. (b)		3,448		204,915
Titan International, Inc. (b)		10,040		196,181
Titan Machinery, Inc. (a)		3,589		69,268
				523,639
Machinery: Construction & Handling — 0.1%
Astec Industries, Inc. (a)		5,569		180,491
Douglas Dynamics, Inc.		2,729		41,345
NACCO Industries, Inc., Class A		1,665		180,436
				402,272
Machinery: Engines — 0.1%
Briggs & Stratton Corp. (b)		13,749		270,718
Machinery: Industrial — 1.4%
Actuant Corp., Class A		18,814		500,829
Altra Holdings, Inc. (a)		7,410		147,163
Applied Industrial Technologies, Inc.		11,742		381,380
Chart Industries, Inc. (a)		8,083		273,044
Colfax Corp. (a)		6,529		120,199
Columbus McKinnon Corp. (a)		5,464		111,028
DXP Enterprises, Inc. (a)		2,538		60,912
EnPro Industries, Inc. (a)		5,683		236,185
Flow International Corp. (a)		12,968		53,039
Gerber Scientific, Inc. (a)		7,871		61,945
Graham Corp.		2,580		51,600

Common Stocks	Shares		Value
Machinery: Industrial (concluded)
John Bean Technologies Corp.		8,120	$	163,456
Kadant, Inc. (a)		3,757		88,552
MTS Systems Corp.		4,474		167,596
Middleby Corp. (a)		4,614		389,514
Nordson Corp.		9,462		869,369
Sauer-Danfoss, Inc. (a)		3,362		94,976
Tecumseh Products Co., Class A (a)		5,555		72,493
Tennant Co.		5,299		203,535
Twin Disc, Inc.		2,412		72,022
Woodward Governor Co.		17,057		640,661
				4,759,498
Machinery: Specialty — 0.1%
Albany International Corp., Class A		7,840		185,730
Cascade Corp.		2,468		116,687
Presstek, Inc. (a)		8,791		19,516
Xerium Technologies, Inc. (a)		1,921		30,640
				352,573
Manufactured Housing — 0.0%
Cavco Industries, Inc. (a)		1,766		82,455
Skyline Corp.		2,564		66,869
				149,324
Medical & Dental Instruments & Supplies — 2.3%
Abiomed, Inc. (a)		8,678		83,396
Align Technology, Inc. (a)(b)		16,705		326,416
Alphatec Holdings, Inc. (a)		13,198		35,635
American Medical Systems Holdings, Inc. (a)		21,017		396,381
AngioDynamics, Inc. (a)		6,834		105,039
Antares Pharma Inc. (a)		26,215		44,566
Atrion Corp.		464		83,269
CONMED Corp. (a)		8,263		218,391
Cantel Medical Corp.		3,843		89,926
Cerus Corp. (a)		14,472		35,601
Conceptus, Inc. (a)		8,485		117,093
CryoLife, Inc. (a)		9,367		50,769
Cutera, Inc. (a)		3,601		29,852
Delcath Systems Inc. (a)(b)		12,269		120,236
Endologix, Inc. (a)		14,633		104,626
Exactech, Inc. (a)		2,225		41,875
Hansen Medical, Inc. (a)		13,638		20,048
Heartware International, Inc. (a)		2,571		225,142
ICU Medical, Inc. (a)		3,309		120,778
Immucor, Inc. (a)		19,543		387,538
Insulet Corp. (a)		12,279		190,324
Integra LifeSciences Holdings Corp. (a)		5,887		278,455
Invacare Corp.		8,189		246,980
Landauer, Inc.		2,693		161,499
MAKO Surgical Corp. (a)(b)		8,659		131,790
Medical Action Industries, Inc. (a)		3,794		36,347
Meridian Bioscience, Inc.		11,442		264,997
Merit Medical Systems, Inc. (a)		7,666		121,353
Neogen Corp. (a)		6,405		262,797
NuVasive, Inc. (a)		10,853		278,379
OraSure Technologies, Inc. (a)		12,424		71,438
Orthofix International NV (a)		4,802		139,258
Orthovita, Inc. (a)		17,416		35,006

See Notes to Financial Statements.

26 BLACKROCK SMALL CAP INDEX FUND DECEMBER 31, 2010

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

Common Stocks	Shares		Value
Medical & Dental Instruments & Supplies (concluded)
Owens & Minor, Inc.		17,336	$	510,198
PSS World Medical, Inc. (a)		15,966		360,832
Quidel Corp. (a)		6,370		92,046
Rochester Medical Corp. (a)		2,911		31,788
Staar Surgical Co. (a)		10,971		66,923
Steris Corp.		16,245		592,293
SurModics, Inc. (a)		5,440		64,573
Symmetry Medical, Inc. (a)		10,591		97,967
Synovis Life Technologies, Inc. (a)		3,647		58,753
Unilife Corp. (a)		14,799		78,435
Vascular Solutions, Inc. (a)		4,400		51,568
Volcano Corp. (a)		14,036		383,323
West Pharmaceutical Services, Inc.		9,216		379,699
Wright Medical Group, Inc. (a)		10,460		162,444
Young Innovations, Inc.		1,422		45,518
				7,831,560
Medical Equipment — 1.5%
Abaxis, Inc. (a)		6,311		169,450
Accuray, Inc. (a)		15,114		102,019
Affymetrix, Inc. (a)		21,861		109,961
Analogic Corp.		3,431		169,869
ArthroCare Corp. (a)		7,616		236,553
Bruker BioSciences Corp. (a)		20,059		332,979
Caliper Life Sciences, Inc. (a)		13,459		85,330
Cyberonics, Inc. (a)		7,867		244,034
Cynosure, Inc., Class A (a)		2,515		25,728
DexCom, Inc. (a)		17,344		236,746
Dionex Corp. (a)		4,902		578,485
Greatbatch, Inc. (a)		6,591		159,173
Haemonetics Corp. (a)		6,876		434,426
IRIS International, Inc. (a)		4,373		44,736
Luminex Corp. (a)		10,705		195,687
MELA Sciences, Inc. (a)(b)		9,363		31,366
Masimo Corp.		14,437		419,684
Merge Healthcare, Inc. (a)		15,972		59,576
Natus Medical, Inc. (a)		7,848		111,285
NxStage Medical, Inc. (a)		7,201		179,161
Palomar Medical Technologies, Inc. (a)		4,943		70,240
Sirona Dental Systems, Inc. (a)		9,262		386,966
Solta Medical, Inc. (a)		15,700		47,885
SonoSite, Inc. (a)		3,951		124,852
Spectranetic Corp. (a)		10,944		56,471
Stereotaxis, Inc. (a)		10,106		38,706
Syneron Medical Ltd. (a)		10,776		109,807
Tomotherapy, Inc. (a)		15,964		57,630
Vital Images, Inc. (a)		4,790		66,964
Zoll Medical Corp. (a)		5,912		220,104
				5,105,873
Medical Services — 0.2%
America Service Group, Inc.		2,456		37,184
Bio-Reference Labs, Inc. (a)		6,873		152,443
eResearch Technology, Inc. (a)		13,873		101,967
Genoptix, Inc. (a)		5,155		98,048
Kendle International, Inc. (a)		4,053		44,137
Parexel International Corp. (a)		16,422		348,639
				782,418

Common Stocks	Shares		Value
Metal Fabricating — 0.6%
Ampco-Pittsburgh Corp.		2,707	$	75,931
Dynamic Materials Corp.		3,530		79,672
Haynes International, Inc.		3,332		139,378
Kaydon Corp.		9,302		378,777
L.B. Foster Co., Class A (a)		2,924		119,709
Metals USA Holdings Corp. (a)		3,643		55,519
Mueller Industries, Inc.		10,528		344,266
Mueller Water Products, Inc., Series A		44,725		186,503
Northwest Pipe Co. (a)		2,527		60,724
RBC Bearings, Inc. (a)		6,016		235,105
RTI International Metals, Inc. (a)		8,234		222,153
Worthington Industries, Inc.		15,892		292,413
				2,190,150
Metals & Minerals: Diversified — 0.9%
AMCOL International Corp.		6,762		209,622
Brush Engineered Materials, Inc. (a)		5,627		217,427
Contango ORE Inc. (a)		278		2,920
General Moly, Inc. (a)		18,514		119,971
Globe Specialty Metals, Inc.		17,292		295,520
Hecla Mining Co. (a)		71,080		800,361
Minerals Technologies, Inc.		5,227		341,898
Molycorp, Inc. (a)		7,154		356,985
Oil-Dri Corp. of America		1,497		32,170
Thompson Creek Metals Co., Inc. (a)		45,097		663,828
US Energy Corp. Wyoming (a)		7,411		45,059
United States Lime & Minerals, Inc. (a)		728		30,671
				3,116,432
Miscellaneous Consumer Staples — 0.0%
Spectrum Brands Holdings, Inc. (a)		5,218		162,645
Office Supplies & Equipment — 0.6%
ACCO Brands Corp. (a)		15,757		134,250
Electronics for Imaging, Inc. (a)		13,161		188,334
HNI Corp.		12,699		396,209
Herman Miller, Inc.		15,980		404,294
Kimball International, Inc., Class B		8,306		57,311
Knoll, Inc.		13,332		223,044
Steelcase, Inc., Class A		21,566		227,953
United Stationers, Inc. (a)		6,769		431,930
				2,063,325
Offshore Drilling & Other Services — 0.1%
Hercules Offshore, Inc. (a)		34,953		120,937
Vantage Drilling Co. (a)		46,103		93,589
				214,526
Oil Well Equipment & Services — 1.8%
Allis-Chalmers Energy, Inc. (a)		9,963		70,638
Basic Energy Services, Inc. (a)		6,663		109,806
CARBO Ceramics, Inc.		5,248		543,378
Cal Dive International, Inc. (a)		25,994		147,386
Complete Production Services, Inc. (a)		21,680		640,644
Dawson Geophysical Co. (a)		2,470		78,793
Dril-Quip, Inc. (a)		9,416		731,812
Global Industries Ltd. (a)		29,256		202,744
Golar LNG Ltd.		10,033		150,595
Gulf Island Fabrication, Inc.		4,117		116,017
Helix Energy Solutions Group, Inc. (a)		29,289		355,568
Hornbeck Offshore Services, Inc. (a)		6,679		139,458

See Notes to Financial Statements.

BLACKROCK SMALL CAP INDEX FUND DECEMBER 31, 2010 27

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

Common Stocks	Shares		Value
Oil Well Equipment & Services (concluded)
ION Geophysical Corp. (a)		35,056	$	297,275
Key Energy Services, Inc. (a)		35,088		455,442
Lufkin Industries, Inc.		8,318		518,960
Matrix Service Co. (a)		7,862		95,759
Natural Gas Services Group (a)		3,749		70,894
Newpark Resources, Inc. (a)		25,550		157,388
OYO Geospace Corp. (a)		1,184		117,346
Parker Drilling Co. (a)		32,126		146,816
Pioneer Drilling Co. (a)		15,841		139,559
RPC, Inc.		11,931		216,190
Seahawk Drilling, Inc. (a)		4,013		35,916
T-3 Energy Services, Inc. (a)		3,636		144,822
Tesco Corp. (a)		8,657		137,473
Tetra Technologies, Inc. (a)		21,356		253,496
Union Drilling, Inc. (a)		5,000		36,400
Willbros Group, Inc. (a)		13,595		133,503
				6,244,078
Oil: Crude Producers — 2.8%
ATP Oil & Gas Corp. (a)		12,572		210,455
Abraxas Petroleum Corp. (a)		19,363		88,489
Apco Oil and Gas International, Inc.		2,582		148,465
Approach Resources, Inc. (a)		4,530		104,643
BPZ Resources, Inc. (a)(b)		27,350		130,186
Berry Petroleum Co., Class A		14,151		618,399
Bill Barrett Corp. (a)		12,617		518,937
Brigham Exploration Co. (a)		32,390		882,304
CAMAC Energy, Inc. (a)		12,646		25,166
Callon Petroleum Co. (a)		9,307		55,097
Carrizo Oil & Gas, Inc. (a)		8,579		295,890
Cheniere Energy, Inc. (a)		17,673		97,555
Clayton Williams Energy, Inc. (a)		1,716		144,093
Contango Oil & Gas Co. (a)		3,259		188,794
Delta Petroleum Corp. (a)(b)		57,892		43,998
Endeavour International Corp. (a)		6,259		86,374
Energy Partners Ltd. (a)		7,980		118,583
Energy XXI Bermuda Ltd. (a)		18,882		522,465
FX Energy, Inc. (a)(b)		13,204		81,205
GMX Resources Inc. (a)		9,582		52,893
Gastar Exploration Ltd. (a)		15,491		66,611
GeoResources, Inc. (a)		3,475		77,180
Goodrich Petroleum Corp. (a)		6,772		119,458
Gulfport Energy Corp. (a)		7,748		167,744
Harvest Natural Resources, Inc. (a)		9,106		110,820
Houston American Energy Corp.		5,116		92,548
Kodiak Oil & Gas Corp. (a)		48,935		322,971
Magnum Hunter Resources Corp. (a)		15,421		111,031
McMoRan Exploration Co. (a)(b)		26,600		455,924
Miller Petroleum, Inc. (a)		4,608		23,962
Northern Oil And Gas, Inc. (a)		14,942		406,572
Oasis Petroleum, Inc. (a)		13,493		365,930
Panhandle Oil & Gas, Inc.		2,254		61,805
Penn Virginia Corp.		12,871		216,490
Petroleum Development Corp. (a)		6,241		263,433
Petroquest Energy, Inc. (a)		14,924		112,378
Ram Energy Resources, Inc. (a)		20,867		38,395
Resolute Energy Corp. (a)		10,965		161,843

Common Stocks	Shares		Value
Oil: Crude Producers (concluded)
Rex Energy Corp. (a)		9,156	$	124,979
Rosetta Resources, Inc. (a)		14,738		554,738
Stone Energy Corp. (a)		11,897		265,184
Swift Energy Co. (a)		11,320		443,178
TransAtlantic Petroleum Ltd. (a)		41,201		137,199
Vaalco Energy, Inc. (a)		14,252		102,044
Venoco, Inc. (a)		5,644		104,132
W&T Offshore, Inc.		9,928		177,413
Warren Resources, Inc. (a)		20,216		91,376
				9,589,329
Oil: Refining & Marketing — 0.3%
CVR Energy, Inc. (a)		8,639		131,140
Clean Energy Fuels Corp. (a)(b)		13,108		181,415
Delek US Holdings, Inc.		3,617		26,332
Western Refining, Inc. (a)(b)		13,882		146,871
World Fuel Services Corp.		19,149		692,428
				1,178,186
Paints & Coatings — 0.2%
Ferro Corp. (a)		24,133		353,307
H.B. Fuller Co.		13,730		281,740
				635,047
Paper — 0.4%
Boise, Inc.		20,055		159,036
Buckeye Technologies, Inc.		10,853		228,021
Clearwater Paper Corp. (a)		3,233		253,144
Kapstone Paper and Packaging Corp. (a)		10,431		159,594
Neenah Paper, Inc.		4,231		83,266
P.H. Glatfelter Co.		13,091		160,627
Schweitzer-Mauduit International, Inc.		5,102		321,018
Wausau Paper Corp.		14,144		121,780
				1,486,486
Personal Care — 0.1%
Female Health Co.		4,865		27,682
USANA Health Sciences, Inc. (a)		1,811		78,688
WD-40 Co.		4,670		188,107
				294,477
Pharmaceuticals — 1.7%
Akorn, Inc. (a)		16,579		100,635
Alexza Pharmaceuticals, Inc. (a)		20,109		25,136
Alkermes, Inc. (a)		26,192		321,638
Ardea Biosciences, Inc. (a)		4,096		106,496
Auxilium Pharmaceuticals, Inc. (a)		11,884		250,752
Avanir Pharmaceuticals, Inc. (a)		25,426		103,738
BMP Sunstone Corp. (a)		7,474		74,067
BioCryst Pharmaceuticals, Inc. (a)		7,346		37,979
Biospecifics Technologies (a)		941		24,090
Cadence Pharmaceuticals, Inc. (a)(b)		8,926		67,391
Cambrex Corp. (a)		7,802		40,336
Corcept Therapeutics Inc. (a)		8,329		32,150
Depomed, Inc. (a)		15,975		101,601
Durect Corp. (a)		26,387		91,035
Eurand NV (a)		6,048		71,548
Hi-Tech Pharmacal Co., Inc. (a)		2,944		73,453
Impax Laboratories, Inc. (a)		17,716		356,269

See Notes to Financial Statements.
28	BLACKROCK SMALL CAP INDEX FUND	DECEMBER 31, 2010

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

Common Stocks	Shares		Value
Pharmaceuticals (concluded)
Inspire Pharmaceuticals, Inc. (a)		17,578	$	147,655
Ironwood Pharmaceuticals, Inc. (a)		6,233		64,512
Isis Pharmaceuticals, Inc. (a)		26,819		271,408
Jazz Pharmaceuticals, Inc. (a)		4,518		88,914
MAP Pharmaceuticals, Inc. (a)		4,555		76,251
Medicines Co. (a)		15,244		215,398
Medicis Pharmaceutical Corp., Class A		16,868		451,894
Obagi Medical Products, Inc. (a)		4,854		56,064
Optimer Pharmaceuticals, Inc. (a)(b)		10,164		114,955
Pain Therapeutics, Inc.		9,856		66,528
Par Pharmaceutical Cos., Inc. (a)		9,642		371,313
Pharmacyclics, Inc. (a)		12,579		76,480
Pozen, Inc. (a)		7,391		49,150
Prestige Brands Holdings, Inc. (a)		11,461		136,959
Questcor Pharmaceuticals, Inc. (a)		15,416		227,078
SIGA Technologies, Inc. (a)		9,807		137,298
Salix Pharmaceuticals Ltd. (a)		15,916		747,415
Santarus, Inc. (a)		16,883		55,207
Sciclone Pharmaceuticals, Inc. (a)		9,599		40,124
Somaxon Pharmaceuticals, Inc. (a)(b)		10,881		34,275
Spectrum Pharmaceuticals, Inc. (a)		16,168		111,074
SuperGen, Inc. (a)		15,322		40,144
Vical, Inc. (a)		23,203		46,870
Vivus, Inc. (a)(b)		23,017		215,669
Xenoport, Inc. (a)		9,474		80,719
				5,801,668
Photography — 0.1%
CPI Corp.		1,364		30,758
Eastman Kodak Co. (a)		75,595		405,189
				435,947
Plastics — 0.1%
A Schulman, Inc.		8,955		204,980
Spartech Corp. (a)		8,818		82,536
				287,516
Power Transmission Equipment — 0.2%
Advanced Energy Industries, Inc. (a)		9,933		135,486
Generac Holdings, Inc. (a)		5,700		92,169
Maxwell Technologies, Inc. (a)		7,390		139,597
Powell Industries, Inc. (a)		2,486		81,740
Power-One, Inc. (a)		19,602		199,940
Vicor Corp.		5,552		91,053
				739,985
Precious Metals & Minerals — 0.1%
Horsehead Holding Corp. (a)		11,875		154,850
Stillwater Mining Co. (a)		12,542		267,772
				422,622
Printing & Copying Services — 0.0%
Casella Waste Systems, Inc. (a)		6,770		47,999
Cenveo, Inc. (a)		16,875		90,113
				138,112
Producer Durables: Miscellaneous — 0.1%
Blount International, Inc. (a)		13,521		213,091
Park-Ohio Holdings Corp. (a)		2,083		43,555
				256,646

Common Stocks	Shares		Value
Production Technology Equipment — 1.2%
ATMI, Inc. (a)(c)		8,945	$	178,363
Axcelis Technologies, Inc. (a)		29,688		102,721
Brooks Automation, Inc. (a)		17,785		161,310
Cognex Corp.		11,186		329,092
Cohu, Inc.		6,543		108,483
Cymer, Inc. (a)		8,378		377,597
Electro Scientific Industries, Inc. (a)		7,947		127,390
Entegris, Inc. (a)		37,073		276,935
FEI Co. (a)		10,786		284,858
FSI International, Inc. (a)		11,682		51,634
Intevac, Inc. (a)		6,716		94,091
Kulicke & Soffa Industries, Inc. (a)		19,073		137,326
LTX-Credence Corp. (a)		13,925		103,045
MKS Instruments, Inc. (a)		13,799		337,938
Mattson Technology, Inc. (a)		13,255		39,765
Nanometrics, Inc. (a)		5,369		68,884
Photronics, Inc. (a)		14,837		87,687
Rudolph Technologies, Inc. (a)		9,575		78,802
Tessera Technologies, Inc. (a)		13,833		306,401
Ultra Clean Holdings, Inc. (a)		5,622		52,341
Ultratech, Inc. (a)		6,599		131,188
Veeco Instruments, Inc. (a)(b)		11,281		484,632
				3,920,483
Publishing — 0.2%
AH Belo Corp. (a)		5,824		50,669
Courier Corp.		2,809		43,596
The Dolan Co. (a)		8,415		117,137
Journal Communications, Inc., Class A (a)		13,672		69,044
Lee Enterprises, Inc. (a)		12,130		29,840
Martha Stewart Living Omnimedia, Inc., Class A (a)		9,097		40,209
McClatchy Co., Class A (a)		18,259		85,269
Media General, Inc., Class A (a)		6,190		35,778
Scholastic Corp.		8,601		254,073
				725,615
Radio & TV Broadcasters — 0.1%
Entercom Communications Corp. (a)		7,400		85,692
Entravision Communications Corp., Class A (a)		13,536		34,787
Fisher Communications, Inc. (a)		1,917		41,791
Gray Television, Inc. (a)		12,942		24,202
Lin TV Corp., Class A (a)		9,820		52,046
Sinclair Broadcast Group, Inc., Class A		13,411		109,702
				348,220
Railroad Equipment — 0.1%
American Railcar Industries, Inc. (a)		2,946		65,195
Freightcar America, Inc.		3,600		104,184
Greenbrier Cos., Inc. (a)		5,227		109,715
				279,094
Railroads — 0.2%
Genesee & Wyoming, Inc., Class A (a)		10,695		566,300
Railamerica, Inc. (a)		6,557		84,913
				651,213

See Notes to Financial Statements.
BLACKROCK SMALL CAP INDEX FUND	DECEMBER 31, 2010	29

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

Common Stocks	Shares		Value
Real Estate — 0.2%
Avatar Holdings, Inc. (a)		3,071	$	60,867
Consolidated-Tomoka Land Co.		1,421		41,067
Forestar Group, Inc. (a)		10,343		199,620
HFF, Inc., Class A (a)		5,892		56,917
Kennedy-Wilson Holdings, Inc. (a)		5,704		56,983
Tejon Ranch Co. (a)		3,901		107,472
Thomas Properties Group, Inc.		10,000		42,200
				565,126
Real Estate Investment Trusts (REITs) — 7.1%
Acadia Realty Trust		11,565		210,946
Agree Realty Corp.		2,415		63,249
Alexander’s, Inc.		584		240,772
American Campus Communities, Inc.		18,057		573,490
American Capital Agency Corp.		14,016		402,820
Anworth Mortgage Asset Corp.		32,285		225,995
Apollo Commercial Real Estate Finance, Inc.		6,006		98,198
Ashford Hospitality Trust, Inc. (a)		11,735		113,243
Associated Estates Realty Corp.		11,693		178,786
BioMed Realty Trust, Inc.		36,167		674,515
CBL & Associates Properties, Inc.		38,540		674,450
Campus Crest Communities Inc.		8,499		119,156
CapLease, Inc.		18,681		108,723
Capstead Mortgage Corp.		19,086		240,293
Cedar Shopping Centers, Inc.		17,380		109,320
Chatham Lodging Trust		3,147		54,286
Chesapeake Lodging Trust		5,022		94,464
Cogdell Spencer, Inc.		14,062		81,560
Colonial Properties Trust		21,729		392,208
Colony Financial, Inc.		4,051		81,101
Coresite Realty Corp.		5,462		74,502
Cousins Properties, Inc.		25,146		209,717
CreXus Investment Corp.		5,325		69,758
Cypress Sharpridge Investments, Inc.		13,900		179,449
DCT Industrial Trust, Inc.		60,489		321,197
DiamondRock Hospitality Co.		43,067		516,804
Dupont Fabros Technology, Inc.		11,415		242,797
Dynex Capital Corp.		7,178		78,384
Eastgroup Properties, Inc.		7,421		314,057
Education Realty Trust, Inc.		17,042		132,416
Entertainment Properties Trust		12,733		588,901
Equity Lifestyle Properties, Inc.		7,259		405,996
Equity One, Inc.		10,012		182,018
Excel Trust, Inc.		6,109		73,919
Extra Space Storage, Inc.		24,351		423,707
FelCor Lodging Trust, Inc. (a)		28,167		198,296
First Industrial Realty Trust, Inc. (a)		18,205		159,476
First Potomac Realty Trust		13,877		233,411
Franklin Street Properties Corp.		19,776		281,808
Getty Realty Corp.		5,991		187,398
Gladstone Commercial Corp.		2,799		52,705
Glimcher Realty Trust		24,338		204,439
Government Properties Income Trust		7,670		205,479
Hatteras Financial Corp. (b)		12,201		369,324
Healthcare Realty Trust, Inc.		17,187		363,849
Hersha Hospitality Trust		38,342		253,057
Highwoods Properties, Inc.		17,419		554,795

Common Stocks	Shares		Value
Real Estate Investment Trusts (REITs) (concluded)
Home Properties, Inc.		10,247	$	568,606
Hudson Pacific Properties Inc.		4,548		68,447
Inland Real Estate Corp.		20,639		181,623
InvesCo. Mortgage Capital, Inc.		10,710		233,906
Investors Real Estate Trust		20,938		187,814
iStar Financial, Inc. (a)		26,319		205,815
Kilroy Realty Corp.		14,937		544,752
Kite Realty Group Trust		15,363		83,114
LTC Properties, Inc.		7,265		204,001
LaSalle Hotel Properties		19,447		513,401
Lexington Corporate Properties Trust		28,061		223,085
MFA Financial, Inc.		74,984		611,869
MPG Office Trust, Inc. (a)		15,904		43,736
Medical Properties Trust, Inc.		30,546		330,813
Mid-America Apartment Communities, Inc.		8,951		568,299
Mission West Properties, Inc.		6,057		40,521
Monmouth Real Estate Investment Corp., Class A		8,155		69,318
National Health Investors, Inc.		6,729		302,940
National Retail Properties, Inc.		22,612		599,218
Newcastle Investment Corp.		16,873		113,049
NorthStar Realty Finance Corp. (b)		23,413		111,212
Omega Healthcare Investors, Inc.		27,382		614,452
One Liberty Properties, Inc.		2,480		41,416
PS Business Parks, Inc.		5,213		290,468
Parkway Properties, Inc.		6,641		116,350
Pebblebrook Hotel Trust		10,710		217,627
Pennsylvania Real Estate Investment Trust		15,958		231,870
PennyMac Mortgage Investment Trust (d)		5,329		96,721
Post Properties, Inc.		13,498		489,977
Potlatch Corp.		11,042		359,417
RAIT Investment Trust (a)		29,403		64,393
Ramco-Gershenson Properties Trust		11,025		137,261
Redwood Trust, Inc.		22,240		332,043
Resource Capital Corp.		13,297		98,132
Retail Opportunity Investments Corp.		11,819		117,126
Sabra Healthcare REIT Inc.		6,848		126,003
Saul Centers, Inc.		1,979		93,706
Sovran Self Storage, Inc.		7,612		280,198
Starwood Property Trust, Inc.		13,525		290,517
Strategic Hotel Capital, Inc. (a)		40,432		213,885
Sun Communities, Inc.		5,660		188,535
Sunstone Hotel Investors, Inc. (a)		31,316		323,494
Tanger Factory Outlet Centers, Inc.		10,974		561,759
Terreno Realty Corp. (a)		3,767		67,542
Two Harbors Investment Corp.		7,240		70,880
UMH Properties, Inc.		3,019		30,794
U-Store-It Trust		26,625		253,736
Universal Health Realty Income Trust		2,771		101,225
Urstadt Biddle Properties, Inc., Class A		5,100		99,195
Walter Investment Management Corp.		6,623		118,817
Washington Real Estate Investment Trust		16,642		515,736
Winthrop Realty Trust		7,107		90,899
				24,054,947
Recreational Vehicles & Boats — 0.4%
Arctic Cat, Inc. (a)		3,278		47,990
Brunswick Corp.		24,883		466,308
Drew Industries, Inc.		5,231		118,848
Polaris Industries, Inc.		8,607		671,518
Winnebago Industries, Inc. (a)		8,586		130,507
				1,435,171

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

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

Common Stocks	Shares		Value
Rental & Leasing Services: Consumer — 0.5%
Amerco, Inc. (a)		2,429	$	233,281
Avis Budget Group, Inc. (a)		28,726		446,977
Dollar Thrifty Automotive Group, Inc. (a)		7,963		376,331
Rent-A-Center, Inc.		18,264		589,562
				1,646,151
Restaurants — 1.4%
AFC Enterprises, Inc. (a)		7,532		104,695
BJ’s Restaurants, Inc. (a)		6,232		220,800
Biglari Holdings, Inc. (a)		412		169,007
Bob Evans Farms, Inc.		8,669		285,730
Bravo Brio Restaurant Group, Inc. (a)		3,196		61,267
Buffalo Wild Wings, Inc. (a)		5,161		226,310
CEC Entertainment, Inc. (a)		6,276		243,697
California Pizza Kitchen, Inc. (a)		5,592		96,630
The Cheesecake Factory, Inc. (a)		16,690		511,715
Cracker Barrel Old Country Store, Inc.		6,582		360,496
Denny’s Corp. (a)		29,129		104,282
DineEquity, Inc. (a)		5,112		252,431
Domino’s Pizza, Inc. (a)		10,453		166,725
Jack in the Box, Inc. (a)		15,432		326,078
Jamba, Inc. (a)		15,119		34,320
Krispy Kreme Doughnuts, Inc. (a)		16,537		115,428
McCormick & Schmick’s Seafood Restaurants, Inc. (a)		4,210		38,269
O’Charleys, Inc. (a)		6,021		43,351
P.F. Chang’s China Bistro, Inc.		6,435		311,840
Papa John’s International, Inc. (a)		6,071		168,167
Red Robin Gourmet Burgers, Inc. (a)		4,602		98,805
Ruby Tuesday, Inc. (a)		17,861		233,265
Ruth’s Hospitality Group, Inc. (a)		8,052		37,281
Sonic Corp. (a)		17,568		177,788
Texas Roadhouse, Inc., Class A (a)		16,259		279,167
				4,667,544
Scientific Instruments: Control & Filter — 0.7%
Brady Corp.		13,574		442,648
CIRCOR International, Inc.		4,835		204,424
ESCO Technologies, Inc.		7,294		276,005
Energy Recovery, Inc. (a)		10,937		40,029
The Gorman-Rupp Co.		3,373		109,015
L-1 Identity Solutions, Inc. (a)		21,034		250,515
Mine Safety Appliances Co.		7,211		224,478
PMFG, Inc. (a)		4,319		70,832
Robbins & Myers, Inc.		7,551		270,175
Sun Hydraulics, Inc.		3,477		131,431
Watts Water Technologies, Inc., Class A		8,220		300,770
X-Rite, Inc. (a)		8,486		38,781
				2,359,103
Scientific Instruments: Electrical — 1.2%
A123 Systems, Inc. (a)(b)		20,773		198,174
A.O. Smith Corp.		10,085		384,037
AZZ, Inc.		3,350		134,034
Advanced Battery Technologies, Inc. (a)		17,782		68,461
American Superconductor Corp. (a)(b)		13,836		395,571
Baldor Electric Co.		13,059		823,239
Ballantyne Strong, Inc. (a)		4,911		38,159
Broadwind Energy, Inc. (a)		24,807		57,304
Ener1, Inc. (a)		18,435		69,869
Common Stocks	Shares		Value
Scientific Instruments: Electrical (concluded)
EnerSys (a)		13,437	$	431,596
Franklin Electric Co., Inc.		6,375		248,115
GrafTech International Ltd. (a)		33,612		666,862
Houston Wire & Cable Co.		4,860		65,318
Littelfuse, Inc.		6,014		283,019
SatCon Technology Corp. (a)		31,620		142,290
Taser International, Inc. (a)		19,241		90,433
UQM Technologies Inc. (a)		9,407		21,542
				4,118,023
Scientific Instruments: Gauges & Meters — 0.2%
Badger Meter, Inc.		4,217		186,476
Faro Technologies, Inc. (a)		4,657		152,936
Measurement Specialties, Inc. (a)		4,213		123,651
Zygo Corp. (a)		4,827		59,034
				522,097
Scientific Instruments: Pollution Control — 0.4%
Clean Harbors, Inc. (a)		6,286		528,527
Darling International, Inc. (a)		23,347		310,048
EnergySolutions, Inc.		24,218		134,894
Fuel Tech, Inc. (a)		4,784		46,453
Met-Pro Corp.		4,635		54,739
Metalico, Inc. (a)		10,052		59,106
Team, Inc. (a)		5,437		131,575
US Ecology, Inc.		5,386		93,609
				1,358,951
Securities Brokerage & Services — 0.6%
BGC Partners, Inc.		16,478		136,932
GFI Group, Inc.		19,254		90,301
Gladstone Investment Corp.		7,015		53,665
International Assets Holding Corp., Inc. (a)		3,747		88,429
Investment Technology Group, Inc. (a)		12,215		199,960
KBW, Inc.		9,961		278,111
Knight Capital Group, Inc., Class A (a)		25,731		354,830
LaBranche & Co., Inc. (a)		9,314		33,530
Ladenburg Thalmann Financial Services, Inc. (a)		23,642		27,661
MF Global Holdings Ltd. (a)		30,532		255,248
MarketAxess Holdings, Inc.		7,864		163,650
optionsXpress Holdings, Inc.		11,713		183,543
Penson Worldwide, Inc. (a)		7,129		34,861
SWS Group, Inc.		7,577		38,264
TradeStation Group, Inc. (a)		12,076		81,513
				2,020,498
Semiconductors & Components — 2.5%
AXT, Inc. (a)		9,186		95,902
Advanced Analogic Technologies, Inc. (a)		11,443		45,886
Amkor Technology, Inc. (a)		29,076		214,872
Anadigics, Inc. (a)		18,245		126,438
Applied Micro Circuits Corp. (a)		18,579		198,424
Cavium Networks, Inc. (a)		12,355		465,536
Ceva, Inc. (a)		5,769		118,265
Cirrus Logic, Inc. (a)		19,249		307,599
Conexant Systems, Inc. (a)		21,512		35,065
DSP Group, Inc. (a)		7,463		60,749
Diodes, Inc. (a)		9,303		251,088
Entropic Communications, Inc. (a)		18,306		221,137

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

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

Common Stocks	Shares		Value
Semiconductors & Components (concluded)
Exar Corp. (a)		9,676	$	67,539
Formfactor, Inc. (a)		13,608		120,839
Hittite Microwave Corp. (a)		7,560		461,462
IXYS Corp. (a)		6,681		77,633
Integrated Device Technology, Inc. (a)		44,708		297,755
Integrated Silicon Solutions, Inc. (a)		7,810		62,714
Kopin Corp. (a)		20,001		83,204
Lattice Semiconductor Corp. (a)		32,983		199,877
MIPS Technologies, Inc. (a)		13,638		206,752
MaxLinear, Inc., Class A (a)		2,353		25,318
Micrel, Inc.		14,234		184,900
Microsemi Corp. (a)		23,096		528,898
Mindspeed Technologies, Inc. (a)		9,656		58,902
Monolithic Power Systems, Inc. (a)		9,247		152,761
MoSys, Inc. (a)		9,143		52,024
Netlogic Microsystems, Inc. (a)		17,439		547,759
Omnivision Technologies, Inc. (a)		14,804		438,347
PLX Technology, Inc. (a)		9,602		34,663
Pericom Semiconductor Corp. (a)		6,681		73,357
Power Integrations, Inc.		6,719		269,701
RF Micro Devices, Inc. (a)		74,875		550,331
Rubicon Technology, Inc. (a)(b)		4,365		92,014
Semtech Corp. (a)		17,250		390,540
Sigma Designs, Inc. (a)		8,958		126,935
Silicon Image, Inc. (a)		21,221		155,974
Spansion, Inc., Class A (a)		3,756		77,749
Standard Microsystems Corp. (a)		6,383		184,022
Supertex, Inc. (a)		2,706		65,431
Trident Microsystems, Inc. (a)		23,713		42,209
TriQuint Semiconductor, Inc. (a)		43,132		504,213
Volterra Semiconductor Corp. (a)		6,995		162,004
Zoran Corp. (a)		14,988		131,894
				8,568,682
Shipping — 0.6%
Baltic Trading Ltd.		4,253		43,423
DHT Holdings, Inc.		15,477		71,968
Eagle Bulk Shipping, Inc. (a)		18,333		91,298
Excel Maritime Carriers Ltd. (a)		11,924		67,132
Genco Shipping & Trading Ltd. (a)		7,599		109,426
General Maritime Corp.		21,897		71,165
Gulfmark Offshore, Inc., Class A (a)		6,658		202,403
Horizon Lines, Inc., Class A		7,957		34,772
International Shipholding Corp.		1,487		37,770
Knightsbridge Tankers Ltd.		6,671		148,563
Nordic American Tanker Shipping Ltd. (b)		12,946		336,855
Overseas Shipholding Group, Inc.		7,082		250,845
Scorpio Tankers, Inc. (a)		4,931		49,852
Ship Finance International Ltd.		12,673		272,723
Teekay Tankers Ltd., Class A		8,631		106,507
Ultrapetrol Bahamas Ltd. (a)		7,456		47,942
				1,942,644
Specialty Retail — 3.4%
America’s Car Mart, Inc. (a)		2,818		76,311
AnnTaylor Stores Corp. (a)		16,340		447,553
Asbury Automotive Group, Inc. (a)		8,005		147,932
Barnes & Noble, Inc. (b)		11,041		156,230
bebe Stores, Inc.		10,016		59,695
Common Stocks	Shares		Value
Specialty Retail (concluded)
Big 5 Sporting Goods Corp.		6,616	$	101,026
Blue Nile, Inc. (a)		3,564		203,362
Brown Shoe Co., Inc.		12,396		172,676
The Buckle, Inc.		7,332		276,930
Build-A-Bear Workshop, Inc. (a)		4,575		34,953
Cabela’s, Inc., Class A (a)(b)		11,404		248,037
Casual Male Retail Group, Inc. (a)		12,980		61,525
The Cato Corp., Class A		7,687		210,701
Charming Shoppes, Inc. (a)		31,854		113,082
The Children’s Place Retail Stores, Inc. (a)		7,699		382,178
Christopher & Banks Corp.		11,047		67,939
Citi Trends, Inc. (a)		4,073		99,992
Coldwater Creek, Inc. (a)		15,822		50,156
Collective Brands, Inc. (a)		18,225		384,547
DSW, Inc., Class A (a)		3,966		155,071
Destination Maternity Corp. (a)		1,529		57,995
Dress Barn, Inc. (a)		16,482		435,454
Express, Inc.		4,703		88,416
The Finish Line, Inc., Class A		14,003		240,712
Genesco, Inc. (a)		6,594		247,209
Group 1 Automotive, Inc.		6,947		290,107
Haverty Furniture Cos., Inc.		5,412		70,248
hhgregg, Inc. (a)		3,708		77,683
Hibbett Sports, Inc. (a)		8,175		301,658
Hot Topic, Inc.		13,385		83,924
Jo-Ann Stores, Inc. (a)		7,609		458,214
Jos. A. Bank Clothiers, Inc. (a)		7,714		311,028
Lithia Motors, Inc., Class A		5,802		82,911
Lumber Liquidators Holdings, Inc. (a)		6,357		158,353
MarineMax, Inc. (a)		7,200		67,320
Men’s Wearhouse, Inc.		14,674		366,557
Midas, Inc. (a)		5,279		42,813
Monro Muffler, Inc.		8,388		290,141
Nu Skin Enterprises, Inc., Class A		13,495		408,359
OfficeMax, Inc. (a)		23,668		418,924
Pacific Sunwear of California, Inc. (a)		18,106		98,135
Penske Auto Group, Inc. (a)		12,565		218,882
The Pep Boys — Manny, Moe & Jack.		14,932		200,537
Pier 1 Imports, Inc. (a)		29,399		308,689
Regis Corp.		16,175		268,505
Retail Ventures, Inc. (a)		6,397		104,271
Rue21, Inc. (a)		4,317		126,531
Sally Beauty Co., Inc. (a)		26,406		383,679
Shoe Carnival, Inc. (a)		2,651		71,577
Shutterfly, Inc. (a)		7,503		262,830
Sonic Automotive, Inc.		11,572		153,213
Stage Stores, Inc.		11,100		192,474
Stamps.com, Inc.		3,109		41,194
Stein Mart, Inc.		8,185		75,711
Systemax, Inc.		3,543		49,956
The Talbots, Inc. (a)		19,271		164,189
Ulta Salon Cosmetics & Fragrance, Inc. (a)		8,830		300,220
Vitacost.com, Inc. (a)		3,712		15,869
Vitamin Shoppe, Inc. (a)		4,353		146,435
The Wet Seal, Inc., Class A (a)		28,686		106,138
Zumiez, Inc. (a)		5,812		156,168
				11,393,125

See Notes to Financial Statements.
32	BLACKROCK SMALL CAP INDEX FUND	DECEMBER 31, 2010

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

Common Stocks	Shares		Value
Steel — 0.0%
Olympic Steel, Inc.		2,838	$	81,394
Universal Stainless & Alloy Products, Inc. (a)		2,055		64,280
				145,674
Sugar — 0.0%
Imperial Sugar Co., New Shares		3,829		51,194
Synthetic Fibers & Chemicals — 0.0%
Zoltek Cos., Inc. (a)		7,893		91,164
Technology: Miscellaneous — 0.4%
Benchmark Electronics, Inc. (a)		17,445		316,801
CTS Corp.		10,129		112,027
Fabrinet (a)		2,967		63,790
LaBarge, Inc. (a)		3,842		60,358
Plexus Corp. (a)		11,426		353,520
Sanmina-SCI Corp. (a)		22,595		259,391
Vocus, Inc. (a)		4,824		133,432
				1,299,319
Telecommunications Equipment — 0.3%
Applied Signal Technology, Inc.		3,684		139,587
Arris Group, Inc. (a)		35,704		400,599
Brightpoint, Inc. (a)		19,082		166,586
Powerwave Technologies, Inc. (a)		37,889		96,238
Symmetricom, Inc. (a)		11,826		83,846
UTStarcom, Inc. (a)		36,206		74,584
				961,440
Textile Products — 0.1%
Culp, Inc. (a)		2,338		24,222
Interface, Inc., Class A		13,980		218,787
Unifi Inc. (a)		3,594		60,846
				303,855
Textiles, Apparel & Shoes — 2.0%
Carter’s, Inc. (a)		16,474		486,148
Cherokee, Inc.		2,626		49,395
Columbia Sportswear Co. (b)		3,184		191,995
Crocs, Inc. (a)		23,934		409,750
Deckers Outdoor Corp. (a)		10,738		856,248
G-III Apparel Group, Ltd. (a)		4,319		151,813
Iconix Brand Group, Inc. (a)		20,160		389,290
Joe’s Jeans, Inc. (a)		11,104		17,322
The Jones Group, Inc.		24,603		382,331
K-Swiss, Inc., Class A (a)		7,948		99,112
Kenneth Cole Productions, Inc., Class A (a)		1,973		24,643
Lacrosse Footwear, Inc.		1,607		26,355
Liz Claiborne, Inc. (a)		26,788		191,802
Maidenform Brands, Inc. (a)		6,451		153,340
Oxford Industries, Inc.		4,150		106,282
Perry Ellis International, Inc. (a)		2,958		81,256
Quiksilver, Inc. (a)		36,863		186,895
R.G. Barry Corp.		2,469		27,455
Skechers U.S.A., Inc., Class A (a)		9,505		190,100
Steven Madden Ltd. (a)		6,876		286,867
Timberland Co., Class A (a)		11,721		288,219
True Religion Apparel, Inc. (a)		7,295		162,387
Under Armour, Inc., Class A (a)		9,754		534,909
Vera Bradley, Inc. (a)		3,515		115,995
Common Stocks	Shares		Value
Textiles, Apparel & Shoes (concluded)
Volcom, Inc.		5,636	$	106,351
The Warnaco Group, Inc. (a)		12,297		677,196
Weyco Group, Inc.		2,288		56,033
Wolverine World Wide, Inc.		13,723		437,489
				6,686,978
Tobacco — 0.2%
Alliance One International, Inc. (a)		25,723		109,066
Star Scientific, Inc. (a)(b)		25,890		50,486
Universal Corp.		6,546		266,422
Vector Group Ltd.		12,814		221,938
				647,912
Toys — 0.1%
Jakks Pacific, Inc. (a)		7,617		138,782
Leapfrog Enterprises, Inc. (a)		10,348		57,431
RC2 Corp. (a)		6,130		133,450
				329,663
Transportation Miscellaneous — 0.2%
Dynamex, Inc. (a)		2,925		72,423
Echo Global Logistics, Inc. (a)		3,566		42,935
HUB Group, Inc., Class A (a)		10,486		368,478
Pacer International, Inc. (a)		10,668		72,969
Textainer Group Holdings Ltd.		2,701		76,951
				633,756
Truckers — 0.6%
Arkansas Best Corp.		7,215		197,835
Celadon Group, Inc. (a)		5,989		88,577
Forward Air Corp.		8,130		230,729
Heartland Express, Inc.		13,822		221,429
Knight Transportation, Inc.		16,549		314,431
Marten Transport Ltd.		4,439		94,906
Old Dominion Freight Line, Inc. (a)		11,594		370,892
Patriot Transportation Holding, Inc. (a)		419		38,950
Roadrunner Transportation Systems, Inc. (a)		2,926		42,310
Saia, Inc. (a)		4,815		79,881
USA Truck, Inc. (a)		2,058		27,227
Werner Enterprises, Inc.		11,976		270,658
				1,977,825
Utilities: Electrical — 1.6%
Allete, Inc.		8,705		324,348
Avista Corp.		15,368		346,087
Black Hills Corp.		10,960		328,800
CH Energy Group, Inc.		4,373		213,796
Central Vermont Public Service Corp.		3,495		76,401
Cleco Corp.		16,476		506,802
Dynegy, Inc. (a)		29,783		167,380
El Paso Electric Co. (a)		12,274		337,903
The Empire District Electric Co.		11,333		251,593
IDACORP, Inc.		13,081		483,735
MGE Energy, Inc.		6,476		276,914
NorthWestern Corp.		9,886		285,013
Otter Tail Corp.		10,421		234,889
PNM Resources, Inc.		25,030		325,891
Pike Electric Corp. (a)		4,459		38,258
Portland General Electric Co.		21,080		457,436
UIL Holdings Corp.		13,829		414,317
Unisource Energy Corp.		9,990		358,042
Unitil Corp.		3,936		89,505
				5,517,110

See Notes to Financial Statements.
	BLACKROCK SMALL CAP INDEX FUND	DECEMBER 31, 2010	33

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

Common Stocks	Shares		Value
Utilities: Gas Distributors — 1.1%
Chesapeake Utilities Corp.		3,046	$	126,470
The Laclede Group, Inc.		5,938		216,975
New Jersey Resources Corp.		11,122		479,469
Nicor, Inc.		12,256		611,819
Northwest Natural Gas Co.		7,202		334,677
Piedmont Natural Gas Co.		19,260		538,510
South Jersey Industries, Inc.		7,981		421,556
Southwest Gas Corp.		12,308		451,334
WGL Holdings, Inc.		13,680		489,334
				3,670,144
Utilities: Telecommunications — 0.8%
Alaska Communications Systems Group, Inc.		12,137		134,721
Atlantic Tele-Network, Inc.		2,692		103,211
Cbeyond Communications, Inc. (a)		7,617		116,388
Cincinnati Bell, Inc. (a)		58,060		162,568
Cogent Communications Group, Inc. (a)		13,188		186,478
Consolidated Communications Holdings, Inc.		6,966		134,444
FiberTower Corp. (a)		14,944		66,650
General Communication, Inc., Class A (a)		13,704		173,493
Global Crossing Ltd. (a)		8,617		111,332
Globalstar, Inc. (a)		18,513		26,844
ICO Global Communications Holdings Ltd. (a)		25,018		37,527
IDT Corp., Class B		4,028		103,318
Iridium Communications, Inc. (a)		10,005		82,541
j2 Global Communications, Inc. (a)		12,718		368,186
NTELOS Holdings Corp.		8,491		161,753
Neutral Tandem, Inc. (a)		9,548		137,873
PAETEC Holding Corp. (a)		34,431		128,772
Premiere Global Services, Inc. (a)		16,448		111,846
Shenandoah Telecom Co.		6,908		129,387
USA Mobility, Inc.		6,187		109,943
Vonage Holdings Corp. (a)		31,678		70,959
				2,658,234
Utilities: Water — 0.2%
American States Water Co.		4,969		171,281
Artesian Resources Corp., Class A		1,997		37,843
California Water Service Group		5,402		201,332
Connecticut Water Service, Inc.		2,503		69,784
Consolidated Water Co., Inc.		4,169		38,230
Middlesex Water Co.		4,270		78,354
SJW Corp.		3,863		102,254
York Water Co.		4,375		75,644
				774,722
Total Common Stocks — 97.2%				328,812,277
Corporate Bonds	Par (000)
Asset Management & Custodian — 0.0%
GAMCO Investors, Inc., 0.00% 12/31/15 (a)	$	6		6,448
Total Corporate Bonds — 0.0%				6,448
Investment Companies	Shares		Value
BlackRock Kelso Capital Corp. (d)		20,122	$	222,549
Gladstone Capital Corp.		6,364		73,313
Hercules Technology Growth Capital, Inc.		9,946		103,041
Kayne Anderson Energy Development Co.		3,186		57,380
Pennantpark Investment Corp.		10,729		131,323
Prospect Capital Corp.		21,298		230,018
Total Investment Companies — 0.3%				817,624
Warrants (e)
Alternative Energy — 0.0%
GreenHunter Energy, Inc. (Expires 8/27/11) (b)(f)		180		—
Technology Hardware & Equipment — 0.0%
Lantronix, Inc. (Expires 2/09/11)		138		—
Total Warrants — 0.0%				—
Total Long-Term Investments (Cost — $234,628,095) — 97.5%				329,636,349
Short-Term Securities
BlackRock Liquidity Funds, TempFund, Institutional Class, 0.17%, (d)(g)		7,181,244		7,181,244
	Beneficial Interest (000)
BlackRock Liquidity Series, LLC Money Market Series, 0.44% (d)(g)(h)	$	8,153		8,152,630
Total Short-Term Securities (Cost — $15,333,874) — 4.5%				15,333,874
Total Investments (Cost — $249,961,969*) — 102.0%				344,970,223
Liabilities in Excess of Other Assets — (2.0)%				(6,798,242	)
Net Assets — 100.0%			$	338,171,981

* The cost and unrealized appreciation (depreciation) of investments as of December 31, 2010, as computed for federal income tax purposes were as follows:

Aggregate cost	$	262,243,337
Gross unrealized appreciation	$	92,244,989
Gross unrealized depreciation		(9,518,103	)
Net unrealized appreciation	$	82,726,886

(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.

See Notes to Financial Statements.
34	BLACKROCK SMALL CAP INDEX FUND	DECEMBER 31, 2010

Schedule of Investments (continued) Master Small Cap Index Series

(d) 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	Shares/ Beneficial Interest Held at December 31, 2009		Shares/ Beneficial Interest Purchased		Shares/ Beneficial Interest Sold			Shares/ Beneficial Interest Held at December 31, 2010		Value at December 31, 2010		Realized Gain (Loss)			Income
BlackRock Kelso Capital Corp.		3,100		21,457		(4,435	)		20,122	$	222,549	$	3,137		$	13,911
BlackRock Liquidity Funds, TempFund, Institutional Class		9,452,117		—		(2,270,873	)1		7,181,244	$	7,181,244		—		$	13,732
BlackRock Liquidity Series, LLC Money Market Series.	$	17,386,620		—	$	(9,233,990	)1	$	8,152,630	$	8,152,630		—		$	148,068
PennyMac Mortgage Investment Trust		3,500		2,915		(1,086	)		5,329	$	96,721	$	(2,435	)	$	3,689

¹ Represents net shares/beneficial interest sold.

(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, if any.
(f)	Restricted security as to resale, representing 0.0% of net assets was as follows:

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

(g)	Represents the current yield as of report date.
(h)	Security was purchased with the cash collateral from loaned securities.
•	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.
•	Financial futures contracts purchased as of December 31, 2010 were as follows:

Contracts	Issue	Exchange	Expiration	Notional Value			Unrealized Depreciation
108	Russell	ICE Futures	March 2011		$	8,449,217	$	(377	)
	2000 EMINI	US Indices

•	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 derivatives and other significant accounting policies, please refer to Note 1 of the Series’ Notes to Financial Statements.

See Notes to Financial Statements.
BLACKROCK SMALL CAP INDEX FUND	DECEMBER 31, 2010	35

Schedule of Investments (continued) Master Small Cap Index Series

The following tables summarize the inputs used as of December 31, 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 Investments2:
Common Stocks:
Advertising Agencies	$	2,479,587		—		—	$	2,479,587
Aerospace		4,707,327		—		—		4,707,327
Agriculture, Fishing & Ranching		1,308,140		—		—		1,308,140
Air Transport		3,496,570		—		—		3,496,570
Alternative Energy		530,728		—		—		530,728
Aluminum		542,387		—		—		542,387
Asset Management & Custodian		3,214,390		—		—		3,214,390
Auto Parts		2,931,919		—		—		2,931,919
Auto Services		402,629		—		—		402,629
Back Office Support, HR & Consulting		4,699,800		—		—		4,699,800
Banks: Diversified		19,129,500		—		—		19,129,500
Banks: Savings, Thrift & Mortgage Lending		3,393,830		—		—		3,393,830
Beverage: Brewers & Distillers		224,507		—		—		224,507
Beverage: Soft Drinks		412,354		—		—		412,354
Biotechnology		11,389,783		—		—		11,389,783
Building Materials		3,155,941		—		—		3,155,941
Building: Climate Control		458,173		—		—		458,173
Building: Roofing, Wallboard & Plumbing		229,111		—		—		229,111
Cable Television Services		230,045		—		—		230,045
Casinos & Gambling		981,720		—		—		981,720
Chemicals: Diversified		5,159,227		—		—		5,159,227
Chemicals: Specialty		1,681,624		—		—		1,681,624
Coal		1,162,389		—		—		1,162,389
Commercial Finance & Mortgage Companies		211,465		—		—		211,465
Commercial Services: Rental & Leasing		1,862,852		—		—		1,862,852
Commercial Vehicles & Parts		941,693		—		—		941,693
Communications Technology		10,868,951		—		—		10,868,951
Computer Services Software & Systems		22,602,405		—		—		22,602,405
Computer Technology		2,009,776		—		—		2,009,776
Construction		1,588,674		—		—		1,588,674
Consumer Electronics		526,454		—		—		526,454
Consumer Lending		3,004,502		—		—		3,004,502
Consumer Services: Miscellaneous		2,288,592		—		—		2,288,592
Containers & Packaging		1,432,151		—		—		1,432,151
Cosmetics		270,554		—		—		270,554
Diversified Financial Services		1,365,857		—		—		1,365,857
Diversified Manufacturing Operations		1,116,826		—		—		1,116,826
Diversified Materials & Processing		2,649,279		—		—		2,649,279
Diversified Media		328,700		—		—		328,700
Diversified Retail		2,316,139		—		—		2,316,139
Drug & Grocery Store Chains		2,267,921		—		—		2,267,921
Education Services		1,648,431		—		—		1,648,431
Electronic Components		2,210,027		—		—		2,210,027
Electronic Entertainment		587,666		—		—		587,666
Electronics		2,048,289		—		—		2,048,289
Energy Equipment		597,263		—		—		597,263
Engineering & Contracting Services		1,563,594		—		—		1,563,594
Entertainment		1,388,212		—		—		1,388,212
Environmental, Maintenance, & Security Service		2,315,220		—		—		2,315,220
Fertilizers		78,886		—		—		78,886
Financial Data & Systems		2,594,154		—		—		2,594,154
Foods		3,385,666		—		—		3,385,666
Forest Products		388,548		—		—		388,548
Forms & Bulk Printing Services		838,007		—		—		838,007

See Notes to Financial Statements.
36	BLACKROCK SMALL CAP INDEX FUND	DECEMBER 31, 2010

Schedule of Investments (continued) Master Small Cap Index Series

The following tables summarize the inputs used as of December 31, 2010 in determining the fair valuation of the Series’ investments and derivatives (continued):

Valuation Inputs	Level 1		Level 2		Level 3		Total
Assets:
Investments in Securities:
Long-Term Investments2:
Common Stocks:
Fruit & Grain Processing	$	43,420		—		—	$	43,420
Funeral Parlors & Cemeteries		438,261		—		—		438,261
Gas Pipeline		102,360		—		—		102,360
Glass		111,788		—		—		111,788
Gold		2,010,697		—		—		2,010,697
Health Care Facilities		2,121,002		—		—		2,121,002
Health Care Management Services		3,421,249		—		—		3,421,249
Health Care Services		4,371,456		—		—		4,371,456
Health Care: Miscellaneous		308,423		—		—		308,423
Home Building		813,041		—		—		813,041
Hotel/Motel		860,285		—		—		860,285
Household Appliances		170,313		—		—		170,313
Household Equipment & Products		834,495		—		—		834,495
Household Furnishings		772,455		—		—		772,455
Insurance: Life		1,692,315		—		—		1,692,315
Insurance: Multi-Line		1,911,862		—		—		1,911,862
Insurance: Property-Casualty		5,642,816		—		—		5,642,816
International Trade & Diversified Logistic		62,023		—		—		62,023
Leisure Time		2,065,814		—		—		2,065,814
Luxury Items		79,038		—		—		79,038
Machinery: Agricultural		523,639		—		—		523,639
Machinery: Construction & Handling		402,272		—		—		402,272
Machinery: Engines		270,718		—		—		270,718
Machinery: Industrial		4,759,498		—		—		4,759,498
Machinery: Specialty		352,573		—		—		352,573
Manufactured Housing		149,324		—		—		149,324
Medical & Dental Instruments & Supplies		7,831,560		—		—		7,831,560
Medical Equipment		5,105,873		—		—		5,105,873
Medical Services		782,418		—		—		782,418
Metal Fabricating		2,190,150		—		—		2,190,150
Metals & Minerals: Diversified		3,116,432		—		—		3,116,432
Miscellaneous Consumer Staples		162,645		—		—		162,645
Office Supplies & Equipment		2,063,325		—		—		2,063,325
Offshore Drilling & Other Services		214,526		—		—		214,526
Oil Well Equipment & Services		6,244,078		—		—		6,244,078
Oil: Crude Producers		9,589,329		—		—		9,589,329
Oil: Refining & Marketing		1,178,186		—		—		1,178,186
Paints & Coatings		635,047		—		—		635,047
Paper		1,486,486		—		—		1,486,486
Personal Care		294,477		—		—		294,477
Pharmaceuticals		5,801,668		—		—		5,801,668
Photography		435,947		—		—		435,947
Plastics		287,516		—		—		287,516
Power Transmission Equipment		739,985		—		—		739,985
Precious Metals & Minerals		422,622		—		—		422,622
Printing & Copying Services		138,112		—		—		138,112
Producer Durables: Miscellaneous		256,646		—		—		256,646
Production Technology Equipment		3,920,483		—		—		3,920,483
Publishing		725,615		—		—		725,615
Radio & TV Broadcasters		348,220		—		—		348,220
Railroad Equipment		279,094		—		—		279,094
Railroads		651,213		—		—		651,213
Real Estate		565,126		—		—		565,126
Real Estate Investment Trusts (REITs)		24,054,947		—		—		24,054,947
Recreational Vehicles & Boats		1,435,171		—		—		1,435,171
Rental & Leasing Services: Consumer		1,646,151		—		—		1,646,151

See Notes to Financial Statements.
BLACKROCK SMALL CAP INDEX FUND	DECEMBER 31, 2010	37

Schedule of Investments (concluded) Master Small Cap Index Series

The following tables summarize the inputs used as of December 31, 2010 in determining the fair valuation of the Series’ investments and derivatives (concluded):

Valuation Inputs	Level 1		Level 2		Level 3		Total
Assets:
Investments in Securities:
Long-Term Investments2:
Common Stocks:
Restaurants	$	4,667,544		—		—	$	4,667,544
Scientific Instruments: Control & Filter		2,359,103		—		—		2,359,103
Scientific Instruments: Electrical		4,118,023		—		—		4,118,023
Scientific Instruments: Gauges & Meters		522,097		—		—		522,097
Scientific Instruments: Pollution Control		1,358,951		—		—		1,358,951
Securities Brokerage & Services		2,020,498		—		—		2,020,498
Semiconductors & Components		8,568,682		—		—		8,568,682
Shipping		1,942,644		—		—		1,942,644
Specialty Retail		11,377,256			$	15,869		11,393,125
Steel		145,674		—		—		145,674
Sugar		51,194		—		—		51,194
Synthetic Fibers & Chemicals		91,164		—		—		91,164
Technology: Miscellaneous		1,299,319		—		—		1,299,319
Telecommunications Equipment		961,440		—		—		961,440
Textile Products		303,855		—		—		303,855
Textiles, Apparel & Shoes		6,686,978		—		—		6,686,978
Tobacco		647,912		—		—		647,912
Toys		329,663		—		—		329,663
Transportation Miscellaneous		633,756		—		—		633,756
Truckers		1,977,825		—		—		1,977,825
Utilities: Electrical		5,517,110		—		—		5,517,110
Utilities: Gas Distributors		3,670,144		—		—		3,670,144
Utilities: Telecommunications		2,658,234		—		—		2,658,234
Utilities: Water		774,722		—		—		774,722
Corporate Bonds		—	$	6,448		—		6,448
Investment Companies		817,624		—		—		817,624
Short-Term Securities		7,181,244		8,152,630		—		15,333,874
Total	$	336,795,276	$	8,159,078	$	15,869	$	344,970,223

² See above Schedule of Investments for values in each industry.

Derivative Financial Instruments3
Valuation Inputs	Level 1			Level 2		Level 3		Total
Liabilities:
Equity contracts	$	(377	)		—		—	$	(377	)

³ 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
Balance as of December 31, 2009		—
Accrued discounts/premium		—
Net realized gain (loss)		—
Net change in unrealized appreciation/depreciation4		—
Purchases		—
Sales		—
Transfers in5	$	15,869
Transfers out5		—
Balance, as of December 31, 2010	$	15,869

4	Included in the related net change in unrealized appreciation/depreciation in the Statement of Operations. The net change in unrealized appreciation/depreciation on securities still held at December 31, 2010 was $0.
5	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.
38	BLACKROCK SMALL CAP INDEX FUND	DECEMBER 31, 2010

Statement of Assets and Liabilities Master Small Cap Index Series

December 31, 2010
Assets
Investments at value — unaffiliated (including securities loaned of $7,765,924) (cost — $234,327,179)	$	329,317,079
Investments at value — affiliated (cost — $15,634,790)		15,653,144
Cash pledged as collateral for financial futures contracts		952,000
Cash		1,258
Dividends receivable		347,807
Contributions receivable from investors		118,507
Receivable from advisor		39,379
Securities lending income receivable — affiliated		12,105
Investments sold receivable		96
Prepaid expenses		9,447
Total assets		346,450,822
Liabilities
Collateral on securities loaned at value		8,152,630
Margin variation payable		55,037
Other affiliates payable		1,362
Directors’ fees payable		125
Other accrued expenses payable		69,687
Total liabilities		8,278,841
Net Assets	$	338,171,981
Net Assets Consist of
Investors’ capital	$	243,164,104
Net unrealized appreciation/depreciation		95,007,877
Net Assets	$	338,171,981

See Notes to Financial Statements.
	BLACKROCK SMALL CAP INDEX FUND	DECEMBER 31, 2010	39

Statement of Operations Master Small Cap Index Series

Year Ended December 31, 2010
Investment Income
Dividends — unaffiliated	$	3,540,861
Foreign taxes withheld		(3,110	)
Securities lending — affiliated		148,068
Dividends — affiliated		31,332
Total income		3,717,151
Expenses
Investment advisory		27,646
Custodian		126,874
Professional		84,100
Accounting services		68,403
Directors		9,377
Printing		836
Miscellaneous		10,155
Total expenses		327,391
Less fees waived and/or reimbursed by advisor		(111,964	)
Total expenses after fees waived and/or reimbursed		215,427
Net investment income		3,501,724
Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
Investments — unaffiliated		(10,138,980	)
Investments — affiliated		702
Financial futures contracts		248,961
		(9,889,317	)
Net change in unrealized appreciation/depreciation on:
Investments		60,793,710
Financial futures contracts		(88,950	)
		60,704,760
Total realized and unrealized gain		50,815,443
Net Increase in Net Assets Resulting from Operations	$	54,317,167

See Notes to Financial Statements.
40	BLACKROCK SMALL CAP INDEX FUND	DECEMBER 31, 2010

Statements of Changes in Net Assets Master Small Cap Index Series

	Year Ended December 31,
Increase (Decrease) in Net Assets:	2010			2009
Operations
Net investment income	$	3,501,724		$	4,243,420
Net realized loss		(9,889,317	)		(30,867,280	)
Net change in unrealized appreciation/depreciation		60,704,760			124,588,792
Net increase in net assets resulting from operations		54,317,167			97,964,932
Capital Transactions
Proceeds from contributions		226,075,632			171,416,855
Value of withdrawals		(171,857,514	)		(384,465,211	)
Net increase (decrease) in net assets derived from capital transactions		54,218,118			(213,048,356	)
Net Assets
Total increase (decrease) in net assets		108,535,285			(115,083,424	)
Beginning of year		229,636,696			344,720,120
End of year	$	338,171,981		$	229,636,696

Financial Highlights Master Small Cap Index Series

	Year Ended December 31,
	2010			2009			2008			2007			2006
Total Investment Return
Total investment return		27.19	%		27.37	%		(33.57	)%		(1.46	)%		18.13	%
Ratios to Average Net Assets
Total expenses		0.12	%		0.09	%		0.08	%		0.06	%		0.07	%
Total expenses after fees waived and/or reimbursed and fees paid indirectly		0.08	%		0.07	%		0.07	%		0.06	%		0.07	%
Net investment income		1.27	%		1.27	%		1.60	%		1.69	%		1.55	%
Supplemental Data
Net assets, end of year (000)	$	338,172		$	229,637		$	344,720		$	630,394		$	561,373
Portfolio turnover		42	%		43	%		42	%		26	%		40	%

See Notes to Financial Statements.
	BLACKROCK SMALL CAP INDEX FUND	DECEMBER 31, 2010	41

Notes to Financial Statements Master Small Cap Index Series

1. Organization and Significant Accounting Policies:

Master Small Cap Index Series (the “Series”), a non-diversified, 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 Series:

Valuation: The Series’ policy is to fair value its financial instruments at market value using independent dealers or pricing services under policies approved by the Board. Equity investments traded on a recognized securities exchange or the NASDAQ Global Market System (“NASDAQ”) 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 registered 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 (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 and accretion of premiums and discounts 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. During the term of the loan, the Series earns dividend and interest on the securities loaned. 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.

42 BLACKROCK SMALL CAP INDEX FUND DECEMBER 31, 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 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. The statute of limitations on the Series’ US federal tax returns remains open for each of the four years ended December 31, 2010. The statutes of limitations on the Series’ state and local tax returns may remain open for an additional year depending upon the jurisdiction. Management does not believe there are any 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 return 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 and options is deemed to be minimal due to the protection against defaults provided by the exchange on which these contracts 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 agreements between the Series and counterparty to buy or sell a specific quantity of an underlying instrument at a specified price and at a specified date. Depending on the terms of the particular contract, futures contracts are settled either through physical delivery of the underlying instrument on the settlement date or by payment of a cash settlement amount on settlement date. Pursuant to the contract, the Series agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in value of the contract. Such receipts or payments are known as margin variation and are recorded by the Series as unrealized gains or losses. When the contract is closed, the Series records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. The use of 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 Values of Derivative Instruments as of December 31, 2010
	Liability Derivatives
	Statement of Assets and Liabilities Location	Value
Equity contracts	Net unrealized appreciation/ depreciation*	$377

* 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 Year Ended December 31, 2010
	Net Realized Gain From
	Financial Futures Contracts
Equity contracts		$248,961
	Net Change in Unrealized Appreciation/Depreciation on
	Financial Futures Contracts
Equity contracts		$(88,950)

For the year ended December 31, 2010, the average quarterly balances of outstanding derivative financial instruments were as follows:

Financial futures contracts:
Average number of contracts purchased		104
Average notional value of contracts purchased	$	7,098,137

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

BLACKROCK SMALL CAP INDEX FUND DECEMBER 31, 2010 43

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

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 Master LLC. For such services, the Series pays the Manager a monthly fee at an annual rate of 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 combined with the administration fee of BlackRock Small Cap Index Fund of BlackRock Index Funds, Inc., would not exceed 0.30%. This agreement was terminated on December 1, 2010. For the year ended December 31, 2010 no fees were waived and/or reimbursed 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 dividend expense, 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. The Manager has agreed not to reduce or discontinue this contractual waiver or reimbursement before May 1, 2012 unless approved by the Board, including a majority of the non-interested directors. For the year ended December 31, 2010, the Series waived and/or reimbursed $106,243, which is included in fees waived and/or reimbursed by advisor in the Statement of Operations.

The Manager voluntarily agreed to waive its investment 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 investment advisory fees by the amount of investment advisory fees paid through the Series’ investment in other affiliated investment companies, if any. For the year ended December 31, 2010, the Manager waived advisory fees in the amount of $5,721, which is included in fees waived and/or reimbursed 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 year ended December 31, 2010, the Series reimbursed the Manager $5,038 for certain accounting services, which are 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 it, 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, if applicable 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 year ended December 31, 2010, BIM received $36,692 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 year ended December 31, 2010, were $169,021,756 and $113,962,091, 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 expired in November 2010. The Series may borrow under the credit agreement to fund investor withdrawals. Effective November 2009, the credit agreement had the following terms: 0.02% upfront fee on the aggregate commitment amount which was allocated to the Master LLC based on its net assets as of October 31, 2009, a commitment fee of 0.10% per annum based on the Series’ pro rata share of the unused portion of the credit agreement and interest at a rate equal to the higher of (a) the one-month LIBOR plus 1.25% per annum and (b) the Fed Funds rate plus 1.25% per annum on amounts borrowed. In addition, the Series paid administration and arrangement fees which were allocated to the Series based on its net assets as of October 31, 2009. Effective November 2010, the credit agreement was renewed until November 2011 with the following terms: a commitment fee of 0.08% per annum based on the Series’ pro rata share of the unused portion of the credit agreement and interest at a rate equal to the higher of (a) the one-month LIBOR plus 1.00% per annum and (b) the Fed Funds rate plus 1.00% per annum on amounts borrowed. In addition, the Series paid administration and arrangement fees which were allocated to the Series based on its net assets as of October 31, 2010. The Series did not borrow under the credit agreement during the year ended December 31, 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

44 BLACKROCK SMALL CAP INDEX FUND DECEMBER 31, 2010

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

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.

As of December 31, 2010, the Series invested a significant portion of its assets in securities in the financial services sector. Changes in economic conditions affecting the financial services sector would have a greater impact on the Series and could affect the value, income and/or liquidity of positions in such securities.

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.

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

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

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Master Small Cap Index Series, one of the portfolios constituting Quantitative Master Series LLC, (the “Master LLC”) as of December 31, 2010, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended. These financial statements and financial highlights are the responsibility of the Master LLC’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. The Master LLC is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Master LLC’s internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of December 31, 2010, by correspondence with the custodian and brokers; where replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Master Small Cap Index Series of Quantitative Master Series LLC as of December 31, 2010, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

Deloitte & Touche LLP
Princeton, New Jersey
February 24, 2011

BLACKROCK SMALL CAP INDEX FUND DECEMBER 31, 2010 45

Officers and Directors

Name, Address and Year of Birth	Position(s) Held with Corporation/ Master LLC	Length of Time Served as a Director2	Principal Occupation(s) During Past Five Years	Number of BlackRock- Advised Registered Investment Companies (“RICs”) Consisting of Investment Portfolios (“Portfolios”) Overseen	Public Directorships
Non-Interested Directors1
Ronald W. Forbes 55 East 52nd Street New York, NY 10055 1940	Co-Chair of the Board and Director	Since 2007	Professor Emeritus of Finance, School of Business, State University of New York at Albany since 2000.	36 RICs consisting of 95 Portfolios	None
Rodney D. Johnson 55 East 52nd Street New York, NY 10055 1941	Co-Chair of the Board and Director	Since 2007	President, Fairmount Capital Advisors, Inc. since 1987; Director, Fox Chase Cancer Center since 2004; Member of the Archdiocesan Investment Committee of the Archdiocese of Philadelphia since 2004; Director, The Committee of Seventy (civic) since 2006.	36 RICs consisting of 95 Portfolios	None
David O. Beim 55 East 52nd Street New York, NY 10055 1940	Director	Since 2007	Professor of Finance and Economics at the Columbia University Graduate School of Business since 1991; Trustee, Phillips Exeter Academy since 2002; Chairman, Wave Hill, Inc. (public garden and cultural center) from 1990 to 2006.	36 RICs consisting of 95 Portfolios	None
Dr. Matina S. Horner 55 East 52nd Street New York, NY 10055 1939	Director	Since 2007	Executive Vice President of Teachers Insurance and Annuity Association and College Retirement Equities Fund from 1989 to 2003.	36 RICs consisting of 95 Portfolios	NSTAR (electric and gas utility)
Herbert I. London 55 East 52nd Street New York, NY 10055 1939	Director and Member of the Audit Committee	Since 2007	Professor Emeritus, New York University since 2005; John M. Olin Professor of Humanities, New York University from 1993 to 2005 and Professor thereof from 1980 to 2005; President, Hudson Institute (policy research organization) since 1997 and Trustee thereof since 1980; Chairman of the Board of Trustees for Grantham University since 2006; Director, InnoCentive, Inc. (strategic solutions company) since 2005; Director, Cerego, LLC (software development and design) since 2005.	36 RICs consisting of 95 Portfolios	AIMS Worldwide, Inc. (marketing)
Cynthia A. Montgomery 55 East 52nd Street New York, NY 10055 1952	Director	Since 2007	Professor, Harvard Business School since 1989; Director, Harvard Business School Publishing since 2005; Director, McLean Hospital since 2005.	36 RICs consisting of 95 Portfolios	Newell Rubbermaid, Inc. (manufacturing)
Joseph P. Platt 55 East 52nd Street New York, NY 10055 1947	Director	Since 2007	Director, The West Penn Allegheny Health System (a not-for-profit health system) since 2008; Director, Jones and Brown (Canadian insurance broker) since 1998; General Partner, Thorn Partners, LP (private investment) since 1998; Partner, Amarna Corporation, LLC (private investment company) from 2002 to 2008.	36 RICs consisting of 95 Portfolios	Greenlight Capital Re, Ltd. (reinsurance company); WQED Multi-Media (public broadcasting not-for-profit)
Robert C. Robb, Jr. 55 East 52nd Street New York, NY 10055 1945	Director	Since 2007	Partner, Lewis, Eckert, Robb and Company (management and financial consulting firm) since 1981.	36 RICs consisting of 95 Portfolios	None
Toby Rosenblatt 55 East 52nd Street New York, NY 10055 1938	Director	Since 2007	President, Founders Investments Ltd. (private investments) since 1999; Director, College Access Foundation of California (philanthropic foundation) since 2009; Director, Forward Management, LLC since 2007; Director, The James Irvine Foundation (philanthropic foundation) from 1998 to 2008.	36 RICs consisting of 95 Portfolios	A.P. Pharma, Inc. (specialty pharmaceuticals)

46 BLACKROCK SMALL CAP INDEX FUND DECEMBER 31, 2010

Officers and Directors (continued)

Name, Address and Year of Birth	Position(s) Held with Corporation/ Master LLC		Length of Time Served as a Director2	Principal Occupation(s) During Past Five Years	Number of BlackRock- Advised Registered Investment Companies (“RICs”) Consisting of Investment Portfolios (“Portfolios”) Overseen	Public Directorships
Non-Interested Directors1 (concluded)
Kenneth L. Urish 55 East 52nd Street New York, NY 10055 1951	Chair of the Audit Committee and Director		Since 2007	Managing Partner, Urish Popeck & Co., LLC (certified public accountants and consultants) since 1976; Chairman Elect of the Professional Ethics Committee of the Pennsylvania Institute of Certified Public Accountants and Committee Member thereof since 2007; Member of External Advisory Board, The Pennsylvania State University Accounting Department since 2001; Trustee, The Holy Family Foundation from 2001 to 2009; President and Trustee, Pittsburgh Catholic Publishing Associates from 2003 to 2008; Director, Inter-Tel from 2006 to 2007.	36 RICs consisting of 95 Portfolios	None
Frederick W. Winter 55 East 52nd Street New York, NY 10055 1945	Director and Member of the Audit Committee		Since 2007	Professor and Dean Emeritus of the Joseph M. Katz School of Business, University of Pittsburgh since 2005 and Dean thereof from 1997 to 2005; Director, Alkon Corporation (pneumatics) since 1992; Director, Tippman Sports (recreation) since 2005; Director, Indotronix International (IT services) from 2004 to 2008.	36 RICs consisting of 95 Portfolios	None
	1	Directors serve until their resignation, removal or death, or until December 31 of the year in which they turn 72. The Board has approved one-year extensions in terms of Directors who turn 72 prior to December 31, 2013.
	2	Date shown is the earliest date a person has served as a director for the Corporation/Master LLC covered by this annual report. Following the combination of Merrill Lynch Investment Managers, L.P. (“MLIM”) and BlackRock, Inc. (“BlackRock”) in September 2006, the various legacy MLIM and legacy BlackRock Fund boards were realigned and consolidated into three new Fund boards in 2007. As a result, although the chart shows directors as joining the Corporation/Master LLC board in 2007, each director first became a member of the board of other legacy MLIM or legacy BlackRock Funds as follows: David O. Beim, 1998; Ronald W. Forbes, 1977; Dr. Matina S. Horner, 2004; Rodney D. Johnson, 1995; Herbert I. London, 1987; Cynthia A. Montgomery, 1994; Joseph P. Platt, 1999; Robert C. Robb, Jr., 1998; Toby Rosenblatt, 2005; Kenneth L. Urish, 1999; and Frederick W. Winter, 1999.
Interested Directors3
Richard S. Davis 55 East 52nd Street New York, NY 10055 1945	Director		Since 2007	Managing Director, BlackRock, Inc. since 2005; Chief Executive Officer, State Street Research & Management Company from 2000 to 2005; Chairman of the Board of Trustees, State Street Research Mutual Funds from 2000 to 2005.	169 RICs consisting of 289 Portfolios	None
Henry Gabbay 55 East 52nd Street New York, NY 10055 1947	Director		Since 2007	Consultant, BlackRock, Inc. from 2007 to 2008; Managing Director, BlackRock, Inc. from 1989 to 2007; Chief Administrative Officer, BlackRock Advisors, LLC from 1998 to 2007; President of BlackRock Funds and BlackRock Bond Allocation Target Shares from 2005 to 2007 and Treasurer of certain closed-end funds in the BlackRock fund complex from 1989 to 2006.	169 RICs consisting of 289 Portfolios	None
	3	Mr. Davis is an “interested person” as defined in the 1940 Act, of the Corporation/Master LLC based on his position with BlackRock, Inc. and its affiliates. Mr. Gabbay is an “interested person” of the Corporation/Master LLC based on his former positions with BlackRock, Inc. and its affiliates as well as his ownership of BlackRock, Inc. and The PNC Financial Services Group, Inc. securities. Directors serve until their resignation, removal or death, or until December 31 of the year in which they turn 72.

BLACKROCK SMALL CAP INDEX FUND DECEMBER 31, 2010 47

Officers and Directors (concluded)

Name, Address and Year of Birth	Position(s) Held with Corporation/ Master LLC		Length of Time Served	Principal Occupation(s) During Past Five Years
Corporation/Master LLC Officers1
John M. Perlowski 55 East 52nd Street New York, NY 10055 1964	President and Chief Executive Officer		Since 2010	Managing Director of BlackRock, Inc. since 2009; Global Head of BlackRock Fund Administration since 2009; Managing Director and Chief Operating Officer of the Global Product Group at Goldman Sachs Asset Management, L.P. from 2003 to 2009; Treasurer of Goldman Sachs Mutual Funds from 2003 to 2009 and Senior Vice President thereof from 2007 to 2009; Director of Goldman Sachs Offshore Funds from 2002 to 2009.
Brendan Kyne 55 East 52nd Street New York, NY 10055 1977	Vice President		Since 2009	Managing Director of BlackRock, Inc. since 2010; Director of BlackRock, Inc. from 2008 to 2009; Head of Product Development and Management for BlackRock’s US Retail Group since 2009 and Co-head thereof from 2007 to 2009; Vice President of BlackRock, Inc. from 2005 to 2008.
Brian Schmidt 55 East 52nd Street New York, NY 10055 1958	Vice President		Since 2009	Managing Director of BlackRock, Inc. since 2004; Various positions with U.S. Trust Company from 1991 to 2003 including Director from 2001 to 2003 and Senior Vice President from 1998 to 2003; Vice President, Chief Financial Officer and Treasurer of Excelsior Funds, Inc., Excelsior Tax-Exempt Funds, Inc. and Excelsior Funds Trust from 2001 to 2003.
Neal Andrews 55 East 52nd Street New York, NY 10055 1966	Chief Financial Officer		Since 2007	Managing Director of BlackRock, Inc. since 2006; Senior Vice President and Line of Business Head of Fund Accounting and Administration at PNC Global Investment Servicing (U.S.) Inc. from 1992 to 2006.
Jay Fife 55 East 52nd Street New York, NY 10055 1970	Treasurer		Since 2007	Managing Director of BlackRock, Inc. since 2007 and Director in 2006; Assistant Treasurer of the Merrill Lynch Investment Managers, L.P. (“MLIM”) and Fund Asset Management, L.P.-advised funds from 2005 to 2006; Director of MLIM Fund Services Group from 2001 to 2006.
Brian Kindelan 55 East 52nd Street New York, NY 10055 1959	Chief Compliance Officer		Since 2007	Chief Compliance Officer of the BlackRock-advised funds since 2007; Managing Director and Senior Counsel of BlackRock, Inc. since 2005.
Ira Shapiro 55 East 52nd Street New York, NY 10055 1963	Secretary		Since 2010	Managing Director of BlackRock, Inc. since 2009; Managing Director and Associate General Counsel of Barclays Global Investors from 2008 to 2009 and Principal thereof from 2004 to 2008.
	1	Officers of the Corporation/Master LLC serve at the pleasure of the Board of Directors.
	Further information about the Corporation/Master LLC’s Officers and Directors is available in the Corporation/Master LLC’s Statement of Additional Information, which can be obtained without charge by calling (800) 441-7762.

Investment Advisor

BlackRock Advisors, LLC

Wilmington, DE 19809

Sub-Advisor

BlackRock Investment

Management, LLC

Plainsboro, NJ 08536

Custodian

State Street Bank

and Trust Company

Boston, MA 02111

Transfer Agent

BNY Mellon Investment

Servicing (US) Inc.

Wilmington, DE 19809

Distributor

BlackRock

Investments, LLC

New York, NY 10022

Legal Counsel

Sidley Austin LLP

New York, NY 10019

Accounting Agent

State Street Bank

and Trust Company

Princeton, NJ 08540

Independent Registered Public Accounting Firm

Deloitte & Touche LLP

Princeton, NJ 08540

Address of the Fund

100 Bellevue Parkway

Wilmington, DE 19809

Effective September 24, 2010, John M. Perlowski became President and Chief Executive Officer of the Corporation and the Master LLC.

Effective November 16, 2010, Ira Shapiro became Secretary of the Corporation and the Master LLC.

48 BLACKROCK SMALL CAP INDEX FUND DECEMBER 31, 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 DECEMBER 31, 2010 49

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.

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.

50 BLACKROCK SMALL CAP INDEX FUND DECEMBER 31, 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 S&P 500 Stock Fund

BlackRock U.S. Opportunities Portfolio

BlackRock Utilities and Telecommunications Fund

BlackRock Value Opportunities Fund

BlackRock World Gold Fund

Fixed Income Funds

BlackRock Bond Index Fund

BlackRock Bond Portfolio

BlackRock Emerging Market Debt Portfolio

BlackRock Floating Rate Income Portfolio

BlackRock GNMA Portfolio

BlackRock Global Dividend Income Portfolio†

BlackRock Government Income Portfolio

BlackRock High Income Fund

BlackRock High Yield Bond Portfolio

BlackRock Income 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 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

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 DECEMBER 31, 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 3-12/10

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

	(a) Audit Fees		(b) Audit-Related Fees1		(c) Tax Fees2		(d) All Other Fees3
Entity Name	Current Fiscal Year End	Previous Fiscal Year End	Current Fiscal Year End	Previous Fiscal Year End	Current Fiscal Year End	Previous Fiscal Year End	Current Fiscal Year End	Previous Fiscal Year End
BlackRock International Index Fund of BlackRock Index Funds, Inc.	$6,800	$6,800	$0	$0	$6,100	$6,100	$46	$1,028
BlackRock S&P 500 Index Fund of BlackRock Index Funds, Inc.	$6,800	$6,800	$0	$0	$6,100	$6,100	$329	$1,028
BlackRock Small Cap Index Fund of BlackRock Index Funds, Inc.	$6,800	$6,800	$0	$0	$6,100	$6,100	$17	$1,028
Master International Index Series of Quantitative Master Series LLC	$35,700	$35,700	$0	$0	$17,000	$17,000	$0	$0
Master S&P 500 Index Series of Quantitative Master Series LLC	$33,500	$33,500	$0	$0	$17,000	$17,000	$0	$0
Master Small Cap Index Series of Quantitative Master Series LLC	$37,000	$39,200	$0	$0	$17,000	$17,000	$0	$0

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

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

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

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

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

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

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

(f) Not Applicable

(g) Affiliates’ Aggregate Non-Audit Fees:

Entity Name	Current Fiscal Year End	Previous Fiscal Year End
BlackRock International Index Fund of BlackRock Index Funds, Inc.	$16,923	$409,628
BlackRock S&P 500 Index Fund of BlackRock Index Funds, Inc.	$17,206	$409,628
BlackRock Small Cap Index Fund of BlackRock Index Funds, Inc.	$16,894	$409,628
Master International Index Series of Quantitative Master Series LLC	$27,777	$419,500
Master S&P 500 Index Series of Quantitative Master Series LLC	$27,777	$419,500
Master Small Cap Index Series of Quantitative Master Series LLC	$27,777	$419,500

(h) The registrant’s audit committee has considered and determined that the provision of non-audit services that were rendered to the registrant’s investment adviser (not including any non-affiliated sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by the registrant’s investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant’s independence.

Regulation S-X Rule 2-01(c)(7)(ii) – $10,777, 0%

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 which include biographical information and set forth the qualifications of the proposed nominee to the registrant’s Secretary. There have been no material changes to these procedures.
Item 11 –	Controls and Procedures
11(a) –	The registrant’s principal executive and principal financial officers or persons performing similar functions have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) are effective as of a date within 90 days of the filing of this report based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rule 15d-15(b) under the Securities Exchange Act of 1934, as amended.
11(b) –	There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.
Item 12 –	Exhibits attached hereto
12(a)(1) –	Code of Ethics – See Item 2
12(a)(2) –	Certifications – Attached hereto
12(a)(3) –	Not Applicable
12(b) –	Certifications – Attached hereto

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
BlackRock Index Funds, Inc. and Quantitative Master Series LLC
By:	/s/ John M. Perlowski
	John M. Perlowski
	Chief Executive Officer of
	BlackRock Index Funds, Inc. and Quantitative Master Series LLC
Date: March 4, 2011
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/ John M. Perlowski
	John M. Perlowski
	Chief Executive Officer (principal executive officer) of
	BlackRock Index Funds, Inc. and Quantitative Master Series LLC
Date: March 4, 2011
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: March 4, 2011