Quantitative Master Series N-CSR Certified annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-07885

Name of Fund:   Master Extended Market Index Series of Quantitative Master Series LLC

Fund Address:    100 Bellevue Parkway, Wilmington, DE 19809

Name and address of agent for service: John M. Perlowski, Chief Executive Officer, Master Extended Market Index Series of Quantitative Master Series LLC, 55 East 52^nd Street, New York, NY 10055

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

Date of fiscal year end: 12/31/2016

Date of reporting period: 12/31/2016

Item 1 – Report to Stockholders

Portfolio Management Commentary Master Extended Market Index Series

How did the Series perform?

• For the 12-month period ended December 31, 2016, Master Extended Market Index Series (the “Series”), a series of Quantitative Master Series LLC, returned 16.07% while the benchmark Dow Jones U.S. Completion Total Stock Market Index (the “Benchmark Index”) returned 15.75%.

Describe the market environment.

• The year started with U.S. stock prices falling due to fears of a global economic slowdown, oil prices cratering, and terrorist attacks in Istanbul, Jakarta, and Pakistan. Domestic equity markets rebounded in the second quarter of 2016, despite increased volatility in June from the “Brexit,” i.e., the United Kingdom’s vote to leave the European Union.

• U.S. equities capitalized on the upward momentum from their second quarter rally, which continued through the second half of the reporting period, driven by a dovish Federal Reserve (the “Fed”) that kept rates unchanged and stronger-than-expected earnings releases versus analyst expectations. The U.S. economy continued to strengthen into the fourth quarter as seen by strong macro data and tightening of the U.S. labor

market. As such, the Fed’s decision to raise rates by 25 basis points (0.25%) at the end of the reporting period did not come as a big surprise.

• The U.S. election and the Fed were front and center in 2016. The year started with an increase in volatility as investors prepared for a possible Fed rate increase, and weighed probable outcomes of the U.S. election. While many people were shocked by the Trump win, markets did not experience the same type of volatility seen after the Brexit vote, with major U.S. indexes posting solid gains in November.

Describe recent portfolio activity.

• During the period, as changes were made to the composition of the Benchmark Index, the Series purchased and sold securities to maintain its objective of matching the performance of the Benchmark Index as closely as possible before the deduction of Series expenses.

Describe portfolio positioning at period end.

• The Series remains positioned to attempt to match the risk characteristics of the Benchmark Index, irrespective of the market’s future direction.

The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.

QUANTITATIVE MASTER SERIES LLC DECEMBER 31, 2016 1

Portfolio Information as of December 31, 2016 Master Extended Market Index Series

Sector Allocation Percent of
Net Assets

Financials	18	%
Information Technology	17
Consumer Discretionary	14
Industrials	13
Health Care	10
Real Estate	9
Materials	6
Energy	4
Consumer Staples	4
Utilities	3
Telecommunications Services	1
Short-Term Securities	2
Liabilities in Excess of Other Assets	(1	)

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

Derivative Financial Instruments

The Series may invest in various derivative financial instruments. These instruments are used to obtain exposure to a security, commodity, index, market, and/or other asset without owning or taking physical custody of securities, commodities and/or other referenced assets 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 and 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 instrument. The Series’ successful use of a derivative financial instrument depends on the investment adviser’s ability to predict pertinent market movements accurately, which cannot be assured. The use of these instruments may result in losses greater than if they had not been used, may limit the amount of appreciation the 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.

2 QUANTITATIVE MASTER SERIES LLC DECEMBER 31, 2016

Schedule of Investments December 31, 2016 Master Extended Market Index Series (Percentages shown are based on Net Assets)

Common Stocks	Shares		Value
Aerospace & Defense — 1.6%
AAR Corp.		4,851	$	160,326
Aerojet Rocketdyne Holdings, Inc. (a)		10,910		195,835
Aerovironment, Inc. (a)		3,384		90,793
American Outdoor Brands Corp. (a)		8,805		185,609
Astronics Corp. (a)		3,613		122,264
B/E Aerospace, Inc.		15,620		940,168
BWX Technologies, Inc.		15,015		596,095
CPI Aerostructures, Inc. (a)		2,281		21,099
Cubic Corp.		3,758		180,196
Curtiss-Wright Corp.		6,672		656,258
Ducommun, Inc. (a)		1,874		47,899
Engility Holdings, Inc. (a)		2,637		88,867
Esterline Technologies Corp. (a)		4,377		390,428
HEICO Corp.		3,308		255,212
HEICO Corp., Class A		5,544		376,438
Hexcel Corp.		13,909		715,479
Huntington Ingalls Industries, Inc.		7,025		1,293,935
Innovative Solutions & Support, Inc. (a)		4,600		15,318
KLX, Inc. (a)		8,765		395,389
Kratos Defense & Security Solutions, Inc. (a)		7,970		58,978
LMI Aerospace, Inc. (a)		2,720		23,446
Mantech International Corp., Class A		3,813		161,099
Moog, Inc., Class A (a)		4,945		324,788
Orbital ATK, Inc.		8,889		779,832
RBC Bearings, Inc. (a)		3,670		340,613
Spirit Aerosystems Holdings, Inc., Class A		19,601		1,143,718
Sturm Ruger & Co., Inc.		2,841		149,721
Taser International, Inc. (a)		8,193		198,598
Teledyne Technologies, Inc. (a)		5,328		655,344
Triumph Group, Inc.		7,487		198,406
VSE Corp.		1,288		50,026
				10,812,177
Alternative Energy — 0.1%
Aemetis, Inc. (a)(b)		3,787		5,264
Amyris, Inc. (a)		8,820		6,438
Enphase Energy, Inc. (a)		5,033		5,083
FuelCell Energy, Inc. (a)(b)		6,237		10,915
Green Brick Partners, Inc. (a)		3,198		32,140
Green Plains, Inc.		5,207		145,015
MagneGas Corp. (a)(b)		3,416		1,537
Ocean Power Technologies, Inc. (a)(b)		1,146		3,381
Pattern Energy Group, Inc.		10,166		193,052
Plug Power, Inc. (a)(b)		35,694		42,833
Renewable Energy Group, Inc. (a)		5,257		50,993
REX American Resources Corp. (a)		921		90,949
SolarEdge Technologies, Inc. (a)		4,302		53,345
SunPower Corp. (a)(b)		9,200		60,812
TerraVia Holdings, Inc. (a)		13,122		15,090
				716,847
Automobiles & Parts — 2.0%
Adient PLC (a)		14,214		832,940
Allison Transmission Holdings, Inc.		25,197		848,887
American Axle & Manufacturing Holdings, Inc. (a)		11,370		219,441
Autoliv, Inc.		13,229		1,496,861
Cooper Tire & Rubber Co.		8,072		313,597
Cooper-Standard Holding, Inc. (a)		2,832		292,772
Dana, Inc.		21,805		413,859
Dorman Products, Inc. (a)		4,690		342,651
Federal-Mogul Holdings Corp. (a)		4,135		42,632
Gentex Corp.		43,484		856,200
Gentherm, Inc. (a)		5,419		183,433
Lear Corp.		10,615		1,405,108
Modine Manufacturing Co. (a)		7,896		117,650
Motorcar Parts of America, Inc. (a)		2,943		79,226
Standard Motor Products, Inc.		2,952		157,105

Common Stocks	Shares		Value
Automobiles & Parts (continued)
Stoneridge, Inc. (a)		4,259	$	75,342
Strattec Security Corp.		573		23,092
Superior Industries International, Inc.		3,414		89,959
Tenneco, Inc. (a)		8,465		528,809
Tesla Motors, Inc. (a)		18,887		4,035,963
Titan International, Inc.		6,931		77,697
Tower International, Inc.		3,363		95,341
U.S. Auto Parts Network, Inc. (a)		3,527		12,415
Visteon Corp.		5,070		407,324
WABCO Holdings, Inc. (a)		7,941		842,937
				13,791,241
Banks — 8.1%
1st Source Corp.		2,766		123,530
American National Bankshares, Inc.		2,205		76,734
Ameris Bancorp		5,413		236,007
Ames National Corp.		2,125		70,125
Arrow Financial Corp.		2,793		113,117
Associated Banc-Corp		22,147		547,031
Astoria Financial Corp.		13,130		244,874
Banc of California, Inc.		7,769		134,792
Bancfirst Corp.		1,354		125,990
Bancorp of New Jersey, Inc.		2,128		28,728
Bancorp, Inc. (a)		11,498		90,374
BancorpSouth, Inc.		12,804		397,564
Bank Mutual Corp.		7,238		68,399
Bank of Hawaii Corp.		6,345		562,738
Bank of Marin Bancorp		1,247		86,978
Bank of the Ozarks, Inc.		13,749		723,060
BankFinancial Corp.		3,939		58,376
BankUnited, Inc.		16,457		620,264
Banner Corp.		4,201		234,458
Bar Harbor Bankshares		1,552		73,456
BCB Bancorp, Inc.		3,436		44,668
Bear State Financial, Inc.		4,309		43,736
Beneficial Bancorp, Inc.		12,021		221,186
Berkshire Hills Bancorp, Inc.		4,850		178,722
Blue Hills Bancorp, Inc.		5,873		110,119
BNC Bancorp		8,031		256,189
BofI Holding, Inc. (a)		8,936		255,123
BOK Financial Corp.		3,310		274,862
Boston Private Financial Holdings, Inc.		12,591		208,381
Bridge Bancorp, Inc.		3,096		117,338
Brookline Bancorp, Inc.		11,463		187,993
Bryn Mawr Bank Corp.		2,983		125,733
California First National Bancorp		882		13,803
Camden National Corp.		2,953		131,261
Capital Bank Financial Corp., Class A		4,906		192,560
Capital City Bank Group, Inc.		2,343		47,985
Capitol Federal Financial, Inc.		18,668		307,275
Cardinal Financial Corp.		5,232		171,557
Cascade Bancorp (a)		7,559		61,379
Cathay General Bancorp		11,246		427,685
Centerstate Banks, Inc.		7,831		197,106
Central Pacific Financial Corp.		5,395		169,511
Century Bancorp, Inc., Class A		997		59,820
Chemical Financial Corp.		10,846		587,528
Citizens & Northern Corp.		2,833		74,225
City Holding Co.		2,469		166,904
Civista Bancshares, Inc.		1,968		38,238
Clifton Bancorp, Inc.		4,768		80,675
CNB Financial Corp.		2,894		77,386
CoBiz Financial, Inc.		6,271		105,917
Colony Bankcorp, Inc. (a)		463		6,112
Columbia Banking System, Inc.		8,927		398,858
Commerce Bancshares, Inc.		13,261		766,618
Community Bank System, Inc.		6,838		422,520

See Notes to Financial Statements.

QUANTITATIVE MASTER SERIES LLC DECEMBER 31, 2016 3

Schedule of Investments (continued) Master Extended Market Index Series

Common Stocks	Shares		Value
Banks (continued)
Community Trust Bancorp, Inc.		2,821	$	139,922
ConnectOne Bancorp, Inc.		4,852		125,909
Cullen/Frost Bankers, Inc.		8,679		765,748
Customers Bancorp, Inc. (a)		4,665		167,100
CVB Financial Corp.		15,007		344,111
Dime Community Bancshares, Inc.		5,246		105,445
Eagle Bancorp, Inc. (a)		4,741		288,964
East West Bancorp, Inc.		22,021		1,119,327
Eastern Virginia Bankshares, Inc.		2,546		26,606
Enterprise Bancorp, Inc.		1,672		62,800
Enterprise Financial Services Corp.		3,377		145,211
ESSA Bancorp, Inc.		3,300		51,876
Farmers Capital Bank Corp.		1,739		73,125
FCB Financial Holdings, Inc., Class A (a)		6,311		301,035
Fidelity Southern Corp.		3,947		93,425
Financial Institutions, Inc.		2,741		93,742
First Bancorp, Inc.		2,552		84,471
First Bancorp, North Carolina		3,740		101,504
First BanCorp, Puerto Rico (a)		21,981		145,294
First Busey Corp.		5,356		164,858
First Citizens BancShares, Inc., Class A		1,356		481,380
First Commonwealth Financial Corp.		13,854		196,450
First Community Bancshares, Inc.		3,087		93,042
First Connecticut Bancorp, Inc.		3,182		72,072
First Defiance Financial Corp.		1,683		85,395
First Financial Bancorp		9,739		277,075
First Financial Bankshares, Inc.		10,240		462,848
First Financial Corp.		2,125		112,200
First Financial Northwest, Inc.		2,323		45,856
First Hawaiian, Inc.		3,770		131,271
First Horizon National Corp.		35,537		711,095
First Interstate Bancsystem, Inc., Class A		3,341		142,160
First Merchants Corp.		6,558		246,909
First Midwest Bancorp, Inc.		12,439		313,836
First NBC Bank Holding Co. (a)		2,797		20,418
First of Long Island Corp.		4,315		123,193
First Republic Bank		23,194		2,137,095
First South Bancorp, Inc.		3,052		36,471
First United Corp. (a)		2,396		38,216
Flagstar Bancorp, Inc. (a)		3,391		91,354
Flushing Financial Corp.		4,602		135,253
FNB Corp.		31,145		499,254
Fulton Financial Corp.		26,033		489,420
German American Bancorp, Inc.		2,419		127,264
Glacier Bancorp, Inc.		11,462		415,268
Great Southern Bancorp, Inc.		2,007		109,683
Great Western Bancorp, Inc.		9,153		398,979
Greene County Bancshares, Inc.		3,466		—
Guaranty Bancorp		3,022		73,132
Hancock Holding Co.		11,721		505,175
Hanmi Financial Corp.		5,135		179,211
HarborOne Bancorp, Inc. (a)		6,258		121,030
Heartland Financial USA, Inc.		3,267		156,816
Heritage Commerce Corp.		5,501		79,379
Heritage Financial Corp.		5,517		142,063
HMN Financial, Inc. (a)		1,907		33,373
Home Bancorp, Inc.		1,783		68,842
Home BancShares, Inc.		18,592		516,300
HomeStreet, Inc. (a)		3,639		114,992
HomeTrust Bancshares, Inc. (a)		3,223		83,476
Hope Bancorp, Inc.		19,879		435,151
Horizon Bancorp		3,930		110,040
Iberiabank Corp.		6,713		562,214
Independent Bank Corp.		8,552		396,715
Independent Bank Group, Inc.		1,902		118,685
International Bancshares Corp.		8,860		361,488
Investors Bancorp, Inc.		46,137		643,611

Common Stocks	Shares		Value
Banks (continued)
Kearny Financial Corp.		14,266	$	221,836
Lakeland Bancorp, Inc.		6,993		136,364
Lakeland Financial Corp.		4,198		198,817
LegacyTexas Financial Group, Inc.		6,540		281,612
Macatawa Bank Corp.		6,531		67,988
MainSource Financial Group, Inc.		4,056		139,526
MB Financial, Inc.		10,674		504,133
Mercantile Bank Corp.		3,191		120,301
Merchants Bancshares, Inc.		1,379		74,742
Meridian Bancorp, Inc.		8,210		155,169
Meta Financial Group, Inc.		1,405		144,575
MidSouth Bancorp, Inc.		2,061		28,030
MidWestOne Financial Group, Inc.		1,932		72,643
MutualFirst Financial, Inc.		1,697		56,171
National Bank Holdings Corp., Class A		4,215		134,416
National Bankshares, Inc.		1,700		73,865
NBT Bancorp, Inc.		6,847		286,752
New York Community Bancorp, Inc.		73,392		1,167,667
Northfield Bancorp, Inc.		7,214		144,064
Northrim BanCorp, Inc.		1,757		55,521
Northwest Bancshares, Inc.		15,090		272,073
Norwood Financial Corp.		1,347		44,640
OceanFirst Financial Corp.		5,201		156,186
OFG Bancorp		7,031		92,106
Ohio Valley Banc Corp. (b)		1,099		29,893
Old National Bancorp		21,036		381,803
Old Second Bancorp, Inc.		6,505		71,880
Opus Bank		3,144		94,477
Oritani Financial Corp.		6,327		118,631
Orrstown Financial Services, Inc.		2,093		46,883
Pacific Continental Corp.		3,946		86,220
Pacific Premier Bancorp, Inc. (a)		4,390		155,186
PacWest Bancorp		18,500		1,007,140
Park National Corp.		2,061		246,619
Park Sterling Corp.		9,934		107,188
Peapack Gladstone Financial Corp.		2,519		77,787
Penns Woods Bancorp, Inc.		1,209		61,055
Peoples Bancorp of North Carolina, Inc.		1,497		37,530
Peoples Bancorp, Inc.		3,210		104,197
Peoples Financial Corp. (a)		1,245		20,107
Pinnacle Financial Partners, Inc.		6,503		450,658
Popular, Inc.		15,449		676,975
Porter Bancorp, Inc. (a)		1,229		15,141
Preferred Bank		2,333		122,296
PrivateBancorp, Inc.		12,060		653,531
Prosperity Bancshares, Inc.		10,420		747,948
Provident Financial Holdings, Inc.		2,303		46,567
Provident Financial Services, Inc.		9,234		261,322
QCR Holdings, Inc.		2,381		103,097
Renasant Corp.		6,481		273,628
Republic Bancorp, Inc., Class A		1,667		65,913
Republic First Bancorp, Inc. (a)		9,649		80,569
Riverview Bancorp, Inc.		5,394		37,758
S&T Bancorp, Inc.		5,620		219,405
Sandy Spring Bancorp, Inc.		3,931		157,201
Seacoast Banking Corp. of Florida (a)		5,628		124,154
ServisFirst Bancshares, Inc.		7,126		266,797
Shore Bancshares, Inc.		3,680		56,120
Sierra Bancorp		2,508		66,688
Signature Bank (a)		8,204		1,232,241
Simmons First National Corp., Class A		4,484		278,681
South State Corp.		3,796		331,770
Southside Bancshares, Inc.		4,104		154,598
Southwest Bancorp, Inc.		3,696		107,184
State Bank Financial Corp.		5,894		158,313
Sterling Bancorp		19,874		465,052
Stock Yards Bancorp, Inc.		3,828		179,725

See Notes to Financial Statements.

4 QUANTITATIVE MASTER SERIES LLC DECEMBER 31, 2016

Schedule of Investments (continued) Master Extended Market Index Series

Common Stocks	Shares		Value
Banks (continued)
Stonegate Bank		2,415	$	100,778
Suffolk Bancorp		2,100		89,922
Summit Financial Group, Inc. (b)		2,289		63,016
Sun Bancorp, Inc.		2,292		59,592
SVB Financial Group (a)		7,951		1,364,869
Synovus Financial Corp.		19,003		780,643
TCF Financial Corp.		25,532		500,172
Territorial Bancorp, Inc.		2,198		72,182
Texas Capital Bancshares, Inc. (a)		7,471		585,726
TFS Financial Corp.		9,927		189,010
Tompkins Financial Corp.		2,027		191,633
TowneBank		8,811		292,966
Trico Bancshares		3,317		113,375
TrustCo Bank Corp. NY		14,741		128,984
Trustmark Corp.		10,227		364,593
UMB Financial Corp.		6,522		502,977
Umpqua Holdings Corp.		33,031		620,322
Union Bankshares Corp.		7,003		250,287
United Bancorp, Inc.		3,115		42,053
United Bankshares, Inc.		10,188		471,195
United Community Banks, Inc.		11,340		335,891
United Community Financial Corp.		9,075		81,131
United Financial Bancorp, Inc.		8,517		154,669
United Security Bancshares (a)		4,172		32,335
Univest Corp. of Pennsylvania		4,547		140,502
Valley National Bancorp		38,204		444,695
Washington Federal, Inc.		13,426		461,183
Washington Trust Bancorp, Inc.		2,472		138,556
Waterstone Financial, Inc.		4,794		88,210
Webster Financial Corp.		13,987		759,214
WesBanco, Inc.		6,370		274,292
West BanCorp., Inc.		3,190		78,793
Westamerica BanCorp		4,025		253,293
Western Alliance Bancorp (a)		14,629		712,579
Western New England Bancorp, Inc.		7,717		72,154
Wintrust Financial Corp.		7,733		561,184
WSFS Financial Corp.		4,170		193,279
Xenith Bankshares, Inc. (a)		1,536		43,315
Yadkin Financial Corp.		8,345		285,900
				54,745,786
Beverages — 0.1%
Boston Beer Co., Inc., Class A (a)		1,320		224,202
Coca-Cola Bottling Co. Consolidated		720		128,772
Craft Brew Alliance, Inc. (a)		1,760		29,744
National Beverage Corp.		1,810		92,455
Primo Water Corp. (a)		4,659		57,212
Willamette Valley Vineyards, Inc. (a)		2,312		18,519
				550,904
Chemicals — 2.6%
A. Schulman, Inc.		4,402		147,247
Aceto Corp.		4,429		97,305
AdvanSix, Inc. (a)		4,587		101,556
American Vanguard Corp.		3,882		74,340
Ashland Global Holdings, Inc.		9,318		1,018,364
Axalta Coating Systems Ltd. (a)		32,498		883,946
Balchem Corp.		4,848		406,844
Cabot Corp.		9,215		465,726
Calgon Carbon Corp.		7,617		129,489
Cambrex Corp. (a)		4,820		260,039
Celanese Corp., Series A		21,753		1,712,831
Chase Corp.		1,295		108,197
Chemours Co.		27,396		605,178
Chemtura Corp. (a)		9,511		315,765
CSW Industrials, Inc. (a)		2,567		94,594
Ferro Corp. (a)		13,135		188,225
FutureFuel Corp.		3,639		50,582

Common Stocks	Shares		Value
Chemicals (continued)
GCP Applied Technologies, Inc. (a)		10,983	$	293,795
Hawkins, Inc.		1,620		87,399
HB Fuller Co.		7,981		385,562
Huntsman Corp.		30,183		575,892
Ingevity Corp. (a)		6,519		357,632
Innophos Holdings, Inc.		3,017		157,668
Innospec, Inc.		3,555		243,518
Intrepid Potash, Inc. (a)		8,477		17,632
KMG Chemicals, Inc.		1,469		57,129
Koppers Holdings, Inc. (a)		3,456		139,277
Kraton Corp. (a)		4,717		134,340
Kronos Worldwide, Inc.		3,366		40,190
LSB Industries, Inc. (a)		2,939		24,746
Metabolix, Inc. (a)		2,331		816
Minerals Technologies, Inc.		5,478		423,176
NewMarket Corp.		1,403		594,648
Nexeo Solutions, Inc. (a)		9,162		85,298
Olin Corp.		24,594		629,852
OMNOVA Solutions, Inc. (a)		6,506		65,060
Platform Specialty Products Corp. (a)		34,204		335,541
PolyOne Corp.		12,483		399,955
Quaker Chemical Corp.		2,000		255,880
Rayonier Advanced Materials, Inc.		6,271		96,950
Rentech, Inc. (a)		3,065		7,601
RPM International, Inc.		20,087		1,081,283
Senomyx, Inc. (a)		7,801		7,489
Sensient Technologies Corp.		6,656		523,029
Stepan Co.		2,878		234,499
TOR Minerals International, Inc. (a)		1,000		6,050
Tredegar Corp.		3,711		89,064
Trinseo SA		7,002		415,219
Tronox Ltd., Class A		9,237		95,234
Univar, Inc. (a)		10,982		311,559
Valspar Corp.		11,221		1,162,608
Versum Materials, Inc. (a)		16,320		458,102
Westlake Chemical Corp.		5,649		316,288
WR Grace & Co.		10,629		718,946
ZAGG, Inc. (a)		4,990		35,429
				17,524,584
Construction & Materials — 2.5%
AAON, Inc.		5,823		192,450
Advanced Drainage Systems, Inc.		5,721		117,853
AECOM (a)		23,736		863,041
Aegion Corp. (a)		5,610		132,957
Ameresco, Inc., Class A (a)		3,372		18,546
American DG Energy, Inc. (a)		13,435		3,762
American Woodmark Corp. (a)		2,117		159,304
AO Smith Corp.		22,278		1,054,863
Apogee Enterprises, Inc.		4,823		258,320
Argan, Inc.		1,952		137,714
Armstrong Flooring, Inc. (a)		4,145		82,527
Armstrong World Industries, Inc. (a)		7,446		311,243
BlueLinx Holdings, Inc. (a)		2,204		16,464
Blueprint Medicines Corp. (a)		3,284		92,116
BMC Stock Holdings, Inc. (a)		7,562		147,459
Boise Cascade Co. (a)		5,862		131,895
Builders FirstSource, Inc. (a)		13,413		147,141
Chicago Bridge & Iron Co. NV		15,246		484,060
Continental Building Products, Inc. (a)		6,349		146,662
Eagle Materials, Inc.		7,311		720,353
EMCOR Group, Inc.		9,242		653,964
Generac Holdings, Inc. (a)		9,944		405,119
Gibraltar Industries, Inc. (a)		5,276		219,745
Granite Construction, Inc.		6,000		330,000
Great Lakes Dredge & Dock Corp. (a)		9,666		40,597
Griffon Corp.		4,996		130,895

See Notes to Financial Statements.

QUANTITATIVE MASTER SERIES LLC DECEMBER 31, 2016 5

Schedule of Investments (continued) Master Extended Market Index Series

Common Stocks	Shares		Value
Construction & Materials (continued)
Headwaters, Inc. (a)		11,159	$	262,460
Hill International, Inc. (a)		7,303		31,768
IES Holdings, Inc. (a)		1,636		31,329
Installed Building Products, Inc. (a)		3,192		131,830
Insteel Industries, Inc.		2,808		100,077
Inteliquent, Inc.		4,943		113,294
KBR, Inc.		21,005		350,573
Layne Christensen Co. (a)		3,913		42,534
LB Foster Co., Class A		1,479		20,114
Lennox International, Inc.		5,921		906,920
Louisiana-Pacific Corp. (a)		21,512		407,222
Masonite International Corp. (a)		4,641		305,378
MasTec, Inc. (a)		9,981		381,773
MDU Resources Group, Inc.		29,313		843,335
Mueller Water Products, Inc., Series A		24,820		330,354
MYR Group, Inc. (a)		2,843		107,124
NCI Building Systems, Inc. (a)		6,628		103,728
Northwest Pipe Co. (a)		2,132		36,713
Omega Flex, Inc.		980		54,645
Orion Group Holdings, Inc. (a)		5,034		50,088
Owens Corning		17,228		888,276
Patrick Industries, Inc. (a)		2,393		182,586
PGT Innovations, Inc. (a)		7,825		89,596
Ply Gem Holdings, Inc. (a)		3,732		60,645
Primoris Services Corp.		5,751		131,008
Quanex Building Products Corp.		5,075		103,023
Simpson Manufacturing Co., Inc.		5,984		261,800
Sterling Construction Co., Inc. (a)		5,074		42,926
Summit Materials, Inc., Class A (a)		14,794		351,938
Thermon Group Holdings, Inc. (a)		5,345		102,036
TopBuild Corp. (a)		6,084		216,590
TRC Cos., Inc. (a)		4,693		49,746
Trex Co., Inc. (a)		4,443		286,129
Tutor Perini Corp. (a)		6,087		170,436
Universal Forest Products, Inc.		3,003		306,847
US Concrete, Inc. (a)		2,197		143,904
USG Corp. (a)		13,936		402,472
Valmont Industries, Inc.		3,342		470,888
Watsco, Inc.		3,927		581,667
Watts Water Technologies, Inc., Class A		4,067		265,168
				16,717,990
Electricity — 1.2%
ALLETE, Inc.		7,239		464,671
Avangrid, Inc.		8,369		317,018
Black Hills Corp.		8,064		494,646
Calpine Corp. (a)		55,277		631,816
Covanta Holding Corp.		20,330		317,148
Dynegy, Inc. (a)		18,227		154,200
El Paso Electric Co.		6,084		282,906
Empire District Electric Co.		6,920		235,903
Great Plains Energy, Inc.		33,516		916,663
Hawaiian Electric Industries, Inc.		15,944		527,268
IDACORP, Inc.		7,329		590,351
MGE Energy, Inc.		5,145		335,969
NorthWestern Corp.		7,217		410,431
Ormat Technologies, Inc.		5,791		310,513
Portland General Electric Co.		13,068		566,236
TerraForm Global, Inc., Class A (a)		8,295		32,765
TerraForm Power, Inc., Class A (a)		11,225		143,792
Unitil Corp.		2,550		115,617
US Geothermal, Inc. (a)		7,641		31,252
Vivint Solar, Inc. (a)(b)		3,153		8,040
Westar Energy, Inc.		21,742		1,225,162
				8,112,367

Common Stocks	Shares		Value
Electronic & Electrical Equipment — 2.9%
Allied Motion Technologies, Inc.		1,620	$	34,652
Anixter International, Inc. (a)		4,284		347,218
Applied DNA Sciences, Inc. (a)(b)		6,764		12,513
Arrow Electronics, Inc. (a)		13,554		966,400
Avnet, Inc.		19,196		913,922
AVX Corp.		6,239		97,516
AZZ, Inc.		3,998		255,472
Badger Meter, Inc.		5,214		192,657
Bel Fuse, Inc., Class B		2,157		66,651
Belden, Inc.		6,483		484,734
Benchmark Electronics, Inc. (a)		7,614		232,227
Brady Corp., Class A		6,969		261,686
Capstone Turbine Corp. (a)(b)		3,678		2,501
Cognex Corp.		13,064		831,132
Coherent, Inc. (a)		3,740		513,820
Control4 Corp. (a)		3,575		36,465
CTS Corp.		5,283		118,339
CyberOptics Corp. (a)		1,663		43,404
Daktronics, Inc.		6,043		64,660
Electro Scientific Industries, Inc. (a)		5,070		30,014
eMagin Corp. (a)		6,297		13,539
Encore Wire Corp.		3,537		153,329
Energy Focus, Inc. (a)(b)		4,423		18,798
EnerNOC, Inc. (a)		4,406		26,436
EnerSys		6,398		499,684
ESCO Technologies, Inc.		3,900		220,935
Fabrinet (a)		5,509		222,013
FARO Technologies, Inc. (a)		2,690		96,840
General Cable Corp.		7,405		141,065
Houston Wire & Cable Co.		3,110		20,215
Hubbell, Inc.		7,812		911,660
II-VI, Inc. (a)		8,248		244,553
Integer Holdings Corp. (a)		4,501		132,554
Intevac, Inc. (a)		5,485		46,897
IntriCon Corp. (a)		2,740		18,906
IPG Photonics Corp. (a)		5,675		560,179
Itron, Inc. (a)		5,094		320,158
Jabil Circuit, Inc.		27,988		662,476
Kemet Corp. (a)		8,847		58,656
Keysight Technologies, Inc. (a)		26,018		951,478
Kimball Electronics, Inc. (a)		5,162		93,948
Knowles Corp. (a)		13,186		220,338
Landauer, Inc.		1,662		79,942
LightPath Technologies, Inc., Class A (a)		6,052		9,320
Littelfuse, Inc.		3,391		514,652
LSI Industries, Inc.		4,195		40,859
MACOM Technology Solutions Holdings, Inc. (a)		3,857		178,502
Maxwell Technologies, Inc. (a)		5,619		28,769
Mesa Laboratories, Inc.		562		68,986
Methode Electronics, Inc.		5,654		233,793
Microvision, Inc. (a)(b)		10,983		13,839
MTS Systems Corp.		2,593		147,023
NAPCO Security Technologies, Inc. (a)		4,487		38,140
National Instruments Corp.		16,123		496,911
Novanta, Inc. (a)		5,584		117,264
Nuvectra Corp. (a)		1,322		6,650
NVE Corp.		974		69,573
Orion Energy Systems, Inc. (a)		7,855		17,045
OSI Systems, Inc. (a)		2,791		212,451
Park Electrochemical Corp.		3,206		59,792
Plexus Corp. (a)		5,087		274,901
Powell Industries, Inc.		1,398		54,522
Regal-Beloit Corp.		6,610		457,743
Research Frontiers, Inc. (a)		5,552		10,105
Rogers Corp. (a)		2,685		206,235
Rubicon Technology, Inc. (a)		5,299		3,280
Sanmina Corp. (a)		11,339		415,574

See Notes to Financial Statements.

6 QUANTITATIVE MASTER SERIES LLC DECEMBER 31, 2016

Schedule of Investments (continued) Master Extended Market Index Series

Common Stocks	Shares		Value
Electronic & Electrical Equipment (continued)
Sensata Technologies Holding NV (a)		25,803	$	1,005,027
Synthesis Energy Systems, Inc. (a)(b)		5,951		5,951
Trimble, Inc. (a)		38,775		1,169,066
TTM Technologies, Inc. (a)		13,962		190,302
Turtle Beach Corp. (a)		6,063		7,943
Ultralife Corp. (a)		4,545		22,498
Universal Display Corp. (a)		6,767		380,982
Veeco Instruments, Inc. (a)		6,043		176,153
Vicor Corp. (a)		3,135		47,339
Vishay Intertechnology, Inc.		20,274		328,439
Vishay Precision Group, Inc. (a)		2,569		48,554
WESCO International, Inc. (a)		6,444		428,848
Zebra Technologies Corp., Class A (a)		8,305		712,237
				19,419,850
Financial Services — 4.5%
Actinium Pharmaceuticals, Inc. (a)		8,447		7,391
Ally Financial, Inc.		72,093		1,371,209
Artisan Partners Asset Management, Inc., Class A		6,398		190,340
Ashford, Inc. (a)		394		17,379
Associated Capital Group, Inc., Class A		805		26,444
Asta Funding, Inc. (a)		1,501		14,710
Atlanticus Holdings Corp. (a)		251		715
Bats Global Markets, Inc.		4,726		158,368
BGC Partners, Inc., Class A		32,343		330,869
Blackhawk Network Holdings, Inc. (a)		8,248		310,743
Calamos Asset Management, Inc., Class A		3,789		32,396
CBOE Holdings, Inc.		12,335		911,433
CIT Group, Inc.		30,460		1,300,033
Cohen & Steers, Inc.		3,036		102,010
Consumer Portfolio Services, Inc. (a)		5,716		29,266
Cowen Group, Inc., Class A (a)		4,324		67,022
Credit Acceptance Corp. (a)(b)		1,948		423,709
Diamond Hill Investment Group, Inc.		522		109,818
Eaton Vance Corp.		17,202		720,420
Emergent Capital, Inc. (a)		5,857		7,087
Encore Capital Group, Inc. (a)		3,846		110,188
Enova International, Inc. (a)		4,701		58,998
Essent Group Ltd. (a)		11,345		367,238
EverBank Financial Corp.		17,410		338,624
Evercore Partners, Inc., Class A		5,798		398,323
Ezcorp, Inc., Class A (a)		8,094		86,201
FBR & Co.		1,765		22,945
Federal Agricultural Mortgage Corp., Class C		1,734		99,306
Federated Investors, Inc., Class B		13,995		395,779
Financial Engines, Inc.		8,155		299,696
FirstCash, Inc.		7,433		349,351
FNF Group		40,253		1,366,992
FNFV Group (a)		12,743		174,579
FXCM, Inc., Class A (a)		1,155		8,143
GAMCO Investors, Inc., Class A		805		24,866
Green Dot Corp., Class A (a)		6,679		157,290
Greenhill & Co., Inc.		4,276		118,445
HealthEquity, Inc. (a)		6,578		266,541
HRG Group, Inc. (a)		20,653		321,361
IHS Markit, Ltd. (a)		49,578		1,755,557
Impac Mortgage Holdings, Inc. (a)		1,830		25,657
Interactive Brokers Group, Inc., Class A		10,219		373,096
INTL. FCStone, Inc. (a)		2,537		100,465
Investment Technology Group, Inc.		5,189		102,431
Janus Capital Group, Inc.		21,344		283,235
Jason Industries, Inc. (a)		4,507		8,113
KCG Holdings, Inc., Class A (a)		8,227		109,008
Ladder Capital Corp.		11,133		152,745
Ladenburg Thalmann Financial Services, Inc. (a)		20,288		49,503
Lazard Ltd., Class A		19,524		802,241
Legg Mason, Inc.		13,893		415,540

Common Stocks	Shares		Value
Financial Services (continued)
LendingClub Corp. (a)		48,604	$	255,171
LendingTree, Inc. (a)		1,072		108,647
Liberty Ventures (a)		13,059		481,485
LPL Financial Holdings, Inc.		11,698		411,887
MarketAxess Holdings, Inc.		5,863		861,392
Marlin Business Services Corp.		1,640		34,276
MGIC Investment Corp. (a)		51,995		529,829
Moelis & Co., Class A		3,091		104,785
MoneyGram International, Inc. (a)		5,436		64,199
MSCI, Inc.		14,204		1,118,991
Nelnet, Inc., Class A		2,846		144,434
NewStar Financial, Inc. (a)		3,072		28,416
NMI Holdings, Inc., Class A (a)		9,420		100,323
NorthStar Asset Management Group, Inc.		28,871		430,755
NRG Yield, Inc., Class A		5,864		90,071
NRG Yield, Inc., Class C		9,117		144,049
Ocwen Financial Corp. (a)		16,212		87,383
On Deck Capital, Inc. (a)		6,601		30,563
OneMain Holdings, Inc. (a)		8,167		180,817
Oppenheimer Holdings, Inc., Class A		1,705		31,713
PICO Holdings, Inc. (a)		4,035		61,130
Piper Jaffray Cos. (a)		2,366		171,535
PJT Partners, Inc., Class A		2,864		88,440
PRA Group, Inc. (a)		7,260		283,866
Pzena Investment Management, Inc., Class A		3,173		35,252
Radian Group, Inc.		32,809		589,906
Raymond James Financial, Inc.		19,197		1,329,776
Safeguard Scientifics, Inc. (a)		4,085		54,943
Santander Consumer USA Holdings, Inc. (a)		17,383		234,670
SEI Investments Co.		20,453		1,009,560
SLM Corp. (a)		65,378		720,466
Stewart Information Services Corp.		3,587		165,289
Stifel Financial Corp. (a)		9,973		498,151
Synergy Resources Corp. (a)		32,019		285,289
TD Ameritrade Holding Corp.		36,614		1,596,370
TESARO, Inc. (a)		5,265		708,037
U.S. Global Investors, Inc., Class A (b)		4,302		5,851
Virtu Financial, Inc., Class A		6,407		102,192
Virtus Investment Partners, Inc.		959		113,210
VolitionRX Ltd. (a)(b)		6,405		29,271
Voya Financial, Inc.		29,776		1,167,815
Waddell & Reed Financial, Inc., Class A		12,521		244,285
Walker & Dunlop, Inc. (a)		4,301		134,191
Westwood Holdings Group, Inc.		1,466		87,945
WisdomTree Investments, Inc.		17,278		192,477
WMIH Corp. (a)		33,498		51,922
World Acceptance Corp. (a)		1,064		68,394
				30,543,238
Fixed Line Telecommunications — 0.3%
8x8, Inc. (a)		14,330		204,919
Cincinnati Bell, Inc. (a)		6,259		139,889
Consolidated Communications Holdings, Inc.		7,242		194,448
EarthLink Holdings Corp.		16,238		91,582
Fairpoint Communications, Inc. (a)		3,773		70,555
General Communication, Inc., Class A (a)		4,977		96,803
GTT Communications, Inc. (a)		3,853		110,774
Hawaiian Telcom Holdco, Inc. (a)		2,127		52,707
IDT Corp., Class B		2,972		55,101
Lumos Networks Corp. (a)		4,097		63,995
Straight Path Communications, Inc., Class B (a)(b)		1,752		59,410
Vonage Holdings Corp. (a)		30,027		205,685
Windstream Holdings, Inc. (b)		15,457		113,300
Zayo Group Holdings, Inc. (a)		14,904		489,745
				1,948,913

See Notes to Financial Statements.

QUANTITATIVE MASTER SERIES LLC DECEMBER 31, 2016 7

Schedule of Investments (continued) Master Extended Market Index Series

Common Stocks	Shares		Value
Food & Drug Retailers — 0.7%
Casey’s General Stores, Inc.		5,952	$	707,574
Chefs’ Warehouse, Inc. (a)		3,358		53,056
Core-Mark Holding Co., Inc.		7,129		307,046
Diplomat Pharmacy, Inc. (a)		6,690		84,294
GNC Holdings, Inc., Class A		10,229		112,928
Ingles Markets, Inc., Class A		2,303		110,774
Natural Health Trends Corp. (b)		1,354		33,647
Performance Food Group Co. (a)		8,150		195,600
PetMed Express, Inc.		3,455		79,707
Rite Aid Corp. (a)		160,858		1,325,470
Smart & Final Stores, Inc. (a)		4,080		57,528
SpartanNash Co.		5,521		218,300
Sprouts Farmers Market, Inc. (a)		20,641		390,528
Supervalu, Inc. (a)		41,309		192,913
United Natural Foods, Inc. (a)		7,684		366,681
Vitamin Shoppe, Inc. (a)		3,693		87,709
Weis Markets, Inc.		2,324		155,336
				4,479,091
Food Producers — 2.2%
AdvancePierre Foods Holdings, Inc.		2,846		84,754
Alico, Inc.		610		16,562
Amplify Snack Brands, Inc. (a)(b)		5,088		44,825
Andersons, Inc.		3,787		169,279
B&G Foods, Inc.		9,901		433,664
Blue Buffalo Pet Products, Inc. (a)		15,208		365,600
Bunge Ltd.		20,826		1,504,470
Cal-Maine Foods, Inc. (b)		4,515		199,450
Calavo Growers, Inc.		2,423		148,772
Darling Ingredients, Inc. (a)		24,480		316,037
Dean Foods Co.		13,709		298,582
Farmer Bros Co. (a)		1,660		60,922
Flowers Foods, Inc.		27,550		550,173
Fresh Del Monte Produce, Inc.		4,797		290,842
Griffin Industrial Realty, Inc.		1,073		34,046
Hain Celestial Group, Inc. (a)		15,731		613,981
Herbalife Ltd. (a)		10,471		504,074
HQ Sustainable Maritime Industries, Inc. (a)(b)		4,100		—
Ingredion, Inc.		10,983		1,372,436
J&J Snack Foods Corp.		2,190		292,212
John B Sanfilippo & Son, Inc.		1,422		100,095
Lamb Weston Holdings, Inc. (a)		21,514		814,305
Lancaster Colony Corp.		2,973		420,352
Lifevantage Corp. (a)		3,491		28,452
Lifeway Foods, Inc. (a)		1,804		20,764
Limoneira Co.		2,404		51,710
Lipocine, Inc. (a)(b)		5,425		19,964
Mannatech, Inc.		644		13,073
Medifast, Inc.		1,806		75,184
MGP Ingredients, Inc.		1,817		90,814
Nutraceutical International Corp.		1,376		48,091
Nutrisystem, Inc.		4,434		153,638
Omega Protein Corp. (a)		3,642		91,232
Phibro Animal Health Corp., Class A		2,839		83,183
Pilgrim’s Pride Corp.		9,086		172,543
Pinnacle Foods, Inc.		18,245		975,195
Post Holdings, Inc. (a)		9,938		798,916
Reliv International, Inc. (a)		59		274
Rocky Mountain Chocolate Factory, Inc.		2,724		27,758
Sanderson Farms, Inc.		2,996		282,343
Seaboard Corp. (a)		38		150,176
Seneca Foods Corp., Class A (a)		1,343		53,787
Snyders-Lance, Inc.		12,556		481,397
Tootsie Roll Industries, Inc.		2,699		107,285
TreeHouse Foods, Inc. (a)(b)		8,684		626,898
U.S. Foods Holding Corp. (a)		6,989		192,058

Common Stocks	Shares		Value
Food Producers (continued)
USANA Health Sciences, Inc. (a)		1,572	$	96,206
WhiteWave Foods Co. (a)		27,108		1,507,205
				14,783,579
Forestry & Paper — 0.2%
Clearwater Paper Corp. (a)		2,534		166,104
Deltic Timber Corp.		1,574		121,308
Domtar Corp.		9,442		368,521
KapStone Paper and Packaging Corp.		13,378		294,985
Mercer International, Inc.		6,229		66,339
Neenah Paper, Inc.		2,503		213,256
PH Glatfelter Co.		6,319		150,961
Resolute Forest Products (a)		12,838		68,683
Veritiv Corp. (a)		1,388		74,605
				1,524,762
Gas, Water & Multi-Utilities — 1.5%
American States Water Co.		5,470		249,213
Aqua America, Inc.		26,495		795,910
Artesian Resources Corp., Class A		1,250		39,925
Atmos Energy Corp.		15,420		1,143,393
Avista Corp.		9,641		385,544
Cadiz, Inc. (a)		4,834		60,425
California Water Service Group		7,033		238,419
Chesapeake Utilities Corp.		2,612		174,873
Connecticut Water Service, Inc.		1,727		96,453
Delta Natural Gas Co., Inc.		1,820		53,381
Gas Natural, Inc.		2,422		30,396
Genie Energy Ltd. (a)		3,673		21,120
Middlesex Water Co.		2,592		111,300
National Fuel Gas Co.		12,933		732,525
New Jersey Resources Corp.		12,980		460,790
Northwest Natural Gas Co.		4,404		263,359
ONE Gas, Inc.		7,794		498,504
PNM Resources, Inc.		11,944		409,679
RGC Resources, Inc.		1,849		46,539
SJW Corp.		2,322		129,986
South Jersey Industries, Inc.		11,762		396,262
Southwest Gas Corp.		7,106		544,462
Spire, Inc.		6,608		426,546
UGI Corp.		26,357		1,214,531
Vectren Corp.		12,630		658,654
WGL Holdings, Inc.		7,652		583,695
York Water Co.		2,157		82,397
				9,848,281
General Industrials — 1.5%
Actuant Corp., Class A		8,768		227,530
AEP Industries, Inc.		632		73,375
Aptargroup, Inc.		9,486		696,747
Bemis Co., Inc.		14,201		679,092
Berry Plastics Group, Inc. (a)		18,869		919,486
Carlisle Cos., Inc.		9,769		1,077,423
Crown Holdings, Inc. (a)		21,691		1,140,296
Global Brass & Copper Holdings, Inc.		3,673		125,984
Graphic Packaging Holding Co.		46,961		586,073
Greif, Inc., Class A		3,637		186,615
Greif, Inc., Class B		1,414		95,516
Harsco Corp.		11,862		161,323
ITT, Inc.		13,665		527,059
Landec Corp. (a)		4,881		67,358
Multi-Color Corp.		2,155		167,228
Myers Industries, Inc.		3,762		53,797
Otter Tail Corp.		5,878		239,822
Owens-Illinois, Inc. (a)		25,629		446,201
Packaging Corp. of America		14,165		1,201,475
Raven Industries, Inc.		5,522		139,154

See Notes to Financial Statements.

8 QUANTITATIVE MASTER SERIES LLC DECEMBER 31, 2016

Schedule of Investments (continued) Master Extended Market Index Series

Common Stocks	Shares		Value
General Industrials (continued)
Rexnord Corp. (a)		15,645	$	306,486
Silgan Holdings, Inc.		6,035		308,871
Sonoco Products Co.		15,076		794,505
TriMas Corp. (a)		6,652		156,322
UFP Technologies, Inc. (a)		1,471		37,437
				10,415,175
General Retailers — 4.0%
1-800-Flowers.com, Inc., Class A (a)		5,670		60,669
Aaron’s, Inc.		9,518		304,481
Abercrombie & Fitch Co., Class A		10,514		126,168
AMERCO, Inc.		821		303,433
America’s Car-Mart, Inc. (a)		1,386		60,637
American Eagle Outfitters, Inc.		25,423		385,667
American Public Education, Inc. (a)		2,731		67,046
Antero Resources Corp. (a)		22,816		539,598
Apollo Education Group, Inc. (a)		15,593		154,371
Asbury Automotive Group, Inc. (a)		3,061		188,864
Ascena Retail Group, Inc. (a)		25,130		155,555
Autobytel, Inc. (a)		2,014		27,088
Barnes & Noble Education, Inc. (a)		6,163		70,690
Barnes & Noble, Inc.		8,898		99,213
Beacon Roofing Supply, Inc. (a)		9,402		433,150
Big 5 Sporting Goods Corp.		2,684		46,567
Big Lots, Inc.		6,639		333,344
Blue Nile, Inc.		1,962		79,716
Bon-Ton Stores, Inc. (a)		2,228		3,275
Boot Barn Holdings, Inc. (a)		2,185		27,356
Bridgepoint Education, Inc. (a)		2,758		27,939
Bright Horizons Family Solutions, Inc. (a)		6,601		462,202
Buckle, Inc.		3,973		90,584
Build-A-Bear Workshop, Inc., Class A (a)		2,727		37,496
Burlington Stores, Inc. (a)		10,899		923,690
Cabela’s, Inc. (a)		7,999		468,341
Caleres, Inc.		6,284		206,241
Cambium Learning Group, Inc. (a)		4,720		23,553
Capella Education Co.		1,792		157,338
Career Education Corp. (a)		10,687		107,832
Carriage Services, Inc.		2,462		70,512
Cato Corp., Class A		3,894		117,131
CDK Global, Inc.		22,672		1,353,292
Chegg, Inc. (a)		8,886		65,579
Chemed Corp.		2,353		377,445
Chico’s FAS, Inc.		19,485		280,389
Children’s Place Retail Stores, Inc.		2,665		269,032
Christopher & Banks Corp. (a)		6,159		14,412
Citi Trends, Inc.		2,593		48,852
Clean Energy Fuels Corp. (a)		15,034		42,997
Collectors Universe, Inc.		1,741		36,961
Conn’s, Inc. (a)		3,781		47,830
Container Store Group, Inc. (a)		2,847		18,078
Copart, Inc. (a)		15,570		862,734
CST Brands, Inc.		11,330		545,539
Destination Maternity Corp.		2,770		14,321
Destination XL Group, Inc. (a)	��	8,559		36,376
Dick’s Sporting Goods, Inc.		13,283		705,327
Dillard’s, Inc., Class A		3,993		250,321
DSW, Inc., Class A		11,768		266,545
Etsy, Inc. (a)		14,238		167,724
EVINE Live, Inc. (a)		7,906		11,859
Express, Inc. (a)		12,371		133,112
Finish Line, Inc., Class A		6,356		119,556
Five Below, Inc. (a)		8,397		335,544
Francesca’s Holdings Corp. (a)		6,453		116,348
Fred’s, Inc., Class A		4,994		92,689
FTD Cos., Inc. (a)		3,190		76,050
Gaia, Inc. (a)		3,595		31,097

Common Stocks	Shares		Value
General Retailers (continued)
GameStop Corp., Class A		14,951	$	377,662
Genesco, Inc. (a)		3,006		186,673
Grand Canyon Education, Inc. (a)		7,107		415,404
Group 1 Automotive, Inc.		3,063		238,730
GrubHub, Inc. (a)		12,850		483,417
Guess?, Inc.		9,276		112,240
Haverty Furniture Cos., Inc.		3,228		76,504
Hibbett Sports, Inc. (a)		3,484		129,953
Hillenbrand, Inc.		9,955		381,774
Houghton Mifflin Harcourt Co. (a)		15,421		167,318
HSN, Inc.		4,839		165,978
JC Penney Co., Inc. (a)		46,484		386,282
K12, Inc. (a)		5,636		96,714
KAR Auction Services, Inc.		20,813		887,050
Kirkland’s, Inc. (a)		2,707		41,986
Lands’ End, Inc. (a)(b)		2,026		30,694
Liquidity Services, Inc. (a)		4,477		43,651
Lithia Motors, Inc., Class A		3,487		337,646
Lumber Liquidators Holdings, Inc. (a)		4,057		63,857
MarineMax, Inc. (a)		4,129		79,896
Matthews International Corp., Class A		4,866		373,952
Michaels Cos., Inc. (a)		15,846		324,051
Monro Muffler Brake, Inc.		4,709		269,355
Murphy USA, Inc. (a)		5,579		342,941
Office Depot, Inc.		78,695		355,701
Ollie’s Bargain Outlet Holdings, Inc. (a)		7,432		211,440
Overstock.com, Inc. (a)		2,766		48,405
Party City Holdco, Inc. (a)		3,899		55,366
PCM, Inc. (a)		1,516		34,110
Penske Automotive Group, Inc.		5,762		298,702
Perfumania Holdings, Inc. (a)		1,362		2,043
Pier 1 Imports, Inc.		12,905		110,209
PriceSmart, Inc.		3,440		287,240
Providence Service Corp. (a)		2,023		76,975
RealNetworks, Inc. (a)		5,145		25,005
Regis Corp. (a)		5,786		84,013
Rent-A-Center, Inc., Class A		7,864		88,470
RH (a)		5,948		182,604
Rollins, Inc.		14,452		488,189
Rush Enterprises, Inc., Class A (a)		5,240		167,156
Sally Beauty Holdings, Inc. (a)		22,385		591,412
Sears Holdings Corp. (a)(b)		7,621		70,799
Service Corp. International		28,408		806,787
ServiceMaster Global Holdings, Inc. (a)		20,442		770,050
Shoe Carnival, Inc.		2,381		64,239
Shutterfly, Inc. (a)		5,172		259,531
SiteOne Landscape Supply, Inc. (a)		3,757		130,481
Sonic Automotive, Inc., Class A		4,134		94,669
Sotheby’s		7,190		286,593
SP Plus Corp. (a)		2,950		83,042
Sportsman’s Warehouse Holdings, Inc. (a)		4,298		40,358
Stage Stores, Inc.		4,672		20,417
Stamps.com, Inc. (a)		2,505		287,198
Stein Mart, Inc.		4,383		24,019
Strayer Education, Inc. (a)		1,653		133,281
Tailored Brands, Inc.		7,130		182,171
Tile Shop Holdings, Inc. (a)		5,605		109,578
Titan Machinery, Inc. (a)		2,671		38,916
TrueCar, Inc. (a)		8,752		109,400
Trupanion, Inc. (a)(b)		3,225		50,052
Tuesday Morning Corp. (a)		6,404		34,582
VCA, Inc. (a)		12,570		862,930
Weight Watchers International, Inc. (a)(b)		4,031		46,155
West Marine, Inc. (a)		3,086		32,310
Williams-Sonoma, Inc.		12,296		595,003
Winmark Corp.		437		55,128
Zumiez, Inc. (a)		2,839		62,032
				26,850,245

See Notes to Financial Statements.

QUANTITATIVE MASTER SERIES LLC DECEMBER 31, 2016 9

Schedule of Investments (continued) Master Extended Market Index Series

Common Stocks	Shares		Value
Health Care Equipment & Services — 4.5%
AAC Holdings, Inc. (a)		2,226	$	16,116
Abaxis, Inc.		3,511		185,275
ABIOMED, Inc. (a)		6,294		709,208
Acadia Healthcare Co., Inc. (a)		11,606		384,159
Accuray, Inc. (a)		12,884		59,266
AdCare Health Systems, Inc. (a)		7,324		10,693
Addus HomeCare Corp. (a)		1,286		45,074
Adeptus Health, Inc., Class A (a)		2,391		18,267
Air Methods Corp. (a)		5,272		167,913
Alere, Inc. (a)		13,093		510,234
Align Technology, Inc. (a)		11,385		1,094,440
Alliance HealthCare Services, Inc. (a)		2,209		21,206
Almost Family, Inc. (a)		1,371		60,461
Alphatec Holdings, Inc. (a)		1,899		6,096
Amedisys, Inc. (a)		4,240		180,751
Analogic Corp.		1,873		155,365
AngioDynamics, Inc. (a)		4,708		79,424
Anika Therapeutics, Inc. (a)		2,272		111,237
Antares Pharma, Inc. (a)		26,095		60,801
AtriCure, Inc. (a)		5,376		105,208
Atrion Corp.		224		113,613
AxoGen, Inc. (a)		4,935		44,415
Bio-Rad Laboratories, Inc., Class A (a)		3,189		581,291
Biolase, Inc. (a)		11,125		15,575
BioScrip, Inc. (a)		20,256		21,066
Biostage, Inc. (a)		3,656		3,254
BioTelemetry, Inc. (a)		4,630		103,480
Bovie Medical Corp. (a)		4,719		16,941
Brookdale Senior Living, Inc. (a)		28,172		349,896
Bruker Corp.		15,893		336,614
CalAtlantic Group, Inc.		10,823		368,090
Cantel Medical Corp.		5,470		430,762
Capital Senior Living Corp. (a)		4,670		74,953
Cardiovascular Systems, Inc. (a)		5,198		125,844
Civitas Solutions, Inc. (a)		2,868		57,073
Cogentix Medical, Inc. (a)		6,713		13,493
Community Health Systems, Inc. (a)		17,321		96,824
CONMED Corp.		3,573		157,819
Corindus Vascular Robotics, Inc. (a)(b)		20,807		14,532
Corvel Corp. (a)		1,635		59,841
CryoLife, Inc.		4,639		88,837
Cutera, Inc. (a)		2,275		39,471
Cynosure, Inc., Class A (a)		3,689		168,218
CytoSorbents Corp. (a)		4,303		23,451
Derma Sciences, Inc. (a)		7,068		36,754
DexCom, Inc. (a)		13,180		786,846
Dextera Surgical, Inc. (a)		3,562		3,420
Endologix, Inc. (a)		12,883		73,691
Ensign Group, Inc.		6,892		153,071
Exactech, Inc. (a)		1,877		51,242
Five Star Quality Care, Inc. (a)		16,250		43,875
Fluidigm Corp. (a)		4,592		33,430
FONAR Corp. (a)		1,417		27,136
Genesis Healthcare, Inc. (a)		5,313		22,580
GenMark Diagnostics, Inc. (a)		7,790		95,350
Glaukos Corp. (a)		1,961		67,262
Globus Medical, Inc., Class A (a)		11,083		274,969
Haemonetics Corp. (a)		7,760		311,952
Halyard Health, Inc. (a)		6,988		258,416
Healthcare Services Group, Inc.		10,637		416,651
HealthSouth Corp.		13,931		574,514
HealthStream, Inc. (a)		3,976		99,599
Healthways, Inc. (a)		5,011		114,000
Hill-Rom Holdings, Inc.		9,361		525,527
HMS Holdings Corp. (a)		13,041		236,825
Hooper Holmes, Inc. (a)		639		524
ICU Medical, Inc. (a)		2,348		345,978

Common Stocks	Shares		Value
Health Care Equipment & Services (continued)
IDEXX Laboratories, Inc. (a)		13,766	$	1,614,339
Inogen, Inc. (a)		2,528		169,806
Insulet Corp. (a)		8,659		326,271
Integra LifeSciences Holdings Corp. (a)		4,784		410,419
Intersect ENT, Inc. (a)		4,481		54,220
Invacare Corp.		4,891		63,828
Juno Therapeutics, Inc. (a)		11,502		216,813
K2M Group Holdings, Inc. (a)		6,090		122,044
Kindred Healthcare, Inc.		12,162		95,472
LHC Group, Inc. (a)		2,418		110,503
LifePoint Hospitals, Inc. (a)		6,081		345,401
LivaNova PLC (a)		6,732		302,738
Magellan Health, Inc. (a)		3,447		259,387
Masimo Corp. (a)		6,952		468,565
MEDNAX, Inc. (a)		13,919		927,841
Meridian Bioscience, Inc.		6,734		119,192
Merit Medical Systems, Inc. (a)		7,010		185,765
Molina Healthcare, Inc. (a)		6,417		348,186
Natera, Inc. (a)		4,291		50,248
National Healthcare Corp.		1,472		111,563
Natus Medical, Inc. (a)		5,169		179,881
Navidea Biopharmaceuticals, Inc. (a)		26,298		16,526
Neogen Corp. (a)		5,645		372,570
NeoGenomics, Inc. (a)		9,277		79,504
Nevro Corp. (a)		3,648		265,064
NuVasive, Inc. (a)		7,914		533,087
NxStage Medical, Inc. (a)		9,415		246,767
Omnicell, Inc. (a)		5,518		187,060
OraSure Technologies, Inc. (a)		9,831		86,316
Orthofix International NV (a)		2,789		100,906
Owens & Minor, Inc.		9,148		322,833
PAREXEL International Corp. (a)		7,939		521,751
Penumbra, Inc. (a)		4,182		266,812
PharMerica Corp. (a)		4,613		116,017
Psychemedics Corp.		1,320		32,578
Quidel Corp. (a)		4,380		93,820
Quorum Health Corp. (a)		4,330		31,479
RadNet, Inc. (a)		5,911		38,126
ResMed, Inc.		21,713		1,347,292
Retractable Technologies, Inc. (a)		4,605		4,283
Rockwell Medical, Inc. (a)(b)		7,565		49,551
RTI Surgical, Inc. (a)		10,112		32,864
SeaSpine Holdings Corp. (a)		1,779		14,054
Select Medical Holdings Corp. (a)		16,098		213,298
Spark Therapeutics, Inc. (a)		3,374		168,363
Spectranetics Corp. (a)		6,991		171,279
Staar Surgical Co. (a)		5,027		54,543
STERIS PLC		12,865		866,972
Surgery Partners, Inc. (a)		3,215		50,958
Surgical Care Affiliates, Inc. (a)		4,259		197,064
SurModics, Inc. (a)		2,327		59,106
T2 Biosystems, Inc. (a)		4,053		21,319
Tandem Diabetes Care, Inc. (a)		3,670		7,890
Team Health Holdings, Inc. (a)		11,401		495,373
Teleflex, Inc.		6,811		1,097,593
Tenet Healthcare Corp. (a)		12,189		180,885
Triple-S Management Corp., Class B (a)		3,526		72,988
U.S. Physical Therapy, Inc.		1,955		137,241
Unilife Corp. (a)(b)		2,413		5,550
Universal American Corp. (a)		8,418		83,759
Utah Medical Products, Inc.		662		48,160
Vascular Solutions, Inc. (a)		2,784		156,182
VWR Corp. (a)		13,221		330,922
WellCare Health Plans, Inc. (a)		6,769		927,895
West Pharmaceutical Services, Inc.		11,109		942,376
Wright Medical Group NV (a)		15,623		359,017
Zafgen, Inc. (a)		2,989		9,505
Zeltiq Aesthetics, Inc. (a)		5,536		240,927
				29,981,066

See Notes to Financial Statements.

10 QUANTITATIVE MASTER SERIES LLC DECEMBER 31, 2016

Schedule of Investments (continued) Master Extended Market Index Series

Common Stocks	Shares		Value
Household Goods & Home Construction — 1.5%
ACCO Brands Corp. (a)		16,442	$	214,568
Bassett Furniture Industries, Inc.		1,739		52,866
Beazer Homes USA, Inc. (a)		5,712		75,970
Briggs & Stratton Corp.		6,373		141,863
Cavco Industries, Inc. (a)		1,393		139,091
Central Garden and Pet Co., Class A (a)		6,265		193,589
Compx International, Inc.		1,034		16,647
Comstock Holdings Cos., Inc. (a)		1,729		3,112
Dixie Group, Inc. (a)		2,900		10,440
Edgewell Personal Care Co. (a)		8,921		651,144
Energizer Holdings, Inc.		9,658		430,843
Ethan Allen Interiors, Inc.		3,943		145,300
Flexsteel Industries, Inc.		1,215		74,929
Forward Industries, Inc. (a)		2,823		3,472
Herman Miller, Inc.		8,959		306,398
HNI Corp.		6,656		372,204
Hooker Furniture Corp.		1,876		71,194
Hovnanian Enterprises, Inc., Class A (a)		21,351		58,288
Interface, Inc.		9,610		178,266
iRobot Corp. (a)		4,266		249,348
KB Home		12,278		194,115
Knoll, Inc.		7,374		205,956
La-Z-Boy, Inc.		7,437		230,919
LGI Homes, Inc. (a)		2,808		80,674
Libbey, Inc.		3,627		70,581
Lifetime Brands, Inc.		2,050		36,388
M/I Homes, Inc. (a)		4,013		101,047
Manitowoc Foodservice, Inc. (a)		19,950		385,633
MDC Holdings, Inc.		5,937		152,343
Meritage Homes Corp. (a)		5,844		203,371
National Presto Industries, Inc.		790		84,056
NVR, Inc. (a)		537		896,253
Oil-Dri Corp. of America		1,129		43,139
Scotts Miracle-Gro Co., Class A		6,850		654,517
Select Comfort Corp. (a)		7,058		159,652
Spectrum Brands Holdings, Inc.		3,650		446,504
Steelcase, Inc., Class A		12,921		231,286
Taylor Morrison Home Corp., Class A (a)		5,375		103,523
Tempur Sealy International, Inc. (a)		7,764		530,126
Toll Brothers, Inc. (a)		22,796		706,676
TRI Pointe Group, Inc. (a)		22,019		252,778
Tupperware Brands Corp.		7,504		394,860
Virco Manufacturing Corp. (a)		5,315		22,855
Wayfair, Inc., Class A (a)(b)		4,521		158,461
WCI Communities, Inc. (a)		3,484		81,700
WD-40 Co.		2,138		249,932
William Lyon Homes, Class A (a)		4,111		78,232
				10,145,109
Industrial Engineering — 3.1%
AGCO Corp.		10,320		597,115
Alamo Group, Inc.		1,607		122,293
Albany International Corp., Class A		4,299		199,044
Altra Industrial Motion Corp.		4,066		150,035
American Railcar Industries, Inc.		1,354		61,323
Astec Industries, Inc.		2,944		198,602
Babcock & Wilcox Enterprises, Inc. (a)		8,137		134,993
Broadwind Energy, Inc. (a)		4,880		19,740
Ceco Environmental Corp.		4,277		59,664
Chicago Rivet & Machine Co.		494		20,550
CIRCOR International, Inc.		2,547		165,249
CLARCOR, Inc.		7,187		592,712
Colfax Corp. (a)		14,850		533,560
Columbus McKinnon Corp.		2,933		79,308
Commercial Vehicle Group, Inc. (a)		5,294		29,276
Crane Co.		7,597		547,896
DMC Global, Inc.		2,800		44,380

Common Stocks	Shares		Value
Industrial Engineering (continued)
Donaldson Co., Inc.		20,116	$	846,481
Douglas Dynamics, Inc.		3,445		115,924
Energy Recovery, Inc. (a)		5,232		54,151
EnPro Industries, Inc.		3,157		212,655
Federal Signal Corp.		9,098		142,020
Franklin Electric Co., Inc.		5,838		227,098
FreightCar America, Inc.		2,656		39,654
GATX Corp.		6,015		370,404
Gorman-Rupp Co.		2,838		87,836
Graco, Inc.		8,754		727,370
Graham Corp.		1,902		42,129
Greenbrier Cos., Inc.		4,279		177,792
H&E Equipment Services, Inc.		4,783		111,205
Horizon Global Corp. (a)		3,297		79,128
Hurco Cos., Inc.		1,373		45,446
Hyster-Yale Materials Handling, Inc.		1,727		110,131
IDEX Corp.		11,736		1,056,944
John Bean Technologies Corp.		4,537		389,955
Joy Global, Inc.		14,760		413,280
Kadant, Inc.		1,829		111,935
Kennametal, Inc.		11,991		374,839
Key Technology, Inc. (a)		998		11,637
Kimball International, Inc., Class B		5,240		92,014
Lincoln Electric Holdings, Inc.		9,366		718,091
Lindsay Corp.		1,858		138,625
Lydall, Inc. (a)		2,799		173,118
Manitex International, Inc. (a)(b)		2,717		18,639
Manitowoc Co., Inc. (a)		23,435		140,141
Materion Corp.		3,097		122,641
Meritor, Inc. (a)		12,809		159,088
MFRI, Inc. (a)		1,937		15,690
Middleby Corp. (a)		8,715		1,122,579
Miller Industries, Inc.		2,019		53,403
MSA Safety, Inc.		4,681		324,534
Mueller Industries, Inc.		9,270		370,429
NACCO Industries, Inc., Class A		799		72,349
Navistar International Corp. (a)		9,906		310,751
NN, Inc.		4,181		79,648
Nordson Corp.		8,037		900,546
Oshkosh Corp.		11,420		737,846
Paylocity Holding Corp. (a)		3,681		110,467
Proto Labs, Inc. (a)		3,660		187,941
Spartan Motors, Inc.		5,545		51,291
SPX Corp. (a)		6,490		153,943
SPX FLOW, Inc. (a)		6,381		204,575
Standex International Corp.		2,053		180,356
Sun Hydraulics Corp.		3,942		157,562
Tennant Co.		2,625		186,900
Terex Corp.		16,239		512,016
Timken Co.		10,204		405,099
TimkenSteel Corp. (a)		5,808		89,908
Toro Co.		16,959		948,856
Trinity Industries, Inc.		23,379		649,001
Twin Disc, Inc.		1,831		26,733
Wabash National Corp. (a)		10,252		162,187
Wabtec Corp.		13,427		1,114,710
Woodward, Inc.		8,136		561,791
				20,557,222
Industrial Metals & Mining — 1.0%
AK Steel Holding Corp. (a)		48,143		491,540
Alcoa Corp.		22,764		639,213
Allegheny Technologies, Inc.		16,681		265,728
Ampco-Pittsburgh Corp.		1,955		32,746
Carpenter Technology Corp.		7,069		255,686
Century Aluminum Co. (a)		7,937		67,941
Cliffs Natural Resources, Inc. (a)		31,471		264,671

See Notes to Financial Statements.

QUANTITATIVE MASTER SERIES LLC DECEMBER 31, 2016 11

Schedule of Investments (continued) Master Extended Market Index Series

Common Stocks	Shares		Value
Industrial Metals & Mining (continued)
Commercial Metals Co.		17,547	$	382,174
Friedman Industries, Inc.		2,787		18,561
Handy & Harman Ltd. (a)		780		19,929
Haynes International, Inc.		2,039		87,656
Kaiser Aluminum Corp.		3,159		245,423
McEwen Mining, Inc.		31,501		91,668
Olympic Steel, Inc.		1,597		38,695
Reliance Steel & Aluminum Co.		11,267		896,177
Ryerson Holding Corp. (a)		2,400		32,040
Steel Dynamics, Inc.		37,295		1,326,956
Synalloy Corp.		2,147		23,510
United States Steel Corp.		26,373		870,573
Universal Stainless & Alloy Products, Inc. (a)		1,302		17,590
Uranium Energy Corp. (a)		19,733		22,101
Worthington Industries, Inc.		6,911		327,858
				6,418,436
Industrial Transportation — 1.3%
Air Lease Corp.		14,722		505,406
Air Transport Services Group, Inc. (a)		7,220		115,231
Aircastle Ltd.		8,419		175,536
ArcBest Corp.		3,519		97,300
Ardmore Shipping Corp.		6,365		47,101
Atlas Air Worldwide Holdings, Inc. (a)		3,769		196,553
CAI International, Inc. (a)		2,930		25,403
Celadon Group, Inc.		4,175		29,851
Covenant Transportation Group, Inc., Class A (a)		2,275		43,999
Echo Global Logistics, Inc. (a)		4,536		113,627
Forward Air Corp.		4,502		213,305
FRP Holdings, Inc. (a)		1,209		45,579
Genco Shipping & Trading, Ltd. (a)		177		1,306
Gener8 Maritime, Inc. (a)		12,477		55,897
Genesee & Wyoming, Inc., Class A (a)		8,719		605,186
Heartland Express, Inc.		6,722		136,860
Hub Group, Inc., Class A (a)		5,287		231,306
International Seaways, Inc. (a)		1,937		27,196
Kirby Corp. (a)(b)		8,071		536,722
Knight Transportation, Inc.		9,738		321,841
Landstar System, Inc.		6,328		539,778
Macquarie Infrastructure Corp.		11,459		936,200
Marten Transport Ltd.		3,567		83,111
Matson, Inc.		6,329		223,983
Old Dominion Freight Line, Inc. (a)		10,535		903,798
Overseas Shipholding Group, Inc., Class A		5,813		22,264
PAM Transportation Services, Inc. (a)		659		17,121
Patriot Transportation Holding, Inc. (a)		627		14,609
PHH Corp. (a)		8,457		128,208
Rand Logistics, Inc. (a)		5,032		4,176
Roadrunner Transportation Systems, Inc. (a)		4,706		48,895
Saia, Inc. (a)		4,133		182,472
Swift Transportation Co. (a)		12,764		310,931
Teekay Corp.		6,907		55,463
Textainer Group Holdings Ltd.		3,736		27,833
Triton International, Ltd.		4,790		75,682
Universal Logistics Holdings, Inc.		1,233		20,160
USA Truck, Inc. (a)		1,622		14,128
Werner Enterprises, Inc.		6,158		165,958
Wesco Aircraft Holdings, Inc. (a)		8,960		133,952
Willis Lease Finance Corp. (a)		1,351		34,559
World Fuel Services Corp.		10,630		488,023
XPO Logistics, Inc. (a)		12,259		529,098
YRC Worldwide, Inc. (a)		4,920		65,338
				8,550,945
Leisure Goods — 0.8%
Arctic Cat, Inc.		2,143		32,188
Black Diamond, Inc. (a)		4,738		25,348

Common Stocks		Shares		Value
Leisure Goods (continued)	��
Brunswick Corp.			13,523	$	737,544
Callaway Golf Co.			14,931		163,644
Eastman Kodak Co. (a)			6,100		94,550
Escalade, Inc.			2,070		27,324
Fitbit, Inc., Series A (a)			20,556		150,470
Fox Factory Holding Corp. (a)			5,319		147,602
Glu Mobile, Inc. (a)			17,785		34,503
GoPro, Inc., Class A (a)(b)			15,121		131,704
LCI Industries			3,780		407,295
Malibu Boats, Inc. (a)			3,744		71,436
Marine Products Corp.			1,493		20,708
Nautilus, Inc. (a)			4,821		89,189
Polaris Industries, Inc.			9,046		745,300
Pool Corp.			6,438		671,741
Take-Two Interactive Software, Inc. (a)			13,053		643,382
Thor Industries, Inc.			7,223		722,661
Universal Electronics, Inc. (a)			2,235		144,269
Vista Outdoor, Inc. (a)			9,083		335,163
Winnebago Industries, Inc.			4,162		131,727
Zedge, Inc., Class B (a)			4,053		12,686
					5,540,434
Life Insurance — 0.3%
American Equity Investment Life Holding Co.			11,676		263,177
AMERISAFE, Inc.			3,104		193,534
Atlantic American Corp.			2,927		12,001
Citizens, Inc. (a)(b)			8,213		80,652
CNO Financial Group, Inc.			26,587		509,141
eHealth, Inc. (a)			2,920		31,098
Employers Holdings, Inc.			4,842		191,743
FBL Financial Group, Inc., Class A			1,432		111,911
Genworth Financial, Inc., Class A (a)			72,971		278,020
Independence Holding Co.			1,686		32,961
National Western Life Group, Inc., Class A			376		116,861
Primerica, Inc.			6,834		472,571
					2,293,670
Media — 3.6%
Acxiom Corp. (a)			11,802		316,294
AH Belo Corp., Class A			3,599		22,854
AMC Networks, Inc., Class A (a)			9,248		484,040
Ascent Capital Group, Inc., Class A (a)			2,129		34,618
Avid Technology, Inc. (a)			5,767		25,375
Bankrate, Inc. (a)			7,128		78,764
Beasley Broadcasting Group, Inc., Class A			784		4,861
Cable One, Inc.			747		464,432
Clear Channel Outdoor Holdings, Inc., Class A			5,624		28,401
ComScore, Inc. (a)			7,063		223,050
CSS Industries, Inc.			1,461		39,549
CTN Media Group, Inc. (a)			50		—
Cumulus Media, Inc., Class A (a)			3,185		3,249
DISH Network Corp., Class A (a)			34,559		2,002,003
Dolby Laboratories, Inc., Class A			8,934		403,727
Emmis Communications Corp., Class A (a)			2,653		8,702
Entercom Communications Corp., Class A			4,346		66,494
Entravision Communications Corp., Class A			10,513		73,591
EW Scripps Co., Class A (a)			8,572		165,697
FactSet Research Systems, Inc.			6,123		1,000,682
Formula One Group, Class A (a)			3,415		107,060
Formula One Group, Class C (a)			6,777		212,323
Gannett Co., Inc.			17,822		173,052
Global Eagle Entertainment, Inc. (a)			7,875		50,873
Graham Holdings Co., Class B			660		337,887
Gray Television, Inc. (a)			10,007		108,576
Groupon, Inc. (a)			60,701		201,527
Harte-Hanks, Inc.			6,749		10,191
John Wiley & Sons, Inc., Class A			6,748		367,766

See Notes to Financial Statements.

12 QUANTITATIVE MASTER SERIES LLC DECEMBER 31, 2016

Schedule of Investments (continued) Master Extended Market Index Series

Common Stocks	Shares		Value
Media (continued)
Lamar Advertising Co., Class A		12,563	$	844,736
Lee Enterprises, Inc. (a)		8,464		24,546
Liberty Broadband Corp., Class A (a)		4,076		295,347
Liberty Broadband Corp., Class C (a)		10,186		754,477
Liberty Global PLC, Class A (a)		39,624		1,212,098
Liberty Global PLC, Class C (a)		96,606		2,869,198
Liberty Global PLC LiLAC, Class A (a)		7,846		172,298
Liberty Global PLC LiLAC, Class C (a)		18,370		388,893
Liberty Interactive Corp QVC Group, Series A (a)		66,900		1,336,662
Liberty SiriusXM Group, Class A (a)		13,849		478,067
Liberty SiriusXM Group, Class C (a)		25,336		859,397
Lions Gate Entertainment Corp., Class A		12,466		335,335
Lions Gate Entertainment Corp., Class B (a)		16,634		408,198
Live Nation Entertainment, Inc. (a)		20,179		536,761
Marchex, Inc., Class B (a)		5,246		13,902
The McClatchy Co., Class A (a)		1,090		14,366
Media General, Inc. (a)		15,632		294,351
Meredith Corp.		5,493		324,911
Morningstar, Inc.		2,851		209,720
MSG Networks, Inc., Class A (a)		9,903		212,915
National CineMedia, Inc.		9,730		143,323
New Media Investment Group, Inc.		9,733		155,631
New York Times Co., Class A		18,334		243,842
Nexstar Broadcasting Group, Inc., Class A		4,695		297,193
Outfront Media, Inc.		21,224		527,841
Pandora Media, Inc. (a)		34,802		453,818
QuinStreet, Inc. (a)		7,427		27,926
Quotient Technology, Inc. (a)		10,529		113,187
Remark Media, Inc. (a)(b)		4,264		16,715
RetailMeNot, Inc. (a)		6,625		61,613
Rubicon Project, Inc. (a)		6,574		48,779
Saga Communications, Inc., Class A		1,046		52,614
Scholastic Corp.		4,495		213,468
Sinclair Broadcast Group, Inc., Class A		9,315		310,655
Sirius XM Holdings, Inc.		265,230		1,180,273
Spanish Broadcasting System, Inc., Class A (a)		1,474		4,496
SPAR Group, Inc. (a)		3,165		3,165
TechTarget, Inc. (a)		2,802		23,901
TheStreet, Inc.		16,585		14,097
Time, Inc.		15,065		268,910
Tribune Media Co., Class A		11,076		387,438
TRONC, Inc.		3,616		50,154
Value Line, Inc.		906		17,667
WebMD Health Corp. (a)		5,699		282,499
XO Group, Inc. (a)		4,167		81,048
Yelp, Inc. (a)		8,984		342,560
				23,924,629
Mining — 0.6%
Arch Coal, Inc. (a)		3,734		291,439
Cloud Peak Energy, Inc. (a)		9,192		51,567
Coeur Mining, Inc. (a)		26,194		238,104
Compass Minerals International, Inc.		5,446		426,694
CONSOL Energy, Inc.		27,128		494,543
Fairmount Santrol Holdings, Inc. (a)		23,727		279,741
General Moly, Inc. (a)		21,436		5,361
Gold Resource Corp.		8,706		37,871
Golden Minerals Co. (a)(b)		9,302		5,396
Hecla Mining Co.		61,702		323,319
Pershing Gold Corp. (a)(b)		5,475		17,903
Royal Gold, Inc.		9,867		625,074
Solitario Exploration & Royalty Corp. (a)		15,315		9,747
Stillwater Mining Co. (a)		18,398		296,392
SunCoke Energy, Inc.		9,743		110,486
U.S. Silica Holdings, Inc.		10,946		620,419
Westmoreland Coal Co. (a)		3,275		57,869
				3,891,925

Common Stocks		Shares		Value
Mobile Telecommunications — 1.0%
ATN International, Inc.			1,577	$	126,365
Globalstar, Inc. (a)			50,267		79,422
Iridium Communications, Inc. (a)			12,372		118,771
NII Holdings, Inc. (a)			14,857		31,943
ORBCOMM, Inc. (a)			10,768		89,051
pdvWireless, Inc. (a)(b)			1,832		41,312
SBA Communications Corp., Class A (a)			19,097		1,971,956
Shenandoah Telecommunications Co.			6,758		184,493
Spok Holdings, Inc.			3,740		77,605
Sprint Corp. (a)			95,860		807,141
T-Mobile U.S., Inc. (a)			43,914		2,525,494
Telephone & Data Systems, Inc.			13,666		394,538
United States Cellular Corp. (a)			1,710		74,761
					6,522,852
Nonlife Insurance — 3.6%
Alleghany Corp. (a)			2,323		1,412,663
Allied World Assurance Co. Holdings AG			13,364		717,780
Ambac Financial Group, Inc. (a)			6,380		143,550
American Financial Group, Inc.			10,964		966,148
American National Insurance Co.			1,133		141,183
AmTrust Financial Services, Inc.			16,477		451,140
Arch Capital Group Ltd. (a)			18,582		1,603,441
Argo Group International Holdings Ltd.	��		4,567		300,965
Aspen Insurance Holdings Ltd.			8,994		494,670
Assured Guaranty Ltd.			19,311		729,376
Axis Capital Holdings Ltd.			13,198		861,433
Baldwin & Lyons, Inc., Class B			2,261		56,977
Brown & Brown, Inc.			17,387		779,981
CNA Financial Corp.			4,047		167,951
Donegal Group, Inc., Class A			2,337		40,851
EMC Insurance Group, Inc.			1,652		49,577
Endurance Specialty Holdings Ltd.			9,685		894,894
Enstar Group Ltd. (a)			1,653		326,798
Erie Indemnity Co., Class A			2,694		302,940
Everest Re Group Ltd.			6,141		1,328,912
Federated National Holding Co.			2,537		47,417
First Acceptance Corp. (a)			8,599		8,943
First American Financial Corp.			16,805		615,567
Global Indemnity, Ltd. (a)			1,701		64,995
Greenlight Capital Re Ltd., Class A (a)			5,039		114,889
Hanover Insurance Group, Inc.			6,362		579,006
HCI Group, Inc.			1,768		69,801
Heritage Insurance Holdings, Inc.			4,282		67,099
Hilltop Holdings, Inc.			12,181		362,994
Horace Mann Educators Corp.			6,108		261,422
Infinity Property & Casualty Corp.			1,707		150,045
James River Group Holdings Ltd.			3,102		128,888
Kemper Corp.			7,415		328,485
Maiden Holdings Ltd.			11,098		193,660
Markel Corp. (a)			2,139		1,934,725
MBIA, Inc. (a)			19,667		210,437
Mercury General Corp.			3,553		213,926
National General Holdings Corp.			9,620		240,404
Navigators Group, Inc.			1,797		211,597
Old Republic International Corp.			36,839		699,941
OneBeacon Insurance Group Ltd., Class A			3,598		57,748
Prism Technologies Group, Inc. (a)			1,044		313
ProAssurance Corp.			7,994		449,263
Reinsurance Group of America, Inc.			9,662		1,215,769
RenaissanceRe Holdings Ltd.			6,043		823,177
RLI Corp.			5,685		358,894
Safety Insurance Group, Inc.			2,336		172,163
Selective Insurance Group, Inc.			8,303		357,444
State Auto Financial Corp.			2,450		65,685
State National Cos., Inc.			5,202		72,100
Third Point Reinsurance Ltd. (a)			9,561		110,430

See Notes to Financial Statements.

QUANTITATIVE MASTER SERIES LLC DECEMBER 31, 2016 13

Schedule of Investments (continued) Master Extended Market Index Series

Common Stocks	Shares		Value
Nonlife Insurance (continued)
United Fire Group, Inc.		3,306	$	162,556
United Insurance Holdings Corp.		3,080		46,631
Universal Insurance Holdings, Inc.		4,997		141,915
Validus Holdings Ltd.		11,933		656,434
W.R. Berkley Corp.		14,911		991,731
White Mountains Insurance Group Ltd.		711		594,432
				24,552,156
Oil & Gas Producers — 2.8%
Abraxas Petroleum Corp. (a)		26,599		68,359
Adams Resources & Energy, Inc.		460		18,239
Alon USA Energy, Inc.		4,552		51,802
Approach Resources, Inc. (a)		5,719		19,159
Barnwell Industries, Inc. (a)		4,904		8,043
Bill Barrett Corp. (a)		10,675		74,618
Bonanza Creek Energy, Inc. (a)(b)		6,854		6,991
California Resources Corp. (a)		6,902		146,944
Callon Petroleum Co. (a)		24,961		383,651
Carrizo Oil & Gas, Inc. (a)		9,874		368,794
Centennial Resource Development, Inc., Class A (a)		5,948		117,295
Cheniere Energy, Inc. (a)		36,196		1,499,600
Clayton Williams Energy, Inc. (a)		1,182		140,965
Cobalt International Energy, Inc. (a)		50,294		61,359
Comstock Resources, Inc. (a)(b)		2,950		29,057
Contango Oil & Gas Co. (a)		4,568		42,665
Continental Resources, Inc. (a)		13,189		679,761
CVR Energy, Inc.		2,373		60,250
Dawson Geophysical Co. (a)		5,308		42,676
Delek U.S. Holdings, Inc.		8,207		197,542
Denbury Resources, Inc. (a)		62,278		229,183
Diamondback Energy, Inc. (a)		12,039		1,216,661
Eclipse Resources Corp. (a)		13,713		36,614
Energen Corp. (a)		14,820		854,669
EP Energy Corp., Class A (a)		8,656		56,697
Era Group, Inc. (a)		2,473		41,967
Evolution Petroleum Corp.		8,686		86,860
EXCO Resources, Inc. (a)		28,887		25,239
Gastar Exploration, Inc. (a)		27,518		42,653
Gulfport Energy Corp. (a)		19,474		421,417
Halcon Resources Corp. (a)		5,191		48,484
Harvest Natural Resources, Inc. (a)		2,345		14,492
HollyFrontier Corp.		26,750		876,330
Houston American Energy Corp. (a)		5,104		909
Isramco, Inc. (a)		299		37,166
Kosmos Energy Ltd. (a)		26,027		182,449
Laredo Petroleum, Inc. (a)		21,343		301,790
Magellan Petroleum Corp. (a)		3,259		36,664
Matador Resources Co. (a)		14,824		381,866
Nabors Industries Ltd.		42,757		701,215
Northern Oil and Gas, Inc. (a)		8,538		23,479
Oasis Petroleum, Inc. (a)		36,278		549,249
Pacific Ethanol, Inc. (a)		6,461		61,379
Panhandle Oil and Gas, Inc., Class A		3,182		74,936
Parsley Energy, Inc., Class A (a)		23,857		840,721
PBF Energy, Inc., Class A		14,864		414,408
PDC Energy, Inc. (a)		8,598		624,043
PetroQuest Energy, Inc. (a)		2,933		9,708
Pioneer Energy Services Corp. (a)		10,165		69,630
QEP Resources, Inc.		36,814		677,746
Resolute Energy Corp. (a)		2,135		87,941
Rex Energy Corp. (a)		39,593		18,656
Rice Energy, Inc. (a)		18,655		398,284
Ring Energy, Inc. (a)		8,085		105,024
RSP Permian, Inc. (a)		14,013		625,260
Sanchez Energy Corp. (a)		8,884		80,223
SemGroup Corp., Class A		7,987		333,457
SM Energy Co.		14,914		514,235

Common Stocks	Shares		Value
Oil & Gas Producers (continued)
Syntroleum Corp. (a)		2,214	$	—
Targa Resources Corp.		27,622		1,548,766
Torchlight Energy Resources, Inc. (a)(b)		15,877		18,735
Trecora Resources (a)		4,189		58,018
Triangle Petroleum Corp. (a)(b)		11,728		2,768
VAALCO Energy, Inc. (a)		10,701		11,129
W&T Offshore, Inc. (a)		5,629		15,592
Western Refining, Inc.		12,046		455,941
Whiting Petroleum Corp. (a)		42,577		511,776
WPX Energy, Inc. (a)		52,600		766,382
Zion Oil & Gas, Inc. (a)		14,230		19,495
				18,528,076
Oil Equipment, Services & Distribution — 1.4%
Archrock, Inc.		10,345		136,554
Atwood Oceanics, Inc.		8,759		115,006
Bristow Group, Inc.		5,197		106,435
CARBO Ceramics, Inc. (a)		2,969		31,056
Chart Industries, Inc. (a)		4,840		174,337
Core Laboratories NV		6,667		800,307
Diamond Offshore Drilling, Inc.		9,726		172,150
Dril-Quip, Inc. (a)		5,798		348,170
Ensco PLC, Class A		44,868		436,117
Exterran Corp. (a)		5,172		123,611
Flotek Industries, Inc. (a)		8,081		75,881
Forum Energy Technologies, Inc. (a)		11,673		256,806
Frank’s International NV (b)		9,047		111,369
Geospace Technologies Corp. (a)		2,032		41,372
Gulf Island Fabrication, Inc.		2,513		29,905
Gulfmark Offshore, Inc., Class A (a)		4,514		7,899
Helix Energy Solutions Group, Inc. (a)		16,747		147,709
Hornbeck Offshore Services, Inc. (a)		5,026		36,288
ION Geophysical Corp. (a)		1,418		8,508
Matrix Service Co. (a)		4,118		93,479
McDermott International, Inc. (a)		35,472		262,138
Mitcham Industries, Inc. (a)		4,047		16,795
MRC Global, Inc. (a)		14,516		294,094
Natural Gas Services Group, Inc. (a)		2,129		68,447
Newpark Resources, Inc. (a)		13,319		99,892
Noble Corp. PLC		36,851		218,158
NOW, Inc. (a)		16,086		329,280
Oceaneering International, Inc.		14,799		417,480
OGE Energy Corp.		30,032		1,004,570
Oil States International, Inc. (a)		8,015		312,585
Par Pacific Holdings, Inc. (a)		7,652		111,260
Parker Drilling Co. (a)		19,733		51,306
Patterson-UTI Energy, Inc.		22,573		607,665
PHI, Inc. (a)		1,452		26,165
Rowan Cos. PLC, Class A		18,906		357,134
RPC, Inc.		9,161		181,479
SEACOR Holdings, Inc. (a)		2,530		180,338
Superior Energy Services, Inc.		22,991		388,088
Tesco Corp.		8,172		67,419
TETRA Technologies, Inc. (a)		15,131		75,958
Tidewater, Inc.		6,879		23,457
Unit Corp. (a)		8,312		223,343
Weatherford International PLC (a)		147,861		737,826
Willbros Group, Inc. (a)		9,067		29,377
				9,337,213
Personal Goods — 0.9%
Avon Products, Inc.		65,408		329,656
Carter’s, Inc.		7,612		657,601
Cherokee, Inc. (a)		1,956		20,538
Columbia Sportswear Co.		4,110		239,613
Crocs, Inc. (a)		11,409		78,266
Culp, Inc.		2,014		74,820

See Notes to Financial Statements.

14 QUANTITATIVE MASTER SERIES LLC DECEMBER 31, 2016

Schedule of Investments (continued) Master Extended Market Index Series

Common Stocks	Shares		Value
Personal Goods (continued)
Deckers Outdoor Corp. (a)		4,841	$	268,143
Fossil Group, Inc. (a)		6,527		168,788
G-III Apparel Group Ltd. (a)		6,412		189,539
Helen of Troy Ltd. (a)		4,169		352,072
Iconix Brand Group, Inc. (a)		9,546		89,160
Inter Parfums, Inc.		2,513		82,301
Kate Spade & Co. (a)		19,689		367,594
Lakeland Industries, Inc. (a)		2,101		21,850
lululemon athletica, Inc. (a)		16,248		1,055,957
Movado Group, Inc.		2,476		71,185
Nu Skin Enterprises, Inc., Class A		7,874		376,220
Orchids Paper Products Co.		1,530		40,055
Oxford Industries, Inc.		2,185		131,384
Perry Ellis International, Inc. (a)		2,072		51,613
Revlon, Inc., Class A (a)		1,899		55,356
Rocky Brands, Inc.		1,306		15,084
Sequential Brands Group, Inc. (a)		7,426		34,754
Skechers U.S.A., Inc., Class A (a)		20,341		499,982
Steven Madden Ltd. (a)		8,495		303,696
Unifi, Inc. (a)		2,485		81,086
Vera Bradley, Inc. (a)		3,075		36,039
Vince Holding Corp. (a)		2,985		12,089
Weyco Group, Inc.		1,357		42,474
Wolverine World Wide, Inc.		15,101		331,467
				6,078,382
Pharmaceuticals & Biotechnology — 5.0%
ACADIA Pharmaceuticals, Inc. (a)		14,086		406,240
Accelerate Diagnostics, Inc. (a)		3,723		77,252
Acceleron Pharma, Inc. (a)		4,714		120,301
AcelRx Pharmaceuticals, Inc. (a)		6,998		18,195
Achillion Pharmaceuticals, Inc. (a)		18,775		77,541
Aclaris Therapeutics, Inc. (a)		2,540		68,936
Acorda Therapeutics, Inc. (a)		6,967		130,980
Acura Pharmaceuticals, Inc. (a)(b)		3,204		2,456
Adamas Pharmaceuticals, Inc. (a)		2,439		41,219
Adamis Pharmaceuticals Corp. (a)(b)		4,970		15,656
Aduro Biotech, Inc. (a)		4,726		53,876
Advaxis, Inc. (a)		5,697		40,791
Adverum Biotechnologies, Inc. (a)		2,724		7,900
Aerie Pharmaceuticals, Inc. (a)		5,385		203,822
Aevi Genomic Medicine, Inc. (a)		7,157		37,073
Agenus, Inc. (a)		11,520		47,462
Agios Pharmaceuticals, Inc. (a)		5,310		221,586
Aimmune Therapeutics, Inc. (a)		3,518		71,943
Akebia Therapeutics, Inc. (a)		5,628		58,587
Akorn, Inc. (a)		13,339		291,190
Albany Molecular Research, Inc. (a)		4,097		76,860
Alder Biopharmaceuticals, Inc. (a)		6,773		140,878
Aldeyra Therapeutics, Inc. (a)		2,978		15,932
Alimera Sciences, Inc. (a)(b)		7,469		8,067
Alkermes PLC (a)		23,312		1,295,681
Alnylam Pharmaceuticals, Inc. (a)		10,795		404,165
AMAG Pharmaceuticals, Inc. (a)		5,495		191,226
Amicus Therapeutics, Inc. (a)		21,883		108,759
Amphastar Pharmaceuticals, Inc. (a)		5,565		102,507
Ampio Pharmaceuticals, Inc. (a)(b)		8,902		8,014
Anavex Life Sciences Corp. (a)(b)		8,408		33,296
ANI Pharmaceuticals, Inc. (a)		1,215		73,653
Anthera Pharmaceuticals, Inc. (a)		5,522		3,584
Applied Genetic Technologies Corp. (a)		2,151		20,112
Apricus Biosciences, Inc. (a)		1,237		1,608
Aptevo Therapeutics, Inc. (a)		2,249		5,488
Aquinox Pharmaceuticals, Inc. (a)		4,402		72,677
Aratana Therapeutics, Inc. (a)		4,787		34,371
Arena Pharmaceuticals, Inc. (a)		36,143		51,323
Ariad Pharmaceuticals, Inc. (a)		29,611		368,361

Common Stocks	Shares		Value
Pharmaceuticals & Biotechnology (continued)
ArQule, Inc. (a)		14,883	$	18,753
Array BioPharma, Inc. (a)		27,191		239,009
Arrowhead Pharmaceuticals, Inc. (a)(b)		11,227		17,402
Assembly Biosciences, Inc. (a)		2,704		32,854
Atara Biotherapeutics, Inc. (a)		3,237		45,965
Athersys, Inc. (a)(b)		16,987		25,990
AVEO Pharmaceuticals, Inc. (a)		13,305		7,185
Avexis, Inc. (a)		3,058		145,958
Aviragen Therapeutics, Inc. (a)		9,180		11,291
Bio-Path Holdings, Inc. (a)(b)		16,724		22,577
Bio-Techne Corp.		5,650		580,989
BioCryst Pharmaceuticals, Inc. (a)		10,728		67,908
BioDelivery Sciences International, Inc. (a)(b)		8,009		14,016
BioMarin Pharmaceutical, Inc. (a)		26,423		2,188,881
Biospecifics Technologies Corp. (a)		943		52,525
Biotime, Inc. (a)(b)		9,573		34,559
Bluebird Bio, Inc. (a)		5,658		349,099
Calithera Biosciences, Inc. (a)		2,540		8,255
Capricor Therapeutics, Inc. (a)(b)		1,665		4,429
Cara Therapeutics, Inc. (a)		4,726		43,905
Cascadian Therapeutics, Inc. (a)		2,537		10,934
CASI Pharmaceuticals, Inc. (a)		7,740		8,901
Catalent, Inc. (a)		19,937		537,502
Catalyst Pharmaceutical, Inc. (a)(b)		12,442		13,064
CEL-SCI Corp. (a)		21,543		1,448
Celldex Therapeutics, Inc. (a)		14,541		51,475
Cellular Biomedicine Group, Inc. (a)		1,597		20,921
Cempra, Inc. (a)(b)		7,488		20,966
Cerus Corp. (a)		15,994		69,574
Charles River Laboratories International, Inc. (a)		7,243		551,844
Chiasma, Inc. (a)		6,599		12,868
Chimerix, Inc. (a)		6,230		28,658
Cleveland BioLabs, Inc. (a)		2,800		3,976
Clovis Oncology, Inc. (a)		5,926		263,233
Coherus Biosciences, Inc. (a)		4,633		130,419
Collegium Pharmaceutical, Inc. (a)		3,841		59,804
Concert Pharmaceuticals, Inc. (a)		2,663		27,402
ContraVir Pharmaceuticals, Inc. (a)(b)		18,000		21,600
Corbus Pharmaceuticals Holdings, Inc. (a)(b)		6,152		51,984
Corcept Therapeutics, Inc. (a)		12,029		87,331
CorMedix, Inc. (a)(b)		7,588		11,610
CTI BioPharma Corp. (a)		26,414		10,645
Cumberland Pharmaceuticals, Inc. (a)		4,500		24,750
Curis, Inc. (a)		19,155		58,997
Cytokinetics, Inc. (a)		6,535		79,400
CytomX Therapeutics, Inc. (a)		3,758		41,300
Cytori Therapeutics, Inc. (a)(b)		2,594		3,917
CytRx Corp. (a)		9,758		3,632
Depomed, Inc. (a)		9,157		165,009
Dermira, Inc. (a)		4,023		122,018
Dicerna Pharmaceuticals, Inc. (a)		2,670		7,690
Durect Corp. (a)		19,556		26,205
Dynavax Technologies Corp. (a)		6,009		23,736
Eagle Pharmaceuticals, Inc. (a)		1,253		99,413
Edge Therapeutics, Inc. (a)		3,751		46,887
Editas Medicine, Inc. (a)		2,530		41,062
Egalet Corp. (a)		2,864		21,910
Eiger Biopharmaceuticals, Inc. (a)		1,169		13,619
Emergent Biosolutions, Inc. (a)		5,255		172,574
Enanta Pharmaceuticals, Inc. (a)		2,059		68,976
Endocyte, Inc. (a)		7,477		19,066
Enzo Biochem, Inc. (a)		8,028		55,714
Epizyme, Inc. (a)		6,286		76,061
Esperion Therapeutics, Inc. (a)		2,194		27,469
Exact Sciences Corp. (a)		16,377		218,797
Exelixis, Inc. (a)		34,745		518,048
Fate Therapeutics, Inc. (a)		4,030		10,115

See Notes to Financial Statements.

QUANTITATIVE MASTER SERIES LLC DECEMBER 31, 2016 15

Schedule of Investments (continued) Master Extended Market Index Series

Common Stocks	Shares		Value
Pharmaceuticals & Biotechnology (continued)
Fibrocell Science, Inc. (a)		4,586	$	2,889
FibroGen, Inc. (a)		8,044		172,142
Five Prime Therapeutics, Inc. (a)		4,356		218,279
Flex Pharma, Inc. (a)		2,196		11,595
Flexion Therapeutics, Inc. (a)		3,651		69,442
Fortress Biotech, Inc. (a)(b)		6,807		18,379
Foundation Medicine, Inc. (a)		2,028		35,896
Galena Biopharma, Inc. (a)(b)		1,385		2,687
Genocea Biosciences, Inc. (a)		3,917		16,138
Genomic Health, Inc. (a)		2,857		83,967
GenVec, Inc. (a)		826		2,651
Geron Corp. (a)(b)		25,126		52,011
Global Blood Therapeutics, Inc. (a)		3,298		47,656
GTx, Inc. (a)		1,784		9,420
Halozyme Therapeutics, Inc. (a)		17,395		171,863
Harvard Bioscience, Inc. (a)		6,840		20,862
Heat Biologics, Inc. (a)(b)		2,991		2,557
Hemispherx Biopharma, Inc. (a)		5,727		3,950
Heron Therapeutics, Inc. (a)		5,286		69,247
Histogenics Corp. (a)		1,354		2,261
Horizon Pharma PLC (a)		24,357		394,096
iBio, Inc. (a)		21,015		8,301
Idera Pharmaceuticals, Inc. (a)		15,546		23,319
Ignyta, Inc. (a)		6,135		32,516
Immune Design Corp. (a)		1,494		8,217
ImmunoGen, Inc. (a)		12,865		26,245
Immunomedics, Inc. (a)(b)		20,713		76,017
Impax Laboratories, Inc. (a)		10,889		144,279
INC Research Holdings, Inc., Class A (a)		8,229		432,845
Incyte Corp. (a)		26,843		2,691,548
Infinity Pharmaceuticals, Inc. (a)		7,013		9,468
Innoviva, Inc. (a)		12,381		132,477
Inotek Pharmaceuticals Corp. (a)		3,215		19,612
Inovio Pharmaceuticals, Inc. (a)		10,866		75,410
Insmed, Inc. (a)		9,141		120,935
Insys Therapeutics, Inc. (a)(b)		3,557		32,724
Intercept Pharmaceuticals, Inc. (a)		2,687		291,943
Intrexon Corp. (a)		9,146		222,248
Invitae Corp., cost $28,390,380) (Acquired 10/08/14, cost (a)		4,225		33,546
InVivo Therapeutics Holdings Corp. (a)(b)		5,769		24,230
Ionis Pharmaceuticals, Inc. (a)		18,717		895,234
Ironwood Pharmaceuticals, Inc. (a)		19,973		305,387
IsoRay, Inc. (a)		15,938		9,244
Jazz Pharmaceuticals PLC (a)		9,068		988,684
Juniper Pharmaceuticals, Inc. (a)		2,517		14,095
KalVista Pharmaceuticals, Inc. (a)		258		1,824
Karyopharm Therapeutics, Inc. (a)		3,090		29,046
KemPharm, Inc. (a)		4,202		12,396
Keryx Biopharmaceuticals, Inc. (a)(b)		16,183		94,832
Kite Pharma, Inc. (a)		6,697		300,293
La Jolla Pharmaceutical Co. (a)		2,049		35,919
Lannett Co., Inc. (a)(b)		4,569		100,746
Lexicon Pharmaceuticals, Inc. (a)		6,848		94,708
Ligand Pharmaceuticals, Inc. (a)		2,895		294,161
Lion Biotechnologies, Inc. (a)		7,492		52,069
Loxo Oncology, Inc. (a)		1,984		63,716
Luminex Corp. (a)		6,445		130,382
MacroGenics, Inc. (a)		4,979		101,771
Madrigal Pharmaceuticals, Inc. (a)		558		8,314
MannKind Corp. (a)(b)		39,844		25,369
Mast Therapeutics, Inc. (a)		50,199		4,357
Medicines Co. (a)		10,582		359,153
MediciNova, Inc. (a)(b)		4,864		29,330
MEI Pharma, Inc. (a)		8,459		12,181
Merrimack Pharmaceuticals, Inc. (a)		20,058		81,837
Microbot Medical, Inc. (a)(b)		245		1,495

Common Stocks	Shares		Value
Pharmaceuticals & Biotechnology (continued)
MiMedx Group, Inc. (a)		15,260	$	135,204
Minerva Neurosciences, Inc. (a)		2,856		33,558
Mirati Therapeutics, Inc. (a)		4,241		20,145
Momenta Pharmaceuticals, Inc. (a)		9,395		141,395
Myriad Genetics, Inc. (a)		10,288		171,501
NanoString Technologies, Inc. (a)		2,146		47,856
NantKwest, Inc. (a)		4,139		23,675
Nektar Therapeutics (a)		25,270		310,063
Neothetics, Inc. (a)		1,616		1,810
Neuralstem, Inc. (a)		17,361		4,790
Neurocrine Biosciences, Inc. (a)		13,195		510,646
NewLink Genetics Corp. (a)		3,137		32,248
Novavax, Inc. (a)(b)		41,203		51,916
Ohr Pharmaceutical, Inc. (a)		9,287		13,931
Omeros Corp. (a)(b)		6,534		64,817
Oncocyte Corp. (a)		478		3,370
OncoMed Pharmaceuticals, Inc. (a)		3,414		26,322
Ophthotech Corp. (a)		4,442		21,455
OPKO Health, Inc. (a)(b)		54,705		508,756
Orexigen Therapeutics, Inc. (a)(b)		1,808		3,146
Organovo Holdings, Inc. (a)		12,913		43,775
Osiris Therapeutics, Inc. (a)		2,766		13,581
Otonomy, Inc. (a)		4,226		67,193
OvaScience, Inc. (a)		5,645		8,637
Pacific Biosciences of California, Inc. (a)		11,755		44,669
Pacira Pharmaceuticals, Inc. (a)		5,782		186,759
Pain Therapeutics, Inc. (a)		8,736		4,981
Palatin Technologies, Inc. (a)		23,498		11,979
Paratek Pharmaceuticals, Inc. (a)		2,653		40,856
PDL BioPharma, Inc.		23,556		49,939
Peregrine Pharmaceuticals, Inc. (a)		35,720		11,016
Pernix Therapeutics Holdings, Inc. (a)		763		1,480
Pfenex, Inc. (a)		2,551		23,138
PharmAthene, Inc. (a)		14,512		47,164
Portola Pharmaceuticals, Inc. (a)		8,510		190,964
PRA Health Sciences, Inc. (a)		5,912		325,869
Prestige Brands Holdings, Inc. (a)		7,922		412,736
Progenics Pharmaceuticals, Inc. (a)		10,933		94,461
Proteon Therapeutics, Inc. (a)(b)		1,374		2,611
Prothena Corp. PLC (a)		5,335		262,429
pSivida Corp. (a)		6,822		11,666
PTC Therapeutics, Inc. (a)		4,711		51,397
Puma Biotechnology, Inc. (a)		4,673		143,461
Quintiles Transnational Holdings, Inc. (a)		20,531		1,561,383
Radius Health, Inc. (a)		5,619		213,691
Recro Pharma, Inc. (a)		2,418		19,489
REGENXBIO, Inc. (a)		3,300		61,215
Regulus Therapeutics, Inc. (a)		4,368		9,828
Rennova Health, Inc. (a)(b)		782		65
Repligen Corp. (a)		5,025		154,870
Repros Therapeutics, Inc. (a)		4,528		5,977
Retrophin, Inc. (a)		5,293		100,196
Revance Therapeutics, Inc. (a)		3,551		73,506
Rexahn Pharmaceuticals, Inc. (a)		44,878		6,368
Rigel Pharmaceuticals, Inc. (a)		16,778		39,932
Sage Therapeutics, Inc. (a)		5,160		263,470
Sangamo Biosciences, Inc. (a)		10,912		33,282
Sarepta Therapeutics, Inc. (a)		7,996		219,330
Sciclone Pharmaceuticals, Inc. (a)		8,444		91,195
Seattle Genetics, Inc. (a)		14,494		764,848
Seres Therapeutics, Inc. (a)		3,552		35,165
Sorrento Therapeutics, Inc. (a)		6,112		29,949
Spectrum Pharmaceuticals, Inc. (a)		9,945		44,056
Stemline Therapeutics, Inc. (a)		3,075		32,903
Sucampo Pharmaceuticals, Inc., Class A (a)		4,244		57,506
Sunesis Pharmaceuticals, Inc. (a)		2,343		8,482
Supernus Pharmaceuticals, Inc. (a)		7,705		194,551

See Notes to Financial Statements.

16 QUANTITATIVE MASTER SERIES LLC DECEMBER 31, 2016

Schedule of Investments (continued) Master Extended Market Index Series

Common Stocks	Shares		Value
Pharmaceuticals & Biotechnology (continued)
Synergy Pharmaceuticals, Inc. (a)		26,838	$	163,443
Synthetic Biologics, Inc. (a)(b)		13,497		10,293
Teligent, Inc. (a)		6,994		46,230
Tenax Therapeutics, Inc. (a)		1,873		3,652
Tetraphase Pharmaceuticals, Inc. (a)		6,125		24,684
TG Therapeutics, Inc. (a)		6,103		28,379
TherapeuticsMD, Inc. (a)(b)		25,609		147,764
Theravance Biopharma, Inc. (a)(b)		6,417		204,574
Threshold Pharmaceuticals, Inc. (a)		10,962		4,834
Titan Pharmaceuticals, Inc. (a)		3,672		14,688
Tokai Pharmaceuticals, Inc. (a)		1,487		1,454
Tonix Pharmaceuticals Holding Corp. (a)		1,554		731
Tracon Pharmaceuticals, Inc. (a)		1,428		6,997
Trevena, Inc. (a)		7,025		41,307
Trovagene, Inc. (a)		5,524		11,600
Trubion Pharmaceuticals, Inc.		3,113		—
Ultragenyx Pharmaceutical, Inc. (a)		5,955		418,696
United Therapeutics Corp. (a)		6,559		940,757
Vanda Pharmaceuticals, Inc. (a)		6,494		103,579
Verastem, Inc. (a)		5,333		5,973
Versartis, Inc. (a)		3,367		50,168
Vical, Inc. (a)		2,976		6,845
Vital Therapies, Inc. (a)(b)		3,761		16,360
Vivus, Inc. (a)		17,507		20,133
Voyager Therapeutics, Inc. (a)		1,200		15,288
WaVe Life Sciences Ltd. (a)		1,603		41,918
Windtree Therapeutics, Inc. (a)		2,806		3,479
Xencor, Inc. (a)		6,254		164,605
XOMA Corp. (a)		1,089		4,596
ZIOPHARM Oncology, Inc. (a)(b)		18,936		101,308
Zogenix, Inc. (a)		4,527		55,003
				33,582,013
Real Estate Investment & Services — 1.5%
AG Mortgage Investment Trust, Inc.		4,544		77,748
Alexander & Baldwin, Inc.		7,453		334,416
Altisource Portfolio Solutions SA (a)		1,818		48,341
American Realty Investors, Inc. (a)(b)		1,631		8,432
AV Homes, Inc. (a)		2,544		40,195
Black Knight Financial Services, Inc., Class A (a)		3,577		135,211
Chimera Investment Corp.		25,996		442,452
Columbia Property Trust, Inc.		18,064		390,182
Communications Sales & Leasing, Inc. (a)		22,376		568,574
Consolidated-Tomoka Land Co.		1,011		54,008
Dynex Capital, Inc.		8,841		60,296
Forest City Realty Trust, Inc., Class A		33,228		692,472
Forestar Group, Inc. (a)		4,591		61,060
Gaming and Leisure Properties, Inc.		29,459		902,035
Hannon Armstrong Sustainable Infrastructure Capital, Inc.		8,464		160,731
HFF, Inc., Class A		5,216		157,784
Howard Hughes Corp. (a)		5,538		631,886
InfraREIT, Inc. (a)		6,218		111,364
Jones Lang LaSalle, Inc.		6,713		678,282
Kennedy-Wilson Holdings, Inc.		13,764		282,162
Marcus & Millichap, Inc. (a)		2,728		72,892
Maui Land & Pineapple Co., Inc. (a)		5,106		37,018
Monogram Residential Trust, Inc.		26,236		283,874
Nationstar Mortgage Holdings, Inc. (a)		5,186		93,659
Paramount Group, Inc.		27,237		435,520
QTS Realty Trust, Inc., Class A		7,599		377,290
RE/MAX Holdings, Inc., Class A		2,929		164,024
Realogy Holdings Corp.		21,577		555,176
Reis, Inc.		1,837		40,873
Rexford Industrial Realty, Inc.		10,138		235,100
St. Joe Co. (a)		10,898		207,062
STORE Capital Corp.		23,739		586,591

Common Stocks	Shares		Value
Real Estate Investment & Services (continued)
Tejon Ranch Co. (a)		2,659	$	67,618
Xenia Hotels & Resorts, Inc.		15,639		303,709
Zillow Group, Inc., Class A (a)		6,744		245,819
Zillow Group, Inc., Class C (a)		16,073		586,182
				10,130,038
Real Estate Investment Trusts (REITs) — 8.7%
Acadia Realty Trust		12,259		400,624
AGNC Investment Corp.		49,652		900,191
Agree Realty Corp.		4,285		197,324
Alexander’s, Inc.		498		212,581
Alexandria Real Estate Equities, Inc.		11,935		1,326,337
Altisource Residential Corp.		9,073		100,166
American Assets Trust, Inc.		5,923		255,163
American Campus Communities, Inc.		20,116		1,001,173
American Homes 4 Rent, Class A		34,242		718,397
Annaly Capital Management, Inc.		152,007		1,515,510
Anworth Mortgage Asset Corp.		16,369		84,628
Apollo Commercial Real Estate Finance, Inc.		10,760		178,831
Apple Hospitality REIT, Inc.		24,383		487,172
Arbor Realty Trust, Inc.		9,585		71,504
Ares Commercial Real Estate Corp.		6,966		95,643
Arlington Asset Investment Corp., Class A		1,883		27,906
Armada Hoffler Properties, Inc.		6,546		95,375
ARMOUR Residential REIT, Inc.		5,832		126,496
Ashford Hospitality Prime, Inc.		5,078		69,315
Ashford Hospitality Trust, Inc.		13,385		103,868
Blackstone Mortgage Trust, Inc., Class A		14,099		423,957
Bluerock Residential Growth REIT, Inc.		5,761		79,041
Brandywine Realty Trust		26,057		430,201
Brixmor Property Group, Inc.		40,346		985,249
BRT Realty Trust (a)		3,601		29,492
Camden Property Trust		13,159		1,106,277
Capstead Mortgage Corp.		13,401		136,556
Care Capital Properties, Inc.		12,635		315,875
CareTrust REIT, Inc.		12,118		185,648
Catchmark Timber Trust, Inc., Class A		7,387		83,178
CBL & Associates Properties, Inc.		25,400		292,100
Cedar Realty Trust, Inc.		12,109		79,072
Chatham Lodging Trust		6,442		132,383
Chesapeake Lodging Trust		8,980		232,223
CIM Commercial Trust Corp.		1,904		29,417
Colony Capital, Inc., Class A		16,809		340,382
Colony Starwood Homes		7,490		215,787
Condor Hospitality Trust, Inc.		985		1,980
CoreCivic, Inc.		17,915		438,201
CorEnergy Infrastructure Trust, Inc.		2,295		80,050
Coresite Realty Corp.		5,210		413,518
Corporate Office Properties Trust		13,663		426,559
Cousins Properties, Inc.		51,389		437,320
CubeSmart		27,112		725,788
CyrusOne, Inc.		11,372		508,670
CYS Investments, Inc.		22,334		172,642
DCT Industrial Trust, Inc.		13,783		659,930
DDR Corp.		48,692		743,527
DiamondRock Hospitality Co.		28,628		330,081
Douglas Emmett, Inc.		21,422		783,188
Duke Realty Corp.		53,050		1,409,008
DuPont Fabros Technology, Inc.		11,311		496,892
Easterly Government Properties, Inc.		4,683		93,754
EastGroup Properties, Inc.		4,835		357,016
Education Realty Trust, Inc.		11,089		469,065
Empire State Realty Trust, Inc., Class A		18,394		371,375
EPR Properties		9,827		705,284
Equity Commonwealth (a)		19,392		586,414
Equity Lifestyle Properties, Inc.		12,194		879,187
Equity One, Inc.		13,874		425,793

See Notes to Financial Statements.

QUANTITATIVE MASTER SERIES LLC DECEMBER 31, 2016 17

Schedule of Investments (continued) Master Extended Market Index Series

Common Stocks	Shares		Value
Real Estate Investment Trusts (REITs) (continued)
FelCor Lodging Trust, Inc.		19,873	$	159,183
First Industrial Realty Trust, Inc.		17,418		488,575
First Potomac Realty Trust		9,864		108,208
Franklin Street Properties Corp.		15,738		203,964
Geo Group, Inc.		11,131		399,937
Getty Realty Corp.		4,438		113,125
Gladstone Commercial Corp.		5,033		101,163
Global Net Lease, Inc.		27,324		213,947
Government Properties Income Trust		8,160		155,570
Gramercy Property Trust		62,662		575,237
Healthcare Realty Trust, Inc.		16,761		508,194
Healthcare Trust of America, Inc., Class A		22,778		663,068
Hersha Hospitality Trust		6,587		141,620
Highwoods Properties, Inc.		15,482		789,737
Hospitality Properties Trust		24,756		785,755
Hudson Pacific Properties, Inc.		18,344		638,004
Independence Realty Trust, Inc.		13,622		121,508
Invesco Mortgage Capital, Inc.		16,844		245,922
Investors Real Estate Trust		19,805		141,210
iStar, Inc. (a)		11,959		147,933
Kilroy Realty Corp.		13,909		1,018,417
Kite Realty Group Trust		12,411		291,410
LaSalle Hotel Properties		16,772		511,043
Lexington Realty Trust		31,494		340,135
Liberty Property Trust		21,970		867,815
Life Storage, Inc.		6,845		583,605
LTC Properties, Inc.		6,172		289,961
Mack-Cali Realty Corp.		13,234		384,051
Medical Properties Trust, Inc.		48,184		592,663
MFA Financial, Inc.		53,544		408,541
Monmouth Real Estate Investment Corp.		12,241		186,553
MTGE Investment Corp.		7,285		114,375
National Health Investors, Inc.		5,939		440,496
National Retail Properties, Inc.		22,126		977,969
National Storage Affiliates Trust		6,068		133,921
New Residential Investment Corp.		38,156		599,812
New Senior Investment Group, Inc.		13,583		132,978
New York Mortgage Trust, Inc.		18,994		125,360
New York REIT, Inc.		25,678		259,861
NexPoint Residential Trust, Inc.		3,178		70,997
NorthStar Realty Europe Corp.		9,768		122,784
NorthStar Realty Finance Corp.		27,321		413,913
Omega Healthcare Investors, Inc.		30,187		943,646
One Liberty Properties, Inc.		3,098		77,822
Parkway, Inc. (a)		8,271		184,030
Pebblebrook Hotel Trust		10,510		312,672
Pennsylvania Real Estate Investment Trust		10,348		196,198
PennyMac Mortgage Investment Trust (c)		10,450		171,066
Physicians Realty Trust		20,695		392,377
Piedmont Office Realty Trust, Inc., Class A		20,451		427,630
Potlatch Corp.		6,073		252,940
Preferred Apartment Communities, Inc., Class A		5,436		81,051
PS Business Parks, Inc.		2,790		325,091
Quality Care Properties, Inc. (a)		14,098		218,519
RAIT Financial Trust		12,466		41,886
Ramco-Gershenson Properties Trust		12,330		204,431
Rayonier, Inc.		18,797		500,000
Redwood Trust, Inc.		12,292		186,961
Regency Centers Corp.		15,850		1,092,857
Resource Capital Corp.		5,570		46,398
Retail Opportunity Investments Corp.		15,872		335,375
Retail Properties of America, Inc., Class A		36,165		554,409
RLJ Lodging Trust		18,148		444,445
RMR Group, Inc., Class A		1,340		52,930
Sabra Health Care REIT, Inc.		9,890		241,514
Saul Centers, Inc.		1,841		122,629
Select Income REIT		9,802		247,010

Common Stocks	Shares		Value
Real Estate Investment Trusts (REITs) (continued)
Senior Housing Properties Trust		35,803	$	677,751
Seritage Growth Properties, Class A (b)		3,458		147,691
Silver Bay Realty Trust Corp.		6,204		106,337
Spirit Realty Capital, Inc.		73,104		793,909
STAG Industrial, Inc.		12,673		302,505
Starwood Property Trust, Inc.		37,799		829,688
Summit Hotel Properties, Inc.		13,782		220,925
Sun Communities, Inc.		10,279		787,474
Sunstone Hotel Investors, Inc.		32,183		490,791
Tanger Factory Outlet Centers, Inc.		14,522		519,597
Taubman Centers, Inc.		9,740		720,078
Terreno Realty Corp.		8,380		238,746
Tier REIT, Inc.		7,404		128,756
Two Harbors Investment Corp.		54,500		475,240
UMH Properties, Inc.		5,693		85,680
Universal Health Realty Income Trust		1,725		113,143
Urban Edge Properties		13,543		372,568
Urstadt Biddle Properties, Inc., Class A		3,630		87,519
VEREIT, Inc.		150,932		1,276,885
Walter Investment Management Corp. (a)(b)		5,793		27,517
Washington Prime Group, Inc.		27,493		286,202
Washington Real Estate Investment Trust		10,568		345,468
Weingarten Realty Investors		17,562		628,544
Western Asset Mortgage Capital Corp.		7,954		80,097
Whitestone REIT		5,219		75,049
WP Carey, Inc.		15,958		942,958
				58,563,809
Software & Computer Services — 7.2%
2U, Inc. (a)		6,407		193,171
A10 Networks, Inc. (a)		6,913		57,447
ACI Worldwide, Inc. (a)		17,713		321,491
Actua Corp. (a)		6,343		88,802
Alarm.com Holdings, Inc. (a)		2,074		57,719
Allscripts Healthcare Solutions, Inc. (a)		28,232		288,249
American Software, Inc., Class A		5,062		52,290
Angie’s List, Inc. (a)		5,706		46,960
ANSYS, Inc. (a)		13,241		1,224,660
Arista Networks, Inc. (a)		6,448		623,973
Aspen Technology, Inc. (a)		11,975		654,793
athenahealth, Inc. (a)		5,991		630,073
Barracuda Networks, Inc. (a)		4,369		93,628
Benefitfocus, Inc. (a)		2,324		69,023
Blackbaud, Inc.		7,177		459,328
Blucora, Inc. (a)		6,758		99,681
Boingo Wireless, Inc. (a)		6,907		84,196
Bottomline Technologies, Inc. (a)		6,070		151,871
Box, Inc., Class A (a)		9,161		126,971
Brightcove, Inc. (a)		5,883		47,358
BroadSoft, Inc. (a)		4,650		191,812
CACI International, Inc., Class A (a)		3,622		450,215
Cadence Design Systems, Inc. (a)		43,480		1,096,566
Calix, Inc. (a)		7,426		57,180
Callidus Software, Inc. (a)		10,869		182,599
Castlight Health, Inc., Class B (a)		9,141		45,248
CDW Corp.		24,522		1,277,351
ChannelAdvisor Corp. (a)		4,783		68,636
Ciber, Inc. (a)		11,476		7,251
Cogent Communications Group, Inc.		5,978		247,190
CommerceHub, Inc., Series A (a)		2,884		43,289
CommerceHub, Inc., Series C (a)		2,799		42,069
CommVault Systems, Inc. (a)		6,399		328,909
Computer Programs & Systems, Inc.		1,686		39,790
Computer Sciences Corp.		21,262		1,263,388
Computer Task Group, Inc.		2,432		10,239
Cornerstone OnDemand, Inc. (a)		7,793		329,722
Covisint Corp. (a)		8,788		16,697

See Notes to Financial Statements.

18 QUANTITATIVE MASTER SERIES LLC DECEMBER 31, 2016

Schedule of Investments (continued) Master Extended Market Index Series

Common Stocks	Shares		Value
Software & Computer Services (continued)
CSG Systems International, Inc.		4,927	$	238,467
Datalink Corp. (a)		3,557		40,052
Dell Technologies, Inc., Class V (a)		34,079		1,873,323
Determine, Inc. (a)		2,985		5,522
DeVry Education Group, Inc.		8,559		267,041
Digimarc Corp. (a)		1,894		56,820
DST Systems, Inc.		4,914		526,535
Ebix, Inc.		3,364		191,916
eGain Corp. (a)		1,227		2,577
Ellie Mae, Inc. (a)		5,282		441,998
Endurance International Group Holdings, Inc. (a)		9,536		88,685
Envestnet, Inc. (a)		6,555		231,064
EPAM Systems, Inc. (a)		6,794		436,922
Evolving Systems, Inc.		2,275		9,328
Fair Isaac Corp.		4,791		571,183
FalconStor Software, Inc. (a)		12,659		5,695
FireEye, Inc. (a)		22,955		273,164
Five9, Inc. (a)		6,058		85,963
Forrester Research, Inc.		1,630		70,009
Fortinet, Inc. (a)		22,211		668,995
Gartner, Inc. (a)		12,511		1,264,487
Gigamon, Inc. (a)		4,621		210,487
GoDaddy, Inc., Class A (a)		7,736		270,373
Gogo, Inc. (a)(b)		8,869		81,772
Great Elm Capital Group, Inc. (a)		4,587		17,201
GSE Systems, Inc. (a)		5,963		20,871
Guidance Software, Inc. (a)		4,351		30,805
Guidewire Software, Inc. (a)		11,713		577,802
Hackett Group, Inc.		4,211		74,366
Hortonworks, Inc. (a)		6,260		52,021
HubSpot, Inc. (a)		4,668		219,396
IAC/InterActiveCorp		11,156		722,797
Immersion Corp. (a)		5,072		53,915
Innodata, Inc. (a)		6,741		16,515
Internap Corp. (a)		9,211		14,185
IntraLinks Holdings, Inc. (a)		6,886		93,099
j2 Global, Inc.		7,099		580,698
Jive Software, Inc. (a)		9,460		41,151
KEYW Holding Corp. (a)		6,373		75,138
Leidos Holdings, Inc.		21,458		1,097,362
Limelight Networks, Inc. (a)		11,498		28,975
LivePerson, Inc. (a)		8,346		63,012
LogMeIn, Inc.		3,829		369,690
Manhattan Associates, Inc. (a)		10,859		575,853
Mastech Holdings, Inc. (a)		1,020		6,946
Match Group, Inc. (a)(b)		6,727		115,032
Medidata Solutions, Inc. (a)		8,294		411,963
MeetMe, Inc. (a)		8,480		41,806
Mentor Graphics Corp.		16,704		616,211
MicroStrategy, Inc., Class A (a)		1,413		278,926
Mitek Systems, Inc. (a)		6,170		37,946
MobileIron, Inc. (a)		8,172		30,645
Model N, Inc. (a)		4,111		36,382
Monotype Imaging Holdings, Inc.		6,127		121,621
Netscout Systems, Inc. (a)		14,040		442,260
New Relic, Inc. (a)		4,759		134,442
NIC, Inc.		9,602		229,488
Nuance Communications, Inc. (a)		40,375		601,587
Palo Alto Networks, Inc. (a)		14,088		1,761,704
Paycom Software, Inc. (a)		6,073		276,261
PC-Tel, Inc.		4,538		24,414
PDF Solutions, Inc. (a)		4,645		104,745
Pegasystems, Inc.		5,608		201,888
Perficient, Inc. (a)		5,910		103,366
Premier, Inc., Class A (a)		8,583		260,580
Progress Software Corp.		7,313		233,504
Proofpoint, Inc. (a)		6,680		471,942

Common Stocks	Shares		Value
Software & Computer Services (continued)
PROS Holdings, Inc. (a)		4,092	$	88,060
PTC, Inc. (a)		17,897		828,094
Q2 Holdings, Inc. (a)		4,257		122,814
QAD, Inc., Class A		906		27,542
QAD, Inc., Class B		1,021		26,087
Quality Systems, Inc.		6,990		91,919
Qualys, Inc. (a)		4,507		142,647
RealPage, Inc. (a)		8,368		251,040
Rightside Group Ltd. (a)		2,809		23,230
RigNet, Inc. (a)		2,435		56,370
RingCentral, Inc., Class A (a)		9,479		195,267
Rocket Fuel, Inc. (a)		5,595		9,567
Rosetta Stone, Inc. (a)		3,678		32,771
Science Applications International Corp.		6,700		568,160
ServiceNow, Inc. (a)		25,166		1,870,840
Shutterstock, Inc. (a)		2,987		141,942
Silver Spring Networks, Inc. (a)		6,698		89,150
Smith Micro Software, Inc. (a)		3,086		4,845
SoftBrands, Inc.		114		—
Splunk, Inc. (a)		20,788		1,063,306
SPS Commerce, Inc. (a)		2,618		182,972
Square, Inc., Class A (a)		2,654		36,174
SS&C Technologies Holdings, Inc.		26,496		757,786
Support.com, Inc. (a)		17,347		14,918
Synchronoss Technologies, Inc. (a)		6,422		245,963
Synopsys, Inc. (a)		23,173		1,363,963
Syntel, Inc.		4,141		81,950
Tableau Software, Inc., Class A (a)		9,222		388,707
Tangoe, Inc. (a)		4,872		38,391
TeleNav, Inc. (a)		5,854		41,271
TiVo Corp. (a)		18,079		377,851
Twilio, Inc. (a)(b)		3,381		97,542
Twitter, Inc. (a)		91,654		1,493,960
Tyler Technologies, Inc. (a)		5,214		744,403
Ultimate Software Group, Inc. (a)		4,533		826,593
Unisys Corp. (a)		7,423		110,974
Vantiv, Inc., Class A (a)		23,974		1,429,330
Varonis Systems, Inc. (a)		2,808		75,254
VASCO Data Security International, Inc. (a)		4,683		63,923
Vectrus, Inc. (a)		1,852		44,170
Veeva Systems, Inc., Class A (a)		15,648		636,874
Verint Systems, Inc. (a)		9,491		334,558
VirnetX Holding Corp. (a)(b)		6,877		15,129
Virtusa Corp. (a)		4,107		103,168
VMware, Inc., Class A (a)(b)		10,948		861,936
Web.com Group, Inc. (a)		8,012		169,454
Workday, Inc., Class A (a)		18,828		1,244,343
Workiva, Inc. (a)		3,410		46,547
Zendesk, Inc. (a)		11,186		237,143
Zix Corp. (a)		10,588		52,305
Zynga, Inc., Class A (a)		116,831		300,256
				48,302,183
Support Services — 4.0%
ABM Industries, Inc.		8,327		340,075
Acacia Research Corp.		8,239		53,554
Advisory Board Co. (a)		6,250		207,813
Amdocs Ltd.		22,690		1,321,692
AMN Healthcare Services, Inc. (a)		7,153		275,033
Applied Industrial Technologies, Inc.		5,724		340,006
ARC Document Solutions, Inc. (a)		6,901		35,057
Barnes Group, Inc.		7,338		347,968
Barrett Business Services, Inc.		1,189		76,215
Bazaarvoice, Inc. (a)		12,100		58,685
Black Box Corp.		2,668		40,687
Booz Allen Hamilton Holding Corp.		22,760		820,953
Brink’s Co.		6,657		274,601

See Notes to Financial Statements.

QUANTITATIVE MASTER SERIES LLC DECEMBER 31, 2016 19

Schedule of Investments (continued) Master Extended Market Index Series

Common Stocks	Shares		Value
Support Services (continued)
Broadridge Financial Solutions, Inc.		18,185	$	1,205,665
Cardtronics PLC, Class A (a)		6,774		369,657
Cartesian, Inc. (a)		2,116		1,924
Casella Waste Systems, Inc., Class A (a)		7,582		94,093
Cass Information Systems, Inc.		1,314		96,671
CBIZ, Inc. (a)		9,058		124,095
CDI Corp.		1,891		13,993
CEB, Inc.		4,733		286,820
Cenveo, Inc. (a)		1,842		12,876
Clean Harbors, Inc. (a)		7,847		436,686
Comfort Systems USA, Inc.		5,684		189,277
Convergys Corp.		14,425		354,278
CoreLogic, Inc. (a)		13,193		485,898
CoStar Group, Inc. (a)		4,952		933,402
CRA International, Inc.		1,412		51,679
Crawford & Co., Class B		3,693		46,384
Cross Country Healthcare, Inc. (a)		5,168		80,672
Deluxe Corp.		7,253		519,387
DHI Group, Inc. (a)		8,680		54,250
DigitalGlobe, Inc. (a)		9,636		276,071
Donnelley Financial Solutions, Inc. (a)		3,992		91,736
DXP Enterprises, Inc. (a)		2,735		95,014
Ennis, Inc.		3,906		67,769
Essendant, Inc.		5,328		111,355
Euronet Worldwide, Inc. (a)		7,929		574,297
Everi Holdings, Inc. (a)		10,402		22,572
EVERTEC, Inc.		9,459		167,897
Evolent Health, Inc., Class A (a)		2,726		40,345
ExlService Holdings, Inc. (a)		5,026		253,511
ExOne Co. (a)		1,784		16,663
Exponent, Inc.		3,885		234,266
First Data Corp., Class A (a)		30,401		431,390
FleetCor Technologies, Inc. (a)		14,116		1,997,696
Franklin Covey Co. (a)		2,677		53,942
Frontline Capital Group (a)		300		—
FTI Consulting, Inc. (a)		6,259		282,156
G&K Services, Inc., Class A		2,985		287,903
Genpact Ltd. (a)		20,239		492,617
GP Strategies Corp. (a)		2,813		80,452
HD Supply Holdings, Inc. (a)		30,472		1,295,365
Heidrick & Struggles International, Inc.		2,753		66,485
Heritage-Crystal Clean, Inc. (a)		3,226		50,648
Hudson Global, Inc.		7,493		10,190
Huron Consulting Group, Inc. (a)		3,240		164,106
ICF International, Inc. (a)		3,065		169,188
Imperva, Inc. (a)		4,450		170,880
InnerWorkings, Inc. (a)		7,279		71,698
Inovalon Holdings, Inc., Class A (a)		10,521		108,366
Insperity, Inc.		2,827		200,576
Jack Henry & Associates, Inc.		11,869		1,053,730
Kaman Corp.		3,995		195,475
Kelly Services, Inc., Class A		4,059		93,032
Kforce, Inc.		3,944		91,106
Korn/Ferry International		8,464		249,096
LifeLock, Inc. (a)		12,412		296,895
Lionbridge Technologies, Inc. (a)		10,173		59,003
LSC Communications Inc.		3,992		118,483
ManpowerGroup, Inc.		10,153		902,297
MAXIMUS, Inc.		9,832		548,527
McGrath RentCorp		3,639		142,612
Mistras Group, Inc. (a)		2,701		69,362
Mobile Mini, Inc.		6,403		193,691
ModusLink Global Solutions, Inc. (a)		9,568		13,969
MSC Industrial Direct Co., Inc., Class A		6,823		630,377
Navigant Consulting, Inc. (a)		7,309		191,350
NeuStar, Inc., Class A (a)		7,934		264,996
Odyssey Marine Exploration, Inc. (a)(b)		2,444		8,358

Common Stocks	Shares		Value
Support Services (continued)
On Assignment, Inc. (a)		7,474	$	330,052
Park-Ohio Holdings Corp.		1,321		56,275
Perma-Fix Environmental Services (a)		4,810		18,759
Planet Payment, Inc. (a)		9,438		38,507
Power Solutions International, Inc. (a)(b)		815		6,113
PRGX Global, Inc. (a)		6,115		36,079
Quad/Graphics, Inc.		4,359		117,170
Quest Resource Holding Corp. (a)		2,241		5,490
Resources Connection, Inc.		4,605		88,646
RPX Corp. (a)		8,380		90,504
RR Donnelley & Sons Co.		10,646		173,743
Schnitzer Steel Industries, Inc., Class A		4,015		103,186
ServiceSource International, Inc. (a)		10,518		59,742
Sharps Compliance Corp. (a)		3,499		13,401
StarTek, Inc. (a)		3,340		28,223
Sykes Enterprises, Inc. (a)		5,857		169,033
Team, Inc. (a)		4,703		184,593
TeleTech Holdings, Inc.		2,549		77,745
Tetra Tech, Inc.		8,381		361,640
TransUnion (a)		13,936		431,040
TriNet Group, Inc. (a)		5,713		146,367
TrueBlue, Inc. (a)		6,460		159,239
U.S. Ecology, Inc.		3,348		164,554
UniFirst Corp.		2,344		336,716
Universal Technical Institute, Inc.		3,377		9,827
Viad Corp.		3,107		137,019
WageWorks, Inc. (a)		5,609		406,653
WEX, Inc. (a)		5,886		656,878
				26,964,753
Technology Hardware & Equipment — 4.4%
3D Systems Corp. (a)		15,956		212,055
Acacia Communications, Inc. (a)(b)		2,280		140,790
ADTRAN, Inc.		7,492		167,446
Advanced Energy Industries, Inc. (a)		6,210		339,997
Advanced Micro Devices, Inc. (a)		115,607		1,310,983
Agilysys, Inc. (a)		3,119		32,313
Alpha & Omega Semiconductor Ltd. (a)		2,913		61,960
Amkor Technology, Inc. (a)		18,642		196,673
Amtech Systems, Inc. (a)		2,148		9,129
Applied Micro Circuits Corp. (a)		12,769		105,344
Applied Optoelectronics, Inc. (a)		2,758		64,648
ARRIS International PLC (a)		28,649		863,194
Axcelis Technologies, Inc. (a)		4,811		70,000
Brocade Communications Systems, Inc.		60,606		756,969
Brooks Automation, Inc.		10,683		182,359
Cabot Microelectronics Corp.		3,590		226,780
CalAmp Corp. (a)		5,908		85,666
Cavium, Inc. (a)		10,511		656,307
CEVA, Inc. (a)		3,467		116,318
Ciena Corp. (a)		20,925		510,779
Cirrus Logic, Inc. (a)		9,750		551,265
Clearfield, Inc. (a)		2,370		49,059
Cohu, Inc.		4,081		56,726
CommScope Holding Co., Inc. (a)		29,822		1,109,378
Comtech Telecommunications Corp.		3,715		44,023
Concurrent Computer Corp.		3,805		20,357
Cray, Inc. (a)		6,048		125,194
Cree, Inc. (a)		14,947		394,451
Cypress Semiconductor Corp.		48,113		550,413
Dataram Corp. (a)(b)		297		653
Diebold Nixdorf, Inc.		11,075		278,536
Digi International, Inc. (a)		4,719		64,886
Diodes, Inc. (a)		5,690		146,062
DSP Group, Inc. (a)		4,564		59,560
Dycom Industries, Inc. (a)		4,740		380,575
EchoStar Corp., Class A (a)		7,058		362,711

See Notes to Financial Statements.

20 QUANTITATIVE MASTER SERIES LLC DECEMBER 31, 2016

Schedule of Investments (continued) Master Extended Market Index Series

Common Stocks	Shares		Value
Technology Hardware & Equipment (continued)
Electronics for Imaging, Inc. (a)		7,109	$	311,801
Emcore Corp.		4,624		40,229
Entegris, Inc. (a)		21,468		384,277
ePlus, Inc. (a)		1,102		126,950
Exar Corp. (a)		7,831		84,418
Extreme Networks, Inc. (a)		15,559		78,262
Finisar Corp. (a)		16,635		503,541
FormFactor, Inc. (a)		11,782		131,958
GigPeak, Inc. (a)		13,467		33,937
GSI Technology, Inc. (a)		4,254		26,375
Harmonic, Inc. (a)		12,042		60,210
ID Systems, Inc. (a)		3,541		19,192
Identiv, Inc. (a)		3,365		10,701
Infinera Corp. (a)		22,378		189,989
Inphi Corp. (a)		5,706		254,602
Insight Enterprises, Inc. (a)		5,507		222,703
Integrated Device Technology, Inc. (a)		20,498		482,933
InterDigital, Inc.		5,107		466,524
Intersil Corp., Class A		20,048		447,070
Intra-Cellular Therapies, Inc. (a)		5,242		79,102
InvenSense, Inc. (a)		13,867		177,359
Ixia (a)		10,186		163,995
IXYS Corp.		3,911		46,541
Kopin Corp. (a)		11,813		33,549
Kulicke & Soffa Industries, Inc. (a)		10,388		165,689
KVH Industries, Inc. (a)		2,945		34,751
Lantronix, Inc. (a)		9,095		15,462
Lattice Semiconductor Corp. (a)		19,222		141,474
Loral Space & Communications, Inc. (a)		1,784		73,233
LRAD Corp.		8,678		14,839
Lumentum Holdings, Inc. (a)		8,277		319,906
Marvell Technology Group Ltd.		66,222		918,499
Maxim Integrated Products, Inc.		42,572		1,642,002
MaxLinear, Inc., Class A (a)		8,148		177,626
Mercury Systems, Inc. (a)		6,091		184,070
Microsemi Corp. (a)		17,514		945,231
MKS Instruments, Inc.		8,009		475,735
Monolithic Power Systems, Inc.		5,621		460,529
MoSys, Inc. (a)		14,659		3,373
Nanometrics, Inc. (a)		4,363		109,337
NCR Corp. (a)		19,117		775,386
Neonode, Inc. (a)		12,904		23,743
NeoPhotonics Corp. (a)		4,903		53,001
NETGEAR, Inc. (a)		4,903		266,478
Nimble Storage, Inc. (a)		9,701		76,832
Oclaro, Inc. (a)		20,414		182,705
ON Semiconductor Corp. (a)		62,736		800,511
Optical Cable Corp. (a)		1,750		5,600
PAR Technology Corp. (a)		3,332		18,593
ParkerVision, Inc. (a)(b)		4,644		8,545
PC Connection, Inc.		1,900		53,371
Pendrell Corp. (a)		2,899		19,568
Photronics, Inc. (a)		10,897		123,136
Pixelworks, Inc. (a)		5,286		14,801
Plantronics, Inc.		5,004		274,019
Power Integrations, Inc.		4,369		296,437
Pure Storage, Inc., Class A (a)		12,858		145,424
Quantum Corp. (a)		45,364		37,747
QuickLogic Corp. (a)		9,826		13,658
Qumu Corp. (a)		2,149		5,115
Rambus, Inc. (a)		16,362		225,305
Rudolph Technologies, Inc. (a)		5,365		125,273
ScanSource, Inc. (a)		3,608		145,583
Seachange International, Inc. (a)		7,106		16,344
Semtech Corp. (a)		9,792		308,938
ShoreTel, Inc. (a)		10,755		76,898
Sigma Designs, Inc. (a)		6,054		36,324

Common Stocks	Shares		Value
Technology Hardware & Equipment (continued)
Silicon Laboratories, Inc. (a)		6,196	$	402,740
Sonic Foundry, Inc. (a)		2,214		10,959
Sonus Networks, Inc. (a)		8,411		52,989
Sunworks, Inc. (a)(b)		4,851		9,702
Super Micro Computer, Inc. (a)		6,046		169,590
Synaptics, Inc. (a)		5,190		278,080
SYNNEX Corp.		4,401		532,609
Systemax, Inc.		1,844		16,172
Tech Data Corp. (a)		5,204		440,675
Teradyne, Inc.		30,394		772,008
Tessera Holding Corp.		7,141		315,632
TransAct Technologies, Inc.		2,692		17,767
TransEnterix, Inc. (a)(b)		10,957		14,244
Ubiquiti Networks, Inc. (a)		3,998		231,084
Ultra Clean Holdings, Inc. (a)		5,086		49,334
Ultratech, Inc. (a)		3,837		92,011
USA Technologies, Inc. (a)		7,417		31,893
VeriFone Systems, Inc. (a)		16,285		288,733
ViaSat, Inc. (a)		7,735		512,212
Viavi Solutions, Inc. (a)		36,093		295,241
Vocera Communications, Inc. (a)		4,197		77,603
VOXX International Corp. (a)		4,073		19,143
West Corp.		7,325		181,367
Xcerra Corp. (a)		9,468		72,336
				29,374,992
Tobacco — 0.1%
Alliance One International, Inc. (a)		1,357		26,054
Schweitzer-Mauduit International, Inc.		4,407		200,651
Universal Corp.		3,477		221,659
Vector Group Ltd.		14,824		337,098
				785,462
Travel & Leisure — 4.9%
Allegiant Travel Co.		1,928		320,819
AMC Entertainment Holdings, Inc., Class A		4,521		152,132
Aramark		36,865		1,316,818
Avis Budget Group, Inc. (a)		13,453		493,456
Belmond Ltd., Class A (a)		12,500		166,875
Biglari Holdings, Inc. (a)		187		88,488
BJ’s Restaurants, Inc. (a)		3,216		126,389
Bloomin’ Brands, Inc.		16,524		297,928
Bob Evans Farms, Inc.		3,169		168,623
Boyd Gaming Corp. (a)		12,688		255,917
Bravo Brio Restaurant Group, Inc. (a)		3,322		12,624
Brinker International, Inc.		7,527		372,812
Buffalo Wild Wings, Inc. (a)		2,751		424,754
Caesars Entertainment Corp. (a)(b)		8,936		75,956
Carrols Restaurant Group, Inc. (a)		6,109		93,162
Century Casinos, Inc. (a)		6,355		52,302
Cheesecake Factory, Inc.		6,609		395,747
Choice Hotels International, Inc.		5,449		305,416
Churchill Downs, Inc.		1,973		296,838
Chuy’s Holdings, Inc. (a)		2,773		89,984
Cinemark Holdings, Inc.		16,076		616,675
ClubCorp Holdings, Inc.		9,819		140,903
Cracker Barrel Old Country Store, Inc.		3,588		599,124
Dave & Buster’s Entertainment, Inc. (a)		5,755		324,007
Del Frisco’s Restaurant Group, Inc. (a)		4,306		73,202
Del Taco Restaurants, Inc. (a)		6,237		88,066
Denny’s Corp. (a)		12,272		157,450
DineEquity, Inc.		2,576		198,352
Domino’s Pizza, Inc.		7,322		1,165,955
Dover Downs Gaming & Entertainment, Inc. (a)		6,916		7,123
Dover Motorsports, Inc.		1,592		3,662
Drive Shack, Inc.		11,272		42,383
Dunkin’ Brands Group, Inc.		14,048		736,677

See Notes to Financial Statements.

QUANTITATIVE MASTER SERIES LLC DECEMBER 31, 2016 21

Schedule of Investments (continued) Master Extended Market Index Series

Common Stocks	Shares		Value
Travel & Leisure (continued)
El Pollo Loco Holdings, Inc. (a)		3,382	$	41,599
Eldorado Resorts, Inc. (a)		4,161		70,529
Empire Resorts, Inc. (a)(b)		827		18,814
Entertainment Gaming Asia, Inc. (a)		791		1,099
Extended Stay America, Inc.		16,667		269,172
Famous Dave’s Of America, Inc. (a)		1,498		7,415
Fiesta Restaurant Group, Inc. (a)		4,111		122,713
Four Corners Property Trust, Inc.		7,624		156,444
Full House Resorts, Inc. (a)		8,160		19,584
Gaming Partners International Corp.		1,026		12,117
Habit Restaurants, Inc., Class A (a)		2,486		42,884
Hawaiian Holdings, Inc. (a)		7,927		451,839
Herc Holdings, Inc. (a)		3,841		154,255
Hertz Global Holdings, Inc. (a)		11,270		242,981
Hilton Worldwide Holdings, Inc.		86,531		2,353,643
Hyatt Hotels Corp., Class A (a)		6,088		336,423
ILG, Inc.		15,784		286,795
International Speedway Corp., Class A		3,864		142,195
Isle of Capri Casinos, Inc. (a)		3,638		89,822
J Alexander’s Holdings, Inc. (a)		4,126		44,355
Jack in the Box, Inc.		4,878		544,580
Jamba, Inc. (a)		3,045		31,364
JetBlue Airways Corp. (a)		49,327		1,105,911
La Quinta Holdings, Inc. (a)		12,475		177,270
Las Vegas Sands Corp.		55,202		2,948,339
Liberty Braves Group, Class A (a)		2,717		55,671
Liberty Braves Group, Class C (a)		5,069		104,371
Liberty Expedia Holdings, Inc., Class A (a)		8,378		332,355
Liberty TripAdvisor Holdings, Inc., Series A (a)		10,940		164,647
Luby’s, Inc. (a)		5,639		24,135
Madison Square Garden Co., Class A (a)		2,274		390,014
Marcus Corp.		3,067		96,611
Marriott Vacations Worldwide Corp.		3,630		308,006
MGM Resorts International (a)		73,075		2,106,752
Monarch Casino & Resort, Inc. (a)		2,088		53,829
Noodles & Co. (a)(b)		3,634		14,899
Norwegian Cruise Line Holdings Ltd. (a)		24,573		1,045,090
Panera Bread Co., Class A (a)		3,349		686,846
Papa John’s International, Inc.		4,041		345,829
Penn National Gaming, Inc. (a)		11,873		163,729
Pinnacle Entertainment, Inc. (a)		9,766		141,607
Planet Fitness, Inc., Class A		8,482		170,488
Popeyes Louisiana Kitchen, Inc. (a)		3,356		202,971
Potbelly Corp. (a)		4,799		61,907
RCI Hospitality Holdings, Inc.		2,654		45,383
Reading International, Inc., Class A (a)		2,601		43,177
Red Lion Hotels Corp. (a)		5,052		42,184
Red Robin Gourmet Burgers, Inc. (a)		1,864		105,130
Red Rock Resorts, Inc., Class A		4,813		111,613
Regal Entertainment Group, Class A		16,050		330,630
Ruby Tuesday, Inc. (a)		10,132		32,726
Ruth’s Hospitality Group, Inc.		4,841		88,590
Ryman Hospitality Properties, Inc.		7,679		483,854
Sabre Corp.		31,232		779,238
Scientific Games Corp., Class A (a)		7,878		110,292
SeaWorld Entertainment, Inc.		9,937		188,107
Shake Shack, Inc., Class A (a)		2,951		105,616
Six Flags Entertainment Corp.		12,972		777,801
SkyWest, Inc.		7,663		279,316
Sonic Corp.		7,093		188,035
Speedway Motorsports, Inc.		1,762		38,183
Spirit Airlines, Inc. (a)		10,544		610,076
Texas Roadhouse, Inc.		9,590		462,622
Town Sports International Holdings, Inc. (a)		5,154		12,885
Travelport Worldwide Ltd.		19,914		280,787
Travelzoo, Inc. (a)		2,100		19,740
Vail Resorts, Inc.		6,102		984,314

Common Stocks	Shares		Value
Travel & Leisure (continued)
Wendy’s Co.		30,432	$	411,441
Wingstop, Inc.		5,041		149,163
World Wrestling Entertainment, Inc., Class A		5,646		103,886
Zoe’s Kitchen, Inc. (a)		3,126		74,993
				32,662,300
Total Common Stocks — 98.2%				659,472,695
Other Interests (d)	Beneficial Interest (000)
Pharmaceuticals & Biotechnology — 0.0%
Merck KGaA	$	3		—
Real Estate Investment Trusts (REITs) — 0.0%
AmeriVest Properties, Inc. (a)		4		—
Technology Hardware & Equipment — 0.0%
Gerber Scientific, Inc.		4		45
Travel & Leisure — 0.0%
FRD Acquisition Co.		13		—
Total Other Interests — 0.0%				45
Rights — 0.0%	Shares
Pharmaceuticals & Biotechnology — 0.0%
Dyax Corp. CVR (Expires 12/31/19) (a)		21,860		24,265
Technology Hardware & Equipment — 0.0%
Leap Wireless, CVR, (Expires 07/16/18) (a)		8,850		28,099
Total Rights — 0.0%				52,364
Total Long-Term Investments (Cost — $431,059,077) — 98.2%				659,525,104
Short-Term Securities
BlackRock T-Fund, Institutional Class, 0.36% (c)(e)		10,850,139		10,850,139
SL Liquidity Series, LLC, Money Market Series, 0.95% (c)(e)(f)		5,565,324		5,565,880
Total Short-Term Securities (Cost — $16,415,631) — 2.4%				16,416,019
Total Investments (Cost — $447,474,708) — 100.6%				675,941,123
Liabilities in Excess of Other Assets — (0.6)%				(4,112,890	)
Net Assets — 100.0%			$	671,828,233

See Notes to Financial Statements.

22 QUANTITATIVE MASTER SERIES LLC DECEMBER 31, 2016

Schedule of Investments (continued) Master Extended Market Index Series

Notes to Schedule of Investments

(a) Non-income producing security.

(b) Security, or a portion of security, is on loan.

(c) During the year ended December 31, 2016, 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 Held at December 31, 2015		Shares Purchased			Shares Sold			Shares Held at December 31, 2016		Value at December 31, 2016		Income			Realized Gain
BlackRock Liquidity Funds, T-Fund, Institutional Class		—		10,850,139	1					10,850,139	$	10,850,139	$	9,814			—
BlackRock Liquidity Funds, TempFund, Institutional Class		15,610,860		—			(15,610,860	)2		—		—		35,869			—
PennyMac Mortgage Investment Trust		10,450		—			—			10,450		171,066		19,646			—
SL Liquidity Series, LLC, Money Market Series		9,970,723		—			(4,405,399	)2		5,565,324		5,565,880		810,919	3	$	231
Total											$	16,587,085	$	876,248		$	231
1   Represents net shares purchased.
2   Represents net shares sold.
3   Represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.

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

(e) Current yield as of period end.

(f) Security was purchased with the cash collateral from loaned securities.

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Contracts Long		Issue	Expiration	Notional Value		Unrealized Depreciation
	90	Russell 2000 E-Mini Index	March 2017	$	6,106,050	$	(15,549	)
	37	S&P MidCap 400 E-Mini Index	March 2017	$	6,138,670		(55,510	)
	Total					$	(71,059	)

Derivative Financial Instruments Categorized by Risk Exposure

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

Liabilities — Derivative Financial Instruments		Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Futures contracts	Net unrealized depreciation1		—		—	$	71,059		—		—		—	$	71,059
1    Includes cumulative depreciation on 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, 2016, the effect of derivative financial instruments in the Statement of Operation was as follows:

Net Realized Gain (Loss) from:	Commodity Contracts		Credit Contracts		Equity Contracts			Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Futures contracts		—		—	$	1,795,920			—		—		—	$	1,795,920
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts		—		—	$	(6,022	)		—		—		—	$	(6,022	)

See Notes to Financial Statements.

QUANTITATIVE MASTER SERIES LLC DECEMBER 31, 2016 23

Schedule of Investments (continued) Master Extended Market Index Series

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	15,718,518

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:
Aerospace & Defense	$	10,812,177		—		—	$	10,812,177
Alternative Energy		716,847		—		—		716,847
Automobiles & Parts		13,791,241		—		—		13,791,241
Banks		54,745,786		—		—		54,745,786
Beverages		550,904		—		—		550,904
Chemicals		17,524,584		—		—		17,524,584
Construction & Materials		16,717,990		—		—		16,717,990
Electricity		8,112,367		—		—		8,112,367
Electronic & Electrical Equipment		19,419,850		—		—		19,419,850
Financial Services		30,543,238		—		—		30,543,238
Fixed Line Telecommunications		1,948,913		—		—		1,948,913
Food & Drug Retailers		4,479,091		—		—		4,479,091
Food Producers		14,783,579		—		—		14,783,579
Forestry & Paper		1,524,762		—		—		1,524,762
Gas, Water & Multi-Utilities		9,848,281		—		—		9,848,281
General Industrials		10,415,175		—		—		10,415,175
General Retailers		26,850,245		—		—		26,850,245
Health Care Equipment & Services		29,981,066		—		—		29,981,066
Household Goods & Home Construction		10,145,109		—		—		10,145,109
Industrial Engineering		20,557,222		—		—		20,557,222
Industrial Metals & Mining		6,396,335	$	22,101		—		6,418,436
Industrial Transportation		8,550,945		—		—		8,550,945
Leisure Goods		5,540,434		—		—		5,540,434
Life Insurance		2,293,670		—		—		2,293,670
Media		23,924,629		—		—		23,924,629
Mining		3,891,925		—		—		3,891,925
Mobile Telecommunications		6,522,852		—		—		6,522,852
Nonlife Insurance		24,552,156		—		—		24,552,156
Oil & Gas Producers		18,528,076		—		—		18,528,076
Oil Equipment, Services & Distribution		9,337,213		—		—		9,337,213
Personal Goods		6,078,382		—		—		6,078,382
Pharmaceuticals & Biotechnology		33,582,013		—		—		33,582,013
Real Estate Investment & Services		10,130,038		—		—		10,130,038
Real Estate Investment Trusts (REITs)		58,563,809		—		—		58,563,809
Software & Computer Services		48,302,183		—		—		48,302,183
Support Services		26,964,753		—		—		26,964,753
Technology Hardware & Equipment		29,374,992		—		—		29,374,992
Tobacco		785,462		—		—		785,462
Travel & Leisure		32,662,300		—		—		32,662,300
Other Interests:
Technology Hardware & Equipment		—		—	$	45		45

See Notes to Financial Statements.

24 QUANTITATIVE MASTER SERIES LLC DECEMBER 31, 2016

Schedule of Investments (concluded) Master Extended Market Index Series

	Level 1			Level 2		Level 3		Total
Rights:
Pharmaceuticals & Biotechnology		—			—	$	24,265	$	24,265
Technology Hardware & Equipment		—			—		28,099		28,099
Short-Term Securities	$	10,850,139			—		—		10,850,139
SubTotal	$	670,300,733		$	22,101	$	52,409	$	670,375,243
Investments valued at NAV1									5,565,880
Total								$	675,941,123
Derivative Financial Instruments2
Liabilities:
Equity contracts	$	(71,059	)		—		—	$	(71,059	)
1  As of December 31, 2016, certain of the Series’ investments were valued using NAV per share as no quoted market value is available and have been excluded from the fair value hierarchy.
2  Derivative financial instruments are futures contracts, which are valued at the unrealized appreciation (depreciation) on the instrument.

During the year ended December 31, 2016, there were no transfers between levels.

See Notes to Financial Statements.

QUANTITATIVE MASTER SERIES LLC DECEMBER 31, 2016 25

Statement of Assets and Liabilities Master Extended Market Index Series

December 31, 2016
Assets
Investments at value — unaffiliated (including securities loaned at value of $5,088,861) (cost — $430,842,503)	$	659,354,038
Investments at value — affiliated (cost — $16,632,205)		16,587,085
Cash pledged for futures contracts		525,700
Receivables:
Dividends — unaffiliated		931,603
Contributions from investors		785,521
Securities lending income — affiliated		40,181
Investments sold		3,481
Dividends — affiliated		3,444
Prepaid expenses		2,312
Total assets		678,233,365
Liabilities
Cash collateral on securities loaned at value		5,565,262
Bank overdraft		8,670
Payables:
Contributions to the Master		523,469
Variation margin on futures contracts		50,151
Investment advisory fees		5,136
Directors’ fees		5,569
Other affiliates		3,661
Other accrued expenses		243,214
Total liabilities		6,405,132
Net Assets	$	671,828,233
Net Assets Consist of
Investors’ capital	$	443,432,877
Net unrealized appreciation (depreciation)		228,395,356
Net Assets	$	671,828,233

See Notes to Financial Statements.
26	QUANTITATIVE MASTER SERIES LLC	DECEMBER 31, 2016

Statement of Operations Master Extended Market Index Series

Year Ended December 31, 2016
Investment Income
Dividends — unaffiliated	$	8,964,045
Securities lending — affiliated — net		810,919
Other income		96,379
Dividends — affiliated		65,329
Foreign taxes withheld		(4,811	)
Total investment income		9,931,861
Expenses
Investment advisory		61,284
Accounting services		128,094
Professional		69,477
Custodian		56,243
Directors		27,590
Pricing fees		26,514
Printing		22,143
Miscellaneous		3,578
Total expenses		394,923
Less:
Fees waived by the Manager		(8,730	)
Fees paid indirectly		(163	)
Total expenses after fees waived and paid indirectly		386,030
Net investment income		9,545,831
Realized and Unrealized Gain (Loss)
Net realized gain from:
Investments — unaffiliated		36,304,303
Investments — affiliated		231
Futures contracts		1,795,920
		38,100,454
Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated		45,189,750
Investments — affiliated		20,096
Futures contracts		(6,022	)
		45,203,824
Net realized and unrealized gain		83,304,278
Net Increase in Net Assets Resulting from Operations	$	92,850,109

See Notes to Financial Statements.
	QUANTITATIVE MASTER SERIES LLC	DECEMBER 31, 2016	27

Statements of Changes in Net Assets Master Extended Market Index Series

	Year Ended December 31,
Increase (Decrease) in Net Assets:	2016			2015
Operations
Net investment income	$	9,545,831		$	8,433,717
Net realized gain		38,100,454			41,451,801
Net change in unrealized appreciation (depreciation)		45,203,824			(71,694,731	)
Net increase (decrease) in net assets resulting from operations		92,850,109			(21,809,213	)
Capital Transactions
Proceeds from contributions		55,281,518			74,606,931
Value of withdrawals		(96,053,186	)		(94,072,983	)
Net decrease in net assets derived from capital transactions		(40,771,668	)		(19,466,052	)
Net Assets
Total increase (decrease) in net assets		52,078,441			(41,275,265	)
Beginning of year		619,749,792			661,025,057
End of year	$	671,828,233		$	619,749,792

See Notes to Financial Statements.
28	QUANTITATIVE MASTER SERIES LLC	DECEMBER 31, 2016

Financial Highlights Master Extended Market Index Series

	Year Ended December 31,
	2016		2015		2014			2013		2012
Total Return
Total return		16.07%		(3.32)%		7.66%			37.98%		18.04%
Ratios to Average Net Assets
Total expenses		0.06%		0.07%		0.07%	1		0.07%		0.10%
Total expenses after fees waived and paid indirectly		0.06%		0.06%		0.07%	1		0.06%		0.09%
Net investment income		1.56%		1.27%		1.35%	1		1.32%		1.83%
Supplemental Data
Net assets, end of year (000)	$	671,828	$	619,750	$	661,025		$	615,867	$	398,305
Portfolio turnover rate		13%		14%		10%			18%		12%

¹ Ratios do not include expenses incurred indirectly as a result of investments in underlying funds of approximately 0.01%.

See Notes to Financial Statements.
	QUANTITATIVE MASTER SERIES LLC	DECEMBER 31, 2016	29

Notes to Financial Statements Master Extended Market Index Series

1. Organization:

Quantitative Master Series LLC (the “Master LLC”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. Master Extended Market Index Series (the “Series”) is a series of the Master LLC. The Series is classified as diversified. The Master LLC is organized as a Delaware limited liability company. The Master LLC’s Limited Liability Company Agreement permits the Board of Directors of the Master LLC (the “Board”) to issue non-transferable interests, subject to certain limitations.

The Series, together with certain other registered investment companies advised by BlackRock Advisors, LLC (the “Manager”) or its affiliates, is 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:

Segregation and Collateralization: In cases where the Series enters into certain investments (e.g., 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. 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.

Recent Accounting Standard: In April 2015, the Financial Accounting Standards Board issued “Disclosures for Investments in Certain Entities that Calculate Net Asset Value (“NAV”) per Share” which eliminates the requirement to categorize investments within the fair value hierarchy when fair value is based on the NAV per share and no quoted market value is available. As of December 31, 2016, certain investments of the Series were valued using NAV per share as no quoted market value was available and have been excluded from the fair value hierarchy.

In November 2016, the Financial Accounting Standards Board issued Accounting Standards Update “Restricted Cash” which will require entities to include the total of cash, cash equivalents, restricted cash, and restricted cash equivalents in the beginning and ending cash balances in the Statement of Cash Flows. The guidance will be applied retrospectively and is effective for fiscal years beginning after December 15, 2017, and interim periods within those years. Management is evaluating the impact, if any, of this guidance on the Series presentation in the Statement of Cash Flows.

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 the Series are charged to the 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.

Through May 31, 2016, the Series had an arrangement with its custodian whereby credits were earned on uninvested cash balances, which could be used to reduce custody fees and/or overdraft charges. Credits previously earned may have been utilized until December 31, 2016. Under current arrangements effective June 1, 2016, the Series no longer earns credits on uninvested cash, and may incur charges on uninvested cash balances and overdrafts, subject to certain conditions.

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 (or if the reporting date falls on a day the NYSE is closed, investments are valued at fair value as of the period end). 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 determines the fair values of its financial instruments using various 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 oversee the pricing function for all financial instruments.

30 QUANTITATIVE MASTER SERIES LLC DECEMBER 31, 2016

Notes to Financial Statements (continued) Master Extended Market Index Series

Fair Value Inputs and Methodologies: The following methods 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 closing price each day, if available. For equity investments traded on more than one exchange, the official closing 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.

• Investments in open-end U.S. mutual funds are valued at net asset value (“NAV”) each business day.

• The Series values its investment in SL Liquidity Series, LLC, Money Market Series (the “Money Market Series”) at fair value, which is ordinarily based upon its 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.

• 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 investments, 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”). The fair valuation approaches that may be used by the Global Valuation Committee will include Market approach, Income approach and the Cost approach. Valuation techniques such as discounted cash flow, use of market comparables and matrix pricing are types of valuation approaches and typically used in determining fair value. 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 and consistent with the principles of fair value measurement.

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. As a result of the inherent uncertainty in valuation of these investments, the fair values may differ from the values that would have been used had an active market existed.

For investments in equity or debt issued by privately-held companies or funds (“Private Company” or collectively, the “Private Companies”) and other Fair Valued Investments, the fair valuation approaches that are used by third party pricing services utilize one or a combination of, but not limited to, the following inputs.

	Standard Inputs Generally Considered By Third Party Pricing Services
Market approach	(i)   recent market transactions, including subsequent rounds of financing, in the underlying investment or comparable issuers; (ii)   recapitalizations and other transactions across the capital structure; and (iii)   market multiples of comparable issuers.
Income approach	(i)   future cash flows discounted to present and adjusted as appropriate for liquidity, credit, and/or market risks; (ii)   quoted prices for similar investments or assets in active markets; and (iii)   other risk factors, such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, recovery rates, liquidation amounts and/or default rates.
Cost approach	(i)   audited or unaudited financial statements, investor communications and financial or operational metrics issued by the Private Company; (ii)   changes in the valuation of relevant indices or publicly traded companies comparable to the Private Company; (iii)   relevant news and other public sources; and (iv)   known secondary market transactions in the Private Company’s interests and merger or acquisition activity in companies comparable to the Private Company.

Investments in series of preferred stock issued by Private Companies are typically valued utilizing market approach in determining the enterprise value of the company. Such investments often contain rights and preferences that differ from other series of preferred and common stock of the same issuer. Valuation techniques such as an option pricing model (“OPM”), a probability weighted expected return model (“PWERM”) or a hybrid of those techniques are used in allocating enterprise value of the company, as deemed appropriate under the circumstances. The use of OPM and PWERM techniques involve a determination of the exit scenarios of the investment in order to appropriately allocate the enterprise value of the company among the various parts of its capital structure.

The Private Companies are not subject to the public company disclosure, timing, and reporting standards as other investments held by the Fund. Typically, the most recently available information by a Private Company is as of a date that is earlier than the date the Fund is calculating its NAV. This factor may result in a difference between the value of the investment and the price the Fund could receive upon the sale of the investment.

QUANTITATIVE MASTER SERIES LLC DECEMBER 31, 2016 31

Notes to Financial Statements (continued) Master Extended Market Index Series

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 for financial statement purposes as follows:

• Level 1 — unadjusted price quotations in active markets/exchanges for identical assets or liabilities that the Series has 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)

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. Investments classified within Level 3 have significant unobservable inputs used by the Global Valuation Committee in determining the price for Fair Valued investments. Level 3 investments include equity or debt issued by private companies. There may not be a secondary market, and/or there are a limited number of investors. Level 3 investments may also be adjusted to reflect illiquidity and/or non-transferability, with the amount of such discount estimated by the Global Valuation Committee in the absence of market information.

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.

4. Securities and Other Investments:

Securities Lending: The Series may lend its 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 the 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, but does not receive interest income on securities received as collateral. 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’ Schedule of Investments, and the value of any related collateral are shown separately in the Statement 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 and/or U.S. Government obligations. Cash collateral invested by the securities lending agent, BlackRock Investment Management, LLC (“BIM”) if any, is disclosed in the Schedule 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 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.

32 QUANTITATIVE MASTER SERIES LLC DECEMBER 31, 2016

Notes to Financial Statements (continued) Master Extended Market Index Series

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:

Counterparty	Securities Loaned at Value		Cash Collateral Received1			Net Amount
Barclays Capital, Inc.	$	215,207	$	(215,207	)		—
BNP Paribas S.A.		182,478		(182,478	)		—
Citigroup Global Markets, Inc.		1,421,769		(1,421,769	)		—
Credit Suisse Securities (USA) LLC		97,910		(97,910	)		—
Deutsche Bank Securities, Inc.		639,809		(639,809	)		—
Goldman Sachs & Co.		1,278,497		(1,278,497	)		—
JP Morgan Securities LLC		155,582		(155,582	)		—
Merrill Lynch, Pierce, Fenner & Smith, Inc.		260,140		(260,140	)		—
Morgan Stanley		481,388		(481,388	)		—
National Financial Services LLC		47,563		(47,563	)		—
SG Americas Securities LLC		50,562		(50,562	)		—
UBS Securities LLC		257,956		(257,956	)		—
Total	$	5,088,861	$	(5,088,861	)		—

¹ Cash collateral with a value of $5,565,262 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 engages in various portfolio investment strategies using derivative contracts both to increase the returns of the Series and/or to manage its exposure to certain risks such as credit risk, equity risk, interest rate risk, foreign currency exchange rate risk, commodity price risk or other risks (e.g., inflation risk). Derivative financial instruments categorized by risk exposure are included in the Schedule of Investments. These contracts may be transacted on an exchange or over-the-counter (“OTC”).

Futures Contracts: The Series invests in long and/or short positions in futures and options on futures contracts to gain exposure to, or manage exposure to changes in interest rates (interest rate risk), changes in the value of equity securities (equity risk) or foreign currencies (foreign currency exchange rate risk).

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 on a specified date. Depending on the terms of a contract, it is settled either through physical delivery of the underlying instrument on the settlement date or by payment of a cash amount on the settlement date. Upon entering into a 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 in the Schedule of Investments and cash deposited, if any, is shown as cash pledged for futures contracts in the Statement of Assets and Liabilities. Pursuant to the contract, the Series agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in market value of the contract (“variation margin”). Variation margin is recorded as unrealized appreciation (depreciation) and, if any, shown as variation margin receivable (or payable) on futures contracts in the Statement of Assets and Liabilities. When the contract is closed, a realized gain or loss is recorded in the Statement of Operations 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 futures contracts involves the risk of an imperfect correlation in the movements in the price of futures contracts and interest, foreign currency exchange rates or 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.

Investment Advisory: The Master LLC, on behalf of the Series, entered into an Investment Advisory Agreement with the Manager, the Series’ investment adviser, an indirect, wholly-owned subsidiary of BlackRock, to provide investment advisory. The Manager is responsible for the management of the Series’ portfolio and provides the personnel, facilities, equipment and certain other services necessary to the operations of the Series.

For such services, the Series pays the Manager a monthly fee which is determined by calculating a percentage of the Series’ average daily net assets based on an annual rate of 0.01%

QUANTITATIVE MASTER SERIES LLC DECEMBER 31, 2016 33

Notes to Financial Statements (continued) Master Extended Market Index Series

Expense Limitations, Waivers and Reimbursements: With respect to the Series, the Manager contractually agreed to waive and/or reimburse fees or expenses in order to limit expenses, excluding interest expense, dividend expense, tax expense, acquired fund fees and expenses, and certain other fund expenses, which constitute extraordinary expenses not incurred in the ordinary course of the Series’ business (“expense limitation”). The expense limitation as a percentage of average daily net assets is 0.12%

The Manager has agreed not to reduce or discontinue this contractual expense limitation prior to May 1, 2017, unless approved by the Board, including a majority of the Directors who are not “interested persons” of the Master LLC, as defined in the 1940 Act, or by a vote of a majority of the outstanding voting securities of the Series.

With respect to the Series, 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. This amount is shown as fees waived by the Manager in the Statement of Operations. For the year ended December 31, 2016, the amount waived was $8,730.

Effective September 1, 2016, the Manager voluntarily agreed to waive its advisory fee with respect to any portion of the Series’ assets invested in affiliated equity or fixed-income mutual funds or affiliated exchange-traded funds. Prior to September 1, 2016, the Manager did not waive such fees. This voluntary waiver may be reduced or discontinued at any time without notice.

For the year ended December 31, 2016, the Series reimbursed the Manager $6,947 for certain accounting services, which is included in accounting services in the Statement of Operations.

Securities Lending: 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 is 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 adviser 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. The 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, the 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, the 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 Statement of Operations. For the year ended December 31, 2016, the Series paid BIM $202,732 for securities lending agent services.

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

Other Transactions: The Series may purchase securities from, or sell securities to, an affiliated fund provided the affiliation is due solely to having a common investment adviser, common officers, or common trustees. For the year ended December 31, 2016, the purchase and sale transactions and any net realized gains (losses) with an affiliated fund in compliance with Rule 17a-7 under the 1940 Act were as follows:

Purchases		Sales		Net Realized Gain
$	2,990,449	$	12,407,469	$	3,734,324

7. Purchases and Sales:

For the year ended December 31, 2016, purchases and sales of investments excluding short-term securities were $75,612,524 and $95,439,303 respectively.

8. Income Tax Information:

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

34 QUANTITATIVE MASTER SERIES LLC DECEMBER 31, 2016

Notes to Financial Statements (continued) Master Extended Market Index Series

The Series files 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 generally remains open for each of the four years ended December 31, 2016. 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, 2016, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Series’ financial statements.

As of December 31, 2016, gross unrealized appreciation and depreciation based on cost for federal income tax purposes were as follows:

Tax cost	$	450,288,887
Gross unrealized appreciation	$	275,424,608
Gross unrealized depreciation		(49,772,372	)
Net unrealized appreciation	$	225,652,236

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 this agreement, the Series may borrow to fund shareholder redemptions. Excluding commitments designated for certain individual 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 0.12% 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 2017 unless extended or renewed. Prior to April 21, 2016, the credit agreement had a fee per annum of 0.06% 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. Participating Funds paid administration, legal and arrangement fees, which, if applicable, are included in miscellaneous expenses in the Statement of Operations. These 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, 2016, the Series did not borrow under the credit agreement.

10. Principal Risks:

In the normal course of business, the Series invests in securities and enters into transactions where risks exist due to fluctuations in the market (market risk) or failure of the issuer 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 and/or social instability, as well as currency, interest rate and price fluctuations, may also affect the securities’ value.

On October 11, 2016, BlackRock implemented certain changes required by amendments to Rule 2a-7 under the 1940 Act, which governs the operations of U.S. money market funds. The Series may be exposed to additional risks when reinvesting cash collateral in money market funds that do not seek to maintain a stable NAV per share of $1.00 and which may be subject to redemption gates or liquidity fees under certain circumstances.

Valuation Risk: The market values of equities, such as common stocks and preferred securities or equity related investments, such as futures and options, may decline due to general market conditions which are not specifically related to a particular company. They may also decline due to factors which affect a particular industry or industries. The Series may invest in illiquid investments and may experience difficulty in selling those investments in a timely manner at the price that it believes the investments are worth. Prices may fluctuate widely over short or extended periods in response to company, market or economic news. Markets also tend to move in cycles, with periods of rising and falling prices. This volatility may cause the Series’ NAV to experience significant increases or decreases over short periods of time. If there is a general decline in the securities and other markets, the NAV of the Series may lose value, regardless of the individual results of the securities and other instruments in which the Series invests.

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 manages 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 Statement of Assets and Liabilities, less any collateral held by the Series.

A derivative contract may suffer a mark-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform under the contract.

QUANTITATIVE MASTER SERIES LLC DECEMBER 31, 2016 35

Notes to Financial Statements (concluded) Master Extended Market Index 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 does 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.

36 QUANTITATIVE MASTER SERIES LLC DECEMBER 31, 2016

Report of Independent Public Accounting Firm

To the Board of Directors of Quantitative Master Series LLC and the Shareholders of Master Extended Market Index Series:

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Master Extended Market Index Series, one of the series included in Quantitative Master Series LLC (the “Series”) as of December 31, 2016, and the related statement of operations for the year then ended, the statement 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 audit 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, 2016, 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 Extended Market Index Series of Quantitative Master Series LLC as of December 31, 2016, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

Deloitte & Touche LLP

Boston, Massachusetts

February 16, 2017

QUANTITATIVE MASTER SERIES LLC DECEMBER 31, 2016 37

Officers and Directors¹

Name, Address2 and Year of Birth	Position(s) Held with the Master LLC	Length of Time Served4	Principal Occupation(s) During Past Five Years	Number of BlackRock- Advised Registered Investment Companies (“RICs”) Consisting of Investment  Portfolios (“Portfolios”) Overseen	Public Company and Other Investment Company Directorships Held During Past Five Years
Independent Directors3
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; Director, The Mainstay (non-profit) since 2016.	26 RICs consisting of 146 Portfolios	None
Susan J. Carter 1956	Director	Since 2016	Director, Pacific Pension Institute since 2014; Advisory Board Member, Center for Private Equity and Entrepreneurship at Tuck School of Business since 1997; Senior Advisor, Commonfund Capital, Inc. (“CCI”) (investment adviser) in 2015; Chief Executive Officer, CCI from 2013 to 2014; President & Chief Executive Officer, CCI from 1997 to 2013; Advisory Board Member, Girls Who Invest since 2015; Advisory Board Member, Bridges Ventures since 2016; Trustee, Financial Accounting Foundation since 2017.	26 RICs consisting of 146 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.	26 RICs consisting of 146 Portfolios	None
Neil A. Cotty 1954	Director	Since 2016	Bank of America Corporation from 1996 to 2015, serving in various senior finance leadership roles, including Chief Accounting Officer, from 2009 to 2015, Chief Financial Officer of Global Banking, Markets and Wealth Management from 2008 to 2009, Chief Accounting Officer from 2004 to 2008, Chief Financial Officer of Consumer Bank from 2003 to 2004, Chief Financial Officer of Global Corporate Investment Bank from 1999 to 2002.	26 RICs consisting of 146 Portfolios	None
Cynthia A. Montgomery 1952	Director	Since 2007	Professor, Harvard Business School since 1989; Director, McLean Hospital from 2005 to 2012.	26 RICs consisting of 146 Portfolios	Newell Rubbermaid, Inc. (manufacturing)
Joseph P. Platt 1947	Director	Since 2007	General Partner, Thorn Partners, LP (private investments) since 1998; Director, WQED Multi-Media (public broadcasting not-for-profit) since 2001; Chair, Basic Health International (non-profit) since 2015.	26 RICs consisting of 146 Portfolios	Greenlight Capital Re, Ltd. (reinsurance company); Consol Energy Inc.
Robert C. Robb, Jr. 1945	Director	Since 2007	Partner, Lewis, Eckert, Robb and Company (management and financial consulting firm) since 1981 and Principal since 2010.	26 RICs consisting of 146 Portfolios	None
Mark Stalnecker 1951	Director	Since 2015	Chief Investment Officer, University of Delaware from 1999 to 2013; Trustee, Winterthur Museum and Country Estate from 2001 to 2015; 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; Director, SEI Private Trust Co. from 2001 to 2014.	26 RICs consisting of 146 Portfolios	None
Kenneth L. Urish 1951	Director	Since 2007	Managing Partner, Urish Popeck & Co., LLC (certified public accountants and consultants) since 1976; 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 founding in 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.	26 RICs consisting of 146 Portfolios	None
Claire A. Walton 1957	Director	Since 2016	Chief Operating Officer and Chief Financial Officer of Liberty Square Asset Management, LP from 1998 to 2015; General Partner of Neon Liberty Capital Management, LLC since 2003; Director, Boston Hedge Fund Group since 2009; Director, Woodstock Ski Runners since 2013; Director, Massachusetts Council on Economic Education from 2013 to 2015.	26 RICs consisting of 146 Portfolios	None

38 QUANTITATIVE MASTER SERIES LLC DECEMBER 31, 2016

Officers and Directors¹ (continued)

Name, Address2 and Year of Birth	Position(s) Held with the Master LLC	Length of Time Served4	Principal Occupation(s) During Past Five Years	Number of BlackRock- Advised Registered Investment Companies (“RICs”) Consisting of Investment  Portfolios (“Portfolios”) Overseen	Public Company and Other Investment Company Directorships Held During Past Five Years
Independent Directors3 (concluded)
Frederick W. Winter 1945	Director	Since 2007	Director, Alkon Corporation since 1992; Dean Emeritus of the Joseph M. Katz School of Business, University of Pittsburgh, Dean and Professor from 1997 to 2005, Professor until 2013.	26 RICs consisting of 146 Portfolios	None
Interested Directors5
Barbara G. Novick 1960	Director	Since 2015	Vice Chairman of BlackRock, Inc. since 2006; Chair of BlackRock’s Government Relations Steering Committee since 2009; Head of the Global Client Group of BlackRock, Inc. from 1988 to 2008.	100 RICs consisting of 220 Portfolios	None
John M. Perlowski 1964	Director, President and Chief Executive Officer	Since 2015 (Director); Since 2010 (President and Chief Executive Officer)	Managing Director of BlackRock, Inc. since 2009; Head of BlackRock Global Fund & Accounting 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; Advisory Director of Goldman Sachs Offshore Funds from 2002 to 2009; Director of Family Resource Network (charitable foundation) since 2009.	128 RICs consisting of 318 Portfolios	None
	1    As of February 16, 2017.
	2    The address of each Director is c/o BlackRock, Inc., 55 East 52nd Street, New York, NY 10055.
	3    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.
	4    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 Board in 2007, those Independent Directors first became members of the boards of other legacy MLIM or legacy BlackRock funds as follows: Rodney D. Johnson, 1995; Cynthia A. Montgomery, 1994; Joseph P. Platt, 1999; Robert C. Robb, Jr., 1999; Kenneth L. Urish, 1999; and Frederick W. Winter, 1999.
	5    Ms. Novick and Mr. Perlowski are both “interested persons,” as defined in the 1940 Act, of the Master LLC based on their positions with BlackRock and its affiliates. Mr. Perlowski and Ms. Novick are also board members of certain complexes of BlackRock registered open-end and closed-end funds. Mr. Perlowski is also a board member of the BlackRock Equity-Bond Complex and the BlackRock Closed-End Complex, and Ms. Novick is a board member of the BlackRock Closed-End Complex.

QUANTITATIVE MASTER SERIES LLC DECEMBER 31, 2016 39

Officers and Directors (concluded)

Name, Address1 and Year of Birth	Position(s) Held with the Master LLC	Length of Time Served	Principal Occupation(s) During Past Five Years
Officers Who Are Not Directors2
Jennifer McGovern 1977	Vice President	Since 2014	Managing Director of BlackRock, Inc. since 2016; Director of BlackRock, Inc. from 2011 to 2015; Head of Product Structure and Oversight for BlackRock’s U.S. Wealth Advisory Group since 2013; Vice President of BlackRock, Inc. from 2008 to 2010.
Neal J. Andrews 1966	Chief Financial Officer	Since 2007	Managing Director of BlackRock, Inc. since 2006; Senior Vice President and Line of Business Head of Fund Accounting and Administration at PNC Global Investment Servicing (U.S.) Inc. from 1992 to 2006.
Jay M. Fife 1970	Treasurer	Since 2007	Managing Director of BlackRock, Inc. since 2007; Director of BlackRock, Inc. 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, Inc. since 2014; Anti-Money Laundering Compliance Officer and Regional Head of Financial Crime for the Americas at BlackRock, Inc. 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, Inc. since 2014; Director of BlackRock, Inc. 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 Master LLC serve at the pleasure of the Board.
	Further information about the Officers and Directors is available in the Master LLC’s Statement of Additional Information, which can be obtained without charge by calling (800) 441-7762.

Effective December 31, 2016, David O. Beim and Dr. Matina S. Horner resigned as Directors of the Master LLC.

Investment Adviser BlackRock Advisors, LLC Wilmington, DE 19809	Accounting Agent and Custodian State Street Bank and Trust Company Boston, MA 02110	Legal Counsel Sidley Austin LLP New York, NY 10019
	Independent Registered Public Accounting Firm Deloitte & Touche LLP Boston, MA 02116	Address of the Series 100 Bellevue Parkway Wilmington, DE 19809

40 QUANTITATIVE MASTER SERIES LLC DECEMBER 31, 2016

Additional Information

Availability of Quarterly Schedule of Investments

The Series files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The Series’ Forms N-Q are available on the SEC’s website at http://www.sec.gov and may also be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C. Information on the operation of the Public Reference Room or how to access documents on the SEC’s website without charge may be obtained by calling (800) SEC-0330. The 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 Series uses 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 Series voted proxies relating to securities held in the 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.

QUANTITATIVE MASTER SERIES LLC DECEMBER 31, 2016 41

Item 2 –	Code of Ethics – The registrant (or the “Fund”) has adopted a code of ethics, as of the end of the period covered by this report, applicable to the registrant’s principal executive officer, principal financial officer, 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. The 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 – The 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 Fund:

	(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
Master Extended Market Index Series of Quantitative Master Series LLC	$39,463	$39,463	$0	$0	$13,260	$13,260	$0	$0

The following table presents fees billed by D&T that were required to be approved by the registrant’s audit committee (the “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	$2,129,000	$2,391,000

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.

2

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

The Committee has adopted policies and procedures with regard to the pre-approval of services. Audit, audit-related and tax compliance services provided to the registrant on an annual basis require specific pre-approval by the Committee. The Committee also must approve other non-audit services provided to the registrant and those non-audit services provided to the 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 registrant 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 Committee, as will any other services not subject to general pre-approval (e.g., unanticipated but permissible services). The Committee is informed of each service approved subject to general pre-approval at the next regularly scheduled in-person board meeting. At this meeting, an analysis of such services is presented to the Committee for ratification. The Committee may delegate to the Committee Chairman the authority to approve the provision of and fees for any specific engagement of permitted non-audit services, including services exceeding pre-approved cost levels.

(e)(2) None of the services described in each of Items 4(b) through (d) were approved by the 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
Master Extended Market Index Series of Quantitative Master Series LLC	$13,260	$13,260

Additionally, SSAE 16 Review (Formerly, SAS No. 70) fees for the current and previous fiscal years of $2,129,000 and $2,391,000, respectively, were billed by D&T to the Investment Adviser.

(h) The 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

3

Item 6 –	Investments
	(a) The registrant’s Schedule of Investments is included as part of the Report to Stockholders filed under Item 1 of this Form.
	(b) Not Applicable due to no such divestments during the semi-annual period covered since the previous Form N-CSR filing.
Item 7 –	Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies – Not Applicable
Item 8 –	Portfolio Managers of Closed-End Management Investment Companies – Not Applicable
Item 9 –	Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers – Not Applicable
Item 10 –	Submission of Matters to a Vote of Security Holders – There have been no material changes to these procedures.
Item 11 –	Controls and Procedures
	(a) The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) are effective as of a date within 90 days of the filing of this report based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rule 15d-15(b) under the Securities Exchange Act of 1934, as amended.
	(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.
Item 12 –	Exhibits attached hereto
	(a)(1) Code of Ethics – See Item 2
	(a)(2) Certifications – Attached hereto
	(a)(3) Not Applicable
	(b) Certifications – Attached hereto

4

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Master Extended Market Index Series of Quantitative Master Series LLC
By:	/s/ John M. Perlowski
	John M. Perlowski
	Chief Executive Officer (principal executive officer) of
	Master Extended Market Index Series of Quantitative Master Series LLC

Date: February 27, 2017

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:	/s/ John M. Perlowski
	John M. Perlowski
	Chief Executive Officer (principal executive officer) of
	Master Extended Market Index Series of Quantitative Master Series LLC

Date: February 27, 2017

By:	/s/ Neal J. Andrews
	Neal J. Andrews
	Chief Financial Officer (principal financial officer) of
	Master Extended Market Index Series of Quantitative Master Series LLC

Date: February 27, 2017

5