Quantitative Master Series N-CSRS Certified semi-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: 12/31/2014

Date of reporting period: 06/30/2014

Item 1 – Report to Stockholders

Master Extended Market Index Series of Quantitative Master Series LLC

Semi-Annual Report, June 30, 2014

PORTFOLIO MANAGEMENT COMMENTARY

How did the Series perform?

· For the six-month period ended June 30, 2014, Master Extended Market Index Series (the “Master Series”), a series of Quantitative Master Series LLC, returned 6.19% while the benchmark Dow Jones U.S. Completion Total Stock Market Index^SM (the “Benchmark Index”) returned 6.20%.

Describe the market environment.

• Despite high valuations resulting from last year’s strong rally, investors continued to favor equities in the first half of 2014, pushing major indices to record highs during the period. However, not all segments of the market advanced as many of last year’s winners struggled, including many biotechnology and internet-related companies as well as retailers. Broadly speaking, the year 2014 brought a swift reversal away from the prevailing momentum stocks of 2013 and a rotation from growth to value stocks. Additionally, market volatility remained well below historical norms, a trend that has continued for several quarters, suggesting that investors have become complacent in an environment where easy monetary conditions and low default rates have served to counteract growing geopolitical risk.

• The year got off to a rocky start, however, as heightened risks in emerging markets compelled investors to pull back from risk assets generally. A number of emerging economies struggled with currency weakness, debt problems and uneven growth rates while facing the broader headwind of diminishing global liquidity as the Fed began tapering its stimulus program. Signs of further deceleration in Chinese economic growth were particularly worrisome. Meanwhile, disappointing corporate earnings reports and softer economic data in the United States, also contributed to the sell-off in equities.

• U.S. equities were back on the rise in February due in part to positive developments in Washington, D.C. Fiscal uncertainty abated with the extension of the U.S. debt ceiling. Additionally, investors were encouraged by market-friendly comments from the new Fed Chairwoman, Janet Yellen. Although U.S. economic data had weakened, most investors viewed this recent trend as temporary and continued to take on U.S. equity risk given expectations that growth would pick up later in the year.

• Market volatility increased in March due to rising tensions between Russia and Ukraine over the disputed region of Crimea. Investors feared the impact of potential international sanctions and the threat of rising oil prices. More evidence of decelerating growth in China added to the air of uncertainty. Yet, markets were resilient as investors turned their focus to improving U.S. economic data, positive corporate earnings surprises and increased merger and acquisition activity. Dovish comments from the Fed also helped push U.S. stocks higher.

1

• Escalating violence in Iraq pushed oil prices sharply higher in June, causing stock prices to fall as investors were reminded of the broader risk that instability in the Middle East and Africa poses to global oil production. However, a steady stream of mergers and acquisitions again took center stage and, against the backdrop of ongoing Fed stimulus, U.S. equities quickly resumed their upward course.

• As the global economy continued its slow recovery, improving U.S. data garnered a good deal of investors’ attention during the period. Following a first quarter of disappointing economic reports, better data in the second quarter ultimately confirmed that the recent weakness had been temporary and largely weather-related. In June, revised gross domestic product (“GDP”) numbers revealed that the U.S. economy had contracted much more than expected in the first quarter. While this news came as a surprise, it was no longer important as compared to more recent data showing improvements in the labor market and manufacturing. Nonetheless, a low labor participation rate, anemic wage growth and lackluster consumption continued to weigh on U.S. growth. While the global recovery has remained generally on track, mixed economic reports in the first half of the year resulted in the World Bank lowering its 2014 global growth forecast to 2.8% in June from its January forecast of 3.2%.

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.

2

Portfolio Information as of June 30, 2014 Master Extended Market Index Series  

	Percent of Long-Term Investments
Sector Allocation
Financials	22	%
Industrial	16
Technology	16
Consumer Discretionary	15
Health Care	12
Energy	7
Materials	5
Utilities	3
Consumer Staples	3
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 JUNE 30, 2014 3

Schedule of Investments June 30, 2014 (Unaudited)	Master Extended Market Index Series
	(Percentages shown are based on Net Assets)

Common Stocks	Shares		Value
Aerospace & Defense  — 1.6%
AAR Corp.	5,805	$		159,986
Aerovironment, Inc. (a)	3,079			97,912
Alliant Techsystems, Inc.	4,758			637,191
Arotech Corp. (a)	4,334			19,330
Astronics Corp. (a)	2,570			145,076
Astrotech Corp. (a)(b)	5,505			17,506
BE Aerospace, Inc. (a)	14,914			1,379,396
CPI Aerostructures, Inc. (a)	2,530			32,055
Cubic Corp.	3,267			145,414
Curtiss-Wright Corp.	7,230			473,999
Ducommun, Inc. (a)	1,874			48,968
Esterline Technologies Corp. (a)	4,736			545,208
Exelis, Inc.	27,713			470,567
GenCorp, Inc. (a)	10,203			194,877
HEICO Corp.	950			49,343
HEICO Corp., Class A	7,676			311,646
Hexcel Corp. (a)	15,177			620,739
Huntington Ingalls Industries, Inc.	7,486			708,101
Innovative Solutions & Support, Inc. (a)	4,600			34,224
Kratos Defense & Security Solutions, Inc. (a)	9,451			73,718
LMI Aerospace, Inc. (a)	2,720			35,578
Mantech International Corp., Class A	2,988			88,206
Moog, Inc., Class A (a)	6,702			488,509
Orbital Sciences Corp. (a)	9,185			271,417
RBC Bearings, Inc.	3,523			225,648
Smith & Wesson Holding Corp. (a)(b)	10,248			149,006
Spirit Aerosystems Holdings, Inc., Class A (a)	16,468			554,972
Sturm Ruger & Co., Inc.	3,052			180,098
Taser International, Inc. (a)	8,573			114,021
Teledyne Technologies, Inc. (a)	5,614			545,512
TransDigm Group, Inc.	7,629			1,276,026
Triumph Group, Inc.	7,929			553,603
VSE Corp.	644			45,286
			10,693,138
Alternative Energy  — 0.2%
Amyris, Inc. (a)(b)	8,820			32,899
Ascent Solar Technologies, Inc. (a)	7,427			3,119
BioFuel Energy Corp. (a)	1,380			9,481
FuelCell Energy, Inc. (a)(b)	35,334			84,802
Green Plains Renewable Energy, Inc.	4,822			158,499
GreenHunter Energy, Inc. (a)(b)	13,315			26,364
GT Advanced Technologies, Inc. (a)	20,722			385,429
KiOR, Inc., Class A (a)(b)	7,210			2,596
Ocean Power Technologies, Inc. (a)	3,549			5,820
Plug Power, Inc. (a)(b)	24,367			114,038
Common Stocks	Shares		Value
Alternative Energy (concluded)
REX American Resources Corp. (a)	904	$		66,272
Solazyme, Inc. (a)	9,331			109,919
STR Holdings, Inc. (a)	5,106			6,893
SunPower Corp. (a)	6,353			260,346
			1,266,477
Automobiles & Parts  — 2.2%
Allison Transmission Holdings, Inc.	24,733			769,196
American Axle & Manufacturing Holdings, Inc. (a)	10,606			200,347
Autoliv, Inc.	14,109			1,503,737
Cooper Tire & Rubber Co.	8,969			269,070
Dana Holding Corp.	23,275			568,375
Dorman Products, Inc. (a)	4,690			231,311
Federal-Mogul Corp. (a)	5,025			101,656
Fuel Systems Solutions, Inc. (a)	2,169			24,163
Gentex Corp.	21,640			629,508
Gentherm, Inc. (a)	5,624			249,987
Lear Corp.	12,455			1,112,481
LKQ Corp. (a)	45,263			1,208,069
LoJack Corp. (a)	3,917			21,269
Modine Manufacturing Co. (a)	7,575			119,231
Motorcar Parts of America, Inc. (a)	3,112			75,777
Quantum Fuel Systems Technologies Worldwide, Inc. (a)(b)	4,195			24,247
Shiloh Industries, Inc. (a)	1,088			20,084
Standard Motor Products, Inc.	3,134			139,996
Stoneridge, Inc. (a)	4,259			45,656
Strattec Security Corp.	573			36,953
Superior Industries International, Inc.	3,069			63,283
Tenneco, Inc. (a)	9,140			600,498
Tesla Motors, Inc. (a)	12,502			3,001,230
Titan International, Inc.	8,211			138,109
TRW Automotive Holdings Corp. (a)	17,156			1,535,805
U.S. Auto Parts Network, Inc. (a)	7,139			25,772
Visteon Corp. (a)	7,470			724,665
WABCO Holdings, Inc. (a)	9,266			989,794
			14,430,269
Banks  — 5.0%
1st Source Corp.	1,862			57,014
1st United Bancorp, Inc.	6,012			51,823
Ameriana Bancorp	1,956			28,851
American National Bankshares, Inc.	1,548			33,638
Ameris Bancorp (a)	4,563			98,378
Ames National Corp.	1,856			42,948
Arrow Financial Corp.	2,181			56,575
Associated Banc-Corp	23,117			417,955
Astoria Financial Corp.	12,497			168,085

 

See Notes to Financial Statements

QUANTITATIVE MASTER SERIES LLC JUNE 30, 2014 4

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

Common Stocks	Shares		Value
Banks (continued)
Banc of California, Inc.	4,690	$		51,121
Bancfirst Corp.	770			47,663
Bancorp of New Jersey, Inc.	2,128			27,238
The Bancorp, Inc. (a)	6,671			79,452
BancorpSouth, Inc.	12,576			308,992
Bank Mutual Corp.	7,238			41,980
Bank of Hawaii Corp.	6,398			375,499
The Bank of Kentucky Financial Corp.	1,025			35,660
Bank of Marin Bancorp	972			44,313
Bank of the Ozarks, Inc.	9,642			322,525
BankFinancial Corp.	4,459			49,762
BankUnited, Inc.	15,096			505,414
Banner Corp.	3,084			122,219
Bar Harbor Bankshares	1,972			54,979
BCB Bancorp, Inc.	2,823			38,167
Bear State Financial, Inc. (a)	2,336			20,744
Beneficial Mutual Bancorp, Inc. (a)	5,424			73,549
Berkshire Hills Bancorp, Inc.	3,819			88,677
BofI Holding, Inc. (a)	2,046			150,320
BOK Financial Corp.	2,663			177,356
Boston Private Financial Holdings, Inc.	12,591			169,223
Bridge Bancorp, Inc.	2,106			50,523
Bridge Capital Holdings (a)	2,653			64,229
Brookline Bancorp, Inc.	10,701			100,268
Bryn Mawr Bank Corp.	2,814			81,944
California First National Bancorp	882			12,948
Camden National Corp.	1,176			45,582
Cape Bancorp, Inc.	3,648			39,143
Capital Bank Financial Corp., Class A (a)	7,396			174,620
Capital City Bank Group, Inc.	1,923			27,941
Capitol Federal Financial, Inc.	18,962			230,578
Cardinal Financial Corp.	4,985			92,023
Cascade Bancorp (a)	6,367			33,172
Cathay General Bancorp	11,164			285,352
Centerstate Banks, Inc.	6,618			74,122
Central Pacific Financial Corp.	5,017			99,587
Century Bancorp, Inc., Class A	627			22,158
Chemical Financial Corp.	4,344			121,980
Chicopee Bancorp, Inc.	2,061			34,810
Citizens & Northern Corp.	2,446			47,673
City Holding Co.	2,320			104,678
City National Corp.	6,997			530,093
Clifton Bancorp, Inc.	1,974			25,011
CNB Financial Corp.	2,402			40,354
CoBiz Financial, Inc.	5,743			61,852
Colony Bankcorp, Inc. (a)	750			4,733
Columbia Banking System, Inc.	7,682			202,113
Commerce Bancshares, Inc.	11,867			551,815
Community Bank System, Inc.	6,000			217,200
Community Trust Bancorp, Inc.	2,381			81,478
Common Stocks	Shares		Value
Banks (continued)
CommunityOne Bancorp (a)	2,905	$		28,179
ConnectOne Bancorp, Inc.	2,856			54,921
Cullen/Frost Bankers, Inc.	7,719			613,043
CVB Financial Corp.	13,798			221,182
Dime Community Bancshares, Inc.	4,654			73,487
Doral Financial Corp. (a)	2,686			11,604
Eagle Bancorp, Inc. (a)	3,931			132,671
East West Bancorp, Inc.	21,180			741,088
Eastern Virginia Bankshares, Inc. (a)	2,546			16,294
Enterprise Bancorp, Inc.	1,296			26,736
Enterprise Financial Services Corp.	3,330			60,140
ESB Financial Corp.	2,374			30,720
ESSA Bancorp, Inc.	1,863			20,735
Farmers Capital Bank Corp. (a)	1,489			33,637
Fidelity Southern Corp.	3,412			44,322
Financial Institutions, Inc.	2,187			51,220
First Bancorp, Inc.	2,216			38,691
First Bancorp, North Carolina	3,105			56,977
First Bancorp, Puerto Rico (a)	15,663			85,207
First Busey Corp.	11,407			66,275
First Citizens Banc Corp.	1,968			17,732
First Citizens BancShares, Inc., Class A	891			218,295
First Commonwealth Financial Corp.	13,854			127,734
First Community Bancshares, Inc.	2,730			39,121
First Connecticut Bancorp, Inc.	3,213			51,569
First Defiance Financial Corp.	1,535			44,055
First Financial Bancorp	8,783			151,155
First Financial Bankshares, Inc.	8,954			280,887
First Financial Corp.	1,437			46,257
First Financial Northwest, Inc.	2,894			31,458
First Financial Service Corp. (a)	968			3,543
First Horizon National Corp.	35,219			417,697
First Interstate Bancsystem, Inc.	3,171			86,188
First Merchants Corp.	5,697			120,435
First Midwest Bancorp, Inc.	11,345			193,205
First Niagara Financial Group, Inc.	52,329			457,355
The First of Long Island Corp.	1,491			58,268
First Republic Bank	18,658			1,026,003
First Security Group, Inc. (a)	12,751			27,670
First South Bancorp, Inc.	3,052			24,385
First United Corp. (a)	1,784			15,646
FirstMerit Corp.	24,109			476,153
Flagstar Bancorp, Inc. (a)	3,391			61,377
Flushing Financial Corp.	4,602			94,571
FNB Corp.	23,424			300,296
Fox Chase Bancorp, Inc.	2,566			43,263
Franklin Financial Corp. (a)	2,485			53,924
Fulton Financial Corp.	27,244			337,553
German American Bancorp, Inc.	2,176			58,926
Glacier Bancorp, Inc.	11,127			315,784

 

See Notes to Financial Statements

QUANTITATIVE MASTER SERIES LLC JUNE 30, 2014 5

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

Common Stocks	Shares		Value
Banks (continued)
Great Southern Bancorp, Inc.	1,408	$		45,126
Guaranty Bancorp	3,814			53,015
Hampton Roads Bankshares, Inc. (a)	17,624			30,490
Hancock Holding Co.	11,857			418,789
Hanmi Financial Corp.	5,135			108,246
Hawthorn Bancshares, Inc.	1,242			15,547
Heartland Financial USA, Inc.	2,048			50,647
Heritage Commerce Corp.	4,396			35,915
Heritage Financial Corp.	5,226			84,086
HMN Financial, Inc. (a)	1,907			20,977
Home Bancorp, Inc. (a)	1,779			39,174
Home BancShares, Inc.	7,170			235,319
Home Loan Servicing Solutions Ltd.	11,237			255,417
HomeTrust Bancshares, Inc. (a)	3,179			50,133
Horizon Bancorp	1,338			29,222
Hudson Valley Holding Corp.	2,386			43,067
Huntington Bancshares, Inc.	7			67
Iberiabank Corp.	4,573			316,406
Independent Bank Corp./MA	3,467			133,063
Independent Bank Corp./MI	4,633			59,627
International Bancshares Corp.	8,295			223,965
Intervest Bancshares Corp.	4,029			31,184
Investors Bancorp, Inc.	50,255			555,318
Kearny Financial Corp. (a)	3,257			49,311
Lakeland Bancorp, Inc.	5,519			59,605
Lakeland Financial Corp.	2,532			96,621
Macatawa Bank Corp.	6,531			33,112
MainSource Financial Group, Inc.	3,542			61,099
MB Financial, Inc.	8,276			223,866
Mercantile Bank Corp.	2,713			62,073
Merchants Bancshares, Inc.	1,163			37,193
Metro Bancorp, Inc. (a)	2,347			54,263
MidSouth Bancorp, Inc.	1,608			31,983
MidWestOne Financial Group, Inc.	1,520			36,465
MutualFirst Financial, Inc.	1,697			32,379
NASB Financial, Inc.	821			19,417
National Bankshares, Inc.	1,269			39,199
National Penn Bancshares, Inc.	16,473			174,284
NBT Bancorp, Inc.	6,330			152,047
New York Community Bancorp, Inc.	65,278			1,043,142
NewBridge Bancorp (a)	5,756			46,393
North Valley Bancorp (a)	1,795			39,113
Northfield Bancorp, Inc.	10,182			133,486
Northrim BanCorp, Inc.	1,270			32,474
Northwest Bancshares, Inc.	13,479			182,910
Norwood Financial Corp.	859			24,482
OceanFirst Financial Corp.	2,337			38,701
OFG Bancorp	7,031			129,441
Ohio Valley Banc Corp.	934			21,370
Old National Bancorp	14,444			206,260
Common Stocks	Shares		Value
Banks (continued)
Old Second Bancorp, Inc. (a)	3,649	$		18,136
OmniAmerican Bancorp, Inc.	2,365			59,125
Oritani Financial Corp.	6,327			97,373
Orrstown Financial Services, Inc. (a)	2,093			34,618
Pacific Continental Corp.	3,334			45,776
PacWest Bancorp	14,236			614,568
Park National Corp.	2,070			159,804
Park Sterling Corp.	9,934			65,465
Peapack Gladstone Financial Corp.	2,063			43,756
Penns Woods Bancorp, Inc.	1,050			49,455
Peoples Bancorp of North Carolina, Inc.	1,497			24,281
Peoples Bancorp, Inc.	1,815			48,007
Peoples Financial Corp.	1,245			16,969
Pinnacle Financial Partners, Inc.	5,231			206,520
Popular, Inc. (a)	15,045			514,238
Porter Bancorp, Inc. (a)	1,044			1,096
Preferred Bank (a)	2,659			62,859
PrivateBancorp, Inc.	10,307			299,521
Prosperity Bancshares, Inc.	8,397			525,652
Provident Financial Holdings, Inc.	1,737			25,256
Provident Financial Services, Inc.	7,911			137,019
Pulaski Financial Corp.	2,837			32,342
Renasant Corp.	4,800			139,536
Republic Bancorp, Inc., Class A	1,667			39,541
Republic First Bancorp, Inc. (a)	6,390			32,206
Riverview Bancorp, Inc. (a)	4,146			16,086
Royal Bancshares of Pennsylvania, Inc., Class A (a)	3,261			5,707
S&T Bancorp, Inc.	4,337			107,774
Sandy Spring Bancorp, Inc.	3,931			97,921
Seacoast Banking Corp. of Florida (a)	4,359			47,382
Shore Bancshares, Inc. (a)	3,680			33,157
Sierra Bancorp	1,921			30,352
Signature Bank (a)	7,570			955,183
Simmons First National Corp., Class A	2,584			101,784
South State Corp.	3,642			222,162
Southside Bancshares, Inc.	2,898			83,926
Southwest Bancorp, Inc.	3,310			56,469
State Bank Financial Corp.	5,576			94,290
Sterling Bancorp	12,155			145,860
Stock Yards Bancorp, Inc.	2,255			67,424
Suffolk Bancorp (a)	2,452			54,704
Summit Financial Group, Inc. (a)	1,593			16,950
Sun Bancorp, Inc. (a)	11,461			45,959
Susquehanna Bancshares, Inc.	26,929			284,370
SVB Financial Group (a)	7,508			875,583
Synovus Financial Corp.	20,664			503,788
Taylor Capital Group, Inc. (a)	3,018			64,525

 

See Notes to Financial Statements

QUANTITATIVE MASTER SERIES LLC JUNE 30, 2014 6

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

Common Stocks	Shares		Value
Banks (concluded)
TCF Financial Corp.	24,331	$		398,298
Territorial Bancorp, Inc.	1,901			39,693
Texas Capital Bancshares, Inc. (a)	6,543			352,995
TFS Financial Corp. (a)	12,496			178,193
Tompkins Financial Corp.	1,745			84,074
TowneBank	5,248			82,446
Trico Bancshares	2,123			49,126
TrustCo Bank Corp. NY	15,282			102,084
Trustmark Corp.	9,562			236,086
UMB Financial Corp.	5,344			338,756
Umpqua Holdings Corp.	25,096			449,720
Union Bankshares Corp.	7,174			184,013
United Bancorp, Inc.	3,115			25,356
United Bankshares, Inc.	9,006			291,164
United Community Banks, Inc.	6,361			104,130
United Community Financial Corp. (a)	11,244			46,438
United Financial Bancorp, Inc.	7,872			106,666
United Security Bancshares (a)	3,745			20,822
Univest Corp. of Pennsylvania	2,482			51,377
Valley National Bancorp	29,356			290,918
ViewPoint Financial Group, Inc.	5,686			153,010
Washington Federal, Inc.	14,524			325,773
Washington Trust Bancorp, Inc.	2,302			84,645
Waterstone Financial, Inc.	3,280			37,425
Webster Financial Corp.	13,469			424,812
WesBanco, Inc.	4,185			129,902
West BanCorp., Inc.	3,190			48,584
Westamerica BanCorp	3,883			203,003
Western Alliance Bancorp (a)	12,099			287,956
Westfield Financial, Inc.	3,799			28,341
Wilshire Bancorp, Inc.	11,170			114,716
Wintrust Financial Corp.	6,915			318,090
WSFS Financial Corp.	1,272			93,708
Yadkin Financial Corp. (a)	2,663			50,171
			33,618,189
Beverages  — 0.1%
The Boston Beer Co., Inc., Class A (a)	1,307			292,141
Coca-Cola Bottling Co. Consolidated	775			57,094
Craft Brew Alliance, Inc. (a)	2,600			28,756
National Beverage Corp. (a)	2,243			42,437
Primo Water Corp. (a)	5,635			26,879
Willamette Valley Vineyards, Inc. (a)	2,312			13,479
			460,786
Chemicals  — 2.6%
A. Schulman, Inc.	4,114			159,212
Aceto Corp.	4,209			76,351
Albemarle Corp.	11,973			856,069
Common Stocks	Shares		Value
Chemicals (continued)
American Vanguard Corp.	3,882	$		51,320
Ashland, Inc.	10,680			1,161,343
Axiall Corp.	10,570			499,644
Balchem Corp.	4,756			254,731
Cabot Corp.	8,564			496,626
Calgon Carbon Corp. (a)	8,315			185,674
Cambrex Corp. (a)	5,504			113,933
Celanese Corp., Series A	23,424			1,505,695
Chase Corp.	1,295			44,211
Chemtura Corp. (a)	14,338			374,652
Codexis, Inc. (a)	4,978			7,268
Cytec Industries, Inc.	5,327			561,572
Ferro Corp. (a)	13,356			167,751
FutureFuel Corp.	3,639			60,371
Hawkins, Inc.	1,451			53,890
HB Fuller Co.	7,355			353,775
Huntsman Corp.	29,011			815,209
Innophos Holdings, Inc.	3,222			185,491
Innospec, Inc.	3,555			153,469
Intrepid Potash, Inc. (a)	8,200			137,432
KMG Chemicals, Inc.	1,469			26,413
Koppers Holdings, Inc.	3,035			116,089
Kraton Performance Polymers, Inc. (a)	5,043			112,913
Kronos Worldwide, Inc.	2,763			43,296
LSB Industries, Inc. (a)	2,939			122,468
Metabolix, Inc. (a)	4,583			3,987
Minerals Technologies, Inc.	5,134			336,688
NewMarket Corp.	1,690			662,666
NL Industries, Inc.	1,227			11,399
Olin Corp.	11,770			316,848
OM Group, Inc.	4,674			151,578
OMNOVA Solutions, Inc. (a)	8,090			73,538
Penford Corp. (a)	2,295			29,445
Platform Specialty Products Corp. (a)	13,235			370,977
PolyOne Corp.	14,307			602,897
Polypore International, Inc. (a)	7,172			342,320
Quaker Chemical Corp.	1,917			147,206
Rayonier Advanced Materials, Inc. (a)	6,271			243,001
Rentech, Inc. (a)	30,656			79,399
Rockwood Holdings, Inc.	11,231			853,444
RPM International, Inc.	19,759			912,471
Senomyx, Inc. (a)	8,959			77,495
Sensient Technologies Corp.	7,362			410,211
Stepan Co.	2,813			148,695
TOR Minerals International, Inc. (a)	1,000			9,990
Tredegar Corp.	3,711			86,875
Tronox Ltd., Class A	9,444			254,044
Valhi, Inc.	3,291			21,128
The Valspar Corp.	11,861			903,690
Westlake Chemical Corp.	5,836			488,823

 

See Notes to Financial Statements

QUANTITATIVE MASTER SERIES LLC JUNE 30, 2014 7

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

Common Stocks	Shares		Value
Chemicals (concluded)
WR Grace & Co. (a)	11,611	$		1,097,588
Zagg, Inc. (a)	5,548			30,126
Zep, Inc.	3,420			60,397
			17,423,794
Construction & Materials  — 2.5%
AAON, Inc.	4,282			143,533
Acuity Brands, Inc.	6,487			896,828
AECOM Technology Corp. (a)	14,823			477,301
Aegion Corp. (a)	5,959			138,666
Ameresco, Inc., Class A (a)	4,419			31,066
American DG Energy, Inc. (a)	7,238			13,028
American Woodmark Corp. (a)	2,023			64,473
AO Smith Corp.	11,341			562,287
Apogee Enterprises, Inc.	4,359			151,955
Argan, Inc.	1,758			65,556
Armstrong World Industries, Inc. (a)	6,693			384,379
BlueLinx Holdings, Inc. (a)	17,834			24,968
Builders FirstSource, Inc. (a)	9,072			67,859
Chicago Bridge & Iron Co. NV	16,172			1,102,930
Eagle Materials, Inc.	7,657			721,902
EMCOR Group, Inc.	9,909			441,248
Fortune Brands Home & Security, Inc.	25,114			1,002,802
Foster Wheeler AG	14,634			498,580
Generac Holdings, Inc. (a)	10,329			503,435
Gibraltar Industries, Inc. (a)	4,428			68,678
Granite Construction, Inc.	5,285			190,154
Great Lakes Dredge & Dock Corp. (a)	9,666			77,231
Griffon Corp.	6,030			74,772
Headwaters, Inc. (a)	12,367			171,778
Hill International, Inc. (a)	5,539			34,508
Insteel Industries, Inc.	2,430			47,749
Integrated Electrical Services, Inc. (a)	2,175			14,225
Inteliquent, Inc.	5,525			76,632
KBR, Inc.	21,841			520,908
Layne Christensen Co. (a)	3,913			52,043
LB Foster Co., Class A	1,479			80,043
Lennox International, Inc.	6,741			603,791
Louisiana-Pacific Corp. (a)	21,467			322,434
Martin Marietta Materials, Inc.	6,845			903,882
MasTec, Inc. (a)	9,152			282,065
MDU Resources Group, Inc.	28,179			989,083
Mueller Water Products, Inc., Series A	23,943			206,868
MYR Group, Inc. (a)	3,640			92,201
NCI Building Systems, Inc. (a)	5,071			98,530
Nortek, Inc. (a)	2,608			234,094
Northwest Pipe Co. (a)	1,680			67,754
Omega Flex, Inc.	1,009			19,797
Common Stocks	Shares		Value
Construction & Materials (concluded)
Orion Marine Group, Inc. (a)	5,034	$		54,518
Owens Corning	16,373			633,308
PGT, Inc. (a)	6,280			53,192
Pike Corp. (a)	4,565			40,902
Primoris Services Corp.	5,751			165,859
Quanex Building Products Corp.	5,802			103,682
Simpson Manufacturing Co., Inc.	5,710			207,616
Sterling Construction Co., Inc. (a)	4,288			40,221
Texas Industries, Inc. (a)	3,313			305,989
Thermon Group Holdings, Inc. (a)	5,070			133,442
TRC Cos., Inc. (a)	3,961			24,637
Trex Co., Inc. (a)	4,838			139,431
Tutor Perini Corp. (a)	5,832			185,108
Universal Forest Products, Inc.	2,945			142,155
USG Corp. (a)	14,134			425,857
Valmont Industries, Inc.	3,941			598,835
Watsco, Inc.	3,907			401,483
Watts Water Technologies, Inc., Class A	3,991			246,364
			16,424,615
Electricity  — 1.5%
ALLETE, Inc.	5,910			303,478
Alliant Energy Corp.	16,588			1,009,546
Alteva	2,831			19,534
Black Hills Corp.	6,821			418,741
Calpine Corp. (a)	53,183			1,266,287
Cleco Corp.	8,932			526,541
Covanta Holding Corp.	19,269			397,134
Dynegy, Inc. (a)	15,203			529,064
El Paso Electric Co.	6,267			251,996
The Empire District Electric Co.	7,217			185,332
Great Plains Energy, Inc.	23,312			626,393
Hawaiian Electric Industries, Inc. (b)	14,355			363,469
IDACORP, Inc.	7,426			429,446
ITC Holdings Corp.	24,446			891,790
MGE Energy, Inc.	5,145			203,279
NorthWestern Corp.	5,838			304,685
Ormat Technologies, Inc.	3,208			92,487
Portland General Electric Co.	11,667			404,495
UIL Holdings Corp.	9,098			352,184
Unitil Corp.	3,102			104,941
UNS Energy Corp.	6,385			385,718
US Geothermal, Inc. (a)	23,727			14,236
Westar Energy, Inc.	19,630			749,670
			9,830,446
Electronic & Electrical Equipment  — 2.8%
The Active Power, Inc. (a)	4,854			13,397
Adept Technology, Inc. (a)	3,068			32,183
Aeroflex Holding Corp. (a)	3,277			34,408
Allied Motion Technologies, Inc.	1,620			23,458

 

See Notes to Financial Statements

QUANTITATIVE MASTER SERIES LLC JUNE 30, 2014 8

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

Common Stocks	Shares		Value
Electronic & Electrical Equipment (continued)
Altair Nanotechnologies, Inc. (a)	3,315	$		11,370
American Science & Engineering, Inc.	1,261			87,753
American Superconductor Corp. (a)	12,785			20,840
Anixter International, Inc.	3,908			391,074
API Technologies Corp. (a)(b)	9,858			27,011
Arrow Electronics, Inc. (a)	14,790			893,464
Avnet, Inc.	20,214			895,682
AVX Corp.	6,474			85,975
AZZ, Inc.	3,732			171,971
Badger Meter, Inc.	2,135			112,408
Ballantyne Strong, Inc. (a)	3,001			12,544
Bel Fuse, Inc., Class B	2,157			55,370
Belden, Inc.	6,512			508,978
Benchmark Electronics, Inc. (a)	8,089			206,108
Brady Corp., Class A	6,689			199,800
Capstone Turbine Corp. (a)(b)	55,452			83,733
Checkpoint Systems, Inc. (a)	6,943			97,133
Cognex Corp. (a)	12,565			482,496
Coherent, Inc. (a)	3,792			250,917
CTS Corp.	5,283			98,792
CyberOptics Corp. (a)	3,269			26,119
Daktronics, Inc.	6,043			72,033
Echelon Corp. (a)	8,684			21,102
Electro Rent Corp.	3,274			54,774
Electro Scientific Industries, Inc.	4,035			27,478
eMagin Corp. (a)	6,450			14,383
Encore Wire Corp.	2,783			136,478
EnerNOC, Inc. (a)	4,406			83,494
EnerSys, Inc.	7,005			481,874
ESCO Technologies, Inc.	3,900			135,096
Fabrinet (a)	4,476			92,206
FARO Technologies, Inc. (a)	2,690			132,133
FEI Co.	6,387			579,492
General Cable Corp.	7,113			182,520
GrafTech International Ltd. (a)	17,533			183,395
Greatbatch, Inc. (a)	3,828			187,802
Houston Wire & Cable Co.	3,110			38,595
Hubbell, Inc., Class B	7,866			968,698
II-VI, Inc. (a)	8,445			122,115
Intevac, Inc. (a)	5,485			43,935
IntriCon Corp. (a)	2,740			23,482
IPG Photonics Corp. (a)	5,300			364,640
Itron, Inc. (a)	5,925			240,259
Kemet Corp. (a)	8,847			50,870
Knowles Corp. (a)	12,921			397,192
Landauer, Inc.	1,837			77,154
Lightpath Technologies, Inc., Class A (a)	6,052			8,231
Lime Energy Co. (a)	559			1,437
Littelfuse, Inc.	3,360			312,312
LSI Industries, Inc.	3,465			27,651
Common Stocks	Shares		Value
Electronic & Electrical Equipment (concluded)
Magnetek, Inc. (a)	992	$		23,659
Maxwell Technologies, Inc. (a)	6,063			91,733
Measurement Specialties, Inc. (a)	2,456			211,388
Methode Electronics, Inc.	5,454			208,397
Mettler-Toledo International, Inc. (a)	4,453			1,127,411
Microvision, Inc. (a)	6,506			13,077
MTS Systems Corp.	2,372			160,727
Multi-Fineline Electronix, Inc. (a)	1,537			16,968
NAPCO Security Technologies, Inc. (a)	4,500			24,435
National Instruments Corp.	14,741			477,461
Newport Corp. (a)	6,575			121,637
NVE Corp. (a)	1,048			58,258
Orion Energy Systems, Inc. (a)	3,967			16,146
OSI Systems, Inc. (a)	2,898			193,441
Park Electrochemical Corp.	3,206			90,441
Planar Systems, Inc. (a)	5,103			12,502
Plexus Corp. (a)	5,139			222,467
Powell Industries, Inc.	1,398			91,401
Regal-Beloit Corp.	6,524			512,525
Research Frontiers, Inc. (a)	5,552			33,645
Richardson Electronics Ltd.	1,792			18,762
Rofin-Sinar Technologies, Inc. (a)	4,390			105,536
Rogers Corp. (a)	2,784			184,718
Rubicon Technology, Inc. (a)	4,201			36,759
Sanmina Corp. (a)	12,679			288,828
Sensata Technologies Holding NV (a)	23,164			1,083,612
Servotronics, Inc.	743			5,127
Sigmatron International, Inc. (a)	1,793			21,624
SL Industries, Inc. (a)	750			22,125
Synthesis Energy Systems, Inc. (a)	15,521			29,179
Trimble Navigation Ltd. (a)	39,035			1,442,343
TTM Technologies, Inc. (a)	8,600			70,520
Turtle Beach Corp. (a)	2,949			27,249
Ultralife Corp. (a)	2,116			8,125
Universal Display Corp. (a)	6,645			213,304
UQM Technologies, Inc. (a)	6,928			15,727
Veeco Instruments, Inc. (a)	5,928			220,877
Viasystems Group, Inc. (a)	1,392			15,159
Vicor Corp. (a)	3,482			29,179
Vishay Intertechnology, Inc.	20,353			315,268
Vishay Precision Group, Inc. (a)	2,569			42,286
WESCO International, Inc. (a)	6,589			569,158
Zebra Technologies Corp., Class A (a)	7,616			626,949
			18,983,948
Financial Services  — 3.0%
Ally Financial, Inc. (a)	14,581			348,632
Artisan Partners Asset Management, Inc.	5,369			304,315

 

See Notes to Financial Statements

QUANTITATIVE MASTER SERIES LLC JUNE 30, 2014 9

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

Common Stocks	Shares		Value
Financial Services (continued)
Asta Funding, Inc. (a)	2,169	$		17,894
Atlanticus Holdings Corp. (a)	1,465			4,102
BBCN Bancorp, Inc.	12,322			196,536
BGC Partners, Inc., Class A	26,284			195,553
Blackhawk Network Holdings, Inc. (a)	6,216			166,900
Calamos Asset Management, Inc., Class A	3,145			42,112
Cash America International, Inc.	4,166			185,095
CBOE Holdings, Inc.	12,992			639,336
CIFC Corp.	2,496			22,489
CIT Group, Inc.	29,839			1,365,433
Cohen & Steers, Inc.	2,805			121,681
Cowen Group, Inc., Class A (a)	18,550			78,281
Credit Acceptance Corp. (a)	1,578			194,252
Diamond Hill Investment Group, Inc.	489			62,455
Eaton Vance Corp.	18,548			700,929
Encore Capital Group, Inc. (a)	3,846			174,685
EverBank Financial Corp.	13,176			265,628
Evercore Partners, Inc., Class A	5,234			301,688
Ezcorp, Inc., Class A (a)	8,763			101,213
FBR & Co. (a)	1,765			47,884
Federal Agricultural Mortgage Corp., Class C	1,972			61,290
Federated Investors, Inc., Class B (c)	14,493			448,124
Fidelity National Financial, Inc., Class A	41,184			1,349,188
Financial Engines, Inc.	7,990			361,787
First Cash Financial Services, Inc. (a)	4,540			261,459
The First Marblehead Corp. (a)	3,671			19,273
FXCM, Inc.	6,290			94,098
GAMCO Investors, Inc., Class A	650			53,982
GFI Group, Inc.	10,994			36,500
Gleacher & Co., Inc. (a)	1,673			17,583
Green Dot Corp., Class A (a)	5,171			98,146
Greenhill & Co., Inc.	3,945			194,291
Imperial Holdings, Inc. (a)	4,686			31,958
Institutional Financial Markets, Inc.	1,108			2,227
Interactive Brokers Group, Inc., Class A	7,197			167,618
Intersections, Inc.	3,143			15,464
INTL. FCStone, Inc. (a)	1,975			39,342
Investment Technology Group, Inc. (a)	5,930			100,098
Janus Capital Group, Inc.	22,142			276,332
JMP Group, Inc.	3,528			26,707
KCG Holdings, Inc., Class A (a)	15,031			178,568
Ladenburg Thalmann Financial Services, Inc. (a)	24,411			76,895
Common Stocks	Shares		Value
Financial Services (concluded)
LPL Financial Holdings, Inc.	12,150	$		604,341
MarketAxess Holdings, Inc.	5,764			311,602
Marlin Business Services Corp.	1,640			29,832
MGIC Investment Corp. (a)	52,364			483,843
MicroFinancial, Inc.	3,823			29,552
MoneyGram International, Inc. (a)	5,436			80,072
MSCI, Inc. (a)	17,743			813,516
Nelnet, Inc., Class A	2,846			117,910
NewStar Financial, Inc. (a)	4,431			62,300
Ocwen Financial Corp. (a)	17,689			656,262
Oppenheimer Holdings, Inc., Class A	1,362			32,674
PICO Holdings, Inc. (a)	4,035			95,872
Piper Jaffray Cos. (a)	2,533			131,133
Portfolio Recovery Associates, Inc. (a)	7,652			455,524
Pzena Investment Management, Inc., Class A	3,173			35,411
Radian Group, Inc.	27,973			414,280
Raymond James Financial, Inc.	17,974			911,821
Resource America, Inc., Class A	4,370			40,859
Safeguard Scientifics, Inc. (a)	4,085			84,927
Santander Consumer USA Holdings, Inc.	12,093			235,088
SEI Investments Co.	21,016			688,694
SLM Corp.	63,982			531,690
Stewart Information Services Corp.	3,359			104,163
Stifel Financial Corp. (a)	8,982			425,298
SWS Group, Inc. (a)	4,978			36,240
TD Ameritrade Holding Corp.	34,736			1,088,974
Tree.com, Inc. (a)	1,444			42,078
US Global Investors, Inc.	2,241			7,888
Virtus Investment Partners, Inc. (a)	1,152			243,936
Voya Financial, Inc.	20,671			751,184
Waddell & Reed Financial, Inc., Class A	12,762			798,774
Walker & Dunlop, Inc. (a)	3,729			52,616
Westwood Holdings Group, Inc.	1,350			81,054
WisdomTree Investments, Inc. (a)	16,789			207,512
World Acceptance Corp. (a)(b)	1,741			132,246
			20,267,189
Fixed Line Telecommunications  — 0.4%
8x8, Inc. (a)	14,330			115,786
Alaska Communications Systems Group, Inc. (a)	7,188			12,938
Cbeyond, Inc. (a)	4,409			43,870
Cincinnati Bell, Inc. (a)	34,307			134,827
Consolidated Communications Holdings, Inc.	5,989			133,195
EarthLink Holdings Corp.	22,213			82,632
Enventis Corp.	2,224			35,228

 

See Notes to Financial Statements

QUANTITATIVE MASTER SERIES LLC JUNE 30, 2014 10

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

Common Stocks	Shares		Value
Fixed Line Telecommunications (concluded)
Fairpoint Communications, Inc. (a)	4,215	$		58,884
General Communication, Inc., Class A (a)	4,596			50,924
Hawaiian Telcom Holdco, Inc. (a)	1,381			39,511
IDT Corp., Class B	2,546			44,351
inContact, Inc. (a)	8,833			81,175
Level 3 Communications, Inc. (a)	25,530			1,121,022
Lumos Networks Corp.	3,575			51,730
Straight Path Communications, Inc., Class B (a)	3,418			34,864
tw telecom, Inc. (a)	21,377			861,707
Vonage Holdings Corp. (a)	27,561			103,354
			3,005,998
Food & Drug Retailers  — 0.8%
Casey's General Stores, Inc.	5,657			397,631
The Chefs' Warehouse, Inc. (a)	3,603			71,231
Core-Mark Holding Co., Inc.	3,184			145,286
The Fresh Market, Inc. (a)	6,338			212,133
GNC Holdings, Inc., Class A	14,394			490,835
Ingles Markets, Inc., Class A	1,683			44,347
Omnicare, Inc.	15,119			1,006,472
The Pantry, Inc. (a)	3,921			63,520
PetMed Express, Inc.	3,455			46,573
Rite Aid Corp. (a)	134,909			967,298
SpartanNash Co.	5,307			111,500
Sprouts Farmers Market, Inc. (a)	14,275			467,078
Supervalu, Inc. (a)	30,827			253,398
United Natural Foods, Inc. (a)	7,456			485,386
Village Super Market, Inc., Class A	719			16,990
Vitamin Shoppe, Inc. (a)	4,670			200,903
Weis Markets, Inc.	1,485			67,909
			5,048,490
Food Producers  — 1.8%
Alico, Inc.	610			22,869
The Andersons, Inc.	3,862			199,202
B&G Foods, Inc.	8,323			272,079
Boulder Brands, Inc. (a)	9,566			135,646
Bunge Ltd.	21,286			1,610,073
Cal-Maine Foods, Inc.	2,207			164,024
Calavo Growers, Inc.	2,295			77,640
Chiquita Brands International, Inc. (a)	7,588			82,330
Coffee Holding Co., Inc. (a)	1,919			13,548
Darling International, Inc. (a)	24,744			517,150
Dean Foods Co.	14,492			254,914
Diamond Foods, Inc. (a)	4,042			113,984
Farmer Bros Co. (a)	892			19,276
Flowers Foods, Inc.	26,331			555,057
Fresh Del Monte Produce, Inc.	4,740			145,281
Golden Enterprises, Inc.	941			4,046
Griffin Land & Nurseries, Inc.	1,073			31,653
Common Stocks	Shares		Value
Food Producers (concluded)
The Hain Celestial Group, Inc. (a)	7,536	$		668,745
Harbinger Group, Inc. (a)	5,649			71,742
Herbalife Ltd. (b)	12,720			820,949
The Hillshire Brands Co.	18,575			1,157,222
HQ Sustainable Maritime Industries, Inc. (a)(b)	4,100			—
Ingredion, Inc.	11,375			853,580
J&J Snack Foods Corp.	2,141			201,511
John B Sanfilippo & Son, Inc.	1,174			31,076
Lancaster Colony Corp.	2,760			262,642
Lifeway Foods, Inc. (a)	2,119			29,624
Limoneira Co.	2,459			54,024
Mannatech, Inc. (a)	934			11,311
Medifast, Inc. (a)	2,383			72,467
MGP Ingredients, Inc.	2,244			17,862
Nature's Sunshine Products, Inc.	1,344			22,808
Nutraceutical International Corp. (a)	2,417			57,670
Nutrisystem, Inc.	4,769			81,598
Omega Protein Corp. (a)	3,642			49,822
Pilgrim's Pride Corp. (a)	9,076			248,319
Pinnacle Foods, Inc.	8,994			295,903
Post Holdings, Inc. (a)	6,559			333,919
Reliv International, Inc.	1,819			2,910
Rocky Mountain Chocolate Factory, Inc.	2,724			35,930
Sanderson Farms, Inc.	3,037			295,196
Seaboard Corp. (a)	38			114,770
Seneca Foods Corp., Class A (a)	1,057			32,344
Snyders-Lance, Inc.	7,426			196,492
Tootsie Roll Industries, Inc.	2,997			88,232
TreeHouse Foods, Inc. (a)	5,511			441,266
USANA Health Sciences, Inc. (a)	1,235			96,503
WhiteWave Foods Co., Class A (a)	26,439			855,830
			11,721,039
Forestry & Paper  — 0.3%
Clearwater Paper Corp. (a)	3,372			208,120
Deltic Timber Corp.	1,826			110,327
Domtar Corp.	9,620			412,217
KapStone Paper and Packaging Corp. (a)	12,554			415,914
Neenah Paper, Inc.	2,655			141,113
PH Glatfelter Co.	6,528			173,188
Resolute Forest Products (a)	14,681			246,347
Verso Paper Corp. (a)(b)	5,754			12,083
Wausau Paper Corp.	8,251			89,276
			1,808,585
Gas, Water & Multi-Utilities  — 1.5%
American States Water Co.	5,798			192,668
American Water Works Co., Inc.	25,870			1,279,271
Aqua America, Inc.	26,073			683,634

 

See Notes to Financial Statements

QUANTITATIVE MASTER SERIES LLC JUNE 30, 2014 11

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

Common Stocks	Shares		Value
Gas, Water & Multi-Utilities (concluded)
Artesian Resources Corp., Class A	2,012	$		45,230
Atmos Energy Corp.	14,528			775,795
Avista Corp.	9,235			309,557
Cadiz, Inc. (a)	5,229			43,558
California Water Service Group	7,839			189,704
Chesapeake Utilities Corp.	1,623			115,769
Connecticut Water Service, Inc.	1,969			66,690
Delta Natural Gas Co., Inc.	2,312			50,772
EuroSite Power, Inc. (a)	723			448
Gas Natural, Inc.	4,599			48,473
Genie Energy Ltd. (a)	4,711			37,076
The Laclede Group, Inc.	5,237			254,256
Middlesex Water Co.	2,966			62,820
National Fuel Gas Co.	12,404			971,233
New Jersey Resources Corp.	5,833			333,414
Northwest Natural Gas Co.	3,833			180,726
ONE Gas, Inc.	7,857			296,602
Piedmont Natural Gas Co., Inc.	10,706			400,511
PNM Resources, Inc.	11,804			346,211
Questar Corp.	25,817			640,262
RGC Resources, Inc.	2,449			47,266
SJW Corp.	2,006			54,563
South Jersey Industries, Inc.	4,709			284,471
Southwest Gas Corp.	6,951			366,943
UGI Corp.	16,975			857,237
Vectren Corp.	12,556			533,630
WGL Holdings, Inc.	7,571			326,310
			9,795,100
General Industrials  — 1.3%
Actuant Corp., Class A	10,804			373,494
AEP Industries, Inc. (a)	774			26,989
Aptargroup, Inc.	9,614			644,234
Berry Plastics Group, Inc. (a)	14,796			381,737
Carlisle Cos., Inc.	9,346			809,551
Crown Holdings, Inc. (a)	20,907			1,040,332
Graphic Packaging Holding Co. (a)	48,719			570,012
Greif, Inc., Class A	4,302			234,717
Harsco Corp.	11,862			315,885
Landec Corp. (a)	4,398			54,931
Multi-Color Corp.	2,383			95,344
Myers Industries, Inc.	4,025			80,862
Otter Tail Corp.	5,434			164,596
Packaging Corp. of America	14,782			1,056,765
Raven Industries, Inc.	5,522			182,999
Rexnord Corp. (a)	10,692			300,980
Rock-Tenn Co., Class A	10,725			1,132,453
Silgan Holdings, Inc.	6,377			324,079
Sonoco Products Co.	15,164			666,155
Trimas Corp. (a)	6,652			253,641
Common Stocks	Shares		Value
General Industrials (concluded)
UFP Technologies, Inc. (a)	1,471	$		35,437
			8,745,193
General Retailers  — 4.5%
1-800-Flowers.com, Inc., Class A (a)	3,545			20,561
Aaron's, Inc.	11,181			398,491
Abercrombie & Fitch Co., Class A	11,279			487,817
Advance Auto Parts, Inc.	10,927			1,474,271
Aéropostale, Inc. (a)	13,619			47,530
Amerco, Inc.	860			250,054
America's Car-Mart, Inc. (a)	1,386			54,816
American Eagle Outfitters, Inc.	25,308			283,956
American Public Education, Inc. (a)	2,859			98,292
ANN, Inc. (a)	7,034			289,379
Antero Resources Corp. (a)	5,781			379,407
Apollo Education Group, Inc., Class A (a)	14,756			461,125
Asbury Automotive Group, Inc. (a)	4,651			319,710
Ascena Retail Group, Inc. (a)	19,006			325,003
Autobytel, Inc. (a)	2,429			31,844
Barnes & Noble, Inc. (a)	5,772			131,544
Beacon Roofing Supply, Inc. (a)	7,528			249,327
bebe Stores, Inc.	5,819			17,748
Big 5 Sporting Goods Corp.	2,684			32,933
Big Lots, Inc. (a)	8,688			397,042
Blue Nile, Inc. (a)	2,186			61,208
Body Central Corp. (a)(b)	2,692			2,386
The Bon-Ton Stores, Inc.	2,228			22,971
Books-A-Million, Inc. (a)	1,081			2,357
Bridgepoint Education, Inc. (a)	2,864			38,034
Bright Horizons Family Solutions, Inc. (a)	4,287			184,084
Brown Shoe Co., Inc.	6,155			176,095
The Buckle, Inc. (b)	4,083			181,122
Build-A-Bear Workshop, Inc. (a)	2,503			33,440
Cabela's, Inc. (a)	7,068			441,043
Cache, Inc. (a)	4,067			6,548
Cambium Learning Group, Inc. (a)	10,557			23,014
Capella Education Co.	1,731			94,149
Career Education Corp. (a)	10,687			50,015
Carriage Services, Inc.	3,000			51,390
The Cato Corp., Class A	3,894			120,325
Chemed Corp.	2,657			249,014
Chico's FAS, Inc.	23,777			403,258
The Children's Place Retail Stores, Inc.	3,319			164,722
Christopher & Banks Corp. (a)	6,159			53,953
Citi Trends, Inc. (a)	2,851			61,182
Clean Energy Fuels Corp. (a)	11,329			132,776
Collectors Universe	1,741			34,106
Conn's, Inc. (a)	3,781			186,744

 

See Notes to Financial Statements

QUANTITATIVE MASTER SERIES LLC JUNE 30, 2014 12

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

Common Stocks	Shares		Value
General Retailers (continued)
Copart, Inc. (a)	16,699	$		600,496
Corinthian Colleges, Inc. (a)	10,420			3,082
CST Brands, Inc.	11,102			383,019
dELiA*s, Inc. (a)	11,134			8,575
Destination Maternity Corp.	2,029			46,200
Destination XL Group, Inc. (a)	9,670			53,282
Dick's Sporting Goods, Inc.	15,114			703,708
Dillard's, Inc., Class A	3,564			415,598
DSW, Inc., Class A	10,892			304,322
Education Management Corp. (a)(b)	6,585			11,129
Express, Inc. (a)	13,006			221,492
The Finish Line, Inc., Class A	7,277			216,418
Five Below, Inc. (a)	7,243			289,068
Foot Locker, Inc.	21,989			1,115,282
Francesca's Holdings Corp. (a)	7,055			103,991
Fred's, Inc., Class A	4,554			69,631
FTD Cos., Inc. (a)	3,596			114,317
Gaiam, Inc., Class A (a)	3,595			27,610
Geeknet, Inc. (a)	1,694			21,124
Genesco, Inc. (a)	3,579			293,943
Grand Canyon Education, Inc. (a)	7,198			330,892
Group 1 Automotive, Inc.	3,061			258,073
Guess?, Inc.	8,649			233,523
Haverty Furniture Cos., Inc.	2,955			74,259
hhgregg, Inc. (a)	2,446			24,876
Hibbett Sports, Inc. (a)(b)	3,964			214,730
Hillenbrand, Inc.	9,233			301,180
HSN, Inc.	4,887			289,506
ITT Corp.	13,169			633,429
ITT Educational Services, Inc. (a)	2,918			48,701
JC Penney Co., Inc. (a)(b)	45,394			410,816
K12, Inc. (a)	4,637			111,613
KAR Auction Services, Inc.	20,842			664,235
Kirkland's, Inc. (a)	2,515			46,653
Lands' End, Inc. (a)	2,541			85,327
Learning Tree International, Inc. (a)	1,011			2,588
Liquidity Services, Inc. (a)	4,477			70,557
Lithia Motors, Inc., Class A	3,452			324,730
Lumber Liquidators Holdings, Inc. (a)	4,195			318,610
MarineMax, Inc. (a)	4,557			76,284
Matthews International Corp., Class A	3,985			165,656
The Men's Wearhouse, Inc.	6,741			376,148
Monro Muffler Brake, Inc.	4,602			244,780
Murphy USA, Inc. (a)	6,471			316,367
New York & Co., Inc. (a)	6,275			23,155
Office Depot, Inc. (a)	72,787			414,158
OpenTable, Inc. (a)	3,842			398,031
Outerwall, Inc. (a)	4,228			250,932
Overstock.com, Inc. (a)	2,367			37,328
Common Stocks	Shares		Value
General Retailers (concluded)
Pacific Sunwear of California, Inc. (a)	9,393	$		22,355
PCM, Inc. (a)	1,516			16,161
Penske Automotive Group, Inc.	6,156			304,722
The Pep Boys-Manny Moe & Jack (a)	7,918			90,740
Perfumania Holdings, Inc. (a)	1,362			9,248
Pier 1 Imports, Inc.	15,590			240,242
Pricesmart, Inc.	2,618			227,871
The Providence Service Corp. (a)	2,023			74,022
RadioShack Corp. (a)(b)	19,530			19,352
RealNetworks, Inc. (a)	6,577			50,182
Regis Corp.	5,946			83,720
Rent-A-Center, Inc.	7,455			213,809
Restoration Hardware Holdings, Inc. (a)	4,302			400,301
Rollins, Inc.	9,330			279,900
Rush Enterprises, Inc., Class A (a)	5,240			181,671
Sally Beauty Holdings, Inc. (a)	21,583			541,302
Sears Holdings Corp. (a)(b)	6,571			262,577
Service Corp. International	31,833			659,580
Shoe Carnival, Inc.	2,127			43,923
Shutterfly, Inc. (a)	6,386			274,981
Signet Jewelers Ltd.	11,819			1,307,063
SolarCity Corp. (a)	7,467			527,170
Sonic Automotive, Inc., Class A	5,131			136,895
Sotheby's	10,262			430,901
SP Plus Corp. (a)	2,950			63,100
Speed Commerce, Inc. (a)	10,106			37,796
Stage Stores, Inc.	4,498			84,068
Stamps.com, Inc. (a)	2,999			101,036
Stein Mart, Inc.	4,383			60,880
Strayer Education, Inc. (a)	1,653			86,799
Susser Holdings Corp. (a)	2,867			231,424
Titan Machinery, Inc. (a)	2,424			39,899
Trans World Entertainment Corp.	1,113			4,229
Tuesday Morning Corp. (a)	5,992			106,777
Ulta Salon Cosmetics & Fragrance, Inc. (a)	9,594			876,988
Valuevision Media, Inc., Class A (a)	8,069			40,264
VCA Antech, Inc. (a)	13,192			462,907
Weight Watchers International, Inc.	4,375			88,244
West Marine, Inc. (a)	2,322			23,824
The Wet Seal, Inc., Class A (a)	15,586			14,183
Williams-Sonoma, Inc.	13,208			948,070
Winmark Corp.	574			39,968
Zumiez, Inc. (a)	3,449			95,158
			30,078,512
Health Care Equipment & Services  — 5.0%
Abaxis, Inc.	3,187			141,216
ABIOMED, Inc. (a)	5,767			144,982

 

See Notes to Financial Statements

QUANTITATIVE MASTER SERIES LLC JUNE 30, 2014 13

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)
Acadia Healthcare Co., Inc. (a)	7,158	$		325,689
Accuray, Inc. (a)	11,390			100,232
Addus HomeCare Corp. (a)	1,515			34,057
Air Methods Corp. (a)	5,450			281,492
Alere, Inc. (a)	12,116			453,381
Align Technology, Inc. (a)	10,903			611,004
Alliance HealthCare Services, Inc. (a)	2,209			59,643
Almost Family, Inc. (a)	1,625			35,880
Alphatec Holdings, Inc. (a)	20,207			32,937
Amedisys, Inc. (a)	5,610			93,911
American Caresource Holdings, Inc. (a)	2,753			9,278
Amsurg Corp. (a)	4,964			226,209
Analogic Corp.	1,947			152,333
AngioDynamics, Inc. (a)	4,266			69,664
Anika Therapeutics, Inc. (a)	2,272			105,262
Antares Pharma, Inc. (a)	22,489			60,046
AtriCure, Inc. (a)	4,748			87,268
Atrion Corp.	253			82,478
Baxano Surgical, Inc. (a)(b)	4,594			2,619
Bio-Rad Laboratories, Inc., Class A (a)	3,008			360,088
Bio-Reference Laboratories, Inc. (a)	3,943			119,157
Biolase, Inc. (a)(b)	11,125			24,475
BioScrip, Inc. (a)	10,652			88,838
BioTelemetry, Inc. (a)	5,176			37,112
Bovie Medical Corp. (a)	5,924			21,504
Brookdale Senior Living, Inc. (a)	18,807			627,025
Bruker Corp. (a)	16,707			405,479
BSD Medical Corp. (a)(b)	10,340			10,237
Cantel Medical Corp.	5,342			195,624
Capital Senior Living Corp. (a)	4,670			111,333
Cardica, Inc. (a)	18,033			20,558
Cardiovascular Systems, Inc. (a)	5,476			170,632
Celsion Corp. (a)	5,418			18,800
Centene Corp. (a)	8,644			653,573
Cepheid, Inc. (a)	10,644			510,273
Cesca Therapeutics, Inc. (a)	5,823			8,094
Chindex International, Inc. (a)	2,374			56,240
CollabRx, Inc. (a)	1,314			2,457
Community Health Systems, Inc. (a)(b)	17,082			775,010
CONMED Corp.	4,155			183,443
The Cooper Cos., Inc.	7,283			987,065
Corvel Corp. (a)	2,182			98,583
Covance, Inc. (a)	8,580			734,276
CryoLife, Inc.	4,639			41,519
Cutera, Inc. (a)	3,451			35,856
Cyberonics, Inc. (a)	3,779			236,036
Cynosure, Inc., Class A (a)	3,272			69,530
Delcath Systems, Inc. (a)	2,892			7,591
Common Stocks	Shares		Value
Health Care Equipment & Services (continued)
DexCom, Inc. (a)	10,798	$		428,249
Echo Therapeutics, Inc. (a)(b)	2,662			6,016
Emeritus Corp. (a)	6,492			205,472
Endologix, Inc. (a)	10,545			160,389
The Ensign Group, Inc.	3,034			94,297
Envision Healthcare Holdings, Inc. (a)	10,658			382,729
Escalon Medical Corp. (a)	1,399			2,392
Exactech, Inc. (a)	1,661			41,907
Five Star Quality Care, Inc. (a)	7,271			36,428
Fluidigm Corp. (a)	4,704			138,298
Fonar Corp. (a)	2,767			33,757
GenMark Diagnostics, Inc. (a)	7,955			107,631
Gentiva Health Services, Inc. (a)	5,338			80,390
Globus Medical, Inc., Class A (a)	8,779			209,994
Haemonetics Corp. (a)	7,730			272,714
Hanger, Inc. (a)	5,275			165,899
Hansen Medical, Inc. (a)(b)	16,857			22,083
Harvard Apparatus Regenerative Technology, Inc. (a)	4,592			47,986
HCA Holdings, Inc. (a)	47,041			2,652,172
Health Net, Inc. (a)	11,784			489,507
Healthcare Services Group, Inc.	10,704			315,126
HealthSouth Corp.	13,261			475,672
HealthStream, Inc. (a)	3,505			85,171
Healthways, Inc. (a)	5,860			102,784
HeartWare International, Inc. (a)	2,540			224,790
Henry Schein, Inc. (a)	12,659			1,502,244
Hill-Rom Holdings, Inc.	8,582			356,239
HMS Holdings Corp. (a)	13,404			273,576
Hologic, Inc. (a)	41,560			1,053,546
Hooper Holmes, Inc. (a)	9,589			7,168
ICU Medical, Inc. (a)	1,995			121,316
IDEXX Laboratories, Inc. (a)	7,796			1,041,312
Insulet Corp. (a)	8,701			345,169
Integra LifeSciences Holdings Corp. (a)	3,596			169,228
Invacare Corp.	4,474			82,187
IPC The Hospitalist Co., Inc. (a)	2,772			122,578
Kindred Healthcare, Inc.	8,223			189,951
LHC Group, Inc. (a)	1,911			40,838
LifePoint Hospitals, Inc. (a)	6,766			420,169
Magellan Health Services, Inc. (a)	3,844			239,251
Masimo Corp. (a)	7,809			184,292
Medical Action Industries, Inc. (a)	3,614			49,620
MEDNAX, Inc. (a)	15,099			878,007
MELA Sciences, Inc. (a)	7,818			2,511
Meridian Bioscience, Inc.	6,734			138,990
Merit Medical Systems, Inc. (a)	6,737			101,729
Molina Healthcare, Inc. (a)	4,295			191,686
National Healthcare Corp.	1,141			64,227
Natus Medical, Inc. (a)	4,670			117,404

 

See Notes to Financial Statements

QUANTITATIVE MASTER SERIES LLC JUNE 30, 2014 14

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

Common Stocks	Shares		Value
Health Care Equipment & Services (concluded)
Navidea Biopharmaceuticals, Inc. (a)(b)	30,416	$		45,016
Neogen Corp. (a)	5,992			242,496
NeuroMetrix, Inc. (a)	2,033			3,944
NuVasive, Inc. (a)	7,180			255,393
NxStage Medical, Inc. (a)	9,415			135,294
Omnicell, Inc. (a)	5,997			172,174
OraSure Technologies, Inc. (a)	11,059			95,218
Orthofix International NV (a)	3,072			111,360
Owens & Minor, Inc.	8,724			296,441
PAREXEL International Corp. (a)	8,576			453,156
PharMerica Corp. (a)	4,711			134,687
Psychemedics Corp.	1,801			25,502
Quidel Corp. (a)	4,664			103,121
RadNet, Inc. (a)	8,124			53,862
ResMed, Inc.	21,034			1,064,951
Retractable Technologies, Inc. (a)	3,653			9,132
Rockwell Medical, Inc. (a)(b)	6,648			79,710
RTI Surgical, Inc. (a)	10,112			43,987
Select Medical Holdings Corp.	8,940			139,464
Sirona Dental Systems, Inc. (a)	8,220			677,821
Skilled Healthcare Group, Inc., Class A (a)	4,337			27,280
Spectranetics Corp. (a)	6,770			154,898
Staar Surgical Co. (a)	5,027			84,454
Stereotaxis, Inc. (a)	4,227			15,006
STERIS Corp.	8,488			453,938
SurModics, Inc. (a)	2,327			49,844
Symmetry Medical, Inc. (a)	6,089			53,949
Synergetics USA, Inc. (a)	3,470			10,757
Team Health Holdings, Inc. (a)	10,655			532,111
Teleflex, Inc.	6,117			645,955
Thoratec Corp. (a)	8,482			295,683
Triple-S Management Corp. (a)	3,073			55,099
U.S. Physical Therapy, Inc.	1,930			65,987
Unilife Corp. (a)(b)	19,019			56,296
Universal American Corp.	7,080			58,976
Universal Health Services, Inc.	13,406			1,283,759
Uroplasty, Inc. (a)	5,585			14,968
Utah Medical Products, Inc.	725			37,294
Vascular Solutions, Inc. (a)	3,105			68,900
Vision-Sciences, Inc. (a)	14,475			16,646
Volcano Corp. (a)	8,663			152,555
WellCare Health Plans, Inc. (a)	6,436			480,512
West Pharmaceutical Services, Inc.	10,334			435,888
Wright Medical Group, Inc. (a)	7,889			247,715
			33,636,279
Household Goods & Home Construction  — 1.7%
ACCO Brands Corp. (a)	18,141			116,284
Bassett Furniture Industries, Inc.	2,150			28,294
Beazer Homes USA, Inc. (a)	4,476			93,906
Common Stocks	Shares		Value
Household Goods & Home Construction (continued)
Blount International, Inc. (a)	7,808	$		110,171
Blyth, Inc. (b)	1,402			10,908
Briggs & Stratton Corp.	6,754			138,187
Cavco Industries, Inc. (a)	1,223			104,322
Central Garden and Pet Co., Class A (a)	7,098			65,302
Church & Dwight Co., Inc.	20,263			1,417,397
Compx International, Inc.	1,034			10,805
Comstock Holdings Cos., Inc. (a)	7,515			8,943
The Dixie Group, Inc. (a)	2,900			30,711
Energizer Holdings, Inc.	9,125			1,113,524
Ethan Allen Interiors, Inc.	3,943			97,550
Flexsteel Industries, Inc.	965			32,183
Forward Industries, Inc. (a)	2,823			3,444
Herman Miller, Inc.	8,835			267,170
HNI Corp.	6,700			262,037
Hooker Furniture Corp.	1,876			30,279
Hovnanian Enterprises, Inc., Class A (a)	21,351			109,958
Interface, Inc.	9,120			171,821
iRobot Corp. (a)(b)	4,579			187,510
Jarden Corp. (a)	18,524			1,099,399
KB Home	12,864			240,300
Knoll, Inc.	7,374			127,791
La-Z-Boy, Inc.	8,276			191,755
Libbey, Inc. (a)	3,813			101,578
Lifetime Brands, Inc.	1,440			22,637
The LS Starrett Co., Class A	1,377			21,178
M/I Homes, Inc. (a)	4,013			97,395
MDC Holdings, Inc.	6,036			182,830
Meritage Homes Corp. (a)	5,757			243,003
National Presto Industries, Inc. (b)	930			67,741
NVR, Inc. (a)	631			726,029
Oil-Dri Corp. of America	858			26,229
The Ryland Group, Inc.	7,317			288,582
The Scotts Miracle-Gro Co., Class A	6,513			370,329
Select Comfort Corp. (a)	8,631			178,316
Skyline Corp. (a)	2,125			8,734
Spectrum Brands Holdings, Inc.	3,200			275,296
Standard Pacific Corp. (a)	23,580			202,788
Stanley Furniture Co., Inc. (a)	2,178			5,837
Steelcase, Inc., Class A	9,078			137,350
Summer Infant, Inc. (a)	2,685			7,733
Taylor Morrison Home Corp., Class A (a)	4,488			100,621
Tempur Sealy International, Inc. (a)	9,283			554,195
Toll Brothers, Inc. (a)	24,196			892,832
Tupperware Brands Corp.	7,507			628,336
Virco Manufacturing Corp. (a)	2,505			5,812

 

See Notes to Financial Statements

QUANTITATIVE MASTER SERIES LLC JUNE 30, 2014 15

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)
WD-40 Co.	2,105	$		158,338
			11,373,670
Industrial Engineering  — 3.2%
Accuride Corp. (a)	8,723			42,655
AGCO Corp.	13,378			752,111
Alamo Group, Inc.	1,182			63,934
Albany International Corp., Class A	4,299			163,190
Altra Industrial Motion Corp.	4,225			153,748
American Railcar Industries, Inc.	1,472			99,757
Astec Industries, Inc.	2,477			108,691
The Babcock & Wilcox Co.	16,465			534,454
Broadwind Energy, Inc. (a)	2,781			24,389
Ceco Environmental Corp.	2,961			46,162
Chicago Rivet & Machine Co.	494			18,278
CIRCOR International, Inc.	2,779			214,344
CLARCOR, Inc.	7,116			440,125
Colfax Corp. (a)	14,299			1,065,847
Columbus McKinnon Corp.	2,933			79,338
Commercial Vehicle Group, Inc. (a)	5,294			53,152
Crane Co.	7,181			533,979
Donaldson Co., Inc.	19,692			833,365
Douglas Dynamics, Inc.	3,742			65,934
Dynamic Materials Corp.	2,036			45,057
The Eastern Co.	1,114			17,200
Energy Recovery, Inc. (a)(b)	7,684			37,805
EnPro Industries, Inc. (a)	3,303			241,648
Federal Signal Corp.	9,847			144,259
Franklin Electric Co., Inc.	5,549			223,791
FreightCar America, Inc.	1,751			43,845
GATX Corp.	6,600			441,804
The Gorman-Rupp Co.	2,838			100,380
Graco, Inc.	9,153			714,666
Graham Corp.	1,902			66,209
The Greenbrier Cos., Inc. (a)	3,794			218,534
H&E Equipment Services, Inc. (a)	4,783			173,814
Hardinge, Inc.	1,772			22,416
Hurco Cos., Inc.	1,150			32,430
Hyster-Yale Materials Handling, Inc.	1,717			152,023
IDEX Corp.	12,008			969,526
John Bean Technologies Corp.	4,210			130,468
Kadant, Inc.	1,829			70,325
Kennametal, Inc.	11,534			533,794
Key Technology, Inc. (a)	998			12,295
Kimball International, Inc., Class B	4,906			82,028
Lincoln Electric Holdings, Inc.	11,893			831,083
Lindsay Corp.	1,924			162,520
Lydall, Inc. (a)	3,024			82,767
Manitex International, Inc. (a)	2,717			44,124
The Manitowoc Co., Inc.	20,308			667,321
Materion Corp.	3,097			114,558
Meritor, Inc. (a)	15,283			199,290
Common Stocks	Shares		Value
Industrial Engineering (concluded)
MFRI, Inc. (a)	1,937	$		22,101
The Middleby Corp. (a)	8,628			713,708
Miller Industries, Inc.	1,717			35,336
MSA Safety, Inc.	4,624			265,788
Mueller Industries, Inc.	8,298			244,044
NACCO Industries, Inc., Class A	799			40,429
Navistar International Corp. (a)	10,725			401,973
NN, Inc.	3,075			78,659
Nordson Corp.	8,972			719,465
Oshkosh Corp.	12,859			714,060
PMFG, Inc. (a)	4,561			24,036
Proto Labs, Inc. (a)	3,441			281,887
Spartan Motors, Inc.	4,844			21,992
SPX Corp.	6,676			722,410
Standex International Corp.	1,941			144,566
Sun Hydraulics Corp.	3,780			153,468
Sypris Solutions, Inc.	1,348			7,522
Tecumseh Products Co. (a)	4,019			20,457
Tennant Co.	2,738			208,964
Terex Corp.	16,697			686,247
The Timken Co.	11,617			788,097
The Toro Co.	8,611			547,660
Trinity Industries, Inc.	23,172			1,013,080
Twin Disc, Inc.	1,357			44,849
Wabash National Corp. (a)	10,790			153,758
Wabtec Corp.	14,388			1,188,305
Woodward, Inc.	8,723			437,720
			21,550,014
Industrial Metals & Mining  — 0.6%
AK Steel Holding Corp. (a)	21,307			169,604
Ampco-Pittsburgh Corp.	1,402			32,162
Carpenter Technology Corp.	7,727			488,733
Century Aluminum Co. (a)	8,318			130,426
Cliffs Natural Resources, Inc. (b)	22,958			345,518
Commercial Metals Co.	17,156			296,970
Friedman Industries, Inc.	2,787			23,550
Globe Specialty Metals, Inc.	9,757			202,750
Handy & Harman Ltd. (a)	1,143			30,598
Haynes International, Inc.	1,874			106,050
Horsehead Holding Corp. (a)	8,576			156,598
Kaiser Aluminum Corp.	2,717			197,988
McEwen Mining, Inc. (a)	37,168			107,044
Noranda Aluminum Holding Corp.	10,483			37,005
Olympic Steel, Inc.	1,597			39,526
Reliance Steel & Aluminum Co.	11,249			829,164
RTI International Metals, Inc. (a)	4,899			130,264
Steel Dynamics, Inc.	32,856			589,765
Synalloy Corp.	2,147			35,254
Universal Stainless & Alloy Products, Inc. (a)	1,302			42,289
Uranium Energy Corp. (a)(b)	19,733			30,783
Uranium Resources, Inc. (a)	3,876			10,000

 

See Notes to Financial Statements

QUANTITATIVE MASTER SERIES LLC JUNE 30, 2014 16

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

Common Stocks	Shares		Value
Industrial Metals & Mining (concluded)
Worthington Industries, Inc.	7,838	$		337,348
			4,369,389
Industrial Transportation  — 1.5%
Air Lease Corp.	13,461			519,325
Air Transport Services Group, Inc. (a)	8,433			70,584
Aircastle Ltd.	9,655			171,569
ArcBest Corp.	3,738			162,640
Atlas Air Worldwide Holdings, Inc. (a)	3,637			134,024
Baltic Trading Ltd.	8,240			49,275
CAI International, Inc. (a)	2,930			64,489
Celadon Group, Inc.	3,676			78,372
Con-way, Inc.	8,242			415,479
Covenant Transportation Group, Inc., Class A (a)	1,989			25,618
Eagle Bulk Shipping, Inc. (a)	3,858			11,921
Echo Global Logistics, Inc. (a)	2,581			49,478
Forward Air Corp.	4,305			205,994
Genesee & Wyoming, Inc., Class A (a)	7,681			806,505
Heartland Express, Inc.	7,267			155,078
Hub Group, Inc., Class A (a)	5,073			255,679
International Shipholding Corp.	854			19,574
JB Hunt Transport Services, Inc.	13,424			990,423
Kirby Corp. (a)	8,525			998,619
Knight Transportation, Inc.	8,454			200,952
Landstar System, Inc.	6,456			413,184
Marten Transport Ltd.	3,567			79,723
Matson, Inc.	6,067			162,838
Old Dominion Freight Line, Inc. (a)	10,425			663,864
PAM Transportation Services, Inc. (a)	980			27,401
Patriot Transportation Holding, Inc. (a)	1,004			35,110
PHH Corp. (a)	8,287			190,435
Quality Distribution, Inc. (a)	5,040	��		74,894
Rand Logistics, Inc. (a)	5,032			30,192
Roadrunner Transportation Systems, Inc. (a)	4,005			112,541
Saia, Inc. (a)	3,719			163,376
Swift Transportation Co. (a)	16,713			421,669
TAL International Group, Inc. (a)	5,188			230,140
Teekay Corp.	5,878			365,906
Textainer Group Holdings Ltd.	2,471			95,430
Universal Truckload Services, Inc.	912			23,128
USA Truck, Inc. (a)	1,622			30,153
UTI Worldwide, Inc.	13,413			138,690
Werner Enterprises, Inc.	6,300			167,013
Wesco Aircraft Holdings, Inc. (a)	8,498			169,620
Willis Lease Finance Corp. (a)	1,351			33,127
World Fuel Services Corp.	10,958			539,462
Common Stocks	Shares		Value
Industrial Transportation (concluded)
XPO Logistics, Inc. (a)	8,264	$		236,516
YRC Worldwide, Inc. (a)	4,194			117,893
			9,907,903
Leisure Goods  — 0.9%
Activision Blizzard, Inc.	73,431			1,637,511
Arctic Cat, Inc.	2,143			84,477
Black Diamond, Inc. (a)	4,738			53,160
Brunswick Corp.	13,894			585,354
Callaway Golf Co.	11,826			98,392
Drew Industries, Inc.	3,266			163,333
DTS, Inc. (a)	3,097			57,016
Emerson Radio Corp. (a)	3,000			5,340
Escalade, Inc.	2,473			39,914
Glu Mobile, Inc. (a)	16,419			82,095
JAKKS Pacific, Inc.	3,025			23,414
Koss Corp.	1,133			3,580
LeapFrog Enterprises, Inc. (a)	9,036			66,415
Majesco Entertainment Co. (a)	3,823			8,640
Marine Products Corp.	3,058			25,381
Nautilus, Inc. (a)	5,339			59,210
Polaris Industries, Inc.	9,848			1,282,604
Pool Corp.	6,688			378,273
RealD, Inc. (a)	7,701			98,265
Skullcandy, Inc. (a)	3,869			28,050
Take-Two Interactive Software, Inc. (a)	14,270			317,365
Thor Industries, Inc.	6,530			371,361
TiVo, Inc. (a)	18,817			242,927
Universal Electronics, Inc. (a)	2,627			128,408
Winnebago Industries, Inc. (a)	4,475			112,681
			5,953,166
Life Insurance  — 0.5%
American Equity Investment Life Holding Co.	10,862			267,205
Amerisafe, Inc.	3,237			131,649
Atlantic American Corp.	2,927			11,269
Citizens, Inc. (a)	8,623			63,810
CNO Financial Group, Inc.	33,207			591,085
eHealth, Inc. (a)	3,190			121,124
Employers Holdings, Inc.	4,927			104,354
FBL Financial Group, Inc., Class A	1,432			65,872
Independence Holding Co.	2,342			33,092
Kansas City Life Insurance Co.	643			29,244
National Western Life Insurance Co., Class A	341			85,049
The Phoenix Cos., Inc. (a)	1,083			52,406
Primerica, Inc.	8,287			396,533
Protective Life Corp.	11,766			815,737
StanCorp Financial Group, Inc.	6,314			404,096

 

See Notes to Financial Statements

QUANTITATIVE MASTER SERIES LLC JUNE 30, 2014 17

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

Common Stocks	Shares		Value
Life Insurance (concluded)
Symetra Financial Corp.	13,577	$		308,741
			3,481,266
Media  — 4.1%
Acxiom Corp. (a)	11,735			254,532
AH Belo Corp.	3,599			42,648
AMC Networks, Inc., Class A (a)	9,057			556,915
Ascent Capital Group, Inc., Class A (a)	2,129			140,535
Bankrate, Inc. (a)	9,127			160,088
Beasley Broadcasting Group, Inc., Class A	1,165			7,398
Charter Communications, Inc., Class A (a)	10,540			1,669,325
Clear Channel Outdoor Holdings, Inc., Class A	6,448			52,745
ComScore, Inc. (a)	6,146			218,060
Constant Contact, Inc. (a)	5,148			165,302
Conversant, Inc. (a)	10,870			276,098
Courier Corp.	2,399			35,793
Crown Media Holdings, Inc., Class A (a)	9,805			35,592
CSS Industries, Inc.	1,461			38,527
CTN Media Group, Inc. (a)	50			—
Cumulus Media, Inc., Class A (a)	18,856			124,261
Demand Media, Inc. (a)	9,546			46,012
DISH Network Corp., Class A (a)	31,625			2,058,155
Dolby Laboratories, Inc., Class A (a)	7,199			310,997
DreamWorks Animation SKG, Inc., Class A (a)	11,100			258,186
Emmis Communications Corp., Class A (a)	6,668			19,937
Entercom Communications Corp., Class A (a)	3,775			40,506
Entravision Communications Corp., Class A	12,372			76,954
EW Scripps Co. (a)	5,297			112,085
FactSet Research Systems, Inc.	5,929			713,140
Gray Television, Inc. (a)	8,001			105,053
Groupon, Inc. (a)	59,044			390,871
Harte-Hanks, Inc.	6,749			48,525
IHS, Inc., Class A (a)	9,344			1,267,700
John Wiley & Sons, Inc., Class A	7,011			424,797
Journal Communications, Inc., Class A (a)	6,809			60,396
Lamar Advertising Co., Class A	9,826			520,778
Liberty Global PLC (a)	79,431			3,360,726
Liberty Global PLC, Class A (a)	33,260			1,470,757
Liberty Interactive Corp., Series A (a)	70,943			2,082,887
Liberty Media Corp., Class A (a)	14,963			2,045,143
Liberty Ventures, Series A (a)	11,438			844,124
Common Stocks	Shares		Value
Media (concluded)
Live Nation Entertainment, Inc. (a)	21,903	$		540,785
Local Corp. (a)	13,417			27,840
Marchex, Inc., Class B	5,246			63,057
Martha Stewart Living Omnimedia, Class A (a)	6,396			30,061
The McClatchy Co., Class A (a)	10,903			60,512
Media General, Inc., Class A (a)(b)	4,003			82,182
Meredith Corp.	5,493			265,641
Morningstar, Inc.	3,324			238,696
National CineMedia, Inc.	10,222			178,987
The New York Times Co., Class A	19,330			294,009
Nexstar Broadcasting Group, Inc., Class A	4,695			242,309
Pandora Media, Inc. (a)	26,311			776,175
PDI, Inc. (a)	2,543			11,138
QuinStreet, Inc. (a)	7,427			40,923
Radio One, Inc., Class D (a)	5,488			27,056
Saga Communications, Inc., Class A	1,186			50,666
Salem Communications Corp., Class A	2,739			25,911
Schawk, Inc.	2,520			51,307
Scholastic Corp.	4,004			136,496
Sinclair Broadcast Group, Inc., Class A	11,419			396,810
Sirius XM Holdings, Inc. (a)	448,087			1,550,381
Sizmek, Inc. (a)	4,901			46,707
Spanish Broadcasting System, Inc. (a)	2,333			13,158
SPAR Group, Inc. (a)	3,165			4,779
Starz, Class A (a)	14,130			420,933
TechTarget, Inc. (a)	5,084			44,841
TheStreet, Inc.	9,587			23,105
Time, Inc. (a)	17,062			413,242
Value Line, Inc.	1,830			30,762
WebMD Health Corp. (a)	7,311			353,121
XO Group, Inc. (a)	5,764			70,436
Yelp, Inc. (a)	9,028			692,267
			27,239,841
Mining  — 0.5%
Allied Nevada Gold Corp. (a)(b)	18,252			68,628
Alpha Natural Resources, Inc. (a)	33,676			124,938
Arch Coal, Inc.	32,421			118,337
Cloud Peak Energy, Inc. (a)	9,192			169,317
Coeur Mining, Inc. (a)	16,289			149,533
Compass Minerals International, Inc.	4,934			472,381
General Moly, Inc. (a)(b)	16,768			19,283
Golden Minerals Co. (a)(b)	9,302			10,697
Hecla Mining Co.	55,170			190,336
Molycorp, Inc. (a)(b)	32,220			82,805
Royal Gold, Inc.	10,023			762,951

 

See Notes to Financial Statements

QUANTITATIVE MASTER SERIES LLC JUNE 30, 2014 18

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

Common Stocks	Shares		Value
Mining (concluded)
Solitario Exploration & Royalty Corp. (a)	15,315	$		20,216
Stillwater Mining Co. (a)	18,398			322,885
SunCoke Energy, Inc. (a)	10,679			229,598
Timberline Resources Corp. (a)(b)	15,011			1,995
US Silica Holdings, Inc.	8,320			461,261
Walter Energy, Inc. (b)	10,822			58,980
Westmoreland Coal Co. (a)	3,611			131,007
			3,395,148
Mobile Telecommunications  — 0.8%
Atlantic Tele-Network, Inc.	1,546			89,668
Iridium Communications, Inc. (a)	12,372			104,667
NII Holdings, Inc. (a)(b)	27,198			14,959
NTELOS Holdings Corp.	3,146			39,199
ORBCOMM, Inc. (a)	8,002			52,733
SBA Communications Corp., Class A (a)	19,597			2,004,773
Shenandoah Telecommunications Co.	3,515			107,067
Sprint Corp. (a)	129,638			1,105,812
T-Mobile US, Inc. (a)	38,648			1,299,346
Telephone & Data Systems, Inc.	13,697			357,629
United States Cellular Corp. (a)	1,525			62,220
USA Mobility, Inc.	3,856			59,382
			5,297,455
Nonlife Insurance  — 3.3%
Alleghany Corp. (a)	2,531			1,108,882
Allied World Assurance Co. Holdings AG	14,766			561,403
Ambac Financial Group, Inc. (a)	6,424			175,439
American Financial Group, Inc.	10,489			624,725
American National Insurance Co.	539			61,554
Amtrust Financial Services, Inc.	4,764			199,183
Arch Capital Group Ltd. (a)	17,366			997,503
Argo Group International Holdings Ltd.	3,886			198,613
Arthur J Gallagher & Co.	23,297			1,085,640
Aspen Insurance Holdings Ltd.	9,578			435,033
Assured Guaranty Ltd.	24,148			591,626
Axis Capital Holdings Ltd.	15,562			689,085
Baldwin & Lyons, Inc., Class B	1,784			46,277
Brown & Brown, Inc.	17,780			546,024
CNA Financial Corp.	3,530			142,683
Donegal Group, Inc., Class A	1,871			28,626
EMC Insurance Group, Inc.	901			27,733
Endurance Specialty Holdings Ltd.	6,510			335,851
Enstar Group Ltd. (a)	1,419			213,886
Erie Indemnity Co., Class A	3,698			278,311
Everest Re Group Ltd.	6,970			1,118,615
Federated National Holding Co.	2,731			69,640
First Acceptance Corp. (a)	6,570			16,097
Common Stocks	Shares		Value
Nonlife Insurance (concluded)
First American Financial Corp.	15,711	$		436,609
Global Indemnity PLC (a)	1,973			51,278
Greenlight Capital Re Ltd. (a)	4,911			161,768
The Hanover Insurance Group, Inc.	6,420			405,423
HCC Insurance Holdings, Inc.	14,899			729,157
Hilltop Holdings, Inc. (a)	11,293			240,089
Horace Mann Educators Corp.	6,108			190,997
Infinity Property & Casualty Corp.	1,707			114,762
Kemper Corp.	7,517			277,077
Life Partners Holdings, Inc.	4,344			10,817
Maiden Holdings Ltd.	8,194			99,065
Markel Corp. (a)	2,117			1,387,990
MBIA, Inc. (a)	21,893			241,699
Meadowbrook Insurance Group, Inc.	7,057			50,740
Mercury General Corp.	3,553			167,133
Montpelier Re Holdings Ltd.	6,725			214,864
National General Holdings Corp.	8,953			155,782
National Interstate Corp.	2,934			82,211
The Navigators Group, Inc. (a)	1,693			113,516
Old Republic International Corp.	36,358			601,361
OneBeacon Insurance Group Ltd.	2,550			39,627
PartnerRe Ltd.	6,881			751,474
Platinum Underwriters Holdings Ltd.	4,148			268,998
ProAssurance Corp.	9,067			402,575
Reinsurance Group of America, Inc.	10,238			807,778
RenaissanceRe Holdings Ltd.	6,523			697,961
RLI Corp.	5,342			244,557
Safety Insurance Group, Inc.	2,120			108,926
Selective Insurance Group, Inc.	8,290			204,929
State Auto Financial Corp.	2,450			57,403
Tower Group International Ltd.	10,180			18,324
United Fire Group, Inc.	3,306			96,932
Universal Insurance Holdings, Inc.	5,132			66,562
Validus Holdings Ltd.	15,039			575,091
W.R. Berkley Corp.	16,118			746,425
White Mountains Insurance Group Ltd.	817			497,095
Willis Group Holdings PLC	26,126			1,131,256
			22,000,680
Oil & Gas Producers  — 3.9%
Abraxas Petroleum Corp. (a)	18,396			115,159
Adams Resources & Energy, Inc.	460			35,940
Alon USA Energy, Inc.	3,887			48,354
Apco Oil and Gas International, Inc. (a)	2,992			43,175
Approach Resources, Inc. (a)	5,719			129,993
Athlon Energy, Inc. (a)	7,250			345,825
Barnwell Industries, Inc. (a)	1,930			5,867
Bill Barrett Corp. (a)	7,950			212,901

 

See Notes to Financial Statements

QUANTITATIVE MASTER SERIES LLC JUNE 30, 2014 19

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

Common Stocks	Shares		Value
Oil & Gas Producers (continued)
Bonanza Creek Energy, Inc. (a)	4,674	$		267,306
BPZ Resources, Inc. (a)	18,784			57,855
Callon Petroleum Co. (a)	7,999			93,188
Carrizo Oil & Gas, Inc. (a)	6,605			457,462
Cheniere Energy, Inc. (a)	33,336			2,390,191
Clayton Williams Energy, Inc. (a)	1,073			147,398
Cobalt International Energy, Inc. (a)	44,923			824,337
Comstock Resources, Inc.	7,489			215,983
Concho Resources, Inc. (a)	16,513			2,386,128
Contango Oil & Gas Co. (a)	2,387			100,994
Continental Resources, Inc. (a)	6,523			1,030,895
CVR Energy, Inc.	2,530			121,921
Delek US Holdings, Inc.	7,735			218,359
Diamondback Energy, Inc. (a)	6,372			565,834
Emerald Oil, Inc. (a)(b)	11,407			87,264
Endeavour International Corp. (a)(b)	12,052			16,511
Energen Corp.	10,981			975,991
Energy XXI Bermuda Ltd.	14,483			342,233
Era Group, Inc. (a)	3,179			91,174
Escalera Resources Co. (a)	3,643			9,599
Evolution Petroleum Corp.	5,834			63,882
EXCO Resources, Inc. (b)	28,887			170,144
Forest Oil Corp. (a)	23,888			54,465
FX Energy, Inc. (a)	13,494			48,713
Gastar Exploration, Inc. (a)	11,369			99,024
Goodrich Petroleum Corp. (a)	5,844			161,294
Gulfport Energy Corp. (a)	13,146			825,569
Halcon Resources Corp. (a)(b)	39,882			290,740
Harvest Natural Resources, Inc. (a)	7,655			38,198
HollyFrontier Corp.	29,760			1,300,214
Houston American Energy Corp. (a)	5,104			2,348
Hyperdynamics Corp. (a)(b)	9,512			30,914
Isramco, Inc. (a)	353			44,873
Kodiak Oil & Gas Corp. (a)	41,210			599,606
Kosmos Energy Ltd. (a)	16,595			186,362
Laredo Petroleum, Inc. (a)	9,517			294,837
Magellan Petroleum Corp. (a)	18,301			40,262
Magnum Hunter Resources Corp. (a)	26,868			220,318
Matador Resources Co. (a)	9,966			291,804
Miller Energy Resources, Inc. (a)(b)	7,135			45,664
Northern Oil and Gas, Inc. (a)	9,819			159,952
Oasis Petroleum, Inc. (a)	14,918			833,767
Pacific Ethanol, Inc. (a)(b)	3,564			54,494
Panhandle Oil and Gas, Inc.	1,638			91,777
PBF Energy, Inc.	12,709			338,695
PDC Energy, Inc. (a)	5,632			355,661
Penn Virginia Corp. (a)	8,697			147,414
PetroQuest Energy, Inc. (a)	11,732			88,225
Pioneer Energy Services Corp. (a)	10,165			178,294
Common Stocks	Shares		Value
Oil & Gas Producers (concluded)
PostRock Energy Corp. (a)	4,012	$		6,018
Quicksilver Resources, Inc. (a)(b)	27,437			73,257
Resolute Energy Corp. (a)	11,641			100,578
Rex Energy Corp. (a)	7,757			137,376
Rosetta Resources, Inc. (a)	9,456			518,662
Sanchez Energy Corp. (a)	7,713			289,932
SandRidge Energy, Inc. (a)	56,754			405,791
SemGroup Corp., Class A	6,805			536,574
SM Energy Co.	10,227			860,091
Stone Energy Corp. (a)	8,175			382,508
Swift Energy Co. (a)	6,841			88,796
Syntroleum Corp. (a)	2,214			7,417
Targa Resources Corp.	4,559			636,300
Ultra Petroleum Corp. (a)	23,886			709,175
US Energy Corp., Wyoming (a)	4,911			21,265
Vaalco Energy, Inc. (a)	10,081			72,886
W&T Offshore, Inc.	5,629			92,147
Warren Resources, Inc. (a)	13,542			83,960
Western Refining, Inc.	8,273			310,651
Whiting Petroleum Corp. (a)	17,889			1,435,592
WPX Energy, Inc. (a)	30,709			734,252
ZaZa Energy Corp. (a)(b)	13,617			11,983
Zion Oil & Gas, Inc. (a)	9,148			18,936
			25,929,494
Oil Equipment, Services & Distribution  — 2.8%
Atwood Oceanics, Inc. (a)	8,724			457,835
Basic Energy Services, Inc. (a)	5,297			154,778
Bolt Technology Corp.	2,248			41,251
Bristow Group, Inc.	5,290			426,480
C&J Energy Services, Inc. (a)	7,389			249,600
Cal Dive International, Inc. (a)(b)	19,235			25,390
CARBO Ceramics, Inc.	2,969			457,582
Chart Industries, Inc. (a)	4,551			376,550
Civeo Corp. (a)	16,540			413,996
Core Laboratories NV	6,753			1,128,156
Dawson Geophysical Co.	1,311			37,560
DHT Holdings, Inc.	9,761			70,279
Dresser-Rand Group, Inc. (a)	11,561			736,783
Dril-Quip, Inc. (a)	6,241			681,767
Exterran Holdings, Inc.	9,039			406,665
Flotek Industries, Inc. (a)	7,402			238,048
Forbes Energy Services Ltd. (a)	2,153			9,839
Forum Energy Technologies, Inc. (a)	9,191			334,828
Geospace Technologies Corp. (a)	2,032			111,923
Gulf Island Fabrication, Inc.	1,934			41,620
Gulfmark Offshore, Inc., Class A	3,659			165,314
Helix Energy Solutions Group, Inc. (a)	14,959			393,571
Hercules Offshore, Inc. (a)	24,567			98,759
Hornbeck Offshore Services, Inc. (a)	5,026			235,820

 

See Notes to Financial Statements

QUANTITATIVE MASTER SERIES LLC JUNE 30, 2014 20

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

Common Stocks	Shares		Value
Oil Equipment, Services & Distribution (concluded)
ION Geophysical Corp. (a)	21,270	$		89,759
Key Energy Services, Inc. (a)	19,538			178,577
Matrix Service Co. (a)	4,402			144,342
McDermott International, Inc. (a)	35,472			286,968
Mitcham Industries, Inc. (a)	2,357			32,951
MRC Global, Inc. (a)	15,684			443,700
Natural Gas Services Group, Inc. (a)	2,416			79,873
Newpark Resources, Inc. (a)	13,713			170,864
NOW, Inc. (a)	15,925			576,644
Oceaneering International, Inc.	16,012			1,251,018
OGE Energy Corp.	29,798			1,164,506
Oil States International, Inc. (a)	8,270			530,024
Parker Drilling Co. (a)	19,733			128,659
Patterson-UTI Energy, Inc.	21,247			742,370
PHI, Inc. (a)	2,122			94,578
RPC, Inc.	9,161			215,192
SEACOR Holdings, Inc. (a)	2,751			226,270
Seventy Seven Energy, Inc. (a)	5,432			127,924
Superior Energy Services, Inc.	23,808			860,421
Tesco Corp.	4,864			103,798
TETRA Technologies, Inc. (a)	12,273			144,576
TGC Industries, Inc. (a)	4,268			23,261
Tidewater, Inc.	7,273			408,379
Unit Corp. (a)	6,614			455,242
Weatherford International PLC (a)	114,576			2,635,248
Willbros Group, Inc. (a)	6,727			83,078
			18,492,616
Personal Goods  — 1.2%
American Apparel, Inc. (a)(b)	13,016			11,714
Carter's, Inc.	8,349			575,497
Charles & Colvard Ltd. (a)	4,772			10,498
Cherokee, Inc.	2,419			36,745
Columbia Sportswear Co.	1,775			146,704
Coty, Inc., Class A	8,205			140,552
Crocs, Inc. (a)	13,571			203,972
Culp, Inc.	1,628			28,343
Deckers Outdoor Corp. (a)	5,319			459,189
Delta Apparel, Inc. (a)	1,207			17,284
Elizabeth Arden, Inc. (a)	3,743			80,175
The Female Health Co.	5,213			28,724
G-III Apparel Group Ltd. (a)	2,558			208,886
Hanesbrands, Inc.	14,898			1,466,559
Helen of Troy Ltd. (a)	4,446			269,561
Iconix Brand Group, Inc. (a)	7,819			335,748
Inter Parfums, Inc.	2,513			74,259
Joe's Jeans, Inc. (a)	9,399			9,963
Kate Spade & Co. (a)	18,937			722,257
Lakeland Industries, Inc. (a)	2,662			19,060
Lululemon Athletica, Inc. (a)	16,218			656,505
Movado Group, Inc.	2,713			113,051
Nu Skin Enterprises, Inc., Class A	8,879			656,691
Common Stocks	Shares		Value
Personal Goods (concluded)
Orchids Paper Products Co.	1,530	$		49,021
Oxford Industries, Inc.	2,293			152,874
Perry Ellis International, Inc. (a)	2,072			36,136
Quiksilver, Inc. (a)	20,298			72,667
Revlon, Inc., Class A (a)	2,114			64,477
RG Barry Corp.	2,248			42,600
Rocky Brands, Inc.	1,306			18,584
Skechers U.S.A., Inc., Class A (a)	6,023			275,251
Steven Madden Ltd. (a)	8,907			305,510
Superior Uniform Group, Inc.	918			14,881
Tumi Holdings, Inc. (a)	7,379			148,539
Unifi, Inc. (a)	2,706			74,496
Vera Bradley, Inc. (a)	3,446			75,364
Weyco Group, Inc.	882			24,176
Wolverine World Wide, Inc.	15,103			393,584
			8,020,097
Pharmaceuticals & Biotechnology  — 5.5%
Aastrom Biosciences, Inc. (a)	4,452			18,253
ACADIA Pharmaceuticals, Inc. (a)	13,663			308,647
Achillion Pharmaceuticals, Inc. (a)	19,353			146,502
Acorda Therapeutics, Inc. (a)	7,042			237,386
Acura Pharmaceuticals, Inc. (a)(b)	11,590			12,633
Aegerion Pharmaceuticals, Inc. (a)	4,247			136,286
Affymetrix, Inc. (a)	13,607			121,238
Agenus, Inc. (a)	13,328			42,916
Akorn, Inc. (a)	12,040			400,330
Albany Molecular Research, Inc. (a)	4,097			82,432
Alexza Pharmaceuticals, Inc. (a)	7,669			35,047
Alkermes PLC (a)	22,479			1,131,368
Alnylam Pharmaceuticals, Inc. (a)	9,801			619,129
AMAG Pharmaceuticals, Inc. (a)	3,886			80,518
Amicus Therapeutics, Inc. (a)	12,628			42,178
Ampio Pharmaceuticals, Inc. (a)	8,902			74,332
Anacor Pharmaceuticals, Inc. (a)	5,912			104,820
ANI Pharmaceuticals, Inc. (a)	2,161			74,425
Anthera Pharmaceuticals, Inc. (a)	6,316			21,411
Apricus Biosciences, Inc. (a)(b)	11,257			25,328
ARCA Biopharma, Inc. (a)	10,078			14,714
Arena Pharmaceuticals, Inc. (a)	36,143			211,798
Ariad Pharmaceuticals, Inc. (a)(b)	32,458			206,757
Arqule, Inc. (a)	20,616			31,955
Array BioPharma, Inc. (a)	21,612			98,551
Auxilium Pharmaceuticals, Inc. (a)	7,713			154,723
AVANIR Pharmaceuticals, Inc. (a)	28,877			162,866
AVEO Pharmaceuticals, Inc. (a)	21,112			38,635
BioCryst Pharmaceuticals, Inc. (a)	11,420			145,605
Biodel, Inc. (a)	5,801			12,530
BioDelivery Sciences International, Inc. (a)	7,612			91,877
BioMarin Pharmaceutical, Inc. (a)	22,312			1,388,030
Biota Pharmaceuticals, Inc. (a)	9,894			28,198

 

See Notes to Financial Statements

QUANTITATIVE MASTER SERIES LLC JUNE 30, 2014 21

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

Common Stocks	Shares		Value
Pharmaceuticals & Biotechnology (continued)
Biotime, Inc. (a)(b)	14,244	$		43,444
CASI Pharmaceuticals, Inc. (a)	7,740			13,932
Cel-Sci Corp. (a)	14,672			18,193
Celldex Therapeutics, Inc. (a)	14,644			238,990
Cerus Corp. (a)	14,468			60,042
Charles River Laboratories International, Inc. (a)	7,787			416,760
Cleveland Biolabs, Inc. (a)	20,827			10,007
Clovis Oncology, Inc. (a)	4,992			206,719
Columbia Laboratories, Inc. (a)	4,676			32,031
Corcept Therapeutics, Inc. (a)	18,449			51,657
Coronado Biosciences, Inc. (a)(b)	14,758			25,384
CTI BioPharma Corp. (a)	30,486			85,666
Cubist Pharmaceuticals, Inc. (a)	11,951			834,419
Cumberland Pharmaceuticals, Inc. (a)	4,500			20,250
Curis, Inc. (a)	24,444			45,466
Cytokinetics, Inc. (a)	8,226			39,320
Cytori Therapeutics, Inc. (a)(b)	19,551			46,727
CytRx Corp. (a)	9,758			40,788
Dendreon Corp. (a)(b)	32,515			74,784
Depomed, Inc. (a)	10,053			139,737
Discovery Laboratories, Inc. (a)	22,340			39,765
Durect Corp. (a)	21,132			38,460
Dyax Corp. (a)	23,162			222,355
Dynavax Technologies Corp. (a)	52,460			83,936
Emergent Biosolutions, Inc. (a)	5,699			128,000
Endo International PLC (a)	21,089			1,476,652
Endocyte, Inc. (a)(b)	6,241			41,128
Enzo Biochem, Inc. (a)	8,028			42,147
Enzon Pharmaceuticals, Inc.	19,966			20,765
Exact Sciences Corp. (a)	14,169			241,298
Exelixis, Inc. (a)	33,152			112,385
Furiex Pharmaceuticals, Inc. (a)	1,592			169,039
Galena Biopharma, Inc. (a)(b)	24,162			73,936
Genomic Health, Inc. (a)	3,722			101,983
GenVec, Inc. (a)	8,267			21,246
Geron Corp. (a)	29,051			93,254
GTx, Inc. (a)(b)	17,845			24,626
Halozyme Therapeutics, Inc. (a)	17,679			174,669
Harvard Bioscience, Inc. (a)	7,017			31,927
Hemispherx Biopharma, Inc. (a)	9,683			3,002
Idenix Pharmaceuticals, Inc. (a)	19,881			479,132
Idera Pharmaceuticals, Inc. (a)	15,573			45,162
Illumina, Inc. (a)	19,281			3,442,430
Immunogen, Inc. (a)	14,686			174,029
Immunomedics, Inc. (a)	18,403			67,171
Impax Laboratories, Inc. (a)	10,467			313,905
Incyte Corp. Ltd. (a)	23,106			1,304,103
Infinity Pharmaceuticals, Inc. (a)	8,109			103,309
Inovio Pharmaceuticals, Inc. (a)(b)	9,511			102,814
Insmed, Inc. (a)	6,623			132,328
Intercept Pharmaceuticals, Inc. (a)	1,891			447,467
Common Stocks	Shares		Value
Pharmaceuticals & Biotechnology (continued)
InterMune, Inc. (a)	15,261	$		673,773
Ironwood Pharmaceuticals, Inc. (a)	19,957			305,941
Isis Pharmaceuticals, Inc. (a)	18,200			626,990
Jazz Pharmaceuticals PLC (a)	8,204			1,206,070
Keryx Biopharmaceuticals, Inc. (a)(b)	15,190			233,622
Lannett Co., Inc. (a)	4,498			223,191
Lexicon Pharmaceuticals, Inc. (a)	46,663			75,127
Ligand Pharmaceuticals, Inc., Class B (a)	3,561			221,815
Luminex Corp. (a)	7,451			127,785
Mallinckrodt PLC (a)	8,810			704,976
MannKind Corp. (a)(b)	37,112			407,861
The Medicines Co. (a)	10,340			300,480
Medivation, Inc. (a)	11,862			914,323
Momenta Pharmaceuticals, Inc. (a)	8,706			105,168
Myriad Genetics, Inc. (a)(b)	11,972			465,950
Nanosphere, Inc. (a)	18,468			29,179
Nektar Therapeutics (a)	20,082			257,451
Neuralstem, Inc. (a)(b)	19,434			82,011
Neurocrine Biosciences, Inc. (a)	12,471			185,070
Novavax, Inc. (a)	40,479			187,013
NPS Pharmaceuticals, Inc. (a)	15,426			509,829
OncoGenex Pharmaceutical, Inc. (a)	6,083			22,690
Oncothyreon, Inc. (a)	17,944			58,139
Opko Health, Inc. (a)(b)	36,184			319,867
Orexigen Therapeutics, Inc. (a)	18,080			111,734
Osiris Therapeutics, Inc. (a)	4,272			66,729
OXiGENE, Inc. (a)	5,610			14,530
Pacific Biosciences of California, Inc. (a)	10,142			62,678
Pacira Pharmaceuticals, Inc. (a)	5,611			515,426
Pain Therapeutics, Inc. (a)	8,736			50,232
Palatin Technologies, Inc. (a)(b)	16,279			16,116
PDL BioPharma, Inc.	26,549			256,994
Peregrine Pharmaceuticals, Inc. (a)(b)	36,863			69,302
Pernix Therapeutics Holdings (a)	4,089			36,719
Pharmacyclics, Inc. (a)	10,524			944,108
Pozen, Inc. (a)	7,071			58,901
Prestige Brands Holdings, Inc. (a)	8,670			293,826
Progenics Pharmaceuticals, Inc. (a)	14,832			63,926
Puma Biotechnology, Inc. (a)	3,433			226,578
Questcor Pharmaceuticals, Inc.	8,608			796,154
Quintiles Transnational Holdings, Inc. (a)	8,004			426,533
Raptor Pharmaceutical Corp. (a)	13,271			153,280
Repligen Corp. (a)	6,758			154,015
Repros Therapeutics, Inc. (a)	5,171			89,458

 

See Notes to Financial Statements

QUANTITATIVE MASTER SERIES LLC JUNE 30, 2014 22

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

Common Stocks	Shares		Value
Pharmaceuticals & Biotechnology (concluded)
Rexahn Pharmaceuticals, Inc. (a)(b)	36,171	$		31,469
Rigel Pharmaceuticals, Inc. (a)	16,778			60,904
Sagent Pharmaceuticals, Inc. (a)	3,816			98,682
Salix Pharmaceuticals Ltd. (a)	9,811			1,210,187
Sangamo Biosciences, Inc. (a)	11,425			174,460
Sarepta Therapeutics, Inc. (a)	6,277			186,992
Sciclone Pharmaceuticals, Inc. (a)	11,817			62,157
Seattle Genetics, Inc. (a)	17,486			668,839
Sequenom, Inc. (a)(b)	22,329			86,413
SIGA Technologies, Inc. (a)(b)	12,671			35,732
Spectrum Pharmaceuticals, Inc. (a)	11,101			90,251
StemCells, Inc. (a)	19,530			39,646
Sucampo Pharmaceuticals, Inc., Class A (a)	4,619			31,871
Synageva BioPharma Corp. (a)	3,388			355,062
Synta Pharmaceuticals Corp. (a)(b)	15,752			64,426
Targacept, Inc. (a)	9,088			40,987
Techne Corp.	5,373			497,379
Telik, Inc. (a)	6,927			10,183
Theravance Biopharma, Inc. (a)(b)	3,972			126,627
Theravance, Inc. (a)(b)	12,783			380,678
Threshold Pharmaceuticals, Inc. (a)	13,952			55,250
Transcept Pharmaceuticals, Inc.	9,922			19,745
Trubion Pharmaceuticals, Inc.	3,113			—
United Therapeutics Corp. (a)	7,038			622,793
Vanda Pharmaceuticals, Inc. (a)	6,448			104,329
Venaxis, Inc. (a)	6,479			14,448
Ventrus Biosciences, Inc. (a)	6,886			9,021
Vical, Inc. (a)	29,769			36,318
Vivus, Inc. (a)(b)	17,507			93,137
XenoPort, Inc. (a)	11,650			56,270
XOMA Corp. (a)	14,458			66,362
Zalicus, Inc. (a)	8,168			9,965
ZIOPHARM Oncology, Inc. (a)	21,202			85,444
			36,575,744
Real Estate Investment & Services  — 1.0%
Alexander & Baldwin, Inc.	6,845			283,725
Altisource Portfolio Solutions SA (a)	2,622			300,429
American Realty Investors, Inc. (a)	1,631			11,009
AV Homes, Inc. (a)	2,544			41,594
BBX Capital Corp. (a)	1,716			30,888
CareTrust REIT, Inc. (a)	4,763			94,308
Columbia Property Trust, Inc.	19,040			495,231
Consolidated-Tomoka Land Co.	1,356			62,240
Forest City Enterprises, Inc., Class A (a)	24,288			482,603
Forestar Group, Inc. (a)	5,654			107,935
Common Stocks	Shares		Value
Real Estate Investment & Services (concluded)
Gaming and Leisure Properties, Inc.	14,362	$		487,877
HFF, Inc., Class A	5,529			205,624
The Howard Hughes Corp. (a)	4,827			761,846
Jones Lang LaSalle, Inc.	6,765			855,028
Kennedy-Wilson Holdings, Inc.	10,998			294,966
Maui Land & Pineapple Co., Inc. (a)	6,225			42,704
Move, Inc. (a)	7,752			114,652
Nationstar Mortgage Holdings, Inc. (a)(b)	3,601			130,716
Realogy Holdings Corp. (a)	22,337			842,328
Reis, Inc.	1,837			38,724
The St. Joe Co. (a)(b)	13,831			351,722
Tejon Ranch Co. (a)	2,659			85,593
Transcontinental Realty Investors, Inc. (a)	393			5,596
Trulia, Inc. (a)	5,649			267,650
Zillow, Inc. Class A (a)	3,855			550,995
ZipRealty, Inc. (a)	3,190			9,666
			6,955,649
Real Estate Investment Trusts (REITs)  — 8.5%
Acadia Realty Trust	8,458			237,585
Agree Realty Corp.	3,375			102,026
Alexander's, Inc.	344			127,098
Alexandria Real Estate Equities, Inc.	10,646			826,555
Altisource Residential Corp.	9,073			236,170
American Assets Trust, Inc.	5,207			179,902
American Campus Communities, Inc.	15,864			606,639
American Capital Agency Corp.	56,369			1,319,598
American Capital Mortgage Investment Corp.	9,236			184,905
American Homes 4 Rent, Class A	8,958			159,094
American Realty Capital Properties, Inc.	141,081			1,767,745
Annaly Capital Management, Inc.	138,586			1,584,038
Anworth Mortgage Asset Corp.	19,542			100,837
Apollo Commercial Real Estate Finance, Inc.	8,159			134,542
Apollo Residential Mortgage, Inc.	5,765			96,391
Arbor Realty Trust, Inc.	9,585			66,616
Arlington Asset Investment Corp.	1,883			51,462
ARMOUR Residential REIT, Inc.	59,489			257,587
Ashford Hospitality Prime, Inc.	3,025			51,909
Ashford Hospitality Trust, Inc.	12,545			144,769
Associated Estates Realty Corp.	10,239			184,507
Aviv REIT, Inc.	4,511			127,075
BioMed Realty Trust, Inc.	29,081			634,838
Blackstone Mortgage Trust, Inc., Class A	7,489			217,181

 

See Notes to Financial Statements

QUANTITATIVE MASTER SERIES LLC JUNE 30, 2014 23

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)
Brandywine Realty Trust	23,241	$		362,560
BRT Realty Trust (a)	3,601			26,575
Camden Property Trust	12,650			900,048
Campus Crest Communities, Inc.	10,740			93,008
Capstead Mortgage Corp.	13,114			172,449
CBL & Associates Properties, Inc.	25,753			489,307
Cedar Realty Trust, Inc.	12,109			75,681
Chambers Street Properties	36,585			294,143
Chatham Lodging Trust	5,995			131,291
Chesapeake Lodging Trust	8,583			259,464
Chimera Investment Corp.	167,487			534,284
CIM Commercial Trust Corp.	2,227			48,237
Colony Financial, Inc.	14,537			337,549
CommonWealth REIT	16,555			435,728
Coresite Realty Corp.	3,504			115,877
Corporate Office Properties Trust	13,407			372,849
Cousins Properties, Inc.	27,054			336,822
CubeSmart	19,811			362,938
CyrusOne, Inc.	3,296			82,070
CYS Investments, Inc.	27,099			244,433
DCT Industrial Trust, Inc.	47,705			391,658
DDR Corp.	43,400			765,142
DiamondRock Hospitality Co.	28,241			362,050
Digital Realty Trust, Inc.	20,186			1,177,248
Douglas Emmett, Inc.	20,008			564,626
Duke Realty Corp.	49,363			896,432
DuPont Fabros Technology, Inc.	10,020			270,139
EastGroup Properties, Inc.	4,779			306,955
Education Realty Trust, Inc.	17,065			183,278
Empire State Realty Trust, Inc., Class A	14,404			237,666
EPR Properties	8,521			476,068
Equity Lifestyle Properties, Inc.	12,725			561,936
Equity One, Inc.	8,953			211,201
Excel Trust, Inc.	11,118			148,203
Extra Space Storage, Inc.	16,748			891,831
Federal Realty Investment Trust	9,967			1,205,210
FelCor Lodging Trust, Inc. (a)	19,363			203,505
First Industrial Realty Trust, Inc.	15,801			297,691
First Potomac Realty Trust	10,450			137,104
Franklin Street Properties Corp.	14,004			176,170
Geo Group, Inc.	10,503			375,272
Getty Realty Corp.	4,945			94,351
Gladstone Commercial Corp.	6,637			118,603
Glimcher Realty Trust	23,212			251,386
Government Properties Income Trust	8,160			207,182
Gramercy Property Trust, Inc.	16,896			102,221
Hatteras Financial Corp.	14,923			295,625
Healthcare Realty Trust, Inc.	14,365			365,158
Healthcare Trust of America, Inc., Class A	25,818			310,849
Hersha Hospitality Trust	30,134			202,199
Common Stocks	Shares		Value
Real Estate Investment Trusts (REITs) (continued)
Highwoods Properties, Inc.	13,243	$		555,544
Home Properties, Inc.	8,866			567,069
Hospitality Properties Trust	22,405			681,112
Hudson Pacific Properties, Inc.	9,641			244,303
Inland Real Estate Corp.	13,981			148,618
Invesco Mortgage Capital, Inc.	19,909			345,620
Investors Real Estate Trust	18,496			170,348
iStar Financial, Inc. (a)	11,816			177,004
Kilroy Realty Corp.	12,656			788,216
Kite Realty Group Trust	24,441			150,068
LaSalle Hotel Properties	15,451			545,266
Lexington Realty Trust	29,464			324,399
Liberty Property Trust	21,892			830,364
LTC Properties, Inc.	5,603			218,741
Mack-Cali Realty Corp.	12,852			276,061
Medical Properties Trust, Inc.	26,239			347,404
MFA Financial, Inc.	52,191			428,488
Mid-America Apartment Communities, Inc.	11,511			840,879
Monmouth Real Estate Investment Corp., Class A	11,645			116,916
National Health Investors, Inc.	4,453			278,580
National Retail Properties, Inc.	18,515			688,573
New York Mortgage Trust, Inc.	18,994			148,343
Newcastle Investment Corp.	57,147			273,734
NorthStar Realty Finance Corp.	54,237			942,639
Omega Healthcare Investors, Inc.	19,201			707,749
One Liberty Properties, Inc.	3,179			67,840
Parkway Properties, Inc.	11,089			228,988
Pebblebrook Hotel Trust	9,764			360,877
Pennsylvania Real Estate Investment Trust	10,676			200,922
PennyMac Mortgage Investment Trust (d)	10,450			229,273
Piedmont Office Realty Trust, Inc., Class A	23,343			442,116
Post Properties, Inc.	8,052			430,460
Potlatch Corp.	6,073			251,422
PS Business Parks, Inc.	2,968			247,798
RAIT Financial Trust	9,876			81,675
Ramco-Gershenson Properties Trust	11,192			186,011
Rayonier, Inc.	18,813			668,802
Realty Income Corp.	32,933			1,462,884
Redwood Trust, Inc.	12,734			247,931
Regency Centers Corp.	13,766			766,491
Resource Capital Corp.	24,290			136,753
Retail Opportunity Investments Corp.	13,711			215,674
Retail Properties of America, Inc., Class A	26,354			405,325
RLJ Lodging Trust	17,926			517,882
Rouse Properties, Inc.	5,638			96,466

 

See Notes to Financial Statements

QUANTITATIVE MASTER SERIES LLC JUNE 30, 2014 24

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) (concluded)
Sabra Health Care REIT, Inc.	7,937	$		227,871
Saul Centers, Inc.	2,852			138,607
Senior Housing Properties Trust	30,472			740,165
Silver Bay Realty Trust Corp.	6,204			101,249
SL Green Realty Corp.	14,068			1,539,180
Sovran Self Storage, Inc.	4,831			373,195
Spirit Realty Capital, Inc.	56,368			640,340
STAG Industrial, Inc.	9,468			227,327
Starwood Property Trust, Inc.	34,796			827,101
Starwood Waypoint Residential Trust (a)	6,388			167,429
Strategic Hotels & Resorts, Inc. (a)	37,440			438,422
Sun Communities, Inc.	6,054			301,731
Sunstone Hotel Investors, Inc.	27,919			416,831
Supertel Hospitality, Inc. (a)	985			1,546
Tanger Factory Outlet Centers	15,165			530,320
Taubman Centers, Inc.	9,446			716,101
Terreno Realty Corp.	6,723			129,956
Two Harbors Investment Corp.	56,276			589,772
UDR, Inc.	37,716			1,079,809
UMH Properties, Inc.	9,986			100,160
Universal Health Realty Income Trust	1,725			75,003
Urstadt Biddle Properties, Inc., Class A	3,630			75,794
Walter Investment Management Corp. (a)	5,793			172,516
Washington Prime Group, Inc. (a)	23,415			438,797
Washington Real Estate Investment Trust	9,975			259,151
Weingarten Realty Investors	16,823			552,467
Winthrop Realty Trust	8,263			126,837
WP Carey, Inc.	9,287			598,083
			56,488,729
Software & Computer Services  — 5.6%
ACI Worldwide, Inc. (a)	5,965			333,026
Acorn Energy, Inc. (a)(b)	6,017			14,200
Actuate Corp. (a)	8,413			40,130
Advent Software, Inc.	6,440			209,751
Allscripts Healthcare Solutions, Inc. (a)	24,263			389,421
American Software, Inc., Class A	5,062			50,013
Angie's List, Inc. (a)	7,923			94,601
ANSYS, Inc. (a)	13,876			1,052,078
AOL, Inc. (a)	12,544			499,126
Aspen Technology, Inc. (a)	14,185			658,184
athenahealth, Inc. (a)	5,726			716,494
Authentidate Holding Corp. (a)	13,517			8,921
Blackbaud, Inc.	6,997			250,073
Blucora, Inc. (a)	7,234			136,506
Bottomline Technologies, Inc. (a)	6,036			180,597
BroadSoft, Inc. (a)	4,796			126,566
Common Stocks	Shares		Value
Software & Computer Services (continued)
Bsquare Corp. (a)	3,375	$		10,800
CACI International, Inc., Class A (a)	3,395			238,363
Cadence Design Systems, Inc. (a)	43,901			767,828
Calix, Inc. (a)	6,241			51,051
Callidus Software, Inc. (a)	7,727			92,260
CDW Corp.	12,980			413,802
CIBER, Inc. (a)	11,476			56,691
Cogent Communications Group, Inc.	7,587			262,131
CommVault Systems, Inc. (a)	6,809			334,799
Computer Programs & Systems, Inc.	1,810			115,116
Computer Task Group, Inc.	2,432			40,031
Compuware Corp.	33,584			335,504
Comverse, Inc. (a)	3,640			97,115
Concur Technologies, Inc. (a)	7,261			677,742
Cornerstone OnDemand, Inc. (a)	7,517			345,932
Crexendo, Inc. (a)	3,732			11,942
CSG Systems International, Inc.	5,270			137,600
Datalink Corp. (a)	3,986			39,860
DealerTrack Holdings, Inc. (a)	6,790			307,859
Demandware, Inc. (a)	4,556			316,050
DeVry Education Group, Inc. (c)	8,225			348,246
Digimarc Corp.	1,650			53,790
Digital River, Inc. (a)	5,923			91,392
DST Systems, Inc.	4,903			451,910
Ebix, Inc.	5,448			77,961
Envestnet, Inc. (a)	4,798			234,718
EPIQ Systems, Inc.	4,838			67,974
Equinix, Inc. (a)	7,421			1,559,078
Evolving Systems, Inc.	2,275			19,474
Fair Isaac Corp.	5,190			330,914
FalconStor Software, Inc. (a)	9,942			16,901
FireEye, Inc. (a)	5,004			202,912
Forrester Research, Inc.	1,834			69,472
Fortinet, Inc. (a)	21,109			530,469
Gartner, Inc. (a)	13,883			979,029
GSE Systems, Inc. (a)	4,471			7,422
Guidance Software, Inc. (a)	4,351			39,681
Guidewire Software, Inc. (a)	10,537			428,434
The Hackett Group, Inc.	5,104			30,471
IAC/InterActiveCorp	11,848			820,237
ICG Group, Inc. (a)	7,137			149,021
iGATE Corp. (a)	4,787			174,199
Immersion Corp. (a)	5,721			72,771
Infoblox, Inc. (a)	7,904			103,938
Informatica Corp. (a)	16,669			594,250
Innodata, Inc. (a)	3,774			12,152
Interactive Intelligence Group, Inc. (a)	2,629			147,566
Internap Network Services Corp. (a)	9,928			69,992
Internet Patents Corp. (a)	1,714			5,313

 

See Notes to Financial Statements

QUANTITATIVE MASTER SERIES LLC JUNE 30, 2014 25

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

Common Stocks	Shares		Value
Software & Computer Services (continued)
IntraLinks Holdings, Inc. (a)	7,451	$		66,239
Inuvo, Inc. (a)	12,065			10,731
Ipass, Inc. (a)	10,039			12,047
j2 Global, Inc.	7,201			366,243
The KEYW Holding Corp. (a)(b)	4,780			60,085
Leidos Holdings, Inc.	10,669			409,049
Limelight Networks, Inc. (a)	19,332			59,156
LivePerson, Inc. (a)	9,143			92,801
LogMeIn, Inc. (a)	3,729			173,846
Looksmart Ltd. (a)	3,019			5,434
Manhattan Associates, Inc. (a)	11,709			403,141
Mastech Holdings, Inc.	1,020			15,300
MedAssets, Inc. (a)	9,552			218,168
Medidata Solutions, Inc. (a)	8,016			343,165
Mentor Graphics Corp.	14,680			316,648
Merge Healthcare, Inc. (a)	15,954			36,216
Meru Networks, Inc. (a)	4,119			15,158
MicroStrategy, Inc., Class A (a)	1,418			199,399
Mitek Systems, Inc. (a)(b)	6,735			22,428
Monotype Imaging Holdings, Inc.	6,249			176,034
NCI, Inc. (a)	1,401			12,441
Netscout Systems, Inc. (a)	5,756			255,221
NetSuite, Inc. (a)	4,818			418,588
NIC, Inc.	10,231			162,161
Nuance Communications, Inc. (a)	39,699			745,150
Palo Alto Networks, Inc. (a)	7,170			601,204
PC-Tel, Inc.	3,495			28,275
PDF Solutions, Inc. (a)	4,645			98,567
Pegasystems, Inc.	5,839			123,320
Perficient, Inc. (a)	6,064			118,066
Premier, Inc., Class A (a)	4,858			140,882
Premiere Global Services, Inc. (a)	6,927			92,475
Progress Software Corp. (a)	7,977			191,767
PROS Holdings, Inc. (a)	4,336			114,644
PTC, Inc. (a)	17,845			692,386
QAD, Inc., Class A	1,149			24,497
QAD, Inc., Class B	1,021			18,531
QLIK Technologies, Inc. (a)	13,902			314,463
Quality Systems, Inc.	7,566			121,434
Rackspace Hosting, Inc. (a)	17,806			599,350
RealPage, Inc. (a)	8,197			184,269
RigNet, Inc. (a)	2,204			118,619
Rosetta Stone, Inc. (a)	3,184			30,948
Rovi Corp. (a)	15,342			367,594
Sapient Corp. (a)	17,297			281,076
Science Applications International Corp.	6,201			273,836
SciQuest, Inc. (a)	4,688			82,931
Selectica, Inc. (a)	2,985			18,925
ServiceNow, Inc. (a)	16,083			996,503
Smith Micro Software, Inc. (a)	7,292			7,584
SoftBrands, Inc. (a)	114			—
SolarWinds, Inc. (a)	10,051			388,572
Common Stocks	Shares		Value
Software & Computer Services (concluded)
Solera Holdings, Inc.	10,446	$		701,449
Splunk, Inc. (a)	13,876			767,759
SPS Commerce, Inc. (a)	2,803			177,122
SS&C Technologies Holdings, Inc. (a)	9,629			425,794
Support.com, Inc. (a)	10,873			29,466
Synchronoss Technologies, Inc. (a)	4,820			168,507
Synopsys, Inc. (a)	23,113			897,247
Syntel, Inc. (a)	2,289			196,762
Tableau Software, Inc., Class A (a)	5,367			382,828
Tangoe, Inc. (a)	6,350			95,631
TeleCommunication Systems, Inc., Class A (a)	11,480			37,769
TeleNav, Inc. (a)	4,941			28,114
TIBCO Software, Inc. (a)	23,384			471,655
Twitter, Inc. (a)	11,787			482,913
Tyler Technologies, Inc. (a)	4,457			406,523
The Ultimate Software Group, Inc. (a)	4,334			598,829
Unisys Corp. (a)	7,575			187,406
United Online, Inc.	3,255			33,852
Unwired Planet, Inc. (a)	11,796			26,305
Vantiv, Inc., Class A (a)	21,651			727,907
VASCO Data Security International, Inc. (a)	5,401			62,652
Verint Systems, Inc. (a)	8,298			407,017
VirnetX Holding Corp. (a)(b)	6,877			121,104
Virtusa Corp. (a)	4,107			147,031
VMware, Inc., Class A (a)	12,910			1,249,817
Voltari Corp. (a)(b)	1,272			2,519
Wave Systems Corp., Class A (a)	12,658			17,848
Web.com Group, Inc. (a)	7,721			222,905
Workday, Inc., Class A (a)	5,202			467,452
Zix Corp. (a)	12,044			41,190
zulily, Inc., Class A (a)	1,988			81,409
Zynga, Inc., Class A (a)	105,804			339,631
			37,731,830
Support Services  — 4.6%
ABM Industries, Inc.	7,020			189,400
Acacia Research Corp.	8,239			146,242
Advanced Emissions Solutions, Inc. (a)	3,711			85,093
The Advisory Board Co. (a)	5,558			287,904
AM Castle & Co. (a)	3,004			33,164
Amdocs Ltd.	23,417			1,084,910
AMN Healthcare Services, Inc. (a)	7,283			89,581
AMREP Corp. (a)	600			3,678
Applied Industrial Technologies, Inc.	5,953			301,996
ARC Document Solutions, Inc. (a)	7,827			45,866
Barnes Group, Inc.	6,708			258,526
Barrett Business Services, Inc.	1,189			55,883

 

See Notes to Financial Statements

QUANTITATIVE MASTER SERIES LLC JUNE 30, 2014 26

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

Common Stocks	Shares		Value
Support Services (continued)
Black Box Corp.	2,395	$		56,139
Booz Allen Hamilton Holding Corp.	10,829			230,008
The Brink's Co.	6,746			190,372
Broadridge Financial Solutions, Inc.	17,781			740,401
Cardtronics, Inc. (a)	7,083			241,389
Cartesian, Inc. (a)	2,116			9,120
Casella Waste Systems, Inc. (a)	9,636			48,276
Cass Information Systems, Inc.	1,314			65,017
CBIZ, Inc. (a)	6,146			55,498
CDI Corp.	1,891			27,249
Cenveo, Inc. (a)	15,636			58,010
Clean Harbors, Inc. (a)	8,254			530,319
Comfort Systems USA, Inc.	5,684			89,807
Convergys Corp.	14,319			306,999
CoreLogic, Inc. (a)	13,800			418,968
The Corporate Executive Board Co.	5,159			351,947
Corrections Corp. of America	17,205			565,184
CoStar Group, Inc. (a)	4,784			756,685
CRA International, Inc. (a)	1,964			45,270
Crawford & Co., Class B	3,747			37,770
Cross Country Healthcare, Inc. (a)	5,567			36,297
Deluxe Corp.	7,636			447,317
Dice Holdings, Inc. (a)	6,055			46,079
DigitalGlobe, Inc. (a)	10,483			291,427
Document Security Systems, Inc. (a)(b)	6,643			9,101
DXP Enterprises, Inc. (a)	1,677			126,681
ENGlobal Corp. (a)	4,607			14,374
Ennis, Inc.	3,906			59,606
Euronet Worldwide, Inc. (a)	7,261			350,271
EVERTEC, Inc.	11,013			266,955
ExamWorks Group, Inc. (a)	5,411			171,691
ExlService Holdings, Inc. (a)	4,795			141,213
Exponent, Inc.	2,101			155,705
FleetCor Technologies, Inc. (a)	11,185			1,474,183
Franklin Covey Co. (a)	2,677			53,888
Frontline Capital Group (a)	300			—
FTI Consulting, Inc. (a)	5,990			226,542
Fuel Tech, Inc. (a)	3,071			17,320
Furmanite Corp. (a)	7,007			81,561
G&K Services, Inc., Class A	2,859			148,868
Genpact Ltd. (a)	22,881			401,104
Global Cash Access Holdings, Inc. (a)	10,402			92,578
Global Payments, Inc.	11,051			805,065
Global Power Equipment Group, Inc.	2,352			38,008
GP Strategies Corp. (a)	3,185			82,428
HD Supply Holdings, Inc. (a)	15,047			427,184
Heartland Payment Systems, Inc.	5,532			227,974
Heidrick & Struggles International, Inc.	2,179			40,312
Common Stocks	Shares		Value
Support Services (continued)
Heritage-Crystal Clean, Inc. (a)	1,910	$		37,493
Higher One Holdings, Inc. (a)	7,183			27,367
Hudson Global, Inc. (a)	5,103			20,055
Huron Consulting Group, Inc. (a)	3,528			249,853
ICF International, Inc. (a)	3,065			108,378
InnerWorkings, Inc. (a)	7,279			61,872
Insperity, Inc.	3,118			102,894
Jack Henry & Associates, Inc.	12,579			747,570
Kaman Corp.	3,831			163,699
Kelly Services, Inc., Class A	3,722			63,907
Kforce, Inc.	4,578			99,114
Korn/Ferry International (a)	7,608			223,447
Lawson Products, Inc. (a)	947			15,427
LifeLock, Inc. (a)	11,210			156,492
Lincoln Educational Services Corp.	5,588			25,090
LinkedIn Corp. (a)	14,869			2,549,587
Lionbridge Technologies, Inc. (a)	10,845			64,419
Manpowergroup, Inc.	11,578			982,393
MAXIMUS, Inc.	10,246			440,783
McGrath RentCorp	3,369			123,811
Metalico, Inc. (a)	7,655			9,492
Mistras Group, Inc. (a)	3,074			75,374
Mobile Mini, Inc.	6,204			297,110
ModusLink Global Solutions, Inc. (a)	9,568			35,784
Monster Worldwide, Inc. (a)	17,457			114,169
MSC Industrial Direct Co., Inc., Class A	7,104			679,427
MWI Veterinary Supply, Inc. (a)	2,061			292,641
Navigant Consulting, Inc. (a)	7,309			127,542
NeuStar, Inc., Class A (a)(b)	8,904			231,682
Odyssey Marine Exploration, Inc. (a)(b)	20,285			34,079
On Assignment, Inc. (a)	7,290			259,305
Park-Ohio Holdings Corp.	1,596			92,744
Perma-Fix Environmental Services (a)	1,637			7,530
PowerSecure International, Inc. (a)	3,462			33,720
PRGX Global, Inc. (a)	6,115			39,075
Quad/Graphics, Inc.	3,688			82,501
Rentrak Corp. (a)	1,931			101,281
Resources Connection, Inc.	5,694			74,648
RPX Corp. (a)	6,187			109,819
RR Donnelley & Sons Co.	30,534			517,857
Schnitzer Steel Industries, Inc., Class A	3,674			95,781
ServiceSource International, Inc. (a)	10,518			61,004
Sharps Compliance Corp. (a)	3,560			15,664
The Standard Register Co. (a)	2,919			16,463
StarTek, Inc. (a)	3,340			25,785
Swisher Hygiene, Inc. (a)	4,262			18,327
Sykes Enterprises, Inc. (a)	5,857			127,273

 

See Notes to Financial Statements

QUANTITATIVE MASTER SERIES LLC JUNE 30, 2014 27

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

Common Stocks	Shares		Value
Support Services (concluded)
Team, Inc. (a)	3,018	$		123,798
TeleTech Holdings, Inc. (a)	2,889			83,752
Tetra Tech, Inc.	9,437			259,517
Towers Watson & Co., Class A	9,616			1,002,276
TrueBlue, Inc. (a)	6,199			170,906
UniFirst Corp.	2,188			231,928
United Rentals, Inc. (a)	14,626			1,531,781
United Stationers, Inc.	5,818			241,272
Universal Technical Institute, Inc.	3,377			40,997
URS Corp.	10,865			498,160
US Ecology, Inc.	3,122			152,822
Verisk Analytics, Inc., Class A (a)	22,420			1,345,648
Viad Corp.	3,107			74,071
WageWorks, Inc. (a)	4,832			232,951
Waste Connections, Inc.	18,225			884,824
WEX, Inc. (a)	5,771			605,782
			30,960,616
Technology Hardware & Equipment  — 4.8%
3D Systems Corp. (a)(b)	15,417			921,937
ADTRAN, Inc.	8,627			194,625
Advanced Energy Industries, Inc. (a)	5,935			114,249
Advanced Micro Devices, Inc. (a)	96,273			403,384
Agilysys, Inc. (a)	3,119			43,916
Alliance Fiber Optic Products, Inc.	2,653			48,019
Amkor Technology, Inc. (a)	20,119			224,930
Amtech Systems, Inc. (a)	2,148			26,270
ANADIGICS, Inc. (a)	19,442			15,732
Applied Micro Circuits Corp. (a)	11,676			126,218
ARRIS Group, Inc. (a)	18,017			586,093
Aruba Networks, Inc. (a)	16,990			297,665
Atmel Corp. (a)	63,700			596,869
Aviat Networks, Inc. (a)	15,750			20,160
Aware, Inc. (a)	4,713			30,917
Axcelis Technologies, Inc. (a)	19,244			38,488
AXT, Inc. (a)	4,192			8,971
Brocade Communications Systems, Inc.	67,206			618,295
Brooks Automation, Inc.	9,688			104,340
Cabot Microelectronics Corp. (a)	3,558			158,865
CalAmp Corp. (a)(b)	5,523			119,628
Cavium, Inc. (a)	8,042			399,366
Ceva, Inc. (a)	4,009			59,213
Ciena Corp. (a)	16,392			355,051
Cirrus Logic, Inc. (a)	9,686			220,260
Clearfield, Inc. (a)	2,370			39,792
Cohu, Inc.	3,077			32,924
CommScope Holding Co., Inc. (a)	12,379			286,326
Comtech Telecommunications Corp.	2,512			93,773
Concurrent Computer Corp.	3,805			28,385
Cray, Inc. (a)	6,296			167,474
Common Stocks	Shares		Value
Technology Hardware & Equipment (continued)
Cree, Inc. (a)	18,130	$		905,593
CVD Equipment Corp. (a)(b)	1,397			16,918
Cypress Semiconductor Corp. (a)	21,268			232,034
Dataram Corp. (a)	2,046			5,872
Diebold, Inc.	9,782			392,943
Digi International, Inc. (a)	4,719			44,453
Diodes, Inc. (a)	5,275			152,764
Dot Hill Systems Corp. (a)	12,021			56,499
DSP Group, Inc. (a)	3,838			32,585
Dycom Industries, Inc. (a)	5,349			167,477
EchoStar Corp., Class A (a)	6,098			322,828
Electronics for Imaging, Inc. (a)	7,503			339,136
Emcore Corp. (a)	4,946			20,378
Emulex Corp. (a)	14,355			81,823
Entegris, Inc. (a)	20,983			288,411
Entropic Communications, Inc. (a)	15,197			50,606
Exar Corp. (a)	7,831			88,490
Extreme Networks, Inc. (a)	15,559			69,082
Fairchild Semiconductor International, Inc. (a)	18,731			292,204
Finisar Corp. (a)	14,897			294,216
FormFactor, Inc. (a)	8,934			74,331
Freescale Semiconductor Ltd. (a)	14,909			350,361
Fusion-io, Inc. (a)	15,152			171,218
GSI Technology, Inc. (a)	4,254			25,354
Harmonic, Inc. (a)	15,600			116,376
Hittite Microwave Corp.	4,649			362,390
Hutchinson Technology, Inc. (a)	7,941			19,852
ID Systems, Inc. (a)	3,541			19,263
Identiv, Inc. (a)	1,928			21,343
Ikanos Communications, Inc. (a)	15,913			6,763
Imation Corp. (a)	6,548			22,525
Infinera Corp. (a)	18,795			172,914
Infosonics Corp. (a)	3,600			8,532
Ingram Micro, Inc., Class A (a)	23,025			672,560
Inphi Corp. (a)	3,982			58,456
Insight Enterprises, Inc. (a)	6,078			186,838
Integrated Device Technology, Inc. (a)	20,792			321,444
Integrated Silicon Solution, Inc. (a)	4,637			68,488
InterDigital, Inc.	6,324			302,287
International Rectifier Corp. (a)	10,601			295,768
Intersil Corp., Class A	18,990			283,900
InvenSense, Inc. (a)	8,293			188,168
Ixia (a)	9,113			104,162
IXYS Corp.	3,911			48,184
JDS Uniphase Corp. (a)	35,369			441,051
Kopin Corp. (a)	11,813			38,510
Kulicke & Soffa Industries, Inc. (a)	11,452			163,305
KVH Industries, Inc. (a)	2,945			38,373
Lantronix, Inc. (a)	5,337			10,514
Lattice Semiconductor Corp. (a)	18,197			150,125

 

See Notes to Financial Statements

QUANTITATIVE MASTER SERIES LLC JUNE 30, 2014 28

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

Common Stocks	Shares		Value
Technology Hardware & Equipment (continued)
Lexmark International, Inc., Class A (c)	9,295	$		447,647
Loral Space & Communications, Inc. (a)	2,155			156,647
LRAD Corp. (a)	8,678			17,877
Marvell Technology Group Ltd.	60,629			868,814
Mattson Technology, Inc. (a)	11,678			25,575
Maxim Integrated Products, Inc.	41,416			1,400,275
MaxLinear, Inc., Class A (a)	5,193			52,293
Mercury Systems, Inc. (a)	5,778			65,523
Micrel, Inc.	6,402			72,215
MICROS Systems, Inc. (a)	11,415			775,078
Microsemi Corp. (a)	14,005			374,774
MKS Instruments, Inc.	7,933			247,827
Monolithic Power Systems, Inc.	5,208			220,559
MoSys, Inc. (a)	9,572			30,056
Nanometrics, Inc. (a)	4,363			79,625
NCR Corp. (a)	25,185			883,742
NeoPhotonics Corp. (a)	4,610			19,178
NETGEAR, Inc. (a)	5,974			207,716
Netlist, Inc. (a)	10,122			13,057
Novatel Wireless, Inc. (a)	6,199			11,840
Oclaro, Inc. (a)	19,536			42,979
OmniVision Technologies, Inc. (a)	8,340			183,313
ON Semiconductor Corp. (a)	67,483			616,795
Oplink Communications, Inc. (a)	3,237			54,932
Optical Cable Corp.	1,750			7,000
Overland Storage, Inc. (a)	2,720			13,192
PAR Technology Corp. (a)	2,477			10,403
Parkervision, Inc. (a)(b)	17,069			25,262
PC Connection, Inc.	2,523			52,176
Pendrell Corp. (a)	25,170			44,299
Pericom Semiconductor Corp. (a)	3,697			33,421
Photronics, Inc. (a)	9,259			79,627
Pixelworks, Inc. (a)	3,290			24,905
Plantronics, Inc.	6,513			312,950
PLX Technology, Inc. (a)	7,293			47,186
PMC - Sierra, Inc. (a)	30,983			235,781
Polycom, Inc. (a)	24,303			304,517
Power Integrations, Inc.	4,528			260,541
Preformed Line Products Co.	401			21,586
Procera Networks, Inc. (a)	4,723			47,655
Pulse Electronics Corp. (a)	1,702			4,255
QLogic Corp. (a)	13,407			135,277
Quantum Corp. (a)	46,623			56,880
QuickLogic Corp. (a)(b)	9,826			50,800
Qumu Corp. (a)	2,149			30,064
Radisys Corp. (a)	7,155			24,971
Rambus, Inc. (a)	17,718			253,367
RF Micro Devices, Inc. (a)	42,668			409,186
Riverbed Technology, Inc. (a)	24,672			508,983
Rudolph Technologies, Inc. (a)	5,897			58,262
ScanSource, Inc. (a)	4,292			163,439
Common Stocks	Shares		Value
Technology Hardware & Equipment (concluded)
Seachange International, Inc. (a)	5,030	$		40,290
Semtech Corp. (a)	10,344			270,496
ShoreTel, Inc. (a)	10,755			70,123
Sigma Designs, Inc. (a)	6,824			31,254
Silicon Graphics International Corp. (a)	5,817			55,960
Silicon Image, Inc. (a)	12,222			61,599
Silicon Laboratories, Inc. (a)	5,876			289,393
Skyworks Solutions, Inc.	28,302			1,329,062
Sonic Foundry, Inc. (a)	2,214			23,734
Sonus Networks, Inc. (a)	42,059			150,992
Spansion, Inc., Class A (a)	7,633			160,827
SunEdison, Inc. (a)	37,043			837,172
Super Micro Computer, Inc. (a)	5,514			139,339
Superconductor Technologies, Inc. (a)	2,902			8,387
Synaptics, Inc. (a)	5,533			501,511
SYNNEX Corp. (a)	3,972			289,360
Systemax, Inc. (a)	1,844			26,498
Tech Data Corp. (a)	5,693			355,926
Teradyne, Inc.	29,249			573,280
Tessera Technologies, Inc.	7,127			157,364
Transact Technologies, Inc.	2,692			27,889
TriQuint Semiconductor, Inc. (a)	25,791			407,756
Ultra Clean Holdings, Inc. (a)	5,086			46,028
Ultratech, Inc. (a)	4,365			96,816
USA Technologies, Inc. (a)	8,836			18,644
VeriFone Systems, Inc. (a)	17,081			627,727
ViaSat, Inc. (a)	6,520			377,899
Vitesse Semiconductor Corp. (a)	12,786			44,112
VOXX International Corp. (a)	4,073			38,327
West Corp.	3,886			104,145
Westell Technologies, Inc., Class A (a)	11,425			27,991
Xcerra Corp. (a)	8,384			76,294
Zhone Technologies, Inc. (a)	5,380			16,678
			32,346,997
Tobacco  — 0.1%
Alliance One International, Inc. (a)	13,572			33,930
Rock Creek Pharmaceuticals, Inc. (a)(b)	26,933			15,891
Schweitzer-Mauduit International, Inc.	4,788			209,044
Universal Corp.	3,104			171,806
Vector Group Ltd.	10,308			213,169
			643,840
Travel & Leisure  — 5.4%
Alaska Air Group, Inc.	10,314			980,346
Allegiant Travel Co.	2,114			248,966
Ambassadors Group, Inc. (a)	4,485			20,676
American Airlines Group, Inc. (a)	108,199			4,648,229

 

See Notes to Financial Statements

QUANTITATIVE MASTER SERIES LLC JUNE 30, 2014 29

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

Common Stocks	Shares		Value
Travel & Leisure (continued)
Avis Budget Group, Inc. (a)	16,275	$		971,455
Bally Technologies, Inc. (a)	5,989			393,597
Belmond Ltd., Class A (a)	15,036			218,623
Biglari Holdings, Inc. (a)	247			104,474
BJ's Restaurants, Inc. (a)	4,134			144,318
Bloomin' Brands, Inc. (a)	11,697			262,364
Bob Evans Farms, Inc.	4,018			201,101
Boyd Gaming Corp. (a)	12,757			154,742
Bravo Brio Restaurant Group, Inc. (a)	3,909			61,019
Brinker International, Inc.	10,322			502,165
Buffalo Wild Wings, Inc. (a)	2,972			492,490
Burger King Worldwide, Inc.	10,056			273,724
Carmike Cinemas, Inc. (a)	3,932			138,131
Carrols Restaurant Group, Inc. (a)	7,875			56,070
Century Casinos, Inc. (a)	8,083			46,801
The Cheesecake Factory, Inc.	7,119			330,464
Choice Hotels International, Inc.	5,745			270,647
Churchill Downs, Inc.	1,975			177,967
Cinemark Holdings, Inc.	15,692			554,869
Cosi, Inc. (a)	9,904			11,291
Cracker Barrel Old Country Store, Inc.	3,579			356,361
Denny's Corp. (a)	15,736			102,599
DineEquity, Inc.	2,642			210,013
Domino's Pizza, Inc.	8,718			637,199
Dover Downs Gaming & Entertainment, Inc. (a)	6,916			9,475
Dover Motorsports, Inc.	2,127			6,147
Dunkin' Brands Group, Inc.	16,515			756,552
Einstein Noah Restaurant Group, Inc.	2,916			46,831
Empire Resorts, Inc. (a)	4,635			33,187
Entertainment Gaming Asia, Inc. (a)	3,165			2,437
Famous Dave's Of America, Inc. (a)	1,689			48,474
Fiesta Restaurant Group, Inc. (a)	4,111			190,792
Full House Resorts, Inc. (a)	9,026			12,727
Gaming Partners International Corp. (a)	1,026			8,372
Hawaiian Holdings, Inc. (a)	8,535			117,015
Hertz Global Holdings, Inc. (a)	68,591			1,922,606
Hilton Worldwide Holdings, Inc. (a)	18,961			441,791
HomeAway, Inc. (a)	10,049			349,906
Hyatt Hotels Corp., Class A (a)	8,874			541,137
International Game Technology	36,301			577,549
International Speedway Corp., Class A	3,616			120,340
Interval Leisure Group, Inc.	6,112			134,097
Isle of Capri Casinos, Inc. (a)	6,156			52,695
Jack in the Box, Inc.	6,471			387,225
Jamba, Inc. (a)	3,820			46,222
Common Stocks	Shares		Value
Travel & Leisure (continued)
JetBlue Airways Corp. (a)	33,856	$		367,338
Krispy Kreme Doughnuts, Inc. (a)	10,678			170,634
Las Vegas Sands Corp.	57,968			4,418,321
Life Time Fitness, Inc. (a)	5,819			283,618
Luby's, Inc. (a)	5,639			33,157
The Madison Square Garden Co., Class A (a)	9,390			586,405
The Marcus Corp.	3,675			67,069
Marriott Vacations Worldwide Corp. (a)	5,152			302,062
MGM Resorts International (a)	50,649			1,337,134
Monarch Casino & Resort, Inc. (a)	3,046			46,116
Morgans Hotel Group Co. (a)	9,009			71,441
MTR Gaming Group, Inc. (a)	6,616			35,396
Multimedia Games Holding Co., Inc. (a)	4,756			140,968
Norwegian Cruise Line Holdings Ltd. (a)	13,746			435,748
Orbitz Worldwide, Inc. (a)	9,354			83,251
Panera Bread Co., Class A (a)	4,045			606,062
Papa John's International, Inc.	5,127			217,334
Penn National Gaming, Inc. (a)	11,982			145,461
Pinnacle Entertainment, Inc. (a)	8,495			213,904
Popeyes Louisiana Kitchen, Inc. (a)	4,017			175,583
Premier Exhibitions, Inc. (a)	8,491			6,878
Reading International, Inc., Class A (a)	6,261			53,406
Red Lion Hotels Corp. (a)	7,412			40,618
Red Robin Gourmet Burgers, Inc. (a)	2,150			153,080
Regal Entertainment Group, Class A	12,932			272,865
Republic Airways Holdings, Inc. (a)	7,388			80,086
Rick's Cabaret International, Inc. (a)	3,176			32,427
Royal Caribbean Cruises Ltd.	24,169			1,343,796
Ruby Tuesday, Inc. (a)	10,132			76,902
Ruth's Hospitality Group, Inc.	6,152			75,977
Ryman Hospitality Properties	7,741			372,729
Scientific Games Corp., Class A (a)	7,878			87,603
SeaWorld Entertainment, Inc.	9,734			275,764
Six Flags Entertainment Corp.	14,321			609,359
SkyWest, Inc.	6,187			75,605
Sonic Corp. (a)	8,547			188,718
Speedway Motorsports, Inc.	1,363			24,875
Spirit Airlines, Inc. (a)	11,136			704,241
Steiner Leisure Ltd. (a)	2,066			89,437
Texas Roadhouse, Inc.	8,954			232,804
Town Sports International Holdings, Inc.	5,436			36,149
Travelzoo, Inc. (a)	2,406			46,556

 

See Notes to Financial Statements

QUANTITATIVE MASTER SERIES LLC JUNE 30, 2014 30

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

Common Stocks		Shares		Value
Travel & Leisure (concluded)
United Continental Holdings, Inc. (a)		56,046	$		2,301,809
Vail Resorts, Inc.		5,362			413,839
The Wendy's Co.		42,087			359,002
World Wrestling Entertainment, Inc.		4,661			55,606
				36,123,411
Total Common Stocks — 97.6%				652,075,602
Other Interests (e)		Beneficial Interest (000)
Fixed Line Telecommunications  — 0.0%
Primus Telecommunications Group, Inc.	$	29			—
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%				—
Rights — 0.0%		Shares
Technology Hardware & Equipment  — 0.0%
Leap Wireless, CVR (a)		8,850			22,302
Warrants (f)		Shares		Value
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			—
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%				—
Total Long-Term Investments (Cost — $393,731,236) — 97.6%			$	652,097,904
Short-Term Securities
Money-Market Funds
BlackRock Liquidity Funds, TempCash, Institutional Class, 0.05% (d)(g)		13,551,357		13,551,357
		Beneficial Interest (000)
BlackRock Liquidity Series, LLC, Money Market Series, 0.18% (d)(g)(h)	$	6,653		6,653,127
Total Short-Term Securities (Cost — $20,204,484) — 3.0%				20,204,484
Total Investments (Cost — $413,935,720*) — 100.6%				672,302,388
Liabilities in Excess of Other Assets — (0.6)%				(4,135,186)
Net Assets — 100.0%			$	668,167,202

Notes to Schedule of Investments

* As of June 30, 2014, gross unrealized appreciation and depreciation based on cost for federal income tax purposes were as follows:  

Tax cost	$	416,880,796
Gross unrealized appreciation	$	276,647,811
Gross unrealized depreciation		(21,226,219	)
Net unrealized appreciation	$	255,421,592

(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 Master Series during the period ended June 30, 2014, for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

 

See Notes to Financial Statements

QUANTITATIVE MASTER SERIES LLC JUNE 30, 2014 31

Schedule of Investments (continued) Master Extended Market Index Series

Affiliate	Shares/ Beneficial Interest Held at December 31, 2013		Shares/ Beneficial Interest Purchased	Shares/ Beneficial Interest Sold		Shares/ Beneficial Interest Held at June 30, 2014		Value at June 30, 2014		Income
BlackRock Liquidity Funds, TempCash Institutional Class		24,257,699	—		(10,706,342)1		13,551,357	$	13,551,357	$	5,000
BlackRock Liquidity Series, LLC, Money Market Series	$	20,519,002	—	$	(13,865,875)1	$	6,653,127	$	6,653,127	$	267,636
PennyMac Mortgage Investment Trust		5,478	4,972		—		10,450	$	229,273	$	9,398

	1 Represents net shares/beneficial interest sold.
(e)	Other interests represent beneficial interests in liquidation trusts and other reorganization or private entities.
(f)	Warrants entitle the Master 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, if any.
(g)	Represents the current yield as of report date.
(h)	Security was purchased with the cash collateral from loaned securities. The Master 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.
•	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 June 30, 2014 were as follows:

Contracts Purchased	Issue	Exchange	Expiration	Notional Value		Unrealized Appreciation
67	Russell 2000 Mini Index	ICE Futures US Indices	September 2014	$	7,975,010	$	176,499
55	S&P MidCap 400 E-Mini Index	Chicago Mercantile	September 2014	$	7,861,150		127,568
Total						$	304,067

 

See Notes to Financial Statements

QUANTITATIVE MASTER SERIES LLC JUNE 30, 2014 32

Schedule of Investments (continued) Master Extended Market Index Series

•	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 Master 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 Master 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 Master 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 Master 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 Master Series' investments and derivative financial instruments categorized in the disclosure hierarchy as of June 30, 2014:

			Level 1	Level 2	Level 3		Total
Assets:
Investments:
Common Stocks:
	Aerospace & Defense	$	10,693,138	—	—	$	10,693,138
	Alternative Energy		1,266,477	—	—		1,266,477
	Automobiles & Parts		14,430,269	—	—		14,430,269
	Banks		33,618,189	—	—		33,618,189
	Beverages		460,786	—	—		460,786
	Chemicals		17,423,794	—	—		17,423,794
	Construction & Materials		16,424,615	—	—		16,424,615
	Electricity		9,830,446	—	—		9,830,446
	Electronic & Electrical Equipment		18,983,948	—	—		18,983,948
	Financial Services		20,267,189	—	—		20,267,189
	Fixed Line Telecommunications		3,005,998	—	—		3,005,998
	Food & Drug Retailers		5,048,490	—	—		5,048,490
	Food Producers		11,721,039	—	—		11,721,039
	Forestry & Paper		1,808,585	—	—		1,808,585
	Gas, Water & Multi-Utilities		9,795,100	—	—		9,795,100
	General Industrials		8,745,193	—	—		8,745,193
	General Retailers		30,078,512	—	—		30,078,512
	Health Care Equipment & Services		33,636,279	—	—		33,636,279
	Household Goods & Home Construction		11,373,670	—	—		11,373,670
	Industrial Engineering		21,550,014	—	—		21,550,014
	Industrial Metals & Mining		4,369,389	—	—		4,369,389
	Industrial Transportation		9,907,903	—	—		9,907,903
	Leisure Goods		5,953,166	—	—		5,953,166
	Life Insurance		3,481,266	—	—		3,481,266

 

See Notes to Financial Statements

QUANTITATIVE MASTER SERIES LLC JUNE 30, 2014 33

Schedule of Investments (concluded) Master Extended Market Index Series

			Level 1		Level 2		Level 3		Total
Assets (concluded) :
Investments (concluded):
Common Stocks (concluded):
	Media	$	27,239,841		—		—	$	27,239,841
	Mining		3,395,148		—		—		3,395,148
	Mobile Telecommunications		5,297,455		—		—		5,297,455
	Nonlife Insurance		22,000,680		—		—		22,000,680
	Oil & Gas Producers		25,922,077	$	7,417		—		25,929,494
	Oil Equipment, Services & Distribution		18,492,616		—		—		18,492,616
	Personal Goods		8,020,097		—		—		8,020,097
	Pharmaceuticals & Biotechnology		36,575,744		—		—		36,575,744
	Real Estate Investment & Services		6,955,649		—		—		6,955,649
	Real Estate Investment Trusts (REITs)		56,488,729		—		—		56,488,729
	Software & Computer Services		37,731,830		—		—		37,731,830
	Support Services		30,960,616		—		—		30,960,616
	Technology Hardware & Equipment		32,346,997		—		—		32,346,997
	Tobacco		643,840		—		—		643,840
	Travel & Leisure		36,123,411		—		—		36,123,411
Other Interests:
	Fixed Line Telecommunications		—		—		—		—
Rights:
	Technology Hardware & Equipment		—		—	$	22,302		22,302
Warrants:
	Automobiles & Parts		—		—		—		—
Short-Term Securities			13,551,357		6,653,127		—		20,204,484
Total		$	665,619,542	$	6,660,544	$	22,302	$	672,302,388

		Level 1	Level 2	Level 3		Total
Derivative Financial Instruments 1
Assets:
Equity contracts	$	304,067	—	—	$	304,067

1	Derivative financial instruments are financial futures contracts, which are valued at the unrealized appreciation/depreciation on the instrument.
The Series may hold assets and/or liabilities in which the fair value approximates the carrying amount for financial statement purposes. As of June 30, 2014, collateral on securities loaned at value of $6,653,127 is categorized as Level 2 within the disclosure hierarchy.

There were no transfers between levels during the six months ended June 30, 2014.

See Notes to Financial Statements

QUANTITATIVE MASTER SERIES LLC JUNE 30, 2014 34

Statement of Assets and Liabilities Master Extended Market Index Series

June 30, 2014 (Unaudited)
Assets
Investments at value - unaffiliated (including securities loaned of $6,402,480) (cost — $393,506,553)	$	651,868,631
Investments at value - affiliated (cost — $20,429,167)	20,433,757
Investments sold receivable	1,695,324
Dividends receivable	658,180
Contributions receivable from investors	255,756
Variation margin receivable on financial futures contracts	84,225
Securities lending income receivable — affiliated	48,941
Prepaid expenses	1,638
Other assets	1,253
Total assets	675,047,705
Liabilities
Collateral on securities loaned at value	6,653,127
Investments purchased payable	127,924
Investment advisory fees payable	3,855
Directors' fees payable	3,431
Other affiliates payable	1,173
Other accrued expenses payable	90,993
Total liabilities	6,880,503
Net Assets	$	668,167,202
Net Assets Consist of
Investors' capital	$	409,496,467
Net unrealized appreciation/depreciation	258,670,735
Net Assets	$	668,167,202

See Notes to Financial Statements

QUANTITATIVE MASTER SERIES LLC JUNE 30, 2014 35

Statement of Operations Master Extended Market Index Series

Six Months Ended June 30, 2014 (Unaudited)
Investment Income
Dividends - unaffiliated	$	3,925,443
Securities lending - affiliated - net	267,636
Dividends - affiliated	14,398
Foreign taxes withheld	(4,452)
Total income	4,203,025
Expenses
Investment advisory	31,527
Accounting services	69,523
Professional	42,282
Custodian	42,070
Directors	10,050
Printing	9,769
Miscellaneous	26,024
Total expenses	231,245
Less fees waived by Manager	(9,871)
Total expenses after fees waived	221,374
Net investment income	3,981,651
Realized and Unrealized Gain
Net realized gain from:
Investments	11,199,521
Financial futures contracts	1,884,647
	13,084,168
Net change in unrealized appreciation/depreciation on:
Investments	22,028,664
Financial futures contracts	(583,140)
	21,445,524
Total realized and unrealized gain	34,529,692
Net Increase in Net Assets Resulting from Operations	$	38,511,343

See Notes to Financial Statements

QUANTITATIVE MASTER SERIES LLC JUNE 30, 2014 36

Statements of Changes in Net Assets Master Extended Market Index Series

	Six Months Ended June 30,		Year Ended   December 31,
	2014		2013
Increase (Decrease) in Net Assets:	(Unaudited)
Operations
Net investment income	$	3,981,651		$	6,680,077
Net realized gain		13,084,168			25,765,323
Net change in unrealized appreciation/depreciation		21,445,524			127,045,647
Net increase in net assets resulting from operations		38,511,343			159,491,047
Capital Transactions
Proceeds from contributions		70,286,631			142,916,608
Value of withdrawals		(56,498,056)			(84,844,928)
Net increase in net assets derived from capital transactions		13,788,575			58,071,680
Net Assets
Total increase in net assets		52,299,918			217,562,727
Beginning of period		615,867,284			398,304,557
End of period	$	668,167,202		$	615,867,284

See Notes to Financial Statements

QUANTITATIVE MASTER SERIES LLC JUNE 30, 2014 37

Financial Highlights Master Extended Market Index Series

	Six Months Ended June 30, 2014 (Unaudited)			Year Ended December 31,
				2013		2012		2011		2010		2009
Total Investment Return
Total investment return		6.19%	1		37.98%		18.04%		(3.55)%		28.65%		37.08%
Ratio to Average Net Assets
Total expenses		0.07%	2,3		0.07%		0.10%		0.08%		0.08%		0.11%
Total expenses after fees waived and/or reimbursed		0.07%	2,3		0.06%		0.09%		0.08%		0.08%		0.10%
Net investment income		1.26%	2,3		1.32%		1.83%		1.29%		1.30%		1.26%
Supplemental Data
Net assets, end of period (000)	$	668,167		$	615,867	$	398,305	$	439,752	$	437,426	$	286,216
Portfolio turnover		3%			18%		12%		12%		15%		20%

¹ Aggregate total investment return.

² Annualized.

³ Ratios do not include expenses incurred indirectly as a result of investments in underlying funds of approximately 0.01%.

See Notes to Financial Statements

QUANTITATIVE MASTER SERIES LLC JUNE 30, 2014 38

Notes to Financial Statements (Unaudited) 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, subject to certain limitations.

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

2. Significant Accounting Policies:

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

Valuation: U.S. GAAP defines fair value as the price the Series would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The Series determines the fair values of its financial instruments 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 the application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment will be valued by the Global Valuation Committee, or its delegate, in accordance with a policy approved by the Board as reflecting fair value (“Fair 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, deems relevant consistent with the principles of fair value measurement, which include the market approach, income approach and/or in the case of recent investments, the cost approach, as appropriate. The market approach generally consists of using comparable market transactions. The income approach generally is used to discount future cash flows to present value and is adjusted for liquidity as appropriate. These factors include but are not limited to: (i) attributes specific to the investment or asset; (ii) the principal market for the investment or asset; (iii) the customary participants in the principal market for the investment or asset; (iv) data assumptions by market participants for the investment or asset, if reasonably available; (v) quoted prices for similar investments or assets in active markets; and (vi) other factors, such as future cash flows, interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, recovery rates, liquidation amounts and/or default rates. Due to the inherent uncertainty of valuations of such investments, the fair values may differ from the values that would have been used had an active market existed. The Global Valuation Committee, or its delegate, employs various methods for calibrating valuation approaches for investments where an active market does not exist, including regular due diligence of the Series' pricing vendors, regular reviews of key inputs and assumptions, transactional back-testing or disposition analysis to compare unrealized gains and losses to realized gains and losses, reviews of missing or stale prices and large movements in market values and reviews of any market related activity. The pricing of all Fair 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 or borrowings. 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

QUANTITATIVE MASTER SERIES LLC JUNE 30, 2014 39

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

recorded on the ex-dividend date. Upon notification from issuers, some of the dividend income received from a real estate investment trust may be redesignated as a reduction of cost of the related investment and/or realized gain.

Recent Accounting Standard:In June 2014, the Financial Accounting Standards Board issued guidance to improve the financial reporting of reverse repurchase agreements and other similar transactions.  The guidance includes expanded disclosure requirements for entities that enter into reverse repurchase agreements and similar transactions accounted for as secured borrowings.  The guidance is effective for financial statements with fiscal years beginning on or after December 15, 2014 and interim periods within those fiscal years.  Management is evaluating the impact, if any, of this guidance on the Series’financial statement disclosures.

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 its securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges collateral consisting of cash, an irrevocable letter of credit issued by a bank, or securities issued or guaranteed by the U.S. government. The initial collateral received by the Series is required to have a value of at least 102% of the current value of the loaned securities for securities traded on U.S. exchanges and a value of at least 105% for all other securities. The collateral is maintained thereafter, at a value equal to at least 100% of the current market value of the securities on loan. The market value of the loaned securities is determined at the close of each business day of the Series and any additional required collateral is delivered to the Series on the next business day. During the term of the loan, the Series earns dividend or interest income on the securities loaned but does not receive interest income on any 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. As of June 30, 2014, any securities on loan were collateralized by cash. The cash collateral invested by the securities lending agent, BlackRock Investment Management, LLC (“BIM”), if any, is disclosed in the Schedule of Investments.

Securities lending transactions are entered into by the Series under Master Securities Lending Agreements (each, an “MSLA”), which provide the right, in the event of default (including bankruptcy or insolvency), for the non-defaulting party to liquidate the collateral and calculate a net exposure to the defaulting party or request additional collateral. In the event that a borrower defaults, the Series, as lender, would offset the market value of the collateral received against the market value of the securities loaned. When the value of the collateral is greater than that of the market value of the securities loaned, the lender is left with a net amount payable to the defaulting party. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of an MSLA counterparty’s bankruptcy or insolvency. Under the MSLA, 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 an MSLA as of June 30, 2014:

Counterparty	Securities Loaned at Value	Cash Collateral Received1	Net Amount
Barclays Capital, Inc.	$    167,501	$    (167,501)	—
BNP Paribas S.A.	78,492	(78,492)	—
Citigroup Global Markets, Inc.	132,702	(132,702)	—
Credit Suisse Securities (USA) LLC	432,264	(432,264)	—
Deutsche Bank Securities, Inc.	104,115	(104,115)	—
Goldman Sachs & Co	2,570,721	(2,570,721)	—
JP Morgan Securities LLC	815,481	(815,481)	—
Merrill Lynch, Pierce, Fenner & Smith Inc.	179,018	(179,018)	—
Morgan Stanley	1,617,760	(1,617,760)	—
SG Americas Securities LLC	55,754	(55,754)
UBS Securities LLC	248,672	(248,672)	—
Total	$6,402,480	$(6,402,480)	—

¹ Collateral with a value of $6,653,127 has been received in connection with securities lending agreements. Excess of collateral received from the individual counterparty is not shown for financial reporting purposes.

QUANTITATIVE MASTER SERIES LLC JUNE 30, 2014 40

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

The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, the Series benefits from a borrower default indemnity provided by BIM. BIM’s indemnity allows for full replacement of the securities lent if the collateral received does not cover the value on the securities loaned in the event of a borrower default. The Series could suffer a loss if the value of an investment purchased with cash collateral falls below the market value of loaned securities or if the value of an investment purchased with cash collateral falls below the value of the original cash collateral received.

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 their 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 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 on the Schedule of Investments and cash deposited, if any, is recorded on 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 June 30, 2014
	Derivative Assets
	Statement of Assets and Liabilities Location		Value
Equity contracts	Net unrealized appreciation1	$	304,067

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 Six Months Ended June 30, 2014

	Net Realized Gain From
Equity contracts:
	Financial futures contracts	$	1,884,647

Net Change in Unrealized Appreciation/Depreciation on
	$	(583,140)

For the six months ended June 30, 2014, the average quarterly balances of outstanding derivative financial instruments were as follows:

Financial futures contracts:
	Average number of contracts purchased		148
	Average notional value of contracts purchased	$	18,888,370

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. Additionally, credit risk exists in exchange-traded futures with respect to initial and variation margin that is held in a clearing broker’s customer accounts. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into

QUANTITATIVE MASTER SERIES LLC JUNE 30, 2014 41

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

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, Inc. (“BlackRock”).

The Master LLC, on behalf of the Series, entered into an Investment Advisory Agreement with BlackRock Advisors (the “Manager”), the Series’ investment advisor, an indirect, wholly owned subsidiary of BlackRock, to provide investment advisory 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. For the six months ended the fees waived were $9,871.

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. Effective July 1, 2014, the sub-advisory agreement between the Manager and BIM, with respect to the Series, expired.

For the six months ended June 30, 2014, the Series reimbursed the Manager $2,988 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 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, 2015 unless approved by the Board, including a majority of the Independent Directors. There were no fees waived and/or reimbursed by the Manager for the six months ended June 30, 2014.

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

Securities lending income is equal to the total of income earned from the reinvestment of cash collateral, net of fees and other payments to and from borrowers of securities, and less the collateral investment expenses. The Series retains a portion of securities lending income and remits a remaining portion to BIM as compensation for its services as securities lending agent. Pursuant to the securities lending agreement effective February 1, 2014, BIM may lend securities only when the difference between the borrower rebate rate and the risk free rate exceeds a certain level (such securities, the “specials only securities”).

Pursuant to such agreement, the Series retains 80% of securities lending income. In addition, commencing the business day following the date that the aggregate securities lending income earned across the Equity-Liquidity Complex in a calendar year exceeds the aggregate securities lending income earned across the Equity-Liquidity Complex through the lending of specials only securities in the calendar year 2013, the Series, pursuant to the securities lending agreement, will retain for the remainder of the calendar year securities lending income in an amount equal to 85% of securities lending income. Prior to February 1, 2014, the Series retained 65% of securities lending income and paid a fee to BIM equal to 35% of such income. The share of securities lending income earned by the Series is shown as securities lending — affiliated – net in the Statement of Operations. For the six months ended June 30, 2014, the Series paid BIM $78,752 for securities lending agent services.

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

6. Purchases and Sales:

Purchases and sales of investments, excluding short-term securities, for the six months ended June 30, 2014, were $50,210,032 and $19,823,872, respectively.

7. Income Tax Information:

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

QUANTITATIVE MASTER SERIES LLC JUNE 30, 2014 42

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

The Series files U.S. federal and various state and local tax returns. No income tax returns are currently under examination. The statute of limitations on the Series' U.S. federal tax returns 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.

8. 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, $1.1 billion credit agreement with a group of lenders, under which the Series may borrow to fund shareholder redemptions. The agreement expires in April 2015. Excluding commitments designated for a certain individual fund, other Participating Funds, including the Series, can borrow up to an aggregate commitment amount of $650 million, subject to asset coverage and other limitations as specified in the agreement. The credit agreement has the following terms: a fee of 0.06% per annum on unused commitment amounts and interest at a rate equal to the higher of (a) 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 six months ended June 30, 2014.

9. 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 June 30, 2014, 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.

10. 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 JUNE 30, 2014 43

Disclosure of Investment Advisory Agreement Master Extended Market Index Series

The Board of Directors (the “Board,” and the members of which are referred to as “Board Members”) of Quantitative Master Series LLC (the “Master LLC”) met in person on April 24, 2014 (the “April Meeting”) and May 28-30, 2014 (the “May Meeting”) to consider the approval of the Master LLC’s investment advisory agreement (the “Advisory Agreement”) with BlackRock Advisors, LLC (the “Manager” or “BlackRock”), the Master LLC’s investment advisor, on behalf of Master Extended Market Index Series (the “Portfolio”), a series of the Master LLC. At the May Meeting, it was noted that the sub-advisory agreement (the “Sub-Advisory Agreement”) between the Manager and BlackRock Investment Management, LLC with respect to the Portfolio would expire effective July 1, 2014. It was also noted that the non-renewal of the Sub-Advisory Agreement would not result in any change in the nature or quality of services provided to the Portfolio, or in the portfolio management team that serves the Portfolio.

Activities and Composition of the Board

The Board consists of fifteen individuals, thirteen of whom are not “interested persons” of the Master LLC as defined in the Investment Company Act of 1940, as amended (the “1940 Act”) (the “Independent Board Members”). The Board Members are responsible for the oversight of the operations of the Master LLC and perform the various duties imposed on the directors of investment companies by the 1940 Act. The Independent Board Members have retained independent legal counsel to assist them in connection with their duties. The Co-Chairs of the Board are each Independent Board Members. The Board has established five standing committees: an Audit Committee, a Governance and Nominating Committee, a Compliance Committee, a Performance Oversight and Contract Committee and an Executive Committee, each of which is chaired by an Independent Board Member and composed of Independent Board Members (except for the Executive Committee, which also has one interested Board Member).

The Agreement

Pursuant to the 1940 Act, the Board is required to consider the continuation of the Advisory Agreement on an annual basis. The Board has four quarterly meetings per year, each extending over two or three days, and a fifth one-day meeting to consider specific information surrounding the consideration of renewing the Advisory Agreement. In connection with this process, the Board assessed, among other things, the nature, scope and quality of the services provided to the Portfolio by BlackRock, its personnel and its affiliates, including (as applicable) investment management; administrative and shareholder services; oversight of fund service providers; marketing services; risk oversight; compliance and assistance in meeting applicable legal and regulatory requirements.

The Board, acting directly and through its committees, considers at each of its meetings, and from time to time as appropriate, factors that are relevant to its annual consideration of the renewal of the Advisory Agreement, including the services and support provided by BlackRock to the Portfolio and its interest holders. Among the matters the Board considered were: (a) investment performance for one-year, three-year, five-year and/or since inception periods, as applicable, against peer funds, and applicable benchmarks, if any, as well as senior management’s and portfolio managers’ analysis of the reasons for any over performance or underperformance against its peers and/or benchmark, as applicable; (b) fees, including advisory, administration, if applicable, and other amounts paid to BlackRock and its affiliates by the Portfolio for services, such as marketing and distribution, call center and fund accounting; (c) Portfolio operating expenses and how BlackRock allocates expenses to the Portfolio; (d) the resources devoted to, risk oversight of, and compliance reports relating to, implementation of the Portfolio’s investment objective, policies and restrictions, and meeting new regulatory requirements; (e) the Master LLC’s compliance with its Code of Ethics and other compliance policies and procedures; (f) the nature, cost and character of non-investment management services provided by BlackRock and its affiliates; (g) BlackRock’s and other service providers’ internal controls and risk and compliance oversight mechanisms; (h) BlackRock’s implementation of the proxy voting policies approved by the Board; (i) the use of brokerage commissions and execution quality of portfolio transactions; (j) BlackRock’s implementation of the Master LLC’s valuation and liquidity procedures; (k) an analysis of management fees for products with similar investment objectives across the open-end fund, exchange-traded fund (“ETF”), closed-end fund and institutional account product channels, as applicable, and the similarities and differences between the services provided to these products as compared to the Portfolio; (l) BlackRock’s compensation methodology for its investment professionals and the incentives it creates; and (m) periodic updates on BlackRock’s business.

The Board has engaged in an ongoing strategic review with BlackRock of BlackRock’s product pipeline, opportunities to consolidate funds and BlackRock’s commitment to investment performance. BlackRock also furnished information to the Board in response to specific questions. These questions covered issues such as: BlackRock’s profitability, implementation of alternative investment strategies, investment performance, portfolio manager compensation and accountability, portfolio managers’ investments in the funds they manage, supplemental service agreements with third party distribution partners, subadvisory and advisory relationships with other clients (including mutual funds sponsored by third parties) and management fee levels and breakpoints. The Board further considered the importance of: (i) BlackRock’s management organization; (ii) marketing support for the funds; (iii) services provided to the funds by BlackRock affiliates; and (iv) BlackRock’s oversight of relationships with third party service providers.

Board Considerations in Approving the Agreement

The Approval Process: Prior to the April Meeting, the Board requested and received materials specifically relating to the Advisory Agreement. The Board is continuously engaged in a process with its independent legal counsel and BlackRock to review the nature and

QUANTITATIVE MASTER SERIES LLC JUNE 30, 2014 44

Disclosure of Investment Advisory Agreement (continued) Master Extended Market Index Series

scope of the information provided to better assist its deliberations. The materials provided in connection with the April Meeting included (a) information independently compiled and prepared by Lipper, Inc. (“Lipper”) on Portfolio fees and expenses as compared with a peer group of funds as determined by Lipper (“Expense Peers”) and the investment performance of the Portfolio as compared with a peer group of funds as determined by Lipper¹, as well as the gross investment performance of the Portfolio as compared with its benchmark; (b) information on the profits realized by BlackRock and its affiliates pursuant to the Advisory Agreement and a discussion of fall-out benefits to BlackRock and its affiliates; (c) a general analysis provided by BlackRock concerning investment management fees charged to other clients, such as institutional clients, ETFs and closed-end funds, under similar investment mandates, as well as the performance of such other clients, as applicable; (d) review of non-management fees; (e) the existence, impact and sharing of potential economies of scale; (f) a summary of aggregate amounts paid by the Portfolio to BlackRock; (g) sales and redemption data regarding the Portfolio’s shares; and (h) if applicable, a comparison of management fees to similar BlackRock open-end funds, as classified by Lipper.

At the April Meeting, the Board reviewed materials relating to its consideration of the Advisory Agreement. As a result of the discussions that occurred during the April Meeting, and as a culmination of the Board’s year-long deliberative process, the Board presented BlackRock with questions and requests for additional information. BlackRock responded to these requests with additional written information in advance of the May Meeting.

At the May Meeting, the Board, including all the Independent Board Members, approved the continuation of the Advisory Agreement between the Manager and the Master LLC with respect to the Portfolio for a one-year term ending June 30, 2015. In approving the continuation of the Advisory Agreement, the Board considered: (a) the nature, extent and quality of the services provided by BlackRock; (b) the investment performance of the Portfolio and BlackRock; (c) the advisory fee and the cost of the services and profits to be realized by BlackRock and its affiliates from their relationship with the Portfolio; (d) the Portfolio’s costs to investors compared to the costs of Expense Peers and performance compared to the relevant performance comparison as previously discussed; (e) economies of scale; (f) fall-out benefits to BlackRock and its affiliates as a result of its relationship with the Portfolio; and (g) other factors deemed relevant by the Board Members.

The Board also considered other matters it deemed important to the approval process, such as payments made to BlackRock or its affiliates relating to the placement of Master Portfolio interests and securities lending, services related to the valuation and pricing of portfolio holdings of the Portfolio, direct and indirect benefits to BlackRock and its affiliates from their relationship with the Portfolio and advice from independent legal counsel with respect to the review process and materials submitted for the Board’s review. The Board noted the willingness of BlackRock personnel to engage in open, candid discussions with the Board. The Board did not identify any particular information as determinative, and each Board Member may have attributed different weights to the various items considered.

A.Nature, Extent and Quality of the Services Provided by BlackRock

The Board, including the Independent Board Members, reviewed the nature, extent and quality of services provided by BlackRock, including the investment advisory services and the resulting performance of the Portfolio. Throughout the year, the Board compared Portfolio performance to the performance of a comparable group of mutual funds and/or the performance of a relevant benchmark, as applicable. The Board met with BlackRock’s senior management personnel responsible for investment activities, including the senior investment officers. The Board also reviewed the materials provided by the Portfolio’s portfolio management team discussing the Portfolio’s performance and the Portfolio’s investment objective, strategies and outlook.

The Board considered, among other factors, with respect to BlackRock: the number, education and experience of investment personnel generally and the Portfolio’s portfolio management team; investments by portfolio managers in the funds they manage; portfolio trading capabilities; use of technology; commitment to compliance; credit analysis capabilities; risk analysis and oversight capabilities; and the approach to training and retaining portfolio managers and other research, advisory and management personnel. The Board engaged in a review of BlackRock’s compensation structure with respect to the Portfolio’s portfolio management team and BlackRock’s ability to attract and retain high-quality talent and create performance incentives.

In addition to advisory services, the Board considered the quality of the administrative and other non-investment advisory services provided to the Portfolio. BlackRock and its affiliates provide the Portfolio with certain administrative, shareholder and other services (in addition to any such services provided to the Portfolio by third parties) and officers and other personnel as are necessary for the operations of the Portfolio. In particular, BlackRock and its affiliates provide the Portfolio with the following administrative services including, among others: (i) preparing disclosure documents, such as the prospectus, the summary prospectus (as applicable), the statement of additional information and periodic shareholder reports; (ii) oversight of daily accounting and pricing; (iii) overseeing and

¹ Funds are ranked by Lipper in quartiles, ranging from first to fourth, where first is the most desirable quartile position and fourth is the least desirable.

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Disclosure of Investment Advisory Agreement (continued) Master Extended Market Index Series

coordinating the activities of other service providers; (iv) organizing Board meetings and preparing the materials for such Board meetings; (v) providing legal and compliance support; (vi) furnishing analytical and other support to assist the Board in its consideration of strategic issues such as the merger or consolidation of certain open-end funds; and (vii) performing other administrative functions necessary for the operation of the Portfolio, such as tax reporting, fulfilling regulatory filing requirements and call center services. The Board reviewed the structure and duties of BlackRock’s fund administration, shareholder services, legal and compliance departments and considered BlackRock’s policies and procedures for assuring compliance with applicable laws and regulations.

B.The Investment Performance of the Portfolio and BlackRock

The Board, including the Independent Board Members, also reviewed and considered the performance history of the Portfolio. In preparation for the April Meeting, the Board worked with its independent legal counsel, BlackRock and Lipper to develop a template for, and was provided with, reports independently prepared by Lipper, which included a comprehensive analysis of the Portfolio’s performance. The Board also reviewed a narrative and statistical analysis of the Lipper data that was prepared by BlackRock, which analyzed various factors that affect Lipper’s rankings. In connection with its review, the Board received and reviewed information regarding the investment performance of the Portfolio as compared to other funds in its applicable Lipper category and the gross investment performance of the Portfolio as compared with its benchmark. The Board was provided with a description of the methodology used by Lipper to select peer funds and periodically meets with Lipper representatives to review its methodology. The Board and its Performance Oversight and Contract Committee regularly review, and meet with Portfolio management to discuss, the performance of the Portfolio throughout the year.

The Board noted that for each of the one-, three- and five-year periods reported, the Portfolio’s gross performance (before expenses and fees), as agreed upon by the Board, was within tolerance of its benchmark. BlackRock believes that gross performance relative to the benchmark is an appropriate performance metric for the Portfolio.

C. Consideration of the Advisory/Management Fees and the Cost of the Services and Profits to be Realized by BlackRock and its Affiliates from their Relationship with the Portfolio

The Board, including the Independent Board Members, reviewed the Portfolio’s contractual management fee rate compared with the other funds in its Lipper category. The contractual management fee rate represents a combination of the advisory fee and any administrative fees, before taking into account any reimbursements or fee waivers. The Board also compared the Portfolio’s total expense ratio, as well as its actual management fee rate, to those of other funds in its Lipper category. The total expense ratio represents a fund’s total net operating expenses, including any 12b-1 or non 12b-1 service fees. The total expense ratio gives effect to any expense reimbursements or fee waivers that benefit a fund, and the actual management fee rate gives effect to any management fee reimbursements or waivers that benefit a fund. The Board considered the services provided and the fees charged by BlackRock and its affiliates to other types of clients with similar investment mandates, as applicable, including institutional accounts.

The Board received and reviewed statements relating to BlackRock’s financial condition. The Board was also provided with a profitability analysis that detailed the revenues earned and the expenses incurred by BlackRock for services provided to the Portfolio. The Board reviewed BlackRock’s profitability with respect to the Portfolio and other funds the Board currently oversees for the year ended December 31, 2013 compared to available aggregate profitability data provided for the two prior years. The Board reviewed BlackRock’s profitability with respect to certain other fund complexes managed by the Manager and/or its affiliates. The Board reviewed BlackRock’s assumptions and methodology of allocating expenses in the profitability analysis, noting the inherent limitations in allocating costs among various advisory products. The Board recognized that profitability may be affected by numerous factors including, among other things, fee waivers and expense reimbursements by the Manager, the types of funds managed, precision of expense allocations and business mix. As a result, calculating and comparing profitability at individual fund levels is difficult.

The Board noted that, in general, individual fund or product line profitability of other advisors is not publicly available. The Board reviewed BlackRock’s overall operating margin, in general, compared to that of certain other publicly-traded asset management firms. The Board considered the differences between BlackRock and these other firms, including the contribution of technology at BlackRock, BlackRock’s expense management and the relative product mix.

In addition, the Board considered the cost of the services provided to the Portfolio by BlackRock, and BlackRock’s and its affiliates’ profits relating to the management and distribution of the Portfolio and the other funds advised by BlackRock and its affiliates. As part of its analysis, the Board reviewed BlackRock’s methodology in allocating its costs to the management of the Portfolio. The Board also considered whether BlackRock has the financial resources necessary to attract and retain high quality investment management personnel to perform its obligations under the Advisory Agreement and to continue to provide the high quality of services that is expected by the Board. The Board further considered factors including but not limited to BlackRock’s commitment of time, assumption of risk and liability profile in servicing the Portfolio in contrast to what is required of BlackRock with respect to other products with similar investment objectives across the open-end fund, ETF, closed-end fund and institutional account product channels, as applicable.

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Disclosure of Investment Advisory Agreement (concluded) Master Extended Market Index Series

The Board noted that the Portfolio’s contractual management fee rate ranked in the first quartile, and that the actual management fee rate and the total expense ratio each ranked in the first quartile, relative to the Portfolio’s Expense Peers. The Board also noted that BlackRock has contractually agreed to a cap on the Portfolio’s total expenses as a percentage of the Portfolio’s average daily net assets.

D.Economies of Scale

The Board, including the Independent Board Members, considered the extent to which economies of scale might be realized as the assets of the Portfolio increase, as well as the existence of expense caps, as applicable. The Board also considered the extent to which the Portfolio benefits from such economies and whether there should be changes in the advisory fee rate or breakpoint structure in order to enable the Portfolio to participate in these economies of scale, for example through the use of breakpoints in the advisory fee based upon the asset level of the Portfolio. In their consideration, the Board Members took into account the existence of any expense caps and further considered the continuation and/or implementation, as applicable, of such caps.

E.Other Factors Deemed Relevant by the Board Members

The Board, including the Independent Board Members, also took into account other ancillary or “fall-out” benefits that BlackRock or its affiliates may derive from their respective relationships with the Portfolio, both tangible and intangible, such as BlackRock’s ability to leverage its investment professionals who manage other portfolios and risk management personnel, an increase in BlackRock’s profile in the investment advisory community, and the engagement of BlackRock’s affiliates as service providers to the Portfolio, including for administrative, distribution, securities lending and cash management services. The Board also considered BlackRock’s overall operations and its efforts to expand the scale of, and improve the quality of, its operations. The Board also noted that BlackRock may use and benefit from third party research obtained by soft dollars generated by certain registered fund transactions to assist in managing all or a number of its other client accounts. The Board further noted that it had considered the investment by BlackRock’s funds in ETFs without any offset against the management fees payable by the funds to BlackRock.

In connection with its consideration of the Advisory Agreement, the Board also received information regarding BlackRock’s brokerage and soft dollar practices. The Board received reports from BlackRock which included information on brokerage commissions and trade execution practices throughout the year.

Conclusion

The Board, including all the Independent Board Members, approved the continuation of the Advisory Agreement between the Manager and the Master LLC with respect to the Portfolio for a one-year term ending June 30, 2015. Based upon its evaluation of all of the aforementioned factors in their totality, the Board, including the Independent Board Members, was satisfied that the terms of the Advisory Agreement were fair and reasonable and in the best interest of the Portfolio and its interest holders. In arriving at its decision to approve the Advisory Agreement, the Board did not identify any single factor or group of factors as all-important or controlling, but considered all factors together, and different Board Members may have attributed different weights to the various factors considered. The Independent Board Members were also assisted by the advice of independent legal counsel in making this determination. The contractual fee arrangements for the Portfolio reflect the results of several years of review by the Board Members and predecessor Board Members, and discussions between such Board Members (and predecessor Board Members) and BlackRock. As a result, the Board Members’ conclusions may be based in part on their consideration of these arrangements in prior years.

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Officers and Directors Master Extended Market Index Series

Ronald W. Forbes, Co-Chairman of the Board and Director

Rodney D. Johnson, Co-Chairman of the Board and Director

David O. Beim, Director

Frank J. Fabozzi, Director

Dr. Matina S. Horner, Director

Herbert I. London, Director

Ian A. MacKinnon, Director

Cynthia A. Montgomery, Director

Joseph P. Platt, Director

Robert C. Robb, Jr., Director

Toby Rosenblatt, Director

Kenneth L. Urish, Director

Frederick W. Winter, Director

Paul L. Audet, Director

Henry Gabbay, Director

John M. Perlowski, President and Chief Executive Officer

Brendan Kyne, Vice President

Neal Andrews, Chief Financial Officer

Jay Fife, Treasurer

Charles Park, Chief Compliance Officer and Anti-Money Laundering Officer

Benjamin Archibald, Secretary

Effective May 30, 2014, Brian Kindelan resigned as Chief Compliance Officer and Anti-Money Laundering Officer of the Series and Charles Park became Chief Compliance Officer and Anti-Money Laundering Officer of the Series. Mr. Park joined BlackRock in 2009 and is the current Global Chief Compliance Officer of the BlackRock iShares exchange traded funds.

Investment Advisor BlackRock Advisors, LLC Wilmington, DE 19809   Sub-Advisor BlackRock Investment Management, LLC Princeton, NJ 08540   Custodian JPMorgan Chase Bank 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

QUANTITATIVE MASTER SERIES LLC JUNE 30, 2014 48

Additional Information Master Extended Market Index Series

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 JUNE 30, 2014 49

Item 2 –	Code of Ethics – Not Applicable to this semi-annual report
Item 3 –	Audit Committee Financial Expert – Not Applicable to this semi-annual report
Item 4 –	Principal Accountant Fees and Services – Not Applicable to this semi-annual report
Item 5 –	Audit Committee of Listed Registrants – Not Applicable
Item 6 –	Investments (a) The registrant’s Schedule of Investments is included as part of the Report to Stockholders filed under Item 1 of this Form. (b) Not Applicable due to no such divestments during the semi-annual period covered since the previous Form N-CSR filing.
Item 7 –	Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies – Not Applicable
Item 8 –	Portfolio Managers of Closed-End Management Investment Companies – Not Applicable
Item 9 –	Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers – Not Applicable
Item 10 –	Submission of Matters to a Vote of Security Holders –There have been no material changes to these procedures.
Item 11 –	Controls and Procedures
	(a) –   The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) are effective as of a date within 90 days of the filing of this report based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rule 15d-15(b) under the Securities Exchange Act of 1934, as amended.
	(b) –   There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.
Item 12 –	Exhibits attached hereto
	(a)(1) – Code of Ethics – Not Applicable to this semi-annual report
	(a)(2) – Certifications – Attached hereto
	(a)(3) – Not Applicable
	(b) –  Certifications – Attached hereto

2

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: August 25, 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: August 25, 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: August 25, 2014

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