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: 12/31/2013

Date of reporting period: 12/31/2013

Item 1 – Report to Stockholders

Master Extended Market Index Series of Quantitative Master Series LLC

Annual Report, December 31, 2013

PORTFOLIO MANAGEMENT COMMENTARY

How did the Series perform?

· For the 12 month period ended December 31, 2013, Master Extended Market Index Series (the “Series”), a series of Quantitative Master Series LLC, returned 37.98% while the benchmark Dow Jones US Completion Total Stock Market Index^SM (the “Benchmark Index”) returned 38.05%. The return for the Series differs from the Benchmark Index return because of Series expenses.

Describe the market environment.

• US equity markets began 2013 with a powerful relief rally after the United States averted the worst of its potential fiscal crisis with a last-minute tax deal. The rally softened in February, however, as economic momentum slowed. Later in the first quarter, a stalemate presidential election in Italy and a severe banking crisis in Cyprus reminded investors that political and financial instability in Europe continued to pose risks. The ascent of equities persevered as increased global liquidity kept interest rates low and investors turned to riskier asset classes in search of yield.

• As the year progressed, the direction of stock markets became increasingly dominated by speculation around the future of monetary policy. Sluggish US growth, ironically, was often conducive to positive stock market performance as weak economic data reinforced investors’ expectations that the US Federal Reserve would maintain its accommodative stance. Additionally, the modest pace of economic growth contributed to corporate profit margins as the US recovery was strong enough to support revenues while nearly stagnant wage growth kept costs low.

• After peaking in late May, stock markets recoiled when Fed Chairman Bernanke mentioned the possibility of gradually reducing (or “tapering”) monetary stimulus before the end of 2013. Volatility picked up considerably as many investors misinterpreted the Fed’s remarks as signaling the end of low short-term interest rates. However, equities staged a swift mid-summer rebound when the Fed’s tone turned more dovish. Later in the third quarter, mixed economic data drove high volatility as it made investors increasingly anxious about when and how much the Fed would scale back on its monthly asset purchase program.

• September brought another sharp rally as the Fed defied market expectations with its decision to delay tapering its asset purchases. But the equity market advance was interrupted again in late September when the US teetered on breaching the national debt ceiling and political brinksmanship led to a partial government shutdown. The rally quickly resumed in mid-October when politicians engineered a compromise to reopen the government and extend the debt ceiling until early 2014.

• As economic indicators improved later in the fall, investors grappled with rising uncertainty around the timing of the anticipated Fed taper. This anxiety was ultimately relieved when the central bank announced the commencement of tapering in mid-December. Investors reacted positively to this policy move as it signaled the Fed’s perception of real improvement in US growth. Sentiment was also buoyed by the extension of the Fed’s expected time horizon for maintaining low short-term interest rates.

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 market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.

Portfolio Information as of December 31, 2013 Master Extended Market Index Series

	Percent of Long-Term Investments
Sector Allocation
Financials	22	%
Technology	16
Industrial	16
Consumer Services	12
Health Care	11
Consumer Goods	8
Oil & Gas	7
Basic Materials	5
Utilities	2
Telecommunications	1
For Series compliance purposes, the Series’ sector classifications refer to any one or more of the sector sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by the investment advisor. These definitions may not apply for purposes of this report, which may combine such sector sub-classifications for reporting ease.
Derivative Financial Instruments
The Series may invest in various derivative financial instruments, including financial futures contracts, as specified in Note 4 of the Notes to Financial Statements, which may constitute forms of economic leverage. Such derivative financial instruments are used to obtain exposure to a security, index and/or market without owning or taking physical custody of securities or to hedge market and/or equity risks. Derivative financial instruments involve risks, including the imperfect correlation between the value of a derivative financial instrument and the underlying asset, possible default of the counterparty to the transaction or illiquidity of the derivative financial instrument. The Series’ ability to use a derivative financial instrument successfully depends on the investment advisor’s ability to predict pertinent market movements accurately, which cannot be assured. The use of derivative financial instruments may result in losses greater than if they had not been used, may require the Series to sell or purchase portfolio investments at inopportune times or for distressed values, may limit the amount of appreciation the Series can realize on an investment or may cause the Series to hold an investment that it might otherwise sell. The Series’ investments in these instruments are discussed in detail in the Notes to Financial Statements.

QUANTITATIVE MASTER SERIES LLC DECEMBER 31, 2013

Schedule of Investments December 31, 2013 Master Extended Market Index Series
(Percentages shown are based on Net Assets)

Common Stocks	Shares		Value
Aerospace & Defense — 1.6%
AAR Corp.	5,581	$	156,324
Aerovironment, Inc. (a)	3,079		89,691
Alliant Techsystems, Inc.	4,609		560,823
Arotech Corp. (a)	2,867		10,006
Astronics Corp. (a)	2,346		119,646
Astrotech Corp. (a)	5,505		15,579
BE Aerospace, Inc. (a)	14,379		1,251,404
CPI Aerostructures, Inc. (a)	1,913		28,772
Cubic Corp.	3,171		166,985
Curtiss-Wright Corp.	6,736		419,181
Ducommun, Inc. (a)	1,702		50,737
Esterline Technologies Corp. (a)	4,556		464,530
Exelis, Inc.	26,927		513,229
GenCorp, Inc. (a)	9,455		170,379
HEICO Corp.	592		34,306
HEICO Corp., Class A	7,676		323,313
Hexcel Corp. (a)	14,664		655,334
Huntington Ingalls Industries, Inc.	7,306		657,613
Innovative Solutions & Support, Inc. (a)	3,915		28,540
Kratos Defense & Security Solutions, Inc. (a)	7,760		59,597
LMI Aerospace, Inc. (a)	1,815		26,753
Mantech International Corp., Class A	2,816		84,283
Moog, Inc., Class A (a)	6,554		445,279
Orbital Sciences Corp. (a)	8,980		209,234
RBC Bearings, Inc. (a)	3,341		236,376
Smith & Wesson Holding Corp. (a)(b)	10,248		138,245
Spirit Aerosystems Holdings, Inc., Class A (a)	14,842		505,815
Sturm Ruger & Co., Inc.	3,052		223,071
Taser International, Inc. (a)	7,979		126,707
Teledyne Technologies, Inc. (a)	5,436		499,351
TransDigm Group, Inc.	7,287		1,173,353
Triumph Group, Inc.	7,553		574,557
VSE Corp.	644		30,918
			10,049,931
Alternative Energy — 0.1%
Amyris, Inc. (a)	7,111		37,617
Ascent Solar Technologies, Inc. (a)(b)	7,427		5,236
BioFuel Energy Corp. (a)	568		977
FuelCell Energy, Inc. (a)(b)	31,129		43,892
Green Plains Renewable Energy, Inc.	3,578		69,377
GreenHunter Energy, Inc. (a)(b)	7,536		8,742
GT Advanced Technologies, Inc. (a)	19,873		173,293
KiOR, Inc., Class A (a)	7,210		12,113
Common Stocks	Shares		Value
Alternative Energy (concluded)
Ocean Power Technologies, Inc. (a)	3,549	$	6,814
Plug Power, Inc. (a)(b)	15,580		24,149
REX American Resources Corp. (a)	904		40,418
Solazyme, Inc. (a)(b)	8,678		94,503
STR Holdings, Inc. (a)	5,106		8,016
SunPower Corp. (a)	6,005		179,009
			704,156
Automobiles & Parts — 1.9%
Allison Transmission Holdings, Inc.	10,746		296,697
American Axle & Manufacturing Holdings, Inc. (a)	10,309		210,819
Autoliv, Inc.	13,708		1,258,394
Cooper Tire & Rubber Co.	8,658		208,138
Dana Holding Corp.	21,242		416,768
Dorman Products, Inc. (a)	4,282		240,092
Federal-Mogul Corp. (a)	4,718		92,850
Fuel Systems Solutions, Inc. (a)	2,169		30,084
Gentex Corp.	20,899		689,458
Gentherm, Inc. (a)	5,416		145,203
Lear Corp.	12,455		1,008,481
LKQ Corp. (a)(b)	43,599		1,434,407
LoJack Corp. (a)	3,917		14,140
Modine Manufacturing Co. (a)	6,801		87,189
Motorcar Parts of America, Inc. (a)	3,112		60,062
Quantum Fuel Systems Technologies Worldwide, Inc. (a)	3,415		26,637
Shiloh Industries, Inc. (a)	1,088		21,216
Standard Motor Products, Inc.	2,991		110,069
Stoneridge, Inc. (a)	4,259		54,302
Strattec Security Corp.	573		25,596
Superior Industries International, Inc.	3,069		63,314
Tenneco, Inc. (a)	8,906		503,813
Tesla Motors, Inc. (a)(b)	11,956		1,797,943
Titan International, Inc.	7,854		141,215
TRW Automotive Holdings Corp. (a)	16,664		1,239,635
US Auto Parts Network, Inc. (a)	7,139		17,705
Visteon Corp. (a)	7,210		590,427
WABCO Holdings, Inc. (a)	9,029		843,399
			11,628,053
Banks — 5.2%
1st Source Corp.	1,862		59,472
1st United Bancorp, Inc.	6,012		45,751
Ameriana Bancorp	1,553		21,400
American National Bankshares, Inc.	1,548		40,635
Ameris Bancorp (a)	3,989		84,208
Ames National Corp.	1,630		36,496
Arrow Financial Corp.	2,181		57,927

See Notes to Financial Statements.

QUANTITATIVE MASTER SERIES LLC DECEMBER 31, 2013

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

Common Stocks	Shares		Value
Banks (continued)
Associated Banc-Corp	22,594	$	393,136
Astoria Financial Corp.	12,115		167,550
Banc of California, Inc.	3,206		42,992
Bancfirst Corp.	770		43,166
Bancorp of New Jersey, Inc.	2,128		29,026
The Bancorp, Inc. (a)	5,773		103,394
BancorpSouth, Inc.	12,187		309,794
Bank Mutual Corp.	7,238		50,738
Bank of Hawaii Corp.	6,294		372,227
Bank of Kentucky Financial Corp.	1,025		37,823
Bank of Marin Bancorp	972		42,175
Bank of the Ozarks, Inc.	4,697		265,803
BankFinancial Corp.	3,821		35,000
BankUnited, Inc.	10,973		361,231
Banner Corp.	2,906		130,247
Bar Harbor Bankshares	1,107		44,269
BCB Bancorp, Inc.	2,435		32,751
Beneficial Mutual Bancorp, Inc. (a)	4,923		53,759
Berkshire Hills Bancorp, Inc.	3,819		104,144
BofI Holding, Inc. (a)	1,927		151,135
BOK Financial Corp.	2,663		176,610
Boston Private Financial Holdings, Inc.	11,992		151,339
Bridge Bancorp, Inc.	2,106		54,756
Bridge Capital Holdings (a)	2,653		54,493
Brookline Bancorp, Inc.	10,701		102,409
Bryn Mawr Bank Corp.	2,814		84,927
California First National Bancorp	882		13,318
Camco Financial Corp. (a)	2,821		18,844
Camden National Corp.	1,176		49,651
Cape Bancorp, Inc.	2,292		23,287
Capital Bank Financial Corp., Class A (a)	6,876		156,429
Capital City Bank Group, Inc. (a)	1,923		22,634
CapitalSource, Inc.	28,252		405,981
Capitol Federal Financial, Inc.	18,962		229,630
Cardinal Financial Corp.	4,668		84,024
Cascade Bancorp (a)	1,327		6,940
Cathay General Bancorp	10,742		287,134
Center Bancorp, Inc.	2,591		48,607
Centerstate Banks, Inc.	5,224		53,024
Central Pacific Financial Corp.	5,017		100,741
Century Bancorp, Inc., Class A	627		20,848
Chemical Financial Corp.	4,143		131,209
Chicopee Bancorp, Inc.	1,742		30,328
Citizens & Northern Corp.	2,142		44,189
City Holding Co.	2,320		107,486
City National Corp.	6,818		540,122
Clifton Savings Bancorp, Inc.	2,017		25,818
CNB Financial Corp.	2,402		45,638
CoBiz Financial, Inc.	5,309		63,496
Colony Bankcorp, Inc. (a)	750		4,575
Columbia Banking System, Inc.	7,418		204,069
Common Stocks	Shares		Value
Banks (continued)
Commerce Bancshares, Inc.	11,600	$	520,956
Community Bank System, Inc.	5,806		230,382
Community Trust Bancorp, Inc.	2,165		97,771
CommunityOne Bancorp (a)	1,986		25,322
Cullen/Frost Bankers, Inc.	7,524		560,011
CVB Financial Corp.	13,154		224,539
Dime Community Bancshares, Inc.	4,654		78,746
Doral Financial Corp. (a)	1,373		21,501
Eagle Bancorp, Inc. (a)	3,777		115,690
East West Bancorp, Inc.	19,918		696,532
Eastern Virginia Bankshares, Inc. (a)	2,546		17,822
Enterprise Bancorp, Inc.	1,296		27,436
Enterprise Financial Services Corp.	3,330		67,999
ESB Financial Corp.	2,374		33,711
ESSA Bancorp, Inc.	1,863		21,536
Farmers Capital Bank Corp. (a)	1,489		32,386
Fidelity Southern Corp.	3,036		50,428
Financial Institutions, Inc.	1,950		48,185
First Bancorp, Inc.	1,907		33,220
First Bancorp, North Carolina	3,105		51,605
First BanCorp, Puerto Rico (a)	14,655		90,714
First Busey Corp.	11,407		66,161
First Citizens Banc Corp.	1,258		8,202
First Citizens BancShares, Inc., Class A	891		198,363
First Commonwealth Financial Corp.	13,854		122,192
First Community Bancshares, Inc.	2,730		45,591
First Connecticut Bancorp, Inc.	2,900		46,748
First Defiance Financial Corp.	1,535		39,864
First Federal Bancshares of Arkansas, Inc. (a)	1,590		13,833
First Financial Bancorp	8,285		144,408
First Financial Bankshares, Inc.	4,398		291,675
First Financial Corp.	1,437		52,537
First Financial Holdings, Inc.	3,520		234,115
First Financial Northwest, Inc.	2,894		30,011
First Financial Service Corp. (a)	968		4,830
First Horizon National Corp.	34,697		404,220
First Interstate Bancsystem, Inc.	3,171		89,961
First Merchants Corp.	5,697		129,664
First Midwest Bancorp, Inc.	11,345		198,878
First Niagara Financial Group, Inc.	50,724		538,689
The First of Long Island Corp.	1,491		63,919
First Republic Bank	18,148		950,048
First Security Group, Inc. (a)	6,856		15,769
First South Bancorp, Inc. (a)	2,440		19,032
First United Corp. (a)	1,784		13,630
FirstMerit Corp.	23,341		518,870
Flagstar Bancorp, Inc. (a)	3,391		66,531
Flushing Financial Corp.	4,280		88,596
FNB Corp.	22,408		282,789

See Notes to Financial Statements.

QUANTITATIVE MASTER SERIES LLC DECEMBER 31, 2013

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

Common Stocks	Shares		Value
Banks (continued)
Fox Chase Bancorp, Inc.	2,566	$	44,597
Franklin Financial Corp. (a)	2,485		49,153
Fulton Financial Corp.	26,818		350,779
German American Bancorp, Inc.	1,992		56,772
Glacier Bancorp, Inc.	10,822		322,387
Great Southern Bancorp, Inc.	1,408		42,817
Guaranty Bancorp	2,831		39,776
Hampton Roads Bankshares, Inc. (a)	14,016		24,528
Hancock Holding Co.	11,565		424,204
Hanmi Financial Corp.	4,901		107,283
Hawthorn Bancshares, Inc.	1,194		14,806
Heartland Financial USA, Inc.	2,048		58,962
Heritage Commerce Corp.	4,396		36,223
Heritage Financial Corp.	2,524		43,186
HMN Financial, Inc. (a)	1,907		20,043
Home Bancorp, Inc. (a)	1,779		33,534
Home BancShares, Inc.	6,948		259,508
Home Federal Bancorp, Inc.	2,378		35,432
Home Loan Servicing Solutions Ltd.	10,078		231,492
HomeTrust Bancshares, Inc. (a)	3,179		50,832
Horizon Bancorp	1,338		33,892
Hudson Valley Holding Corp.	2,386		48,555
Iberiabank Corp.	4,126		259,319
Independent Bank Corp./MA	3,333		130,620
Independent Bank Corp./MI (a)	3,247		38,964
International Bancshares Corp.	7,998		211,067
Intervest Bancshares Corp. (a)	4,029		30,258
Investors Bancorp, Inc.	8,904		227,764
Kearny Financial Corp. (a)	2,925		34,018
Lakeland Bancorp, Inc.	4,827		59,710
Lakeland Financial Corp.	2,532		98,748
Macatawa Bank Corp. (a)	4,625		23,125
MainSource Financial Group, Inc.	3,542		63,862
MB Financial, Inc.	7,928		254,410
Mercantile Bank Corp.	1,617		34,895
Merchants Bancshares, Inc.	1,163		38,961
Metro Bancorp, Inc. (a)	2,347		50,554
MidSouth Bancorp, Inc.	1,608		28,719
MidWestOne Financial Group, Inc.	1,321		35,931
MutualFirst Financial, Inc.	1,313		22,492
NASB Financial, Inc.	821		24,794
National Bankshares, Inc.	1,269		46,813
National Penn Bancshares, Inc.	16,473		186,639
NBT Bancorp, Inc.	6,050		156,695
New York Community Bancorp, Inc.	63,362		1,067,650
NewBridge Bancorp (a)	4,484		33,630
North Valley Bancorp (a)	1,481		28,006
Northfield Bancorp, Inc.	9,389		123,935
Northrim BanCorp, Inc.	1,270		33,325
Northwest Bancshares, Inc.	12,931		191,120
Common Stocks	Shares		Value
Banks (continued)
Norwood Financial Corp.	859	$	23,107
OceanFirst Financial Corp.	2,337		40,033
OFG Bancorp	6,634		115,034
Ohio Valley Banc Corp.	934		21,155
Old National Bancorp	13,914		213,858
Old Second Bancorp, Inc. (a)	3,649		16,822
OmniAmerican Bancorp, Inc. (a)	2,365		50,564
Oritani Financial Corp.	6,327		101,548
Orrstown Financial Services, Inc. (a)	1,792		29,299
Pacific Continental Corp.	3,334		53,144
PacWest Bancorp	5,942		250,871
Park National Corp.	1,810		153,977
Park Sterling Corp.	9,066		64,731
Peapack Gladstone Financial Corp.	1,791		34,208
Penns Woods Bancorp, Inc.	950		48,450
Peoples Bancorp of North Carolina, Inc.	1,155		16,378
Peoples Bancorp, Inc.	1,815		40,856
Peoples Financial Corp. (a)	1,245		16,204
Pinnacle Financial Partners, Inc.	5,027		163,528
Popular, Inc. (a)	14,734		423,308
Porter Bancorp, Inc. (a)	1,044		1,054
Preferred Bank (a)	2,432		48,762
PrivateBancorp, Inc.	9,627		278,509
Prosperity Bancshares, Inc.	7,996		506,866
Provident Financial Holdings, Inc.	1,737		26,055
Provident Financial Services, Inc.	7,521		145,306
Pulaski Financial Corp.	2,347		26,427
Renasant Corp.	4,635		145,817
Republic Bancorp, Inc., Class A	1,667		40,908
Republic First Bancorp, Inc. (a)	4,534		13,511
Riverview Bancorp, Inc. (a)	4,146		12,023
Rockville Financial, Inc.	3,960		56,272
Royal Bancshares of Pennsylvania, Inc., Class A (a)	1,265		1,746
S&T Bancorp, Inc.	4,121		104,303
Sandy Spring Bancorp, Inc.	3,931		110,815
Seacoast Banking Corp. of Florida (a)	3,936		48,019
Shore Bancshares, Inc. (a)	2,072		19,104
Sierra Bancorp	1,921		30,909
Signature Bank (a)	6,944		745,924
Simmons First National Corp., Class A	2,323		86,299
Southside Bancshares, Inc.	2,760		75,458
Southwest Bancorp, Inc. (a)	3,310		52,695
State Bank Financial Corp.	5,576		101,427
StellarOne Corp.	3,382		81,405
Sterling Bancorp	11,525		154,089
Sterling Financial Corp.	3,072		104,694
Suffolk Bancorp (a)	2,226		46,301

See Notes to Financial Statements.

QUANTITATIVE MASTER SERIES LLC DECEMBER 31, 2013

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

Common Stocks	Shares		Value
Banks (concluded)
Summit Financial Group, Inc. (a)	1,593	$	15,818
Sun Bancorp, Inc. (a)	8,072		28,413
Susquehanna Bancshares, Inc.	26,417		339,194
SVB Financial Group (a)	6,692		701,723
SY Bancorp, Inc.	2,255		71,980
Synovus Financial Corp.	141,197		508,309
Taylor Capital Group, Inc. (a)	2,814		74,796
TCF Financial Corp.	23,753		385,986
Territorial Bancorp, Inc.	1,901		44,103
Texas Capital Bancshares, Inc. (a)	6,006		373,573
TFS Financial Corp. (a)	12,138		147,052
Tompkins Financial Corp.	1,745		89,676
TowneBank	4,790		73,718
Trico Bancshares	2,123		60,230
TrustCo Bank Corp., NY	13,799		99,077
Trustmark Corp.	9,072		243,492
UMB Financial Corp.	5,231		336,249
Umpqua Holdings Corp.	16,131		308,747
Union First Market Bankshares Corp.	3,085		76,539
United Bancorp, Inc.	2,421		19,441
United Bankshares, Inc.	5,963		187,536
United Community Banks, Inc. (a)	5,843		103,713
United Community Financial Corp. (a)	8,303		29,642
United Financial Bancorp, Inc.	2,904		54,857
United Security Bancshares (a)	3,672		18,507
Univest Corp. of Pennsylvania	2,482		51,328
Valley National Bancorp	28,572		289,149
ViewPoint Financial Group, Inc.	5,686		156,081
Virginia Commerce Bancorp, Inc. (a)	4,850		82,401
Washington Banking Co.	3,037		53,846
Washington Federal, Inc.	14,239		331,626
Washington Trust Bancorp, Inc.	2,136		79,502
Waterstone Financial, Inc. (a)	2,396		26,596
Webster Financial Corp.	13,132		409,456
WesBanco, Inc.	3,973		127,136
West BanCorp., Inc.	2,837		44,881
Westamerica BanCorp.	3,755		212,007
Western Alliance Bancorp (a)	11,391		271,789
Westfield Financial, Inc.	3,799		28,341
Wilshire Bancorp, Inc.	10,685		116,787
Wintrust Financial Corp.	5,678		261,869
WSFS Financial Corp.	1,201		93,114
Yadkin Financial Corp. (a)	2,663		45,378
			32,064,639
Beverages — 0.1%
The Boston Beer Co., Inc., Class A (a)	1,259		304,414
Coca-Cola Bottling Co. Consolidated	775		56,722
Common Stocks	Shares		Value
Beverages (concluded)
Craft Brew Alliance, Inc. (a)	1,708	$	28,045
National Beverage Corp. (a)	2,243		45,219
Primo Water Corp. (a)	5,635		14,820
Willamette Valley Vineyards, Inc. (a)	2,312		14,751
			463,971
Chemicals — 2.5%
A Schulman, Inc.	4,114		145,060
Aceto Corp.	4,209		105,267
Albemarle Corp.	11,529		730,823
American Vanguard Corp.	3,667		89,071
Ashland, Inc.	10,373		1,006,596
Axiall Corp.	10,274		487,399
Balchem Corp.	4,495		263,856
Cabot Corp.	8,255		424,307
Calgon Carbon Corp. (a)	8,315		171,040
Cambrex Corp. (a)	4,852		86,511
Celanese Corp., Series A	22,854		1,264,055
Chase Corp.	1,295		45,714
Chemtura Corp. (a)	14,006		391,048
Codexis, Inc. (a)	4,978		6,969
Cytec Industries, Inc.	5,208		485,177
Ferro Corp. (a)	12,980		166,533
FutureFuel Corp.	3,639		57,496
Hawkins, Inc.	1,451		53,963
HB Fuller Co.	7,165		372,867
Huntsman Corp.	28,197		693,646
Innophos Holdings, Inc.	3,030		147,258
Innospec, Inc.	3,444		159,182
Intrepid Potash, Inc. (a)	7,904		125,199
KMG Chemicals, Inc.	1,469		24,811
Koppers Holdings, Inc.	3,035		138,851
Kraton Performance Polymers, Inc. (a)	4,855		111,908
Kronos Worldwide, Inc.	2,763		52,635
LSB Industries, Inc. (a)	2,939		120,558
Metabolix, Inc. (a)	4,583		5,775
Minerals Technologies, Inc.	5,048		303,233
NewMarket Corp.	1,643		549,008
NL Industries, Inc.	1,227		13,718
Olin Corp.	11,391		328,630
OM Group, Inc. (a)	4,674		170,180
OMNOVA Solutions, Inc. (a)	7,551		68,790
Penford Corp. (a)	2,295		29,491
PolyOne Corp.	13,895		491,188
Polypore International, Inc. (a)	6,983		271,639
Quaker Chemical Corp.	1,917		147,743
Rentech, Inc. (a)	30,656		53,648
Rockwood Holdings, Inc.	11,231		807,734
RPM International, Inc.	19,017		789,396
Senomyx, Inc. (a)	7,787		39,402
Sensient Technologies Corp.	7,214		350,023

See Notes to Financial Statements.

QUANTITATIVE MASTER SERIES LLC DECEMBER 31, 2013

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

Common Stocks	Shares		Value
Chemicals (concluded)
Stepan Co.	2,654	$	174,182
The Valspar Corp.	11,529		821,902
TOR Minerals International, Inc. (a)	1,000		9,910
Tredegar Corp.	3,711		106,914
Tronox Ltd., Class A	8,569		197,687
Valhi, Inc.	2,957		51,984
Westlake Chemical Corp.	2,831		345,580
WR Grace & Co. (a)	11,167		1,104,081
Zagg, Inc. (a)	5,548		24,134
Zep, Inc.	3,420		62,107
Zoltek Cos., Inc. (a)	4,470		74,873
			15,320,752
Construction & Materials — 2.5%
AAON, Inc.	4,120		131,634
Acuity Brands, Inc.	6,162		673,630
AECOM Technology Corp. (a)	14,262		419,731
Aegion Corp. (a)	5,707		124,926
Ameresco, Inc., Class A (a)	3,377		32,622
American DG Energy, Inc. (a)	7,238		12,305
American Woodmark Corp. (a)	2,023		79,969
AO Smith Corp.	11,109		599,219
Apogee Enterprises, Inc.	4,159		149,350
Argan, Inc.	1,576		43,435
Armstrong World Industries, Inc. (a)	5,690		327,801
BlueLinx Holdings, Inc. (a)	11,441		22,310
Builders FirstSource, Inc. (a)	8,489		60,611
Chicago Bridge & Iron Co. NV	15,563		1,293,908
Eagle Materials, Inc.	7,409		573,679
EMCOR Group, Inc.	9,360		397,238
Fortune Brands Home & Security, Inc.	24,295		1,110,281
Foster Wheeler AG (a)	14,115		466,077
Generac Holdings, Inc.	9,966		564,474
Gibraltar Industries, Inc. (a)	4,428		82,317
Granite Construction, Inc.	5,058		176,929
Great Lakes Dredge & Dock Corp. (a)	8,677		79,828
Griffon Corp.	6,030		79,656
Headwaters, Inc. (a)	11,973		117,216
Hill International, Inc. (a)	2,764		10,918
Insteel Industries, Inc.	2,430		55,234
Integrated Electrical Services, Inc. (a)	2,175		11,723
Inteliquent, Inc.	5,027		57,408
KBR, Inc.	21,100		672,879
Layne Christensen Co. (a)	2,781		47,499
LB Foster Co., Class A	1,479		69,942
Lennox International, Inc.	6,558		557,823
Louisiana-Pacific Corp. (a)	20,834		385,637
Martin Marietta Materials, Inc.	6,632		662,802
MasTec, Inc. (a)	8,753		286,398
Common Stocks	Shares		Value
Construction & Materials (concluded)
MDU Resources Group, Inc.	26,770	$	817,824
Mueller Water Products, Inc., Series A	23,355		218,836
MYR Group, Inc. (a)	3,233		81,084
NCI Building Systems, Inc. (a)	3,432		60,197
Nortek, Inc. (a)	2,541		189,559
Northwest Pipe Co. (a)	1,680		63,437
Omega Flex, Inc.	788		16,122
Orion Marine Group, Inc. (a)	4,600		55,338
Owens Corning (a)	15,938		648,995
PGT, Inc. (a)	5,605		56,723
Pike Electric Corp. (a)	4,093		43,263
Primoris Services Corp.	5,430		169,036
Quanex Building Products Corp.	5,516		109,879
Simpson Manufacturing Co., Inc.	5,562		204,292
Sterling Construction Co., Inc. (a)	2,322		27,237
Texas Industries, Inc. (a)	3,226		221,884
Thermon Group Holdings, Inc. (a)	4,887		133,562
TRC Cos., Inc. (a)	3,961		28,282
Trex Co., Inc. (a)	2,419		192,383
Tutor Perini Corp. (a)	5,483		144,203
Universal Forest Products, Inc.	2,826		147,348
USG Corp. (a)	12,215		346,662
Valmont Industries, Inc.	3,842		572,919
Watsco, Inc.	3,837		368,582
Watts Water Technologies, Inc., Class A	3,896		241,046
			15,596,102
Electricity — 1.3%
ALLETE, Inc.	5,482		273,442
Alliant Energy Corp.	16,055		828,438
Alteva	2,214		18,088
Black Hills Corp.	6,486		340,580
Calpine Corp. (a)	52,562		1,025,485
Cleco Corp.	8,681		404,708
Covanta Holding Corp.	18,793		333,576
Dynegy, Inc. (a)	14,434		310,620
El Paso Electric Co.	6,095		213,995
Empire District Electric Co.	6,698		151,978
Great Plains Energy, Inc.	22,339		541,497
Hawaiian Electric Industries, Inc.	13,753		358,403
IDACORP, Inc.	7,148		370,552
ITC Holdings Corp.	7,793		746,725
MGE Energy, Inc.	3,339		193,328
NorthWestern Corp.	5,703		247,054
Ormat Technologies, Inc.	2,989		81,331
Portland General Electric Co.	11,390		343,978
UIL Holdings Corp.	8,632		334,490
Unitil Corp.	2,686		81,896
UNS Energy Corp.	6,121		366,342
US Geothermal, Inc. (a)	23,727		8,993

See Notes to Financial Statements.

QUANTITATIVE MASTER SERIES LLC DECEMBER 31, 2013

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

Common Stocks	Shares		Value
Electricity (concluded)
Westar Energy, Inc.	18,658	$	600,228
			8,175,727
Electronic & Electrical Equipment — 2.8%
The Active Power, Inc. (a)	3,371		11,360
Adept Technology, Inc. (a)	2,252		38,036
Aeroflex Holding Corp. (a)	3,277		21,301
Allied Motion Technologies, Inc.	1,204		14,990
Altair Nanotechnologies, Inc. (a)	2,353		9,447
American Science & Engineering, Inc.	1,261		90,679
American Superconductor Corp. (a)	8,344		13,684
Anaren, Inc. (a)	2,178		60,962
Anixter International, Inc.	3,814		342,650
API Technologies Corp. (a)	7,886		26,891
Arrow Electronics, Inc. (a)	14,457		784,292
Avnet, Inc.	19,702		869,055
AVX Corp.	6,474		90,183
AZZ, Inc.	3,732		182,346
Badger Meter, Inc.	2,135		116,358
Ballantyne Strong, Inc. (a)	1,826		8,454
Bel Fuse, Inc., Class B	1,916		40,830
Belden, Inc.	6,319		445,174
Benchmark Electronics, Inc. (a)	8,089		186,694
Brady Corp., Class A	6,343		196,189
Capstone Turbine Corp. (a)	49,013		63,227
Checkpoint Systems, Inc. (a)	6,598		104,051
Cognex Corp. (a)	12,046		459,916
Coherent, Inc. (a)	3,682		273,904
Coleman Cable, Inc.	1,678		43,997
CTS Corp.	5,283		105,185
CyberOptics Corp. (a)	3,269		20,791
Daktronics, Inc.	5,693		89,266
Echelon Corp. (a)	6,355		13,663
Electro Rent Corp.	2,431		45,022
Electro Scientific Industries, Inc.	4,035		42,206
eMagin Corp. (a)	4,759		13,468
Encore Wire Corp.	2,690		145,798
EnerNOC, Inc. (a)	4,406		75,827
EnerSys, Inc.	6,849		480,046
ESCO Technologies, Inc.	3,746		128,338
Fabrinet (a)	4,476		92,027
FARO Technologies, Inc. (a)	2,690		156,827
FEI Co.	6,117		546,615
General Cable Corp.	6,930		203,811
GrafTech International Ltd. (a)	17,097		191,999
Greatbatch, Inc. (a)	3,589		158,777
Houston Wire & Cable Co.	2,713		36,300
Hubbell, Inc., Class B	7,599		827,531
II-VI, Inc. (a)	8,146		143,370
Intevac, Inc. (a)	4,847		36,013
IntriCon Corp. (a)	1,324		5,058
Common Stocks	Shares		Value
Electronic & Electrical Equipment (continued)
IPG Photonics Corp. (a)(b)	5,142	$	399,071
Itron, Inc. (a)	5,696		235,985
Kemet Corp. (a)	7,146		40,303
Landauer, Inc.	1,685		88,648
Lightpath Technologies, Inc., Class A (a)	6,052		8,170
Lime Energy Co. (a)	559		1,616
Littelfuse, Inc.	3,297		306,390
LSI Industries, Inc.	3,465		30,042
Magnetek, Inc. (a)	992		23,729
Maxwell Technologies, Inc. (a)	5,359		41,639
Measurement Specialties, Inc. (a)	2,293		139,162
Methode Electronics, Inc.	5,258		179,771
Mettler-Toledo International, Inc. (a)	4,342		1,053,326
Microvision, Inc. (a)	6,506		8,588
MTS Systems Corp.	2,372		169,005
Multi-Fineline Electronix, Inc. (a)	1,537		21,349
NAPCO Security Technologies, Inc. (a)	4,500		28,260
National Instruments Corp.	14,213		455,100
Newport Corp. (a)	6,216		112,323
NVE Corp. (a)	961		56,007
Orion Energy Systems, Inc. (a)	3,283		22,324
OSI Systems, Inc. (a)	2,785		147,911
Parametric Sound Corp. (a)(b)	1,649		22,839
Park Electrochemical Corp.	3,206		92,076
Planar Systems, Inc. (a)	5,103		12,962
Plexus Corp. (a)	4,987		215,887
Powell Industries, Inc.	1,398		93,652
Regal-Beloit Corp.	6,317		465,689
Research Frontiers, Inc. (a)	4,697		27,149
Richardson Electronics Ltd.	1,792		20,357
Rofin-Sinar Technologies, Inc. (a)	4,390		118,618
Rogers Corp. (a)	2,697		165,866
Rubicon Technology, Inc. (a)(b)	3,165		31,492
Sanmina Corp. (a)	12,050		201,235
Sensata Technologies Holding NV (a)	21,469		832,353
Servotronics, Inc.	743		6,018
Sigmatron International, Inc. (a)	1,793		15,868
SL Industries, Inc. (a)	750		20,325
Synthesis Energy Systems, Inc. (a)	7,050		4,230
Trimble Navigation Ltd. (a)	37,530		1,302,291
TTM Technologies, Inc. (a)	8,600		73,788
Ultralife Corp. (a)	2,116		7,512
Universal Display Corp. (a)	6,214		213,513
UQM Technologies, Inc. (a)	6,928		14,826
Veeco Instruments, Inc. (a)	5,744		189,035
Viasystems Group, Inc. (a)	1,392		19,043
Vicor Corp. (a)	3,482		46,728
Vishay Intertechnology, Inc. (a)	19,801		262,561
Vishay Precision Group, Inc. (a)	2,569		38,252

See Notes to Financial Statements.

QUANTITATIVE MASTER SERIES LLC DECEMBER 31, 2013

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

Common Stocks	Shares		Value
Electronic & Electrical Equipment (concluded)
WESCO International, Inc. (a)	6,382	$	581,209
Zebra Technologies Corp., Class A (a)	7,371		398,624
Zygo Corp. (a)	3,336		49,306
			17,164,631
Financial Services — 3.3%
Affiliated Managers Group, Inc. (a)	7,691		1,668,024
Artisan Partners Asset Management, Inc.	2,842		185,270
Asta Funding, Inc. (a)	2,169		18,263
Atlanticus Holdings Corp. (a)	1,465		5,201
BBCN Bancorp, Inc.	11,806		195,862
BGC Partners, Inc., Class A	24,518		148,579
Calamos Asset Management, Inc., Class A	3,145		37,237
Cash America International, Inc.	4,166		159,558
CBOE Holdings, Inc.	12,679		658,801
CIFC Corp.	1,786		13,895
CIT Group, Inc.	29,106		1,517,296
Cohen & Steers, Inc.	2,805		112,368
Cowen Group, Inc., Class A (a)	16,916		66,142
Credit Acceptance Corp. (a)	1,538		199,925
DFC Global Corp. (a)	6,442		73,761
Diamond Hill Investment Group, Inc.	489		57,868
Eaton Vance Corp.	17,768		760,293
Encore Capital Group, Inc. (a)	3,616		181,740
EverBank Financial Corp.	12,898		236,549
Evercore Partners, Inc., Class A	4,826		288,498
Ezcorp, Inc., Class A (a)	8,044		94,034
FBR & Co. (a)	1,765		46,561
Federal Agricultural Mortgage Corp., Class C	1,972		67,541
Federated Investors, Inc., Class B (c)	14,007		403,402
Fidelity National Financial, Inc., Class A	36,279		1,177,254
Financial Engines, Inc.	7,419		515,472
First Cash Financial Services, Inc. (a)	4,373		270,426
FXCM, Inc.	5,621		100,279
GAMCO Investors, Inc., Class A	650		56,530
GFI Group, Inc.	9,674		37,825
Gleacher & Co., Inc. (a)	832		8,644
Green Dot Corp., Class A (a)	3,642		91,596
Greenhill & Co., Inc.	3,945		228,573
Imperial Holdings, Inc. (a)	4,686		30,646
ING US, Inc.	15,817		555,968
Institutional Financial Markets, Inc.	1,108		2,216
Interactive Brokers Group, Inc., Class A	6,978		169,845
Common Stocks	Shares		Value
Financial Services (concluded)
Intersections, Inc.	1,839	$	14,326
INTL. FCStone, Inc. (a)	1,975		36,617
Investment Technology Group, Inc. (a)	5,666		116,493
Janus Capital Group, Inc.	21,450		265,336
JMP Group, Inc.	3,528		26,107
KCG Holdings, Inc., Class A (a)	14,616		174,807
Ladenburg Thalmann Financial Services, Inc. (a)	20,766		64,998
LPL Financial Holdings, Inc.	11,729		551,615
MarketAxess Holdings, Inc.	5,603		374,673
Marlin Business Services Corp.	1,403		35,356
Medallion Financial Corp.	3,978		57,084
MGIC Investment Corp. (a)	50,024		422,203
MicroFinancial, Inc.	3,204		27,394
MoneyGram International, Inc. (a)	3,742		77,759
MSCI, Inc. (a)	17,436		762,302
Nelnet, Inc., Class A	2,724		114,789
NewStar Financial, Inc. (a)	3,736		66,389
Ocwen Financial Corp. (a)	17,159		951,467
Oppenheimer Holdings, Inc., Class A	1,148		28,447
PICO Holdings, Inc. (a)	4,035		93,249
Piper Jaffray Cos. (a)	2,533		100,180
Portfolio Recovery Associates, Inc. (a)	7,351		388,427
Pzena Investment Management, Inc., Class A	3,173		37,314
Radian Group, Inc.	25,812		364,465
Raymond James Financial, Inc.	17,561		916,509
Resource America, Inc., Class A	2,794		26,152
Safeguard Scientifics, Inc. (a)	3,555		71,420
SEI Investments Co.	20,600		715,438
Stewart Information Services Corp.	3,208		103,522
Stifel Financial Corp. (a)	8,615		412,831
SWS Group, Inc. (a)	4,290		26,083
TD Ameritrade Holding Corp.	33,765		1,034,560
The First Marblehead Corp. (a)	1,506		11,129
Tree.com, Inc. (a)	1,091		35,828
US Global Investors, Inc.	2,241		5,692
Virtus Investment Partners, Inc. (a)	1,064		212,853
Waddell & Reed Financial, Inc., Class A	12,409		808,074
Walker & Dunlop, Inc. (a)	3,729		60,298
Westwood Holdings Group, Inc.	1,350		83,578
WisdomTree Investments, Inc. (a)	15,354		271,919
World Acceptance Corp. (a)	1,685		147,488
			20,537,113
Fixed Line Telecommunications — 0.4%
8x8, Inc. (a)	12,523		127,234

See Notes to Financial Statements.

QUANTITATIVE MASTER SERIES LLC DECEMBER 31, 2013

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

Common Stocks	Shares		Value
Fixed Line Telecommunications (concluded)
Alaska Communications Systems Group, Inc. (a)	7,188	$	15,239
Cbeyond, Inc. (a)	3,745		25,840
Cincinnati Bell, Inc. (a)	32,898		117,117
Consolidated Communications Holdings, Inc.	5,741		112,696
Fairpoint Communications, Inc. (a)	4,215		47,672
General Communication, Inc., Class A (a)	4,596		51,245
Hawaiian Telcom Holdco, Inc. (a)	1,198		35,185
HickoryTech Corp.	2,224		28,534
IDT Corp., Class B	2,546		45,497
inContact, Inc. (a)	8,295		64,784
Level 3 Communications, Inc. (a)	23,521		780,192
Lumos Networks Corp.	2,963		62,223
Straight Path Communications, Inc., Class B (a)	3,418		27,993
tw telecom, Inc. (a)	20,869		635,878
Vonage Holdings Corp. (a)	26,128		87,006
			2,264,335
Food & Drug Retailers — 0.8%
Arden Group, Inc., Class A	301		38,079
Casey's General Stores, Inc.	5,543		389,396
The Chefs' Warehouse, Inc. (a)	3,161		92,175
Core-Mark Holding Co., Inc.	1,592		120,880
The Fresh Market, Inc. (a)	6,127		248,143
GNC Holdings, Inc., Class A	14,168		828,120
Harris Teeter Supermarkets, Inc.	7,023		346,585
Ingles Markets, Inc., Class A	1,683		45,609
Omnicare, Inc.	14,720		888,499
The Pantry, Inc. (a)	3,921		65,794
PetMed Express, Inc.	3,455		57,457
Rite Aid Corp. (a)	123,051		622,638
Spartan Stores, Inc.	5,307		128,854
Sprouts Farmers Market, Inc. (a)	6,211		238,689
Supervalu, Inc. (a)	29,799		217,235
United Natural Foods, Inc. (a)	7,198		542,657
Village Super Market, Inc., Class A	719		22,296
Vitamin Shoppe, Inc. (a)	4,562		237,270
Weis Markets, Inc.	1,485		78,052
			5,208,428
Food Producers — 1.9%
Alico, Inc.	610		23,711
The Andersons, Inc.	2,482		221,320
B&G Foods, Inc.	8,044		272,772
Boulder Brands, Inc. (a)	8,755		138,854
Bunge Ltd.	20,775		1,705,835
Cal-Maine Foods, Inc.	2,207		132,928
Calavo Growers, Inc.	2,137		64,666
Chiquita Brands International, Inc. (a)	7,131		83,433
Common Stocks	Shares		Value
Food Producers (concluded)
Coffee Holding Co., Inc. (a)(b)	1,919	$	9,768
Darling International, Inc. (a)	23,263		485,731
Dean Foods Co. (a)	14,170		243,582
Diamond Foods, Inc. (a)	3,636		93,954
Farmer Bros Co. (a)	892		20,748
Flowers Foods, Inc.	25,661		550,942
Fresh Del Monte Produce, Inc.	4,740		134,142
Golden Enterprises, Inc.	941		3,773
Green Mountain Coffee Roasters, Inc. (a)	19,113		1,444,561
Griffin Land & Nurseries, Inc.	789		26,337
The Hain Celestial Group, Inc. (a)	6,989		634,461
Harbinger Group, Inc. (a)	5,001		59,262
Herbalife Ltd. (b)	12,172		957,936
Hillshire Brands Co.	18,143		606,702
HQ Sustainable Maritime Industries, Inc. (a)(b)	4,100		—
Ingredion, Inc.	11,120		761,275
J&J Snack Foods Corp.	2,141		189,671
John B Sanfilippo & Son, Inc.	1,174		28,974
Lancaster Colony Corp.	2,701		238,093
Lifeway Foods, Inc.	1,692		27,038
Limoneira Co.	2,459		65,385
Mannatech, Inc. (a)	575		9,752
Medifast, Inc. (a)	2,383		62,268
MGP Ingredients, Inc.	1,343		6,970
Nature's Sunshine Products, Inc.	1,344		23,278
Nutraceutical International Corp. (a)	1,952		52,275
Nutrisystem, Inc.	4,449		73,142
Omega Protein Corp. (a)	3,642		44,760
Pilgrim's Pride Corp. (a)	8,760		142,350
Pinnacle Foods, Inc.	5,362		147,241
Post Holdings, Inc. (a)(b)	4,916		242,211
Reliv International, Inc.	1,819		5,093
Rocky Mountain Chocolate Factory, Inc.	2,227		25,855
Sanderson Farms, Inc.	3,037		219,666
Seaboard Corp. (a)	38		106,209
Seneca Foods Corp., Class A (a)	1,057		33,708
Snyders-Lance, Inc.	7,241		207,962
Tootsie Roll Industries, Inc.	2,910		94,691
TreeHouse Foods, Inc. (a)	5,417		373,340
USANA Health Sciences, Inc. (a)	1,073		81,097
WhiteWave Foods Co., Class A (a)	25,536		585,796
			11,763,518
Forestry & Paper — 0.3%
Clearwater Paper Corp. (a)	3,372		177,030
Deltic Timber Corp.	1,826		124,059
Domtar Corp.	4,612		435,096
KapStone Paper and Packaging Corp. (a)	5,966		333,261

See Notes to Financial Statements.

QUANTITATIVE MASTER SERIES LLC DECEMBER 31, 2013

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

Common Stocks	Shares		Value
Forestry & Paper (concluded)
Neenah Paper, Inc.	2,520	$	107,780
PH Glatfelter Co.	6,264		173,137
Resolute Forest Products (a)	13,310		213,226
Verso Paper Corp. (a)	3,704		2,352
Wausau Paper Corp.	7,738		98,118
			1,664,059
Gas, Water & Multi-Utilities — 1.3%
American States Water Co.	5,798		166,577
American Water Works Co., Inc.	25,233		1,066,347
Aqua America, Inc.	25,392		598,997
Artesian Resources Corp., Class A	2,012		46,175
Atmos Energy Corp.	12,779		580,422
Avista Corp.	8,742		246,437
Cadiz, Inc. (a)(b)	4,454		31,000
California Water Service Group	7,048		162,597
Chesapeake Utilities Corp.	1,543		92,611
Connecticut Water Service, Inc.	1,969		69,919
Delta Natural Gas Co., Inc.	1,877		42,007
EuroSite Power, Inc. (a)	723		542
Gas Natural, Inc.	4,599		36,930
Genie Energy Ltd. (a)	2,926		29,875
The Laclede Group, Inc.	4,649		211,716
Middlesex Water Co.	2,966		62,108
National Fuel Gas Co.	11,953		853,444
New Jersey Resources Corp.	5,597		258,805
Northwest Natural Gas Co.	3,616		154,837
Piedmont Natural Gas Co., Inc.	10,411		345,229
PNM Resources, Inc.	11,486		277,042
Questar Corp.	24,962		573,876
RGC Resources, Inc.	2,449		46,727
SJW Corp.	2,006		59,759
South Jersey Industries, Inc.	4,609		257,920
Southwest Gas Corp.	6,301		352,289
UGI Corp.	16,324		676,793
Vectren Corp.	11,968		424,864
WGL Holdings, Inc.	7,571		303,294
			8,029,139
General Industrials — 1.3%
Actuant Corp., Class A	10,474		383,767
AEP Industries, Inc. (a)	774		40,890
Aptargroup, Inc.	9,314		631,582
Berry Plastics Group, Inc. (a)	11,952		284,338
Carlisle Cos., Inc.	9,042		717,935
Crown Holdings, Inc. (a)	20,504		913,863
Graphic Packaging Holding Co. (a)	34,364		329,894
Greif, Inc., Class A	4,302		225,425
Harsco Corp.	11,541		323,494
Landec Corp. (a)	4,398		53,304
Multi-Color Corp.	2,099		79,216
Myers Industries, Inc.	3,712		78,398
Otter Tail Corp.	5,246		153,551
Common Stocks	Shares		Value
General Industrials (concluded)
Packaging Corp. of America	14,301	$	904,967
Raven Industries, Inc.	5,367		220,798
Rexnord Corp. (a)	6,001		162,087
Rock-Tenn Co., Class A	10,468		1,099,245
Silgan Holdings, Inc.	6,222		298,781
Sonoco Products Co.	14,729		614,494
Trimas Corp. (a)	6,298		251,227
UFP Technologies, Inc. (a)	1,471		37,099
			7,804,355
General Retailers — 4.9%
1-800-Flowers.com, Inc., Class A (a)	3,545		19,178
Aaron's, Inc.	10,906		320,636
Abercrombie & Fitch Co., Class A	11,077		364,544
Advance Auto Parts, Inc.	10,569		1,169,777
Aéropostale, Inc. (a)(b)	11,556		105,044
Amerco, Inc. (a)	838		199,310
America's Car-Mart, Inc. (a)	1,266		53,463
American Eagle Outfitters, Inc.	24,766		356,630
American Public Education, Inc. (a)	2,718		118,151
ANN, Inc. (a)	6,861		250,838
Antero Resources Corp. (a)	5,319		337,437
Apollo Group, Inc., Class A (a)	14,355		392,179
Asbury Automotive Group, Inc. (a)	4,487		241,131
Ascena Retail Group, Inc. (a)	18,547		392,455
Autobytel, Inc. (a)	2,429		36,751
Barnes & Noble, Inc. (a)	5,441		81,343
Beacon Roofing Supply, Inc. (a)	7,134		287,358
bebe Stores, Inc.	5,819		30,957
Big 5 Sporting Goods Corp.	2,684		53,197
Big Lots, Inc. (a)(b)	8,339		269,266
Blue Nile, Inc. (a)	2,066		97,288
Body Central Corp. (a)	2,692		10,606
The Bon-Ton Stores, Inc.	1,808		29,434
Books-A-Million, Inc. (a)	1,081		2,497
Bridgepoint Education, Inc. (a)	2,864		50,721
Bright Horizons Family Solutions, Inc. (a)	3,020		110,955
Brown Shoe Co., Inc.	5,956		167,602
The Buckle, Inc.	3,976		208,979
Build-A-Bear Workshop, Inc. (a)	2,503		18,898
Cabela's, Inc. (a)	6,864		457,554
Cache, Inc. (a)	2,549		13,841
Cambium Learning Group, Inc. (a)	4,966		8,244
Capella Education Co.	1,657		110,091
Career Education Corp. (a)	8,568		48,838
Carriage Services, Inc.	3,000		58,590
The Cato Corp., Class A	3,894		123,829
Chemed Corp. (b)	2,599		199,135
Chico's FAS, Inc.	22,889		431,229

See Notes to Financial Statements.

QUANTITATIVE MASTER SERIES LLC DECEMBER 31, 2013

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

Common Stocks	Shares		Value
General Retailers (continued)
The Children's Place Retail Stores, Inc. (a)	3,231	$	184,070
Christopher & Banks Corp. (a)	6,159		52,598
Citi Trends, Inc. (a)	2,322		39,474
Clean Energy Fuels Corp. (a)(b)	10,740		138,331
Coldwater Creek, Inc. (a)	3,383		2,522
Collectors Universe	1,741		29,858
Conn's, Inc. (a)	3,644		287,111
Copart, Inc. (a)	16,291		597,065
Corinthian Colleges, Inc. (a)	10,420		18,548
CST Brands, Inc.	10,700		392,904
dELiA*s, Inc. (a)	5,289		4,652
Destination Maternity Corp.	1,813		54,172
Destination XL Group, Inc. (a)	7,155		47,008
Dick's Sporting Goods, Inc.	14,715		854,942
Dillard's, Inc., Class A	3,450		335,375
DSW, Inc., Class A	10,563		451,357
Education Management Corp. (a)	2,924		29,503
Express, Inc. (a)	13,006		242,822
The Finish Line, Inc., Class A	7,042		198,373
Five Below, Inc. (a)	6,961		300,715
Foot Locker, Inc.	21,384		886,153
Francesca's Holdings Corp. (a)	6,485		119,389
Fred's, Inc., Class A	4,554		84,340
FTD Cos., Inc. (a)	3,432		111,815
Gaiam, Inc., Class A (a)	2,774		18,364
Geeknet, Inc. (a)	1,326		23,987
Genesco, Inc. (a)	3,494		255,272
Grand Canyon Education, Inc. (a)	6,804		296,654
Group 1 Automotive, Inc.	2,984		211,924
Guess?, Inc.	8,471		263,194
Haverty Furniture Cos., Inc.	2,955		92,492
hhgregg, Inc. (a)(b)	2,446		34,171
Hibbett Sports, Inc. (a)(b)	3,882		260,909
Hillenbrand, Inc.	8,979		264,162
HSN, Inc.	4,801		299,102
ITT Corp.	12,805		555,993
ITT Educational Services, Inc. (a)	2,785		93,520
JC Penney Co., Inc. (a)(b)	44,405		406,306
Jos A Bank Clothiers, Inc. (a)	4,111		224,995
K12, Inc. (a)	4,396		95,613
KAR Auction Services, Inc.	20,321		600,486
Kirkland's, Inc. (a)	2,515		59,530
Learning Tree International, Inc. (a)	1,011		3,164
Liquidity Services, Inc. (a)	4,006		90,776
Lithia Motors, Inc., Class A	3,254		225,893
Lumber Liquidators Holdings, Inc. (a)	4,060		417,733
Mac-Gray Corp.	1,350		28,661
MarineMax, Inc. (a)	3,753		60,348
Matthews International Corp., Class A	3,985		169,801
Common Stocks	Shares		Value
General Retailers (continued)
The Men's Wearhouse, Inc.	6,576	$	335,902
Monro Muffler Brake, Inc.	4,257		239,925
Murphy USA, Inc. (a)	6,301		261,870
New York & Co., Inc. (a)	4,992		21,815
Office Depot, Inc. (a)	69,889		369,713
OpenTable, Inc. (a)	3,704		293,986
Outerwall, Inc. (a)(b)	4,152		279,305
Overstock.com, Inc. (a)	2,367		72,880
Pacific Sunwear of California, Inc. (a)	5,536		18,490
PC Mall, Inc. (a)	1,516		15,569
Penske Automotive Group, Inc.	6,011		283,479
The Pep Boys-Manny Moe & Jack (a)	7,477		90,771
Perfumania Holdings, Inc. (a)	359		2,280
Pier 1 Imports, Inc.	15,342		354,093
Pricesmart, Inc.	2,565		296,360
The Providence Service Corp. (a)	2,023		52,032
RadioShack Corp. (a)(b)	14,984		38,958
RealNetworks, Inc. (a)	6,577		49,656
Regis Corp.	5,582		80,995
Rent-A-Center, Inc.	7,294		243,182
Restoration Hardware Holdings, Inc. (a)	4,097		275,728
Rollins, Inc.	9,153		277,244
Rush Enterprises, Inc., Class A (a)	5,016		148,724
Sally Beauty Holdings, Inc. (a)	21,583		652,454
Sears Holdings Corp. (a)	6,386		313,169
Service Corp. International	30,178		547,127
Shoe Carnival, Inc.	2,127		61,704
Shutterfly, Inc. (a)	6,044		307,821
Signet Jewelers Ltd.	11,395		896,787
SolarCity Corp. (a)	5,103		289,952
Sonic Automotive, Inc., Class A	4,910		120,197
Sotheby's	9,974		530,617
SP Plus Corp. (a)	2,766		72,027
Speed Commerce, Inc. (a)	7,774		36,305
Stage Stores, Inc.	4,498		99,946
Stamps.com, Inc. (a)	2,871		120,869
Stein Mart, Inc.	4,383		58,951
Strayer Education, Inc. (a)	1,653		56,979
Susser Holdings Corp. (a)	2,785		182,390
Titan Machinery, Inc. (a)(b)	2,424		43,196
Tractor Supply Co.	20,178		1,565,409
Trans World Entertainment Corp. (a)	1,113		4,919
Tuesday Morning Corp. (a)	5,614		89,599
Ulta Salon Cosmetics & Fragrance, Inc. (a)	9,269		894,644
Valuevision Media, Inc., Class A (a)	7,000		48,930
VCA Antech, Inc. (a)	12,699		398,241
Weight Watchers International, Inc. (b)	4,216		138,833

See Notes to Financial Statements.

QUANTITATIVE MASTER SERIES LLC DECEMBER 31, 2013

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

Common Stocks	Shares		Value
General Retailers (concluded)
West Marine, Inc. (a)	2,322	$	33,042
The Wet Seal, Inc., Class A (a)	15,586		42,550
Williams-Sonoma, Inc.	12,865		749,772
Winmark Corp.	509		47,144
Zale Corp. (a)	4,904		77,336
Zumiez, Inc. (a)	3,449		89,674
			30,417,664
Health Care Equipment & Services — 4.9%
Abaxis, Inc. (a)	3,070		122,861
ABIOMED, Inc. (a)	5,285		141,321
Acadia Healthcare Co., Inc. (a)	5,444		257,665
Accretive Health, Inc. (a)	8,553		78,345
Accuray, Inc. (a)	10,227		89,077
Addus HomeCare Corp. (a)	1,296		29,095
Air Methods Corp. (a)	5,186		302,499
Alere, Inc. (a)	11,465		415,033
Align Technology, Inc. (a)	10,314		589,445
Alliance HealthCare Services, Inc. (a)	1,912		47,303
Almost Family, Inc. (a)	1,318		42,611
Alphatec Holdings, Inc. (a)	11,402		22,918
Amedisys, Inc. (a)	4,704		68,820
American Caresource Holdings, Inc. (a)	2,753		4,515
Amsurg Corp. (a)	4,714		216,467
Analogic Corp.	1,797		159,142
AngioDynamics, Inc. (a)	3,917		67,333
Anika Therapeutics, Inc. (a)	2,157		82,311
Antares Pharma, Inc. (a)	20,962		93,910
ArthroCare Corp. (a)	4,270		171,825
AtriCure, Inc. (a)	3,557		66,445
Atrion Corp.	236		69,915
Baxano Surgical, Inc. (a)	4,594		4,640
Bio-Rad Laboratories, Inc., Class A (a)	2,907		359,334
Bio-Reference Laboratories, Inc. (a)(b)	3,774		96,388
Biolase, Inc. (a)(b)	8,856		25,062
BioScrip, Inc. (a)	9,382		69,427
BioTelemetry, Inc. (a)	4,688		37,223
Bovie Medical Corp. (a)	3,326		7,051
Brookdale Senior Living, Inc. (a)	14,805		402,400
Bruker Corp. (a)	16,119		318,673
BSD Medical Corp. (a)	6,219		7,401
Cantel Medical Corp.	5,053		171,347
Capital Senior Living Corp. (a)	4,455		106,875
Cardica, Inc. (a)	8,577		8,363
Cardiovascular Systems, Inc. (a)	4,346		149,024
Celsion Corp. (a)(b)	3,701		14,397
Centene Corp. (a)	7,871		463,995
Cepheid, Inc. (a)	10,048		469,443
Chindex International, Inc. (a)	2,114		36,847
Common Stocks	Shares		Value
Health Care Equipment & Services (continued)
CollabRx, Inc. (a)	1,314	$	4,993
Community Health Systems, Inc. (a)	13,778		541,062
CONMED Corp.	3,967		168,598
The Cooper Cos., Inc.	7,085		877,406
Corvel Corp. (a)	1,908		89,104
Covance, Inc. (a)	8,146		717,337
CryoLife, Inc.	4,128		45,780
Cutera, Inc. (a)	2,916		29,685
Cyberonics, Inc. (a)	3,705		242,715
Cynosure, Inc., Class A (a)	3,081		82,201
Delcath Systems, Inc. (a)	12,121		3,091
DexCom, Inc. (a)	10,034		355,304
Echo Therapeutics, Inc. (a)	2,662		8,359
Emeritus Corp. (a)	6,331		136,940
Endologix, Inc. (a)	9,815		171,174
The Ensign Group, Inc.	3,034		134,315
Envision Healthcare Holdings, Inc. (a)	6,573		233,473
Escalon Medical Corp. (a)	1,399		2,840
Exactech, Inc. (a)	1,661		39,465
Five Star Quality Care, Inc. (a)	6,068		33,313
Fluidigm Corp. (a)	4,289		164,354
Fonar Corp. (a)	2,767		58,439
GenMark Diagnostics, Inc. (a)	6,550		87,181
Gentiva Health Services, Inc. (a)	4,383		54,393
Globus Medical, Inc., Class A (a)	8,243		166,344
Haemonetics Corp. (a)	7,572		319,008
Hanger, Inc. (a)	5,147		202,483
Hansen Medical, Inc. (a)	9,386		16,238
Harvard Apparatus Regenerative Technology, Inc. (a)	4,592		21,812
HCA Holdings, Inc. (a)	44,404		2,118,515
Health Management Associates, Inc. (a)	38,385		502,843
Health Net, Inc. (a)	11,147		330,731
Healthcare Services Group, Inc.	10,120		287,104
HealthSouth Corp.	12,920		430,494
HealthStream, Inc. (a)	3,190		104,536
Healthways, Inc. (a)	5,232		80,311
HeartWare International, Inc. (a)	2,274		213,665
Henry Schein, Inc. (a)	12,364		1,412,711
Hill-Rom Holdings, Inc.	8,420		348,083
HMS Holdings Corp. (a)	13,102		297,808
Hologic, Inc. (a)	39,912		892,033
Hooper Holmes, Inc. (a)	9,589		5,082
ICU Medical, Inc. (a)	1,917		122,132
IDEXX Laboratories, Inc. (a)	7,576		805,859
Insulet Corp. (a)	8,330		309,043
Integra LifeSciences Holdings Corp. (a)	3,491		166,556
Invacare Corp.	4,247		98,573
IPC The Hospitalist Co., Inc. (a)	2,617		155,424

See Notes to Financial Statements.

QUANTITATIVE MASTER SERIES LLC DECEMBER 31, 2013

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

Common Stocks	Shares		Value
Health Care Equipment & Services (continued)
Kindred Healthcare, Inc.	7,741	$	152,807
LCA-Vision, Inc. (a)	3,380		13,182
LHC Group, Inc. (a)	1,911		45,940
LifePoint Hospitals, Inc. (a)	6,675		352,707
Magellan Health Services, Inc. (a)	3,678		220,349
Masimo Corp. (a)	7,470		218,348
Medical Action Industries, Inc. (a)	2,870		24,567
MEDNAX, Inc. (a)	14,584		778,494
MELA Sciences, Inc. (a)	7,818		5,004
Meridian Bioscience, Inc.	6,471		171,676
Merit Medical Systems, Inc. (a)	6,027		94,865
Molina Healthcare, Inc. (a)	4,176		145,116
National Healthcare Corp.	1,049		56,552
Natus Medical, Inc. (a)	4,226		95,085
Navidea Biopharmaceuticals, Inc. (a)(b)	23,061		47,736
Neogen Corp. (a)	5,534		252,904
NeuroMetrix, Inc. (a)	2,033		5,957
NuVasive, Inc. (a)	6,624		214,154
NxStage Medical, Inc. (a)	8,994		89,940
Omnicell, Inc. (a)	5,627		143,657
OraSure Technologies, Inc. (a)	10,086		63,441
Orthofix International NV (a)	3,072		70,103
Owens & Minor, Inc.	8,521		311,528
PAREXEL International Corp. (a)	8,286		374,361
PharMerica Corp. (a)	4,283		92,085
Psychemedics Corp.	1,801		26,457
Quidel Corp. (a)	4,664		144,071
RadNet, Inc. (a)	4,638		7,745
ResMed, Inc. (b)	20,510		965,611
Retractable Technologies, Inc. (a)	3,653		11,251
Rockwell Medical, Inc. (a)(b)	5,771		60,249
RTI Surgical, Inc. (a)	8,776		31,067
Select Medical Holdings Corp.	8,272		96,038
Sirona Dental Systems, Inc. (a)	8,147		571,919
Skilled Healthcare Group, Inc., Class A (a)	3,199		15,387
Solta Medical, Inc. (a)	10,992		32,426
Spectranetics Corp. (a)	6,346		158,650
Staar Surgical Co. (a)	4,462		72,240
Stereotaxis, Inc. (a)	4,228		15,305
STERIS Corp.	8,325		400,016
SurModics, Inc. (a)	2,327		56,756
Symmetry Medical, Inc. (a)	5,577		56,216
Synergetics USA, Inc. (a)	3,470		12,561
Team Health Holdings, Inc. (a)	10,309		469,575
Teleflex, Inc.	5,921		555,745
ThermoGenesis Corp. (a)	5,823		5,823
Thoratec Corp. (a)	8,273		302,792
Triple-S Management Corp. (a)	2,788		54,199
Unilife Corp. (a)(b)	16,036		70,558
Universal American Corp.	4,074		29,740
Universal Health Services, Inc.	12,845		1,043,785
Common Stocks	Shares		Value
Health Care Equipment & Services (concluded)
Uroplasty, Inc. (a)	3,956	$	10,800
US Physical Therapy, Inc.	1,930		68,052
Utah Medical Products, Inc.	725		41,441
Vascular Solutions, Inc. (a)	3,105		71,881
Vision-Sciences, Inc. (a)	7,929		7,929
Volcano Corp. (a)	8,429		184,174
WellCare Health Plans, Inc. (a)	6,246		439,843
West Pharmaceutical Services, Inc.	9,998		490,502
Wright Medical Group, Inc. (a)	6,907		212,114
			30,409,132
Household Goods & Home Construction — 1.9%
ACCO Brands Corp. (a)	17,341		116,531
Bassett Furniture Industries, Inc.	1,827		27,917
Beazer Homes USA, Inc. (a)	4,187		102,247
Blount International, Inc. (a)	7,808		112,982
Blyth, Inc. (b)	1,402		15,254
Briggs & Stratton Corp.	6,504		141,527
Cavco Industries, Inc. (a)	1,093		75,089
Central Garden and Pet Co., Class A (a)	7,098		47,911
Church & Dwight Co., Inc.	19,795		1,312,013
Compx International, Inc.	1,034		14,559
Comstock Holdings Cos., Inc. (a)	4,674		9,348
Costa, Inc. (a)	1,676		36,419
The Dixie Group, Inc. (a)	2,407		31,772
Energizer Holdings, Inc.	9,001		974,268
Ethan Allen Interiors, Inc.	3,943		119,946
Flexsteel Industries, Inc.	965		29,654
Forward Industries, Inc. (a)	2,823		4,319
Herman Miller, Inc.	8,660		255,643
HNI Corp.	6,557		254,608
Hooker Furniture Corp.	1,876		31,292
Hovnanian Enterprises, Inc., Class A (a)(b)	17,507		115,896
Interface, Inc.	8,875		194,895
iRobot Corp. (a)(b)	4,426		153,892
Jarden Corp. (a)	17,382		1,066,386
KB Home	12,444		227,476
Kid Brands, Inc. (a)	2,042		2,083
Knoll, Inc.	7,374		135,018
La-Z-Boy, Inc.	7,777		241,087
Libbey, Inc. (a)	3,556		74,676
Lifetime Brands, Inc.	1,440		22,651
The LS Starrett Co., Class A	1,058		15,415
M/I Homes, Inc. (a)	3,763		95,768
MDC Holdings, Inc. (a)	5,787		186,573
Meritage Homes Corp. (a)	5,234		251,180
Middleby Corp. (a)	2,772		665,197
National Presto Industries, Inc. (a)	614		49,427
NVR, Inc. (a)(b)	614		629,970
Oil-Dri Corp. of America	858		32,467

See Notes to Financial Statements.

QUANTITATIVE MASTER SERIES LLC DECEMBER 31, 2013

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

Common Stocks	Shares		Value
Household Goods & Home Construction (concluded)
The Ryland Group, Inc.	6,883	$	298,791
The Scotts Miracle-Gro Co., Class A	6,290		391,364
Select Comfort Corp. (a)	8,142		171,715
Skyline Corp. (a)	880		4,532
Spectrum Brands Holdings, Inc.	3,071		216,659
Standard Pacific Corp. (a)	22,912		207,354
Stanley Furniture Co., Inc. (a)	2,178		8,364
Steelcase, Inc., Class A	8,678		137,633
Summer Infant, Inc. (a)	2,685		4,860
Taylor Morrison Home Corp., Class A (a)	4,235		95,076
Tempur-Pedic International, Inc. (a)	9,021		486,773
Toll Brothers, Inc. (a)	23,241		859,917
Tupperware Brands Corp.	7,365		696,213
Virco Manufacturing Corp. (a)	2,505		5,837
WD-40 Co.	2,037		152,123
			11,610,567
Industrial Engineering — 3.0%
Accuride Corp. (a)	7,420		27,677
AGCO Corp.	13,004		769,707
Alamo Group, Inc.	1,091		66,213
Albany International Corp., Class A	4,156		149,325
Altra Holdings, Inc.	3,943		134,929
American Railcar Industries, Inc.	1,321		60,436
Astec Industries, Inc.	2,477		95,687
The Babcock & Wilcox Co.	16,031		548,100
Broadwind Energy, Inc. (a)	2,781		26,253
Ceco Environmental Corp.	2,961		47,879
Chicago Rivet & Machine Co.	494		16,376
CIRCOR International, Inc.	2,627		212,209
CLARCOR, Inc.	6,931		446,010
Colfax Corp. (a)	13,018		829,116
Columbus McKinnon Corp. (a)	2,933		79,602
Commercial Vehicle Group, Inc. (a)	4,204		30,563
Crane Co.	6,987		469,876
Donaldson Co., Inc.	19,255		836,822
Douglas Dynamics, Inc.	3,742		62,940
Dynamic Materials Corp.	2,036		44,263
The Eastern Co.	1,114		17,735
Energy Recovery, Inc. (a)	6,860		38,142
EnPro Industries, Inc. (a)	3,152		181,713
Federal Signal Corp. (a)	9,464		138,648
Flow International Corp. (a)	9,554		38,598
Franklin Electric Co., Inc.	5,415		241,726
FreightCar America, Inc.	1,537		40,915
GATX Corp.	6,464		337,227
The Gorman-Rupp Co.	2,685		89,760
Graco, Inc.	8,922		696,987
Graham Corp.	1,758		63,798
Greenbrier Cos., Inc. (a)	3,649		119,833
H&E Equipment Services, Inc. (a)	4,783		141,720
Common Stocks	Shares		Value
Industrial Engineering (concluded)
Hardinge, Inc.	1,772	$	25,641
Hurco Cos., Inc.	1,150		28,761
Hyster-Yale Materials Handling, Inc.	1,659		154,552
IDEX Corp.	11,658		860,943
John Bean Technologies Corp.	4,045		118,640
Kadant, Inc.	1,829		74,111
Kennametal, Inc.	11,204		583,392
Key Technology, Inc. (a)	998		14,301
Kimball International, Inc., Class B	4,614		69,348
Lincoln Electric Holdings, Inc.	11,595		827,187
Lindsay Corp.	1,924		159,211
Lydall, Inc. (a)	3,024		53,283
Manitex International, Inc. (a)	2,717		43,146
The Manitowoc Co., Inc.	19,603		457,142
Materion Corp.	3,097		95,542
Meritor, Inc. (a)	14,785		154,208
MFRI, Inc. (a)	1,639		23,520
Miller Industries, Inc.	1,717		31,988
Mine Safety Appliances Co.	4,526		231,776
Mueller Industries, Inc.	4,149		261,428
NACCO Industries, Inc., Class A	799		49,690
Navistar International Corp. (a)	10,123		386,597
NN, Inc.	2,807		56,673
Nordson Corp.	8,728		648,490
Oshkosh Corp.	12,536		631,564
PMFG, Inc. (a)	3,145		28,462
Proto Labs, Inc. (a)	3,233		230,125
Spartan Motors, Inc.	4,844		32,455
SPX Corp.	6,503		647,764
Standex International Corp.	1,758		110,543
Sun Hydraulics Corp.	3,611		147,437
Sypris Solutions, Inc.	1,348		4,125
Tecumseh Products Co., Class A (a)	2,544		23,023
Tennant Co.	2,626		178,069
Terex Corp.	16,232		681,582
Timken Co.	11,323		623,558
The Toro Co.	8,412		535,003
Trinity Industries, Inc.	11,275		614,713
Twin Disc, Inc.	1,357		35,133
Wabash National Corp. (a)	10,351		127,835
Wabtec Corp.	13,950		1,036,066
Woodward, Inc.	8,508		388,050
			18,585,862
Industrial Metals & Mining — 0.7%
AK Steel Holding Corp. (a)	21,307		174,717
Ampco-Pittsburgh Corp.	1,402		27,269
Carpenter Technology Corp.	7,639		475,146
Century Aluminum Co. (a)	7,757		81,138
Commercial Metals Co.	17,156		348,781
Friedman Industries, Inc.	2,787		23,690

See Notes to Financial Statements.

QUANTITATIVE MASTER SERIES LLC DECEMBER 31, 2013

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

Common Stocks	Shares		Value
Industrial Metals & Mining (concluded)
Globe Specialty Metals, Inc.	9,757	$	175,724
Handy & Harman Ltd. (a)	1,143		27,672
Haynes International, Inc.	1,874		103,520
Horsehead Holding Corp. (a)	7,971		129,210
Kaiser Aluminum Corp.	2,717		190,842
McEwen Mining, Inc. (a)(b)	37,168		72,849
Noranda Aluminum Holding Corp.	10,483		34,489
Olympic Steel, Inc.	1,597		46,281
Reliance Steel & Aluminum Co.	10,993		833,709
RTI International Metals, Inc. (a)	4,899		167,595
Steel Dynamics, Inc.	31,639		618,226
Synalloy Corp.	1,778		27,310
Universal Stainless & Alloy Products, Inc. (a)	1,302		46,950
Uranium Energy Corp. (a)	16,771		33,542
Uranium Resources, Inc. (a)(b)	3,876		11,744
USEC, Inc. (a)(b)	2,896		19,172
Worthington Industries, Inc.	7,717		324,731
			3,994,307
Industrial Transportation — 1.4%
Air Lease Corp.	13,136		408,267
Air Transport Services Group, Inc. (a)	7,761		62,786
Aircastle Ltd.	9,388		179,874
Arkansas Best Corp.	3,601		121,282
Atlas Air Worldwide Holdings, Inc. (a)	3,475		142,996
Baltic Trading Ltd.	7,391		47,598
CAI International, Inc. (a)	2,930		69,060
Celadon Group, Inc.	3,429		66,797
Con-way, Inc.	8,058		319,983
Covenant Transportation Group, Inc., Class A (a)	1,373		11,272
Eagle Bulk Shipping, Inc. (a)	3,858		17,708
Echo Global Logistics, Inc. (a)	2,581		55,440
Forward Air Corp.	4,181		183,588
Genco Shipping & Trading Ltd. (a)(b)	6,709		16,773
Genesee & Wyoming, Inc., Class A (a)	7,437		714,324
Heartland Express, Inc.	6,596		129,414
Hub Group, Inc., Class A (a)(b)	4,918		196,130
International Shipholding Corp.	854		25,193
JB Hunt Transport Services, Inc.	13,117		1,013,944
Kirby Corp. (a)	8,247		818,515
Knight Transportation, Inc.	8,195		150,296
Landstar System, Inc.	6,273		360,384
Marten Transport Ltd.	3,221		65,032
Matson, Inc.	6,067		158,409
Old Dominion Freight Line, Inc. (a)	10,138		537,517
Pacer International, Inc. (a)	5,301		43,786
Common Stocks	Shares		Value
Industrial Transportation (concluded)
PAM Transportation Services, Inc. (a)	755	$	15,644
Patriot Transportation Holding, Inc. (a)	1,004		41,676
PHH Corp. (a)	8,077		196,675
Quality Distribution, Inc. (a)	4,685		60,109
Rand Logistics, Inc. (a)	4,331		24,990
Roadrunner Transportation Systems, Inc. (a)	4,005		107,935
Saia, Inc. (a)	3,719		119,194
Swift Transportation Co. (a)	16,257		361,068
TAL International Group, Inc. (a)	5,037		288,872
Teekay Corp.	5,634		270,488
Textainer Group Holdings Ltd.	2,471		99,384
Universal Truckload Services, Inc.	912		27,825
USA Truck, Inc. (a)	1,622		21,702
UTI Worldwide, Inc.	13,064		229,404
Werner Enterprises, Inc.	5,655		139,848
Wesco Aircraft Holdings, Inc. (a)	6,275		137,548
Willis Lease Finance Corp. (a)	1,351		23,453
World Fuel Services Corp.	10,384		448,173
XPO Logistics, Inc. (a)(b)	4,868		127,980
YRC Worldwide, Inc. (a)	2,247		39,030
			8,697,366
Leisure Goods — 0.9%
Activision Blizzard, Inc.	61,766		1,101,288
Arctic Cat, Inc.	2,054		117,037
Black Diamond, Inc. (a)	3,832		51,081
Brunswick Corp.	13,315		613,289
Callaway Golf Co.	11,085		93,446
Drew Industries, Inc.	3,108		159,130
DTS, Inc. (a)	3,097		74,266
Emerson Radio Corp. (a)	3,000		5,700
Escalade, Inc.	2,073		24,399
Glu Mobile, Inc. (a)(b)	11,936		46,431
JAKKS Pacific, Inc.	3,025		20,358
Koss Corp.	1,133		5,807
LeapFrog Enterprises, Inc. (a)	9,036		71,746
Majesco Entertainment Co. (a)	6,877		4,059
Marine Products Corp.	2,337		23,487
Nautilus, Inc. (a)	5,339		45,008
Polaris Industries, Inc.	9,330		1,358,821
Pool Corp.	6,593		383,317
RealD, Inc. (a)	7,059		60,284
Skullcandy, Inc. (a)	3,869		27,895
Take-Two Interactive Software, Inc. (a)	13,709		238,125
Thor Industries, Inc.	6,363		351,428
TiVo, Inc. (a)	18,427		241,762
Universal Electronics, Inc. (a)	2,487		94,780

See Notes to Financial Statements.

QUANTITATIVE MASTER SERIES LLC DECEMBER 31, 2013

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

Common Stocks	Shares		Value
Leisure Goods (concluded)
Winnebago Industries, Inc. (a)	4,281	$	117,513
			5,330,457
Life Insurance — 0.5%
American Equity Investment Life Holding Co.	10,037		264,776
Amerisafe, Inc.	3,102		131,029
Atlantic American Corp.	1,636		6,691
Citizens, Inc. (a)	7,260		63,525
CNO Financial Group, Inc.	32,129		568,362
eHealth, Inc. (a)	2,930		136,216
Employers Holdings, Inc.	4,699		148,723
FBL Financial Group, Inc., Class A	1,432		64,139
Independence Holding Co.	1,842		24,849
Kansas City Life Insurance Co.	518		24,729
National Western Life Insurance Co., Class A	301		67,289
The Phoenix Cos., Inc. (a)	885		54,339
Primerica, Inc.	7,965		341,778
Protective Life Corp.	11,319		573,421
StanCorp Financial Group, Inc.	6,216		411,810
Symetra Financial Corp.	13,314		252,433
			3,134,109
Media — 4.2%
Acxiom Corp. (a)	10,922		403,896
AH Belo Corp.	3,599		26,885
AMC Networks, Inc., Class A (a)	8,771		597,393
Ascent Capital Group, Inc., Class A (a)	1,991		170,350
Avid Technology, Inc. (a)	5,346		43,570
Bankrate, Inc. (a)	7,044		126,369
Beasley Broadcasting Group, Inc., Class A	1,165		10,170
Charter Communications, Inc., Class A (a)	9,760		1,334,778
Clear Channel Outdoor Holdings, Inc., Class A	5,906		59,887
ComScore, Inc. (a)	5,793		165,738
Constant Contact, Inc. (a)	4,802		149,198
Courier Corp.	1,969		35,619
Crown Media Holdings, Inc., Class A (a)	6,152		21,717
CSS Industries, Inc.	1,461		41,901
CTN Media Group, Inc. (a)	50		—
Cumulus Media, Inc., Class A (a)	15,215		117,612
Demand Media, Inc. (a)	8,448		48,745
Digital Generation, Inc. (a)	3,612		46,053
DISH Network Corp., Class A (a)	30,464		1,764,475
Dolby Laboratories, Inc., Class A (a)	7,199		277,593
DreamWorks Animation SKG, Inc., Class A (a)	10,390		368,845
Common Stocks	Shares		Value
Media (continued)
Emmis Communications Corp., Class A (a)	5,070	$	13,638
Entercom Communications Corp., Class A (a)	2,831		29,754
Entravision Communications Corp., Class A	10,848		66,064
EW Scripps Co. (a)	4,730		102,736
FactSet Research Systems, Inc.	5,761		625,529
Gray Television, Inc. (a)	7,482		111,332
Groupon, Inc. (a)	55,996		659,073
Harte-Hanks, Inc.	6,749		52,777
Hollywood Media Corp. (a)	10,217		14,253
IHS, Inc., Class A (a)	8,992		1,076,342
John Wiley & Sons, Inc., Class A	6,637		366,362
Journal Communications, Inc., Class A (a)	6,248		58,169
Lamar Advertising Co., Class A (a)	9,572		500,137
Liberty Global PLC, Class A (a)	53,785		4,786,327
Liberty Interactive Corp., Series A (a)	69,433		2,037,859
Liberty Media Corp., Class A (a)	14,723		2,156,183
Liberty Ventures, Series A (a)	5,508		675,226
Live Nation Entertainment, Inc. (a)	20,790		410,810
Local Corp. (a)	8,487		13,409
Marchex, Inc., Class B (a)	3,496		30,240
Martha Stewart Living Omnimedia, Class A (a)	6,396		26,863
The McClatchy Co., Class A (a)	10,065		34,221
Media General, Inc., Class A (a)(b)	3,569		80,659
Mediabistro, Inc. (a)	3,207		10,166
Meredith Corp.	5,296		274,333
Morningstar, Inc.	3,162		246,921
National CineMedia, Inc.	9,636		192,335
The New York Times Co., Class A	18,650		295,975
Nexstar Broadcasting Group, Inc., Class A	4,319		240,698
Pandora Media, Inc. (a)	23,997		638,320
PDI, Inc. (a)	2,543		12,232
QuinStreet, Inc. (a)	7,427		64,541
Radio One, Inc., Class D (a)	4,466		16,926
Saga Communications, Inc., Class A	800		40,240
Salem Communications Corp., Class A	1,860		16,182
Schawk, Inc.	2,520		37,472
Scholastic Corp.	3,453		117,437
Sinclair Broadcast Group, Inc., Class A	10,805		386,063
Sirius XM Holdings, Inc. (a)	448,087		1,563,824
Spanish Broadcasting System, Inc. (a)	1,491		4,995
SPAR Group, Inc. (a)	3,165		6,077
Starz, Class A (a)	13,677		399,915

See Notes to Financial Statements.

QUANTITATIVE MASTER SERIES LLC DECEMBER 31, 2013

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

Common Stocks	Shares		Value
Media (concluded)
TechTarget, Inc. (a)	4,464	$	30,623
TheStreet, Inc. (a)	9,587		21,667
Valassis Communications, Inc.	5,847		200,260
Value Line, Inc.	1,830		21,246
ValueClick, Inc. (a)	10,870		254,032
WebMD Health Corp. (a)	7,311		288,785
XO Group, Inc. (a)	5,764		85,653
Yelp, Inc. (a)	8,546		589,247
			25,794,922
Mining — 0.5%
Allied Nevada Gold Corp. (a)(b)	18,252		64,795
Alpha Natural Resources, Inc. (a)	32,427		231,529
AMCOL International Corp.	3,560		120,969
Arch Coal, Inc.	31,201		138,844
Cloud Peak Energy, Inc. (a)	9,192		165,456
Coeur Mining, Inc. (a)	15,838		171,842
Compass Minerals International, Inc.	4,762		381,198
General Moly, Inc. (a)	12,175		16,315
Golden Minerals Co. (a)(b)	9,302		4,391
Hecla Mining Co.	53,612		165,125
James River Coal Co. (a)(b)	8,117		10,958
Molycorp, Inc. (a)(b)	27,530		154,719
Royal Gold, Inc.	9,864		454,434
Solitario Exploration & Royalty Corp. (a)	15,315		13,018
Stillwater Mining Co. (a)	18,095		223,292
SunCoke Energy, Inc. (a)	10,679		243,588
Timberline Resources Corp. (a)(b)	15,011		2,630
US Silica Holdings, Inc.	7,900		269,469
Walter Energy, Inc. (b)	9,361		155,673
Westmoreland Coal Co. (a)	3,611		69,656
			3,057,901
Mobile Telecommunications — 0.9%
Atlantic Tele-Network, Inc.	1,445		81,744
Iridium Communications, Inc. (a)(b)	8,740		54,712
Leap Wireless International, Inc. (a)	8,461		147,221
NII Holdings, Inc. (a)(b)	27,198		74,794
NTELOS Holdings Corp.	2,743		55,491
ORBCOMM, Inc. (a)	7,298		46,269
SBA Communications Corp., Class A (a)	18,928		1,700,492
Shenandoah Telecommunications Co.	3,273		84,018
Sprint Corp. (a)	125,618		1,350,393
T-Mobile US, Inc. (a)	37,375		1,257,295
Telephone & Data Systems, Inc.	13,281		342,384
United States Cellular Corp.	1,525		63,776
Common Stocks	Shares		Value
Mobile Telecommunications (concluded)
USA Mobility, Inc.	3,856	$	55,064
			5,313,653
Nonlife Insurance — 3.4%
Alleghany Corp. (a)	2,461		984,302
Allied World Assurance Co. Holdings AG	4,869		549,272
Ambac Financial Group, Inc. (a)	7,253		178,134
American Financial Group, Inc.	10,197		588,571
American National Insurance Co.	539		61,737
Amtrust Financial Services, Inc. (b)	4,553		148,838
Arch Capital Group Ltd. (a)	16,861		1,006,433
Argo Group International Holdings Ltd.	3,777		175,593
Arthur J Gallagher & Co.	19,105		896,598
Aspen Insurance Holdings Ltd.	9,454		390,545
Assured Guaranty Ltd.	24,148		569,651
Axis Capital Holdings Ltd.	15,128		719,639
Baldwin & Lyons, Inc., Class B	1,784		48,739
Brown & Brown, Inc.	17,283		542,513
CNA Financial Corp.	3,530		151,402
Donegal Group, Inc., Class A	1,498		23,818
Eastern Insurance Holdings, Inc.	1,572		38,498
EMC Insurance Group, Inc.	901		27,589
Endurance Specialty Holdings Ltd.	6,326		371,146
Enstar Group Ltd. (a)	1,277		177,388
Erie Indemnity Co., Class A	3,548		259,430
Everest Re Group Ltd.	6,823		1,063,501
Federated National Holding Co.	2,346		34,322
First Acceptance Corp. (a)	3,359		7,625
First American Financial Corp.	15,239		429,740
Global Indemnity PLC (a)	1,973		49,917
Greenlight Capital Re Ltd. (a)	4,620		155,740
The Hanover Insurance Group, Inc.	6,213		370,978
HCC Insurance Holdings, Inc.	14,485		668,338
Hilltop Holdings, Inc. (a)	10,046		232,364
Horace Mann Educators Corp.	5,786		182,490
Infinity Property & Casualty Corp.	1,610		115,517
Kemper Corp.	7,343		300,182
Life Partners Holdings, Inc.	2,288		4,061
Maiden Holdings Ltd.	7,752		84,729
Markel Corp. (a)	2,056		1,193,200
MBIA, Inc. (a)	21,339		254,788
Meadowbrook Insurance Group, Inc.	7,057		49,117
Mercury General Corp.	3,553		176,620
Montpelier Re Holdings Ltd.	6,545		190,459
National Interstate Corp.	2,934		67,482
The Navigators Group, Inc. (a)	1,693		106,930
Old Republic International Corp.	35,300		609,631
OneBeacon Insurance Group Ltd.	2,550		40,341
PartnerRe Ltd.	6,793		716,186

See Notes to Financial Statements.

QUANTITATIVE MASTER SERIES LLC DECEMBER 31, 2013

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

Common Stocks	Shares		Value
Nonlife Insurance (concluded)
Platinum Underwriters Holdings Ltd.	4,148	$	254,189
ProAssurance Corp.	8,822		427,691
Reinsurance Group of America, Inc.	10,000		774,100
RenaissanceRe Holdings Ltd.	6,319		615,091
RLI Corp.	2,588		252,019
Safety Insurance Group, Inc.	2,028		114,176
Selective Insurance Group, Inc.	8,087		218,834
State Auto Financial Corp.	2,216		47,068
Tower Group International Ltd.	7,614		25,735
United Fire Group, Inc.	3,306		94,750
Universal Insurance Holdings, Inc.	4,795		69,432
Validus Holdings Ltd.	15,039		605,921
White Mountains Insurance Group Ltd.	798		481,258
Willis Group Holdings PLC	25,445		1,140,190
WR Berkley Corp.	15,697		681,093
			20,815,641
Oil & Gas Producers — 3.3%
Abraxas Petroleum Corp. (a)	17,096		56,075
Adams Resources & Energy, Inc.	350		23,975
Alon USA Energy, Inc.	3,887		64,291
Apco Oil and Gas International, Inc. (a)	2,992		46,645
Approach Resources, Inc. (a)	5,719		110,320
Barnwell Industries, Inc. (a)	1,930		5,809
Bill Barrett Corp. (a)	7,467		199,966
Bonanza Creek Energy, Inc. (a)	4,507		195,919
BPZ Resources, Inc. (a)	16,813		30,600
Brenham Oil & Gas Corp. (a)	5,673		142
Callon Petroleum Co. (a)	7,061		46,108
Carrizo Oil & Gas, Inc. (a)	6,298		281,961
Cheniere Energy, Inc. (a)	32,202		1,388,550
Cimarex Energy Co.	12,558		1,317,460
Clayton Williams Energy, Inc. (a)	1,019		83,507
Cobalt International Energy, Inc. (a)	43,230		711,133
Comstock Resources, Inc.	7,228		132,200
Concho Resources, Inc. (a)	15,237		1,645,596
Contango Oil & Gas Co. (a)	2,279		107,706
Continental Resources, Inc. (a)	6,230		701,000
CVR Energy, Inc.	2,407		104,536
Delek US Holdings, Inc.	5,366		184,644
Diamondback Energy, Inc. (a)	6,174		326,358
Double Eagle Petroleum Co. (a)	3,643		8,488
Emerald Oil, Inc. (a)	9,340		71,544
Endeavour International Corp. (a)	8,877		46,604
Energen Corp.	10,419		737,144
Energy XXI Bermuda Ltd.	11,040		298,742
EPL Oil & Gas, Inc. (a)	5,241		149,369
Era Group, Inc. (a)	2,924		90,235
Common Stocks	Shares		Value
Oil & Gas Producers (continued)
Evolution Petroleum Corp.	4,791	$	59,121
EXCO Resources, Inc. (a)	20,993		3,359
EXCO Resources, Inc.	20,993		111,473
Forest Oil Corp. (a)	19,652		70,944
FX Energy, Inc. (a)	11,304		41,373
Gastar Exploration Ltd. (a)	11,369		78,673
Goodrich Petroleum Corp. (a)	5,494		93,508
Gulfport Energy Corp. (a)	12,323		778,197
Halcon Resources Corp. (a)(b)	38,222		147,537
Harvest Natural Resources, Inc. (a)	7,655		34,601
HollyFrontier Corp.	28,725		1,427,345
Houston American Energy Corp. (a)	5,104		1,277
Hyperdynamics Corp. (a)	4,070		16,565
Isramco, Inc. (a)	280		35,574
Kodiak Oil & Gas Corp. (a)	39,433		442,044
Kosmos Energy Ltd. (a)	15,176		169,668
Laredo Petroleum Holdings, Inc. (a)	9,015		249,625
Magellan Petroleum Corp. (a)	14,569		15,152
Magnum Hunter Resources Corp. (a)	25,143		183,795
Matador Resources Co. (a)	8,303		154,768
Miller Energy Resources, Inc. (a)	6,286		44,253
Northern Oil and Gas, Inc. (a)	9,445		142,336
Oasis Petroleum, Inc. (a)	14,097		662,136
Pacific Ethanol, Inc. (a)(b)	2,106		10,720
Panhandle Oil and Gas, Inc.	1,638		54,726
PBF Energy, Inc.	6,104		192,032
PDC Energy, Inc. (a)	5,441		289,570
Penn Virginia Corp. (a)	8,330		78,552
PetroQuest Energy, Inc. (a)	10,869		46,954
Pioneer Energy Services Corp. (a)	9,545		76,455
PostRock Energy Corp. (a)	4,012		4,654
Quicksilver Resources, Inc. (a)(b)	21,639		66,432
Resolute Energy Corp. (a)	10,308		93,081
Rex Energy Corp. (a)	6,981		137,596
Rosetta Resources, Inc. (a)	9,044		434,474
SandRidge Energy, Inc. (a)(b)	53,275		323,379
SemGroup Corp., Class A	6,354		414,471
SM Energy Co.	9,775		812,400
Stone Energy Corp. (a)	7,550		261,155
Swift Energy Co. (a)(b)	6,841		92,354
Syntroleum Corp. (a)	2,214		7,472
Targa Resources Corp.	4,312		380,189
Ultra Petroleum Corp. (a)(b)	22,747		492,473
US Energy Corp., Wyoming (a)	4,911		18,465
Vaalco Energy, Inc. (a)	10,081		69,458
W&T Offshore, Inc.	5,309		84,944
Warren Resources, Inc. (a)	13,542		42,522
Western Refining, Inc.	8,147		345,514
Whiting Petroleum Corp. (a)	17,304		1,070,598
ZaZa Energy Corp. (a)	13,617		13,012

See Notes to Financial Statements.

QUANTITATIVE MASTER SERIES LLC DECEMBER 31, 2013

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

Common Stocks	Shares		Value
Oil & Gas Producers (concluded)
Zion Oil & Gas, Inc. (a)(b)	9,148	$	12,899
			20,056,502
Oil Equipment, Services & Distribution — 2.5%
Atwood Oceanics, Inc. (a)	8,494		453,495
Basic Energy Services, Inc. (a)	4,351		68,659
Bolt Technology Corp.	1,869		41,137
Bristow Group, Inc.	5,179		388,736
C&J Energy Services, Inc. (a)	7,153		165,234
Cal Dive International, Inc. (a)(b)	19,235		38,662
CARBO Ceramics, Inc.	2,872		334,674
Chart Industries, Inc. (a)	4,429		423,590
Core Laboratories NV	6,546		1,249,959
Crosstex Energy, Inc.	6,556		237,065
Dawson Geophysical Co. (a)	1,311		44,338
DHT Holdings, Inc.	1,787		12,223
Dresser-Rand Group, Inc. (a)	11,264		671,672
Dril-Quip, Inc. (a)	5,987		658,151
Exterran Holdings, Inc. (a)	8,658		296,104
Flotek Industries, Inc. (a)	7,107		142,638
Forbes Energy Services Ltd. (a)	2,153		7,040
Forum Energy Technologies, Inc. (a)	7,916		223,706
Geospace Technologies Corp. (a)	1,959		185,772
Global Geophysical Services, Inc. (a)	7,916		12,745
Gulf Island Fabrication, Inc.	1,934		44,908
Gulfmark Offshore, Inc., Class A	3,541		166,887
Helix Energy Solutions Group, Inc. (a)	14,377		333,259
Hercules Offshore, Inc. (a)	24,567		160,423
Hornbeck Offshore Services, Inc. (a)	4,912		241,818
ION Geophysical Corp. (a)	18,450		60,885
Key Energy Services, Inc. (a)	19,538		154,350
Matrix Service Co. (a)	4,069		99,568
McDermott International, Inc. (a)	33,927		310,771
Mitcham Industries, Inc. (a)	2,357		41,743
MRC Global, Inc. (a)	15,014		484,352
Natural Gas Services Group, Inc. (a)	2,116		58,338
Newpark Resources, Inc. (a)	13,174		161,908
Oceaneering International, Inc.	15,638		1,233,525
OGE Energy Corp.	28,825		977,168
Oil States International, Inc. (a)	8,048		818,643
Parker Drilling Co. (a)	18,390		149,511
Patterson-UTI Energy, Inc.	20,778		526,099
PHI, Inc. (a)	1,973		85,628
RPC, Inc.	8,812		157,294
SEACOR Holdings, Inc. (a)	2,694		245,693
Superior Energy Services, Inc. (a)	23,192		617,139
Tesco Corp. (a)	4,864		96,210
TETRA Technologies, Inc. (a)	11,812		145,996
Common Stocks	Shares		Value
Oil Equipment, Services & Distribution (concluded)
TGC Industries, Inc. (a)	4,268	$	31,156
Tidewater, Inc.	7,120		422,002
Unit Corp. (a)	6,241		322,160
Weatherford International Ltd. (a)	111,162		1,721,899
Willbros Group, Inc. (a)	6,182		58,234
			15,583,167
Personal Goods — 1.5%
American Apparel, Inc. (a)(b)	13,016		16,010
Carter's, Inc.	8,349		599,375
Charles & Colvard Ltd. (a)	3,719		18,781
Cherokee, Inc.	2,419		33,382
Columbia Sportswear Co.	1,711		134,741
Coty, Inc., Class A	7,872		120,048
Crocs, Inc. (a)	13,242		210,813
Culp, Inc.	1,368		27,976
Deckers Outdoor Corp. (a)	5,110		431,591
Delta Apparel, Inc. (a)	1,207		20,495
Elizabeth Arden, Inc. (a)	3,743		132,689
The Female Health Co.	4,489		38,157
Fifth & Pacific Cos., Inc. (a)	18,021		577,933
G-III Apparel Group Ltd. (a)	2,477		182,778
Hanesbrands, Inc.	14,439		1,014,629
Helen of Troy Ltd. (a)	4,255		210,665
Iconix Brand Group, Inc. (a)	7,819		310,414
Inter Parfums, Inc.	2,364		84,655
Joe's Jeans, Inc. (a)	9,399		10,339
The Jones Group, Inc.	10,794		161,478
Lakeland Industries, Inc. (a)	913		4,839
Lululemon Athletica, Inc. (a)	15,693		926,358
Movado Group, Inc.	2,588		113,898
Nu Skin Enterprises, Inc., Class A	8,629		1,192,700
Orchids Paper Products Co.	1,530		50,245
Oxford Industries, Inc.	2,142		172,795
Perry Ellis International, Inc. (a)	1,655		26,132
Quiksilver, Inc. (a)	18,826		165,104
Revlon, Inc., Class A (a)	1,907		47,599
RG Barry Corp.	1,650		31,845
Rocky Brands, Inc.	1,306		19,028
Skechers U.S.A., Inc., Class A (a)	5,805		192,320
Steven Madden Ltd. (a)	8,676		317,455
Superior Uniform Group, Inc.	918		14,211
Tandy Brands Accessories, Inc. (a)	1,401		347
Tumi Holdings, Inc. (a)	7,379		166,396
Under Armour, Inc., Class A (a)	11,725		1,023,592
Unifi, Inc. (a)	2,314		63,033
Vera Bradley, Inc. (a)	3,446		82,842
Weyco Group, Inc.	882		25,957
Wolverine World Wide, Inc.	14,710		499,552
			9,473,197
Pharmaceuticals & Biotechnology — 4.8%
Aastrom Biosciences, Inc. (a)	4,452		14,380

See Notes to Financial Statements.

QUANTITATIVE MASTER SERIES LLC DECEMBER 31, 2013

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

Common Stocks	Shares		Value
Pharmaceuticals & Biotechnology (continued)
ACADIA Pharmaceuticals, Inc. (a)	11,724	$	292,983
Achillion Pharmaceuticals, Inc. (a)	17,131		56,875
Acorda Therapeutics, Inc. (a)	6,788		198,210
Acura Pharmaceuticals, Inc. (a)(b)	7,772		12,979
Aegerion Pharmaceuticals, Inc. (a)	3,816		270,783
Affymetrix, Inc. (a)	11,852		101,572
Agenus, Inc. (a)	8,511		22,469
Akorn, Inc. (a)	10,927		269,132
Albany Molecular Research, Inc. (a)	3,841		38,717
Alexza Pharmaceuticals, Inc. (a)	4,511		21,337
Alkermes PLC (a)	20,301		825,439
Alnylam Pharmaceuticals, Inc. (a)	7,944		511,037
AMAG Pharmaceuticals, Inc. (a)	3,431		83,270
Amicus Therapeutics, Inc. (a)	10,309		24,226
Ampio Pharmaceuticals, Inc. (a)(b)	6,252		44,577
Anacor Pharmaceuticals, Inc. (a)	5,252		88,129
ANI Pharmaceuticals, Inc. (a)(b)	2,161		43,393
Anthera Pharmaceuticals, Inc. (a)	6,316		19,390
Apricus Biosciences, Inc. (a)(b)	11,257		29,831
ARCA Biopharma, Inc. (a)(b)	5,487		9,218
Arena Pharmaceuticals, Inc. (a)(b)	33,669		196,964
Ariad Pharmaceuticals, Inc. (a)(b)	32,458		221,364
Arqule, Inc. (a)	16,755		36,023
Array BioPharma, Inc. (a)	19,067		95,526
Auxilium Pharmaceuticals, Inc. (a)	7,475		155,031
AVANIR Pharmaceuticals, Inc. (a)	26,938		90,512
AVEO Pharmaceuticals, Inc. (a)	18,170		33,433
BioCryst Pharmaceuticals, Inc. (a)	9,933		75,491
Biodel, Inc. (a)(b)	3,259		7,496
BioDelivery Sciences International, Inc. (a)(b)	6,821		40,176
BioMarin Pharmaceutical, Inc. (a)	20,922		1,470,189
Biota Pharmaceuticals, Inc. (a)	5,533		23,183
Biotime, Inc. (a)(b)	11,232		40,435
Cadence Pharmaceuticals, Inc. (a)	10,566		95,622
Cel-Sci Corp. (a)	2,300		1,359
Cell Therapeutics, Inc. (a)	23,470		45,062
Celldex Therapeutics, Inc. (a)	13,286		321,654
Cerus Corp. (a)	11,763		75,871
Charles River Laboratories International, Inc. (a)	7,390		391,966
Chelsea Therapeutics International Ltd. (a)	13,029		57,718
Cleveland Biolabs, Inc. (a)(b)	20,827		24,368
Clovis Oncology, Inc. (a)	4,425		266,695
Columbia Laboratories, Inc. (a)	2,326		15,375
Corcept Therapeutics, Inc. (a)	16,440		52,937
Coronado Biosciences, Inc. (a)	9,166		24,107
Cubist Pharmaceuticals, Inc. (a)	11,039		760,256
Cumberland Pharmaceuticals, Inc. (a)	2,354		12,029
Curis, Inc. (a)	18,650		52,593
Common Stocks	Shares		Value
Pharmaceuticals & Biotechnology (continued)
Cytokinetics, Inc. (a)	5,935	$	38,577
Cytori Therapeutics, Inc. (a)	13,255		34,065
CytRx Corp. (a)	6,813		42,717
Dendreon Corp. (a)(b)	25,949		77,587
Depomed, Inc. (a)	10,053		106,361
Discovery Laboratories, Inc. (a)	18,728		42,138
Durect Corp. (a)	21,132		36,558
Dyax Corp. (a)	19,918		149,982
Dynavax Technologies Corp. (a)	43,756		85,762
Emergent Biosolutions, Inc. (a)	5,015		115,295
Endo Health Solutions, Inc. (a)	16,835		1,135,689
Endocyte, Inc. (a)	4,924		52,638
Entremed, Inc. (a)	7,740		13,235
Enzo Biochem, Inc. (a)	8,028		23,442
Enzon Pharmaceuticals, Inc.	13,093		15,188
Exact Sciences Corp. (a)	11,524		134,716
Exelixis, Inc. (a)(b)	27,966		171,432
Furiex Pharmaceuticals, Inc. (a)	1,472		61,839
Galena Biopharma, Inc. (a)(b)	20,246		100,420
Genomic Health, Inc. (a)	3,274		95,830
GenVec, Inc. (a)	6,148		14,325
Geron Corp. (a)	21,220		100,583
GTx, Inc. (a)	10,666		17,599
Halozyme Therapeutics, Inc. (a)	14,887		223,156
Harvard Bioscience, Inc. (a)	7,017		32,980
Hemispherx Biopharma, Inc. (a)	9,683		2,566
Hi-Tech Pharmacal Co., Inc. (a)	1,779		77,191
Idenix Pharmaceuticals, Inc. (a)(b)	17,487		104,572
Idera Pharmaceuticals, Inc. (a)	12,431		57,555
Illumina, Inc. (a)(b)	18,370		2,032,089
Immunogen, Inc. (a)	13,190		193,497
Immunomedics, Inc. (a)	13,852		63,719
Impax Laboratories, Inc. (a)	9,807		246,548
Incyte Corp. Ltd. (a)	21,448		1,085,912
Infinity Pharmaceuticals, Inc. (a)	7,441		102,760
Inovio Pharmaceuticals, Inc. (a)(b)	30,142		87,412
Insmed, Inc. (a)	5,727		97,416
InterMune, Inc. (a)	13,831		203,731
Ironwood Pharmaceuticals, Inc. (a)	17,056		198,020
Isis Pharmaceuticals, Inc. (a)(b)	17,190		684,850
Jazz Pharmaceuticals PLC (a)	7,735		978,942
Keryx Biopharmaceuticals, Inc. (a)	12,889		166,913
Lexicon Pharmaceuticals, Inc. (a)	41,922		75,460
Ligand Pharmaceuticals, Inc., Class B (a)	3,273		172,160
Luminex Corp. (a)	6,442		124,975
Mallinckrodt PLC (a)	8,366		437,207
MannKind Corp. (a)(b)	32,980		171,826
Maxygen, Inc. (a)	8,041		241
The Medicines Co. (a)	9,626		371,756
Medivation, Inc. (a)	11,323		722,634
Momenta Pharmaceuticals, Inc. (a)	7,872		139,177

See Notes to Financial Statements.

QUANTITATIVE MASTER SERIES LLC DECEMBER 31, 2013

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

Common Stocks	Shares		Value
Pharmaceuticals & Biotechnology (continued)
Myriad Genetics, Inc. (a)(b)	11,972	$	251,173
Nanosphere, Inc. (a)	10,866		24,883
Nektar Therapeutics (a)	17,834		202,416
Neuralstem, Inc. (a)(b)	15,220		44,290
Neurocrine Biosciences, Inc. (a)	10,992		102,665
Novavax, Inc. (a)	30,521		156,267
NPS Pharmaceuticals, Inc. (a)(b)	14,254		432,751
OncoGenex Pharmaceutical, Inc. (a)	3,261		27,197
Oncothyreon, Inc. (a)	15,568		27,400
Opko Health, Inc. (a)(b)	33,189		280,115
Orexigen Therapeutics, Inc. (a)	15,401		86,708
Osiris Therapeutics, Inc. (a)	3,224		51,842
OXiGENE, Inc. (a)	2,284		5,756
Pacific Biosciences of California, Inc. (a)	8,597		44,962
Pacira Pharmaceuticals, Inc. (a)	5,170		297,223
Pain Therapeutics, Inc. (a)	8,736		42,457
Palatin Technologies, Inc. (a)(b)	9,887		7,257
PDL BioPharma, Inc.	23,924		201,919
Peregrine Pharmaceuticals, Inc. (a)(b)	34,015		47,281
Pernix Therapeutics Holdings (a)	4,089		10,304
Pharmacyclics, Inc. (a)	9,913		1,048,597
Pozen, Inc. (a)	6,401		51,464
Prestige Brands Holdings, Inc. (a)	7,677		274,837
Progenics Pharmaceuticals, Inc. (a)	11,046		58,875
Puma Biotechnology, Inc. (a)	2,959		306,345
Questcor Pharmaceuticals, Inc.	8,199		446,436
Quintiles Transnational Holdings, Inc. (a)(b)	3,637		168,539
Raptor Pharmaceutical Corp. (a)	10,281		133,859
Repligen Corp. (a)	6,157		83,981
Repros Therapeutics, Inc. (a)	4,214		77,116
Rexahn Pharmaceuticals, Inc. (a)(b)	17,083		8,712
Rigel Pharmaceuticals, Inc. (a)	16,778		47,817
Sagent Pharmaceuticals, Inc. (a)	3,576		90,759
Salix Pharmaceuticals Ltd. (a)	9,299		836,352
Sangamo Biosciences, Inc. (a)	10,328		143,456
Santarus, Inc. (a)	9,487		303,204
Sarepta Therapeutics, Inc. (a)(b)	5,553		113,115
Sciclone Pharmaceuticals, Inc. (a)	10,125		51,030
Seattle Genetics, Inc. (a)	16,695		665,963
Sequenom, Inc. (a)(b)	20,183		47,228
SIGA Technologies, Inc. (a)	10,865		35,529
Spectrum Pharmaceuticals, Inc. (a)	9,828		86,978
StemCells, Inc. (a)	13,590		16,716
Sucampo Pharmaceuticals, Inc., Class A (a)	3,192		30,005
Synageva BioPharma Corp. (a)	3,133		202,768
Common Stocks	Shares		Value
Pharmaceuticals & Biotechnology (concluded)
Synta Pharmaceuticals Corp. (a)	11,771	$	61,680
Targacept, Inc. (a)	7,555		31,353
Techne Corp.	5,019		475,149
Telik, Inc. (a)	3,273		4,075
Theravance, Inc. (a)	11,776		419,814
Threshold Pharmaceuticals, Inc. (a)	11,054		51,622
Transcept Pharmaceuticals, Inc. (a)	3,283		11,031
Trubion Pharmaceuticals, Inc.	3,113		—
United Therapeutics Corp. (a)	6,946		785,454
Vanda Pharmaceuticals, Inc. (a)	6,107		75,788
Venaxis, Inc. (a)(b)	6,479		13,865
Ventrus Biosciences, Inc. (a)	6,886		26,304
Vical, Inc. (a)	22,071		26,044
ViroPharma, Inc. (a)	9,631		480,105
Vivus, Inc. (a)(b)	16,017		145,434
XenoPort, Inc. (a)	8,737		50,238
XOMA Corp. (a)	10,956		73,734
Zalicus, Inc. (a)	8,168		9,066
ZIOPHARM Oncology, Inc. (a)(b)	17,143		74,401
			29,672,329
Real Estate Investment & Services — 1.0%
Alexander & Baldwin, Inc.	6,435		268,533
Altisource Portfolio Solutions SA (a)	2,546		403,872
American Realty Investors, Inc. (a)	900		4,581
AV Homes, Inc. (a)	1,823		33,124
BBX Capital Corp. (a)	1,456		22,714
Columbia Property Trust, Inc.	18,070		451,750
Consolidated-Tomoka Land Co.	1,219		44,237
Forest City Enterprises, Inc., Class A (a)	23,447		447,838
Forestar Group, Inc. (a)	5,399		114,837
Gaming and Leisure Properties, Inc. (a)	10,823		549,917
HFF, Inc., Class A (a)	5,273		141,580
The Howard Hughes Corp. (a)	4,598		552,220
Jones Lang LaSalle, Inc.	6,494		664,921
Kennedy-Wilson Holdings, Inc.	9,342		207,859
Maui Land & Pineapple Co., Inc. (a)	4,491		27,350
Move, Inc. (a)	7,253		115,975
Nationstar Mortgage Holdings, Inc. (a)(b)	3,400		125,664
Realogy Holdings Corp. (a)	21,535		1,065,336
Reis, Inc. (a)	1,837		35,325
The St. Joe Co. (a)	12,521		240,278
Tejon Ranch Co. (a)	2,202		80,945
Transcontinental Realty Investors, Inc. (a)	393		3,675
Trulia, Inc. (a)	5,509		194,302

See Notes to Financial Statements.

QUANTITATIVE MASTER SERIES LLC DECEMBER 31, 2013

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

Common Stocks	Shares		Value
Real Estate Investment & Services (concluded)
Zillow, Inc., Class A (a)(b)	3,697	$	302,156
ZipRealty, Inc. (a)	3,190		17,864
			6,116,853
Real Estate Investment Trusts (REITs) — 7.5%
Acadia Realty Trust	8,257		205,021
Agree Realty Corp.	2,812		81,604
Alexander's, Inc.	330		108,900
Alexandria Real Estate Equities, Inc.	10,299		655,222
Altisource Residential Corp.	6,152		185,237
American Assets Trust, Inc.	5,207		163,656
American Campus Communities, Inc.	14,834		477,803
American Capital Agency Corp.	56,074		1,081,667
American Capital Mortgage Investment Corp.	8,153		142,351
American Homes 4 Rent, Class A	8,047		130,361
American Realty Capital Properties, Inc. (b)	30,169		387,973
Annaly Capital Management, Inc.	134,016		1,336,140
Anworth Mortgage Asset Corp.	19,542		82,272
Apollo Commercial Real Estate Finance, Inc.	7,441		120,916
Apollo Residential Mortgage, Inc.	4,579		67,678
Arbor Realty Trust, Inc.	7,414		49,377
Arlington Asset Investment Corp.	1,883		49,692
ARMOUR Residential REIT, Inc.	55,814		223,814
Ashford Hospitality Prime, Inc.	3,025		55,055
Ashford Hospitality Trust, Inc.	10,616		87,900
Associated Estates Realty Corp.	9,629		154,545
Aviv REIT, Inc.	3,280		77,736
BioMed Realty Trust, Inc.	27,434		497,104
Blackstone Mortgage Trust, Inc., Class A	4,530		122,899
Brandywine Realty Trust	22,671		319,434
BRE Properties, Inc.	11,242		615,050
BRT Realty Trust (a)	2,718		19,216
Camden Property Trust	12,283		698,657
Campus Crest Communities, Inc.	10,740		101,063
Capstead Mortgage Corp.	13,114		158,417
CBL & Associates Properties, Inc.	24,762		444,726
Cedar Realty Trust, Inc.	11,016		68,960
Chambers Street Properties	34,814		266,327
Chatham Lodging Trust	5,104		104,377
Chesapeake Lodging Trust	7,946		200,954
Chimera Investment Corp.	157,268		487,531
Cole Real Estate Investment, Inc.	61,742		866,858
Colony Financial, Inc.	13,047		264,724
CommonWealth REIT	16,110		375,524
Coresite Realty Corp.	3,059		98,469
Corporate Office Properties Trust	13,117		310,742
Cousins Properties, Inc.	25,378		261,393
Common Stocks	Shares		Value
Real Estate Investment Trusts (REITs) (continued)
CubeSmart	18,944	$	301,967
CyrusOne, Inc.	2,755		61,519
CYS Investments, Inc.	26,053		193,053
DCT Industrial Trust, Inc.	45,883		327,146
DDR Corp.	42,310		650,305
DiamondRock Hospitality Co.	27,543		318,122
Digital Realty Trust, Inc. (b)	18,774		922,179
Douglas Emmett, Inc.	19,064		444,001
Duke Realty Corp.	47,772		718,491
DuPont Fabros Technology, Inc.	9,814		242,504
EastGroup Properties, Inc.	4,563		264,335
Education Realty Trust, Inc.	16,401		144,657
Empire State Realty Trust, Inc.	13,698		209,579
EPR Properties	7,593		373,272
Equity Lifestyle Properties, Inc.	11,655		422,261
Equity One, Inc.	8,729		195,879
Essex Property Trust, Inc. (b)	5,523		792,606
Excel Trust, Inc.	9,915		112,932
Extra Space Storage, Inc.	16,085		677,661
Federal Realty Investment Trust	9,384		951,631
FelCor Lodging Trust, Inc. (a)	18,789		153,318
First Industrial Realty Trust, Inc.	15,110		263,669
First Potomac Realty Trust	8,399		97,680
Franklin Street Properties Corp.	12,427		148,503
Getty Realty Corp.	4,169		76,585
Gladstone Commercial Corp.	4,745		85,268
Glimcher Realty Trust	20,729		194,023
Government Properties Income Trust	8,160		202,776
Gramercy Property Trust, Inc. (a)	9,606		55,235
Hatteras Financial Corp.	13,630		222,714
Healthcare Realty Trust, Inc.	13,912		296,465
Healthcare Trust of America, Inc., Class A	25,339		249,336
Hersha Hospitality Trust	28,438		158,400
Highwoods Properties, Inc.	12,889		466,195
Home Properties, Inc.	8,206		440,006
Hospitality Properties Trust	21,507		581,334
Hudson Pacific Properties, Inc.	7,454		163,019
Inland Real Estate Corp.	13,507		142,094
Invesco Mortgage Capital, Inc.	19,909		292,264
Investors Real Estate Trust	17,649		151,428
iStar Financial, Inc. (a)	11,816		168,614
Kilroy Realty Corp.	12,078		606,074
Kite Realty Group Trust	18,944		124,462
LaSalle Hotel Properties	15,005		463,054
Lexington Realty Trust	26,109		266,573
Liberty Property Trust	21,312		721,837
LTC Properties, Inc.	5,390		190,752
Mack-Cali Realty Corp.	12,490		268,285
Medical Properties Trust, Inc.	23,975		292,974
MFA Financial, Inc.	49,550		349,823

See Notes to Financial Statements.

QUANTITATIVE MASTER SERIES LLC DECEMBER 31, 2013

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

Common Stocks	Shares		Value
Real Estate Investment Trusts (REITs) (continued)
Mid-America Apartment Communities, Inc.	11,160	$	677,858
Monmouth Real Estate Investment Corp., Class A	9,460		85,991
National Health Investors, Inc.	4,203		235,788
National Retail Properties, Inc.	17,863		541,785
New York Mortgage Trust, Inc.	13,569		94,847
NorthStar Realty Finance Corp.	36,469		490,508
Omega Healthcare Investors, Inc.	17,902		533,480
One Liberty Properties, Inc.	2,398		48,272
Parkway Properties, Inc.	9,491		183,073
Pebblebrook Hotel Trust	9,338		287,237
Pennsylvania Real Estate Investment Trust	10,415		197,677
PennyMac Mortgage Investment Trust (d)	5,478		125,775
Piedmont Office Realty Trust, Inc., Class A	23,343		385,626
PMC Commercial Trust	2,432		20,915
Post Properties, Inc.	7,861		355,553
Potlatch Corp.	5,947		248,228
PS Business Parks, Inc.	2,855		218,179
RAIT Financial Trust	9,876		88,588
Ramco-Gershenson Properties Trust	10,517		165,538
Rayonier, Inc.	18,294		770,177
Realty Income Corp.	26,755		998,764
Redwood Trust, Inc.	12,337		238,968
Regency Centers Corp.	13,459		623,152
Resource Capital Corp.	21,525		127,643
Retail Opportunity Investments Corp.	10,066		148,172
Retail Properties of America, Inc., Class A	25,765		327,731
RLJ Lodging Trust	17,425		423,776
Rouse Properties, Inc.	4,102		91,023
Sabra Health Care REIT, Inc.	6,206		162,225
Saul Centers, Inc.	2,588		123,525
Senior Housing Properties Trust	27,486		611,014
Silver Bay Realty Trust Corp.	6,204		99,202
SL Green Realty Corp.	12,349		1,140,801
Sovran Self Storage, Inc.	4,619		301,020
Spirit Realty Capital, Inc.	51,325		504,525
STAG Industrial, Inc.	7,370		150,274
Starwood Property Trust, Inc.	28,907		800,724
Strategic Hotels & Resorts, Inc. (a)	27,699		261,756
Sun Communities, Inc.	5,611		239,253
Sunstone Hotel Investors, Inc.	27,204		364,534
Supertel Hospitality, Inc. (a)	985		2,403
Tanger Factory Outlet Centers	13,906		445,270
Taubman Centers, Inc.	9,215		589,023
Terreno Realty Corp.	6,369		112,731
Two Harbors Investment Corp.	54,614		506,818
Common Stocks	Shares		Value
Real Estate Investment Trusts (REITs) (concluded)
UDR, Inc.	36,339	$	848,516
UMH Properties, Inc.	7,486		70,518
Universal Health Realty Income Trust	1,725		69,104
Urstadt Biddle Properties, Inc., Class A	3,630		66,974
Walter Investment Management Corp. (a)	5,643		199,536
Washington Real Estate Investment Trust	9,743		227,596
Weingarten Realty Investors	16,428		450,456
Winthrop Realty Trust	6,232		68,864
WP Carey, Inc.	8,396		515,095
			46,090,286
Software & Computer Services — 5.9%
Accelrys, Inc. (a)	9,454		90,191
ACI Worldwide, Inc. (a)	5,882		382,330
Acorn Energy, Inc.	4,319		17,578
Actuate Corp. (a)	8,413		64,864
Advent Software, Inc.	6,286		219,947
Allscripts Healthcare Solutions, Inc. (a)	23,398		361,733
American Software, Inc., Class A	4,553		44,938
Angie's List, Inc. (a)(b)	7,484		113,383
ANSYS, Inc. (a)	13,453		1,173,102
AOL, Inc. (a)	12,005		559,673
Aspen Technology, Inc. (a)	13,670		571,406
athenahealth, Inc. (a)	5,419		728,855
Authentidate Holding Corp. (a)	8,844		11,851
Blackbaud, Inc.	6,852		257,978
Blucora, Inc. (a)	6,834		199,279
Bottomline Technologies, Inc. (a)	5,684		205,533
BroadSoft, Inc. (a)	4,436		121,280
Bsquare Corp. (a)	3,375		12,083
CACI International, Inc., Class A (a)	3,320		243,090
Cadence Design Systems, Inc. (a)(b)	42,320		593,326
Calix, Inc. (a)	6,241		60,163
Callidus Software, Inc. (a)	6,577		90,302
CIBER, Inc. (a)	9,585		39,682
Cogent Communications Group, Inc.	7,230		292,164
CommVault Systems, Inc. (a)	6,527		488,742
Computer Programs & Systems, Inc.	1,736		107,302
Computer Task Group, Inc.	2,432		45,965
Compuware Corp.	31,485		352,947
Comverse, Inc. (a)	3,512		136,266
Concur Technologies, Inc. (a)(b)	6,936		715,656
Cornerstone OnDemand, Inc. (a)	7,246		386,502
Crexendo, Inc. (a)	3,732		11,308
CSG Systems International, Inc.	5,066		148,940

See Notes to Financial Statements.

QUANTITATIVE MASTER SERIES LLC DECEMBER 31, 2013

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

Common Stocks	Shares		Value
Software & Computer Services (continued)
Datalink Corp. (a)	3,497	$	38,117
DealerTrack Holdings, Inc. (a)	6,445		309,876
Demandware, Inc. (a)	4,358		279,435
DeVry, Inc. (c)	8,014		284,497
Digimarc Corp.	1,650		31,779
Digital River, Inc. (a)	5,923		109,576
DST Systems, Inc.	4,255		386,099
Dynamics Research Corp. (a)	2,140		24,567
EarthLink, Inc.	19,188		97,283
Ebix, Inc. (b)	4,953		72,908
Envestnet, Inc. (a)	4,570		184,171
EPIQ Systems, Inc.	4,838		78,424
Equinix, Inc. (a)	7,243		1,285,270
Evolving Systems, Inc.	2,275		22,159
Fair Isaac Corp.	5,099		320,421
FalconStor Software, Inc. (a)	6,457		8,717
Forrester Research, Inc.	1,834		70,169
Fortinet, Inc. (a)	20,387		390,003
Gartner, Inc. (a)(b)	13,401		952,141
GSE Systems, Inc. (a)	4,471		7,154
Guidance Software, Inc. (a)	3,739		37,764
Guidewire Software, Inc. (a)	9,791		480,444
The Hackett Group, Inc.	5,104		31,696
IAC/InterActiveCorp	11,685		802,643
ICG Group, Inc. (a)	6,762		125,976
iGATE Corp. (a)	4,432		177,989
Immersion Corp. (a)	5,183		53,800
Infoblox, Inc. (a)	7,160		236,423
Informatica Corp. (a)	15,909		660,223
Innodata, Inc. (a)	3,774		9,246
Interactive Intelligence Group, Inc. (a)	2,477		166,851
Internap Network Services Corp. (a)	9,213		69,282
Internet Patents Corp. (a)	1,714		5,348
IntraLinks Holdings, Inc. (a)	6,876		83,268
Inuvo, Inc. (a)	12,065		15,685
Ipass, Inc. (a)	10,039		15,761
j2 Global, Inc.	6,968		348,470
The KEYW Holding Corp. (a)	4,352		58,491
Leidos Holdings, Inc.	10,254		476,708
Limelight Networks, Inc. (a)	19,332		38,277
LivePerson, Inc. (a)	9,143		135,499
LogMeIn, Inc. (a)	3,729		125,108
Looksmart, Ltd. (a)	3,019		6,189
Manhattan Associates, Inc. (a)	2,883		338,695
Mastech Holdings, Inc.	1,020		14,270
MedAssets, Inc. (a)	9,303		184,478
Medidata Solutions, Inc. (a)	7,444		450,883
Mentor Graphics Corp.	14,235		342,636
Merge Healthcare, Inc. (a)	13,770		31,946
Meru Networks, Inc. (a)	4,119		17,753
MicroStrategy, Inc., Class A (a)	1,376		170,954
Common Stocks	Shares		Value
Software & Computer Services (continued)
Mitek Systems, Inc. (a)	5,622	$	33,395
Monotype Imaging Holdings, Inc.	5,879		187,305
NCI, Inc. (a)	1,401		9,275
Netscout Systems, Inc. (a)	5,561		164,550
NetSuite, Inc. (a)	4,558		469,565
NIC, Inc.	9,825		244,348
Nuance Communications, Inc. (a)	37,826		574,955
Palo Alto Networks, Inc. (a)	6,862		394,359
PC-Tel, Inc.	3,495		33,447
PDF Solutions, Inc. (a)	4,386		112,369
Pegasystems, Inc.	2,694		132,491
Perficient, Inc. (a)	5,683		133,096
Premier, Inc., Class A (a)	4,550		167,258
Premiere Global Services, Inc. (a)	6,927		80,284
Progress Software Corp. (a)	7,977		206,046
PROS Holdings, Inc. (a)	3,982		158,882
PTC, Inc. (a)	17,399		615,751
QAD, Inc., Class A	913		16,124
QAD, Inc., Class B	1,021		16,356
QLIK Technologies, Inc. (a)	13,230		352,315
Quality Systems, Inc.	6,685		140,786
Rackspace Hosting, Inc. (a)	17,053		667,284
RealPage, Inc. (a)	7,551		176,542
RigNet, Inc. (a)	1,950		93,464
Rosetta Stone, Inc. (a)	3,184		38,908
Rovi Corp. (a)	14,960		294,562
Sapient Corp. (a)	16,280		282,621
Science Applications International Corp.	6,034		199,544
SciQuest, Inc. (a)	3,747		106,715
Selectica, Inc. (a)	2,985		19,044
ServiceNow, Inc. (a)	14,950		837,349
Smith Micro Software, Inc. (a)	7,292		10,792
SoftBrands, Inc. (a)	114		—
SolarWinds, Inc. (a)	9,677		366,081
Solera Holdings, Inc.	10,053		711,350
Splunk, Inc. (a)	11,995		823,697
SPS Commerce, Inc. (a)	2,536		165,601
SS&C Technologies Holdings, Inc. (a)	9,261		409,892
Support.com, Inc. (a)	9,070		34,375
Synchronoss Technologies, Inc. (a)	4,643		144,258
Synopsys, Inc. (a)	22,375		907,754
Syntel, Inc. (a)	2,153		195,815
Tableau Software, Inc., Class A (a)	2,416		166,535
Tangoe, Inc. (a)	5,467		98,461
TeleCommunication Systems, Inc., Class A (a)	8,736		20,268
TeleNav, Inc. (a)	3,551		23,401
TIBCO Software, Inc. (a)	22,524		506,340
Twitter, Inc. (a)	10,795		687,102
Tyler Technologies, Inc. (a)	4,163		425,167
Ultimate Software Group, Inc. (a)	4,175		639,694

See Notes to Financial Statements.

QUANTITATIVE MASTER SERIES LLC DECEMBER 31, 2013

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

Common Stocks	Shares		Value
Software & Computer Services (concluded)
Unisys Corp. (a)	6,776	$	227,470
United Online, Inc.	3,255		44,789
Unwired Planet, Inc. (a)	11,796		16,278
Vantiv, Inc., Class A (a)	18,050		588,611
VASCO Data Security International, Inc. (a)	4,809		37,174
Verint Systems, Inc. (a)	7,981		342,704
VirnetX Holding Corp. (a)(b)	6,560		127,330
Virtusa Corp. (a)	3,574		136,134
VMware, Inc., Class A (a)	12,483		1,119,850
Vocus, Inc. (a)	3,527		40,173
Voltari Corp. (a)(b)	1,272		4,363
Wave Systems Corp., Class A (a)	7,941		7,226
Web.com Group, Inc. (a)	7,378		234,547
Workday, Inc., Class A (a)	5,072		421,788
Zix Corp. (a)	10,873		49,581
Zynga, Inc., Class A (a)	95,138		361,524
			36,568,996
Support Services — 5.1%
ABM Industries, Inc.	6,840		195,556
Acacia Research Corp.	7,944		115,506
Advanced Emissions Solutions, Inc. (a)	1,659		89,968
The Advisory Board Co. (a)(b)	5,293		337,005
AM Castle & Co. (a)	3,004		44,369
Amdocs Ltd.	23,045		950,376
AMN Healthcare Services, Inc. (a)	6,884		101,195
AMREP Corp. (a)	600		4,182
Applied Industrial Technologies, Inc.	5,809		285,164
ARC Document Solutions, Inc. (a)	6,732		55,337
Barnes Group, Inc.	6,577		251,965
Barrett Business Services, Inc.	1,110		102,941
Black Box Corp.	2,395		71,371
Booz Allen Hamilton Holding Corp.	7,185		137,593
The Brink's Co.	6,483		221,330
Broadridge Financial Solutions, Inc.	17,177		678,835
Cardtronics, Inc. (a)	6,735		292,636
Casella Waste Systems, Inc. (a)	8,154		47,293
Cass Information Systems, Inc.	1,235		83,177
CBIZ, Inc. (a)	6,146		56,052
CDI Corp.	1,608		29,796
Cenveo, Inc. (a)	14,199		48,845
Clean Harbors, Inc. (a)(b)	8,035		481,779
Comfort Systems USA, Inc.	5,331		103,368
Consolidated Graphics, Inc. (a)	1,392		93,876
Convergys Corp.	14,084		296,468
CoreLogic, Inc. (a)	13,631		484,309
The Corporate Executive Board Co.	4,963		384,285
Corrections Corp. of America	16,721		536,242
CoStar Group, Inc. (a)	4,182		771,914
Common Stocks	Shares		Value
Support Services (continued)
CRA International, Inc. (a)	1,688	$	33,422
Crawford & Co., Class B	3,747		34,622
Cross Country Healthcare, Inc. (a)	4,315		43,064
Deluxe Corp.	7,395		385,945
Dice Holdings, Inc. (a)	6,055		43,899
DigitalGlobe, Inc. (a)	10,168		418,413
Document Security Systems, Inc. (a)(b)	6,643		13,751
The Dolan Co. (a)	4,113		2,879
DXP Enterprises, Inc. (a)	1,578		181,786
ENGlobal Corp. (a)	3,131		4,352
Ennis, Inc.	3,906		69,136
Euronet Worldwide, Inc. (a)	7,000		334,950
EVERTEC, Inc.	8,115		200,116
ExamWorks Group, Inc. (a)	4,304		128,560
ExlService Holdings, Inc. (a)	4,608		127,273
Exponent, Inc.	2,025		156,816
FleetCor Technologies, Inc. (a)	10,722		1,256,297
Franklin Covey Co. (a)	2,441		48,527
Frontline Capital Group (a)	300		—
FTI Consulting, Inc. (a)	5,866		241,327
Fuel Tech, Inc. (a)	3,071		21,773
Furmanite Corp. (a)	6,106		64,846
G&K Services, Inc., Class A	2,759		171,693
Genpact Ltd. (a)	15,874		291,605
The Geo Group, Inc.	10,290		331,544
Global Cash Access Holdings, Inc. (a)	9,464		94,545
Global Payments, Inc.	10,952		711,770
Global Power Equipment Group, Inc.	2,352		46,029
GP Strategies Corp. (a)	3,011		89,698
Harris Interactive, Inc. (a)	8,925		17,850
HD Supply Holdings, Inc. (a)	8,732		209,655
Heartland Payment Systems, Inc.	5,352		266,744
Heidrick & Struggles International, Inc.	2,179		43,885
Heritage-Crystal Clean, Inc. (a)	1,910		39,136
Higher One Holdings, Inc. (a)	5,856		57,155
Hudson Global, Inc. (a)	5,103		20,514
Huron Consulting Group, Inc. (a)	3,436		215,506
ICF International, Inc. (a)	2,942		102,117
InnerWorkings, Inc. (a)	5,931		46,202
Insperity, Inc.	3,118		112,653
Jack Henry & Associates, Inc.	12,279		727,040
Kaman Corp.	3,831		152,206
Kelly Services, Inc., Class A	3,402		84,846
Kforce, Inc.	4,287		87,712
Korn/Ferry International (a)	7,192		187,855
Lawson Products, Inc. (a)	634		7,766
Lender Processing Services, Inc.	12,426		464,484
LifeLock, Inc. (a)	10,579		173,601
Lincoln Educational Services Corp.	3,155		15,712

See Notes to Financial Statements.

QUANTITATIVE MASTER SERIES LLC DECEMBER 31, 2013

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

Common Stocks	Shares		Value
Support Services (continued)
LinkedIn Corp. (a)	14,145	$	3,067,060
Lionbridge Technologies, Inc. (a)	9,164		54,617
Management Network Group, Inc. (a)	2,116		5,861
Manpower, Inc.	11,282		968,673
MAXIMUS, Inc.	9,943		437,393
McGrath RentCorp	3,369		134,086
Metalico, Inc. (a)	7,655		15,846
Mistras Group, Inc. (a)	2,611		54,518
Mobile Mini, Inc. (a)	5,918		243,703
ModusLink Global Solutions, Inc. (a)	8,234		47,181
Monster Worldwide, Inc. (a)	15,278		108,932
MSC Industrial Direct Co., Inc., Class A	6,938		561,076
MWI Veterinary Supply, Inc. (a)	1,938		330,603
Navigant Consulting, Inc. (a)	7,309		140,333
NeuStar, Inc., Class A (a)	8,904		443,953
Odyssey Marine Exploration, Inc. (a)	16,995		34,330
On Assignment, Inc. (a)	6,867		239,796
Park-Ohio Holdings Corp. (a)	1,450		75,980
Perma-Fix Environmental Services (a)	1,637		5,320
PowerSecure International, Inc. (a)	3,462		59,443
PRGX Global, Inc. (a)	5,118		34,393
Quad/Graphics, Inc.	3,688		100,424
Rentrak Corp. (a)	1,794		67,975
Resources Connection, Inc.	5,694		81,595
RPX Corp. (a)	5,892		99,575
RR Donnelley & Sons Co.	26,649		540,442
Schnitzer Steel Industries, Inc., Class A	3,674		120,030
ServiceSource International, Inc. (a)	9,367		78,495
Sharps Compliance Corp. (a)	3,560		16,839
The Standard Register Co. (a)	1,229		8,456
StarTek, Inc. (a)	2,482		16,108
Swisher Hygiene, Inc. (a)	16,316		8,388
Sykes Enterprises, Inc. (a)	5,616		122,485
Team, Inc. (a)	2,869		121,473
TeleTech Holdings, Inc. (a)	2,889		69,163
Tetra Tech, Inc. (a)	9,202		257,472
Towers Watson & Co., Class A	9,310		1,188,049
TrueBlue, Inc. (a)	6,009		154,912
UniFirst Corp.	2,139		228,873
United Rentals, Inc. (a)	13,634		1,062,770
United Stationers, Inc.	5,672		260,288
Universal Technical Institute, Inc.	3,009		41,855
URS Corp.	10,620		562,754
US Ecology, Inc.	2,984		110,975
Verisk Analytics, Inc., Class A (a)	21,899		1,439,202
Viad Corp.	2,807		77,978
Common Stocks	Shares		Value
Support Services (concluded)
WageWorks, Inc. (a)	4,437	$	263,735
Waste Connections, Inc.	17,766		775,131
WEX, Inc. (a)	5,634		557,935
			31,430,484
Technology Hardware & Equipment — 4.8%
3D Systems Corp. (a)(b)	13,971		1,298,325
ADTRAN, Inc.	8,627		233,015
Advanced Energy Industries, Inc. (a)	5,529		126,393
Advanced Micro Devices, Inc. (a)(b)	90,811		351,439
Agilysys, Inc. (a)	2,787		38,795
Alliance Fiber Optic Products, Inc.	2,653		39,928
Amkor Technology, Inc. (a)	18,692		114,582
Amtech Systems, Inc. (a)	2,148		14,950
ANADIGICS, Inc. (a)	15,240		28,042
Applied Micro Circuits Corp. (a)	11,131		148,933
ARRIS Group, Inc. (a)(b)	16,975		413,596
Aruba Networks, Inc. (a)	16,990		304,121
Atmel Corp. (a)	62,290		487,731
ATMI, Inc. (a)	4,709		142,259
Avago Technologies Ltd.	35,639		1,884,947
Aviat Networks, Inc. (a)	11,646		26,320
Aware, Inc. (a)	2,639		16,124
Axcelis Technologies, Inc. (a)	19,244		46,955
AXT, Inc. (a)	4,192		10,941
Brocade Communications Systems, Inc. (a)	65,358		579,725
Brooks Automation, Inc.	9,171		96,204
Cabot Microelectronics Corp. (a)	3,393		155,060
CalAmp Corp. (a)	5,345		149,500
Cavium, Inc. (a)	7,834		270,351
Ceva, Inc. (a)	4,009		61,017
Ciena Corp. (a)	15,364		367,661
Cirrus Logic, Inc. (a)	9,333		190,673
Clearfield, Inc. (a)	2,370		47,969
Cohu, Inc.	3,077		32,308
Comtech Telecommunications Corp.	2,512		79,178
Concurrent Computer Corp.	2,796		22,843
Cray, Inc. (a)	6,296		172,888
Cree, Inc. (a)	17,527		1,096,664
CVD Equipment Corp. (a)(b)	1,397		20,284
Cypress Semiconductor Corp. (a)	20,763		218,011
Dataram Corp. (a)	368		983
Diebold, Inc.	9,370		309,304
Digi International, Inc. (a)	4,258		51,607
Diodes, Inc. (a)	5,275		124,279
Dot Hill Systems Corp. (a)	10,624		35,803
DSP Group, Inc. (a)	3,838		37,267
Dycom Industries, Inc. (a)	5,165		143,535
EchoStar Corp., Class A (a)	5,842		290,464

See Notes to Financial Statements.

QUANTITATIVE MASTER SERIES LLC DECEMBER 31, 2013

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

Common Stocks	Shares		Value
Technology Hardware & Equipment (continued)
Electronics for Imaging, Inc. (a)	7,174	$	277,849
Emcore Corp. (a)	4,946		25,324
Emulex Corp. (a)	14,355		102,782
Entegris, Inc. (a)	20,233		234,703
Entropic Communications, Inc. (a)	14,064		66,241
Exar Corp. (a)	7,409		87,352
Extreme Networks, Inc. (a)	14,843		103,901
Fairchild Semiconductor International, Inc. (a)	18,313		244,479
Finisar Corp. (a)	14,224		340,238
FormFactor, Inc. (a)	8,934		53,783
Fusion-io, Inc. (a)	14,560		129,730
GSI Technology, Inc. (a)	4,254		28,247
Harmonic, Inc. (a)	15,600		115,128
Hittite Microwave Corp. (a)	4,531		279,699
Hutchinson Technology, Inc. (a)	5,353		17,130
ID Systems, Inc. (a)	2,671		15,465
Identive Group, Inc. (a)	7,272		4,186
Ikanos Communications, Inc. (a)	15,913		19,096
Imation Corp. (a)	4,885		22,862
Infinera Corp. (a)	18,040		176,431
Infosonics Corp. (a)	3,600		5,508
Ingram Micro, Inc., Class A (a)	22,088		518,184
Inphi Corp. (a)	3,982		51,368
Insight Enterprises, Inc. (a)	6,078		138,031
Integrated Device Technology, Inc. (a)	20,041		204,218
Integrated Silicon Solution, Inc. (a)	4,637		56,061
InterDigital, Inc.	6,145		181,216
International Rectifier Corp. (a)(b)	10,313		268,860
Intersil Corp., Class A	18,535		212,596
Ixia (a)	8,659		115,251
IXYS Corp.	3,911		50,726
JDS Uniphase Corp. (a)	34,288		445,058
Kopin Corp. (a)	10,311		43,512
Kulicke & Soffa Industries, Inc. (a)	11,023		146,606
KVH Industries, Inc. (a)	2,575		33,552
Lantronix, Inc. (a)	5,337		8,379
Lattice Semiconductor Corp. (a)	17,296		95,301
Lexmark International, Inc., Class A (c)	9,097		323,125
Loral Space & Communications, Inc. (a)	1,920		155,482
LRAD Corp. (a)	8,678		16,315
LTX-Credence Corp. (a)	7,785		62,202
Marvell Technology Group Ltd.	58,788		845,371
Mattson Technology, Inc. (a)	11,678		31,998
Maxim Integrated Products, Inc.	41,064		1,146,096
MaxLinear, Inc., Class A (a)	5,193		54,163
Mercury Systems, Inc. (a)	5,283		57,849
Micrel, Inc.	6,402		63,188
MICROS Systems, Inc. (a)	11,105		637,094
Microsemi Corp. (a)	13,713		342,139
Common Stocks	Shares		Value
Technology Hardware & Equipment (continued)
MKS Instruments, Inc.	7,690	$	230,239
Monolithic Power Systems, Inc. (a)	5,018		173,924
MoSys, Inc. (a)	7,932		43,785
Nanometrics, Inc. (a)	4,088		77,876
NCR Corp. (a)	24,356		829,565
NeoPhotonics Corp. (a)	4,610		32,547
NETGEAR, Inc. (a)	5,807		191,283
Netlist, Inc. (a)	4,429		3,277
Novatel Wireless, Inc. (a)	6,199		14,692
Oclaro, Inc. (a)	15,607		38,861
OmniVision Technologies, Inc. (a)	7,941		136,585
ON Semiconductor Corp. (a)(b)	65,989		543,749
Oplink Communications, Inc. (a)	3,237		60,208
Optical Cable Corp.	1,750		6,527
Overland Storage, Inc. (a)	13,603		13,195
PAR Technology Corp. (a)	2,477		13,500
Parkervision, Inc. (a)(b)	16,099		73,250
PC Connection, Inc.	2,315		57,528
Pendrell Corp. (a)	20,964		42,138
Performance Technologies, Inc. (a)	4,359		16,281
Pericom Semiconductor Corp. (a)	3,697		32,755
Photronics, Inc. (a)	9,259		83,609
Pixelworks, Inc. (a)	3,290		15,858
Plantronics, Inc.	6,383		296,490
PLX Technology, Inc. (a)	6,505		42,803
PMC - Sierra, Inc. (a)	30,166		193,967
Polycom, Inc. (a)	24,303		272,923
Power Integrations, Inc.	4,369		243,878
Preformed Line Products Co.	401		29,337
Procera Networks, Inc. (a)	3,534		53,081
Pulse Electronics Corp. (a)	1,702		4,919
QLogic Corp. (a)	12,977		153,518
Quantum Corp. (a)	42,456		50,947
QuickLogic Corp. (a)	7,869		31,083
Qumu Corp. (a)	2,149		27,507
Radisys Corp. (a)	4,631		10,605
Rambus, Inc. (a)	16,893		159,977
RF Micro Devices, Inc. (a)	40,909		211,090
Riverbed Technology, Inc. (a)	24,043		434,697
Rudolph Technologies, Inc. (a)	5,897		69,231
ScanSource, Inc. (a)	4,114		174,557
Seachange International, Inc. (a)	4,201		51,084
Semtech Corp. (a)(b)	10,098		255,277
ShoreTel, Inc. (a)	10,189		94,554
Sigma Designs, Inc. (a)	6,824		32,209
Silicon Graphics International Corp. (a)	5,400		72,414
Silicon Image, Inc. (a)	12,222		75,165
Silicon Laboratories, Inc. (a)	5,757		249,336
Skyworks Solutions, Inc. (a)	27,219		777,375
Sonic Foundry, Inc. (a)	1,513		14,835
Sonus Networks, Inc. (a)	42,059		132,486
Spansion, Inc., Class A (a)	7,262		100,869

See Notes to Financial Statements.

QUANTITATIVE MASTER SERIES LLC DECEMBER 31, 2013

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

Common Stocks	Shares		Value
Technology Hardware & Equipment (concluded)
SunEdison, Inc. (a)	36,029	$	470,178
Super Micro Computer, Inc. (a)	5,246		90,021
Superconductor Technologies, Inc. (a)	2,902		6,239
Supertex, Inc. (a)	1,514		37,926
Synaptics, Inc. (a)	5,081		263,247
SYNNEX Corp. (a)	3,808		256,659
Systemax, Inc. (a)	1,175		13,219
Tech Data Corp. (a)	5,511		284,368
Teradyne, Inc. (a)	28,109		495,281
Tessera Technologies, Inc.	7,127		140,473
Transact Technologies, Inc.	2,237		28,030
TriQuint Semiconductor, Inc. (a)	23,588		196,724
Ultra Clean Holdings, Inc. (a)	4,606		46,198
Ultratech, Inc. (a)	4,365		126,585
USA Technologies, Inc. (a)	6,360		11,512
VeriFone Systems, Inc. (a)	16,208		434,699
ViaSat, Inc. (a)	6,179		387,114
Vitesse Semiconductor Corp. (a)	10,712		31,279
VOXX International Corp. (a)	3,133		52,321
West Corp.	3,886		99,909
Westell Technologies, Inc., Class A (a)	10,137		41,055
Zhone Technologies, Inc. (a)	5,380		28,729
			29,524,261
Tobacco — 0.1%
Alliance One International, Inc. (a)	11,747		35,828
Schweitzer-Mauduit International, Inc.	4,655		239,593
Star Scientific, Inc. (a)(b)	26,933		31,242
Universal Corp.	3,009		164,292
Vector Group Ltd.	9,727		159,231
			630,186
Travel & Leisure — 4.6%
AFC Enterprises, Inc. (a)	3,742		144,067
Alaska Air Group, Inc.	10,055		737,735
Allegiant Travel Co.	2,065		217,734
Ambassadors Group, Inc.	3,100		14,415
American Airlines Group, Inc. (a)	27,644		698,011
Avis Budget Group, Inc. (a)	15,851		640,697
Bally Technologies, Inc. (a)	5,755		451,480
Biglari Holdings, Inc. (a)	235		119,060
BJ's Restaurants, Inc. (a)	3,851		119,612
Bloomin' Brands, Inc. (a)	6,900		165,669
Bob Evans Farms, Inc.	3,913		197,959
Boyd Gaming Corp. (a)	12,328		138,813
Bravo Brio Restaurant Group, Inc. (a)	3,485		56,701
Brinker International, Inc.	9,977		462,334
Buffalo Wild Wings, Inc. (a)	2,791		410,835
Burger King Worldwide, Inc.	9,595		219,342
Common Stocks	Shares		Value
Travel & Leisure (continued)
Carmike Cinemas, Inc. (a)	3,591	$	99,973
Carrols Restaurant Group, Inc. (a)	4,377		28,932
CEC Entertainment, Inc.	2,570		113,800
Century Casinos, Inc. (a)	5,920		30,843
The Cheesecake Factory, Inc.	7,012		338,469
Choice Hotels International, Inc.	5,569		273,494
Churchill Downs, Inc.	1,755		157,336
Cinemark Holdings, Inc.	14,861		495,317
Cosi, Inc. (a)	3,314		5,568
Cracker Barrel Old Country Store, Inc.	3,442		378,861
Denny's Corp. (a)	14,630		105,190
DineEquity, Inc.	2,499		208,791
Domino's Pizza, Inc.	8,310		578,792
Dover Downs Gaming & Entertainment, Inc. (a)	3,295		4,877
Dover Motorsports, Inc.	2,127		5,339
Dunkin' Brands Group, Inc.	15,808		761,946
Einstein Noah Restaurant Group, Inc.	2,412		34,974
Empire Resorts, Inc. (a)	3,211		15,541
Entertainment Gaming Asia, Inc. (a)	3,165		3,735
Famous Dave's Of America, Inc. (a)	1,417		25,931
Fiesta Restaurant Group, Inc. (a)	3,786		197,781
Full House Resorts, Inc. (a)	6,459		18,085
Gaming Partners International Corp. (a)	1,026		8,403
Hawaiian Holdings, Inc. (a)	7,867		75,759
Hertz Global Holdings, Inc. (a)	65,310		1,869,172
HomeAway, Inc. (a)	9,142		373,725
Hyatt Hotels Corp., Class A (a)	8,708		430,698
International Speedway Corp., Class A	3,616		128,332
Interval Leisure Group, Inc.	5,942		183,608
Isle of Capri Casinos, Inc. (a)	6,156		55,404
Jack in the Box, Inc. (a)	6,366		318,427
Jamba, Inc. (a)	2,956		36,743
JetBlue Airways Corp. (a)	31,017		265,195
Krispy Kreme Doughnuts, Inc. (a)	10,105		194,925
Las Vegas Sands Corp.	56,264		4,437,542
Life Time Fitness, Inc. (a)	5,616		263,952
Luby's, Inc. (a)	4,115		31,768
Madison Square Garden Co., Class A (a)	9,066		522,020
Marcus Corp.	3,675		49,392
Marriott Vacations Worldwide Corp. (a)	4,965		261,953
MGM Resorts International (a)	48,925		1,150,716
Monarch Casino & Resort, Inc. (a)	2,415		48,493
Morgans Hotel Group Co. (a)	6,849		55,682
MTR Gaming Group, Inc. (a)	5,643		29,118

See Notes to Financial Statements.

QUANTITATIVE MASTER SERIES LLC DECEMBER 31, 2013

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

Common Stocks		Shares		Value
Travel & Leisure (concluded)
Multimedia Games Holding Co., Inc. (a)		4,132	$	129,580
Norwegian Cruise Line Holdings Ltd. (a)		10,419		369,562
Orbitz Worldwide, Inc. (a)		6,947		49,880
Orient-Express Hotels Ltd., Class A (a)		14,206		214,653
Panera Bread Co., Class A (a)		4,045		714,711
Papa John's International, Inc.		4,900		222,460
Penn National Gaming, Inc. (a)		11,340		162,502
Pinnacle Entertainment, Inc. (a)		8,495		220,785
Premier Exhibitions, Inc. (a)		8,491		9,850
Reading International, Inc., Class A (a)		4,754		35,607
Red Lion Hotels Corp. (a)		4,939		29,881
Red Robin Gourmet Burgers, Inc. (a)		1,996		146,786
Regal Entertainment Group, Class A		12,195		237,193
Republic Airways Holdings, Inc. (a)		6,912		73,889
Rick's Cabaret International, Inc. (a)		1,858		21,516
Royal Caribbean Cruises Ltd.		23,253		1,102,657
Ruby Tuesday, Inc. (a)		8,805		61,019
Ruth's Hospitality Group, Inc.		5,745		81,636
Ryman Hospitality Properties		7,741		323,419
Scientific Games Corp., Class A (a)		7,568		128,126
SeaWorld Entertainment, Inc.		4,082		117,439
Six Flags Entertainment Corp.		13,808		508,411
SkyWest, Inc.		6,187		91,753
Sonic Corp. (a)		8,196		165,477
Speedway Motorsports, Inc.		1,363		27,056
Spirit Airlines, Inc. (a)		10,565		479,757
Steiner Leisure Ltd. (a)		1,965		96,658
Texas Roadhouse, Inc.		8,734		242,805
Town Sports International Holdings, Inc.		3,915		57,785
Travelzoo, Inc. (a)		2,057		43,855
United Continental Holdings, Inc. (a)		52,616		1,990,463
Vail Resorts, Inc.		5,252		395,108
The Wendy's Co.		41,020		357,694
World Wrestling Entertainment, Inc.		4,364		72,355
				28,451,394
Total Common Stocks — 95.6%				589,198,145
Other Interests (e)		Beneficial Interest (000)		Value
Fixed Line Telecommunications — 0.0%
Primus Telecommunications Group, Inc.	$	29	$	1
Pharmaceuticals & Biotechnology — 0.0%
Merck KGaA		3		—
Real Estate Investment Trusts (REITs) — 0.0%
AmeriVest Properties, Inc. (a)		4		—
Technology Hardware & Equipment — 0.0%
Gerber Scientific, Inc.		4		—
Travel & Leisure — 0.0%
FRD Acquisition Co.		13		—
Total Other Interests — 0.0%				1
Warrants (f)		Shares
Automobiles & Parts — 0.0%
Federal-Mogul Corp., Class A, (Issued 12/27/07, 1 Share for 1 Warrant, Expires 12/27/14, Strike Price $45.82)		249		3
Oil & Gas Producers — 0.0%
Magnum Hunter Resources Corp., (Issued 10/15/13, 1 Share for 10 Warrants, Expires 4/15/16, Strike Price $8.50)		2,485		—
Total Warrants — 0.0%				3
Total Long-Term Investments (Cost — $352,860,145) — 95.6%				589,198,149
Short-Term Securities
BlackRock Liquidity Funds, TempCash, Institutional Class, 0.15% (d)(g)		24,257,699		24,257,699
		Beneficial Interest (000)
BlackRock Liquidity Series, LLC, Money Market Series, 0.19% (d)(g)(h)	$	20,519		20,519,002
Total Short-Term Securities (Cost — $44,776,701) — 7.3%				44,776,701

See Notes to Financial Statements.

QUANTITATIVE MASTER SERIES LLC DECEMBER 31, 2013

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

		Value
Total Investments (Cost — $397,636,846*) — 102.9%	$	633,974,850
Liabilities in Excess of Other Assets — (2.9)%		(18,107,566)
Net Assets — 100.0%	$	615,867,284

Notes to Schedule of Investments
*	As of December 31, 2013, gross unrealized appreciation and depreciation based on cost for federal income tax purposes were as follows:
	Tax cost	$	400,581,922
	Gross unrealized appreciation	$	250,185,304
	Gross unrealized depreciation		(16,792,376)
	Net unrealized appreciation	$	233,392,928
(a)	Non-income producing security.
(b)	Security, or a portion of security, is on loan.
(c)	All or a portion of security has been pledged in connection with outstanding financial futures contracts.
(d)	Investments in issuers considered to be an affiliate of the Series during the year ended December 31, 2013, for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliate		Shares/ Beneficial Interest Held at December 31, 2012		Shares/ Beneficial Interest Purchased1	Shares/ Beneficial Interest Sold		Shares/ Beneficial Interest Held at December 31, 2013		Value at December 31, 2013		Income
BlackRock Liquidity Funds, TempCash Institutional Class		11,170,008		13,087,691	—		24,257,699	$	24,257,699	$	17,290
BlackRock Liquidity Series, LLC, Money Market Series	$	14,273,670	$	6,245,332	—	$	20,519,002	$	20,519,002	$	366,641
PennyMac Mortgage Investment Trust		5,478		—	—		5,478	$	125,775	$	12,490

1  Represents net shares/beneficial interest purchased.
(e)	Other interests represent beneficial interests in liquidation trusts and other reorganization or private entities.
(f)	Warrants entitle the Series to purchase a predetermined number of shares of common stock and are non-income producing. The purchase price and number of shares are subject to adjustment under certain conditions until the expiration date of the warrants, if any.
(g)	Represents the current yield as of report date.
(h)	Security was purchased with the cash collateral from loaned securities. The Series may withdraw up to 25% of its investment daily, although the manager of the BlackRock Liquidity Series, LLC, Money Market Series, in its sole discretion, may permit an investor to withdraw more than 25% on any one day.

See Notes to Financial Statements.

QUANTITATIVE MASTER SERIES LLC DECEMBER 31, 2013

Schedule of Investments (continued) Master Extended Market Index Series

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

•
Financial futures contracts outstanding as of December 31, 2013 were as follows:

Contracts Purchased	Issue	Exchange	Expiration	Notional Value			Unrealized Appreciation
119	Russell 2000 Mini Index	ICE Futures US Indices	March 2014	$	13,820,660	$	576,843
92	S&P MidCap 400 E-Mini	Chicago Mercantile	March 2014	$	12,322,480		310,364
Total						$	887,207

• Fair Value Measurements - Various inputs are used in determining the fair value of investments and derivative financial instruments. These inputs to valuation techniques are categorized into a disclosure 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.

Changes in valuation techniques may result in transfers into or out of an assigned level within the disclosure hierarchy. In accordance with the Series' policy, transfers between different levels of the fair value disclosure 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 investment and derivative financial instrument and is not necessarily an indication of the risks associated with investing in those securities. For information about the Series' policy regarding valuation of investments and derivative financial instruments, please refer to Note 2 of the Notes to Financial Statements.

The following tables summarize the Series' investments and derivative financial instruments categorized in the disclosure hierarchy as of December 31, 2013:

			Level 1		Level 2	Level 3		Total
Assets:
Investments:
Common Stocks:
	Aerospace & Defense	$		10,049,931	—	���	$	10,049,931
	Alternative Energy			704,156	—	—		704,156
	Automobiles & Parts			11,628,053	—	—		11,628,053
	Banks			32,064,639	—	—		32,064,639
	Beverages			463,971	—	—		463,971
	Chemicals			15,320,752	—	—		15,320,752
	Construction & Materials			15,596,102	—	—		15,596,102
	Electricity			8,175,727	—	—		8,175,727

See Notes to Financial Statements.

QUANTITATIVE MASTER SERIES LLC DECEMBER 31, 2013

Schedule of Investments (continued) Master Extended Market Index Series

		Level 1			Level 2		Level 3		Total
Assets (concluded):
Investments (concluded):
Common Stocks (concluded):
	Electronic & Electrical  Equipment	$	17,164,631		—		—	$	17,164,631
	Financial Services		20,537,113		—		—		20,537,113
	Fixed Line  Telecommunications		2,264,335		—		—		2,264,335
	Food & Drug Retailers		5,208,428		—		—		5,208,428
	Food Producers		11,763,518		—		—		11,763,518
	Forestry & Paper		1,664,059		—		—		1,664,059
	Gas, Water & Multi-Utilities		8,029,139		—		—		8,029,139
	General Industrials		7,804,355		—		—		7,804,355
	General Retailers		30,417,664		—		—		30,417,664
	Health Care Equipment & Services		30,409,132		—		—		30,409,132
	Household Goods & Home Construction		11,610,567		—		—		11,610,567
	Industrial Engineering		18,585,862		—		—		18,585,862
	Industrial Metals & Mining		3,994,307		—		—		3,994,307
	Industrial Transportation		8,697,366		—		—		8,697,366
	Leisure Goods		5,330,457		—		—		5,330,457
	Life Insurance		3,134,109		—		—		3,134,109
	Media		25,794,922		—		—		25,794,922
	Mining		3,057,901		—		—		3,057,901
	Mobile Telecommunications		5,313,653		—		—		5,313,653
	Nonlife Insurance		20,815,641		—		—		20,815,641
	Oil & Gas Producers		20,056,502		—		—		20,056,502
	Oil Equipment, Services & Distribution		15,583,167		—		—		15,583,167
	Personal Goods		9,473,197		—		—		9,473,197
	Pharmaceuticals & Biotechnology		29,672,088		—	$	241		29,672,329
	Real Estate Investment & Services		6,116,853		—		—		6,116,853
	Real Estate Investment Trusts (REITs)		46,090,286		—		—		46,090,286
	Software & Computer Services		36,568,996		—		—		36,568,996
	Support Services		31,430,484		—		—		31,430,484
	Technology Hardware & Equipment		29,524,261		—		—		29,524,261
	Tobacco		630,186		—		—		630,186
	Travel & Leisure		28,451,394		—		—		28,451,394
Other Interests:
	Fixed Line Telecommunications		—		—		1		1
Warrants:
	Automobiles & Parts		3		—		—		3
Short-Term Investment Fund			24,257,699	$	20,519,002		—		44,776,701
Total		$	613,455,606	$	20,519,002	$	242	$	633,974,850

See Notes to Financial Statements.

QUANTITATIVE MASTER SERIES LLC DECEMBER 31, 2013

Schedule of Investments (concluded) Master Extended Market Index Series

	Level 1		Level 2	Level 3		Total
Derivative Financial Instruments 1
Assets:
Equity contracts	$	887,207	—	—	$	887,207

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

The carrying amount for certain of the Series’ assets and/or liabilities approximates fair value for financial statement purposes. As of December 31, 2013,

such assets and/or liabilities are categorized within the disclosure hierarchy as follows:

		Level 1			Level 2	Level 3		Total
Assets:
	Cash pledged for financial futures contracts	$	800,000		—	—	$	800,000
Liabilities:
	Collateral on securities loaned at value		—	$	(20,519,002)	—		(20,519,002)
Total		$	800,000	$	(20,519,002)	—	$	(19,719,002)

There were no transfers between levels during the year ended December 31, 2013

See Notes to Financial Statements.

QUANTITATIVE MASTER SERIES LLC DECEMBER 31, 2013

Statement of Assets and Liabilities Master  Extended Market Index Series

December 31, 2013
Assets
Investments at value - unaffiliated (including securities loaned at value of $20,055,074) (cost — $352,752,053)	$	589,072,374
Investments at value - affiliated (cost — $44,884,793)	44,902,476
Cash pledged for financial futures contracts	800,000
Contributions receivable from investors	858,740
Dividends receivable - unaffiliated	653,981
Variation margin receivable on financial futures contracts	85,192
Other income receivable - affiliated	58,881
Securities lending income receivable — affiliated	41,231
Prepaid expenses	4,043
Total assets	636,476,918
Liabilities
Collateral on securities loaned at value	20,519,002
Directors' fees payable	4,319
Investment advisory fees payable	3,683
Other affiliates payable	1,325
Other accrued expenses payable	81,305
Total liabilities	20,609,634
Net Assets	$	615,867,284
Net Assets Consist of
Investors' capital	$	378,642,073
Net unrealized appreciation/depreciation	237,225,211
Net Assets	$	615,867,284

See Notes to Financial Statements.

QUANTITATIVE MASTER SERIES LLC DECEMBER 31, 2013

Statement of Operations Master Extended Market Index Series

Year Ended December 31, 2013
Investment Income
Dividends - unaffiliated	$	6,558,634
Foreign taxes withheld	(7,525)
Securities lending - affiliated - net	366,641
Dividends - affiliated	29,780
Other income - affiliated	58,881
Total income	7,006,411
Expenses
Investment advisory	50,536
Accounting services	95,462
Professional	78,524
Custodian	24,687
Printing	21,632
Directors	20,456
Miscellaneous	50,257
Total expenses	341,554
Less fees waived by Manager	(15,220)
Total expenses after fees waived	326,334
Net investment income	6,680,077
Realized and Unrealized Gain
Net realized gain from:
Investments	20,605,385
Financial futures contracts	5,159,938
	25,765,323
Net change in unrealized appreciation/depreciation on:
Investments	126,323,267
Financial futures contracts	722,380
	127,045,647
Total realized and unrealized gain	152,810,970
Net Increase in Net Assets Resulting from Operations	$	159,491,047

See Notes to Financial Statements.

QUANTITATIVE MASTER SERIES LLC DECEMBER 31, 2013

Statements of Changes in Net Assets Master Extended Market Index Series

		Year Ended December 31,
Increase (Decrease) in Net Assets:	2013			2012
Operations
Net investment income	$		6,680,077		$	7,371,799
Net realized gain			25,765,323			271,624
Net change in unrealized appreciation/depreciation			127,045,647			66,917,117
Net increase in net assets resulting from operations			159,491,047			74,560,540
Capital Transactions
Proceeds from contributions			142,916,608			68,284,242
Value of withdrawals			(84,844,928)			(184,292,124)
Net increase (decrease) in net assets derived from capital transactions			58,071,680			(116,007,882)
Net Assets
Total increase (decrease) in net assets			217,562,727			(41,447,342)
Beginning of year			398,304,557			439,751,899
End of year	$		615,867,284		$	398,304,557

See Notes to Financial Statements.

QUANTITATIVE MASTER SERIES LLC DECEMBER 31, 2013

Financial Highlights Master Extended Market Index Series

		Year Ended December 31,
	2013			2012			2011			2010			2009
Total Investment Return
Total investment return			37.98%			18.04%			(3.55)%			28.65%			37.08%
Ratios to Average Net Assets
Total expenses			0.07%			0.10%			0.08%			0.08%			0.11%
Total expenses after fees waived and/or reimbursed			0.06%			0.09%			0.08%			0.08%			0.10%
Net investment income			1.32%			1.83%			1.29%			1.30%			1.26%
Supplemental Data
Net assets, end of year (000)		$	615,867		$	398,305		$	439,752		$	437,426		$	286,216
Portfolio turnover			18%			12%			12%			15%			20%

See Notes to Financial Statements.

QUANTITATIVE MASTER SERIES LLC DECEMBER 31, 2013

Notes to Financial Statements Master Extended Market Index Series

1. Organization:

Master Extended Market Index Series (the “Series”), a diversified, open-end management investment company, is a series of Quantitative

Master Series LLC (the “Master LLC”). The Master LLC is registered as an investment company under the Investment Company Act of 1940, as amended (the “1940 Act”), and is organized as a Delaware limited liability company. The Master LLC’s Limited Liability Company Agreement permits the Board of Directors of the Master LLC (the “Board”) to issue non-transferable interests in the Master LLC, subject to certain limitations.

2. Significant Accounting Policies:

The Series’ financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (“US GAAP”), which may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities in 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 following is a summary of the significant accounting policies followed by the Series:

Valuation: US 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 value of its financial instruments at market value using independent dealers or pricing services under policies approved by the Board. The BlackRock Global Valuation Methodologies Committee (the “Global Valuation Committee”) is the committee formed by management to develop global pricing policies and procedures and to provide oversight of the pricing function for the Series for all financial instruments.

Equity investments traded on a recognized securities exchange or the NASDAQ Stock Market ("NASDAQ") are valued at the last reported sale price that day or the NASDAQ official closing price, if applicable. For equity investments traded on more than one exchange, the last reported sale price on the exchange where the stock is primarily traded is used. Equity investments traded on a recognized exchange for which there were no sales on that day are valued at the last available bid (long positions) or ask (short positions) price. Financial futures contracts traded on exchanges are valued at their last sale price.

The Series values its investments in BlackRock Liquidity Series, LLC, Money Market Series (the “Money Market Series”) at fair value, which is ordinarily based upon its pro rata ownership in the 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 will follow the parameters of investments by a money market fund that is subject to Rule 2a-7 under the 1940 Act. The Series may withdraw up to 25% of its investment daily, although the manager of the Money Market Series, in its sole discretion, may permit an investor to withdraw more than 25% on any one day.

In the event that 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 Value Assets”). When determining the price for Fair Value Assets, the Global Valuation Committee, or its delegate, seeks to determine the price that the Series might reasonably expect to receive from the current sale of that asset in an arm’s-length transaction. Fair value determinations shall be based upon all available factors that the Global Valuation Committee or its delegate, deem relevant consistent with the principles of fair value measurement, which include the market approach, income approach and/or in the case of recent investments, the cost approach, as appropriate. The market approach generally consists of using comparable market transactions. The income approach generally is used to discount future cash flows to present value and is adjusted for liquidity as appropriate. These factors include but are not limited to: (i) attributes specific to the investment or asset; (ii) the principal market for the investment or asset; (iii) the customary participants in the principal market for the investment or asset; (iv) data assumptions by market participants for the investment or asset, if reasonably available; (v) quoted prices for similar investments or assets in active markets; and (vi) other factors, such as future cash flows, interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, recovery rates, liquidation amounts and/or default rates. Due to the inherent uncertainty of valuations of such investments, the fair values may differ from the values that would have been used had an active market existed. The Global Valuation Committee, or its delegate, employs various methods for calibrating valuation approaches for investments where an active market does not exist, including regular due diligence of the Series' pricing vendors, a regular review 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 Value Assets is subsequently reported to the Board or a committee thereof on a quarterly basis.

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

Investment Transactions and Investment Income: For financial reporting purposes, investment transactions are recorded on the dates the transactions are entered into (the trade dates). Realized gains and losses on investment transactions are determined on the identified cost basis. Dividend income is recorded on the ex-dividend dates. Upon notification from issuers, some of the dividend income received from a real estate investment trust may be redesignated as a reduction of cost of the related investment and/or realized gain.

Income Taxes: The Series is classified as a partnership for federal income tax purposes. As such, each investor in the Series is treated as the owner of its proportionate share of net assets, income, expenses and realized and unrealized gains and losses of the Series. Therefore, no federal income tax provision is required.

QUANTITATIVE MASTER SERIES LLC DECEMBER 31, 2013

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

The Series files US federal and various state and local tax returns. No income tax returns are currently under examination. The statute of limitations on the Series' US federal tax returns remains open for each of the four years ended December 31, 2013. 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’ facts and circumstances and does not believe there are any uncertain tax positions that require recognition of a tax liability.

Other: Expenses directly related to the Series are charged to the Series. Other operating expenses shared by several funds are pro rated among those funds on the basis of relative net assets or other appropriate methods.

The Series has an arrangement with the custodian whereby fees may be reduced by credits earned on uninvested cash balances, which, if applicable, are shown as fees paid indirectly in the Statement of Operations. The custodian imposes fees on overdrawn cash balances, which can be offset by accumulated credits earned or may result in additional custody charges.

3. Securities and Other Investments:

Securities Lending: The Series may lend securities to approved borrowers, such as banks, brokers and other financial institutions. The borrower pledges cash, securities issued or guaranteed by the US government or irrevocable letters of credit issued by a bank as collateral. The initial collateral received by the Series should have a value of at least 102% of the current value of the loaned securities for securities traded on US exchanges and a value of at least 105% for all other securities. The collateral is maintained thereafter in an amount equal to at least 100% of the current market value of the loaned securities. The market value of the loaned securities is determined at the close of business of the Series and any additional required collateral is delivered to the Series on the next business day. Securities lending income, as disclosed in the Statement of Operations, represents the income earned from the investment of the cash collateral, net of rebates paid to, or fees paid by, borrowers and less the fees paid to the securities lending agent. During the term of the loan, the Series earns dividend or interest income on the securities loaned but does not receive interest income on the 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 securities on loan and the value of the related collateral are shown separately in the Statement of Assets and Liabilities as a component of investments at value, and collateral on securities loaned at value, respectively. The cash collateral invested by the securities lending agent, BlackRock Investment Management, LLC (“BIM”), if any, is disclosed in the Schedule of Investments.

Securities lending transactions are entered into by the Series under Master Securities Lending Agreements (“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. The value of the collateral is typically greater than that of the market value of the securities loaned, leaving the lender 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 a MSLA counterparty’s bankruptcy or insolvency. Under the MSLA, the borrower can resell or re-pledge the loaned securities, and the Series can reinvest cash collateral, or, upon an event of default, resell or re-pledge the collateral.

The following table is a summary of the Series’ securities lending agreements by counterparty which are subject to offset under a MSLA as of December 31, 2013:

Counterparty	Securities Loaned at Value	Cash Collateral Received1	Net Amount
Barclays Capital, Inc.	$1,194,113	$(1,194,113)	—
BNP Paribas S.A.	844,880	(844,880)	—
Citigroup Global Markets, Inc.	1,937,926	(1,937,926)	—
Credit Suisse Securities (USA) LLC	1,309,473	(1,309,473)	—
Deutsche Bank Securities, Inc.	195,271	(195,271)	—
Goldman Sachs & Co	7,290,008	(7,290,008)	—
JP Morgan Securities   LLC	1,230,213	(1,230,213)	—
Merrill Lynch, Pierce, Fenner & Smith Inc.	1,136,176	(1,136,176)	—
Morgan Stanley	4,821,643	(4,821,643)	—
UBS Securities LLC	95,371	(95,371)	—
Total	$20,055,074	$(20,055,074)	—

¹ Collateral with a value of $20,519,002 has been received in connection with securities lending agreements. Excess of collateral received from the individual counterparty is not shown for financial reporting purposes.

The risks of securities lending also include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate this risk, the Series benefits from a borrower default indemnity provided by BlackRock, Inc. (“BlackRock”). BlackRock’s indemnity allows for full replacement of the securities lent. The Series also could suffer a loss if the value of an investment purchased with cash collateral falls below the market value of loaned securities or if the value of an investment purchased with cash collateral falls below the value of the original cash collateral received. During the year ended December 31, 2013, any securities on loan were collateralized by cash.

4. 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 economically hedge its exposure to certain risks such as equity risk. These contracts may be transacted on an exchange or over the counter.

Financial Futures Contracts: The Series purchases and/or sells financial futures contracts and options on financial futures contracts to gain exposure to, or economically hedge against, changes in the value of equity securities (equity risk). Financial futures contracts are

QUANTITATIVE MASTER SERIES LLC DECEMBER 31, 2013

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

agreements between the Series and a counterparty to buy or sell a specific quantity of an underlying instrument at a specified price and at a specified date. Depending on the terms of the particular contract, financial futures contracts are settled either through physical delivery of the underlying instrument on the settlement date or by payment of a cash settlement amount on the settlement date.

Upon entering into a financial futures contract, the Series 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 recorded in the Statement of Assets and Liabilities as cash pledged for financial futures contracts. Pursuant to the contract, the Series agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in value of the contract. Such receipts or payments are known as variation margin. Variation margin is recorded by the Series as unrealized appreciation or depreciation, and if applicable, as a receivable or payable for variation margin in the Statement of Assets and Liabilities.

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

The following is a summary of the Series’ derivative financial instruments categorized by risk exposure:

Fair Values of Derivative Financial Instruments as of December 31, 2013
			Derivative Assets
			Statement of Assets and Liabilities Location		Value
Equity contracts			Net unrealized appreciation1	$	887,207
	1	Includes cumulative appreciation/depreciation on financial futures contracts as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statement of Assets and Liabilities.

The Effect of Derivative Financial Instruments in the Statement of Operations
Year Ended December 31, 2013
		Net Realized Gain From
Equity contracts:
	Financial futures contracts		$5,159,938
		Net Change in Unrealized Appreciation/Depreciation on
Equity contracts:
	Financial futures contracts		$722,380

For the year ended December 31, 2013, the average quarterly balances of outstanding derivative financial instruments were as follows:

Financial futures contracts:
	Average number of contracts purchased		188
	Average number of contracts sold		1
	Average notional value of contracts purchased	$	21,294,153
	Average notional value of contracts sold	$	57,550

Counterparty Credit Risk:

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) of the clearing broker or clearinghouse. 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.

5. Investment Advisory Agreement and Other Transactions with Affiliates:

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

The Master LLC, on behalf of the Series, entered into an Investment Advisory Agreement with BlackRock Advisors, LLC (the “Manager”), the Series’ investment advisor, an indirect, wholly owned subsidiary of BlackRock, to provide investment advisory and administration services. The Manager is responsible for the management of the Series’ portfolio and provides the necessary personnel, facilities, equipment and certain other services necessary to the operations of the Series. For such services, the Series pays the Manager a monthly fee at an annual rate of 0.01% of the Series’ average daily net assets.

The Manager voluntarily agreed to waive its investment advisory fees by the amount of investment advisory fees the Series pays to the Manager indirectly through its investment in affiliated money market funds. However, the Manager does not waive its investment advisory fees by the amount of investment advisory fees paid in connection with the Series’ investment in other affiliated investment companies, if any. This amount is included in fees waived by Manager in the Statement of Operations.

The Manager entered into a sub-advisory agreement with BIM, an affiliate of the Manager. The Manager pays BIM, for services it provides, a monthly fee that is a percentage of the investment advisory fees paid by the Series to the Manager.

For the year ended December 31, 2013, the Series reimbursed the Manager $4,475 for certain accounting services, which is included in accounting services in the Statement of Operations.

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. The expense limitation as a

QUANTITATIVE MASTER SERIES LLC DECEMBER 31, 2013

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

percentage of average daily net assets is 0.12%. The Manager has agreed not to reduce or discontinue this contractual waiver or reimbursement prior to May 1, 2014 unless approved by the Board, including a majority of the Independent Trustees. There were no fees waived and/or reimbursed by the Manager for the year ended December 31, 2013.

The Master LLC, on behalf of the Series, received an exemptive order from the SEC permitting it, among other things, to pay an affiliated securities lending agent a fee based on a share of the income derived from the securities lending activities and has retained BIM as the securities lending agent. BIM may, on behalf of the Series, invest cash collateral received by the Series for such loans, in a private investment company managed by the Manager or in registered money market funds advised by the Manager or its affiliates. The market value of securities on loan and the value of the related collateral, if applicable, is shown in the Statement of Assets and Liabilities as securities loaned at value and collateral on securities loaned at value, respectively. The cash collateral invested by BIM, if any, is disclosed in the Schedule of Investments. Securities lending income is equal to the total of income earned from the reinvestment of cash collateral, net of rebates paid to, or fees paid by, borrowers of securities. The Series retains 65% of securities lending income and pays a fee to BIM equal to 35% of such income. The Series benefits from a borrower default indemnity provided by BlackRock. As securities lending agent, BIM bears all operational costs directly related to securities lending as well as the cost of borrower default indemnification. BIM does not receive any fees for managing the cash collateral. The share of income earned by the Series is shown as securities lending — affiliated — net in the Statement of Operations. For the year ended December 31, 2013, BIM received $197,364 in securities lending agent fees related to securities lending activities for the Series.

The Series recorded a payment from an affiliate to compensate for foregone securities lending revenue which is shown as Other income – affiliated in the Statement of Operations.

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

The Series may purchase securities from, or sell securities to, an affiliated fund provided the affiliation is solely due to having a common investment adviser, common officers, or common trustees. For the year ended December 31, 2013, the purchase and sale transactions with an affiliated fund in compliance with Rule 17a-7 under the 1940 Act were $3,771,180 and $19,630,521, respectively.

6. Purchases and Sales:

Purchases and sales of investments, excluding short-term securities for the year ended December 31, 2013, were $142,573,257 and $86,024,108, respectively.

7. Bank Borrowings:

The Series, along with certain other funds managed by the Manager and its affiliates (“Participating Funds”), is a party to a 364-day, $800 million credit agreement with a group of lenders, under which the Series may borrow to fund shareholder redemptions. The agreement expires in April 2014. Excluding commitments designated for a certain individual fund, other Participating Funds, including the Series, can borrow up to an aggregate commitment amount of $500 million, subject to asset coverage and other limitations as specified in the agreement. The credit agreement has the following terms: a fee of 0.065% per annum on unused commitment amounts and interest at a rate equal to the higher of (a) the one-month LIBOR plus 0.80% per annum or (b) the Fed Funds rate plus 0.80% per annum on amounts borrowed. Participating Funds paid administration and arrangement fees, which, along with commitment fees, were allocated among such funds based upon portions of the aggregate commitment available to them and relative net assets of Participating Funds. The Series did not borrow under the credit agreement during the year ended December 31, 2013.

8. Concentration, Market and Credit Risk:

In the normal course of business, the Series invests in securities and enters into transactions where risks exist due to fluctuations in the market (market risk) or failure of the issuer of a security to meet all its obligations (issuer credit risk). The value of securities held by the Series may decline in response to certain events, including those directly involving the issuers whose securities are owned by the Series; conditions affecting the general economy; overall market changes; local, regional or global political, social or economic instability; and currency and interest rate and price fluctuations. Similar to issuer credit risk, the Series may be exposed to counterparty credit risk, or the risk that an entity with which the Series has unsettled or open transactions may fail to or be unable to perform on its commitments. The Series manages counterparty credit risk by entering into transactions only with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose the Series to market, issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of the Series' exposure to market, issuer and counterparty credit risks with respect to these financial assets is generally approximated by their value recorded in the Statement of Assets and Liabilities, less any collateral held by the Series.

As of December 31, 2013, the Series invested a significant portion of its assets in securities in the financials sector. Changes in economic conditions affecting the financials sector would have a greater impact on the Series and could affect the value, income and/or liquidity of positions in such securities.

9. Subsequent Events:

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

QUANTITATIVE MASTER SERIES LLC DECEMBER 31, 2013

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

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

Quantitative Master Series LLC:

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Master Extended Market Index Series, one of the series constituting Quantitative Master Series LLC, (the “Series”) as of December 31, 2013, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended. These financial statements and financial highlights are the responsibility of the Series’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. The Series is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Series’ internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of December 31, 2013, by correspondence with the custodian and brokers. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Master Extended Market Index Series, of the Quantitative Master Series LLC, as of December 31, 2013, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

Deloitte & Touche LLP

Boston, Massachusetts

February 18, 2014

QUANTITATIVE MASTER SERIES LLC DECEMBER 31, 2013

Officers and Directors
Name, Address and Year of Birth	Position(s) Held with Master LLC	Length of Time Served as a Director 2	Principal Occupation(s) During Past Five Years	Number of BlackRock – Advised Registered Investment Companies (“RICs”) Consisting of Investment Portfolios (“Portfolios”) Overseen	Public Directorships
Independent Directors 1
Ronald W. Forbes 55 East 52nd Street New York, NY 10055 1940	Co-Chairman of the Board and Director	Since 2007	Professor Emeritus of Finance, School of Business, State University of New York at Albany since 2000.	33 RICs consisting of 107 Portfolios	None
Rodney D. Johnson 55 East 52nd Street New York, NY 10055 1941	Co-Chairman of the  Board and Director	Since 2007	President, Fairmount Capital Advisors, Inc. from 1987 to 2013; Member of the Archdiocesan Investment Committee of the Archdiocese of Philadelphia from 2004 to 2012; Director, The Committee of Seventy (civic) from 2006 to 2012; Director, Fox Chase Cancer Center from 2004 to 2011.	33 RICs consisting of 107 Portfolios	None
David O. Beim 55 East 52nd Street New York, NY 10055 1940	Director	Since 2007	Professor of Professional Practice at the Columbia University Graduate School of Business since 1991; Trustee, Phillips Exeter Academy from 2002 to 2012; Chairman, Wave Hill, Inc. (public garden and cultural center) from 1990 to 2006.	33 RICs consisting of 107 Portfolios	None

QUANTITATIVE MASTER SERIES LLC DECEMBER 31, 2013

Dr. Matina S. Horner 55 East 52nd Street New York, NY 10055 1939	Director	Since 2007	Executive Vice President,  Teachers Insurance and Annuity Association and College Retirement Equities Fund from 1989 to 2003.	33 RICs consisting of 107 Portfolios	NSTAR (electric and gas utility)
Herbert I. London 55 East 52nd Street New York, NY 10055 1939	Director	Since 2007	President, London Center for Policy Research since 2012; Professor Emeritus, New York University since 2005; John M. Olin Professor of Humanities, New York University from 1993 to 2005 and Professor thereof from 1980 to 2005; President Emeritus, Hudson Institute (policy research organization) from 2011 to 2012, President thereof from 1997 to 2011 and Trustee from 1980 to 2012; Chairman of the Board of Trustees for Grantham University since 2006; Director, InnoCentive, Inc. (global internet service) since 2005; Director, Cerego, LLC  (educational software) since 2005; Director, Cybersettle (online adjudication) since 2009; Director AIMS Worldwide, Inc. (marketing) from 2007 to 2012.	33 RICs consisting of 107 Portfolios

QUANTITATIVE MASTER SERIES LLC DECEMBER 31, 2013

Ian A. MacKinnon 55 East 52nd Street New York, NY 10055 1948	Director	Since 2012	Director, Kennett Capital, Inc. (investments) since 2006; Director, Free Library of Philadelphia from 1998 to 2008.	33 RICs consisting of 107 Portfolios	None
Cynthia A. Montgomery 55 East 52nd Street New York, NY 10055 1952	Director	Since 2007	Professor, Harvard Business School since 1989; Director, McLean Hospital from 2005 to 2012; Director, Harvard Business School Publishing from 2005 to 2010.	33 RICs consisting of 107 Portfolios	Newell Rubbermaid, Inc. (manufacturing)
Joseph P. Platt 55 East 52nd Street New York, NY 10055 1947	Director	Since 2007	Director, Jones and Brown (Canadian insurance broker) since 1998; General Partner, Thorn Partners, LP (private investment) since 1998; Director, WQED Multi-Media (public broadcasting not-for-profit) since 2001; Director, The West Penn Allegheny Health System (a not-for-profit health system) from 2008 to 2013; Partner, Amarna Corporation, LLC (private investment company) from 2002 to 2008.	33 RICs consisting of 107 Portfolios	Greenlight Capital Re, Ltd. (reinsurance company)

QUANTITATIVE MASTER SERIES LLC DECEMBER 31, 2013

Robert C. Robb, Jr. 55 East 52nd Street New York, NY 10055 1945	Director	Since 2007	Partner, Lewis, Eckert, Robb and Company (management and financial consulting firm) since 1981.	33 RICs consisting of 107 Portfolios	None
Toby Rosenblatt 55 East 52nd Street New York, NY 10055 1938	Director	Since 2007	President, Founders Investments Ltd. (private investments) since 1999; Director, Forward Management, LLC since 2007; Director, College Access Foundation of California (philanthropic foundation) since 2009; Director, A.P. Pharma, Inc. (specialty pharmaceuticals) from 1983 to 2011; Director, The James Irvine Foundation (philanthropic foundation) from 1998 to 2008.	33 RICs consisting of 107 Portfolios	None
Kenneth L. Urish 55 East 52nd Street New York, NY 10055 1951	Director	Since 2007	Managing Partner, Urish Popeck & Co., LLC (certified public accountants and consultants) since 1976;  Immediate past-Chairman of the Professional Ethics Committee of the Pennsylvania Institute of Certified Public Accountants and Committee Member thereof since 2007; Member of External Advisory Board, The	33 RICs consisting of 107 Portfolios	None

QUANTITATIVE MASTER SERIES LLC DECEMBER 31, 2013

Pennsylvania State University Accounting Department since 2001; Principal, UP Strategic Wealth Investment Advisors, LLC since 2013;  Trustee, The Holy Family Institute from 2001 to 2010; President and Trustee, Pittsburgh Catholic Publishing Associates from 2003 to 2008; Director, Inter-Tel from 2006 to 2007.

Frederick W. Winter   55 East 52^nd Street New York, NY 10055   1945 Director   Since 2007 Director, Alkon Corporation (pneumatics) since 1992; Professor and Dean Emeritus of the Joseph M. Katz School of Business, University of Pittsburgh from 2005 to 2013 and Dean thereof from 1997 to 2005; Director, Tippman Sports (recreation) from 2005 to 2013; Director, Indotronix International (IT services) from 2004 to 2008. 33 RICs consisting of 107 Portfolios None

¹ Directors serve until their resignation, removal or death, or until December 31 of the year in which they turn 72. The Board has approved extensions in terms of Directors who turn 72 prior to December 31, 2013.

² Date shown is the earliest date a person has served for the Master LLC covered by this annual report. Following the combination of Merrill Lynch Investment Managers, L.P. (“MLIM”) and BlackRock, Inc. (“BlackRock”) in September 2006, the various legacy MLIM and legacy BlackRock Fund boards were realigned and consolidated into three new fund boards in 2007.

QUANTITATIVE MASTER SERIES LLC DECEMBER 31, 2013

As a result, although the chart shows certain Directors as joining the Master LLC’s board in 2007, those Directors first became a member of the board of other legacy MLIM or legacy BlackRock funds as follows: David O. Beim, 1998; Ronald W. Forbes, 1977; Dr. Matina S. Horner, 2004; Rodney D. Johnson, 1995; Herbert I. London, 1987; Cynthia A. Montgomery, 1994; Joseph P. Platt, 1999; Robert C. Robb, Jr., 1998; Toby Rosenblatt, 2005; Kenneth L. Urish, 1999; and Frederick W. Winter, 1999.

Interested Directors 3
Paul L. Audet 55 East 52nd Street New York, NY 10055 1953	Director	Since 2011	Senior Managing Director of BlackRock and Head of U.S. Mutual Funds since 2011; Chair of the U.S. Mutual Funds Committee reporting to the Global Executive Committee since 2011; Head of BlackRock’s Real Estate business from 2008 to 2011;  Member of BlackRock’s Global Operating and Corporate Risk Management Committees and of the BlackRock Alternative Investors Executive Committee and Investment Committee for the Private Equity Fund of Funds business since 2008; Head of BlackRock's Global Cash Management business from 2005 to 2010; Acting Chief Financial Officer of BlackRock from 2007 to 2008; Chief Financial Officer of BlackRock from 1998 to 2005.	144 RICs consisting of 278 Portfolios	None

QUANTITATIVE MASTER SERIES LLC DECEMBER 31, 2013

Henry Gabbay   55 East 52^nd Street New York, NY 10055   1947 Director Since 2007 Consultant, BlackRock, from 2007 to 2008; Managing Director, BlackRock, from 1989 to 2007; Chief Administrative Officer, BlackRock Advisors, LLC from 1998 to 2007; President of BlackRock Funds and BlackRock Allocation Target Shares (formerly BlackRock Bond Allocation Target Shares) from 2005 to 2007 and Treasurer of certain closed-end funds in the BlackRock fund complex from 1989 to 2006. 144 RICs consisting of 278 Portfolios None

³ Mr. Audet is an "interested person”, as defined in the 1940 Act, of the Master LLC based on his position with BlackRock and its affiliates. Mr. Gabbay is an "interested person" of the Master LLC based on his former positions with BlackRock and its affiliates as well as his ownership of BlackRock and The PNC Financial Services Group, Inc. securities. Mr. Audet and Mr. Gabbay are also Directors of the BlackRock registered closed-end funds and Directors of other BlackRock registered open-end funds. Directors serve until their resignation, removal or death, or until December 31 of the year in which they turn 72.

QUANTITATIVE MASTER SERIES LLC DECEMBER 31, 2013

Name, Address and Year of Birth	Position(s) Held with the Master LLC	Length of Time Served	Principal Occupation(s) During Past Five Years
Master LLC Officers 1
John M. Perlowski 55 East 52nd Street New York, NY 10055 1964	President and Chief Executive Officer	Since 2010	Managing Director of BlackRock, since 2009; Global Head of BlackRock Fund Services since 2009; Managing Director and Chief Operating Officer of the Global Product Group at Goldman Sachs Asset Management, L.P. from 2003 to 2009; Treasurer of Goldman Sachs Mutual Funds from 2003 to 2009 and Senior Vice President thereof from 2007 to 2009; Director of Goldman Sachs Offshore Funds from 2002 to 2009; Director of Family Resource Network (charitable foundation) since 2009.
Brendan Kyne 55 East 52nd Street New York, NY 10055 1977	Vice President	Since 2009	Managing Director of BlackRock since 2010; Director of BlackRock from 2008 to 2009; Head of Product Development and Management for BlackRock's U.S. Retail Group since 2009 and Co-head thereof from 2007 to 2009; Vice President of BlackRock from 2005 to 2008.
Neal Andrews 55 East 52nd Street New York, NY 10055 1966	Chief Financial Officer	Since 2007	Managing Director of BlackRock since 2006; Senior Vice President and Line of Business Head of Fund Accounting and Administration at PNC Global Investment Servicing (U.S.) Inc. from 1992 to 2006.
Jay Fife 55 East 52nd Street New York, NY 10055 1970	Treasurer	Since 2007	Managing Director of BlackRock since 2007; Director of BlackRock in 2006;  Assistant Treasurer of the  MLIM and Fund Asset Management, L.P. advised funds from 2005 to 2006; Director of MLIM Fund Services Group from 2001 to 2006.

QUANTITATIVE MASTER SERIES LLC DECEMBER 31, 2013

Brian Kindelan 55 East 52nd Street New York, NY 10055 1959	Chief Compliance Officer and Anti-Money Laundering Officer	Since 2007	Chief Compliance Officer of the BlackRock-advised funds since 2007; Managing Director and Senior Counsel of BlackRock since 2005.
Benjamin Archibald 55 East 52nd Street New York, NY 10055 1975	Secretary	Since 2012	Managing Director of BlackRock since 2014; Director of BlackRock, Inc. from 2010 to 2013; Assistant Secretary of the BlackRock-advised funds from 2010 to 2012; General Counsel and Chief Operating Officer of Uhuru Capital Management from 2009 to 2010; Executive Director and Counsel of Goldman Sachs Asset Management from 2005 to 2009.

¹ Officers of the Master LLC serve at the pleasure of the Board.

QUANTITATIVE MASTER SERIES LLC DECEMBER 31, 2013

Additional Information

Investment Advisor

BlackRock Advisors, LLC

Wilmington, DE 19809

Sub-Advisor

BlackRock Investment Management, LLC

Princeton, NJ 08540

Custodian

JPMorgan Chase Bank, N.A.

Brooklyn, NY 11245

Accounting Agent

State Street Bank and Trust Company

Boston, MA 02110

Independent Registered Public Accounting Firm

Deloitte & Touche LLP

Boston, MA 02116

Legal Counsel

Sidley Austin LLP

New York, NY 10019

Address of the Series

100 Bellevue Parkway

Wilmington, DE 19809

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 how to access documents on the SEC’s website without charge may be obtained by calling (800) SEC-0330. The Series’ Forms N-Q may also be obtained upon request and without charge by calling (800) 441-7762.

Availability of Proxy Voting Policies and Procedures

A description of the policies and procedures that the Series uses to determine how to vote proxies relating to portfolio securities is available (1) without charge, upon request, by calling (800) 441-7762; (2) at http://www.blackrock.com; and (3) on the SEC’s website at http://www.sec.gov.

Availability of Proxy Voting Record

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

QUANTITATIVE MASTER SERIES LLC DECEMBER 31, 2013

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, there have been no amendments to or waivers granted under the code of ethics. A copy of the code of ethics is available without charge at www.blackrock.com.
Item 3 –	Audit Committee Financial Expert – The registrant’s board of directors (the “board of directors”), has determined that (i) the registrant has the following audit committee financial expert serving on its audit committee and (ii) each audit committee financial expert is independent: Kenneth L. Urish
	Under applicable securities laws, a person determined to be an audit committee financial expert will not be deemed an “expert” for any purpose, including without limitation for the purposes of Section 11 of the Securities Act of 1933, as a result of being designated or identified as an audit committee financial expert.  The designation or identification of a person as an audit committee financial expert does not impose on such person any duties, obligations, or liabilities greater than the duties, obligations, and liabilities imposed on such person as a member of the audit committee and board of directors in the absence of such designation or identification.
Item 4 –	Principal Accountant Fees and Services
	The following table presents fees billed by Deloitte & Touche LLP (“D&T”) in each of the last two fiscal years for the services rendered to the Fund:

	(a) Audit Fees		(b) Audit-Related Fees1		(c) Tax Fees2		(d) All Other Fees3
Entity Name	Current Fiscal Year End	Previous Fiscal Year End	Current Fiscal Year End	Previous Fiscal Year End	Current Fiscal Year End	Previous Fiscal Year End	Current Fiscal Year End	Previous Fiscal Year End
Master Extended Market Index Series of Quantitative Master Series LLC	$38,763	$38,500	$0	$0	$13,000	$13,000	$0	$0

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

	Current Fiscal Year End	Previous Fiscal Year End
(b) Audit-Related Fees1	$0	$0
(c) Tax Fees2	$0	$0
(d) All Other Fees3	$2,865,000	$2,970,000

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

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

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

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

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

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

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

(f) Not Applicable

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

Entity Name	Current Fiscal Year End	Previous Fiscal Year End
Master Extended Market Index Series of Quantitative Master Series LLC	$13,000	$13,000

	Additionally, SSAE 16 Review (Formerly, SAS No. 70) fees for the current and previous fiscal years of $2,865,000 and $2,970,000, respectively, were billed by D&T to the Investment Adviser.
	(h) The Committee has considered and determined that the provision of non-audit services that were rendered to the Investment Adviser and the Fund Service Providers that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant’s independence.
Item 5 –	Audit Committee of Listed Registrants – Not Applicable

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

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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, 2014

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, 2014

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, 2014

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