BLACKROCK INDEX FUNDS, INC.

See Notes to Financial Statements.

DECEMBER 31, 2015

N-CSR 1 d113338dncsr.htm BLACKROCK INDEX FUNDS, INC. BLACKROCK INDEX FUNDS, INC.

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 Small Cap Index Fund

Quantitative Master Series LLC

Master International 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, 55 East 52^nd Street, New York, NY 10055

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

Date of fiscal year end: 12/31/2015

Date of reporting period: 12/31/2015

Item 1 – Report to Stockholders

DECEMBER 31, 2015

ANNUAL REPORT

BlackRock Index Funds, Inc.

^Ø	BlackRock International Index Fund

^Ø	BlackRock Small Cap Index Fund

Not FDIC Insured • May Lose Value • No Bank Guarantee


Table of Contents


	Page
The Markets in Review		3
Annual Report:
Fund Summary		4
About Fund Performance		8
Disclosure of Expenses		8
Derivative Financial Instruments		8
Fund Financial Statements:
Statements of Assets and Liabilities		9
Statements of Operations		10
Statements of Changes in Net Assets		11
Fund Financial Highlights		13
Fund Notes to Financial Statements		19
Fund Report of Independent Registered Public Accounting Firm		24
Important Tax Information		24
Series Portfolio Information		25
Series Financial Statements:
Schedules of Investments		26
Statements of Assets and Liabilities		57
Statements of Operations		58
Statements of Changes in Net Assets		59
Series Financial Highlights		60
Series Notes to Financial Statements		61
Series Report of Independent Registered Public Accounting Firm		68
Officers and Directors		69
Additional Information		72

LOGO



2	BLACKROCK INDEX FUNDS, INC.	DECEMBER 31, 2015

The Markets in Review

Dear Shareholder,

Diverging monetary policies and shifting economic outlooks across regions have been the overarching themes driving financial markets over the past couple of years. With U.S. growth outpacing the global economic recovery in 2015 while inflationary pressures remained low, investors spent most of the year anticipating a short-term rate hike from the Federal Reserve (the “Fed”), which ultimately came to fruition in December. In contrast, the European Central Bank (“ECB”) and the Bank of Japan moved to a more accommodative stance during the year. In this environment, the U.S. dollar strengthened considerably, causing profit challenges for U.S. exporters and high levels of volatility in emerging market currencies and commodities. Oil prices were particularly volatile and below the historical norm due to an ongoing imbalance in global supply and demand.

Market volatility broadly increased in the middle of 2015, beginning with a sharp, but temporary, selloff in June as Greece’s long-brewing debt troubles came to an impasse. Just as these concerns abated, Chinese equities tumbled amid weakness in the country’s economy. This, combined with a depreciation of the yuan and declining confidence in China’s policymakers, stoked worries about the potential impact to the broader world economy, causing heightened volatility to spread throughout markets globally. Given a dearth of meaningful growth across most of the world, financial markets became more reliant on central bank policies to drive performance. In that vein, risk assets (such as equities and high yield bonds) rallied in October when China’s central bank provided more stimulus, the ECB hinted at further easing, and soft U.S. data pushed back expectations for a Fed rate hike. As the period came to a close, however, the ECB disappointed investors with its subdued policy changes. The Fed’s December rate hike had a positive impact on the markets as it removed a source of uncertainty, but this was counteracted by the dampening effect of a stronger U.S. dollar, falling oil prices and tighter credit conditions.

At BlackRock, we believe investors need to think globally, extend their scope across a broad array of asset classes and be prepared to move freely as market conditions change over time. We encourage you to talk with your financial advisor and visit blackrock.com for further insight about investing in today’s markets.

Sincerely,

LOGO

Rob Kapito

President, BlackRock Advisors, LLC

LOGO

Rob Kapito

President, BlackRock Advisors, LLC


Total Returns as of December 31, 2015
	6-month			12-month
U.S. large cap equities (S&P 500^® Index)		0.15	%		1.38	%
U.S. small cap equities (Russell 2000^® Index)		(8.75	)		(4.41	)
International equities (MSCI Europe, Australasia, Far East Index)		(6.01	)		(0.81	)
Emerging market equities (MSCI Emerging Markets Index)		(17.35	)		(14.92	)
3-month Treasury bills (BofA Merrill Lynch 3-Month U.S. Treasury Bill Index)		0.04			0.05
U.S. Treasury securities (BofA Merrill Lynch 10-Year U.S. Treasury Index)		1.43			0.91
U.S. investment-grade bonds (Barclays U.S. Aggregate Bond Index)		0.65			0.55
Tax-exempt municipal bonds (S&P Municipal Bond Index)		3.31			3.32
U.S. high yield bonds (Barclays U.S. Corporate High Yield 2% Issuer Capped Index)		(6.79	)		(4.43	)
Past performance is no guarantee of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.



		THIS PAGE NOT PART OF YOUR FUND REPORT				3


Fund Summary as of December 31, 2015				BlackRock International Index Fund

Investment Objective

BlackRock International Index Fund’s (the “Fund”) investment objective is to match the performance of the MSCI EAFE Index (Europe, Australasia, Far East) (the “MSCI EAFE Index”) in U.S. dollars with net dividends as closely as possible before the deduction of Fund expenses.


Portfolio Management Commentary

How did the Fund perform?

•

For the 12-month period ended December 31, 2015, the Fund’s Institutional Shares returned (0.91)%, Investor A Shares returned (1.14)% and Class K Shares returned (0.81)%. The benchmark MSCI EAFE Index returned (0.81)% for the same period.

•

Returns for the Fund’s respective share classes differ from the benchmark index due to individual share-class expenses. The Fund invests all of its assets in Master International Index Series (the “Series”), a series of Quantitative Master Series LLC.

Describe the market environment.

•

The global equity indexes rallied early in the year driven by easy monetary policies. Central banks were center stage, with the European Central Bank (“ECB”) announcing its asset purchase program, and the Swiss National Bank abandoning its approach to align the Swiss franc to the euro. Markets continued to rally on additional central bank intervention in Australia, China and Denmark. A cease fire agreement between Russia and Ukraine also lifted global markets as political tension in the region subsided.

•

An important theme throughout the year was U.S. dollar strength and speculation of an impending rate hike from the Federal Reserve (the “Fed”). Indexes rallied following a strong start to the earnings season and merger and acquisition activity despite uncertainty around the Fed’s

timing for raising rates and underperformance in the energy sector due to tumbling oil prices.

•

Developed equity markets experienced negative performance in the second half of the year driven primarily by weaker global growth expectations. Volatility increased in the eurozone, Asia and the United States as a result of disappointing macro data. A significant selloff in the Chinese equity market, spread across all of the developed areas despite continued Chinese government intervention. This resulted in a European equities selloff into correction territory.

•

The year neared its close with the Fed’s announcement that it would raise short-term rates for the first time in nearly a decade and an announcement from the ECB that it was not going to increase the value of bonds purchased each month under its asset purchase program. A key theme heading into 2016 is the divergence in monetary policy between the United States and the rest of the world.

Describe recent portfolio activity.

•

During the 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 index.

Describe portfolio positioning at period end.

•

The Series remains positioned to match the risk characteristics of its benchmark index, 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.



4	BLACKROCK INDEX FUNDS, INC.	DECEMBER 31, 2015


		BlackRock International Index Fund


Total Return Based on a $10,000 Investment

LOGO

Assuming transaction costs and other operating expenses, including administration fees, if any.

The Fund invests all of its assets in the Series. The Series invests in a statistically selected sample of equity securities included in the MSCI EAFE Index and in derivative instruments linked to the MSCI EAFE Index.

A free-float adjusted, market-capitalization weighted index designed to measure equity performance of developed markets, excluding the United States and Canada.


Performance Summary for the Period Ended December 31, 2015


	6-Month Total Returns			Average Annual Total Returns⁴
	6-Month Total Returns			1 Year			5 Years			10 Years
Institutional		(6.75	)%		(0.91	)%		3.23	%		2.63	%
Investor A		(6.87	)		(1.14	)		2.94			2.36
Class K⁵		(6.66	)		(0.81	)		3.27			2.68
MSCI EAFE Index		(6.01	)		(0.81	)		3.60			3.03

⁴

Average annual total returns reflect reductions for service fees, if any. See “About Fund Performance” on page 8 for a detailed description of share classes, including any related fees.

⁵

Class K Shares commenced operations on March 31, 2011.

Past performance is not indicative of future results.

Expense Example


	Actual						Hypothetical⁷
	Beginning Account Value July 1, 2015		Ending Account Value December 31, 2015		Expenses Paid During the Period⁶		Beginning Account Value July 1, 2015		Ending Account Value December 31, 2015		Expenses Paid During the Period⁶		Annualized Expense Ratio
Institutional	$	1,000.00	$	932.50	$	0.44	$	1,000.00	$	1,024.75	$	0.46		0.09	%
Investor A	$	1,000.00	$	931.30	$	1.66	$	1,000.00	$	1,023.49	$	1.73		0.34	%
Class K	$	1,000.00	$	933.40	$	0.34	$	1,000.00	$	1,024.85	$	0.36		0.07	%

⁶

For each class of the Fund, expenses are equal to the annualized net 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 invests all of its assets in the Series, the expense example reflects the net expenses of both the Fund and the Series.

⁷

Hypothetical 5% return before expenses is calculated by prorating the number of days in the most recent fiscal half year divided by 365.

See “Disclosure of Expenses” on page 8 for further information on how expenses were calculated.



BLACKROCK INDEX FUNDS, INC.	DECEMBER 31, 2015	5


Fund Summary as of December 31, 2015		BlackRock Small Cap Index Fund


Investment Objective

BlackRock Small Cap Index Fund’s (the “Fund”) investment objective is to match the performance of the Russell 2000^® Index as closely as possible before the deduction of Fund expenses.


Portfolio Management Commentary

How did the Fund perform?

•

For the 12-month period ended December 31, 2015, the Fund’s Institutional Shares returned (4.43)%, Investor A Shares returned (4.66)% and Class K Shares returned (4.41)%. The benchmark Russell 2000^® Index returned (4.41)% for the same period.

•

Returns for the Fund’s respective share classes differ from the benchmark index due to individual share-class expenses. The Fund invests all of its assets in Small Cap Index Master Portfolio (the “Series”), a series of Quantitative Master Series LLC.

Describe the market environment.

•

The year started with U.S. stock prices falling as lower oil prices punished the energy sector and the negative impact of a stronger dollar began to show in the earnings of large global exporting companies. U.S. equities came back into favor in the spring, after a powerful rally in European equities left valuations in the United States looking more appealing by comparison. U.S. stocks continued to outperform international markets into the summer as increasing turmoil around Greece’s debt troubles drove investors to the relative stability of U.S. markets.

•

The second half of the year started well with strong manufacturing and construction data and merger and acquisition activity. This momentum stuttered as volatility and uncertainty became major themes through the remainder of 2015 given a sharp selloff in Chinese equities, falling oil prices and anticipation of a rate hike from the Federal Reserve (the “Fed”).

•

With easy monetary policy in the beginning of 2015, many markets reached all-time highs, but hit considerable headwinds in the latter half of the year. Geopolitical strife in the Middle East and Russia, terrorist attacks in France and San Bernardino, California, slowing growth globally, oil price instability, and the Fed starting a tightening cycle were significant events that shaped 2015 market returns.

•

The U.S. dollar strengthened against most major currencies for the year, posting a 19.9% gain against the Canadian dollar, a 12.5% gain versus the Australian dollar, an 11.4% gain versus the euro, a 5.8% gain versus the British pound. A key theme heading into 2016 is the divergence in monetary policy between the United States and the rest of the world.

Describe recent portfolio activity.

•

During the period, as changes were made to the composition of the Russell 1000^® Index, the Series purchased and sold securities to maintain its objective of replicating the risks and return of the benchmark index.

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.



6	BLACKROCK INDEX FUNDS, INC.	DECEMBER 31, 2015


		BlackRock Small Cap Index Fund


Total Return Based on a $10,000 Investment

LOGO

Assuming transaction costs and other operating expenses, including administration fees, if any.

The Fund invests all of its assets in the Series. The Series may invest in a statistically selected sample of the stocks included in the Russell 2000^® Index and in derivative instruments linked to the Russell 2000^® Index.

An unmanaged index that is a subset of the Russell 3000^® Index representing approximately 10% of the total market capitalization of that index. It includes approximately 2000 of the smallest securities based on a combination of their market cap and current index membership.


Performance Summary for the Period Ended December 31, 2015


	6-Month Total Returns			Average Annual Total Returns⁴
	6-Month Total Returns			1 Year			5 Years			10 Years
Institutional		(8.88	)%		(4.43	)%		9.10	%		6.56	%
Investor A		(8.99	)		(4.66	)		8.84			6.29
Class K⁵		(8.91	)		(4.41	)		9.16			6.61
Russell 2000^® Index		(8.75	)		(4.41	)		9.19			6.80

⁴

Average annual total returns reflect reductions for service fees, if any. See “About Fund Performance” on page 8 for a detailed description of share classes, including related fees, if any.

⁵

Class K Shares commenced operations on March 31, 2011.

Past performance is not indicative of future results.

Expense Example


	Actual						Hypothetical⁷
	Beginning Account Value July 1, 2015		Ending Account Value December 31, 2015		Expenses Paid During the Period⁶		Beginning Account Value July 1, 2015		Ending Account Value December 31, 2015		Expenses Paid During the Period⁶		Annualized Expense Ratio
Institutional	$	1,000.00	$	911.20	$	0.72	$	1,000.00	$	1,024.45	$	0.77		0.15	%
Investor A	$	1,000.00	$	910.10	$	2.02	$	1,000.00	$	1,023.09	$	2.14		0.42	%
Class K	$	1,000.00	$	910.90	$	0.58	$	1,000.00	$	1,024.60	$	0.61		0.12	%

⁶

⁷

Hypothetical 5% annual return before expenses is calculated by prorating the number of days in the most recent fiscal half year divided by 365.

See “Disclosure of Expenses” on page 8 for further information on how expenses were calculated.



BLACKROCK INDEX FUNDS, INC.	DECEMBER 31, 2015	7


About Fund Performance

•

Institutional and Class K Shares are not subject to any sales charge. These shares bear no ongoing distribution or service fees and are available only to certain eligible investors. Prior to March 31, 2011, Class K Shares’ performance results are those of Institutional Shares restated to reflect Class K Shares’ fees.

•

Investor A Shares are not subject to any sales charge and bear no ongoing distribution fee. These shares are subject to an ongoing service fee of 0.25% per year. These shares are generally available through financial intermediaries.

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 the previous pages assume reinvestment of all distributions, if any, at net asset value (“NAV”) 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. Distributions paid to each class of shares will vary because of the different levels of service, distribution and transfer agency fees applicable to each class, which are deducted from the income available to be paid to shareholders.

BlackRock Advisors, LLC (the “Administrator”), the Funds’ administrator, has contractually agreed to waive and/or reimburse a portion of the Funds’ expenses. Without such waiver and/or reimbursement, the Funds’ performance would have been lower. The Administrator is under no obligation to continue waiving and/or reimbursing its fees after the applicable termination date of such agreement. See Note 4 of the Notes to Financial Statements for additional information on waivers and/or reimbursements.

Disclosure of Expenses

Shareholders of these Funds may incur the following charges: (a) transactional expenses, such as sales charges; and (b) operating expenses, including administration fees, service fees, including 12b-1 fees, acquired Fund fees and expenses and other Fund expenses. The expense examples on the previous pages (which are based on a hypothetical investment of $1,000 invested on July 1, 2015 and held through December 31, 2015) are intended to assist shareholders both in calculating expenses based on an investment in each Fund and in comparing these expenses with similar costs of investing in other mutual funds.

The expense examples provide 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 Fund and share class under the heading entitled “Expenses Paid During the Period.”

The expense examples also provide information about hypothetical account values and hypothetical expenses based on a 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 these Funds and other funds, compare the 5% hypothetical examples with the 5% hypothetical examples that appear in other funds’ shareholder reports.

The expenses shown in the expense examples are intended to highlight shareholders’ ongoing costs only and do not reflect any transactional expenses, such as sales charges, if any. Therefore, the hypothetical examples are 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.

Derivative Financial Instruments

The Series may invest in various derivative financial instruments. Derivative financial instruments are used to obtain exposure to a security, index and/or market without owning or taking physical custody of securities or to manage market, equity, credit, interest rate, foreign currency exchange rate, commodity and/or other risks. Derivative financial instruments may give rise to a form of economic leverage. Derivative financial instruments also involve risks, including the imperfect correlation between the value of a derivative financial instrument and the underlying asset, possible default of the counterparty to the transaction or illiquidity of the

derivative financial instrument. The Series’ ability to use a derivative financial instrument successfully depends on the investment advisor’s ability to predict pertinent market movements accurately, which cannot be assured. The use of derivative financial instruments may result in losses greater than if they had not been used, may limit the amount of appreciation a Series can realize on an investment and/or may result in lower distributions paid to shareholders. The Series’ investments in these instruments, if any, are discussed in detail in the Notes to Financial Statements.



8	BLACKROCK INDEX FUNDS, INC.	DECEMBER 31, 2015


Statements of Assets and Liabilities


December 31, 2015	BlackRock International Index Fund			BlackRock Small Cap Index Fund

Assets
Investments at value — from Master International Index Series and Master Small Cap Index Series (each, a “Series”), respectively¹	$	2,984,266,279		$	244,431,684
Receivables:
Capital shares sold		6,301,469			9,454,307
Withdrawals from Series		4,136,784			—
From advisor		227,257			10,283
Prepaid expenses		56,805			44,678

Total assets		2,994,988,594			253,940,952


Liabilities
Payables:
Capital shares redeemed		10,438,253			8,370,136
Contributions to Series		—			1,084,171
Service fees		34,949			18,968
Officer’s fees		356			104
Other accrued expenses		257,340			50,869

Total liabilities		10,730,898			9,524,248

Net Assets	$	2,984,257,696		$	244,416,704


Net Assets Consist of
Paid-in capital	$	3,198,227,767		$	218,375,149
Undistributed net investment income		700,709			600,536
Accumulated net realized gain (loss) allocated from the Series		(86,336,468	)		39,548,588
Net unrealized appreciation (depreciation) allocated from the Series		(128,334,312	)		(14,107,569	)

Net Assets	$	2,984,257,696		$	244,416,704

¹ Investments at cost	$	3,112,600,591		$	258,539,253

Net Asset Value
Institutional:
Net assets	$	2,702,936,332		$	148,148,441

Shares outstanding^2,3		228,890,499			9,668,836

Net asset value	$	11.81		$	15.32

Investor A:
Net assets	$	168,007,694		$	87,929,822

Shares outstanding³		14,298,718			5,731,724

Net asset value	$	11.75		$	15.34

Class K:
Net assets	$	113,313,670		$	8,338,441

Shares outstanding³		9,590,269			543,394

Net asset value	$	11.82		$	15.35

² 1.208 billion shares authorized, $ 0.0001 par value for International Index Fund.
³ 208 million shares authorized, $ 0.0001 par value.


Statements of Operations


Year Ended December 31, 2015	BlackRock International Index Fund			BlackRock Small Cap Index Fund

Investment Income
Net investment income allocated from the Series:
Dividends — unaffiliated	$	87,901,338		$	2,723,473
Securities lending — affiliated — net		191,362			430,807
Dividends — affiliated		8,690			7,918
Foreign taxes withheld		(10,439,305	)		(1,761	)
Expenses		(1,564,078	)		(165,984	)
Fees waived		81,622			22,388

Total income		76,179,629			3,016,841


Fund Expenses
Administration		428,768			101,299
Service — Investor A		684,202			234,030
Transfer agent — Institutional		412,769			27,979
Transfer agent — Investor A		188,502			68,654
Transfer agent — Class K		8,435			796
Registration		635,850			52,344
Professional		118,757			60,461
Printing		83,205			29,666
Officer		287			84
Miscellaneous		14,299			11,733

Total expenses		2,575,074			587,046
Less administration fees waived		(400,205	)		(97,099	)
Less transfer agent fees waived and/or reimbursed — class specific		(92,276	)		(24,117	)
Less other expenses reimbursed		(257,116	)		(40,217	)

Total expenses after fees waived and/or reimbursed		1,825,477			425,613

Net investment income		74,354,152			2,591,228


Realized and Unrealized Gain (Loss) Allocated from the Series
Net realized gain (loss) from investments, in-kind redemptions, financial futures contracts and foreign currency transactions		(62,073,557	)		34,918,848
Net change in unrealized appreciation (depreciation) on investments, in-kind redemptions, financial futures contracts and foreign currency translations		(120,265,106	)		(49,576,309	)

Net realized and unrealized loss		(182,338,663	)		(14,657,461	)

Net Decrease in Net Assets Resulting from Operations	$	(107,984,511	)	$	(12,066,233	)


Statements of Changes in Net Assets


	BlackRock International Index Fund
	Year Ended December 31,
Increase (Decrease) in Net Assets:	2015			2014

Operations
Net investment income	$	74,354,152		$	15,644,947
Net realized gain (loss)		(62,073,557	)		(6,707,171	)
Net change in unrealized appreciation (depreciation)		(120,265,106	)		(99,989,047	)

Net decrease in net assets resulting from operations		(107,984,511	)		(91,051,271	)


Distributions to Shareholders¹
From net investment income:
Institutional		(63,271,021	)		(12,556,660	)
Investor A		(3,190,483	)		(1,638,076	)
Class K		(2,423,152	)		(119,038	)

Decrease in net assets resulting from distributions to shareholders		(68,884,656	)		(14,313,774	)


Capital Share Transactions
Net increase in net assets derived from capital share transactions		1,047,843,791			1,835,861,523


Net Assets
Total increase in net assets		870,974,624			1,730,496,478
Beginning of year		2,113,283,072			382,786,594

End of year	$	2,984,257,696		$	2,113,283,072

Undistributed (distributions in excess of) net investment income, end of year	$	700,709		$	(2,581,716	)

¹Distributions for annual periods determined in accordance with federal income tax regulations.


Statements of Changes in Net Assets


	BlackRock Small Cap Index Fund
	Year Ended December 31,
Increase (Decrease) in Net Assets:	2015			2014

Operations
Net investment income	$	2,591,228		$	1,480,935
Net realized gain		34,918,848			11,431,686
Net change in unrealized appreciation (depreciation)		(49,576,309	)		(7,088,981	)

Net increase (decrease) in net assets resulting from operations		(12,066,233	)		5,823,640


Distributions to Shareholders¹
From net investment income:
Institutional		(1,402,219	)		(712,508	)
Investor A		(528,291	)		(1,007,255	)
Class K		(69,493	)		(40,628	)
From net realized gain:
Institutional		(3,470,794	)		(3,858,445	)
Investor A		(2,316,445	)		(6,546,880	)
Class K		(180,488	)		(212,248	)

Decrease in net assets resulting from distributions to shareholders		(7,967,730	)		(12,377,964	)


Capital Share Transactions
Net increase (decrease) in net assets derived from capital share transactions		130,987,610			(5,003,618	)


Net Assets
Total increase (decrease) in net assets		110,953,647			(11,557,942	)
Beginning of year		133,463,057			145,020,999

End of year	$	244,416,704		$	133,463,057

Undistributed (distributions in excess of) net investment income, end of year	$	600,536		$	(102,440	)

¹ Distributions for annual periods determined in accordance with federal income tax regulations.


Financial Highlights		BlackRock International Index Fund


	Institutional
	Year Ended December 31,
	2015			2014			2013			2012			2011

Per Share Operating Performance
Net asset value, beginning of year	$	12.21		$	13.11		$	11.06		$	9.63		$	11.42

Net investment income¹		0.34			0.24			0.32			0.33			0.35
Net realized and unrealized gain (loss)		(0.46	)		(1.04	)		2.04			1.45			(1.79	)²

Net increase (decrease) from investment operations		(0.12	)		(0.80	)		2.36			1.78			(1.44	)

Distributions from net investment income³		(0.28	)		(0.10	)		(0.31	)		(0.35	)		(0.35	)

Net asset value, end of year	$	11.81		$	12.21		$	13.11		$	11.06		$	9.63


Total Return⁴
Based on net asset value		(0.91)%			(6.13)%			21.52%			18.58%			(12.55)%


Ratios to Average Net Assets^5,6
Total expenses		0.12%			0.16%			0.40%			0.42%			0.44%

Total expenses after fees waived and/or reimbursed		0.09%			0.11%			0.35%			0.34%			0.35%

Net investment income		2.68%			1.91%			2.64%			3.22%			3.14%


Supplemental Data
Net assets, end of year (000)	$	2,702,936		$	1,764,794		$	71,826		$	52,589		$	70,169

Portfolio turnover of the Series		9%			6%			8%			21%			6%

Based on average shares outstanding.

Includes a redemption fee, which is less than $0.005 per share.

Distributions for annual periods determined in accordance with federal income tax regulations.

⁴

Where applicable, assumes the reinvestment of distributions.

⁵

Includes the Fund’s share of the Series’ allocated expenses and/or net investment income.

⁶

Includes the Fund’s share of the Series’ allocated fees waived of less than 0.01%.


Financial Highlights (continued)		BlackRock International Index Fund


	Investor A
	Year Ended December 31,
	2015			2014			2013			2012			2011

Per Share Operating Performance
Net asset value, beginning of year	$	12.12		$	13.02		$	10.99		$	9.57		$	11.36

Net investment income¹		0.32			0.41			0.29			0.30			0.31
Net realized and unrealized gain (loss)		(0.46	)		(1.25	)		2.02			1.45			(1.77	)²

Net increase (decrease) from investment operations		(0.14	)		(0.84	)		2.31			1.75			(1.46	)

Distributions from net investment income³		(0.23	)		(0.06	)		(0.28	)		(0.33	)		(0.33	)

Net asset value, end of year	$	11.75		$	12.12		$	13.02		$	10.99		$	9.57


Total Return⁴
Based on net asset value		(1.14)%			(6.45)%			21.20%			18.33%			(12.84)%


Ratios to Average Net Assets^5,6
Total expenses		0.42%			0.52%			0.69%			0.69%			0.70%

Total expenses after fees waived and/or reimbursed		0.37%			0.43%			0.60%			0.60%			0.60%

Net investment income		2.54%			3.13%			2.41%			2.90%			2.84%


Supplemental Data
Net assets, end of year (000)	$	168,008		$	332,475		$	308,624		$	223,754		$	168,266

Portfolio turnover of the Series		9%			6%			8%			21%			6%

Based on average shares outstanding.

Includes a redemption fee, which is less than $0.005 per share.

Distributions for annual periods determined in accordance with federal income tax regulations.

⁴

Where applicable, assumes the reinvestment of distributions.

⁵

Includes the Fund’s share of the Series’ allocated expenses and/or net investment income.

⁶

Includes the Fund’s share of the Series’ allocated fees waived of less than 0.01%.


Financial Highlights (concluded)		BlackRock International Index Fund


	Class K
	Year Ended December 31,												Period March 31, 2011¹ to December 31, 2011
	2015			2014			2013			2012			Period March 31, 2011¹ to December 31, 2011

Per Share Operating Performance
Net asset value, beginning of period	$	12.21		$	13.11		$	11.06		$	9.63		$	11.80

Net investment income²		0.28			0.34			0.28			0.22			0.26
Net realized and unrealized gain (loss)		(0.38	)		(1.14	)		2.09			1.57			(2.08	)

Net increase (decrease) from investment operations		(0.10	)		(0.80	)		2.37			1.79			(1.82	)

Distributions from net investment income³		(0.29	)		(0.10	)		(0.32	)		(0.36	)		(0.35	)

Net asset value, end of period	$	11.82		$	12.21		$	13.11		$	11.06		$	9.63


Total Return⁴
Based on net asset value		(0.81)%			(6.12)%			21.57%			18.65%			(15.38)%	⁵


Ratios to Average Net Assets^6,7
Total expenses		0.12%			0.15%			0.36%			0.33%			0.48%	⁸

Total expenses after fees waived and/or reimbursed		0.07%			0.11%			0.30%			0.29%			0.30%	⁸

Net investment income		2.25%			2.65%			2.29%			2.11%			3.27%	⁸


Supplemental Data
Net assets, end of period (000)	$	113,314		$	16,014		$	2,336		$	710		$	20

Portfolio turnover of the Series		9%			6%			8%			21%			6%

Commencement of operations.

Based on average shares outstanding.

Distributions for annual periods determined in accordance with federal income tax regulations.

⁴

Where applicable, assumes the reinvestment of distributions.

⁵

Aggregate total return.

⁶

Includes the Fund’s share of the Series’ allocated expenses and/or net investment income.

⁷

Includes the Fund’s share of the Series’ allocated fees waived of less than 0.01%.

⁸

Annualized.


Financial Highlights		BlackRock Small Cap Index Fund


	Institutional
	Year Ended December 31,
	2015			2014			2013			2012			2011

Per Share Operating Performance
Net asset value, beginning of year	$	16.60		$	17.51		$	12.99		$	11.51		$	12.21

Net investment income¹		0.24			0.20			0.22			0.24			0.14
Net realized and unrealized gain (loss)		(0.97	)		0.56			4.83			1.61			(0.69	)²

Net increase (decrease) from investment operations		(0.73	)		0.76			5.05			1.85			(0.55	)

Distributions:³
From net investment income		(0.14	)		(0.26	)		(0.19	)		(0.37	)		(0.15	)
From net realized gain		(0.41	)		(1.41	)		(0.34	)		—			—

Total distributions		(0.55	)		(1.67	)		(0.53	)		(0.37	)		(0.15	)

Net asset value, end of year	$	15.32		$	16.60		$	17.51		$	12.99		$	11.51


Total Return⁴
Based on net asset value		(4.43)%			4.81%			39.14%			16.10%			(4.49)%


Ratios to Average Net Assets^5,6
Total expenses		0.22%			0.35%			0.51%			0.60%			0.61%

Total expenses after fees waived and/or reimbursed		0.16%			0.23%			0.29%			0.28%			0.30%

Net investment income		1.47%			1.17%			1.45%			1.88%			1.14%


Supplemental Data
Net assets, end of year (000)	$	148,148		$	46,988		$	60,707		$	44,328		$	49,829

Portfolio turnover rate of the Series		37%			21%			22%			68%			31%

Based on average shares outstanding.

Includes a redemption fee, which is less than $0.005 per share.

Distributions for annual periods determined in accordance with federal income tax regulations.

⁴

Where applicable, assumes the reinvestment of distributions.

⁵

Includes the Fund’s share of the Series’ allocated expenses and/or net investment income.

⁶

Includes the Fund’s share of the Series’ allocated fees waived of less than 0.01%.


Financial Highlights (continued)		BlackRock Small Cap Index Fund


	Investor A
	Year Ended December 31,
	2015			2014			2013			2012			2011

Per Share Operating Performance
Net asset value, beginning of year	$	16.61		$	17.52		$	13.01		$	11.51		$	12.21

Net investment income¹		0.18			0.16			0.19			0.21			0.11
Net realized and unrealized gain (loss)		(0.95	)		0.56			4.82			1.62			(0.70	)

Net increase (decrease) from investment operations		(0.77	)		0.72			5.01			1.83			(0.59	)

Distributions:²
From net investment income		(0.09	)		(0.22	)		(0.16	)		(0.33	)		(0.11	)
From net realized gain		(0.41	)		(1.41	)		(0.34	)		—			—

Total distributions		(0.50	)		(1.63	)		(0.50	)		(0.33	)		(0.11	)

Net asset value, end of year	$	15.34		$	16.61		$	17.52		$	13.01		$	11.51


Total Return³
Based on net asset value		(4.66)%			4.54%			38.72%			15.96%			(4.76)%


Ratios to Average Net Assets^4,5
Total expenses		0.53%			0.63%			0.77%			0.88%			0.88%

Total expenses after fees waived and/or reimbursed		0.43%			0.48%			0.55%			0.55%			0.55%

Net investment income		1.09%			0.95%			1.20%			1.64%			0.88%


Supplemental Data
Net assets, end of year (000)	$	87,930		$	83,859		$	83,118		$	49,303		$	45,263

Portfolio turnover rate of the Series		37%			21%			22%			68%			31%

Based on average shares outstanding.

Distributions for annual periods determined in accordance with federal income tax regulations.

Where applicable, assumes the reinvestment of distributions.

⁴

Includes the Fund’s share of the Series’ allocated expenses and/or net investment income.

⁵

Includes the Fund’s share of the Series’ allocated fees waived of less than 0.01%.


Financial Highlights (concluded)		BlackRock Small Cap Index Fund


	Class K
	Year Ended December 31												Period March 31, 2011¹ to December 31 2011
	2015			2014			2013			2012			Period March 31, 2011¹ to December 31 2011

Per Share Operating Performance
Net asset value, beginning of period	$	16.62		$	17.53		$	13.01		$	11.51		$	13.17

Net investment income²		0.25			0.23			0.25			0.25			0.11
Net realized and unrealized gain (loss)		(0.97	)		0.54			4.81			1.62			(1.62	)

Net increase (decrease) from investment operations		(0.72	)		0.77			5.06			1.87			(1.51	)

Distributions:³
From net investment income		(0.14	)		(0.27	)		(0.20	)		(0.37	)		(0.15	)
From net realized gain		(0.41	)		(1.41	)		(0.34	)		—			—

Total distributions		(0.55	)		(1.68	)		(0.54	)		(0.37	)		(0.15	)

Net asset value, end of period	$	15.35		$	16.62		$	17.53		$	13.01		$	11.51


Total Return⁴
Based on net asset value		(4.41)%			4.87%			39.14%			16.30%			(11.42)%	⁵


Ratio to Average Net Assets^6,7
Total expenses		0.21%			0.32%			0.49%			0.68%			0.68%	⁸

Total expenses after fees waived and/or reimbursed		0.13%			0.18%			0.25%			0.25%			0.25%	⁸

Net investment income		1.50%			1.35%			1.57%			1.99%			1.28%	⁸


Supplemental Data
Net assets, end of period (000)	$	8,338		$	2,617		$	1,196		$	40		$	22

Portfolio turnover rate of the Series		37%			21%			22%			68%			31%

Commencement of operations.

Based on average shares outstanding.

Distributions for annual periods determined in accordance with federal income tax regulations.

⁴

Where applicable, assumes the reinvestment of distributions.

⁵

Aggregate total return.

⁶

Includes the Fund’s share of the Series’ allocated expenses and/or net investment income.

⁷

Includes the Fund’s share of the Series’ allocated fees waived of less than 0.01%.

⁸

Annualized.


Notes to Financial Statements		BlackRock Index Funds, Inc.

1. Organization:

BlackRock International Index Fund and BlackRock Small Cap Index Fund are each a series of BlackRock Index Funds, Inc. (the “Corporation”), which is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open end management investment company. The Corporation is organized as a Maryland corporation. The following are referred to herein collectively as the “Funds” or individually, a “Fund”:


Fund Name	Herein Referred To As	Diversification Classification
BlackRock International Index Fund	International Index	Diversified
BlackRock Small Cap Index Fund	Small Cap Index	Diversified

The Funds seek to achieve their investment objectives by investing all of their assets in Master International Index Series (“Master International Index”) and Master Small Cap Index Series (“Master Small Cap Index”), respectively (collectively the “Series” or individually, a “Series”), of Quantitative Master Series LLC (the “Master LLC”), an affiliate of the Funds, each of which has the same investment objectives and strategies as the corresponding Fund. The value of each Fund’s investment in the respective series reflects each Fund’s proportionate interest in the net assets of the respective series. The performance of each Fund is directly affected by the performance of the respective Series. At December 31, 2015, the percentages of Master International Index and Master Small Cap Index owned by International Index and Small Cap Index were 100.00% and 52.52%, respectively (79% and 19%, respectively, as of December 31, 2014). The change in ownership percentage from 2014 to 2015 is due to capital activity of other funds that also invest in each respective Series. The financial statements of the Series, including the Schedules of Investments, are included elsewhere in this report and should be read in conjunction with the Funds’ financial statements.

The Funds offer multiple classes of shares. All classes of shares have identical voting, dividend, liquidation and other rights and are subject to the same terms and conditions, except that certain classes bear expenses related to the shareholder servicing and distribution of such shares. Institutional and Class K Shares are sold only to certain eligible investors. Investor A Shares are generally available through financial intermediaries. Each class has exclusive voting rights with respect to matters relating to its shareholder servicing and distribution expenditures. The Boards of Directors of the Corporation and Boards of Directors of the Master LLC are referred to throughout this report as the “Board of Directors” or the “Board” and the members are referred to as “Directors.”

Share Class

Initial Sales Charge

CDSC

Conversion Privilege

Institutional Shares

None

Investor A Shares

None

Class K Shares

None

The Funds, together with certain other registered investment companies advised by BlackRock Advisor, LLC (the “Administrator”) or its affiliates, are included in a complex of open-end funds referred to as the Equity-Liquidity Complex.

2. Significant Accounting Policies:

The financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”), which may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. Each Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. Below is a summary of significant accounting policies:

Investment Transactions and Investment Income: For financial reporting purposes, contributions to and withdrawals from the Series are accounted on a trade date basis. The Funds record daily their proportionate share of the Series’ income, expenses and realized and unrealized gains and losses. In addition, the Funds accrue their own expenses. Income, expenses and realized and unrealized gains and losses are allocated daily to each class based on its relative net assets.

Distributions: Distributions paid by the Funds are recorded on the ex-dividend date. The character and timing of distributions are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP.

In-Kind Redemptions: The Series satisfied certain redemptions in investors’ capital through an in-kind redemption of securities and cash. For financial reporting purposes, these transactions were treated as a sale of securities and the resulting gains and losses were recognized at the Series based on the market value of the securities on the date of the transfer. For the year ended December 31, 2015, International Index and Small Cap Index were allocated realized gain from the in-kind redemption of $140,306,871 and $41,798,460, respectively. For tax purposes, no gains or losses were recognized.



BLACKROCK INDEX FUNDS, INC.	DECEMBER 31, 2015	19


Notes to Financial Statements (continued)		BlackRock Index Funds, Inc.

Indemnifications: In the normal course of business, a Fund enters into contracts that contain a variety of representations that provide general indemnification. A Fund’s maximum exposure under these arrangements is unknown because it involves future potential claims against a Fund, which cannot be predicted with any certainty.

Other: Expenses directly related to a Fund or its classes are charged to that Fund or the applicable class. Other operating expenses shared by several funds, including other funds managed by the Administrator, are prorated among those funds on the basis of relative net assets or other appropriate methods. Expenses directly related to the Funds and other shared expenses prorated to the Funds are allocated daily to each class based on its relative net assets or other appropriate methods.

3. Investment Valuation and Fair Value Measurements:

Investment Valuation Policies: The Funds’ policy is to fair value its financial instruments at market value. The Funds record their investment in the Series at fair value based on the Funds’ proportionate interest in the net assets of the respective Series. Valuation of securities held by the Series is discussed in Note 3 of the Series’ Notes to Financial Statements, which are included elsewhere in this report.

4. Administration Agreement and Other Transactions with Affiliates:

The PNC Financial Services Group, Inc. is the largest stockholder and an affiliate of BlackRock, Inc. (“BlackRock”) for 1940 Act purposes.

The Corporation, on behalf of the Funds, entered into an Administration Agreement with the Administrator, an indirect, wholly owned subsidiary of BlackRock, to provide administrative services (other than investment advice and related portfolio activities). For such services, International Index and Small Cap Index pay the Administrator a monthly fee at an annual rate of 0.01% and 0.04%, respectively, of the average daily value of the applicable Fund’s net assets. The Funds do not pay an investment advisory fee or investment management fee. Prior to April 30, 2015, the International Index and Small Cap Index paid the Administrator a monthly fee at an annual rate of 0.03% and 0.08%, respectively, of the average daily value of the applicable Fund’s net assets.

The Administrator contractually agreed to waive and/or reimburse fees or expenses. In order to limit expenses, excluding interest expense, dividend expense, acquired fund fees and expenses and certain other fund expenses, which constitute extraordinary expenses not incurred in the ordinary course of each Fund’s business. The expense limitations as a percentage of average daily net assets are as follows:


	International Index		Small Cap Index
Institutional		0.12%		0.17%
Investor A		0.37%		0.42%
Class K		0.07%		0.12%

Prior to April 30, 2015, the expense limitations as a percentage of average daily net assets were as follows:


	International Index		Small Cap Index
Institutional		0.14%		0.21%
Investor A		0.39%		0.46%
Class K		0.09%		0.16%

The Administrator has agreed not to reduce or discontinue this contractual reimbursement prior to May 1, 2016 unless approved by the Corporation’s Board, including a majority of the Independent Directors or by a majority of the outstanding voting securities of the Funds. These amounts are shown as administration fees waived and transfer agent fees waived and/or reimbursed — class specific in the Statements of Operations.

For the year ended December 31, 2015, the amounts shown as transfer agent fees waived and/or reimbursed — class specific were as follows:


	International Index		Small Cap Index
Institutional		—	$	44
Investor A	$	83,841	$	23,278
Class K	$	8,435	$	795

The Corporation, on behalf of the Funds, entered into a Distribution Agreement and a Distribution Plan with BlackRock Investments, LLC (“BRIL”), an affiliate of the Administrator. Pursuant to the Distribution Plan and in accordance with Rule 12b-1 under the 1940 Act, each Fund pays BRIL ongoing service and distribution fees with respect to Investor A Shares. The fees are accrued daily and paid monthly at the annual rate 0.25% based upon the average daily net assets.

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



20	BLACKROCK INDEX FUNDS, INC.	DECEMBER 31, 2015


Notes to Financial Statements (continued)				BlackRock Index Funds, Inc.

Pursuant to written agreements, certain financial intermediaries, some of which may be affiliates, provide the Funds 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 asset-based fee or an annual fee per shareholder account, which will vary depending on share class and/or net assets. For the year ended December 31, 2015, the Funds paid the following amounts to affiliates of BlackRock in return for these services, which are included in transfer agent — class specific in the Statements of Operations:


	International Index		Small Cap Index
Institutional	$	6		—

The Administrator maintains a call center, which is responsible for providing certain shareholder services to the Funds, 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, 2015 each 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 Statements of Operations:


	International Index		Small Cap Index
Institutional	$	7,005	$	521
Investor A	$	5,184	$	2,797
Class K	$	413	$	58

Certain officers and/or directors of the Corporation are officers and/or directors of BlackRock or its affiliates. The Funds reimburse the Administrator for a portion of the compensation paid to the Corporation’s Chief Compliance Officer, which is included in officer in the Statements of Operations.

5. Income Tax Information:

It is the Funds’ 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 their taxable income to their shareholders. Therefore, no federal income tax provision is required.

Each Fund files U.S. federal and various state and local tax returns. No income tax returns are currently under examination. The statute of limitations on each Fund’s U.S. federal tax returns remains open for each of the four years ended December 31, 2015. The statutes of limitations on each Fund’s state and local tax returns may remain open for an additional year depending upon the jurisdiction.

Management has analyzed tax laws and regulations and their application to the Funds as of December 31, 2015, inclusive of the open tax return years, and does not believe there are any uncertain tax positions that require recognition of a tax liability in the Funds’ financial statements.

US GAAP requires 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. As of period end, the following permanent differences attributable to the income recognized from partnership interests were reclassified to the following accounts:


	International Index			Small Cap Index
Paid-in-capital	$	(30,167,923	)	$	(12,712,807	)
Undistributed net investment income	$	(2,187,071	)	$	111,751
Accumulated net realized gain (loss) allocated from the Series	$	32,354,994		$	12,601,056

The tax character of distributions paid was as follows:


		International Index		Small Cap Index
Ordinary income	12/31/15	$	68,884,656	$	2,021,900
	12/31/14		14,413,774		2,186,848
Long-term capital gains	12/31/15		—		5,945,830
	12/31/14		—		10,191,116

Total	12/31/15		68,884,656		7,967,730

	12/31/14	$	14,313,774	$	12,377,964

As of period end, the tax components of accumulated net earnings (losses) were as follows:


	International Index			Small Cap Index
Undistributed net investment income	$	700,709		$	600,536
Undistributed long-term capital gains		—			1,329,742
Capital loss carryforwards		(73,579,153	)		—
Net unrealized gains (losses)¹		(135,120,717	)		24,111,277
Qualified late-year losses²		(5,970,910	)		—

Total	$	(213,970,071	)	$	26,041,555

The difference between book-basis and tax-basis net unrealized gains (losses) was attributable primarily to the timing of income recognition on partnership interests.

The Fund has elected to defer certain qualified late-year losses and recognize such losses in the next taxable year.



BLACKROCK INDEX FUNDS, INC.	DECEMBER 31, 2015	21


Notes to Financial Statements (continued)		BlackRock Index Funds, Inc.

As of period end, International Index had a capital loss carryforward available to offset future realized capital gains through the indicated expiration date as follows:


Expires December 31,	International Index
No expiration date¹	$	62,712,226
2016		4,270,741
2017		6,596,186

Total	$	73,579,153

Must be utilized prior to losses subject to expiration.

6. Capital Share Transactions:

Transactions in capital shares for each class were as follows:


	Year Ended December 31, 2015						Year Ended December 31, 2014
International Index	Shares			Amount			Shares			Amount
Institutional
Shares sold		129,253,779		$	1,676,077,062			144,662,721		$	1,845,029,543
Shares issued to shareholders in reinvestment of distributions		5,397,919			62,660,086			1,030,829			12,541,117
Shares redeemed		(50,322,944	)		(632,293,953	)		(6,610,394	)		(84,894,321	)

Net increase		84,328,754		$	1,106,443,195			139,083,156		$	1,772,676,339


Investor A
Shares sold		10,737,540		$	135,131,083			11,606,455		$	151,854,021
Shares issued to shareholders in reinvestment of distributions		272,793			3,158,559			132,973			1,629,568
Shares redeemed		(24,137,174	)		(298,272,532	)		(8,019,713	)		(105,018,790	)

Net increase (decrease)		(13,126,841	)	$	(159,982,890	)		3,719,715		$	48,464,799


Class K
Shares sold		9,109,639		$	111,769,916			1,344,085		$	17,426,754
Shares issued to shareholders in reinvestment of distributions		145,522			1,687,623			9,743			119,038
Shares redeemed		(976,141	)		(12,074,053	)		(220,728	)		(2,825,407	)

Net increase		8,279,020		$	101,383,486			1,133,100		$	14,720,385

Total Net Increase		79,480,933		$	1,047,843,791			143,935,971		$	1,835,861,523


Small Cap Index
Institutional
Shares sold		10,457,624		$	172,750,723			1,065,529		$	18,355,091
Shares issued to shareholders in reinvestment of distributions		309,095			4,805,308			272,582			4,364,658
Shares redeemed		(3,928,047	)		(64,210,331	)		(1,975,628	)		(33,823,911	)

Net increase (decrease)		6,838,672		$	113,345,700			(637,517	)	$	(11,104,162	)


Investor A
Shares sold and automatic conversion of shares		2,588,913		$	43,034,640			1,065,381		$	18,374,630
Shares issued to shareholders in reinvestment of distributions		172,798			2,734,164			451,129			7,219,938
Shares redeemed		(2,077,241	)		(34,522,308	)		(1,213,790	)		(21,038,490	)

Net increase		684,470		$	11,246,496			302,720		$	4,556,078


Class K
Shares sold		437,622		$	7,261,825			125,184		$	2,169,394
Shares issued to shareholders in reinvestment of distributions		15,971			249,981			15,634			249,688
Shares redeemed		(67,612	)		(1,116,392	)		(51,667	)		(874,616	)

Net increase		385,981		$	6,395,414			89,151		$	1,544,466

Total Net Increase (Decrease)		7,909,123		$	130,987,610			(245,646	)	$	(5,003,618	)



22	BLACKROCK INDEX FUNDS, INC.	DECEMBER 31, 2015


Notes to Financial Statements (concluded)				BlackRock Index Funds, Inc.

7. Subsequent Events:

Management has evaluated the impact of all subsequent events on the Funds 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 INDEX FUNDS, INC.	DECEMBER 31, 2015	23


Report of Independent Registered Public Accounting Firm		BlackRock Index Funds, Inc.

To the Shareholders of BlackRock International Index Fund and BlackRock Small Cap Index Fund and Board of Directors of BlackRock Index Funds, Inc.:

We have audited the accompanying statements of assets and liabilities of BlackRock International Index Fund and BlackRock Small Cap Index Fund, each one of the series constituting BlackRock Index Funds, Inc., (the “Funds”) as of December 31, 2015, and the related statements 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 periods presented. These financial statements and financial highlights are the responsibility of the Funds’ 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 audits to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. The Funds are 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 Funds’ 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 and BlackRock Small Cap Index Fund, of BlackRock Index Funds, Inc., as of December 31, 2015, the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended, and the financial highlights for each of the periods presented, in conformity with accounting principles generally accepted in the United States of America.

Deloitte & Touche LLP

Boston, Massachusetts

February 24, 2016

Important Tax Information (Unaudited)

During the fiscal year ended December 31, 2015, the following information is provided with respect to the ordinary income distributions paid by the Funds.


	Payable Date		International Index		Small Cap Index
Qualified Dividend Income for Individuals^1,2		7/17/2015 12/14/2015		100.00% 100.00%		100.00% 75.41%
Dividends Qualifying for the Dividend Received Deduction for Corporations¹		7/17/2015 12/14/2015		— —		71.97% 71.97%
Foreign Source Income²		7/17/2015 12/14/2015		100.00% 100.00%		— —
Foreign Taxes Paid Per Share³		7/17/2015 12/14/2015		$0.000262448 $0.041532248		— —

The Funds hereby designate the percentage indicated or the maximum amount allowable by law.

Expressed as a percentage of the cash distribution grossed-up for foreign taxes.

The foreign taxes paid represent taxes incurred by the Funds on income received by the Funds from foreign sources. Foreign taxes paid may be included in taxable income with an offsetting deduction from gross income or may be taken as a credit for taxes paid to foreign governments. You should consult your tax advisor regarding the appropriate treatment of foreign taxes paid.

Additionally, Small Cap Index Fund distributed long-term capital gains of $0.156642 and $0.255434 per share to shareholders of record on July 15, 2015 and December 10, 2015, respectively.



24	BLACKROCK INDEX FUNDS, INC.	DECEMBER 31, 2015


Series Portfolio Information as of December 31, 2015		Quantitative Master Series LLC

Master International Index Series


Ten Largest Holdings		Percent of Net Assets


Nestlé SA, Registered Shares	2	%
Novartis AG, Registered Shares	2
Roche Holding AG	2
Toyota Motor Corp.	1
HSBC Holdings PLC	1
Novo Nordisk A/S	1
Commonwealth Bank of Australia	1
British American Tobacco PLC	1
Bayer AG, Registered Shares	1
Sanofi	1


Geographic Allocation		Percent of Net Assets


Japan	23	%
United Kingdom	17
Switzerland	10
France	10
Germany	9
Australia	7
Netherlands	4
Spain	3
Hong Kong	3
Sweden	3
Italy	2
Denmark	2
Belgium	2
Other¹	5

Includes holdings within countries that are 1% or less of net assets. Please refer to the Schedule of Investments for such countries.

Master Small Cap Index Series


Ten Largest Holdings		Percent of Net Assets


STERIS PLC	0.4	%
Tyler Technologies, Inc.	0.3
Dyax Corp.	0.3
CubeSmart	0.3
Manhattan Associates, Inc.	0.3
Neurocrine Biosciences, Inc.	0.3
Casey’s General Stores, Inc.	0.3
Vail Resorts, Inc.	0.3
Anacor Pharmaceuticals, Inc.	0.3
Piedmont Natural Gas Co., Inc.	0.3


Sector Allocation		Percent of Net Assets


Financials	26	%
Information Technology	18
Health Care	16
Consumer Discretionary	13
Industrials	12
Short-Term Securities	4
Utilities	4
Materials	4
Consumer Staples	3
Energy	3
Telecommunication Services	1
Liabilities in Excess of Other Assets	(4	)

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 the investment advisor. These definitions may not apply for purposes of this report, which may combine such sector sub-classifications for reporting ease.



BLACKROCK INDEX FUNDS, INC.	DECEMBER 31, 2015	25

Schedule of Investments December 31, 2015

Master International Index Series

(Percentages shown are based on Net Assets)


Common Stocks	Shares		Value
Australia — 6.7%
AGL Energy Ltd.		165,147	$	2,160,968
Alumina Ltd.		575,208		480,034
Amcor Ltd.		283,380		2,753,102
AMP Ltd.		701,984		2,957,792
APA Group (a)		269,724		1,697,201
Aristocrat Leisure Ltd.		127,571		941,970
Asciano Ltd.		155,324		987,502
ASX Ltd.		45,306		1,393,862
Aurizon Holdings Ltd.		522,314		1,658,135
AusNet Services		563,680		606,830
Australia & New Zealand Banking Group Ltd.		684,959		13,822,318
Bank of Queensland Ltd.		91,286		920,859
Bendigo & Adelaide Bank Ltd.		126,750		1,096,368
BGP Holdings PLC (b)		783,183		8
BHP Billiton Ltd.		774,759		9,970,807
Boral Ltd.		164,561		703,589
Brambles Ltd.		372,473		3,119,424
Caltex Australia Ltd.		64,858		1,772,810
Challenger Ltd.		119,531		753,330
CIMIC Group, Ltd.		20,437		358,502
Coca-Cola Amatil Ltd.		140,404		946,736
Cochlear Ltd.		14,127		977,609
Commonwealth Bank of Australia		407,526		25,195,083
Computershare Ltd.		105,257		885,689
Crown Resorts Ltd.		86,871		785,159
CSL Ltd.		111,037		8,465,423
Dexus Property Group		225,481		1,223,048
DUET Group (a)		515,386		853,557
Flight Centre Travel Group Ltd.		14,458		416,979
Fortescue Metals Group Ltd. (c)		379,995		511,375
Goodman Group		418,449		1,896,179
GPT Group		430,893		1,492,267
Harvey Norman Holdings Ltd.		143,333		433,286
Healthscope Ltd.		374,296		721,282
Iluka Resources Ltd.		111,009		491,040
Incitec Pivot Ltd.		416,986		1,191,511
Insurance Australia Group Ltd.		574,532		2,307,326
Lend Lease Group (a)		131,113		1,352,764
Macquarie Group Ltd.		72,177		4,317,840
Medibank Pvt Ltd.		669,127		1,043,377
Mirvac Group		887,264		1,270,154
National Australia Bank Ltd.		628,654		13,718,371
Newcrest Mining Ltd. (b)		188,206		1,780,847
Oil Search Ltd.		306,269		1,490,718
Orica Ltd.		87,001		974,734
Origin Energy Ltd.		410,835		1,389,744
Platinum Asset Management Ltd.		61,938		361,929
Qantas Airways Ltd. (b)		109,805		325,470
QBE Insurance Group Ltd.		327,027		2,974,368
Ramsay Health Care Ltd.		34,671		1,704,850
REA Group Ltd.		12,703		505,426
Rio Tinto Ltd.		101,814		3,292,617
Santos Ltd.		421,537		1,122,749
Scentre Group		1,271,293		3,856,014
Seek Ltd.		72,891		811,288


Common Stocks	Shares		Value
Australia (continued)
Sonic Healthcare Ltd.		93,263	$	1,207,490
South32, Ltd. (b)		1,385,544		1,064,376
Stockland		578,784		1,718,110
Suncorp Group Ltd.		307,932		2,703,642
Sydney Airport (a)		263,842		1,214,285
Tabcorp Holdings Ltd.		207,835		707,642
Tatts Group Ltd.		338,192		1,073,719
Telstra Corp. Ltd.		1,000,402		4,065,329
TPG Telecom Ltd.		75,858		543,116
Transurban Group (a)		464,533		3,521,140
Transurban Group (b)		24,690		188,372
Treasury Wine Estates Ltd.		187,404		1,125,200
Vicinity Centres		750,998		1,523,532
Wesfarmers Ltd.		272,054		8,201,903
Westfield Corp.		477,298		3,283,770
Westpac Banking Corp.		796,225		19,300,309
Woodside Petroleum Ltd.		177,748		3,703,194
Woolworths Ltd.		307,797		5,461,092

				199,848,441
Austria — 0.2%
Andritz AG		17,402		846,925
Erste Group Bank AG (b)		65,897		2,061,922
OMV AG		36,485		1,035,636
Raiffeisen Bank International AG (b)		25,575		374,807
Strabag SE		30,711		—
Voestalpine AG		25,598		782,996

				5,102,286
Belgium — 1.4%
Ageas		49,802		2,311,503
Anheuser-Busch InBev NV		192,970		24,014,563
Colruyt SA		14,465		744,127
Delhaize Group		24,691		2,403,090
Groupe Bruxelles Lambert SA		18,484		1,581,626
KBC Groep NV		60,099		3,757,759
Proximus		37,848		1,231,608
Solvay SA		17,837		1,903,726
Telenet Group Holding NV (b)		13,598		734,895
UCB SA		30,327		2,737,408
Umicore SA		24,133		1,012,045

				42,432,350
Denmark — 1.9%
A.P. Moeller — Maersk A/S, Class A		827		1,064,939
A.P. Moeller — Maersk A/S, Class B		1,775		2,315,139
Carlsberg A/S, Class B		26,461		2,344,224
Chr Hansen Holding A/S		22,796		1,425,898
Coloplast A/S, Class B		27,363		2,209,209
Danske Bank A/S		169,451		4,546,759
DSV A/S		43,728		1,721,294
ISS A/S		36,541		1,317,184
Novo Nordisk A/S, Class B		469,300		27,171,629
Novozymes A/S, Class B		57,048		2,731,392
Pandora A/S		27,131		3,420,780


Portfolio Abbreviations


ADR		American Depositary Receipts
CLP		Chilean Peso
CVA		Certificaten Van Aandelen (Dutch Certificate)
EUR		Euro
FTSE		Financial Times Stock Exchange
GBP		British Pound
NOK		Norwegian Krone
REIT		Real Estate Investment Trust
USD		U.S. Dollar

See Notes to Financial Statements.



26	BLACKROCK INDEX FUNDS, INC.	DECEMBER 31, 2015


Schedule of Investments (continued)		Master International Index Series


Common Stocks	Shares		Value
Denmark (continued)
TDC A/S		198,995	$	990,804
Tryg A/S		28,484		566,022
Vestas Wind Systems A/S		52,691		3,679,874
William Demant Holding A/S (b)		6,508		619,916

				56,125,063
Finland — 0.9%
Elisa OYJ		35,273		1,327,141
Fortum OYJ		110,917		1,671,123
Kone OYJ, Class B		78,368		3,318,184
Metso OYJ		28,866		646,604
Neste Oil OYJ		33,197		990,794
Nokia OYJ		881,081		6,233,221
Nokian Renkaat OYJ		28,408		1,014,202
Orion OYJ, Class B		25,552		884,055
Sampo OYJ, Class A		106,967		5,432,021
Stora Enso OYJ, Class R		134,343		1,214,747
UPM-Kymmene OYJ		131,224		2,436,215
Wartsila OYJ		35,642		1,627,339

				26,795,646
France — 9.6%
Accor SA		51,102		2,213,223
Aeroports de Paris		6,453		750,926
Air Liquide SA		81,772		9,180,258
Airbus Group SE		140,975		9,499,927
Alcatel-Lucent (b)		673,598		2,671,919
Alstom SA (b)		50,958		1,556,506
ArcelorMittal (c)		244,776		1,032,759
Arkema		16,095		1,126,627
AtoS		20,844		1,749,905
AXA SA		472,865		12,920,352
BNP Paribas SA		255,225		14,439,946
Bollore SA		204,343		952,163
Bouygues SA		48,692		1,930,668
Bureau Veritas SA		64,764		1,290,836
Cap Gemini SA		37,724		3,500,244
Carrefour SA		134,439		3,879,854
Casino Guichard-Perrachon SA		13,728		630,673
Christian Dior SA		13,328		2,263,926
Cie Generale des Etablissements Michelin		43,470		4,137,586
CNP Assurances		39,256		529,537
Compagnie de Saint-Gobain		116,383		5,043,487
Credit Agricole SA		251,925		2,968,718
Danone SA		139,122		9,400,956
Dassault Systemes SA		30,426		2,431,974
Edenred		48,285		912,733
Electricite de France SA		58,298		858,582
Engie SA		355,826		6,302,821
Essilor International SA		49,549		6,175,581
Eurazeo		10,270		708,312
Eutelsat Communications SA		41,739		1,249,683
Fonciere Des Regions		6,208		555,252
Gecina SA		7,988		971,112
Groupe Eurotunnel SE, Registered Shares		113,539		1,412,547
Hermes International		6,188		2,091,698
ICADE		8,697		583,742
Iliad SA		6,436		1,534,202
Imerys SA		9,511		664,356
Ingenico Group SA		13,439		1,696,284
JCDecaux SA		18,865		723,186
Kering		18,141		3,101,657
Klepierre		50,525		2,245,826
L’Oreal SA		60,579		10,189,680
Lagardere SCA		33,919		1,012,191
Legrand SA		64,242		3,633,865
LVMH Moet Hennessy Louis Vuitton SA		67,031		10,528,575


Common Stocks	Shares		Value
France (continued)
Natixis SA		225,274	$	1,274,394
Numericable-SFR		26,678		969,157
Orange SA		481,795		8,058,367
Pernod Ricard SA		51,820		5,909,780
Peugeot SA (b)		105,089		1,842,095
Publicis Groupe SA		47,165		3,136,252
Remy Cointreau SA		4,877		349,317
Renault SA		46,243		4,628,715
Rexel SA		71,898		957,377
Safran SA		70,283		4,828,635
Sanofi		284,340		24,231,947
Schneider Electric SE		134,802		7,657,283
SCOR SE		33,309		1,246,346
SES SA		74,207		2,056,253
Societe BIC SA		7,093		1,167,188
Societe Generale SA		174,027		8,019,537
Sodexo SA		22,173		2,166,233
Suez Environnement Co.		72,157		1,349,575
Technip SA		27,384		1,361,813
Thales SA		24,067		1,801,407
Total SA		521,504		23,379,737
Unibail-Rodamco SE		23,657		6,012,771
Valeo SA		18,389		2,835,117
Veolia Environnement SA		111,737		2,651,045
Vinci SA		116,033		7,437,104
Vivendi SA		281,092		6,037,021
Wendel SA		6,338		753,744
Zodiac Aerospace		49,364		1,175,372

				286,548,437
Germany — 8.6%
adidas AG		49,606		4,814,710
Allianz SE, Registered Shares		109,987		19,388,287
Axel Springer AG		11,086		616,497
BASF SE		220,216		16,775,616
Bayer AG, Registered Shares		197,879		24,713,174
Bayerische Motoren Werke AG		77,703		8,186,127
Bayerische Motoren Werke AG, Preference Shares		15,125		1,265,438
Beiersdorf AG		24,272		2,206,115
Brenntag AG		37,714		1,965,190
Commerzbank AG (b)		261,349		2,696,750
Continental AG		26,477		6,405,045
Daimler AG, Registered Shares		231,675		19,357,363
Deutsche Bank AG, Registered Shares		330,415		8,024,013
Deutsche Boerse AG		46,336		4,072,986
Deutsche Lufthansa AG, Registered Shares (b)		58,520		921,752
Deutsche Post AG, Registered Shares		230,950		6,456,849
Deutsche Telekom AG, Registered Shares		770,333		13,835,679
Deutsche Wohnen AG, Bearer Shares		79,252		2,191,461
E.ON SE		484,569		4,652,830
Evonik Industries AG		34,300		1,134,540
Fraport AG Frankfurt Airport Services Worldwide		8,628		550,225
Fresenius Medical Care AG & Co. KGaA		52,908		4,446,101
Fresenius SE & Co. KGaA		91,568		6,522,589
Fuchs Petrolub SE, Preference Shares		16,916		796,515
GEA Group AG		44,247		1,787,615
Hannover Rueck SE		14,893		1,700,624
HeidelbergCement AG		33,428		2,724,299
Henkel AG & Co. KGaA		25,507		2,439,811
Hugo Boss AG		15,928		1,314,204
Infineon Technologies AG		274,228		3,997,890
K+S AG, Registered Shares		46,747		1,191,633
Kabel Deutschland Holding AG		5,371		663,663
Lanxess AG		23,022		1,059,408
Linde AG		44,720		6,460,177
MAN SE		8,704		874,680
Merck KGaA		30,751		2,977,336

See Notes to Financial Statements.



BLACKROCK INDEX FUNDS, INC.	DECEMBER 31, 2015	27


Schedule of Investments (continued)		Master International Index Series


Common Stocks	Shares		Value
Germany (continued)
Metro AG		40,254	$	1,282,384
Muenchener Rueckversicherungs AG, Registered Shares		40,046		7,978,644
OSRAM Licht AG		21,573		901,298
Porsche Automobil Holding SE, Preference Shares		36,327		1,955,024
ProSiebenSat.1 Media AG, Registered Shares		52,315		2,639,360
RWE AG		118,366		1,492,285
SAP SE		236,453		18,763,281
Siemens AG, Registered Shares		190,357		18,416,244
Symrise AG		28,181		1,865,537
Telefonica Deutschland Holding AG		132,424		698,494
ThyssenKrupp AG		85,476		1,694,422
TUI AG		119,825		2,139,485
United Internet AG, Registered Shares		28,664		1,575,921
Volkswagen AG		7,825		1,202,442
Vonovia SE		112,130		3,464,040
Zalando SE (b)(d)		20,065		793,725

				256,049,778
Hong Kong — 3.1%
AIA Group Ltd.		2,883,000		17,226,154
ASM Pacific Technology Ltd.		55,904		436,470
Bank of East Asia Ltd.		277,132		1,028,014
BOC Hong Kong Holdings Ltd.		880,900		2,680,597
Cathay Pacific Airways Ltd.		289,263		497,722
Cheung Kong Infrastructure Holdings Ltd.		170,500		1,575,229
Cheung Kong Property Holdings Ltd.		650,439		4,207,679
CK Hutchison Holdings Ltd.		650,439		8,743,147
CLP Holdings Ltd.		477,187		4,044,639
First Pacific Co. Ltd.		585,250		387,691
Galaxy Entertainment Group Ltd.		547,000		1,713,927
Hang Lung Properties Ltd.		535,000		1,212,234
Hang Seng Bank Ltd.		178,153		3,376,595
Henderson Land Development Co. Ltd.		254,220		1,550,744
HK Electric Investments & HK Electric Investments Ltd. (a)(d)		464,500		389,210
HKT Trust & HKT Ltd. (a)		536,560		685,408
Hong Kong & China Gas Co. Ltd.		1,724,511		3,374,936
Hong Kong Exchanges & Clearing Ltd.		269,427		6,863,596
Hongkong Land Holdings Ltd.		124,100		866,563
Hysan Development Co. Ltd.		174,791		714,137
Kerry Properties Ltd.		148,500		404,123
Li & Fung Ltd.		1,465,980		991,422
Link REIT		551,414		3,287,466
Melco Crown Entertainment Ltd. — ADR		17,738		297,998
MGM China Holdings Ltd.		276,400		343,530
MTR Corp.		321,500		1,587,507
New World Development Co. Ltd.		1,276,968		1,253,903
NWS Holdings Ltd.		331,824		495,327
PCCW Ltd.		1,249,000		730,110
Power Assets Holdings Ltd.		347,500		3,185,723
Sands China Ltd.		594,600		2,015,809
Shangri-La Asia Ltd.		299,905		292,013
Sino Land Co. Ltd.		741,263		1,079,838
SJM Holdings Ltd.		538,000		381,251
Sun Hung Kai Properties Ltd.		410,324		4,931,920
Swire Pacific Ltd., Class A		150,077		1,676,377
Swire Properties Ltd.		267,800		770,015
Techtronic Industries Co. Ltd.		340,500		1,378,427
WH Group Ltd. (b)(d)		1,441,000		802,018
Wharf Holdings Ltd.		329,357		1,815,901
Wheelock & Co. Ltd.		213,000		893,787
Wynn Macau Ltd.		387,600		450,309
Yue Yuen Industrial Holdings Ltd.		161,285		546,356

				91,185,822


Common Stocks	Shares		Value
Ireland — 0.9%
Bank of Ireland (b)		6,319,630	$	2,313,959
CRH PLC		192,035		5,538,084
Experian PLC		240,939		4,258,453
James Hardie Industries PLC		111,433		1,404,940
Kerry Group PLC, Class A		37,761		3,124,335
Ryanair Holdings PLC		9,354		152,463
Shire PLC		141,322		9,695,732

				26,487,966
Israel — 0.7%
Azrieli Group		10,232		381,169
Bank Hapoalim BM		256,228		1,322,649
Bank Leumi Le-Israel BM (b)		341,312		1,183,435
Bezeq The Israeli Telecommunication Corp. Ltd.		479,381		1,055,290
Check Point Software Technologies Ltd. (b)		16,283		1,325,111
Delek Group Ltd.		1,080		216,275
Israel Chemicals Ltd.		96,150		390,302
Mizrahi Tefahot Bank Ltd.		33,279		397,468
Mobileye NV (b)		18,843		796,682
NICE Systems Ltd.		13,079		751,516
Taro Pharmaceutical Industries, Ltd. (b)		1,630		251,917
Teva Pharmaceutical Industries Ltd.		207,427		13,532,722

				21,604,536
Italy — 2.2%
Assicurazioni Generali SpA		281,130		5,135,313
Atlantia SpA		100,714		2,664,731
Banca Monte dei Paschi di Siena SpA (b)		602,354		797,403
Banco Popolare SC (b)		63,727		878,178
Enel Green Power SpA		448,651		911,913
Enel SpA		1,710,381		7,172,143
Eni SpA		606,463		9,010,938
Exor SpA		26,294		1,193,397
Finmeccanica SpA (b)		99,828		1,388,034
Intesa Sanpaolo SpA		3,266,509		10,786,491
Luxottica Group SpA		42,049		2,740,125
Mediobanca SpA		137,536		1,318,428
Prysmian SpA		46,316		1,011,964
Saipem SpA (b)		66,983		541,408
Snam SpA		526,371		2,747,096
Telecom Italia SpA (b)		2,580,256		3,269,990
Telecom Italia SpA, Non-Convertible Savings Shares		1,624,398		1,667,163
Tenaris SA		112,861		1,336,426
Terna — Rete Elettrica Nazionale SpA		384,164		1,975,712
UniCredit SpA		1,143,451		6,321,786
Unione di Banche Italiane SCpA		227,741		1,521,639
UnipolSai SpA		278,383		708,235

				65,098,513
Japan — 23.0%
ABC-Mart, Inc.		6,600		361,271
Acom Co. Ltd. (b)		102,500		482,674
Aeon Co. Ltd.		161,700		2,491,409
AEON Financial Service Co. Ltd.		28,900		645,589
Aeon Mall Co. Ltd.		27,550		472,541
Air Water, Inc.		43,000		691,579
Aisin Seiki Co. Ltd.		45,500		1,958,246
Ajinomoto Co., Inc.		138,000		3,267,250
Alfresa Holdings Corp.		42,400		837,412
Alps Electric Co. Ltd.		42,600		1,155,228
Amada Co. Ltd.		88,800		847,391
ANA Holdings, Inc.		318,000		917,463
Aozora Bank Ltd.		252,000		879,435
Asahi Glass Co. Ltd.		241,100		1,381,226
Asahi Group Holdings Ltd.		92,800		2,905,048
Asahi Kasei Corp.		308,000		2,082,728

See Notes to Financial Statements.



28	BLACKROCK INDEX FUNDS, INC.	DECEMBER 31, 2015


Schedule of Investments (continued)		Master International Index Series


Common Stocks	Shares		Value
Japan (continued)
Asics Corp.		39,900	$	827,825
Astellas Pharma, Inc.		510,000		7,260,235
Bandai Namco Holdings, Inc.		45,200		954,946
Bank of Kyoto Ltd.		85,000		788,260
Bank of Yokohama Ltd.		278,000		1,704,028
Benesse Holdings, Inc.		13,500		388,773
Bridgestone Corp.		158,500		5,436,771
Brother Industries Ltd.		51,200		588,173
Calbee, Inc.		17,500		739,008
Canon, Inc.		256,700		7,765,181
Casio Computer Co. Ltd.		48,100		1,124,421
Central Japan Railway Co.		34,300		6,089,412
Chiba Bank Ltd.		156,000		1,107,012
Chubu Electric Power Co., Inc.		154,500		2,115,682
Chugai Pharmaceutical Co. Ltd.		54,700		1,906,657
Chugoku Bank Ltd.		40,100		535,084
Chugoku Electric Power Co., Inc.		75,000		990,252
Citizen Holdings Co. Ltd.		64,500		463,579
Credit Saison Co. Ltd.		34,000		669,875
Dai Nippon Printing Co. Ltd.		113,000		1,117,416
Dai-ichi Life Insurance Co. Ltd.		256,700		4,270,893
Daicel Corp.		72,600		1,080,425
Daihatsu Motor Co. Ltd.		40,000		539,601
Daiichi Sankyo Co. Ltd.		153,400		3,166,129
Daikin Industries Ltd.		56,400		4,107,141
Daito Trust Construction Co. Ltd.		17,700		2,044,536
Daiwa House Industry Co. Ltd.		143,200		4,116,476
Daiwa Securities Group, Inc.		404,000		2,469,932
Denso Corp.		115,700		5,528,780
Dentsu, Inc.		53,113		2,905,929
Don Quijote Holdings Co. Ltd.		27,900		979,813
East Japan Railway Co.		79,349		7,471,968
Eisai Co. Ltd.		59,500		3,935,969
Electric Power Development Co. Ltd.		35,000		1,246,582
FamilyMart Co. Ltd.		14,800		688,716
FANUC Corp.		46,700		8,045,937
Fast Retailing Co. Ltd.		12,600		4,407,621
Fuji Electric Co. Ltd.		117,800		494,038
Fuji Heavy Industries Ltd.		140,500		5,788,075
FUJIFILM Holdings Corp.		110,300		4,603,095
Fujitsu Ltd.		452,000		2,255,985
Fukuoka Financial Group, Inc.		185,000		917,345
GungHo Online Entertainment, Inc. (c)		94,000		255,363
Gunma Bank Ltd.		84,000		488,396
Hachijuni Bank Ltd.		101,000		618,119
Hakuhodo DY Holdings, Inc.		59,100		639,436
Hamamatsu Photonics KK		36,200		992,430
Hankyu Hanshin Holdings, Inc.		282,000		1,832,967
Hikari Tsushin, Inc.		4,500		306,449
Hino Motors Ltd.		57,000		658,775
Hirose Electric Co. Ltd.		8,000		968,577
Hiroshima Bank Ltd.		126,000		716,156
Hisamitsu Pharmaceutical Co., Inc.		14,100		591,956
Hitachi Chemical Co. Ltd.		26,300		417,240
Hitachi Construction Machinery Co. Ltd.		27,500		427,688
Hitachi High-Technologies Corp.		13,600		367,786
Hitachi Ltd.		1,144,000		6,482,328
Hitachi Metals Ltd.		54,700		674,899
Hokuhoku Financial Group, Inc.		316,000		644,180
Hokuriku Electric Power Co.		50,000		738,922
Honda Motor Co. Ltd.		390,400		12,477,775
Hoshizaki Electric Co Ltd.		7,800		484,889
Hoya Corp.		98,800		4,040,185
Hulic Co. Ltd.		72,600		637,467
Idemitsu Kosan Co. Ltd.		19,500		311,360
IHI Corp.		326,000		899,922
Iida Group Holdings Co. Ltd.		37,900		702,438


Common Stocks	Shares		Value
Japan (continued)
Inpex Corp.		231,000	$	2,251,997
Isetan Mitsukoshi Holdings Ltd.		83,105		1,083,775
Isuzu Motors Ltd.		142,800		1,538,332
ITOCHU Corp.		370,700		4,384,804
Itochu Techno-Solutions Corp.		8,900		177,327
Iyo Bank Ltd.		57,700		560,595
J. Front Retailing Co. Ltd.		58,500		850,450
Japan Airlines Co. Ltd.		30,480		1,090,967
Japan Airport Terminal Co. Ltd.		10,300		455,971
Japan Exchange Group, Inc.		135,000		2,110,288
Japan Post Bank Co. Ltd. (b)		97,700		1,422,480
Japan Post Holdings Co. Ltd. (b)		108,600		1,685,087
Japan Prime Realty Investment Corp.		208		710,301
Japan Real Estate Investment Corp.		329		1,596,548
Japan Retail Fund Investment Corp.		596		1,146,630
Japan Tobacco, Inc.		262,500		9,637,361
JFE Holdings, Inc.		111,000		1,742,965
JGC Corp.		52,000		795,923
Joyo Bank Ltd.		134,000		633,666
JSR Corp.		42,200		657,659
JTEKT Corp.		51,800		847,867
JX Holdings, Inc.		538,460		2,259,960
Kajima Corp.		212,800		1,266,467
Kakaku.com, Inc.		37,300		733,676
Kamigumi Co. Ltd.		55,000		473,539
Kaneka Corp.		69,000		717,203
Kansai Electric Power Co., Inc. (b)		168,700		2,022,678
Kansai Paint Co. Ltd.		55,200		836,708
Kao Corp.		119,200		6,125,537
Kawasaki Heavy Industries Ltd.		349,000		1,291,263
KDDI Corp.		421,800		10,954,221
Keihan Electric Railway Co. Ltd.		126,000		843,852
Keikyu Corp.		104,000		859,377
Keio Corp.		149,000		1,286,722
Keisei Electric Railway Co. Ltd.		67,000		854,803
Keyence Corp.		10,992		6,041,259
Kikkoman Corp.		37,000		1,281,955
Kintetsu Group Holdings Co. Ltd.		442,000		1,797,078
Kirin Holdings Co. Ltd.		201,700		2,738,510
Kobe Steel Ltd.		759,000		824,665
Koito Manufacturing Co. Ltd.		25,600		1,049,790
Komatsu Ltd.		222,500		3,640,643
Konami Corp.		25,500		607,015
Konica Minolta, Inc.		106,300		1,064,613
Kose Corp.		7,500		693,457
Kubota Corp.		272,000		4,202,031
Kuraray Co. Ltd.		85,800		1,039,278
Kurita Water Industries Ltd.		26,500		554,948
Kyocera Corp.		77,500		3,599,140
Kyowa Hakko Kirin Co. Ltd.		58,000		912,610
Kyushu Electric Power Co. Inc. (b)		107,000		1,166,203
Kyushu Financial Group, Inc. (b)		87,500		616,602
Lawson, Inc.		16,300		1,323,087
LIXIL Group Corp.		68,000		1,510,260
M3, Inc.		45,900		951,699
Mabuchi Motor Co. Ltd.		11,300		612,402
Makita Corp.		28,900		1,665,410
Marubeni Corp.		404,600		2,080,087
Marui Group Co. Ltd.		51,800		842,921
Maruichi Steel Tube Ltd.		6,500		191,890
Mazda Motor Corp.		129,480		2,671,787
McDonald’s Holdings Co. Japan Ltd.		13,200		287,054
Medipal Holdings Corp.		29,200		497,684
Meiji Holdings Co. Ltd.		28,600		2,362,350
Minebea Co. Ltd.		75,000		642,148
Miraca Holdings, Inc.		13,300		585,220
Mitsubishi Chemical Holdings Corp.		323,500		2,052,516

See Notes to Financial Statements.



BLACKROCK INDEX FUNDS, INC.	DECEMBER 31, 2015	29


Schedule of Investments (continued)		Master International Index Series


Common Stocks	Shares		Value
Japan (continued)
Mitsubishi Corp.		318,600	$	5,299,309
Mitsubishi Electric Corp.		466,000		4,891,530
Mitsubishi Estate Co. Ltd.		299,000		6,217,205
Mitsubishi Gas Chemical Co., Inc.		85,000		434,649
Mitsubishi Heavy Industries Ltd.		731,200		3,197,173
Mitsubishi Logistics Corp.		31,000		408,461
Mitsubishi Materials Corp.		254,000		800,010
Mitsubishi Motors Corp.		163,000		1,379,067
Mitsubishi Tanabe Pharma Corp.		55,400		954,466
Mitsubishi UFJ Financial Group, Inc.		3,047,074		18,874,335
Mitsubishi UFJ Lease & Finance Co. Ltd.		121,400		624,753
Mitsui & Co. Ltd.		402,300		4,780,143
Mitsui Chemicals, Inc.		185,000		820,476
Mitsui Fudosan Co. Ltd.		224,000		5,621,923
Mitsui OSK Lines Ltd.		263,000		663,359
Mixi, Inc.		9,300		347,852
Mizuho Financial Group, Inc.		5,630,764		11,261,529
MS&AD Insurance Group Holdings, Inc.		120,570		3,535,676
Murata Manufacturing Co. Ltd.		48,800		7,021,402
Nabtesco Corp.		25,900		526,162
Nagoya Railroad Co. Ltd.		195,000		811,611
NEC Corp.		635,000		2,012,009
Nexon Co. Ltd.		35,500		577,504
NGK Insulators Ltd.		66,000		1,487,652
NGK Spark Plug Co. Ltd.		44,300		1,166,350
NH Foods Ltd.		38,000		744,795
NHK Spring Co. Ltd.		37,700		377,991
Nidec Corp.		53,500		3,879,604
Nikon Corp.		73,900		989,777
Nintendo Co. Ltd.		25,900		3,561,510
Nippon Building Fund, Inc.		355		1,696,384
Nippon Electric Glass Co. Ltd.		89,500		451,095
Nippon Express Co. Ltd.		209,000		982,138
Nippon Paint Holdings Co., Ltd.		36,400		880,954
Nippon Prologis REIT, Inc.		370		669,305
Nippon Steel & Sumitomo Metal		181,300		3,586,541
Nippon Telegraph & Telephone Corp.		179,800		7,155,701
Nippon Yusen KK		400,000		969,476
Nissan Motor Co. Ltd.		593,200		6,211,241
Nisshin Seifun Group, Inc.		48,140		786,343
Nissin Foods Holdings Co. Ltd.		14,000		742,891
Nitori Holdings Co. Ltd.		17,300		1,452,886
Nitto Denko Corp.		40,310		2,942,858
NOK Corp.		20,800		485,906
Nomura Holdings, Inc.		868,000		4,834,808
Nomura Real Estate Holdings, Inc.		27,500		510,186
Nomura Real Estate Master Fund, Inc. (b)		850		1,056,533
Nomura Research Institute Ltd.		29,200		1,121,390
NSK Ltd.		116,000		1,260,447
NTT Data Corp.		31,800		1,537,405
NTT DoCoMo, Inc.		343,500		7,045,729
NTT Urban Development Corp.		34,500		331,486
Obayashi Corp.		162,000		1,494,806
Obic Co. Ltd.		13,200		698,737
Odakyu Electric Railway Co. Ltd.		147,000		1,582,719
Oji Holdings Corp.		183,000		735,475
Olympus Corp.		64,500		2,539,279
Omron Corp.		49,300		1,644,002
Ono Pharmaceutical Co. Ltd.		19,800		3,530,571
Oracle Corp. Japan		9,500		442,320
Oriental Land Co. Ltd.		48,100		2,909,879
ORIX Corp.		317,600		4,455,440
Osaka Gas Co. Ltd.		460,000		1,661,492
Otsuka Corp.		12,700		623,872
Otsuka Holdings Co. Ltd.		92,500		3,286,425
Panasonic Corp.		524,400		5,316,108
Park24 Co. Ltd.		23,600		571,767


Common Stocks	Shares		Value
Japan (continued)
Rakuten, Inc.		218,200	$	2,513,174
Recruit Holdings Co. Ltd.		33,100		972,934
Resona Holdings, Inc.		527,856		2,563,393
Ricoh Co. Ltd.		169,200		1,742,219
Rinnai Corp.		8,000		708,828
Rohm Co. Ltd.		23,400		1,185,230
Ryohin Keikaku Co. Ltd.		6,000		1,215,068
Sankyo Co. Ltd.		9,900		369,545
Sanrio Co. Ltd.		12,800		300,715
Santen Pharmaceutical Co. Ltd.		90,800		1,494,879
SBI Holdings, Inc.		53,740		579,903
Secom Co. Ltd.		51,400		3,483,366
Sega Sammy Holdings, Inc.		38,732		362,274
Seibu Holdings, Inc.		31,100		635,134
Seiko Epson Corp.		64,400		991,706
Sekisui Chemical Co. Ltd.		90,800		1,185,508
Sekisui House Ltd.		136,800		2,300,121
Seven & I Holdings Co. Ltd.		178,800		8,186,279
Seven Bank Ltd.		129,100		566,167
Shikoku Electric Power Co., Inc.		49,500		773,252
Shimadzu Corp.		63,000		1,054,614
Shimamura Co. Ltd.		5,400		632,389
Shimano, Inc.		19,300		2,963,679
Shimizu Corp.		144,000		1,174,210
Shin-Etsu Chemical Co. Ltd.		96,900		5,268,048
Shinsei Bank Ltd.		395,000		726,914
Shionogi & Co. Ltd.		73,000		3,301,806
Shiseido Co. Ltd.		87,100		1,807,206
Shizuoka Bank Ltd.		132,000		1,280,141
Showa Shell Sekiyu KK		42,600		347,623
SMC Corp.		13,100		3,402,512
Softbank Group Corp.		231,600		11,688,945
Sohgo Security Services Co. Ltd.		12,200		572,167
Sompo Japan Nipponkoa Holdings, Inc.		78,475		2,576,701
Sony Corp.		302,100		7,424,648
Sony Financial Holdings, Inc.		43,700		781,672
Stanley Electric Co. Ltd.		30,800		675,677
Sumitomo Chemical Co. Ltd.		367,000		2,107,714
Sumitomo Corp.		275,000		2,803,713
Sumitomo Dainippon Pharma Co. Ltd.		42,700		503,068
Sumitomo Electric Industries Ltd.		184,500		2,605,292
Sumitomo Heavy Industries Ltd.		137,000		614,152
Sumitomo Metal Mining Co. Ltd.		120,000		1,456,670
Sumitomo Mitsui Financial Group, Inc.		303,650		11,460,065
Sumitomo Mitsui Trust Holdings, Inc.		807,820		3,059,481
Sumitomo Realty & Development Co. Ltd.		86,000		2,454,670
Sumitomo Rubber Industries Ltd.		37,300		485,026
Suntory Beverage & Food Ltd.		32,500		1,422,724
Suruga Bank Ltd.		41,700		859,378
Suzuken Co. Ltd.		19,200		729,641
Suzuki Motor Corp.		87,100		2,646,428
Sysmex Corp.		35,100		2,251,477
T&D Holdings, Inc.		134,500		1,774,530
Taiheiyo Cement Corp.		266,000		776,802
Taisei Corp.		258,000		1,699,436
Taisho Pharmaceutical Holdings Co. Ltd.		6,000		423,753
Taiyo Nippon Sanso Corp.		36,100		326,479
Takashimaya Co. Ltd.		66,000		594,362
Takeda Pharmaceutical Co. Ltd.		188,000		9,373,577
TDK Corp.		28,800		1,844,465
Teijin Ltd.		224,000		763,362
Terumo Corp.		71,600		2,219,129
THK Co. Ltd.		29,100		539,342
Tobu Railway Co. Ltd.		254,000		1,252,834
Toho Co. Ltd.		25,700		711,176
Toho Gas Co. Ltd.		99,000		639,365
Tohoku Electric Power Co., Inc.		109,000		1,362,642

See Notes to Financial Statements.



30	BLACKROCK INDEX FUNDS, INC.	DECEMBER 31, 2015


Schedule of Investments (continued)		Master International Index Series


Common Stocks	Shares		Value
Japan (continued)
Tokio Marine Holdings, Inc.		163,500	$	6,315,122
Tokyo Electric Power Co., Inc. (b)		346,700		1,996,387
Tokyo Electron Ltd.		41,700		2,526,387
Tokyo Gas Co. Ltd.		559,000		2,626,624
Tokyo Tatemono Co. Ltd.		48,100		523,511
Tokyu Corp.		276,000		2,181,060
Tokyu Fudosan Holdings Corp.		124,700		781,603
TonenGeneral Sekiyu KK		62,000		523,404
Toppan Printing Co. Ltd.		131,000		1,206,924
Toray Industries, Inc.		356,700		3,314,642
Toshiba Corp. (b)		976,000		2,005,899
Toto Ltd.		33,500		1,176,922
Toyo Seikan Kaisha Ltd.		37,900		703,012
Toyo Suisan Kaisha Ltd.		22,300		777,211
Toyoda Gosei Co. Ltd.		15,800		358,927
Toyota Industries Corp.		38,800		2,074,769
Toyota Motor Corp.		655,300		40,352,696
Toyota Tsusho Corp.		51,900		1,214,087
Trend Micro, Inc.		26,300		1,067,178
Unicharm Corp.		88,800		1,813,445
United Urban Investment Corp.		618		838,969
USS Co. Ltd.		52,900		794,866
West Japan Railway Co.		40,700		2,813,306
Yahoo! Japan Corp.		351,300		1,428,000
Yakult Honsha Co. Ltd.		21,600		1,057,205
Yamada Denki Co. Ltd.		168,300		726,976
Yamaguchi Financial Group, Inc.		49,000		580,513
Yamaha Corp.		44,300		1,070,039
Yamaha Motor Co. Ltd.		64,200		1,439,062
Yamato Holdings Co. Ltd.		82,100		1,739,544
Yamazaki Baking Co. Ltd.		27,000		607,116
Yaskawa Electric Corp.		55,800		759,253
Yokogawa Electric Corp.		51,800		622,943
Yokohama Rubber Co. Ltd.		27,800		426,947

				685,889,907
Luxembourg — 0.0%
RTL Group SA (b)		9,582		797,945
Netherlands — 4.1%
Aegon NV		432,575		2,446,410
AerCap Holdings NV (b)		19,526		842,742
Akzo Nobel NV		58,466		3,906,619
Altice NV Class A (b)		85,005		1,221,291
Altice NV Class B (b)		28,768		419,305
ASML Holding NV		83,687		7,435,715
CNH Industrial NV		234,318		1,604,829
Gemalto NV		18,283		1,097,169
Heineken Holding NV		24,050		1,851,530
Heineken NV		55,648		4,742,148
ING Groep NV CVA		929,435		12,575,288
Koninklijke Ahold NV		201,061		4,241,065
Koninklijke Boskalis Westminster NV		19,460		793,815
Koninklijke DSM NV		44,048		2,208,805
Koninklijke KPN NV		778,925		2,946,176
Koninklijke Philips Electronics NV		226,478		5,780,681
Koninklijke Vopak NV		15,336		660,442
NN Group NV		58,152		2,051,771
NXP Semiconductor NV (b)		27,898		2,350,407
OCI NV (b)		19,475		480,867
QIAGEN NV (b)		54,628		1,480,646
Randstad Holding NV		29,347		1,827,478
RELX NV		244,502		4,117,974
Royal Dutch Shell PLC, Class A		942,232		21,340,757
Royal Dutch Shell PLC, Class B		587,050		13,379,411
TNT Express NV		124,239		1,050,917
Unilever NV CVA		390,737		17,029,921


Common Stocks	Shares		Value
Netherlands (continued)
Wolters Kluwer NV		75,111	$	2,522,490

				122,406,669
New Zealand — 0.2%
Auckland International Airport Ltd.		228,538		896,579
Contact Energy Ltd.		181,912		588,786
Fletcher Building Ltd.		146,462		733,990
Meridian Energy Ltd.		322,834		526,472
Mighty River Power Ltd.		172,399		327,118
Ryman Healthcare Ltd.		88,150		511,581
Spark New Zealand Ltd.		452,252		1,018,319

				4,602,845
Norway — 0.5%
DnB NOR ASA		239,355		2,949,146
Gjensidige Forsikring ASA		45,766		732,491
Norsk Hydro ASA		324,422		1,205,909
Orkla ASA		198,609		1,566,811
Schibsted ASA, Class A		19,164		630,048
Schibsted ASA, Class B (b)		17,411		554,884
Statoil ASA		261,403		3,645,725
Telenor ASA		181,625		3,027,427
Yara International ASA		42,772		1,839,550

				16,151,991
Portugal — 0.1%
Banco Comercial Portugues SA (b)		9,961,677		527,890
EDP — Energias de Portugal SA		468,549		1,688,341
Galp Energia SGPS SA		100,169		1,168,839
Jeronimo Martins SGPS SA		61,293		797,567

				4,182,637
Singapore — 1.2%
Ascendas Real Estate Investment Trust		450,262		721,616
CapitaLand Commercial Trust Ltd.		548,900		520,785
CapitaLand Ltd.		635,349		1,493,380
CapitaLand Mall Trust		638,800		866,781
City Developments Ltd.		104,135		560,206
ComfortDelGro Corp. Ltd.		486,616		1,041,977
DBS Group Holdings Ltd.		420,207		4,924,617
Genting Singapore PLC		1,531,327		826,268
Global Logistic Properties Ltd.		724,400		1,093,960
Golden Agri-Resources Ltd.		1,973,651		471,431
Hutchison Port Holdings Trust		1,411,600		745,919
Jardine Cycle & Carriage Ltd.		29,456		720,116
Keppel Corp. Ltd.		340,477		1,555,358
Noble Group Ltd. (c)		1,109,840		310,218
Oversea-Chinese Banking Corp. Ltd.		712,798		4,406,819
SembCorp Industries Ltd.		225,590		483,547
SembCorp Marine Ltd. (c)		193,997		238,702
Singapore Airlines Ltd.		147,209		1,159,929
Singapore Exchange Ltd.		194,200		1,050,314
Singapore Press Holdings Ltd.		269,385		746,678
Singapore Technologies Engineering Ltd.		375,113		792,946
Singapore Telecommunications Ltd.		1,941,732		5,006,297
StarHub Ltd.		154,657		402,477
Suntec Real Estate Investment Trust		707,200		770,190
United Overseas Bank Ltd. (c)		304,047		4,191,836
UOL Group Ltd.		131,199		575,000
Wilmar International Ltd.		492,070		1,015,303
Yangzijiang Shipbuilding Holdings Ltd.		513,083		396,398

				37,089,068
Spain — 3.1%
Abertis Infraestructuras SA		140,784		2,201,774
ACS Actividades de Construccion y Servicios SA		50,910		1,489,498
Aena SA (b)(d)		16,336		1,870,622
Amadeus IT Holding SA, Class A		107,598		4,742,340

See Notes to Financial Statements.



BLACKROCK INDEX FUNDS, INC.	DECEMBER 31, 2015	31


Schedule of Investments (continued)		Master International Index Series


Common Stocks	Shares		Value
Spain (continued)
Banco Bilbao Vizcaya Argentaria SA		1,554,112	$	11,355,561
Banco de Sabadell SA		1,228,909		2,177,983
Banco Popular Espanol SA		430,109		1,417,158
Banco Santander SA		3,498,632		17,211,064
Bankia SA		1,153,039		1,341,811
Bankinter SA		175,260		1,242,824
CaixaBank SA		674,131		2,346,387
Distribuidora Internacional de Alimentacion SA (b)		163,725		965,665
Enagas SA		12,140		342,444
Endesa SA		67,693		1,359,928
Ferrovial SA		112,256		2,538,469
Gas Natural SDG SA		95,511		1,947,683
Grifols SA		34,849		1,610,783
Iberdrola SA		1,351,886		9,583,478
Industria de Diseno Textil SA		262,900		9,031,694
International Consolidated Airlines Group SA		203,962		1,828,148
Mapfre SA		310,480		777,181
Red Electrica Corp. SA		6,450		538,766
Repsol SA		251,742		2,771,492
Telefonica SA		1,088,405		12,074,678
Zardoya Otis SA		58,835		688,100

				93,455,531
Sweden — 2.8%
Alfa Laval AB		71,668		1,308,374
Assa Abloy AB		244,737		5,123,007
Atlas Copco AB, A Shares		153,770		3,771,177
Atlas Copco AB, B Shares		97,671		2,245,493
Boliden AB		66,362		1,111,842
Electrolux AB, Class B		57,211		1,380,353
Getinge AB, Class B		50,062		1,311,386
Hennes & Mauritz AB, Class B		226,085		8,041,907
Hexagon AB, Class B		60,402		2,234,441
Husqvarna AB, Class B		104,991		692,877
ICA Gruppen AB		18,452		670,109
Industrivarden AB, Class C		37,026		633,440
Investment AB Kinnevik, Class B		56,433		1,738,209
Investor AB, Class B		109,170		4,012,014
Lundin Petroleum AB (b)		54,000		779,186
Millicom International Cellular SA		15,830		908,327
Nordea Bank AB		734,431		8,057,996
Sandvik AB		255,180		2,224,405
Securitas AB, Class B		77,805		1,189,710
Skandinaviska Enskilda Banken AB, Class A		365,727		3,846,166
Skanska AB, Class B		88,582		1,717,923
SKF AB, Class B		98,174		1,585,637
Svenska Cellulosa AB, B Shares		143,462		4,157,542
Svenska Handelsbanken AB, A Shares		357,929		4,753,824
Swedbank AB, Class A		218,977		4,822,653
Swedish Match AB		49,261		1,740,755
Tele2 AB, Class B		72,059		718,607
Telefonaktiebolaget LM Ericsson, Class B		723,611		6,976,551
TeliaSonera AB		615,379		3,055,901
Volvo AB, Class B		371,602		3,445,700

				84,255,512
Switzerland — 9.5%
ABB Ltd., Registered Shares (b)		527,404		9,412,899
Actelion Ltd., Registered Shares (b)		24,960		3,468,031
Adecco SA, Registered Shares (b)		39,249		2,686,307
Aryzta AG (b)		21,383		1,081,740
Baloise Holding AG, Registered Shares		11,952		1,514,776
Barry Callebaut AG, Registered Shares (b)		543		589,817
Cie Financiere Richemont SA, Registered Shares		125,276		8,966,370
Coca-Cola HBC AG (b)		48,498		1,032,797
Credit Suisse Group AG, Registered Shares (b)		434,577		9,361,642
Dufry AG (b)		9,990		1,188,632


Common Stocks	Shares		Value
Switzerland (continued)
EMS-Chemie Holding AG, Registered Shares		1,787	$	786,453
Galenica AG		895		1,400,271
Geberit AG, Registered Shares		9,072		3,072,709
Givaudan SA, Registered Shares (b)		2,182		3,960,244
Glencore PLC (b)		2,856,200		3,784,825
Julius Baer Group Ltd. (b)		54,325		2,628,089
Kuehne & Nagel International AG, Registered Shares		13,109		1,795,922
LafargeHolcim Ltd. (b)		101,504		5,082,794
Lindt & Spruengli AG		248		1,548,688
Lindt & Spruengli AG, Registered Shares		23		1,713,518
Lonza Group AG, Registered Shares (b)		12,791		2,080,261
Nestle SA, Registered Shares		765,482		56,825,734
Novartis AG, Registered Shares		545,798		46,949,144
Pargesa Holding SA, Bearer Shares		6,723		424,733
Partners Group Holding AG		4,022		1,446,449
Roche Holding AG		168,587		46,716,871
Schindler Holding AG, Participation Certificates		10,730		1,795,117
Schindler Holding AG, Registered Shares		3,826		645,213
SGS SA, Registered Shares		1,371		2,605,586
Sika AG, Bearer Shares		530		1,915,311
Sonova Holding AG, Registered Shares		13,126		1,667,703
STMicroelectronics NV		161,225		1,079,361
Sulzer AG, Registered Shares		6,040		567,721
Swatch Group AG, Bearer Shares		7,342		2,549,618
Swatch Group AG, Registered Shares		11,563		780,856
Swiss Life Holding AG, Registered Shares (b)		8,260		2,224,829
Swiss Prime Site AG, Registered Shares (b)		14,172		1,106,787
Swiss Re AG		84,388		8,241,864
Swisscom AG, Registered Shares		6,226		3,115,516
Syngenta AG, Registered Shares		22,187		8,684,060
Transocean Ltd.		87,770		1,097,169
UBS Group AG		878,257		17,037,712
Zurich Insurance Group AG (b)		35,976		9,242,227

				283,876,366
United Kingdom — 17.5%
3i Group PLC		213,810		1,514,589
Aberdeen Asset Management PLC		227,408		969,036
Admiral Group PLC		51,939		1,269,161
Aggreko PLC		62,963		847,590
AMEC Foster Wheeler PLC		90,908		573,871
Anglo American PLC		329,669		1,446,327
Antofagasta PLC		89,628		616,534
ARM Holdings PLC		343,206		5,231,154
Ashtead Group PLC		120,859		1,989,077
Associated British Foods PLC		84,877		4,176,552
AstraZeneca PLC		304,320		20,555,998
Auto Trader Group PLC (b)(d)		154,941		1,010,193
Aviva PLC		970,931		7,369,824
Babcock International Group PLC		60,211		901,066
BAE Systems PLC		760,318		5,597,849
Barclays PLC		4,037,347		12,995,285
Barratt Developments PLC		244,151		2,249,781
BG Group PLC		822,054		11,916,359
BHP Billiton PLC		490,459		5,469,506
BP PLC		4,380,378		22,763,425
British American Tobacco PLC		448,153		24,887,724
British Land Co. PLC		228,495		2,643,884
BT Group PLC		2,003,992		13,914,863
Bunzl PLC		78,930		2,189,859
Burberry Group PLC		106,368		1,871,440
Capita PLC		161,668		2,876,478
Carnival PLC		44,840		2,554,359
Centrica PLC		1,211,077		3,888,735
Cobham PLC		278,632		1,163,533
Compass Group PLC		396,854		6,876,768

See Notes to Financial Statements.



32	BLACKROCK INDEX FUNDS, INC.	DECEMBER 31, 2015


Schedule of Investments (continued)		Master International Index Series


Common Stocks	Shares		Value
United Kingdom (continued)
Croda International PLC		30,948	$	1,386,622
Diageo PLC		606,059		16,550,100
Direct Line Insurance Group PLC		358,663		2,149,864
Dixons Carphone PLC		239,292		1,760,969
easyJet PLC		39,594		1,015,466
Fiat Chrysler Automobiles NV (b)		215,277		2,989,734
Fresnillo PLC		55,997		582,208
G4S PLC		371,215		1,233,097
GKN PLC		376,140		1,706,873
GlaxoSmithKline PLC		1,169,274		23,614,460
Hammerson PLC		190,356		1,682,816
Hargreaves Lansdown PLC		64,880		1,440,375
HSBC Holdings PLC		4,691,999		37,039,625
ICAP PLC		128,543		964,854
IMI PLC		66,920		849,166
Imperial Tobacco Group PLC		229,538		12,123,651
Inmarsat PLC		112,477		1,885,613
InterContinental Hotels Group PLC		57,340		2,235,031
Intertek Group PLC		39,570		1,618,673
Intu Properties PLC		234,638		1,096,210
Investec PLC		136,794		964,534
ITV PLC		920,378		3,747,179
J. Sainsbury PLC		321,381		1,223,883
Johnson Matthey PLC		49,851		1,950,065
Kingfisher PLC		567,547		2,748,902
Land Securities Group PLC		183,595		3,182,624
Legal & General Group PLC		1,404,887		5,543,545
Lloyds Banking Group PLC		13,775,332		14,822,168
London Stock Exchange Group PLC		76,232		3,084,200
Marks & Spencer Group PLC		398,214		2,651,387
Meggitt PLC		196,176		1,083,138
Melrose Industries PLC		243,836		1,044,457
Merlin Entertainments PLC (d)		171,382		1,149,126
Mondi PLC		88,058		1,726,001
National Grid PLC		918,716		12,670,539
Next PLC		34,703		3,726,091
Old Mutual PLC		1,192,629		3,137,401
Pearson PLC		195,491		2,113,344
Persimmon PLC (b)		75,234		2,244,480
Petrofac Ltd.		69,202		811,718
Provident Financial PLC		30,863		1,530,270
Prudential PLC		617,087		13,902,654
Randgold Resources Ltd.		22,515		1,387,074
Reckitt Benckiser Group PLC		154,843		14,327,044
RELX PLC		276,462		4,875,657
Rexam PLC		172,662		1,540,058
Rio Tinto PLC		300,774		8,757,112
Rolls-Royce Holdings PLC (b)		443,852		3,759,612
Royal Bank of Scotland Group PLC (b)		768,430		3,415,719
Royal Mail PLC		197,682		1,294,792
RSA Insurance Group PLC		240,616		1,510,189
SABMiller PLC		232,984		13,938,033
Sage Group PLC		255,869		2,273,412
Schroders PLC		27,893		1,221,685
Segro PLC		172,665		1,092,706
Severn Trent PLC		58,657		1,875,063
Sky PLC		252,872		4,145,266
Smith & Nephew PLC		218,075		3,886,547
Smiths Group PLC		101,916		1,409,387
Sports Direct International PLC (b)		56,196		477,559
SSE PLC		240,905		5,409,218
St. James’s Place PLC		118,043		1,749,595
Standard Chartered PLC		780,285		6,474,143
Standard Life PLC		469,414		2,688,104
Tate & Lyle PLC		110,418		972,599
Taylor Wimpey PLC		794,998		2,376,535
Tesco PLC (b)		1,981,839		4,354,644


Common Stocks	Shares		Value
United Kingdom (continued)
Travis Perkins PLC		58,092	$	1,685,276
Unilever PLC		308,889		13,248,913
United Utilities Group PLC		168,814		2,324,452
Vodafone Group PLC		6,363,837		20,636,440
Weir Group PLC		52,624		772,983
Whitbread PLC		44,287		2,870,527
William Hill PLC		214,617		1,252,524
WM Morrison Supermarkets PLC		533,727		1,162,926
Wolseley PLC		62,565		3,398,085
WPP PLC		308,521		7,096,528

				520,974,340
Total Common Stocks — 98.2%				2,930,961,649



Preferred Securities

Preferred Stocks
Germany — 0.4%
Henkel AG & Co. KGaA, Preference Shares, 0.00%		43,079		4,807,699
Volkswagen AG, Preference Shares, 0.00%		44,847		6,474,981
Total Preferred Securities — 0.4%				11,282,680



Rights
Italy — 0.0%
UBI Banca (Expires 01/12/16) (b)		227,741		2
Singapore — 0.0%
Ascendas Real Estate Investment Trust (Expires 01/13/16) (b)		16,884		738
Spain — 0.0%
Repsol SA (Expires 01/14/16) (b)		251,742		125,574
Total Rights — 0.0%				126,314
Total Long-Term Investments (Cost — $3,084,410,241) — 98.6%				2,942,370,643



Short-Term Securities
BlackRock Liquidity Funds, TempFund, Institutional Class, 0.23% (e)(f)		3,032,475		3,032,475

	Beneficial Interest (000)
BlackRock Liquidity Series, LLC, Money Market Series, 0.39% (e)(f)(g)	$	5,231		5,230,513
Total Short-Term Securities (Cost — $8,262,988) — 0.3%				8,262,988
Total Investments (Cost — $3,092,673,229) — 98.9%				2,950,633,631
Other Assets Less Liabilities — 1.1%				33,634,877

Net Assets — 100.0%			$	2,984,268,508

See Notes to Financial Statements.



BLACKROCK INDEX FUNDS, INC.	DECEMBER 31, 2015	33


Schedule of Investments (continued)		Master International Index Series

Notes to Schedule of Investments

(a)

A security contractually bound to one or more other securities to form a single saleable unit which cannot be sold separately.

(b)

Non-income producing security.

(c)

Security, or a portion of security, is on loan.

(d)

Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

(e)

During the year ended December 31, 2015, investments in issuers considered to be affiliates of the Series 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, 2014		Net Activity			Shares/Beneficial Interest Held at December 31, 2015		Income
BlackRock Liquidity Funds, TempFund, Institutional Class		3,872,785		(840,310	)¹		3,032,475	$	10,223
BlackRock Liquidity Series, LLC, Money Market Series	$	4,107,347	$	1,123,166	²	$	5,230,513	$	228,966	³
¹Represents net shares sold.
²Represents net beneficial interest purchased.
³Represents securities lending income earned from reinvestment of cash collateral from loaned securities, net of fees, and other payments to and from borrowers of securities, and less the collateral investment expenses.

(f)

Current yield as of period end.

(g)

Security was purchased with the cash collateral from loaned securities. The Series may withdraw up to 25% of its investment daily, although the manager of the BlackRock Liquidity Series, LLC, Money Market Series, in its sole discretion, may permit an investor to withdraw more than 25% on any one day.

Derivative Financial Instruments Outstanding as of Period End

Financial Futures Contracts


Contracts Long		Issue	Expiration	Notional Value		Unrealized Appreciation (Depreciation)
	162	Nikkei 225 Index	March 2016	$	12,716,585	$	(78,120	)
	54	SPI 200 Index	March 2016	$	5,171,547		255,839
	409	Euro Stoxx 50 Index	March 2016	$	14,587,856		294,843
	125	FTSE 100 Index	March 2016	$	11,421,365		365,070
	Total					$	837,632

Derivative Financial Instruments Categorized by Risk Exposure

As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:


		Commodity Contracts		Credit Contracts		Equity Contracts			Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contacts		Total
Assets — Derivative Financial Instruments
Financial futures contracts	Net unrealized appreciation¹		—		—	$	915,752			—		—		—	$	915,752

Liabilities — Derivative Financial Instruments
Financial futures contracts	Net unrealized depreciation¹		—		—	$	(78,120	)		—		—		—	$	(78,120	)

Total			—		—	$	837,632			—		—		—	$	837,632

¹ Includes cumulative appreciation (depreciation) on financial futures contracts, if any, as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statements of Assets and Liabilities.

See Notes to Financial Statements.



34	BLACKROCK INDEX FUNDS, INC.	DECEMBER 31, 2015


Schedule of Investments (continued)		Master International Index Series

For the year ended December 31, 2015, the effect of derivative financial instruments in the Statements of Operations was as follows:


	Commodity Contracts		Credit Contracts		Equity Contracts			Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contacts		Total
Net Realized Gain (Loss) From:
Financial futures contracts		—		—	$	1,833,905			—		—		—	$	1,833,905

Net Change in Unrealized Appreciation (Depreciation) on:
Financial futures contracts		—		—	$	(823,067	)		—		—		—	$	(823,067	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments


Financial futures contracts:
Average notional value of contracts — long	$	51,495,294

For more information about the Series’ investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

Fair Value Hierarchy as of period end

Various inputs are used in determining the fair value of investments and derivative financial instruments. For information about the Series’ policy regarding valuation of investments and derivative financial instruments, refer to the Notes to Financial Statements.

The following tables summarize the Series’ investments and derivative financial instruments categorized in the disclosure hierarchy:


	Level 1			Level 2		Level 3		Total
Assets:
Investments:
Common Stocks:
Australia				$	199,848,433	$	8	$	199,848,441
Austria		—			5,102,286		—		5,102,286
Belgium		—			42,432,350		—		42,432,350
Denmark		—			56,125,063		—		56,125,063
Finland		—			26,795,646		—		26,795,646
France	$	2,671,919			283,876,518		—		286,548,437
Germany		793,725			255,256,053		—		256,049,778
Hong Kong		983,406			90,202,416		—		91,185,822
Ireland		—			26,487,966		—		26,487,966
Israel		2,373,710			19,230,826		—		21,604,536
Italy		—			65,098,513		—		65,098,513
Japan		4,780,702			681,109,205		—		685,889,907
Luxembourg		—			797,945		—		797,945
Netherlands		32,798,358			89,608,311		—		122,406,669
New Zealand		—			4,602,845		—		4,602,845
Norway		554,884			15,597,107		—		16,151,991
Portugal		—			4,182,637		—		4,182,637
Singapore		—			37,089,068		—		37,089,068
Spain		—			93,455,531		—		93,455,531
Sweden		—			84,255,512		—		84,255,512
Switzerland		1,713,518			282,162,848		—		283,876,366
United Kingdom		—			520,974,340		—		520,974,340
Preferred Stocks		—			11,282,680		—		11,282,680
Rights		125,574			740		—		126,314
Short-Term Securities		3,032,475			5,230,513		—		8,262,988

Total	$	49,828,271		$	2,900,805,352	$	8	$	2,950,633,631


	Level 1			Level 2		Level 3		Total
Derivative Financial Instruments¹
Assets:
Equity contracts	$	915,752			—		—	$	915,752
Liabilities:
Equity contracts		(78,120	)		—		—		(78,120	)

Total	$	837,632			—		—	$	837,632

¹ Derivative financial instruments are financial futures contracts, which are valued at the unrealized appreciation (depreciation) on the instrument.

See Notes to Financial Statements.



BLACKROCK INDEX FUNDS, INC.	DECEMBER 31, 2015	35


Schedule of Investments (concluded)		Master International Index Series

The Series may hold assets and/or liabilities in which the fair value approximates the carrying amount for financial statement purposes. As of period end, such assets and/or liabilities are categorized within the disclosure hierarchy as follows:


	Level 1		Level 2			Level 3		Total
Assets:
Cash pledged for financial futures contracts	$	2,907,194		—			—	$	2,907,194
Foreign currency at value		35,760,121							35,760,121
Liabilities:
Bank overdraft		—	$	(1,060	)		—		(1,060	)
Collateral on securities loaned at value		—		(5,230,513	)		—		(5,230,513	)

Total	$	38,667,315	$	(5,231,573	)		—	$	33,435,742

During the year ended December 31, 2015, there were no transfers between levels.

See Notes to Financial Statements.



36	BLACKROCK INDEX FUNDS, INC.	DECEMBER 31, 2015

Schedule of Investments December 31, 2015

Master Small Cap Index Series

(Percentages shown are based on Net Assets)


Common Stocks	Shares		Value
Advertising Agencies — 0.3%
Constant Contact, Inc. (a)		8,956	$	261,876
Harte-Hanks, Inc.		12,666		41,038
Marchex, Inc., Class B		8,119		31,583
Marin Software, Inc. (a)		8,021		28,715
Marketo, Inc. (a)		9,740		279,635
MDC Partners, Inc., Class A		12,207		265,136
National CineMedia, Inc.		17,357		272,679
QuinStreet, Inc. (a)		8,943		38,366
Sizmek, Inc. (a)		5,617		20,502
TubeMogul, Inc. (a)		4,107		55,855
Viad Corp.		5,517		155,745

				1,451,130
Aerospace — 1.3%
AAR Corp.		9,610		252,647
Aerojet Rocketdyne Holdings, Inc. (a)		17,383		272,218
Aerovironment, Inc. (a)		5,515		162,527
Astronics Corp. (a)		6,191		252,036
Cubic Corp.		6,049		285,815
Curtiss-Wright Corp.		13,091		896,734
Ducommun, Inc. (a)		2,856		46,324
Esterline Technologies Corp. (a)		8,165		661,365
HEICO Corp.		5,315		288,923
HEICO Corp., Class A		11,031		542,725
Kaman Corp.		7,552		308,197
KLX, Inc. (a)		14,672		451,751
Kratos Defense & Security Solutions, Inc. (a)		11,297		46,318
Moog, Inc., Class A (a)		10,166		616,060
Teledyne Technologies, Inc. (a)		9,746		864,470

				5,948,110
Agriculture, Fishing & Ranching — 0.4%
Alico, Inc.		1,015		39,270
The Andersons, Inc.		7,704		243,677
Arcadia Biosciences, Inc. (a)(b)		2,050		6,232
Cal-Maine Foods, Inc. (b)		8,631		399,961
Calavo Growers, Inc.		3,986		195,314
Fresh Del Monte Produce, Inc.		9,185		357,113
Limoneira Co. (b)		3,002		44,850
Sanderson Farms, Inc.		6,206		481,089
Seaboard Corp. (a)		72		208,421

				1,975,927
Air Transport — 0.5%
Air Transport Services Group, Inc. (a)		14,415		145,303
Allegiant Travel Co.		3,680		617,614
Atlas Air Worldwide Holdings, Inc. (a)		6,950		287,313
Bristow Group, Inc.		9,821		254,364
Era Group, Inc. (a)		5,267		58,727
Hawaiian Holdings, Inc. (a)		13,144		464,378
PHI, Inc. (a)		3,215		52,758
Republic Airways Holdings, Inc. (a)		14,941		58,718
SkyWest, Inc.		14,340		272,747
Virgin America, Inc. (a)		7,000		252,070

				2,463,992
Alternative Energy — 0.2%
Abengoa Yield PLC		13,366		257,830
Ameresco, Inc., Class A (a)		4,880		30,500
EnerNOC, Inc. (a)		6,820		26,257
Green Brick Partners, Inc. (a)		5,533		39,838
Green Plains, Inc.		10,700		245,030
REX American Resources Corp. (a)		1,587		85,809
Solazyme, Inc. (a)(b)		20,488		50,810
TerraForm Global, Inc., Class A		11,843		66,202
Vivint Solar, Inc. (a)(b)		6,117		58,479

				860,755


Common Stocks	Shares		Value
Aluminum — 0.1%
Century Aluminum Co. (a)		12,621	$	55,785
Kaiser Aluminum Corp.		4,726		395,377

				451,162
Asset Management & Custodian — 0.5%
Arlington Asset Investment Corp.		4,608		60,964
Ashford, Inc. (a)		279		14,857
Calamos Asset Management, Inc., Class A		5,508		53,317
Cohen & Steers, Inc.		5,499		167,609
Cowen Group, Inc., Class A (a)		30,791		117,929
Diamond Hill Investment Group, Inc.		820		154,980
Fifth Street Asset Management, Inc.		1,579		5,148
Financial Engines, Inc.		14,334		482,626
GAMCO Investors, Inc., Class A		1,638		50,843
KCG Holdings, Inc., Class A (a)		9,619		118,410
Medley Management, Inc.		1,457		8,290
OM Asset Management PLC		7,198		110,345
Oppenheimer Holdings, Inc., Class A		2,736		47,552
Pzena Investment Management, Inc., Class A		3,473		29,868
RCS Capital Corp., Class A (a)		11,532		3,511
Resource America, Inc., Class A		3,876		23,760
Virtus Investment Partners, Inc.		1,923		225,876
Westwood Holdings Group, Inc.		2,206		114,911
WisdomTree Investments, Inc.		31,476		493,544
ZAIS Group Holdings, Inc. (a)(b)		936		8,667

				2,293,007
Auto Parts — 0.8%
American Axle & Manufacturing Holdings, Inc. (a)		20,951		396,812
Dana Holding Corp.		42,532		586,941
Dorman Products, Inc. (a)		7,351		348,952
Federal-Mogul Corp. (a)		8,875		60,794
Fenix Parts, Inc. (a)		3,696		25,096
Fox Factory Holding Corp. (a)		4,788		79,146
Gentherm, Inc. (a)		9,888		468,691
Horizon Global Corp. (a)		4,445		46,095
Meritor, Inc. (a)		27,348		228,356
Metaldyne Performance Group, Inc.		3,060		56,120
Standard Motor Products, Inc.		5,563		211,672
Stoneridge, Inc. (a)		7,834		115,943
Superior Industries International, Inc.		6,530		120,283
Tenneco, Inc. (a)		15,967		733,045
Tower International, Inc.		5,743		164,077

				3,642,023
Auto Services — 0.1%
Cooper Tire & Rubber Co.		15,844		599,695
Back Office Support, HR & Consulting — 2.0%
6D Global Technologies, Inc. (a)		5,656		16,459
Advisory Board Co. (a)		11,732		582,025
Angie’s List, Inc. (a)		12,061		112,770
Arrowhead Research Corp. (a)(b)		16,998		104,538
Barrett Business Services, Inc.		1,999		87,036
CBIZ, Inc. (a)		13,881		136,867
CDI Corp.		3,467		23,437
CEB, Inc.		9,287		570,129
Convergys Corp.		27,392		681,787
CRA International, Inc. (a)		2,868		53,488
DHI Group, Inc. (a)		12,569		115,258
ExlService Holdings, Inc. (a)		9,223		414,389
Forrester Research, Inc.		2,940		83,731
FTI Consulting, Inc. (a)		11,577		401,259
GP Strategies Corp. (a)		3,763		94,489
Hackett Group, Inc.		6,818		109,565
Heidrick & Struggles International, Inc.		5,123		139,448
Huron Consulting Group, Inc. (a)		6,445		382,833
ICF International, Inc. (a)		5,384		191,455

See Notes to Financial Statements.



BLACKROCK INDEX FUNDS, INC.	DECEMBER 31, 2015	37


Schedule of Investments (continued)		Master Small Cap Index Series


Common Stocks	Shares		Value
Back Office Support, HR & Consulting (continued)
Insperity, Inc.		5,392	$	259,625
Kelly Services, Inc., Class A		8,515		137,517
Kforce, Inc.		6,676		168,769
Korn/Ferry International		13,901		461,235
Liquidity Services, Inc. (a)		6,045		39,293
MAXIMUS, Inc.		18,205		1,024,031
Monster Worldwide, Inc. (a)		24,946		142,941
Navigant Consulting, Inc. (a)		13,674		219,604
NV5 Global Inc. (a)		1,421		31,234
On Assignment, Inc. (a)		14,255		640,762
Patriot National, Inc. (a)		2,171		14,567
Paylocity Holding Corp. (a)		4,378		177,528
PFSweb, Inc. (a)		3,160		40,669
Resources Connection, Inc.		10,359		169,266
RPX Corp. (a)		14,867		163,537
ServiceSource International, Inc. (a)		16,966		78,213
Sykes Enterprises, Inc. (a)		10,845		333,809
TeleTech Holdings, Inc.		4,522		126,209
TriNet Group, Inc. (a)		11,602		224,499
TrueBlue, Inc. (a)		11,614		299,177
Volt Information Sciences, Inc. (a)		2,461		20,033
WageWorks, Inc. (a)		9,892		448,800

				9,522,281
Banks: Diversified — 9.0%
1st Source Corp.		4,442		137,125
Access National Corp.		1,853		37,912
Allegiance Bancshares, Inc. (a)		933		22,065
Ambac Financial Group, Inc. (a)		11,687		164,670
American National Bankshares, Inc.		2,191		56,112
Ameris Bancorp		8,886		302,035
Ames National Corp.		2,391		58,077
Anchor BanCorp Wisconsin, Inc. (a)		2,201		95,788
Arrow Financial Corp.		3,170		86,129
Bancfirst Corp.		2,033		119,174
Banco Latinoamericano de Comercio Exterior SA		8,504		220,509
Bancorp, Inc. (a)		8,576		54,629
BancorpSouth, Inc.		26,602		638,182
Bank of Marin Bancorp		1,683		89,872
Bank of the Ozarks, Inc.		21,422		1,059,532
Banner Corp.		5,794		265,713
Bar Harbor Bankshares		1,566		53,902
BBCN Bancorp, Inc.		21,988		378,633
BBX Capital Corp., Class A (a)		541		8,467
Beneficial Bancorp, Inc. (a)		22,901		305,041
BNC Bancorp		8,228		208,827
Boston Private Financial Holdings, Inc.		23,211		263,213
Bridge Bancorp, Inc.		4,164		126,711
Bryn Mawr Bank Corp.		4,915		141,159
Camden National Corp.		2,119		93,427
Capital City Bank Group, Inc.		2,794		42,888
Capitol Federal Financial, Inc.		38,831		487,717
Cardinal Financial Corp.		8,683		197,538
Cascade Bancorp (a)		7,857		47,692
Cathay General Bancorp		21,982		688,696
Centerstate Banks, Inc.		12,330		192,965
Central Pacific Financial Corp.		6,520		143,570
Century Bancorp, Inc., Class A		976		42,417
Charter Financial Corp.		4,095		54,095
Chemical Financial Corp.		9,296		318,574
Citizens & Northern Corp.		3,501		73,521
City Holding Co.		4,123		188,174
CNB Financial Corp.		3,684		66,423
CoBiz Financial, Inc.		9,987		134,026
Columbia Banking System, Inc.		15,899		516,876
Community Bank System, Inc.		11,764		469,854
Community Trust Bancorp, Inc.		4,314		150,817


Common Stocks	Shares		Value
Banks: Diversified (continued)
CommunityOne Bancorp (a)		3,097	$	41,717
ConnectOne Bancorp, Inc.		8,234		153,893
CU Bancorp (a)		4,773		121,043
Customers Bancorp, Inc. (a)		7,276		198,053
CVB Financial Corp.		29,247		494,859
Eagle Bancorp, Inc. (a)		8,211		414,409
Enterprise Bancorp, Inc.		1,963		44,855
Enterprise Financial Services Corp.		5,375		152,381
Equity Bancshares, Inc., Class A (a)		753		17,613
EverBank Financial Corp.		26,830		428,743
Farmers Capital Bank Corp. (a)		1,996		54,112
Fidelity Southern Corp.		4,995		111,438
Financial Institutions, Inc.		3,987		111,636
First Bancorp, Inc.		2,781		56,927
First Bancorp, North Carolina		5,626		105,431
First BanCorp, Puerto Rico (a)		32,125		104,406
First Busey Corp.		6,724		138,716
First Business Financial Services, Inc.		2,310		57,773
First Citizens BancShares, Inc., Class A		2,115		546,030
First Commonwealth Financial Corp.		24,127		218,832
First Community Bancshares, Inc.		4,762		88,716
First Connecticut Bancorp, Inc.		4,106		71,485
First Financial Bancorp		17,085		308,726
First Financial Bankshares, Inc.		17,645		532,350
First Financial Corp.		3,121		106,020
First Interstate Bancsystem, Inc.		5,402		157,036
First Merchants Corp.		10,480		266,402
First Midwest Bancorp, Inc.		21,595		397,996
First NBC Bank Holding Co. (a)		4,166		155,767
First of Long Island Corp.		3,491		104,730
FirstMerit Corp.		45,716		852,603
Flagstar Bancorp, Inc. (a)		5,748		132,836
FNB Corp.		48,147		642,281
Franklin Financial Network, Inc. (a)		1,490		46,756
Fulton Financial Corp.		48,688		633,431
German American Bancorp, Inc.		3,707		123,517
Glacier Bancorp, Inc.		20,838		552,832
Great Western Bancorp, Inc.		11,389		330,509
Guaranty Bancorp		3,750		62,025
Hampton Roads Bankshares, Inc. (a)		7,743		14,247
Hancock Holding Co.		21,473		540,475
Hanmi Financial Corp.		8,652		205,225
Heartland Financial USA, Inc.		5,184		162,570
Heritage Commerce Corp.		6,946		83,074
Heritage Oaks Bancorp		5,972		47,836
Home BancShares, Inc.		15,668		634,867
Horizon Bancorp		3,302		92,324
Iberiabank Corp.		10,544		580,658
Independent Bank Corp./MA		7,198		334,851
Independent Bank Corp./MI		6,602		100,548
Independent Bank Group, Inc.		2,800		89,600
International Bancshares Corp.		14,963		384,549
Janus Capital Group, Inc.		40,540		571,209
Lakeland Bancorp, Inc.		10,675		125,858
Lakeland Financial Corp.		4,481		208,904
Live Oak Bancshares, Inc.		1,603		22,763
MainSource Financial Group, Inc.		5,943		135,976
MB Financial, Inc.		20,710		670,383
Mercantile Bank Corp.		4,718		115,780
Merchants Bancshares, Inc.		1,299		40,906
Metro Bancorp, Inc.		3,341		104,841
National Bank Holdings Corp., Class A		8,576		183,269
National Bankshares, Inc.		1,816		64,541
National Commerce Corp. (a)		1,559		39,053
National Penn Bancshares, Inc.		38,617		476,148
NBT Bancorp, Inc.		12,163		339,104
NewBridge Bancorp		10,132		123,408

See Notes to Financial Statements.



38	BLACKROCK INDEX FUNDS, INC.	DECEMBER 31, 2015


Schedule of Investments (continued)		Master Small Cap Index Series


Common Stocks	Shares		Value
Banks: Diversified (continued)
OFG Bancorp		13,052	$	95,541
Old National Bancorp		32,389		439,195
Old Second Bancorp, Inc. (a)		8,595		67,385
Opus Bank		2,981		110,208
Pacific Continental Corp.		5,570		82,882
Pacific Premier Bancorp, Inc. (a)		5,816		123,590
Park National Corp.		3,590		324,823
Park Sterling Corp.		12,921		94,582
Peapack Gladstone Financial Corp.		4,417		91,079
Penns Woods Bancorp, Inc.		1,208		51,292
People’s Utah Bancorp		1,164		20,032
Peoples Bancorp, Inc.		5,252		98,948
Peoples Financial Services Corp.		2,151		81,910
Pinnacle Financial Partners, Inc.		9,864		506,615
Preferred Bank		3,264		107,777
PrivateBancorp, Inc.		21,639		887,632
Prosperity Bancshares, Inc.		19,305		923,937
Provident Financial Services, Inc.		18,141		365,541
QCR Holdings, Inc.		3,094		75,153
Renasant Corp.		11,065		380,747
Republic Bancorp, Inc., Class A		2,862		75,585
S&T Bancorp, Inc.		9,608		296,119
Sandy Spring Bancorp, Inc.		6,756		182,142
Seacoast Banking Corp. of Florida (a)		6,633		99,362
ServisFirst Bancshares, Inc.		6,156		292,595
Sierra Bancorp		3,099		54,697
Simmons First National Corp., Class A		8,211		421,717
South State Corp.		6,647		478,252
Southside Bancshares, Inc.		6,913		166,050
Southwest Bancorp, Inc.		5,505		96,227
State Bank Financial Corp.		9,749		205,021
Stock Yards Bancorp, Inc.		4,056		153,276
Stonegate Bank		3,208		105,415
Suffolk Bancorp		3,352		95,029
Talmer Bancorp, Inc., Class A		14,276		258,538
Texas Capital Bancshares, Inc. (a)		12,621		623,730
Tompkins Financial Corp.		4,201		235,928
TowneBank		12,602		263,004
Trico Bancshares		6,232		171,006
Tristate Capital Holdings, Inc. (a)		5,477		76,623
Triumph Bancorp, Inc. (a)		4,289		70,769
TrustCo Bank Corp. NY		26,029		159,818
Trustmark Corp.		18,688		430,572
UMB Financial Corp.		10,851		505,114
Umpqua Holdings Corp.		60,842		967,388
Union Bankshares Corp.		12,506		315,651
United Bankshares, Inc.		19,102		706,583
United Community Banks, Inc.		14,819		288,822
United Community Financial Corp.		12,957		76,446
Univest Corp. of Pennsylvania		5,570		116,190
Valley National Bancorp		64,130		631,680
Washington Trust Bancorp, Inc.		4,064		160,609
Webster Financial Corp.		24,992		929,452
WesBanco, Inc.		10,617		318,722
West BanCorp., Inc.		4,142		81,805
Westamerica BanCorp		7,078		330,897
Western Alliance Bancorp (a)		23,630		847,372
Wilshire Bancorp, Inc.		19,859		229,371
Wintrust Financial Corp.		13,051		633,235
Yadkin Financial Corp.		6,894		173,522

				41,687,802
Banks: Savings, Thrift & Mortgage Lending — 1.7%
Apollo Residential Mortgage, Inc.		8,352		99,806
Astoria Financial Corp.		24,932		395,172
Banc of California, Inc.		10,238		149,680
Bank Mutual Corp.		13,253		103,373


Common Stocks	Shares		Value
Banks: Savings, Thrift & Mortgage Lending (continued)
BankFinancial Corp.		5,306	$	67,015
Bear State Financial, Inc. (a)(b)		3,245		35,143
Berkshire Hills Bancorp, Inc.		8,304		241,729
BofI Holding, Inc. (a)		16,991		357,661
Brookline Bancorp, Inc.		19,691		226,447
BSB Bancorp, Inc. (a)		2,085		48,768
Clifton Bancorp, Inc.		6,847		98,186
Dime Community Bancshares, Inc.		8,509		148,822
First Defiance Financial Corp.		2,608		98,530
Flushing Financial Corp.		8,004		173,207
Fox Chase Bancorp, Inc.		3,062		62,128
Great Southern Bancorp, Inc.		2,924		132,340
Heritage Financial Corp.		8,364		157,578
Hingham Institution for Savings		331		39,654
HomeStreet, Inc. (a)		6,095		132,322
Investors Bancorp, Inc.		95,906		1,193,071
Kearny Financial Corp.		25,901		328,166
Ladder Capital Corp.		10,259		127,417
LegacyTexas Financial Group, Inc.		13,133		328,588
Meridian Bancorp, Inc.		14,828		209,075
Northfield Bancorp, Inc.		12,750		202,980
Northwest Bancshares, Inc.		28,015		375,121
OceanFirst Financial Corp.		3,828		76,675
Ocwen Financial Corp. (a)		29,298		204,207
Oritani Financial Corp.		11,852		195,558
Sterling Bancorp		33,084		536,622
Territorial Bancorp, Inc.		2,476		68,684
United Financial Bancorp, Inc.		13,521		174,150
Washington Federal, Inc.		26,118		622,392
Waterstone Financial, Inc.		7,111		100,265
WSFS Financial Corp.		8,480		274,413

				7,784,945
Beverage: Brewers & Distillers — 0.1%
Boston Beer Co., Inc., Class A (a)		2,508		506,390
Castle Brands, Inc. (a)		16,936		20,831
Craft Brew Alliance, Inc. (a)		2,469		20,666

				547,887
Beverage: Soft Drinks — 0.1%
Coca-Cola Bottling Co. Consolidated		1,305		238,176
Farmer Bros Co. (a)		2,219		71,607
National Beverage Corp. (a)		3,136		142,500

				452,283
Biotechnology — 5.7%
Acceleron Pharma, Inc. (a)		6,073		296,119
Acorda Therapeutics, Inc. (a)		11,829		506,045
Aduro Biotech, Inc. (a)(b)		2,354		66,242
Advaxis, Inc. (a)		7,948		79,957
Aegerion Pharmaceuticals, Inc. (a)		6,573		66,387
Affimed NV (a)		4,142		29,491
Agenus, Inc. (a)		21,785		98,904
Aimmune Therapeutics, Inc. (a)		2,828		52,177
Akebia Therapeutics, Inc. (a)		7,312		94,471
Albany Molecular Research, Inc. (a)		6,877		136,508
Alder Biopharmaceuticals, Inc. (a)		6,532		215,752
Alimera Sciences, Inc. (a)(b)		8,134		19,684
AMAG Pharmaceuticals, Inc. (a)		8,029		242,396
Amicus Therapeutics, Inc. (a)		32,164		311,991
ANI Pharmaceuticals, Inc. (a)		2,270		102,434
Anthera Pharmaceuticals, Inc. (a)		10,020		46,493
Applied Genetic Technologies Corp. (a)		2,259		46,084
Ardelyx, Inc. (a)		4,716		85,454
Arena Pharmaceuticals, Inc. (a)		67,612		128,463
Ariad Pharmaceuticals, Inc. (a)		46,413		290,081
Array BioPharma, Inc. (a)		38,440		162,217
Assembly Biosciences, Inc. (a)		3,701		27,795

See Notes to Financial Statements.



BLACKROCK INDEX FUNDS, INC.	DECEMBER 31, 2015	39


Schedule of Investments (continued)		Master Small Cap Index Series


Common Stocks	Shares		Value
Biotechnology (continued)
Asterias Biotherapeutics, Inc. (a)(b)		2,796	$	10,988
Atara Biotherapeutics, Inc. (a)		4,615		121,882
aTyr Pharma, Inc. (a)		1,638		16,102
Avalanche Biotechnologies, Inc. (a)		5,136		48,895
Axovant Sciences Ltd. (a)		3,974		71,651
Bellicum Pharmaceuticals, Inc. (a)		2,023		41,006
BioCryst Pharmaceuticals, Inc. (a)		19,559		201,849
BioDelivery Sciences International, Inc. (a)		13,793		66,068
BioTelemetry, Inc. (a)		7,107		83,010
Biotime, Inc. (a)(b)		16,210		66,461
Blueprint Medicines Corp. (a)		2,379		62,663
Calithera Biosciences, Inc. (a)		3,003		23,003
Carbylan Therapeutics, Inc. (a)		3,276		11,859
Catabasis Pharmaceuticals, Inc. (a)(b)		548		4,346
Catalyst Pharmaceutical, Inc. (a)		19,487		47,743
Celldex Therapeutics, Inc. (a)		27,273		427,641
Cellular Biomedicine Group, Inc. (a)(b)		2,605		55,981
Cepheid, Inc. (a)		19,913		727,422
ChemoCentryx, Inc. (a)		7,164		58,028
Chiasma, Inc. (a)		2,122		41,528
Cidara Therapeutics, Inc. (a)		1,291		22,154
Clovis Oncology, Inc. (a)		7,734		270,690
Coherus Biosciences, Inc. (a)		6,369		146,232
Collegium Pharmaceutical, Inc. (a)		1,823		50,132
Corium International, Inc. (a)		2,673		21,705
CTI BioPharma Corp. (a)		61,117		75,174
Curis, Inc. (a)		31,090		90,472
Cytokinetics, Inc. (a)		9,631		100,740
CytomX Therapeutics, Inc. (a)		2,176		45,413
CytRx Corp. (a)(b)		17,338		45,946
Dermira, Inc. (a)		4,327		149,757
Dimension Therapeutics, Inc. (a)(b)		1,747		19,706
Dyax Corp. (a)		40,134		1,509,841
Dynavax Technologies Corp. (a)		10,254		247,737
Edge Therapeutics, Inc. (a)		2,431		30,387
Emergent Biosolutions, Inc. (a)		8,373		335,004
Epizyme, Inc. (a)		8,163		130,771
Exact Sciences Corp. (a)		27,014		249,339
Exelixis, Inc. (a)		62,334		351,564
Fibrocell Science, Inc. (a)		6,483		29,498
FibroGen, Inc. (a)		13,214		402,631
Five Prime Therapeutics, Inc. (a)		6,266		260,039
Flex Pharma, Inc. (a)		1,538		19,148
Foundation Medicine, Inc. (a)		3,025		63,706
Galena Biopharma, Inc. (a)(b)		47,257		69,468
GenMark Diagnostics, Inc. (a)		11,115		86,252
Genocea Biosciences, Inc. (a)		5,405		28,484
Genomic Health, Inc. (a)		4,964		174,733
Geron Corp. (a)		42,738		206,852
Global Blood Therapeutics, Inc. (a)(b)		2,041		65,986
Halozyme Therapeutics, Inc. (a)		29,277		507,370
Harvard Bioscience, Inc. (a)		8,167		28,339
Heron Therapeutics, Inc. (a)		8,215		219,340
Idera Pharmaceuticals, Inc. (a)(b)		24,295		75,072
Ignyta, Inc. (a)		5,505		73,767
ImmunoGen, Inc. (a)		23,857		323,739
Immunomedics, Inc. (a)		28,097		86,258
INC Research Holdings, Inc., Class A (a)		3,506		170,076
Inovio Pharmaceuticals, Inc. (a)(b)		19,758		132,774
Insmed, Inc. (a)		17,074		309,893
Insys Therapeutics, Inc. (a)		6,358		182,030
Invitae Corp. (a)(b)		2,050		16,830
Karyopharm Therapeutics, Inc. (a)		6,525		86,456
Keryx Biopharmaceuticals, Inc. (a)(b)		28,262		142,723
Lexicon Pharmaceuticals, Inc. (a)		11,531		153,478
Ligand Pharmaceuticals, Inc., Class B (a)		4,832		523,885
Lion Biotechnologies, Inc. (a)		12,679		97,882


Common Stocks	Shares		Value
Biotechnology (continued)
Loxo Oncology, Inc. (a)		2,499	$	71,097
MacroGenics, Inc. (a)		8,761		271,328
MannKind Corp. (a)(b)		67,366		97,681
Medgenics, Inc. (a)		6,366		38,323
Merrimack Pharmaceuticals, Inc. (a)		32,095		253,550
Mirati Therapeutics, Inc. (a)		3,100		97,960
Momenta Pharmaceuticals, Inc. (a)		17,021		252,592
Myriad Genetics, Inc. (a)		19,099		824,313
NantKwest, Inc. (a)(b)		1,999		34,643
Natera, Inc. (a)		3,124		33,739
Nektar Therapeutics (a)		36,481		614,705
Neos Therapeutics, Inc. (a)		1,165		16,683
Neurocrine Biosciences, Inc. (a)		23,508		1,329,848
NewLink Genetics Corp. (a)		5,887		214,228
Nivalis Therapeutics, Inc. (a)		782		6,053
Northwest Biotherapeutics, Inc. (a)(b)		12,131		38,819
Novavax, Inc. (a)		73,979		620,684
Ocata Therapeutics, Inc. (a)		12,033		101,318
Omeros Corp. (a)		10,361		162,979
OncoMed Pharmaceuticals, Inc. (a)		4,762		107,335
Oncothyreon, Inc. (a)		24,419		54,210
Ophthotech Corp. (a)		6,535		513,194
Orexigen Therapeutics, Inc. (a)		26,284		45,208
Organovo Holdings, Inc. (a)(b)		25,637		63,836
Osiris Therapeutics, Inc.		4,904		50,904
Pacific Biosciences of California, Inc. (a)		16,626		218,299
PDL BioPharma, Inc.		45,069		159,544
Penumbra, Inc. (a)		1,314		70,706
Peregrine Pharmaceuticals, Inc. (a)		57,930		67,778
Pfenex, Inc. (a)		4,226		52,318
PRA Health Sciences, Inc. (a)		5,539		250,751
Progenics Pharmaceuticals, Inc. (a)		19,105		117,114
Proteon Therapeutics, Inc. (a)		1,991		30,880
Prothena Corp. PLC (a)		8,619		587,040
PTC Therapeutics, Inc. (a)		9,419		305,176
RadNet, Inc. (a)		9,108		56,287
Raptor Pharmaceutical Corp. (a)		22,210		115,492
REGENXBIO, Inc. (a)		2,058		34,163
Regulus Therapeutics, Inc. (a)		8,270		72,114
Repligen Corp. (a)		9,108		257,665
Retrophin, Inc. (a)		9,497		183,197
Rigel Pharmaceuticals, Inc. (a)		23,267		70,499
Rockwell Medical, Inc. (a)(b)		13,802		141,332
RTI Surgical, Inc. (a)		15,100		59,947
Sage Therapeutics, Inc. (a)		3,748		218,508
Sangamo Biosciences, Inc. (a)		18,983		173,315
Sarepta Therapeutics, Inc. (a)		12,350		476,463
Sequenom, Inc. (a)(b)		30,713		50,369
Seres Therapeutics, Inc. (a)(b)		2,387		83,760
Sorrento Therapeutics, Inc. (a)		7,345		63,975
Spark Therapeutics, Inc. (a)		2,277		103,171
Stemline Therapeutics, Inc. (a)		4,228		26,679
Sucampo Pharmaceuticals, Inc., Class A (a)		6,954		120,235
Synergy Pharmaceuticals, Inc. (a)(b)		27,259		154,559
Synta Pharmaceuticals Corp. (a)		22,169		7,803
TESARO, Inc. (a)		6,434		336,627
Theravance, Inc. (a)		23,195		244,475
Threshold Pharmaceuticals, Inc. (a)		16,229		7,788
Tobira Therapeutics, Inc. (a)		665		6,683
Tokai Pharmaceuticals, Inc. (a)(b)		2,533		22,088
Trevena, Inc. (a)		8,713		91,486
Trovagene, Inc. (a)(b)		7,396		39,938
Vanda Pharmaceuticals, Inc. (a)		11,625		108,229
Veracyte, Inc. (a)		3,684		26,525
Verastem, Inc. (a)		8,066		15,003
Versartis, Inc. (a)		6,472		80,188
Vitae Pharmaceuticals, Inc. (a)		3,723		67,386

See Notes to Financial Statements.



40	BLACKROCK INDEX FUNDS, INC.	DECEMBER 31, 2015


Schedule of Investments (continued)		Master Small Cap Index Series


Common Stocks	Shares		Value
Biotechnology (continued)
Vital Therapies, Inc. (a)(b)		6,044	$	69,627
vTv Therapeutics, Inc., Class A (a)		818		5,571
West Pharmaceutical Services, Inc.		19,843		1,194,945
XBiotech, Inc. (a)		1,087		11,816
Xencor Inc. (a)		7,905		115,571
XOMA Corp. (a)(b)		24,787		32,967
ZIOPHARM Oncology, Inc. (a)(b)		31,669		263,169

				26,707,195
Building Materials — 0.8%
Builders FirstSource, Inc. (a)		13,821		153,137
Continental Building Products, Inc. (a)		8,791		153,491
Gibraltar Industries, Inc. (a)		8,345		212,297
Griffon Corp.		8,781		156,302
Headwaters, Inc. (a)		20,419		344,468
Louisiana-Pacific Corp. (a)		39,348		708,657
LSI Industries, Inc.		5,578		67,996
Masonite International Corp. (a)		8,337		510,474
NCI Building Systems, Inc. (a)		7,717		95,768
Patrick Industries, Inc. (a)		3,515		152,902
PGT, Inc. (a)		13,286		151,328
Quanex Building Products Corp.		9,253		192,925
Simpson Manufacturing Co., Inc.		11,591		395,833
Summit Materials, Inc., Class A (a)		8,872		177,795
Trex Co., Inc. (a)		8,872		337,491

				3,810,864
Building: Climate Control — 0.1%
AAON, Inc.		11,347		263,477
Comfort Systems USA, Inc.		10,270		291,873
Nortek, Inc. (a)		2,741		119,563

				674,913
Building: Roofing, Wallboard & Plumbing — 0.1%
Beacon Roofing Supply, Inc. (a)		13,672		563,013
Casinos & Gambling — 0.4%
Boyd Gaming Corp. (a)		22,328		443,658
Caesars Acquisition Co., Class A (a)		13,676		93,134
Caesars Entertainment Corp. (a)		15,715		123,991
Eldorado Resorts, Inc. (a)		7,692		84,612
Isle of Capri Casinos, Inc. (a)		6,330		88,177
Monarch Casino & Resort, Inc. (a)		3,249		73,817
Penn National Gaming, Inc. (a)		22,540		361,091
Pinnacle Entertainment, Inc. (a)		12,392		385,639
Scientific Games Corp., Class A (a)		14,323		128,477

				1,782,596
Cement — 0.0%
US Concrete, Inc. (a)		3,949		207,954
Chemicals: Diversified — 1.0%
Aceto Corp.		8,187		220,885
American Vanguard Corp.		8,290		116,143
Axiall Corp.		19,622		302,179
Chemtura Corp. (a)		18,525		505,177
Hawkins, Inc.		2,991		106,988
Innophos Holdings, Inc.		5,353		155,130
KMG Chemicals, Inc.		2,804		64,548
Landec Corp. (a)		7,020		83,047
LSB Industries, Inc. (a)		5,015		36,359
Olin Corp.		45,529		785,830
OMNOVA Solutions, Inc. (a)		13,586		83,282
PolyOne Corp.		24,570		780,343
Rayonier Advanced Materials, Inc.		11,565		113,221
Sensient Technologies Corp.		12,869		808,431
Tronox Ltd., Class A		16,609		64,941
Univar, Inc. (a)		11,378		193,540

				4,420,044


Common Stocks	Shares		Value
Chemicals: Specialty — 0.4%
Balchem Corp.		8,571	$	521,117
Calgon Carbon Corp.		14,781		254,972
FutureFuel Corp.		6,365		85,928
Innospec, Inc.		6,672		362,356
Kraton Performance Polymers, Inc. (a)		8,499		141,168
Quaker Chemical Corp.		3,687		284,858
Stepan Co.		5,341		265,394
Valhi, Inc.		4,346		5,824

				1,921,617
Coal — 0.0%
Cloud Peak Energy, Inc. (a)		15,743		32,745
Hallador Energy Co.		2,694		12,285
Peabody Energy Corp. (a)(b)		4,737		36,380
Westmoreland Coal Co. (a)(b)		4,459		26,219

				107,629
Commercial Banks — 0.1%
Blue Hills Bancorp, Inc.		7,946		121,653
C1 Financial, Inc. (a)		1,541		37,307
Green Bancorp, Inc. (a)		4,218		44,205
HomeTrust Bancshares, Inc. (a)		5,523		111,841
Sun Bancorp, Inc. (a)		2,509		51,786

				366,792
Commercial Finance & Mortgage Companies — 0.2%
Capital Bank Financial Corp., Class A		5,809		185,772
Federal Agricultural Mortgage Corp., Class C		3,018		95,278
Impac Mortgage Holdings, Inc. (a)(b)		2,612		47,016
Meta Financial Group, Inc.		2,065		94,845
Nationstar Mortgage Holdings, Inc. (a)		10,880		145,466
NewStar Financial, Inc. (a)		6,197		55,649
On Deck Capital, Inc. (a)		2,914		30,014
PennyMac Financial Services, Inc. (a)(c)		3,162		48,568
RE/MAX Holdings, Inc., Class A		3,359		125,291
Stonegate Mortgage Corp. (a)		3,518		19,173
Walker & Dunlop, Inc. (a)		7,195		207,288

				1,054,360
Commercial Services & Supplies — 0.2%
ARC Document Solutions, Inc. (a)		12,421		54,901
Collectors Universe, Inc.		2,001		31,015
Hill International, Inc. (a)		9,138		35,455
LifeLock, Inc. (a)		26,102		374,564
National Research Corp.		2,738		43,918
National Research Corp., Class B		262		9,385
Weight Watchers International, Inc. (a)(b)		7,491		170,795

				720,033
Commercial Services: Rental & Leasing — 0.3%
Aircastle Ltd.		17,319		361,794
CAI International, Inc. (a)		5,394		54,371
Electro Rent Corp.		4,075		37,490
H&E Equipment Services, Inc.		8,518		148,895
Marlin Business Services Corp.		2,315		37,179
McGrath RentCorp		6,729		169,503
Mobile Mini, Inc.		12,698		395,289
Neff Corp., Class A (a)		3,212		24,604
PHH Corp. (a)		13,452		217,922
TAL International Group, Inc. (a)		9,091		144,547

				1,591,594
Commercial Vehicles & Parts — 0.3%
Accuride Corp. (a)		10,506		17,440
Blue Bird Corp. (a)(b)		1,264		12,817
Commercial Vehicle Group, Inc. (a)		7,477		20,637
Cooper-Standard Holding, Inc. (a)		3,757		291,506
Miller Industries, Inc.		3,259		70,981

See Notes to Financial Statements.



BLACKROCK INDEX FUNDS, INC.	DECEMBER 31, 2015	41


Schedule of Investments (continued)		Master Small Cap Index Series


Common Stocks	Shares		Value
Commercial Vehicles & Parts (continued)
Modine Manufacturing Co. (a)		13,550	$	122,628
Motorcar Parts of America, Inc. (a)		4,840		163,640
Navistar International Corp. (a)		13,864		122,558
Rush Enterprises, Inc., Class A (a)		9,660		211,457
Strattec Security Corp.		929		52,479
Wabash National Corp. (a)		19,140		226,426

				1,312,569
Communications Equipment — 0.2%
Aerohive Networks, Inc. (a)(b)		6,009		30,706
Polycom, Inc. (a)		37,303		469,645
Ruckus Wireless, Inc. (a)		21,193		226,977

				727,328
Communications Technology — 1.6%
ADTRAN, Inc.		13,581		233,865
Alliance Fiber Optic Products, Inc. (a)		3,716		56,334
Anixter International, Inc. (a)		7,892		476,598
Bel Fuse, Inc., Class B		2,589		44,764
Black Box Corp.		3,700		35,261
Calix, Inc. (a)		12,698		99,933
Ciena Corp. (a)		34,059		704,681
Comtech Telecommunications Corp.		4,666		93,740
Datalink Corp. (a)		6,347		43,160
Digi International, Inc. (a)		7,041		80,126
DigitalGlobe, Inc. (a)		20,191		316,191
Extreme Networks, Inc. (a)		27,864		113,685
Finisar Corp. (a)		28,798		418,723
General Cable Corp.		13,318		178,861
Harmonic, Inc. (a)		24,536		99,861
Infinera Corp. (a)		36,657		664,225
Intelsat SA (a)		7,237		30,106
InterDigital, Inc.		9,926		486,771
Ixia (a)		17,025		211,621
KVH Industries, Inc. (a)		4,021		37,878
Loral Space & Communications, Inc. (a)		3,567		145,212
NeoPhotonics Corp. (a)		8,017		87,065
NETGEAR, Inc. (a)		8,863		371,448
Novatel Wireless, Inc. (a)		10,106		16,877
Plantronics, Inc.		9,698		459,879
QLogic Corp. (a)		24,186		295,069
RingCentral, Inc., Class A (a)		14,853		350,234
Seachange International, Inc. (a)		9,638		64,960
ShoreTel, Inc. (a)		17,548		155,300
Sonus Networks, Inc. (a)		14,026		100,005
TeleNav, Inc. (a)		6,946		39,523
ViaSat, Inc. (a)		11,776		718,454

				7,230,410
Computer Services Software & Systems — 6.2%
A10 Networks, Inc. (a)		8,937		58,627
ACI Worldwide, Inc. (a)		32,131		687,603
Acxiom Corp. (a)		21,625		452,395
Alarm.com Holdings, Inc. (a)		2,355		39,281
American Software, Inc., Class A		7,158		72,868
Apigee Corp. (a)		1,242		9,973
Appfolio, Inc., Class A (a)		1,780		25,988
Aspen Technology, Inc. (a)		23,492		887,058
AVG Technologies NV (a)		11,566		231,898
Avid Technology, Inc. (a)		8,280		60,361
Bankrate, Inc. (a)		18,594		247,300
Barracuda Networks, Inc. (a)		2,035		38,014
Bazaarvoice, Inc. (a)		17,393		76,181
Benefitfocus, Inc. (a)		2,265		82,423
Blackbaud, Inc.		12,896		849,331
Blucora, Inc. (a)		11,406		111,779
Bottomline Technologies, Inc. (a)		11,336		337,019
Box, Inc., Class A (a)(b)		3,433		47,925


Common Stocks	Shares		Value
Computer Services Software & Systems (continued)
Brightcove, Inc. (a)		8,711	$	54,008
BroadSoft, Inc. (a)		8,060		285,002
CACI International, Inc., Class A (a)		6,699		621,533
Callidus Software, Inc. (a)		15,288		283,898
Ciber, Inc. (a)		23,054		80,920
Code Rebel Corp. (a)		300		804
CommVault Systems, Inc. (a)		12,478		491,009
ComScore, Inc. (a)		9,485		390,308
Connecture, Inc. (a)		2,006		7,242
Cornerstone OnDemand, Inc. (a)		14,871		513,496
CSG Systems International, Inc.		9,133		328,605
Cvent, Inc. (a)		6,581		229,743
Demandware, Inc. (a)		9,211		497,118
Digimarc Corp. (a)		2,243		81,892
Digital Turbine, Inc. (a)(b)		12,840		17,077
EarthLink Holdings Corp.		28,827		214,185
Ebix, Inc.		7,440		243,958
Endurance International Group Holdings, Inc. (a)		16,527		180,640
Envestnet, Inc. (a)		10,764		321,305
EPAM Systems, Inc. (a)		13,452		1,057,596
EPIQ Systems, Inc.		9,070		118,545
ePlus, Inc. (a)		1,559		145,392
Evolent Health, Inc., Class A (a)		3,777		45,739
Guidance Software, Inc. (a)		4,694		28,258
Guidewire Software, Inc. (a)		19,322		1,162,412
Hortonworks, Inc. (a)		1,991		43,603
HubSpot, Inc. (a)		5,199		292,756
Imperva, Inc. (a)		7,320		463,429
Infoblox, Inc. (a)		16,584		304,980
Interactive Intelligence Group, Inc. (a)		4,726		148,491
Internap Corp. (a)		15,803		101,139
IntraLinks Holdings, Inc. (a)		11,471		104,042
Jive Software, Inc. (a)		13,570		55,366
KEYW Holding Corp. (a)		8,506		51,206
Limelight Networks, Inc. (a)		14,819		21,636
Lionbridge Technologies, Inc. (a)		18,965		93,118
LivePerson, Inc. (a)		15,837		106,900
LogMeIn, Inc. (a)		6,778		454,804
Luxoft Holding, Inc. (a)		5,042		388,889
Manhattan Associates, Inc. (a)		20,278		1,341,795
Mantech International Corp., Class A		6,738		203,757
MaxPoint Interactive, Inc. (a)		1,784		3,051
Mentor Graphics Corp.		27,636		509,055
Mercury Systems, Inc. (a)		9,291		170,583
MicroStrategy, Inc., Class A (a)		2,557		458,445
MINDBODY, Inc., Class A (a)(b)		2,144		32,439
ModusLink Global Solutions, Inc. (a)		9,612		23,838
Monotype Imaging Holdings, Inc.		11,086		262,073
Netscout Systems, Inc. (a)		25,367		778,767
New Relic, Inc. (a)		1,686		61,421
NIC, Inc.		18,006		354,358
Nimble Storage, Inc. (a)		13,681		125,865
PDF Solutions, Inc. (a)		7,791		84,454
Pegasystems, Inc.		9,877		271,617
Perficient, Inc. (a)		9,620		164,694
Progress Software Corp. (a)		13,972		335,328
Proofpoint, Inc. (a)		10,855		705,684
PROS Holdings, Inc. (a)		6,571		151,396
Q2 Holdings, Inc. (a)		5,335		140,684
QAD, Inc., Class A		2,948		60,493
QLIK Technologies, Inc. (a)		25,204		797,959
Rapid7, Inc. (a)		2,301		34,814
RealNetworks, Inc. (a)		5,873		24,960
RealPage, Inc. (a)		14,590		327,545
Reis, Inc.		2,245		53,274
Rocket Fuel, Inc. (a)		6,346		22,148
Rovi Corp. (a)		22,985		382,930

See Notes to Financial Statements.



42	BLACKROCK INDEX FUNDS, INC.	DECEMBER 31, 2015


Schedule of Investments (continued)		Master Small Cap Index Series


Common Stocks	Shares		Value
Computer Services Software & Systems (continued)
Sapiens International Corp. NV		6,871	$	70,084
Science Applications International Corp.		12,777		584,931
SciQuest, Inc. (a)		7,756		100,595
Shutterstock, Inc. (a)		5,342		172,760
SPS Commerce, Inc. (a)		4,597		322,755
Synchronoss Technologies, Inc. (a)		10,711		377,349
SYNNEX Corp.		7,909		711,256
Syntel, Inc. (a)		8,690		393,222
Tangoe, Inc. (a)(b)		11,117		93,272
TechTarget, Inc. (a)		4,856		38,994
TeleCommunication Systems, Inc., Class A (a)		13,238		65,793
Textura Corp. (a)		5,468		117,999
Travelzoo, Inc. (a)		1,832		15,334
Tyler Technologies, Inc. (a)		9,257		1,613,680
Unisys Corp. (a)		13,677		151,131
United Online, Inc. (a)		3,834		45,203
Varonis Systems, Inc. (a)		2,202		41,398
VASCO Data Security International, Inc. (a)(b)		7,913		132,384
Verint Systems, Inc. (a)		16,923		686,397
VirnetX Holding Corp. (a)(b)		12,095		31,084
Virtusa Corp. (a)		8,224		339,980
Web.com Group, Inc. (a)		12,156		243,242
Wix.com Ltd. (a)		5,258		119,620
Workiva, Inc. (a)		1,823		32,030
Xactly Corp. (a)		2,684		22,895
Xura, Inc. (a)		6,290		154,608
Zix Corp. (a)		16,472		83,678

				28,992,169
Computer Technology — 0.7%
Cray, Inc. (a)		11,258		365,322
Diebold, Inc.		17,874		537,829
Imation Corp. (a)		8,334		11,418
Immersion Corp. (a)		8,000		93,280
Insight Enterprises, Inc. (a)		10,785		270,919
PC Connection, Inc.		3,045		68,939
Pure Storage, Inc., Class A (a)(b)		8,007		124,669
Quantum Corp. (a)		54,414		50,605
Safeguard Scientifics, Inc. (a)		5,952		86,363
Silicon Graphics International Corp. (a)		10,245		60,445
Stratasys Ltd. (a)		14,206		333,557
Super Micro Computer, Inc. (a)		10,316		252,845
Synaptics, Inc. (a)		10,141		814,728
Violin Memory, Inc. (a)(b)		24,186		21,770

				3,092,689
Construction — 0.4%
Aegion Corp. (a)		9,971		192,540
EMCOR Group, Inc.		17,266		829,459
Granite Construction, Inc.		10,896		467,547
Great Lakes Dredge & Dock Corp. (a)		15,623		61,867
Orion Marine Group, Inc. (a)		7,406		30,883
Primoris Services Corp.		10,483		230,941
Tutor Perini Corp. (a)		10,346		173,192

				1,986,429
Consumer Electronics — 0.2%
RealD, Inc. (a)		11,373		119,985
Skullcandy, Inc. (a)		5,930		28,049
TiVo, Inc. (a)		27,289		235,504
Universal Electronics, Inc. (a)		4,067		208,841
VOXX International Corp. (a)		5,011		26,358
XO Group, Inc. (a)		7,464		119,872
ZAGG, Inc. (a)		7,526		82,334

				820,943
Consumer Lending — 0.6%
Cash America International, Inc.		7,060		211,447
Encore Capital Group, Inc. (a)		7,350		213,738


Common Stocks	Shares		Value
Consumer Lending (continued)
Enova International, Inc. (a)		6,803	$	44,968
Ezcorp, Inc., Class A (a)		15,424		76,966
First Cash Financial Services, Inc. (a)		7,845		293,638
LendingTree, Inc. (a)		1,726		154,097
Marcus & Millichap, Inc. (a)		3,819		111,286
MGIC Investment Corp. (a)		93,940		829,490
MoneyGram International, Inc. (a)		7,377		46,254
Nelnet, Inc., Class A		6,768		227,202
PRA Group, Inc. (a)		13,394		464,638
Regional Management Corp. (a)		2,712		41,954
World Acceptance Corp. (a)(b)		2,053		76,166

				2,791,844
Consumer Services: Miscellaneous — 0.3%
Chuy’s Holdings, Inc. (a)		4,518		141,594
Core-Mark Holding Co., Inc.		6,373		522,204
CPI Card Group, Inc. (a)		4,961		52,884
Del Frisco’s Restaurant Group, Inc. (a)		6,747		108,087
Nutrisystem, Inc.		7,823		169,290
Sotheby’s		17,241		444,128

				1,438,187
Containers & Packaging — 0.4%
AEP Industries, Inc. (a)		1,058		81,625
Berry Plastics Group, Inc. (a)		32,915		1,190,865
Greif, Inc., Class A		8,371		257,910
Multi Packaging Solutions International, Ltd. (a)		5,319		92,285
Myers Industries, Inc.		6,923		92,214
Veritiv Corp. (a)		2,362		85,552

				1,800,451
Cosmetics — 0.1%
Elizabeth Arden, Inc. (a)(b)		7,518		74,428
Inter Parfums, Inc.		4,762		113,431
Revlon, Inc., Class A (a)		3,355		93,403

				281,262
Diversified Financial Services — 1.0%
Altisource Asset Management Corp. (a)		251		4,307
Altisource Portfolio Solutions SA (a)		3,823		106,318
Associated Capital Group, Inc. (a)		1,638		49,959
Blackhawk Network Holdings, Inc. (a)		14,946		660,763
Evercore Partners, Inc., Class A		9,559		516,855
FCB Financial Holdings, Inc., Class A (a)		7,730		276,657
FNFV Group (a)		22,544		253,169
Greenhill & Co., Inc.		7,974		228,136
Hannon Armstrong Sustainable Infrastructure Capital, Inc.		10,371		196,219
Houlihan Lokey, Inc.		3,574		93,674
HRG Group, Inc. (a)		21,760		295,066
JG Wentworth Co (a)		3,361		6,050
Liberty Tax, Inc.		1,490		35,507
MBIA, Inc. (a)		38,354		248,534
MidWestOne Financial Group, Inc.		2,059		62,614
Moelis & Co., Class A		4,828		140,881
Outerwall, Inc. (b)		4,942		180,581
Piper Jaffray Cos. (a)		4,178		168,791
Real Industry, Inc. (a)		6,160		49,465
Stifel Financial Corp. (a)		18,743		793,953
Tiptree Financial, Inc.		8,127		49,900

				4,417,399
Diversified Manufacturing Operations — 0.5%
Barnes Group, Inc.		15,098		534,318
Federal Signal Corp.		17,298		274,173
Harsco Corp.		21,815		171,902
Lydall, Inc. (a)		4,597		163,102
OSI Systems, Inc. (a)		5,459		483,995

See Notes to Financial Statements.



BLACKROCK INDEX FUNDS, INC.	DECEMBER 31, 2015	43


Schedule of Investments (continued)		Master Small Cap Index Series


Common Stocks	Shares		Value
Diversified Manufacturing Operations (continued)
Raven Industries, Inc.		10,344	$	161,367
Standex International Corp.		3,521		292,771
TriMas Corp. (a)		12,680		236,482

				2,318,110
Diversified Materials & Processing — 0.5%
Belden, Inc.		11,760		560,717
Cabot Microelectronics Corp. (a)		6,859		300,287
CLARCOR, Inc.		13,840		687,571
Encore Wire Corp.		5,808		215,419
Insteel Industries, Inc.		5,169		108,135
Koppers Holdings, Inc. (a)		5,855		106,854
NL Industries, Inc. (a)		1,868		5,679
Tredegar Corp.		7,089		96,552
Uranium Energy Corp. (a)(b)		25,063		26,567

				2,107,781
Diversified Media — 0.1%
EW Scripps Co.		16,415		311,885
Hemisphere Media Group, Inc. (a)(b)		2,557		37,716

				349,601
Diversified Retail — 0.4%
Big Lots, Inc.		13,687		527,497
Duluth Holdings, Inc. (a)		2,214		32,302
Etsy, Inc. (a)		5,055		41,754
EVINE Live, Inc. (a)		11,792		20,990
Fred’s, Inc., Class A		10,174		166,548
HSN, Inc.		8,983		455,169
Ollie’s Bargain Outlet Holdings, Inc. (a)		2,907		49,448
Overstock.com, Inc. (a)		3,031		37,221
Pricesmart, Inc.		5,336		442,835
Tuesday Morning Corp. (a)		12,792		83,148
Winmark Corp.		557		51,806

				1,908,718
Drug & Grocery Store Chains — 0.6%
Casey’s General Stores, Inc.		10,683		1,286,767
Diplomat Pharmacy, Inc. (a)		9,995		342,029
Ingles Markets, Inc., Class A		3,605		158,909
PetMed Express, Inc.		5,743		98,435
Smart & Final Stores, Inc. (a)		6,859		124,902
Supervalu, Inc. (a)		72,703		492,926
Village Super Market, Inc., Class A		1,857		48,932
Weis Markets, Inc.		3,112		137,862

				2,690,762
Education Services — 0.8%
2U, Inc. (a)		7,418		207,556
American Public Education, Inc. (a)		4,440		82,628
Apollo Education Group, Inc. (a)		25,671		196,897
Bridgepoint Education, Inc. (a)		4,051		30,828
Bright Horizons Family Solutions, Inc. (a)		10,270		686,036
Cambium Learning Group, Inc. (a)		3,388		16,432
Capella Education Co.		3,355		155,068
Career Education Corp. (a)		19,662		71,373
Chegg, Inc. (a)		20,902		140,670
DeVry Education Group, Inc.		17,708		448,190
Franklin Covey Co. (a)		3,262		54,606
Grand Canyon Education, Inc. (a)		12,998		521,480
HealthStream, Inc. (a)		6,911		152,042
Houghton Mifflin Harcourt Co. (a)		37,805		823,393
K12, Inc. (a)		8,818		77,598
Strayer Education, Inc. (a)		2,991		179,819
Universal Technical Institute, Inc.		5,476		25,518

				3,870,134


Common Stocks	Shares		Value
Electronic Components — 0.7%
Acacia Research Corp.		15,133	$	64,921
AVX Corp.		12,414		150,706
Checkpoint Systems, Inc.		12,353		77,453
InvenSense, Inc. (a)		21,747		222,472
Methode Electronics, Inc.		10,588		337,016
Multi-Fineline Electronix, Inc. (a)		2,300		47,564
NVE Corp.		1,388		77,978
Park Electrochemical Corp.		5,776		86,987
Rogers Corp. (a)		5,200		268,164
Sanmina Corp. (a)		21,644		445,433
ScanSource, Inc. (a)		7,458		240,297
Sparton Corp. (a)		2,954		59,050
Tech Data Corp. (a)		10,100		670,438
TTM Technologies, Inc. (a)		16,782		109,251
Universal Display Corp. (a)		11,078		603,086

				3,460,816
Electronic Entertainment — 0.2%
DTS, Inc. (a)		4,868		109,919
Glu Mobile, Inc. (a)		33,833		82,214
Take-Two Interactive Software, Inc. (a)		23,314		812,260

				1,004,393
Electronics — 0.4%
Agilysys, Inc. (a)		4,071		40,669
American Science & Engineering, Inc.		2,106		87,146
Coherent, Inc. (a)		6,565		427,447
Control4 Corp. (a)		5,596		40,683
Daktronics, Inc.		11,143		97,167
II-VI, Inc. (a)		14,595		270,883
Imprivata, Inc. (a)		2,503		28,284
iRobot Corp. (a)		8,303		293,926
Newport Corp. (a)		10,870		172,507
Rofin-Sinar Technologies, Inc. (a)		7,588		203,207

				1,661,919
Energy Equipment — 0.3%
Dynegy, Inc. (a)		33,507		448,994
Enphase Energy, Inc. (a)(b)		7,500		26,325
FuelCell Energy, Inc. (a)(b)		5,386		26,715
Matador Resources Co. (a)		20,242		400,184
PowerSecure International, Inc. (a)		6,474		97,434
Silver Spring Networks, Inc. (a)		10,103		145,584
Sunrun, Inc. (a)(b)		5,357		63,052

				1,208,288
Energy Equipment & Services — 0.0%
Geospace Technologies Corp. (a)		3,448		48,513
Pioneer Energy Services Corp. (a)		16,656		36,144

				84,657
Engineering & Contracting Services — 0.5%
Argan, Inc.		3,582		116,057
Dycom Industries, Inc. (a)		9,370		655,525
Engility Holdings, Inc.		4,843		157,301
Exponent, Inc.		7,209		360,090
Furmanite Corp. (a)		9,983		66,487
HC2 Holdings, Inc. (a)		7,605		40,230
MasTec, Inc. (a)		18,548		322,364
Mistras Group, Inc. (a)		4,755		90,773
MYR Group, Inc. (a)		5,904		121,681
Power Solutions International, Inc. (a)(b)		1,136		20,732
Tetra Tech, Inc.		16,598		431,880
VSE Corp.		1,218		75,735

				2,458,855
Entertainment — 0.4%
AMC Entertainment Holdings, Inc., Class A		5,833		139,992
Ascent Capital Group, Inc., Class A (a)		3,484		58,253

See Notes to Financial Statements.



44	BLACKROCK INDEX FUNDS, INC.	DECEMBER 31, 2015


Schedule of Investments (continued)		Master Small Cap Index Series


Common Stocks	Shares		Value
Entertainment (continued)
Carmike Cinemas, Inc. (a)		6,713	$	153,996
DreamWorks Animation SKG, Inc., Class A (a)		20,985		540,783
Empire Resorts, Inc. (a)(b)		773		13,914
IMAX Corp. (a)		16,628		590,959
Reading International, Inc., Class A (a)		4,474		58,654
Rentrak Corp. (a)		3,435		163,266
World Wrestling Entertainment, Inc. (b)		8,299		148,054

				1,867,871
Environmental, Maintenance, & Security Service — 0.6%
ABM Industries, Inc.		15,487		440,915
Brink’s Co.		13,434		387,705
G&K Services, Inc., Class A		5,512		346,705
Healthcare Services Group, Inc.		19,614		683,940
MSA Safety, Inc.		8,184		355,758
SP Plus Corp. (a)		4,762		113,812
UniFirst Corp.		4,095		426,699

				2,755,534
Fertilizers — 0.0%
Intrepid Potash, Inc. (a)		14,657		43,238
Rentech, Inc. (a)		4,464		15,713

				58,951
Financial Data & Systems — 0.9%
Cardtronics, Inc. (a)		12,487		420,188
Cass Information Systems, Inc.		3,157		162,459
Euronet Worldwide, Inc. (a)		14,316		1,036,908
Everi Holdings, Inc. (a)		19,619		86,128
EVERTEC, Inc.		18,357		307,296
Fair Isaac Corp.		8,583		808,347
Green Dot Corp., Class A (a)		12,965		212,885
Heartland Payment Systems, Inc.		10,105		958,156

				3,992,367
Food & Staples Retailing — 0.0%
Fairway Group Holdings Corp. (a)(b)		6,054		3,996
Natural Grocers by Vitamin Cottage, Inc. (a)		2,289		46,627

				50,623
Foods — 1.5%
Amplify Snack Brands, Inc. (a)		4,510		51,955
B&G Foods, Inc.		15,982		559,690
Boulder Brands, Inc. (a)		14,999		164,689
Chefs’ Warehouse, Inc. (a)		5,361		89,422
Dean Foods Co.		26,158		448,610
Diamond Foods, Inc. (a)		7,311		281,839
Fresh Market, Inc. (a)		12,014		281,368
Freshpet, Inc. (a)(b)		5,263		44,683
Inventure Foods, Inc. (a)		5,244		37,232
J&J Snack Foods Corp.		4,094		477,647
John B Sanfilippo & Son, Inc.		2,255		121,838
Lancaster Colony Corp.		5,077		586,191
Lifeway Foods, Inc. (a)		1,252		13,897
Medifast, Inc.		3,240		98,431
Natural Health Trends Corp.		2,213		74,202
Nature’s Sunshine Products, Inc.		2,785		28,184
Nutraceutical International Corp. (a)		2,205		56,933
Omega Protein Corp. (a)		6,120		135,864
Performance Food Group Co. (a)		4,710		108,989
Post Holdings, Inc. (a)		16,983		1,047,851
Seneca Foods Corp., Class A (a)		1,996		57,844
Senomyx, Inc. (a)		11,126		41,945
Snyders-Lance, Inc.		13,468		461,952
SpartanNash Co.		10,211		220,966
Synutra International, Inc. (a)		5,810		27,365
Tootsie Roll Industries, Inc.		5,052		159,593
TreeHouse Foods, Inc. (a)		11,816		927,083


Common Stocks	Shares		Value
Foods (continued)
United Natural Foods, Inc. (a)		13,899	$	547,065

				7,153,328
Forest Products — 0.2%
Boise Cascade Co. (a)		11,014		281,187
Deltic Timber Corp.		2,980		175,433
Universal Forest Products, Inc.		5,546		379,180

				835,800
Forms & Bulk Printing Services — 0.3%
Deluxe Corp.		13,769		750,961
Ennis, Inc.		7,173		138,080
InnerWorkings, Inc. (a)		10,500		78,750
Multi-Color Corp.		3,571		213,582
Quad/Graphics, Inc.		7,462		69,397

				1,250,770
Fruit & Grain Processing — 0.0%
MGP Ingredients, Inc.		2,901		75,281
Funeral Parlors & Cemeteries — 0.2%
Carriage Services, Inc.		4,272		102,955
Hillenbrand, Inc.		17,381		514,999
Matthews International Corp., Class A		9,080		485,326

				1,103,280
Gas Pipeline — 0.1%
SemGroup Corp., Class A		12,293		354,773
Glass — 0.1%
Apogee Enterprises, Inc.		8,052		350,343
Gold — 0.0%
Coeur Mining, Inc. (a)		39,169		97,139
Health Care Equipment & Supplies — 0.4%
Inogen, Inc. (a)		4,309		172,748
STERIS PLC		23,495		1,770,113

				1,942,861
Health Care Facilities — 0.9%
AAC Holdings, Inc. (a)(b)		2,063		39,321
Adeptus Health, Inc., Class A (a)		1,786		97,373
Amsurg Corp. (a)		14,858		1,129,208
Capital Senior Living Corp. (a)		8,040		167,714
Ensign Group, Inc.		14,056		318,087
Five Star Quality Care, Inc. (a)		10,931		34,761
Genesis Healthcare, Inc. (a)		9,453		32,802
Hanger, Inc. (a)		9,820		161,539
HealthSouth Corp.		25,396		884,035
Kindred Healthcare, Inc.		23,348		278,075
National Healthcare Corp.		2,746		169,428
Select Medical Holdings Corp.		29,186		347,605
Surgical Care Affiliates, Inc. (a)		5,838		232,411
U.S. Physical Therapy, Inc.		3,374		181,116

				4,073,475
Health Care Management Services — 0.5%
BioScrip, Inc. (a)		17,622		30,839
Computer Programs & Systems, Inc.		3,120		155,220
Magellan Health Services, Inc. (a)		6,852		422,494
Molina Healthcare, Inc. (a)		10,847		652,230
Triple-S Management Corp., Class B (a)		6,628		158,475
Universal American Corp.		14,205		99,435
WellCare Health Plans, Inc. (a)		11,232		878,455

				2,397,148
Health Care Services — 2.0%
Accelerate Diagnostics, Inc. (a)		6,107		131,239
Addus HomeCare Corp. (a)		1,603		37,318
Air Methods Corp. (a)		10,868		455,695

See Notes to Financial Statements.



BLACKROCK INDEX FUNDS, INC.	DECEMBER 31, 2015	45


Schedule of Investments (continued)		Master Small Cap Index Series


Common Stocks	Shares		Value
Health Care Services (continued)
Alliance HealthCare Services, Inc. (a)		1,336	$	12,265
Almost Family, Inc. (a)		2,092		79,977
Amedisys, Inc. (a)		7,818		307,404
AMN Healthcare Services, Inc. (a)		13,142		408,059
Cara Therapeutics, Inc. (a)		5,753		96,996
Care.com, Inc. (a)		4,960		35,514
Catalent, Inc. (a)		23,123		578,769
Chemed Corp.		4,699		703,910
Civitas Solutions, Inc. (a)		3,340		96,159
Corvel Corp. (a)		2,407		105,715
Cross Country Healthcare, Inc. (a)		8,750		143,413
ExamWorks Group, Inc. (a)		11,512		306,219
Flexion Therapeutics, Inc. (a)		3,594		69,256
Globus Medical, Inc., Class A (a)		19,016		529,025
HealthEquity, Inc. (a)		10,031		251,477
Healthways, Inc. (a)		8,813		113,423
HMS Holdings Corp. (a)		24,756		305,489
LHC Group, Inc. (a)		3,539		160,281
Medidata Solutions, Inc. (a)		15,229		750,637
MiMedx Group, Inc. (a)		30,388		284,736
NeoGenomics, Inc. (a)		15,009		118,121
Nobilis Health Corp. (a)		8,201		23,127
Omnicell, Inc. (a)		10,085		313,442
OvaScience, Inc. (a)(b)		6,135		59,939
PharMerica Corp. (a)		8,476		296,660
Phibro Animal Health Corp., Class A		4,804		144,745
Press Ganey Holdings, Inc. (a)		3,038		95,849
Quality Systems, Inc.		13,488		217,427
Ryman Hospitality Properties, Inc.		11,971		618,182
Surgery Partners, Inc. (a)		4,441		90,996
T2 Biosystems, Inc. (a)(b)		3,350		36,649
Team Health Holdings, Inc. (a)		19,869		872,050
Teladoc, Inc. (a)(b)		2,724		48,923
Tetraphase Pharmaceuticals, Inc. (a)		10,270		103,008
WebMD Health Corp. (a)		10,404		502,513

				9,504,607
Health Care: Miscellaneous — 0.2%
MedAssets, Inc. (a)		16,744		518,059
Providence Service Corp. (a)		3,736		175,293

				693,352
Home Building — 0.7%
Beazer Homes USA, Inc. (a)		9,421		108,247
CalAtlantic Group, Inc.		21,219		804,625
Century Communities, Inc. (a)		4,036		71,478
Hovnanian Enterprises, Inc., Class A (a)		35,845		64,879
Installed Building Products, Inc. (a)		5,522		137,111
KB Home		22,755		280,569
LGI Homes, Inc. (a)		4,067		98,950
M/I Homes, Inc. (a)		6,912		151,511
MDC Holdings, Inc.		10,912		278,583
Meritage Homes Corp. (a)		11,000		373,890
New Home Co., Inc. (a)		3,311		42,911
Taylor Morrison Home Corp., Class A (a)		9,257		148,112
Tile Shop Holdings, Inc. (a)		7,577		124,263
TRI Pointe Homes, Inc. (a)		44,842		568,148
WCI Communities, Inc. (a)		4,526		100,839
William Lyon Homes, Class A (a)		5,796		95,634

				3,449,750
Hotel/Motel — 0.3%
Belmond Ltd., Class A (a)		27,999		265,991
Bloomin’ Brands, Inc.		34,278		578,955
Intrawest Resorts Holdings, Inc. (a)		4,775		37,341
La Quinta Holdings, Inc. (a)		26,426		359,658
Marcus Corp.		5,385		102,153


Common Stocks	Shares		Value
Hotel/Motel (continued)
Morgans Hotel Group Co. (a)		7,114	$	23,974

				1,368,072
Household Appliances — 0.0%
National Presto Industries, Inc.		1,370		113,518
Household Equipment & Products — 0.2%
Central Garden and Pet Co., Class A (a)		11,410		155,176
CSS Industries, Inc.		2,381		67,573
Helen of Troy Ltd. (a)		7,823		737,318
Libbey, Inc.		6,034		128,645
Novocure, Ltd. (a)		2,432		54,379

				1,143,091
Household Furnishings — 0.3%
American Woodmark Corp. (a)		3,567		285,289
Bassett Furniture Industries, Inc.		2,771		69,497
Ethan Allen Interiors, Inc.		6,873		191,207
Flexsteel Industries, Inc.		1,502		66,358
Hooker Furniture Corp.		2,846		71,833
Kirkland’s, Inc.		4,489		65,091
La-Z-Boy, Inc.		14,134		345,152
Lifetime Brands, Inc.		2,728		36,173
Select Comfort Corp. (a)		14,489		310,209

				1,440,809
Insurance: Life — 0.8%
American Equity Investment Life Holding Co.		20,938		503,140
Citizens, Inc. (a)(b)		13,817		102,660
CNO Financial Group, Inc.		51,494		983,021
FBL Financial Group, Inc., Class A		2,735		174,055
Fidelity & Guaranty Life		3,239		82,173
Independence Holding Co.		2,012		27,866
National Western Life Group, Inc.		621		156,455
Primerica, Inc.		13,415		633,591
Symetra Financial Corp.		20,696		657,512
Third Point Reinsurance Ltd. (a)		23,654		317,200
Trupanion, Inc. (a)(b)		4,124		40,250

				3,677,923
Insurance: Multi-Line — 0.3%
Atlas Financial Holdings, Inc. (a)		3,106		61,809
Crawford & Co., Class B		6,914		36,713
eHealth, Inc. (a)		4,475		44,661
Horace Mann Educators Corp.		11,435		379,413
James River Group Holdings Ltd.		3,129		104,947
Kemper Corp.		12,067		449,496
Maiden Holdings Ltd.		14,257		212,572
PICO Holdings, Inc. (a)		5,792		59,773

				1,349,384
Insurance: Property-Casualty — 1.7%
AMERISAFE, Inc.		5,260		267,734
Argo Group International Holdings Ltd.		7,736		462,922
Baldwin & Lyons, Inc., Class B		2,935		70,528
Donegal Group, Inc., Class A		2,126		29,934
EMC Insurance Group, Inc.		2,083		52,700
Employers Holdings, Inc.		8,175		223,178
Enstar Group Ltd. (a)		2,516		377,501
Essent Group Ltd. (a)		15,394		336,975
Federated National Holding Co.		4,023		118,920
First American Financial Corp.		29,882		1,072,764
Global Indemnity PLC (a)		2,507		72,753
Greenlight Capital Re Ltd. (a)		7,992		149,530
Hallmark Financial Services, Inc. (a)		4,334		50,665
HCI Group, Inc.		2,286		79,667
Heritage Insurance Holdings, Inc.		6,755		147,394
Hilltop Holdings, Inc. (a)		21,014		403,889
Infinity Property & Casualty Corp.		3,161		259,929

See Notes to Financial Statements.



46	BLACKROCK INDEX FUNDS, INC.	DECEMBER 31, 2015


Schedule of Investments (continued)		Master Small Cap Index Series


Common Stocks	Shares		Value
Insurance: Property-Casualty (continued)
National General Holdings Corp.		11,055	$	241,662
National Interstate Corp.		1,862		49,715
Navigators Group, Inc. (a)		2,955		253,510
NMI Holdings, Inc., Class A (a)		14,377		97,332
OneBeacon Insurance Group Ltd.		6,825		84,698
Radian Group, Inc.		53,010		709,804
RLI Corp.		11,091		684,869
Safety Insurance Group, Inc.		4,097		230,989
Selective Insurance Group, Inc.		14,465		485,735
State Auto Financial Corp.		4,216		86,807
State National Cos., Inc.		9,093		89,202
Stewart Information Services Corp.		5,929		221,330
United Fire Group, Inc.		5,688		217,907
United Insurance Holdings Corp.		4,881		83,465
Universal Insurance Holdings, Inc. (b)		8,829		204,656

				7,918,664
International Trade & Diversified Logistic — 0.0%
Radiant Logistics, Inc. (a)		7,884		27,042
Vectrus, Inc. (a)		3,225		67,370

				94,412
Internet Software & Services — 0.4%
Amber Road, Inc. (a)		4,550		23,160
ChannelAdvisor Corp. (a)		5,731		79,374
Everyday Health, Inc. (a)		5,709		34,368
Global Eagle Entertainment, Inc. (a)		12,679		125,142
Gogo, Inc. (a)(b)		15,661		278,766
GrubHub, Inc. (a)		20,777		502,803
OPOWER, Inc. (a)(b)		7,419		78,345
Quotient Technology, Inc. (a)(b)		17,153		116,983
TrueCar, Inc. (a)(b)		13,746		131,137
Zendesk, Inc. (a)		14,843		392,449

				1,762,527
Leisure Time — 1.4%
Black Diamond, Inc. (a)		5,593		24,721
Callaway Golf Co.		21,168		199,403
Churchill Downs, Inc.		3,542		501,158
ClubCorp Holdings, Inc.		12,375		226,091
Escalade, Inc.		2,553		33,827
International Speedway Corp., Class A		7,516		253,440
Interval Leisure Group, Inc.		10,654		166,309
Johnson Outdoors, Inc.		1,370		29,989
Liberty TripAdvisor Holdings, Inc., Series A (a)		20,622		625,671
Marriott Vacations Worldwide Corp.		7,278		414,482
Nautilus, Inc. (a)		8,527		142,571
Planet Fitness, Inc., Class A (a)		4,481		70,038
Pool Corp.		11,983		967,987
SeaWorld Entertainment, Inc.		18,931		372,751
SFX Entertainment, Inc. (a)		12,462		2,369
Smith & Wesson Holding Corp. (a)		14,853		326,469
Speedway Motorsports, Inc.		2,913		60,357
Sturm Ruger & Co., Inc.		5,170		308,184
Travelport Worldwide Ltd.		29,170		376,293
Vail Resorts, Inc.		10,023		1,282,844
West Marine, Inc. (a)		4,328		36,745

				6,421,699
Luxury Items — 0.0%
Movado Group, Inc.		4,456		114,564
Machinery: Agricultural — 0.1%
Alamo Group, Inc.		2,647		137,909
Lindsay Corp. (b)		3,331		241,164
Titan International, Inc.		11,230		44,246
Titan Machinery, Inc. (a)		4,576		50,016

				473,335


Common Stocks	Shares		Value
Machinery: Construction & Handling — 0.1%
Astec Industries, Inc.		5,116	$	208,221
Douglas Dynamics, Inc.		6,198		130,592
NACCO Industries, Inc., Class A		1,030		43,466

				382,279
Machinery: Engines — 0.0%
Briggs & Stratton Corp.		12,597		217,928
Machinery: Industrial — 0.9%
Actuant Corp., Class A		16,519		395,795
Altra Industrial Motion Corp.		7,159		179,548
Applied Industrial Technologies, Inc.		11,109		449,803
Chart Industries, Inc. (a)		8,328		149,571
Columbus McKinnon Corp.		5,710		107,919
DXP Enterprises, Inc. (a)		3,604		82,171
EnPro Industries, Inc.		6,348		278,296
ExOne Co. (a)(b)		2,870		28,815
Graham Corp.		3,072		51,671
Hyster-Yale Materials Handling, Inc.		2,605		136,632
John Bean Technologies Corp.		8,038		400,534
Kadant, Inc.		3,097		125,769
Milacron Holdings Corp. (a)		4,098		51,266
MTS Systems Corp.		4,166		264,166
Omega Flex, Inc.		716		23,635
Proto Labs, Inc. (a)		6,411		408,317
Tennant Co.		5,089		286,307
Twin Disc, Inc.		2,171		22,839
Woodward, Inc.		17,989		893,334

				4,336,388
Machinery: Specialty — 0.1%
Albany International Corp., Class A		7,859		287,247
Hurco Cos., Inc.		1,670		44,355
Xerium Technologies, Inc. (a)		2,771		32,836

				364,438
Manufactured Housing — 0.0%
Cavco Industries, Inc. (a)		2,390		199,111
Medical & Dental Instruments & Supplies — 2.4%
ABIOMED, Inc. (a)		11,513		1,039,394
AngioDynamics, Inc. (a)		6,726		81,654
Anika Therapeutics, Inc. (a)		3,957		150,999
Antares Pharma, Inc. (a)		40,763		49,323
AtriCure, Inc. (a)		7,808		175,212
Atrion Corp.		401		152,861
Cantel Medical Corp.		9,494		589,957
Cardiovascular Systems, Inc. (a)		8,987		135,883
Cerus Corp. (a)(b)		26,290		166,153
CONMED Corp.		7,710		339,626
CryoLife, Inc.		6,723		72,474
Cutera, Inc. (a)		3,811		48,743
Endologix, Inc. (a)		18,438		182,536
Entellus Medical, Inc. (a)		1,558		26,268
Exactech, Inc. (a)		2,648		48,061
Halyard Health, Inc. (a)		12,995		434,163
HeartWare International, Inc. (a)		4,885		246,204
ICU Medical, Inc. (a)		3,905		440,406
Insulet Corp. (a)		15,760		595,886
Integra LifeSciences Holdings Corp. (a)		7,857		532,547
Intersect ENT, Inc. (a)		4,786		107,685
Invacare Corp.		8,867		154,197
InVivo Therapeutics Holdings Corp. (a)(b)		6,908		49,738
K2M Group Holdings, Inc. (a)		4,668		92,146
Landauer, Inc.		2,791		91,880
LDR Holding Corp. (a)		6,950		174,515
LeMaitre Vascular, Inc.		3,199		55,183
LivaNova PLC (a)		12,277		728,885
Meridian Bioscience, Inc.		11,350		232,902

See Notes to Financial Statements.



BLACKROCK INDEX FUNDS, INC.	DECEMBER 31, 2015	47


Schedule of Investments (continued)		Master Small Cap Index Series


Common Stocks	Shares		Value
Medical & Dental Instruments & Supplies (continued)
Merit Medical Systems, Inc. (a)		12,443	$	231,315
NanoString Technologies, Inc. (a)		3,439		50,588
Navidea Biopharmaceuticals, Inc. (a)(b)		39,650		52,735
Neogen Corp. (a)		10,227		578,030
NuVasive, Inc. (a)		13,394		724,749
Ocular Therapeutix, Inc. (a)		3,867		36,234
OraSure Technologies, Inc. (a)		16,128		103,864
Orthofix International NV (a)		5,128		201,069
Owens & Minor, Inc.		17,535		630,909
Quidel Corp. (a)		8,154		172,865
SeaSpine Holdings Corp. (a)		2,299		39,497
Second Sight Medical Products, Inc. (a)(b)		3,285		19,349
Sientra, Inc. (a)		2,143		12,687
Staar Surgical Co. (a)		11,332		80,910
SurModics, Inc. (a)		3,453		69,992
TransEnterix, Inc. (a)		11,057		27,421
Unilife Corp. (a)(b)		28,793		14,255
Utah Medical Products, Inc.		999		58,481
Vascular Solutions, Inc. (a)		4,842		166,516
Wright Medical Group NV (a)		24,790		599,422

				11,066,369
Medical Equipment — 1.0%
Abaxis, Inc.		6,289		350,172
Accuray, Inc. (a)		21,737		146,725
Affymetrix, Inc. (a)		20,927		211,153
Analogic Corp.		3,457		285,548
ConforMIS, Inc. (a)(b)		2,918		50,452
Corindus Vascular Robotics, Inc. (a)(b)		6,216		19,953
Cynosure, Inc., Class A (a)		6,247		279,053
EndoChoice Holdings, Inc. (a)		2,284		19,071
Fluidigm Corp. (a)		7,537		81,475
Glaukos Corp. (a)		2,019		49,849
Greatbatch, Inc. (a)		7,088		372,120
Haemonetics Corp. (a)		14,387		463,837
Invuity, Inc. (a)		1,565		13,803
iRadimed Corp. (a)		769		21,555
Lantheus Holdings, Inc. (a)		2,419		8,176
Luminex Corp. (a)		12,059		257,942
Masimo Corp. (a)		12,113		502,811
Natus Medical, Inc. (a)		9,118		438,120
Nevro Corp. (a)		4,652		314,057
NxStage Medical, Inc. (a)		17,605		385,726
Oxford Immunotec Global PLC (a)		5,865		67,448
Spectranetics Corp. (a)		11,655		175,524
Tandem Diabetes Care, Inc. (a)		5,236		61,837
Zeltiq Aesthetics, Inc. (a)		8,975		256,057

				4,832,464
Medical Services — 0.2%
PAREXEL International Corp. (a)		15,203		1,035,628
Metal Fabricating — 0.7%
Advanced Drainage Systems, Inc.		9,329		224,176
Global Brass & Copper Holdings, Inc.		6,085		129,611
Haynes International, Inc.		3,513		128,892
Lawson Products, Inc. (a)		1,432		33,437
LB Foster Co., Class A		2,540		34,696
MRC Global, Inc. (a)		28,814		371,701
Mueller Industries, Inc.		15,729		426,256
Mueller Water Products, Inc., Series A		44,476		382,494
NN, Inc.		7,560		120,506
Northwest Pipe Co. (a)		2,371		26,531
RBC Bearings, Inc. (a)		6,430		415,314
Rexnord Corp. (a)		28,253		511,944
Worthington Industries, Inc.		13,306		401,043

				3,206,601


Common Stocks	Shares		Value
Metals & Minerals: Diversified — 0.4%
Cliffs Natural Resources, Inc. (a)(b)		44,997	$	71,095
Commercial Metals Co.		32,156		440,216
Energy Fuels, Inc. (a)		10,919		32,211
Ferroglobe PLC		17,781		191,146
Hecla Mining Co.		105,127		198,690
Materion Corp.		5,545		155,260
Minerals Technologies, Inc.		9,599		440,210
Oil-Dri Corp. of America		1,342		49,426
Ring Energy, Inc. (a)		6,465		45,578
SunCoke Energy, Inc.		16,703		57,959
U.S. Silica Holdings, Inc. (b)		14,853		278,197
United States Lime & Minerals, Inc.		473		25,996

				1,985,984
Office Supplies & Equipment — 0.6%
ACCO Brands Corp. (a)		30,889		220,238
Eastman Kodak Co. (a)		5,083		63,741
Electronics for Imaging, Inc. (a)		12,882		602,105
Essendant, Inc.		10,651		346,264
Herman Miller, Inc.		16,477		472,890
HNI Corp.		12,286		443,033
Kimball International, Inc., Class B		9,640		94,183
Knoll, Inc.		13,541		254,571
Steelcase, Inc., Class A		22,978		342,372

				2,839,397
Offshore Drilling & Other Services — 0.0%
Atwood Oceanics, Inc.		18,480		189,050
Oil Well Equipment & Services — 0.5%
Basic Energy Services, Inc. (a)(b)		10,639		28,513
C&J Energy Services Ltd. (a)		14,511		69,072
Civeo Corp.		26,640		37,829
Fairmount Santrol Holdings, Inc. (a)		16,601		39,012
Flotek Industries, Inc. (a)		14,638		167,459
Forum Energy Technologies, Inc. (a)		16,137		201,067
Helix Energy Solutions Group, Inc. (a)		29,082		152,971
Hornbeck Offshore Services, Inc. (a)		9,431		93,744
Independence Contract Drilling, Inc. (a)		4,252		21,473
ION Geophysical Corp. (a)		37,107		18,669
Key Energy Services, Inc. (a)		31,764		15,313
Matrix Service Co. (a)		7,288		149,695
McDermott International, Inc. (a)		66,627		223,200
Natural Gas Services Group, Inc. (a)		3,219		71,784
Newpark Resources, Inc. (a)		24,181		127,676
North Atlantic Drilling Ltd. (a)(b)		1,701		4,185
Oil States International, Inc. (a)		14,376		391,746
Parker Drilling Co. (a)		31,614		57,537
RigNet, Inc. (a)		3,097		64,077
SEACOR Holdings, Inc. (a)		5,105		268,319
Seventy Seven Energy, Inc. (a)		15,394		16,164
Tesco Corp.		11,634		84,230
TETRA Technologies, Inc. (a)		21,692		163,124

				2,466,859
Oil, Gas & Consumable Fuels — 0.4%
Archrock, Inc.		18,845		141,714
Ardmore Shipping Corp.		4,731		60,178
CARBO Ceramics, Inc. (b)		5,711		98,229
DHT Holdings, Inc.		25,271		204,442
Dorian LPG Ltd. (a)		7,236		85,168
EXCO Resources, Inc. (a)(b)		39,306		48,740
Exterran Corp. (a)		9,459		151,817
Gastar Exploration, Inc. (a)		18,881		24,734
Halcon Resources Corp. (a)(b)		18,950		23,877
Navios Maritime Acq Corp.		21,110		63,541
Pacific Ethanol, Inc. (a)		8,462		40,448
Parsley Energy, Inc., Class A (a)		25,528		470,992

See Notes to Financial Statements.



48	BLACKROCK INDEX FUNDS, INC.	DECEMBER 31, 2015


Schedule of Investments (continued)		Master Small Cap Index Series


Common Stocks	Shares		Value
Oil, Gas & Consumable Fuels (continued)
Plug Power, Inc. (a)(b)		48,718	$	102,795
RSP Permian, Inc. (a)		18,171		443,191
TransAtlantic Petroleum Ltd. (a)		6,543		9,095

				1,968,961
Oil: Crude Producers — 0.8%
Abraxas Petroleum Corp. (a)		23,624		25,041
Approach Resources, Inc. (a)(b)		9,831		18,089
Bill Barrett Corp. (a)		14,840		58,321
Bonanza Creek Energy, Inc. (a)		14,635		77,127
Callon Petroleum Co. (a)		22,239		185,473
Carrizo Oil & Gas, Inc. (a)		16,174		478,427
Clayton Williams Energy, Inc. (a)		1,716		50,742
Contango Oil & Gas Co. (a)		4,350		27,884
Earthstone Energy, Inc. (a)		280		3,727
Eclipse Resources Corp. (a)		12,649		23,021
Energy XXI Bermuda Ltd. (b)		24,604		24,850
Erin Energy Corp. (a)(b)		3,671		11,747
Evolution Petroleum Corp.		6,262		30,120
Isramco, Inc. (a)(b)		229		20,452
Jones Energy, Inc., Class A (a)		7,595		29,241
Northern Oil and Gas, Inc. (a)(b)		16,002		61,768
Oasis Petroleum, Inc. (a)		38,820		286,103
ONE Gas, Inc.		14,397		722,298
Panhandle Oil and Gas, Inc.		4,734		76,501
PDC Energy, Inc. (a)		11,062		590,490
Penn Virginia Corp. (a)(b)		20,198		6,068
Rex Energy Corp. (a)(b)		11,909		12,505
Sanchez Energy Corp. (a)(b)		13,894		59,883
SandRidge Energy, Inc. (a)		114,127		22,825
Stone Energy Corp. (a)		15,966		68,494
Synergy Resources Corp. (a)		28,932		246,501
Triangle Petroleum Corp. (a)(b)		12,707		9,784
Ultra Petroleum Corp. (a)(b)		41,676		104,190
Unit Corp. (a)		13,760		167,872
W&T Offshore, Inc. (a)(b)		9,465		21,864

				3,521,408
Oil: Refining & Marketing — 0.3%
Adams Resources & Energy, Inc.		562		21,581
Alon USA Energy, Inc.		8,543		126,778
Clean Energy Fuels Corp. (a)(b)		18,309		65,912
Delek U.S. Holdings, Inc.		15,979		393,083
Par Pacific Holdings, Inc. (a)		4,438		104,471
Renewable Energy Group, Inc. (a)		12,640		117,426
Trecora Resources (a)		5,143		63,722
Western Refining, Inc.		19,647		699,826

				1,592,799
Paints & Coatings — 0.2%
Chase Corp.		1,776		72,336
Ferro Corp. (a)		20,508		228,049
HB Fuller Co.		13,916		507,517
Kronos Worldwide, Inc.		5,108		28,809

				836,711
Paper — 0.4%
Clearwater Paper Corp. (a)		4,919		223,962
KapStone Paper and Packaging Corp.		23,553		532,062
Neenah Paper, Inc.		4,621		288,489
PH Glatfelter Co.		11,690		215,564
Schweitzer-Mauduit International, Inc.		8,443		354,522
Wausau Paper Corp.		11,652		119,200

				1,733,799
Personal Care — 0.1%
Orchids Paper Products Co.		2,435		75,290
USANA Health Sciences, Inc. (a)		1,606		205,167


Common Stocks	Shares		Value
Personal Care (continued)
WD-40 Co.		3,985	$	393,120

				673,577
Pharmaceuticals — 3.1%
Abeona Therapeutics, Inc. (a)(b)		2,801		9,411
ACADIA Pharmaceuticals, Inc. (a)		21,976		783,444
Achillion Pharmaceuticals, Inc. (a)		32,594		351,689
Aclaris Therapeutics, Inc. (a)		1,664		44,828
Adamas Pharmaceuticals, Inc. (a)		2,697		76,379
Aerie Pharmaceuticals, Inc. (a)		5,739		139,745
Agile Therapeutics, Inc. (a)		2,717		26,518
Amphastar Pharmaceuticals, Inc. (a)		8,702		123,829
Anacor Pharmaceuticals, Inc. (a)		11,282		1,274,528
Aratana Therapeutics, Inc. (a)		7,536		42,051
Biospecifics Technologies Corp. (a)		1,453		62,435
Cambrex Corp. (a)		8,625		406,151
Cempra, Inc. (a)(b)		8,854		275,625
Chimerix, Inc. (a)		12,614		112,895
Concert Pharmaceuticals, Inc. (a)		4,355		82,614
Corcept Therapeutics, Inc. (a)		17,941		89,346
CorMedix, Inc. (a)(b)		8,416		17,085
Depomed, Inc. (a)		15,423		279,619
Dicerna Pharmaceuticals, Inc. (a)		4,350		51,635
Durect Corp. (a)		32,498		71,821
Eagle Pharmaceuticals, Inc. (a)		2,329		206,512
Enanta Pharmaceuticals, Inc. (a)		4,434		146,411
Endocyte, Inc. (a)		10,079		40,417
Esperion Therapeutics, Inc. (a)		3,782		84,187
Foamix Pharmaceuticals Ltd. (a)		6,080		49,309
Furiex Pharamceuticals, Inc.		3,003		—
Heska Corp. (a)		1,521		58,832
Immune Design Corp. (a)		3,202		64,296
Impax Laboratories, Inc. (a)		19,793		846,349
Infinity Pharmaceuticals, Inc. (a)		13,974		109,696
Intra-Cellular Therapies, Inc. (a)		7,360		395,894
Ironwood Pharmaceuticals, Inc. (a)		34,906		404,561
Kite Pharma, Inc. (a)		7,934		488,893
La Jolla Pharmaceutical Co. (a)		3,760		101,520
Lannett Co., Inc. (a)(b)		7,374		295,845
Medicines Co. (a)		18,287		682,837
MyoKardia, Inc. (a)		1,897		27,810
Otonomy, Inc. (a)		4,129		114,580
Pacira Pharmaceuticals, Inc. (a)		10,082		774,197
Paratek Pharmaceuticals, Inc. (a)		3,058		58,010
Pernix Therapeutics Holdings (a)		10,959		32,329
Portola Pharmaceuticals, Inc. (a)		13,747		707,283
Pozen, Inc. (a)		7,370		50,337
Prestige Brands Holdings, Inc. (a)		14,437		743,217
Radius Health, Inc. (a)		9,091		559,460
Relypsa, Inc. (a)		8,863		251,177
Revance Therapeutics, Inc. (a)		5,083		173,635
Sagent Pharmaceuticals, Inc. (a)		6,234		99,183
Sciclone Pharmaceuticals, Inc. (a)		13,970		128,524
Spectrum Pharmaceuticals, Inc. (a)		19,263		116,156
Supernus Pharmaceuticals, Inc. (a)		9,397		126,296
Teligent, Inc. (a)(b)		11,893		105,848
TG Therapeutics, Inc. (a)		10,048		119,873
TherapeuticsMD, Inc. (a)		35,163		364,640
Theravance Biopharma, Inc. (a)		7,975		130,710
Ultragenyx Pharmaceutical, Inc. (a)		10,585		1,187,425
Vivus, Inc. (a)(b)		30,987		31,607
Voyager Therapeutics, Inc. (a)		1,673		36,639
XenoPort, Inc. (a)		16,887		92,710
Zafgen, Inc. (a)		4,221		26,550
Zogenix, Inc. (a)		6,951		102,458
Zynerba Pharmaceuticals, Inc. (a)		873		8,791

				14,466,652

See Notes to Financial Statements.



BLACKROCK INDEX FUNDS, INC.	DECEMBER 31, 2015	49


Schedule of Investments (continued)		Master Small Cap Index Series


Common Stocks	Shares		Value
Plastics — 0.1%
A. Schulman, Inc.		8,209	$	251,524
Core Molding Technologies, Inc. (a)		2,118		27,174
Ply Gem Holdings, Inc. (a)		5,629		70,588
Trinseo SA (a)(b)		3,293		92,862

				442,148
Power Transmission Equipment — 0.2%
Advanced Energy Industries, Inc. (a)		11,248		317,531
Generac Holdings, Inc. (a)		19,060		567,416
Powell Industries, Inc.		2,626		68,355
Vicor Corp. (a)		4,145		37,802

				991,104
Precious Metals & Minerals — 0.1%
Horsehead Holding Corp. (a)(b)		14,753		30,244
Stillwater Mining Co. (a)		33,628		288,192

				318,436
Printing & Copying Services — 0.2%
Casella Waste Systems, Inc. (a)		11,597		69,350
Cimpress NV (a)(b)		9,047		734,074

				803,424
Producer Durables: Miscellaneous — 0.1%
Blount International, Inc. (a)		13,898		136,339
Park-Ohio Holdings Corp.		2,516		92,539

				228,878
Production Technology Equipment — 0.8%
Axcelis Technologies, Inc. (a)		32,991		85,447
Brooks Automation, Inc.		18,232		194,718
Cohu, Inc.		6,743		81,388
Entegris, Inc. (a)		38,656		512,965
FEI Co.		11,438		912,638
GSI Group, Inc. (a)		9,660		131,569
Mattson Technology, Inc. (a)		19,897		70,236
MKS Instruments, Inc.		14,680		528,480
Nanometrics, Inc. (a)		6,781		102,664
Photronics, Inc. (a)		17,958		223,577
Rudolph Technologies, Inc. (a)		8,984		127,752
Tessera Technologies, Inc.		14,489		434,815
Ultra Clean Holdings, Inc. (a)		8,139		41,672
Ultratech, Inc. (a)		7,729		153,189
Veeco Instruments, Inc. (a)		10,973		225,605

				3,826,715
Publishing — 0.6%
Daily Journal Corp. (a)		279		56,358
Eros International PLC (a)(b)		8,260		75,579
Journal Media Group, Inc.		6,811		81,868
Media General, Inc. (a)		26,616		429,849
Meredith Corp.		10,207		441,453
New Media Investment Group, Inc.		12,124		235,933
New York Times Co., Class A		38,015		510,161
Scholastic Corp.		7,359		283,763
Time, Inc.		30,545		478,640
Tribune Publishing Co.		7,863		72,497

				2,666,101
Radio & TV Broadcasters — 0.4%
Central European Media Enterprises Ltd. (a)(b)		19,838		53,364
Crown Media Holdings, Inc., Class A (a)		9,129		51,214
Cumulus Media, Inc., Class A (a)		37,454		12,363
Entercom Communications Corp., Class A (a)		7,373		82,799
Entravision Communications Corp., Class A		17,352		133,784
Gray Television, Inc. (a)		17,519		285,560
Nexstar Broadcasting Group, Inc., Class A		8,677		509,340
Saga Communications, Inc., Class A		880		33,836


Common Stocks	Shares		Value
Radio & TV Broadcasters (continued)
Sinclair Broadcast Group, Inc., Class A		18,356	$	597,304
Townsquare Media, Inc. (a)		1,976		23,633

				1,783,197
Railroad Equipment — 0.1%
American Railcar Industries, Inc. (b)		2,461		113,895
FreightCar America, Inc.		3,593		69,812
Greenbrier Cos., Inc.		7,424		242,171

				425,878
Real Estate — 0.3%
AV Homes, Inc. (a)		3,151		40,364
Consolidated-Tomoka Land Co.		1,146		60,406
Forestar Group, Inc. (a)		8,782		96,075
HFF, Inc., Class A		10,465		325,147
Kennedy-Wilson Holdings, Inc.		25,650		617,652
RMR Group, Inc. (a)		491		7,075
St. Joe Co. (a)		14,080		260,621
Tejon Ranch Co. (a)		3,544		67,868

				1,475,208
Real Estate Investment Trusts (REITs) — 9.0%
Acadia Realty Trust		18,875		625,706
AG Mortgage Investment Trust, Inc.		8,184		105,083
Agree Realty Corp.		5,745		195,273
Alexander & Baldwin, Inc.		13,544		478,239
Alexander’s, Inc.		585		224,704
Altisource Residential Corp.		16,025		198,870
American Assets Trust, Inc.		10,245		392,896
American Capital Mortgage Investment Corp.		14,130		197,255
American Residential Properties, Inc.		8,864		167,530
Anworth Mortgage Asset Corp.		29,015		126,215
Apollo Commercial Real Estate Finance, Inc.		16,431		283,106
Ares Commercial Real Estate Corp.		7,408		84,747
Armada Hoffler Properties, Inc.		8,641		90,558
ARMOUR Residential REIT, Inc.		11,584		252,068
Ashford Hospitality Prime, Inc.		8,013		116,188
Ashford Hospitality Trust, Inc.		23,208		146,442
Bluerock Residential Growth REIT, Inc.		5,157		61,110
Campus Crest Communities, Inc. (a)		18,792		127,786
Capstead Mortgage Corp.		27,133		237,142
CareTrust REIT, Inc.		13,393		146,653
Catchmark Timber Trust, Inc.		11,374		128,640
Cedar Realty Trust, Inc.		23,786		168,405
Chatham Lodging Trust		10,463		214,282
Chesapeake Lodging Trust		16,598		417,606
Colony Capital, Inc., Class A		31,014		604,153
Colony Starwood Homes		10,617		240,369
CorEnergy Infrastructure Trust, Inc.		3,171		47,058
Coresite Realty Corp.		6,741		382,349
Cousins Properties, Inc.		60,178		567,479
CubeSmart		45,699		1,399,303
CyrusOne, Inc.		18,348		687,133
CYS Investments, Inc.		44,015		313,827
DCT Industrial Trust, Inc.		24,439		913,285
DiamondRock Hospitality Co.		55,769		538,171
DuPont Fabros Technology, Inc.		17,393		552,923
Dynex Capital, Inc.		14,516		92,177
Easterly Government Properties, Inc.		4,022		69,098
EastGroup Properties, Inc.		8,905		495,207
Education Realty Trust, Inc.		15,602		591,004
EPR Properties		15,713		918,425
Equity One, Inc.		20,065		544,765
FelCor Lodging Trust, Inc.		40,187		293,365
First Industrial Realty Trust, Inc.		30,514		675,275
First Potomac Realty Trust		16,407		187,040
Franklin Street Properties Corp.		24,506		253,637
Geo Group, Inc.		20,663		597,367

See Notes to Financial Statements.



50	BLACKROCK INDEX FUNDS, INC.	DECEMBER 31, 2015


Schedule of Investments (continued)		Master Small Cap Index Series


Common Stocks	Shares		Value
Real Estate Investment Trusts (REITs) (continued)
Getty Realty Corp.		7,481	$	128,299
Gladstone Commercial Corp.		6,666		97,257
Government Properties Income Trust		17,876		283,692
Gramercy Property Trust		113,312		874,769
Great Ajax Corp.		1,373		16,641
Hatteras Financial Corp.		27,025		355,379
Healthcare Realty Trust, Inc.		27,712		784,804
Hersha Hospitality Trust		12,858		279,790
Highwoods Properties, Inc.		25,839		1,126,580
Hudson Pacific Properties, Inc.		20,558		578,502
Independence Realty Trust, Inc.		9,743		73,170
InfraREIT, Inc.		6,112		113,072
Inland Real Estate Corp.		23,951		254,360
Invesco Mortgage Capital, Inc.		34,554		428,124
Investors Real Estate Trust		33,233		230,969
iStar, Inc. (a)		23,276		273,027
Kite Realty Group Trust		23,145		600,150
LaSalle Hotel Properties		31,256		786,401
Lexington Realty Trust		57,222		457,776
LTC Properties, Inc.		9,763		421,176
Mack-Cali Realty Corp.		24,626		575,017
Medical Properties Trust, Inc.		64,695		744,639
Monmouth Real Estate Investment Corp., Class A		17,655		184,671
Monogram Residential Trust, Inc.		46,166		450,580
National Health Investors, Inc.		10,358		630,491
National Storage Affiliates Trust		6,648		113,880
New Residential Investment Corp.		63,880		776,781
New Senior Investment Group, Inc.		23,840		235,062
New York Mortgage Trust, Inc.		30,902		164,708
New York REIT, Inc.		44,935		516,752
NexPoint Residential Trust, Inc.		4,903		64,180
One Liberty Properties, Inc.		3,236		69,445
Orchid Island Capital, Inc.		6,034		59,918
Parkway Properties, Inc.		23,727		370,853
Pebblebrook Hotel Trust		19,923		558,242
Pennsylvania Real Estate Investment Trust		19,278		421,610
PennyMac Mortgage Investment Trust (c)		15,395		234,928
Physicians Realty Trust		24,029		405,129
Potlatch Corp.		11,337		342,831
Preferred Apartment Communities, Inc.		5,719		74,805
PS Business Parks, Inc.		5,300		463,379
QTS Realty Trust, Inc., Class A		7,643		344,776
RAIT Financial Trust		22,756		61,441
Ramco-Gershenson Properties Trust		22,095		366,998
Redwood Trust, Inc.		23,803		314,200
Resource Capital Corp.		8,819		112,530
Retail Opportunity Investments Corp.		27,342		489,422
Rexford Industrial Realty, Inc.		15,191		248,525
RLJ Lodging Trust		36,591		791,463
Rouse Properties, Inc.		10,106		147,143
Sabra Health Care REIT, Inc.		18,239		368,975
Saul Centers, Inc.		2,660		136,378
Select Income REIT		17,491		346,672
Silver Bay Realty Trust Corp.		10,398		162,833
Sovran Self Storage, Inc.		9,723		1,043,375
STAG Industrial, Inc.		18,166		335,163
STORE Capital Corp.		11,090		257,288
Summit Hotel Properties, Inc.		24,935		297,973
Sun Communities, Inc.		13,864		950,100
Sunstone Hotel Investors, Inc.		57,719		720,910
Terreno Realty Corp.		11,734		265,423
UMH Properties, Inc.		7,031		71,154
United Development Funding IV (b)		8,911		98,021
Universal Health Realty Income Trust		2,533		126,675
Urban Edge Properties		24,538		575,416
Urstadt Biddle Properties, Inc., Class A		6,772		130,293
Walter Investment Management Corp. (a)(b)		10,635		151,230
Washington Real Estate Investment Trust		18,879		510,866


Common Stocks	Shares		Value
Real Estate Investment Trusts (REITs) (continued)
Western Asset Mortgage Capital Corp.		12,286	$	125,563
Whitestone REIT		7,903		94,915
Xenia Hotels & Resorts, Inc.		30,941		474,326

				41,891,800
Recreational Vehicles & Boats — 0.2%
Arctic Cat, Inc.		3,329		54,529
Drew Industries, Inc.		6,628		403,579
Malibu Boats, Inc. (a)		5,233		85,664
Marine Products Corp.		2,782		16,803
MCBC Holdings, Inc. (a)		2,293		31,414
Winnebago Industries, Inc.		7,373		146,723

				738,712
Rental & Leasing Services: Consumer — 0.1%
Rent-A-Center, Inc.		14,900		223,053
Restaurants — 1.9%
Biglari Holdings, Inc. (a)		458		149,226
BJ’s Restaurants, Inc. (a)		5,969		259,472
Bob Evans Farms, Inc.		5,724		222,377
Bojangles’, Inc. (a)		2,184		34,660
Bravo Brio Restaurant Group, Inc. (a)		3,909		35,181
Buffalo Wild Wings, Inc. (a)		5,226		834,331
Carrols Restaurant Group, Inc. (a)		9,678		113,620
Cheesecake Factory, Inc.		13,382		617,044
Cracker Barrel Old Country Store, Inc. (b)		5,259		666,999
Dave & Buster’s Entertainment, Inc. (a)		6,359		265,425
Denny’s Corp. (a)		23,712		233,089
Diamond Resorts International, Inc. (a)		11,772		300,304
DineEquity, Inc.		4,685		396,679
El Pollo Loco Holdings, Inc. (a)		3,551		44,849
Ellie Mae, Inc. (a)		8,089		487,201
Fiesta Restaurant Group, Inc. (a)		7,484		251,462
Fogo De Chao, Inc. (a)		1,664		25,226
Habit Restaurants, Inc. (a)		3,396		78,312
J Alexander’s Holdings, Inc. (a)		3,564		38,919
Jack in the Box, Inc.		10,283		788,809
Jamba, Inc. (a)(b)		3,467		46,770
Kona Grill, Inc. (a)		2,199		34,876
Krispy Kreme Doughnuts, Inc. (a)		18,021		271,576
Noodles & Co. (a)		2,983		28,905
Papa John’s International, Inc.		7,959		444,669
Papa Murphy’s Holdings, Inc. (a)		2,399		27,013
Popeyes Louisiana Kitchen, Inc. (a)		6,371		372,704
Potbelly Corp. (a)		5,768		67,543
Red Robin Gourmet Burgers, Inc. (a)		3,922		242,144
Ruby Tuesday, Inc. (a)		17,874		98,486
Ruth’s Hospitality Group, Inc.		9,439		150,269
Shake Shack, Inc., Class A (a)		1,710		67,716
Sonic Corp.		14,353		463,745
Texas Roadhouse, Inc.		19,210		687,142
Wingstop, Inc. (a)		2,035		46,418
Zoe’s Kitchen, Inc. (a)(b)		5,301		148,322

				9,041,483
Scientific Instruments: Control & Filter — 0.4%
Brady Corp., Class A		13,265		304,830
CIRCOR International, Inc.		4,661		196,461
ESCO Technologies, Inc.		7,280		263,099
Gorman-Rupp Co.		5,292		141,455
Sun Hydraulics Corp.		6,156		195,330
Thermon Group Holdings, Inc. (a)		8,824		149,302
Watts Water Technologies, Inc., Class A		7,786		386,731

				1,637,208
Scientific Instruments: Electrical — 0.5%
Allied Motion Technologies, Inc.		1,742		45,606
AZZ, Inc.		7,070		392,880

See Notes to Financial Statements.



BLACKROCK INDEX FUNDS, INC.	DECEMBER 31, 2015	51


Schedule of Investments (continued)		Master Small Cap Index Series


Common Stocks	Shares		Value
Scientific Instruments: Electrical (continued)
EnerSys		12,258	$	685,590
Franklin Electric Co., Inc.		13,105		354,228
Littelfuse, Inc.		6,206		664,104
Preformed Line Products Co.		630		26,523
Taser International, Inc. (a)		14,905		257,707

				2,426,638
Scientific Instruments: Gauges & Meters — 0.2%
Badger Meter, Inc.		4,056		237,641
FARO Technologies, Inc. (a)		4,793		141,489
Itron, Inc. (a)		10,665		385,860
Mesa Laboratories, Inc.		745		74,128
Vishay Precision Group, Inc. (a)		3,128		35,409

				874,527
Scientific Instruments: Pollution Control — 0.2%
Ceco Environmental Corp.		8,285		63,629
Darling International, Inc. (a)		45,975		483,657
Heritage-Crystal Clean, Inc. (a)		3,442		36,485
Team, Inc. (a)		5,628		179,871
TRC Cos., Inc. (a)		4,621		42,744
U.S. Ecology, Inc.		6,118		222,940

				1,029,326
Securities Brokerage & Services — 0.5%
BGC Partners, Inc., Class A		50,678		497,151
Gain Capital Holdings, Inc.		9,361		75,918
INTL. FCStone, Inc. (a)		4,196		140,398
Investment Technology Group, Inc.		8,759		149,078
Ladenburg Thalmann Financial Services, Inc. (a)		30,230		83,435
MarketAxess Holdings, Inc.		10,245		1,143,240
Virtu Financial, Inc., Class A		5,308		120,173

				2,209,393
Semiconductors & Components — 2.4%
Advanced Micro Devices, Inc. (a)		176,650		506,986
Alpha & Omega Semiconductor Ltd. (a)		5,621		51,657
Amkor Technology, Inc. (a)		26,600		161,728
Applied Micro Circuits Corp. (a)		22,544		143,605
Cavium, Inc. (a)		15,244		1,001,683
CEVA, Inc. (a)		5,735		133,970
Cirrus Logic, Inc. (a)		17,440		515,003
Diodes, Inc. (a)		10,503		241,359
DSP Group, Inc. (a)		6,497		61,332
Emcore Corp. (a)		4,882		29,927
Exar Corp. (a)		11,319		69,385
Fairchild Semiconductor International, Inc. (a)		32,109		664,977
FormFactor, Inc. (a)		16,050		144,450
Inphi Corp. (a)		10,576		285,764
Integrated Device Technology, Inc. (a)		40,825		1,075,739
Intersil Corp., Class A		36,295		463,124
IXYS Corp.		7,054		89,092
Kopin Corp. (a)		16,654		45,299
Lattice Semiconductor Corp. (a)		31,789		205,675
MA-COM Technology Solutions Holdings, Inc. (a)		6,579		269,015
MaxLinear, Inc., Class A (a)		14,481		213,305
Microsemi Corp. (a)		26,184		853,337
Monolithic Power Systems, Inc.		10,849		691,190
OmniVision Technologies, Inc. (a)		16,028		465,133
PMC — Sierra, Inc. (a)		48,112		559,061
Power Integrations, Inc.		8,105		394,146
Rambus, Inc. (a)		31,946		370,254
Semtech Corp. (a)		18,408		348,279
Sigma Designs, Inc. (a)		9,132		57,714
Silicon Laboratories, Inc. (a)		11,751		570,394
Vishay Intertechnology, Inc.		37,489		451,742

				11,134,325


Common Stocks	Shares		Value
Semiconductors & Semiconductor Equipment — 0.1%
Ambarella, Inc. (a)(b)		8,639	$	481,538
Cascade Microtech, Inc. (a)		3,970		64,513
Xcerra Corp. (a)		15,686		94,900

				640,951
Shipping — 0.5%
Eagle Bulk Shipping, Inc. (a)(b)		5,662		19,930
Frontline Ltd.		66,222		198,004
GasLog Ltd. (b)		11,518		95,599
Gener8 Maritime, Inc. (a)		4,923		46,522
Golden Ocean Group Ltd. (a)(b)		16,386		17,533
Gulfmark Offshore, Inc., Class A (a)(b)		6,731		31,434
Matson, Inc.		11,927		508,448
Navios Maritime Holdings, Inc.		21,314		37,299
Nordic American Offshore Ltd. (a)		5,050		26,614
Nordic American Tankers Ltd. (b)		24,629		382,735
Safe Bulkers, Inc.		9,518		7,710
Scorpio Tankers, Inc.		49,575		397,591
Ship Finance International Ltd.		16,458		272,709
Teekay Tankers Ltd., Class A		25,866		177,958
Tidewater, Inc. (b)		13,185		91,768
Ultrapetrol Bahamas Ltd. (a)		4,920		517
UTI Worldwide, Inc. (a)		25,067		176,221

				2,488,592
Software — 0.4%
Actua Corp. (a)		11,338		129,820
Castlight Health, Inc. (a)		8,902		38,011
Five9, Inc. (a)		6,133		53,357
FleetMatics Group PLC (a)		10,490		532,787
Gigamon, Inc. (a)		7,737		205,572
Globant SA (a)		4,127		154,804
Instructure, Inc. (a)		1,460		30,397
MobileIron, Inc. (a)		10,360		37,400
Model N, Inc. (a)		5,600		62,496
Park City Group, Inc. (a)(b)		2,864		34,110
Paycom Software, Inc. (a)		8,676		326,478
PDV Wireless, Inc. (a)(b)		3,777		103,867
Qualys, Inc. (a)		6,929		229,281
Rubicon Project, Inc. (a)		7,357		121,023

				2,059,403
Specialty Retail — 3.1%
1-800-Flowers.com, Inc., Class A (a)		7,464		54,338
Abercrombie & Fitch Co., Class A		19,236		519,372
America’s Car-Mart, Inc. (a)		2,194		58,558
American Eagle Outfitters, Inc.		53,810		834,055
Asbury Automotive Group, Inc. (a)		7,015		473,092
Ascena Retail Group, Inc. (a)		47,422		467,107
Barnes & Noble Education, Inc. (a)		8,340		82,983
Barnes & Noble, Inc.		13,774		119,972
bebe Stores, Inc.		7,490		4,232
Big 5 Sporting Goods Corp.		4,707		47,023
Blue Nile, Inc. (a)		3,346		124,237
BMC Stock Holdings, Inc. (a)		10,448		175,004
Boot Barn Holdings, Inc. (a)		3,074		37,779
Buckle, Inc. (b)		7,881		242,577
Build-A-Bear Workshop, Inc. (a)		3,670		44,921
Burlington Stores, Inc. (a)		20,782		891,548
Caleres, Inc.		12,137		325,514
Cato Corp., Class A		7,301		268,823
Chico’s FAS, Inc.		39,599		422,521
Children’s Place Retail Stores, Inc.		5,697		314,474
Christopher & Banks Corp. (a)		10,008		16,513
Citi Trends, Inc.		4,461		94,796
Conn’s, Inc. (a)(b)		6,783		159,197
Container Store Group, Inc. (a)		4,028		33,030
Destination XL Group, Inc. (a)		9,336		51,535

See Notes to Financial Statements.



52	BLACKROCK INDEX FUNDS, INC.	DECEMBER 31, 2015


Schedule of Investments (continued)		Master Small Cap Index Series


Common Stocks	Shares		Value
Specialty Retail (continued)
Express, Inc. (a)		23,295	$	402,538
Finish Line, Inc., Class A		12,447		225,042
Five Below, Inc. (a)		15,099		484,678
Francesca’s Holdings Corp. (a)		11,494		200,110
FTD Cos., Inc. (a)		5,079		132,917
Genesco, Inc. (a)		6,655		378,204
Group 1 Automotive, Inc.		6,464		489,325
Guess?, Inc.		17,154		323,867
Haverty Furniture Cos., Inc.		5,698		122,165
Hibbett Sports, Inc. (a)		6,410		193,838
Lands’ End, Inc. (a)(b)		4,700		110,168
Lithia Motors, Inc., Class A		6,261		667,861
Lumber Liquidators Holdings, Inc. (a)(b)		7,684		133,394
MarineMax, Inc. (a)		7,215		132,900
Mattress Firm Holding Corp. (a)(b)		5,738		256,087
Men’s Wearhouse, Inc.		13,608		199,765
Monro Muffler Brake, Inc.		8,751		579,491
Party City Holdco, Inc. (a)		6,626		85,542
Pep Boys-Manny Moe & Jack (a)		14,993		276,021
Performance Sports Group Ltd. (a)		12,546		120,818
Pier 1 Imports, Inc.		24,706		125,754
Regis Corp. (a)		10,181		144,061
Restoration Hardware Holdings, Inc. (a)		9,212		731,893
RetailMeNot, Inc. (a)		10,834		107,473
Shoe Carnival, Inc.		4,233		98,206
Shutterfly, Inc. (a)		9,724		433,301
Sonic Automotive, Inc., Class A		8,906		202,701
Sportsman’s Warehouse Holdings, Inc. (a)		4,624		59,650
Stage Stores, Inc.		9,419		85,807
Stamps.com, Inc. (a)		3,916		429,233
Stein Mart, Inc.		7,392		49,748
Systemax, Inc. (a)		2,958		25,439
Tilly’s, Inc., Class A (a)		2,862		18,975
Vitamin Shoppe, Inc. (a)		8,305		271,573
Wayfair, Inc., Class A (a)(b)		5,635		268,339
Zumiez, Inc. (a)		5,517		83,417

				14,513,502
Steel — 0.2%
AK Steel Holding Corp. (a)(b)		49,365		110,577
Carbonite, Inc. (a)		4,777		46,814
Carpenter Technology Corp.		14,003		423,871
Handy & Harman Ltd. (a)		739		15,157
Olympic Steel, Inc.		2,329		26,970
Ryerson Holding Corp. (a)(b)		2,883		13,464
Schnitzer Steel Industries, Inc., Class A		7,639		109,772
TimkenSteel Corp.		11,749		98,457

				845,082
Technology: Miscellaneous — 0.2%
Benchmark Electronics, Inc. (a)		14,572		301,203
CTS Corp.		9,042		159,501
Fabrinet (a)		9,964		237,343
Kimball Electronics, Inc. (a)		8,393		92,239
Pendrell Corp. (a)		42,068		21,080
Plexus Corp. (a)		9,305		324,931

				1,136,297
Telecommunications Equipment — 0.3%
Applied Optoelectronics, Inc. (a)		4,935		84,685
CalAmp Corp. (a)		9,835		196,011
Clearfield, Inc. (a)(b)		2,929		39,278
Inteliquent, Inc.		9,119		162,045
Knowles Corp. (a)		24,201		322,599
Oclaro, Inc. (a)		27,420		95,422
Ubiquiti Networks, Inc. (a)		8,495		269,206
Vocera Communications, Inc. (a)		6,851		83,582

				1,252,828


Common Stocks	Shares		Value
Textile Products — 0.1%
Culp, Inc.		2,654	$	67,598
Interface, Inc.		18,270		349,688
Unifi, Inc. (a)		4,189		117,920

				535,206
Textiles Apparel & Shoes — 0.7%
Cherokee, Inc. (a)		2,175		37,519
Columbia Sportswear Co.		7,912		385,789
Crocs, Inc. (a)		21,608		221,266
Deckers Outdoor Corp. (a)		9,059		427,585
G-III Apparel Group Ltd. (a)		11,010		487,303
Iconix Brand Group, Inc. (a)		13,866		94,705
Oxford Industries, Inc.		4,061		259,173
Perry Ellis International, Inc. (a)		3,108		57,249
Sequential Brands Group, Inc. (a)		10,072		79,670
Steven Madden Ltd. (a)		15,534		469,437
Superior Uniform Group, Inc.		1,905		32,347
Tumi Holdings, Inc. (a)		15,686		260,858
Vera Bradley, Inc. (a)		6,051		95,364
Vince Holding Corp. (a)		4,195		19,213
Weyco Group, Inc.		1,694		45,331
Wolverine World Wide, Inc.		28,606		478,006

				3,450,815
Tobacco — 0.2%
Universal Corp.		6,260		351,061
Vector Group Ltd.		23,654		557,998

				909,059
Toys — 0.0%
JAKKS Pacific, Inc. (a)(b)		4,990		39,720
Transportation Miscellaneous — 0.3%
Echo Global Logistics, Inc. (a)		8,073		164,608
Hub Group, Inc., Class A (a)		9,960		328,182
Scorpio Bulkers, Inc. (a)		8,122		80,327
Textainer Group Holdings Ltd.		6,442		90,897
Wesco Aircraft Holdings, Inc. (a)		16,792		201,000
XPO Logistics, Inc. (a)(b)		19,772		538,787

				1,403,801
Truckers — 0.6%
ArcBest Corp.		7,075		151,334
Celadon Group, Inc.		7,905		78,181
Covenant Transportation Group, Inc., Class A (a)		3,011		56,878
Forward Air Corp.		8,517		366,316
FRP Holdings, Inc. (a)		1,794		60,888
Heartland Express, Inc.		13,972		237,804
Knight Transportation, Inc.		17,235		417,604
Marten Transport Ltd.		6,722		118,979
PAM Transportation Services, Inc. (a)		846		23,341
Roadrunner Transportation Systems, Inc. (a)		8,189		77,222
Saia, Inc. (a)		6,852		152,457
Swift Transportation Co. (a)		24,491		338,466
Universal Truckload Services, Inc.		2,109		29,610
USA Truck, Inc. (a)		2,420		42,229
Werner Enterprises, Inc.		12,198		285,311
YRC Worldwide, Inc. (a)		8,881		125,933

				2,562,553
Utilities: Electrical — 1.9%
ALLETE, Inc.		13,464		684,375
Atlantic Power Corp.		30,828		60,731
Avista Corp.		17,212		608,789
Black Hills Corp.		14,187		658,702
Cleco Corp.		16,649		869,244
El Paso Electric Co.		11,184		430,584
Empire District Electric Co.		11,944		335,268
Genie Energy Ltd. (a)		3,302		36,817

See Notes to Financial Statements.



BLACKROCK INDEX FUNDS, INC.	DECEMBER 31, 2015	53


Schedule of Investments (continued)		Master Small Cap Index Series


Common Stocks	Shares		Value
Utilities: Electrical (continued)
IDACORP, Inc.		13,826	$	940,168
MGE Energy, Inc.		9,547		442,981
NorthWestern Corp.		12,952		702,646
NRG Yield, Inc., Class A		9,532		132,590
NRG Yield, Inc., Class C		16,846		248,647
Otter Tail Corp.		10,172		270,880
Pattern Energy Group, Inc.		15,599		326,175
PNM Resources, Inc.		21,958		671,256
Portland General Electric Co.		24,481		890,374
Spark Energy, Inc., Class A		802		16,618
Talen Energy Corp. (a)		22,762		141,807
Unitil Corp.		3,920		140,650

				8,609,302
Utilities: Gas Distributors — 1.2%
Chesapeake Utilities Corp.		4,261		241,812
Laclede Group, Inc.		11,882		705,910
New Jersey Resources Corp.		23,514		775,021
Northwest Natural Gas Co.		7,516		380,385
Piedmont Natural Gas Co., Inc.		21,655		1,234,768
South Jersey Industries, Inc.		19,019		447,327
Southwest Gas Corp.		12,885		710,736
WGL Holdings, Inc.		13,637		858,995

				5,354,954
Utilities: Miscellaneous — 0.1%
Ormat Technologies, Inc.		10,312		376,079
Utilities: Telecommunications — 1.1%
8x8, Inc. (a)		24,472		280,204
Atlantic Tele-Network, Inc.		2,869		224,442
Boingo Wireless, Inc. (a)		10,686		70,741
Cincinnati Bell, Inc. (a)		59,874		215,546
Cogent Communications Group, Inc.		12,727		441,500
Consolidated Communications Holdings, Inc.		13,976		292,797
Fairpoint Communications, Inc. (a)		5,910		94,974
General Communication, Inc., Class A (a)		9,484		187,594
Globalstar, Inc. (a)		133,668		192,482
GTT Communications, Inc. (a)		6,728		114,780
Hawaiian Telcom Holdco, Inc. (a)		3,262		81,093
IDT Corp., Class B		5,013		58,452
inContact, Inc. (a)		16,696		159,280
Iridium Communications, Inc. (a)		22,418		188,535
j2 Global, Inc.		13,205		1,087,036
Lumos Networks Corp. (a)		6,583		73,730
NeuStar, Inc., Class A (a)		5,171		123,949
NTELOS Holdings Corp. (a)		4,567		41,742
ORBCOMM, Inc. (a)		16,710		120,980
Shenandoah Telecommunications Co.		6,686		287,832
Spok Holdings, Inc.		6,254		114,573
Straight Path Communications, Inc., Class B (a)(b)		2,374		40,690
Vonage Holdings Corp. (a)		51,041		292,975
West Corp.		14,478		312,291
Windstream Holdings, Inc. (b)		27,590		177,680

				5,275,898


Common Stocks	Shares		Value
Utilities: Water — 0.3%
American States Water Co.		10,330	$	433,343
Artesian Resources Corp., Class A		2,044		56,619
California Water Service Group		13,271		308,816
Connecticut Water Service, Inc.		3,111		118,249
Consolidated Water Co. Ltd.		3,744		45,827
Middlesex Water Co.		4,480		118,899
SJW Corp.		4,330		128,385
York Water Co.		3,283		81,878

				1,292,016
Total Common Stocks — 99.7%				464,340,583



Other Interests (d) — 0.0%	Beneficial Interest (000)
Gerber Scientific, Inc.	$	13		128



Rights — 0.0%	Shares
Utilities: Telecommunications — 0.0%
Leap Wireless, CVR (a)		28,200		71,064



Warrants — 0.0%
Magnum Hunter Resources Corp., (Issued 10/15/13, 1 Share for 10 Warrants, Expires 4/15/16, Strike Price $8.50)		7,791		—
Total Long-Term Investments (Cost — $418,462,817) — 99.7%				464,411,775



Short-Term Securities
BlackRock Liquidity Funds, TempFund, Institutional Class, 0.23% (c)(e)		232,669		232,669

	Beneficial Interest (000)
BlackRock Liquidity Series, LLC, Money Market Series, 0.39% (c)(e)(f)	$	10,324		10,324,484
Total Short-Term Securities (Cost — $10,557,153) — 2.3%				10,557,153
Total Investments (Cost — $429,019,970) — 102.0%				474,968,928
Liabilities in Excess of Other Assets — (2.0)%				(9,527,013	)

Net Assets — 100.0%			$	465,441,915

Notes to Schedule of Investments

(a)

Non-income producing security.

(b)

Security, or a portion of security, is on loan.

See Notes to Financial Statements.



54	BLACKROCK INDEX FUNDS, INC.	DECEMBER 31, 2015


Schedule of Investments (continued)		Master Small Cap Index Series

(c)


Affiliate	Shares/ Beneficial Interest Held at December 31, 2014		Shares/ Beneficial Interest Purchased		Shares/ Beneficial Interest Sold			Shares/ Beneficial Interest Held at December 31, 2015		Value at December 31, 2015		Income			Realized Loss
BlackRock Liquidity Funds, TempFund, Institutional Class		14,055,813		—		(13,823,144	)¹		232,669	$	232,669	$	30,158			—
BlackRock Liquidity Series, LLC, Money Market Series	$	18,352,402		—	$	(8,027,918	)¹	$	10,324,484	$	10,324,484	$	1,748,904	²		—
PennyMac Financial Services, Inc.		5,912		—		(2,750	)		3,162	$	48,568		—		$	(12,375	)³
PennyMac Mortgage Investment Trust		28,817		—		(13,422	)		15,395	$	234,928	$	66,948		$	(26,586	)³
¹ Represents net shares/beneficial interest sold.
² Represents securities lending income earned from reinvestment of cash collateral from loaned securities, net of fees, and other payments to and from borrowers of securities, and less the collateral investment expenses.
³ Represents gains and losses from in-kind redemption transactions. See Note 2 in the Notes to Financial Statements.

(d)

Other interests represent beneficial interests in liquidation trusts and other reorganization or private entities.

(e)

Current yield as of period end.

(f)

Derivative Financial Instruments Outstanding as of Period End

Financial Futures Contracts


Contracts Long		Issue	Expiration	Notional Value	Unrealized Depreciation
	13	Russell 2000 Mini Index	March 2016	$1,470,950	$	(22,353	)

Derivative Financial Instruments Categorized by Risk Exposure

As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:


		Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contacts		Total
Liabilities — Derivative Financial Instruments
Financial futures contracts	Net unrealized depreciation¹		—		—	$	22,353		—		—		—	$	22,353
¹ Includes cumulative (depreciation) on financial futures contracts, if any, as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statement of Assets and Liabilities.

For the year ended December 31, 2015, the effect of derivative financial instruments in the Statements of Operations was as follows:


	Commodity Contracts		Credit Contracts		Equity Contracts			Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contacts		Total
Net Realized Gain (Loss) From:
Financial futures contracts		—		—	$	(2,632,657	)		—		—		—	$	(2,632,657	)

Net Change in Unrealized Appreciation (Depreciation) on:
Financial futures contracts		—		—	$	(362,916	)		—		—		—	$	(362,916	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments


Financial futures contracts:
Average notional value of contracts — long	$	32,345,930
Average notional value of contracts — short	$	1,962,310	¹
¹ Actual amounts for the period are shown due to limited outstanding derivative financial instruments as of each quarter.

See Notes to Financial Statements.



BLACKROCK INDEX FUNDS, INC.	DECEMBER 31, 2015	55


Schedule of Investments (concluded)		Master Small Cap Index Series

For more information about the Series’ investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

Fair Value Hierarchy as of Period End

The following tables summarize the Series’ investments and derivative financial instruments categorized in the disclosure hierarchy:


	Level 1			Level 2			Level 3		Total
Assets:
Investments:
Long-Term Investments¹:
Common Stocks	$	464,297,557		$	43,026			—	$	464,340,583
Other Interests		—			—		$	128		128
Rights		—			—			71,064		71,064
Short-Term Securities		232,669			10,324,484			—		10,557,153

Total	$	464,530,226		$	10,367,510		$	71,192	$	474,968,928

¹ See above Schedule of Investments for values in each industry.
	Level 1			Level 2			Level 3		Total
Derivative Financial Instruments²
Liabilities:
Equity contracts	$	(22,353	)		—			—	$	(22,353	)
² Derivative financial instruments are financial futures contracts, which are valued at the unrealized appreciation (depreciation) on the instrument.
The Series may hold assets and/or liabilities in which the fair value approximates the carrying amount for financial statement purposes. As of period end, such assets and/or liabilities are categorized within the disclosure hierarchy as follows:
	Level 1			Level 2			Level 3		Total
Assets:
Cash	$	1,010			—			—	$	1,010
Cash pledged for financial futures contracts		486,600			—			—		486,600
Liabilities:
Collateral on securities loaned at value		—		$	(10,324,484	)		—		(10,324,484	)

Total	$	487,610		$	(10,324,484	)		—	$	(9,836,874	)

During the year ended December 31, 2015, there were no transfers between levels.

See Notes to Financial Statements.



56	BLACKROCK INDEX FUNDS, INC.	DECEMBER 31, 2015


Statements of Assets and Liabilities


December 31, 2015	Master International Index Series			Master Small Cap Index Series

Assets
Investments at value — unaffiliated^1,2	$	2,942,370,643		$	464,128,279
Investments at value — affiliated³		8,262,988			10,840,649
Foreign currency at value⁴		35,760,121			—
Cash		—			1,010
Cash pledged for financial futures contracts		2,907,194			486,600
Receivables:
Dividends — unaffiliated		5,152,878			686,317
Contributions from investors		—			1,084,171
Investments sold		77,517			44,685
Investment advisor		12,065			45,660
Securities lending income — affiliated		7,168			84,963
Dividends — affiliated		—			7,236
Variation margin receivable on financial futures contracts		64,135			—
Prepaid expenses		14,194			3,729

Total assets		2,994,628,903			477,413,299


Liabilities
Bank overdraft		1,060			—
Collateral on securities loaned at value		5,230,513			10,324,484
Payables:
Withdrawals to investors		4,136,784			1,330,544
Professional fees		84,402			—
Directors’ fees		22,337			6,363
Other affiliates		9,500			2,503
Investments purchased		—			38,565
Other accrued expenses		611,910			249,574
Variation margin payable on financial futures contracts		249,477			19,351
Other liabilities		14,412			—

Total liabilities		10,360,395			11,971,384

Net Assets	$	2,984,268,508		$	465,441,915


Net Assets Consist of
Investors’ capital	$	3,125,569,432		$	419,515,329
Net unrealized appreciation (depreciation)		(141,300,924	)		45,926,586

Net Assets	$	2,984,268,508		$	465,441,915

¹ Investments at cost — unaffiliated	$	3,084,410,241		$	418,056,955
² Securities loaned at value	$	4,969,414		$	9,885,770
³ Investments at cost — affiliated	$	8,262,988		$	10,963,015
⁴ Foreign currency at cost	$	38,702,619			—


Statements of Operations


Year Ended December 31, 2015	Master International Index Series			Master Small Cap Index Series

Investment Income
Dividends — unaffiliated	$	105,016,817		$	10,465,204
Securities lending — affiliated — net		228,966			1,748,904
Dividends — affiliated		10,223			97,106
Foreign taxes withheld		(12,355,167	)		(7,363	)

Total income		92,900,839			12,303,851


Expenses
Investment advisory		328,269			84,065
Accounting services		662,149			194,782
Custodian		522,470			234,160
Professional		90,416			71,857
Directors		96,622			29,102
Printing		26,320			19,711
Miscellaneous		87,088			45,707

Total expenses		1,813,334			679,384
Less fees waived and/or reimbursed by the Manager		(87,205	)		(85,001	)

Total expenses after fees waived and/or reimbursed		1,726,129			594,383

Net investment income		91,174,710			11,709,468


Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
Investments — unaffiliated		(58,937,506	)		16,067,180
In-kind redemptions — unaffiliated¹		164,045,379			157,184,684
In-kind redemptions — affiliated		—			(38,961	)
Financial futures contracts		1,833,905			(2,632,657	)
Foreign currency transactions		(4,583,404	)		(36	)

		102,358,374			170,580,210

Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated		(289,557,138	)		(219,164,545	)
Investments — affiliated		—			(145,857	)
Financial futures contracts		(823,067	)		(362,916	)
Foreign currency translations		378,800			(19	)

		(290,001,405	)		(219,673,337	)

Net realized and unrealized loss		(187,643,031	)		(49,093,127	)

Net Decrease in Net Assets Resulting from Operations	$	(96,468,321	)	$	(37,383,659	)

¹ See Note 2 in the Notes to Financial statements.


Statements of Changes in Net Assets


	Master International Index Series						Master Small Cap Index Series
	Year Ended December 31,						Year Ended December 31,
Increase (Decrease) in Net Assets:	2015			2014			2015			2014

Operations
Net investment income	$	91,174,710		$	39,593,185		$	11,709,468		$	10,354,007
Net realized gain (loss)		102,358,374			(10,016,117	)		170,580,210			53,378,759
Net change in unrealized appreciation (depreciation)		(290,001,405	)		(154,439,873	)		(219,673,337	)		(29,791,650	)

Net increase (decrease) in net assets resulting from operations		(96,468,321	)		(124,862,805	)		(37,383,659	)		33,941,116


Capital Transactions
Proceeds from contributions		1,973,211,553			2,104,755,672			561,488,890			181,052,489
Value of withdrawals		(1,562,835,963	)		(322,345,637	)		(759,598,222	)		(373,456,979	)

Net increase (decrease) in net assets derived from capital transactions		410,375,590			1,782,410,035			(198,109,332	)		(192,404,490	)


Net Assets
Total increase (decrease) in net assets		313,907,269			1,657,547,230			(235,492,991	)		(158,463,374	)
Beginning of year		2,670,361,239			1,012,814,009			700,934,906			859,398,280

End of year	$	2,984,268,508		$	2,670,361,239		$	465,441,915		$	700,934,906


Financial Highlights		Master International Index Series


	Year Ended December 31,
	2015		2014		2013		2012		2011

Total Return
Total return		(0.82)%		(6.02)%		21.94%		19.01%		(12.34)%


Ratios to Average Net Assets
Total expenses		0.06%		0.07%		0.07%		0.06%		0.08%

Total expenses after fees waived and/or reimbursed and paid indirectly		0.05%		0.07%		0.07%		0.06%		0.08%

Net investment income		2.78%		3.20%		2.97%		3.36%		3.38%


Supplemental Data
Net assets, end of year (000)		$ 2,984,269		$ 2,670,361		$ 1,012,814		$ 758,144		$ 855,781

Portfolio turnover rate		9%		6%		8%		21%		6%


Master Small Cap Index Series
	Year Ended December 31,
	2015		2014		2013		2012		2011

Total Return
Total return		(4.33)%		5.05%		39.11%		16.52%		(4.30)%


Ratios to Average Net Assets
Total expenses		0.08%		0.09%		0.07%		0.14%		0.09%

Total expenses after fees waived and/or reimbursed		0.07%		0.08%		0.06%		0.08%		0.07%

Net investment income		1.39%		1.45%		1.46%		2.13%		1.46%


Supplemental Data
Net assets, end of year (000)		$ 465,442		$ 700,935		$ 859,398		$ 581,771		$ 529,054

Portfolio turnover rate		37%		21%		22%		68%		31%


Notes to Financial Statements		Quantitative Master Series LLC

1. Organization:

Master International Index Series (“Master International Index”) and Master Small Cap Index Series (“Master Small Cap Index”) (collectively, the “Series”, or individually, a “Series”) are series of Quantitative Master Series LLC (the “Master LLC”) which is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as a diversified, open-end management investment 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, together with certain other registered investment companies advised by BlackRock Advisors, LLC ( the “Manager”) or its affiliates, are included in a complex of open-end funds referred to as the Equity-Liquidity Complex.

2. Significant Accounting Policies:

The financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”), which may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. The Series is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. Below is a summary of significant accounting policies:

Foreign Currency: The Series’ books and records are maintained in U.S. dollars. Purchases and sales of investments are recorded at the rates of exchange prevailing on the respective dates of such transactions. Generally, when the U.S. dollar rises in value against a foreign currency, the investments denominated in that currency will lose value; the opposite effect occurs if the U.S. dollar falls in relative value.

The Series do not isolate changes in the exchange rates from the changes in the market prices of investments held or sold for financial reporting purposes. Accordingly, the effects of changes in exchange rates on investments are not segregated in the Statements of Operations from the effects of changes in market prices of those investments, but are included as a component of net realized and unrealized gain (loss) from investments. The Series report realized currency gains (losses) on foreign currency related transactions as components of net realized gain (loss) for financial reporting purposes, whereas such components are generally treated as ordinary income for federal income tax purposes.

Segregation and Collateralization: In cases where a Series enters into certain investments (e.g., financial futures contracts), that would be treated as “senior securities” for 1940 Act purposes, the Series may segregate or designate on its books and records cash or liquid assets having a market value at least equal to the amount of its future obligations under such investments. Doing so allows the investment to be excluded from treatment as a “senior security.” Furthermore, if required by an exchange or counterparty agreement, the Series may be required to deliver/deposit cash and/or securities to/with an exchange, or broker-dealer or custodian as collateral for certain investments or obligations.

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 date. Dividends from foreign securities where the ex-dividend date may have passed are subsequently recorded when the Series are informed of the ex-dividend date. Under the applicable foreign tax laws, a withholding tax at various rates may be imposed on capital gains, dividends and interest. Upon notification from issuers, some of the dividend income received from a real estate investment trust may be redesignated as a reduction of cost of the related investment and/or realized gain.

In-Kind Redemptions: The Series transferred securities and cash to shareholders in connection with an in-kind redemption transaction. For financial reporting purposes, these transactions were treated as a sale of securities and the resulting gains and losses were recognized based on the market value of the securities on the date of the transfer. For the year ended December 31, 2015, Master International Index and Master Small Cap Index had in-kind redemptions of $415,151,985 and $401,499,299, respectively. For tax purposes, no gains or losses were recognized.

Indemnifications: In the normal course of business, the Series enters into contracts that contain a variety of representations that provide general indemnification. The Series’ maximum exposure under these arrangements is unknown because it involves future potential claims against the Series, which cannot be predicted with any certainty.

Other: Expenses directly related to a Series are charged to that Series. Other operating expenses shared by several funds, including other funds managed by the Manager, are prorated among those funds on the basis of relative net assets or other appropriate methods.

The Series have an arrangement with their custodian whereby fees may be reduced by credits earned on uninvested cash balances, which, if applicable, are shown as fees paid indirectly in the Statements 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. Effective September 2015, the arrangement with its custodian for earning credits on uninvested cash balances has ceased and the custodian will be imposing fees on certain uninvested cash balances.



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Notes to Financial Statements (continued)		Quantitative Master Series LLC

3. Investment Valuation and Fair Value Measurements:

Investment Valuation Policies: The Series’ investments are valued at fair value (also referred to as “market value” within the financial statements) as of the close of trading on the New York Stock Exchange (“NYSE”) (generally 4:00 p.m., Eastern time). U.S. GAAP defines fair value as the price the Series would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The Series determine the fair values of their financial instruments using independent dealers or pricing services under policies approved by the Board. The BlackRock Global Valuation Methodologies Committee (the “Global Valuation Committee”) is the committee formed by management to develop global pricing policies and procedures and to provide oversight of the pricing function for the Series for all financial instruments.

Fair Value Inputs and Methodologies: The following methods (or “techniques”) and inputs are used to establish the fair value of the Series’ assets and liabilities:

•

Equity investments traded on a recognized securities exchange are valued at the official close price each day, if available. For equity investments traded on more than one exchange, the official close 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 may be valued at the last available bid (long positions) or ask (short positions) price.

•

Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars using exchange rates determined as of the close of business on the NYSE. Forward 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.

•

The Series value their investment in BlackRock Liquidity Series, LLC, Money Market Series (the “Money Market Series”) at fair value, which is ordinarily based upon their pro rata ownership in the underlying fund’s net assets. 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 may follow the parameters of investments by a money market fund that is subject to Rule 2a-7 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.

•

Financial futures contracts traded on exchanges are valued at their last sale price.

If events (e.g., a company announcement, market volatility or a natural disaster) occur that are expected to materially affect the value of such instruments, or in the event that the application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment will be valued by the Global Valuation Committee, or its delegate, in accordance with a policy approved by the Board as reflecting fair value (“Fair Valued Investments”). When determining the price for Fair Valued Investments, the Global Valuation Committee, or its delegate, seeks to determine the price that the Series might reasonably expect to receive or pay from the current sale or purchase of that asset or liability in an arm’s-length transaction. Fair value determinations shall be based upon all available factors that the Global Valuation Committee, or its delegate, deems relevant consistent with the principles of fair value measurement, which include the market approach, income approach and/or in the case of recent investments, the cost approach, as appropriate. The market approach generally consists of using comparable market transactions. The income approach generally is used to discount future cash flows to present value and is adjusted for liquidity as appropriate. These factors include but are not limited to: (i) attributes specific to the investment or asset; (ii) the principal market for the investment or asset; (iii) the customary participants in the principal market for the investment or asset; (iv) data assumptions by market participants for the investment or asset, if reasonably available; (v) quoted prices for similar investments or assets in active markets; and (vi) other factors, such as future cash flows, interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, recovery rates, liquidation amounts and/or default rates. Due to the inherent uncertainty of valuations of such investments, the fair values may differ from the values that would have been used had an active market existed. The Global Valuation Committee, or its delegate, employs various methods for calibrating valuation approaches for investments where an active market does not exist, including regular due diligence of the Series’ pricing vendors, regular reviews of key inputs and assumptions, transactional back-testing or disposition analysis to compare unrealized gains and losses to realized gains and losses, reviews of missing or stale prices and large movements in market values and reviews of any market related activity. The pricing of all Fair Valued Investments is subsequently reported to the Board or a committee thereof on a quarterly basis.

Fair Value Hierarchy: Various inputs are used in determining the fair value of investments and derivative financial instruments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels financial statement purposes as follows:

•

Level 1 — unadjusted price quotations in active markets/exchanges for identical assets or liabilities that the Series have the ability to access

•

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 derivative financial instruments)



62	BLACKROCK INDEX FUNDS, INC.	DECEMBER 31, 2015


Notes to Financial Statements (continued)		Quantitative Master Series LLC

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The significant unobservable inputs used by the Global Valuation Committee in determining the price for Fair Valued Investments are typically categorized as Level 3. The fair value hierarchy for the Series’ investments and derivative financial instruments has been included in the Schedules of Investments.

Changes in valuation techniques may result in transfers into or out of an assigned level within the hierarchy. In accordance with the Series’ policy, transfers between different levels of the fair value hierarchy are deemed to have occurred as of the beginning of the reporting period. The categorization of a value determined for investments and derivative financial instruments is based on the pricing transparency of the investments and derivative financial instruments and is not necessarily an indication of the risks associated with investing in those securities.

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. Each business day, the Series use 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.

4. Securities and Other Investments:

Preferred Stock: Preferred stock has a preference over common stock in liquidation (and generally in receiving dividends as well) but is subordinated to the liabilities of the issuer in all respects. As a general rule, the market value of preferred stock with a fixed dividend rate and no conversion element varies inversely with interest rates and perceived credit risk, while the market price of convertible preferred stock generally also reflects some element of conversion value. Because preferred stock is junior to debt securities and other obligations of the issuer, deterioration in the credit quality of the issuer will cause greater changes in the value of a preferred stock than in a more senior debt security with similar stated yield characteristics. Unlike interest payments on debt securities, preferred stock dividends are payable only if declared by the issuer’s board of directors. Preferred stock also may be subject to optional or mandatory redemption provisions.

Warrants: Warrants entitle the Series to purchase a specified 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 of the warrants, if any. If the price of the underlying stock does not rise above the exercise price before the warrant expires, the warrant generally expires without any value and the Series will lose any amount they paid for the warrant. Thus, investments in warrants may involve more risk than investments in common stock. Warrants may trade in the same markets as their underlying stock; however, the price of the warrant does not necessarily move with the price of the underlying stock.

Securities Lending: The Series may lend their securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Series collateral consisting of cash, an irrevocable letter of credit issued by a bank, or securities issued or guaranteed by the U.S. Government. The initial collateral received by each Series is required to have a value of at least 102% of the current value of the loaned securities for securities traded on U.S. exchanges and a value of at least 105% for all other securities. The collateral is maintained thereafter, at a value equal to at least 100% of the current market value of the securities on loan. The market value of the loaned securities is determined at the close of each business day of the Series and any additional required collateral is delivered to the Series, or excess collateral returned by the Series, on the next business day. During the term of the loan, the Series is entitled to all distributions made on or in respect of the loaned securities. 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.

The market value of any securities on loan, all of which were classified as common stocks in the Series’ Schedules of Investments, and the value of any related collateral are shown separately in the Statements of Assets and Liabilities as a component of investments at value-unaffiliated, and collateral on securities loaned at value, respectively. As of period end, any securities on loan were collateralized by cash. The cash collateral invested by the securities lending agent, BlackRock Investment Management, LLC (“BIM”), if any, is disclosed in the Schedules of Investments.

Securities lending transactions are entered into by the Series under Master Securities Lending Agreements (each, an “MSLA”), which provide the right, in the event of default (including bankruptcy or insolvency), for the non-defaulting party to liquidate the collateral and calculate a net exposure to the defaulting party or request additional collateral. In the event that a borrower defaults, the Series, as lender, would offset the market value of the collateral received against the market value of the securities loaned. When the value of the collateral is greater than that of the market value of the securities loaned, the lender is left with a net amount payable to the defaulting party. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of an MSLA counterparty’s bankruptcy or insolvency. Under the MSLA, absent an event of default the borrower can resell or re-pledge the loaned securities, and the Series can reinvest cash collateral received in connection with loaned



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Notes to Financial Statements (continued)		Quantitative Master Series LLC

securities. Upon an event of default, the parties’ obligations to return the securities or collateral to the other party are extinguished, and the parties can resell or re-pledge the loaned securities or the collateral received in connection with the loaned securities in order to satisfy the defaulting party’s net payment obligation for all transactions under the MSLA. The defaulting party remains liable for any deficiency.

As of period end, the following table is a summary of the Series’ securities lending agreements by counterparty which are subject to offset under an MSLA:


Master International Index
Counterparty	Securities Loaned at Value		Cash Collateral Received¹			Net Amount
Citigroup Global Markets, Inc.	$	535,838	$	(514,350	)	$	21,488
Credit Suisse Securities (USA) LLC		3,759,958		(3,759,958	)		—
Deutsche Bank Securities, Inc.		251,234		(251,234	)		—
JP Morgan Clearing Corp.		161,232		(161,232	)		—
Morgan Stanley & Co. LLC		261,152		(261,152	)		—

Total	$	4,969,414	$	(4,947,926	)	$	21,488

Collateral with a value of $5,230,513 has been received in connection with securities lending agreements. Collateral received in excess of the value of securities loaned from the individual counterparty is not shown for financial reporting purposes.


Master Small Cap Index
Counterparty	Securities Loaned at Value		Cash Collateral Received¹			Net Amount
Barclay’s Capital Inc.	$	65,863	$	(65,863	)		—
BNP Paribas		215,699		(215,699	)		—
Citigroup Global Markets, Inc.		818,228		(818,228	)		—
Credit Suisse Securities (USA) LLC		70,255		(70,255	)		—
Deutsche Bank Securities, Inc.		1,346,412		(1,346,412	)		—
Goldman Sachs & Co.		2,018,918		(2,018,918	)		—
JP Morgan Clearing Corp.		839,979		(839,979	)		—
Merrill Lynch, Pierce, Fenner & Smith, Inc.		965,556		(933,620	)	$	31,936
Morgan Stanley & Co. LLC		1,853,177		(1,853,177	)		—
National Financial Services LLC		184,538		(184,538	)		—
SG Americas Securities LLC		637,419		(637,419	)		—
UBS Securities LLC		869,726		(869,726	)		—

Total	$	9,885,770	$	(9,853,834	)	$	31,936

Collateral with a value of $10,324,484 has been received in connection with securities lending agreements. Collateral received in excess of the value of securities loaned from the individual counterparty is not shown for financial reporting purposes.

The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, the Series benefits from a borrower default indemnity provided by BIM. BIM’s indemnity allows for full replacement of the securities loaned if the collateral received does not cover the value on the securities loaned in the event of borrower default. The Series 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.

5. Derivative Financial Instruments:

The Series engage in various portfolio investment strategies using derivative contracts both to increase the returns of the Series and/or to manage economically their exposure to certain risks such as equity risk and foreign currency exchange rate risk. These contracts may be transacted on an exchange over-the-counter (“OTC”).

Financial Futures Contracts: The Series invest in long and/or short positions in financial futures contracts and options on financial futures contracts to gain exposure to, or economically hedge against, changes in interest rates (interest rate risk), changes in the value of equity securities (equity risk) or foreign currencies (foreign currency exchange rate risk). Financial futures contracts are agreements between the Series and a 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, financial 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 the settlement date.

Upon entering into a financial futures contract, the Series are required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on a contract’s size and risk profile. The initial margin deposit must then be maintained at an established level over the life of the contract. Securities deposited as initial margin are designated on the Schedules of Investments and cash deposited, if any, is recorded on the Statements of Assets and Liabilities as cash pledged for financial futures contracts. Pursuant to the contract, the Series agree to receive from or pay to the



64	BLACKROCK INDEX FUNDS, INC.	DECEMBER 31, 2015


Notes to Financial Statements (continued)		Quantitative Master Series LLC

broker an amount of cash equal to the daily fluctuation in value of the contract. Such receipts or payments are known as variation margin. Variation margin is recorded by the Series as unrealized appreciation (depreciation) and, if applicable, as a receivable or payable for variation margin in the Statements of Assets and Liabilities.

When the contract is closed, the Series record a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. The use of financial futures contracts involves the risk of an imperfect correlation in the movements in the price of financial futures contracts, interest or foreign currency exchange rates and the underlying assets.

6. Investment Advisory Agreement and Other Transactions with Affiliates:

The PNC Financial Services Group, Inc. is the largest stockholder and an affiliate of BlackRock, Inc. (“BlackRock”) for 1940 Act purposes.

The Master LLC entered into an Investment Advisory Agreement with 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’ portfolios and provides the personnel, facilities, equipment and certain other services necessary to the operations of the Series. For such services, each Series pays the Manager a monthly fee at an annual rate of 0.01% of each Series’ average daily net assets.

The Manager contractually agreed to waive or reimburse fees or expenses, in order to limit expenses, excluding interest expense, dividend expense, acquired fund fees and expenses and certain other Series expenses, which constitute extraordinary expenses not incurred in the ordinary course of the Series’ business. The expense limitation as a percentage of average daily net assets is 0.07% for Master International Index and 0.08% for Master Small Cap Index.

The Manager has agreed not to reduce or discontinue this contractual waiver or reimbursement prior to May 1, 2016 unless approved by the Board, including a majority of the Independent Directors. For the year ended December 31, 2015, the Manager waived $80,196 with respect to Master International Index and $64,262 with respect to Master Small Cap Index, which is included in fees waived and/or reimbursed by Manager in the Statements 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. These amounts are included in fees waived and/or reimbursed by the Manager in the Statements of Operations. However, the Manager does not waive its investment advisory fees by the amount of investment advisory fees paid in connection with the Series’ investments in other affiliated investment companies, if any. For the year ended December 31, 2015, the amounts waived for Master International Index and Master Small Cap Index were $7,009 and $20,739, respectively.

For the year ended December 31, 2015, the Series reimbursed the Manager for certain accounting services, which is included in accounting services in the Statements of Operations.

The U.S. Securities and Exchange Commission has issued an exemptive order which permits BIM, an affiliate of the Manager, to serve as securities lending agent for the Series, subject to applicable conditions. As securities lending agent, BIM bears all operational costs directly related to securities lending. The Series are responsible for expenses in connection with the investment of cash collateral received for securities on loan (the “collateral investment expenses”). The cash collateral is invested in a private investment company managed by the Manager or its affiliates. However, BIM has agreed to cap the collateral investment expenses of the private investment company to an annual rate of 0.04%. The investment advisor to the private investment company will not charge any advisory fees with respect to shares purchased by the Series.

Securities lending income is equal to the total of income earned from the reinvestment of cash collateral, net of fees and other payments to and from borrowers of securities, and less the collateral investment expenses. Each Series retains a portion of securities lending income and remits a remaining portion to BIM as compensation for its services as securities lending agent. Pursuant to a securities lending agreement BIM may lend securities only when the difference between the borrower rebate rate and the risk free rate exceeds a certain level (such securities, the “specials only securities”).

Pursuant to such agreement, each Series retains 80% of securities lending income. In addition, commencing the business day following the date that the aggregate securities lending income earned across certain funds in the Equity-Liquidity Complex in a calendar year exceeds a specified threshold, each Series, pursuant to the securities lending agreement, will retain for the remainder of the calendar year securities lending income in an amount equal to 85% of securities lending income.

The share of securities lending income earned by the Series is shown as securities lending — affiliated — net in the Statements of Operations. For the year ended December 31, 2015, the Series paid BIM the following amounts in total for securities lending agent services and collateral investment fees:


Master International Index	$	56,013
Master Small Cap Index	$	425,284

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



BLACKROCK INDEX FUNDS, INC.	DECEMBER 31, 2015	65


Notes to Financial Statements (continued)		Quantitative Master Series LLC

The Series may purchase securities from, or sell securities to, an affiliated fund provided the affiliation is due solely to having a common investment advisor, common officers, or common trustees. For the year ended December 31, 2015, the purchase and sale transactions with an affiliated fund in compliance with Rule 17a-7 under the 1940 Act were as follows:


	Purchases		Sales
Master Small Cap Index		30,814,728	$	34,042,092

7. Purchases and Sales:

For the year ended December 31, 2015, purchases and sales of investments, excluding short-term securities and in-kind redemptions were as follows:


	Purchases		Sales
Master International Index	$	1,218,220,239	$	289,740,118
Master Small Cap Index	$	497,822,235	$	280,065,630

8. Income Tax Information:

The Series are classified as partnerships 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 file U.S. federal and various state and local tax returns. No income tax returns are currently under examination. The statute of limitations on the Series’ U.S. federal tax returns remains open for each of the four years ended December 31, 2015. The statutes of limitations on the Series’ state and local tax returns may remain open for an additional year depending upon the jurisdiction.

Management has analyzed tax laws and regulations and their application to the Series as of December 31, 2015, inclusive of the open tax return years, and does not believe there are any uncertain tax positions that require recognition of a tax liability in the Series’ financial statements.

As of period end, gross unrealized appreciation and depreciation based on cost for federal income tax purposes were as follows:


	Master International Index			Master Small Cap Index
Tax cost	$	3,086,753,189		$	415,755,496

Gross unrealized appreciation	$	162,401,736		$	86,051,816
Gross unrealized depreciation		(298,521,294	)		(26,838,384	)

Net unrealized appreciation (depreciation)	$	(136,119,558	)	$	59,213,432

9. Bank Borrowings:

The Master LLC, on behalf of the Series, along with certain other funds managed by the Manager and its affiliates (“Participating Funds”), is a party to a 364-day, $2.1 billion credit agreement with a group of lenders, under which the Series may borrow to fund shareholder redemptions. Excluding commitments designated for certain funds, the Participating Funds, including the Series, can borrow up to an aggregate commitment amount of $1.6 billion at any time outstanding, subject to asset coverage and other limitations as specified in the agreement. The credit agreement has the following terms: a fee of 0.06% per annum on unused commitment amounts and interest at a rate equal to the higher of (a) one-month LIBOR (but, in any event, not less than 0.00%) on the date the loan is made plus 0.80% per annum or (b) the Fed Funds rate (but, in any event, not less than 0.00%) in effect from time to time plus 0.80% per annum on amounts borrowed. The agreement expires in April 2016 unless extended or renewed. Participating Funds paid administration, legal and arrangement fees, which, if applicable, are included in miscellaneous expenses in the Statements of Operations, and along with commitment fees, were allocated among such funds based upon portions of the aggregate commitment available to them and relative net assets of Participating Funds. During the year ended December 31, 2015, the Series did not borrow under the credit agreement.

10. Principal Risks:

In the normal course of business, the Series invest in securities and enter into transactions where risks exist due to fluctuations in the market (market risk) or failure of the issuer to meet all its obligations, including the ability to pay principal and interest when due (issuer credit risk). The value of securities held by the Series may decline in response to certain events, including those directly involving the issuers of securities owned by the Series. Changes arising from the general economy, the overall market and local, regional or global political or/and social instability, as well as currency, interest rate and price fluctuations, may also affect the securities’ value.



66	BLACKROCK INDEX FUNDS, INC.	DECEMBER 31, 2015


Notes to Financial Statements (concluded)		Quantitative Master Series LLC

The Series invest a substantial amount of their assets in issuers located in a single country or a limited number of countries. When the Series concentrate their investments in this manner, they assume the risk that economic, political and social conditions in those countries may have a significant impact on their investment performance. Foreign issuers may not be subject to the same uniform accounting, auditing and financial reporting standards and practices as used in the United States. Foreign securities markets may also be less liquid, more volatile, and less subject to governmental supervision not typically associated with investing in U.S. securities. Investment percentages in specific countries are presented in the Schedules of Investments.

Master International Index invests a significant portion of its assets in securities of issuers located in Europe or with significant exposure to European issuers or countries. The European financial markets have recently experienced volatility and adverse trends due to concerns about economic downturns in, or rising government debt levels of, several European countries. These events may spread to other countries in Europe and may affect the value and liquidity of certain of the Series’ investments.

As of December 31, 2015, Master Small Cap Index invested a significant portion of its assets in securities in the financial sector. Changes in economic conditions affecting this sector would have a greater impact on the Master Small Cap Index and could affect the value, income and/or liquidity of positions in such securities.

As of December 31, 2015, the Series’ investments had the following industry classifications:


Master International Index
Industry	Percentage of Long-Term Investments
Bank		14%
Pharmaceuticals		10
Insurance		6
Telecommunications		6
Food		5
Other¹		59

All other industries held was less than 5% of long-term investments.


Master Small Cap Index
Industry	Percentage of Long-Term Investments
Bank		11%
Real Estate Investment Trusts		9
Computer Services		6
Biotechnology		6
Other¹		68

All other industries held was less than 5% of long-term investments.

Counterparty Credit Risk: Similar to issuer credit risk, the Series may be exposed to counterparty credit risk, or the risk that an entity may fail to or be unable to perform on its commitments related to unsettled or open transactions. The Series manage counterparty credit risk by entering into transactions only with counterparties that the Manager 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 approximately their value recorded in the Statements of Assets and Liabilities, less any collateral held by the Series.

With exchange-traded futures, there is less counterparty credit risk to the Series since the exchange or clearinghouse, as counterparty to such instruments, guarantees against a possible default. The clearinghouse stands between the buyer and the seller of the contract; therefore, credit risk is limited to failure of the clearinghouse. While offset rights may exist under applicable law, the Series do not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default (including the bankruptcy or insolvency). Additionally, credit risk exists in exchange-traded futures with respect to initial and variation margin that is held in a clearing broker’s customer accounts. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients, typically the shortfall would be allocated on a pro rata basis across all the clearing broker’s customers, potentially resulting in losses to the Series.

11. Subsequent Events:

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



BLACKROCK INDEX FUNDS, INC.	DECEMBER 31, 2015	67


Report of Independent Registered Public Accounting Firm		Quantitative Master Series LLC

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

We have audited the accompanying statements of assets and liabilities, including the schedules of investments of Master International Index Series and Master Small Cap Index Series, each one of the series constituting Quantitative Master Series LLC, (the “Series”) as of December 31, 2015, and the related statements 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 Series’ 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 audits to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. The Series 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 Series’ 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, 2015, 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 and Master Small Cap Index Series, of Quantitative Master Series LLC, as of December 31, 2015, the results of their operations for the year then ended, the changes in their 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

Boston, Massachusetts

February 24, 2016



68	BLACKROCK INDEX FUNDS, INC.	DECEMBER 31, 2015


Officers and Directors


Name, Address¹ and Year of Birth	Position(s) Held with the Corporation/ Master LLC	Length of Time Served as a Director³	Principal Occupation(s) During Past Five Years	Number of BlackRock- Advised Registered Investment Companies (“RICs”) Consisting of Investment Portfolios (“Portfolios”) Overseen	Public Directorships
Independent Directors²
Rodney D. Johnson 1941	Chair of the Board and Director	Since 2007	President, Fairmount Capital Advisors, Inc. from 1987 to 2013; Member of the Archdiocesan Investment Committee of the Archdiocese of Philadelphia from 2004 to 2012; Director, The Committee of Seventy (civic) from 2006 to 2012; Director, Fox Chase Cancer Center from 2004 to 2011.	33 RICs consisting of 155 Portfolios	None
David O. Beim 1940	Director	Since 2007	Professor of Professional Practice at the Columbia University Graduate School of Business since 1991; Trustee, Phillips Exeter Academy from 2002 to 2012; Chairman, Wave Hill, Inc. (public garden and cultural center) from 1990 to 2006.	33 RICs consisting of 155 Portfolios	None
Collette Chilton 1958	Director	Since 2015	Chief Investment Officer, Williams College since 2006; Chief Investment Officer, Lucent Asset Management Corporation from 1998 to 2006.	33 RICs consisting of 155 Portfolios	None
Frank J. Fabozzi 1948	Director	Since 2014	Editor of and Consultant for The Journal of Portfolio Management since 2006; Professor of Finance, EDHEC Business School since 2011; Visiting Professor, Princeton University from 2013 to 2014; Professor in the Practice of Finance and Becton Fellow, Yale University School of Management from 2006 to 2011.	108 RICs consisting of 230 Portfolios	None
Dr. Matina S. Horner 1939	Director	Since 2007	Executive Vice President, Teachers Insurance and Annuity Association and College Retirement Equities Fund from 1989 to 2003.	33 RICs consisting of 155 Portfolios	NSTAR (electric and gas utility)
Herbert I. London 1939	Director	Since 2007	Professor Emeritus, New York University since 2005; President, London Center for Policy Research since 2012; John M. Olin Professor of Humanities, New York University from 1993 to 2005 and Professor thereof from 1980 to 2005; President Emeritus, Hudson Institute (policy research organization) from 2011 to 2012, President thereof from 1997 to 2011 and Trustee from 1980 to 2012; Chairman of the Board of Trustees for Grantham University since 2006; Director, InnoCentive, Inc. (global internet service) since 2005; Director, Cerego, LLC (educational software) since 2005; Director, Cybersettle (online adjudication) since 2009; Director, AIMS Worldwide, Inc. (marketing) from 2007 to 2012.	33 RICs consisting of 155 Portfolios	None
Cynthia A. Montgomery 1952	Director	Since 2007	Professor, Harvard Business School since 1989; Director, McLean Hospital from 2005 to 2012; Director, Harvard Business School Publishing from 2005 to 2010.	33 RICs consisting of 155 Portfolios	Newell Rubbermaid, Inc. (manufacturing)
Joseph P. Platt 1947	Director	Since 2007	Director, Jones and Brown (Canadian insurance broker) since 1998; General Partner, Thorn Partners, LP (private investments) since 1998; Director, WQED Multi-Media (public broadcasting not-for-profit) since 2001; Director, The West Penn Allegheny Health System (a not-for-profit health system) from 2008 to 2013; Partner, Amarna Corporation, LLC (private investment company) from 2002 to 2008.	33 RICs consisting of 155 Portfolios	Greenlight Capital Re, Ltd. (reinsurance company)
Robert C. Robb, Jr. 1945	Director	Since 2007	Partner, Lewis, Eckert, Robb and Company (management and financial consulting firm) since 1981.	33 RICs consisting of 155 Portfolios	None
Toby Rosenblatt 1938	Director	Since 2007	President, Founders Investments Ltd. (private investments) since 1999; Director, Forward Management, LLC since 2007; Director, College Futures Foundation (philanthropic foundation) since 2009; Director, The James Irvine Foundation (philanthropic foundation) from 1998 to 2008.	33 RICs consisting of 155 Portfolios	None



BLACKROCK INDEX FUNDS, INC.	DECEMBER 31, 2015	69


Officers and Directors (continued)


Name, Address¹ and Year of Birth	Position(s) Held with the Corporation/ Master LLC	Length of Time Served as a Director³	Principal Occupation(s) During Past Five Years	Number of BlackRock- Advised Registered Investment Companies (“RICs”) Consisting of Investment Portfolios (“Portfolios”) Overseen	Public Directorships
Independent Directors² (concluded)
Mark Stalnecker 1951	Director	Since 2015	Chief Investment Officer, University of Delaware from 1999 to 2013; Trustee, Winterthur Museum and Country Estate since 2001; Member of the Investment Committee, Delaware Public Employees’ Retirement System since 2002; Member of the Investment Committee, Christiana Care Health System since 2009; Member of the Investment Committee, Delaware Community Foundation from 2013 to 2014.	33 RICs consisting of 155 Portfolios	None
Kenneth L. Urish 1951	Director	Since 2007	Managing Partner, Urish Popeck & Co., LLC (certified public accountants and consultants) since 1976; Immediate past- Chairman 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; Principal, UP Strategic Wealth Investment Advisors, LLC since 2013; Trustee, The Holy Family Institute from 2001 to 2010; President and Trustee, Pittsburgh Catholic Publishing Associates from 2003 to 2008; Director, Inter-Tel from 2006 to 2007.	33 RICs consisting of 155 Portfolios	None
Frederick W. Winter 1945	Director	Since 2007	Director, Alkon Corporation (pneumatics) since 1992; Professor and Dean Emeritus of the Joseph M. Katz School of Business, University of Pittsburgh from 2005 to 2013 and Dean thereof from 1997 to 2005; Director, Tippman Sports (recreation) from 2005 to 2013; Director, Indotronix International (IT services) from 2004 to 2008.	33 RICs consisting of 155 Portfolios	None
	¹ The address of each Director is c/o BlackRock, Inc., 55 East 52nd Street, New York, NY 10055.
	² Independent Directors serve until their resignation, retirement, removal or death, or until December 31 of the year in which they turn 75. The Board has determined to extend the terms of Independent Directors on a case-by-case basis, as appropriate. The Board has unanimously approved extending the mandatory retirement age for David O. Beim and Dr. Matina S. Horner until December 31, 2016, which the Board believes is in the best interests of shareholders of the Funds.
	³ Date shown is the earliest date a person has served for the Corporation/Master LLC. 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 certain Independent Directors as joining the Corporation’s/Master LLC’s board in 2007, those Independent Directors first became members of the boards of other legacy MLIM or legacy BlackRock funds as follows: 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., 1999; Toby Rosenblatt, 2005; Kenneth L. Urish, 1999; and Frederick W. Winter, 1999. Frank J. Fabozzi first became a member of the board of other funds advised by BlackRock Advisors, LLC or its affiliates in 1988.
Interested Directors⁴
Barbara G. Novick 1960	Director	Since 2015	Vice Chairman of BlackRock since 2006; Chair of BlackRock’s Government Relations Steering Committee since 2009; Head of the Global Client Group of BlackRock from 1988 to 2008.	108 RICs consisting of 230 Portfolios	None
John M. Perlowski 1964	Director, President and Chief Executive Officer	Since 2015 (Trustee); Since 2010 (President and Chief Executive Officer)	Managing Director of BlackRock since 2009; Head of BlackRock Global Fund Services 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; Director of Family Resource Network (charitable foundation) since 2009.	136 RICs consisting of 328 Portfolios	None
	⁴ Mr. Perlowski and Ms. Novick are both “interested persons,” as defined in the 1940 Act, of the Funds based on their positions with BlackRock and its affiliates. Mr. Perlowski and Ms. Novick are also board members of a complex of BlackRock registered open-end funds. Mr. Perlowski is also a board member of the BlackRock Equity-Bond Complex and the BlackRock Equity-Liquidity Complex, and Ms. Novick is also a board member of the BlackRock Equity-Liquidity Complex. Interested Directors serve until their resignation, retirement, removal or death, or until December 31 of the year in which they turn 75. The maximum age limitation may be waived as to any Director by action of a majority of the Directors upon a finding of good cause therefor.



70	BLACKROCK INDEX FUNDS, INC.	DECEMBER 31, 2015


Officers and Directors (concluded)


Name, Address¹ and Year of Birth	Position(s) Held with the Corporation/ Master LLC	Length of Time Served as an Officer	Principal Occupation(s) During Past Five Years
Officers²
John M. Perlowski 1964	Director, President and Chief Executive Officer	Since 2015 (Trustee); Since 2010 (President and Chief Executive Officer)	Managing Director of BlackRock since 2009; Head of BlackRock Global Fund Services 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; Director of Family Resource Network (charitable foundation) since 2009.
Jennifer McGovern 1977	Vice President	Since 2014	Director of BlackRock since 2011; Head of Product Structure and Oversight for BlackRock’s U.S. Wealth Advisory Group since 2013; Vice President of BlackRock from 2008 to 2010.
Neal Andrews 1966	Chief Financial Officer	Since 2007	Managing Director of BlackRock 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 1970	Treasurer	Since 2007	Managing Director of BlackRock since 2007; Director of BlackRock in 2006; Assistant Treasurer of the MLIM and Fund Asset Management, L.P. advised funds from 2005 to 2006; Director of MLIM Fund Services Group from 2001 to 2006.
Charles Park 1967	Chief Compliance Officer	Since 2014	Anti-Money Laundering Compliance Officer for the BlackRock-advised Funds in the Equity-Bond Complex, the Equity-Liquidity Complex and the Closed-End Complex from 2014 to 2015; Chief Compliance Officer of BlackRock Advisors, LLC and the BlackRock-advised Funds in the Equity-Bond Complex, the Equity-Liquidity Complex and the Closed-End Complex since 2014; Principal of and Chief Compliance Officer for iShares^® Delaware Trust Sponsor LLC since 2012 and BlackRock Fund Advisors (“BFA”) since 2006; Chief Compliance Officer for the BFA-advised iShares exchange traded funds since 2006; Chief Compliance Officer for BlackRock Asset Management International Inc. since 2012.
Fernanda Piedra 1969	Anti-Money Laundering Compliance Officer	Since 2015	Director of BlackRock since 2014; Anti-Money Laundering Compliance Officer and Regional Head of Financial Crime for the Americas at BlackRock since 2014; Head of Regulatory Changes and Remediation for the Asset Wealth Management Division of Deutsche Bank from 2010 to 2014; Vice President of Goldman Sachs (Anti-Money Laundering/Suspicious Activities Group) from 2004 to 2010.
Benjamin Archibald 1975	Secretary	Since 2012	Managing Director of BlackRock since 2014; Director of BlackRock from 2010 to 2013; Secretary of the iShares exchange traded funds since 2015; Secretary of the BlackRock-advised mutual funds since 2012.
	¹ The address of each Officer is c/o BlackRock, Inc., 55 East 52nd Street, New York, NY 10055.
	² Officers of the Corporation/Master LLC serve at the pleasure of the Board.
	Further information about the Officers and Directors is available in the Funds’ Statement of Additional Information, which can be obtained without charge by calling (800) 441-7762

Effective September 25, 2015, John M. Perlowski was appointed to serve as a Director of the Corporation/Master LLC.

Effective December 31, 2015, Herbert I. London and Toby Rosenblatt retired as Directors of the Corporation/Master LLC.



Investment Advisor and Administrator BlackRock Advisors, LLC Wilmington, DE 19809	Accounting Agent and Custodian State Street Bank and Trust Company Boston, MA 02110	Independent Registered Public Accounting Firm Deloitte & Touche LLP Boston, MA 02116	Distributor BlackRock Investments, LLC New York, NY 10022	Address of the Funds 100 Bellevue Parkway Wilmington, DE 19809

	Transfer Agent BNY Mellon Investment Servicing (US) Inc. Wilmington, DE 19809		Legal Counsel Sidley Austin LLP New York, NY 10019



BLACKROCK INDEX FUNDS, INC.	DECEMBER 31, 2015	71


Additional Information


General Information

Householding

The Funds 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 the Funds at (800) 441-7762.

Availability of Quarterly Schedule of Investments

The Funds/Series file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The Funds’/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 how to access documents on the SEC’s website without charge may be obtained by calling (800) SEC-0330. The Funds’/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 Funds/Series use to determine how to vote proxies relating to portfolio securities is available upon request and without charge (1) 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 Funds/Series voted proxies relating to securities held in the Funds’/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’s 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. Visit http://www.blackrock.com for more information.



72	BLACKROCK INDEX FUNDS, INC.	DECEMBER 31, 2015


Additional Information (concluded)


Shareholder Privileges

Account Information

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

Automatic Investment Plans

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

Systematic Withdrawal Plans

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

Retirement Plans

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


BlackRock Privacy Principles

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

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

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

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

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



BLACKROCK INDEX FUNDS, INC.	DECEMBER 31, 2015	73

This report is intended for current holders. It is not authorized for use as an offer of sale or a solicitation of an offer to buy shares of the Funds unless preceded or accompanied by the Funds’ 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.

LOGO


Index2-12/15-AR

Item 2 –

Code of Ethics – Each registrant (or “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, principal accounting officer or controller, or persons performing similar functions. During the period covered by this report, the code of ethics was amended to update certain information and to make other non-material changes. During the period covered by this report, there have been no waivers granted under the code of ethics. Each registrant undertakes to provide a copy of the code of ethics to any person upon request, without charge, by calling 1-800-441-7762.

Item 3 –

Audit Committee Financial Expert – Each registrant’s board of directors (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 of a person 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

The following table presents fees billed by Deloitte & Touche LLP (“D&T”) in each of the last two fiscal years for the services rendered to the Funds:


	(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.	$7,538	$7,3437	$0	$0	$9,282	$9,100	$0	$0
BlackRock Small Cap Index Fund of BlackRock Index Funds, Inc.	$7,538	$7,437	$0	$0	$11,424	$11,200	$0	$0
Master International Index Series of Quantitative Master Series LLC	$39,488	$39,706	$0	$0	$17,340	$17,000	$0	$0
Master Small Cap Index Series of Quantitative Master Series LLC	$39,463	$39,681	$0	$0	$17,340	$17,000	$0	$0

The following table presents fees billed by D&T that were required to be approved by each registrant’s audit committee (each a “Committee”) for services that relate directly to the operations or financial reporting of the Fund and that are rendered on behalf of BlackRock Advisors, LLC (“Investment Adviser” or “BlackRock”) and entities controlling, controlled by, or under common control with BlackRock (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser) that provide ongoing services to the Fund (“Fund Service Providers”):


	Current Fiscal Year End	Previous Fiscal Year End
(b) Audit-Related Fees¹	$0	$0
(c) Tax Fees²	$0	$0
(d) All Other Fees³	$2,391,000	$2,555,000

¹ The nature of the services includes 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 includes tax compliance, tax advice and tax planning.

³ Aggregate fees borne by BlackRock in connection with the review of compliance procedures and attestation thereto performed by D&T with respect to all of the registered closed-end funds and some of the registered open-end funds advised by BlackRock.

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

Each 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 registrant’s Committee. The Committee also must approve other non-audit services provided to the registrant and those non-audit services provided to the Investment Adviser and Fund 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 registrants which have a direct impact on the operations 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 registrant’s 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 either Committee pursuant to the de minimus exception in paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f) Not Applicable

(g) The aggregate non-audit fees paid to the accountant for services rendered by the accountant to the registrant, the Investment Adviser and the Fund Service Providers were:


Entity Name	Current Fiscal Year End	Previous Fiscal Year End
BlackRock International Index Fund of BlackRock Index Funds, Inc.	$9,282	$9,100
BlackRock Small Cap Index Fund of BlackRock Index Funds, Inc.	$11,424	$11,200
Master International Index Series of Quantitative Master Series LLC	$17,340	$17,000
Master Small Cap Index Series of Quantitative Master Series LLC	$17,340	$17,000

Additionally, SSAE 16 Review (Formerly, SAS No. 70) fees for the current and previous fiscal years of $2,391,000 and $2,555,000, respectively, were billed by D&T to the Investment Adviser.

(h) Each Committee has considered and determined that the provision of non-audit services that were rendered to the Investment Adviser and the Fund Service Providers 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.

Item 5 –

Audit Committee of Listed Registrants – Not Applicable

Item 6 –

Investments

(a) The registrants’ Schedules of Investments are 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 – There have been no material changes to these procedures.

Item 11 –

Controls and Procedures

(a) – The registrants’ principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrants’ disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) are effective as of a date within 90 days of the filing of this report based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rule 15(d)-15(b) under the Securities Exchange Act of 1934, as amended.

(b) – There were no changes in the registrants’ 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 registrants’ internal control over financial reporting.

Item 12 –

Exhibits attached hereto

(a)(1) – Code of Ethics – See Item 2

(a)(2) – Certifications – Attached hereto

(a)(3) – Not Applicable

(b) – Certifications – Attached hereto

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, each 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 (principal executive officer) of
				BlackRock Index Funds, Inc. and Quantitative Master Series LLC
		Date: March 1, 2016
		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 each 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 1, 2016
		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 1, 2016