Document:

Exhibit 4(b)

                        SUB-INVESTMENT ADVISORY AGREEMENT

      AGREEMENT dated September 29, 2006, between BlackRock Advisors, LLC, a
Delaware limited liability company (the "Advisor"), and BlackRock Investment
Management, LLC, a Delaware limited liability company (the "Sub-Advisor").

      WHEREAS, the Advisor has agreed to furnish investment advisory services to
Master Enhanced S&P 500 Series, Master Enhanced International Series, Master
Extended Market Index Series, Master Enhanced Small Cap Series, Master
International Index Series, Master S&P 500 Index Series, Master Small Cap Index
Series and Master MidCap Index Series (each a "Fund" and together the "Funds"),
series of Quantitative Master Series Trust, a Delaware statutory trust (the
"Trust"), an open-end management investment company registered under the
Investment Company Act of 1940, as amended (the "1940 Act");

      WHEREAS, the Advisor wishes to retain the Sub-Advisor to provide it with
certain sub-advisory services as described below in connection with Advisor's
advisory activities on behalf of the Funds;

      WHEREAS, the advisory agreement between the Advisor and the Trust, dated
September 29, 2006 (such agreement or the most recent successor agreement
between such parties relating to advisory services to the Trust is referred to
herein as the "Advisory Agreement") contemplates that the Advisor may
sub-contract investment advisory services with respect to the Funds to a
sub-advisor pursuant to a sub-advisory agreement agreeable to the Trust and
approved in accordance with the provisions of the 1940 Act; and

      WHEREAS, this Agreement has been approved in accordance with the
provisions of the 1940 Act, and the Sub-Advisor is willing to furnish such
services upon the terms and conditions herein set forth; and

      NOW, THEREFORE, in consideration of the mutual premises and covenants
herein contained and other good and valuable consideration, the receipt of which
is hereby acknowledged, it is agreed by and between the parties hereto as
follows:

      1. Appointment. The Advisor hereby appoints the Sub-Advisor to act as
sub-advisor with respect to the Funds and the Sub-Advisor accepts such
appointment and agrees to render the services herein set forth for the
compensation herein provided.

      2. Services of the Sub-Advisor. Subject to the succeeding provisions of
this section, the oversight and supervision of the Advisor and the direction and
control of the Trust's Board of Trustees, the Sub-Advisor will perform certain
of the day-to-day operations of the Funds, which may include one or more of the
following services, at the request of the Advisor: (a) acting as investment
advisor for and managing the investment and reinvestment of those assets of the
Funds as the Advisor may from time to time request and in connection therewith
have complete discretion in purchasing and selling such securities and other
assets for the Funds and in voting,

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exercising consents and exercising all other rights appertaining to such
securities and other assets on behalf of the Funds; (b) arranging, subject to
the provisions of paragraph 3 hereof, for the purchase and sale of securities
and other assets of the Funds; (c) providing investment research and credit
analysis concerning the Funds' investments, (d) assist the Advisor in
determining what portion of the Funds' assets will be invested in cash, cash
equivalents and money market instruments, (e) placing orders for all purchases
and sales of such investments made for the Funds, and (f) maintaining the books
and records as are required to support Fund investment operations. At the
request of the Advisor, the Sub-Advisor will also, subject to the oversight and
supervision of the Advisor and the direction and control of the Trust's Board of
Trustees, provide to the Advisor or the Funds any of the facilities and
equipment and perform any of the services described in Section 3 of the Advisory
Agreement. In addition, the Sub-Advisor will keep the Funds and the Advisor
informed of developments materially affecting the Funds and shall, on its own
initiative, furnish to the Funds from time to time whatever information the
Sub-Advisor believes appropriate for this purpose. The Sub-Advisor will
periodically communicate to the Advisor, at such times as the Advisor may
direct, information concerning the purchase and sale of securities for the
Funds, including: (a) the name of the issuer, (b) the amount of the purchase or
sale, (c) the name of the broker or dealer, if any, through which the purchase
or sale is effected, (d) the CUSIP number of the instrument, if any, and (e)
such other information as the Advisor may reasonably require for purposes of
fulfilling its obligations to the Funds under the Advisory Agreement. The
Sub-Advisor will provide the services rendered by it under this Agreement in
accordance with each Fund's investment objectives, policies and restrictions (as
currently in effect and as they may be amended or supplemented from time to
time) as stated in the Funds' Prospectus and Statement of Additional Information
and the resolutions of the Trust's Board of Trustees.

      3. Covenants. (a) In the performance of its duties under this Agreement,
the Sub-Advisor shall at all times conform to, and act in accordance with, any
requirements imposed by: (i) the provisions of the 1940 Act and the Investment
Advisers Act of 1940, as amended (the "Advisers Act"), and all applicable Rules
and Regulations of the Securities and Exchange Commission (the "SEC"); (ii) any
other applicable provision of law; (iii) the provisions of the Agreement and
Declaration of Trust and By-Laws of the Trust, as such documents are amended
from time to time; (iv) the investment objectives and policies of the Funds as
set forth in its Registration Statement on Form N-1A and/or the resolutions of
the Board of Trustees; and (v) any policies and determinations of the Board of
the Trustees of the Trust and

            (b) In addition, the Sub-Advisor will:

                  (i) place orders either directly with the issuer or with any
            broker or dealer. Subject to the other provisions of this paragraph,
            in placing orders with brokers and dealers, the Sub-Advisor will
            attempt to obtain the best price and the most favorable execution of
            its orders. In placing orders, the Sub-Advisor will consider the
            experience and skill of the firm's securities traders as well as the
            firm's financial responsibility and administrative efficiency.
            Consistent with this obligation, the Sub-Advisor may select brokers
            on the basis of the research, statistical and pricing services they
            provide to the Funds and other clients of the Advisor or the
            Sub-Advisor. Information and research received from such brokers
            will be in addition to, and not in lieu of, the services required to
            be performed by the Sub-Advisor hereunder. A commission paid to such
            brokers may be higher than that which another qualified broker would

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            have charged for effecting the same transaction, provided that the
            Sub-Advisor determines in good faith that such commission is
            reasonable in terms either of the transaction or the overall
            responsibility of the Advisor and the Sub-Advisor to the Funds and
            their other clients and that the total commissions paid by each Fund
            will be reasonable in relation to the benefits to the Fund over the
            long-term. Subject to the foregoing and the provisions of the 1940
            Act, the Securities Exchange Act of 1934, as amended, and other
            applicable provisions of law, the Advisor may select brokers and
            dealers with which it or the Trust is affiliated;

                  (ii) maintain books and records with respect to the Funds'
            securities transactions and will render to the Advisor and the
            Trust's Board of Trustees such periodic and special reports as they
            may request;

                  (iii) maintain a policy and practice of conducting its
            investment advisory services hereunder independently of the
            commercial banking operations of its affiliates. When the
            Sub-Advisor makes investment recommendations for the Funds, its
            investment advisory personnel will not inquire or take into
            consideration whether the issuer of securities proposed for purchase
            or sale for each Fund's account are customers of the commercial
            department of its affiliates; and

                  (iv) treat confidentially and as proprietary information of
            the Funds all records and other information relative to the Funds,
            and the Funds' prior, current or potential shareholders, and will
            not use such records and information for any purpose other than
            performance of its responsibilities and duties hereunder, except
            after prior notification to and approval in writing by each Fund,
            which approval shall not be unreasonably withheld and may not be
            withheld where the Sub-Advisor may be exposed to civil or criminal
            contempt proceedings for failure to comply, when requested to
            divulge such information by duly constituted authorities, or when so
            requested by the Funds.

      4. Services Not Exclusive. Nothing in this Agreement shall prevent the
Sub-Advisor or any officer, employee or other affiliate thereof from acting as
investment advisor for any other person, firm or corporation, or from engaging
in any other lawful activity, and shall not in any way limit or restrict the
Sub-Advisor or any of its officers, employees or agents from buying, selling or
trading any securities for its or their own accounts or for the accounts of
others for whom it or they may be acting; provided, however, that the
Sub-Advisor will undertake no activities which, in its judgment, will adversely
affect the performance of its obligations under this Agreement.

      5. Books and Records. In compliance with the requirements of Rule 31a-3
under the 1940 Act, the Sub-Advisor hereby agrees that all records which it
maintains for the Trust are the property of the Trust and further agrees to
surrender promptly to the Trust any such records upon the Trust's request. The
Sub-Advisor further agrees to preserve for the periods prescribed by Rule 31a-2
under the 1940 Act the records required to be maintained by Rule 31a-1 under the
1940 Act (to the extent such books and records are not maintained by the
Advisor).

      6. Expenses. During the term of this Agreement, the Sub-Advisor will bear
all costs and expenses of its employees and any overhead incurred by the
Sub-Advisor in connection with its duties hereunder; provided that the Board of
Trustees of the Trust may approve

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reimbursement to the Sub-Advisor of the pro-rata portion of the salaries,
bonuses, health insurance, retirement benefits and all similar employment costs
for the time spent on Fund operations (including, without limitation, compliance
matters) (other than the provision of investment advice and administrative
services required to be provided hereunder) of all personnel employed by the
Sub-Advisor who devote substantial time to the Fund operations or the operations
of other investment companies advised or sub-advised by the Sub-Advisor.

      7. Compensation.

            (a) The Advisor agrees to pay to the Sub-Advisor and the Sub-Advisor
      agrees to accept as full compensation for all services rendered by the
      Sub-Advisor as such, a monthly fee in arrears at an annual rate equal to
      the amount set forth in Schedule A hereto. For any period less than a
      month during which this Agreement is in effect, the fee shall be prorated
      according to the proportion which such period bears to a full month of 28,
      29, 30 or 31 days, as the case may be.

            (b) For purposes of this Agreement, the Net Assets of the Funds
      shall be calculated pursuant to the procedures adopted by resolutions of
      the Trustees of the Trust for calculating the value of each Fund's assets
      or delegating such calculations to third parties.

      8. Indemnity.

            (a) The Funds hereby agrees to indemnify the Sub-Advisor and each of
      the Sub-Advisor's directors, officers, employees, agents, associates and
      controlling persons and the directors, partners, members, officers,
      employees and agents thereof (including any individual who serves at the
      Sub-Advisor's request as director, officer, partner, member, trustee or
      the like of another entity) (each such person being an "Indemnitee")
      against any liabilities and expenses, including amounts paid in
      satisfaction of judgments, in compromise or as fines and penalties, and
      counsel fees (all as provided in accordance with applicable state law)
      reasonably incurred by such Indemnitee in connection with the defense or
      disposition of any action, suit or other proceeding, whether civil or
      criminal, before any court or administrative or investigative body in
      which such Indemnitee may be or may have been involved as a party or
      otherwise or with which such Indemnitee may be or may have been
      threatened, while acting in any capacity set forth herein or thereafter by
      reason of such Indemnitee having acted in any such capacity, except with
      respect to any matter as to which such Indemnitee shall have been
      adjudicated not to have acted in good faith in the reasonable belief that
      such Indemnitee's action was in the best interest of the Trust and
      furthermore, in the case of any criminal proceeding, so long as such
      Indemnitee had no reasonable cause to believe that the conduct was
      unlawful; provided, however, that (1) no Indemnitee shall be indemnified
      hereunder against any liability to the Trust or a Fund or its shareholders
      or any expense of such Indemnitee arising by reason of (i) willful
      misfeasance, (ii) bad faith, (iii) gross negligence or (iv) reckless
      disregard of the duties involved in the conduct of such Indemnitee's
      position (the conduct referred to in such clauses (i) through (iv) being
      sometimes referred to herein as "disabling conduct"), (2) as to any matter
      disposed of by settlement or a compromise payment by such Indemnitee,
      pursuant to a consent decree or otherwise, no indemnification either for
      said payment or for any other expenses shall be provided unless there has
      been a determination that such settlement or compromise is in the best
      interests of a Fund and that such Indemnitee appears to have acted in good
      faith in the reasonable belief

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      that such Indemnitee's action was in the best interest of a Fund and did
      not involve disabling conduct by such Indemnitee and (3) with respect to
      any action, suit or other proceeding voluntarily prosecuted by any
      Indemnitee as plaintiff, indemnification shall be mandatory only if the
      prosecution of such action, suit or other proceeding by such Indemnitee
      was authorized by a majority of the full Board of Trustees of the Trust.

            (b) The Trust shall make advance payments in connection with the
      expenses of defending any action with respect to which indemnification
      might be sought hereunder if the Trust receives a written affirmation of
      the Indemnitee's good faith belief that the standard of conduct necessary
      for indemnification has been met and a written undertaking to reimburse
      the Trust unless it is subsequently determined that such Indemnitee is
      entitled to such indemnification and if the Trustees of the Trust
      determine that the facts then known to them would not preclude
      indemnification. In addition, at least one of the following conditions
      must be met: (A) the Indemnitee shall provide a security for such
      Indemnitee-undertaking, (B) the Trust shall be insured against losses
      arising by reason of any unlawful advance, or (C) a majority of a quorum
      consisting of Trustees of the Trust who are neither "interested persons"
      of the Trust (as defined in Section 2(a)(19) of the 1940 Act) nor parties
      to the proceeding ("Disinterested Non-Party Trustees") or an independent
      legal counsel in a written opinion, shall determine, based on a review of
      readily available facts (as opposed to a full trial-type inquiry), that
      there is reason to believe that the Indemnitee ultimately will be found
      entitled to indemnification.

            (c) All determinations with respect to indemnification hereunder
      shall be made (1) by a final decision on the merits by a court or other
      body before whom the proceeding was brought that such Indemnitee is not
      liable by reason of disabling conduct, or (2) in the absence of such a
      decision, by (i) a majority vote of a quorum of the Disinterested
      Non-Party Trustees of the Trust, or (ii) if such a quorum is not
      obtainable or even, if obtainable, if a majority vote of such quorum so
      directs, independent legal counsel in a written opinion. All
      determinations that advance payments in connection with the expense of
      defending any proceeding shall be authorized shall be made in accordance
      with the immediately preceding clause (2) above.

      The rights accruing to any Indemnitee under these provisions shall not
exclude any other right to which such Indemnitee may be lawfully entitled.

      9. Limitation on Liability. The Sub-Advisor will not be liable for any
error of judgment or mistake of law or for any loss suffered by the Advisor or
by the Funds in connection with the performance of this Agreement, except a loss
resulting from a breach of fiduciary duty with respect to the receipt of
compensation for services or a loss resulting from willful misfeasance, bad
faith or gross negligence on its part in the performance of its duties or from
reckless disregard by it of its duties under this Agreement.

      10. Duration and Termination. This Agreement shall become effective as of
the date hereof and, unless sooner terminated with respect to the Funds as
provided herein, shall continue in effect for a period of two years. Thereafter,
if not terminated, this Agreement shall continue in effect with respect to the
Funds for successive periods of 12 months, provided such continuance is
specifically approved at least annually by both (a) the vote of a majority of
the Trust's Board of Trustees or a vote of a majority of the outstanding voting
securities of each Fund at the time

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outstanding and entitled to vote and (b) by the vote of a majority of the
Trustees, who are not parties to this Agreement or interested persons (as such
term is defined in the 1940 Act) of any such party, cast in person at a meeting
called for the purpose of voting on such approval. Notwithstanding the
foregoing, this Agreement may be terminated by the Trust, on behalf of a Fund,
or the Advisor at any time, without the payment of any penalty, upon giving the
Sub-Advisor 60 days' notice (which notice may be waived by the Sub-Advisor),
provided that such termination by the Trust or the Advisor shall be directed or
approved by the vote of a majority of the Trustees of the Trust in office at the
time or by the vote of the holders of a majority of the voting securities of
each Fund at the time outstanding and entitled to vote, or by the Sub-Advisor on
60 days' written notice (which notice may be waived by the Trust, on behalf of a
Fund, and the Advisor), and will terminate automatically upon any termination of
the Advisory Agreement between the Trust and the Advisor. This Agreement will
also immediately terminate in the event of its assignment. (As used in this
Agreement, the terms "majority of the outstanding voting securities,"
"interested person" and "assignment" shall have the same meanings of such terms
in the 1940 Act.)

      11. Notices. Any notice under this Agreement shall be in writing to the
other party at such address as the other party may designate from time to time
for the receipt of such notice and shall be deemed to be received on the earlier
of the date actually received or on the fourth day after the postmark if such
notice is mailed first class postage prepaid.

      12. Amendment of this Agreement. This Agreement may be amended by the
parties only if such amendment is specifically approved by the vote of the Board
of Trustees of the Trust, including a majority of those Trustees who are not
parties to this Agreement or interested persons of any such party cast in person
at a meeting called for the purpose of voting on such approval and, where
required by the 1940 Act, by a vote of a majority of the outstanding voting
securities of each Fund.

      13. Miscellaneous. The captions in this Agreement are included for
convenience of reference only and in no way define or delimit any of the
provisions hereof or otherwise affect their construction or effect. If any
provision of this Agreement shall be held or made invalid by a court decision,
statute, rule or otherwise, the remainder of this Agreement shall not be
affected thereby. This Agreement shall be binding on, and shall inure to the
benefit of the parties hereto and their respective successors.

      14. Governing Law. This Agreement shall be governed by and construed in
accordance with the laws of the State of New York for contracts to be performed
entirely therein without reference to choice of law principles thereof and in
accordance with the applicable provisions of the 1940 Act. To the extent that
the applicable laws of the State of New York, or any of the provisions, conflict
with the applicable provisions of the 1940 Act, the latter shall control.

      15. Counterparts. This Agreement may be executed in counterparts by the
parties hereto, each of which shall constitute an original counterpart, and all
of which, together, shall constitute one Agreement.

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      IN WITNESS WHEREOF, the parties hereto have caused this instrument to be
executed by their duly authorized officers designated below as of the day and
year first above written.

                                        BLACKROCK ADVISORS, LLC
                                        By:
                                              ----------------------------------
                                              Name:  Donald C. Burke
                                              Title: Managing Director

                                        BLACKROCK INVESTMENT
                                        MANAGEMENT, LLC

                                        By:
                                              ----------------------------------
                                              Name:
                                              Title:
Agreed and Accepted:

QUANTITATIVE MASTER SERIES TRUST

By:
      ----------------------------------
      Name:  Donald C. Burke
      Title: Vice President & Treasurer

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                                   Schedule A

                           Sub-Investment Advisory Fee

74.00% of the monthly advisory fee received by the Advisor from each Fund.

                                     - 8 -Exhibit 4(c)

                        SUB-INVESTMENT ADVISORY AGREEMENT

      AGREEMENT dated September 29, 2006, between BlackRock Advisors, LLC, a
Delaware limited liability company (the "Advisor"), and BlackRock Financial
Management, Inc., a Maryland corporation (the "Sub-Advisor").

      WHEREAS, the Advisor has agreed to furnish investment advisory services to
the BlackRock Aggregate Bond Index Fund (the "Fund"), a series of Quantitative
Master Series Trust, a Delaware statutory trust (the "Trust"), an open-end
management investment company registered under the Investment Company Act of
1940, as amended (the "1940 Act");

      WHEREAS, the Advisor wishes to retain the Sub-Advisor to provide it with
certain sub-advisory services as described below in connection with Advisor's
advisory activities on behalf of the Fund;

      WHEREAS, the advisory agreement between the Advisor and the Trust, dated
September 29, 2006 (such agreement or the most recent successor agreement
between such parties relating to advisory services to the Trust is referred to
herein as the "Advisory Agreement") contemplates that the Advisor may
sub-contract investment advisory services with respect to the Fund to a
sub-advisor pursuant to a sub-advisory agreement agreeable to the Trust and
approved in accordance with the provisions of the 1940 Act; and

      WHEREAS, this Agreement has been approved in accordance with the
provisions of the 1940 Act, and the Sub-Advisor is willing to furnish such
services upon the terms and conditions herein set forth; and

      NOW, THEREFORE, in consideration of the mutual premises and covenants
herein contained and other good and valuable consideration, the receipt of which
is hereby acknowledged, it is agreed by and between the parties hereto as
follows:

      1. Appointment. The Advisor hereby appoints the Sub-Advisor to act as
sub-advisor with respect to the Fund and the Sub-Advisor accepts such
appointment and agrees to render the services herein set forth for the
compensation herein provided.

      2. Services of the Sub-Advisor. Subject to the succeeding provisions of
this section, the oversight and supervision of the Advisor and the direction and
control of the Trust's Board of Trustees, the Sub-Advisor will perform certain
of the day-to-day operations of the Fund, which may include one or more of the
following services, at the request of the Advisor: (a) acting as investment
advisor for and managing the investment and reinvestment of those assets of the
Fund as the Advisor may from time to time request and in connection therewith
have complete discretion in purchasing and selling such securities and other
assets for the Fund and in voting, exercising consents and exercising all other
rights appertaining to such securities and other assets on behalf of the Fund;
(b) arranging, subject to the provisions of paragraph 3 hereof, for the purchase
and sale of securities and other assets of the Fund; (c) providing investment
research

<PAGE>

and credit analysis concerning the Fund's investments, (d) assist the Advisor in
determining what portion of the Fund's assets will be invested in cash, cash
equivalents and money market instruments, (e) placing orders for all purchases
and sales of such investments made for the Fund, and (f) maintaining the books
and records as are required to support Fund investment operations. At the
request of the Advisor, the Sub-Advisor will also, subject to the oversight and
supervision of the Advisor and the direction and control of the Trust's Board of
Trustees, provide to the Advisor or the Fund any of the facilities and equipment
and perform any of the services described in Section 3 of the Advisory
Agreement. In addition, the Sub-Advisor will keep the Fund and the Advisor
informed of developments materially affecting the Fund and shall, on its own
initiative, furnish to the Fund from time to time whatever information the
Sub-Advisor believes appropriate for this purpose. The Sub-Advisor will
periodically communicate to the Advisor, at such times as the Advisor may
direct, information concerning the purchase and sale of securities for the Fund,
including: (a) the name of the issuer, (b) the amount of the purchase or sale,
(c) the name of the broker or dealer, if any, through which the purchase or sale
is effected, (d) the CUSIP number of the instrument, if any, and (e) such other
information as the Advisor may reasonably require for purposes of fulfilling its
obligations to the Fund under the Advisory Agreement. The Sub-Advisor will
provide the services rendered by it under this Agreement in accordance with the
Fund's investment objectives, policies and restrictions (as currently in effect
and as they may be amended or supplemented from time to time) as stated in the
Fund's Prospectus and Statement of Additional Information and the resolutions of
the Trust's Board of Trustees.

      3. Covenants. (a) In the performance of its duties under this Agreement,
the Sub-Advisor shall at all times conform to, and act in accordance with, any
requirements imposed by: (i) the provisions of the 1940 Act and the Investment
Advisers Act of 1940, as amended (the "Advisers Act"), and all applicable Rules
and Regulations of the Securities and Exchange Commission (the "SEC"); (ii) any
other applicable provision of law; (iii) the provisions of the Agreement and
Declaration of Trust and By-Laws of the Trust, as such documents are amended
from time to time; (iv) the investment objectives and policies of the Fund as
set forth in its Registration Statement on Form N-1A and/or the resolutions of
the Board of Trustees; and (v) any policies and determinations of the Board of
the Trustees of the Trust and

            (b) In addition, the Sub-Advisor will:

                  (i) place orders either directly with the issuer or with any
            broker or dealer. Subject to the other provisions of this paragraph,
            in placing orders with brokers and dealers, the Sub-Advisor will
            attempt to obtain the best price and the most favorable execution of
            its orders. In placing orders, the Sub-Advisor will consider the
            experience and skill of the firm's securities traders as well as the
            firm's financial responsibility and administrative efficiency.
            Consistent with this obligation, the Sub-Advisor may select brokers
            on the basis of the research, statistical and pricing services they
            provide to the Fund and other clients of the Advisor or the
            Sub-Advisor. Information and research received from such brokers
            will be in addition to, and not in lieu of, the services required to
            be performed by the Sub-Advisor hereunder. A commission paid to such
            brokers may be higher than that which another qualified broker would
            have charged for effecting the same transaction, provided that the
            Sub-Advisor determines in good faith that such commission is
            reasonable in terms either of the transaction or the overall
            responsibility of the Advisor and the Sub-Advisor to the Fund's and
            their other clients and that

                                     - 2 -
<PAGE>

            the total commissions paid by the Fund will be reasonable in
            relation to the benefits to the Fund over the long-term. Subject to
            the foregoing and the provisions of the 1940 Act, the Securities
            Exchange Act of 1934, as amended, and other applicable provisions of
            law, the Advisor may select brokers and dealers with which it or the
            Trust is affiliated;

                  (ii) maintain books and records with respect to the Fund's
            securities transactions and will render to the Advisor and the
            Trust's Board of Trustees such periodic and special reports as they
            may request;

                  (iii) maintain a policy and practice of conducting its
            investment advisory services hereunder independently of the
            commercial banking operations of its affiliates. When the
            Sub-Advisor makes investment recommendations for the Fund, its
            investment advisory personnel will not inquire or take into
            consideration whether the issuer of securities proposed for purchase
            or sale for the Fund's account are customers of the commercial
            department of its affiliates; and

                  (iv) treat confidentially and as proprietary information of
            the Fund all records and other information relative to the Fund, and
            the Fund's prior, current or potential shareholders, and will not
            use such records and information for any purpose other than
            performance of its responsibilities and duties hereunder, except
            after prior notification to and approval in writing by the Fund,
            which approval shall not be unreasonably withheld and may not be
            withheld where the Sub-Advisor may be exposed to civil or criminal
            contempt proceedings for failure to comply, when requested to
            divulge such information by duly constituted authorities, or when so
            requested by the Fund.

      4. Services Not Exclusive. Nothing in this Agreement shall prevent the
Sub-Advisor or any officer, employee or other affiliate thereof from acting as
investment advisor for any other person, firm or corporation, or from engaging
in any other lawful activity, and shall not in any way limit or restrict the
Sub-Advisor or any of its officers, employees or agents from buying, selling or
trading any securities for its or their own accounts or for the accounts of
others for whom it or they may be acting; provided, however, that the
Sub-Advisor will undertake no activities which, in its judgment, will adversely
affect the performance of its obligations under this Agreement.

      5. Books and Records. In compliance with the requirements of Rule 31a-3
under the 1940 Act, the Sub-Advisor hereby agrees that all records which it
maintains for the Trust are the property of the Trust and further agrees to
surrender promptly to the Trust any such records upon the Trust's request. The
Sub-Advisor further agrees to preserve for the periods prescribed by Rule 31a-2
under the 1940 Act the records required to be maintained by Rule 31a-1 under the
1940 Act (to the extent such books and records are not maintained by the
Advisor).

      6. Expenses. During the term of this Agreement, the Sub-Advisor will bear
all costs and expenses of its employees and any overhead incurred by the
Sub-Advisor in connection with its duties hereunder; provided that the Board of
Trustees of the Trust may approve reimbursement to the Sub-Advisor of the
pro-rata portion of the salaries, bonuses, health insurance, retirement benefits
and all similar employment costs for the time spent on Fund operations
(including, without limitation, compliance matters) (other than the provision of

                                     - 3 -
<PAGE>

investment advice and administrative services required to be provided hereunder)
of all personnel employed by the Sub-Advisor who devote substantial time to the
Fund operations or the operations of other investment companies advised or
sub-advised by the Sub-Advisor.

      7. Compensation.

            (a) The Advisor agrees to pay to the Sub-Advisor and the Sub-Advisor
      agrees to accept as full compensation for all services rendered by the
      Sub-Advisor as such, a monthly fee in arrears at an annual rate equal to
      the amount set forth in Schedule A hereto. For any period less than a
      month during which this Agreement is in effect, the fee shall be prorated
      according to the proportion which such period bears to a full month of 28,
      29, 30 or 31 days, as the case may be.

            (b) For purposes of this Agreement, the Net Assets of the Fund shall
      be calculated pursuant to the procedures adopted by resolutions of the
      Trustees of the Trust for calculating the value of the Fund's assets or
      delegating such calculations to third parties.

      8. Indemnity.

            (a) The Fund hereby agrees to indemnify the Sub-Advisor and each of
      the Sub-Advisor's directors, officers, employees, agents, associates and
      controlling persons and the directors, partners, members, officers,
      employees and agents thereof (including any individual who serves at the
      Sub-Advisor's request as director, officer, partner, member, trustee or
      the like of another entity) (each such person being an "Indemnitee")
      against any liabilities and expenses, including amounts paid in
      satisfaction of judgments, in compromise or as fines and penalties, and
      counsel fees (all as provided in accordance with applicable state law)
      reasonably incurred by such Indemnitee in connection with the defense or
      disposition of any action, suit or other proceeding, whether civil or
      criminal, before any court or administrative or investigative body in
      which such Indemnitee may be or may have been involved as a party or
      otherwise or with which such Indemnitee may be or may have been
      threatened, while acting in any capacity set forth herein or thereafter by
      reason of such Indemnitee having acted in any such capacity, except with
      respect to any matter as to which such Indemnitee shall have been
      adjudicated not to have acted in good faith in the reasonable belief that
      such Indemnitee's action was in the best interest of the Trust and
      furthermore, in the case of any criminal proceeding, so long as such
      Indemnitee had no reasonable cause to believe that the conduct was
      unlawful; provided, however, that (1) no Indemnitee shall be indemnified
      hereunder against any liability to the Trust or the Fund or its
      shareholders or any expense of such Indemnitee arising by reason of (i)
      willful misfeasance, (ii) bad faith, (iii) gross negligence or (iv)
      reckless disregard of the duties involved in the conduct of such
      Indemnitee's position (the conduct referred to in such clauses (i) through
      (iv) being sometimes referred to herein as "disabling conduct"), (2) as to
      any matter disposed of by settlement or a compromise payment by such
      Indemnitee, pursuant to a consent decree or otherwise, no indemnification
      either for said payment or for any other expenses shall be provided unless
      there has been a determination that such settlement or compromise is in
      the best interests of the Fund and that such Indemnitee appears to have
      acted in good faith in the reasonable belief that such Indemnitee's action
      was in the best interest of the Fund and did not involve disabling conduct
      by such Indemnitee and (3) with respect to any action, suit or other
      proceeding voluntarily prosecuted by any Indemnitee as plaintiff,
      indemnification shall be mandatory only if

                                     - 4 -
<PAGE>

      the prosecution of such action, suit or other proceeding by such
      Indemnitee was authorized by a majority of the full Board of Trustees of
      the Trust.

            (b) The Fund shall make advance payments in connection with the
      expenses of defending any action with respect to which indemnification
      might be sought hereunder if the Trust receives a written affirmation of
      the Indemnitee's good faith belief that the standard of conduct necessary
      for indemnification has been met and a written undertaking to reimburse
      the Fund unless it is subsequently determined that such Indemnitee is
      entitled to such indemnification and if the Trustees of the Trust
      determine that the facts then known to them would not preclude
      indemnification. In addition, at least one of the following conditions
      must be met: (A) the Indemnitee shall provide a security for such
      Indemnitee-undertaking, (B) the Trust shall be insured against losses
      arising by reason of any unlawful advance, or (C) a majority of a quorum
      consisting of Trustees of the Trust who are neither "interested persons"
      of the Trust (as defined in Section 2(a)(19) of the 1940 Act) nor parties
      to the proceeding ("Disinterested Non-Party Trustees") or an independent
      legal counsel in a written opinion, shall determine, based on a review of
      readily available facts (as opposed to a full trial-type inquiry), that
      there is reason to believe that the Indemnitee ultimately will be found
      entitled to indemnification.

            (c) All determinations with respect to indemnification hereunder
      shall be made (1) by a final decision on the merits by a court or other
      body before whom the proceeding was brought that such Indemnitee is not
      liable by reason of disabling conduct, or (2) in the absence of such a
      decision, by (i) a majority vote of a quorum of the Disinterested
      Non-Party Trustees of the Trust, or (ii) if such a quorum is not
      obtainable or even, if obtainable, if a majority vote of such quorum so
      directs, independent legal counsel in a written opinion. All
      determinations that advance payments in connection with the expense of
      defending any proceeding shall be authorized shall be made in accordance
      with the immediately preceding clause (2) above.

            The rights accruing to any Indemnitee under these provisions shall
      not exclude any other right to which such Indemnitee may be lawfully
      entitled.

      9. Limitation on Liability. The Sub-Advisor will not be liable for any
error of judgment or mistake of law or for any loss suffered by the Advisor or
by the Fund in connection with the performance of this Agreement, except a loss
resulting from a breach of fiduciary duty with respect to the receipt of
compensation for services or a loss resulting from willful misfeasance, bad
faith or gross negligence on its part in the performance of its duties or from
reckless disregard by it of its duties under this Agreement.

      10. Duration and Termination. This Agreement shall become effective as of
the date hereof and, unless sooner terminated with respect to the Fund as
provided herein, shall continue in effect for a period of two years. Thereafter,
if not terminated, this Agreement shall continue in effect with respect to the
Fund for successive periods of 12 months, provided such continuance is
specifically approved at least annually by both (a) the vote of a majority of
the Trust's Board of Trustees or a vote of a majority of the outstanding voting
securities of the Fund at the time outstanding and entitled to vote and (b) by
the vote of a majority of the Trustees, who are not parties to this Agreement or
interested persons (as such term is defined in the 1940 Act) of any such party,
cast in person at a meeting called for the purpose of voting on such approval.

                                     - 5 -
<PAGE>

Notwithstanding the foregoing, this Agreement may be terminated by the Trust, on
behalf of the Fund, or the Advisor at any time, without the payment of any
penalty, upon giving the Sub-Advisor 60 days' notice (which notice may be waived
by the Sub-Advisor), provided that such termination by the Trust or the Advisor
shall be directed or approved by the vote of a majority of the Trustees of the
Trust in office at the time or by the vote of the holders of a majority of the
voting securities of the Fund at the time outstanding and entitled to vote, or
by the Sub-Advisor on 60 days' written notice (which notice may be waived by the
Trust, on behalf of the Fund, and the Advisor), and will terminate automatically
upon any termination of the Advisory Agreement between the Trust and the
Advisor. This Agreement will also immediately terminate in the event of its
assignment. (As used in this Agreement, the terms "majority of the outstanding
voting securities," "interested person" and "assignment" shall have the same
meanings of such terms in the 1940 Act.)

      11. Notices. Any notice under this Agreement shall be in writing to the
other party at such address as the other party may designate from time to time
for the receipt of such notice and shall be deemed to be received on the earlier
of the date actually received or on the fourth day after the postmark if such
notice is mailed first class postage prepaid.

      12. Amendment of this Agreement. This Agreement may be amended by the
parties only if such amendment is specifically approved by the vote of the Board
of Trustees of the Trust, including a majority of those Trustees who are not
parties to this Agreement or interested persons of any such party cast in person
at a meeting called for the purpose of voting on such approval and, where
required by the 1940 Act, by a vote of a majority of the outstanding voting
securities of the Fund.

      13. Miscellaneous. The captions in this Agreement are included for
convenience of reference only and in no way define or delimit any of the
provisions hereof or otherwise affect their construction or effect. If any
provision of this Agreement shall be held or made invalid by a court decision,
statute, rule or otherwise, the remainder of this Agreement shall not be
affected thereby. This Agreement shall be binding on, and shall inure to the
benefit of the parties hereto and their respective successors.

      14. Governing Law. This Agreement shall be governed by and construed in
accordance with the laws of the State of New York for contracts to be performed
entirely therein without reference to choice of law principles thereof and in
accordance with the applicable provisions of the 1940 Act. To the extent that
the applicable laws of the State of New York, or any of the provisions, conflict
with the applicable provisions of the 1940 Act, the latter shall control.

      15. Counterparts. This Agreement may be executed in counterparts by the
parties hereto, each of which shall constitute an original counterpart, and all
of which, together, shall constitute one Agreement.

                                     - 6 -
<PAGE>

      IN WITNESS WHEREOF, the parties hereto have caused this instrument to be
executed by their duly authorized officers designated below as of the day and
year first above written.

                                        BLACKROCK ADVISORS, LLC

                                        By:
                                              ----------------------------------
                                              Name:  Donald C. Burke
                                              Title: Managing Director

                                        BLACKROCK FINANCIAL MANAGEMENT, INC.

                                        By:
                                              ----------------------------------
                                              Name:
                                              Title:

Agreed and Accepted:

QUANTITATIVE MASTER SERIES TRUST

By:
      ----------------------------------
      Name:  Donald C. Burke
      Title: Vice President & Treasurer

                                     - 7 -
<PAGE>

                                   Schedule A

                           Sub-Investment Advisory Fee

59.00% of the monthly advisory fee received by the Advisor from the Fund.

                                     - 8 -

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