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

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-07885

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

Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809

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

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

Date of fiscal year end: 12/31/2014

Date of reporting period: 12/31/2014

Item 1 – Report to Stockholders

Master Extended Market Index Series of Quantitative Master Series LLC

Annual Report, December 31, 2014

PORTFOLIO MANAGEMENT COMMENTARY

How did the Series perform?

• For the 12-month period ended December 31, 2014, Master Extended Market Index Series (the “Series”), a series of Quantitative Master Series LLC, returned 7.66% while the benchmark Dow Jones U.S. Completion Total Stock Market Index^SM (the “Benchmark Index”) returned 7.63%.

Describe the market environment.

• U.S. equities moved higher in 2014 as domestic economic growth picked up momentum and interest rates continued to be low. Although volatility increased, levels generally remained below the historical norm. The year got off to a rough start, however, due to heightened risks in emerging markets, slowing growth in China and softer economic data in the United States, while investors were bracing for the impact of the U.S. Federal Reserve (the “Fed”) scaling back on stimulus. Equity markets around the world declined sharply in January. But the sell-off was short-lived and equities rebounded as uncertainty abated. Notably, relief came in the form of long-term interest rates remaining low even as the Fed reduced its open-market purchases. Additionally, investors were comforted by the Fed’s dovish stance on short-term rates and increasing evidence that the recent weakness in U.S. economic data had been temporary and weather-related.

• Equity valuations were relatively high in the aftermath of the strong rally in 2013. Nevertheless, investors continued to favor equities in 2014 as bond yields were persistently low. Improving U.S. economic data, strong corporate earnings and increased merger and acquisition activity propelled market gains, pushing major U.S. stock indexes to all-time highs.

• However, the combination of high valuations and expectations of higher interest rates left equities particularly vulnerable to bad news. Volatility increased as tensions between Russia and Ukraine mounted and investors considered the potential implications of economic sanctions. The fragmentation of Iraq led to escalating violence and a spike in oil prices during the summer. A ground war in Gaza, the downing of a civilian airliner over Malaysia, and Scotland’s flirtation with independence from the United Kingdom added to global headwinds, resulting in a challenging third quarter for equity markets.

• U.S. economic growth strengthened considerably in the latter part of 2014. Initially, the good news was bad for stocks, spurring a sell-off in September as investors feared the Fed would raise short-term rates earlier than previously expected. But calm was restored when the Fed reaffirmed its anticipation that short-term rates would likely continue to be warranted for some time after its target employment and inflation levels are realized. U.S. stocks rebounded in October and continued their climb through year end as U.S. economic data continued to impress investors and help fuel a positive corporate earnings season.

• While the pace of U.S. economic growth strengthened, the broader global economy showed signs of slowing. This drove volatility higher as the divergence in global central bank policies became a major theme in equity markets. While the Fed moved toward tightening policy, the European Central Bank and Bank of Japan implemented easing measures to stimulate their economies and support their currencies. However, the U.S. equity market absorbed much of the increased liquidity flowing from foreign central banks as global investors sought relative stability in a world of rising geopolitical tensions and uneven economic growth.

• As the U.S. economy strengthened, so did the U.S. dollar, which put downward pressure on commodity prices. Oil prices in particular plunged in the latter months of 2014 as a global supply-and-demand imbalance materialized. Lower oil prices led to a pickup in consumer spending in the United States, a positive for U.S. stocks.

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 attempt to match the risk characteristics of the Benchmark Index, irrespective of the market’s future direction.

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

Portfolio Information as of December 31, 2014 Master Extended Market Index Series  

	Percent of Long-Term Investments
Sector Allocation
Financials	23	%
Technology	17
Consumer Discretionary	16
Industrial	15
Health Care	13
Materials	5
Energy	4
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. 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 manage market, equity, credit, interest rate, foreign currency exchange rate, commodity and/or other risks. Derivative financial instruments may give rise to a form of economic leverage. Derivative financial instruments also 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 limit the amount of appreciation the Series can realize on an investment and/or may result in lower distributions paid to shareholders. The Series’ investments in these instruments are discussed in detail in the Notes to Financial Statements.

QUANTITATIVE MASTER SERIES LLC December 31, 2014

Schedule of Investments December 31, 2014	Master Extended Market Index Series
	(Percentages shown are based on Net Assets)

Common Stocks	Shares		Value
Aerospace & Defense — 1.6%
AAR Corp.	5,544	$		154,012
Aerovironment, Inc. (a)	3,079			83,903
Alliant Techsystems, Inc.	4,582			532,658
Astronics Corp. (a)	3,084			170,576
B/E Aerospace, Inc. (a)	14,914			865,310
CPI Aerostructures, Inc. (a)	2,281			23,928
Cubic Corp.	3,267			171,975
Curtiss-Wright Corp.	6,896			486,789
Ducommun, Inc. (a)	1,874			47,375
Engility Holdings, Inc. (a)	1,469			62,873
Esterline Technologies Corp. (a)	4,664			511,548
Exelis, Inc.	26,909			471,715
GenCorp, Inc. (a)	9,848			180,218
HEICO Corp.	682			41,193
HEICO Corp., Class A	7,676			363,535
Hexcel Corp. (a)	13,978			579,947
Huntington Ingalls Industries, Inc.	7,147			803,752
Innovative Solutions & Support, Inc. (a)	4,600			14,628
KLX, Inc. (a)	7,457			307,601
Kratos Defense & Security Solutions, Inc. (a)	9,451			47,444
LMI Aerospace, Inc. (a)	2,720			38,352
Mantech International Corp., Class A	2,988			90,327
Moog, Inc., Class A (a)	5,963			441,441
Orbital Sciences Corp. (a)	9,087			244,349
RBC Bearings, Inc.	3,523			227,339
Smith & Wesson Holding Corp. (a)	9,005			85,277
Spirit Aerosystems Holdings, Inc., Class A (a)	17,576			756,471
Sturm Ruger & Co., Inc. (b)	3,052			105,691
Taser International, Inc. (a)	8,193			216,951
Teledyne Technologies, Inc. (a)	5,392			553,974
TransDigm Group, Inc.	7,289			1,431,195
Triumph Group, Inc.	7,519			505,427
VSE Corp.	644			42,440
			10,660,214
Alternative Energy — 0.1%
Aemetis, Inc. (a)	1,737			10,057
Amyris, Inc. (a)(b)	8,820			18,169
Ascent Solar Technologies, Inc. (a)	743			795
Enphase Energy, Inc. (a)	2,445			34,939
FuelCell Energy, Inc. (a)(b)	35,334			54,414
Green Plains Renewable Energy, Inc.	4,822			119,489
Ocean Power Technologies, Inc. (a)	3,549			2,252
Pattern Energy Group, Inc.	3,027			74,646
Plug Power, Inc. (a)(b)	24,367			73,101
Renewable Energy Group, Inc. (a)	1,264			12,274
REX American Resources Corp. (a)	798			49,452

Common Stocks	Shares		Value
Alternative Energy (concluded)
Solazyme, Inc. (a)(b)	9,331	$		24,074
SunPower Corp. (a)	6,581			169,987
			643,649
Automobiles & Parts — 2.2%
Allison Transmission Holdings, Inc.	24,733			838,449
American Axle & Manufacturing Holdings, Inc. (a)	10,606			239,589
Autoliv, Inc.	13,092			1,389,323
Cooper Tire & Rubber Co.	8,084			280,111
Cooper-Standard Holding, Inc. (a)	923			53,423
Dana Holding Corp.	22,822			496,150
Dorman Products, Inc. (a)	4,690			226,386
Federal-Mogul Corp. (a)	4,284			68,929
Fuel Systems Solutions, Inc. (a)	2,169			23,729
Gentex Corp.	21,271			768,521
Gentherm, Inc. (a)	5,419			198,444
Lear Corp.	11,474			1,125,370
LKQ Corp. (a)	44,157			1,241,695
LoJack Corp. (a)	6,073			15,365
Modine Manufacturing Co. (a)	7,575			103,020
Motorcar Parts of America, Inc. (a)	2,943			91,498
Standard Motor Products, Inc.	3,134			119,468
Stoneridge, Inc. (a)	4,259			54,771
Strattec Security Corp.	573			47,318
Superior Industries International, Inc.	3,069			60,735
Tenneco, Inc. (a)	9,011			510,113
Tesla Motors, Inc. (a)	13,971			3,107,290
Titan International, Inc.	8,211			87,283
Tower International, Inc. (a)	2,094			53,502
TRW Automotive Holdings Corp. (a)	16,049			1,650,640
U.S. Auto Parts Network, Inc. (a)	7,139			16,705
Visteon Corp. (a)	6,503			694,911
WABCO Holdings, Inc. (a)	8,022			840,545
			14,403,283
Banks — 5.1%
1st Source Corp.	1,862			63,885
Ameriana Bancorp	1,956			32,665
American National Bankshares, Inc.	1,548			38,406
Ameris Bancorp	4,563			116,995
Ames National Corp.	1,856			48,145
Arrow Financial Corp.	2,224			61,138
Associated Banc-Corp	22,027			410,363
Astoria Financial Corp.	12,497			166,960
Banc of California, Inc.	4,690			53,794
Bancfirst Corp.	770			48,810
Bancorp of New Jersey, Inc.	2,128			24,451
The Bancorp, Inc. (a)	5,772			62,857
BancorpSouth, Inc.	12,027			270,728

See Notes to Financial Statements.

QUANTITATIVE MASTER SERIES LLC December 31, 2014

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

Common Stocks	Shares		Value
Banks (continued)
Bank Mutual Corp.	7,238	$		49,653
Bank of Hawaii Corp.	6,145			364,460
The Bank of Kentucky Financial Corp.	1,025			49,477
Bank of Marin Bancorp	972			51,117
Bank of the Ozarks, Inc.	9,184			348,257
BankFinancial Corp.	4,459			52,884
BankUnited, Inc.	15,096			437,331
Banner Corp.	3,084			132,674
Bar Harbor Bankshares	1,972			63,104
BCB Bancorp, Inc.	2,823			33,114
Bear State Financial, Inc. (a)	2,595			28,545
Beneficial Mutual Bancorp, Inc. (a)	5,424			66,552
Berkshire Hills Bancorp, Inc.	3,819			101,815
BofI Holding, Inc. (a)	2,046			159,199
BOK Financial Corp.	2,663			159,887
Boston Private Financial Holdings, Inc.	12,591			169,601
Bridge Bancorp, Inc.	2,106			56,335
Bridge Capital Holdings (a)	2,609			58,389
Brookline Bancorp, Inc.	10,701			107,331
Bryn Mawr Bank Corp.	2,602			81,443
California First National Bancorp	882			12,577
Camden National Corp.	1,176			46,852
Cape Bancorp, Inc.	3,648			34,328
Capital Bank Financial Corp., Class A (a)	4,970			133,196
Capital City Bank Group, Inc.	1,923			29,883
Capitol Federal Financial, Inc.	18,962			242,334
Cardinal Financial Corp.	4,985			98,853
Cascade Bancorp (a)	6,367			33,045
Cathay General Bancorp	10,973			280,799
Centerstate Banks, Inc.	6,618			78,820
Central Pacific Financial Corp.	4,655			100,082
Century Bancorp, Inc., Class A	627			25,118
Chemical Financial Corp.	4,344			133,100
Chicopee Bancorp, Inc.	2,061			34,522
Citizens & Northern Corp.	2,446			50,559
City Holding Co.	2,320			107,950
City National Corp.	6,907			558,155
Clifton Bancorp, Inc.	1,974			26,827
CNB Financial Corp.	2,402			44,437
CoBiz Financial, Inc.	5,743			75,406
Colony Bankcorp, Inc. (a)	463			3,648
Columbia Banking System, Inc.	7,682			212,100
Commerce Bancshares, Inc.	11,746			510,834
Community Bank System, Inc.	6,000			228,780
Community Trust Bancorp, Inc.	2,381			87,168
CommunityOne Bancorp (a)	2,905			33,262
ConnectOne Bancorp, Inc.	2,856			54,264
Cullen/Frost Bankers, Inc.	7,719			545,270
CVB Financial Corp.	13,798			221,044
Dime Community Bancshares, Inc.	4,654			75,767

Common Stocks	Shares		Value
Banks (continued)
Eagle Bancorp, Inc. (a)	3,780	$		134,266
East West Bancorp, Inc.	20,443			791,349
Eastern Virginia Bankshares, Inc. (a)	2,546			16,473
Enterprise Bancorp, Inc.	1,296			32,724
Enterprise Financial Services Corp.	3,330			65,701
ESB Financial Corp.	2,374			44,964
ESSA Bancorp, Inc.	1,863			22,356
Farmers Capital Bank Corp. (a)	1,489			34,679
Fidelity Southern Corp.	3,242			52,229
Financial Institutions, Inc.	2,187			55,003
First Bancorp, Inc.	2,216			40,087
First Bancorp, North Carolina	3,105			57,349
First BanCorp, Puerto Rico (a)	15,663			91,942
First Busey Corp.	11,407			74,260
First Citizens Banc Corp.	1,968			20,270
First Citizens BancShares, Inc., Class A	846			213,860
First Commonwealth Financial Corp.	13,854			127,734
First Community Bancshares, Inc.	2,730			44,963
First Connecticut Bancorp, Inc.	3,213			52,436
First Defiance Financial Corp.	1,535			52,282
First Financial Bancorp	8,783			163,276
First Financial Bankshares, Inc.	8,954			267,546
First Financial Corp.	1,437			51,186
First Financial Northwest, Inc.	2,894			34,844
First Financial Service Corp. (a)	968			3,707
First Horizon National Corp.	34,097			463,037
First Interstate Bancsystem, Inc.	2,988			83,126
First Merchants Corp.	5,448			123,942
First Midwest Bancorp, Inc.	11,044			188,963
First Niagara Financial Group, Inc.	52,329			441,133
The First of Long Island Corp.	2,237			63,464
First Republic Bank	17,858			930,759
First Security Group, Inc. (a)	15,167			34,277
First South Bancorp, Inc.	3,052			24,294
First United Corp. (a)	1,784			15,325
FirstMerit Corp.	23,503			443,972
Flagstar Bancorp, Inc. (a)	3,391			53,340
Flushing Financial Corp.	4,602			93,283
FNB Corp.	23,424			312,008
Fox Chase Bancorp, Inc.	2,566			42,775
Franklin Financial Corp. (a)	2,485			52,632
Fulton Financial Corp.	26,155			323,276
German American Bancorp, Inc.	2,176			66,412
Glacier Bancorp, Inc.	10,789			299,611
Great Southern Bancorp, Inc.	1,408			55,855
Guaranty Bancorp	3,814			55,074
Hampton Roads Bankshares, Inc. (a)	11,270			18,934
Hancock Holding Co.	11,609			356,396
Hanmi Financial Corp.	5,135			111,994

See Notes to Financial Statements.

QUANTITATIVE MASTER SERIES LLC December 31, 2014

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

Common Stocks	Shares		Value
Banks (continued)
Hawthorn Bancshares, Inc.	1,241	$		17,684
Heartland Financial USA, Inc.	2,048			55,501
Heritage Commerce Corp.	4,396			38,817
Heritage Financial Corp.	5,226			91,716
HMN Financial, Inc. (a)	1,907			23,647
Home Bancorp, Inc.	1,779			40,810
Home BancShares, Inc.	7,170			230,587
Home Loan Servicing Solutions Ltd.	11,237			219,346
HomeTrust Bancshares, Inc. (a)	3,179			52,962
Horizon Bancorp	1,338			34,975
Hudson Valley Holding Corp.	2,386			64,804
Iberiabank Corp.	4,573			296,559
Independent Bank Corp./MA	3,467			148,422
Independent Bank Corp./MI	4,221			55,084
International Bancshares Corp.	8,105			215,107
Intervest Bancshares Corp.	4,029			40,491
Investors Bancorp, Inc.	50,255			564,112
Kearny Financial Corp. (a)	3,257			44,784
Lakeland Bancorp, Inc.	5,519			64,572
Lakeland Financial Corp.	2,532			110,066
LegacyTexas Financial Group, Inc.	5,686			135,611
Macatawa Bank Corp.	6,531			35,529
MainSource Financial Group, Inc.	3,542			74,099
MB Financial, Inc.	9,008			296,003
Mercantile Bank Corp.	2,713			57,027
Merchants Bancshares, Inc.	1,163			35,623
Metro Bancorp, Inc. (a)	2,347			60,834
MidSouth Bancorp, Inc.	1,608			27,883
MidWestOne Financial Group, Inc.	1,520			43,791
MutualFirst Financial, Inc.	1,697			37,283
National Bankshares, Inc.	1,269			38,565
National Penn Bancshares, Inc.	16,473			173,378
NBT Bancorp, Inc.	6,330			166,289
New York Community Bancorp, Inc.	64,949			1,039,184
NewBridge Bancorp (a)	5,756			50,135
Northfield Bancorp, Inc.	9,226			136,545
Northrim BanCorp, Inc.	1,270			33,325
Northwest Bancshares, Inc.	13,479			168,892
Norwood Financial Corp. (b)	859			24,954
OceanFirst Financial Corp.	2,337			40,056
OFG Bancorp	7,031			117,066
Ohio Valley Banc Corp.	934			22,743
Old National Bancorp	14,444			214,927
Old Second Bancorp, Inc. (a)	5,393			28,960
Oritani Financial Corp.	6,327			97,436
Orrstown Financial Services, Inc. (a)	2,093			35,539
Pacific Continental Corp.	3,334			47,276
PacWest Bancorp	14,044			638,440
Park National Corp.	2,005			177,402
Park Sterling Corp.	9,934			73,015

Common Stocks	Shares		Value
Banks (continued)
Peapack Gladstone Financial Corp.	2,063	$		38,289
Penns Woods Bancorp, Inc.	1,050			51,723
Peoples Bancorp of North Carolina, Inc.	1,497			26,901
Peoples Bancorp, Inc.	1,815			47,063
Peoples Financial Corp.	1,245			15,500
Pinnacle Financial Partners, Inc.	5,097			201,535
Popular, Inc. (a)	14,885			506,834
Porter Bancorp, Inc. (a)	1,044			501
Preferred Bank	2,659			74,159
PrivateBancorp, Inc.	10,307			344,254
Prosperity Bancshares, Inc.	8,313			460,208
Provident Financial Holdings, Inc.	1,737			26,281
Provident Financial Services, Inc.	7,911			142,873
Pulaski Financial Corp.	2,837			34,980
Renasant Corp.	4,800			138,864
Republic Bancorp, Inc., Class A	1,667			41,208
Republic First Bancorp, Inc. (a)	6,390			23,962
Riverview Bancorp, Inc. (a)	6,227			27,897
S&T Bancorp, Inc.	4,337			129,286
Sandy Spring Bancorp, Inc.	3,931			102,520
Seacoast Banking Corp. of Florida (a)	4,359			59,936
Shore Bancshares, Inc. (a)	3,680			34,224
Sierra Bancorp	1,921			33,733
Signature Bank (a)	7,365			927,695
Simmons First National Corp., Class A	2,584			105,040
South State Corp.	3,558			238,671
Southside Bancshares, Inc.	3,952			114,252
Southwest Bancorp, Inc.	3,310			57,462
State Bank Financial Corp.	5,576			111,408
Sterling Bancorp	12,155			174,789
Stock Yards Bancorp, Inc.	2,255			75,182
Suffolk Bancorp	2,452			55,685
Summit Financial Group, Inc. (a)	1,593			17,634
Sun Bancorp, Inc. (a)	2,292			44,465
Susquehanna Bancshares, Inc.	26,147			351,154
SVB Financial Group (a)	7,396			858,454
Synovus Financial Corp.	20,016			542,233
TCF Financial Corp.	23,707			376,704
Territorial Bancorp, Inc.	1,901			40,967
Texas Capital Bancshares, Inc. (a)	6,384			346,843
TFS Financial Corp.	12,214			181,805
Tompkins Financial Corp.	1,745			96,498
TowneBank	5,248			79,350
Trico Bancshares	3,317			81,930
TrustCo Bank Corp. NY	14,741			107,020
Trustmark Corp.	9,562			234,651
UMB Financial Corp.	5,193			295,430
Umpqua Holdings Corp.	31,544			536,563
Union Bankshares Corp.	6,713			161,649

See Notes to Financial Statements.

QUANTITATIVE MASTER SERIES LLC December 31, 2014

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

Common Stocks	Shares		Value
Banks (concluded)
United Bancorp, Inc.	3,115	$		25,699
United Bankshares, Inc.	9,006			337,275
United Community Banks, Inc.	6,361			120,477
United Community Financial Corp.	11,244			60,380
United Financial Bancorp, Inc.	7,872			113,042
United Security Bancshares (a)	3,819			20,814
Univest Corp. of Pennsylvania	2,482			50,236
Valley National Bancorp	33,096			321,362
Washington Federal, Inc.	14,111			312,559
Washington Trust Bancorp, Inc.	2,302			92,494
Waterstone Financial, Inc.	3,280			43,132
Webster Financial Corp.	13,130			427,119
WesBanco, Inc.	4,185			145,638
West BanCorp., Inc.	3,190			54,294
Westamerica BanCorp	3,780			185,296
Western Alliance Bancorp (a)	11,822			328,652
Westfield Financial, Inc.	3,799			27,885
Wilshire Bancorp, Inc.	11,170			113,152
Wintrust Financial Corp.	6,809			318,389
WSFS Financial Corp.	1,272			97,804
Yadkin Financial Corp. (a)	2,663			52,328
			33,850,861
Beverages — 0.1%
The Boston Beer Co., Inc., Class A (a)	1,150			332,971
Coca-Cola Bottling Co. Consolidated	775			68,223
Craft Brew Alliance, Inc. (a)	1,760			23,478
National Beverage Corp. (a)	2,173			49,153
Primo Water Corp. (a)	5,635			24,287
Willamette Valley Vineyards, Inc. (a)	2,312			13,410
			511,522
Chemicals — 2.4%
A. Schulman, Inc.	4,114			166,740
Aceto Corp.	4,209			91,335
Albemarle Corp.	11,308			679,950
American Vanguard Corp.	3,882			45,109
Ashland, Inc.	9,228			1,105,145
Axalta Coating Systems, Ltd. (a)	7,328			190,675
Axiall Corp.	10,198			433,109
Balchem Corp.	4,473			298,081
Cabot Corp.	8,564			375,617
Calgon Carbon Corp. (a)	8,196			170,313
Cambrex Corp. (a)	5,282			114,197
Celanese Corp., Series A	21,966			1,317,081
Chase Corp.	1,295			46,607
Chemtura Corp. (a)	11,318			279,894
Cytec Industries, Inc.	10,446			482,292
Ferro Corp. (a)	13,135			170,230
FutureFuel Corp.	3,639			47,380

Common Stocks	Shares		Value
Chemicals (concluded)
Hawkins, Inc.	1,451	$		62,872
HB Fuller Co.	7,170			319,280
Huntsman Corp.	29,011			660,871
Innophos Holdings, Inc.	3,136			183,299
Innospec, Inc.	3,555			151,798
Intrepid Potash, Inc. (a)	8,200			113,816
KMG Chemicals, Inc.	1,469			29,380
Koppers Holdings, Inc.	3,035			78,849
Kraton Performance Polymers, Inc. (a)	5,043			104,844
Kronos Worldwide, Inc.	2,763			35,974
LSB Industries, Inc. (a)	2,939			92,402
Metabolix, Inc. (a)	4,583			1,833
Minerals Technologies, Inc.	5,044			350,306
NewMarket Corp.	1,544			623,050
Olin Corp.	11,378			259,077
OM Group, Inc.	4,674			139,285
OMNOVA Solutions, Inc. (a)	7,759			63,158
Penford Corp. (a)	2,295			42,894
Platform Specialty Products Corp. (a)	13,235			307,317
PolyOne Corp.	13,217			501,056
Polypore International, Inc. (a)	6,803			320,081
Quaker Chemical Corp.	1,917			176,441
Rayonier Advanced Materials, Inc.	6,271			139,843
Rentech, Inc. (a)	30,656			38,627
Rockwood Holdings, Inc.	10,431			821,963
RPM International, Inc.	19,289			978,145
Senomyx, Inc. (a)	7,801			46,884
Sensient Technologies Corp.	6,902			416,467
Stepan Co.	2,773			111,142
TOR Minerals International, Inc. (a)	1,000			7,370
Tredegar Corp.	3,711			83,460
Tronox Ltd., Class A	9,237			220,580
The Valspar Corp.	11,020			953,010
Westlake Chemical Corp.	5,836			356,521
WR Grace & Co. (a)	10,766			1,026,969
Zagg, Inc. (a)	5,548			37,671
Zep, Inc.	3,420			51,813
			15,922,103
Construction & Materials — 2.1%
AAON, Inc.	6,260			140,162
Acuity Brands, Inc.	6,401			896,588
Advanced Drainage Systems, Inc.	1,844			42,375
AECOM Technology Corp. (a)	22,574			685,572
Aegion Corp. (a)	5,959			110,897
Ameresco, Inc., Class A (a)	4,419			30,933
American DG Energy, Inc. (a)	13,435			8,061
American Woodmark Corp. (a)	2,023			81,810
AO Smith Corp.	10,881			613,797
Apogee Enterprises, Inc.	4,359			184,691
Argan, Inc.	1,758			59,139

See Notes to Financial Statements.

QUANTITATIVE MASTER SERIES LLC December 31, 2014

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

Common Stocks	Shares		Value
Construction & Materials (continued)
Armstrong World Industries, Inc. (a)	6,693	$		342,146
BlueLinx Holdings, Inc. (a)	22,042			25,569
Boise Cascade Co. (a)	4,216			156,625
Builders FirstSource, Inc. (a)	9,072			62,325
Chicago Bridge & Iron Co. NV	14,092			591,582
Continental Building Products, Inc. (a)	1,321			23,421
Eagle Materials, Inc.	7,447			566,196
EMCOR Group, Inc.	9,674			430,396
Fortune Brands Home & Security, Inc.	23,057			1,043,790
Generac Holdings, Inc. (a)	10,137			474,006
Gibraltar Industries, Inc. (a)	4,428			71,999
Granite Construction, Inc.	5,285			200,936
Great Lakes Dredge & Dock Corp. (a)	9,666			82,741
Griffon Corp.	6,030			80,199
Headwaters, Inc. (a)	12,367			185,381
Hill International, Inc. (a)	5,539			21,270
Installed Building Products, Inc. (a)	1,137			20,261
Insteel Industries, Inc.	2,430			57,299
Integrated Electrical Services, Inc. (a)	2,641			20,600
Inteliquent, Inc.	5,008			98,307
KBR, Inc.	20,959			355,255
Layne Christensen Co. (a)	3,913			37,330
LB Foster Co., Class A	1,479			71,835
Lennox International, Inc.	6,446			612,821
Louisiana-Pacific Corp. (a)	21,467			355,494
Masonite International Corp. (a)	2,044			125,624
MasTec, Inc. (a)	9,152			206,927
MDU Resources Group, Inc.	28,179			662,207
Mueller Water Products, Inc., Series A	23,943			245,176
MYR Group, Inc. (a)	3,640			99,736
NCI Building Systems, Inc. (a)	5,071			93,915
Nortek, Inc. (a)	1,694			137,773
Northwest Pipe Co. (a)	1,680			50,602
Omega Flex, Inc.	773			29,227
Orion Marine Group, Inc. (a)	5,034			55,626
Owens Corning	16,373			586,317
Patrick Industries, Inc. (a)	986			43,364
PGT, Inc. (a)	6,280			60,477
Ply Gem Holdings, Inc. (a)	1,485			20,760
Primoris Services Corp.	5,751			133,653
Quanex Building Products Corp.	5,802			108,962
Simpson Manufacturing Co., Inc.	5,710			197,566
Sterling Construction Co., Inc. (a)	4,288			27,400
Thermon Group Holdings, Inc. (a)	5,070			122,643
TRC Cos., Inc. (a)	3,961			25,113
Trex Co., Inc. (a)	4,838			206,002
Tutor Perini Corp. (a)	5,832			140,376

Common Stocks	Shares		Value
Construction & Materials (concluded)
Universal Forest Products, Inc.	2,945	$		156,674
US Concrete, Inc. (a)	915			26,032
USG Corp. (a)	13,820			386,822
Valmont Industries, Inc.	3,646			463,042
Watsco, Inc.	3,831			409,917
Watts Water Technologies, Inc., Class A	3,991			253,189
			13,916,931
Electricity — 1.5%
ALLETE, Inc.	5,910			325,877
Alliant Energy Corp.	16,299			1,082,580
Alteva (a)	1,815			12,796
Black Hills Corp.	6,519			345,768
Calpine Corp. (a)	51,955			1,149,764
Cleco Corp.	8,686			473,734
Covanta Holding Corp.	19,269			424,111
Dynegy, Inc. (a)	12,990			394,247
El Paso Electric Co.	6,267			251,056
The Empire District Electric Co.	7,217			214,634
Great Plains Energy, Inc.	23,267			661,015
Hawaiian Electric Industries, Inc.	14,355			480,605
IDACORP, Inc.	7,221			477,958
ITC Holdings Corp.	23,268			940,725
MGE Energy, Inc.	5,145			234,663
NorthWestern Corp.	5,838			330,314
Ormat Technologies, Inc.	3,208			87,193
Portland General Electric Co.	11,667			441,363
TerraForm Power, Inc., Class A	2,940			90,787
U.S. Geothermal, Inc. (a)	23,727			10,922
UIL Holdings Corp.	9,098			396,127
Unitil Corp.	3,102			113,750
Vivint Solar, Inc. (a)	1,316			12,134
Westar Energy, Inc.	19,630			809,541
			9,761,664
Electronic & Electrical Equipment — 2.9%
Adept Technology, Inc. (a)	3,068			26,630
Allied Motion Technologies, Inc.	1,620			38,378
American Science & Engineering, Inc.	1,261			65,446
Anixter International, Inc. (a)	3,908			345,702
API Technologies Corp. (a)	12,042			25,649
Arrow Electronics, Inc. (a)	14,002			810,576
Avnet, Inc.	19,707			847,795
AVX Corp.	6,474			90,636
AZZ, Inc.	3,732			175,105
Badger Meter, Inc.	2,135			126,712
Bel Fuse, Inc., Class B	2,157			58,972
Belden, Inc.	6,349			500,365
Benchmark Electronics, Inc. (a)	8,089			205,784
Brady Corp., Class A	6,689			182,877
Capstone Turbine Corp. (a)(b)	55,452			40,996

See Notes to Financial Statements.

QUANTITATIVE MASTER SERIES LLC December 31, 2014

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

Common Stocks	Shares		Value
Electronic & Electrical Equipment (continued)
Checkpoint Systems, Inc. (a)	6,943	$		95,327
Cognex Corp. (a)	12,565			519,311
Coherent, Inc. (a)	3,768			228,793
Control4 Corp. (a)	1,187			18,244
CTS Corp.	5,283			94,196
CyberOptics Corp. (a)	2,661			25,572
Daktronics, Inc.	6,043			75,598
Electro Rent Corp.	3,274			45,967
Electro Scientific Industries, Inc.	4,035			31,312
eMagin Corp. (a)	8,818			20,281
Encore Wire Corp.	2,783			103,889
EnerNOC, Inc. (a)	4,406			68,073
EnerSys, Inc.	6,481			400,007
ESCO Technologies, Inc.	3,900			143,910
Fabrinet (a)	4,476			79,404
FARO Technologies, Inc. (a)	2,690			168,609
FEI Co.	6,059			547,431
General Cable Corp.	7,113			105,984
GrafTech International Ltd. (a)	17,533			88,717
Greatbatch, Inc. (a)	3,828			188,720
GSI Group, Inc. (a)	2,164			31,854
Houston Wire & Cable Co.	3,110			37,165
Hubbell, Inc., Class B	7,775			830,603
II-VI, Inc. (a)	8,248			112,585
Intevac, Inc. (a)	5,485			42,618
IntriCon Corp. (a)	2,740			18,659
IPG Photonics Corp. (a)	5,300			397,076
Itron, Inc. (a)	5,925			250,568
Jabil Circuit, Inc.	28,671			625,888
Kemet Corp. (a)	8,847			37,157
Keysight Technologies, Inc. (a)	24,213			817,673
Kimball Electronics, Inc. (a)	3,441			41,361
Knowles Corp. (a)	12,733			299,862
Landauer, Inc.	1,837			62,715
LightPath Technologies, Inc., Class A (a)	6,052			5,506
Littelfuse, Inc.	3,360			324,811
LSI Industries, Inc.	3,465			23,527
MA-COM Technology Solutions Holdings, Inc. (a)	1,195			37,380
Magnetek, Inc. (a)	750			30,488
Maxwell Technologies, Inc. (a)	5,619			51,245
Methode Electronics, Inc.	5,454			199,126
Mettler-Toledo International, Inc. (a)	4,180			1,264,283
MTS Systems Corp.	2,372			177,971
NAPCO Security Technologies, Inc. (a)	7,191			33,798
National Instruments Corp.	14,741			458,298
Newport Corp. (a)	6,575			125,648
NVE Corp. (a)	974			68,949
Orion Energy Systems, Inc. (a)	5,121			28,166
OSI Systems, Inc. (a)	2,875			203,464

Common Stocks	Shares		Value
Electronic & Electrical Equipment (concluded)
Park Electrochemical Corp.	3,206	$		79,926
Planar Systems, Inc. (a)	1,732			14,497
Plexus Corp. (a)	5,087			209,635
Powell Industries, Inc.	1,398			68,600
Regal-Beloit Corp.	6,497			488,574
Research Frontiers, Inc. (a)	5,552			28,426
Rofin-Sinar Technologies, Inc. (a)	4,390			126,300
Rogers Corp. (a)	2,784			226,729
Rubicon Technology, Inc. (a)	4,201			19,199
Sanmina Corp. (a)	12,085			284,360
Sensata Technologies Holding NV (a)	23,164			1,214,025
SL Industries, Inc. (a)	750			29,250
Trimble Navigation Ltd. (a)	37,737			1,001,540
TTM Technologies, Inc. (a)	8,600			64,758
Turtle Beach Corp. (a)(b)	2,949			9,407
Ultralife Corp. (a)	3,982			12,464
Universal Display Corp. (a)	6,229			172,855
Veeco Instruments, Inc. (a)	5,928			206,769
Viasystems Group, Inc. (a)	1,392			22,662
Vicor Corp. (a)	3,135			37,934
Vishay Intertechnology, Inc.	19,991			282,873
Vishay Precision Group, Inc. (a)	2,569			44,084
WESCO International, Inc. (a)	6,589			502,148
Zebra Technologies Corp., Class A (a)	7,397			572,602
			18,949,029
Financial Services — 3.6%
Actinium Pharmaceuticals, Inc. (a)	2,164			12,746
Ally Financial, Inc. (a)	14,581			344,403
Artisan Partners Asset Management, Inc., Class A	4,710			237,996
Ashford, Inc. (a)	144			13,536
Asta Funding, Inc. (a)	2,169			18,979
Atlanticus Holdings Corp. (a)	251			615
BBCN Bancorp, Inc.	11,987			172,373
BGC Partners, Inc., Class A	26,284			240,499
Blackhawk Network Holdings, Inc. (a)	692			26,850
Blackhawk Network Holdings, Inc., Class B (a)	5,974			225,160
Calamos Asset Management, Inc., Class A	3,145			41,891
Cash America International, Inc.	4,166			94,235
CBOE Holdings, Inc.	12,462			790,340
CIT Group, Inc.	26,792			1,281,461
Cohen & Steers, Inc.	2,805			118,034
Cowen Group, Inc., Class A (a)	18,550			89,040
Credit Acceptance Corp. (a)	1,376			187,700
Diamond Hill Investment Group, Inc.	489			67,502
Eaton Vance Corp.	17,463			714,761

See Notes to Financial Statements.

QUANTITATIVE MASTER SERIES LLC December 31, 2014

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

Common Stocks	Shares		Value
Financial Services (continued)
Encore Capital Group, Inc. (a)	3,846	$		170,762
Enova International, Inc. (a)	3,811			84,833
Essent Group Ltd. (a)	6,499			167,089
EverBank Financial Corp.	13,176			251,135
Evercore Partners, Inc., Class A	5,234			274,105
Ezcorp, Inc., Class A (a)	8,094			95,104
FBR & Co. (a)	1,765			43,401
Federal Agricultural Mortgage Corp., Class C	1,972			59,830
Federated Investors, Inc., Class B	14,119			464,939
Financial Engines, Inc.	7,688			280,996
First Cash Financial Services, Inc. (a)	4,540			252,742
The First Marblehead Corp. (a)	4,899			29,149
FNF Group	40,898			1,408,936
FNFV Group (a)	13,726			216,047
FXCM, Inc., Class A	6,290			104,225
GAMCO Investors, Inc., Class A	650			57,811
GFI Group, Inc.	10,994			59,917
Green Dot Corp., Class A (a)	5,171			105,954
Greenhill & Co., Inc.	3,945			172,002
Imperial Holdings, Inc. (a)	4,686			30,553
Interactive Brokers Group, Inc., Class A	7,197			209,865
INTL. FCStone, Inc. (a)	1,975			40,626
Investment Technology Group, Inc. (a)	5,739			119,486
Janus Capital Group, Inc.	22,005			354,941
Jason Industries, Inc. (a)	2,144			21,118
KCG Holdings, Inc., Class A (a)	12,151			141,559
Ladder Capital Corp., Class A (a)	1,461			28,650
Ladenburg Thalmann Financial Services, Inc. (a)	17,747			70,101
LendingTree, Inc. (a)	1,296			62,649
Liberty Broadband Corp. (a)	9,529			386,273
Liberty Broadband Corp., Class A (a)	3,633			181,977
Liberty TripAdvisor Holdings, Inc., Series A (a)	10,469			281,616
LPL Financial Holdings, Inc.	11,414			508,494
MarketAxess Holdings, Inc.	5,606			402,006
Marlin Business Services Corp.	1,640			33,669
MGIC Investment Corp. (a)	50,636			471,928
MicroFinancial, Inc.	3,823			39,014
Moelis & Co., Class A	647			22,600
MoneyGram International, Inc. (a)	5,436			49,413
MSCI, Inc.	16,460			780,862
Nelnet, Inc., Class A	2,846			131,855
NewStar Financial, Inc. (a)	4,431			56,717
NorthStar Asset Management Group, Inc.	27,118			612,053
NRG Yield, Inc., Class A	3,681			173,522
Ocwen Financial Corp. (a)	16,212			244,801

Common Stocks	Shares		Value
Financial Services (concluded)
Oppenheimer Holdings, Inc., Class A	1,362	$		31,667
PICO Holdings, Inc. (a)	4,035			76,060
Piper Jaffray Cos. (a)	2,533			147,142
PRA Group, Inc. (a)	7,471			432,795
Pzena Investment Management, Inc., Class A	3,173			30,017
Radian Group, Inc.	27,973			467,709
Raymond James Financial, Inc.	17,974			1,029,730
RCS Capital Corp., Class A	4,122			50,453
Resource America, Inc., Class A	4,370			39,505
Safeguard Scientifics, Inc. (a)	4,085			80,965
Santander Consumer USA Holdings, Inc.	12,093			237,144
SEI Investments Co.	18,904			756,916
SLM Corp.	61,213			623,760
Springleaf Holdings, Inc. (a)	2,392			86,519
Stewart Information Services Corp.	3,359			124,417
Stifel Financial Corp. (a)	8,982			458,262
SWS Group, Inc. (a)	4,978			34,398
Synchrony Financial (a)	18,126			539,248
Synergy Resources Corp. (a)	9,262			116,145
TD Ameritrade Holding Corp.	35,685			1,276,809
TESARO, Inc. (a)	2,312			85,983
U.S. Global Investors, Inc., Class A	4,302			13,336
Virtus Investment Partners, Inc.	1,102			187,880
Voya Financial, Inc.	28,257			1,197,532
Waddell & Reed Financial, Inc., Class A	12,358			615,676
Walker & Dunlop, Inc. (a)	3,729			65,407
Westwood Holdings Group, Inc.	1,350			83,457
WisdomTree Investments, Inc.	16,630			260,675
World Acceptance Corp. (a)	1,566			124,419
Xoom Corp. (a)	4,048			70,880
			23,778,352
Fixed Line Telecommunications — 0.2%
8x8, Inc. (a)	14,330			131,263
Cincinnati Bell, Inc. (a)	34,307			109,439
Consolidated Communications Holdings, Inc.	7,436			206,944
EarthLink Holdings Corp.	20,783			91,237
Fairpoint Communications, Inc. (a)	4,215			59,895
General Communication, Inc., Class A (a)	4,596			63,195
Hawaiian Telcom Holdco, Inc. (a)	1,381			38,074
IDT Corp., Class B (a)	2,546			51,709
inContact, Inc. (a)	8,833			77,642
Lumos Networks Corp.	3,575			60,132
Straight Path Communications, Inc., Class B (a)	2,210			41,880
Vonage Holdings Corp. (a)	26,555			101,175

See Notes to Financial Statements.

QUANTITATIVE MASTER SERIES LLC December 31, 2014

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

Common Stocks	Shares		Value
Fixed Line Telecommunications (concluded)
Zayo Group Holdings, Inc. (a)	3,118	$		95,317
			1,127,902
Food & Drug Retailers — 0.9%
Casey's General Stores, Inc.	5,569			502,992
The Chefs' Warehouse, Inc. (a)	3,358			77,368
Core-Mark Holding Co., Inc.	3,184			197,185
Diplomat Pharmacy, Inc. (a)	1,939			53,070
The Fresh Market, Inc. (a)	6,338			261,126
GNC Holdings, Inc., Class A	13,048			612,734
Ingles Markets, Inc., Class A	1,683			62,422
Omnicare, Inc.	14,337			1,045,597
The Pantry, Inc. (a)	3,814			141,347
PetMed Express, Inc.	3,455			49,648
Rite Aid Corp. (a)	133,937			1,007,206
Smart & Final Stores, Inc. (a)	2,013			31,665
SpartanNash Co.	5,307			138,725
Sprouts Farmers Market, Inc. (a)	17,841			606,237
Supervalu, Inc. (a)	30,827			299,022
United Natural Foods, Inc. (a)	7,328			566,638
Vitamin Shoppe, Inc. (a)	4,670			226,869
Weis Markets, Inc.	1,485			71,013
			5,950,864
Food Producers — 1.7%
Alico, Inc.	610			30,518
The Andersons, Inc.	3,787			201,241
B&G Foods, Inc.	8,323			248,858
Boulder Brands, Inc. (a)	9,299			102,847
Bunge Ltd.	20,792			1,890,201
Cal-Maine Foods, Inc.	4,298			167,751
Calavo Growers, Inc.	2,295			108,553
Chiquita Brands International, Inc. (a)	7,588			109,722
Darling International, Inc. (a)	24,513			445,156
Dean Foods Co.	14,232			275,816
Diamond Foods, Inc. (a)	4,042			114,106
Farmer Bros Co. (a)	892			26,269
Flowers Foods, Inc.	26,331			505,292
Fresh Del Monte Produce, Inc.	4,740			159,027
Golden Enterprises, Inc.	277			956
Griffin Land & Nurseries, Inc.	1,073			32,254
The Hain Celestial Group, Inc. (a)	15,022			875,632
Harbinger Group, Inc. (a)	13,646			193,227
Herbalife Ltd. (b)	10,030			378,131
HQ Sustainable Maritime Industries, Inc. (a)(b)	4,100			—
Ingredion, Inc.	10,471			888,360
J&J Snack Foods Corp.	2,141			232,877
John B Sanfilippo & Son, Inc.	1,174			53,417
Lancaster Colony Corp.	2,760			258,446
Lifevantage Corp. (a)	17,643			22,936
Lifeway Foods, Inc. (a)	1,804			33,428

Common Stocks	Shares		Value
Food Producers (concluded)
Limoneira Co.	2,404	$		60,052
Mannatech, Inc. (a)	644			17,163
Medifast, Inc. (a)	2,128			71,394
MGP Ingredients, Inc.	2,244			35,590
Nutraceutical International Corp. (a)	2,417			52,111
Nutrisystem, Inc.	4,769			93,234
Omega Protein Corp. (a)	3,642			38,496
Phibro Animal Health Corp., Class A	825			26,029
Pilgrim's Pride Corp. (a)(b)	9,076			297,602
Pinnacle Foods, Inc.	12,043			425,118
Post Holdings, Inc. (a)	6,559			274,756
Reliv International, Inc.	414			484
Rocky Mountain Chocolate Factory, Inc.	2,724			35,957
Sanderson Farms, Inc. (b)	2,959			248,630
Seaboard Corp. (a)	38			159,522
Seneca Foods Corp., Class A (a)	1,057			28,571
Snyders-Lance, Inc.	7,426			226,864
Tootsie Roll Industries, Inc.	2,820			86,433
TreeHouse Foods, Inc. (a)	5,511			471,356
USANA Health Sciences, Inc. (a)	1,032			105,873
WhiteWave Foods Co. (a)	25,738			900,573
			11,010,829
Forestry & Paper — 0.3%
Clearwater Paper Corp. (a)	3,010			206,335
Deltic Timber Corp.	1,749			119,632
Domtar Corp.	9,251			372,075
KapStone Paper and Packaging Corp.	12,554			367,958
Mercer International, Inc. (a)	3,801			46,714
Neenah Paper, Inc.	2,503			150,856
PH Glatfelter Co.	6,319			161,577
Resolute Forest Products (a)	14,370			253,056
Veritiv Corp. (a)	1,220			63,281
Wausau Paper Corp.	8,116			92,279
			1,833,763
Gas, Water & Multi-Utilities — 1.5%
American States Water Co.	5,550			209,013
American Water Works Co., Inc.	25,387			1,353,127
Aqua America, Inc.	25,466			679,942
Artesian Resources Corp., Class A	2,012			45,451
Atmos Energy Corp.	14,305			797,361
Avista Corp.	9,077			320,872
Cadiz, Inc. (a)(b)	3,708			41,530
California Water Service Group	7,627			187,700
Chesapeake Utilities Corp.	2,272			112,828
Connecticut Water Service, Inc.	1,969			71,455
Delta Natural Gas Co., Inc.	2,312			49,130
Gas Natural, Inc.	4,001			44,091

See Notes to Financial Statements.

QUANTITATIVE MASTER SERIES LLC December 31, 2014

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)
Genie Energy Ltd. (a)	4,413	$		27,272
The Laclede Group, Inc.	5,237			278,608
Middlesex Water Co.	2,966			68,396
National Fuel Gas Co.	12,253			851,951
New Jersey Resources Corp.	5,833			356,980
Northwest Natural Gas Co.	3,833			191,267
ONE Gas, Inc.	7,857			323,866
Piedmont Natural Gas Co., Inc.	10,565			416,367
PNM Resources, Inc.	11,804			349,752
Questar Corp.	25,817			652,654
RGC Resources, Inc.	2,449			53,878
SJW Corp.	2,006			64,433
South Jersey Industries, Inc.	4,709			277,501
Southwest Gas Corp.	6,290			388,785
UGI Corp.	24,888			945,246
Vectren Corp.	12,350			570,940
WGL Holdings, Inc.	7,456			407,247
			10,137,643
General Industrials — 1.4%
Actuant Corp., Class A	9,535			259,733
AEP Industries, Inc. (a)	774			45,008
Aptargroup, Inc.	9,328			623,484
Bemis Co., Inc.	14,485			654,867
Berry Plastics Group, Inc. (a)	15,269			481,737
Carlisle Cos., Inc.	9,247			834,449
Crown Holdings, Inc. (a)	20,487			1,042,788
Graphic Packaging Holding Co. (a)	47,817			651,268
Greif, Inc., Class A	4,302			203,184
Harsco Corp.	11,862			224,073
Landec Corp. (a)	4,398			60,736
Multi-Color Corp.	2,241			124,196
Myers Industries, Inc.	3,762			66,211
Otter Tail Corp.	5,434			168,237
Packaging Corp. of America	14,410			1,124,701
Raven Industries, Inc.	5,522			138,050
Rexnord Corp. (a)	12,473			351,863
Rock-Tenn Co., Class A	20,289			1,237,223
Silgan Holdings, Inc.	6,377			341,807
Sonoco Products Co.	14,709			642,783
TriMas Corp. (a)	6,652			208,141
UFP Technologies, Inc. (a)	1,471			36,165
			9,520,704
General Retailers — 4.8%
1-800-Flowers.com, Inc., Class A (a)	3,545			29,211
Aaron's, Inc.	9,416			287,847
Abercrombie & Fitch Co., Class A	10,459			299,546
Advance Auto Parts, Inc.	10,621			1,691,713
Aeéropostale, Inc. (a)	13,619			31,596
AMERCO, Inc.	860			244,464
America's Car-Mart, Inc. (a)	1,386			73,985

Common Stocks	Shares		Value
General Retailers (continued)
American Eagle Outfitters, Inc.	25,308	$		351,275
American Public Education, Inc. (a)	2,731			100,692
ANN, Inc. (a)	6,914			252,223
Antero Resources Corp. (a)	6,946			281,869
Apollo Education Group, Inc. (a)	14,033			478,666
Asbury Automotive Group, Inc. (a)	4,545			345,056
Ascena Retail Group, Inc. (a)	19,006			238,715
Autobytel, Inc. (a)	2,429			26,476
Barnes & Noble, Inc. (a)	5,772			134,026
Beacon Roofing Supply, Inc. (a)	7,528			209,278
Big 5 Sporting Goods Corp.	2,684			39,267
Big Lots, Inc.	7,927			317,239
Blue Nile, Inc. (a)	1,962			70,652
The Bon-Ton Stores, Inc.	2,228			16,509
Bridgepoint Education, Inc. (a)	2,758			31,221
Bright Horizons Family Solutions, Inc. (a)	4,287			201,532
Brown Shoe Co., Inc.	6,155			197,883
The Buckle, Inc. (b)	3,979			208,977
Build-A-Bear Workshop, Inc. (a)	2,182			43,858
Burlington Stores, Inc. (a)	4,911			232,094
Cabela's, Inc. (a)	7,045			371,342
Cache, Inc. (a)	4,067			813
Cambium Learning Group, Inc. (a)	10,557			17,525
Capella Education Co.	1,708			131,448
Career Education Corp. (a)	10,687			74,382
Carriage Services, Inc.	3,000			62,850
The Cato Corp., Class A	3,894			164,249
CDK Global, Inc.	23,266			948,322
Chegg, Inc. (a)(b)	6,895			47,644
Chemed Corp.	2,560			270,515
Chico's FAS, Inc.	22,386			362,877
The Children's Place Retail Stores, Inc.	3,319			189,183
Christopher & Banks Corp. (a)	6,159			35,168
Citi Trends, Inc. (a)	2,851			71,988
Clean Energy Fuels Corp. (a)	11,329			56,588
Collectors Universe, Inc.	1,741			36,317
Conn's, Inc. (a)(b)	3,781			70,667
The Container Store Group, Inc. (a)	766			14,654
Copart, Inc. (a)	16,699			609,346
Corinthian Colleges, Inc. (a)(b)	10,420			660
CST Brands, Inc.	11,102			484,158
Destination Maternity Corp.	2,029			32,363
Destination XL Group, Inc. (a)	9,670			52,798
Dick's Sporting Goods, Inc.	14,192			704,633
Dillard's, Inc., Class A	3,564			446,141
DSW, Inc., Class A	10,401			387,957
EVINE Live, Inc. (a)	7,906			52,101
Express, Inc. (a)	12,714			186,769
The Finish Line, Inc., Class A	6,992			169,976
Five Below, Inc. (a)	7,243			295,732

See Notes to Financial Statements.

QUANTITATIVE MASTER SERIES LLC December 31, 2014

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

Common Stocks	Shares		Value
General Retailers (continued)
Foot Locker, Inc.	20,707	$		1,163,319
Francesca's Holdings Corp. (a)	6,825			113,977
Fred's, Inc., Class A	4,554			79,285
FTD Cos., Inc. (a)	3,403			118,492
Gaiam, Inc., Class A (a)	3,595			25,632
Genesco, Inc. (a)	3,579			274,223
Grand Canyon Education, Inc. (a)	7,107			331,613
Group 1 Automotive, Inc.	3,061			274,327
GrubHub, Inc. (a)	1,843			66,938
Guess?, Inc.	8,649			182,321
Haverty Furniture Cos., Inc.	2,955			65,040
Hibbett Sports, Inc. (a)	3,771			182,630
Hillenbrand, Inc.	9,233			318,538
Houghton Mifflin Harcourt Co. (a)	16,204			335,585
HSN, Inc.	4,675			355,300
ITT Corp.	13,169			532,818
ITT Educational Services, Inc. (a)(b)	2,918			28,042
JC Penney Co., Inc. (a)(b)	45,394			294,153
K12, Inc. (a)	4,637			55,041
KAR Auction Services, Inc.	20,540			711,711
Kirkland's, Inc. (a)	2,421			57,232
Lands' End, Inc. (a)	2,102			113,424
Liquidity Services, Inc. (a)	4,477			36,577
Lithia Motors, Inc., Class A	3,413			295,873
Lumber Liquidators Holdings, Inc. (a)	4,057			269,020
MarineMax, Inc. (a)	4,557			91,368
Matthews International Corp., Class A	4,391			213,710
Mattress Firm Holding Corp. (a)	1,533			89,037
The Men's Wearhouse, Inc.	6,640			293,156
The Michaels Cos., Inc. (a)	4,139			102,357
Monro Muffler Brake, Inc.	4,602			265,996
Murphy USA, Inc. (a)	6,282			432,578
Office Depot, Inc. (a)	70,820			607,281
Outerwall, Inc. (a)	2,875			216,257
Overstock.com, Inc. (a)	2,367			57,447
PCM, Inc. (a)	1,516			14,432
Penske Automotive Group, Inc.	6,156			302,075
The Pep Boys-Manny Moe & Jack (a)	7,918			77,755
Perfumania Holdings, Inc. (a)	1,362			8,335
Pier 1 Imports, Inc.	13,531			208,377
Pricesmart, Inc.	2,618			238,814
The Providence Service Corp. (a)	2,023			73,718
RadioShack Corp. (a)(b)	25,331			9,372
RealNetworks, Inc. (a)	6,577			46,302
Regis Corp. (a)	5,946			99,655
Rent-A-Center, Inc.	7,455			270,766
Restoration Hardware Holdings, Inc. (a)	4,891			469,585
Rollins, Inc.	9,330			308,823
Rush Enterprises, Inc., Class A (a)	5,240			167,942

Common Stocks	Shares		Value
General Retailers (concluded)
Sally Beauty Holdings, Inc. (a)	18,759	$		576,652
Sears Holdings Corp. (a)(b)	7,223			238,215
Service Corp. International	31,152			707,150
ServiceMaster Global Holdings, Inc. (a)	5,207			139,391
Shoe Carnival, Inc.	2,127			54,643
Shutterfly, Inc. (a)	5,972			249,003
Signet Jewelers Ltd.	11,533			1,517,397
SolarCity Corp. (a)(b)	7,339			392,490
Sonic Automotive, Inc., Class A	5,131			138,742
Sotheby's	9,325			402,653
SP Plus Corp. (a)	2,950			74,428
Speed Commerce, Inc. (a)	10,106			31,228
Stage Stores, Inc.	4,498			93,109
Stamps.com, Inc. (a)	2,473			118,679
Stein Mart, Inc.	4,383			64,079
Strayer Education, Inc. (a)	1,653			122,785
Tile Shop Holdings, Inc. (a)	2,757			24,482
Titan Machinery, Inc. (a)(b)	2,424			33,791
TrueCar, Inc. (a)	1,171			26,816
Tuesday Morning Corp. (a)	5,992			130,026
Ulta Salon Cosmetics & Fragrance, Inc. (a)	9,376			1,198,628
VCA, Inc. (a)	12,576			613,331
Weight Watchers International, Inc. (a)(b)	4,279			106,290
West Marine, Inc. (a)	2,322			30,000
The Wet Seal, Inc., Class A (a)(b)	15,586			1,012
Williams-Sonoma, Inc.	12,447			941,989
Winmark Corp.	574			49,892
Zumiez, Inc. (a)	3,388			130,878
			31,939,064
Health Care Equipment & Services — 5.5%
Abaxis, Inc.	3,187			181,117
ABIOMED, Inc. (a)	5,703			217,056
Acadia Healthcare Co., Inc. (a)	7,158			438,141
Accuray, Inc. (a)	11,390			85,995
AdCare Health Systems, Inc. (a)	5,236			20,944
Addus HomeCare Corp. (a)	1,515			36,769
Air Methods Corp. (a)	5,450			239,964
Alere, Inc. (a)	11,957			454,366
Align Technology, Inc. (a)	10,666			596,336
Alliance HealthCare Services, Inc. (a)	2,209			46,367
Almost Family, Inc. (a)	1,625			47,044
Alphatec Holdings, Inc. (a)	20,207			28,492
Amedisys, Inc. (a)	5,567			163,391
American Caresource Holdings, Inc. (a)	2,753			8,039
Amsurg Corp. (a)	5,438			297,622
Analogic Corp.	1,828			154,667
AngioDynamics, Inc. (a)	4,266			81,097

See Notes to Financial Statements.

QUANTITATIVE MASTER SERIES LLC December 31, 2014

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)
Anika Therapeutics, Inc. (a)	2,272	$		92,561
Antares Pharma, Inc. (a)	22,489			57,797
AtriCure, Inc. (a)	4,748			94,770
Atrion Corp.	236			80,242
Bio-Rad Laboratories, Inc., Class A (a)	3,008			362,644
Bio-Reference Laboratories, Inc. (a)	3,943			126,689
Biolase, Inc. (a)	11,125			29,259
BioScrip, Inc. (a)	10,652			74,457
BioTelemetry, Inc. (a)	5,058			50,732
Bovie Medical Corp. (a)	5,924			21,504
Brookdale Senior Living, Inc. (a)	25,166			922,837
Bruker Corp. (a)	16,384			321,454
BSD Medical Corp. (a)	10,340			3,671
Cantel Medical Corp.	5,342			231,095
Capital Senior Living Corp. (a)	4,670			116,330
Cardica, Inc. (a)	26,645			18,652
Cardiovascular Systems, Inc. (a)	4,924			148,114
Centene Corp. (a)	8,529			885,737
Cepheid, Inc. (a)	10,479			567,333
CollabRx, Inc. (a)	1,314			828
Community Health Systems, Inc. (a)	17,082			921,061
CONMED Corp.	4,155			186,809
The Cooper Cos., Inc.	7,042			1,141,438
Corvel Corp. (a)	1,759			65,470
Covance, Inc. (a)	8,422			874,541
CryoLife, Inc.	4,639			52,560
Cutera, Inc. (a)	3,451			36,857
Cyberonics, Inc. (a)	3,779			210,415
Cynosure, Inc., Class A (a)	3,272			89,718
DexCom, Inc. (a)	10,627			585,016
Endologix, Inc. (a)	10,545			161,233
The Ensign Group, Inc.	3,034			134,679
Envision Healthcare Holdings, Inc. (a)	17,103			593,303
Escalon Medical Corp. (a)	1,399			2,252
Exactech, Inc. (a)	1,661			39,150
Five Star Quality Care, Inc. (a)	7,271			30,175
Fluidigm Corp. (a)	4,704			158,666
Fonar Corp. (a)	1,754			18,242
GenMark Diagnostics, Inc. (a)	7,145			97,243
Gentiva Health Services, Inc. (a)	5,338			101,689
Globus Medical, Inc., Class A (a)	8,779			208,677
Haemonetics Corp. (a)	7,730			289,257
Halyard Health, Inc. (a)	6,787			308,605
Hanger, Inc. (a)	5,275			115,523
Harvard Apparatus Regenerative Technology, Inc. (a)	3,656			11,626
HCA Holdings, Inc. (a)	44,198			3,243,691
Health Net, Inc. (a)	11,708			626,729
Healthcare Services Group, Inc.	10,521			325,415

Common Stocks	Shares		Value
Health Care Equipment & Services (continued)
HealthSouth Corp.	13,261	$		510,018
HealthStream, Inc. (a)	3,505			103,327
Healthways, Inc. (a)	5,860			116,497
HeartWare International, Inc. (a)	2,540			186,512
Henry Schein, Inc. (a)	12,194			1,660,213
Hill-Rom Holdings, Inc.	8,350			380,927
HMS Holdings Corp. (a)	13,081			276,532
Hologic, Inc. (a)	35,760			956,222
Hooper Holmes, Inc. (a)	9,589			4,986
ICU Medical, Inc. (a)	1,995			163,391
IDEXX Laboratories, Inc. (a)	6,998			1,037,593
Insulet Corp. (a)	8,659			398,834
Integra LifeSciences Holdings Corp. (a)	3,596			195,011
Invacare Corp.	4,474			74,984
IPC The Hospitalist Co., Inc. (a)	2,772			127,207
Kindred Healthcare, Inc.	8,365			152,076
LDR Holding Corp. (a)	1,153			37,795
LHC Group, Inc. (a)	1,911			59,585
LifePoint Hospitals, Inc. (a)	6,660			478,921
Magellan Health Services, Inc. (a)	3,844			230,755
Masimo Corp. (a)	7,186			189,279
MEDNAX, Inc. (a)	14,859			982,329
Meridian Bioscience, Inc.	6,734			110,842
Merit Medical Systems, Inc. (a)	6,737			116,752
Molina Healthcare, Inc. (a)	4,295			229,911
National Healthcare Corp.	1,141			71,700
Natus Medical, Inc. (a)	4,670			168,307
Navidea Biopharmaceuticals, Inc. (a)(b)	30,416			57,486
Neogen Corp. (a)	5,821			288,663
NeoGenomics, Inc. (a)	2,739			11,422
Nevro Corp. (a)	1,024			39,598
NuVasive, Inc. (a)	7,143			336,864
NxStage Medical, Inc. (a)	9,415			168,811
Omnicell, Inc. (a)	5,708			189,049
OraSure Technologies, Inc. (a)	9,831			99,686
Orthofix International NV (a)	3,072			92,344
Owens & Minor, Inc.	8,724			306,300
PAREXEL International Corp. (a)	8,024			445,813
PharMerica Corp. (a)	4,711			97,565
Psychemedics Corp.	1,801			27,141
Quidel Corp. (a)	4,664			134,883
RadNet, Inc. (a)	5,911			50,480
ResMed, Inc.	20,199			1,132,356
Retractable Technologies, Inc. (a)	3,653			18,265
Rockwell Medical, Inc. (a)	6,648			68,341
RTI Surgical, Inc. (a)	10,112			52,582
Select Medical Holdings Corp.	10,084			145,210
Sirona Dental Systems, Inc. (a)	8,104			708,046
Skilled Healthcare Group, Inc., Class A (a)	4,337			37,168
Spectranetics Corp. (a)	6,589			227,848

See Notes to Financial Statements.

QUANTITATIVE MASTER SERIES LLC December 31, 2014

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)
Staar Surgical Co. (a)	5,027	$		45,796
STERIS Corp.	8,488			550,447
SurModics, Inc. (a)	2,327			51,427
Symmetry Surgical, Inc. (a)	1,522			11,856
Team Health Holdings, Inc. (a)	10,392			597,852
Teleflex, Inc.	6,015			690,642
Thoratec Corp. (a)	8,126			263,770
Tornier NV (a)	3,759			95,855
Triple-S Management Corp., Class B (a)	3,073			73,475
U.S. Physical Therapy, Inc.	1,930			80,983
Unilife Corp. (a)(b)	18,515			62,025
Universal American Corp. (a)	7,080			65,702
Uroplasty, Inc. (a)	8,634			17,786
Utah Medical Products, Inc.	725			43,536
Vascular Solutions, Inc. (a)	2,838			77,080
Vision-Sciences, Inc. (a)	14,475			10,133
Volcano Corp. (a)	8,185			146,348
VWR Corp. (a)	3,808			98,513
WellCare Health Plans, Inc. (a)	6,436			528,138
West Pharmaceutical Services, Inc.	10,030			533,997
Wright Medical Group, Inc. (a)	7,889			211,977
Zeltiq Aesthetics, Inc. (a)	3,199			89,284
			36,037,202
Household Goods & Home Construction — 1.8%
ACCO Brands Corp. (a)	17,340			156,233
Bassett Furniture Industries, Inc.	2,150			41,947
Beazer Homes USA, Inc. (a)	4,476			86,655
Blount International, Inc. (a)	7,808			137,187
Briggs & Stratton Corp.	6,754			137,917
Cavco Industries, Inc. (a)	1,223			96,947
Central Garden and Pet Co., Class A (a)	7,098			67,786
Church & Dwight Co., Inc.	19,381			1,527,417
Compx International, Inc.	1,034			12,201
Comstock Holdings Cos., Inc. (a)	12,106			12,469
The Dixie Group, Inc. (a)	2,900			26,593
Energizer Holdings, Inc.	9,004			1,157,554
Ethan Allen Interiors, Inc.	3,943			122,115
Flexsteel Industries, Inc.	965			31,121
Forward Industries, Inc. (a)	2,823			2,936
Herman Miller, Inc.	8,835			260,014
HNI Corp.	6,614			337,711
Hooker Furniture Corp.	1,876			32,211
Hovnanian Enterprises, Inc., Class A (a)	21,351			88,180
Interface, Inc.	9,120			150,206
iRobot Corp. (a)	4,579			158,983
Jarden Corp. (a)	26,215			1,255,174
KB Home	12,864			212,899
Knoll, Inc.	7,374			156,108

Common Stocks	Shares		Value
Household Goods & Home Construction (concluded)
La-Z-Boy, Inc.	7,735	$		207,607
Libbey, Inc. (a)	3,813			119,881
Lifetime Brands, Inc.	1,440			24,768
M/I Homes, Inc. (a)	4,013			92,139
MDC Holdings, Inc.	6,036			159,773
Meritage Homes Corp. (a)	5,757			207,194
National Presto Industries, Inc.	930			53,977
NVR, Inc. (a)	591			753,720
Oil-Dri Corp. of America	858			27,997
The Ryland Group, Inc.	7,317			282,144
The Scotts Miracle-Gro Co., Class A	6,480			403,834
Select Comfort Corp. (a)	8,141			220,051
Spectrum Brands Holdings, Inc.	3,200			306,176
Standard Pacific Corp. (a)	23,580			171,898
Steelcase, Inc., Class A	9,078			162,950
Taylor Morrison Home Corp., Class A (a)	4,488			84,778
Tempur Sealy International, Inc. (a)	9,199			505,117
Toll Brothers, Inc. (a)	24,101			825,941
TRI Pointe Homes, Inc. (a)	21,980			335,195
Tupperware Brands Corp.	7,507			472,941
Virco Manufacturing Corp. (a)	935			2,281
Wayfair, Inc., Class A (a)	1,560			30,966
WD-40 Co.	2,105			179,093
William Lyon Homes, Class A (a)	1,192			24,162
			11,923,147
Industrial Engineering — 2.8%
Accuride Corp. (a)	8,723			37,858
AGCO Corp.	12,017			543,168
Alamo Group, Inc.	1,182			57,256
Albany International Corp., Class A	4,299			163,319
Altra Industrial Motion Corp.	4,066			115,434
American Railcar Industries, Inc.	1,354			69,731
Astec Industries, Inc.	2,477			97,371
The Babcock & Wilcox Co.	15,418			467,165
Broadwind Energy, Inc. (a)	2,781			14,990
Ceco Environmental Corp.	2,961			46,014
Chicago Rivet & Machine Co.	494			15,166
CIRCOR International, Inc.	2,688			162,033
CLARCOR, Inc.	7,116			474,210
Colfax Corp. (a)	13,979			720,897
Columbus McKinnon Corp.	2,933			82,241
Commercial Vehicle Group, Inc. (a)	5,294			35,258
Crane Co.	7,181			421,525
Donaldson Co., Inc.	18,381			710,058
Douglas Dynamics, Inc.	3,742			80,191
Dynamic Materials Corp.	2,036			32,617
Energy Recovery, Inc. (a)(b)	7,157			37,717
EnPro Industries, Inc. (a)	3,303			207,296
Federal Signal Corp.	9,560			147,606
Franklin Electric Co., Inc.	5,549			208,254

See Notes to Financial Statements.

QUANTITATIVE MASTER SERIES LLC December 31, 2014

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

Common Stocks	Shares		Value
Industrial Engineering (concluded)
FreightCar America, Inc.	1,751	$		46,069
GATX Corp.	6,431			370,040
The Gorman-Rupp Co.	2,838			91,157
Graco, Inc.	8,698			697,406
Graham Corp.	1,902			54,720
The Greenbrier Cos., Inc. (b)	3,794			203,852
H&E Equipment Services, Inc.	4,783			134,354
Hurco Cos., Inc.	1,150			39,203
Hyster-Yale Materials Handling, Inc.	1,589			116,315
IDEX Corp.	11,459			891,969
John Bean Technologies Corp.	4,210			138,341
Kadant, Inc.	1,829			78,080
Kennametal, Inc.	11,351			406,252
Key Technology, Inc. (a)	998			12,774
Kimball International, Inc., Class B	4,589			41,852
Lincoln Electric Holdings, Inc.	11,145			770,008
Lindsay Corp. (b)	1,910			163,763
Lydall, Inc. (a)	3,024			99,248
Manitex International, Inc. (a)	2,717			34,533
The Manitowoc Co., Inc.	19,929			440,431
Materion Corp.	3,097			109,107
Meritor, Inc. (a)	15,080			228,462
MFRI, Inc. (a)	1,937			13,578
The Middleby Corp. (a)	8,396			832,044
Miller Industries, Inc.	1,717			35,696
MSA Safety, Inc.	4,526			240,285
Mueller Industries, Inc.	8,298			283,294
NACCO Industries, Inc., Class A	799			47,429
Navistar International Corp. (a)	10,412			348,594
NN, Inc.	2,760			56,746
Nordson Corp.	8,523			664,453
Oshkosh Corp.	11,659			567,210
PMFG, Inc. (a)	4,561			23,854
Proto Labs, Inc. (a)	3,441			231,098
Spartan Motors, Inc.	4,844			25,479
SPX Corp.	5,969			512,856
Standex International Corp.	1,909			147,489
Sun Hydraulics Corp.	3,649			143,698
Tennant Co.	2,738			197,601
Terex Corp.	16,034			447,028
The Timken Co.	10,770			459,664
TimkenSteel Corp.	5,808			215,070
The Toro Co.	8,332			531,665
Trinity Industries, Inc.	22,679			635,239
Twin Disc, Inc.	1,357			26,950
Wabash National Corp. (a)	10,790			133,364
Wabtec Corp.	14,057			1,221,413
Woodward, Inc.	8,217			404,523
			18,561,631
Industrial Metals & Mining — 0.7%
AK Steel Holding Corp. (a)	23,581			140,071

Common Stocks	Shares		Value
Industrial Metals & Mining (concluded)
Ampco-Pittsburgh Corp.	1,402	$		26,988
Carpenter Technology Corp.	7,727			380,555
Century Aluminum Co. (a)	7,937			193,663
Cliffs Natural Resources, Inc. (b)	22,958			163,920
Commercial Metals Co.	17,156			279,471
Friedman Industries, Inc.	2,787			19,537
Globe Specialty Metals, Inc.	9,757			168,113
Handy & Harman Ltd. (a)	780			35,903
Haynes International, Inc.	1,874			90,889
Horsehead Holding Corp. (a)	8,576			135,758
Kaiser Aluminum Corp.	2,717			194,075
McEwen Mining, Inc. (a)	39,235			43,551
Noranda Aluminum Holding Corp.	10,483			36,900
Olympic Steel, Inc.	1,597			28,395
Reliance Steel & Aluminum Co.	11,249			689,226
RTI International Metals, Inc. (a)	4,899			123,749
Steel Dynamics, Inc.	32,856			648,577
Synalloy Corp.	2,147			37,809
United States Steel Corp.	21,421			572,798
Universal Stainless & Alloy Products, Inc. (a)	1,302			32,745
Uranium Energy Corp. (a)(b)	19,733			34,533
Worthington Industries, Inc.	7,462			224,532
			4,301,758
Industrial Transportation — 1.5%
Air Lease Corp.	13,461			461,847
Air Transport Services Group, Inc. (a)	8,433			72,186
Aircastle Ltd.	9,655			206,327
ArcBest Corp.	3,738			173,331
Atlas Air Worldwide Holdings, Inc. (a)	3,637			179,304
Baltic Trading Ltd.	8,240			20,682
CAI International, Inc. (a)	2,930			67,976
Celadon Group, Inc.	3,676			83,408
Con-way, Inc.	8,242			405,341
Covenant Transportation Group, Inc., Class A (a)	1,989			53,922
Echo Global Logistics, Inc. (a)	2,581			75,365
Forward Air Corp.	4,305			216,843
FRP Holdings, Inc. (a)	1,004			39,367
Genesee & Wyoming, Inc., Class A (a)	7,559			679,705
Heartland Express, Inc.	7,267			196,282
Hub Group, Inc., Class A (a)	5,073			193,180
JB Hunt Transport Services, Inc.	13,339			1,123,811
Kirby Corp. (a)	8,365			675,390
Knight Transportation, Inc.	8,454			284,562
Landstar System, Inc.	6,377			462,524
Marten Transport Ltd.	3,567			77,975
Matson, Inc.	6,067			209,433
Old Dominion Freight Line, Inc. (a)	10,049			780,204

See Notes to Financial Statements.

QUANTITATIVE MASTER SERIES LLC December 31, 2014

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

Common Stocks	Shares		Value
Industrial Transportation (concluded)
PAM Transportation Services, Inc. (a)	840	$		43,546
PHH Corp. (a)	8,287			198,556
Quality Distribution, Inc. (a)	5,040			53,626
Rand Logistics, Inc. (a)	5,032			19,876
Roadrunner Transportation Systems, Inc. (a)	4,005			93,517
Saia, Inc. (a)	3,719			205,884
Swift Transportation Co. (a)	12,742			364,803
TAL International Group, Inc. (a)	5,188			226,041
Teekay Corp.	5,878			299,131
Textainer Group Holdings Ltd.	2,471			84,805
Universal Truckload Services, Inc.	912			26,001
USA Truck, Inc. (a)	1,622			46,065
UTI Worldwide, Inc. (a)	13,413			161,895
Werner Enterprises, Inc.	5,884			183,287
Wesco Aircraft Holdings, Inc. (a)	7,972			111,449
Willis Lease Finance Corp. (a)	1,351			29,587
World Fuel Services Corp.	10,958			514,259
XPO Logistics, Inc. (a)	8,134			332,518
YRC Worldwide, Inc. (a)	4,194			94,323
			9,828,134
Leisure Goods — 0.9%
Activision Blizzard, Inc.	71,539			1,441,511
Arctic Cat, Inc.	2,143			76,077
Black Diamond, Inc. (a)	4,738			41,458
Brunswick Corp.	13,454			689,652
Callaway Golf Co.	11,826			91,060
Drew Industries, Inc. (a)	3,266			166,795
DTS, Inc. (a)	2,922			89,851
Escalade, Inc.	2,070			31,236
Glu Mobile, Inc. (a)	16,419			64,034
GoPro, Inc., Class A (a)(b)	3,685			232,966
LeapFrog Enterprises, Inc. (a)	9,036			42,650
Marine Products Corp.	2,700			22,788
Nautilus, Inc. (a)	5,339			81,046
Polaris Industries, Inc.	8,843			1,337,415
Pool Corp.	6,348			402,717
RealD, Inc. (a)	7,446			87,863
Skullcandy, Inc. (a)	3,869			35,556
Take-Two Interactive Software, Inc. (a)	12,579			352,589
Thor Industries, Inc.	6,530			364,831
TiVo, Inc. (a)	17,551			207,804
Universal Electronics, Inc. (a)	2,531			164,591
Winnebago Industries, Inc.	4,475			97,376
			6,121,866
Life Insurance — 0.5%
American Equity Investment Life Holding Co.	10,862			317,062
Amerisafe, Inc.	3,237			137,119

Common Stocks	Shares		Value
Life Insurance (concluded)
Atlantic American Corp.	2,927	$		11,796
Citizens, Inc. (a)	8,213			62,419
CNO Financial Group, Inc.	29,300			504,546
eHealth, Inc. (a)	2,920			72,766
Employers Holdings, Inc.	4,842			113,835
FBL Financial Group, Inc., Class A	1,432			83,099
Independence Holding Co.	2,198			30,662
Kansas City Life Insurance Co.	643			30,883
National Western Life Insurance Co., Class A	341			91,814
The Phoenix Cos., Inc. (a)	1,034			71,212
Primerica, Inc.	7,800			423,228
Protective Life Corp.	11,432			796,239
StanCorp Financial Group, Inc.	5,980			417,763
Symetra Financial Corp.	13,577			312,950
			3,477,393
Media — 4.1%
Acxiom Corp. (a)	11,392			230,916
AH Belo Corp.	3,599			37,358
AMC Networks, Inc., Class A (a)	9,002			574,058
Ascent Capital Group, Inc., Class A (a)	2,129			112,688
Bankrate, Inc. (a)	9,127			113,449
Beasley Broadcasting Group, Inc., Class A	784			4,006
Charter Communications, Inc., Class A (a)	11,188			1,864,145
Clear Channel Outdoor Holdings, Inc., Class A	6,448			68,284
ComScore, Inc. (a)	5,488			254,808
Constant Contact, Inc. (a)	4,980			182,766
Courier Corp.	2,399			35,793
Crown Media Holdings, Inc., Class A (a)	8,667			30,681
CSS Industries, Inc.	1,461			40,382
CTN Media Group, Inc. (a)	50			—
Cumulus Media, Inc., Class A (a)	18,856			79,761
Dex Media, Inc. (a)	1,243			11,150
DISH Network Corp., Class A (a)	30,936			2,254,925
Dolby Laboratories, Inc., Class A	6,244			269,241
DreamWorks Animation SKG, Inc., Class A (a)	10,669			238,239
Emmis Communications Corp., Class A (a)	10,615			19,850
Entercom Communications Corp., Class A (a)	3,775			45,904
Entravision Communications Corp., Class A	9,442			61,184
EW Scripps Co. (a)	5,048			112,823
FactSet Research Systems, Inc.	5,659			796,504
Global Eagle Entertainment, Inc. (a)	4,668			63,531

See Notes to Financial Statements.

QUANTITATIVE MASTER SERIES LLC December 31, 2014

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

Common Stocks	Shares		Value
Media (continued)
Graham Holdings Co., Class B	641	$		553,638
Gray Television, Inc. (a)	7,885			88,312
Groupon, Inc. (a)	59,764			493,651
Harte-Hanks, Inc.	6,749			52,237
IHS, Inc., Class A (a)	9,344			1,064,095
John Wiley & Sons, Inc., Class A	6,562			388,733
Journal Communications, Inc., Class A (a)	6,809			77,827
Lee Enterprises, Inc. (a)	5,134			18,893
Liberty Global PLC (a)	87,630			4,233,405
Liberty Global PLC, Class A (a)	35,909			1,802,811
Liberty Interactive Corp., Series A (a)	68,486			2,014,858
Liberty Media Corp., Class A (a)	14,534			512,614
Liberty Media Corp., Class C (a)	29,341			1,027,815
Liberty Ventures, Series A (a)	20,301			765,754
Lions Gate Entertainment Corp.	11,776			377,068
Live Nation Entertainment, Inc. (a)	21,499			561,339
Local Corp. (a)	13,417			13,954
Marchex, Inc., Class B	5,246			24,079
Martha Stewart Living Omnimedia, Class A (a)	6,396			27,567
The McClatchy Co., Class A (a)	10,903			36,198
Media General, Inc. (a)	11,628			194,536
Meredith Corp.	5,493			298,380
Morningstar, Inc.	2,925			189,277
National CineMedia, Inc.	10,222			146,890
New Media Investment Group, Inc.	3,113			73,560
The New York Times Co., Class A	18,910			249,990
Nexstar Broadcasting Group, Inc., Class A	4,695			243,154
Pandora Media, Inc. (a)	26,311			469,125
QuinStreet, Inc. (a)	7,427			45,082
RetailMeNot, Inc. (a)	5,282			77,223
Saga Communications, Inc., Class A	1,186			51,567
Scholastic Corp.	3,799			138,360
Sinclair Broadcast Group, Inc., Class A	10,956			299,756
Sirius XM Holdings, Inc. (a)	374,350			1,310,225
Sizmek, Inc. (a)	4,901			30,680
Spanish Broadcasting System, Inc. (a)	1,474			3,405
SPAR Group, Inc. (a)	3,165			4,431
Starz, Class A (a)	12,355			366,943
TechTarget, Inc. (a)	4,373			49,721
TheStreet, Inc.	13,786			32,811
Time, Inc.	15,923			391,865
Tribune Publishing Co.	2,998			68,654
Value Line, Inc.	1,830			30,470
WebMD Health Corp. (a)	7,311			289,150
XO Group, Inc. (a)	4,623			84,185

Common Stocks	Shares		Value
Media (concluded)
Yelp, Inc. (a)	9,028	$		494,102
			27,270,836
Mining — 0.4%
Allied Nevada Gold Corp. (a)(b)	18,252			15,879
Alpha Natural Resources, Inc. (a)	33,676			56,239
Arch Coal, Inc.	32,421			57,709
Cloud Peak Energy, Inc. (a)	9,192			84,383
Coeur Mining, Inc. (a)	16,289			83,237
Compass Minerals International, Inc.	4,861			422,081
General Moly, Inc. (a)	16,768			9,558
Golden Minerals Co. (a)(b)	9,302			5,023
Hecla Mining Co.	55,170			153,924
Molycorp, Inc. (a)(b)	32,220			28,373
Peabody Energy Corp.	39,522			305,900
Royal Gold, Inc.	9,697			608,002
Solitario Exploration & Royalty Corp. (a)	15,315			14,090
Stillwater Mining Co. (a)	18,398			271,186
SunCoke Energy, Inc.	10,366			200,478
Timberline Resources Corp. (a)	1,250			750
U.S. Silica Holdings, Inc.	7,972			204,801
Walter Energy, Inc.	10,822			14,934
Westmoreland Coal Co. (a)	2,842			94,383
			2,630,930
Mobile Telecommunications — 0.7%
Atlantic Tele-Network, Inc.	1,510			102,061
Globalstar, Inc. (a)(b)	32,480			89,320
Iridium Communications, Inc. (a)	12,372			120,627
NTELOS Holdings Corp.	3,146			13,182
ORBCOMM, Inc. (a)	8,002			52,333
SBA Communications Corp., Class A (a)	19,066			2,111,750
Shenandoah Telecommunications Co.	3,515			109,844
Spok Holdings, Inc.	3,740			64,926
Sprint Corp. (a)	114,337			474,499
T-Mobile U.S., Inc. (a)	38,648			1,041,177
Telephone & Data Systems, Inc.	13,697			345,849
Towerstream Corp. (a)(b)	9,963			18,432
United States Cellular Corp. (a)	1,368			54,487
			4,598,487
Nonlife Insurance — 3.4%
Alleghany Corp. (a)	2,394			1,109,619
Allied World Assurance Co. Holdings AG	13,951			529,022
Ambac Financial Group, Inc. (a)	6,424			157,388
American Financial Group, Inc.	10,489			636,892
American National Insurance Co.	539			61,586

See Notes to Financial Statements.

QUANTITATIVE MASTER SERIES LLC December 31, 2014

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

Common Stocks	Shares		Value
Nonlife Insurance (continued)
AmTrust Financial Services, Inc. (b)	4,351	$		244,744
Arch Capital Group Ltd. (a)	18,623			1,100,619
Argo Group International Holdings Ltd.	3,886			215,556
Arthur J Gallagher & Co.	23,297			1,096,823
Aspen Insurance Holdings Ltd.	9,163			401,065
Assured Guaranty Ltd.	23,146			601,565
Axis Capital Holdings Ltd.	14,687			750,359
Baldwin & Lyons, Inc., Class B	1,784			45,992
Brown & Brown, Inc.	17,462			574,674
CNA Financial Corp.	3,267			126,466
Donegal Group, Inc., Class A	1,871			29,899
EMC Insurance Group, Inc.	901			31,949
Endurance Specialty Holdings Ltd.	6,510			389,558
Enstar Group Ltd. (a)	1,419			216,951
Erie Indemnity Co., Class A	3,658			332,037
Everest Re Group Ltd.	6,441			1,096,902
Federated National Holding Co.	2,537			61,294
First Acceptance Corp. (a)	8,599			21,927
First American Financial Corp.	15,711			532,603
Global Indemnity PLC (a)	1,701			48,257
Greenlight Capital Re Ltd. (a)	4,775			155,904
The Hanover Insurance Group, Inc.	6,420			457,874
HCC Insurance Holdings, Inc.	14,084			753,776
HCI Group, Inc.	627			27,111
Hilltop Holdings, Inc. (a)	10,939			218,233
Horace Mann Educators Corp.	6,108			202,663
Infinity Property & Casualty Corp.	1,707			131,883
Kemper Corp.	7,376			266,347
Life Partners Holdings, Inc.	4,344			2,894
Maiden Holdings Ltd.	8,194			104,801
Markel Corp. (a)	2,064			1,409,382
MBIA, Inc. (a)	21,455			204,681
Meadowbrook Insurance Group, Inc.	7,057			59,702
Mercury General Corp.	3,553			201,349
Montpelier Re Holdings Ltd.	5,876			210,478
National General Holdings Corp.	6,931			128,986
National Interstate Corp.	1,767			52,657
The Navigators Group, Inc. (a)	1,693			124,165
Old Republic International Corp.	36,117			528,392
OneBeacon Insurance Group Ltd.	2,550			41,310
PartnerRe Ltd.	6,881			785,329
Platinum Underwriters Holdings Ltd.	3,725			273,489
ProAssurance Corp.	8,465			382,195
Reinsurance Group of America, Inc.	9,791			857,887
RenaissanceRe Holdings Ltd.	5,591			543,557
RLI Corp.	5,342			263,895
Safety Insurance Group, Inc.	2,120			135,701
Selective Insurance Group, Inc.	8,290			225,239

Common Stocks	Shares		Value
Nonlife Insurance (concluded)
State Auto Financial Corp.	2,450	$		54,439
State National Cos., Inc.	4,426			53,023
Third Point Reinsurance Ltd. (a)	3,733			54,091
United Fire Group, Inc.	3,306			98,287
United Insurance Holdings Corp.	749			16,441
Universal Insurance Holdings, Inc.	4,997			102,189
Validus Holdings Ltd.	13,376			555,907
W.R. Berkley Corp.	14,728			754,957
White Mountains Insurance Group Ltd.	817			514,800
Willis Group Holdings PLC	25,520			1,143,551
			22,511,312
Oil & Gas Producers — 2.4%
Abraxas Petroleum Corp. (a)	16,317			47,972
Adams Resources & Energy, Inc.	460			22,977
Alon USA Energy, Inc.	3,887			49,248
Apco Oil and Gas International, Inc. (a)	2,992			41,978
Approach Resources, Inc. (a)(b)	5,719			36,544
Barnwell Industries, Inc. (a)	1,930			5,153
Bill Barrett Corp. (a)	7,950			90,550
Bonanza Creek Energy, Inc. (a)	4,674			112,176
BPZ Resources, Inc. (a)	22,864			6,608
California Resources Corp. (a)	45,265			249,410
Callon Petroleum Co. (a)	7,999			43,595
Carrizo Oil & Gas, Inc. (a)	6,520			271,232
Cheniere Energy, Inc. (a)	32,427			2,282,861
Clayton Williams Energy, Inc. (a)	984			62,779
Cobalt International Energy, Inc. (a)	44,584			396,352
Comstock Resources, Inc. (b)	7,198			49,018
Concho Resources, Inc. (a)	16,513			1,647,172
Contango Oil & Gas Co. (a)	2,387			69,796
Continental Resources, Inc. (a)	12,661			485,676
CVR Energy, Inc.	2,530			97,936
Delek U.S. Holdings, Inc.	7,735			211,011
Diamondback Energy, Inc. (a)	7,903			472,441
Eclipse Resources Corp. (a)	4,425			31,108
Emerald Oil, Inc. (a)(b)	10,123			12,148
Energen Corp.	10,795			688,289
Energy XXI Bermuda Ltd. (b)	14,483			47,215
EP Energy Corp., Class A (a)	3,312			34,577
Era Group, Inc. (a)	2,938			62,139
Escalera Resources Co. (a)	6,258			3,254
Evolution Petroleum Corp.	5,834			43,347
EXCO Resources, Inc. (b)	28,887			62,685
FX Energy, Inc. (a)	13,494			20,916
Gastar Exploration, Inc. (a)	10,078			24,288
Goodrich Petroleum Corp. (a)(b)	5,844			25,947
Gulfport Energy Corp. (a)	12,833			535,649
Halcon Resources Corp. (a)(b)	39,882			70,990
Harvest Natural Resources, Inc. (a)	7,655			13,856

See Notes to Financial Statements.

QUANTITATIVE MASTER SERIES LLC December 31, 2014

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

Common Stocks	Shares		Value
Oil & Gas Producers (concluded)
HollyFrontier Corp.	29,082	$		1,089,993
Houston American Energy Corp. (a)	5,104			819
Isramco, Inc. (a)	353			48,714
Kosmos Energy Ltd. (a)	16,595			139,232
Laredo Petroleum, Inc. (a)(b)	10,891			112,722
Magellan Petroleum Corp. (a)	18,301			16,654
Magnum Hunter Resources Corp. (a)(b)	28,161			88,426
Matador Resources Co. (a)	9,966			201,612
Memorial Resource Development Corp. (a)	10,621			191,497
Midstates Petroleum Co., Inc. (a)	5,262			7,946
Miller Energy Resources, Inc. (a)	7,135			8,919
Northern Oil and Gas, Inc. (a)	9,819			55,477
Oasis Petroleum, Inc. (a)	14,918			246,744
Pacific Ethanol, Inc. (a)	3,564			36,816
Panhandle Oil and Gas, Inc.	2,706			62,996
Parsley Energy, Inc., Class A (a)	7,203			114,960
PBF Energy, Inc.	12,709			338,568
PDC Energy, Inc. (a)	5,599			231,071
Penn Virginia Corp. (a)	9,586			64,034
PetroQuest Energy, Inc. (a)	11,732			43,878
Pioneer Energy Services Corp. (a)	10,165			56,314
PostRock Energy Corp. (a)	4,012			1,484
Quicksilver Resources, Inc. (a)	27,437			5,438
Resolute Energy Corp. (a)	11,641			15,366
Rex Energy Corp. (a)	7,757			39,561
Ring Energy, Inc. (a)	2,314			24,297
Rosetta Resources, Inc. (a)	9,456			210,963
RSP Permian, Inc. (a)	4,410			110,867
Sanchez Energy Corp. (a)(b)	7,713			71,654
SandRidge Energy, Inc. (a)(b)	56,754			103,292
SemGroup Corp., Class A	6,691			457,597
SM Energy Co.	10,049			387,690
Stone Energy Corp. (a)	8,175			137,994
Swift Energy Co. (a)(b)	6,841			27,706
Syntroleum Corp. (a)	2,214			—
Targa Resources Corp.	4,457			472,665
Triangle Petroleum Corp. (a)(b)	10,105			48,302
Ultra Petroleum Corp. (a)(b)	23,153			304,693
Vaalco Energy, Inc. (a)	9,110			41,542
W&T Offshore, Inc.	5,629			41,317
Warren Resources, Inc. (a)	13,542			21,803
Western Refining, Inc.	10,008			378,102
Whiting Petroleum Corp. (a)	24,601			811,833
WPX Energy, Inc. (a)	30,349			352,959
ZaZa Energy Corp. (a)	1			2
Zion Oil & Gas, Inc. (a)	12,444			17,048
			15,670,460
Oil Equipment, Services & Distribution — 1.8%
Basic Energy Services, Inc. (a)	5,297			37,132

Common Stocks	Shares		Value
Oil Equipment, Services & Distribution (continued)
Bristow Group, Inc.	5,153	$		339,016
C&J Energy Services, Inc. (a)	7,389			97,609
CARBO Ceramics, Inc.	2,969			118,908
Chart Industries, Inc. (a)	4,432			151,574
Civeo Corp.	16,120			66,253
Core Laboratories NV	6,458			777,156
Dakota Plains Holdings, Inc. (a)	11,167			19,654
Dawson Geophysical Co.	1,311			16,034
DHT Holdings, Inc.	9,761			71,353
Dresser-Rand Group, Inc. (a)	11,487			939,637
Dril-Quip, Inc. (a)	5,938			455,623
Exterran Holdings, Inc.	9,039			294,491
Flotek Industries, Inc. (a)	7,402			138,639
Forum Energy Technologies, Inc. (a)	9,191			190,529
Frank's International NV	1,985			33,011
Geospace Technologies Corp. (a)	2,032			53,848
Glori Energy, Inc. (a)(b)	3,868			16,168
Gulf Island Fabrication, Inc.	1,934			37,500
Gulfmark Offshore, Inc., Class A	3,659			89,353
Helix Energy Solutions Group, Inc. (a)	14,959			324,610
Hercules Offshore, Inc. (a)(b)	24,567			24,567
Hornbeck Offshore Services, Inc. (a)	5,026			125,499
ION Geophysical Corp. (a)	21,270			58,493
Key Energy Services, Inc. (a)	19,538			32,628
Matrix Service Co. (a)	4,402			98,253
McDermott International, Inc. (a)	35,472			103,224
merican realtyaAtwood Oceanics, Inc. (a)	8,724			247,500
Mitcham Industries, Inc. (a)	2,357			13,977
MRC Global, Inc. (a)	15,474			234,431
Natural Gas Services Group, Inc. (a)	2,416			55,665
Newpark Resources, Inc. (a)	13,319			127,063
NOW, Inc. (a)(b)	15,925			409,750
Oceaneering International, Inc.	15,406			906,027
OGE Energy Corp.	29,151			1,034,278
Oil States International, Inc. (a)	8,164			399,220
Par Petroleum Corp. (a)	1,522			24,733
Paragon Offshore PLC (b)	12,673			35,104
Parker Drilling Co. (a)	19,733			60,580
Patterson-UTI Energy, Inc.	21,247			352,488
PHI, Inc. (a)	2,122			79,363
Rowan Cos. PLC, Class A	18,357			428,085
RPC, Inc.	9,161			119,459
SEACOR Holdings, Inc. (a)	2,751			203,051
Seventy Seven Energy, Inc. (a)	5,432			29,387
Superior Energy Services, Inc.	22,678			456,962
Tesco Corp.	4,864			62,356
TETRA Technologies, Inc. (a)	12,273			81,984
Tidewater, Inc.	7,273			235,718

See Notes to Financial Statements.

QUANTITATIVE MASTER SERIES LLC December 31, 2014

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)
Unit Corp. (a)	6,614	$		225,537
Weatherford International PLC (a)	112,754			1,291,033
Willbros Group, Inc. (a)	6,727			42,178
			11,866,691
Personal Goods — 1.2%
American Apparel, Inc. (a)(b)	13,016			13,406
Carter's, Inc.	7,900			689,749
Cherokee, Inc.	2,419			46,832
Columbia Sportswear Co.	3,550			158,117
Coty, Inc., Class A (a)	8,205			169,515
Crocs, Inc. (a)	13,180			164,618
Culp, Inc.	1,628			35,295
Deckers Outdoor Corp. (a)	5,161			469,857
Elizabeth Arden, Inc. (a)	3,743			80,063
G-III Apparel Group Ltd. (a)	2,558			258,384
Hanesbrands, Inc.	14,525			1,621,281
Helen of Troy Ltd. (a)	4,069			264,729
Iconix Brand Group, Inc. (a)	7,394			249,843
Inter Parfums, Inc.	2,513			68,982
Kate Spade & Co. (a)	18,772			600,892
Lakeland Industries, Inc. (a)(b)	2,101			19,686
Lululemon Athletica, Inc. (a)	15,343			855,986
Movado Group, Inc.	2,713			76,968
Nu Skin Enterprises, Inc., Class A	8,666			378,704
Orchids Paper Products Co.	1,530			44,538
Oxford Industries, Inc.	2,293			126,597
Perry Ellis International, Inc. (a)	2,072			53,727
Quiksilver, Inc. (a)	20,298			44,859
Revlon, Inc., Class A (a)	2,114			72,214
Rocky Brands, Inc.	1,306			17,318
Sequential Brands Group, Inc. (a)	2,945			38,491
Skechers U.S.A., Inc., Class A (a)	6,023			332,771
Steven Madden Ltd. (a)	8,659			275,616
Tumi Holdings, Inc. (a)	7,379			175,104
Unifi, Inc. (a)	2,706			80,449
Vera Bradley, Inc. (a)	3,446			70,229
Vince Holding Corp. (a)	1,692			44,229
Weyco Group, Inc.	882			26,169
Wolverine World Wide, Inc.	15,103			445,085
			8,070,303
Pharmaceuticals & Biotechnology — 6.2%
ACADIA Pharmaceuticals, Inc. (a)	11,962			379,794
Accelerate Diagnostics, Inc. (a)(b)	2,479			47,572
Acceleron Pharma, Inc. (a)	948			36,934
AcelRx Pharmaceuticals, Inc. (a)	2,300			15,479
Achillion Pharmaceuticals, Inc. (a)	14,369			176,020
Acorda Therapeutics, Inc. (a)	6,488			265,165
Acura Pharmaceuticals, Inc. (a)	11,590			5,216
Adamis Pharmaceuticals Corp. (a)	2,938			18,127
Advaxis, Inc. (a)	4,185			33,522
Aegerion Pharmaceuticals, Inc. (a)	4,247			88,932

Common Stocks	Shares		Value
Pharmaceuticals & Biotechnology (continued)
Aerie Pharmaceuticals, Inc. (a)	1,998	$		58,322
Affymetrix, Inc. (a)	12,654			124,895
Agenus, Inc. (a)	13,328			52,912
Agios Pharmaceuticals, Inc. (a)	1,366			153,047
Akorn, Inc. (a)	10,916			395,159
Albany Molecular Research, Inc. (a)	4,097			66,699
Alder Biopharmaceuticals, Inc. (a)	682			19,839
Alimera Sciences, Inc. (a)	2,788			15,446
Alkermes PLC (a)	21,500			1,259,040
Alnylam Pharmaceuticals, Inc. (a)	9,732			944,004
AMAG Pharmaceuticals, Inc. (a)	3,609			153,816
Amicus Therapeutics, Inc. (a)	10,084			83,899
Ampio Pharmaceuticals, Inc. (a)(b)	8,902			30,534
Anacor Pharmaceuticals, Inc. (a)	5,912			190,662
ANI Pharmaceuticals, Inc. (a)	1,511			85,205
Apricus Biosciences, Inc. (a)(b)	16,528			16,528
Aratana Therapeutics, Inc. (a)	2,798			49,860
Arena Pharmaceuticals, Inc. (a)	36,143			125,416
Ariad Pharmaceuticals, Inc. (a)	30,171			207,275
Arqule, Inc. (a)	20,616			25,152
Array BioPharma, Inc. (a)	21,612			102,225
Arrowhead Research Corp. (a)(b)	6,836			50,450
Atara Biotherapeutics, Inc. (a)	416			11,128
Athersys, Inc. (a)	12,887			20,361
Auspex Pharmaceuticals, Inc. (a)	1,686			88,481
Auxilium Pharmaceuticals, Inc. (a)	7,679			264,042
Avalanche Biotechnologies, Inc. (a)	615			33,210
AVANIR Pharmaceuticals, Inc. (a)	27,051			458,514
Bio Path Holdings, Inc. (a)(b)	6,899			18,351
Bio-Techne Corp.	5,373			496,465
BioCryst Pharmaceuticals, Inc. (a)	10,728			130,452
BioDelivery Sciences International, Inc. (a)	7,090			85,222
BioMarin Pharmaceutical, Inc. (a)	21,654			1,957,522
Biota Pharmaceuticals, Inc. (a)	9,894			22,163
Biotime, Inc. (a)(b)	11,313			42,198
Bluebird Bio, Inc. (a)	2,803			257,091
Calithera Biosciences, Inc. (a)	1,170			23,634
CASI Pharmaceuticals, Inc. (a)	7,740			10,294
Catalent, Inc. (a)	6,148			171,406
Catalyst Pharmaceutical Partners, Inc. (a)	9,877			29,335
Cel-Sci Corp. (a)	14,672			8,524
Celladon Corp. (a)	909			17,753
Celldex Therapeutics, Inc. (a)	13,467			245,773
Cempra, Inc. (a)	2,733			64,253
Cerus Corp. (a)	13,853			86,443
Charles River Laboratories International, Inc. (a)	7,090			451,208
Chimerix, Inc. (a)	4,532			182,458
Cleveland Biolabs, Inc. (a)	20,827			5,936

See Notes to Financial Statements.

QUANTITATIVE MASTER SERIES LLC December 31, 2014

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

Common Stocks	Shares		Value
Pharmaceuticals & Biotechnology (continued)
Clovis Oncology, Inc. (a)	4,492	$		251,552
Columbia Laboratories, Inc. (a)	4,676			26,186
Corcept Therapeutics, Inc. (a)	16,222			48,666
Coronado Biosciences, Inc. (a)	6,807			16,609
CTI BioPharma Corp. (a)	30,486			71,947
Cubist Pharmaceuticals, Inc. (a)	11,286			1,135,936
Cumberland Pharmaceuticals, Inc. (a)	4,500			27,000
Curis, Inc. (a)	24,444			36,666
Cytokinetics, Inc. (a)	7,734			61,949
Cytori Therapeutics, Inc. (a)(b)	19,551			9,555
CytRx Corp. (a)(b)	9,758			26,737
Depomed, Inc. (a)	9,510			153,206
Dermira, Inc. (a)	1,540			27,889
Dicerna Pharmaceuticals, Inc. (a)	1,097			18,068
Discovery Laboratories, Inc. (a)	22,340			25,914
Durect Corp. (a)	26,685			21,060
Dyax Corp. (a)	21,301			299,492
Dynavax Technologies Corp. (a)	5,246			88,448
Emergent Biosolutions, Inc. (a)	4,834			131,630
Enanta Pharmaceuticals, Inc. (a)	1,103			56,088
Endo International PLC (a)	21,903			1,579,644
Endocyte, Inc. (a)	6,241			39,256
Enzo Biochem, Inc. (a)	8,028			35,644
Epizyme, Inc. (a)	1,203			22,701
Esperion Therapeutics, Inc. (a)	903			36,517
Exact Sciences Corp. (a)(b)	12,831			352,083
Exelixis, Inc. (a)(b)	33,152			47,739
FibroGen, Inc. (a)	1,149			31,414
Five Prime Therapeutics, Inc. (a)	824			22,248
Foundation Medicine, Inc. (a)(b)	2,210			49,106
Galena Biopharma, Inc. (a)(b)	24,162			36,485
Genomic Health, Inc. (a)	3,102			99,171
GenVec, Inc. (a)	8,267			17,691
Geron Corp. (a)	25,126			81,660
GTx, Inc. (a)(b)	17,845			13,027
Halozyme Therapeutics, Inc. (a)	16,853			162,631
Harvard Bioscience, Inc. (a)	8,239			46,715
Hemispherx Biopharma, Inc. (a)	9,683			2,421
Heron Therapeutics, Inc. (a)	1,979			19,909
Horizon Pharma PLC (a)	9,385			120,973
Hyperion Therapeutics, Inc. (a)	1,275			30,600
Idera Pharmaceuticals, Inc. (a)(b)	13,765			60,704
IGI Laboratories, Inc. (a)	2,837			24,966
Illumina, Inc. (a)	20,585			3,799,579
Immunogen, Inc. (a)	13,864			84,570
Immunomedics, Inc. (a)	17,696			84,941
Impax Laboratories, Inc. (a)	10,155			321,710
INC Research Holdings, Inc., Class A (a)	1,218			31,290
Incyte Corp. Ltd. (a)	22,570			1,650,093
Infinity Pharmaceuticals, Inc. (a)	7,013			118,450
Inovio Pharmaceuticals, Inc. (a)(b)	9,511			87,311

Common Stocks	Shares		Value
Pharmaceuticals & Biotechnology (continued)
Insmed, Inc. (a)	6,623	$		102,458
Insys Therapeutics, Inc. (a)	989			41,696
Intercept Pharmaceuticals, Inc. (a)	1,827			285,012
Intrexon Corp. (a)(b)	4,064			111,882
Ironwood Pharmaceuticals, Inc. (a)	19,090			292,459
Isis Pharmaceuticals, Inc. (a)	17,362			1,071,930
IsoRay, Inc. (a)	10,055			14,680
Jazz Pharmaceuticals PLC (a)	8,478			1,388,103
Karyopharm Therapeutics, Inc. (a)	1,473			55,134
Keryx Biopharmaceuticals, Inc. (a)(b)	14,228			201,326
Kite Pharma, Inc. (a)(b)	1,295			74,683
KYTHERA Biopharmaceuticals, Inc. (a)	2,175			75,429
La Jolla Pharmaceutical Co. (a)	1,280			23,616
Lannett Co., Inc. (a)	4,175			179,024
Lexicon Pharmaceuticals, Inc. (a)	43,307			39,405
Ligand Pharmaceuticals, Inc., Class B (a)	2,972			158,140
Luminex Corp. (a)	6,305			118,282
MacroGenics, Inc. (a)	477			16,728
MannKind Corp. (a)(b)	37,112			193,539
Medgenics, Inc. (a)	3,825			19,355
The Medicines Co. (a)	10,184			281,791
Medivation, Inc. (a)	11,370			1,132,566
Merrimack Pharmaceuticals, Inc. (a)	12,795			144,584
MiMedx Group, Inc. (a)	11,683			134,705
Momenta Pharmaceuticals, Inc. (a)	8,170			98,367
Myriad Genetics, Inc. (a)	10,767			366,724
Nanosphere, Inc. (a)	18,468			7,241
Nektar Therapeutics (a)	20,082			311,271
Neuralstem, Inc. (a)(b)	17,361			47,222
Neurocrine Biosciences, Inc. (a)	11,221			250,677
NewLink Genetics Corp. (a)(b)	2,552			101,442
Northwest Biotherapeutics, Inc. (a)(b)	5,743			30,725
Novavax, Inc. (a)	37,613			223,045
NPS Pharmaceuticals, Inc. (a)	14,701			525,855
Omeros Corp. (a)(b)	4,207			104,249
OncoMed Pharmaceuticals, Inc. (a)	799			17,386
Oncothyreon, Inc. (a)	17,944			34,094
Ophthotech Corp. (a)	1,149			51,556
Opko Health, Inc. (a)(b)	35,588			355,524
Orexigen Therapeutics, Inc. (a)(b)	18,080			109,565
Organovo Holdings, Inc. (a)(b)	9,316			67,541
Osiris Therapeutics, Inc. (a)	3,311			52,943
Otonomy, Inc. (a)	1,767			58,894
OvaScience, Inc. (a)	1,854			81,984
Pacific Biosciences of California, Inc. (a)	10,142			79,513

See Notes to Financial Statements.

QUANTITATIVE MASTER SERIES LLC December 31, 2014

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

Common Stocks	Shares		Value
Pharmaceuticals & Biotechnology (continued)
Pacira Pharmaceuticals, Inc. (a)	5,453	$		483,463
Pain Therapeutics, Inc. (a)	8,736			17,734
Palatin Technologies, Inc. (a)	16,279			11,884
Paratek Pharmaceuticals, Inc.	1,099			42,366
PDL BioPharma, Inc.	24,747			190,799
Peregrine Pharmaceuticals, Inc. (a)(b)	35,720			49,651
Pernix Therapeutics Holdings (a)	4,089			38,396
Pfenex, Inc. (a)	1,203			8,806
Pharmacyclics, Inc. (a)	8,998			1,100,095
PharmAthene, Inc. (a)(b)	7,974			14,433
Portola Pharmaceuticals, Inc. (a)	5,525			156,468
Pozen, Inc. (a)	5,597			44,776
PRA Health Sciences, Inc. (a)	2,490			60,308
Prestige Brands Holdings, Inc. (a)	8,281			287,516
Progenics Pharmaceuticals, Inc. (a)	11,869			89,730
Prothena Corp. PLC (a)	3,641			75,587
pSivida Corp. (a)	3,781			15,540
PTC Therapeutics, Inc. (a)	2,863			148,218
Puma Biotechnology, Inc. (a)	2,972			562,510
Quintiles Transnational Holdings, Inc. (a)	9,285			546,608
Radius Health, Inc. (a)	1,085			42,217
Raptor Pharmaceutical Corp. (a)	11,056			116,309
Receptos, Inc. (a)	4,377			536,226
Regulus Therapeutics, Inc. (a)	2,870			46,035
Relypsa, Inc. (a)	1,263			38,900
Repligen Corp. (a)	5,025			99,495
Repros Therapeutics, Inc. (a)	4,528			45,144
Retrophin, Inc. (a)	2,968			36,328
Revance Therapeutics, Inc. (a)	1,448			24,529
Rexahn Pharmaceuticals, Inc. (a)	36,171			25,320
Rigel Pharmaceuticals, Inc. (a)	16,778			38,086
Sage Therapeutics, Inc. (a)	726			26,572
Sagent Pharmaceuticals, Inc. (a)	3,816			95,820
Salix Pharmaceuticals Ltd. (a)	9,366			1,076,528
Sangamo Biosciences, Inc. (a)	10,912			165,972
Sarepta Therapeutics, Inc. (a)(b)	6,277			90,828
Sciclone Pharmaceuticals, Inc. (a)	8,444			73,969
Seattle Genetics, Inc. (a)	14,971			481,018
Sequenom, Inc. (a)	22,329			82,617
Sorrento Therapeutics, Inc. (a)	3,711			37,370
Spectrum Pharmaceuticals, Inc. (a)	11,101			76,930
StemCells, Inc. (a)	19,530			18,339
Stemline Therapeutics, Inc. (a)	1,170			19,960
Sucampo Pharmaceuticals, Inc., Class A (a)	3,182			45,439
Sunesis Pharmaceuticals, Inc. (a)	5,806			14,805
Supernus Pharmaceuticals, Inc. (a)	2,387			19,812
Synageva BioPharma Corp. (a)	3,356			311,403

Common Stocks	Shares		Value
Pharmaceuticals & Biotechnology (concluded)
Synergy Pharmaceuticals, Inc. (a)	10,996	$		33,538
Synta Pharmaceuticals Corp. (a)	15,752			41,743
Synthetic Biologics, Inc. (a)	11,059			16,146
Tetraphase Pharmaceuticals, Inc. (a)	3,292			130,725
TG Therapeutics, Inc. (a)	4,221			66,861
TherapeuticsMD, Inc. (a)	14,814			65,922
Theravance Biopharma, Inc. (a)(b)	3,971			59,247
Theravance, Inc. (b)	12,381			175,191
Threshold Pharmaceuticals, Inc. (a)	12,218			38,853
Trovagene, Inc. (a)	3,761			16,172
Trubion Pharmaceuticals, Inc.	3,113			—
Ultragenyx Pharmaceutical, Inc. (a)	3,425			150,289
United Therapeutics Corp. (a)	6,963			901,639
Vanda Pharmaceuticals, Inc. (a)(b)	6,032			86,378
Vical, Inc. (a)	29,769			31,257
Vitae Pharmaceuticals, Inc. (a)	635			10,566
Vital Therapies, Inc. (a)	579			14,434
Vivus, Inc. (a)(b)	17,507			50,420
Xencor Inc. (a)	1,425			22,857
XenoPort, Inc. (a)	10,358			90,840
XOMA Corp. (a)	14,458			51,904
ZIOPHARM Oncology, Inc. (a)(b)	17,961			91,062
ZS Pharma, Inc. (a)(b)	860			35,750
			41,050,208
Real Estate Investment & Services — 1.0%
Alexander & Baldwin, Inc.	6,845			268,735
Altisource Portfolio Solutions SA (a)(b)	2,384			80,555
American Realty Investors, Inc. (a)	1,631			8,905
AV Homes, Inc. (a)	2,544			37,066
BBX Capital Corp. (a)	1,716			28,228
CareTrust REIT, Inc.	6,408			79,011
Columbia Property Trust, Inc.	19,040			482,664
Consolidated-Tomoka Land Co.	1,260			70,308
Forest City Enterprises, Inc., Class A (a)	24,288			517,334
Forestar Group, Inc. (a)	5,654			87,072
Gaming and Leisure Properties, Inc.	14,362			421,381
HFF, Inc., Class A	5,216			187,359
The Howard Hughes Corp. (a)	4,827			629,537
Jones Lang LaSalle, Inc.	6,765			1,014,277
Kennedy-Wilson Holdings, Inc.	10,998			278,249
Maui Land & Pineapple Co., Inc. (a)	5,106			30,994
Nationstar Mortgage Holdings, Inc. (a)	3,601			101,512
RE/MAX Holdings, Inc., Class A	444			15,207
Realogy Holdings Corp. (a)	22,146			985,276

See Notes to Financial Statements.

QUANTITATIVE MASTER SERIES LLC December 31, 2014

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

Common Stocks	Shares		Value
Real Estate Investment & Services (concluded)
Reis, Inc.	1,837	$		48,074
The St. Joe Co. (a)	13,438			247,125
Tejon Ranch Co. (a)	2,659			78,334
Trulia, Inc. (a)	5,276			242,854
Zillow, Inc. Class A (a)	3,855			408,206
			6,348,263
Real Estate Investment Trusts (REITs) — 9.1%
Acadia Realty Trust	8,458			270,910
Agree Realty Corp.	3,375			104,929
Alexander's, Inc.	344			150,390
Alexandria Real Estate Equities, Inc.	10,646			944,726
Altisource Residential Corp.	9,073			176,016
American Assets Trust, Inc.	5,207			207,291
American Campus Communities, Inc.	15,864			656,135
American Capital Agency Corp.	54,204			1,183,273
American Capital Mortgage Investment Corp.	9,236			174,006
American Homes 4 Rent, Class A	20,595			350,733
American Realty Capital Properties, Inc.	140,310			1,269,805
Annaly Capital Management, Inc.	138,586			1,498,115
Anworth Mortgage Asset Corp.	19,542			102,596
Apollo Commercial Real Estate Finance, Inc.	8,159			133,481
Apollo Residential Mortgage, Inc.	5,765			90,914
Arbor Realty Trust, Inc.	9,585			64,890
Arlington Asset Investment Corp.	1,883			50,107
ARMOUR Residential REIT, Inc.	59,489			218,920
Ashford Hospitality Prime, Inc.	3,025			51,909
Ashford Hospitality Trust, Inc.	12,545			131,472
Associated Estates Realty Corp.	10,239			237,647
Aviv REIT, Inc.	4,511			155,539
BioMed Realty Trust, Inc.	29,081			626,405
Blackstone Mortgage Trust, Inc., Class A	7,489			218,229
Bluerock Residential Growth REIT, Inc.	1,185			14,730
Brandywine Realty Trust	23,241			371,391
Brixmor Property Group, Inc.	19,721			489,870
BRT Realty Trust (a)	3,601			25,135
Camden Property Trust	12,650			934,076
Campus Crest Communities, Inc.	10,740			78,509
Capstead Mortgage Corp.	13,114			161,040
CBL & Associates Properties, Inc.	25,753			500,123
Cedar Realty Trust, Inc.	12,109			88,880
Chambers Street Properties	36,585			294,875
Chatham Lodging Trust	5,995			173,675
Chesapeake Lodging Trust	8,583			319,373
Chimera Investment Corp.	167,487			532,609
CIM Commercial Trust Corp.	2,227			33,427

Common Stocks	Shares		Value
Real Estate Investment Trusts (REITs) (continued)
Colony Financial, Inc.	14,537	$		346,271
Coresite Realty Corp.	3,504			136,831
Corporate Office Properties Trust	13,407			380,357
Cousins Properties, Inc.	27,054			308,957
CubeSmart	19,811			437,229
CyrusOne, Inc.	3,296			90,805
CYS Investments, Inc.	27,099			236,303
DCT Industrial Trust, Inc.	11,926			425,281
DDR Corp.	43,400			796,824
DiamondRock Hospitality Co.	28,241			419,944
Digital Realty Trust, Inc.	20,186			1,338,332
Douglas Emmett, Inc.	20,008			568,227
Duke Realty Corp.	49,363			997,133
DuPont Fabros Technology, Inc.	10,020			333,065
EastGroup Properties, Inc.	4,779			302,606
Education Realty Trust, Inc.	5,688			208,124
Empire State Realty Trust, Inc., Class A	14,404			253,222
EPR Properties	8,521			491,065
Equity Commonwealth	16,555			424,967
Equity Lifestyle Properties, Inc.	12,725			655,974
Equity One, Inc.	8,953			227,048
Excel Trust, Inc.	11,118			148,870
Extra Space Storage, Inc.	16,748			982,103
Federal Realty Investment Trust	9,967			1,330,196
FelCor Lodging Trust, Inc.	19,363			209,508
First Industrial Realty Trust, Inc.	15,801			324,869
First Potomac Realty Trust	10,450			129,162
Franklin Street Properties Corp.	14,004			171,829
Geo Group, Inc.	10,503			423,901
Getty Realty Corp.	4,945			90,048
Gladstone Commercial Corp.	6,637			113,957
Glimcher Realty Trust	23,212			318,933
Government Properties Income Trust	8,160			187,762
Gramercy Property Trust, Inc.	16,896			116,582
Hatteras Financial Corp.	14,923			275,031
Healthcare Realty Trust, Inc.	14,365			392,452
Healthcare Trust of America, Inc., Class A	12,909			347,768
Hersha Hospitality Trust	30,134			211,842
Highwoods Properties, Inc.	13,243			586,400
Home Properties, Inc.	8,866			581,610
Hospitality Properties Trust	22,405			694,555
Hudson Pacific Properties, Inc.	9,641			289,808
Independence Realty Trust, Inc.	2,241			20,864
Inland Real Estate Corp.	13,981			153,092
Invesco Mortgage Capital, Inc.	19,909			307,793
Investors Real Estate Trust	18,496			151,112
iStar Financial, Inc. (a)	11,282			153,999
Kilroy Realty Corp.	12,656			874,150
Kite Realty Group Trust	7,321			210,406
Lamar Advertising Co., Class A	10,357			555,549

See Notes to Financial Statements.

QUANTITATIVE MASTER SERIES LLC December 31, 2014

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)
LaSalle Hotel Properties	15,451	$		625,302
Lexington Realty Trust	29,464			323,515
Liberty Property Trust	21,892			823,796
LTC Properties, Inc.	5,603			241,882
Mack-Cali Realty Corp.	12,852			244,959
Medical Properties Trust, Inc.	26,239			361,573
MFA Financial, Inc.	52,191			417,006
Mid-America Apartment Communities, Inc.	11,511			859,641
Monmouth Real Estate Investment Corp., Class A	11,645			128,910
National Health Investors, Inc.	4,453			311,532
National Retail Properties, Inc.	18,515			728,936
New Residential Investment Corp.	8,819			112,619
New Senior Investment Group, Inc. (b)	9,524			156,670
New York Mortgage Trust, Inc.	18,994			146,444
New York REIT, Inc.	17,006			180,094
Newcastle Investment Corp.	9,524			42,763
NorthStar Realty Finance Corp.	30,016			527,681
Omega Healthcare Investors, Inc.	19,201			750,183
One Liberty Properties, Inc.	3,179			75,247
Outfront Media, Inc.	20,084			539,055
Parkway Properties, Inc.	11,089			203,927
Pebblebrook Hotel Trust	9,764			445,531
Pennsylvania Real Estate Investment Trust	10,676			250,459
PennyMac Mortgage Investment Trust (c)	10,450			220,391
Physicians Realty Trust	2,182			36,221
Piedmont Office Realty Trust, Inc., Class A	23,343			439,782
Post Properties, Inc.	8,052			473,216
Potlatch Corp.	6,073			254,277
PS Business Parks, Inc.	2,968			236,075
RAIT Financial Trust	9,876			75,749
Ramco-Gershenson Properties Trust	11,192			209,738
Rayonier, Inc.	18,813			525,635
Realty Income Corp.	32,933			1,571,233
Redwood Trust, Inc.	12,734			250,860
Regency Centers Corp.	13,766			877,995
Resource Capital Corp.	24,290			122,422
Retail Opportunity Investments Corp.	13,711			230,208
Retail Properties of America, Inc., Class A	26,354			439,848
RLJ Lodging Trust	17,926			601,059
Rouse Properties, Inc.	5,638			104,416
Sabra Health Care REIT, Inc.	7,937			241,047
Saul Centers, Inc.	2,852			163,106
Senior Housing Properties Trust	30,472			673,736
Silver Bay Realty Trust Corp.	6,204			102,738

Common Stocks	Shares		Value
Real Estate Investment Trusts (REITs) (concluded)
SL Green Realty Corp.	14,068	$		1,674,373
Sovran Self Storage, Inc.	4,831			421,360
Spirit Realty Capital, Inc.	56,368			670,216
STAG Industrial, Inc.	9,468			231,966
Starwood Property Trust, Inc.	34,796			808,659
Starwood Waypoint Residential Trust	6,388			168,452
Strategic Hotels & Resorts, Inc. (a)	37,440			495,331
Summit Hotel Properties, Inc.	7,025			87,391
Sun Communities, Inc.	6,054			366,025
Sunstone Hotel Investors, Inc.	27,919			460,943
Supertel Hospitality, Inc. (a)	985			2,275
Tanger Factory Outlet Centers	15,165			560,498
Taubman Centers, Inc.	9,446			721,863
Terreno Realty Corp.	6,723			138,695
Two Harbors Investment Corp.	56,276			563,886
UDR, Inc.	37,716			1,162,407
UMH Properties, Inc.	9,986			95,366
United Development Funding IV	4,691			86,033
Universal Health Realty Income Trust	1,725			83,007
Urstadt Biddle Properties, Inc., Class A	3,630			79,424
Walter Investment Management Corp. (a)(b)	5,793			95,642
Washington Prime Group, Inc.	23,415			403,206
Washington Real Estate Investment Trust	9,975			275,908
Weingarten Realty Investors	16,823			587,459
Western Asset Mortgage Capital Corp.	3,070			45,129
WP Carey, Inc.	14,023			983,012
			60,434,870
Software & Computer Services — 6.4%
ACI Worldwide, Inc. (a)	17,414			351,240
Actua Corp. (a)	6,343			117,155
Actuate Corp. (a)	7,062			46,609
Advent Software, Inc.	6,440			197,322
Allscripts Healthcare Solutions, Inc. (a)	24,263			309,839
American Software, Inc., Class A	5,062			46,115
Angie's List, Inc. (a)	7,923			49,360
ANSYS, Inc. (a)	13,472			1,104,704
AOL, Inc. (a)	11,673			538,942
Arista Networks, Inc. (a)(b)	749			45,509
Aspen Technology, Inc. (a)	13,570			475,221
Athenahealth, Inc. (a)	5,631			820,437
Authentidate Holding Corp. (a)	13,517			12,706
Barracuda Networks, Inc. (a)	1,049			37,596
Blackbaud, Inc.	6,868			297,110
Blucora, Inc. (a)	6,758			93,598
Bottomline Technologies, Inc. (a)	6,036			152,590

See Notes to Financial Statements.

QUANTITATIVE MASTER SERIES LLC December 31, 2014

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

Common Stocks	Shares		Value
Software & Computer Services (continued)
Brightcove, Inc. (a)	2,354	$		18,314
BroadSoft, Inc. (a)	4,650			134,943
CACI International, Inc., Class A (a)	3,395			292,581
Cadence Design Systems, Inc. (a)	43,119			817,967
Calix, Inc. (a)	6,241			62,535
Callidus Software, Inc. (a)	7,727			126,182
CDW Corp.	15,150			532,826
ChannelAdvisor Corp. (a)	2,829			61,050
CIBER, Inc. (a)	11,476			40,740
Cogent Communications Group, Inc.	6,813			241,112
CommVault Systems, Inc. (a)	6,399			330,764
Computer Programs & Systems, Inc.	1,810			109,958
Computer Task Group, Inc.	2,432			23,177
Comverse, Inc. (a)	3,640			68,359
Cornerstone OnDemand, Inc. (a)	7,517			264,598
Covisint Corp. (a)	4,614			12,227
Crexendo, Inc. (a)	2,634			4,847
CSG Systems International, Inc.	5,270			132,119
Cvent, Inc. (a)	2,021			56,265
Datalink Corp. (a)	3,557			45,885
DealerTrack Holdings, Inc. (a)	6,632			293,864
Demandware, Inc. (a)	4,556			262,152
DeVry Education Group, Inc.	8,225			390,441
Digimarc Corp.	1,549			42,055
Digital River, Inc. (a)	5,314			131,415
DST Systems, Inc.	4,273			402,303
E2open, Inc. (a)	1,410			13,550
Ebix, Inc. (b)	4,986			84,712
Ellie Mae, Inc. (a)	3,411			137,532
Endurance International Group Holdings, Inc. (a)	4,982			91,818
Envestnet, Inc. (a)	4,798			235,774
EPAM Systems, Inc. (a)	2,646			126,347
EPIQ Systems, Inc.	4,838			82,633
Equinix, Inc.	7,596			1,722,241
Evolving Systems, Inc.	2,275			21,317
Fair Isaac Corp.	4,811			347,835
FalconStor Software, Inc. (a)	16,584			22,223
FireEye, Inc. (a)	5,004			158,026
Forrester Research, Inc.	1,834			72,186
Fortinet, Inc. (a)	20,649			633,098
Gartner, Inc. (a)	12,925			1,088,414
Gigamon, Inc. (a)	2,926			51,878
Gogo, Inc. (a)(b)	7,218			119,314
GSE Systems, Inc. (a)	1,794			2,852
Guidance Software, Inc. (a)	4,351			31,545
Guidewire Software, Inc. (a)	10,363			524,679
The Hackett Group, Inc.	5,104			44,864
IAC/InterActiveCorp	11,345			689,663
iGATE Corp. (a)	4,787			188,991
Immersion Corp. (a)	5,072			48,032

Common Stocks	Shares		Value
Software & Computer Services (continued)
IMS Health Holdings, Inc. (a)	7,784	$		199,582
Infoblox, Inc. (a)	7,904			159,740
Informatica Corp. (a)	16,104			614,126
Innodata, Inc. (a)	5,402			15,774
Interactive Intelligence Group, Inc. (a)	2,629			125,929
Internap Network Services Corp. (a)	9,928			79,027
Internet Patents Corp. (a)	1,044			2,861
IntraLinks Holdings, Inc. (a)	6,886			81,943
j2 Global, Inc.	6,861			425,382
The KEYW Holding Corp. (a)(b)	4,780			49,616
Leidos Holdings, Inc.	9,070			394,726
Limelight Networks, Inc. (a)	14,112			39,090
LivePerson, Inc. (a)	8,346			117,679
LogMeIn, Inc. (a)	3,729			183,989
Looksmart Ltd. (a)	3,019			2,264
Manhattan Associates, Inc. (a)	11,164			454,598
Marketo, Inc. (a)	3,733			122,144
Mastech Holdings, Inc. (a)	1,020			10,832
Mavenir Systems, Inc. (a)	1,032			13,994
MedAssets, Inc. (a)	9,470			187,127
Medidata Solutions, Inc. (a)	8,016			382,764
Mentor Graphics Corp.	14,013			307,165
Merge Healthcare, Inc. (a)	14,369			51,154
MicroStrategy, Inc., Class A (a)	1,382			224,437
Monotype Imaging Holdings, Inc.	5,834			168,194
Netscout Systems, Inc. (a)	5,584			204,039
NetSuite, Inc. (a)	4,818			525,981
NIC, Inc.	9,365			168,476
Nuance Communications, Inc. (a)	37,514			535,325
Palo Alto Networks, Inc. (a)	9,496			1,163,925
PC-Tel, Inc.	3,495			30,267
PDF Solutions, Inc. (a)	4,645			69,025
Pegasystems, Inc.	5,608			116,478
Perficient, Inc. (a)	5,910			110,103
Premier, Inc., Class A (a)	4,858			162,889
Premiere Global Services, Inc. (a)	6,927			73,565
Progress Software Corp. (a)	7,757			209,594
Proofpoint, Inc. (a)	4,475			215,829
PROS Holdings, Inc. (a)	4,092			112,448
PTC, Inc. (a)	17,279			633,275
QAD, Inc., Class A	1,149			25,990
QAD, Inc., Class B	1,021			20,328
QLIK Technologies, Inc. (a)	13,596			419,980
Quality Systems, Inc.	7,462			116,333
Qualys, Inc. (a)	2,088			78,822
Rackspace Hosting, Inc. (a)	17,502			819,269
RealPage, Inc. (a)	8,141			178,776
Rightside Group Ltd. (a)	1,909			12,829
RigNet, Inc. (a)	2,204			90,430
RingCentral, Inc., Class A (a)	3,039			45,342
Rocket Fuel, Inc. (a)	2,370			38,204

See Notes to Financial Statements.

QUANTITATIVE MASTER SERIES LLC December 31, 2014

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

Common Stocks	Shares		Value
Software & Computer Services (continued)
Rosetta Stone, Inc. (a)	3,184	$		31,076
Rovi Corp. (a)	14,183			320,394
Sapient Corp. (a)	16,948			421,666
Science Applications International Corp.	5,931			293,762
SciQuest, Inc. (a)	4,688			67,742
Selectica, Inc. (a)	2,985			15,462
ServiceNow, Inc. (a)	18,740			1,271,509
Shutterstock, Inc. (a)	1,934			133,639
Silver Spring Networks, Inc. (a)	3,753			31,638
Smith Micro Software, Inc. (a)	7,292			7,073
SoftBrands, Inc. (a)	114			—
SolarWinds, Inc. (a)	9,809			488,783
Solera Holdings, Inc.	10,149			519,426
Splunk, Inc. (a)	17,060			1,005,687
SPS Commerce, Inc. (a)	2,710			153,467
SS&C Technologies Holdings, Inc.	9,629			563,200
Support.com, Inc. (a)	13,215			27,884
Synchronoss Technologies, Inc. (a)	4,820			201,765
Synopsys, Inc. (a)	22,844			993,029
Syntel, Inc. (a)	4,578			205,918
Tableau Software, Inc., Class A (a)	5,580			472,961
Tangoe, Inc. (a)	6,350			82,741
TeleCommunication Systems, Inc., Class A (a)	11,480			35,818
TeleNav, Inc. (a)	4,941			32,956
Textura Corp. (a)(b)	2,287			65,111
Twitter, Inc. (a)	74,504			2,672,459
Tyler Technologies, Inc. (a)	4,457			487,774
The Ultimate Software Group, Inc. (a)	4,195			615,889
Unisys Corp. (a)	7,423			218,830
United Online, Inc. (a)	3,255			47,360
Unwired Planet, Inc. (a)	11,796			11,796
Vantiv, Inc., Class A (a)	21,651			734,402
VASCO Data Security International, Inc. (a)	4,683			132,107
Vectrus, Inc. (a)	1,503			41,182
Veeva Systems, Inc., Class A (a)	4,677			123,520
Verint Systems, Inc. (a)	8,298			483,607
VirnetX Holding Corp. (a)(b)	6,877			37,755
Virtusa Corp. (a)	4,107			171,139
VMware, Inc., Class A (a)	12,568			1,037,111
Voltari Corp. (a)	1,272			878
Web.com Group, Inc. (a)	7,721			146,622
Workday, Inc., Class A (a)	13,662			1,114,956
Zendesk, Inc. (a)	968			23,590
Zix Corp. (a)	11,716			42,178
zulily, Inc., Class A (a)	2,373			55,528

Common Stocks	Shares		Value
Software & Computer Services (concluded)
Zynga, Inc., Class A (a)	98,632	$		262,361
			42,629,666
Support Services — 4.6%
ABM Industries, Inc.	7,020			201,123
Acacia Research Corp.	8,239			139,569
Advanced Emissions Solutions, Inc. (a)	3,711			84,574
The Advisory Board Co. (a)	5,406			264,786
AM Castle & Co. (a)	3,004			23,972
Amdocs Ltd.	22,795			1,063,501
AMN Healthcare Services, Inc. (a)	7,283			142,747
Applied Industrial Technologies, Inc.	5,953			271,397
ARC Document Solutions, Inc. (a)	6,901			70,528
Barnes Group, Inc.	6,708			248,263
Barrett Business Services, Inc.	1,189			32,579
Bazaarvoice, Inc. (a)	7,247			58,266
Black Box Corp.	2,395			57,241
Booz Allen Hamilton Holding Corp.	10,829			287,293
The Brink's Co.	6,746			164,670
Broadridge Financial Solutions, Inc.	17,372			802,239
Cardtronics, Inc. (a)	6,774			261,341
Cartesian, Inc. (a)	2,116			8,993
Casella Waste Systems, Inc. (a)	9,636			38,929
Cass Information Systems, Inc.	1,314			69,971
CBIZ, Inc. (a)	6,146			52,610
CDI Corp.	1,891			33,490
Cenveo, Inc. (a)	14,736			30,946
Clean Harbors, Inc. (a)	8,129			390,598
Comfort Systems USA, Inc.	5,684			97,310
Convergys Corp.	14,319			291,678
CoreLogic, Inc. (a)	13,053			412,344
The Corporate Executive Board Co.	5,083			368,670
Corrections Corp. of America	17,205			625,230
CoStar Group, Inc. (a)	4,767			875,364
CRA International, Inc. (a)	1,964			59,548
Crawford & Co., Class B	3,747			38,519
Cross Country Healthcare, Inc. (a)	5,567			69,476
Deluxe Corp.	7,145			444,776
Dice Holdings, Inc. (a)	6,055			60,611
DigitalGlobe, Inc. (a)	10,483			324,659
DXP Enterprises, Inc. (a)	1,677			84,739
Ennis, Inc.	3,906			52,614
Euronet Worldwide, Inc. (a)	7,261			398,629
EVERTEC, Inc.	11,013			243,718
ExamWorks Group, Inc. (a)	5,411			225,043
ExlService Holdings, Inc. (a)	4,795			137,664
The ExOne Co. (a)(b)	1,264			21,235
Exponent, Inc.	2,015			166,238
FleetCor Technologies, Inc. (a)	11,150			1,658,117
Franklin Covey Co. (a)	2,677			51,827

See Notes to Financial Statements.

QUANTITATIVE MASTER SERIES LLC December 31, 2014

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

Common Stocks	Shares		Value
Support Services (continued)
Frontline Capital Group (a)	300	$		—
FTI Consulting, Inc. (a)	5,990			231,394
Furmanite Corp. (a)	6,832			53,426
G&K Services, Inc., Class A	2,859			202,560
Genpact Ltd. (a)	22,787			431,358
Global Cash Access Holdings, Inc. (a)	10,402			74,374
Global Payments, Inc.	10,053			811,579
Global Power Equipment Group, Inc.	2,352			32,481
GP Strategies Corp. (a)	2,548			86,454
HD Supply Holdings, Inc. (a)	22,128			652,555
Heartland Payment Systems, Inc.	5,291			285,449
Heidrick & Struggles International, Inc.	2,179			50,226
Heritage-Crystal Clean, Inc. (a)	1,910			23,550
Higher One Holdings, Inc. (a)	7,183			30,240
Hudson Global, Inc. (a)	7,486			23,207
Huron Consulting Group, Inc. (a)	3,528			241,280
ICF International, Inc. (a)	3,065			125,604
Imperva, Inc. (a)	2,965			146,560
InnerWorkings, Inc. (a)	7,279			56,703
Insperity, Inc.	3,118			105,669
Jack Henry & Associates, Inc.	11,888			738,720
Kaman Corp.	3,831			153,585
Kelly Services, Inc., Class A	3,722			63,348
Kforce, Inc.	4,578			110,467
Korn/Ferry International (a)	7,608			218,806
LifeLock, Inc. (a)	11,210			207,497
LinkedIn Corp. (a)	15,301			3,514,793
Lionbridge Technologies, Inc. (a)	10,173			58,495
Manpowergroup, Inc.	11,461			781,296
MAXIMUS, Inc.	9,734			533,813
McGrath RentCorp	3,369			120,812
Mistras Group, Inc. (a)	3,074			56,346
Mobile Mini, Inc.	6,204			251,324
ModusLink Global Solutions, Inc. (a)	9,568			35,880
Monster Worldwide, Inc. (a)	14,709			67,956
MSC Industrial Direct Co., Inc., Class A	7,104			577,200
MWI Veterinary Supply, Inc. (a)	2,029			344,747
Navigant Consulting, Inc. (a)	7,309			112,339
NeuStar, Inc., Class A (a)	8,174			227,237
Odyssey Marine Exploration, Inc. (a)(b)	20,285			18,865
On Assignment, Inc. (a)	7,252			240,694
Park-Ohio Holdings Corp.	1,503			94,734
Perma-Fix Environmental Services (a)	1,887			8,208
Power Solutions International, Inc. (a)	377			19,457
PowerSecure International, Inc. (a)	3,462			40,332

Common Stocks	Shares		Value
Support Services (concluded)
PRGX Global, Inc. (a)	6,115	$		34,978
Quad/Graphics, Inc.	3,688			84,676
Quest Resource Holding Corp. (a)	6,457			9,298
Rentrak Corp. (a)	1,899			138,285
Resources Connection, Inc.	5,694			93,666
RPX Corp. (a)	6,187			85,257
RR Donnelley & Sons Co.	29,552			496,621
Schnitzer Steel Industries, Inc., Class A	3,674			82,885
ServiceSource International, Inc. (a)	10,518			49,224
Sharps Compliance Corp. (a)	5,668			24,146
The Standard Register Co. (a)	2,919			9,516
StarTek, Inc. (a)	3,340			32,565
Sykes Enterprises, Inc. (a)	5,857			137,464
Team, Inc. (a)	3,018			122,108
TeleTech Holdings, Inc. (a)	2,778			65,783
Tetra Tech, Inc.	9,087			242,623
Towers Watson & Co., Class A	9,616			1,088,243
TriNet Group, Inc. (a)	2,919			91,306
TrueBlue, Inc. (a)	6,199			137,928
U.S. Ecology, Inc.	3,122			125,255
UniFirst Corp.	2,188			265,733
United Stationers, Inc.	5,522			232,808
Universal Technical Institute, Inc.	3,377			33,230
Verisk Analytics, Inc., Class A (a)	21,727			1,391,614
Viad Corp.	3,107			82,833
WageWorks, Inc. (a)	4,832			312,002
Waste Connections, Inc.	18,071			794,943
WEX, Inc. (a)	5,639			557,810
			30,592,055
Technology Hardware & Equipment — 4.7%
3D Systems Corp. (a)(b)	15,289			502,549
ADTRAN, Inc.	8,221			179,218
Advanced Energy Industries, Inc. (a)	5,935			140,660
Advanced Micro Devices, Inc. (a)	94,030			251,060
Agilysys, Inc. (a)	3,119			39,268
Alliance Fiber Optic Products, Inc.	2,653			38,495
Amkor Technology, Inc. (a)	16,514			117,249
Amtech Systems, Inc. (a)	2,148			21,802
ANADIGICS, Inc. (a)	19,442			14,582
Applied Micro Circuits Corp. (a)	11,676			76,128
ARRIS Group, Inc. (a)	18,325			553,232
Aruba Networks, Inc. (a)	16,365			297,516
Atmel Corp. (a)	61,072			512,699
Axcelis Technologies, Inc. (a)	19,244			49,265
Brocade Communications Systems, Inc.	63,008			746,015
Brooks Automation, Inc.	9,688			123,522
Cabot Microelectronics Corp. (a)	3,440			162,781
CalAmp Corp. (a)	5,523			101,071

See Notes to Financial Statements.

QUANTITATIVE MASTER SERIES LLC December 31, 2014

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

Common Stocks	Shares		Value
Technology Hardware & Equipment (continued)
Cavium, Inc. (a)	8,042	$		497,156
Ceva, Inc. (a)	3,718			67,445
Ciena Corp. (a)	16,392			318,169
Cirrus Logic, Inc. (a)	9,173			216,208
Clearfield, Inc. (a)	2,370			29,175
Cohu, Inc.	3,077			36,616
CommScope Holding Co., Inc. (a)	12,379			282,613
Comtech Telecommunications Corp.	2,512			79,178
Concurrent Computer Corp.	3,805			26,977
Cray, Inc. (a)	6,241			215,190
Cree, Inc. (a)	17,340			558,695
Cypress Semiconductor Corp. (a)	21,268			303,707
Dataram Corp. (a)	893			1,527
Diebold, Inc.	9,578			331,782
Digi International, Inc. (a)	4,719			43,840
Diodes, Inc. (a)	5,275			145,432
Dot Hill Systems Corp. (a)	11,411			50,437
DSP Group, Inc. (a)	3,838			41,719
Dycom Industries, Inc. (a)	5,349			187,696
EchoStar Corp., Class A (a)	6,098			320,145
Electronics for Imaging, Inc. (a)	6,964			298,268
Emcore Corp. (a)	6,726			35,648
Emulex Corp. (a)	12,505			70,903
Entegris, Inc. (a)	20,561			271,611
Entropic Communications, Inc. (a)	15,197			38,448
Exar Corp. (a)	7,831			79,876
Extreme Networks, Inc. (a)	15,559			54,923
Fairchild Semiconductor International, Inc. (a)	17,501			295,417
Finisar Corp. (a)	14,897			289,151
FormFactor, Inc. (a)	8,934			76,832
Freescale Semiconductor Ltd. (a)	14,909			376,154
GSI Technology, Inc. (a)	4,254			21,227
Harmonic, Inc. (a)	14,595			102,311
Hutchinson Technology, Inc. (a)	7,941			27,794
ID Systems, Inc. (a)	3,541			23,689
Identiv, Inc. (a)	1,928			26,780
Ikanos Communications, Inc. (a)	15,913			4,939
Infinera Corp. (a)	18,795			276,662
Ingram Micro, Inc., Class A (a)	22,616			625,106
Inphi Corp. (a)	3,982			73,587
Insight Enterprises, Inc. (a)	5,928			153,476
Integrated Device Technology, Inc. (a)	20,792			407,523
Integrated Silicon Solution, Inc.	4,637			76,835
InterDigital, Inc.	5,542			293,172
International Rectifier Corp. (a)	10,474			417,913
Intersil Corp., Class A	18,669			270,140
Intra-Cellular Therapies, Inc. (a)	2,546			44,937
InvenSense, Inc. (a)(b)	10,110			164,389
Ixia (a)	9,113			102,521
IXYS Corp.	3,911			49,279

Common Stocks	Shares		Value
Technology Hardware & Equipment (continued)
JDS Uniphase Corp. (a)	34,310	$		470,733
Kopin Corp. (a)	11,813			42,763
Kulicke & Soffa Industries, Inc. (a)	11,109			160,636
KVH Industries, Inc. (a)	2,945			37,254
Lantronix, Inc. (a)	9,095			17,190
Lattice Semiconductor Corp. (a)	18,197			125,377
Lexmark International, Inc., Class A	8,961			369,820
Loral Space & Communications, Inc. (a)	2,066			162,615
LRAD Corp. (a)	8,678			23,431
Marvell Technology Group Ltd.	59,855			867,898
Mattson Technology, Inc. (a)	14,564			49,518
Maxim Integrated Products, Inc.	40,797			1,300,200
MaxLinear, Inc., Class A (a)	5,193			38,480
Mercury Systems, Inc. (a)	5,539			77,103
Micrel, Inc.	6,402			92,893
Microsemi Corp. (a)	14,005			397,462
MKS Instruments, Inc.	7,933			290,348
Monolithic Power Systems, Inc.	5,208			259,046
MoSys, Inc. (a)	11,339			21,204
Nanometrics, Inc. (a)	4,363			73,386
NCR Corp. (a)	24,741			720,953
NETGEAR, Inc. (a)	5,276			187,720
Nimble Storage, Inc. (a)	2,646			72,765
Oclaro, Inc. (a)	19,536			34,774
OmniVision Technologies, Inc. (a)	8,160			212,160
ON Semiconductor Corp. (a)	63,792			646,213
Optical Cable Corp.	1,750			7,928
PAR Technology Corp. (a)	3,858			23,727
Parkervision, Inc. (a)(b)	17,069			15,531
PC Connection, Inc.	2,523			61,940
Pendrell Corp. (a)	24,359			33,615
Pericom Semiconductor Corp. (a)	3,697			50,057
Photronics, Inc. (a)	9,259			76,942
Pixelworks, Inc. (a)	3,290			15,002
Plantronics, Inc.	6,288			333,390
PMC - Sierra, Inc. (a)	29,785			272,831
Polycom, Inc. (a)	20,720			279,720
Power Integrations, Inc.	4,285			221,706
Procera Networks, Inc. (a)	4,723			33,958
QLogic Corp. (a)	13,193			175,731
Quantum Corp. (a)	45,364			79,841
QuickLogic Corp. (a)(b)	9,826			30,854
Qumu Corp. (a)	2,149			29,377
Rambus, Inc. (a)	17,314			192,012
RF Micro Devices, Inc. (a)	42,065			697,858
Riverbed Technology, Inc. (a)	22,974			468,899
Ruckus Wireless, Inc. (a)	7,115			85,522
Rudolph Technologies, Inc. (a)	5,897			60,326
ScanSource, Inc. (a)	4,292			172,367
Seachange International, Inc. (a)	5,030			32,091
Semtech Corp. (a)	10,162			280,166

See Notes to Financial Statements.

QUANTITATIVE MASTER SERIES LLC December 31, 2014

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

Common Stocks		Shares		Value
Technology Hardware & Equipment (concluded)
ShoreTel, Inc. (a)		10,755	$		79,049
Sigma Designs, Inc. (a)	��	6,824			50,498
Silicon Graphics International Corp. (a)		5,817			66,197
Silicon Image, Inc. (a)		12,222			67,465
Silicon Laboratories, Inc. (a)		5,876			279,815
Skyworks Solutions, Inc.		27,515			2,000,616
Sonic Foundry, Inc. (a)		2,214			16,915
Sonus Networks, Inc. (a)		42,059			166,974
Spansion, Inc., Class A (a)		8,072			276,224
SunEdison, Inc. (a)		37,043			722,709
Super Micro Computer, Inc. (a)		5,222			182,143
Synaptics, Inc. (a)		5,441			374,558
SYNNEX Corp.		3,972			310,452
Systemax, Inc. (a)		1,844			24,894
Tech Data Corp. (a)		5,477			346,311
Teradyne, Inc.		29,249			578,838
Tessera Technologies, Inc.		6,781			242,489
Transact Technologies, Inc.		2,692			14,456
TriQuint Semiconductor, Inc. (a)		25,411			700,073
Ubiquiti Networks, Inc.		3,318			98,346
Ultra Clean Holdings, Inc. (a)		5,086			47,198
Ultratech, Inc. (a)		4,365			81,014
VeriFone Systems, Inc. (a)		16,801			624,997
ViaSat, Inc. (a)		6,472			407,930
Violin Memory, Inc. (a)		9,827			47,071
Vitesse Semiconductor Corp. (a)		12,786			48,331
VOXX International Corp. (a)		4,073			35,680
West Corp.		3,886			128,238
Xcerra Corp. (a)		8,384			76,797
				31,309,941
Tobacco — 0.1%
Alliance One International, Inc. (a)		13,572			21,444
Rock Creek Pharmaceuticals, Inc. (a)(b)		26,933			4,902
Schweitzer-Mauduit International, Inc.		4,593			194,284
Universal Corp.		3,104			136,514
Vector Group Ltd.		10,823			230,638
				587,782
Travel & Leisure — 5.8%
Alaska Air Group, Inc.		18,963			1,133,229
Allegiant Travel Co.		1,958			294,346
Ambassadors Group, Inc. (a)		4,485			11,213
AMC Entertainment Holdings, Inc., Class A		1,323			34,636
American Airlines Group, Inc.		104,107			5,583,258
ARAMARK		7,499			233,594
Avis Budget Group, Inc. (a)		15,343			1,017,701
Belmond Ltd., Class A (a)		13,554			167,663
Biglari Holdings, Inc. (a)		296			118,255

Common Stocks	Shares		Value
Travel & Leisure (continued)
BJ's Restaurants, Inc. (a)	3,359	$		168,655
Bloomin' Brands, Inc. (a)	15,135			374,743
Bob Evans Farms, Inc.	3,677			188,189
Boyd Gaming Corp. (a)	12,757			163,034
Bravo Brio Restaurant Group, Inc. (a)	3,909			54,374
Brinker International, Inc.	9,551			560,548
Buffalo Wild Wings, Inc. (a)	2,824			509,393
Caesars Entertainment Corp. (a)	5,380			84,412
Carmike Cinemas, Inc. (a)	3,932			103,294
Carrols Restaurant Group, Inc. (a)	7,191			54,867
Century Casinos, Inc. (a)	8,083			40,819
The Cheesecake Factory, Inc.	6,527			328,373
Choice Hotels International, Inc.	5,613			314,440
Churchill Downs, Inc.	1,778			169,443
Chuy's Holdings, Inc. (a)	1,727			33,970
Cinemark Holdings, Inc.	15,285			543,840
Cracker Barrel Old Country Store, Inc.	3,496			492,097
Del Frisco's Restaurant Group, Inc. (a)	1,744			41,403
Denny's Corp. (a)	14,009			144,433
Diamond Resorts International, Inc. (a)	5,999			167,372
DineEquity, Inc.	2,576			266,977
Domino's Pizza, Inc.	8,211			773,230
Dover Downs Gaming & Entertainment, Inc. (a)	6,916			5,740
Dover Motorsports, Inc.	1,592			4,155
Dunkin' Brands Group, Inc.	15,575			664,274
El Pollo Loco Holdings, Inc. (a)	910			18,173
Eldorado Resorts, Inc. (a)	4,992			20,218
Empire Resorts, Inc. (a)(b)	4,138			32,111
Entertainment Gaming Asia, Inc. (a)	3,165			1,488
Extended Stay America, Inc.	5,630			108,715
Famous Dave's Of America, Inc. (a)	1,498			39,352
Fiesta Restaurant Group, Inc. (a)	4,111			249,949
Full House Resorts, Inc. (a)	9,026			12,636
Gaming Partners International Corp. (a)	1,026			8,629
Hawaiian Holdings, Inc. (a)	7,966			207,514
Hertz Global Holdings, Inc. (a)	65,307			1,628,757
Hilton Worldwide Holdings, Inc. (a)	60,047			1,566,626
HomeAway, Inc. (a)	11,586			345,031
Hyatt Hotels Corp., Class A (a)	8,606			518,167
International Game Technology	36,301			626,192
International Speedway Corp., Class A	3,616			114,446
Interval Leisure Group, Inc.	5,963			124,567
Isle of Capri Casinos, Inc. (a)	6,156			51,526
Jack in the Box, Inc.	5,737			458,731

See Notes to Financial Statements.

QUANTITATIVE MASTER SERIES LLC December 31, 2014

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

Common Stocks	Shares		Value
Travel & Leisure (continued)
Jamba, Inc. (a)	3,475	$		52,438
JetBlue Airways Corp. (a)	33,856			536,956
Krispy Kreme Doughnuts, Inc. (a)	9,909			195,604
La Quinta Holdings, Inc. (a)	6,515			143,721
Las Vegas Sands Corp.	53,315			3,100,800
Life Time Fitness, Inc. (a)	5,360			303,483
Luby's, Inc. (a)	5,639			25,657
The Madison Square Garden Co., Class A (a)	8,890			669,061
The Marcus Corp.	3,392			62,786
Marriott Vacations Worldwide Corp.	4,566			340,350
MGM Resorts International (a)	50,649			1,082,876
Monarch Casino & Resort, Inc. (a)	2,366			39,252
Morgans Hotel Group Co. (a)	9,009			70,631
Noodles & Co. (a)	561			14,782
Norwegian Cruise Line Holdings Ltd. (a)	13,362			624,807
Orbitz Worldwide, Inc. (a)	11,488			94,546
Panera Bread Co., Class A (a)	3,805			665,114
Papa John's International, Inc.	4,602			256,792
Penn National Gaming, Inc. (a)	11,982			164,513
Pinnacle Entertainment, Inc. (a)	8,495			189,014
Popeyes Louisiana Kitchen, Inc. (a)	3,692			207,749
Premier Exhibitions, Inc. (a)	8,491			5,180
RCI Hospitality Holdings, Inc. (a)	2,654			26,593
Reading International, Inc., Class A (a)	4,407			58,437
Red Lion Hotels Corp. (a)	7,412			46,992
Red Robin Gourmet Burgers, Inc. (a)	2,150			165,496
Regal Entertainment Group, Class A	12,421			265,313
Republic Airways Holdings, Inc. (a)	7,388			107,791
Ruby Tuesday, Inc. (a)	10,132			69,303
Ruth's Hospitality Group, Inc.	6,029			90,435
Ryman Hospitality Properties	7,741			408,260
Sabre Corp.	4,298			87,120
Scientific Games Corp., Class A (a)	7,878			100,287
SeaWorld Entertainment, Inc.	9,734			174,239
Six Flags Entertainment Corp.	13,122			566,214
SkyWest, Inc.	6,187			82,163
Sonic Corp.	8,050			219,201
Speedway Motorsports, Inc.	1,363			29,809
Spirit Airlines, Inc. (a)	10,621			802,735
Steiner Leisure Ltd. (a)	2,066			95,470
Texas Roadhouse, Inc.	8,954			302,287
Town Sports International Holdings, Inc.	5,154			30,666
Travelport Worldwide, Ltd.	4,400			79,200
Travelzoo, Inc. (a)	2,100			26,502

Common Stocks		Shares		Value
Travel & Leisure (concluded)
United Continental Holdings, Inc. (a)		53,502	$		3,578,749
Vail Resorts, Inc.		5,243			477,795
Virgin America, Inc. (a)		1,930			83,473
The Wendy's Co.		39,687			358,374
World Wrestling Entertainment, Inc. (b)		4,661			57,517
Zoe's Kitchen, Inc. (a)		1,699			50,817
				38,266,148
Total Common Stocks — 98.0%				648,007,460
Other Interests (d)		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			45
Travel & Leisure — 0.0%
FRD Acquisition Co.		13			—
Total Other Interests — 0.0%				45
Rights		Shares
Technology Hardware & Equipment — 0.0%
Ikanos Communications, Inc. (a)		15,913			—
Leap Wireless, CVR (a)		8,850			22,302
Total Rights — 0.0%				22,302
Warrants (e)
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 Long-Term Investments (Cost — $393,513,980) — 98.0%				648,029,807

See Notes to Financial Statements.

QUANTITATIVE MASTER SERIES LLC December 31, 2014

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

Short-Term Securities		Shares		Value
Money Market Funds
BlackRock Liquidity Funds, TempFund, Institutional Class, 0.04% (c)(f)		11,546,804	$	11,546,804
		Beneficial Interest (000)
BlackRock Liquidity Series, LLC, Money Market Series, 020% (c)(f)(g)	$	8,299		8,299,209
Total Short-Term Securities (Cost — $19,846,013) — 3.0%				19,846,013

		Value
Total Investments (Cost — $413,359,993) — 101.0%	$	667,875,820
Liabilities in Excess of Other Assets — (1.0)%		(6,850,763)
Net Assets — 100.0%	$	661,025,057

Notes to Schedule of Investments

(a)	Non-income producing security.
(b)	Security, or a portion of security, is on loan.
(c)	During the year ended December 31, 2014, investments in issuers considered to be an affiliate of the Series for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliate		Shares/ Beneficial Interest Held at December 31, 2013	Shares/ Beneficial Interest Purchased		Shares/ Beneficial Interest Sold			Shares/ Beneficial Interest Held at December 31, 2014		Value at December 31, 2014		Income
BlackRock Liquidity Funds, TempFund, Institutional Class		24,257,699	—		(12,710,895	)1		11,546,804	$	11,546,804	$	9,621
BlackRock Liquidity Series, LLC, Money Market Series	$	20,519,002	—	$	(12,219,793	)1	$	8,299,209	$	8,299,209	$	659,509
PennyMac Mortgage Investment Trust		5,478	4,972		—			10,450	$	220,390	$	28,312

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

 • 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.

See Notes to Financial Statements.

QUANTITATIVE MASTER SERIES LLC December 31, 2014

Schedule of Investments (continued)   Master Extended Market Index Series

•
As of December 31, 2014, financial futures contracts outstanding  were as follows:

Contracts Purchased	Issue	Exchange	Expiration		Notional Value		Unrealized Appreciation
41	S&P MidCap 400 E-Mini Index	Chicago Mercantile	March 2015	$	5,939,260	$	157,914
59	Russell 2000 Mini Index	ICE Futures U.S. Indices	March 2015	$	7,084,130	$	212,521
Total							370,435

•	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. 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. 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. The three levels of the fair value hierarchy are as follows:
	•	Level 1 — unadjusted quoted prices in active markets/exchanges for identical assets or liabilities that the  Series has the ability to access
	•	Level 2 — other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs)
	•	Level 3 — unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Series' own assumptions used in determining the fair value of investments and derivative financial instruments)
Changes in valuation techniques may result in transfers into or out of an assigned level within the disclosure hierarchy. In accordance with the Series’ policy, transfers between different levels of the fair value disclosure hierarchy are deemed to have occurred as of the beginning of the reporting period. For information about the Series’ policy regarding valuation of investments and derivative financial instruments,  refer to Note 2 of the Notes to Financial Statements.
As of December 31, 2014, the following tables summarize the Series' investments and derivative financial instruments categorized in the disclosure hierarchy:

			Level 1			Level 2		Level 3			Total
Assets:
Investments:
Common Stocks:
	Aerospace & Defense	$		10,660,214			—		—	$	10,660,214
	Alternative Energy			643,649			—		—		643,649
	Automobiles & Parts			14,403,283			—		—		14,403,283
	Banks			33,748,653	$		102,208		—		33,850,861
	Beverages			511,522			—		—		511,522
	Chemicals			15,922,103			—		—		15,922,103
	Construction & Materials			13,916,931			—		—		13,916,931
	Electricity			9,761,664			—		—		9,761,664
	Electronic & Electrical Equipment			18,949,029			—		—		18,949,029
	Financial Services			23,778,352			—		—		23,778,352

See Notes to Financial Statements.

QUANTITATIVE MASTER SERIES LLC December 31, 2014

Schedule of Investments (continued)   Master Extended Market Index Series

			Level 1			Level 2			Level 3			Total
Assets (concluded):
Investments (concluded):
Common Stocks (concluded):
	Fixed Line Telecommunications	$		1,127,902			—			—	$	1,127,902
	Food & Drug Retailers			5,950,864			—			—		5,950,864
	Food Producers			11,010,829			—			—		11,010,829
	Forestry & Paper			1,833,763			—			—		1,833,763
	Gas, Water & Multi-Utilities			10,137,643			—			—		10,137,643
	General Industrials			9,520,704			—			—		9,520,704
	General Retailers			31,939,064			—			—		31,939,064
	Health Care Equipment & Services			36,037,202			—			—		36,037,202
	Household Goods & Home Construction			11,923,147			—			—		11,923,147
	Industrial Engineering			18,561,631			—			—		18,561,631
	Industrial Metals & Mining			4,301,758			—			—		4,301,758
	Industrial Transportation			9,828,134			—			—		9,828,134
	Leisure Goods			6,121,866			—			—		6,121,866
	Life Insurance			3,477,393			—			—		3,477,393
	Media			27,270,836			—			—		27,270,836
	Mining			2,630,930			—			—		2,630,930
	Mobile Telecommunications			4,598,487			—			—		4,598,487
	Nonlife Insurance			22,511,312			—			—		22,511,312
	Oil & Gas Producers			15,670,460			—			—		15,670,460
	Oil Equipment, Services & Distribution			11,866,691			—			—		11,866,691
	Personal Goods			8,070,303			—			—		8,070,303
	Pharmaceuticals & Biotechnology			41,050,208			—			—		41,050,208
	Real Estate Investment & Services			6,348,263			—			—		6,348,263
	Real Estate Investment Trusts (REITs)			60,434,870			—			—		60,434,870
	Software & Computer Services			42,629,666			—			—		42,629,666
	Support Services			30,592,055			—			—		30,592,055
	Technology Hardware & Equipment			31,309,941			—			—		31,309,941
	Tobacco			587,782			—			—		587,782
	Travel & Leisure			38,266,148			—			—		38,266,148
Other Interests:
	Technology Hardware & Equipment			—			—	$		45		45
Rights:
	Technology Hardware & Equipment			—			—			22,302		22,302
Short-Term Securities				11,546,804	$		8,299,209			—		19,846,013
Total		$		659,452,056	$		8,401,417	$		22,347	$	667,875,820
			Level 1			Level 2			Level 3			Total
Derivative Financial Instruments 1
Assets:
Equity contracts		$		370,435			—			—	$	370,435
1	Derivative financial instruments are financial futures contracts, which are valued at the unrealized appreciation/depreciation on the instrument.

See Notes to Financial Statements.

QUANTITATIVE MASTER SERIES LLC December 31, 2014

Schedule of Investments (concluded)   Master Extended Market Index Series

The Series may hold assets and/or liabilities in which the fair value approximates the carrying amount for financial statement purposes. As of December 31, 2014, such assets and/or liabilities are categorized within the disclosure hierarchy as follows:  

			Level 1			Level 2		Level 3			Total
Assets:
	Cash pledged for financial futures contracts	$		634,000			—	—	$	634,000
Liabilities:
	Bank overdraft			—	$		(21,204)	—		(21,204)
	Collateral on securities loaned at value			—			(8,299,209)	—		(8,299,209)
Total		$		634,000	$		(8,320,413)	—	$	(7,686,413)

During the year ended December 31, 2014, there were no transfers between levels.  

See Notes to Financial Statements.

QUANTITATIVE MASTER SERIES LLC December 31, 2014

Statement of Assets and Liabilities  Master Extended Market Index Series

December 31, 2014
Assets
Investments at value - unaffiliated (including securities loaned at value of $7,924,377) ( cost — $393,289,297)	$	647,809,417
Investments at value - affiliated (cost — $20,070,696)	20,066,403
Cash pledged for financial futures contracts	634,000
Dividends receivable	822,589
Contributions receivable from investors	279,620
Investments sold receivable	211,377
Securities lending income receivable — affiliated	71,334
Prepaid expenses	3,339
Other assets	1,453
Total assets	669,899,532
Liabilities
Collateral on securities loaned at value	8,299,209
Variation margin payable on financial futures contracts	133,345
Investments purchased payable	57,871
Directors' fees payable	5,199
Investment advisory fees payable	4,835
Bank overdraft	21,204
Other affiliates payable	3,274
Withdrawals payable to investors	251,266
Other accrued expenses payable	98,272
Total liabilities	8,874,475
Net Assets	$	661,025,057
Net Assets Consist of
Investors' capital	$	406,138,794
Net unrealized appreciation/depreciation	254,886,263
Net Assets	$	661,025,057

See Notes to Financial Statements.

QUANTITATIVE MASTER SERIES LLC December 31, 2014

Statement of Operations Master Extended Market Index Series

Year Ended December 31, 2014
Investment Income
Dividends - unaffiliated	$	8,433,364
Securities lending - affiliated - net	659,509
Dividends - affiliated	37,933
Foreign taxes withheld	(10,636)
Total income	9,120,170
Expenses
Investment advisory	64,230
Accounting services	150,911
Professional	73,968
Custodian	51,914
Printing	22,877
Directors	22,014
Miscellaneous	51,410
Total expenses	437,324
Less fees waived by Manager	(15,158)
Total expenses after fees waived	422,166
Net investment income	8,698,004
Realized and Unrealized Gain (Loss)
Net realized gain from:
Investments	18,870,115
Financial futures contracts	2,090,176
	20,960,291
Net change in unrealized appreciation/depreciation on:
Investments	18,177,824
Financial futures contracts	(516,772)
	17,661,052
Net realized and unrealized gain	38,621,343
Net Increase in Net Assets Resulting from Operations	$	47,319,347

See Notes to Financial Statements.

QUANTITATIVE MASTER SERIES LLC December 31, 2014

Statements of Changes in Net Assets Master Extended Market Index Series

	Year Ended December 31,
Increase (Decrease) in Net Assets:	2014			2013
Operations
Net investment income	$	8,698,004		$	6,680,077
Net realized gain		20,960,291			25,765,323
Net change in unrealized appreciation/depreciation		17,661,052			127,045,647
Net increase in net assets resulting from operations		47,319,347			159,491,047
Capital Transactions
Proceeds from contributions		107,596,542			142,916,608
Value of withdrawals		(109,758,116	)		(84,844,928	)
Net increase (decrease) in net assets derived from capital  transactions		(2,161,574	)		58,071,680
Net Assets
Total increase in net assets		45,157,773			217,562,727
Beginning of year		615,867,284			398,304,557
End of year	$	661,025,057		$	615,867,284

See Notes to Financial Statements.

QUANTITATIVE MASTER SERIES LLC December 31, 2014

Financial Highlights Master Extended Market Index Series

	Year Ended December 31,
	2014			2013		2012		2011		2010
Total Return
Total return		7.66%			37.98%		18.04%		(3.55)%		28.65%
Ratios to Average Net Assets
Total expenses		0.07%	1		0.07%		0.10%		0.08%		0.08%
Total expenses after fees waived and/or reimbursed		0.07%	1		0.06%		0.09%		0.08%		0.08%
Net investment income		1.35%	1		1.32%		1.83%		1.29%		1.30%
Supplemental Data
Net assets, end of year (000)	$	661,025		$	615,867	$	398,305	$	439,752	$	437,426
Portfolio turnover rate		10%			18%		12%		12%		15%

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

See Notes to Financial Statements.

QUANTITATIVE MASTER SERIES LLC December 31, 2014

Notes to Financial Statements Master Extended Market Index Series

1. Organization:

Master Extended Market Index Series (the “Series”), a diversified, open-end management investment company, is a series of Quantitative Master Series LLC (the "Master LLC"). The Master LLC, is registered 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: The Series’ investments are valued at fair value as of the close of trading on the New York Stock Exchange (“NYSE”) (generally 4:00 p.m., Eastern time). 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 are valued at the official close each day, if available. For equity investments traded on more than one exchange, the official close price on the exchange where the stock is primarily traded is used. Equity investments traded on a recognized exchange for which there were no sales on that day may be valued at the last available bid (long positions) or ask (short positions) price. 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 Investments”). When determining the price for Fair Value Investments, 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 Investments 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 December 31, 2014

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 will require expanded disclosure for entities that enter into reverse repurchase agreements and similar transactions accounted for as secured borrowings. It 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 prorated 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 and maintains with the Series collateral consisting of cash, an irrevocable letter of credit issued by a bank, or securities issued or guaranteed by the U.S. government. The initial collateral received by the Series is required to have a value of at least 102% of the current value of the loaned securities for securities traded on U.S. exchanges and a value of at least 105% for all other securities. The collateral is maintained thereafter, at a value equal to at least 100% of the current market value of the securities on loan. The market value of the loaned securities is determined at the close of each business day of the Series and any additional required collateral is delivered to the Series on the next business day. During the term of the loan, the Series is entitled to all distributions made on or in respect of the loaned securities. 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 - unaffiliated, and collateral on securities loaned at value, respectively. As of December 31, 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.

As of December 31, 2014, the following table is a summary of the Series’ securities lending agreements by counterparty, which are subject to offset under an MSLA:

Counterparty	Securities Loaned at Value		Cash Collateral Received1			Net Amount
Barclays Capital, Inc.	$	441,321	$	(441,321	)		--
BNP Paribas S.A.		84,103		(84,103	)		--
Citigroup Global Markets, Inc.		620,386		(620,386	)		--
Credit Suisse Securities (USA) LLC		22,321		(22,321	)		--
Deutsche Bank Securities, Inc.		537,227		(537,227	)		--
Goldman Sachs & Co.		2,347,073		(2,347,073	)		--
JP Morgan Securities LLC		1,057,369		(1,057,369	)		--
Merrill Lynch, Pierce, Fenner & Smith, Inc.		1,085,697		(1,085,697	)		--
Morgan Stanley		1,261,796		(1,261,796	)		--
National Financial Services LLC		285,980		(285,980	)
SG Americas Securities LLC		83,203		(83,203	)
UBS Securities LLC		97,901		(97,901	)		--
Total	$	7,924,377	$	(7,924,377	)		--

¹  Collateral with a value of $8,299,209 has been received in connection with securities lending agreements. Collateral received in excess of the value of securities loaned from the individual counterparty is not shown for financial reporting purposes.

QUANTITATIVE MASTER SERIES LLC December 31, 2014

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

Financial Futures Contracts: The Series purchases and/or sells financial futures contracts and options on financial futures contracts to gain exposure to, or economically hedge against, changes in the value of equity securities (equity risk). Financial futures contracts are 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 December 31, 2014
		Value
	Statement of Assets and Liabilities Location	Derivative Assets
Equity contracts	Net unrealized appreciation1	$370,435

¹ Includes cumulative appreciation/depreciation on financial futures contracts as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statement of Assets and Liabilities.   The Effect of Derivative Financial Instruments in the Statement of Operations Year Ended December 31, 2014

	Net Realized Gain From	Net Change in Unrealized Appreciation/Depreciation on
Equity contracts:
Financial futures contracts	$2,090,176	$(516,772)

For the year ended December 31, 2014, the average quarterly balances of outstanding derivative financial instruments were as follows:

Financial futures contracts:
	Average notional value of contracts purchased	$16,065,658

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

QUANTITATIVE MASTER SERIES LLC December 31, 2014

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

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 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, LLC (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 shown as fees waived by Manager in the Statement of Operations. For the year ended December 31, 2014 the fees waived were $15,158.

Prior to July 1, 2014, BIM, an affiliate of the Manager, served as a sub-advisor to the Series pursuant to a sub-advisory agreement with the Manager, and received for its services a monthly fee from the Manager at an annual rate equal to a percentage of the investment advisory fees paid by the Series to the Manager under the Investment Advisory Agreement. Effective July 1, 2014, the sub-advisory agreement between the Manager and BIM, with respect to the Series, expired.

For the year ended December 31, 2014, the Series reimbursed the Manager $6,728 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 year ended December 31, 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 a 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 year ended December 31, 2014, the Series paid BIM $152,730 for securities lending agent services.

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

QUANTITATIVE MASTER SERIES LLC December 31, 2014

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

6. Purchases and Sales:

For the year ended December 31, 2014, purchases and sales of investments, excluding short-term securities were $ 84,676,042 and $ 61,812,044, 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.

It is intended that the Series’ assets will be managed so an investor in the Series can satisfy the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended.

The Series files U.S. federal and various state and local tax returns. No income tax returns are currently under examination. The statute of limitations on the Series' U.S. federal tax returns remains open for each of the four years ended December 31, 2014. 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 that there are any uncertain tax positions that require recognition of a tax liability.

As of December 31, 2014, gross unrealized appreciation and depreciation based on cost for federal income tax purposes were as follows:

Tax cost	$	415,994,387
Gross unrealized appreciation	$	279,412,313
Gross unrealized depreciation		(27,530,880)
Net unrealized appreciation	$	251,881,433

8. Bank Borrowings:

The Master LLC, on behalf of the Series, along with certain other funds managed by the Manager and its affiliates (“Participating Funds”), was a party to a 364-day, $1.1 billion credit agreement with a group of lenders, under which the Fund may borrow to fund shareholder redemptions. Excluding commitments designated for a certain individual fund, the Participating Funds, including the Fund, could borrow up to an aggregate commitment amount of $650 million, subject to asset coverage and other limitations as specified in the agreement. Effective November 25, 2014, the credit agreement was amended to an aggregate commitment amount of $2.1 billion, of which the Participating Funds, including the Fund, can borrow up to $1.6 billion at any time outstanding, subject to asset coverage and other limitations as specified in the agreement. The agreement terminates on April 23, 2015, unless otherwise extended to November 24, 2015 or renewed for a period of 364 days from April 23, 2015. The amended 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) one month LIBOR (but in any event, not less than 0.00%) on the date the loan is made plus 0.80% per annum or (b) the Fed Funds rate (but in any event, not less than 0.00%) in effect from time to time plus 0.80% per annum on amounts borrowed.. Participating Funds paid administration, legal and arrangement fees, which are included in miscellaneous expenses in the Statement of Operations, and 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. During the year ended December 31, 2014, the Fund did not borrow under the credit agreement.

9. Principal Risks:

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

As of December 31, 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.

QUANTITATIVE MASTER SERIES LLC December 31, 2014

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

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 December 31, 2014

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

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

Quantitative Master Series LLC:

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Master Extended Market Index Series, one of the series constituting Quantitative Master Series LLC (the “Series”) as of December 31, 2014, and the related statement of operations for the year then ended, the statement of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended. These financial statements and financial highlights are the responsibility of the Series’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. The Series is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Series’ internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of December 31, 2014, by correspondence with the custodian and brokers; where replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Master Extended Market Index Series of Quantitative Master Series LLC as of December 31, 2014, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

Deloitte & Touche LLP

Boston, Massachusetts

February 18, 2015

QUANTITATIVE MASTER SERIES LLC December 31, 2014

Officers and Directors

Name, Address1 and Year of Birth	Position(s) Held with Master LLC	Length of Time Served as a Director3	Principal Occupation(s) During Past Five Years	Number of BlackRock- Advised Registered Investment Companies (“RICs”) Consisting of Investment Portfolios (“Portfolios”) Overseen	Public Directorships
Independent Directors2
Ronald W. Forbes 1940	Co-Chairman of the Board and Director	Since 2007	Professor Emeritus of Finance, School of Business, State University of New York at Albany since 2000.	33 RICs consisting of 153 Portfolios	None
Rodney D. Johnson 1941	Co-Chairman of the Board and Director	Since 2007	President, Fairmount Capital Advisors, Inc. from 1987 to 2013; Member of the Archdiocesan Investment Committee of the Archdiocese of Philadelphia from 2004 to 2012; Director, The Committee of Seventy (civic) from 2006 to 2012; Director, Fox Chase Cancer Center from 2004 to 2011.	33 RICs consisting of 153 Portfolios	None
David O. Beim 1940	Director	Since 2007	Professor of Professional Practice at the Columbia University Graduate School of Business since 1991; Trustee, Phillips Exeter Academy from 2002 to 2012; Chairman, Wave Hill, Inc. (public garden and cultural center) from 1990 to 2006.	33 RICs consisting of 153 Portfolios	None
Frank J. Fabozzi 1948	Director	Since 2014	Editor of and Consultant for The Journal of Portfolio Management since 2006; Professor of Finance, EDHEC Business School since 2011; Professor in the Practice of Finance and Becton Fellow, Yale University School of Management from 2006 to 2011; Adjunct Professor of Finance and Becton Fellow, Yale University from 1994 to 2006.	112 RICs consisting of 232 Portfolios	None
Dr. Matina S. Horner 1939	Director	Since 2007	Executive Vice President, Teachers Insurance and Annuity Association and College Retirement Equities Fund from 1989 to 2003.	33 RICs consisting of 153 Portfolios	NSTAR (electric and gas utility)
Herbert I. London 1939	Director	Since 2007	Professor Emeritus, New York University since 2005; John M. Olin Professor of Humanities, New York University from 1993 to 2005 and Professor thereof from 1980 to 2005; President Emeritus, Hudson Institute (policy research organization) from 2011 to 2012, President thereof from 1997 to 2011 and Trustee from 1980 to 2012; Chairman of the Board of Trustees for Grantham University since 2006; Director, InnoCentive, Inc. (global internet service) since 2005; Director, Cerego, LLC (educational software) since 2005; Director, Cybersettle (online adjudication) since 2009; Director, AIMS Worldwide, Inc. (marketing) from 2007 to 2012.	33 RICs consisting of 153 Portfolios	None
Ian A. MacKinnon 1948	Director	Since 2012	Director, Kennett Capital, Inc. (investments) since 2006; Director, Free Library of Philadelphia from 1998 to 2008.	33 RICs consisting of 153 Portfolios	None
Cynthia A. Montgomery 1952	Director	Since 2007	Professor, Harvard Business School since 1989; Director, McLean Hospital from 2005 to 2012; Director, Harvard Business School Publishing from 2005 to 2010.	33 RICs consisting of 153 Portfolios	Newell Rubbermaid, Inc. (manufacturing)
Joseph P. Platt 1947	Director	Since 2007	Director, Jones and Brown (Canadian insurance broker) since 1998; General Partner, Thorn Partners, LP (private investments) since 1998; Director, WQED Multi-Media (public broadcasting not-for-profit) since 2001; Director, The West Penn Allegheny Health System (a not-for-profit health system) from 2008 to 2013; Partner, Amarna Corporation, LLC (private investment company) from 2002 to 2008.	33 RICs consisting of 153 Portfolios	Greenlight Capital Re, Ltd. (reinsurance company)
Robert C. Robb, Jr. 1945	Director	Since 2007	Partner, Lewis, Eckert, Robb and Company (management and financial consulting firm) since 1981.	33 RICs consisting of 153 Portfolios	None

QUANTITATIVE MASTER SERIES LLC December 31, 2014

Officers and Directors (continued)

Name, Address1 and Year of Birth	Position(s) Held with Master LLC	Length of Time Served as a Director3	Principal Occupation(s) During Past Five Years	Number of BlackRock- Advised Registered Investment Companies (“RICs”) Consisting of Investment Portfolios (“Portfolios”) Overseen	Public Directorships
Independent Directors2 (concluded)
Toby Rosenblatt 1938	Director	Since 2007	President, Founders Investments Ltd. (private investments) since 1999; Director, Forward Management, LLC since 2007; Director, College Futures Foundation  (philanthropic foundation) since 2009; Director, The James Irvine Foundation (philanthropic foundation) from 1998 to 2008.	33 RICs consisting of 153 Portfolios	None
Kenneth L. Urish 1951	Director	Since 2007	Managing Partner, Urish Popeck & Co., LLC (certified public accountants and consultants) since 1976; Immediate-past Chairman of the Professional Ethics Committee of the Pennsylvania Institute of Certified Public Accountants and Committee Member thereof since 2007; Member of External Advisory Board, The Pennsylvania State University Accounting Department since 2001; Principal, UP Strategic Wealth Investment Advisors, LLC since 2013; Trustee, The Holy Family Institute from 2001 to 2010; President and Trustee, Pittsburgh Catholic Publishing Associates from 2003 to 2008; Director, Inter-Tel from 2006 to 2007.	33 RICs consisting of 153 Portfolios	None
Frederick W. Winter 1945	Director	Since 2007	Director, Alkon Corporation (pneumatics) since 1992; Professor and Dean Emeritus of the Joseph M. Katz School of Business, University of Pittsburgh from 2005 to 2013 and Dean thereof from 1997 to 2005; Director, Tippman Sports (recreation) from 2005 to 2013; Director, Indotronix International (IT services) from 2004 to 2008.	33 RICs consisting of 153 Portfolios	None
	1 The address of each Director is c/o BlackRock, Inc., Park Avenue Plaza, 55 East 52nd Street, New York, NY 10055.
	2 Directors serve until their resignation, removal or death, or until December 31 of the year in which they turn 75. The Board has determined to extend the terms of Directors on a case-by-case basis, as appropriate.
	3 Date shown is the earliest date a person has served for the Master LLC covered by this annual report. Following the combination of Merrill Lynch Investment Managers, L.P. (“MLIM”) and BlackRock, Inc. (“BlackRock”) in September 2006, the various legacy MLIM and legacy BlackRock fund boards were realigned and consolidated into three new fund boards in 2007. As a result, although the chart shows certain Directors as joining the Master LLC board in 2007, those Directors first became members of the boards of other legacy MLIM or legacy BlackRock funds as follows: David O. Beim, 1998; Ronald W. Forbes, 1977; Dr. Matina S. Horner, 2004; Rodney D. Johnson, 1995; Herbert I. London, 1987; Cynthia A. Montgomery, 1994; Joseph P. Platt, 1999; Robert C. Robb, Jr., 1998; Toby Rosenblatt, 2005; Kenneth L. Urish, 1999; and Frederick W. Winter, 1999. Frank J. Fabozzi first became a member of the board of other funds advised by BlackRock Advisors, LLC or its affiliates in 1988.
Interested Directors4
Paul L. Audet 1953	Director	Since 2011	Senior Managing Director of BlackRock and Head of U.S. Mutual Funds since 2011; Chair of the U.S. Mutual Funds Committee reporting to the Global Executive Committee since 2011; Head of BlackRock’s Real Estate business from 2008 to 2011; Member of BlackRock’s Global Operating and Corporate Risk Management Committees and of the BlackRock Alternative Investors Executive Committee and Investment Committee for the Private Equity Fund of Funds business since 2008; Head of BlackRock’s Global Cash Management business from 2005 to 2010; Acting Chief Financial Officer of BlackRock from 2007 to 2008; Chief Financial Officer of BlackRock from 1998 to 2005.	141 RICs consisting of 329 Portfolios	None
Henry Gabbay 1947	Director	Since 2007	Consultant, BlackRock from 2007 to 2008; Managing Director, BlackRock from 1989 to 2007; Chief Administrative Officer, BlackRock Advisors, LLC from 1998 to 2007; President of BlackRock Funds and BlackRock Allocation Target Shares (formerly BlackRock Bond Allocation Target Shares) from 2005 to 2007 and Treasurer of certain closed-end funds in the BlackRock fund complex from 1989 to 2006.	141 RICs consisting of 329 Portfolios	None
	4 Mr. Audet is an “interested person,” as defined in the 1940 Act, of the Trust based on his position with BlackRock and its affiliates. Mr. Gabbay is an “interested person” of the Trust based on his former positions with BlackRock and its affiliates as well as his ownership of BlackRock and The PNC Financial Services Group, Inc. securities. Mr. Audet, Dr. Fabozzi and Mr. Gabbay are also directors of the BlackRock registered closed-end funds and directors of other BlackRock registered open-end funds. Trustees serve until their resignation, removal or death, or until December 31 of the year in which they turn 75. The Board has determined to extend the terms of Trustees on a case-by-case basis, as appropriate.

QUANTITATIVE MASTER SERIES LLC December 31, 2014

Officers and Directors (concluded)

Name, Address1 and Year of Birth	Position(s) Held with Master LLC	Length of Time Served	Principal Occupation(s) During Past Five Years
Officers2
John M. Perlowski 1964	President and Chief Executive Officer	Since 2010	Managing Director of BlackRock since 2009; Global Head of BlackRock Fund Services since 2009; Managing Director and Chief Operating Officer of the Global Product Group at Goldman Sachs Asset Management, L.P. from 2003 to 2009; Treasurer of Goldman Sachs Mutual Funds from 2003 to 2009 and Senior Vice President thereof from 2007 to 2009; Director of Goldman Sachs Offshore Funds from 2002 to 2009; Director of Family Resource Network (charitable foundation) since 2009.
Richard Hoerner, CFA 1958	Vice President	Since 2009	Managing Director of BlackRock since 2000; Head of the Global Cash Group since 2013; Co-head of the Global Cash and Securities Lending Group from 2010 to 2013; Member of the Cash Management Group Executive Committee since 2005.
Jennifer McGovern 1977	Vice President	Since 2014	Director of BlackRock, Inc. since 2011; Head of Product Structure and Oversight for BlackRock’s U.S. Wealth Advisory Group since 2013; Vice President of BlackRock, Inc. from 2008 to 2010.
Neal Andrews 1966	Chief Financial Officer	Since 2007	Managing Director of BlackRock since 2006; Senior Vice President and Line of Business Head of Fund Accounting and Administration at PNC Global Investment Servicing (U.S.) Inc. from 1992 to 2006.
Jay Fife 1970	Treasurer	Since 2007	Managing Director of BlackRock since 2007; Director of BlackRock in 2006; Assistant Treasurer of the MLIM and Fund Asset Management, L.P. advised funds from 2005 to 2006; Director of MLIM Fund Services Group from 2001 to 2006.
Charles Park 1967	Chief Compliance Officer and Anti-Money Laundering Officer	Since 2014	Chief Compliance Officer of BlackRock Advisors, LLC and the BlackRock-advised Funds in the Equity-Bond Complex, the Equity-Liquidity Complex and the Closed-End Complex since 2014; Principal of and Chief Compliance Officer for iShares® Delaware Trust Sponsor LLC since 2012 and BlackRock Fund Advisors (“BFA”) since 2006; Chief Compliance Officer for the BFA-advised iShares exchange traded funds since 2006; Chief Compliance Officer for BlackRock Asset Management International Inc. since 2012.
Benjamin Archibald 1975	Secretary	Since 2012	Managing Director of BlackRock since 2014; Director of BlackRock from 2010 to 2013; Assistant Secretary of the BlackRock-advised funds from 2010 to 2012; General Counsel and Chief Operating Officer of Uhuru Capital Management from 2009 to 2010; Executive Director and Counsel of Goldman Sachs Asset Management from 2005 to 2009.
	1 The address of each Officer is c/o BlackRock, Inc., Park Avenue Plaza, 55 East 52nd Street, New York, NY 10055.
	2 Officers of the Master LLC serve at the pleasure of the Board.
	Further information about the Officers and Directors is available in the Series’ Statement of Additional Information, which can be obtained without charge by calling (800) 441-7762.

Effective September 19, 2014, Brendan Kyne resigned as a Vice President of the Master LLC and Jennifer McGovern became a Vice President of the Master LLC.

Effective December 31, 2014, Paul L. Audet and Henry Gabbay resigned as a Director of the Series and Ronald W. Forbes resigned as a Directorof the Master LLC and Co-Chair of the Board. Effective January 1, 2015, Collette Chilton, Barbara G. Novick and Mark Stalnecker were appointed to serve as a Director of the Master LLC.

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

QUANTITATIVE MASTER SERIES LLC December 31, 2014

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 DECEMBER 31, 2014

Item 2 –  Code of Ethics – The registrant (or the “Fund”) has adopted a code of ethics, as of the end of the period covered by this report, applicable to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. During the period covered by this report, the code of ethics was amended to update certain information and to make other non-material changes. During the period covered by this report, there have been no waivers granted under the code of ethics. A copy of the code of ethics is available without charge at www.blackrock.com.

Item 3 –  Audit Committee Financial Expert – The registrant’s board of directors (the “board of directors”), has determined that (i) the registrant has the following audit committee financial expert serving on its audit committee and (ii) each audit committee financial expert is independent:
Kenneth L. Urish

Under applicable securities laws, a person determined to be an audit committee financial expert will not be deemed an “expert” for any purpose, including without limitation for the purposes of Section 11 of the Securities Act of 1933, as a result of being designated or identified as an audit committee financial expert. The designation or identification of a person as an audit committee financial expert does not impose on such person any duties, obligations, or liabilities greater than the duties, obligations, and liabilities imposed on such person as a member of the audit committee and board of directors in the absence of such designation or identification.

Item 4 –  Principal Accountant Fees and Services

The following table presents fees billed by Deloitte & Touche LLP (“D&T”) in each of the last two fiscal years for the services rendered to the Fund:

	(a) Audit Fees		(b) Audit-Related Fees1		(c) Tax Fees2		(d) All Other Fees3
Entity Name	Current Fiscal Year End	Previous Fiscal Year End	Current Fiscal Year End	Previous Fiscal Year End	Current Fiscal Year End	Previous Fiscal Year End	Current Fiscal Year End	Previous Fiscal Year End
Master Extended Market Index Series of Quantitative Master Series LLC	$39,681	$38,763	$0	$0	$13,000	$13,000	$0	$0

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

	Current Fiscal Year End	Previous Fiscal Year End
(b) Audit-Related Fees1	$0	$0
(c) Tax Fees2	$0	$0
(d) All Other Fees3	$2,555,000	$2,865,000

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

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

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

2

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

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

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

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

(f) Not Applicable

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

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

Additionally, SSAE 16 Review (Formerly, SAS No. 70) fees for the current and previous fiscal years of $2,555,000 and $2,865,000, respectively, were billed by D&T to the Investment Adviser.

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

Item 5 – Audit Committee of Listed Registrants – Not Applicable

3

Item 6 – Investments
(a) The registrant’s Schedule of Investments is included as part of the Report to Stockholders filed under Item 1 of this Form.

(b) Not Applicable due to no such divestments during the semi-annual period covered since the previous Form N-CSR filing.

Item 7 –   Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies – Not Applicable

Item 8 –   Portfolio Managers of Closed-End Management Investment Companies – Not Applicable

Item 9 –   Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers – Not Applicable

Item 10 – Submission of Matters to a Vote of Security Holders – There have been no material changes to these procedures.

Item 11 – Controls and Procedures

(a) The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) are effective as of a date within 90 days of the filing of this report based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rule 15d-15(b) under the Securities Exchange Act of 1934, as amended.

(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12 – Exhibits attached hereto

(a)(1) Code of Ethics – See Item 2

(a)(2) Certifications – Attached hereto

(a)(3) Not Applicable

(b) Certifications – Attached hereto

4

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

��

Master Extended Market Index Series of Quantitative Master Series LLC

By:	/s/ John M. Perlowski
	John M. Perlowski
	Chief Executive Officer (principal executive officer) of
	Master Extended Market Index Series of Quantitative Master Series LLC
Date: February 27, 2015

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

By:	/s/ John M. Perlowski
	John M. Perlowski
	Chief Executive Officer (principal executive officer) of
	Master Extended Market Index Series of Quantitative Master Series LLC
Date: February 27, 2015
By:	/s/ Neal J. Andrews
	Neal J. Andrews
	Chief Financial Officer (principal financial officer) of
	Master Extended Market Index Series of Quantitative Master Series LLC
Date: February 27, 2015

5