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: 12/31/2017

Date of reporting period: 12/31/2017

Item 1 – Report to Stockholders

Portfolio Management Commentary  as of December 31,  2017 Master Extended Market Index Series

On February 22, 2018, the Board of Directors of Quantitative Master Series LLC (the “Master LLC”) approved a proposal to close the Series to new interest holders and thereafter to liquidate the Series. The liquidation is expected to occur during the second quarter of 2018.

How did the Series perform?

For the 12-month period ended December 31, 2017, Master Extended Market Index Series (the “Series”), a series of Quantitative Master Series LLC, returned 18.24% while the benchmark Dow Jones U.S. Completion Total Stock Market Index (the “Benchmark Index”) returned 18.12%.

Describe the market environment.

The reflation trade in the United States continued to gain steam in the first quarter of the year. Macro data highlighted continued economic growth and a strengthening labor market, which supported the U.S. Federal Reserve’s (the “Fed”) decision to increase the federal funds rate by 25 basis points (0.25%) in March, marking the second rate hike in the past six months. The Fed’s summary of economic projections indicated that they will maintain a gradual pace of tightening should current economic trends continue.

Expectations of the new administration’s policies also boosted market sentiment, sending several U.S. equity indices to record highs. The inauguration of President Trump in late January stoked risk-on appetite, as pledges of tax relief and increased fiscal spending were supportive of cyclical stocks. However, the final weeks of the first quarter saw some profit taking as investor optimism waned after the failed attempt to repeal the Affordable Care Act called into question whether the new administration would be able to push through further reforms in 2017. Despite these setbacks, U.S. equities in the first quarter finished strong and the 10-year Treasury yield added 31 basis points in the quarter.

In the second quarter of 2017, political risk was a headwind to U.S. equities. President Trump’s firing of FBI Director James Comey on May 9 and the subsequent developments regarding the investigation of pre-election correspondence between Trump administration members and Russian officials was an enduring source of negative market sentiment. The largest single day fall of the S&P 500^® in the quarter came in the wake of the House Oversight Committee’s request for all documents from the meetings between President Trump and Comey on May 17.

Although the Fed continued their monetary policy normalization, the yield on the 10-year U.S. Treasury compressed by nine basis points to 2.31% in the second quarter. The Fed increased the federal funds rate by 25 basis points at the June meeting, to between 1% and 1.25%, citing strength in the labor market and business spending, despite relatively weak inflation trends throughout the quarter.

Investors focused on sustained corporate earnings expansion, a subdued interest rate environment, and a healthy economic backdrop over threats from an increasingly hostile North Korea and a damaging hurricane season in the third quarter. This backdrop pushed volatility to the lowest levels in recorded history, with the Chicago Board Options Exchange Volatility Index averaging a record low of 10.94 in the quarter.

Domestic rates moved modestly higher as investors balanced news on the monetary, fiscal, and geopolitical fronts. In the September Federal Open Market Committee (“FOMC”) announcement, the committee revealed they would keep interest rates unchanged and initiate their balance sheet normalization in October. Additionally, amid short term hurricane related inflationary and economic growth pressures, the FOMC found inflation to remain somewhat below 2% in the near term, but expects it to stabilize around 2% by 2019. Real gross domestic product (“GDP”) growth was revised higher for 2017, from 2.2% to 2.4%. The 10-year U.S. Treasury yield ended the third quarter 2 basis points higher, to 2.33%.

The U.S. economy continued to demonstrate strength throughout the fourth quarter. Unemployment fell to 4.1%, the lowest level since 2000. Additional highlights that helped strengthen investor confidence in the macro picture included that nominal third quarter GDP surged 4.1% year-over-year and real GDP increased 2.3% year-over-year. This optimism was expressed throughout many soft indicators. For example, both the University of Michigan Consumer Sentiment Survey and the National Federation of Independent Business Small Business Optimism Index reached 13-year highs in the quarter.

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 replicating the risks and return of the Benchmark Index.

Describe portfolio positioning at period end.

The Series remains positioned to match the risk characteristics of 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 the market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.

PORTFOLIOINFORMATION 1

Portfolio Information  as of December 31, 2017 Master Extended Market Index Series

SECTOR ALLOCATION

Sector	Percent of Net Assets
Information Technology		18	%
Financials		17
Consumer Discretionary		14
Industrials		14
Health Care		11
Real Estate		8
Materials		5
Energy		4
Utilities		3
Consumer Staples		3
Telecommunication Services		1
Short-Term Securities		10
Liabilities in Excess of Other Assets		(8	)

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 assets 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 2017 BLACKROCK ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments December 31, 2017 Master Extended Market Index Series (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks — 98.4%
Aerospace & Defense — 1.7%
AAR Corp.		4,851	$	190,596
Aerojet Rocketdyne Holdings, Inc.(a)(b)		12,531		390,967
Aerovironment, Inc.(a)		3,384		190,045
American Outdoor Brands Corp.(a)(b)		8,805		113,056
Astronics Corp.(a)		3,613		149,831
Axon Enterprise, Inc.(a)		8,193		217,115
BWX Technologies, Inc.		15,533		939,591
CPI Aerostructures, Inc.(a)		2,281		20,415
Cubic Corp.		3,758		221,532
Curtiss-Wright Corp.		6,672		812,983
Ducommun, Inc.(a)		1,874		53,315
Engility Holdings, Inc.(a)		2,637		74,812
Esterline Technologies Corp.(a)		4,222		315,383
HEICO Corp.(b)		4,135		390,137
HEICO Corp., Class A		6,930		547,817
Hexcel Corp.		14,046		868,745
Huntington Ingalls Industries, Inc.		6,995		1,648,722
Innovative Solutions & Support, Inc.(a)		4,600		13,524
KLX, Inc.(a)		8,312		567,294
Kratos Defense & Security Solutions, Inc.(a)		12,478		132,142
Mantech International Corp., Class A		3,813		191,374
Moog, Inc., Class A(a)		4,945		429,473
Orbital ATK, Inc.		9,131		1,200,727
RBC Bearings, Inc.(a)(b)		3,670		463,888
Spirit Aerosystems Holdings, Inc., Class A		18,141		1,582,890
Sturm Ruger & Co., Inc.		2,841		158,670
Teledyne Technologies, Inc.(a)		5,328		965,167
Triumph Group, Inc.		7,487		203,646
VSE Corp.		1,288		62,378
				13,116,235
Alternative Energy — 0.1%
Aemetis, Inc.(a)		3,787		2,083
Amyris, Inc.(a)		9,084		34,065
Enphase Energy, Inc.(a)		5,033		12,129
FuelCell Energy, Inc.(a)(b)		6,237		10,603
Green Brick Partners, Inc.(a)		3,198		36,137
Green Plains, Inc.		5,207		87,738
MagneGas Corp.(a)		341		109
Ocean Power Technologies, Inc.(a)		1,146		1,261
Pattern Energy Group, Inc.		11,178		240,215
Plug Power, Inc.(a)(b)		38,978		91,990
Renewable Energy Group, Inc.(a)(b)		5,292		62,446
REX American Resources Corp.(a)		921		76,250
SolarEdge Technologies, Inc.(a)		5,296		198,865
SunPower Corp.(a)(b)		9,200		77,556
TPI Composites, Inc.(a)		1,658		33,923
				965,370
Automobiles & Parts — 2.4%
Adient PLC		14,905		1,173,023
Allison Transmission Holdings, Inc.		20,848		897,923
American Axle & Manufacturing Holdings, Inc.(a)		13,720		233,652
Autoliv, Inc.		13,503		1,715,961
Cooper Tire & Rubber Co.		8,072		285,345
Cooper-Standard Holding, Inc.(a)		2,832		346,920
Dana, Inc.		21,805		697,978
Delphi Technologies PLC(a)		13,755		721,725
Dorman Products, Inc.(a)(b)		4,690		286,747
Gentex Corp.		44,459		931,437
Gentherm, Inc.(a)		6,500		206,375
Lear Corp.		10,502		1,855,283
Modine Manufacturing Co.(a)		7,896		159,499

Security	Shares		Value
Automobiles & Parts (continued)
Motorcar Parts of America, Inc.(a)(b)		2,943	$	73,546
Standard Motor Products, Inc.		2,952		132,574
Stoneridge, Inc.(a)		4,259		97,361
Strattec Security Corp.		573		24,954
Superior Industries International, Inc.		3,414		50,698
Tenneco, Inc.		8,465		495,541
Tesla, Inc.(a)(b)		20,414		6,355,899
Titan International, Inc.		6,931		89,271
Tower International, Inc.		3,363		102,740
U.S. Auto Parts Network, Inc.(a)		3,527		8,888
Visteon Corp.(a)		4,842		605,928
WABCO Holdings, Inc.(a)		7,907		1,134,655
				18,683,923
Banks — 7.6%
1st Source Corp.		2,766		136,779
Access National Corp.		2,130		59,299
Allegiance Bancshares, Inc.(a)(b)		2,075		78,124
American National Bankshares, Inc.		2,205		84,452
Ameris Bancorp		6,468		311,758
Ames National Corp.		2,125		59,181
Arrow Financial Corp.		2,876		97,640
Associated Banc-Corp		22,147		562,534
Atlantic Capital Bancshares, Inc.(a)		4,653		81,893
Banc of California, Inc.		7,769		160,430
Bancfirst Corp.		2,708		138,514
Bancorp of New Jersey, Inc.		2,234		40,771
Bancorp, Inc.(a)		11,498		113,600
BancorpSouth Bank		12,804		402,686
Bank Mutual Corp.		7,238		77,085
Bank of Hawaii Corp.		6,926		593,558
Bank of Marin Bancorp		1,247		84,796
Bank of the Ozarks, Inc.		18,890		915,220
BankFinancial Corp.		3,939		60,424
BankUnited, Inc.		16,457		670,129
Banner Corp.		4,678		257,851
Bar Harbor Bankshares		3,386		91,456
BCB Bancorp, Inc.		3,436		49,822
Bear State Financial, Inc.		4,309		44,081
Beneficial Bancorp, Inc.		12,021		197,745
Berkshire Hills Bancorp, Inc.		5,465		200,019
Blue Hills Bancorp, Inc.		5,873		118,047
BofI Holding, Inc.(a)		8,936		267,186
BOK Financial Corp.		3,310		305,579
Boston Private Financial Holdings, Inc.		12,591		194,531
Bridge Bancorp, Inc.		3,096		108,360
Brookline Bancorp, Inc.		11,463		179,969
Bryn Mawr Bank Corp.		2,983		131,849
Camden National Corp.		2,953		124,410
Capital City Bank Group, Inc.		2,343		53,748
Capitol Federal Financial, Inc.		18,668		250,338
Carolina Financial Corp.		3,449		128,130
Cathay General Bancorp		11,246		474,244
Centerstate Bank Corp.		9,978		256,734
Central Pacific Financial Corp.		4,919		146,734
Century Bancorp, Inc., Class A		997		78,015
Chemical Financial Corp.		10,846		579,936
Citizens & Northern Corp.		2,833		67,992
City Holding Co.		2,469		166,583
Civista Bancshares, Inc.		1,968		43,296
Clifton Bancorp, Inc.		4,768		81,533
CNB Financial Corp.		2,894		75,939
CoBiz Financial, Inc.		6,271		125,357
Colony Bankcorp, Inc.		463		6,737

SCHEDULE OF INVESTMENTS 3

Schedule of Investments  (continued) December 31, 2017 Master Extended Market Index Series (Percentages shown are based on Net Assets)

Security	Shares		Value
Banks (continued)
Columbia Banking System, Inc.		11,464	$	497,996
Commerce Bancshares, Inc.		14,553		812,640
Community Bank System, Inc.		7,777		418,014
Community Trust Bancorp, Inc.		2,821		132,869
ConnectOne Bancorp, Inc.		4,852		124,939
Cullen/Frost Bankers, Inc.		8,928		845,035
Customers Bancorp, Inc.(a)		4,665		121,243
CVB Financial Corp.		15,007		353,565
Dime Community Bancshares, Inc.		5,246		109,904
Eagle Bancorp, Inc.(a)		4,741		274,504
East West Bancorp, Inc.		22,470		1,366,850
Enterprise Bancorp, Inc.		1,672		56,932
Enterprise Financial Services Corp.		4,041		182,451
ESSA Bancorp, Inc.		3,300		51,711
Farmers Capital Bank Corp.		1,739		66,952
Farmers National Banc Corp.		3,624		53,454
FCB Financial Holdings, Inc., Class A(a)		6,809		345,897
Fidelity Southern Corp.		3,947		86,045
Financial Institutions, Inc.		2,741		85,245
First Bancorp, Inc.		2,552		69,491
First BanCorp, Puerto Rico(a)		30,332		154,693
First Bancorp/Southern Pines NC		3,740		132,059
First Busey Corp.		5,356		160,359
First Citizens BancShares, Inc., Class A		1,356		546,468
First Commonwealth Financial Corp.		13,854		198,389
First Community Bancshares, Inc.		3,087		88,690
First Connecticut Bancorp, Inc.		3,182		83,209
First Defiance Financial Corp.		1,683		87,466
First Financial Bancorp		9,739		256,623
First Financial Bankshares, Inc.		10,240		461,312
First Financial Corp.		2,125		96,369
First Financial Northwest, Inc.		2,323		36,030
First Foundation, Inc.(a)		5,061		93,831
First Hawaiian, Inc.		8,757		255,529
First Horizon National Corp.		47,547		950,465
First Interstate Bancsystem, Inc., Class A		4,464		178,783
First Merchants Corp.		6,558		275,829
First Midwest Bancorp, Inc.		14,889		357,485
First of Long Island Corp.		4,315		122,978
First Republic Bank		24,051		2,083,779
First United Corp.(a)		2,695		47,028
Flagstar Bancorp, Inc.(a)(b)		3,391		126,891
Flushing Financial Corp.		4,602		126,555
FNB Corp.		49,169		679,529
Franklin Financial Network, Inc.(a)		2,707		92,309
Fulton Financial Corp.		26,033		465,991
German American Bancorp, Inc.		3,628		128,177
Glacier Bancorp, Inc.		12,854		506,319
Great Southern Bancorp, Inc.		2,007		103,662
Great Western Bancorp, Inc.		9,153		364,289
Green Bancorp, Inc.(a)		3,427		69,568
Greene County Bancshares, Inc.(c)		3,466		—
Guaranty Bancorp		3,022		83,558
Hancock Holding Co.		13,573		671,863
Hanmi Financial Corp.		5,135		155,847
HarborOne Bancorp, Inc.(a)		6,258		119,903
Heartland Financial USA, Inc.		4,509		241,908
Heritage Commerce Corp.		5,501		84,275
Heritage Financial Corp.		5,517		169,924
HMN Financial, Inc.(a)		1,907		36,519
Home Bancorp, Inc.		1,783		77,061
Home BancShares, Inc.		25,070		582,878
HomeStreet, Inc.(a)		4,892		141,623
HomeTrust Bancshares, Inc.(a)		3,223		82,992
Hope Bancorp, Inc.		19,879		362,792

Security	Shares		Value
Banks (continued)
Horizon Bancorp		3,930	$	109,254
Iberiabank Corp.		7,900		612,250
Independent Bank Corp.		8,552		396,859
Independent Bank Group, Inc.		2,685		181,506
International Bancshares Corp.		8,860		351,742
Investors Bancorp, Inc.		42,394		588,429
Kearny Financial Corp.		14,266		206,144
Lakeland Bancorp, Inc.		6,993		134,615
Lakeland Financial Corp.		4,198		203,561
LegacyTexas Financial Group, Inc.		6,540		276,053
Live Oak Bancshares, Inc.		4,074		97,165
Macatawa Bank Corp.		6,531		65,310
MainSource Financial Group, Inc.		4,056		147,273
MB Financial, Inc.		12,274		546,438
Mercantile Bank Corp.		3,191		112,866
Meridian Bancorp, Inc.		8,210		169,126
Meta Financial Group, Inc.		1,798		166,585
MidSouth Bancorp, Inc.		2,061		27,308
MidWestOne Financial Group, Inc.		1,932		64,780
MutualFirst Financial, Inc.		1,697		65,419
National Bank Holdings Corp., Class A		4,215		136,692
National Bankshares, Inc.		1,700		77,265
National Commerce Corp.(a)		1,938		78,005
NBT Bancorp, Inc.		6,847		251,970
New York Community Bancorp, Inc.		75,732		986,044
Nicolet Bankshares, Inc.(a)(b)		1,114		60,980
Northfield Bancorp, Inc.		7,214		123,215
Northrim BanCorp, Inc.		1,757		59,474
Northwest Bancshares, Inc.		17,883		299,183
Norwood Financial Corp.		2,020		66,660
OceanFirst Financial Corp.		5,201		136,526
OFG Bancorp		7,031		66,091
Ohio Valley Banc Corp.		1,099		44,400
Old National Bancorp		21,036		367,078
Old Second Bancorp, Inc.		6,505		88,793
Opus Bank(a)		3,144		85,831
Oritani Financial Corp.		9,894		162,262
Orrstown Financial Services, Inc.		2,093		52,848
Pacific Premier Bancorp, Inc.(a)		6,184		247,360
PacWest Bancorp		20,653		1,040,911
Park National Corp.		2,061		214,344
PCSB Financial Corp.(a)		3,534		67,323
Peapack Gladstone Financial Corp.		2,519		88,215
Penns Woods Bancorp, Inc.		2,217		103,268
People’s Utah Bancorp		3,942		119,443
Peoples Bancorp of North Carolina, Inc.		1,646		50,516
Peoples Bancorp, Inc.		3,210		104,710
Pinnacle Financial Partners, Inc.		12,145		805,213
Popular, Inc.		15,935		565,533
Porter Bancorp, Inc.(a)		1,229		17,698
Preferred Bank		2,333		137,134
Prosperity Bancshares, Inc.		10,871		761,731
Provident Financial Holdings, Inc.		2,303		42,375
Provident Financial Services, Inc.		9,234		249,041
QCR Holdings, Inc.		2,381		102,026
Renasant Corp.		7,542		308,392
Republic Bancorp, Inc., Class A		1,667		63,379
Republic First Bancorp, Inc.(a)		9,649		81,534
Riverview Bancorp, Inc.		5,394		46,766
S&T Bancorp, Inc.		5,620		223,732
Sandy Spring Bancorp, Inc.		3,931		153,388
Seacoast Banking Corp. of Florida(a)		7,343		185,117
ServisFirst Bancshares, Inc.		7,126		295,729
Shore Bancshares, Inc.		3,680		61,456
Sierra Bancorp		2,508		66,612

4 2017 BLACKROCK ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments  (continued) December 31, 2017 Master Extended Market Index Series (Percentages shown are based on Net Assets)

Security	Shares		Value
Banks (continued)
Signature Bank(a)		8,515	$	1,168,769
Simmons First National Corp., Class A		6,972		398,101
South State Corp.		5,441		474,183
Southern National Bancorp of Virginia, Inc.		3,026		48,507
Southside Bancshares, Inc.		4,206		141,658
State Bank Financial Corp.		5,894		175,877
Sterling Bancorp		34,986		860,656
Stock Yards Bancorp, Inc.		3,828		144,316
Summit Financial Group, Inc.		2,289		60,246
Sun Bancorp, Inc.		2,292		55,696
SVB Financial Group(a)		8,209		1,919,018
Synovus Financial Corp.		19,003		911,004
TCF Financial Corp.		28,535		584,967
Territorial Bancorp, Inc.		2,198		67,852
Texas Capital Bancshares, Inc.(a)		7,746		688,619
TFS Financial Corp.		9,927		148,309
Tompkins Financial Corp.		2,027		164,896
TowneBank		8,811		270,938
Trico Bancshares		3,317		125,582
Tristate Capital Holdings, Inc.(a)		4,560		104,880
Triumph Bancorp, Inc.(a)		2,964		93,366
TrustCo Bank Corp. NY		14,741		135,617
Trustmark Corp.		10,227		325,832
UMB Financial Corp.		6,522		469,062
Umpqua Holdings Corp.		36,461		758,389
Union Bankshares Corp.		7,003		253,299
United Bancorp, Inc.		3,115		41,274
United Bankshares, Inc.		17,703		615,179
United Community Banks, Inc.		11,340		319,108
United Community Financial Corp.		9,075		82,855
United Financial Bancorp, Inc.		8,517		150,240
United Security Bancshares		4,213		46,343
Univest Corp. of Pennsylvania		4,547		127,543
Valley National Bancorp		42,353		475,201
Veritex Holdings, Inc.(a)		2,762		76,204
Washington Federal, Inc.		14,961		512,414
Washington Trust Bancorp, Inc.		2,472		131,634
WashingtonFirst Bankshares, Inc.		1,587		54,371
Waterstone Financial, Inc.		4,794		81,738
Webster Financial Corp.		13,987		785,510
WesBanco, Inc.		6,370		258,941
West BanCorp., Inc.		3,190		80,229
Westamerica BanCorp		4,025		239,689
Western Alliance Bancorp(a)		15,095		854,679
Western New England Bancorp, Inc.		7,717		84,115
Wintrust Financial Corp.		8,746		720,408
WSFS Financial Corp.		5,346		255,806
Xenith Bankshares, Inc.(a)		1,536		51,963
				58,196,667
Beverages — 0.1%
Boston Beer Co., Inc., Class A(a)(b)		1,480		282,828
Coca-Cola Bottling Co. Consolidated		720		154,987
Craft Brew Alliance, Inc.(a)		1,760		33,792
National Beverage Corp.		1,810		176,366
New Age Beverages Corp.(a)		2,290		4,969
Primo Water Corp.(a)(b)		4,658		58,564
Willamette Valley Vineyards, Inc.(a)		2,312		19,259
				730,765
Chemicals — 2.8%
A. Schulman, Inc.		4,402		163,974
Aceto Corp.		4,429		45,752
AdvanSix, Inc.(a)		4,587		192,975
AgroFresh Solutions, Inc.(a)		3,270		24,198
American Vanguard Corp.		3,882		76,281

Security	Shares		Value
Chemicals (continued)
Ashland Global Holdings, Inc.		9,543	$	679,462
Axalta Coating Systems Ltd.(a)		34,157		1,105,353
Balchem Corp.		4,848		390,749
Cabot Corp.		9,923		611,158
Calgon Carbon Corp.		7,617		162,242
Cambrex Corp.(a)(b)		5,555		266,640
Celanese Corp., Series A		21,187		2,268,704
Chase Corp.		1,295		156,047
Chemours Co.		28,557		1,429,563
Codexis, Inc.(a)		6,641		55,452
CSW Industrials, Inc.(a)		2,567		117,954
Ferro Corp.(a)		13,135		309,855
FutureFuel Corp.		3,639		51,274
GCP Applied Technologies, Inc.(a)		10,983		350,358
Hawkins, Inc.		1,620		57,024
HB Fuller Co.		7,981		429,936
Huntsman Corp.		31,675		1,054,461
Ingevity Corp.(a)		6,519		459,394
Innophos Holdings, Inc.		3,017		140,984
Innospec, Inc.		3,555		250,983
Intrepid Potash, Inc.(a)(b)		18,112		86,213
KMG Chemicals, Inc.		1,469		97,072
Koppers Holdings, Inc.(a)		3,456		175,910
Kraton Corp.(a)		4,717		227,218
Kronos Worldwide, Inc.		3,366		86,742
LSB Industries, Inc.(a)		2,939		25,746
Minerals Technologies, Inc.		5,478		377,160
NewMarket Corp.		1,458		579,395
Nexeo Solutions, Inc.(a)		9,162		83,374
Olin Corp.		25,949		923,265
OMNOVA Solutions, Inc.(a)		6,506		65,060
Platform Specialty Products Corp.(a)		34,203		339,304
PolyOne Corp.		12,483		543,010
Quaker Chemical Corp.		2,000		301,580
Rayonier Advanced Materials, Inc.		6,271		128,242
RPM International, Inc.		20,752		1,087,820
Senomyx, Inc.(a)		7,801		10,141
Sensient Technologies Corp.		6,656		486,886
Stepan Co.		2,878		227,276
TOR Minerals International, Inc.(a)		1,000		5,900
Tredegar Corp.		3,711		71,251
Trinseo SA		7,002		508,345
Tronox Ltd., Class A		13,331		273,419
Univar, Inc.(a)(b)		16,537		511,986
Valvoline, Inc.		32,946		825,627
Venator Materials PLC(a)		3,724		82,375
Versum Materials, Inc.		17,213		651,512
Westlake Chemical Corp.		5,649		601,788
WR Grace & Co.		10,750		753,897
Yield10 Bioscience, Inc.(a)		233		412
ZAGG, Inc.(a)		4,990		92,066
				21,080,765
Construction & Materials — 2.7%
AAON, Inc.		6,524		239,431
Advanced Drainage Systems, Inc.		5,721		136,446
AECOM(a)		24,730		918,720
Aegion Corp.(a)		5,610		142,662
Ameresco, Inc., Class A(a)		3,372		28,999
American Woodmark Corp.(a)		2,117		275,739
Apogee Enterprises, Inc.		4,823		220,556
Argan, Inc.		1,952		87,840
Armstrong Flooring, Inc.(a)		4,145		70,133
Armstrong World Industries, Inc.(a)		7,446		450,855
BlueLinx Holdings, Inc.(a)		2,204		21,511

SCHEDULE OF INVESTMENTS 5

Schedule of Investments  (continued) December 31, 2017 Master Extended Market Index Series (Percentages shown are based on Net Assets)

Security	Shares		Value
Construction & Materials (continued)
Blueprint Medicines Corp.(a)		5,491	$	414,076
BMC Stock Holdings, Inc.(a)		10,503		265,726
Boise Cascade Co.		5,862		233,894
Builders FirstSource, Inc.(a)(b)		16,643		362,651
Chicago Bridge & Iron Co. NV		15,246		246,070
Continental Building Products, Inc.(a)		6,349		178,724
Eagle Materials, Inc.		7,609		862,100
EMCOR Group, Inc.		9,242		755,534
Floor & Decor Holdings, Inc., Class A(a)(b)		3,770		183,524
Foundation Building Materials, Inc.(a)		998		14,760
Generac Holdings, Inc.(a)		9,944		492,427
Gibraltar Industries, Inc.(a)		5,276		174,108
GMS, Inc.(a)		4,048		152,367
The Goldfield Corp.(a)		3,448		16,895
Granite Construction, Inc.		6,000		380,580
Great Lakes Dredge & Dock Corp.(a)		9,666		52,196
Griffon Corp.		4,996		101,669
Hill International, Inc.(a)(b)		7,303		39,801
IES Holdings, Inc.(a)(b)		1,636		28,221
Installed Building Products, Inc.(a)		3,192		242,432
Insteel Industries, Inc.		2,808		79,523
JELD-WEN Holding, Inc.(a)		10,473		412,322
KBR, Inc.		21,005		416,529
Layne Christensen Co.(a)(b)		3,913		49,108
LB Foster Co., Class A(a)		1,479		40,155
Lennox International, Inc.		5,798		1,207,492
Louisiana-Pacific Corp.(a)		22,936		602,299
Masonite International Corp.(a)		4,641		344,130
MasTec, Inc.(a)		9,981		488,570
MDU Resources Group, Inc.		30,232		812,663
Mueller Water Products, Inc., Series A		24,819		310,995
MYR Group, Inc.(a)		2,843		101,580
NCI Building Systems, Inc.(a)		6,628		127,920
Northwest Pipe Co.(a)(b)		2,132		40,807
Omega Flex, Inc.		980		69,982
Orion Group Holdings, Inc.(a)		5,034		39,416
Owens Corning		17,282		1,588,907
Patrick Industries, Inc.(a)		3,589		249,256
PGT Innovations, Inc.(a)		7,825		131,851
Ply Gem Holdings, Inc.(a)		3,732		69,042
Primoris Services Corp.		5,751		156,370
Quanex Building Products Corp.		5,075		118,755
Simpson Manufacturing Co., Inc.		5,984		343,541
Sterling Construction Co., Inc.(a)		5,074		82,605
Summit Materials, Inc., Class A(a)(b)		18,070		568,121
Tecogen, Inc.(a)		1,236		3,337
Thermon Group Holdings, Inc.(a)		5,345		126,516
TopBuild Corp.(a)		6,084		460,802
Trex Co., Inc.(a)		4,443		481,577
Tutor Perini Corp.(a)(b)		6,087		154,305
Universal Forest Products, Inc.		9,009		338,919
US Concrete, Inc.(a)(b)		2,627		219,749
USG Corp.(a)		13,207		509,262
Valmont Industries, Inc.		3,655		606,182
Watsco, Inc.		4,746		807,010
Watts Water Technologies, Inc., Class A		4,454		338,281
				20,288,526
Electricity — 1.3%
ALLETE, Inc.		7,611		565,954
Avangrid, Inc.		8,369		423,304
Black Hills Corp.		8,064		484,727
Calpine Corp.(a)		57,224		865,814
Covanta Holding Corp.		20,330		343,577
Dynegy, Inc.(a)		21,754		257,785

Security	Shares		Value
Electricity (continued)
El Paso Electric Co.		6,588	$	364,646
Great Plains Energy, Inc.		33,516		1,080,556
Hawaiian Electric Industries, Inc.		18,220		658,653
IDACORP, Inc.		7,629		696,985
MGE Energy, Inc.		5,537		349,385
NorthWestern Corp.		7,217		430,855
Ormat Technologies, Inc.		5,791		370,392
Portland General Electric Co.		13,614		620,526
Sunrun, Inc.(a)		10,004		59,024
TerraForm Power, Inc.		7,031		84,091
Unitil Corp.		2,550		116,331
US Geothermal, Inc.(a)		7,641		26,361
Vistra Energy Corp.(a)		41,385		758,192
Vivint Solar, Inc.(a)		7,224		29,257
Westar Energy, Inc.		22,185		1,171,368
				9,757,783
Electronic & Electrical Equipment — 3.3%
Allied Motion Technologies, Inc.		1,620		53,606
Anixter International, Inc.(a)		4,284		325,584
Applied DNA Sciences, Inc.(a)		6,764		10,755
Arrow Electronics, Inc.(a)		13,260		1,066,237
Atkore International Group, Inc.(a)		3,137		67,289
Avnet, Inc.		17,388		688,913
AVX Corp.		6,239		107,935
AZZ, Inc.		3,998		204,298
Badger Meter, Inc.		5,214		249,229
Bel Fuse, Inc., Class B		2,157		54,302
Belden, Inc.		6,483		500,293
Benchmark Electronics, Inc.(a)		7,614		221,567
Brady Corp., Class A		6,969		264,125
Capstone Turbine Corp.(a)		3,678		2,832
Cognex Corp.		27,068		1,655,479
Coherent, Inc.(a)		3,889		1,097,554
Control4 Corp.(a)		3,575		106,392
CTS Corp.		5,283		136,037
CyberOptics Corp.(a)		1,663		24,945
Daktronics, Inc.		6,043		55,173
Electro Scientific Industries, Inc.(a)		5,070		108,650
eMagin Corp.(a)		6,297		10,390
Encore Wire Corp.		3,537		172,075
Energous Corp.(a)(b)		2,400		46,680
Energy Focus, Inc.(a)		4,423		10,792
EnerSys		6,551		456,146
ESCO Technologies, Inc.		3,900		234,975
Fabrinet(a)		6,340		181,958
FARO Technologies, Inc.(a)		2,690		126,430
General Cable Corp.		7,405		219,188
Houston Wire & Cable Co.(a)		3,110		22,392
Hubbell, Inc.		8,019		1,085,291
II-VI, Inc.(a)		8,248		387,244
Integer Holdings Corp.(a)		4,501		203,895
Intevac, Inc.(a)		5,485		37,572
IntriCon Corp.(a)		1,361		26,948
IPG Photonics Corp.(a)		5,926		1,268,934
Itron, Inc.(a)		5,094		347,411
Jabil, Inc.		27,147		712,609
KEMET Corp.(a)		7,636		114,998
Keysight Technologies, Inc.(a)		29,130		1,211,850
Kimball Electronics, Inc.(a)		5,162		94,206
Knowles Corp.(a)		15,810		231,775
LightPath Technologies, Inc., Class A(a)		6,052		13,435
Littelfuse, Inc.		3,550		702,261
LSI Industries, Inc.		4,195		28,862
MACOM Technology Solutions Holdings, Inc.(a)(b)		6,324		205,783

6 2017 BLACKROCK ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments  (continued) December 31, 2017 Master Extended Market Index Series (Percentages shown are based on Net Assets)

Security	Shares		Value
Electronic & Electrical Equipment (continued)
Maxwell Technologies, Inc. (a(b)		5,619	$	32,365
Mesa Laboratories, Inc.		562		69,857
Methode Electronics, Inc.		5,654		226,725
Microvision, Inc.(a)(b)		10,983		17,902
MTS Systems Corp.		2,593		139,244
Napco Security Technologies, Inc.(a)		4,487		39,261
National Instruments Corp.		17,626		733,770
Novanta, Inc.(a)		5,584		279,200
Nuvectra Corp.(a)		1,322		10,259
NVE Corp.		974		83,764
Orion Energy Systems, Inc.(a)		7,855		6,912
OSI Systems, Inc.(a)		2,791		179,685
Park Electrochemical Corp.		3,206		62,998
Plexus Corp.(a)		5,087		308,883
Powell Industries, Inc.		1,398		40,053
Regal-Beloit Corp.		6,944		531,910
Research Frontiers, Inc.(a)		5,552		5,774
Rogers Corp.(a)		2,685		434,755
Rubicon Technology, Inc.(a)		529		4,232
Sanmina Corp.(a)		11,339		374,187
Sensata Technologies Holding NV(a)(b)		26,687		1,363,973
Sparton Corp.(a)		1,071		24,697
Synthesis Energy Systems, Inc.(a)		7,207		20,612
Trimble, Inc.(a)		39,601		1,609,425
TTM Technologies, Inc.(a)		13,962		218,785
Turtle Beach Corp.(a)		6,063		2,747
Ultralife Corp.(a)		4,545		29,770
Universal Display Corp.(b)		6,605		1,140,353
Veeco Instruments, Inc.(a)		8,156		121,117
Vicor Corp.(a)		3,135		65,521
Vishay Intertechnology, Inc.		20,274		420,685
Vishay Precision Group, Inc.(a)		2,569		64,610
WESCO International, Inc.(a)		7,166		488,363
Zebra Technologies Corp., Class A(a)		8,305		862,059
				25,169,748
Financial Services — 4.4%
Actinium Pharmaceuticals, Inc.(a)		8,447		5,605
Ally Financial, Inc.		69,575		2,028,836
Artisan Partners Asset Management, Inc., Class A		8,027		317,067
Ashford, Inc.(a)		394		36,642
Associated Capital Group, Inc., Class A		805		27,451
Asta Funding, Inc.(a)		1,501		11,107
Atlanticus Holdings Corp.(a)		251		602
BGC Partners, Inc., Class A		36,260		547,889
Blackhawk Network Holdings, Inc.(a)		9,391		334,789
Cannae Holdings, Inc.(a)		12,943		220,419
CIT Group, Inc.		21,488		1,057,854
Cohen & Steers, Inc.		3,036		143,572
Consumer Portfolio Services, Inc.(a)		5,716		23,721
Cowen, Inc., Class A(a)(b)		4,324		59,023
Credit Acceptance Corp.(a)		1,948		630,139
Diamond Hill Investment Group, Inc.		522		107,877
Eaton Vance Corp.		18,334		1,033,854
Encore Capital Group, Inc.(a)		3,846		161,917
Enova International, Inc.(a)		4,701		71,455
Essent Group Ltd.(a)		12,034		522,516
Evercore, Inc., Class A		6,093		548,370
Ezcorp, Inc., Class A(a)(b)		8,094		98,747
Federal Agricultural Mortgage Corp., Class C		1,734		135,668
Federated Investors, Inc., Class B		13,995		504,940
Financial Engines, Inc.		9,678		293,243
FirstCash, Inc.		7,433		501,356
FNF Group		41,438		1,626,027
GAMCO Investors, Inc., Class A		805		23,868

Security	Shares		Value
Financial Services (continued)
Green Dot Corp., Class A(a)		6,679	$	402,477
Greenhill & Co., Inc.		4,276		83,382
Hamilton Lane, Inc., Class A		2,610		92,368
HealthEquity, Inc.(a)		7,750		361,615
Houlihan Lokey, Inc.		3,805		172,861
HRG Group, Inc.(a)		22,134		375,171
Impac Mortgage Holdings, Inc.(a)		1,830		18,593
Interactive Brokers Group, Inc., Class A		10,219		605,067
INTL. FCStone, Inc.(a)		2,537		107,899
Investment Technology Group, Inc.		5,189		99,888
Investors Title Co.		214		42,447
Janus Henderson Group PLC		29,130		1,114,514
Jason Industries, Inc.(a)		4,507		10,682
Ladder Capital Corp.		13,533		184,455
Ladenburg Thalmann Financial Services, Inc.		20,288		64,110
Lazard Ltd., Class A		20,140		1,057,350
Legg Mason, Inc.		13,893		583,228
LendingClub Corp.(a)		58,525		241,708
LendingTree, Inc.(a)		1,296		441,223
Liberty Ventures, Series A(a)		13,059		708,320
LPL Financial Holdings, Inc.		13,361		763,448
MarketAxess Holdings, Inc.		5,863		1,182,860
Marlin Business Services Corp.		1,640		36,736
MGIC Investment Corp.(a)		58,906		831,164
Moelis & Co., Class A		4,535		219,948
MoneyGram International, Inc.(a)		5,436		71,646
MSCI, Inc.		14,034		1,775,862
Nelnet, Inc., Class A		2,846		155,904
NMI Holdings, Inc., Class A(a)		9,420		160,140
NRG Yield, Inc., Class A		8,929		168,312
NRG Yield, Inc., Class C		9,117		172,311
Ocwen Financial Corp.(a)		16,212		50,744
On Deck Capital, Inc.(a)		6,601		37,890
OneMain Holdings, Inc.(a)		8,167		212,260
Oppenheimer Holdings, Inc., Class A		1,705		45,694
PICO Holdings, Inc.(a)		4,035		51,648
Piper Jaffray Cos.		2,366		204,068
PJT Partners, Inc., Class A		2,864		130,598
PRA Group, Inc.(a)(b)		7,260		241,032
Pzena Investment Management, Inc., Class A		3,173		33,856
Radian Group, Inc.		33,786		696,329
Regional Management Corp.(a)		1,727		45,437
Safeguard Scientifics, Inc.(a)		4,085		45,752
Santander Consumer USA Holdings, Inc.		17,383		323,671
SEI Investments Co.		20,493		1,472,627
SLM Corp.(a)		67,457		762,275
Stewart Information Services Corp.		3,587		151,730
Stifel Financial Corp.		10,470		623,593
TD Ameritrade Holding Corp.		40,579		2,074,804
TESARO, Inc.(a)		5,933		491,668
U.S. Global Investors, Inc., Class A(b)		4,302		16,778
Virtu Financial, Inc., Class A		6,407		117,248
Virtus Investment Partners, Inc.		1,153		132,653
VolitionRX Ltd.(a)		6,405		18,831
Voya Financial, Inc.(b)		28,493		1,409,549
Waddell & Reed Financial, Inc., Class A		12,521		279,719
Walker & Dunlop, Inc.(a)(b)		4,301		204,298
Westwood Holdings Group, Inc.		1,466		97,064
WisdomTree Investments, Inc.		17,278		216,839
WMIH Corp.(a)		33,498		28,443
World Acceptance Corp.(a)		1,064		85,886
				33,683,227
Fixed Line Telecommunications — 0.4%
8x8, Inc.(a)		14,330		202,053
Cincinnati Bell, Inc.(a)		6,259		130,500

SCHEDULE OF INVESTMENTS 7

Schedule of Investments  (continued) December 31, 2017 Master Extended Market Index Series (Percentages shown are based on Net Assets)

Security	Shares		Value
Fixed Line Telecommunications (continued)
Consolidated Communications Holdings, Inc.		9,996	$	121,851
Frontier Communications Corp.		12,098		81,783
General Communication, Inc., Class A(a)		4,373		170,635
GTT Communications, Inc.(a)(b)		5,160		242,262
Hawaiian Telcom Holdco, Inc.(a)		2,127		65,639
HC2 Holdings, Inc.(a)		4,461		26,543
IDT Corp., Class B(a)		2,972		31,503
Straight Path Communications, Inc., Class B(a)(b)		1,262		229,419
Vonage Holdings Corp.(a)		30,026		305,375
Windstream Holdings, Inc.		28,739		53,167
Zayo Group Holdings, Inc.(a)		28,298		1,041,366
				2,702,096
Food & Drug Retailers — 0.4%
Casey’s General Stores, Inc.		5,909		661,453
Chefs’ Warehouse, Inc.(a)		3,358		68,839
Core-Mark Holding Co., Inc.		7,129		225,134
Diplomat Pharmacy, Inc.(a)		6,690		134,268
GNC Holdings, Inc., Class A(b)		10,229		37,745
Ingles Markets, Inc., Class A		2,303		79,684
Natural Health Trends Corp.		1,354		20,567
Performance Food Group Co.(a)		13,433		444,632
PetMed Express, Inc.		3,455		157,203
Rite Aid Corp.(a)(b)		169,281		333,486
Smart & Final Stores, Inc.(a)		4,080		34,884
SpartanNash Co.		5,521		147,300
Sprouts Farmers Market, Inc.(a)		19,601		477,284
SuperValu, Inc.(a)		5,901		127,462
United Natural Foods, Inc.(a)(b)		7,684		378,591
Vitamin Shoppe, Inc.(a)		3,693		16,249
Weis Markets, Inc.		2,324		96,190
				3,440,971
Food Producers — 2.0%
Alico, Inc.		610		17,995
Amplify Snack Brands, Inc.(a)(b)		5,088		61,107
Andersons, Inc.		3,787		117,965
B&G Foods, Inc.		10,478		368,302
Blue Buffalo Pet Products, Inc.(a)(b)		15,208		498,670
Bunge Ltd.		21,472		1,440,342
Cal-Maine Foods, Inc.(a)		4,515		200,692
Calavo Growers, Inc.		2,423		204,501
Darling Ingredients, Inc.(a)		26,202		475,060
Dean Foods Co.		13,709		158,476
Farmer Bros Co.(a)		1,660		53,369
Flowers Foods, Inc.		29,403		567,791
Fresh Del Monte Produce, Inc.		5,263		250,887
Freshpet, Inc.(a)		3,781		71,650
Griffin Industrial Realty, Inc.		1,073		39,379
Hain Celestial Group, Inc.(a)(b)		16,146		684,429
Herbalife Ltd.(a)(b)		9,837		666,162
Hostess Brands, Inc.(a)		13,475		199,565
HQ Sustainable Maritime Industries, Inc.(a)(c)		4,100		—
Ingredion, Inc.		11,183		1,563,383
J&J Snack Foods Corp.		2,381		361,507
John B Sanfilippo & Son, Inc.		1,422		89,942
Lamb Weston Holdings, Inc.		22,466		1,268,206
Lancaster Colony Corp.		2,973		384,141
Lifevantage Corp.(a)		3,491		16,617
Lifeway Foods, Inc.(a)(b)		1,804		14,432
Limoneira Co.		2,404		53,850
Lipocine, Inc.(a)		5,425		18,662
Mannatech, Inc.		644		9,660
Medifast, Inc.		1,806		126,077
MGP Ingredients, Inc.		1,817		139,691
Nutrisystem, Inc.		4,434		233,228

Security	Shares		Value
Food Producers (continued)
Phibro Animal Health Corp., Class A		2,839	$	95,106
Pilgrim’s Pride Corp.(a)		9,086		282,211
Pinnacle Foods, Inc.		18,245		1,085,030
Post Holdings, Inc.(a)(b)		10,224		810,048
Reliv International, Inc.(a)		59		290
Rocky Mountain Chocolate Factory, Inc.		2,724		32,143
Sanderson Farms, Inc.		2,996		415,785
Seaboard Corp.		38		167,580
Seneca Foods Corp., Class A(a)		1,343		41,297
The Simply Good Foods Co.(a)		4,220		60,177
Snyders-Lance, Inc.		13,636		682,891
Tootsie Roll Industries, Inc.(b)		2,779		101,156
TreeHouse Foods, Inc.(a)		9,028		446,525
U.S. Foods Holding Corp.(a)		21,459		685,186
USANA Health Sciences, Inc.(a)		1,572		116,407
				15,377,570
Forestry & Paper — 0.2%
Clearwater Paper Corp.(a)		2,534		115,043
Deltic Timber Corp.		1,574		144,100
Domtar Corp.		9,442		467,568
KapStone Paper and Packaging Corp.		13,377		303,547
Mercer International, Inc.		6,229		89,075
Neenah Paper, Inc.		2,503		226,897
PH Glatfelter Co.		6,319		135,479
Resolute Forest Products(a)(b)		12,838		141,860
Veritiv Corp.(a)		2,308		66,701
Verso Corp., Class A(a)		5,490		96,459
				1,786,729
Gas, Water & Multi-Utilities — 1.5%
American States Water Co.		5,470		316,768
Aqua America, Inc.		27,283		1,070,351
Artesian Resources Corp., Class A		1,250		48,200
Atmos Energy Corp.		16,286		1,398,804
Avista Corp.		9,641		496,415
Cadiz, Inc.(a)		4,834		68,884
California Water Service Group		7,033		318,947
Chesapeake Utilities Corp.		2,612		205,173
Connecticut Water Service, Inc.		2,258		129,632
Evoqua Water Technologies Corp.(a)		1,170		27,741
Genie Energy Ltd., Class B		3,673		16,014
Middlesex Water Co.		2,592		103,447
National Fuel Gas Co.		13,759		755,507
New Jersey Resources Corp.		12,980		521,796
Northwest Natural Gas Co.		4,404		262,699
ONE Gas, Inc.		7,794		570,988
PNM Resources, Inc.		11,944		483,135
RGC Resources, Inc.		2,773		75,093
SJW Corp.		2,322		148,213
South Jersey Industries, Inc.		12,485		389,907
Southwest Gas Holdings, Inc.		7,106		571,891
Spark Energy, Inc., Class A(b)		2,263		28,061
Spire, Inc.		6,930		520,789
UGI Corp.		26,803		1,258,401
Vectren Corp.		13,062		849,291
WGL Holdings, Inc.		7,652		656,848
York Water Co.		2,157		73,122
				11,366,117
General Industrials — 1.4%
Actuant Corp., Class A		10,812		273,544
Aptargroup, Inc.		10,013		863,922
Bemis Co., Inc.		14,048		671,354
Berry Global Group, Inc.(a)		20,191		1,184,606
Carlisle Cos., Inc.		9,566		1,087,176

8 2017 BLACKROCK ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments  (continued) December 31, 2017 Master Extended Market Index Series (Percentages shown are based on Net Assets)

Security	Shares		Value
General Industrials (continued)
Crown Holdings, Inc.(a)		21,282	$	1,197,112
CryoPort, Inc.(a)		4,188		35,975
Global Brass & Copper Holdings, Inc.		3,673		121,576
Graphic Packaging Holding Co.		49,693		767,772
Greif, Inc., Class A		3,637		220,329
Greif, Inc., Class B		1,017		70,529
Harsco Corp.(a)		11,862		221,226
ITT, Inc.		13,665		729,301
Landec Corp.(a)		4,881		61,501
Multi-Color Corp.		2,155		161,302
Myers Industries, Inc.		3,762		73,359
Otter Tail Corp.		5,878		261,277
Owens-Illinois, Inc.(a)		25,629		568,195
Raven Industries, Inc.		5,522		189,681
Rexnord Corp.(a)		15,645		407,083
Silgan Holdings, Inc.		12,070		354,737
Sonoco Products Co.		15,359		816,177
TriMas Corp.(a)		6,652		177,941
UFP Technologies, Inc.(a)		1,471		40,894
				10,556,569
General Retailers — 4.1%
1-800-Flowers.com, Inc., Class A(a)		5,670		60,669
Aaron’s, Inc.		9,518		379,292
Abercrombie & Fitch Co., Class A		10,514		183,259
Adtalem Global Education, Inc.		9,173		385,725
Altice USA, Inc., Class A(a)		9,968		211,621
AMERCO		915		345,788
America’s Car-Mart, Inc.(a)(b)		1,386		61,885
American Eagle Outfitters, Inc.		25,423		477,952
American Public Education, Inc.(a)		2,731		68,412
ANGI Homeservices, Inc.(a)		8,054		84,245
Antero Resources Corp.(a)		32,796		623,124
Asbury Automotive Group, Inc.(a)		3,061		195,904
Ascena Retail Group, Inc.(a)		25,130		59,056
At Home Group, Inc.(a)		652		19,814
AutoNation, Inc.(a)		9,193		471,877
AutoWeb, Inc.(a)		2,014		18,146
Barnes & Noble Education, Inc.(a)		6,163		50,783
Barnes & Noble, Inc.		8,898		59,617
Beacon Roofing Supply, Inc.(a)		9,402		599,472
Bed Bath & Beyond, Inc.		21,609		475,182
Big 5 Sporting Goods Corp.		2,684		20,398
Big Lots, Inc.		6,639		372,780
Boot Barn Holdings, Inc.(a)		2,185		36,293
Bridgepoint Education, Inc.(a)		2,758		22,891
Bright Horizons Family Solutions, Inc.(a)		8,004		752,376
Buckle, Inc.		3,973		94,359
Build-A-Bear Workshop, Inc.(a)		2,727		25,088
Burlington Stores, Inc. (a)		10,694		1,315,683
Caleres, Inc.		6,897		230,912
Cambium Learning Group, Inc.(a)		4,720		26,810
Capella Education Co.		1,792		138,701
Care.com, Inc.(a)		1,738		31,354
Career Education Corp.(a)		10,687		129,099
Carriage Services, Inc.		2,462		63,298
Cars.com, Inc.(a)		11,105		320,268
Carvana Co.(a)(b)		2,969		56,767
Cato Corp., Class A		3,894		61,992
CDK Global, Inc.		20,933		1,492,104
Chegg, Inc.(a)		12,092		197,341
Chemed Corp.		2,486		604,148
Chico’s FAS, Inc.		19,485		171,858
Children’s Place, Inc.		2,749		399,567
Christopher & Banks Corp.(a)		6,159		7,822

Security	Shares		Value
General Retailers (continued)
Citi Trends, Inc.		2,593	$	68,611
Clean Energy Fuels Corp.(a)		15,034		30,519
Collectors Universe, Inc.		1,741		49,862
Conn’s, Inc.(a)		3,781		134,415
Container Store Group, Inc.(a)		2,847		13,495
Copart, Inc.(a)		31,934		1,379,229
Destination Maternity Corp.(a)		2,770		8,227
Destination XL Group, Inc.(a)		8,559		18,830
Dick’s Sporting Goods, Inc.		13,158		378,161
Dillard’s, Inc., Class A(b)		3,366		202,128
DSW, Inc., Class A		11,768		251,953
Emerald Expositions Events, Inc.(b)		2,005		40,782
Etsy, Inc.(a)		16,289		333,110
EVINE Live, Inc.(a)		7,906		11,068
Express, Inc.(a)		12,371		125,566
Finish Line, Inc., Class A		6,356		92,353
Five Below, Inc.(a)		8,397		556,889
Francesca’s Holdings Corp.(a)		6,453		47,171
Fred’s, Inc., Class A		4,994		20,226
FTD Cos., Inc.(a)		3,190		22,936
Gaia, Inc.(a)		3,595		44,578
GameStop Corp., Class A		15,760		282,892
Genesco, Inc.(a)		3,006		97,695
Grand Canyon Education, Inc.(a)		7,545		675,504
Group 1 Automotive, Inc.		3,063		217,381
GrubHub, Inc.(a)(b)		13,902		998,164
Guess?, Inc.		9,276		156,579
Haverty Furniture Cos., Inc.		3,228		73,114
Hibbett Sports, Inc.(a)		3,484		71,074
Hillenbrand, Inc.		9,955		444,988
Houghton Mifflin Harcourt Co.(a)		15,421		143,415
HSN, Inc.		4,839		195,254
J. Jill, Inc.(a)		1,051		8,198
JC Penney Co., Inc.(a)(b)		46,483		146,889
K12, Inc.(a)		5,636		89,612
KAR Auction Services, Inc.		21,349		1,078,338
Kirkland’s, Inc.(a)		2,707		32,389
Lands’ End, Inc.(a)		2,026		39,608
Laureate Education, Inc., Class A(a)		5,435		73,699
Liquidity Services, Inc.(a)		4,477		21,713
Lithia Motors, Inc., Class A		3,754		426,417
Lumber Liquidators Holdings, Inc.(a)		4,057		127,349
MarineMax, Inc.(a)		4,129		78,038
Matthews International Corp., Class A		4,866		256,925
Michaels Cos., Inc.(a)(b)		16,397		396,643
Monro, Inc.		5,679		323,419
Murphy USA, Inc.(a)(b)		5,262		422,854
Office Depot, Inc.		84,453		298,967
Ollie’s Bargain Outlet Holdings, Inc.(a)(b)		7,432		395,754
Overstock.com, Inc.(a)(b)		2,766		176,747
Party City Holdco, Inc.(a)		3,899		54,391
PCM, Inc.(a)(b)		1,516		15,008
Penske Automotive Group, Inc.		5,762		275,712
Pier 1 Imports, Inc.		12,905		53,427
PriceSmart, Inc.		3,440		296,184
Providence Service Corp.(a)		2,023		120,045
RealNetworks, Inc.(a)(b)		5,145		17,596
Regis Corp.(a)		5,786		88,873
Rent-A-Center, Inc.		7,864		87,290
RH(a)		3,106		267,768
Rollins, Inc.		15,119		703,487
Rush Enterprises, Inc., Class A(a)		5,240		266,244
Sally Beauty Holdings, Inc.(a)		20,944		392,909
Sears Holdings Corp.(a)		4,842		17,334
Service Corp. International		29,697		1,108,292

SCHEDULE OF INVESTMENTS 9

Schedule of Investments  (continued) December 31, 2017 Master Extended Market Index Series (Percentages shown are based on Net Assets)

Security	Shares		Value
General Retailers (continued)
ServiceMaster Global Holdings, Inc.(a)(b)		21,046	$	1,079,028
Shoe Carnival, Inc.		2,381		63,692
Shutterfly, Inc.(a)		5,172		257,307
SiteOne Landscape Supply, Inc.(a)(b)		5,891		451,840
Sonic Automotive, Inc., Class A		4,134		76,272
Sotheby’s(a)		6,051		312,232
SP Plus Corp.(a)		2,950		109,445
Sportsman’s Warehouse Holdings, Inc.(a)(b)		4,298		28,410
Stage Stores, Inc.		4,672		7,849
Stamps.com, Inc.(a)(b)		2,505		470,940
Stein Mart, Inc.(b)		4,383		5,084
Strayer Education, Inc.		1,653		148,076
Tailored Brands, Inc.		7,130		155,648
Tile Shop Holdings, Inc.		5,605		53,808
Titan Machinery, Inc.(a)		2,671		56,545
TrueCar, Inc.(a)		11,249		125,989
Trupanion, Inc.(a)		3,225		94,396
Tuesday Morning Corp.(a)		6,404		17,611
Urban Outfitters, Inc.(a)(b)		12,318		431,869
Weight Watchers International, Inc.(a)		4,031		178,493
Williams-Sonoma, Inc.		11,717		605,769
Winmark Corp.		437		56,548
Zumiez, Inc.(a)		2,839		59,122
				31,593,993
Health Care Equipment & Services — 4.0%
AAC Holdings, Inc.(a)		2,226		20,034
Abaxis, Inc.		3,511		173,865
ABIOMED, Inc.(a)		6,466		1,211,793
Acadia Healthcare Co., Inc.(a)(b)		12,505		408,038
Accuray, Inc.(a)(b)		12,884		55,401
Addus HomeCare Corp.(a)		1,286		44,753
Almost Family, Inc.(a)		2,437		134,888
Alphatec Holdings, Inc.(a)		1,899		5,051
Amedisys, Inc.(a)		4,240		223,490
American Renal Associates Holdings, Inc.(a)		1,388		24,151
Analogic Corp.		1,873		156,864
AngioDynamics, Inc.(a)		7,769		129,198
Anika Therapeutics, Inc.(a)(b)		2,272		122,484
Antares Pharma, Inc.(a)		26,095		51,929
AtriCure, Inc.(a)		5,376		98,058
Atrion Corp.		224		141,254
AxoGen, Inc.(a)		4,935		139,661
Bio-Rad Laboratories, Inc., Class A(a)		3,214		767,085
Biolase, Inc.(a)		11,125		4,744
BioScrip, Inc.(a)		20,256		58,945
BioTelemetry, Inc.(a)(b)		4,630		138,437
Bovie Medical Corp.(a)		4,719		12,269
Brookdale Senior Living, Inc.(a)		28,171		273,268
Bruker Corp.		16,600		569,712
CalAtlantic Group, Inc.		11,783		664,443
Cantel Medical Corp.		5,957		612,797
Capital Senior Living Corp.(a)(b)		4,670		62,998
Cardiovascular Systems, Inc.(a)(b)		5,198		123,141
Civitas Solutions, Inc.(a)		2,868		49,043
Cogentix Medical, Inc.(a)		6,713		21,146
Community Health Systems, Inc.(a)(b)		17,321		73,787
ConforMIS, Inc.(a)(b)		5,799		13,802
CONMED Corp.		3,573		182,116
Corindus Vascular Robotics, Inc.(a)(b)		20,807		21,015
Corvel Corp.(a)		1,635		86,492
CryoLife, Inc.(a)		4,639		88,837
Cutera, Inc.(a)		2,275		103,171
CytoSorbents Corp.(a)(b)		4,303		27,970
DexCom, Inc.(a)(b)		13,180		756,400

Security	Shares		Value
Health Care Equipment & Services (continued)
Encompass Health Corp.		14,780	$	730,280
Endologix, Inc.(a)		12,883		68,924
Ensign Group, Inc.		6,892		153,002
Entellus Medical, Inc.(a)		1,544		37,658
Exactech, Inc.(a)		1,877		92,818
Five Star Senior Living, Inc.(a)		16,250		24,375
Fluidigm Corp.(a)(b)		4,592		27,047
FONAR Corp.(a)		1,417		34,504
Genesis Healthcare, Inc.(a)(b)		5,313		4,053
GenMark Diagnostics, Inc.(a)(b)		7,790		32,484
Glaukos Corp.(a)(b)		4,900		125,685
Globus Medical, Inc., Class A(a)		11,083		455,511
Haemonetics Corp.(a)		7,760		450,701
Halyard Health, Inc.(a)		7,764		358,542
Healthcare Services Group, Inc.		11,747		619,302
HealthStream, Inc.(a)		3,976		92,084
Hill-Rom Holdings, Inc.		9,945		838,264
HMS Holdings Corp.(a)		13,041		221,045
ICU Medical, Inc.(a)		2,348		507,168
Inogen, Inc.(a)		2,528		301,034
Insulet Corp.(a)		9,429		650,601
Integra LifeSciences Holdings Corp.(a)		9,568		457,925
Intersect ENT, Inc.(a)		4,481		145,184
Invacare Corp.		4,891		82,413
iRhythm Technologies, Inc.(a)		2,986		167,365
Juno Therapeutics, Inc.(a)(b)		13,316		608,674
K2M Group Holdings, Inc.(a)		6,090		109,620
Kindred Healthcare, Inc.		12,162		117,971
Lantheus Holdings, Inc.(a)		4,633		94,745
LeMaitre Vascular, Inc.		2,222		70,749
LHC Group, Inc.(a)		2,418		148,103
LifePoint Health, Inc.(a)		6,081		302,834
LivaNova PLC(a)		6,732		538,021
Magellan Health, Inc.(a)		3,447		332,808
Masimo Corp.(a)		7,196		610,221
MEDNAX, Inc.(a)		14,693		785,194
Meridian Bioscience, Inc.		6,734		94,276
Merit Medical Systems, Inc.(a)		8,267		357,134
Molina Healthcare, Inc.(a)		6,739		516,747
Natera, Inc.(a)		4,291		38,576
National Healthcare Corp.		1,472		89,704
Natus Medical, Inc.(a)		5,169		197,456
Navidea Biopharmaceuticals, Inc.(a)		26,297		9,428
Neogen Corp.(a)		6,464		531,405
NeoGenomics, Inc.(a)(b)		9,277		82,194
Nevro Corp.(a)		4,286		295,905
NuVasive, Inc.(a)		7,914		462,890
NxStage Medical, Inc.(a)		10,176		246,565
Omnicell, Inc.(a)		6,517		316,075
OraSure Technologies, Inc.(a)		9,831		185,413
Orthofix International NV(a)		2,789		152,558
Owens & Minor, Inc.		9,148		172,714
Penumbra, Inc.(a)(b)		4,535		426,744
Psychemedics Corp.		1,320		27,139
Quidel Corp.(a)		4,380		189,873
Quorum Health Corp.(a)(b)		4,330		27,019
R1 RCM, Inc.(a)		14,948		65,921
RadNet, Inc.(a)		5,911		59,701
Retractable Technologies, Inc.(a)		4,605		3,131
Rockwell Medical, Inc.(a)(b)		7,565		44,028
RTI Surgical, Inc.(a)		10,112		41,459
SeaSpine Holdings Corp.(a)		1,779		18,004
Select Medical Holdings Corp.(a)		16,098		284,130
Spark Therapeutics, Inc.(a)(b)		4,759		244,708
STAAR Surgical Co.(a)		5,027		77,919

10 2017 BLACKROCK ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments  (continued) December 31, 2017 Master Extended Market Index Series (Percentages shown are based on Net Assets)

Security	Shares		Value
Health Care Equipment & Services (continued)
STERIS PLC		13,340	$	1,166,850
Surgery Partners, Inc.(a)(b)		3,215		38,902
SurModics, Inc.(a)		2,327		65,156
T2 Biosystems, Inc.(a)		4,053		16,698
Tactile Systems Technology, Inc.(a)		1,840		53,323
Tandem Diabetes Care, Inc.(a)		367		866
Teladoc, Inc.(a)		7,825		272,701
Teleflex, Inc.		7,031		1,749,453
Tenet Healthcare Corp.(a)		12,189		184,785
Tivity Health, Inc.(a)		5,011		183,152
Triple-S Management Corp., Class B(a)		3,526		87,621
U.S. Physical Therapy, Inc.		1,955		141,151
Utah Medical Products, Inc.		662		53,887
Varex Imaging Corp.(a)(b)		5,658		227,282
ViewRay, Inc.(a)(b)		7,494		69,394
Viveve Medical, Inc.(a)(b)		1,837		9,130
WellCare Health Plans, Inc.(a)		7,053		1,418,429
West Pharmaceutical Services, Inc.		11,434		1,128,193
Wright Medical Group NV(a)		17,581		390,298
Zafgen, Inc.(a)		2,989		13,809
				30,779,335
Household Goods & Home Construction — 1.7%
ACCO Brands Corp.(a)		16,442		200,592
Bassett Furniture Industries, Inc.		1,739		65,386
Beazer Homes USA, Inc.(a)		5,712		109,728
Briggs & Stratton Corp.		6,373		161,683
Cavco Industries, Inc.(a)		1,393		212,572
Central Garden & Pet Co., Class A(a)		6,265		236,253
Century Communities, Inc.(a)		3,342		103,936
Compx International, Inc.		1,034		13,752
Comstock Holdings Cos., Inc.(a)		1,729		3,112
Dixie Group, Inc.(a)		2,900		11,165
Edgewell Personal Care Co.(a)		8,921		529,818
Energizer Holdings, Inc.		9,658		463,391
Ethan Allen Interiors, Inc.		3,943		112,770
Flexsteel Industries, Inc.		1,215		56,838
Forward Industries, Inc.(a)		2,823		3,472
Hamilton Beach Brands Holding Co.		1,598		41,053
Herman Miller, Inc.		8,959		358,808
HNI Corp.		6,656		256,722
Hooker Furniture Corp.		1,876		79,636
Hovnanian Enterprises, Inc., Class A(a)		21,351		71,526
Interface, Inc.		9,610		241,692
iRobot Corp.(a)		4,266		327,202
KB Home		12,278		392,282
Knoll, Inc.		7,374		169,897
La-Z-Boy, Inc.		7,437		232,034
LGI Homes, Inc.(a)		2,808		210,684
Libbey, Inc.		3,627		27,275
Lifetime Brands, Inc.		2,050		33,825
M/I Homes, Inc.(a)		4,013		138,047
MDC Holdings, Inc.		6,411		204,383
Meritage Homes Corp.(a)		5,844		299,213
National Presto Industries, Inc.		790		78,566
NVR, Inc.(a)		549		1,926,013
Oil-Dri Corp. of America		1,129		46,854
Scotts Miracle-Gro Co., Class A		6,384		683,024
Sleep Number Corp.(a)		6,400		240,576
Spectrum Brands Holdings, Inc.		3,826		430,042
Steelcase, Inc., Class A		12,921		196,399
Taylor Morrison Home Corp., Class A(a)		10,966		268,338
Tempur Sealy International, Inc.(a)		7,002		438,955
Toll Brothers, Inc.		23,979		1,151,520
TRI Pointe Group, Inc.(a)		25,458		456,225

Security	Shares		Value
Household Goods & Home Construction (continued)
Tupperware Brands Corp.		7,915	$	496,270
Virco Manufacturing Corp.		5,315		26,841
Wayfair, Inc., Class A(a)		6,202		497,835
WD-40 Co.		2,313		272,934
William Lyon Homes, Class A(a)		4,111		119,548
				12,698,687
Industrial Engineering — 3.3%
AGCO Corp.		10,320		737,158
Alamo Group, Inc.		1,607		181,382
Albany International Corp., Class A		4,299		264,174
Altra Industrial Motion Corp.		4,683		236,023
American Railcar Industries, Inc.		1,354		56,381
Astec Industries, Inc.		2,944		172,224
Babcock & Wilcox Enterprises, Inc.(a)(b)		8,137		46,218
Broadwind Energy, Inc.(a)		4,880		13,274
Ceco Environmental Corp.		4,277		21,941
Chicago Rivet & Machine Co.(b)		494		15,709
CIRCOR International, Inc.(b)		2,547		123,988
Colfax Corp.(a)(b)		15,461		612,565
Columbus McKinnon Corp.		2,933		117,261
Commercial Vehicle Group, Inc.(a)		5,294		56,593
Crane Co.		8,061		719,202
DMC Global, Inc.		2,800		70,140
Donaldson Co., Inc.		20,008		979,392
Douglas Dynamics, Inc.		3,445		130,221
Energy Recovery, Inc.(a)(b)		5,232		45,780
EnPro Industries, Inc.		3,440		321,674
Federal Signal Corp.		9,098		182,779
Franklin Electric Co., Inc.		5,838		267,964
FreightCar America, Inc.		2,656		45,364
Gardner Denver Holdings, Inc.(a)		8,550		290,101
GATX Corp.		6,015		373,892
Gorman-Rupp Co.		2,838		88,574
Graco, Inc.		26,261		1,187,568
Graham Corp.		1,902		39,809
Greenbrier Cos., Inc.		4,279		228,071
H&E Equipment Services, Inc.		4,783		194,429
Horizon Global Corp.(a)		3,297		46,224
Hurco Cos., Inc.		1,373		57,941
Hyster-Yale Materials Handling, Inc.		1,727		147,071
IDEX Corp.		11,736		1,548,800
John Bean Technologies Corp.		4,869		539,485
Kadant, Inc.		1,829		183,632
Kennametal, Inc.		11,991		580,484
Key Technology, Inc.(a)		998		18,393
Kimball International, Inc., Class B		5,240		97,831
Lincoln Electric Holdings, Inc.		9,781		895,744
Lindsay Corp.		1,858		163,876
Lydall, Inc.(a)		2,799		142,049
Manitex International, Inc.(a)		2,717		26,083
The Manitowoc Co., Inc.(a)		5,858		230,454
Materion Corp.		3,097		150,514
Meritor, Inc.(a)		14,861		348,639
Middleby Corp.(a)(b)		8,629		1,164,484
Milacron Holdings Corp.(a)		8,386		160,508
Miller Industries, Inc.		2,019		52,090
MSA Safety, Inc.		4,976		385,739
Mueller Industries, Inc.		9,270		328,436
NACCO Industries, Inc., Class A		799		30,082
Navistar International Corp.(a)(b)		9,906		424,769
NN, Inc.		4,181		115,396
Nordson Corp.		7,922		1,159,781
Oshkosh Corp.		11,784		1,071,048
Paylocity Holding Corp.(a)		4,271		201,420

SCHEDULE OF INVESTMENTS 11

Schedule of Investments  (continued) December 31, 2017 Master Extended Market Index Series (Percentages shown are based on Net Assets)

Security	Shares		Value
Industrial Engineering (continued)
Perma-Pipe International Holdings, Inc.(a)		1,937	$	17,433
Proto Labs, Inc.(a)		3,660		376,980
REV Group, Inc.		1,759		57,220
Spartan Motors, Inc.		5,545		87,334
SPX Corp.(a)		6,490		203,721
SPX FLOW, Inc.(a)		6,381		303,417
Standex International Corp.		2,053		209,098
Sun Hydraulics Corp.		3,942		255,008
Tennant Co.		2,625		190,706
Terex Corp.		13,178		635,443
Timken Co.		10,466		514,404
TimkenSteel Corp.(a)		5,808		88,224
Toro Co.		16,519		1,077,534
Trinity Industries, Inc.		23,378		875,777
Twin Disc, Inc.(a)		1,831		48,650
Wabash National Corp.		10,252		222,468
Wabtec Corp.(b)		13,427		1,093,361
Welbilt, Inc.(a)		22,964		539,884
Woodward, Inc.		8,805		673,935
				25,561,421
Industrial Metals & Mining — 1.0%
AK Steel Holding Corp.(a)		48,142		272,489
Alcoa Corp.(a)		26,331		1,418,451
Allegheny Technologies, Inc.(a)		16,681		402,679
Ampco-Pittsburgh Corp.		1,955		24,242
Carpenter Technology Corp.		7,069		360,448
Century Aluminum Co.(a)		7,937		155,883
Cleveland-Cliffs, Inc.(a)		45,148		325,524
Commercial Metals Co.		17,547		374,102
Friedman Industries, Inc.		2,787		15,830
Haynes International, Inc.		2,039		65,350
Kaiser Aluminum Corp.		2,778		296,829
McEwen Mining, Inc.(a)(b)		36,703		83,683
Olympic Steel, Inc.		1,597		34,320
Reliance Steel & Aluminum Co.		11,267		966,596
Ryerson Holding Corp.(a)		2,400		24,960
Steel Dynamics, Inc.		36,801		1,587,227
Synalloy Corp.		2,147		28,770
United States Steel Corp.		27,323		961,496
Universal Stainless & Alloy Products, Inc.(a)		1,302		27,889
Uranium Energy Corp.(a)		19,733		34,928
Worthington Industries, Inc.		6,911		304,499
				7,766,195
Industrial Transportation — 1.5%
Air Lease Corp.		14,722		707,981
Air Transport Services Group, Inc.(a)(b)		7,220		167,071
Aircastle Ltd.		8,419		196,920
ArcBest Corp.		3,519		125,804
Atlas Air Worldwide Holdings, Inc.(a)		3,769		221,052
CAI International, Inc.(a)		2,930		82,978
Celadon Group, Inc.		4,175		26,720
Covenant Transportation Group, Inc., Class A(a)		2,275		65,361
Daseke, Inc.(a)		3,674		52,501
Dorian LPG Ltd.(a)(b)		560		4,603
Echo Global Logistics, Inc.(a)		4,536		127,008
Forward Air Corp.		4,502		258,595
FRP Holdings, Inc.(a)		1,209		53,498
Genco Shipping & Trading Ltd.(a)		2,047		27,266
Gener8 Maritime, Inc.(a)		12,477		82,598
Genesee & Wyoming, Inc., Class A(a)(b)		9,759		768,326
Heartland Express, Inc.		6,722		156,892
Hub Group, Inc., Class A(a)		5,287		253,247
International Seaways, Inc.(a)		6,407		118,273
Kirby Corp.(a)		8,071		539,143

Security	Shares		Value
Industrial Transportation (continued)
Knight-Swift Transportation Holdings, Inc.		18,927	$	827,532
Landstar System, Inc.(b)		6,328		658,745
Macquarie Infrastructure Corp.		11,772		755,762
Marten Transport Ltd.		5,945		120,684
Matson, Inc.		6,329		188,857
Old Dominion Freight Line, Inc.		10,806		1,421,529
Overseas Shipholding Group, Inc., Class A(a)		5,813		15,928
PAM Transportation Services, Inc.(a)		659		22,920
Patriot Transportation Holding, Inc.(a)		627		11,029
PHH Corp.(a)		8,457		87,107
Radiant Logistics, Inc.(a)		3,916		18,014
Rand Logistics, Inc.(a)		5,032		785
Roadrunner Transportation Systems, Inc.(a)		4,706		36,283
Ryder System, Inc.		7,941		668,394
Saia, Inc.(a)		4,133		292,410
Schneider National, Inc., Class B		3,952		112,869
Triton International Ltd.(a)		6,337		237,321
Universal Logistics Holdings, Inc.		1,233		29,284
USA Truck, Inc.(a)		1,622		29,407
Werner Enterprises, Inc.		6,158		238,007
Wesco Aircraft Holdings, Inc.(a)		8,960		66,304
Willis Lease Finance Corp.(a)		1,351		33,734
World Fuel Services Corp.		10,630		299,128
XPO Logistics, Inc.(a)(b)		15,154		1,388,046
YRC Worldwide, Inc.(a)		4,920		70,750
				11,666,666
Leisure Goods — 1.1%
Acushnet Holdings Corp.		4,802		101,226
Akoustis Technologies, Inc.(a)(b)		1,429		8,903
Brunswick Corp.		13,583		750,053
Callaway Golf Co.(b)		14,931		207,989
Camping World Holdings, Inc., Class A		3,256		145,641
Clarus Corp.(a)(b)		4,738		37,193
Eastman Kodak Co.(a)		6,100		18,910
Escalade, Inc.		2,070		25,461
Fitbit, Inc., Series A(a)		27,915		159,400
Fox Factory Holding Corp.(a)		6,431		249,844
Glu Mobile, Inc.(a)		17,785		64,737
GoPro, Inc., Class A(a)(b)		15,121		114,466
Johnson Outdoors, Inc., Class A		710		44,084
LCI Industries		3,780		491,400
Malibu Boats, Inc.(a)		3,744		111,309
Marine Products Corp.		1,493		19,021
MCBC Holdings, Inc.(a)		2,500		55,550
Nautilus, Inc.(a)		4,821		64,360
Polaris Industries, Inc.		9,151		1,134,633
Pool Corp.		6,438		834,687
Take-Two Interactive Software, Inc.(a)		16,922		1,857,697
Thor Industries, Inc.		7,641		1,151,652
Universal Electronics, Inc.(a)(b)		2,235		105,604
Vista Outdoor, Inc.(a)		9,083		132,339
Winnebago Industries, Inc.		4,162		231,407
Zedge, Inc., Class B(a)		4,053		11,143
				8,128,709
Life Insurance — 0.4%
American Equity Investment Life Holding Co.		11,676		358,803
AMERISAFE, Inc.		3,104		191,206
Atlantic American Corp.		2,927		9,805
Citizens, Inc.(a)		8,213		60,366
CNO Financial Group, Inc.		26,587		656,433
eHealth, Inc.(a)		2,920		50,720
Employers Holdings, Inc.		5,791		257,120
FBL Financial Group, Inc., Class A		1,787		124,465
Genworth Financial, Inc., Class A(a)		72,970		226,940

12 2017 BLACKROCK ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments  (continued) December 31, 2017 Master Extended Market Index Series (Percentages shown are based on Net Assets)

Security	Shares		Value
Life Insurance (continued)
Health Insurance Innovations, Inc., Class A(a)		2,459	$	61,352
Independence Holding Co.		1,686		46,281
National Western Life Group, Inc., Class A		376		124,464
Primerica, Inc.		6,834		693,993
				2,861,948
Media — 3.6%
Acxiom Corp.(a)		11,802		325,263
AH Belo Corp., Class A		3,599		17,275
AMC Networks, Inc., Class A(a)		8,251		446,214
Ascent Capital Group, Inc., Class A(a)		2,129		24,462
Avid Technology, Inc.(a)		5,767		31,084
Beasley Broadcasting Group, Inc., Class A		2,692		36,073
Cable One, Inc.		747		525,402
Central European Media Enterprises Ltd., Class A(a)		16,001		74,405
Clear Channel Outdoor Holdings, Inc., Class A		5,624		25,870
Cogint, Inc.(a)		4,661		20,508
CSS Industries, Inc.		1,461		40,660
CTN Media Group, Inc.(a)(c)		50		—
Dolby Laboratories, Inc., Class A		8,934		553,908
Dun & Bradstreet Corp.		5,713		676,476
Emmis Communications Corp., Class A(a)		2,653		9,392
Entercom Communications Corp., Class A		21,239		229,381
Entravision Communications Corp., Class A		10,513		75,168
EW Scripps Co., Class A(a)		8,572		133,980
FactSet Research Systems, Inc.		6,258		1,206,292
Gannett Co., Inc.		17,822		206,557
Global Eagle Entertainment, Inc.(a)(b)		7,875		18,034
Graham Holdings Co., Class B		728		406,479
Gray Television, Inc.(a)		10,007		167,617
Groupon, Inc.(a)		60,701		309,575
Harte-Hanks, Inc.(a)		6,749		6,403
John Wiley & Sons, Inc., Class A		7,652		503,119
Lamar Advertising Co., Class A		12,881		956,285
Lee Enterprises, Inc.(a)		8,464		19,890
Liberty Broadband Corp., Class A(a)		4,557		387,573
Liberty Broadband Corp., Class C(a)		23,203		1,975,968
Liberty Global PLC, Class A(a)		35,705		1,279,667
Liberty Global PLC, Class C(a)		91,995		3,113,145
Liberty Global PLC LiLAC, Class A(a)		6,706		135,126
Liberty Global PLC LiLAC, Class C(a)(b)		17,478		347,637
Liberty Interactive Corp QVC Group, Series A(a)		63,647		1,554,260
Liberty Media Corp-Liberty Formula One, Class A(a)(b)		3,415		111,739
Liberty Media Corp-Liberty Formula One, Class C(a)		31,342		1,070,643
Liberty Media Corp. — Liberty SiriusXM, Class A(a)(b)		13,849		549,251
Liberty Media Corp. — Liberty SiriusXM, Class C(a)		26,707		1,059,200
Lions Gate Entertainment Corp., Class A(a)		9,936		335,936
Lions Gate Entertainment Corp., Class B(a)		17,152		544,405
Live Nation Entertainment, Inc.(a)		20,841		887,201
Marchex, Inc., Class B(a)		5,246		16,945
McClatchy Co., Class A(a)		1,090		9,734
Meredith Corp.		5,876		388,110
Morningstar, Inc.		2,851		276,462
MSG Networks, Inc., Class A(a)		9,903		200,536
National CineMedia, Inc.		9,730		66,748
New Media Investment Group, Inc.		9,733		163,320
New York Times Co., Class A		18,334		339,179
Nexstar Media Group, Inc., Class A		7,209		563,744
Outfront Media, Inc.		22,277		516,826
Pandora Media, Inc.(a)		37,583		181,150
QuinStreet, Inc.(a)		7,427		62,238
Quotient Technology, Inc.(a)(b)		11,904		139,872
Remark Holdings, Inc.(a)(b)		4,264		41,489
Roku, Inc.(a)		2,226		115,262
Rubicon Project, Inc.(a)		6,574		12,293

Security	Shares		Value
Media (continued)
Saga Communications, Inc., Class A		1,046	$	42,311
Scholastic Corp.		4,495		180,294
Sinclair Broadcast Group, Inc., Class A		12,177		460,899
Sirius XM Holdings, Inc.		234,792		1,258,491
SPAR Group, Inc.(a)		3,165		3,893
TechTarget, Inc.(a)		2,802		39,004
TEGNA, Inc.		33,291		468,737
TheStreet, Inc.(a)		16,585		24,048
Time, Inc.		15,065		277,949
Trade Desk, Inc., Class A(a)(b)		2,912		133,166
Tribune Media Co., Class A		11,076		470,398
TRONC, Inc.(a)		3,616		63,605
Value Line, Inc.		906		17,531
XO Group, Inc.(a)		4,167		76,923
Yelp, Inc.(a)		11,606		486,988
				27,495,668
Mining — 0.5%
Arch Coal, Inc., Class A		3,734		347,859
Cloud Peak Energy, Inc.(a)		9,192		40,904
Coeur Mining, Inc.(a)		28,493		213,698
Compass Minerals International, Inc.		5,446		393,474
CONSOL Energy, Inc.(a)		4,032		159,304
Fairmount Santrol Holdings, Inc.(a)		23,727		124,092
General Moly, Inc.(a)		21,436		7,061
Gold Resource Corp.		8,706		38,306
Golden Minerals Co.(a)(b)		9,302		4,018
Hallador Energy Co.		1,809		11,017
Hecla Mining Co.		61,701		244,957
Peabody Energy Corp.(a)		15,579		613,345
Pershing Gold Corp.(a)		5,475		13,140
Royal Gold, Inc.		10,083		828,016
Solitario Zinc Corp.(a)		15,315		9,229
SunCoke Energy, Inc.(a)		9,743		116,819
U.S. Silica Holdings, Inc.		12,423		404,493
US Gold Corp.(a)		74		121
Warrior Met Coal, Inc.		2,392		60,159
Westmoreland Coal Co.(a)		3,275		3,963
				3,633,975
Mobile Telecommunications — 0.6%
ATN International, Inc.		1,577		87,145
Globalstar, Inc.(a)(b)		62,872		82,364
Iridium Communications, Inc.(a)		12,372		145,990
NII Holdings, Inc.(a)		14,857		6,304
ORBCOMM, Inc.(a)		12,823		130,538
pdvWireless, Inc.(a)		1,832		58,807
Shenandoah Telecommunications Co.		8,741		295,446
Spok Holdings, Inc.		3,740		58,531
Sprint Corp.(a)		104,043		612,819
T-Mobile U.S., Inc.(a)		44,645		2,835,404
Telephone & Data Systems, Inc.		15,218		423,060
United States Cellular Corp.(a)		1,710		64,347
				4,800,755
Nonlife Insurance — 3.1%
Alleghany Corp.(a)		2,323		1,384,717
Ambac Financial Group, Inc.(a)		6,380		101,952
American Financial Group, Inc.		10,575		1,147,810
American National Insurance Co.		1,133		145,307
AmTrust Financial Services, Inc.		14,768		148,714
Arch Capital Group Ltd.(a)		20,345		1,846,806
Argo Group International Holdings Ltd.		4,567		281,556
Aspen Insurance Holdings Ltd.		9,432		382,939
Assured Guaranty Ltd.		18,111		613,420
Athene Holding Ltd., Class A(a)		11,509		595,130

SCHEDULE OF INVESTMENTS 13

Schedule of Investments  (continued) December 31, 2017 Master Extended Market Index Series (Percentages shown are based on Net Assets)

Security	Shares		Value
Nonlife Insurance (continued)
Axis Capital Holdings Ltd.		12,768	$	641,720
Baldwin & Lyons, Inc., Class B		2,261		54,151
Brown & Brown, Inc.		17,946		923,501
CNA Financial Corp.		4,047		214,693
Donegal Group, Inc., Class A		2,337		40,430
EMC Insurance Group, Inc.		1,652		47,396
Enstar Group Ltd.(a)		1,653		331,840
Erie Indemnity Co., Class A		2,694		328,237
Federated National Holding Co.		2,537		42,038
First Acceptance Corp.(a)		8,599		10,233
First American Financial Corp.		17,443		977,506
Global Indemnity Ltd.(a)		1,701		71,476
Greenlight Capital Re Ltd., Class A(a)		5,039		101,284
Hanover Insurance Group, Inc.		6,734		727,811
HCI Group, Inc.		1,768		52,863
Heritage Insurance Holdings, Inc.		4,282		77,162
Hilltop Holdings, Inc.		12,181		308,545
Horace Mann Educators Corp.		6,108		269,363
Infinity Property & Casualty Corp.		1,998		211,788
James River Group Holdings Ltd.		3,102		124,111
Kemper Corp.		7,415		510,893
Kinsale Capital Group, Inc.		2,771		124,695
Maiden Holdings Ltd.		11,098		73,247
Markel Corp.(a)(b)		2,187		2,491,277
MBIA, Inc.(a)(b)		15,602		114,207
Mercury General Corp.		5,530		295,523
National General Holdings Corp.		9,620		188,937
Navigators Group, Inc.		3,594		175,028
Old Republic International Corp.		38,385		820,693
ProAssurance Corp.		7,994		456,857
Reinsurance Group of America, Inc.		9,964		1,553,686
RenaissanceRe Holdings Ltd.		6,043		758,940
RLI Corp.		6,231		377,972
Safety Insurance Group, Inc.		2,336		187,814
Selective Insurance Group, Inc.		9,298		545,793
State Auto Financial Corp.		2,450		71,344
Third Point Reinsurance Ltd.(a)		9,561		140,069
United Fire Group, Inc.		3,306		150,687
United Insurance Holdings Corp.		3,080		53,130
Universal Insurance Holdings, Inc.		4,997		136,668
Validus Holdings Ltd.		12,352		579,556
W.R. Berkley Corp.		15,246		1,092,376
White Mountains Insurance Group Ltd.		553		470,758
				23,574,649
Oil & Gas Producers — 2.9%
Abraxas Petroleum Corp.(a)		26,599		65,434
Adams Resources & Energy, Inc.		460		20,010
Approach Resources, Inc.(a)		5,719		16,928
Barnwell Industries, Inc.(a)		4,904		10,200
Bill Barrett Corp.(a)		10,675		54,763
Bonanza Creek Energy, Inc.(a)		2,943		81,197
California Resources Corp.(a)		5,367		104,334
Callon Petroleum Co.(a)(b)		32,726		397,621
Carrizo Oil & Gas, Inc.(a)		12,186		259,318
Centennial Resource Development, Inc., Class A(a)		22,839		452,212
Cheniere Energy, Inc.(a)		32,324		1,740,324
CNX Resources Corp.(a)		32,261		471,978
Comstock Resources, Inc.(a)		2,950		24,957
Contango Oil & Gas Co.(a)		4,568		21,515
Continental Resources, Inc.(a)		13,189		698,621
CVR Energy, Inc.		2,373		88,371
Dawson Geophysical Co.(a)		5,308		26,381
Delek US Holdings, Inc.(b)		10,501		366,905
Denbury Resources, Inc.(a)		62,277		137,634

Security	Shares		Value
Oil & Gas Producers (continued)
Diamondback Energy, Inc.(a)		15,489	$	1,955,486
Earthstone Energy, Inc., Class A(a)		5,174		55,000
Eclipse Resources Corp.(a)		13,713		32,911
Energen Corp.(a)		14,831		853,821
Energy XXI Gulf Coast, Inc.(a)		6,570		37,712
EP Energy Corp., Class A(a)(b)		8,656		20,428
Era Group, Inc.(a)		2,473		26,585
Evolution Petroleum Corp.		4,825		33,051
Extraction Oil & Gas, Inc.(a)(b)		20,347		291,166
Gastar Exploration, Inc.(a)(b)		27,518		28,894
Gulfport Energy Corp.(a)		25,889		330,344
Halcon Resources Corp.(a)		22,003		166,563
Harvest Natural Resources, Inc.(a)(c)		537		467
HollyFrontier Corp.		27,586		1,412,955
Houston American Energy Corp.(a)(b)		5,104		1,684
Isramco, Inc.(a)		299		31,290
Jagged Peak Energy, Inc.(a)(b)		5,962		94,080
Jones Energy, Inc., Class A(a)		10,938		12,032
Kosmos Energy Ltd.(a)(b)		35,154		240,805
Laredo Petroleum, Inc.(a)		21,343		226,449
Lilis Energy, Inc.(a)		9,585		48,979
Lonestar Resources US, Inc., Class A(a)		5,226		20,747
Matador Resources Co.(a)		14,824		461,471
Murphy Oil Corp.		24,093		748,088
Nabors Industries Ltd.(b)		52,329		357,407
Northern Oil and Gas, Inc.(a)(b)		8,538		17,503
Oasis Petroleum, Inc.(a)		36,278		305,098
Pacific Ethanol, Inc.(a)		6,461		29,398
Panhandle Oil and Gas, Inc., Class A		3,182		65,390
Parsley Energy, Inc., Class A(a)		36,697		1,080,360
PBF Energy, Inc., Class A		17,125		607,081
PDC Energy, Inc.(a)		10,482		540,242
Penn Virginia Corp.(a)		2,039		79,745
PetroQuest Energy, Inc.(a)		14,319		27,063
Pioneer Energy Services Corp.(a)		13,617		41,532
ProPetro Holding Corp.(a)		5,185		104,530
QEP Resources, Inc.(a)		36,814		352,310
Resolute Energy Corp.(a)		3,759		118,296
Rex Energy Corp.(a)(b)		3,959		5,503
Ring Energy, Inc.(a)		8,085		112,381
RSP Permian, Inc.(a)		19,929		810,712
Sanchez Energy Corp.(a)(b)		8,884		47,174
SandRidge Energy, Inc.(a)		5,487		115,611
SemGroup Corp., Class A		10,186		307,617
SilverBow Resources, Inc.(a)		1,592		47,314
SM Energy Co.(b)		16,896		373,064
Southwestern Energy Co.(a)		77,433		432,082
SRC Energy, Inc.(a)		32,019		273,122
Stone Energy Corp.(a)		2,765		88,922
Targa Resources Corp.		33,793		1,636,257
Tellurian, Inc.(a)		10,805		105,241
Torchlight Energy Resources, Inc.(a)(b)		15,877		21,275
Trecora Resources(a)		4,189		56,552
Ultra Petroleum Corp.(a)		30,594		277,182
VAALCO Energy, Inc.(a)		10,701		7,460
W&T Offshore, Inc.(a)		20,170		66,763
Whiting Petroleum Corp.(a)		13,888		367,754
WildHorse Resource Development Corp.(a)		3,979		73,253
WPX Energy, Inc.(a)		62,097		873,705
Zion Oil & Gas, Inc.(a)		14,230		30,737
				22,025,347
Oil Equipment, Services & Distribution — 1.3%
Archrock, Inc.		10,345		108,623
Basic Energy Services, Inc.(a)		3,146		73,837

14 2017 BLACKROCK ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments  (continued) December 31, 2017 Master Extended Market Index Series (Percentages shown are based on Net Assets)

Security	Shares		Value
Oil Equipment, Services & Distribution (continued)
Bristow Group, Inc.		5,197	$	70,004
C&J Energy Services, Inc.(a)		10,271		343,770
CARBO Ceramics, Inc.(a)(b)		2,969		30,224
Chart Industries, Inc.(a)(b)		4,840		226,802
Core Laboratories NV		6,788		743,625
Diamond Offshore Drilling, Inc.(a)(b)		9,726		180,806
Dril-Quip, Inc.(a)		6,701		319,638
Ensco PLC, Class A		66,457		392,767
Exterran Corp.(a)		5,172		162,608
Flotek Industries, Inc.(a)		8,081		37,657
Forum Energy Technologies, Inc.(a)		11,673		181,515
Frank’s International NV		9,047		60,163
Geospace Technologies Corp.(a)		2,032		26,355
Gulf Island Fabrication, Inc.		2,513		33,737
Helix Energy Solutions Group, Inc.(a)		22,690		171,083
Hornbeck Offshore Services, Inc.(a)		5,026		15,631
Independence Contract Drilling, Inc.(a)		12,676		50,450
ION Geophysical Corp.(a)		1,418		28,006
Keane Group, Inc.(a)		5,590		106,266
Matrix Service Co.(a)		4,118		73,300
McDermott International, Inc.(a)		43,100		283,598
Mitcham Industries, Inc.(a)		4,047		12,829
MRC Global, Inc.(a)		14,516		245,611
Natural Gas Services Group, Inc.(a)		3,331		87,272
NCS Multistage Holdings, Inc.(a)		2,191		32,295
Newpark Resources, Inc.(a)		13,319		114,543
Noble Corp. PLC(a)		36,851		166,567
NOW, Inc.(a)		16,086		177,429
Oceaneering International, Inc.		14,799		312,851
OGE Energy Corp.		31,439		1,034,657
Oil States International, Inc.(a)(b)		8,015		226,825
Par Pacific Holdings, Inc.(a)		5,815		112,113
Parker Drilling Co.(a)		19,733		19,733
Patterson-UTI Energy, Inc.		33,327		766,854
PHI, Inc.(a)		1,452		16,800
Rowan Cos. PLC, Class A(a)		18,906		296,068
RPC, Inc.		9,161		233,880
SEACOR Holdings, Inc.(a)		2,530		116,937
SEACOR Marine Holdings, Inc.(a)		2,543		29,753
Smart Sand, Inc.(a)		2,218		19,208
Solaris Oilfield Infrastructure, Inc., Class A(a)		2,914		62,389
Superior Energy Services, Inc.(a)		22,991		221,403
TETRA Technologies, Inc.(a)		23,714		101,259
Tidewater, Inc.(a)		3,661		89,328
Transocean Ltd.(a)		58,650		626,382
Unit Corp.(a)		8,312		182,864
Weatherford International PLC(a)(b)		158,969		662,905
Willbros Group, Inc.(a)		9,067		12,875
				9,702,095
Personal Goods — 0.9%
Avon Products, Inc.(a)		65,407		140,627
Carter’s, Inc.		7,394		868,721
Cherokee, Inc.(a)		1,956		3,716
Columbia Sportswear Co.		4,110		295,427
Crocs, Inc.(a)		11,409		144,210
Culp, Inc.		2,014		67,469
Deckers Outdoor Corp.(a)		4,841		388,490
elf Beauty, Inc.(a)		3,912		87,277
Fossil Group, Inc.(a)(b)		6,527		50,715
G-III Apparel Group Ltd.(a)		6,412		236,539
Helen of Troy Ltd.(a)(b)		4,370		421,049
Iconix Brand Group, Inc.(a)		9,546		12,314
Inter Parfums, Inc.		2,513		109,190
Lakeland Industries, Inc.(a)		2,101		30,570

Security	Shares		Value
Personal Goods (continued)
lululemon athletica, Inc.(a)		14,793	$	1,162,582
Movado Group, Inc.		2,476		79,727
Nu Skin Enterprises, Inc., Class A		7,874		537,243
Orchids Paper Products Co.(b)		1,530		19,584
Oxford Industries, Inc.		2,185		164,290
Perry Ellis International, Inc.(a)		2,072		51,883
Revlon, Inc., Class A(a)(b)		1,899		41,398
Rocky Brands, Inc.		1,306		24,683
Sequential Brands Group, Inc.(a)		7,426		13,218
Skechers U.S.A., Inc., Class A(a)		20,773		786,050
Steven Madden Ltd.(a)		8,495		396,717
Unifi, Inc.(a)		2,485		89,137
Vera Bradley, Inc.(a)		3,075		37,454
Vince Holding Corp.(a)		298		1,845
Weyco Group, Inc.		1,357		40,330
Wolverine World Wide, Inc.		15,101		481,420
				6,783,875
Pharmaceuticals & Biotechnology — 6.0%
Abeona Therapeutics, Inc.(a)		4,376		69,360
ACADIA Pharmaceuticals, Inc.(a)(b)		15,263		459,569
Accelerate Diagnostics, Inc.(a)(b)		4,620		121,044
Acceleron Pharma, Inc.(a)(b)		5,283		224,211
AcelRx Pharmaceuticals, Inc.(a)		6,998		14,171
Achaogen, Inc.(a)(b)		4,545		48,813
Achillion Pharmaceuticals, Inc.(a)		18,775		54,072
Aclaris Therapeutics, Inc.(a)		3,985		98,270
Acorda Therapeutics, Inc.(a)		6,967		149,442
Adamas Pharmaceuticals, Inc.(a)		2,439		82,658
Adamis Pharmaceuticals Corp.(a)		4,970		21,868
Aduro Biotech, Inc.(a)		4,726		35,445
Advaxis, Inc.(a)(b)		5,697		16,179
Adverum Biotechnologies, Inc.(a)		2,724		9,534
Aerie Pharmaceuticals, Inc.(a)		5,766		344,518
Aevi Genomic Medicine, Inc.(a)		7,157		8,588
Agenus, Inc.(a)(b)		11,520		37,555
Agios Pharmaceuticals, Inc.(a)(b)		6,733		384,926
Aimmune Therapeutics, Inc.(a)		3,518		133,051
Akcea Therapeutics, Inc.(a)(b)		2,216		38,470
Akebia Therapeutics, Inc.(a)		7,617		113,265
Akorn, Inc.(a)		14,236		458,826
Alder Biopharmaceuticals, Inc.(a)		10,702		122,538
Aldeyra Therapeutics, Inc.(a)		2,978		20,250
Alimera Sciences, Inc.(a)		7,469		9,934
Alkermes PLC(a)		24,167		1,322,660
Alnylam Pharmaceuticals, Inc.(a)		12,741		1,618,744
Altimmune, Inc.(b)		1,451		2,887
AMAG Pharmaceuticals, Inc.(a)(b)		5,495		72,809
Amicus Therapeutics, Inc.(a)		26,001		374,154
Amphastar Pharmaceuticals, Inc.(a)(b)		5,565		107,071
Ampio Pharmaceuticals, Inc.(a)		8,902		36,231
AnaptysBio, Inc.(a)		2,257		227,325
Anavex Life Sciences Corp.(a)		8,408		27,074
ANI Pharmaceuticals, Inc.(a)		1,215		78,307
Anthera Pharmaceuticals, Inc.(a)(b)		690		1,139
Apellis Pharmaceuticals, Inc.(a)		1,937		42,033
Applied Genetic Technologies Corp.(a)		2,151		7,744
Apricus Biosciences, Inc.(a)		1,237		2,276
Aptevo Therapeutics, Inc.(a)		2,249		9,536
AquaBounty Technologies, Inc.(a)		136		479
Aquinox Pharmaceuticals, Inc.(a)		4,402		51,768
Aratana Therapeutics, Inc.(a)(b)		4,787		25,180
Ardelyx, Inc.(a)(b)		3,216		21,226
Arena Pharmaceuticals, Inc.(a)		7,028		238,741
ArQule, Inc.(a)		14,883		24,557

SCHEDULE OF INVESTMENTS 15

Schedule of Investments  (continued) December 31, 2017 Master Extended Market Index Series (Percentages shown are based on Net Assets)

Security	Shares		Value
Pharmaceuticals & Biotechnology (continued)
Array BioPharma, Inc.(a)		30,454	$	389,811
Arrowhead Pharmaceuticals, Inc.(a)		11,227		41,315
Assembly Biosciences, Inc.(a)		2,704		122,356
Atara Biotherapeutics, Inc.(a)		3,237		58,590
Athersys, Inc.(a)		16,987		30,746
Audentes Therapeutics, Inc.(a)(b)		3,127		97,719
AVEO Pharmaceuticals, Inc.(a)		13,305		37,121
Avexis, Inc.(a)(b)		3,584		396,641
Avid Bioservices, Inc.(a)		5,102		19,796
Aviragen Therapeutics, Inc.(a)		9,180		5,199
Bellicum Pharmaceuticals, Inc.(a)(b)		3,697		31,092
Bio-Path Holdings, Inc.(a)		16,724		3,387
Bio-Techne Corp.		6,056		784,555
BioCryst Pharmaceuticals, Inc.(a)(b)		14,777		72,555
BioDelivery Sciences International, Inc.(a)		8,009		23,627
Biohaven Pharmaceutical Holding Co. Ltd.(a)		1,977		53,339
BioMarin Pharmaceutical, Inc.(a)		27,195		2,424,978
Biospecifics Technologies Corp.(a)		943		40,860
BioTime, Inc.(a)		25,411		54,634
Bioverativ, Inc.(a)		17,433		939,987
Bluebird Bio, Inc.(a)		7,561		1,346,614
BrainStorm Cell Therapeutics, Inc.(a)		3,854		15,108
Calithera Biosciences, Inc.(a)		5,271		44,013
Calyxt, Inc.(a)		1,028		22,647
Capricor Therapeutics, Inc.(a)(b)		1,665		2,631
Cara Therapeutics, Inc.(a)(b)		4,726		57,846
Cascadian Therapeutics, Inc.(a)		14,836		54,893
CASI Pharmaceuticals, Inc.(a)		7,740		25,155
Catalent, Inc.(a)		19,937		819,012
Catalyst Pharmaceutical, Inc.(a)		12,442		48,648
CEL-SCI Corp.(a)		861		1,627
Celldex Therapeutics, Inc.(a)		14,541		41,296
Cellular Biomedicine Group, Inc.(a)		1,597		18,126
Cerus Corp.(a)		15,994		54,060
Charles River Laboratories International, Inc.(a)		7,618		833,790
ChemoCentryx, Inc.(a)		2,693		16,023
Chiasma, Inc.(a)		6,599		11,218
Chimerix, Inc.(a)		6,230		28,845
Clearside Biomedical, Inc.(a)		1,800		12,600
Cleveland BioLabs, Inc.(a)		2,800		11,228
Clovis Oncology, Inc.(a)		7,751		527,068
Coherus Biosciences, Inc.(a)		6,187		54,446
Collegium Pharmaceutical, Inc.(a)		3,841		70,905
Conatus Pharmaceuticals, Inc.(a)		4,930		22,777
Concert Pharmaceuticals, Inc.(a)		2,663		68,892
ContraVir Pharmaceuticals, Inc.(a)(b)		18,000		6,480
Corbus Pharmaceuticals Holdings, Inc.(a)(b)		6,152		43,679
Corcept Therapeutics, Inc.(a)(b)		14,708		265,626
Corium International, Inc.(a)		5,260		50,549
CorMedix, Inc.(a)		7,588		3,809
CTI BioPharma Corp.(a)		2,641		7,078
Cumberland Pharmaceuticals, Inc.(a)		4,500		33,390
Curis, Inc.(a)		19,155		13,409
Cymabay Therapeutics, Inc.(a)		7,957		73,204
Cytokinetics, Inc.(a)		8,453		68,892
CytomX Therapeutics, Inc.(a)(b)		3,758		79,331
Cytori Therapeutics, Inc.(a)		2,594		778
CytRx Corp.(a)		7,637		12,907
Deciphera Pharmaceuticals, Inc.(a)		1,381		31,307
Depomed, Inc.(a)		9,157		73,714
Dermira, Inc.(a)		5,933		164,997
Dicerna Pharmaceuticals, Inc.(a)		2,670		24,110
Durect Corp.(a)		19,556		18,027
Dynavax Technologies Corp.(a)		8,647		161,699
Eagle Pharmaceuticals, Inc.(a)		1,253		66,935

Security	Shares		Value
Pharmaceuticals & Biotechnology (continued)
Edge Therapeutics, Inc.(a)		3,751	$	35,147
Editas Medicine, Inc.(a)		5,018		154,203
Egalet Corp.(a)(b)		2,864		2,864
Eiger Biopharmaceuticals, Inc.(a)		1,169		16,308
Emergent Biosolutions, Inc.(a)		5,255		244,200
Enanta Pharmaceuticals, Inc.(a)		2,059		120,822
Endo International PLC(a)		30,244		234,391
Endocyte, Inc.(a)		7,477		32,002
Enzo Biochem, Inc.(a)		8,028		65,428
Epizyme, Inc.(a)		8,144		102,207
Esperion Therapeutics, Inc.(a)		3,157		207,857
Exact Sciences Corp.(a)(b)		18,486		971,254
Exelixis, Inc.(a)		43,335		1,317,414
Fate Therapeutics, Inc.(a)		4,030		24,623
Fibrocell Science, Inc.(a)		1,528		993
FibroGen, Inc.(a)		11,451		542,777
Five Prime Therapeutics, Inc.(a)		4,356		95,484
Flex Pharma, Inc.(a)		2,196		7,664
Flexion Therapeutics, Inc.(a)		5,440		136,218
Fortress Biotech, Inc.(a)		6,807		27,160
Foundation Medicine, Inc.(a)		2,028		138,310
G1 Therapeutics, Inc.(a)		1,243		24,661
Galectin Therapeutics, Inc.(a)(b)		5,878		19,633
Galena Biopharma, Inc.(a)		1,385		363
Genocea Biosciences, Inc.(a)		3,917		4,544
Genomic Health, Inc.(a)		2,857		97,709
GenVec CPR INC.(c)		826		—
Geron Corp.(a)(b)		25,126		45,227
Global Blood Therapeutics, Inc.(a)		5,614		220,911
GlycoMimetics, Inc.(a)		3,212		53,929
GTx, Inc.(a)		1,784		22,675
Halozyme Therapeutics, Inc.(a)		19,906		403,296
Harvard Bioscience, Inc.(a)		6,840		22,572
Heat Biologics, Inc.(a)		2,991		1,145
Hemispherx Biopharma, Inc.(a)		5,727		1,982
Heron Therapeutics, Inc.(a)		7,109		128,673
Heska Corp.(a)		963		77,242
Histogenics Corp.(a)		1,354		2,776
Horizon Pharma PLC(a)		24,357		355,612
iBio, Inc.(a)		21,015		3,722
Idera Pharmaceuticals, Inc.(a)		26,398		55,700
Ignyta, Inc.(a)		7,678		205,003
Immune Design Corp.(a)		1,494		5,827
ImmunoGen, Inc.(a)		16,490		105,701
Immunomedics, Inc.(a)		17,603		284,464
Impax Laboratories, Inc.(a)		10,889		181,302
Infinity Pharmaceuticals, Inc.(a)		7,013		14,236
Innoviva, Inc.(a)		12,381		175,686
Inotek Pharmaceuticals Corp.(a)		3,215		8,391
Inovio Pharmaceuticals, Inc.(a)		15,084		62,297
Insmed, Inc.(a)(b)		11,760		366,677
Insys Therapeutics, Inc.(a)(b)		3,557		34,218
Intellia Therapeutics, Inc.(a)		3,020		58,044
Intercept Pharmaceuticals, Inc.(a)		2,687		156,975
Intrexon Corp.(a)(b)		9,391		108,184
Invitae Corp.(a)		4,225		38,363
InVivo Therapeutics Holdings Corp.(a)		5,769		4,442
Ionis Pharmaceuticals, Inc.(a)		19,165		963,999
Iovance Biotherapeutics, Inc.(a)(b)		7,492		59,936
Ironwood Pharmaceuticals, Inc.(a)(b)		19,973		299,395
IsoRay, Inc.(a)		15,938		6,364
Jazz Pharmaceuticals PLC(a)(b)		9,483		1,276,886
Jounce Therapeutics, Inc.(a)(b)		875		11,156
Juniper Pharmaceuticals, Inc.(a)		2,517		12,207
Kadmon Holdings, Inc.(a)		10,641		38,520

16 2017 BLACKROCK ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments  (continued) December 31, 2017 Master Extended Market Index Series (Percentages shown are based on Net Assets)

Security	Shares		Value
Pharmaceuticals & Biotechnology (continued)
KalVista Pharmaceuticals, Inc.(a)		258	$	2,516
Karyopharm Therapeutics, Inc.(a)		4,706		45,178
KemPharm, Inc.(a)		4,202		17,018
Keryx Biopharmaceuticals, Inc.(a)(b)		16,183		75,251
Kindred Biosciences, Inc.(a)		5,720		54,054
Kura Oncology, Inc.(a)		3,171		48,516
La Jolla Pharmaceutical Co.(a)		3,299		106,162
Lannett Co., Inc.(a)(b)		4,569		106,001
Lexicon Pharmaceuticals, Inc.(a)		6,848		67,658
Ligand Pharmaceuticals, Inc.(a)(b)		3,185		436,122
Loxo Oncology, Inc.(a)		3,416		287,559
Luminex Corp.		6,445		126,966
MacroGenics, Inc.(a)		4,979		94,601
Madrigal Pharmaceuticals, Inc.(a)		862		79,123
Mallinckrodt PLC(a)		15,493		349,522
MannKind Corp.(a)(b)		17,465		40,519
Marinus Pharmaceuticals, Inc.(a)		4,047		33,024
Matinas BioPharma Holdings, Inc.(a)		11,213		13,007
Medicines Co.(a)		10,769		294,424
MediciNova, Inc.(a)		4,864		31,470
Medpace Holdings, Inc.(a)		926		33,577
MEI Pharma, Inc.(a)		8,459		17,764
Melinta Therapeutics, Inc.(a)(b)		1,497		23,653
Merrimack Pharmaceuticals, Inc.		2,006		20,561
Microbot Medical, Inc.(a)		246		251
MiMedx Group, Inc.(a)(b)		15,260		192,429
Minerva Neurosciences, Inc.(a)(b)		7,034		42,556
Mirati Therapeutics, Inc.(a)		4,241		77,398
Molecular Templates, Inc.(a)		996		9,980
Momenta Pharmaceuticals, Inc.(a)		12,237		170,706
Mustang Bio, Inc.(a)		2,155		25,838
MyoKardia, Inc.(a)		3,206		134,973
Myriad Genetics, Inc.(a)		10,288		353,341
NanoString Technologies, Inc.(a)(b)		3,715		27,751
NantKwest, Inc.(a)		4,139		18,584
Nektar Therapeutics(a)(b)		24,603		1,469,291
Neos Therapeutics, Inc.(a)		2,984		30,437
Neothetics, Inc.(a)(b)		1,616		3,151
Neuralstem, Inc.(a)		1,335		2,296
Neurocrine Biosciences, Inc.(a)		14,255		1,106,045
NewLink Genetics Corp.(a)		3,137		25,441
Novavax, Inc.(a)		41,203		51,092
Novus Therapeutics, Inc.(a)		164		633
Ocular Therapeutix, Inc.(a)		3,033		13,497
Ohr Pharmaceutical, Inc.(a)		9,287		17,274
Omeros Corp.(a)(b)		6,534		126,956
Oncocyte Corp.(a)		478		2,223
OncoMed Pharmaceuticals, Inc.(a)		3,414		13,997
Ophthotech Corp.(a)		4,442		13,859
OPKO Health, Inc.(a)		59,667		292,373
Orexigen Therapeutics, Inc.(a)		1,808		2,332
Organovo Holdings, Inc.(a)(b)		12,913		17,303
Otonomy, Inc.(a)(b)		4,226		23,454
OvaScience, Inc.(a)		5,645		7,903
Pacific Biosciences of California, Inc.(a)		17,021		44,935
Pacira Pharmaceuticals, Inc.(a)		6,722		306,859
Pain Therapeutics, Inc.(a)		1,248		4,992
Palatin Technologies, Inc.(a)		23,498		20,182
Paratek Pharmaceuticals, Inc.(a)		3,569		63,885
PDL BioPharma, Inc.(a)		23,556		64,543
Pernix Therapeutics Holdings, Inc.(a)		763		1,831
Pfenex, Inc.(a)		2,551		6,786
Portola Pharmaceuticals, Inc.(a)		10,050		489,234
PRA Health Sciences, Inc.(a)		7,712		702,332
Prestige Brands Holdings, Inc.(a)(b)		8,836		392,407

Security	Shares		Value
Pharmaceuticals & Biotechnology (continued)
Progenics Pharmaceuticals, Inc.(a)		10,933	$	65,051
Protagonist Therapeutics, Inc.(a)		1,296		26,957
Proteon Therapeutics, Inc.(a)		1,374		2,611
Prothena Corp. PLC(a)		6,403		240,048
pSivida Corp.(a)		6,822		7,368
PTC Therapeutics, Inc.(a)		5,755		95,993
Pulse Biosciences, Inc.(a)(b)		522		12,319
Puma Biotechnology, Inc.(a)(b)		4,673		461,926
Ra Pharmaceuticals, Inc.(a)		1,016		8,636
Radius Health, Inc.(a)		6,378		202,629
Reata Pharmaceuticals, Inc., Class A(a)		1,583		44,831
Recro Pharma, Inc.(a)		2,418		22,366
REGENXBIO, Inc.(a)		4,051		134,696
Regulus Therapeutics, Inc.(a)		33,260		34,590
Repligen Corp.(a)		5,757		208,864
Repros Therapeutics, Inc.(a)		4,528		2,989
Retrophin, Inc.(a)		6,278		132,277
Revance Therapeutics, Inc.(a)		3,551		126,948
Rexahn Pharmaceuticals, Inc.(a)		4,487		9,064
Rigel Pharmaceuticals, Inc.(a)		23,395		90,773
Sage Therapeutics, Inc.(a)		6,241		1,027,955
Sangamo Therapeutics, Inc.(a)		13,373		219,317
Sarepta Therapeutics, Inc.(a)		9,454		526,021
Savara, Inc.(a)		5,254		77,969
Seattle Genetics, Inc.(a)		15,392		823,472
Seres Therapeutics, Inc.(a)(b)		3,552		36,017
Sorrento Therapeutics, Inc.(a)(b)		6,112		23,226
Spectrum Pharmaceuticals, Inc.(a)		13,926		263,898
Spring Bank Pharmaceuticals, Inc.(a)		1,951		26,241
Stemline Therapeutics, Inc.(a)(b)		3,075		47,970
Sucampo Pharmaceuticals, Inc., Class A(a)		4,244		76,180
Sunesis Pharmaceuticals, Inc.(a)		2,343		8,646
Supernus Pharmaceuticals, Inc.(a)		7,705		307,044
Syndax Pharmaceuticals, Inc.(a)(b)		2,311		20,244
Syneos Health, Inc., Class A(a)		8,614		375,570
Synergy Pharmaceuticals, Inc.(a)(b)		37,825		84,350
Synthetic Biologics, Inc.(a)		13,497		6,856
Syros Pharmaceuticals, Inc.(a)		1,293		12,581
Teligent, Inc.(a)		6,994		25,388
Tenax Therapeutics, Inc.(a)		1,873		918
Tetraphase Pharmaceuticals, Inc.(a)		9,610		60,543
TG Therapeutics, Inc.(a)(b)		10,091		82,746
TherapeuticsMD, Inc.(a)(b)		25,609		154,678
Theravance Biopharma, Inc.(a)(b)		6,417		178,970
Titan Pharmaceuticals, Inc.(a)		3,672		4,865
Tocagen, Inc.(a)		1,311		13,438
Tonix Pharmaceuticals Holding Corp.(a)		155		535
Tracon Pharmaceuticals, Inc.(a)		1,428		4,784
Trevena, Inc.(a)		7,025		11,240
Trovagene, Inc.(a)		5,524		1,699
Trubion Pharmaceuticals, Inc.(c)		3,113		—
Ultragenyx Pharmaceutical, Inc.(a)(b)		5,955		276,193
United Therapeutics Corp.(a)		6,749		998,515
Vanda Pharmaceuticals, Inc.(a)		6,494		98,709
Veracyte, Inc.(a)		4,395		28,699
Verastem, Inc.(a)		5,333		16,372
Vericel Corp.(a)		7,335		39,976
Versartis, Inc.(a)		3,367		7,407
Vical, Inc.(a)		2,976		5,446
Vital Therapies, Inc.(a)		3,761		22,378
Vivus, Inc.(a)		17,507		8,799
Voyager Therapeutics, Inc.(a)		3,638		60,391
WaVe Life Sciences Ltd.(a)		2,712		95,191
XBiotech, Inc.(a)(b)		3,229		12,722
Xencor, Inc.(a)		6,254		137,088

SCHEDULE OF INVESTMENTS 17

Schedule of Investments  (continued) December 31, 2017 Master Extended Market Index Series (Percentages shown are based on Net Assets)

Security	Shares		Value
Pharmaceuticals & Biotechnology (continued)
XOMA Corp.(a)		1,089	$	38,768
ZIOPHARM Oncology, Inc.(a)(b)		18,936		78,395
Zogenix, Inc.(a)		5,192		207,940
Zynerba Pharmaceuticals, Inc.(a)		1,503		18,818
				46,265,866
Real Estate Investment & Services — 1.5%
AG Mortgage Investment Trust, Inc.		4,544		86,381
Alexander & Baldwin, Inc.		7,453		206,746
Altisource Portfolio Solutions SA (a)(b)		1,818		50,904
American Realty Investors, Inc.(a)		1,631		20,389
AV Homes, Inc.(a)		2,544		42,358
BBX Capital Corp.		7,337		58,476
Black Knight, Inc.(a)		17,446		770,241
Chimera Investment Corp.		25,996		480,406
Columbia Property Trust, Inc.		18,064		414,569
Consolidated-Tomoka Land Co.		1,011		64,199
Dynex Capital, Inc.		15,906		111,501
Forest City Realty Trust, Inc., Class A		40,743		981,930
Forestar Group, Inc.(a)		504		11,088
Gaming and Leisure Properties, Inc.		31,946		1,182,002
Hannon Armstrong Sustainable Infrastructure Capital, Inc.		8,464		203,644
HFF, Inc., Class A		5,216		253,706
Howard Hughes Corp.(a)		5,872		770,817
InfraREIT, Inc.		6,218		115,530
Jones Lang LaSalle, Inc.		7,034		1,047,574
Kennedy-Wilson Holdings, Inc.		18,465		320,368
Marcus & Millichap, Inc.(a)		2,728		88,960
Maui Land & Pineapple Co., Inc.(a)		2,281		39,461
Nationstar Mortgage Holdings, Inc.(a)(b)		5,186		95,941
Paramount Group, Inc.(b)		33,089		524,477
QTS Realty Trust, Inc., Class A		7,599		411,562
RE/MAX Holdings, Inc., Class A		2,929		142,057
Realogy Holdings Corp.		22,172		587,558
Reis, Inc.		1,837		37,934
Rexford Industrial Realty, Inc.		12,939		377,301
St. Joe Co.(a)(b)		10,898		196,709
STORE Capital Corp.		26,260		683,810
Tejon Ranch Co.(a)(b)		3,190		66,224
Xenia Hotels & Resorts, Inc.		15,639		337,646
Zillow Group, Inc., Class A(a)		6,744		274,751
Zillow Group, Inc., Class C(a)(b)		17,180		703,006
				11,760,226
Real Estate Investment Trusts (REITs) — 7.9%
Acadia Realty Trust		12,259		335,406
AGNC Investment Corp.		60,208		1,215,600
Agree Realty Corp.		4,285		220,420
Alexander’s, Inc.		553		218,905
Altisource Residential Corp.(b)		9,073		107,606
American Assets Trust, Inc.		5,923		226,496
American Campus Communities, Inc.		20,597		845,095
American Homes 4 Rent, Class A		39,598		864,820
Annaly Capital Management, Inc.		178,959		2,127,834
Anworth Mortgage Asset Corp.		16,369		89,047
Apollo Commercial Real Estate Finance, Inc.(b)		13,447		248,097
Apple Hospitality REIT, Inc.		32,226		631,952
Arbor Realty Trust, Inc.(b)		9,585		82,814
Ares Commercial Real Estate Corp.		6,966		89,861
Arlington Asset Investment Corp., Class A		1,883		22,182
Armada Hoffler Properties, Inc.		10,498		163,034
ARMOUR Residential REIT, Inc.		5,832		149,999
Ashford Hospitality Prime, Inc.		5,078		49,409
Ashford Hospitality Trust, Inc.		13,385		90,081
Blackstone Mortgage Trust, Inc., Class A(b)		14,099		453,706
Bluerock Residential Growth REIT, Inc.(b)		8,685		87,805

Security	Shares		Value
Real Estate Investment Trusts (REITs) (continued)
Brandywine Realty Trust		26,057	$	473,977
Brixmor Property Group, Inc.		47,285		882,338
BRT Apartments Corp.		3,601		42,456
Camden Property Trust		13,737		1,264,628
Capstead Mortgage Corp.		13,401		115,919
CareTrust REIT, Inc.		12,118		203,098
Catchmark Timber Trust, Inc., Class A		7,387		96,991
CBL & Associates Properties, Inc.(b)		25,400		143,764
Cedar Realty Trust, Inc.		12,109		73,623
Chatham Lodging Trust		6,442		146,620
Chesapeake Lodging Trust		8,980		243,268
CIM Commercial Trust Corp.		2,998		57,262
Colony NorthStar, Inc., Class A(b)		88,392		1,008,553
Condor Hospitality Trust, Inc.		151		1,502
CoreCivic, Inc.		17,915		403,088
CorEnergy Infrastructure Trust, Inc.(b)		2,295		87,669
Coresite Realty Corp.		5,210		593,419
Corporate Office Properties Trust		14,392		420,246
Cousins Properties, Inc.		65,203		603,128
CubeSmart		28,024		810,454
CyrusOne, Inc.		13,981		832,289
CYS Investments, Inc.(b)		22,334		179,342
DCT Industrial Trust, Inc.		14,305		840,848
DDR Corp.		48,692		436,280
DiamondRock Hospitality Co.		33,993		383,781
Douglas Emmett, Inc.		22,625		928,982
Easterly Government Properties, Inc.		7,189		153,413
EastGroup Properties, Inc.		5,115		452,064
Education Realty Trust, Inc.(b)		11,089		387,228
Empire State Realty Trust, Inc., Class A		19,567		401,711
EPR Properties		10,228		669,525
Equity Commonwealth(a)		19,392		591,650
Equity Lifestyle Properties, Inc.		12,778		1,137,498
Farmland Partners, Inc.		9,333		81,010
First Industrial Realty Trust, Inc.		17,418		548,144
Franklin Street Properties Corp.		15,738		169,026
Geo Group, Inc.		18,374		433,626
Getty Realty Corp.		4,438		120,536
Gladstone Commercial Corp.		5,033		105,995
Global Net Lease, Inc.		11,847		243,811
Government Properties Income Trust(b)		10,679		197,989
Gramercy Property Trust		23,053		614,593
Granite Point Mortgage Trust, Inc.		5,164		91,609
Healthcare Realty Trust, Inc.(b)		17,391		558,599
Healthcare Trust of America, Inc., Class A		30,434		914,237
Hersha Hospitality Trust		6,587		114,614
Highwoods Properties, Inc.		15,935		811,251
Hospitality Properties Trust		24,756		738,967
Hudson Pacific Properties, Inc.		23,986		821,521
Independence Realty Trust, Inc.(b)		13,622		137,446
Invesco Mortgage Capital, Inc.		16,844		300,329
Investors Real Estate Trust		19,805		112,492
Invitation Homes, Inc.		43,675		1,029,420
iStar, Inc.(a)(b)		11,959		135,137
JBG Smith Properties		14,163		491,881
Kilroy Realty Corp.		15,188		1,133,784
Kite Realty Group Trust		12,411		243,256
LaSalle Hotel Properties(b)		16,772		470,790
Lexington Realty Trust		31,494		303,917
Liberty Property Trust		22,607		972,327
Life Storage, Inc.		7,129		634,980
LTC Properties, Inc.		6,172		268,791
Mack-Cali Realty Corp.		13,234		285,325
Medical Properties Trust, Inc.(b)		55,582		765,920
MFA Financial, Inc.		59,642		472,365

18 2017 BLACKROCK ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments  (continued) December 31, 2017 Master Extended Market Index Series (Percentages shown are based on Net Assets)

Security	Shares		Value
Real Estate Investment Trusts (REITs) (continued)
Monmouth Real Estate Investment Corp.		12,241	$	217,890
MTGE Investment Corp.		7,285		134,773
National Health Investors, Inc.		6,241		470,447
National Retail Properties, Inc.		23,288		1,004,411
National Storage Affiliates Trust		7,009		191,065
New Residential Investment Corp.		47,775		854,217
New Senior Investment Group, Inc.		19,548		147,783
New York Mortgage Trust, Inc.		18,994		117,193
NexPoint Residential Trust, Inc.		4,076		113,883
NorthStar Realty Europe Corp.		9,768		131,184
Omega Healthcare Investors, Inc.(b)		30,915		851,399
One Liberty Properties, Inc.		4,900		127,008
Orchid Island Capital, Inc.(b)		7,148		66,333
Park Hotels & Resorts, Inc.(b)		22,424		644,690
Pebblebrook Hotel Trust(b)		12,437		462,283
Pennsylvania Real Estate Investment Trust		10,348		123,038
PennyMac Mortgage Investment Trust(f)		10,450		167,932
Physicians Realty Trust		27,835		500,752
Piedmont Office Realty Trust, Inc., Class A		21,999		431,400
Potlatch Corp.		7,091		353,841
Preferred Apartment Communities, Inc., Class A		8,962		181,481
PS Business Parks, Inc.		3,004		375,770
Quality Care Properties, Inc.(a)		14,098		194,693
RAIT Financial Trust		12,466		4,675
Ramco-Gershenson Properties Trust		12,330		181,621
Rayonier, Inc.(b)		19,634		621,023
Redwood Trust, Inc.(b)		12,292		182,167
Regional Health Properties, Inc.(a)		7,324		1,245
Resource Capital Corp.(b)		5,570		52,191
Retail Opportunity Investments Corp.		18,131		361,713
Retail Properties of America, Inc., Class A		36,165		486,058
RLJ Lodging Trust		27,386		601,670
RMR Group, Inc., Class A		1,340		79,462
Sabra Health Care REIT, Inc.		24,078		451,944
Saul Centers, Inc.		1,841		113,682
Select Income REIT		9,802		246,324
Senior Housing Properties Trust		35,803		685,627
Seritage Growth Properties, Class A		5,008		202,624
Spirit Realty Capital, Inc.		76,232		654,071
STAG Industrial, Inc.		13,585		371,278
Starwood Property Trust, Inc.(b)		39,988		853,744
Summit Hotel Properties, Inc.		16,267		247,746
Sun Communities, Inc.		11,793		1,094,155
Sunstone Hotel Investors, Inc.		34,433		569,177
Tanger Factory Outlet Centers, Inc.(b)		15,295		405,470
Taubman Centers, Inc.		9,740		637,288
Terreno Realty Corp.		8,380		293,803
Tier REIT, Inc.		7,404		150,968
Two Harbors Investment Corp.		27,250		443,085
UMH Properties, Inc.		5,693		84,826
Uniti Group, Inc.		26,939		479,245
Universal Health Realty Income Trust(b)		2,237		168,021
Urban Edge Properties		15,710		400,448
Urstadt Biddle Properties, Inc., Class A(b)		4,981		108,287
VEREIT, Inc.		155,933		1,214,726
Washington Prime Group, Inc.(b)		35,080		249,770
Washington Real Estate Investment Trust		11,952		371,946
Weingarten Realty Investors		18,323		602,277
Western Asset Mortgage Capital Corp.		7,954		79,142
Whitestone REIT(b)		10,973		158,121
WP Carey, Inc.		16,708		1,151,181
				60,634,738
Software & Computer Services — 8.3%
2U, Inc. (a)(b)		7,519		485,051
A10 Networks, Inc.(a)		6,913		53,368

Security	Shares		Value
Software & Computer Services (continued)
ACI Worldwide, Inc.(a)		17,713	$	401,554
Actua Corp.(a)		6,343		98,951
Aerohive Networks, Inc.(a)		3,106		18,108
Alarm.com Holdings, Inc.(a)		3,603		136,013
Allscripts Healthcare Solutions, Inc.(a)		28,232		410,776
Alteryx, Inc., Class A(a)		3,544		89,557
Amber Road, Inc.(a)		4,539		33,316
American Software, Inc., Class A		5,062		58,871
Appfolio, Inc., Class A(a)		1,791		74,327
Apptio, Inc., Class A(a)		1,112		26,154
Arista Networks, Inc.(a)(b)		7,139		1,681,806
Aspen Technology, Inc.(a)		11,475		759,645
athenahealth, Inc.(a)(b)		6,362		846,400
Barracuda Networks, Inc.(a)		6,171		169,703
Benefitfocus, Inc.(a)		3,803		102,681
Blackbaud, Inc.		7,425		701,588
Blackline, Inc.(a)(b)		4,565		149,732
Blucora, Inc.(a)		6,758		149,352
Boingo Wireless, Inc.(a)		6,907		155,408
Bottomline Technologies, Inc.(a)		6,070		210,508
Box, Inc., Class A(a)		14,961		315,976
Brightcove, Inc.(a)		5,883		41,769
BroadSoft, Inc.(a)		4,650		255,285
CACI International, Inc., Class A(a)		3,899		516,033
Calix, Inc.(a)		7,426		44,185
Callidus Software, Inc.(a)		10,869		311,397
Carbonite, Inc.(a)		3,394		85,189
Castlight Health, Inc., Class B(a)(b)		9,141		34,279
CDW Corp.		23,635		1,642,396
ChannelAdvisor Corp.(a)		4,783		43,047
Cision Ltd.(a)		4,674		55,480
Cloudera, Inc.(a)		11,972		197,777
Cogent Communications Holdings, Inc.		5,978		270,803
CommerceHub, Inc., Series A(a)		2,884		63,419
CommerceHub, Inc., Series C(a)		2,799		57,631
CommVault Systems, Inc.(a)		6,399		335,948
Computer Programs & Systems, Inc.		1,686		50,664
Computer Task Group, Inc.(a)		2,432		12,403
Conduent, Inc.(a)		30,270		489,163
Cornerstone OnDemand, Inc.(a)		7,793		275,327
Cotiviti Holdings, Inc.(a)(b)		5,882		189,459
Coupa Software, Inc.(a)		4,657		145,392
CSG Systems International, Inc.		4,927		215,901
Dell Technologies, Inc., Class V(a)		31,454		2,556,581
Determine, Inc.(a)		2,985		5,403
Digimarc Corp.(a)		1,894		68,468
DST Systems, Inc.		9,265		575,079
Ebix, Inc.		3,364		266,597
eGain Corp.(a)		7,112		37,338
Ellie Mae, Inc.(a)(b)		5,282		472,211
Endurance International Group Holdings, Inc.(a)		12,628		106,075
Envestnet, Inc.(a)(b)		6,555		326,767
EPAM Systems, Inc.(a)		7,635		820,228
Everbridge, Inc.(a)		3,078		91,478
Evolving Systems, Inc.(a)		2,275		10,693
Fair Isaac Corp.		4,791		733,981
FireEye, Inc.(a)		26,313		373,645
Five9, Inc.(a)		8,034		199,886
Forrester Research, Inc.		1,630		72,046
Fortinet, Inc.(a)		23,587		1,030,516
GoDaddy, Inc., Class A(a)(b)		15,831		795,983
Gogo, Inc.(a)(b)		8,869		100,042
Great Elm Capital Group, Inc.(a)		4,587		18,577
GSE Systems, Inc.(a)		5,963		19,380
Guidewire Software, Inc.(a)		11,713		869,807

SCHEDULE OF INVESTMENTS 19

Schedule of Investments  (continued) December 31, 2017 Master Extended Market Index Series (Percentages shown are based on Net Assets)

Security	Shares		Value
Software & Computer Services (continued)
Hackett Group, Inc.		4,211	$	66,155
Hortonworks, Inc.(a)		7,695		154,746
HubSpot, Inc.(a)(b)		5,301		468,608
IAC/InterActiveCorp(a)		11,539		1,410,989
Immersion Corp.(a)		5,072		35,808
Innodata, Inc.(a)		6,741		9,168
Instructure, Inc.(a)		2,376		78,646
Internap Corp.(a)		2,303		36,180
Ipass, Inc.(a)		12,564		6,532
j2 Global, Inc.		7,542		565,876
KEYW Holding Corp.(a)		6,373		37,410
Leidos Holdings, Inc.		22,407		1,446,820
Limelight Networks, Inc.(a)		11,498		50,706
LivePerson, Inc.(a)		8,346		95,979
LogMeIn, Inc.		8,216		940,732
Manhattan Associates, Inc.(a)		10,859		537,955
Mastech Digital, Inc.(a)		1,020		10,261
Match Group, Inc.(a)		7,940		248,601
Medidata Solutions, Inc.(a)		9,003		570,520
Meet Group, Inc.(a)		13,832		39,006
MicroStrategy, Inc., Class A(a)		1,631		214,150
MINDBODY, Inc., Class A(a)		4,662		141,958
Mitek Systems, Inc.(a)		6,170		55,222
MobileIron, Inc.(a)		8,172		31,871
Model N, Inc.(a)		4,111		64,748
MongoDB, Inc.(a)		1,050		31,164
Monotype Imaging Holdings, Inc.		6,127		147,661
MuleSoft, Inc., Class A(a)		6,386		148,538
Netscout Systems, Inc.(a)		14,040		427,518
New Relic, Inc.(a)(b)		6,653		384,344
NIC, Inc.		9,602		159,393
Nuance Communications, Inc.(a)		40,375		660,131
Nutanix, Inc., Class A(a)		8,811		310,852
Okta, Inc.(a)		2,544		65,152
Palo Alto Networks, Inc.(a)		14,392		2,085,977
Park City Group, Inc.(a)(b)		3,280		31,324
Paycom Software, Inc.(a)		7,530		604,885
PC-Tel, Inc.(a)		4,538		33,445
PDF Solutions, Inc.(a)		4,645		72,927
Pegasystems, Inc.		5,608		264,417
Perficient, Inc.(a)		5,910		112,704
Premier, Inc., Class A(a)(b)		8,583		250,538
Presidio, Inc.(a)		3,222		61,766
Progress Software Corp.		7,313		311,314
Proofpoint, Inc.(a)		6,962		618,295
PROS Holdings, Inc.(a)		4,092		108,233
PTC, Inc.(a)		18,357		1,115,555
Q2 Holdings, Inc.(a)		5,319		196,005
QAD, Inc., Class A		906		35,198
QAD, Inc., Class B		1,021		31,130
Quality Systems, Inc.(a)		6,990		94,924
Qualys, Inc.(a)		4,934		292,833
Rapid7, Inc.(a)(b)		3,930		73,334
RealPage, Inc.(a)		9,061		401,402
RigNet, Inc.(a)		2,435		36,403
RingCentral, Inc., Class A(a)		9,999		483,952
Rosetta Stone, Inc.(a)		3,678		45,865
Science Applications International Corp.		6,999		535,913
ServiceNow, Inc. (a)(b)		26,295		3,428,605
Shutterstock, Inc.(a)		2,987		128,531
Silver Spring Networks, Inc.(a)		6,698		108,776
Smith Micro Software, Inc.(a)		3,086		8,764
Snap, Inc., Class A(a)		34,084		497,967
SoftBrands, Inc.(c)		114		—
Splunk, Inc.(a)		21,380		1,771,119

Security	Shares		Value
Software & Computer Services (continued)
SPS Commerce, Inc.(a)		2,618	$	127,209
Square, Inc., Class A(a)(b)		40,748		1,412,733
SS&C Technologies Holdings, Inc.		26,496		1,072,558
Support.com, Inc.(a)		5,782		13,992
Switch, Inc.		1,442		26,230
Synchronoss Technologies, Inc.(a)		6,422		57,413
Syntel, Inc.(a)		5,667		130,284
Tableau Software, Inc., Class A(a)(b)		9,833		680,444
Tabula Rasa HealthCare, Inc.(a)		1,466		41,121
TeleNav, Inc.(a)		5,854		32,197
Teradata Corp.(a)(b)		19,206		738,663
TiVo Corp.		18,079		282,032
Twilio, Inc.(a)		10,160		239,776
Twitter, Inc.(a)		99,462		2,388,107
Tyler Technologies, Inc.(a)		5,367		950,227
Ultimate Software Group, Inc.(a)(b)		4,560		995,129
Unisys Corp.(a)		7,423		60,497
Upland Software, Inc.(a)		1,929		41,782
Vantiv, Inc., Class A(a)(b)		25,023		1,840,442
Varonis Systems, Inc.(a)		3,341		162,206
VASCO Data Security International, Inc.(a)		4,683		65,094
Vectrus, Inc.(a)		1,852		57,134
Veeva Systems, Inc., Class A(a)(b)		16,798		928,593
Verint Systems, Inc.(a)		10,536		440,932
VirnetX Holding Corp.(a)(b)		6,877		25,445
Virtusa Corp.(a)		4,107		181,037
VMware, Inc., Class A(a)(b)		11,217		1,405,714
Web.com Group, Inc.(a)		8,012		174,662
Workday, Inc., Class A(a)(b)		20,522		2,087,908
Workiva, Inc.(a)		4,543		97,220
Zendesk, Inc.(a)		15,887		537,616
Zix Corp.(a)		10,588		46,375
Zynga, Inc., Class A(a)		126,813		507,256
				63,356,102
Support Services — 4.0%
ABM Industries, Inc.		8,327		314,094
Acacia Research Corp.(a)(b)		8,239		33,368
Advanced Disposal Services, Inc.(a)		6,022		144,167
AMN Healthcare Services, Inc.(a)		7,750		381,687
Applied Industrial Technologies, Inc.		6,349		432,367
Aqua Metals, Inc.(a)(b)		1,767		3,764
ARC Document Solutions, Inc.(a)		6,901		17,598
Asure Software, Inc.(a)		3,050		43,066
B. Riley Financial, Inc.		3,786		68,527
Barnes Group, Inc.		7,572		479,080
Barrett Business Services, Inc.		1,189		76,679
Bazaarvoice, Inc.(a)		12,100		65,945
Black Box Corp.		2,668		9,471
Booz Allen Hamilton Holding Corp.		23,420		893,005
Brink’s Co.		7,345		578,051
Broadridge Financial Solutions, Inc.		18,126		1,641,853
Cardtronics PLC, Class A(a)		7,594		140,641
Casella Waste Systems, Inc., Class A(a)		6,369		146,614
Cass Information Systems, Inc.		1,445		84,113
CBIZ, Inc.(a)		9,058		139,946
Cenveo, Inc.(a)(b)		1,842		1,658
Clean Harbors, Inc.(a)		8,279		448,722
Comfort Systems USA, Inc.		5,684		248,107
Convergys Corp.		14,425		338,987
CoreLogic, Inc.(a)		13,193		609,649
CoStar Group, Inc.(a)		5,544		1,646,291
CRA International, Inc.		1,412		63,469
Crawford & Co., Class B		3,693		35,527
Cross Country Healthcare, Inc.(a)(b)		5,168		65,944

20 2017 BLACKROCK ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments  (continued) December 31, 2017 Master Extended Market Index Series (Percentages shown are based on Net Assets)

Security	Shares		Value
Support Services (continued)
Deluxe Corp.		7,253	$	557,321
DHI Group, Inc.(a)		8,680		16,492
Donnelley Financial Solutions, Inc.(a)		5,132		100,023
DXP Enterprises, Inc.(a)		2,735		80,874
Ennis, Inc.		3,906		81,049
Essendant, Inc.		5,328		49,391
Euronet Worldwide, Inc.(a)		8,232		693,711
Everi Holdings, Inc.(a)		10,402		78,431
EVERTEC, Inc.		9,459		129,115
Evolent Health, Inc., Class A(a)		9,665		118,879
ExlService Holdings, Inc.(a)		5,026		303,319
ExOne Co.(a)		1,784		14,986
Exponent, Inc.		3,885		276,223
First Data Corp., Class A(a)		66,457		1,110,513
FleetCor Technologies, Inc.(a)		14,028		2,699,408
Franklin Covey Co.(a)(b)		2,677		55,548
Frontline Capital Group(a)(c)		300		—
FTI Consulting, Inc.(a)		6,649		285,641
Genpact Ltd.		21,225		673,681
GP Strategies Corp.(a)		2,813		65,262
HD Supply Holdings, Inc.(a)		28,360		1,135,251
Heidrick & Struggles International, Inc.		2,753		67,586
Heritage-Crystal Clean, Inc.(a)		3,226		70,165
Hudson Global, Inc.(a)		7,493		16,859
Hudson Technologies, Inc.(a)		5,638		34,223
Huron Consulting Group, Inc.(a)		3,240		131,058
ICF International, Inc.(a)		3,065		160,912
Imperva, Inc.(a)		5,073		201,398
InnerWorkings, Inc.(a)		7,279		73,008
Inovalon Holdings, Inc., Class A(a)		10,521		157,815
Insperity, Inc.		5,654		324,257
Jack Henry & Associates, Inc.		12,124		1,418,023
Kaman Corp.		3,995		235,066
Kelly Services, Inc., Class A		4,059		110,689
Kforce, Inc.		3,944		99,586
Korn/Ferry International		9,346		386,737
LSC Communications, Inc.		6,424		97,324
ManpowerGroup, Inc.		10,425		1,314,697
MAXIMUS, Inc.		10,231		732,335
McGrath RentCorp		3,639		170,960
Mistras Group, Inc.(a)		2,701		63,392
Mobile Mini, Inc.		6,403		220,903
ModusLink Global Solutions, Inc.(a)		9,568		23,824
MSC Industrial Direct Co., Inc., Class A		6,785		655,838
National Research Corp., Class A		963		35,920
Navigant Consulting, Inc.(a)		7,309		141,868
NV5 Global, Inc.(a)		1,219		66,009
Odyssey Marine Exploration, Inc.(a)		2,444		9,238
On Assignment, Inc.(a)		7,474		480,354
Park-Ohio Holdings Corp.		1,321		60,700
Perma-Fix Environmental Services(a)		4,810		17,557
Pitney Bowes, Inc.		28,397		317,490
PRGX Global, Inc.(a)		6,115		43,417
Quad/Graphics, Inc.		4,359		98,513
Quest Resource Holding Corp.(a)		2,241		5,199
Resources Connection, Inc.		4,605		71,147
RPX Corp.		8,380		112,627
RR Donnelley & Sons Co.		10,646		99,008
Schnitzer Steel Industries, Inc., Class A		4,015		134,502
ServiceSource International, Inc.(a)		10,518		32,501
Sharps Compliance Corp.(a)		3,499		14,311
StarTek, Inc.(a)		3,340		33,300
Sykes Enterprises, Inc.(a)		5,857		184,203
Team, Inc.(a)		4,703		70,075
TeleTech Holdings, Inc.		2,549		102,597

Security	Shares		Value
Support Services (continued)
Tetra Tech, Inc.		8,976	$	432,194
TransUnion(a)		22,597		1,241,931
TriNet Group, Inc.(a)		6,312		279,874
TrueBlue, Inc.(a)		6,460		177,650
U.S. Ecology, Inc.		3,348		170,748
UniFirst Corp.		2,344		386,526
Universal Technical Institute, Inc.(a)		3,377		8,105
Viad Corp.		3,107		172,128
WageWorks, Inc.(a)		5,921		367,102
WEX, Inc.(a)		6,113		863,339
Willdan Group, Inc.(a)		1,423		34,067
				30,708,363
Technology Hardware & Equipment — 4.2%
3D Systems Corp.(a)(b)		17,506		151,252
Acacia Communications, Inc.(a)(b)		3,044		110,284
ADTRAN, Inc.		7,492		144,970
Advanced Energy Industries, Inc.(a)		6,210		419,051
Agilysys, Inc.(a)		3,119		38,301
Alpha & Omega Semiconductor Ltd.(a)		2,913		47,657
Amkor Technology, Inc.(a)		18,642		187,352
Amtech Systems, Inc.(a)		2,148		21,630
Applied Optoelectronics, Inc.(a)(b)		3,123		118,112
ARRIS International PLC(a)		27,540		707,503
Axcelis Technologies, Inc.(a)		4,811		138,076
AXT, Inc.(a)		6,341		55,167
Brooks Automation, Inc.		10,683		254,790
Cabot Microelectronics Corp.		4,270		401,722
CalAmp Corp.(a)		5,908		126,608
Cavium, Inc.(a)		10,511		881,137
CEVA, Inc.(a)		3,467		160,002
Ciena Corp.(a)		20,849		436,370
Cirrus Logic, Inc.(a)		9,552		495,367
Clearfield, Inc.(a)		2,370		29,032
Cohu, Inc.		4,081		89,578
CommScope Holding Co., Inc.(a)		29,803		1,127,447
Comtech Telecommunications Corp.		3,715		82,176
Concurrent Computer Corp.		3,805		21,955
Cray, Inc.(a)		6,048		146,362
Cree, Inc.(a)		14,947		555,132
Cypress Semiconductor Corp.		53,019		808,010
Diebold Nixdorf, Inc.		12,634		206,566
Digi International, Inc.(a)		4,719		45,066
Diodes, Inc.(a)		5,690		163,132
DSP Group, Inc.(a)		4,564		57,050
Dycom Industries, Inc.(a)		4,818		536,870
EchoStar Corp., Class A(a)		7,058		422,774
Electronics for Imaging, Inc.(a)		7,109		209,929
Emcore Corp.(a)		4,624		29,825
Entegris, Inc.		21,468		653,701
ePlus, Inc.(a)		2,204		165,741
Extreme Networks, Inc.(a)		18,940		237,129
Finisar Corp.(a)		17,636		358,893
First Solar, Inc.(a)		12,518		845,215
FormFactor, Inc.(a)		11,782		184,388
GSI Technology, Inc.(a)(b)		4,254		33,862
Harmonic, Inc.(a)(b)		12,042		50,576
Ichor Holdings Ltd.(a)		2,560		62,976
ID Systems, Inc.(a)		3,541		24,574
Identiv, Inc.(a)		3,365		11,239
Impinj, Inc.(a)		2,838		63,940
Infinera Corp.(a)		22,378		141,653
Inphi Corp.(a)(b)		6,551		239,767
Insight Enterprises, Inc.(a)		5,507		210,863
Integrated Device Technology, Inc.(a)		20,498		609,405

SCHEDULE OF INVESTMENTS 21

Schedule of Investments  (continued) December 31, 2017 Master Extended Market Index Series (Percentages shown are based on Net Assets)

Security	Shares		Value
Technology Hardware & Equipment (continued)
InterDigital, Inc.		5,491	$	418,140
Intra-Cellular Therapies, Inc.(a)		6,465		93,613
IXYS Corp.(a)		3,911		93,668
Kopin Corp.(a)		11,813		37,802
Kulicke & Soffa Industries, Inc.(a)		10,388		252,792
KVH Industries, Inc.(a)		2,945		30,481
Lantronix, Inc.(a)		9,095		18,372
Lattice Semiconductor Corp.(a)		19,222		111,103
Loral Space & Communications, Inc.(a)		1,784		78,585
LRAD Corp.(a)		8,678		21,608
Lumentum Holdings, Inc.(a)(b)		9,473		463,230
Marvell Technology Group Ltd.		66,162		1,420,520
Maxim Integrated Products, Inc.		42,991		2,247,569
MaxLinear, Inc., Class A(a)		9,324		246,340
Mercury Systems, Inc.(a)		8,280		425,178
Microsemi Corp.(a)		18,199		939,978
MKS Instruments, Inc.		8,485		801,832
Monolithic Power Systems, Inc.		5,914		664,497
MoSys, Inc.(a)		1,465		1,626
Nanometrics, Inc.(a)		4,363		108,726
NCR Corp.(a)		18,598		632,146
Neonode, Inc.(a)(b)		12,904		9,589
NeoPhotonics Corp.(a)(b)		4,903		32,262
NETGEAR, Inc.(a)		5,225		306,969
Oclaro, Inc.(a)		26,290		177,195
ON Semiconductor Corp.(a)		66,006		1,382,187
Ooma, Inc.(a)		2,194		26,218
Optical Cable Corp.(a)		1,750		4,287
PAR Technology Corp.(a)		3,332		31,154
ParkerVision, Inc.(a)(b)		4,644		4,923
PC Connection, Inc.		1,900		49,799
Photronics, Inc.(a)		10,897		92,897
Pixelworks, Inc.(a)		5,286		33,460
Plantronics, Inc.		5,004		252,101
Power Integrations, Inc.		4,369		321,340
Pure Storage, Inc., Class A(a)		15,900		252,174
Quantenna Communications, Inc.(a)		3,665		44,713
Quantum Corp.(a)		5,670		31,922
QuickLogic Corp.(a)		9,826		17,097
Qumu Corp.(a)		2,149		4,921
Rambus, Inc.(a)		16,362		232,668
Ribbon Communications, Inc.(a)		8,411		65,017
Rudolph Technologies, Inc.(a)		5,365		128,223
ScanSource, Inc.(a)		3,608		129,166
Seachange International, Inc.(a)		7,106		27,927
Semtech Corp.(a)		10,811		369,736
Sigma Designs, Inc.(a)		6,054		42,075
Silicon Laboratories, Inc.(a)		6,872		606,798
Sonic Foundry, Inc.(a)		2,214		6,664
Sunworks, Inc.(a)		4,851		5,094
Super Micro Computer, Inc.(a)		6,046		126,513
Synaptics, Inc.(a)		5,229		208,846
SYNNEX Corp.		4,401		598,316
Systemax, Inc.		1,844		61,350
Tech Data Corp.(a)		5,204		509,836
Teradyne, Inc.		30,906		1,294,034
TransAct Technologies, Inc.		2,692		35,669
TransEnterix, Inc.(a)		29,999		57,898
Ubiquiti Networks, Inc.(a)(b)		3,524		250,274
Ultra Clean Holdings, Inc.(a)		5,086		117,436
USA Technologies, Inc.(a)(b)		7,417		72,316
VeriFone Systems, Inc.(a)		18,810		333,125
ViaSat, Inc.(a)(b)		8,405		629,114
Viavi Solutions, Inc.(a)		36,093		315,453
Vocera Communications, Inc.(a)		4,197		126,833

Security	Shares		Value
Technology Hardware & Equipment (continued)
VOXX International Corp.(a)		4,073	$	22,809
Xcerra Corp.(a)		9,468		92,692
Xperi Corp.		7,141		174,240
				32,143,313
Tobacco — 0.1%
22nd Century Group Inc.(a)		10,809		30,265
Alliance One International, Inc.(a)		1,357		17,980
Schweitzer-Mauduit International, Inc.		4,407		199,902
Universal Corp.		4,150		217,875
Vector Group Ltd.		15,564		348,345
				814,367
Travel & Leisure — 4.1%
Allegiant Travel Co.		1,928		298,358
AMC Entertainment Holdings, Inc., Class A		9,009		136,036
Aramark		38,126		1,629,505
Avis Budget Group, Inc.(a)		11,544		506,551
Belmond Ltd., Class A(a)		12,500		153,125
Biglari Holdings, Inc.(a)		187		77,493
BJ’s Restaurants, Inc.		3,216		117,062
Bloomin’ Brands, Inc.		15,088		321,978
Bob Evans Farms, Inc.		3,169		249,781
Bojangles’, Inc.(a)		1,669		19,694
Boyd Gaming Corp.		12,688		444,714
Bravo Brio Restaurant Group, Inc.(a)		3,322		8,305
Brinker International, Inc.		7,527		292,349
Buffalo Wild Wings, Inc.(a)		2,546		398,067
Caesars Entertainment Corp.(a)		17,536		221,830
Carrols Restaurant Group, Inc.(a)		6,109		74,224
Century Casinos, Inc.(a)		6,355		58,021
Cheesecake Factory, Inc.		6,609		318,422
Choice Hotels International, Inc.		5,449		422,842
Churchill Downs, Inc.		1,973		459,117
Chuy’s Holdings, Inc.(a)		2,773		77,783
Cinemark Holdings, Inc.		16,653		579,857
Cracker Barrel Old Country Store, Inc.(b)		3,588		570,097
Dave & Buster’s Entertainment, Inc.(a)		5,755		317,503
Del Frisco’s Restaurant Group, Inc.(a)		4,306		65,667
Del Taco Restaurants, Inc.(a)		6,237		75,592
Denny’s Corp.(a)		12,272		162,481
DineEquity, Inc.		2,576		130,680
Domino’s Pizza, Inc.		6,844		1,293,242
Dover Downs Gaming & Entertainment, Inc.(a)		6,916		7,054
Dover Motorsports, Inc.		1,592		3,104
Drive Shack, Inc.		11,272		62,334
Dunkin’ Brands Group, Inc.		14,048		905,675
El Pollo Loco Holdings, Inc.(a)		3,382		33,482
Eldorado Resorts, Inc.(a)		8,754		290,195
Empire Resorts, Inc.(a)		827		22,329
Extended Stay America, Inc.		31,381		596,239
Famous Dave’s Of America, Inc.(a)		1,498		9,887
Fiesta Restaurant Group, Inc.(a)(b)		4,111		78,109
Four Corners Property Trust, Inc.		10,488		269,542
Full House Resorts, Inc.(a)		8,160		31,906
Gaming Partners International Corp.		1,026		11,532
Golden Entertainment, Inc.(a)		1,723		56,256
Habit Restaurants, Inc., Class A(a)(b)		2,486		23,741
Hawaiian Holdings, Inc.		8,543		340,439
Herc Holdings, Inc.(a)(b)		4,409		276,047
Hertz Global Holdings, Inc.(a)		13,240		292,604
Hilton Grand Vacations, Inc.(a)		9,502		398,609
Hyatt Hotels Corp., Class A(a)		7,436		546,843
ILG, Inc.		17,146		488,318
International Speedway Corp., Class A		3,864		153,980
J Alexander’s Holdings, Inc.(a)		4,126		40,022

22 2017 BLACKROCK ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments  (continued) December 31, 2017 Master Extended Market Index Series (Percentages shown are based on Net Assets)

Security	Shares/ Beneficial Interest (000)		Value
Travel & Leisure (continued)
Jack in the Box, Inc.		4,878	$	478,581
Jamba, Inc.(a)		3,045		24,543
JetBlue Airways Corp.(a)		49,757		1,111,594
La Quinta Holdings, Inc.(a)		12,475		230,289
Las Vegas Sands Corp.		56,780		3,945,712
Liberty Expedia Holdings, Inc., Class A(a)		8,378		371,397
Liberty Media Corp-Liberty Braves, Class A(a)		2,717		59,910
Liberty Media Corp-Liberty Braves, Class C(a)		6,324		140,519
Liberty TripAdvisor Holdings, Inc., Series A(a)		10,940		103,110
Luby’s, Inc.(a)		5,639		14,887
Madison Square Garden Co., Class A(a)		2,548		537,246
Marcus Corp.		3,067		83,882
Marriott Vacations Worldwide Corp.		3,630		490,812
Monarch Casino & Resort, Inc.(a)		2,088		93,584
Noodles & Co.(a)(b)		3,634		19,079
Papa John’s International, Inc.		4,041		226,741
Penn National Gaming, Inc.(a)		11,873		371,981
Pinnacle Entertainment, Inc.(a)		9,766		319,641
Planet Fitness, Inc., Class A(a)		11,978		414,798
Playa Hotels & Resorts NV(a)		8,176		88,219
Potbelly Corp.(a)(b)		4,799		59,028
RCI Hospitality Holdings, Inc.		2,654		74,259
Reading International, Inc., Class A(a)		2,601		43,437
Red Lion Hotels Corp.(a)		5,052		49,762
Red Robin Gourmet Burgers, Inc.(a)		1,864		105,130
Red Rock Resorts, Inc., Class A		9,836		331,867
Regal Entertainment Group, Class A		16,050		369,310
Ruth’s Hospitality Group, Inc.		4,841		104,808
Ryman Hospitality Properties, Inc.		7,679		530,005
Sabre Corp.		33,436		685,438
Scientific Games Corp., Class A(a)(b)		7,878		404,141
SeaWorld Entertainment, Inc.(a)(b)		9,937		134,845
Shake Shack, Inc., Class A(a)		2,951		127,483
Six Flags Entertainment Corp.		12,868		856,623
SkyWest, Inc.		7,663		406,905
Sonic Corp.		7,093		194,916
Speedway Motorsports, Inc.		1,762		33,249
Spirit Airlines, Inc.(a)(b)		10,544		472,898
Texas Roadhouse, Inc.		9,590		505,201
Town Sports International Holdings, Inc.(a)		5,154		28,605
Travelport Worldwide Ltd.		19,914		260,276
Travelzoo, Inc.(a)		2,100		13,545
Vail Resorts, Inc.		6,235		1,324,750
Wendy’s Co.		28,430		466,821
Wingstop, Inc.		5,041		196,498
World Wrestling Entertainment, Inc., Class A		5,646		172,655
Zoe’s Kitchen, Inc.(a)		3,126		52,267
				31,549,870
Total Common Stocks — 98.4% (Cost — $455,108,567)				753,209,224
Other Interests(d) — 0.0%
Pharmaceuticals & Biotechnology — 0.0%
Merck KGaA(c)	$	3		—
Real Estate Investment Trusts (REITs) — 0.0%
AmeriVest Properties, Inc.(c)		4		—

Security	Beneficial Interest/ Shares (000)		Value
Technology Hardware & Equipment — 0.0%
Gerber Scientific, Inc.(c)	$	4		45
Travel & Leisure — 0.0%
FRD Acquisition Co.(c)		13		—
Total Other Interests — 0.0% (Cost — $0)				45
Rights — 0.0%
Pharmaceuticals & Biotechnology — 0.0%
Dyax Corp. (Expires 12/31/19)(a)(c)		21,860		50,059
Total Rights — 0.0% (Cost $24,265)				50,059
Total Long-Term Investments — 98.4% (Cost — $455,132,832)				753,259,328
Short-Term Securities — 9.6%
BlackRock Cash Funds: Institutional, SL Agency Shares, 1.53%(e)(f)(g)		62,844,854		62,851,139
BlackRock Liquidity Funds, T-Fund, Institutional Class, 1.17%(f)(g)		10,666,892		10,666,892
Total Short-Term Securities — 9.6% (Cost — $73,526,436)				73,518,031
Total Investments — 108.0% (Cost — $528,659,268)				826,777,359
Liabilities in Excess of Other Assets — (8.0)%				(61,458,218	)
Net Assets — 100.0%			$	765,319,141

^(a)  Non-income producing security.

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

^(c)  Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

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

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

^(f)  Annualized 7-day yield as of period end.

SCHEDULE OF INVESTMENTS 23

Schedule of Investments  (continued) December 31, 2017 Master Extended Market Index Series

^(g)  During the year ended December 31, 2017, 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	Share Held at 12/31/16		Shares Purchased			Shares Sold			Shares Held at 12/31/17		Value at 12/31/17		Income			Net Realized Gain (Loss)(a)			Change in Unrealized Appreciation (Depreciation)
BlackRock Cash Funds: Institutional, SL Agency Shares		—		62,844,854	(b)		—			62,844,854	$	62,851,139	$	—		$	(7,483	)	$	(8,406	)
BlackRock Liquidity Funds, T-Fund, Institutional Class		10,850,139					(183,247	)(c)		10,666,892		10,666,892		97,491			41			—
PennyMac Mortgage Investment Trust		10,450		—			—			10,450		167,932		19,646			—			(3,134	)
SL Liquidity Series, LLC, Money Market Series		5,565,324		—			(5,565,324	)(c)		—		—		601,918	(d)		989			(388	)
											$	73,685,963	$	719,055		$	(6,453	)	$	(11,928	)

^(a)  Includes net capital gain distributions, if applicable.

^(b)  Represents net shares purchased.

^(c)  Represents net shares sold.

^(d)  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.

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 Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value / Unrealized Appreciation (Depreciation)
Long Contracts
Russell 2000 E-Mini Index		83		03/16/18	$	6,376	$	49,248
S&P MidCap 400 E-Mini Index		23		03/16/18		4,376		23,127
S&P 500 E-Mini Index		8		03/16/18		1,070		11,155
							$	83,530

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:

	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Assets — Derivative Financial Instruments
Futures contracts
Net unrealized appreciation(a)	$	—	$	—	$	83,530	$	—	$	—	$	—	$	83,530

^(a)  Includes cumulative appreciation 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, 2017, the effect of derivative financial instruments in the Statement of Operations was as follows:

	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Net Realized Gain (Loss) from:
Futures contracts	$	—	$	—	$	1,314,298	$	—	$	—	$	—	$	1,314,298
	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	—	$	—	$	154,589	$	—	$	—	$	—	$	154,589

24 2017 BLACKROCK ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments  (continued) December 31, 2017 Master Extended Market Index Series

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	11,476,454

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	$	13,116,235	$	—	$	—	$	13,116,235
Alternative Energy		965,370		—		—		965,370
Automobiles & Parts		18,683,923		—		—		18,683,923
Banks		58,196,667		—		—		58,196,667
Beverages		730,765		—		—		730,765
Chemicals		21,080,765		—		—		21,080,765
Construction & Materials		20,288,526		—		—		20,288,526
Electricity		9,757,783		—		—		9,757,783
Electronic & Electrical Equipment		25,169,748		—		—		25,169,748
Financial Services		33,683,227		—		—		33,683,227
Fixed Line Telecommunications		2,702,096		—		—		2,702,096
Food & Drug Retailers		3,440,971		—		—		3,440,971
Food Producers		15,377,570		—		—		15,377,570
Forestry & Paper		1,786,729		—		—		1,786,729
Gas, Water & Multi-Utilities		11,366,117		—		—		11,366,117
General Industrials		10,556,569		—		—		10,556,569
General Retailers		31,593,993		—		—		31,593,993
Health Care Equipment & Services		30,779,335		—		—		30,779,335
Household Goods & Home Construction		12,698,687		—		—		12,698,687
Industrial Engineering		25,561,421		—		—		25,561,421
Industrial Metals & Mining		7,766,195		—		—		7,766,195
Industrial Transportation		11,666,666		—		—		11,666,666
Leisure Goods		8,128,709		—		—		8,128,709
Life Insurance		2,861,948		—		—		2,861,948
Media		27,495,668		—		—		27,495,668
Mining		3,633,975		—		—		3,633,975
Mobile Telecommunications		4,800,755		—		—		4,800,755
Nonlife Insurance		23,574,649		—		—		23,574,649
Oil & Gas Producers		22,024,880		—		467		22,025,347
Oil Equipment, Services & Distribution		9,702,095		—		—		9,702,095
Personal Goods		6,783,875		—		—		6,783,875
Pharmaceuticals & Biotechnology		46,265,866		—		—		46,265,866
Real Estate Investment & Services		11,760,226		—		—		11,760,226
Real Estate Investment Trusts (REITs)		60,634,738		—		—		60,634,738
Software & Computer Services		63,356,102		—		—		63,356,102
Support Services		30,708,363		—		—		30,708,363
Technology Hardware & Equipment		32,143,313		—		—		32,143,313
Tobacco		814,367		—		—		814,367
Travel & Leisure		31,549,870		—		—		31,549,870
Other Interests:
Technology Hardware & Equipment		—		—		45		45
Rights:
Pharmaceuticals & Biotechnology		—		—		50,059		50,059
Short-Term Securities		73,518,031		—		—		73,518,031
	$	826,726,788	$	—	$	50,571	$	826,777,359
Derivative Financial Instruments(a)
Assets:
Equity contracts	$	83,530	$	—	$	—	$	83,530

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

During the year ended December 31, 2017, there were no transfers between levels.

See notes to financial statements.

SCHEDULE OF INVESTMENTS 25

Statement of Assets and Liabilities

December 31, 2017

	Master Extended Market Index Series
ASSETS
Investments at value — unaffiliated (including securities loaned at value of $60,695,231) (cost — $454,916,257)	$	753,091,396
Investments at value — affiliated (cost — $73,743,011)		73,685,963
Cash pledged for futures contracts		423,700
Receivables:
Dividends — unaffiliated		1,075,280
Securities lending income — affiliated		56,680
Investments sold		53,425
Contributions from investors		51,231
Dividends — affiliated		9,494
Prepaid expenses		2,666
Total assets		828,449,835
LIABILITIES
Cash collateral on securities loaned at value		62,867,028
Bank overdraft		35,417
Payables:
Variation margin on futures contracts		84,925
Investment advisory fees		6,474
Directors’ fees		6,055
Other affiliates		1,961
Other accrued expenses		128,834
Total liabilities		63,130,694
NET ASSETS	$	765,319,141
NET ASSETS CONSIST OF
Investors’ capital	$	467,117,520
Net unrealized appreciation (depreciation)		298,201,621
NET ASSETS	$	765,319,141

See notes to financial statements.

26 2017 BLACKROCK ANNUAL REPORTTO SHAREHOLDERS

Statement of Operations

Year Ended December 31, 2017

	Master Extended Market Index Series
INVESTMENT INCOME
Dividends — unaffiliated	$	9,030,479
Securities lending income — affiliated — net		601,918
Dividends — affiliated		117,137
Other income — unaffiliated		17,320
Other income — affiliated		15,815
Foreign taxes withheld		(7,229	)
Total investment income		9,775,440
EXPENSES
Accounting services		118,679
Investment advisory		71,690
Professional		71,256
Printing		46,004
Directors		23,337
Custodian		4,397
Miscellaneous		3,572
Total expenses		338,935
Less fees waived and/or reimbursed by the Manager		(9,434	)
Total expenses after fees waived and/or reimbursed		329,501
Net investment income		9,445,939
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		39,638,973
Investments — affiliated		(6,494	)
Futures contracts		1,314,298
Capital gain distributions from investment companies — affiliated		41
		40,946,818
Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated		69,663,604
Investments — affiliated		(11,928	)
Futures contracts		154,589
		69,806,265
Net realized and unrealized gain		110,753,083
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	120,199,022

See notes to financial statements.

FINANCIAL STATEMENTS 27

Statement of Changes in Net Assets

	Master Extended Market Index Series
	Year Ended December 31,
	2017			2016
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	9,445,939		$	9,545,831
Net realized gain		40,946,818			38,100,454
Net change in unrealized appreciation		69,806,265			45,203,824
Net increase in net assets resulting from operations		120,199,022			92,850,109
CAPITAL TRANSACTIONS
Proceeds from contributions		66,397,622			55,281,518
Value of withdrawals		(93,105,736	)		(96,053,186	)
Net decrease in net assets derived from capital transactions		(26,708,114	)		(40,771,668	)
NET ASSETS
Total increase in net assets		93,490,908			52,078,441
Beginning of year		671,828,233			619,749,792
End of year	$	765,319,141		$	671,828,233

See notes to financial statements.

28 2017 BLACKROCK ANNUAL REPORTTO SHAREHOLDERS

Financial Highlights

	Master Extended Market Index Series
	Year Ended December 31,
	2017			2016			2015			2014			2013
Total Return
Total return		18.24	%		16.07	%		(3.32	)%		7.66	%		37.98	%
Ratios to Average Net Assets
Total expenses		0.05	%		0.06	%		0.07	%		0.07	%(a)		0.07	%
Total expenses after fees waived and/or reimbursed		0.05	%		0.06	%		0.06	%		0.07	%(a)		0.06	%
Net investment income		1.32	%		1.56	%		1.27	%		1.35	%(a)		1.32	%
Supplemental Data
Net assets, end of year (000)	$	765,319		$	671,828		$	619,750		$	661,025		$	615,867
Portfolio turnover rate		11	%		13	%		14	%		10	%		18	%

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

See notes to financial statements.

FINANCIAL HIGHLIGHTS 29

Notes to Financial Statements

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:

Investment Transactions and Income Recognition: 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.

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.

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.

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 of Directors of the Master LLC (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.

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

30 2017 BLACKROCK ANNUAL REPORTTO SHAREHOLDERS

Notes to Financial Statements  (continued)

cost approach. Valuation techniques such as discounted cash flow, use of market comparables and matrix pricing are types of valuation approaches and are 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 Series. Typically, the most recently available information by a Private Company is as of a date that is earlier than the date the Series is calculating its NAV. This factor may result in a difference between the value of the investment and the price the Series could receive upon the sale of the investment.

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.

NOTESTO FINANCIAL STATEMENTS 31

Notes to Financial Statements  (continued)

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 Institutional Trust Company, N.A. (“BTC”), 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.

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 Received(a)			Net Amount
Citigroup Global Markets, Inc.	$	9,207,012	$	(9,207,012	)	$	—
Jefferies LLC		1,308,746		(1,308,746	)		—
J.P. Morgan Securities LLC		22,518,068		(22,518,068	)		—
Merrill Lynch, Pierce, Fenner & Smith, Inc.		21,205,673		(21,205,673	)		—
State Street Bank.		6,455,732		(6,455,732	)
	$	60,695,231	$	(60,695,231	)	$	—

^(a)  Cash Collateral with a value of $62,867,028 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 BlackRock, Inc. (“BlackRock”). BlackRock’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 incur 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.

Futures Contracts: Futures contracts are purchased or sold 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 is 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 notional amount of the contract at the time it was opened and the notional amount 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.

32 2017 BLACKROCK ANNUAL REPORTTO SHAREHOLDERS

Notes to Financial Statements  (continued)

6. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

The PNC Financial Services Group, Inc. is the largest stockholder and an affiliate of 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 and administrative services. 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 at an annual rate equal to 0.01% of the average daily value of the Series’ net assets.

With respect to the Series, the Manager entered into a separate sub-advisory agreement with BlackRock Fund Advisors (“BFA”), an affiliate of the Manager. The Manager pays BFA, for services it provides, a monthly fee that is a percentage of the investment advisory fees paid by the Series to the Manager.

Expense Limitations, Waivers and Reimbursements: 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 (the “affiliated money market fund waiver”). The amount of contractual waivers of fees and expenses made will be reduced by the amount of the affiliated money market fund waiver. This amount is included in as fees waived and/or reimbursed by the Manager in the Statement of Operations. For the year ended December 31, 2017, the amount waived was $9,434.

The Manager has contractually agreed to waive its investment advisory fee with respect to any portion of the Series’ assets invested in affiliated equity and fixed-income mutual funds and affiliated exchange-traded funds that have a contractual management fee through April 30, 2018. The contractual agreement may be terminated upon 90 days’ notice by a majority of the directors who are not “interested persons” of the Series, as defined in the 1940 Act (“Independent Directors”) or by a vote of a majority of the outstanding voting securities of the Series. For the year ended December 31, 2017, there were no fees waived by the Manager.

For the year ended December 31, 2017, the Series reimbursed the Manager $7,914 for certain accounting services, which is included in accounting services in the Statement of Operations.

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, 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 through April 30, 2018, unless approved by the Board, including a majority of the Independent Directors or by a vote of a majority of the outstanding voting securities of the Series. For the year ended December 31, 2017, there were no fees waived and/or reimbursed by the Manager.

Securities Lending: The U.S. Securities and Exchange Commission (“SEC”) has issued an exemptive order which permits BTC, an affiliate of the Manager, to serve as securities lending agent for the Series, subject to applicable conditions. As securities lending agent, BTC bears all operational costs directly related to securities lending. The Series is responsible for fees in connection with the investment of cash collateral received for securities on loan (the “collateral investment fees”). The cash collateral is invested in a money market fund managed by the Manager or its affiliates. However, BTC has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees the Series bears to an annual rate of 0.04%. Such money market fund shares will not be subject to a sales load, distribution fee or service fee. The money market fund in which the cash collateral has been invested may, under certain circumstances, impose a liquidity fee of up to 2% of the value redeemed or temporarily restrict redemptions for up to 10 business days during a 90 day period, in the event that the money market fund’s weekly liquid assets fall below certain thresholds.

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 fees. The Series retains a portion of securities lending income and remits a remaining portion to BTC as compensation for its services as securities lending agent.

Pursuant to a securities lending agreement, the Series retains 71.5% of securities lending income, and this amount retained can never be less than 65% of the total of securities lending income plus the collateral investment fees. 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 75% of securities lending income, and this amount retained can never be less than 65% of the total of securities lending income plus the collateral investment fees.

Prior to June 12, 2017, BlackRock Investment Management, LLC (“BIM”) was the Series’ securities lending agent.

Prior to June 12, 2017, 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 income — affiliated — net in the Statement of Operations. For the year ended December 31, 2017, the Series paid BIM $53,656 and BTC $135,740 for securities lending agent services.

Interfund Lending: In accordance with an exemptive order (the “Order”) from the SEC, the Series may participate in a joint lending and borrowing facility for temporary purposes (the “Interfund Lending Program”), subject to compliance with the terms and conditions of the Order, and to the extent permitted by the Series’s investment policies and restrictions. The Series is currently permitted to borrow and lend under the Interfund Lending Program.

NOTESTO FINANCIAL STATEMENTS 33

Notes to Financial Statements  (continued)

A lending BlackRock fund may lend in aggregate up to 15% of its net assets, but may not lend more than 5% of its net assets to any one borrowing fund through the Interfund Lending Program. A borrowing BlackRock fund may not borrow through the Interfund Lending Program or from any other source more than 33 1/3% of its total assets (or any lower threshold provided for by the fund’s investment restrictions). If a borrowing BlackRock fund’s total outstanding borrowings exceed 10% of its total assets, each of its outstanding interfund loans will be subject to collateralization of at least 102% of the outstanding principal value of the loan. All interfund loans are for temporary or emergency purposes and the interest rate to be charged will be the average of the highest current overnight repurchase agreement rate available to a lending fund and the bank loan rate, as calculated according to a formula established by the Board.

During the year ended December 31, 2017, the Series did not participate in the Interfund Lending Program.

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

Other Transactions: During the year ended December 31, 2017, the Series received a reimbursement of $15,815 from an affiliate, which is included in other income — affiliated in the Statement of Operations, related to an operating error.

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 directors. For the year ended December 31, 2017, 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
$11,502,325	$43,473,458	$24,875,914

7. PURCHASES AND SALES

For the year ended December 31, 2017, purchases and sales of investments, excluding short-term securities, were $77,838,583 and $90,975,947, respectively.

8. INCOME TAX INFORMATION

The Series is classified as a partnership for U.S. 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 U.S. federal income tax provision is required. It is intended that the Series’ assets will be managed so an investor in the Series can satisfy the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended.

The Series files 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, 2017. 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, 2017, 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, 2017, gross unrealized appreciation and depreciation for investments and derivative financial instruments and derivatives based on cost for U.S. federal income tax purposes were as follows:

Tax cost	$	531,924,848
Gross unrealized appreciation	$	349,643,968
Gross unrealized depreciation		(54,791,457	)
Net unrealized appreciation	$	294,852,511

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 2018 unless extended or renewed. 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, 2017, the Series did not borrow under the credit agreement.

10. PRINCIPAL RISKS

In the normal course of business, the Series invests in securities or other instruments and may enter into certain transactions, and such activities subject the Series to various risks, including among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political

34 2017 BLACKROCK ANNUAL REPORTTO SHAREHOLDERS

Notes to Financial Statements  (continued)

and/or social instability; (iii) regulation, taxation or international tax treaties between various countries; or (iv) currency, interest rate and price fluctuations. The Series’ prospectus provides details of the risks to which the Series is subject.

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: 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.

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

On February 22, 2018, the Board approved a proposal to close the Series to new interest holders and thereafter to liquidate the Series. The liquidation is expected to occur during the second quarter of 2018.

NOTESTO FINANCIAL STATEMENTS 35

Report of Independent Registered Public Accounting Firm

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

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Master Extended Market Index Series of Quantitative Master Series LLC (the “Series”), as of December 31, 2017, 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, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Series as of December 31, 2017 and 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.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Series’ management. Our responsibility is to express an opinion on the Series’ financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Series in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. 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, whether due to error or fraud. The Series is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting 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.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of December 31, 2017, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

Deloitte & Touche LLP

Boston, Massachusetts

February 23, 2018

We have served as the auditor of one or more BlackRock investment companies since 1992.

36 2017 BLACKROCK ANNUAL REPORTTO SHAREHOLDERS

Director and Officer Information

Independent Directors (a)
Name Year of Birth (b)	Position(s) Held (Length of Service) (c)	Principal Occupation(s) During Past Five Years	Number of BlackRock-Advised Registered Investment Companies (“RICs”) Consisting of Investment Portfolios (“Portfolios”) Overseen	Public Company and Investment Company Directorships During Past Five Years
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 144 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 144 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 144 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 144 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 144 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 144 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 144 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 144 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 144 Portfolios	None

DIRECTORAND OFFICER INFORMATION 37

Director and Officer Information  (continued)

Independent Directors (a)
Name Year of Birth (b)	Position(s) Held (Length of Service) (c)	Principal Occupation(s) During Past Five Years	Number of BlackRock-Advised Registered Investment Companies (“RICs”) Consisting of Investment Portfolios (“Portfolios”) Overseen	Public Company and Investment Company Directorships During Past Five Years
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 144 Portfolios	None
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 144 Portfolios	None
Interested Directors (d)
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 218 Portfolios	None
John M. Perlowski 1964	Director (Since 2015) President and Chief Executive Officer (Since 2010)	Managing Director of BlackRock, Inc. since 2009; Head of BlackRock Global Accounting and Product Services since 2009; Managing Director and Chief Operating Officer of the Global Product Group at Goldman Sachs Asset Management, L.P. from 2003 to 2009; Treasurer of Goldman Sachs Mutual Funds from 2003 to 2009 and Senior Vice President thereof from 2007 to 2009; Director of Goldman Sachs Offshore Funds from 2002 to 2009; Advisory Director of Family Resource Network (charitable foundation) since 2009.	127 RICs consisting of 316 Portfolios	None
(a) The address of each Director is c/o BlackRock, Inc., 55 East 52nd Street, New York, NY 10055. (b) Independent Directors serve until their resignation, retirement, removal or death, or until December 31 of the year in which they turn 75. The Board may determine to extend the terms of Independent Directors on a case-by-case basis, as appropriate. (c) 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. (d) 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. Ms. Novick and Mr. Perlowski are also board members of certain complexes of BlackRock registered open-end and closed-end funds. Ms. Novick is a board member of the BlackRock Closed-End Complex and Mr. Perlowski is also a board member of the BlackRock Equity-Bond Complex and the BlackRock Closed-End Complex.

38 2017 BLACKROCK ANNUAL REPORTTO SHAREHOLDERS

Director and Officer Information  (continued)

Officers Who Are Not Directors (a)
Name Year of Birth (b)	Position(s) Held (Length of Service)	Principal Occupation(s) During Past Five Years
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.
(a) The address of each Officer is c/o BlackRock, Inc., 55 East 52nd Street, New York, NY 10055. (b) Officers of the Master LLC serve at the pleasure of the Board.

Further information about the Directors and Officers is available in the Master LLC’s Statement of Additional Information, which can be obtained without charge by calling (800) 441-7762.

Investment Adviser	Legal Counsel
BlackRock Advisors, LLC Wilmington, DE 19809	Sidley Austin LLP New York, NY 10019
Sub-Adviser	Independent Registered Public Accounting Firm
BlackRock Fund Advisors San Francisco, CA 94105	Deloitte & Touche LLP Boston, MA 02116
Accounting Agent and Custodian	Address of the Series
State Street Bank and Trust Company Boston, MA 02111	100 Bellevue Parkway Wilmington, DE 19809

DIRECTORAND OFFICER INFORMATION 39

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 Funds use to determine how to vote proxies relating to portfolio securities is available upon request and without charge (1) by calling (800) 441-7762; (2) at http://www.blackrock.com; and (3) on the SEC’s website at http://www.sec.gov.

Availability of Proxy Voting Record

Information about how the Series voted proxies relating to securities held in the Series’ portfolios during the most recent 12-month period ended June 30 is available upon request and without charge (1) at http://www.blackrock.com; or by calling (800) 441-7762 and (2) on the SEC’s website at http://www.sec.gov.

40 2017 BLACKROCK ANNUAL REPORTTO SHAREHOLDERS

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 clarify an inconsistency as to whom persons covered by the code should report suspected violations of the code. The amendment clarifies that such reporting should be made to BlackRock Advisors, LLC’s (“Investment Adviser” or “BlackRock”) General Counsel, and retains the alternative option of anonymous reporting following “whistleblower” policies. Other non-material changes were also made in connection with this amendment. 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, who calls 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 Fees
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	$39,032	$40,252	$0	$0	$13,299	$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 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 (“Affiliated Service Providers”):

	Current Fiscal Year End       ��	Previous Fiscal Year End
(b) Audit-Related Fees1	$0	$0
(c) Tax Fees2	$0	$0

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(d) All Other Fees³                         $2,129,000                              $2,154,000                             

¹ The nature of the services includes assurance and related services reasonably related to the performance of the audit or review of financial statements not included in Audit Fees, including accounting consultations, agreed-upon procedure reports, attestation reports, comfort letters, out-of-pocket expenses and internal control reviews not required by regulators.

² The nature of the services includes tax compliance and/or tax preparation, including services relating to the filing or amendment of federal, state or local income tax returns, regulated investment company qualification reviews, taxable income and tax distribution calculations.

³ Non-audit fees of $2,129,000 and $2,154,000 for the current fiscal year and previous fiscal year, respectively, were paid to the Fund’s principal accountant in their entirety by BlackRock, in connection with services provided to the Affiliated Service Providers of the Fund and of certain other funds sponsored and advised by BlackRock or its affiliates for a service organization review and an accounting research tool subscription. These amounts represent aggregate fees paid by BlackRock and were not allocated on a per fund basis.

(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 Affiliated Service Providers that relate directly to the operations and the financial reporting of the registrant. Certain of these non-audit services that the Committee believes are (a) consistent with the SEC’s auditor independence rules and (b) routine and recurring services that will not impair the independence of the independent accountants may be approved by the Committee without consideration on a specific case-by-case basis (“general pre-approval”). The term of any general pre-approval is 12 months from the date of the pre-approval, unless the Committee provides for a different period. Tax or other non-audit services provided to the registrant which have a direct impact on the 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, defined as the sum of the fees shown under “Audit-Related Fees,” “Tax Fees” and “All Other Fees,” paid to the accountant for services rendered by the accountant to the registrant, the Investment Adviser and the Affiliated Service Providers were:

Entity Name	Current Fiscal Year         End	Previous Fiscal Year         End
Master Extended Market Index   Series of Quantitative Master Series LLC	$13,299	$13,260

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Additionally, the amounts billed by D&T in connection with services provided to the Affiliated Service Providers of the Fund and of other funds sponsored and advised by BlackRock or its affiliates during the current and previous fiscal years for a service organization review and an accounting research tool subscription were:

Current Fiscal Year       End	Previous Fiscal Year         End
$2,129,000	$2,154,000

These amounts represent aggregate fees paid by BlackRock and were not allocated on a per fund basis.

(h) The Committee has considered and determined that the provision of non-audit services that were rendered to the Investment Adviser and the Affiliated Service Providers that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant’s independence.

Item 5 – Audit Committee of Listed Registrants – Not Applicable

Item 6 – Investments

(a) The 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.

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Item 12 – Disclosure of Securities Lending Activities for Closed-End Management Investment Companies – Not Applicable to the registrant.

Item 13 – Exhibits attached hereto

(a)(1) Code of Ethics – See Item 2

(a)(2) Certifications – Attached hereto

(a)(3) Not Applicable

(a)(4) Not Applicable

(b) Certifications – Attached hereto

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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 28, 2018

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 28, 2018

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 28, 2018

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