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:	Quantitative Master Series LLC
	Master Core Bond Enhanced Index Series
	Master Enhanced International Series
	Master Enhanced S&P 500 Series
	Master Enhanced Small Cap Series
	Master Extended Market Index Series
	Master Mid Cap Index Series

Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809

Name and address of agent for service: John M. Perlowski, Chief Executive Officer, Quantitative Master Series LLC, 40 East 52^nd Street, New York, NY 10022

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

Date of fiscal year end: 12/31/2010

Date of reporting period: 12/31/2010

Item 1 – Report to Stockholders

Master Core Bond Enhanced Index Series of Quantitative Master Series LLC
Annual Report, December 31, 2010

PORTFOLIO MANAGEMENT COMMENTARY

How did the Series perform?
	•	For the 12-month period ended December 31, 2010, the Master Core Bond Enhanced Index Series (the “Series”), a Series of Quantitative Master Series LLC returned 7.22%, outperforming the benchmark Barclays Capital U.S. Aggregate Bond Index, which returned 6.54% for the same period.
What factors influenced performance?
	•	In the first six months of the time period, a longer duration relative to the benchmark benefited performance, since interest rates generally moved lower during this time. In addition, over the entire time period, our exposures to spread sectors of the market (including non-agency residential mortgage-backed securities, commercial mortgage-backed securities and investment-grade credit) were strong contributors to overall performance. This was particularly evident during the latter part of 2010 when the Federal Reserve Board announced, and then implemented, plans to implement additional quantitative easing measures, which caused spread sectors of the market to outperform Treasuries. Finally, security selection within the investment-grade credit sector and coupon selection within agency mortgage-backed securities were positive contributors to performance.
	•	While our overweight positions in spread sectors were net contributors to relative performance for the period as a whole, these positions detracted from performance in the spring of 2010 during the height of the Greek sovereign debt crisis. During this time, spreads widened noticeably when the funding crisis fueled a flight-to-quality in the bond markets. Corporate bond exposure in particular was detrimental to performance as corporates were among the worst-performing of the spread sectors. Additionally, the steepening of the yield curve in the last several months of the year hurt relative performance since the Series was positioned to benefit from a flatter yield curve. Finally, underweight positions in agency mortgage-backed securities and security selection within the commercial mortgage-backed securities sector toward the end of the year detracted from relative performance.
Describe recent portfolio activity.
	•	Over the last twelve months, the Series was underweight agency mortgage-backed securities, but we began reducing this underweight during November and December. We also reduced the Series’ overweight position in investment-grade corporate debt when spreads tightened to levels that appeared less attractive compared to alternatives. During the period, we retained overweight positions in commercial mortgage-backed securities and asset-backed securities and maintained allocations to non-agency mortgage-backed securities.
Describe portfolio positioning at period end.
	•	At period end, the Series had a neutral duration relative to the benchmark index, and was biased toward a flattening yield curve via underweight positions in the front end of the curve. The Series was modestly overweight agency mortgage-backed securities and had a close-to-neutral weighting of investment-grade corporate debt.

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

QUANTITATIVE MASTER SERIES LLC DECEMBER 31, 2010 1

Master Core Bond Enhanced Index Series

Portfolio Information as of December 31, 2010
Credit Quality Allocation1	Percent of Long-Term Investments
AAA/Aaa2	74	%
AA/Aa	9
A	8
BBB/Baa	7
CCC/Caa	2

1	Using the higher of Standard & Poor’s or Moody’s Investors Service ratings.
2	Includes U.S. Government Sponsored Agency Securities and U.S. Treasury Obligations, which are deemed AAA/Aaa by the investment advisor.

The Benefits and Risks of Leveraging

The Series may utilize leverage to seek to enhance the yield. However, these objectives cannot be achieved in all interest rate environments. The Series may utilize leverage by entering into treasury rolls.

In general, the concept of leveraging is based on the premise that the financing cost of assets to be obtained from leverage will be based on short-term interest rates, which normally will be lower than the income earned by the Series on its longer-term portfolio investments. To the extent that the total assets of the Series (including the assets obtained from leverage) are invested in higher-yielding portfolio investments, the Series’ investors will benefit from the incremental net income.

Furthermore, the value of the Series’ portfolio investments generally varies inversely with the direction of long-term interest rates, although other factors can influence the value of the portfolio investments. Changes in interest rates can influence the Series positively or negatively in addition to the impact on the Series’ performance from leverage.

The use of leverage may enhance opportunities for increased income to the Series, but as described above, it also creates risks as short- or long-term interest rates fluctuate. If the income derived from securities purchased with assets received from leverage exceeds the cost of leverage, the Series’ net income will be greater than if leverage had not been used. Conversely, if the income from the securities purchased is not sufficient to cover the cost of leverage, the Series’ net income will be less than if leverage had not been used, and therefore the amount available for distribution will be reduced. The Series may be required to sell portfolio securities at inopportune times or at distressed values in order to comply with regulatory requirements applicable to the use of leverage or as required by the terms of leverage instruments, which may cause the Series to incur losses. The use of leverage may limit the Series’ ability to invest in certain types of securities or use certain types of hedging strategies. The Series will incur expenses in connection with the use of leverage, all of which are borne by the Series and may reduce investment income.

2 QUANTITATIVE MASTER SERIES LLC DECEMBER 31, 2010

Master Core Bond Enhanced Index Series

Derivative Financial Instruments

The Series may invest in various derivative instruments, including financial futures contracts, options and swaps, as specified in Note 2 of the Notes to Financial Statements, which may constitute forms of economic leverage. Such instruments are used to obtain exposure to a market without owning or taking physical custody of securities or to hedge market, interest rate and/or other risks. Such derivative instruments involve risks, including the imperfect correlation between the value of a derivative instrument and the underlying asset, possible default of the counterparty to the transaction or illiquidity of the derivative instrument. The Series’ ability to successfully use a derivative instrument depends on the investment advisor’s ability to accurately predict pertinent market movements, which cannot be assured. The use of derivative instruments may result in losses greater than if they had not been used, may require the Series to sell or purchase portfolio investments at inopportune times or for distressed values, may limit the amount of appreciation the Series can realize on an investment, or may cause the Series to hold an investment that it might otherwise sell. The Series’ investments in these instruments are discussed in detail in the Notes to Financial Statements.

QUANTITATIVE MASTER SERIES LLC DECEMBER 31, 2010 3

Schedule of Investments December 31, 2010 Master Core Bond Enhanced Index Series
(Percentages shown are based on Net Assets)

Asset-Backed Securities	Par (000)		Value
321 Henderson Receivables I LLC, Class A (a):
Series 2010-1A, 5.56%, 7/15/59	$	707	$	730,911
Series 2010-3A, 3.82%, 12/15/48		804		791,422
Bank of America Auto Trust, Series 2009-2A, Class A3, 2.13%, 9/15/13 (a)		1,490		1,502,902
Capital One Multi-Asset Execution Trust:
Series 2004-A8, Class A8, 0.39%, 8/15/14 (b)		1,810		1,806,664
Series 2008-A5, Class A5, 4.85%, 2/18/14		830		840,327
Citibank Omni Master Trust, Series 2009-A8, Class A8, 2.36%, 5/16/16 (a)(b)		745		754,233
Credit Acceptance Auto Loan Trust, Series 2010-1, Class A, 2.06%, 4/16/18 (a)		405		403,043
Ford Credit Floorplan Master Owner Trust, Class A (b):
Series 2006-4, 0.51%, 6/15/13		355		353,972
Series 2010-1, 1.91%, 12/15/14 (a)		645		656,826
GMAC Mortgage Servicer Advance Funding Co. Ltd., Series 2010-1A, Class A, 4.25%, 1/15/22 (a)		1,000		1,005,162
Option One Mortgage Loan Trust, Series 2007-5, Class 2A1, 0.35%, 5/25/37 (b)		242		237,806
SLM Student Loan Trust (b):
Series 2005-4, Class A2, 0.37%, 4/26/21		479		477,512
Series 2008-5, Class A3, 1.59%, 1/25/18		630		647,492
Series 2008-5, Class A4, 1.99%, 7/25/23		1,700		1,768,148
Series 2010-C, Class A1, 1.91%, 12/15/17 (a)		453		452,744
Santander Drive Auto Receivables Trust:
Series 2010-3, Class A2, 0.93%, 6/17/13		1,145		1,145,487
Series 2010-3, Class A3, 1.20%, 6/16/14		805		801,199
Series 2010-A, Class A2, 1.37%, 8/15/13 (a)		440		441,653
Series 2010-A, Class A3, 1.83%, 11/17/14 (a)		340		343,498
Series 2010-A, Class A4, 2.39%, 6/15/17 (a)		170		172,868
Asset-Backed Securities	Par (000)		Value
Santander Drive Auto Receivables Trust (concluded):
Series 2010-B, Class A2, 0.01%, 7/15/13 (a)	$	1,035	$	1,035,164
Total Asset-Backed Securities – 9.5%				16,369,033
Corporate Bonds
Automobiles — 0.2%
DaimlerChrysler NA Holding Corp.:
7.30%, 1/15/12		141		149,810
6.50%, 11/15/13		217		245,659
				395,469
Beverages — 1.0%
Anheuser-Busch InBev Worldwide, Inc.:
3.00%, 10/15/12		1,555		1,604,468
5.38%, 1/15/20		35		37,925
				1,642,393
Capital Markets — 2.4%
CDP Financial, Inc., 3.00%, 11/25/14 (a)		1,065		1,082,579
The Goldman Sachs Group, Inc., 6.00%, 6/15/20		505		545,735
Morgan Stanley:
2.79%, 5/14/13 (b)		440		455,962
4.00%, 7/24/15		200		201,037
5.63%, 9/23/19		275		280,413
SteelRiver Transmission Co. LLC, 4.71%, 6/30/17 (a)		300		294,960
UBS AG:
2.25%, 8/12/13		960		968,193
4.88%, 8/04/20		285		289,306
				4,118,185
Chemicals — 0.4%
Agrium, Inc., 6.13%, 1/15/41		135		142,979
The Dow Chemical Co., 4.25%, 11/15/20		500		478,949
				621,928
Commercial Banks — 4.9%
Bank One Corp., 5.90%, 11/15/11		152		158,510
Barclays Bank Plc, 6.05%, 12/04/17 (a)		445		456,482
Corporacion Andina de Fomento, 6.88%, 3/15/12		273		290,372
Dexia Credit Local SA (a):
2.00%, 3/05/13		610		613,439
2.75%, 1/10/14		1,350		1,370,656

Portfolio Abbreviations

To simplify the listings of portfolio holdings in the Schedule of Investments, the names and descriptions of many of the securities have been abbreviated according to the following list:

GO	General Obligation Bonds
LIBOR	London InterBank Offered Rate
NPFGC	National Public Finance Guarantee Corp.
RB	Revenue Bonds

See Notes to Financial Statements.
4	QUANTITATIVE MASTER SERIES LLC	DECEMBER 31, 2010

Schedule of Investments (continued) Master Core Bond Enhanced Index Series
(Percentages shown are based on Net Assets)

Corporate Bonds	Par (000)		Value
Commercial Banks (concluded):
Dexia Credit Local SA (a) (concluded):
2.75%, 4/29/14	$	600	$	606,921
DnB NOR Boligkreditt, 2.10%, 10/14/15 (a)		430		408,929
Eksportfinans ASA:
1.88%, 4/02/13		1,630		1,649,001
3.00%, 11/17/14		370		381,812
2.00%, 9/15/15		1,175		1,147,529
5.50%, 5/25/16		700		787,903
The Toronto-Dominion Bank, 2.20%, 7/29/15 (a)		650		639,391
				8,510,945
Diversified Financial Services — 2.0%
Bank of America Corp., 4.75%, 8/01/15		435		447,728
JPMorgan Chase & Co.:
6.63%, 3/15/12		329		349,728
0.94%, 2/26/13 (b)		325		326,337
4.25%, 10/15/20		709		691,396
JPMorgan Chase Bank NA, 6.00%, 7/05/17		660		715,839
Novus USA Trust, 1.53%, 11/18/11 (a)(b)		835		835,000
				3,366,028
Diversified Telecommunication Services — 0.7%
AT&T Inc., 6.40%, 5/15/38		355		377,366
Telefonica Emisiones SAU, 4.95%, 1/15/15		725		750,871
				1,128,237
Electric Utilities — 0.2%
Florida Power & Light Co.:
5.63%, 4/01/34		45		47,240
5.95%, 2/01/38		100		110,809
Florida Power Corp., 6.40%, 6/15/38		225		261,626
				419,675
Food Products — 0.5%
Kraft Foods, Inc.:
6.50%, 8/11/17		325		378,323
6.50%, 11/01/31		325		361,513
6.50%, 2/09/40		165		184,904
				924,740
Health Care Equipment & Supplies — 0.3%
CareFusion Corp., 6.38%, 8/01/19		325		367,182
Covidien International Finance SA, 2.80%, 6/15/15		120		120,443
				487,625
Health Care Providers & Services — 0.1%
UnitedHealth Group, Inc., 3.88%, 10/15/20		175		166,953
Household Durables — 0.2%
MDC Holdings, Inc., 5.63%, 2/01/20		310		305,772
Corporate Bonds	Par (000)		Value
Insurance — 3.1%
American International Group, Inc., 6.40%, 12/15/20	$	75	$	78,691
Manulife Financial Corp., 3.40%, 9/17/15		380		372,222
MetLife, Inc.:
6.13%, 12/01/11		75		78,661
5.00%, 11/24/13		231		250,302
Metropolitan Life Global Funding I (a):
2.50%, 1/11/13		1,505		1,537,869
5.13%, 4/10/13 (c)		1,265		1,362,048
5.13%, 6/10/14		735		799,493
Prudential Financial, Inc., 4.75%, 9/17/15		825		872,838
				5,352,124
Media — 1.4%
Comcast Cable Communications Holdings, Inc., 9.46%, 11/15/22		150		207,537
Comcast Corp., 6.40%, 3/01/40		310		332,278
Cox Communications, Inc., 8.38%, 3/01/39 (a)		555		719,231
DIRECTV Holdings LLC, 6.00%, 8/15/40		110		110,432
Discovery Communications LLC, 3.70%, 6/01/15		270		279,541
News America, Inc.:
7.25%, 5/18/18		339		409,012
7.28%, 6/30/28		175		197,311
Time Warner Cos., Inc., 6.88%, 6/15/18		179		209,672
				2,465,014
Metals & Mining — 0.4%
AngloGold Ashanti Holdings Plc, 5.38%, 4/15/20		311		323,440
Inco Ltd., 7.75%, 5/15/12		151		161,927
Rio Tinto Finance USA Ltd., 3.50%, 11/02/20		242		229,723
				715,090
Oil, Gas & Consumable Fuels — 3.6%
BP Capital Markets Plc:
3.13%, 3/10/12		940		961,189
4.50%, 10/01/20		600		598,553
Canadian Natural Resources, Ltd.:
5.90%, 2/01/18		50		56,945
6.50%, 2/15/37		345		392,437
Cenovus Energy, Inc., 6.75%, 11/15/39		300		349,498
El Paso Pipeline Partners Operating Co. LLC, 6.50%, 4/01/20		82		86,034
Enterprise Products Operating LLC, 6.13%, 10/15/39		250		260,202
Kern River Funding Corp., 4.89%, 4/30/18 (a)		76		78,223
MidAmerican Energy Holdings Co.:
5.95%, 5/15/37		208		219,404
6.50%, 9/15/37		280		316,740
Nexen, Inc., 5.65%, 5/15/17		250		266,718
PTT PCL, 5.88%, 8/03/35 (a)		100		94,230
Petrobras International Finance Co.:
5.88%, 3/01/18		40		42,593
5.75%, 1/20/20		955		990,877

See Notes to Financial Statements.
QUANTITATIVE MASTER SERIES LLC	DECEMBER 31, 2010	5

Schedule of Investments (continued)	Master Core Bond Enhanced Index Series
	(Percentages shown are based on Net Assets)

Corporate Bonds	Par (000)		Value
Oil, Gas & Consumable Fuels (concluded):
Rockies Express Pipeline LLC, 3.90%, 4/15/15 (a)	$	390	$	385,746
Southwestern Energy Co., 7.50%, 2/01/18		495		558,112
Valero Energy Corp., 6.63%, 6/15/37		500		507,816
				6,165,317
Paper & Forest Products — 0.1%
International Paper Co., 7.30%, 11/15/39		205		233,586
Software — 0.2%
Oracle Corp., 5.38%, 7/15/40 (a)		340		344,288
Specialty Retail — 0.2%
Home Depot, Inc., 5.88%, 12/16/36		275		286,041
Thrifts & Mortgage Finance — 0.4%
Achmea Hypotheekbank NV, 3.20%, 11/03/14 (a)		715		743,903
Wireless Telecommunication Services — 1.6%
Crown Castle Towers LLC, 6.11%, 1/15/40 (a)		840		876,390
SBA Tower Trust, 4.25%, 4/15/40 (a)		550		569,144
Vodafone Group Plc, 4.15%, 6/10/14		1,205		1,266,672
				2,712,206
Total Corporate Bonds – 23.9%				41,105,519
Foreign Agency Obligations
Japan Finance Corp.:
2.00%, 6/24/11		600		604,513
1.88%, 9/24/15		545		532,066
Poland Government International Bond, 5.00%, 10/19/15		112		118,977
Russian Foreign Bond Eurobond, 7.50%, 3/31/30		179		207,014
Total Foreign Agency Obligations – 0.9%				1,462,570
Non-Agency Mortgage-Backed Securities
Collateralized Mortgage Obligations — 4.0%
Arkle Master Issuer Plc (a)(b):
Series 2010-1A, Class 2A, 1.43%, 5/17/60		820		813,842

Non-Agency Mortgage-Backed Securities	Par (000)		Value
Collateralized Mortgage Obligations (concluded):
Arkle Master Issuer Plc (a)(b) (concluded):
Series 2010-2A, Class 1A1, 1.68%, 5/17/60	$	685	$	684,041
Bear Stearns Adjustable Rate Mortgage Trust, Series 2007-4, Class 22A1, 5.87%, 6/25/47 (b)		2,331		1,915,674
Countrywide Alternative Loan Trust, Series 2006-0A21, Class A1, 0.45%, 3/20/47 (b)		652		353,266
Countrywide Home Loan Mortgage Pass-Through Trust, Series 2006-0A5, Class 2A1, 0.46%, 4/25/46 (b)		283		171,063
Credit Suisse Mortgage Capital Certificates, Series 2006-8, Class 3A1, 6.00%, 10/25/21		268		224,640
Deutsche ALT-A Securities, Inc. Alternate Loan Trust, Series 2006-0A1, Class A1, 0.46%, 2/25/47 (b)		277		179,370
Holmes Master Issuer Plc (b):
Series 2007-2A, Class 3A1, 0.37%, 7/15/21		350		347,556
Series 2010-1A, Class A2, 1.67%, 10/15/54 (a)		820		818,467
JPMorgan Mortgage Trust:
Series 2006-S2, Class 2A2, 5.88%, 7/25/36		116		110,223
Series 2007-S1, Class 1A2, 5.50%, 3/25/22		83		76,649
Residential Accredit Loans, Inc., Series 2006-QA9, Class A1, 0.44%, 11/25/36 (b)		1,535		883,611
WaMu Mortgage Pass-Through Certificates, Series 2007-0A4, Class 1A, 1.10%, 5/25/47 (b)		320		210,611
				6,789,013
Commercial Mortgage-Backed Securities — 9.2%
Banc of America Commercial Mortgage, Inc., Series 2006-4, Class AM, 5.68%, 7/10/46		230		231,715
Bank of America Commercial Mortgage, Inc.:
Series 2004-5, Class A3, 4.56%, 11/10/41		3,000		3,054,038
Series 2005-4, Class A5A, 4.93%, 7/10/45		1,161		1,212,176
Bear Stearns Commercial Mortgage Securities, Series 2005-PW10, Class AM, 5.45%, 12/11/40 (b)		70		70,629
Extended Stay America Trust, Series 2010-ESHA, Class A, 2.95%, 11/05/27 (a)		739		726,619
First Union NB-Bank of America Commercial Mortgage Trust, Series 2001-C1, Class A2, 6.14%, 3/15/33		81		81,209

See Notes to Financial Statements.
6	QUANTITATIVE MASTER SERIES LLC	DECEMBER 31, 2010

Schedule of Investments (continued)	Master Core Bond Enhanced Index Series
	(Percentages shown are based on Net Assets)

Non-Agency Mortgage-Backed Securities	Par (000)		Value
Commercial Mortgage-Backed Securities (concluded):
GS Mortgage Securities Corp. II:
Series 2004-GG2, Class A5, 5.28%, 8/10/38 (b)	$	993	$	1,052,652
Series 2005-GG4, Class A4, 4.76%, 7/10/39		1,127		1,162,301
JPMorgan Chase Commercial Mortgage Securities Corp.:
Series 2001-CIB3, Class B, 6.68%, 11/15/35		1,108		1,152,802
Series 2001-CIBC, Class B, 6.45%, 3/15/33		1,152		1,150,963
Series 2006-LDP7, Class A4, 5.87%, 4/15/45 (b)		1,399		1,529,959
Series 2008-C2, Class ASB, 6.13%, 2/12/51 (b)		770		808,523
LB-UBS Commercial Mortgage Trust, Series 2006-C4, Class AM, 5.90%, 6/15/38 (b)		155		161,022
Morgan Stanley Capital I:
Series 2007-HQ13, Class A1, 5.36%, 12/15/44		711		738,899
Series 2007-IQ16, Class A4, 5.81%, 12/12/49		135		144,251
Wachovia Bank Commercial Mortgage Trust:
Series 2006-C27, Class A2, 5.62%, 7/15/45		551		559,478
Series 2006-C29, Class A4, 5.31%, 11/15/48		1,960		2,080,200
				15,917,436
Total Non-Agency Mortgage-Backed Securities – 13.2%				22,706,449
Preferred Securities
Capital Trusts
Capital Markets — 0.7%
Credit Suisse Guernsey Ltd., 5.86% (b)(d)		947		894,915
Goldman Sachs Capital II, 5.79% (b)(d)		392		332,220
Lehman Brothers Holdings Capital Trust VII, 5.86% (d)(e)(f)		85		8
				1,227,143
Diversified Financial Services — 0.1%
JPMorgan Chase & Co., 7.90% (b)(d)		195		207,283
Total Preferred Securities – 0.8%				1,434,426

Taxable Municipal Bonds	Par (000)		Value
City of Chicago Illinois, RB, Build America Bonds:
6.40%, 1/01/40	$	225	$	218,792
6.74%, 11/01/40		175		172,589
City of Dallas Texas, GO, Series C (NPFGC), 5.50%, 2/15/24 (b)(g)		529		528,979
Dallas Area Rapid Transit, RB, Build America Bonds, 5.02%, 12/01/48		160		143,243
Metropolitan Transportation Authority, RB, Build America Bonds, 7.34%, 11/15/39		455		504,240
Municipal Electric Authority of Georgia, Refunding RB, Build America Bonds, Series PL, 6.64%, 4/01/57		145		142,261
New York State Dormitory Authority, RB, Build America Bonds, 5.63%, 3/15/39		350		342,654
Port Authority of New York & New Jersey, RB, Consolidated, 159th Series, 6.04%, 12/01/29		265		276,901
Sacramento Municipal Utility District, RB, Build America Bonds, 6.16%, 5/15/36		25		24,298
San Diego County Regional Airport Authority, Refunding RB, Build America Bonds, Series SU, 6.63%, 7/01/40		180		169,772
State of California, GO:
Build America Bonds, 7.35%, 11/01/39		200		204,088
Various Purpose, Series 3, 5.45%, 4/01/15		1,675		1,768,281
State of Illinois, GO, Pension, 5.10%, 6/01/33		457		343,893
University of California, RB, Build America Bonds, 5.95%, 5/15/45		150		139,374
Utah Transit Authority, RB, Build America Bonds, Series SU, 5.71%, 6/15/40		290		267,371
Total Taxable Municipal Bonds – 3.0%				5,246,736
U.S. Government Sponsored Agency Securities
Agency Obligations — 3.9%
Fannie Mae:
5.25%, 8/01/12		1,145		1,223,202
5.13%, 1/02/14 (c)		1,770		1,940,699
Federal Home Loan Bank of Chicago, 5.63%, 6/13/16		1,135		1,229,021
Freddie Mac:
5.50%, 7/18/16		100		115,816
5.00%, 2/16/17		205		230,811
Tennessee Valley Authority:
5.25%, 9/15/39		950		1,004,355

See Notes to Financial Statements.
	QUANTITATIVE MASTER SERIES LLC	DECEMBER 31, 2010	7

Schedule of Investments (continued)	Master Core Bond Enhanced Index Series
	(Percentages shown are based on Net Assets)

U.S. Government Sponsored Agency Securities	Par (000)		Value
Agency Obligations (concluded):
Tennessee Valley Authority (concluded):
Series E, 6.25%, 12/15/17	$	710	$	852,142
				6,596,046
Collateralized Mortgage Obligations — 0.1%
Fannie Mae Mortgage-Backed Securities, Series 2005-118, Class MC, 6.00%, 1/25/32		117		117,781
Freddie Mac Mortgage-Backed Securities, Series 3294, Class NA, 5.50%, 7/15/27		102		101,706
				219,487
Mortgage-Backed Securities — 50.3%
Fannie Mae Mortgage-Backed Securities:
2.84%, 11/01/35 (b)		1,973		2,060,611
4.00%, 12/01/15 - 1/01/41 (h)		16,800		16,823,258
4.50%, 1/15/41 (h)		7,800		8,005,967
5.00%, 1/01/23 - 1/15/41 (h)		13,134		13,903,640
5.50%, 1/15/26 - 1/15/41 (h)		21,877		23,454,191
6.00%, 2/01/13 - 1/15/41 (h)		8,934		9,744,323
8.00%, 9/01/15 - 8/01/31		24		29,040
9.50%, 7/01/17		12		13,838
10.00%, 10/01/18 - 5/01/22		5		6,229
10.50%, 12/01/16		1		1,302
Freddie Mac Mortgage-Backed Securities:
4.00%, 1/01/41 (h)		1,100		1,091,922
4.50%, 2/01/11 - 1/15/41 (h)		1,790		1,833,982
5.00%, 2/01/22 - 1/15/41 (h)		820		868,765
5.50%, 12/01/16 - 8/01/17		1,018		1,092,965
6.00%, 4/01/16 - 10/01/17		701		759,961
6.50%, 7/01/15 - 5/01/17		120		130,692
7.00%, 7/01/11 - 7/01/17		49		55,718
7.50%, 10/01/11 - 4/01/16		14		15,335
8.00%, 11/01/24 - 3/01/32		138		160,875
8.50%, 5/01/28 - 8/01/30		12		13,842
9.00%, 9/01/14		2		2,492
9.50%, 2/01/19		15		15,479
10.00%, 9/01/17		2		2,269
10.50%, 4/01/16		5		4,906
11.00%, 9/01/16		3		3,427
11.50%, 8/01/15		1		833
12.50%, 2/01/14		3		3,981
Ginnie Mae Mortgage-Backed Securities:
4.50%, 9/15/35		1,078		1,124,398
5.00%, 4/15/35 - 1/21/41		3,672		3,913,495
6.50%, 2/15/14 - 1/15/41 (h)		1,106		1,246,163
7.00%, 4/15/13		4		4,349
7.50%, 3/15/24 - 3/15/32		131		149,047
8.00%, 12/15/22 - 6/15/31		80		94,214
8.50%, 11/15/17 - 3/15/31		21		25,196
9.00%, 4/15/18 - 11/15/24		24		25,888
				86,682,593
Total U.S. Government Sponsored Agency Securities – 54.3%				93,498,126

U.S. Treasury Obligations	Par (000)		Value
U.S. Treasury Bonds:
8.13%, 5/15/21 (i)	$	1,990	$	2,824,867
8.13%, 8/15/21		415		590,986
8.00%, 11/15/21		715		1,011,278
7.25%, 8/15/22		930		1,257,244
6.25%, 8/15/23		230		289,081
3.50%, 2/15/39		4,400		3,791,564
4.38%, 5/15/40		1,530		1,537,405
3.88%, 8/15/40		2,780		2,560,641
4.25%, 11/15/40		2,100		2,065,875
U.S. Treasury Inflation Indexed Bonds:
0.50%, 4/15/15		2,756		2,816,706
1.88%, 7/15/15		500		541,410
U.S. Treasury Notes, 2.13%, 12/31/15		8,750		8,796,480
Total U.S. Treasury Obligations – 16.3%				28,083,537
Total Long-Term Investments (Cost – $209,058,108) – 121.9%				209,906,396

Short-Term Securities	Shares
BlackRock Liquidity Funds, TempFund, Institutional Class, 0.17% (j)(k)		5,735,032	5,735,032
Total Short-Term Securities (Cost – $5,735,032) – 3.3%			5,735,032
Total Investments Before TBA Sale Commitments (Cost – $214,793,140*) – 125.2%			215,641,428

TBA Sale Commitments (h)	Par (000)
Fannie Mae Mortgage-Backed Securities:
4.50%, 1/15/41	$	1,500	(1,539,609	)
5.00%, 1/01/23 - 1/15/41		4,000	(4,212,750	)
5.50%, 1/15/26 - 1/15/41		14,000	(14,964,691	)
6.00%, 2/01/13 - 1/15/41		3,600	(3,909,375	)
Freddie Mac Mortgage-Backed Securities, 5.50%, 12/01/16 - 8/01/17		300	(321,469	)
Ginnie Mae Mortgage-Backed Securities:
4.50%, 9/15/35		1,000	(1,038,125	)
5.00%, 4/15/35 - 1/21/41		2,800	(2,976,750	)
Total TBA Sale Commitments (Proceeds – $28,877,605) – (16.8)%			(28,962,769	)

See Notes to Financial Statements.
8	QUANTITATIVE MASTER SERIES LLC	DECEMBER 31, 2010

Schedule of Investments (continued)	Master Core Bond Enhanced Index Series
	(Percentages shown are based on Net Assets)

	Value
Total Investments, Net of TBA Sale Commitments – 108.4%	$	186,678,659
Liabilities in Excess of Other Assets – (8.4)%		(14,411,775	)
Net Assets – 100.0%	$	172,266,884

* The cost and unrealized appreciation (depreciation) of investments as of December 31, 2010, as computed for federal income tax purposes were as follows:

Aggregate cost	$	214,810,558
Gross unrealized appreciation	$	4,112,227
Gross unrealized depreciation		(3,281,357	)
Net unrealized appreciation	$	830,870

(a)	Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration to qualified institutional investors.
(b)	Variable rate security. Rate shown is as of report date.
(c)	All or a portion of security has been pledged as collateral in connection with swaps.
(d)	Security is perpetual in nature and has no stated maturity date.
(e)	Issuer filed for bankruptcy and/or is in default of interest payments.
(f)	Non-income producing security.
(g)	Represents a step-up bond that pays an initial coupon rate for the first period and then a higher coupon rate for the following periods. Rate shown is as of report date.
(h)	Represents or includes a to-be-announced (“TBA”) transaction. Unsettled TBA transactions as of report date were as follows:

Counterparty	Value			Unrealized Appreciation (Depreciation)
Citigroup Global Markets, Inc.	$	1,835,343		$	(12,512	)
Credit Suisse Securities LLC	$	(4,692,267	)	$	(14,471	)
Deutsche Bank Securities, Inc.	$	3,145,706		$	(31,566	)
Goldman Sachs & Co.	$	2,477,937		$	(16,329	)
JPMorgan Securities, Inc.	$	6,834,645		$	(13,572	)
Morgan Stanley Capital Services, Inc.	$	839,831		$	(65,326	)
Nomura Securities International, Inc.	$	420,500		$	(1,936	)
Royal Bank of Scotland Plc	$	3,282,470		$	23,205

(i)	All or a portion of security has been pledged as collateral in connection with open financial futures contracts.
(j)	Investments in companies considered to be an affiliate of the Series during the year, for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliate	Shares Held at December 31, 2009		Net Activity			Shares Held at December 31, 2010		Income
BlackRock Liquidity Funds, TempFund, Institutional Class		12,766,736		(7,031,704	)		5,735,032	$	8,022

(k)	Represents the current yield as of report date.
•	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 Series’ management. This definition 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, 2010	9

Schedule of Investments December 31, 2010	Master Core Bond Enhanced Index Series
	(Percentages shown are based on Net Assets)

• Financial futures contracts purchased as of December 31, 2010 were as follows:

Contracts	Issue	Exchange	Expiration	Notional Value		Unrealized Appreciation (Depreciation)
172	2-Year U.S. Treasury Bond	Chicago Board of Trade	March 2011	$	37,646,920	$	4,955
71	10-Year U.S. Treasury Bond	Chicago Board of Trade	March 2011	$	8,696,296		(145,233	)
Total						$	(140,278	)

• Financial futures contracts sold as of December 31, 2010 were as follows:

Contracts	Issue	Exchange	Expiration	Notional Value		Unrealized Appreciation (Depreciation)
18	5-Year U.S. Treasury Bond	Chicago Board of Trade	March 2011	$	2,127,649	$	8,711
3	30-Year U.S. Treasury Bond	Chicago Board of Trade	March 2011	$	373,588		7,213
27	30-Year Ultra Long Term U.S. Treasury Bond	Chicago Board of Trade	March 2011	$	3,497,878		66,347
70	Euro Dollars	Chicago Mercantile	March 2012	$	17,307,833		(25,517	)
Total						$	56,754

• Interest rate swaps outstanding as of December 31, 2010 were as follows:

Fixed Rate	Floating Rate	Counterparty	Expiration Date	Notional Amount (000)		Unrealized Appreciation (Depreciation)
1.23% (a)	3-month LIBOR	Citibank NA	5/07/12	$	500	$	(4,660	)
0.79% (a)	3-month LIBOR	Deutsche Bank AG	12/03/12	$	4,700		(3,193	)
0.82% (a)	3-month LIBOR	Deutsche Bank AG	12/14/12	$	9,300		(10,003	)
0.94% (a)	3-month LIBOR	Deutsche Bank AG	12/20/12	$	1,900		(6,055	)
2.63% (a)	3-month LIBOR	Deutsche Bank AG	3/12/14	$	9,000		(356,444	)
2.73% (a)	3-month LIBOR	Morgan Stanley Capital Services, Inc.	4/01/15	$	5,000		(179,738	)
3.54% (a)	3-month LIBOR	Morgan Stanley Capital Services, Inc.	5/18/20	$	3,900		(81,268	)
3.41% (b)	3-month LIBOR	Morgan Stanley Capital Services, Inc.	12/23/20	$	2,000		4,424
3.44% (b)	3-month LIBOR	Deutsche Bank AG	12/29/20	$	2,000		10,307
4.16% (a)	3-month LIBOR	Morgan Stanley Capital Services, Inc.	9/23/39	$	1,100		(9,829	)
3.40% (a)	3-month LIBOR	Citibank NA	10/05/40	$	1,100		138,558
3.70% (a)	3-month LIBOR	Citibank NA	11/03/40	$	900		66,841
4.06% (b)	3-month LIBOR	Citibank NA	12/09/40	$	1,000		(10,645	)
Total						$	(441,705	)

(a)	Pays fixed interest rate and receives floating rate.
(b)	Pays floating interest rate and receives fixed rate.

• Total return swaps outstanding as of December 31, 2010 were as follows:

Interest Rate Receivable	Counterparty	Expiration Date		Notional Value (000)		Unrealized Appreciation (Depreciation)
2.68%	Citibank NA	12/20/20	$	525	$	2,385	(c)
2.94%	Deutsche Bank AG	12/17/30	$	410		(62,215	)(c)
Total					$	(59,830	)

(c) Based on the change in the return of the Consumer Price Index for All Urban Consumer.

See Notes to Financial Statements.
10	QUANTITATIVE MASTER SERIES LLC	DECEMBER 31, 2010

Schedule of Investments (concluded) Master Core Bond Enhanced Index Series

• Fair Value Measurements - Various inputs are used in determining the fair value of investments and derivatives, which are as follows:

• Level 1 — price quotations in active markets/exchanges for identical assets and liabilities

• 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 derivatives)

The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For information about the Series’ policy regarding valuation of investments and derivatives and other significant accounting policies, please refer to Note 1 of the Notes to Financial Statements.

The following tables summarize the inputs used as of December 31, 2010 in determining the fair valuation of the Series’ investments and derivatives:

Valuation Inputs		Level 1		Level 2			Level 3		Total
Assets:
Investments in Securities:
Long-Term Investments1		—	$	129,725,395			—	$	129,725,395
Asset-Backed Securities		—		14,542,447		$	1,826,586		16,369,033
Corporate Bonds		—		40,270,519			835,000		41,105,519
Non-Agency Mortgage Backed Securities		—		22,022,408			684,041		22,706,449
Short-Term Securities	$	5,735,032		—			—		5,735,032
Liabilities:
Investments in Securities:
TBA Sale Commitments		—		(28,962,769	)		—		(28,962,769	)
Total	$	5,735,032	$	177,598,000		$	3,345,627	$	186,678,659

¹ See above Schedule of Investments for values in each security type, excluding security types in Level 3 within the table.

	Derivative Financial Instruments2
Valuation Inputs	Level 1			Level 2			Level 3		Total
Assets:
Interest rate contracts	$	87,226		$	220,130			—	$	307,356
Other contracts		—			2,385			—		2,385
Liabilities:
Interest rate contracts		(170,750	)		(661,835	)		—		(832,585	)
Other contracts		—			(62,215	)		—		(62,215	)
Total	$	(83,524	)	$	(501,535	)		—	$	(585,059	)

² Derivative financial instruments are swaps and financial futures contracts which are shown at the unrealized appreciation/depreciation on the instruments.

See Notes to Financial Statements.
	QUANTITATIVE MASTER SERIES LLC	DECEMBER 31, 2010	11

Schedule of Investments (continued)	Master Core Bond Enhanced Index Series
	(Percentages shown are based on Net Assets)

The following table is a reconciliation of Level 3 investments for which significant unobservable inputs were used in determining fair value:

	Asset-Backed Securities		Corporate Bonds		Non-Agency Mortgage-Backed Securities			Total
Assets:
Balance, as of December 31, 2009		—		—	$	935,300		$	935,300
Accrued discounts/premiums		—		—		—			—
Net realized gain (loss)		—		—		4,700			4,700
Net change in unrealized appreciation (depreciation)3		—		—		—			—
Purchases	$	1,826,586	$	835,000		684,041			3,345,627
Sales		—		—		(940,000	)		(940,000	)
Transfers in4		—		—		—			—
Transfers out4		—		—		—			—
Balance, as of December 31, 2010	$	1,826,586	$	835,000	$	684,041		$	3,345,627

³ Included in the related net change in unrealized appreciation/depreciation in the Statement of Operations. The change in unrealized appreciation/depreciation on securities still held at December 31, 2010 was $0.

The following table is a reconciliation of Level 3 derivative financial instruments for which significant unobservable inputs were used in determining fair value:

	Interest Rate Contracts
Liabilities:
Balance, as of December 31, 2009	$	(81,899	)
Accrued discounts/premiums		—
Net realized gain (loss)		—
Net change in unrealized appreciation/depreciation		81,899
Purchases		167,008
Sales		(167,008	)
Transfers in4		—
Transfers out4		—
Balance, as of December 31, 2010		—

⁴ The Series’ policy is to recognize transfers in and transfers out as of the end of the period of the event or the change in circumstances that caused the transfer.

See Notes to Financial Statements.
12	QUANTITATIVE MASTER SERIES LLC	DECEMBER 31, 2010

Statement of Assets and Liabilities Master Core Bond Enhanced Index Series

December 31, 2010
Assets
Investments at value - unaffiliated (cost - $209,058,108)	$	209,906,396
Investments at value - affiliated (cost - $5,735,032)		5,735,032
Unrealized appreciation on swaps		222,515
Cash		968
TBA sale commitments receivable		28,877,605
Investments sold receivable		2,989,829
Interest receivable		1,202,746
Contributions receivable from investors		1,096,123
Swaps receivable		18,330
Margin variation receivable		9,359
Principal paydowns receivable		402
Prepaid expenses		5,748
Total assets		250,065,053
Liabilities
TBA sale commitments at value (proceeds - $28,877,605)		28,962,769
Unrealized depreciation on swaps		724,050
Investments purchased payable		44,320,103
Treasury rolls payable		3,563,114
Swaps payable		164,514
Investment advisory fees payable		1,177
Other affiliates payable		878
Directors’ fees payable		144
Other accrued expenses payable		61,420
Total liabilities		77,798,169
Net Assets	$	172,266,884
Net Assets Consist of
Investors’ capital	$	172,088,819
Net unrealized appreciation/depreciation		178,065
Net Assets	$	172,266,884

See Notes to Financial Statements.
	QUANTITATIVE MASTER SERIES LLC	DECEMBER 31, 2010	13

Statement of Operations Master Core Bond Enhanced Index Series

Year Ended December 31, 2010
Investment Income
Interest	$	7,498,737
Dividend - affiliated		8,022
Total income		7,506,759
Expenses
Investment advisory		18,494
Professional		99,754
Accounting services		84,092
Pricing		59,336
Custodian		52,098
Directors		7,803
Printing		4,910
Miscellaneous		11,739
Total expenses excluding interest expense		338,226
Interest expense		29,193
Total expenses		367,419
Less fees waived by advisor		(3,167	)
Less fees paid indirectly		(120	)
Total expenses after fees waived and paid indirectly		364,132
Net investment income		7,142,627
Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
Investments		7,086,715
Financial futures contracts		(1,117,682	)
Swaps		3,748,550
Borrowed bonds		(5,199	)
		9,712,384
Net change in unrealized appreciation/depreciation on:
Investments		1,603,793
Financial futures contracts		(597,405	)
Swaps		(3,924,440	)
		(2,918,052	)
Total realized and unrealized gain		6,794,332
Net Increase in Net Assets Resulting from Operations	$	13,936,959

See Notes to Financial Statements.
14	QUANTITATIVE MASTER SERIES LLC	DECEMBER 31, 2010

Statements of Changes in Net Assets Master Core Bond Enhanced Index Series

	Year Ended December 31,
Increase (Decrease) in Net Assets:	2010			2009
Operations
Net investment income	$	7,142,627		$	9,859,545
Net realized gain (loss)		9,712,384			(5,275,573	)
Net change in unrealized appreciation/depreciation		(2,918,052	)		12,266,558
Net increase in net assets resulting from operations		13,936,959			16,850,530
Capital Transactions
Proceeds from contributions		37,155,035			50,024,855
Value of withdrawals		(76,682,425	)		(87,144,663	)
Net decrease in net assets derived from capital transactions		(39,527,390	)		(37,119,808	)
Net Assets
Total decrease in net assets		(25,590,431	)		(20,269,278	)
Beginning of year		197,857,315			218,126,593
End of year	$	172,266,884		$	197,857,315

See Notes to Financial Statements.
	QUANTITATIVE MASTER SERIES LLC	DECEMBER 31, 2010	15

Financial Highlights Master Core Bond Enhanced Index Series

	Year Ended December 31,
	2010			2009			2008			2007			2006
Total Investment Return
Total investment return		7.22	%		8.28	%		1.59	%		6.83	%		4.48	%
Ratios to Assets
Total expenses		0.20	%		0.19	%		0.14	%		0.11	%		0.08	%
Total expenses after fees waived and paid indirectly		0.20	%		0.19	%		0.14	%		0.11	%		0.08	%
Total expenses after fees waived and paid indirectly and excluding interest expense		0.18	%		0.18	%		0.11	%		0.11	%		0.08	%
Net investment income		3.86	%		4.74	%		4.92	%		5.12	%		4.94	%
Supplemental Data
Net assets, end of year (000)	$	172,267		$	197,857		$	218,127		$	386,012		$	795,451
Portfolio turnover		1,207	%1		1,036	%2		464	%3		193	%		155	%

1	Includes mortgage dollar roll transactions. Excluding these transactions, the portfolio turnover rate would have been 859%.
2	Includes mortgage dollar roll transactions. Excluding these transactions, the portfolio turnover rate would have been 685%.
3	Includes mortgage dollar roll transactions. Excluding these transactions, the portfolio turnover rate would have been 298%.

See Notes to Financial Statements.
16	QUANTITATIVE MASTER SERIES LLC	DECEMBER 31, 2010

Notes to Financial Statements Master Core Bond Enhanced Index Series

1. Organization and Significant Accounting Policies:

Master Core Bond Enhanced Index Series (the “Series”), a non-diversified, open-end management investment company, is a series of Quantitative Master Series LLC (the “Master LLC”). The Master LLC is registered as an investment company under the Investment Company Act of 1940, as amended (the “1940 Act”), and is organized as a Delaware limited liability company. The Master LLC’s Limited Liability Company Agreement permits the Board of Directors of the Master LLC (the “Board”) to issue non-transferable interests, subject to certain limitations. The Series’ financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (“US GAAP”), which may require management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates.

The following is a summary of significant accounting policies followed by the Series:

Valuation: The Series fair values its financial instruments at market value using independent dealers or pricing services under policies approved by the Board. The Series values its bond investments on the basis of last available bid prices or current market quotations provided by dealers or pricing services. In determining the value of a particular investment, pricing services may use certain information with respect to transactions in such investments, quotations from dealers, pricing matrixes, market transactions in comparable investments, various relationships observed in the market between investments and calculated yield measures based on valuation technology commonly employed in the market for such investments. Asset-backed and mortgage-backed securities are valued by independent pricing services using models that consider estimated cash flows of each tranche of the security, establish a benchmark yield and develop an estimated tranche specific spread to the benchmark yield based on the unique attributes of the tranche. Financial futures contracts traded on exchanges are valued at their last sale price. To-be-announced (“TBA”) commitments are valued on the basis of last available bid prices or current market quotations provided by pricing services. Swap agreements are valued utilizing quotes received daily by the Series’ pricing service or through brokers, which are derived using daily swap curves and models that incorporate a number of market data factors, such as discounted cash flows and trades and values of the underlying reference instruments. Investments in open-end registered investment companies are valued at net asset value each business day. Short-term securities with remaining maturities of 60 days or less may be valued at amortized cost, which approximates fair value.

Municipal investments (including commitments to purchase such investments on a “when-issued” basis) are valued on the basis of prices provided by dealers or pricing services. In determining the value of a particular investment, pricing services may use certain information with respect to transactions in such investments, quotations from dealers, pricing matrixes, market transactions in comparable investments and information with respect to various relationships between investments.

Exchange-traded options are valued at the mean between the last bid and ask prices at the close of the options market in which the options trade. An exchange-traded option for which there is no mean price is valued at the last bid (long positions) or ask (short positions) price. If no bid or ask price is available, the prior day’s price will be used, unless it is determined that the prior day’s price no longer reflects the fair value of the option. Over-the-counter (“OTC”) options and swaptions are valued by an independent pricing service using a mathematical model which incorporates a number of market data factors, such as the trades and prices of the underlying instruments.

In the event that application of these methods of valuation results in a price for an investment which is deemed not to be representative of the market value of such investment or is not available, the investment will be valued in accordance with a policy approved by the Board as reflecting fair value (“Fair Value Assets”). When determining the price for Fair Value Assets, the investment advisor and/or the sub-advisor 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 investment advisor and/or sub-advisor deems relevant. The pricing of all Fair Value Assets is subsequently reported to the Board or a committee thereof.

Asset-Backed and Mortgage Backed Securities: The Series may invest in asset-backed securities. Asset-backed securities are generally issued as pass-through certificates, which represent undivided fractional ownership interests in an underlying pool of assets, or as debt instruments, which are also known as collateralized obligations, and are generally issued as the debt of a special purpose entity organized solely for the purpose of owning such assets and issuing such debt. Asset-backed securities are often backed by a pool of assets representing the obligations of a number of different parties. The yield characteristics of certain asset-backed securities may differ from traditional debt securities. One such major difference is that all or a principal part of the obligations may be prepaid at any time because the underlying assets (i.e., loans) may be prepaid at any time. As a result, a decrease in interest rates in the market may result in increases in the level of prepayments as borrowers, particularly mortgagors, refinance and repay their loans. An increased prepayment rate with respect to an asset-backed security subject to such a prepayment feature will have the effect of shortening the maturity of the security. If the Series has purchased such an asset-backed security at a premium, a faster than anticipated prepayment rate could result in a loss of principal to the extent of the premium paid.

The Series may purchase certain mortgage pass-through securities. There are a number of important differences among the agencies and instrumentalities of the US Government that issue mortgage-related securities and among the securities that they issue. For example, mortgage-related securities guaranteed by the Ginnie Mae are guaranteed as to the timely payment of principal and interest by Ginnie Mae and such guarantee is backed by the full faith and credit of the United States. However, mortgage-related securities issued by the Freddie Mac and Fannie Mae, including Freddie Mac and Fannie Mae guaranteed Mortgage Pass-Through Certificates, which are solely the obligations of Freddie Mac and Fannie Mae, are not backed by or entitled to the full faith and credit of the United States and are supported by the right of the issuer to borrow from the Treasury.

Inflation-Indexed Bonds: The Series may invest in inflation-indexed bonds. Inflation-indexed bonds are fixed income securities whose principal value is periodically adjusted according to the rate of inflation. If the index measuring inflation rises or falls, the principal value of inflation-indexed bonds will be adjusted upward or downward, and consequently the interest payable on these securities (calculated with respect to a larger or smaller principal amount) will be increased or reduced, respectively. Repayment of the original bond principal upon maturity (as adjusted for inflation) is guaranteed in the case of US Treasury inflation-indexed bonds. For bonds that do not provide a

QUANTITATIVE MASTER SERIES LLC DECEMBER 31, 2010 17

Notes to Financial Statements Master Core Bond Enhanced Index Series

similar guarantee, the adjusted principal value of the bond repaid at maturity may be less than the original principal.

Multiple Class Pass-Through Securities: The Series may invest in multiple class pass-through securities, including collateralized mortgage obligations (“CMOs”) and commercial mortgage-backed securities. These multiple class securities may be issued by Ginnie Mae, US government agencies or instrumentalities or by trusts formed by private originators of, or investors in, mortgage loans. In general, CMOs are debt obligations of a legal entity that are collateralized by, and multiple class pass-through securities represent direct ownership interests in, a pool of residential or commercial mortgage loans or mortgage pass-through securities (the “Mortgage Assets”), the payments on which are used to make payments on the CMOs or multiple pass-through securities. Classes of CMOs include interest only (“IOs”), principal only (“POs”), planned amortization classes and targeted amortization classes. IOs and POs are stripped mortgage-backed securities representing interests in a pool of mortgages, the cash flow from which has been separated into interest and principal components. IOs receive the interest portion of the cash flow while POs receive the principal portion. IOs and POs can be extremely volatile in response to changes in interest rates. As interest rates rise and fall, the value of IOs tends to move in the same direction as interest rates. POs perform best when prepayments on the underlying mortgages rise since this increases the rate at which the principal is returned and the yield to maturity on the PO. When payments on mortgages underlying a PO are slower than anticipated, the life of the PO is lengthened and the yield to maturity is reduced. If the underlying mortgage assets experience greater than anticipated pre-payments of principal, the Series may not fully recoup its initial investment in IOs.

Stripped Mortgage-Backed Securities: The Series may invest in stripped mortgage-backed securities issued by the US government, its agencies and instrumentalities. Stripped mortgage-backed securities are usually structured with two classes that receive different proportions of the interest (IOs) and principal (POs) distributions on a pool of mortgage assets. The Series also may invest in stripped mortgage-backed securities that are privately issued.

Capital Trusts: The Series may invest in capital trusts. These securities are typically issued by corporations, generally in the form of interest-bearing notes with preferred securities characteristics, or by an affiliated business trust of a corporation, generally in the form of beneficial interests in subordinated debentures or similarly structured securities. The securities can be structured as either fixed or adjustable coupon securities that can have either a perpetual or stated maturity date. Dividends can be deferred without creating an event of default or acceleration, although maturity cannot take place unless all cumulative payment obligations have been met. The deferral of payments does not affect the purchase or sale of these securities in the open market. Payments on these securities are treated as interest rather than dividends for federal income tax purposes. These securities can have a rating that is slightly below that of the issuing company’s senior debt securities.

Borrowed Bond Agreements: The Series may enter into borrowed bond agreements. In a borrowed bond agreement, the Series borrows a bond from a counterparty in exchange for cash collateral with the commitment that the security and the cash will be returned to the counterparty and the Series, respectively, at a mutually agreed upon rate and date. Borrowed bond agreements are entered into primarily in connection with short sales of bonds. Earnings on cash collateral and compensation to the lender of the bond are based on agreed upon rates between the Series and the counterparty. The value of the underlying cash collateral approximates the market value and accrued interest of the borrowed bond. To the extent that a borrowed bond transaction exceeds one business day, the value of the cash collateral in the possession of the counterparty is monitored on a daily basis to ensure the adequacy of the collateral. As the market value of the borrowed bond changes, the cash collateral is periodically increased or decreased with a frequency and in amounts prescribed in the borrowed bond agreement. Full realization of the collateral by the Series may be limited if the value of an investment purchased with the cash collateral by the lender decreases. The Series may also experience delays in gaining access to the collateral.

TBA Commitments: The Series may enter into TBA commitments. TBA commitments are forward agreements for the purchase or sale of mortgage-backed securities for a fixed price, with payment and delivery on an agreed upon future settlement date. The specific securities to be delivered are not identified at the trade date; however, delivered securities must meet specified terms, including issuer, rate and mortgage terms. The Series generally enters into TBA commitments with the intent to take possession of or deliver the underlying mortgage-backed securities but can extend the settlement or roll the transaction. TBA commitments involve a risk of loss if the value of the security to be purchased or sold declines or increases, respectively, prior to settlement date.

Mortgage Dollar Roll Transactions: The Series may sell TBA mortgage-backed securities and simultaneously contract to repurchase substantially similar (same type, coupon and maturity) securities on a specific future date at an agreed upon price. During the period between the sale and repurchase, the Series will not be entitled to receive interest and principal payments on the securities sold. The Series accounts for dollar roll transactions as purchases and sales and realizes gains and losses on these transactions. These transactions may increase the Series’ portfolio turnover rate. Mortgage dollar rolls involve the risk that the market value of the securities that the Series is required to purchase may decline below the agreed upon repurchase price of those securities.

Treasury Roll Transactions: The Series may enter into treasury roll transactions. In a treasury roll transaction, the Series sells a Treasury security to a counterparty with a simultaneous agreement to repurchase the same security at an agreed upon price and future settlement date. The Series received cash from the sale of the Treasury security to use for other investment purposes. For US GAAP purposes, a treasury roll transaction is accounted for as a secured borrowing and not as a purchase or sale. The difference between the sale price and repurchase price represents net interest income or net interest expense reflective of an agreed upon rate between the Series and the counterparty over the term of the borrowing. The Series will benefit from the transaction if the income earned on the investment purchased with the cash received in the treasury roll transaction exceeds the interest expense incurred by the Series. If the interest expense exceeds the income earned, the Series’ net investment income and dividends to shareholders may be adversely impacted. Treasury roll transactions involve the risk that the market value of the securities that the Series is required to repurchase may decline below the agreed upon repurchase price of those securities.

Segregation and Collateralization: In cases in which the 1940 Act and the interpretive positions of the Securities and Exchange Commission (“SEC”) require that the Series either delivers collateral or segregates assets in connection with certain investments (e.g., dollar rolls, TBA sale commitments, financial futures contracts, swaps and options written), or certain borrowings (e.g. treasury roll transactions), the Series will, consistent with SEC rules and/or certain interpretive letters issued by the SEC, segregate collateral or designate on its books and

18 QUANTITATIVE MASTER SERIES LLC DECEMBER 31, 2010

Notes to Financial Statements Master Core Bond Enhanced Index Series

records cash or other liquid securities having a market value at least equal to the amount that would otherwise be required to be physically segregated. Furthermore, based on requirements and agreements with certain exchanges and third party broker-dealers, each party has requirements to deliver/deposit securities as collateral for certain investments.

Investment Transactions and Investment Income: For financial reporting purposes, investment transactions are recorded on the dates the transactions are entered into (the trade dates). For financial reporting purposes, contributions to and withdrawals from the Series are accounted on a trade basis. Realized gains and losses on investment transactions are determined on the identified cost basis. Interest income, including amortization and accretion of premiums and discounts on debt securities, is recognized on the accrual basis.

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

The Series files US federal and various state and local tax returns. No income tax returns are currently under examination. The statute of limitations on the Series’ US federal tax returns remains open for each of the four years ended December 31, 2010. The statutes of limitations on the Series’ state and local tax returns may remain open for an additional year depending upon the jurisdiction. Management does not believe there are any uncertain tax positions that require recognition of a tax liability.

Other: Expenses directly related to the Series are charged to the Series. Other operating expenses shared by several funds are pro rated among those funds on the basis of relative net assets or other appropriate methods. The Series has an arrangement with the custodian whereby fees may be reduced by credits earned on uninvested cash balances, which if applicable are shown as fees paid indirectly in the Statement of Operations. The custodian imposes fees on overdrawn cash balances, which can be offset by accumulated credits earned or may result in additional custody charges.

2. Derivative Financial Instruments:

The Series engages in various portfolio investment strategies using derivative contracts both to increase the return of the Series and to economically hedge, or protect, its exposure to certain risks such as interest rate risk or other risk (inflation risk). These contracts may be transacted on an exchange or OTC.

Losses may arise if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument or if the counterparty does not perform under the contract. The Series’ maximum risk of loss from counterparty credit risk on OTC derivatives is generally the aggregate unrealized gain netted against any collateral pledged by/posted to the counterparty. For OTC options purchased, the Series bears the risk of loss in the amount of the premiums paid plus the positive change in market values net of any collateral received on the options should the counterparty fail to perform under the contracts. Options written by the Series do not give rise to counterparty credit risk, as options written obligate the Series to perform and not the counterparty. Counterparty risk related to exchange-traded financial futures contracts and options is deemed to be minimal due to the protection against defaults by the exchange on which these contracts trade.

The Series may mitigate counterparty risk by procuring collateral and through netting provisions included within an International Swaps and Derivatives Association, Inc. (“ISDA”) Master Agreement implemented between the Series and each of its respective counterparties. The ISDA Master Agreement allows the Series to offset with each separate counterparty certain derivative financial instrument’s payables and/or receivables with collateral held. The amount of collateral moved to/from applicable counterparties is generally based upon minimum transfer amounts of up to $500,000. To the extent amounts due to the Series from its counterparties are not fully collateralized contractually or otherwise, the Series bears the risk of loss from counterparty non-performance. See Note 1 “Segregation and Collateralization” for information with respect to collateral practices. In addition, the Series manages counterparty risk by entering into agreements only with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties.

Certain ISDA Master Agreements allow counterparties to OTC derivatives to terminate derivative contracts prior to maturity in the event the Series’ net assets decline by a stated percentage or the Series fails to meet the terms of its ISDA Master Agreements, which would cause the Series to accelerate payment of any net liability owed to the counterparty.

Financial Futures Contracts: The Series purchases or sells financial futures contracts and options on financial futures contracts to gain exposure to, or economically hedge against, changes in interest rates (interest rate risk). Financial futures contracts are agreements between the Series and 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, 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 settlement date. Pursuant to the contract, the Series agree 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 margin variation and are recorded by the Series as unrealized gains or losses. When the contract is closed, the Series record 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 transactions involves the risk of an imperfect correlation in the movements in the price of financial futures contracts or interest and the underlying assets.

Options: The Series purchases and writes call and put options to increase or decrease its exposure to underlying instruments (including interest rate risk and/or commodity price risk) and/or, in the case of options written, to generate gains from options premiums. A call option gives the purchaser of the option the right (but not the obligation) to buy, and obligates the seller to sell (when the option is exercised), the underlying instrument at the exercise price at any time or at a specified time during the option period. A put option gives the holder the right to sell and obligates the writer to buy the underlying instrument at the exercise price at any time or at a specified time during the option period. When the Series purchases (writes) an option, an amount equal to the premium paid (received) by the Series is reflected as an asset (liability). The amount of the asset (liability) is subsequently marked-to-market to reflect the current market value of the option purchased (written). When an instrument is purchased or sold through an exercise of an option, the related premium paid (or received) is added to (or deducted from) the basis of the instrument acquired or deducted from (or added to) the proceeds of the instrument sold. When an option expires (or the Series enters into a closing transaction), the Series realizes a gain or loss on the option to the extent of the premiums

QUANTITATIVE MASTER SERIES LLC DECEMBER 31, 2010 19

Notes to Financial Statements Master Core Bond Enhanced Index Series

received or paid (or gain or loss to the extent the cost of the closing transaction exceeds the premiums received or paid). When the Series writes a call option, such option is “covered,” meaning that the Series holds the underlying instrument subject to being called by the option counterparty. When the Series writes a put option, such option is covered by cash in an amount sufficient to cover the obligation.

Options on swaps (swaptions) are similar to options on securities except that instead of selling or purchasing the right to buy or sell a security, the writer or purchaser of the swap option is granting or buying the right to enter into a previously agreed upon interest rate swap agreement (interest rate risk and/or credit risk) at any time before the expiration of the option.

In purchasing and writing options, the Series bears the risk of an unfavorable change in the value of the underlying instrument or the risk that the Series may not be able to enter into a closing transaction due to an illiquid market. Exercise of an written option could result in the Series purchasing or selling a security at a price different from the current market value.

Swaps: The Series enters into swap agreements, in which the Series and a counterparty agree to make periodic net payments on a specified notional amount. These periodic payments received or made by the Series are recorded in the Statement of Operations as realized gains or losses, respectively. Any upfront fees paid are recorded as assets and any upfront fees received are recorded as liabilities and amortized over the term of the swap. Swaps are marked-to-market daily and changes in value are recorded as unrealized appreciation (depreciation). When the swap is terminated, the Series will record a realized gain or loss equal to the difference between the proceeds from (or cost of) the closing transaction and the Series’ basis in the contract, if any. Generally, the basis of the contracts is the premium received or paid.

Swap transactions involve, to varying degrees, elements of interest rate, credit and market risk in excess of the amounts recognized in the Statement of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform or disagree as to the meaning of the contractual terms in the agreements, and that there may be unfavorable changes in interest rates and/or market values associated with these transactions.

• Total return swaps — The Series enters into total return swaps to obtain exposure to a security or market without owning such security or investing directly in that market or to transfer the risk/return of one market (e.g., fixed income) to another market (e.g., equity) (equity risk and/or interest rate risk). Total return swaps are agreements in which there is an exchange of cash flows whereby one party commits to make payments based on the total return (coupons plus capital gains/losses) of an underlying instrument in exchange for fixed or floating rate interest payments. To the extent the total return of the instrument or index underlying the transaction exceeds or falls short of the offsetting interest rate obligation, the Series will receive a payment from or make a payment to the counterparty.

• Interest rate swaps — The Series enters into interest rate swaps to gain or reduce exposure to or manage duration, the yield curve or interest rate risk by economically hedging the value of the fixed rate bonds which may decrease when interest rates rise (interest rate risk). Interest rate swaps are agreements in which one party pays a stream of interest payments, either fixed or floating rate, for another party’s stream of interest payments, either fixed or floating, on the same notional amount for a specified period of time. In more complex swaps, the notional principal amount may decline (or amortize) over time.

Derivative Instruments Categorized by Risk Exposure:
Fair Values of Derivative Instruments as of December 31, 2010
	Asset Derivatives			Liability Derivatives
	Statement of Assets and Liabilities Location	Value		Statement of Assets and Liabilities Location	Value
Interest rate contracts	Net unrealized appreciation/ depreciation*; Unrealized appreciation on swaps;	$	307,356	Net unrealized appreciation/depreciation*; Unrealized depreciation on swaps	$	832,585
Other contracts	Unrealized appreciation on swaps		2,385	Unrealized depreciation on swaps		62,215
Total		$	309,741		$	894,800

* Includes cumulative appreciation/depreciation on financial futures contracts as reported in the Schedule of Investments. Only current day’s margin variation is reported within the Statement of Assets and Liabilities.

20 QUANTITATIVE MASTER SERIES LLC DECEMBER 31, 2010

Notes to Financial Statements Master Core Bond Enhanced Index Series

The Effect of Derivative Instruments in the Statement of Operations Year Ended December 31, 2010
	Net Realized Gain (Loss) from
	Financial Futures Contracts			Swaps		Options**
Interest rate contracts	$	(1,117,682	)	$	3,527,038	$	(180,081	)
Other contracts		—			221,512		—
Total	$	(1,117,682	)	$	3,748,550	$	(180,081	)

	Net Change in Unrealized Appreciation/Depreciation on
	Financial Futures Contracts			Swaps			Options**
Interest rate contracts	$	(597,405	)	$	(3,864,610	)	$	101,125
Other contracts		—			(59,830	)		—
Total	$	(597,405	)	$	(3,924,440	)	$	101,125

** Options purchased are included in the realized gain (loss) from investments and net change in unrealized appreciation/depreciation on investments.

For the year ended December 31, 2010, the average quarterly balances of outstanding derivative financial instruments were as follows:

Financial futures contracts:
Average number of contracts purchased		177
Average number of contracts sold		139
Average notional value of contracts purchased	$	29,467,588
Average notional value of contracts sold	$	22,863,171
Options:
Average number of option contracts purchased		5
Average notional value of option contracts purchased	$	5,000
Average number of swaption contracts purchased		2
Average notional value of swaption contracts purchased	$	28,600,000
Interest rate swaps:
Average number of contracts-pays fixed rate		13
Average number of contracts-receives fixed rate		9
Average notional value-pays fixed rate	$	64,327,500
Average notional value-receives fixed rate	$	47,300,000
Total return swaps:
Average number of contracts		1
Average notional value	$	2,283,750

3. Investment Advisory Agreement and Other Transactions with Affiliates:

The PNC Financial Services Group, Inc. (“PNC”), Bank of America Corporation (“BAC”) and Barclays Bank PLC (“Barclays”) are the largest stockholders of BlackRock, Inc. (“BlackRock”). Due to the ownership structure, PNC is an affiliate of the Series for 1940 Act purposes, but BAC and Barclays are not.

The Master LLC, on behalf of the Series, entered into an Investment Advisory Agreement with BlackRock Advisors, LLC (the “Manager”), the Series’ investment advisor, an indirect, wholly owned subsidiary of BlackRock, to provide investment advisory and administration services. The Manager is responsible for the management of the Series’ portfolio and provides the necessary personnel, facilities, equipment and certain other services necessary to the operations of the Series. For such services, the Series pays the Manager a monthly fee at an annual rate of 0.01% of the Series’ average daily net assets. The Manager has entered into a contract with the Master LLC, on behalf of the Series, that provides that the aggregate investment advisory fees and administrative fees of the Series and a corresponding feeder, will not exceed a specified amount. No fees are currently being waived for the Series. The Manager has agreed not to reduce or discontinue this contractual waiver until May 1, 2011 unless approved by the Board, including a majority of the non-interested Directors.

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 through the Series’ investment in other affiliated investment companies, if any. This amount is shown as, or included in, fees waived by advisor in the Statement of Operations.

The Manager entered into a sub-advisory agreement with BlackRock Financial Management, Inc. (“BFM”), an affiliate of the Manager. The Manager pays BFM, for services it provides, a monthly fee that is a percentage of the investment advisory fees paid by the Series to the Manager.

For the year ended December 31, 2010, the Series reimbursed the Manager $3,557 for certain accounting services, which are included in accounting services in the Statement of Operations.

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

QUANTITATIVE MASTER SERIES LLC DECEMBER 31, 2010 21

Notes to Financial Statements Master Core Bond Enhanced Index Series

4. Investments:

Purchases and sales of investments including paydowns, mortgage dollar roll and TBA transactions and excluding short-term securities and US government securities for the year ended December 31, 2010, were $1,858,987,336 and $1,910,290,765, respectively.

Purchases and sales of US government securities for the year ended December 31 2010, were $726,140,324 and $746,521,032, respectively.

For the year ended December 31, 2010, purchases and sales of mortgage dollar rolls were $745,563,172 and $746,367,002, respectively.

5. Borrowings:

The Master LLC, on behalf of the Series, along with certain other funds managed by the Manager and its affiliates, was a party to a $500 million credit agreement with a group of lenders, which expired in November 2010. The Series may borrow under the credit agreement to fund investor withdrawals. Effective November 2009, the credit agreement had the following terms: 0.02% upfront fee on the aggregate commitment amount which was allocated to the Series based on its net assets as of October 31, 2009, a commitment fee of 0.10% per annum based on the Series’ pro rata share of the unused portion of the credit agreement and interest at a rate equal to the higher of (a) the one-month LIBOR plus 1.25% per annum and (b) the Fed Funds rate plus 1.25% per annum on amounts borrowed. In addition, the Series paid administration and arrangement fees which were allocated to the Series based on its net assets as of October 31, 2009. Effective November 2010, the credit agreement was renewed until November 2011 with the following terms: a commitment fee of 0.08% per annum based on the Series’ pro rata share of the unused portion of the credit agreement and interest at a rate equal to the higher of (a) the one-month LIBOR plus 1.00% per annum and (b) the Fed Funds rate plus 1.00% per annum on amounts borrowed. In addition, the Series paid administration and arrangement fees which were allocated to the Series based on its net assets as of October 31, 2010. The Series did not borrow under the credit agreement during the year ended December 31, 2010.

For the year ended December 31, 2010 the Series’ daily average amount of outstanding transactions considered as borrowings from treasury roll transactions was approximately $20,500,000 and the daily weighted average interest rate was 0.14%.

6. Concentration, Market and Credit Risk:

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

The Series invests a significant portion of its assets in securities backed by commercial or residential mortgage loans or in issuers that hold mortgage and other asset-backed securities. Please see the Schedule of Investments for these securities. Changes in economic conditions, including delinquencies and/or defaults on assets underlying these securities, can affect the value, income and/or liquidity of such positions.

7. 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.

22 QUANTITATIVE MASTER SERIES LLC DECEMBER 31, 2010

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Investors 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 Core Bond Enhanced Index Series, one of the portfolios constituting Quantitative Master Series LLC, (the “Master LLC”) as of December 31, 2010, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended. These financial statements and financial highlights are the responsibility of the Master LLC’s 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 Master LLC 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 Master LLC’s 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, 2010, 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 Core Bond Enhanced Index Series of Quantitative Master Series LLC as of December 31, 2010, 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

Princeton, New Jersey
February 28, 2011

QUANTITATIVE MASTER SERIES LLC DECEMBER 31, 2010 23

Officers and Directors
Name, Address and Year of Birth	Position(s) Held with Master LLC	Length of Time Served as a Director 2	Principal Occupation(s) During Past Five Years	Number of BlackRock – Advised Registered Investment Companies (“RICs”) Consisting of Investment Portfolios (“Portfolios”) Overseen	Public Directorships
Non-Interested Directors 1
Ronald W. Forbes 55 East 52nd Street New York, NY 10055 1940	Co-Chair of the Board and Director	Since 2007	Professor Emeritus of Finance, School of Business, State University of New York at Albany since 2000.	36 RICs consisting of 95 Portfolios	None
Rodney D. Johnson 55 East 52nd Street New York, NY 10055 1941	Co-Chair of the Board and Director	Since 2007	President, Fairmount Capital Advisors, Inc. since 1987; Director, Fox Chase Cancer Center since 2004; Member of the Archdiocesan Investment Committee of the Archdiocese of Philadelphia since 2004; Director, The Committee of Seventy (civic) since 2006.	36 RICs consisting of 95 Portfolios	None

24 QUANTITATIVE MASTER SERIES LLC DECEMBER 31, 2010

David O. Beim 55 East 52nd Street New York, NY 10055 1940	Director	Since 2007	Professor of Finance and Economics at the Columbia University Graduate School of Business since 1991; Trustee, Phillips Exeter Academy since 2002; Chairman, Wave Hill, Inc. (public garden and cultural center) from 1990 to 2006.	36 RICs consisting of 95 Portfolios	None
Dr. Matina S. Horner 55 East 52nd Street New York, NY 10055 1939	Director	Since 2007	Executive Vice President of Teachers Insurance and Annuity Association and College Retirement Equities Fund from 1989 to 2003.	36 RICs consisting of 95 Portfolios	NSTAR (electric and gas utility)

QUANTITATIVE MASTER SERIES LLC DECEMBER 31, 2010 25

Herbert I. London 55 East 52nd Street New York, NY 10055 1939	Director and Member of the Audit Committee	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, Hudson Institute (policy research organization) since 1997 and Trustee thereof since 1980; Chairman of the Board of Trustees for Grantham University since 2006; Director, InnoCentive, Inc. (strategic solutions company) since 2005; Director, Cerego, LLC (software development and design) since 2005.	36 RICs consisting of 95 Portfolios	AIMS Worldwide, Inc. (marketing)
Cynthia A. Montgomery 55 East 52nd Street New York, NY 10055 1952	Director	Since 2007	Professor, Harvard Business School since 1989; Director, Harvard Business School Publishing since 2005; Director, McLean Hospital since 2005.	36 RICs consisting of 95 Portfolios	Newell Rubbermaid, Inc. (manufacturing)
Joseph P. Platt 55 East 52nd Street New York, NY 10055 1947	Director	Since 2007	Director, The West Penn Allegheny Health System (a not-for-profit health	36 RICs consisting of 95 Portfolios	Greenlight Capital Re, Ltd. (reinsurance company); WQED Multi-Media

26 QUANTITATIVE MASTER SERIES LLC DECEMBER 31, 2010

			system) since 2008; Director, Jones and Brown (Canadian insurance broker) since 1998; General Partner, Thorn Partners, LP (private investment) since 1998; Partner, Amarna Corporation, LLC (private investment company) from 2002 to 2008.		(public broadcasting not-for-profit)
Robert C. Robb, Jr. 55 East 52nd Street New York, NY 10055 1945	Director	Since 2007	Partner, Lewis, Eckert, Robb and Company (management and financial consulting firm) since 1981.	36 RICs consisting of 95 Portfolios	None
Toby Rosenblatt 55 East 52nd Street New York, NY 10055 1938	Director	Since 2007	President, Founders Investments Ltd. (private investments) since 1999; Director, College Access Foundation of California (philanthropic foundation) since 2009; Director, Forward Management, LLC since 2007; Director, The James Irvine Foundation (philanthropic foundation) from 1998 to 2008.	36 RICs consisting of 95 Portfolios	A.P. Pharma, Inc. (specialty pharmaceuticals)

QUANTITATIVE MASTER SERIES LLC DECEMBER 31, 2010 27

Kenneth L. Urish
55 East 52^nd Street
New York, NY 10055
1951 Chair of the Audit Committee and Director Since 2007 Managing Partner, Urish Popeck & Co., LLC (certified public accountants and consultants) since 1976; Chairman Elect 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; Trustee, The Holy Family Foundation from 2001 to 2010; President and Trustee, Pittsburgh Catholic Publishing Associates from 2003 to 2008; Director, Inter-Tel from 2006 to 2007. 36 RICs consisting of 95 Portfolios None

28 QUANTITATIVE MASTER SERIES LLC DECEMBER 31, 2010

Frederick W. Winter
55 East 52^nd Street
New York, NY 10055
1945 Director and Member of the Audit Committee Since 2007 Professor and Dean Emeritus of the Joseph M. Katz School of Business, University of Pittsburgh since 2005 and Dean thereof from 1997 to 2005; Director, Alkon Corporation (pneumatics) since 1992; Director, Tippman Sports (recreation) since 2005; Director, Indotronix International (IT services) from 2004 to 2008. 36 RICs consisting of 95 Portfolios None

1

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

2

Date shown is the earliest date a person has served as a Director 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 Directors as joining the Master LLC board in 2007, each Director first became a member of the board of other legacy MLIM or legacy BlackRock Funds as follows: David O. Beim, 1998; Ronald W. Forbes, 1977; Dr. Matina S. Horner, 2004; Rodney D. Johnson, 1995; Herbert I. London, 1987; Cynthia A. Montgomery, 1994; Joseph P. Platt, 1999; Robert C. Robb, Jr., 1998; Toby Rosenblatt, 2005; Kenneth L. Urish, 1999; and Frederick W. Winter, 1999.

Interested Directors 1
Richard S. Davis 55 East 52nd Street New York, NY 10055 1945	Director	Since 2007	Managing Director, BlackRock, Inc. since 2005; Chief Executive Officer, State Street Research & Management Company from 2000 to 2005; Chairman of the Board of	169 RICs consisting of 289 Portfolios	None

QUANTITATIVE MASTER SERIES LLC DECEMBER 31, 2010 29

			Directors, State Street Research Mutual Funds from 2000 to 2005.
Henry Gabbay 55 East 52nd Street New York, NY 10055 1947	Director	Since 2007	Consultant, BlackRock, Inc. from 2007 to 2008; Managing Director, BlackRock, Inc. from 1989 to 2007; Chief Administrative Officer, BlackRock Advisors, LLC from 1998 to 2007; President of BlackRock Funds and 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.	169 RICs consisting of 289 Portfolios	None

¹ Mr. Davis is an “interested person” as defined in the 1940 Act of the Master LLC based on his position with BlackRock, Inc. and its affiliates. Mr. Gabbay is an “interested person” of the Master LLC based on his former positions with BlackRock, Inc. and its affiliates as well as his ownership of BlackRock, Inc. and The PNC Financial Services Group, Inc. Securities. Directors serve until their resignation, removal or death, or until December 31 of the year in which they turn 72.

30 QUANTITATIVE MASTER SERIES LLC DECEMBER 31, 2010

Name, Address and Year of Birth	Position(s) Held with the Master LLC	Length of Time Served	Principal Occupation(s) During Past Five Years
Master LLC Officers 1
John M. Perlowski 55 East 52nd Street New York, NY 10055 1964	President and Chief Executive Officer	Since 2010	Managing Director of BlackRock, Inc. since 2009; Global Head of BlackRock Fund Administration 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.
Brendan Kyne 55 East 52nd Street New York, NY 10055 1977	Vice President	Since 2009	Managing Director of BlackRock, Inc. since 2010; Director of BlackRock, Inc. from 2008 to 2009; Head of Product Development and Management for BlackRock’s U.S. Retail Group since 2009, co-head thereof from 2007 to 2009; Vice President of BlackRock, Inc. from 2005 to 2008.
Brian Schmidt 55 East 52nd Street New York, NY 10055 1958	Vice President	Since 2009	Managing Director of BlackRock, Inc. since 2004; Various positions with U.S. Trust Company from 1991 to 2003 including Director from 2001 to 2003 and Senior Vice President from 1998 to 2003; Vice President, Chief Financial Officer and Treasurer of Excelsior Funds, Inc., Excelsior Tax-Exempt Funds, Inc. and Excelsior Funds Trust from 2001 to 2003.
Neal Andrews 55 East 52nd Street New York, NY 10055 1966	Chief Financial Officer	Since 2007	Managing Director of BlackRock, Inc. since 2006; Senior Vice President and Line of Business Head of Fund Accounting and Administration at PNC Global Investment Servicing (U.S.) Inc. from 1992 to 2006.
Jay Fife 55 East 52nd Street New York, NY 10055 1970	Treasurer	Since 2007	Managing Director of BlackRock, Inc. since 2007 and Director in 2006; Assistant Treasurer of the Merrill Lynch Investment Managers, L.P. (“MLIM”) and Fund Asset Management, L.P. advised

QUANTITATIVE MASTER SERIES LLC DECEMBER 31, 2010 31

			funds from 2005 to 2006; Director of MLIM Fund Services Group from 2001 to 2006.
Brian Kindelan 55 East 52nd Street New York, NY 10055 1959	Chief Compliance Officer	Since 2007	Chief Compliance Officer of the BlackRock-advised funds since 2007; Managing Director and Senior Counsel of BlackRock, Inc. since 2005.
Ira Shapiro 55 East 52nd Street New York, NY 10055 1963	Secretary	Since 2010	Managing Director of BlackRock, Inc. since 2009; Managing Director and Associate General Counsel of Barclays Global Investors from 2008 to 2009; Principal thereof from 2004 to 2008.

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

Effective September 24, 2010, John M. Perlowski became President and Chief Executive Officer of the Master LLC.

Effective November 16, 2010, Ira Shapiro became Secretary of the Master LLC.

32 QUANTITATIVE MASTER SERIES LLC DECEMBER 31, 2010

Additional Information

Investment Advisor

BlackRock Advisors, LLC

Wilmington, DE 19809

Sub-Advisor

BlackRock Financial Management Inc.

New York, NY 10055

Custodian

State Street Bank and Trust Company

Boston, MA 02111

Accounting Agent

State Street Bank and Trust Company

Princeton, NJ 08540

Legal Counsel

Sidley Austin LLP

New York, NY 10019

Independent Registered Public Accounting Firm

Deliotte & Touche LLP

Princeton, NJ 08540

Address of the Series

100 Bellevue Parkway

Wilmington, DE 19809

Availability Of Quarterly Schedule of Investments

The Series files its complete schedule of portfolio holdings with the Securities and Exchange Commission (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, DC. Information on the operation of the Public Reference Room may be obtained by calling (800) SEC-0330. The Series’ Form N-Q may also be obtained upon request and without charge by calling (800) 441-7762.

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 (1) at http://www.blackrock.com or by calling (800) 441-7762 and (2) on the SEC’s website at http://www.sec.gov.

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.

QUANTITATIVE MASTER SERIES LLC DECEMBER 31, 2010 33

Master Enhanced International Series of Quantitative Master Series LLC

Annual Report, December 31, 2010

PORTFOLIO MANAGEMENT COMMENTARY

How did the Series perform?

• For the 12 months ended December 31, 2010, Master Enhanced International Series (the “Series”), a series of Quantitative Master Series LLC, returned 9.68%, outperforming its benchmark index, the Morgan Stanley Capital International Europe, Australasia, Far East (MSCI EAFE) Index, which returned 7.75% for the same period. Stock selection contributed positively, while stock-substitution strategies had a neutral impact.

• The return of the Series differs from the benchmark based on Series expenses.

Describe the market environment.

• In many ways, the market environment over the past 12 months can be described as occurring in three parts. The early months saw equity markets around the world move higher as they continued the 2009 asset recovery story, helped by continuing economic recovery and strong fourth quarter 2009 and first quarter 2010 corporate earnings. The middle months of 2010 saw a significant correction on the back of the Greek sovereign debt crisis and some worse-than-expected economic data, leading to fears of a double-dip recession. Nevertheless, after touching late summer lows, global markets experienced a very strong finish to the year as double-dip fears receded, economic data improved and additional quantitative easing measures were announced by the US Federal Reserve Board. Volatility levels remained high over the course of 2010, but most markets posted positive results for the year as a whole.

• International equities, as represented by the MSCI EAFE Index, advanced 7.75% over the past 12 months. Within international developed markets, Sweden (+33.8%) was the top performer, followed by Denmark (+30.7%) and Hong Kong (+23.2%). On the negative side, Greece (-44.9%) was the worst-performing market, followed by Spain (-22.0%) and Ireland (-18.1%). Emerging markets as a whole outperformed developed international equities, with the MSCI Emerging Markets Index advancing 18.88% for the year. Within emerging markets, the standout performers were Thailand (+55.7%), Peru (+53.3%) and Chile (+44.2%). On a global sector basis, most sectors experienced positive results for the year, with the two exceptions being utilities (-4.9%) and financials (-1.6%). The best performing sectors for all of 2010 were industrials (+20.4%) and consumer discretionary (+19.7%).

Describe recent portfolio activity.

• Over the course of the last year, we did not make any significant changes to our investment process. Throughout the period, as changes were made to the composition of the MSCI EAFE Index, the Series purchased and sold securities to maintain its objective of tracking the risks and return of the benchmark. We continued to use our quantitative stock-selection and stock-substitution strategies in an effort to generate returns above those offered by the Index. The Series typically has a cash position resulting from daily cash flows. The cash balance does not have an impact on the Series’ performance, as it is entirely invested in futures contracts on the benchmark index.

Describe portfolio positioning at period end.

• At period end, the Series continued to adopt a diversified approach to stock selection and remains positioned to match the risk characteristics of its benchmark index, irrespective of the market’s future direction.

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

QUANTITATIVE MASTER SERIES LLC DECEMBER 31, 2010 1

Portfolio Information as of December 31, 2010 Master Enhanced International Series

Geographic Allocation	Percent of Long-Term Investments
Japan		22	%
United Kingdom		21
France		9
Australia		9
Switzerland		8
Germany		8
Sweden		4
Hong Kong		3
Spain		3
Netherlands		3
Singapore		2
Other 1		8

1 Other includes a less than 1% holding in each of the following countries: Austria, Bermuda, Belgium, China, Denmark, Finland, Greece, Ireland, Israel, Italy, Luxembourg, Kazakhstan, New Zealand, Norway, Portugal and the United States.

Derivative Financial Instruments

The Series may invest in various derivative instruments, including financial futures contracts and foreign currency exchange contracts, as specified in Note 2 of the Notes to Financial Statements, which may constitute forms of economic leverage. Such instruments are used to obtain exposure to a market without owning or taking physical custody of securities or to hedge market, foreign currency exchange rate and/or equity risks. Such derivative instruments involve risks, including the imperfect correlation between the value of a derivative instrument and the underlying asset, possible default of the counterparty to the transaction or illiquidity of the derivative instrument. The Series’ ability to successfully use a derivative instrument depends on the investment advisor’s ability to accurately predict pertinent market movements, which cannot be assured. The use of derivative instruments may result in losses greater than if they had not been used, may require the Series to sell or purchase portfolio investments at inopportune times or for distressed values, may limit the amount of appreciation the Series can realize on an investment or may cause the Series to hold an investment that it might otherwise sell. The Series’ investments in these instruments are discussed in detail in the Notes to Financial Statements.

2 QUANTITATIVE MASTER SERIES LLC DECEMBER 31, 2010

Schedule of Investments December 31, 2010	Master Enhanced International Series
	(Percentages shown are based on Net Assets)

Common Stocks	Shares		Value
Australia — 8.1%
AGL Energy Ltd.		6,532	$	101,828
AXA Asia Pacific Holdings Ltd.		14,836		95,807
Aristocrat Leisure Ltd.		7,627		23,342
Australia & New Zealand Banking Group Ltd.		63,624		1,519,665
BHP Billiton Ltd.		49,456		2,299,755
Bendigo and Adelaide Bank Ltd.		24,261		247,071
Boral Ltd.		10,061		49,770
Brambles Ltd.		1		7
CSL Ltd.		5,753		213,564
Caltex Australia Ltd.		1,699		24,967
Cochlear Ltd.		819		67,420
Commonwealth Bank of Australia Ltd.		21,743		1,129,776
Energy Resources of Australia Ltd.		1,020		11,615
Fairfax Media Ltd.		185,520		266,023
Foster’s Group Ltd.		1		6
General Property Trust		134,425		404,765
Goodman Fielder Ltd.		19,365		26,650
Insurance Australia Group Ltd.		29,086		115,518
Leighton Holdings Ltd.		214		6,745
Lend Lease Group		7,571		66,849
MacArthur Coal Ltd.		2,486		32,642
National Australia Bank Ltd.		29,949		726,608
OZ Mineral Ltd.		48,328		85,355
OneSteel Ltd.		108,317		286,948
Orica Ltd.		20,338		518,671
Origin Energy Ltd.		5,971		101,808
QBE Insurance Group Ltd.		50,193		932,137
Qantas Airways Ltd. (a)		15,138		39,328
Rio Tinto Ltd.		13,723		1,201,681
Santos Ltd.		18,622		250,719
Sonic Healthcare Ltd.		372		4,422
Stockland		3,124		11,507
Suncorp Group Ltd.		17,951		158,082
Tabcorp Holdings Ltd.		9,530		69,296
Telstra Corp. Ltd.		31,433		89,676
Transurban Group		1		5
Wesfarmers Ltd., Ordinary Shares		13,976		457,843
Wesfarmers Ltd., Partially Protected Shares		19,155		633,609
Westfield Group		23,192		227,172
Westfield Retail Trust (a)		14,242		37,436
Westpac Banking Corp.		46,626		1,059,244
Woodside Petroleum Ltd.		5,661		246,596
				13,841,928

Common Stocks	Shares		Value
Austria — 0.5%
Erste Bank der Oesterreichischen Sparkassen AG		1,002	$	47,292
Immoeast AG NPV (a)		1		—
Immofinanz AG NPV (a)		16,123		—
OMV AG		1,738		72,432
Telekom Austria AG		51,748		729,385
Vienna Insurance Group		560		29,187
				878,296
Belgium — 1.0%
Anheuser-Busch InBev NV		21,946		1,253,976
Bekaert SA		214		24,557
Delhaize Group		39		2,884
Fortis		34,640		79,174
KBC Bancassurance Holding (a)		2,320		79,049
Nationale A Portefeuille		487		23,830
Solvay SA		1		107
Umicore SA		4,630		241,058
				1,704,635
Bermuda — 0.0%
SeaDrill Ltd.		1		34
China — 0.0%
Foxconn International Holdings Ltd. (a)		844		589
Denmark — 0.8%
A. P. Moller - Maersk A/S, Class A		82		722,414
A. P. Moller - Maersk A/S, Class B		10		90,536
Carlsberg A/S		4,200		421,577
Coloplast A/S, Class B		350		47,563
DSV A/S		64		1,419
Novo-Nordisk A/S, Class B		91		10,253
TrygVesta A/S		380		17,524
				1,311,286
Finland — 0.8%
Elisa Corp.		2,150		46,810
Fortum Oyj		6,860		206,921
Kesko Oyj, Class B		904		42,244
Kone Oyj, Class B		400		22,217
Metso Oyj		18		1,007
Nokia Oyj		64,106		664,063
Orion Oyj		1,279		28,001
Outokumpu Oyj		35		649
Sampo Oyj		4,150		110,969
Stora Enso Oyj, Class R		9,100		93,649
UPM-Kymmene Oyj		8,100		143,596

Portfolio Abbreviations

To simplify the listings of portfolio holdings in the Schedule of Investments, the names and descriptions of many of the securities have been abbreviated according to the following list:

EAFE	Europe, Australasia and the Far East
EUR	Euro
GBP	British Pound
JPY	Japanese Yen
MSCI	Morgan Stanley Capital International
SEK	Swedish Krona
USD	U.S. Dollar

See Notes to Financial Statements.
	QUANTITATIVE MASTER SERIES LLC	DECEMBER 31, 2010	3

Schedule of Investments (continued)	Master Enhanced International Series
	(Percentages shown are based on Net Assets)

Common Stocks	Shares		Value
Finland (concluded)
Wartsila Oyj		1,200	$	91,445
				1,451,571
France — 8.7%
Air France-KLM (a)		18,714		341,618
Air Liquide		3,658		463,156
Alcatel SA (a)		22,863		66,886
BNP Paribas SA		487		31,015
CNP Assurances		2,994		54,039
Cap Gemini SA		15,996		747,807
Carrefour SA		10,597		436,941
Casino Guichard Perrachon SA		7,487		730,538
Christian Dior SA		1,196		171,069
Cie Generale d’Optique Essilor International SA		6,672		429,883
Compagnie Generale de Geophysique SA (a)		61		1,862
Compagnie Generale des
Etablissements Michelin		1,136		81,549
Credit Agricole SA		27,536		350,140
Dassault Systemes SA		1,613		121,767
Edenred (a)		8,465		200,389
Eurazeo		276		20,480
European Aeronautic Defense and Space Co. (a)		1,373		32,039
Eutelsat Communications		1,214		44,461
Fonciere Des Regions		404		39,100
France Telecom SA		60		1,256
GDF Suez		14,657		526,409
Gecina SA		292		32,147
Groupe Danone		5,494		345,447
Hermes International		683		143,214
ICADE		293		29,919
Imerys SA		6,082		405,956
Ipsen		175		5,343
L’Oreal SA		4,376		486,575
LVMH Moet Hennessy Louis Vuitton SA		1,501		247,222
Lafarge SA		1,229		77,153
Lagardere S.C.A.		18,486		762,168
Legrand Promesses		5,611		228,873
M6-Metropole Television SA		694		16,812
Natixis (a)		90,338		422,580
Neopost SA		681		59,389
PagesJaunes Groupe SA		17,843		162,252
Peugeot SA (a)		4,847		184,171
Pinault-Printemps-Redoute		679		108,105
Publicis Groupe		4,498		234,712
Renault SA (a)		12,320		717,175
Safran SA		18,384		651,684
Sanofi-Aventis		16,619		1,065,457
Schneider Electric SA		2,553		382,787
Technip SA		8,127		751,207
Total SA		30,083		1,602,297
Unibail-Rodamco SE		548		108,503
Vinci SA		6,609		359,647
Vivendi SA		13,897		375,520
				14,858,719
Germany — 7.4%
Adidas-Salomon AG		4,568		297,144
Allianz AG, Registered Shares		5,592		664,417

Common Stocks	Shares		Value
Germany (concluded)
Axel Springer AG		224	$	36,519
BASF SE		10,546		841,602
Bayer AG		9,288		688,495
Bayerische Motoren Werke AG		12,202		961,359
Bayerische Motoren Werke AG, Preference Shares		502		25,811
Brenntag AG (a)		146		14,886
Celesio AG		11,037		275,048
Commerzbank AG (a)		11,520		85,764
Continental AG (a)		750		59,576
Daimler AG (a)		11,804		798,716
Deutsche Bank AG, Registered Shares		13,712		717,083
Deutsche Boerse AG		2,100		145,091
Deutsche Lufthansa AG (a)		1		22
Deutsche Telekom AG		30,733		396,185
E.ON AG		24,664		753,210
Fresenius AG		437		36,671
Fresenius AG, Preference Shares		1,146		98,184
Fresenius Medical Care AG		3,079		177,021
Hannover Rueckversicherung AG, Registered Shares		909		48,763
Henkel KGaA		4,298		221,602
Henkel KGaA, Preference Shares		13,183		817,369
Infineon Technologies AG (a)		56,938		530,736
Kabel Deutschland Holding AG (a)		265		12,427
Lanxess		416		32,709
MAN SE		415		49,429
Merck KGaA		609		48,757
Muenchener Rueckversicherungs AG, Registered Shares		2,663		403,324
ProSieben SAT.1 Media AG, Preference Shares		1,157		34,728
Qiagen NV (a)		4,160		81,648
RWE AG		4,150		277,178
SAP AG		1		51
Salzgitter AG		1,826		141,175
Siemens AG		12,396		1,535,550
ThyssenKrupp AG		4,028		167,343
United Internet AG		1,858		30,231
Volkswagen AG		521		73,899
Volkswagen AG, Preference Shares		5,821		946,429
Wacker Chemie AG		503		87,696
				12,613,848
Greece — 0.4%
Alpha Bank AE (a)		1,030		5,236
Bank of Cyprus Public Co. Ltd.		12,860		44,385
EFG Eurobank Ergasias SA (a)		1		5
OPAP SA		7,185		124,314
Piraeus Bank SA (a)		2,712		13,252
Public Power Corp.		31,715		456,099
				643,291
Hong Kong — 3.0%
AIA Group Ltd. (a)		110,400		310,344
BOC Hong Kong Holdings Ltd.		88,503		300,957
CLP Holdings Ltd.		15,000		121,796
Cathay Pacific Airways Ltd.		16,000		44,136
Cheung Kong Holdings Ltd.		23,000		354,464
Esprit Holdings Ltd.		17,700		84,197
Hang Lung Group Ltd.		12,007		78,888

See Notes to Financial Statements.
4	QUANTITATIVE MASTER SERIES LLC	DECEMBER 31, 2010

Schedule of Investments (continued)	Master Enhanced International Series
	(Percentages shown are based on Net Assets)

Common Stocks	Shares		Value
Hong Kong (concluded)
Hang Lung Properties Ltd.		15,000	$	70,110
Hang Seng Bank Ltd.		11,700		192,235
The Hong Kong & China Gas Ltd.		21,010		49,506
HongKong Electric Holdings Ltd.		3,000		18,912
Hopewell Holdings Ltd.		321		1,007
Hutchison Whampoa Ltd.		22,000		226,321
Kerry Properties Ltd.		11,500		59,873
Li & Fung Ltd.		42,000		243,685
Lifestyle International Holdings Ltd.		1		3
The Link Real Estate Investment Trust		34,000		105,568
MTR Corp.		500		1,820
Mongolia Energy Co. Ltd. (a)		1,352		403
New World Development Ltd.		40,000		75,048
Orient Overseas International Ltd.		159		1,541
SJM Holdings Ltd.		6,000		9,518
Sun Hung Kai Properties Ltd.		61,000		1,012,088
Swire Pacific Ltd., Class A		53,000		870,792
Television Broadcasts Ltd.		2,000		10,798
Wharf Holdings Ltd.		113,875		875,521
Wheelock and Co., Ltd.		14,000		56,611
Wynn Macau Ltd.		1		2
				5,176,144
Ireland — 0.4%
Bank of Ireland (a)		1		1
CRH Plc		31,701		659,270
Ryanair Holdings Plc		139		700
				659,971
Israel — 0.6%
Israel Chemicals Ltd.		6,882		117,866
The Israel Corp. Ltd. (a)		14		16,986
Israel Discount Bank Ltd. (a)		1		3
Teva Pharmaceutical Industries Ltd.		16,182		842,247
				977,102
Italy — 1.4%
Assicurazioni Generali SpA		8,795		167,454
Banca Monte dei Paschi di Siena SpA (a)		1		1
Banca Popolare di Milano Scrl		2,996		10,500
Enel Green Power SpA (a)		82,504		174,307
Enel SpA		60,043		300,878
Eni SpA		31,302		686,059
Exor SpA		1,044		34,458
Fiat SpA		4,794		99,145
Mediobanca SpA		822		7,332
Mediolanum SpA		2,640		10,905
Parmalat SpA		24,834		68,121
Saipem SpA		1,124		55,496
Telecom Italia SpA		30,178		39,155
Telecom Italia SpA, Non- Convertible Savings Shares		697,902		759,591
Terna SpA		16,707		70,611
				2,484,013
Japan — 20.4%
Acom Co., Ltd.		2,370		29,087
Advantest Corp.		100		2,248
Aeon Co., Ltd.		14,100		175,944
Aeon Credit Service Co., Ltd.		100		1,407

Common Stocks	Shares		Value
Japan (continued)
Aisin Seiki Co., Ltd.		2,800	$	98,662
All Nippon Airways Co., Ltd. (a)		11,000		40,936
Aozora Bank Ltd.		1,000		2,063
Asahi Breweries Ltd.		5,600		108,084
Asahi Kasei Corp.		27,000		175,626
Asics Corp.		2,000		25,599
Astellas Pharma, Inc.		4,600		174,825
The Bank of Yokohama Ltd.		23,000		118,601
Benesse Holdings, Inc.		1,100		50,611
Bridgestone Corp.		100		1,925
Brother Industries Ltd.		3,002		44,306
Canon Marketing Japan, Inc.		1,000		14,205
Canon, Inc.		17,100		878,346
Casio Computer Co., Ltd.		100		803
Central Japan Railway Co.		11		91,954
Chubu Electric Power Co., Inc.		13,500		331,402
The Chugoku Bank Ltd.		3,000		36,200
Chugoku Electric Power Co.		4,400		89,304
Chuo Mitsui Trust Holdings, Inc.		40,000		165,237
Citizens Holding Co., Ltd.		130		892
Credit Saison Co., Ltd.		100		1,632
Dai Nippon Printing Co., Ltd.		8,000		108,506
Dai-ichi Life Insurance Co.		488		789,766
Daiichi Sankyo Co., Ltd.		6,340		138,472
Daikin Industries Ltd.		3,400		120,107
Dainippon Pharma Co., Ltd.		2,000		18,141
Daito Trust Construction Co., Ltd.		1,100		75,177
Daiwa Securities Group, Inc.		39,000		200,055
Dena Co., Ltd.		1		36
Denso Corp.		10,300		354,102
Dentsu, Inc.		2,427		74,988
Diamond Lease Co., Ltd.		2,170		85,651
East Japan Railway Co.		6,639		430,799
Eisai Co., Ltd.		8,300		299,857
Fuji Electric Holdings Co., Ltd.		8,000		24,792
Fuji Media Holdings, Inc.		7		11,027
Fuji Photo Film Co., Ltd.		7,200		259,335
Fujitsu Ltd.		27,000		187,065
Fukuoka Financial Group, Inc.		5,454		23,608
The Gunma Bank Ltd.		14,000		76,633
Hino Motors Ltd.		4,000		21,564
The Hiroshima Bank Ltd.		7,000		29,440
Hitachi Chemical Co., Ltd.		1,400		28,853
Hitachi Construction Machinery Co., Ltd.		1,500		35,801
Hitachi Ltd.		67,000		355,714
Hitachi Metals Ltd.		474		5,666
Hokkaido Electric Power Co., Inc.		2,700		55,136
Hokuhoku Financial Group, Inc.		28,000		56,764
Hokuriku Electric Power		502		12,326
Honda Motor Co., Ltd.		23,800		939,357
Hoya Corp.		9,100		220,031
IHI Corp.		1,000		2,220
Inpex Corp.		47		274,451
Isetan Mitsukoshi Holdings Ltd.		100		1,159
Itochu Corp.		27,000		272,045
The Iyo Bank Ltd.		4,000		31,912
JFE Holdings, Inc.		21,045		729,679
JGC Corp.		3,000		65,021
JS Group Corp.		100		2,194
JSR Corp.		7,900		146,632
JX Holdings, Inc.		18,490		125,122
Jafco Co., Ltd.		400		11,565

See Notes to Financial Statements.
	QUANTITATIVE MASTER SERIES LLC	DECEMBER 31, 2010	5

Schedule of Investments (continued)	Master Enhanced International Series
	(Percentages shown are based on Net Assets)

Common Stocks	Shares		Value
Japan (continued)
Japan Petroleum Explora		400	$	15,169
Japan Retail Fund Investment Corp.		1		1,912
Japan Tobacco, Inc.		96		354,487
KDDI Corp.		52		299,870
Kamigumi Co., Ltd.		4,000		33,478
The Kansai Electric Power Co., Inc.		9,000		221,929
Kao Corp.		4,500		120,938
Kawasaki Heavy Industries Ltd.		2,000		6,703
Keyence Corp.		200		57,707
Kikkoman Corp.		3,000		33,524
Kinden Corp.		2,000		18,430
Kirin Holdings Co., Ltd.		10,000		139,861
Kobe Steel Ltd.		94,000		237,513
Komatsu Ltd.		17,450		525,190
Konami Corp.		1,400		29,621
Konica Minolta Holdings, Inc.		7,000		72,348
Kubota Corp.		21,000		197,843
Kuraray Co., Ltd.		10,000		142,749
Kyocera Corp.		4,200		426,709
Kyowa Hakko Kirin Co. Ltd.		5,000		51,350
Kyushu Electric Power Co., Inc.		5,300		118,656
Lawson, Inc.		1,100		54,303
MS&AD Insurance Group Holdings, Inc.		12,350		308,289
Makita Corp.		1,700		69,176
Marubeni Corp.		1,250		8,751
Marui Group Co., Ltd.		3,800		30,854
Matsui Securities Co., Ltd.		1,400		9,916
McDonald’s Holdings Co. Japan Ltd.		1		25
Medipal Holdings Corp.		100		1,100
Minebea Co., Ltd.		5,000		31,366
Mitsubishi Chemical Holdings Corp.		15,000		101,323
Mitsubishi Corp.		19,700		530,949
Mitsubishi Electric Corp.		39,000		407,522
Mitsubishi Heavy Industries Ltd.		24,000		89,844
Mitsubishi Materials Corp. (a)		100		318
Mitsubishi Motors Corp. (a)		1,006		1,458
Mitsubishi UFJ Financial Group, Inc.		293,012		1,579,956
Mitsui & Co., Ltd.		25,703		422,915
Mitsui Fudosan Co., Ltd.		6,000		119,242
Mitsui Mining & Smelting Co., Ltd.		8,000		26,311
Mitsumi Electric Co., Ltd.		1,200		21,930
Mizuho Financial Group, Inc.		635,673		1,192,443
Murata Manufacturing Co., Ltd.		700		48,864
NEC Corp.		38,000		113,696
NGK Insulators Ltd.		1,000		16,244
NKSJ Holdings, Inc. (a)		5,707		41,865
NSK Ltd.		7,000		62,953
NTT Data Corp.		18		62,075
NTT DoCoMo, Inc.		264		459,784
Namco Bandai Holdings, Inc.		2,800		30,013
Nikon Corp.		3,000		60,560
Nintendo Co., Ltd.		3,400		992,636
Nippon Electric Glass Co.		5,000		71,770
Nippon Express Co., Ltd.		12,000		53,891
Nippon Meat Packers, Inc.		3,000		39,090
Nippon Paper Group, Inc.		1,464		38,323
Nippon Steel Corp.		58,000		207,783

Common Stocks	Shares		Value
Japan (continued)
Nippon Telegraph & Telephone Corp.		9,866	$	449,276
The Nishi-Nippon City Bank Ltd.		35,000		105,862
Nissan Motor Co., Ltd.		47,900		453,127
Nissha Printing Co., Ltd.		500		13,220
Nisshin Steel Co., Ltd.		10,000		22,195
Nomura Holdings, Inc.		66,200		420,044
Nomura Research Institute Ltd.		1,600		35,544
ORIX Corp.		1,560		152,841
Obayashi Corp.		9,000		41,316
Oracle Corp. Japan		100		4,902
Oriental Land Co., Ltd.		700		64,745
Osaka Gas Co., Ltd.		3,000		11,629
Panasonic Corp.		36,000		508,277
Rakuten, Inc.		110		92,054
Resona Holdings, Inc.		77,799		463,735
Ricoh Co., Ltd.		3,000		43,743
Rohm Co., Ltd.		1,500		97,549
Sankyo Co., Ltd.		800		45,075
Santen Pharmaceutical Co., Ltd.		1,100		38,137
Sapporo Holdings Ltd.		13,000		58,719
Secom Co., Ltd.		3,500		165,378
Seiko Epson Corp.		100		1,815
Senshu Ikeda Holdings, Inc.		9,354		13,322
Seven & I Holdings Co., Ltd.		36		958
Seven Bank Ltd.		9		19,031
Sharp Corp.		24,000		246,285
Shikoku Electric Power Co., Inc.		4,200		123,367
Shimadzu Corp.		4,000		30,983
Shimamura Co., Ltd.		300		27,768
Shinsei Bank Ltd.		359,000		467,238
Shionogi & Co., Ltd.		4,000		78,828
Shiseido Co., Ltd.		6,100		132,836
The Shizuoka Bank Ltd.		21,000		193,093
Showa Denko KK		1,000		2,243
Showa Shell Sekiyu KK		7,800		71,266
Softbank Corp.		17,500		603,408
Sojitz Corp.		16,000		34,986
Sony Financial Holdings, Inc.		13		52,355
Square Enix Holdings Co., Ltd.		3		53
Stanley Electric Co., Ltd.		2,000		37,191
Sumitomo Chemical Co., Ltd.		14,000		68,726
Sumitomo Corp.		16,300		229,460
Sumitomo Electric Industries Ltd.		4,100		56,659
Sumitomo Metal Industries Ltd.		106,300		260,595
Sumitomo Metal Mining Co., Ltd.		10,000		174,181
Sumitomo Mitsui Financial Group, Inc.		9,147		323,869
Sumitomo Rubber Industries, Ltd.		100		1,040
Suruga Bank Ltd.		73,000		677,383
Suzuken Co., Ltd.		3,300		100,618
T&D Holdings, Inc.		50		1,261
TDK Corp.		600		41,542
Taiheiyo Cement Corp. (a)		12,000		15,314
Taisei Corp.		15,000		34,976
Takeda Pharmaceutical Co., Ltd.		24,100		1,183,933
Terumo Corp.		4,000		224,349
Tobu Railway Co., Ltd.		12,000		67,299
Tohoku Electric Power Co., Inc.		100		2,226
Tokio Marine Holdings, Inc.		14,233		422,826
The Tokyo Electric Power Co., Inc.		6,300		153,610

See Notes to Financial Statements.
6	QUANTITATIVE MASTER SERIES LLC	DECEMBER 31, 2010

Schedule of Investments (continued) Master Enhanced International Series
(Percentages shown are based on Net Assets)

Common Stocks	Shares		Value
Japan (concluded)
Tokyo Gas Co., Ltd.		45,000	$	199,272
Tokyo Steel Manufacturing Co., Ltd.		100		1,086
Tokyu Corp.		32,000		146,385
TonenGeneral Sekiyu KK		14,000		152,757
Toppan Printing Co., Ltd.		8,000		72,803
Toray Industries, Inc.		133,000		792,883
Toshiba Corp.		76,000		412,474
Tosoh Corp.		94,000		304,406
Toyo Seikan Kaisha Ltd.		100		1,894
Toyo Suisan Kaisha Ltd.		28,000		621,678
Toyoda Gosei Co., Ltd.		900		21,057
Toyota Boshoku Corp.		100		1,758
Toyota Motor Corp.		43,400		1,708,591
Trend Micro, Inc.		16,000		525,630
UNY Co., Ltd.		3,000		30,213
USS Co., Ltd.		10		816
Ushio, Inc.		1,500		28,482
West Japan Railway Co.		25		93,313
Yahoo! Japan Corp.		474		183,214
Yamada Denki Co., Ltd.		1,210		82,318
Yamaguchi Financial Group, Inc.		19,000		191,353
Yamaha Corp.		2,400		29,630
Yamaha Motor Co., Ltd. (a)		100		1,623
Yamato Transport Co., Ltd.		5,475		77,666
				34,919,756
Kazakhstan — 0.2%
Eurasian Natural Resources Corp.		18,163		298,679
Luxembourg — 0.5%
SES Global		3,534		84,154
Tenaris SA		33,309		816,891
				901,045
Netherlands — 2.6%
ASML Holding NV		8,183		313,836
Aegon NV (a)		22,465		137,524
Fugro NV		987		81,265
Heineken Holding NV		1,710		74,367
Heineken NV		17,372		852,040
ING Groep NV CVA (a)		106,695		1,040,889
Koninklijke Ahold NV		68,152		900,305
Koninklijke DSM NV		2,126		121,188
Koninklijke KPN NV		22,602		330,123
Koninklijke Philips Electronics NV		10,204		312,827
Koninklijke Vopak NV		885		41,841
Randstad Holdings NV (a)		1,527		80,700
STMicroelectronics NV		13,959		145,166
				4,432,071
New Zealand — 0.3%
Auckland International Airport Ltd.		44		75
Fletcher Building Ltd.		23,103		137,717
Sky City Ltd.		1		2
Telecom Corp. of New Zealand Ltd.		219,241		368,554
				506,348
Norway — 1.0%
Aker Solutions ASA		2,475		42,225
DnB NOR ASA		10,970		154,327
Orkla ASA		11,659		113,727
Statoil ASA		41,874		997,357
Common Stocks	Shares		Value
Norway (concluded)
Telenor ASA		12,500	$	203,692
Yara International ASA		2,875		167,350
				1,678,678
Portugal — 0.4%
Banco Espirito Santo SA, Registered Shares		1		4
Galp Energia SGPS SA		3,731		71,553
Jeronimo Martins SGPS SA		3,629		55,333
Portugal Telecom SGPS SA, Registered Shares		51,290		585,479
				712,369
Singapore — 1.5%
CapitaMalls Asia Ltd.		21,082		31,881
Cosco Corp. (Singapore) Ltd.		1,000		1,669
Fraser and Neave Ltd.		15,000		74,881
Jardine Cycle & Carriage Ltd.		3,000		85,540
Keppel Corp. Ltd.		98,000		864,710
Neptune Orient Lines Ltd. (a)		144,000		244,774
Oversea-Chinese Banking Corp.		134		1,032
Sembcorp Marine Ltd.		1,000		4,183
Singapore Airlines Ltd.		64,466		769,239
Singapore Telecommunications Ltd.		97,726		232,231
UOL Group Ltd.		7,000		25,937
Wilmar International Ltd.		40,000		175,848
Yangzijiang Shipbuilding Holdings Ltd.		21,957		32,698
				2,544,623
Spain — 3.0%
ACS Actividades de Construccion y Servicios SA		16,074		753,405
Acerinox SA		40,640		715,474
Amadeus IT Holding SA, Class A (a)		1,024		21,520
Banco de Sabadell SA		15,623		61,587
Banco Popular Espanol SA		1		5
Banco Santander SA		35,329		376,460
Bankinter SA		1		6
Corp. Mapfre SA		148,784		414,758
Criteria Caixacorp. SA		135,397		723,155
Ferrovial SA		208		2,077
Gamesa Corp. Tecnologica SA (a)		2,360		18,067
Iberdrola Renovables		1		4
Iberdrola SA		66,156		512,948
Iberia Lineas Aereas de Espana (a)		1		4
Inditex SA		11,708		876,385
Repsol YPF SA		10,567		295,914
Telefonica SA		12,806		292,361
				5,064,130
Sweden — 3.4%
Alfa Laval AB		2,992		63,170
Assa Abloy AB, Series B		5,509		155,402
Atlas Copco AB, Class A		2,540		64,118
Atlas Copco AB, Class B		2,736		61,936
CDON Group AB (a)		676		3,126
Hexagon AB		850		18,255
Industrivarden AB		1,782		31,264
Investor AB		37,800		808,854
Kinnevik Investment AB		5,343		108,811
Modern Times Group AB		676		44,786

See Notes to Financial Statements.
	QUANTITATIVE MASTER SERIES LLC	DECEMBER 31, 2010	7

Schedule of Investments (continued) Master Enhanced International Series
(Percentages shown are based on Net Assets)

Common Stocks	Shares		Value
Sweden (concluded)
Nordea Bank AB		34,004	$	369,720
Ratos AB		472		17,451
SKB AB		4,450		126,988
SSAB AB, Series A		1,119		18,860
SSAB AB, Series B		9,942		146,832
Sandvik AB		49,111		958,252
Scania AB		19,512		449,148
Securitas AB		3,124		36,582
Skandinaviska Enskilda Banken AB, Class A		15,998		133,571
Skanska AB, Class B		7,293		144,582
Svenska Cellulosa AB		8,537		134,789
Svenska Handelsbanken, Class A		5,010		160,147
Swedbank AB, A Shares (a)		6,313		88,277
Swedish Match AB		3,469		100,526
Tele2 AB		5,100		105,813
Telefonaktiebolaget LM Ericsson		38,022		440,630
TeliaSonera AB		5		40
Volvo AB, B Shares (a)		59,212		1,043,066
				5,834,996
Switzerland — 7.6%
ABB Ltd.		29,539		659,544
Actelion Ltd. (a)		9		493
Adecco SA, Registered Shares		5,320		348,882
Baloise Holding AG		5		486
Compagnie Financiere Richemont SA		6,942		408,216
Credit Suisse Group AG		20,210		813,957
GAM Holdings Ltd. (a)		3,134		51,804
Geberit AG		104		24,047
Givaudan SA		24		25,908
Holcim Ltd.		2,236		169,204
Julius Baer Group Ltd.		887		41,532
Kuehne & Nagel International AG		39		5,426
Lonza Group AG, Registered Shares		710		56,910
Nestle SA, Registered Shares		54,197		3,175,059
Nobel Biocare Holding AG		1,606		30,291
Novartis AG, Registered Shares		28,175		1,658,539
Pargesa Holding SA		373		31,637
Roche Holding AG		11,248		1,648,876
SGS SA		14		23,497
Schindler Holding AG		477		56,427
Schindler Holding AG, Registered Shares		321		38,421
Sonova Holding AG		1		129
Straumann Holding AG, Registered Shares		942		215,723
The Swatch Group Ltd., Bearer Shares		478		213,126
The Swatch Group Ltd., Registered Shares		8,658		698,603
Swiss Life Holding		460		66,347
Swiss Reinsurance Co., Registered Shares		3,031		162,604
Synthes, Inc.		125		16,872
Transocean Ltd. (a)		2,943		202,740
UBS AG (a)		55,784		915,899
Zurich Financial Services AG		4,711		1,219,992
				12,981,191
Common Stocks	Shares		Value
United Kingdom — 19.8%
ARM Holdings Plc		18,666	$	127,399
Admiral Group Plc		3,384		80,040
Aggreko Plc		3,684		85,246
Amec Plc		4,843		87,096
Anglo American Plc		815		42,635
Associated British Foods Plc		5,131		94,726
AstraZeneca Plc		34,569		1,575,460
Aviva Plc		11,309		69,515
BAE Systems Plc		17,286		89,036
BHP Billiton Plc		3,699		148,817
BP Plc		285,964		2,107,821
BT Group Plc		324,378		921,299
Balfour Beatty Plc		10,338		50,551
Barclays Plc		179,391		741,402
British Airways Plc (a)		7,734		32,966
British American Tobacco Plc		21,308		819,633
British Land Co. Plc		400		3,283
British Sky Broadcasting Plc		27,567		316,329
Burberry Group Plc		6,173		108,490
Cable & Wireless Communications Plc		112,252		85,347
Cable & Wireless Worldwide		1		1
Cairn Energy Plc (a)		7,194		47,229
Capital & Counties Properties Plc		80,062		188,110
Capital Shopping Centers Group Plc		2,339		15,256
Centrica Plc		71,773		371,877
Cobham Plc		1		3
Compass Group Plc		26,859		243,770
Diageo Plc		28,335		524,991
EnQuest Plc (a)		172,991		378,025
Essar Energy Plc (a)		1,716		15,575
Experian Group Ltd.		65,648		817,658
Firstgroup Plc		21,733		135,222
G4S Plc		37,694		149,531
GlaxoSmithKline Plc		19,093		370,267
HSBC Holdings Plc		261,584		2,673,418
Hammerson Plc		10,122		65,963
Home Retail Group		16,696		49,338
ITV Plc (a)		55,787		61,170
Imperial Tobacco Group Plc		7		215
Intercontinental Hotels Group Plc		3,611		70,537
International Power Plc		97,482		667,595
Intertek Group Plc		2,300		63,594
Invensys Plc		104,377		576,865
Investec Plc		31,248		257,429
J Sainsbury Plc		1		6
Johnson Matthey Plc		3,097		98,670
Kazakhmys Plc		22,960		582,826
Legal & General Group Plc		284,001		430,130
Lloyds TSB Group Plc (a)		992,114		1,024,159
Man Group Plc		25,454		118,027
National Grid Plc		59,717		516,148
Next Plc		21,721		670,848
Old Mutual Plc		76,022		146,396
Pearson Plc		52,485		827,117
Petrofac Ltd.		4,718		117,228
Reckitt Benckiser Plc		7,706		423,943
Rexam Plc		126,876		658,912
Rio Tinto Plc, Registered Shares		20,929		1,491,847
Rolls-Royce Group Plc (a)		2,131,392		3,323

See Notes to Financial Statements.
8	QUANTITATIVE MASTER SERIES LLC	DECEMBER 31, 2010

Schedule of Investments (continued) Master Enhanced International Series
(Percentages shown are based on Net Assets)

Common Stocks		Shares		Value
United Kingdom (concluded)
Royal & Sun Alliance Insurance Group		48,967	$	95,731
Royal Bank of Scotland Group Plc (a)		1		1
Royal Dutch Shell Plc		56,480		1,885,776
Royal Dutch Shell Plc, Class B		37,719		1,249,047
SABMiller Plc		13,558		477,636
Schroders Plc		352		10,207
Scottish & Southern Energy Plc		16,241		310,239
Serco Group Plc		77,549		673,203
Severn Trent Plc		32,255		745,727
Shire Ltd.		26,671		643,094
Smith & Nephew Plc		74,583		787,510
Standard Chartered Plc		57,240		1,545,227
Standard Life Plc		1		3
TUI Travel Plc		20,460		78,847
TalkTalk Telecom Group Plc		117,371		293,294
Tesco Plc		1		7
United Utilities Group Plc		1,687		15,608
Vedanta Resources Plc		8,323		328,354
Vodafone Group Plc		344,236		903,667
WPP Plc		9,049		111,869
The Weir Group Plc		1,041		28,922
William Morrison Supermarkets Plc		35,532		148,454
Wolseley Plc (a)		18,247		584,125
Xstrata Plc		20,743		491,529
				33,848,387
Total Common Stocks – 93.8%				160,323,700
Corporate Bonds	Par (000)
Japan — 0.1%
Mitsubishi Corp., 0.85%, 6/17/11 (b)(c)	JPY	5,000		113,557
Total Corporate Bonds – 0.1%				113,557
Investment Companies	Shares
United States — 0.9%
iShares MSCI EAFE Index Fund (d)(e)		27,052		1,575,238
Total Investment Companies – 0.9%				1,575,238
Warrants (f)
Italy — 0.0%
Mediobanca SpA (Expires 3/18/11)		783		6
Warrants (f)	Shares		Value
Italy (concluded)
Unione Di Banche Italiane ScpA (Expires 6/30/11)		3,377	$	14
Total Warrants – 0.0%				20
Total Long-Term Investments (Cost – $136,945,823) – 94.8%				162,012,515
Short-Term Securities
BlackRock Liquidity Funds, TempCash, Institutional Class, 0.18% (d)(g)		3,189,199		3,189,199
Total Short-Term Securities (Cost – $3,189,199) – 1.8%				3,189,199
Total Investments (Cost – $140,135,022*) – 96.6%				165,201,714
Other Assets Less Liabilities – 3.4%				5,758,261
Net Assets – 100.0%			$	170,959,975

* The cost and unrealized appreciation (depreciation) of investments as of December 31, 2010, as computed for federal income tax purposes, were as follows:

Aggregate cost	$	146,742,277
Gross unrealized appreciation	$	20,244,968
Gross unrealized depreciation		(1,785,531	)
Net unrealized appreciation	$	18,459,437

(a)	Non-income producing security.
(b)	Convertible security.
(c)	Represents a zero-coupon bond. Rate shown reflects the current yield as of report date.

See Notes to Financial Statements.
	QUANTITATIVE MASTER SERIES LLC	DECEMBER 31, 2010	9

Schedule of Investments (continued) Master Enhanced International Series

(d) Investments in companies considered to be an affiliate of the Series during the year, for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliate	Shares Held at December 31, 2009		Shares Purchased			Shares Sold			Shares Held at December 31, 2010		Value at December 31, 2010		Realized Loss			Income
BlackRock Liquidity Funds, TempCash, Institutional Class		3,052,766		136,433	1		—			3,189,199	$	3,189,199		—		$	3,204
iShares MSCI EAFE Index Fund		26,540		862			(350	)		27,052	$	1,575,238	$	(6,043	)	$	50,894
1 Represents net shares purchased.

(e)	All or a portion of security has been pledged as collateral in connection with open financial futures contracts.
(f)	Warrants entitle the Series to purchase a predetermined number of shares of common stock and are non-income producing. The purchase price and number of shares are subject to adjustment under certain conditions until the expiration date, if any.
(g)	Represents the current yield as of report date.

• Foreign currency exchange contracts as of December 31, 2010 were as follows:

Currency Purchased		Currency Sold		Counterparty	Settlement Date	Unrealized Depreciation
SEK	1,250,000	USD	186,047	Goldman Sachs Bank USA	1/05/11	$	(222	)
EUR	935,000	USD	1,300,298	Goldman Sachs Bank USA	1/13/11		(50,866	)
GBP	545,000	USD	860,815	Goldman Sachs Bank USA	1/13/11		(11,192	)
Total						$	(62,280	)

• Financial futures contracts purchased as of December 31, 2010 were as follows:

Contracts	Issue	Exchange	Expiration	Notional Value		Unrealized Appreciation (Depreciation)
4	Amsterdam Index	LIFFE	January 2011	$	376,770	$	2,528
10	OMXS30 Index	OMX Nordic Exchange Stockholm	January 2011	$	171,327		701
9	CAC40 10 Euro	LIFFE	March 2011	$	469,086		(10,505	)
3	DAX Index 25 Euro	Eurex	March 2011	$	706,350		(12,104	)
21	DJ Euro Stoxx 50	Eurex	March 2011	$	802,068		(18,002	)
17	FTSE 100 Index	LIFFE	March 2011	$	1,550,073		11,838
5	FTSE/MIB Index	Borsa	March 2011	$	692,194		(17,191	)
11	SPI 200 Index	Sydney	March 2011	$	1,340,010		(9,605	)
15	TOPIX Index	Tokyo	March 2011	$	1,636,433		18,943
Total						$	(33,397	)

• Fair Value Measurements - Various inputs are used in determining the fair value of investments and derivatives, which are as follows:

• Level 1 — price quotations in active markets/exchanges for identical assets and liabilities

• 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 derivatives)

The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For information about the Series’ policy regarding valuation of investments and derivatives and other significant accounting policies, please refer to Note 1 of Notes to Financial Statements.

See Notes to Financial Statements.
10	QUANTITATIVE MASTER SERIES LLC	DECEMBER 31, 2010

Schedule of Investments (concluded) Master Enhanced International Series

The following tables summarize the inputs used as of December 31, 2010 in determining the fair valuation of the Series’ investments and derivatives:

Valuation Inputs	Level 1		Level 2		Level 3		Total
Assets:
Investments in Securities:
Long-Term Investments:
Common Stocks:
Australia	$	195,518	$	13,646,410		—	$	13,841,928
Austria		—		878,296		—		878,296
Belgium		—		1,704,635		—		1,704,635
Bermuda		—		34		—		34
China		—		589		—		589
Denmark		—		1,311,286		—		1,311,286
Finland		—		1,451,571		—		1,451,571
France		200,389		14,658,330		—		14,858,719
Germany		51,405		12,562,443		—		12,613,848
Greece		—		643,291		—		643,291
Hong Kong		329,256		4,846,888		—		5,176,144
Ireland		—		659,971		—		659,971
Israel		—		977,102		—		977,102
Italy		174,307		2,309,706		—		2,484,013
Japan		—		34,919,756		—		34,919,756
Kazakhstan		—		298,679		—		298,679
Luxembourg		—		901,045		—		901,045
Netherlands		—		4,432,071		—		4,432,071
New Zealand		—		506,348		—		506,348
Norway		—		1,678,678		—		1,678,678
Portugal		—		712,369		—		712,369
Singapore		—		2,544,623		—		2,544,623
Spain		753,405		4,310,725		—		5,064,130
Sweden		3,126		5,831,870		—		5,834,996
Switzerland		493		12,980,698		—		12,981,191
United Kingdom		504,440		33,343,947		—		33,848,387
Corporate Bonds:
Japan		—		113,557		—		113,557
Investment Companies:
United States		1,575,238		—		—		1,575,238
Warrants:
Italy		20		—		—		20
Short-Term Securities		3,189,199		—		—		3,189,199
Total	$	6,976,796	$	158,224,918		—	$	165,201,714

	Derivative Financial Instruments1
Valuation Inputs	Level 1			Level 2			Level 3		Total
Assets:
Equity contracts	$	34,010			—			—	$	34,010
Liabilities:
Equity contracts		(67,407	)		—			—		(67,407	)
Foreign currency exchange contracts		—		$	(62,280	)		—		(62,280	)
Total	$	(33,397	)	$	(62,280	)		—	$	(95,677	)

¹ Derivative financial instruments are financial futures contracts and foreign currency exchange contracts. Financial futures contracts and foreign currency exchange contracts are shown at the unrealized appreciation/depreciation on the instrument.

See Notes to Financial Statements.
	QUANTITATIVE MASTER SERIES LLC	DECEMBER 31, 2010	11

Statement of Assets and Liabilities Master Enhanced International Series

December 31, 2010
Assets
Investments at value - unaffiliated (cost - $135,163,891)	$	160,437,277
Investments at value - affiliated (cost - $4,971,131)		4,764,437
Foreign currency at value (cost - $5,714,894)		5,848,769
Investments sold receivable		1,081,820
Dividends receivable		707,790
Receivable from advisor		29,083
Prepaid expenses		3,438
Total assets		172,872,614
Liabilities
Bank overdraft		638,482
Unrealized depreciation on foreign currency exchange contracts		62,280
Investments purchased payable		1,034,651
Margin variation payable		89,860
Withdrawals payable to investors		21,550
Other affiliates payable		738
Directors’ fees payable		126
Other accrued expenses payable		64,952
Total liabilities		1,912,639
Net Assets	$	170,959,975
Net Assets Consist of
Investors’ capital	$	145,827,101
Net unrealized appreciation/depreciation		25,132,874
Net Assets	$	170,959,975

See Notes to Financial Statements.
12	QUANTITATIVE MASTER SERIES LLC	DECEMBER 31, 2010

Statement of Operations Master Enhanced International Series

Year Ended December 31, 2010
Investment Income
Dividends - unaffiliated	$	4,936,385
Interest		7,449
Foreign taxes withheld		(360,605	)
Dividends - affiliated		54,098
Total income		4,637,327
Expenses
Investment advisory		15,390
Custodian		122,271
Pricing		76,387
Professional		64,249
Accounting services		34,668
Directors		6,799
Printing		5,952
Miscellaneous		11,143
Total expenses		336,859
Less fees waived and/or reimbursed by advisor		(153,654	)
Total expenses after fees waived and/or reimbursed		183,205
Net investment income		4,454,122
Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
Investments - unaffiliated		3,416,362
Investments - affiliated		(6,043	)
Financial futures contracts		148,110
Foreign currency transactions		1,091
		3,559,520
Net change in unrealized appreciation/depreciation on:
Investments		6,758,856
Financial futures contracts		(17,147	)
Foreign currency transactions		142,273
		6,883,982
Total realized and unrealized gain		10,443,502
Net Increase in Net Assets Resulting from Operations	$	14,897,624

See Notes to Financial Statements.
	QUANTITATIVE MASTER SERIES LLC	DECEMBER 31, 2010	13

Statements of Changes in Net Assets Master Enhanced International Series

	Year Ended December 31,
Increase (Decrease) in Net Assets:	2010			2009
Operations
Net investment income	$	4,454,122		$	4,006,225
Net realized gain (loss)		3,559,520			(17,868,426	)
Net change in unrealized appreciation/depreciation		6,883,982			45,101,995
Net increase in net assets resulting from operations		14,897,624			31,239,794
Capital Transactions
Proceeds from contributions		39,314,837			34,976,258
Value of withdrawals		(35,374,270	)		(33,255,521	)
Net increase in net assets derived from capital transactions		3,940,567			1,720,737
Net Assets
Total increase in net assets		18,838,191			32,960,531
Beginning of year		152,121,784			119,161,253
End of year	$	170,959,975		$	152,121,784

See Notes to Financial Statements.
14	QUANTITATIVE MASTER SERIES LLC	DECEMBER 31, 2010

Financial Highlights Master Enhanced International Series

	Year Ended December 31,
	2010			2009			2008			2007			2006
Total Investment Return
Total investment return		9.68	%		27.27	%		(41.13	)%		9.60	%		27.09	%
Ratios to Average Net Assets
Total expenses		0.22	%		0.33	%		0.25	%		0.19	%		0.27	%
Total expenses after fees waived and/or reimbursed		0.12	%		0.06	%		0.12	%		0.12	%		0.17	%
Net investment income		2.89	%		3.19	%		3.47	%		2.63	%		2.62	%
Supplemental Data
Net assets, end of year (000)	$	170,960		$	152,122		$	119,161		$	207,557		$	156,131
Portfolio turnover		95	%		105	%		146	%		126	%		145	%

See Notes to Financial Statements.
	QUANTITATIVE MASTER SERIES LLC	DECEMBER 31, 2010	15

Notes to Financial Statements Master Enhanced International Series

1. Organization and Significant Accounting Policies:

Master Enhanced International Series (the “Series”), a non-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 to issue non-transferable interests in the Master LLC, subject to certain limitations. The Board of Directors of the Master LLC is referred to throughout this report as the “Board of Directors” or the “Board.” The Series’ financial statements are prepared in conformity with accounting principles generally accepted in the United States of America, which may require management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates.

The following is a summary of significant accounting policies followed by the Series:

Valuation: The Series fair values its financial instruments at market value using independent dealers or pricing services under policies approved by the Board. Equity investments traded on a recognized securities exchange or the NASDAQ Global Market System (“NASDAQ”) are valued at the last reported sale price that day or the NASDAQ official closing price, if applicable. For equity investments traded on more than one exchange, the last reported sale price on the exchange where the stock is primarily traded is used. Equity investments traded on a recognized exchange for which there were no sales on that day are valued at the last available bid price. If no bid price is available, the prior day’s price will be used, unless it is determined that such prior day’s price no longer reflects the fair value of the security. Financial futures contracts traded on exchanges are valued at their last sale price. Investments in open-end registered investment companies are valued at net asset value each business day. Short-term securities with remaining maturities of 60 days or less may be valued at amortized cost, which approximates fair value.

The Series values its bond investments on the basis of last available bid prices or current market quotations provided by dealers or pricing services. In determining the value of a particular investment, pricing services may use certain information with respect to transactions in such investments, quotations from dealers, pricing matrixes, market transactions in comparable investments, various relationships observed in the market between investments and calculated yield measures based on valuation technology commonly employed in the market for such investments.

Securities and other assets and liabilities denominated in foreign currencies are translated into US dollars using exchange rates determined as of the close of business on the New York Stock Exchange (“NYSE”). Foreign currency exchange contracts are valued at the mean between the bid and ask prices and are determined as of the close of business on the NYSE. Interpolated values are derived when the settlement date of the contract is an interim date for which quotations are not available.

In the event that application of these methods of valuation results in a price for an investment which is deemed not to be representative of the market value of such investment or is not available, the investment will be valued in accordance with a policy approved by the Board as reflecting fair value (“Fair Value Assets”). When determining the price for Fair Value Assets, the investment advisor and/or the sub-advisor 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 investment advisor and/or sub-advisor deems relevant. The pricing of all Fair Value Assets is subsequently reported to the Board or a committee thereof.

Generally, trading in foreign instruments is substantially completed each day at various times prior to the close of business on the NYSE. Occasionally, events affecting the values of such instruments may occur between the foreign market close and the close of business on the NYSE that may not be reflected in the computation of the Series’ net assets. If events (for example, a company announcement, market volatility or a natural disaster) occur during such periods that are expected to materially affect the value of such instruments, those instruments may be Fair Value Assets and be valued at their fair value, as determined in good faith by the investment advisor using a pricing service and/or policies approved by the Board. Each business day, the Series uses a pricing service to assist with the valuation of certain foreign exchange-traded equity securities and foreign exchange-traded and over-the-counter (“OTC”) options (the “Systematic Fair Value Price”). Using current market factors, the Systematic Fair Value Price is designed to value such foreign securities and foreign options at fair value as of the close of business on the NYSE, which follows the close of the local markets.

Foreign Currency Transactions: The Series’ books and records are maintained in US dollars. Purchases and sales of investment securities are recorded at the rates of exchange prevailing on the date the transactions are entered into. Generally, when the US dollar rises in value against a foreign currency, the Series’ investments denominated in that currency will lose value because its currency is worth fewer US dollars; the opposite effect occurs if the US dollar falls in relative value.

The Series reports foreign currency related transactions as components of realized gain (loss) for financial reporting purposes, whereas such components are treated as ordinary income for federal income tax purposes.

Segregation and Collateralization: In cases in which the 1940 Act and the interpretive positions of the SEC require that the Series either delivers collateral or segregates assets in connection with certain investments (e.g., financial futures contracts or foreign currency exchange contracts), the Series will, consistent with SEC rules and/or certain interpretive letters issued by the SEC, segregate collateral or designate on its books and records cash or other liquid securities having a market value at least equal to the amount that would otherwise be required to be physically segregated. Furthermore, based on requirements and agreements with certain exchanges and third party broker-dealers, each party has requirements to deliver/deposit securities as collateral for certain investments.

Investment Transactions and Investment Income: For financial reporting purposes, investment transactions are recorded on the dates the transactions are entered into (the trade dates). Realized gains and losses on investment transactions are determined on the identified cost basis. Dividend income is recorded on the ex-dividend dates. Dividends from foreign securities where the ex-dividend date may have passed are subsequently recorded when the Series has determined the ex-dividend date. Under the applicable foreign tax laws, a withholding

16 QUANTITATIVE MASTER SERIES LLC DECEMBER 31, 2010

Notes to Financial Statements Master Enhanced International Series

tax at various rates may be imposed on capital gains, dividends and interest. 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. Interest income, including amortization and accretion of premiums and discounts on debt securities, is recognized on the accrual basis.

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

The Series files US federal and various state and local tax returns. No income tax returns are currently under examination. The statute of limitations on the Series’ US federal tax returns remains open for each of the four years ended December 31, 2010. The statutes of limitations on the Series’ state and local tax returns may remain open for an additional year depending upon the jurisdiction. Management does not believe there are any uncertain tax positions that require recognition of a tax liability.

Other: Expenses directly related to the Series are charged to that Series. Other operating expenses shared by several funds are pro rated among those funds on the basis of relative net assets or other appropriate methods. The Series has an arrangement with the custodian whereby fees may be reduced by credits earned on uninvested cash balances, which if applicable are shown as fees paid indirectly in the Statement of Operations. The custodian imposes fees on overdrawn cash balances, which can be offset by accumulated credits earned or may result in additional custody charges.

2. Derivative Financial Instruments:

The Series engages in various portfolio investment strategies using derivative contracts both to increase the return of the Series and to economically hedge, or protect, its exposure to certain risks such as equity risk and foreign currency exchange rate risk. These contracts may be transacted on an exchange or OTC.

Losses may arise if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument or if the counterparty does not perform under the contract. The Series’ maximum risk of loss from counterparty credit risk on OTC derivatives is generally the aggregate unrealized gain netted against any collateral pledged by/posted to the counterparty. For OTC options purchased, the Series bears the risk of loss in the amount of the premiums paid plus the positive change in market values net of any collateral received on the options should the counterparty fail to perform under the contracts. Options written by the Series do not give rise to counterparty credit risk, as options written obligate the Series to perform and not the counterparty. Counterparty risk related to exchange-traded financial futures contracts is deemed to be minimal due to the protection against defaults provided by the exchange on which these contracts trade.

The Series may mitigate counterparty risk by procuring collateral and through netting provisions included within an International Swaps and Derivatives Association, Inc. (“ISDA”) Master Agreement implemented between the Series and each of its respective counterparties. The ISDA Master Agreement allows the Series to offset with each separate counterparty certain derivative financial instrument’s payables and/or receivables with collateral held. The amount of collateral moved to/from applicable counterparties is generally based upon minimum transfer amounts of up to $500,000. To the extent amounts due to the Series from its counterparties are not fully collateralized contractually or otherwise, the Series bears the risk of loss from counterparty non-performance. See Note 1 “Segregation and Collateralization” for information with respect to collateral practices. In addition, the Series manages counterparty risk by entering into agreements only with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties.

Certain ISDA Master Agreements allow counterparties to OTC derivatives to terminate derivative contracts prior to maturity in the event the Series’ net assets decline by a stated percentage or the Series fails to meet the terms of its ISDA Master Agreements, which would cause the Series to accelerate payment of any net liability owed to the counterparty.

Financial Futures Contracts: The Series purchases 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) or foreign currencies (foreign currency exchange rate risk). Financial futures contracts are agreements between the Series and the 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, 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 settlement date. 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 margin variation and are recorded by the Series as unrealized gains or losses. 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 transactions involves the risk of an imperfect correlation in the movements in the price of financial futures contracts, interest rates and the underlying assets.

Foreign Currency Exchange Contracts: The Series enters into foreign currency exchange contracts as an economic hedge against either specific transactions or portfolio instruments or to obtain exposure to foreign currencies (foreign currency exchange rate risk). A foreign currency exchange contract is an agreement between two parties to buy and sell a currency at a set exchange rate on a future date. Foreign currency exchange contracts, when used by the Series, help to manage the overall exposure to the currency backing some of the investments held by the Series. The contract is marked-to-market daily and the change in market value is recorded by the Series as an unrealized gain or loss. When the contract is closed, the Series records a realized gain or loss equal to the difference between the value at the time it was opened and the value at the time it was closed. The use of foreign currency exchange contracts involves the risk that the value of a foreign currency exchange contract changes unfavorably due to movements in the value of the referenced foreign currencies and the risk that a counterparty to the contract does not perform its obligations under the agreement.

QUANTITATIVE MASTER SERIES LLC DECEMBER 31, 2010 17

Notes to Financial Statements Master Enhanced International Series

Derivative Instruments Categorized by Risk Exposure:
Fair Values of Derivative Instruments as of December 31, 2010
Asset Derivatives
	Statement of Assets and Liabilities Location		Value
Equity contracts	Net unrealized appreciation/depreciation*	$	34,010

Liability Derivatives
	Statement of Assets and Liabilities Location
Foreign currency exchange contracts	Unrealized depreciation on foreign currency exchange contracts	$	62,280
Equity contracts	Net unrealized appreciation/depreciation*		67,407
Total		$	129,687

* Includes cumulative appreciation/depreciation of financial futures contracts as reported in the Schedule of Investments. Only current day’s margin variation is reported within the Statement of Assets and Liabilities.

The Effect of Derivative Instruments on the Statement of Operations Year Ended December 31, 2010
Net Realized Gain from
	Financial Futures Contracts		Foreign Currency Transactions
Foreign currency exchange contracts		—	$	46,513
Equity Contracts	$	148,110		—
Total	$	148,110	$	46,513

Net Change in Unrealized Appreciation/Depreciation on
	Financial Futures Contracts			Foreign Currency Transactions
Foreign currency exchange contracts		—		$	(1,837	)
Equity Contracts	$	(17,147	)		—
Total	$	(17,147	)	$	(1,837	)

For the year ended December 31, 2010, the average quarterly balances of outstanding derivative financial instruments were as follows:

Financial futures contracts:
Average number of contracts purchased		116
Average notional value of contracts purchased	$	7,728,987
Foreign currency exchange contracts:
Average number of contracts - US dollars purchased		6
Average number of contracts–US dollars sold		5
Average US dollar amounts purchased	$	723,737
Average US dollar amounts sold	$	2,676,928

3. Investment Advisory Agreement and Other Transactions with Affiliates:

The PNC Financial Services Group, Inc. (“PNC”), Bank of America Corporation (“BAC”) and Barclays Bank PLC (“Barclays”) are the largest stockholders of BlackRock, Inc. (“BlackRock”). Due to the ownership structure, PNC is an affiliate of the Series for 1940 Act purposes, but BAC and Barclays are not.

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

The Manager has voluntarily agreed to waive and/or reimburse fees and expenses, excluding interest expense, dividend expense, acquired fund fees and expenses and certain other Series expenses, in order to limit expenses to 0.12% of the average daily value of the Series’ net assets. This voluntary waiver and/or reimbursement may be reduced or discontinued at any time. For the year ended December 31, 2010, the Manager waived $152,178, which is included in fees waived and/or reimbursed by advisor in the Statement of Operations.

The Manager voluntarily agreed to waive its 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 advisory fees by the amount of investment advisory fees paid through the Series’ investment in other affiliated investment companies, if any. For the year ended December 31, 2010, the Series waived $1,476, which is included in fees waived and/or reimbursed by advisor in the Statement of Operations.

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

18 QUANTITATIVE MASTER SERIES LLC DECEMBER 31, 2010

Notes to Financial Statements Master Enhanced International Series

For the year ended December 31, 2010, the Series reimbursed the Manager $2,867 for certain accounting services, which are included in accounting services in the Statement of Operations.

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

4. Investments:

Purchases and sales of investments, excluding short-term securities, for the year ended December 31, 2010, were $143,273,611 and $136,973,478, respectively.

5. Concentration, Market and Credit Risk:

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

The Series invests a substantial amount of its assets in issuers located in a single country or a limited number of countries. When the Series concentrates its investments in this manner, it assumes the risk that economic, political and social conditions in those countries may have a significant impact on their investment performance. Please see the Schedule of Investments for concentrations in specific countries.

As of December 31, 2010, the Series had the following industry classifications:

Industry	Percent of Long-Term Investments
Commercial Banks		12	%
Oil, Gas & Consumable Fuels		7
Pharmaceuticals		7
Other*		74

*All other industries held were each less than 5% of long-term investments.

6. Borrowings:

The Master LLC, on behalf of the Series, along with certain other funds managed by the Manager and its affiliates, is a party to a $500 million credit agreement with a group of lenders, which expired in November 2010. The Series may borrow under the credit agreement to fund investor withdrawals. Effective November 2009, the credit agreement had the following terms: 0.02% upfront fee on the aggregate commitment amount which was allocated to the Series based on its net assets as of October 31, 2009, a commitment fee of 0.10% per annum based on the Series’ pro rata share of the unused portion of the credit agreement and interest at a rate equal to the higher of (a) the one-month LIBOR plus 1.25% per annum and (b) the Fed Funds rate plus 1.25% per annum on amounts borrowed. In addition, the Series paid administration and arrangement fees which were allocated to the Series based on its net assets as of October 31, 2009. Effective November 2010, the credit agreement was renewed until November 2011 with the following terms: a commitment fee of 0.08% per annum based on the Series’ pro rata share of the unused portion of the credit agreement and interest at a rate equal to the higher of (a) the one-month LIBOR plus 1.00% per annum and (b) the Fed Funds rate plus 1.00% per annum on amounts borrowed. In addition, the Series paid administration and arrangement fees which were allocated to the Series based on its net assets as of October 31, 2010. The Series did not borrow under the credit agreement during the year ended December 31, 2010.

7. 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, 2010 19

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Investors 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 Enhanced International Series, one of the portfolios constituting Quantitative Master Series LLC, (the “Master LLC”) as of December 31, 2010, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended. These financial statements and financial highlights are the responsibility of the Master LLC’s 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 Master LLC 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 Master LLC’s 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, 2010, 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 Enhanced International Series of Quantitative Master Series LLC as of December 31, 2010, 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

Princeton, New Jersey
February 28, 2011

20 QUANTITATIVE MASTER SERIES LLC December 31, 2010

Officers and Directors

Name, Address and Year of Birth	Position(s) Held with Master LLC	Length of Time Served as a Director 2	Principal Occupation(s) During Past Five Years	Number of BlackRock – Advised Registered Investment Companies (“RICs”) Consisting of Investment Portfolios (“Portfolios”) Overseen	Public Directorships
Non-Interested
Directors 1
Ronald W. Forbes 55 East 52nd Street New York, NY 10055 1940	Co-Chair of the Board and Director	Since 2007	Professor Emeritus of Finance, School of Business, State University of New York at Albany since 2000.	36 RICs consisting of 95 Portfolios	None
Rodney D. Johnson 55 East 52nd Street New York, NY 10055 1941	Co-Chair of the Board and Director	Since 2007	President, Fairmount Capital Advisors, Inc. since 1987; Director, Fox Chase Cancer Center since 2004; Member of the Archdiocesan Investment Committee of the Archdiocese of Philadelphia since 2004; Director, The Committee of Seventy (civic) since 2006.	36 RICs consisting of 95 Portfolios	None
David O. Beim 55 East 52nd Street New York, NY 10055 1940	Director	Since 2007	Professor of Finance and Economics at the Columbia University Graduate School of Business since 1991; Trustee, Phillips Exeter Academy since 2002; Chairman, Wave Hill, Inc. (public garden and cultural center) from 1990 to 2006.	36 RICs consisting of 95 Portfolios	None

QUANTITATIVE MASTER SERIES LLC DECEMBER 31, 2010 21

Dr. Matina S. Horner 55 East 52nd Street New York, NY 10055 1939	Director	Since 2007	Executive Vice President of Teachers Insurance and Annuity Association and College Retirement Equities Fund from 1989 to 2003.	36 RICs consisting of 95 Portfolios	NSTAR (electric and gas utility)
Herbert I. London 55 East 52nd Street New York, NY 10055 1939	Director and Member of the Audit Committee	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, Hudson Institute (policy research organization) since 1997 and Trustee thereof since 1980; Chairman of the Board of Trustees for Grantham University since 2006; Director, InnoCentive, Inc. (strategic solutions company) since 2005; Director, Cerego, LLC (software development and design) since 2005.	36 RICs consisting of 95 Portfolios	AIMS Worldwide, Inc. (marketing)

22 QUANTITATIVE MASTER SERIES LLC DECEMBER 31, 2010

Cynthia A. Montgomery 55 East 52nd Street New York, NY 10055 1952	Director	Since 2007	Professor, Harvard Business School since 1989; Director, Harvard Business School Publishing since 2005; Director, McLean Hospital since 2005.	36 RICs consisting of 95 Portfolios	Newell Rubbermaid, Inc. (manufacturing)
Joseph P. Platt 55 East 52nd Street New York, NY 10055 1947	Director	Since 2007	Director, The West Penn Allegheny Health System (a not-for-profit health system) since 2008; Director, Jones and Brown (Canadian insurance broker) since 1998; General Partner, Thorn Partners, LP (private investment) since 1998; Partner, Amarna Corporation, LLC (private investment company) from 2002 to 2008.	36 RICs consisting of 95 Portfolios	Greenlight Capital Re, Ltd. (reinsurance company) ; WQED Multi-Media (public broadcasting not-for-profit)
Robert C. Robb, Jr. 55 East 52nd Street New York, NY 10055 1945	Director	Since 2007	Partner, Lewis, Eckert, Robb and Company (management and financial consulting firm) since 1981.	36 RICs consisting of 95 Portfolios	None

QUANTITATIVE MASTER SERIES LLC DECEMBER 31, 2010 23

Toby Rosenblatt
55 East 52^nd Street
New York, NY 10055
1938 Director Since 2007 President, Founders Investments Ltd. (private investments) since 1999; Director, CollegeAccess Foundation of California (philanthropic foundation) since 2009; Director, Forward Management, LLC since 2007; Director, The James Irvine Foundation (philanthropic foundation) from 1998 to 2008. 36 RICs consisting of 95 Portfolios A.P. Pharma, Inc. (specialty pharmaceuticals)

24 QUANTITATIVE MASTER SERIES LLC DECEMBER 31, 2010

Kenneth L. Urish
55 East 52^nd Street
New York, NY 10055
1951 Chair of the Audit Committee and Director Since 2007 Managing Partner, Urish Popeck & Co., LLC (certified public accountants and consultants) since 1976; Chairman Elect 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; Trustee, The Holy Family Foundation from 2001 to 2010; President and Trustee, Pittsburgh Catholic Publishing Associates from 2003 to 2008; Director, Inter-Tel from 2006 to 2007. 36 RICs consisting of 95 Portfolios None

QUANTITATIVE MASTER SERIES LLC DECEMBER 31, 2010 25

Frederick W. Winter
55 East 52^nd Street
New York, NY 10055
1945 Director and Member of the Audit Committee Since 2007 Professor and Dean Emeritus of the Joseph M. Katz School of Business, University of Pittsburgh since 2005 and Dean thereof from 1997 to 2005; Director, Alkon Corporation (pneumatics) since 1992; Director, Tippman Sports (recreation) since 2005; Director, Indotronix International (IT services) from 2004 to 2008. 36 RICs consisting of 95 Portfolios None

1

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

2

Date shown is the earliest date a person has served as a Director 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 Directors as joining the Master LLC board in 2007, each Director first became a member of the board of other legacy MLIM or legacy BlackRock Funds as follows: David O. Beim, 1998; Ronald W. Forbes, 1977; Dr. Matina S. Horner, 2004; Rodney D. Johnson, 1995; Herbert I. London, 1987; Cynthia A. Montgomery, 1994; Joseph P. Platt, 1999; Robert C. Robb, Jr., 1998; Toby Rosenblatt, 2005; Kenneth L. Urish, 1999; and Frederick W. Winter, 1999.

26 QUANTITATIVE MASTER SERIES LLC DECEMBER 31, 2010

Interested Directors 1
Richard S. Davis 55 East 52nd Street New York, NY 10055 1945	Director	Since 2007	Managing Director, BlackRock, Inc. since 2005; Chief Executive Officer, State Street Research & Management Company from 2000 to 2005; Chairman of the Board of Directors, State Street Research Mutual Funds from 2000 to 2005.	169 RICs consisting of 289 Portfolios	None
Henry Gabbay 55 East 52nd Street New York, NY 10055 1947	Director	Since 2007	Consultant, BlackRock, Inc. from 2007 to 2008; Managing Director, BlackRock, Inc. from 1989 to 2007; Chief Administrative Officer, BlackRock Advisors, LLC from 1998 to 2007; President of BlackRock Funds and 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.	169 RICs consisting of 289 Portfolios	None

¹ Mr. Davis is an “interested person” as defined in the 1940 Act, of the Master LLC based on his position with BlackRock, Inc. and its affiliates. Mr. Gabbay is an “interested person” of the Master LLC based on his former positions with BlackRock, Inc. and its affiliates as well as his ownership of BlackRock, Inc. and The PNC Financial Services Group, Inc. securities. Directors serve until their resignation, removal or death, or until December 31 of the year in which they turn 72.

QUANTITATIVE MASTER SERIES LLC DECEMBER 31, 2010 27

Name, Address and Year of Birth	Position(s) Held with the Master LLC	Length of Time Served	Principal Occupation(s) During Past Five Years
Master LLC Officers 1
John M. Perlowski 55 East 52nd Street New York, NY 10055 1964	President and Chief Executive Officer	Since 2010	Managing Director of BlackRock, Inc. since 2009; Global Head of BlackRock Fund Administration 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.
Brendan Kyne 55 East 52nd Street New York, NY 10055 1977	Vice President	Since 2009	Managing Director of BlackRock, Inc. since 2010; Director of BlackRock, Inc. from 2008 to 2009; Head of Product Development and Management for BlackRock’s U.S. Retail Group since 2009, co-head thereof from 2007 to 2009; Vice President of BlackRock, Inc. from 2005 to 2008.
Brian Schmidt 55 East 52nd Street New York, NY 10055 1958	Vice President	Since 2009	Managing Director of BlackRock, Inc. since 2004; Various positions with U.S. Trust Company from 1991 to 2003 including Director from 2001 to 2003 and Senior Vice President from 1998 to 2003; Vice President, Chief Financial Officer and Treasurer of Excelsior Funds, Inc., Excelsior Tax-Exempt Funds, Inc. and Excelsior Funds Trust from 2001 to 2003.
Neal Andrews 55 East 52nd Street New York, NY 10055 1966	Chief Financial Officer	Since 2007	Managing Director of BlackRock, Inc. since 2006; Senior Vice President and Line of Business Head of Fund Accounting and Administration at PNC Global Investment Servicing (U.S.) Inc. from 1992 to 2006.
Jay Fife 55 East 52nd Street New York, NY 10055 1970	Treasurer	Since 2007	Managing Director of BlackRock, Inc. since 2007 and Director in 2006; Assistant Treasurer of the Merrill Lynch Investment Managers, L.P. (“MLIM”) and Fund Asset Management, L.P. advised funds from 2005 to 2006; Director of MLIM Fund Services Group from 2001 to 2006.

28 QUANTITATIVE MASTER SERIES LLC DECEMBER 31, 2010

Brian Kindelan 55 East 52nd Street New York, NY 10055 1959	Chief Compliance Officer	Since 2007	Chief Compliance Officer of the BlackRock-advised funds since 2007; Managing Director and Senior Counsel of BlackRock, Inc. since 2005.
Ira Shapiro 55 East 52nd Street New York, NY 10055 1963	Secretary	Since 2010	Managing Director of BlackRock, Inc. since 2009; Managing Director and Associate General Counsel of Barclays Global Investors from 2008 to 2009; Principal thereof from 2004 to 2008.

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

Effective September 24, 2010, John M. Perlowski became President and Chief Executive Officer of the Master LLC.

Effective November 16, 2010, Ira Shapiro became Secretary of the Master LLC.

QUANTITATIVE MASTER SERIES LLC DECEMBER 31, 2010 29

Additional Information

Investment Advisor
BlackRock Advisors, LLC
Wilmington, DE 19809

Sub-Advisor
BlackRock Investment Management, LLC
Plainsboro, NJ 08536

Custodian
State Street Bank and Trust Company
Boston, MA 02111

Accounting Agent
State Street Bank and Trust Company
Princeton, NJ 08540

Legal Counsel
Sidley Austin LLP
New York, NY 10019

Independent Registered Public Accounting Firm
Deliotte & Touche LLP
Princeton, NJ 08540

Address of the Series
100 Bellevue Parkway
Wilmington, DE 19809

Availability Of Quarterly Schedule of Investments

The Series files its complete schedule of portfolio holdings with the Securities and Exchange Commission (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, DC. Information on the operation of the Public Reference Room 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 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 (1) at http://www.blackrock.com or by calling (800) 441-7762 and (2) on the SEC’s website at http://www.sec.gov.

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.

30 QUANTITATIVE MASTER SERIES LLC DECEMBER 31, 2010

Master Enhanced S&P 500 Series of Quantitative Master Series LLC
Annual Report, December 31, 2010

PORTFOLIO MANAGEMENT COMMENTARY

How did the Series perform?

• For the 12 months ended December 31, 2010, the Master Enhanced S&P 500 Series (the “Series”), a Series of Quantitative Master Series LLC returned 15.88%, outperforming the benchmark Standard & Poor’s (S&P) 500 Index, which returned 15.06% for the same period. Positive performance resulted from both our stock-substitution strategies and stock-selection strategies.

• The return for the Series differs from the benchmark based on series expenses.

Describe the market environment.

• In many ways, the market environment over the past twelve months can be described as occurring in three parts. The early months saw US equity markets move higher as they continued the 2009 asset recovery story, helped by continuing economic recovery and strong fourth quarter 2009 and first quarter 2010 corporate earnings. The middle months of 2010 saw a significant correction on the back of the Greek sovereign debt crisis and some worse-than-expected economic data (particularly on the jobs front), leading to fears of a double-dip recession. Nevertheless, after touching late summer lows, US markets experienced a very strong finish to the year as double-dip fears receded, economic data improved and additional quantitative easing measures were announced by the US Federal Reserve Board. Volatility levels remained high over the course of 2010, but US stocks posted positive results for the year as a whole.

• For all of 2010, the Dow Jones Industrial Average gained 14.06% and, in the process, moved past the levels last seen before the collapse of Lehman Brothers in late 2008. For its part, the S&P 500 Index advanced 15.06%, while the Nasdaq Composite moved up 18.02%.

• Within the benchmark S&P 500 Index, all 10 sectors recorded positive returns for the period. Consumer discretionary (+27.6%), industrials (+26.7%) and materials (+22.2%) were the best-performing sectors while health care (+2.9%), utilities (+5.5%) and information technology (+10.2%) were the worst.

Describe recent portfolio activity.

• Over the course of the last year, we did not make any significant changes to our investment process. Throughout the period, as changes were made to the composition of the S&P 500 Index, the Series purchased and sold securities to maintain its objective of tracking the risks and return of the benchmark index. We continued to use our quantitative stock-selection and stock-substitution strategies in an effort to generate returns above those offered by the Index.

Describe portfolio positioning at period-end.

At period end, the Series continued to adopt a diversified approach to stock selection and remains positioned to match the risk characteristics of its benchmark index, irrespective of the market’s future direction.

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

QUANTITATIVE MASTER SERIES LLC DECEMBER 31, 2010 1

Portfolio Information as of December 31, 2010 Master Enhanced S&P 500 Series

Sector Allocation	Percent of Long-Term Investments
Information Technology		18	%
Financials		17
Energy		12
Health Care		12
Consumer Staples		11
Industrials		10
Consumer Discretionary		10
Utilities		4
Materials		3
Telecommunication Services		3

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 rating group indexes, and/or as defined by Series management. This definition may not apply for purposes of this report, which may combine sector sub-classifications for reporting ease.

Derivative Financial Instruments

The Series may invest in various derivative instruments, including financial futures contracts, as specified in Note 2 of the Notes to Financial Statements, which constitute forms of economic leverage. Such instruments are used to obtain exposure to a market without owning or taking physical custody of securities or to hedge market and/or equity risks. Such derivative instruments involve risks, including the imperfect correlation between the value of a derivative instrument and the underlying asset, possible default of the counterparty to the transaction or illiquidity of the derivative instrument. The Series’ ability to successfully use a derivative instrument depends on the investment advisor’s ability to accurately predict pertinent market movements, which cannot be assured. The use of derivative instruments may result in losses greater than if they had not been used, may require the Series to sell or purchase portfolio investments at inopportune times or for distressed values, may limit the amount of appreciation the Series can realize on an investment or may cause the Series to hold an investment that it might otherwise sell. The Series’ investments in these instruments are discussed in detail in the Notes to Financial Statements.

2 QUANTITATIVE MASTER SERIES LLC DECEMBER 31, 2010

Schedule of Investments December 31, 2010 Master Enhanced S&P 500 Series
(Percentages shown are based on Net Assets)

Common Stocks	Shares		Value
Aerospace & Defense — 2.2%
General Dynamics Corp.		8,372	$	594,077
Honeywell International, Inc.		36,170		1,922,797
ITT Corp.		29,100		1,516,401
L-3 Communications Holdings, Inc.		12,600		888,174
Lockheed Martin Corp.		44,950		3,142,454
Northrop Grumman Corp.		42,600		2,759,628
Precision Castparts Corp.		6,100		849,181
Raytheon Co.		81,484		3,775,969
Rockwell Collins, Inc.		31,830		1,854,416
United Technologies Corp.		96,185		7,571,683
				24,874,780
Air Freight & Logistics — 0.4%
Expeditors International Washington, Inc.		29,900		1,632,540
FedEx Corp.		1,700		158,117
United Parcel Service, Inc., Class B		35,350		2,565,703
				4,356,360
Airlines — 0.4%
Southwest Airlines Co.		334,300		4,339,214
Automobiles — 0.7%
Ford Motor Co. (a)		291,748		4,898,449
Harley-Davidson, Inc.		95,400		3,307,518
				8,205,967
Beverages — 2.7%
The Coca-Cola Co.		203,735		13,399,651
Coca-Cola Enterprises Inc.		11,700		292,851
Constellation Brands, Inc., Class A (a)		153,700		3,404,455
Dr. Pepper Snapple Group, Inc.		87,400		3,072,984
Molson Coors Brewing Co., Class B		24		1,205
PepsiCo, Inc.		156,580		10,229,371
				30,400,517
Biotechnology — 1.7%
Amgen, Inc. (a)(b)		162,960		8,946,504
Biogen Idec, Inc. (a)		77,010		5,163,520
Celgene Corp. (a)		4		237
Cephalon, Inc. (a)		42,900		2,647,788
Genzyme Corp. (a)		33,470		2,383,064
				19,141,113
Building Products — 0.1%
Masco Corp.		46,671		590,855
Capital Markets — 2.7%
Ameriprise Financial, Inc.		22,200		1,277,610
The Bank of New York Mellon Corp.		65,634		1,982,147
Franklin Resources, Inc.		49,950		5,554,939
The Goldman Sachs Group, Inc.		66,430		11,170,869
Common Stocks	Shares		Value
Capital Markets (concluded)
Invesco Ltd.		164,000	$	3,945,840
Janus Capital Group, Inc.		16,400		212,708
Legg Mason, Inc.		13,700		496,899
State Street Corp.		28		1,298
T. Rowe Price Group, Inc.		82,500		5,324,550
				29,966,860
Chemicals — 1.7%
Air Products & Chemicals, Inc.		16,376		1,489,397
Airgas, Inc.		7,500		468,450
CF Industries Holdings, Inc.		3,200		432,480
E.I. du Pont de Nemours & Co.		82,457		4,112,955
Eastman Chemical Co.		44,075		3,705,826
Ecolab, Inc.		88,735		4,474,019
International Flavors & Fragrances, Inc.		3,954		219,803
Monsanto Co.		16,068		1,118,975
PPG Industries, Inc.		14,600		1,227,422
Potash Corp. of Saskatc hewan, Inc.		4,854		751,545
The Sherwin-Williams Co.		7,280		609,700
				18,610,572
Commercial Banks — 2.8%
BB&T Corp.		22,513		591,867
Banco Santander Central Hispano SA - ADR		34		362
Fifth Third Bancorp		71,200		1,045,217
Huntington Bancshares, Inc.		77,200		530,364
KeyCorp		78,700		696,495
M&T Bank Corp.		10,648		926,908
Marshall & Ilsley Corp.		47,000		325,240
The PNC Financial Services Group, Inc. (c)		15,798		959,255
Royal Bank of Canada		5		262
SunTrust Banks, Inc.		138,100		4,075,331
U.S. Bancorp		148,954		4,017,289
Wells Fargo & Co.		571,832		17,721,074
				30,889,664
Commercial Services & Supplies — 0.7%
Cintas Corp.		147,300		4,118,508
R.R. Donnelley & Sons Co.		183,900		3,212,733
Republic Services, Inc., Class A		21,022		627,717
				7,958,958
Communications Equipment — 2.0%
Cisco Systems, Inc. (a)		413,128		8,357,579
CommScope, Inc. (a)		55,890		1,744,886
Harris Corp.		25,200		1,141,560

Portfolio Abbreviations

To simplify the listings of portfolio holdings in the Schedule of Investments, the names and descriptions of many of the securities have been abbreviated according to the following list:

ADR	American Depositary Receipts
SPDR	Standard & Poor’s Depositary Receipts

See Notes to Financial Statements.
QUANTITATIVE MASTER SERIES LLC	DECEMBER 31, 2010	3

Schedule of Investments (continued) Master Enhanced S&P 500 Series
(Percentages shown are based on Net Assets)

Common Stocks	Shares		Value
Communications Equipment (concluded)
Juniper Networks, Inc. (a)		46,800	$	1,727,856
Motorola, Inc. (a)		261,500		2,371,805
QUALCOMM, Inc.		144,800		7,166,152
				22,509,838
Computers & Peripherals — 4.4%
Apple, Inc. (a)		85,050		27,433,728
EMC Corp. (a)		216,621		4,960,621
Hewlett-Packard Co.		241,174		10,153,425
Lexmark International, Inc., Class A (a)		7,000		243,740
NetApp, Inc. (a)		82,400		4,528,704
SanDisk Corp. (a)		21,000		1,047,060
Western Digital Corp. (a)		33,400		1,132,260
				49,499,538
Construction & Engineering — 0.4%
Fluor Corp.		63,000		4,174,380
Consumer Finance — 1.2%
American Express Co.		184,866		7,934,449
Capital One Financial Corp.		102,844		4,377,040
Discover Financial Services, Inc.		48,800		904,264
				13,215,753
Containers & Packaging — 0.1%
Ball Corp.		7,900		537,595
Sealed Air Corp.		14,600		371,570
				909,165
Distributors — 0.1%
Genuine Parts Co.		15,300		785,502
Diversified Consumer Services — 0.0%
Apollo Group, Inc., Class A (a)		400		15,796
H&R Block, Inc.		2,368		28,203
				43,999
Diversified Financial Services — 4.1%
Bank of America Corp. (b)		902,714		12,042,205
CME Group, Inc.		4,282		1,377,733
Citigroup, Inc. (a)		3,144,220		14,872,161
JPMorgan Chase & Co.		334,763		14,200,646
Moody’s Corp.		600		15,924
NYSE Euronext		97,700		2,929,046
				45,437,715
Diversified Telecommunication Services — 2.6%
AT&T Inc. (b)		530,835		15,595,932
CenturyLink, Inc.		16,404		757,373
Frontier Communications Corp.		126,415		1,230,018
Qwest Communications International, Inc.		308,500		2,347,685
Verizon Communications, Inc.		221,170		7,913,463
Windstream Corp.		102,208		1,424,779
				29,269,250
Electric Utilities — 0.9%
Duke Energy Corp.		43		766
Edison International		1,500		57,900
Entergy Corp.		5,050		357,692
Exelon Corp.		164,524		6,850,779
Common Stocks	Shares		Value
Electric Utilities (concluded)
Progress Energy, Inc.		28,887	$	1,256,007
The Southern Co.		49,675		1,899,075
				10,422,219
Electrical Equipment — 1.0%
Babcock & Wilcox Co. (a)		77,894		1,993,307
Baldor Electric Co.		8,324		524,745
Emerson Electric Co.		69,550		3,976,174
Rockwell Automation, Inc.		66,700		4,783,057
				11,277,283
Electronic Equipment, Instruments & Components — 0.3%
Jabil Circuit, Inc.		133,240		2,676,792
L-1 Identity Solutions, Inc. (a)		441		5,252
Molex, Inc.		18,473		419,706
				3,101,750
Energy Equipment & Services — 1.4%
Baker Hughes, Inc.		19,896		1,137,454
Cameron International Corp. (a)		3,675		186,433
FMC Technologies, Inc. (a)		4,200		373,422
Halliburton Co.		46,050		1,880,222
Helmerich & Payne, Inc.		24,155		1,171,034
Nabors Industries Ltd. (a)		25,503		598,300
National Oilwell Varco, Inc.		25,120		1,689,320
Precision Drilling Corp. (a)		36		349
Rowan Cos., Inc. (a)		11,300		394,483
Schlumberger Ltd.		103,456		8,638,576
				16,069,593
Food & Staples Retailing — 2.8%
CVS Caremark Corp.		105,600		3,671,712
Costco Wholesale Corp.		77,690		5,609,995
The Kroger Co.		255,900		5,721,924
SYSCO Corp.		20,461		601,553
Safeway, Inc.		112,500		2,530,125
Wal-Mart Stores, Inc.		172,467		9,301,145
Walgreen Co.		87,990		3,428,091
Whole Foods Market, Inc. (a)		4,100		207,419
				31,071,964
Food Products — 2.0%
Campbell Soup Co.		38		1,321
ConAgra Foods, Inc.		46,180		1,042,744
General Mills, Inc.		40,547		1,443,068
H.J. Heinz Co.		13,050		645,453
Hormel Foods Corp.		91,000		4,664,660
Kellogg Co.		3,900		199,212
Kraft Foods, Inc.		176,837		5,572,134
Mead Johnson Nutrition Co.		66,193		4,120,514
Sara Lee Corp.		227,250		3,979,147
Tyson Foods, Inc., Class A		27,300		470,106
				22,138,359
Gas Utilities — 0.7%
Nicor, Inc.		90,600		4,522,752
Oneok, Inc.		61,300		3,400,311
				7,923,063
Health Care Equipment & Supplies — 1.9%
Alcon, Inc.		13,947		2,278,940

See Notes to Financial Statements.
4	QUANTITATIVE MASTER SERIES LLC	DECEMBER 31, 2010

Schedule of Investments (continued) Master Enhanced S&P 500 Series
(Percentages shown are based on Net Assets)

Common Stocks	Shares		Value
Health Care Equipment & Supplies (concluded)
Baxter International, Inc.		61,100	$	3,092,882
Becton Dickinson & Co.		3,780		319,485
C.R. Bard, Inc.		4,975		456,556
CareFusion Corp. (a)		8,977		230,709
Hospira, Inc. (a)		74,800		4,165,612
Medtronic, Inc.		135,542		5,027,253
St. Jude Medical, Inc. (a)		18,162		776,421
Stryker Corp.		36,180		1,942,866
Varian Medical Systems, Inc. (a)		47,300		3,276,944
				21,567,668
Health Care Providers & Services — 2.3%
Aetna, Inc.		69,800		2,129,598
AmerisourceBergen Corp.		23,700		808,644
Cardinal Health, Inc.		11,424		437,653
Cigna Corp.		24,300		890,838
Coventry Health Care, Inc. (a)		13,300		351,120
DaVita, Inc. (a)		9,450		656,681
Express Scripts, Inc. (a)		36,600		1,978,230
Humana, Inc. (a)		15,100		826,574
McKesson Corp.		38,611		2,717,442
Medco Health Solutions, Inc. (a)		88,032		5,393,721
UnitedHealth Group, Inc.		193,313		6,980,532
WellPoint, Inc. (a)		35,211		2,002,098
				25,173,131
Hotels, Restaurants & Leisure — 1.0%
Carnival Corp.		7		323
Darden Restaurants, Inc.		32,338		1,501,777
Marriott International, Inc., Class A		10,053		417,602
McDonald’s Corp.		23,732		1,821,668
Starbucks Corp.		67,435		2,166,686
Starwood Hotels & Resorts Worldwide, Inc.		17,100		1,039,338
Wyndham Worldwide Corp.		1,320		39,547
Wynn Resorts Ltd.		27,331		2,838,051
Yum! Brands, Inc.		26,700		1,309,635
				11,134,627
Household Durables — 0.5%
Fortune Brands, Inc.		26,320		1,585,780
Harman International Industries, Inc. (a)		61,500		2,847,450
Leggett & Platt, Inc.		38,400		873,984
Stanley Black & Decker, Inc.		2,950		197,267
Whirlpool Corp.		1,900		168,777
				5,673,258
Household Products — 1.5%
Clorox Co.		11,991		758,790
Colgate-Palmolive Co.		4,417		354,994
Kimberly-Clark Corp.		5,975		376,664
The Procter & Gamble Co.		241,020		15,504,817
				16,995,265
IT Services — 2.4%
Cognizant Technology Solutions Corp. (a)		73,400		5,379,486
Computer Sciences Corp.		32,600		1,616,960
Common Stocks	Shares		Value
IT Services (concluded)
Fidelity National Information Services, Inc.		4	$	110
Fiserv, Inc. (a)		1,870		109,507
International Business Machines Corp.		118,077		17,328,980
SAIC, Inc. (a)		52,870		838,518
Teradata Corp. (a)		25,906		1,066,291
Total System Services, Inc.		17,600		270,688
				26,610,540
Independent Power Producers & Energy Traders — 0.1%
The AES Corp. (a)		74,100		902,538
NRG Energy, Inc. (a)		3,422		66,866
				969,404
Industrial Conglomerates — 2.4%
3M Co.		71,055		6,132,047
General Electric Co.		954,100		17,450,489
Textron, Inc.		135,200		3,196,128
				26,778,664
Insurance — 3.7%
ACE Ltd.		20,810		1,295,422
Aflac, Inc.		108,000		6,094,440
The Allstate Corp.		44,300		1,412,284
American International Group, Inc. (a)		12,548		723,016
Aon Corp.		13,600		625,736
Assurant, Inc.		9,500		365,940
Berkshire Hathaway, Inc. (a)		145,750		11,676,032
Chubb Corp.		22,800		1,359,792
First American Financial Corp.		60,421		902,690
Genworth Financial, Inc., Class A (a)		10,800		141,912
Hartford Financial Services Group, Inc.		39,800		1,054,302
Lincoln National Corp.		129,200		3,593,052
Marsh & McLennan Cos., Inc.		33,850		925,459
MetLife, Inc.		66,400		2,950,816
Principal Financial Group, Inc.		13,800		449,328
The Progressive Corp.		59,400		1,180,278
Prudential Financial, Inc.		43,500		2,553,885
The Travelers Cos., Inc.		66,729		3,717,473
Unum Group		28,400		687,848
XL Group Plc		8,200		178,924
				41,888,629
Internet & Catalog Retail — 0.1%
Amazon.com, Inc. (a)		7,040		1,267,200
Expedia, Inc.		1,200		30,108
				1,297,308
Internet Software & Services — 1.9%
Akamai Technologies, Inc. (a)		34,700		1,632,635
eBay, Inc. (a)		204,605		5,694,157
Google, Inc., Class A (a)		22,591		13,418,376
				20,745,168
Leisure Equipment & Products — 0.1%
Hasbro, Inc.		14,150		667,597
Mattel, Inc.		6,900		175,467
				843,064

See Notes to Financial Statements.
QUANTITATIVE MASTER SERIES LLC	DECEMBER 31, 2010	5

Schedule of Investments (continued)	Master Enhanced S&P 500 Series
	(Percentages shown are based on Net Assets)

Common Stocks	Shares		Value
Life Sciences Tools & Services — 0.4%
Dionex Corp. (a)		11,096	$	1,309,439
Life Technologies Corp. (a)		26,900		1,492,950
Thermo Fisher Scientific, Inc. (a)		38,215		2,115,582
				4,917,971
Machinery — 2.1%
Bucyrus International, Inc.		14,155		1,265,457
Caterpillar, Inc.		92,435		8,657,462
Cummins, Inc.		17,700		1,947,177
Danaher Corp.		63,500		2,995,295
Dover Corp.		16,800		981,960
Eaton Corp.		1,700		172,567
Illinois Tool Works, Inc.		58,060		3,100,404
PACCAR, Inc.		73,025		4,193,096
Parker Hannifin Corp.		1,853		159,914
				23,473,332
Media — 3.6%
CBS Corp., Class B		193,048		3,677,564
Comcast Corp., Class A		145,613		3,199,118
Comcast Corp., Special Class A		99,837		2,077,608
DIRECTV, Class A (a)		118,025		4,712,738
Discovery Communications, Inc., Class A (a)		24,080		1,004,136
Discovery Communications, Inc., Class C (a)		2,759		101,228
Gannett Co., Inc.		21,300		321,417
Interpublic Group of Cos., Inc. (a)		2,100		22,302
Madison Square Garden, Inc. (a)		77,822		2,006,251
The McGraw-Hill Cos., Inc.		13,500		491,535
News Corp., Class A		152,798		2,224,739
News Corp., Class B		32,228		529,184
Time Warner Cable, Inc.		25		1,651
Time Warner, Inc.		248,423		7,991,768
Viacom, Inc., Class B		165,200		6,543,572
Walt Disney Co.		152,510		5,720,650
				40,625,461
Metals & Mining — 1.0%
Alcoa, Inc.		17,700		272,403
Cliffs Natural Resources, Inc.		6,550		510,965
Freeport-McMoRan Copper & Gold, Inc., Class B		45,808		5,501,083
Newmont Mining Corp.		35,500		2,180,765
Nucor Corp.		50,732		2,223,076
				10,688,292
Multi-Utilities — 1.6%
Ameren Corp.		176,800		4,983,992
Consolidated Edison, Inc.		5,250		260,243
DTE Energy Co.		31,225		1,415,117
Integrys Energy Group, Inc.		96,200		4,666,662
NiSource, Inc.		120,215		2,118,188
TECO Energy, Inc.		246,900		4,394,820
				17,839,022
Multiline Retail — 0.6%
Big Lots, Inc. (a)		6,800		207,128
Family Dollar Stores, Inc.		11,300		561,723

Common Stocks	Shares		Value
Multiline Retail (concluded)
JCPenney Co., Inc.		9,380	$	303,068
Kohl’s Corp. (a)		15,700		853,138
Macy’s, Inc.		37,900		958,870
Nordstrom, Inc.		28,100		1,190,878
Target Corp.		49,210		2,958,997
				7,033,802
Office Electronics — 0.4%
Xerox Corp.		370,782		4,271,409
Oil, Gas & Consumable Fuels — 10.1%
Anadarko Petroleum Corp.		30		2,285
Apache Corp.		67,099		8,000,214
Chesapeake Energy Corp.		70,675		1,831,189
Chevron Corp.		220,602		20,129,932
ConocoPhillips		195,980		13,346,238
Consol Energy, Inc.		21,300		1,038,162
Devon Energy Corp.		31,100		2,441,661
EOG Resources, Inc.		29,900		2,733,159
El Paso Corp.		49,700		683,872
Exxon Mobil Corp.		511,084		37,370,462
Hess Corp.		18,175		1,391,115
Marathon Oil Corp.		73,250		2,712,447
Massey Energy Co.		9,200		493,580
Murphy Oil Corp.		2,100		156,555
Noble Energy, Inc.		8,500		731,680
Occidental Petroleum Corp.		81,004		7,946,492
Peabody Energy Corp.		13,900		889,322
Pioneer Natural Resources Co.		35,100		3,047,382
QEP Resources, Inc.		44,899		1,630,283
Spectra Energy Corp.		56,212		1,404,738
Sunoco, Inc.		10,800		435,348
Tesoro Corp.		12,800		237,312
Valero Energy Corp.		139,823		3,232,708
Williams Cos., Inc.		27,050		668,676
				112,554,812
Paper & Forest Products — 0.4%
International Paper Co.		136,700		3,723,708
MeadWestvaco Corp.		48,400		1,266,144
				4,989,852
Personal Products — 0.6%
Alberto-Culver Co.		53,364		1,976,603
The Estée Lauder Cos., Inc., Class A		54,400		4,390,080
				6,366,683
Pharmaceuticals — 5.0%
Abbott Laboratories		126,447		6,058,076
Allergan, Inc.		19,012		1,305,554
Bristol-Myers Squibb Co.		190,577		5,046,479
Forest Laboratories, Inc. (a)		132,100		4,224,558
Johnson & Johnson		260,271		16,097,761
King Pharmaceuticals, Inc. (a)		248,900		3,497,045
Merck & Co, Inc.		125,932		4,538,589
Mylan, Inc. (a)		62,300		1,316,399
Pfizer, Inc.		609,538		10,673,011
Watson Pharmaceuticals, Inc. (a)		69,100		3,569,015
				56,326,487

See Notes to Financial Statements.
6	QUANTITATIVE MASTER SERIES LLC	DECEMBER 31, 2010

Schedule of Investments (continued)	Master Enhanced S&P 500 Series
	(Percentages shown are based on Net Assets)

Common Stocks	Shares		Value
Real Estate Investment Trusts (REITs) — 1.0%
Apartment Investment & Management Co., Class A		10,445	$	269,899
AvalonBay Communities, Inc.		5,473		615,986
Boston Properties, Inc.		17,440		1,501,584
Equity Residential		14,400		748,080
HCP, Inc.		14,300		526,097
Health Care REIT, Inc.		24,947		1,188,475
Host Marriott Corp.		59,635		1,065,677
Kimco Realty Corp.		212,301		3,829,910
ProLogis		20,900		301,796
Public Storage		11,404		1,156,594
Ventas, Inc.		145		7,610
Vornado Realty Trust		5,840		486,647
				11,698,355
Real Estate Management & Development — 0.1%
The Howard Hughes Corp. (a)		18,272		994,362
Road & Rail — 0.3%
Union Pacific Corp.		36,200		3,354,292
Semiconductors & Semiconductor Equipment — 1.7%
Analog Devices, Inc.		2,318		87,319
Applied Materials, Inc.		35,000		491,750
Broadcom Corp., Class A		40,800		1,776,840
Intel Corp.		545,060		11,462,612
KLA-Tencor Corp.		18,900		730,296
Nvidia Corp. (a)		23,000		354,200
Texas Instruments, Inc.		101,548		3,300,310
Xilinx, Inc.		14,980		434,120
				18,637,447
Software — 3.8%
Autodesk, Inc. (a)		20,400		779,280
BMC Software, Inc. (a)		1,900		89,566
CA, Inc.		7,100		173,524
Citrix Systems, Inc. (a)		7,405		506,576
Intuit, Inc. (a)		91,400		4,506,020
McAfee, Inc. (a)		40,996		1,898,525
Microsoft Corp.		650,021		18,148,586
Oracle Corp.		378,726		11,854,124
Symantec Corp. (a)		248,000		4,151,520
				42,107,721
Specialty Retail — 2.5%
Abercrombie & Fitch Co., Class A		400		23,052
AutoZone, Inc. (a)		100		27,259
Bed Bath & Beyond, Inc. (a)		11,200		550,480
Best Buy Co., Inc.		113,600		3,895,344
The Gap, Inc.		36,092		799,077
Home Depot, Inc.		165,200		5,791,912
Limited Brands, Inc.		101,418		3,116,575
Lowe’s Cos., Inc.		127,581		3,199,731
Ross Stores, Inc.		64,340		4,069,505
Staples, Inc.		38,900		885,753
TJX Cos., Inc.		126,750		5,626,433
Tiffany & Co.		3,600		224,172
				28,209,293

Common Stocks	Shares		Value
Textiles, Apparel & Luxury Goods — 0.4%
Coach, Inc.		17,600	$	973,456
Nike, Inc., Class B		42,800		3,655,976
Polo Ralph Lauren Corp.		700		77,644
				4,707,076
Tobacco — 0.9%
Altria Group, Inc.		33		813
Lorillard, Inc.		1,100		90,266
Philip Morris International, Inc.		170,417		9,974,507
				10,065,586
Wireless Telecommunication Services — 0.5%
American Tower Corp., Class A (a)		68,500		3,537,340
Syniverse Holdings, Inc. (a)		56,754		1,750,861
				5,288,201
Total Common Stocks – 95.0%				1,061,010,413
Exchange Traded Fund
SPDR Trust, Series 1		74,567		9,379,037
Total Exchange Traded Fund – 0.8%				9,379,037

Warrants (d)
Automobiles — 0.2%
Ford Motor Co. (Expires 1/01/13)	281,054	2,290,590
Total Warrants – 0.2%		2,290,590
Total Long-Term Investments (Cost – $876,980,769) – 96.0%		1,072,680,040

Short-Term Securities
BlackRock Liquidity Funds, TempCash, Institutional Class, 0.18% (c)(e)	44,756,970		44,756,970
Total Short-Term Securities (Cost – $44,756,970) – 4.0%			44,756,970
Total Investments (Cost – $921,737,739*) – 100.0%			1,117,437,010
Other Assets Less Liabilities – 0.0%			44,105
Net Assets – 100.0%		$	1,117,481,115

* The cost and unrealized appreciation (depreciation of investments as of December 31, 2010, as computed for federal income tax purposes were as follows:

Aggregate cost	$	961,135,580
Gross unrealized appreciation	$	159,914,098
Gross unrealized depreciation		(3,612,668	)
Net unrealized appreciation	$	156,301,430

See Notes to Financial Statements.
QUANTITATIVE MASTER SERIES LLC	DECEMBER 31, 2010	7

Schedule of Investments (continued) Master Enhanced S&P 500 Series

(a)	Non-income producing security.
(b)	All or a portion of security has been pledged as collateral in connection with open financial futures contracts.
(c)	Investments in companies considered to be an affiliate of the Series during the year, for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliate	Shares Held at December 31, 2009	SharesPurchased		Shares Held at December 31, 2010	Value at December 31, 2010		Income
BlackRock Liquidity Funds, TempCash, Institutional Class	34,580,758	10,176,212	1	44,756,970	$	44,756,970	$	83,444
The PNC Financial Services Group, Inc	15,798	—		15,798	$	959,255	$	6,319

¹ Represents net shares purchased.

(d)	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, if any.
(e)	Represents the current yield as of report date.
•	Financial futures contracts purchased as of December 31, 2010 were as follows:

Contracts	Issue	Exchange	Expiration	Notional Value		Unrealized Appreciation
189	S&P 500 EMINI	Chicago Mercantile	March 2011	$	58,034,553	$	1,169,697

• 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 Series management. This definition may not apply for purposes of this report, which may combine such industry sub-classifications for reporting ease.

• Fair Value Measurements – Various inputs are used in determining the fair value of investments and derivatives, which are as follows:

	•	Level 1 — price quotations in active markets/exchanges for identical assets and liabilities
	•	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 derivatives)
The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For information about the Series’ policy regarding valuation of investments and derivatives and other significant accounting policies, please refer to Note 1 of the Notes to Financial Statements.
The following tables summarize the inputs used as of December 31, 2010 in determining the fair valuation of the Series’ investments and derivatives:

Valuation Inputs	Level 1		Level 2		Level 3		Total
Assets:
Investments in Securities:
Long-Term Investments2	$	1,072,680,040		—		—	$	1,072,680,040
Short-Term Securities		44,756,970		—		—		44,756,970
Total	$	1,117,437,010		—		—	$	1,117,437,010

² See above Schedule of Investments for values in each industry.

See Notes to Financial Statements.
8	QUANTITATIVE MASTER SERIES LLC	DECEMBER 31, 2010

Schedule of Investments (concluded) Master Enhanced S&P 500 Series

Derivative Financial Instruments3
Valuation Inputs	Level 1		Level 2		Level 3		Total
Assets:
Equity contracts	$	1,169,697		—		—	$	1,169,697

³ Derivative financial instruments are financial futures contracts, which are shown at the unrealized appreciation/depreciation on the instrument.

See Notes to Financial Statements.
QUANTITATIVE MASTER SERIES LLC	DECEMBER 31, 2010	9

Statement of Assets and Liabilities Master Enhanced S&P 500 Series

December 31, 2010
Assets
Investments at value - unaffiliated (cost - $876,140,962)	$	1,071,720,785
Investments at value - affiliated (cost - $45,596,777)		45,716,225
Foreign currency at value (cost - $3,380)		3,425
Investments sold receivable		174,546,329
Dividends receivable		1,275,608
Prepaid expenses		13,325
Total assets		1,293,275,697
Liabilities
Investments purchased payable		174,690,334
Withdrawals payable to investors		923,790
Margin variation payable		71,032
Investment advisory fees payable		5,787
Other affiliates payable		4,122
Directors’ fees payable		530
Other accrued expenses payable		98,987
Total liabilities		175,794,582
Net Assets	$	1,117,481,115
Net Assets Consist of
Investors’ capital	$	920,612,102
Net unrealized appreciation/depreciation		196,869,013
Net Assets	$	1,117,481,115

See Notes to Financial Statements.
10	QUANTITATIVE MASTER SERIES LLC	DECEMBER 31, 2010

Statement of Operations Master Enhanced S&P 500 Series

Year Ended December 31, 2010
Investment Income
Dividends - unaffiliated	$	19,546,714
Foreign taxes withheld		(4,589	)
Dividends - affiliated		89,763
Total income		19,631,888
Expenses
Accounting services		181,780
Investment advisory		91,262
Professional		81,705
Custodian		74,925
Directors		24,650
Printing		6,904
Miscellaneous		21,886
Total expenses		483,112
Less fees waived by advisor		(36,750	)
Less fees paid indirectly		(3,167	)
Total expenses after fees waived and paid indirectly		443,195
Net investment income		19,188,693
Realized and Unrealized Gain (Loss)
Net realized gain from:
Investments		61,604,117
Financial futures contracts		6,229,880
		67,833,997
Net change in unrealized appreciation/depreciation on:
Investments		55,384,228
Financial futures contracts		752,181
Foreign currency transactions		(249	)
		56,136,160
Total realized and unrealized gain		123,970,157
Net Increase in Net Assets Resulting from Operations	$	143,158,850

See Notes to Financial Statements.
	QUANTITATIVE MASTER SERIES LLC	DECEMBER 31, 2010	11

Statements of Changes in Net Assets Master Enhanced S&P 500 Series

	Year Ended December 31,
Increase (Decrease) in Net Assets:	2010			2009
Operations
Net investment income	$	19,188,693		$	16,093,121
Net realized gain (loss)		67,833,997			(15,575,443	)
Net change in unrealized appreciation/depreciation		56,136,160			188,645,677
Net increase in net assets resulting from operations		143,158,850			189,163,355
Capital Transactions
Proceeds from contributions		938,363,321			302,421,814
Value of withdrawals		(833,629,989	)		(64,100,407	)
Net increase in net assets derived from capital transactions		104,733,332			238,321,407
Net Assets
Total increase in net assets		247,892,182			427,484,762
Beginning of year		869,588,933			442,104,171
End of year	$	1,117,481,115		$	869,588,933

See Notes to Financial Statements.
12	QUANTITATIVE MASTER SERIES LLC	DECEMBER 31, 2010

Financial Highlights Master Enhanced S&P 500 Series

	Year Ended December 31,
	2010			2009			2008			2007			2006
Total Investment Return
Total investment return		15.88	%		26.62	%		(36.39	)%		5.67	%		15.64	%
Ratios to Average Net Assets
Total expenses		0.05	%		0.07	%		0.08	%		0.06	%		0.06	%
Total expenses after fees waived		0.05	%		0.06	%		0.08	%		0.06	%		0.06	%
Net investment income		2.11	%		2.38	%		2.30	%		1.89	%		2.13	%
Supplemental Data
Net assets, end of year (000)	$	1,117,481		$	869,589		$	442,104		$	635,222		$	591,181
Portfolio turnover		135	%		150	%		206	%		196	%		179	%

See Notes to Financial Statements.
	QUANTITATIVE MASTER SERIES LLC	DECEMBER 31, 2010	13

Notes to Financial Statements Master Enhanced S&P 500 Series

1. Organization and Significant Accounting Policies:

Master Enhanced S&P 500 Series (the “Series”), a non-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 in the Master LLC, subject to certain limitations. The Series’ financial statements are prepared in conformity with accounting principles generally accepted in the United States of America, which may require management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates.

The following is a summary of significant accounting policies followed by the Series:

Valuation: The Series fair values its financial instruments at market value using independent dealers or pricing services under policies approved by the Board. Equity investments traded on a recognized securities exchange or the NASDAQ Global Market System (“NASDAQ”) are valued at the last reported sale price that day or the NASDAQ official closing price, if applicable. For equity investments traded on more than one exchange, the last reported sale price on the exchange where the stock is primarily traded is used. Equity investments traded on a recognized exchange for which there were no sales on that day are valued at the last available bid price. If no bid price is available, the prior day’s price will be used, unless it is determined that such prior day’s price no longer reflects the fair value of the security. Financial futures contracts traded on exchanges are valued at their last sale price. Investments in open-end registered investment companies are valued at net asset value each business day. Short-term securities with remaining maturities of 60 days or less may be valued at amortized cost, which approximates fair value.

Securities and other assets and liabilities denominated in foreign currencies are translated into US dollars using exchange rates determined as of the close of business on the New York Stock Exchange (“NYSE”). Foreign currency exchange contracts are valued at the mean between the bid and ask prices and are determined as of the close of business on the NYSE. Interpolated values are derived when the settlement date of the contract is an interim date for which quotations are not available.

In the event that application of these methods of valuation results in a price for an investment which is deemed not to be representative of the market value of such investment or is not available, the investment will be valued in accordance with a policy approved by the Board as reflecting fair value (“Fair Value Assets”). When determining the price for Fair Value Assets, the investment advisor and/or the sub-advisor 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 investment advisor and/or sub-advisor deems relevant. The pricing of all Fair Value Assets is subsequently reported to the Board or a committee thereof.

Foreign Currency Transactions: The Series’ books and records are maintained in US dollars. Purchases and sales of investments are recorded at the rates of exchange prevailing on the date the transactions are entered into. Generally, when the US dollar rises in value against foreign currency, the Series’ investments denominated in that currency will lose value because its currency is worth fewer US dollars; the opposite effect occurs if the US dollar falls in relative value.

The Series reports foreign currency related transactions as components of realized gain (loss) for financial reporting purposes, whereas such components are treated as ordinary income for federal income tax purposes.

Segregation and Collateralization: In cases in which the 1940 Act and the interpretive positions of the Securities and Exchange Commission (“SEC”) require that the Series either delivers collateral or segregates assets in connection with certain investments (e.g., financial futures contracts), the Series will, consistent with SEC rules and/or certain interpretive letters issued by the SEC, segregate collateral or designate on its books and records cash or other liquid securities having a market value at least equal to the amount that would otherwise be required to be physically segregated. Furthermore, based on requirements and agreements with certain exchanges and third party broker-dealers, each party has requirements to deliver/deposit securities as collateral for certain investments.

Investment Transactions and Investment Income: For financial reporting purposes, investment transactions are recorded on the dates the transactions are entered into (the trade dates). Realized gains and losses on investment transactions are determined on the identified cost basis. Dividend income is recorded on the ex-dividend dates. Dividends from foreign securities where the ex-dividend date may have passed are subsequently recorded when the Series has determined 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.

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

The Series files US federal and various state and local tax returns. No income tax returns are currently under examination. The statute of limitations on the Series’ US federal tax returns remains open for each of the four years ended December 31, 2010. The statutes of limitations on the Series’ state and local tax returns may remain open for an additional year depending upon the jurisdiction. Management does not believe there are any uncertain tax positions that require recognition of a tax liability.

Other: Expenses directly related to the Series are charged to the Series. Other operating expenses shared by several funds are pro rated among those funds on the basis of relative net assets or other appropriate methods. The Series has an arrangement with the custodian whereby fees may be reduced by credits earned on uninvested cash balances, which if applicable are shown as fees paid indirectly in the Statement of Operations. The custodian imposes fees on overdrawn cash balances, which can be offset by accumulated credits earned or may result in additional custody charges.

14 QUANTITATIVE MASTER SERIES LLC DECEMBER 31, 2010

Notes to Financial Statements Master Enhanced S&P 500 Series

2. Derivative Financial Instruments:

The Series engages in various portfolio investment strategies using derivative contracts both to increase the return of the Series and to economically hedge, or protect, its exposure to certain risks such as equity risk. These contracts may be transacted on an exchange.

Losses may arise if the value of the contract decreases due to an unfavorable change in the price of the underlying instrument or if the counterparty does not perform under the contract. Counterparty risk related to exchange-traded financial futures contracts is deemed to be minimal due to the protection against defaults provided by the exchange on which these contracts trade.

Financial Futures Contracts: The Series purchases 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 the counterparty to buy or sell a specific quantity of an underlying instrument at a specified price and at a specific date. Depending on the terms of the particular contract, 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 settlement date. 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 margin variation and are recorded by the Series as unrealized gains or losses. 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 transactions involves the risk of an imperfect correlation in the movements in the price of financial futures contracts, interest rates and the underlying assets.

Derivative Instruments Categorized by Risk Exposure:

Fair Value of Derivative Instruments as of December 31, 2010
Asset Derivatives
	Statement of Assets and Liabilities Location	Value
Equity contracts	Net unrealized appreciation/depreciation*	$	1,169,697

* Includes cumulative appreciation/depreciation of financial futures contracts as reported in the Schedule of Investments. Only current day’s margin variation is reported within the Statement of Assets and Liabilities.

The Effect of Derivative Instruments in the Statement of Operations
Year Ended December 31, 2010
Net Realized Gain from
	Financial Futures Contracts
Equity contracts	$	6,229,880

Net Change in Unrealized Appreciation/Depreciation on
	Financial Futures Contracts
Equity contracts	$	752,181

For the year ended December 31, 2010, the average quarterly balances of outstanding derivative financial instruments were as follows:

Financial futures contracts:
Average number of contracts purchased		192
Average notional value of contracts purchased	$	54,251,859

3. Investment Advisory Agreement and Other Transactions with Affiliates:

The PNC Financial Services Group, Inc. (“PNC”), Bank of America Corporation (“BAC”)and Barclays Bank PLC (“Barclays”) are the largest stockholders of BlackRock, Inc. (“BlackRock”). Due to the ownership structure, PNC is an affiliate of the Series for 1940 Act purposes, but BAC and Barclays are not.

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

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

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

For the year ended December 31, 2010, the Series reimbursed the Manager $16,901 for certain accounting services, which are included in accounting services in the Statement of Operations.

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

4. Investments:

Purchases and sales of investments, excluding short-term securities for the year ended December 31, 2010, were $1,210,153,803 and $1,088,614,712, respectively.

QUANTITATIVE MASTER SERIES LLC DECEMBER 31, 2010 15

Notes to Financial Statements Master Enhanced S&P 500 Series

5. Borrowings:

The Master LLC, on behalf of the Series, along with certain other funds managed by the Manager and its affiliates, is a party to a $500 million credit agreement with a group of lenders, which expired in November 2010. The Series may borrow under the credit agreement to fund investor withdrawals. Effective November, 2009, the credit agreement had the following terms: 0.02% upfront fee on the aggregate commitment amount which was allocated to the Series based on its net assets as of October 31, 2009, a commitment fee of 0.10% per annum based on the Series’ pro rata share of the unused portion of the credit agreement and interest at a rate equal to the higher of (a) the one-month LIBOR plus 1.25% per annum and (b) the Fed Funds rate plus 1.25% per annum on amounts borrowed. In addition, the Series paid administration and arrangement fees which were allocated to the Series based on its net assets as of October 31, 2009. Effective November 2010, the credit agreement was renewed until November 2011 with the following terms: a commitment fee of 0.08% per annum based on the Series’ pro rata share of the unused portion of the credit agreement and interest at a rate equal to the higher of (a) the one-month LIBOR plus 1.00% per annum and (b) the Fed Funds rate plus 1.00% per annum on amounts borrowed. In addition, the Series paid administration and arrangement fees which were allocated to the Series based on its net assets as of October 31, 2010. The Series did not borrow under the credit agreement during the year ended December 31, 2010.

6. Market and Credit Risk:

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

7. 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.

16 QUANTITATIVE MASTER SERIES LLC DECEMBER 31, 2010

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Investors 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 Enhanced S&P 500 Series, one of the portfolios constituting Quantitative Master Series LLC, (the “Master LLC”) as of December 31, 2010, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended. These financial statements and financial highlights are the responsibility of the Master LLC’s 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 Master LLC 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 Master LLC’s 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, 2010, 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 Enhanced S&P 500 Series of Quantitative Master Series LLC as of December 31, 2010, 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

Princeton, New Jersey
February 28, 2011

QUANTITATIVE MASTER SERIES LLC DECEMBER 31, 2010 17

Officers and Directors
Name, Address and Year of Birth	Position(s) Held with Master LLC	Length of Time Served as a Director 2	Principal Occupation(s) During Past Five Years	Number of BlackRock – Advised Registered Investment Companies (“RICs”) Consisting of Investment Portfolios (“Portfolios”) Overseen	Public Directorships
Non-Interested Directors 1
Ronald W. Forbes 55 East 52nd Street New York, NY 10055 1940	Co-Chair of the Board and Director	Since 2007	Professor Emeritus of Finance, School of Business, State University of New York at Albany since 2000.	36 RICs consisting of 95 Portfolios	None
Rodney D. Johnson 55 East 52nd Street New York, NY 10055 1941	Co-Chair of the Board and Director	Since 2007	President, Fairmount Capital Advisors, Inc. since 1987; Director, Fox Chase Cancer Center since 2004; Member of the Archdiocesan Investment Committee of the Archdiocese of Philadelphia since 2004; Director, The Committee of Seventy (civic) since 2006.	36 RICs consisting of 95 Portfolios	None
David O. Beim 55 East 52nd Street New York, NY 10055 1940	Director	Since 2007	Professor of Finance and Economics at the Columbia University Graduate School of Business since 1991; Trustee, Phillips Exeter Academy since 2002; Chairman, Wave Hill, Inc.	36 RICs consisting of 95 Portfolios	None

18 QUANTITATIVE MASTER SERIES LLC DECEMBER 31, 2010

			(public garden and cultural center) from 1990 to 2006.
Dr. Matina S. Horner 55 East 52nd Street New York, NY 10055 1939	Director	Since 2007	Executive Vice President of Teachers Insurance and Annuity Association and College Retirement Equities Fund from 1989 to 2003.	36 RICs consisting of 95 Portfolios	NSTAR (electric and gas utility)
Herbert I. London 55 East 52nd Street New York, NY 10055 1939	Director and Member of the Audit Committee	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, Hudson Institute (policy research organization) since 1997 and Trustee thereof since 1980; Chairman of the Board of Trustees for Grantham University since 2006; Director, InnoCentive, Inc. (strategic solutions company) since 2005; Director, Cerego, LLC (software development and design) since 2005.	36 RICs consisting of 95 Portfolios	AIMS Worldwide, Inc. (marketing)

QUANTITATIVE MASTER SERIES LLC DECEMBER 31, 2010 19

Cynthia A. Montgomery 55 East 52nd Street New York, NY 10055 1952	Director	Since 2007	Professor, Harvard Business School since 1989; Director, Harvard Business School Publishing since 2005; Director, McLean Hospital since 2005.	36 RICs consisting of 95 Portfolios	Newell Rubbermaid, Inc. (manufacturing)
Joseph P. Platt 55 East 52nd Street New York, NY 10055 1947	Director	Since 2007	Director, The West Penn Allegheny Health System (a not-for-profit health system) since 2008; Director, Jones and Brown (Canadian insurance broker) since 1998; General Partner, Thorn Partners, LP (private investment) since 1998; Partner, Amarna Corporation, LLC (private investment company) from 2002 to 2008.	36 RICs consisting of 95 Portfolios	Greenlight Capital Re, Ltd. (reinsurance company); WQED Multi-Media (public broadcasting not-for-profit)
Robert C. Robb, Jr. 55 East 52nd Street New York, NY 10055 1945	Director	Since 2007	Partner, Lewis, Eckert, Robb and Company (management and financial consulting firm) since 1981.	36 RICs consisting of 95 Portfolios	None
Toby Rosenblatt 55 East 52nd Street New York, NY 10055 1938	Director	Since 2007	President, Founders Investments Ltd. (private investments) since 1999; Director, College Access Foundation of California (philanthropic foundation) since 2009; Director, Forward	36 RICs consisting of 95 Portfolios	A.P. Pharma, Inc. (specialty pharmaceuticals)

20 QUANTITATIVE MASTER SERIES LLC DECEMBER 31, 2010

			Management, LLC since 2007; Director, The James Irvine Foundation (philanthropic foundation) from 1998 to 2008.
Kenneth L. Urish 55 East 52nd Street New York, NY 10055 1951	Chair of the Audit Committee and Director	Since 2007	Managing Partner, Urish Popeck & Co., LLC (certified public accountants and consultants) since 1976; Chairman Elect 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; Trustee, The Holy Family Foundation from 2001 to 2010; President and Trustee, Pittsburgh Catholic Publishing Associates from 2003 to 2008; Director, Inter-Tel from 2006 to 2007.	36 RICs consisting of 95 Portfolios	None

QUANTITATIVE MASTER SERIES LLC DECEMBER 31, 2010 21

Frederick W. Winter
55 East 52^nd Street
New York, NY 10055
1945 Director and Member of the Audit Committee Since 2007 Professor and Dean Emeritus of the Joseph M. Katz School of Business, University of Pittsburgh since 2005 and Dean thereof from 1997 to 2005; Director, Alkon Corporation (pneumatics) since 1992; Director, Tippman Sports (recreation) since 2005; Director, Indotronix International (IT services) from 2004 to 2008. 36 RICs consisting of 95 Portfolios None

1

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

2

Date shown is the earliest date a person has served as a director 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 directors as joining the Master LLC board in 2007, each director first became a member of the board of other legacy MLIM or legacy BlackRock Funds as follows: David O. Beim, 1998; Ronald W. Forbes, 1977; Dr. Matina S. Horner, 2004; Rodney D. Johnson, 1995; Herbert I. London, 1987; Cynthia A. Montgomery, 1994; Joseph P. Platt, 1999; Robert C. Robb, Jr., 1998; Toby Rosenblatt, 2005; Kenneth L. Urish, 1999; and Frederick W. Winter, 1999.

22 QUANTITATIVE MASTER SERIES LLC DECEMBER 31, 2010

Interested Directors 1
Richard S. Davis 55 East 52nd Street New York, NY 10055 1945	Director	Since 2007	Managing Director, BlackRock, Inc. since 2005; Chief Executive Officer, State Street Research & Management Company from 2000 to 2005; Chairman of the Board of Directors, State Street Research Mutual Funds from 2000 to 2005.	169 RICs consisting of 289 Portfolios	None
Henry Gabbay 55 East 52nd Street New York, NY 10055 1947	Director	Since 2007	Consultant, BlackRock, Inc. from 2007 to 2008; Managing Director, BlackRock, Inc. from 1989 to 2007; Chief Administrative Officer, BlackRock Advisors, LLC from 1998 to 2007; President of BlackRock Funds and 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.	169 RICs consisting of 289 Portfolios	None

¹ Mr. Davis is an “interested person” as defined in the 1940 Act, of the Master LLC based on his position with BlackRock, Inc. and its affiliates. Mr. Gabbay is an “interested person” of the Master LLC based on his former positions with BlackRock, Inc. and its affiliates as well as his ownership of BlackRock, Inc. and The PNC Financial Services Group, Inc. securities. Directors serve until their resignation, removal or death, or until December 31 of the year in which they turn 72.

QUANTITATIVE MASTER SERIES LLC DECEMBER 31, 2010 23

Name, Address and Year of Birth	Position(s) Held with the Master LLC	Length of Time Served	Principal Occupation(s) During Past Five Years
Master LLC Officers1
John M. Perlowski 55 East 52nd Street New York, NY 10055 1964	President and Chief Executive Officer	Since 2010	Managing Director of BlackRock, Inc. since 2009; Global Head of BlackRock Fund Administration 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.
Brendan Kyne 55 East 52nd Street New York, NY 10055 1977	Vice President	Since 2009	Managing Director of BlackRock, Inc. since 2010; Director of BlackRock, Inc. from 2008 to 2009; Head of Product Development and Management for BlackRock’s U.S. Retail Group since 2009 and Co-head thereof from 2007 to 2009; Vice President of BlackRock, Inc. from 2005 to 2008.
Brian Schmidt 55 East 52nd Street New York, NY 10055 1958	Vice President	Since 2009	Managing Director of BlackRock, Inc. since 2004.
Neal Andrews 55 East 52nd Street New York, NY 10055 1966	Chief Financial Officer	Since 2007	Managing Director of BlackRock, Inc. since 2006; Senior Vice President and Line of Business Head of Fund Accounting and Administration at PNC Global Investment Servicing (U.S.) Inc. from 1992 to 2006.
Jay Fife 55 East 52nd Street New York, NY 10055 1970	Treasurer	Since 2007	Managing Director of BlackRock, Inc. since 2007 and Director in 2006; Assistant Treasurer of the Merrill Lynch Investment Managers, L.P. (“MLIM”) and Fund Asset Management, L.P. advised funds from 2005 to 2006; Director of MLIM Fund Services Group from 2001 to 2006.

24 QUANTITATIVE MASTER SERIES LLC DECEMBER 31, 2010

Brian Kindelan 55 East 52nd Street New York, NY 10055 1959	Chief Compliance Officer	Since 2007	Chief Compliance Officer of the BlackRock-advised funds since 2007; Managing Director and Senior Counsel of BlackRock, Inc. since 2005.
Ira Shapiro 55 East 52nd Street New York, NY 10055 1963	Secretary	Since 2010	Managing Director of BlackRock, Inc. since 2009; Managing Director and Associate General Counsel of Barclays Global Investors from 2008 to 2009; Principal thereof from 2004 to 2008.

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

Effective September 24, 2010, John M. Perlowski became President and Chief Executive Officer of the Master LLC.

Effective November 16, 2010, Ira Shapiro became Secretary of the Master LLC.

QUANTITATIVE MASTER SERIES LLC DECEMBER 31, 2010 25

Additional Information

Investment Advisor
BlackRock Advisors, LLC
Wilmington, DE 19809

Sub-Advisor
BlackRock Investment Management, LLC
Plainsboro, NJ 08536

Custodian
State Street Bank and Trust Company
Boston, MA 02111

Accounting Agent
State Street Bank and Trust Company
Princeton, NJ 08540

Legal Counsel
Sidley Austin LLP
New York, NY 10019

Independent Registered Public Accounting Firm
Deliotte & Touche LLP
Princeton, NJ 08540

Address of the Series
100 Bellevue Parkway
Wilmington, DE 19809

Availability Of Quarterly Schedule of Investments

The Series files its complete schedule of portfolio holdings with the Securities and Exchange Commission (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, DC. Information on the operation of the Public Reference Room may be obtained by calling (800) SEC-0330. The Series’ Form NQ may also be obtained upon request and without charge by calling (800) 441-7762.

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 (1) at http://www.blackrock.com or by calling (800) 441-7762 and (2) on the SEC’s website at http://www.sec.gov.

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.

26 QUANTITATIVE MASTER SERIES LLC DECEMBER 31, 2010

Master Enhanced Small Cap Series of Quantitative Master Series LLC
Annual Report, December 31, 2010

PORTFOLIO MANAGEMENT COMMENTARY

How did the Series perform?
	•	For the 12 months ended December 31, 2010, Master Enhanced Small Cap Series (the “Series”), a series of Quantitative Master Series LLC, returned 26.25%, slightly underperforming the benchmark Standard & Poor’s (S&P) SmallCap 600 Index, which returned 26.31% for the same period. Stock-selection strategies detracted from performance, while stock-substitution strategies added to returns.
	•	The return for the Series differs from the benchmark based on Series expenses.
Describe the market environment.
	•	In many ways, the market environment over the past 12 months can be described as occurring in three parts. The early months saw US equity markets move higher as they continued the 2009 asset recovery story, helped by continuing economic recovery and strong fourth quarter 2009 and first quarter 2010 corporate earnings. The middle months of 2010 saw a significant correction on the back of the Greek sovereign debt crisis and some worse-than-expected economic data (particularly on the jobs front), leading to fears of a double-dip recession. Nevertheless, after touching late summer lows, US markets experienced a very strong finish to the year as double-dip fears receded, economic data improved and additional quantitative easing measures were announced by the US Federal Reserve Board. Volatility levels remained high over the course of 2010, but US stocks posted positive results for the year as a whole.
	•	For all of 2010, small cap stocks outperformed their large cap counterparts. For the year, the Dow Jones Industrial Average gained 14.06% and, in the process, moved past the levels last seen before the collapse of Lehman Brothers in late 2008. For its part, the S&P 500 Index advanced 15.06%, while the Nasdaq Composite moved up 18.02%. The S&P SmallCap 600 Index posted a 26.31% return.
	•	Within the benchmark S&P SmallCap 600 Index, all ten sectors posted positive returns for the year. Energy (+44.9%), consumer discretionary (+35.9%) and consumer staples (+26.1%) were the best-performing sectors, while telecommunication services (+5.1%), utilities (+18.2%) and materials (+18.3%) were the worst.
Describe recent portfolio activity.
	•	Over the course of the last year, we did not make any significant changes to our investment process. Throughout the period, as changes were made to the composition of the S&P SmallCap 600 Index, the Series purchased and sold securities to maintain its objective of tracking the risks and return of the benchmark. We continued to use our quantitative stock-selection and stock-substitution strategies in an effort to generate returns above those offered by the benchmark index. The Series typically has a cash position resulting from daily cash flows. The cash balance does not have an impact on the Series’ performance, as it is entirely invested in futures contracts on the Index.
Describe portfolio positioning at period end.
	•	At period end, the Series continued to adopt a diversified approach to stock selection and remains positioned to match the risk characteristics of its benchmark index, irrespective of the market’s future direction.

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

QUANTITATIVE MASTER SERIES LLC DECEMBER 31, 2010 1

Portfolio Information as of December 31, 2010 Master Enhanced Small Cap Series

Sector Allocation	Percent of Long-Term Investments
Information Technology	20	%
Financials	19
Industrials	16
Consumer Discretionary	15
Health Care	13
Energy	6
Utilities	4
Materials	3
Consumer Staples	3
Telecommunication Services	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 rating group indexes, and/or as defined by Series management. This definition may not apply for purposes of this report, which may combine sector sub-classifications for reporting ease.

Derivative Financial Instruments

The Series may invest in various derivative instruments, including financial futures contracts, as specified in Note 2 of the Notes to Financial Statements, which may constitute forms of economic leverage. Such instruments are used to obtain exposure to a market without owning or taking physical custody of securities or to hedge market and/or equity risks. Such derivative instruments involve risks, including the imperfect correlation between the value of a derivative instrument and the underlying asset, possible default of the counterparty to the transaction or illiquidity of the derivative instrument. The Series’ ability to successfully use a derivative instrument depends on the investment advisor’s ability to accurately predict pertinent market movements, which cannot be assured. The use of derivative instruments may result in losses greater than if they had not been used, may require the Series to sell or purchase portfolio securities at inopportune times or for distressed values, the Series can realize on an investment or may cause the Series to hold a security that it might otherwise sell. The Series’ investments in these instruments are discussed in detail in the Notes to Financial Statements.

2 QUANTITATIVE MASTER SERIES LLC DECEMBER 31, 2010

Schedule of Investments December 31, 2010 Master Enhanced Small Cap Series
(Percentages shown are based on Net Assets)

Common Stocks	Shares		Value
Aerospace & Defense — 2.6%
AAR Corp. (a)(b)		6,100	$	167,567
AeroVironment, Inc. (a)		5,100		136,833
Applied Signal Technology, Inc.		7,700		291,753
Ceradyne, Inc. (a)		11,500		362,595
Cubic Corp.		16,400		773,260
Curtiss-Wright Corp.		7,600		252,320
Esterline Technologies Corp. (a)		7,900		541,861
GenCorp, Inc. (a)		80,400		415,668
Moog, Inc., Class A (a)		9,625		383,075
Orbital Sciences Corp. (a)		26,100		447,093
Teledyne Technologies, Inc. (a)		27,200		1,195,984
Triumph Group, Inc.		12,000		1,072,920
				6,040,929
Air Freight & Logistics — 0.6%
Forward Air Corp.		11,300		320,694
HUB Group, Inc., Class A (a)		29,700		1,043,658
				1,364,352
Airlines — 0.1%
Allegiant Travel Co.		2,150		105,866
SkyWest, Inc.		9,900		154,638
				260,504
Auto Components — 0.4%
Drew Industries, Inc.		8,900		202,208
Spartan Motors, Inc.		9,400		57,246
Standard Motor Products, Inc.		9,000		123,300
Superior Industries International, Inc.		30,000		636,600
				1,019,354
Automobiles — 0.1%
Winnebago Industries, Inc. (a)		15,900		241,680
Biotechnology — 0.8%
Arqule, Inc. (a)		17,100		100,377
Cubist Pharmaceuticals, Inc. (a)		24,865		532,111
Emergent Biosolutions, Inc. (a)		7,600		178,296
Martek Biosciences Corp. (a)		3,700		115,810
Regeneron Pharmaceuticals, Inc. (a)		23,060		757,060
Savient Pharmaceuticals, Inc. (a)		12,450		138,693
				1,822,347
Building Products — 1.3%
A.O. Smith Corp.		27,400		1,043,392
Aaon, Inc.		3,320		93,657
Apogee Enterprises, Inc.		12,000		161,640
Gibraltar Industries, Inc. (a)		14,000		189,980
Griffon Corp. (a)		21,616		275,388
NCI Building Systems, Inc. (a)		1,200		16,788
Quanex Building Products Corp.		19,875		377,029
Simpson Manufacturing Co., Inc.		16,500		510,015

Common Stocks	Shares		Value
Building Products (concluded)
Universal Forest Products, Inc.		7,600	$	295,640
				2,963,529
Capital Markets — 0.6%
Piper Jaffray Cos. (a)		17,000		595,170
SWS Group, Inc.		6,770		34,188
Stifel Financial Corp. (a)		14,300		887,172
				1,516,530
Chemicals — 1.1%
American Vanguard Corp.		6,800		58,072
Arch Chemicals, Inc.		12,200		462,746
Calgon Carbon Corp. (a)		2,500		37,800
H.B. Fuller Co.		500		10,260
OM Group, Inc. (a)		23,300		897,283
Penford Corp. (a)		4,300		26,273
PolyOne Corp. (a)		40,100		500,849
Quaker Chemical Corp.		5,300		220,851
Stepan Co.		3,600		274,572
Zep, Inc.		10,000		198,800
				2,687,506
Commercial Banks — 4.6%
Boston Private Financial Holdings, Inc.		29,000		189,950
City Holding Co.		7,200		260,856
Columbia Banking System, Inc.		18,200		383,292
Community Bank System, Inc.		17,000		472,090
First BanCorp, Puerto Rico (a)		100		46
First Commonwealth Financial Corp.		37,500		265,500
First Financial Bancorp		5,940		109,771
First Financial Bankshares, Inc.		9,600		491,328
First Midwest Bancorp, Inc.		8,100		93,312
Glacier Bancorp, Inc.		29,400		444,234
Hancock Holding Co.		11,900		414,834
Hanmi Financial Corp. (a)		37,900		43,585
Independent Bank Corp./MA		5,100		137,955
NBT Bancorp, Inc.		13,500		326,025
Nara Bancorp, Inc. (a)		49,900		490,018
National Penn Bancshares, Inc.		10,700		85,921
Old National Bancorp		35,200		418,528
Pinnacle Financial Partners, Inc. (a)		14,900		202,342
PrivateBancorp, Inc.		24,450		351,591
Signature Bank (a)		18,700		935,000
Simmons First National Corp., Class A		11,500		327,750
Sterling Bancorp		4,700		49,209
Sterling Bancshares, Inc.		101,400		711,828
Susquehanna Bancshares, Inc.		95,300		922,504
Tompkins Trustco, Inc.		3,080		120,613
UMB Financial Corp.		14,500		600,590
Umpqua Holdings Corp.		48,500		590,730

Portfolio Abbreviations

To simplify the listings of portfolio holdings in the Schedule of Investments, the names and descriptions of many of the securities have been abbreviated according to the following list:

ADR American Depositary Receipts

See Notes to Financial Statements.
	QUANTITATIVE MASTER SERIES LLC	DECEMBER 31, 2010	3

Schedule of Investments (continued) Master Enhanced Small Cap Series
(Percentages shown are based on Net Assets)

Common Stocks	Shares		Value
Commercial Banks (concluded)
United Bankshares, Inc.		15,700	$	458,440
Whitney Holding Corp.		16,400		232,060
Wilshire Bancorp, Inc.		22,000		167,640
Wintrust Financial Corp.		14,300		472,329
				10,769,871
Commercial Services & Supplies — 2.3%
ABM Industries, Inc. (b)		21,700		570,710
Consolidated Graphics, Inc. (a)		11,000		532,730
G&K Services, Inc., Class A		22,200		686,202
The Geo Group, Inc. (a)		20,550		506,763
Healthcare Services Group, Inc.		30,150		490,540
Interface, Inc., Class A		32,800		513,320
Mobile Mini, Inc. (a)		4,700		92,543
SYKES Enterprises, Inc. (a)		18,900		382,914
Tetra Tech, Inc. (a)		11,600		290,696
United Stationers, Inc. (a)		17,800		1,135,818
Viad Corp.		7,200		183,384
				5,385,620
Communications Equipment — 2.9%
Arris Group, Inc. (a)		89,601		1,005,323
Bel Fuse, Inc.		5,400		129,060
Black Box Corp.		18,500		708,365
Blue Coat Systems, Inc. (a)		18,800		561,556
CommScope, Inc. (a)		12,534		391,311
Comtech Telecommunications Corp.		26,530		735,677
DG FastChannel, Inc. (a)		23,000		664,240
Digi International, Inc. (a)		25,400		281,940
Harmonic, Inc. (a)		40,000		342,800
NETGEAR, Inc. (a)		26,500		892,520
Network Equipment Technologies, Inc. (a)		13,400		62,042
PC-Tel, Inc. (a)		13,000		78,000
Symmetricom, Inc. (a)		58,400		414,056
Tekelec (a)		11,400		135,774
Tollgrade Communications, Inc. (a)		8,100		75,168
Viasat, Inc. (a)		9,880		438,771
				6,916,603
Computers & Peripherals — 0.8%
Avid Technology, Inc. (a)		14,033		245,016
Compellent Technologies, Inc. (a)		32,800		904,952
Hutchinson Technology, Inc. (a)		11,000		40,810
Intevac, Inc. (a)		7,700		107,877
Novatel Wireless, Inc. (a)		10,900		104,095
Stratasys, Inc. (a)		8,300		270,912
Super Micro Computer, Inc. (a)		3,275		37,794
Synaptics, Inc. (a)		4,400		129,272
				1,840,728
Construction & Engineering — 0.7%
Dycom Industries, Inc. (a)		18,890		278,627
EMCOR Group, Inc. (a)		39,800		1,153,404
Insituform Technologies, Inc., Class A (a)		5,000		132,550
Orion Marine Group, Inc. (a)		12,500		145,000
				1,709,581

Common Stocks	Shares		Value
Construction Materials — 0.2%
Eagle Materials, Inc.		13,800	$	389,850
Texas Industries, Inc.		4,400		201,432
				591,282
Consumer Finance — 1.2%
Cash America International, Inc.		25,900		956,487
Ezcorp, Inc. (a)		36,420		988,075
First Cash Financial Services, Inc. (a)		2,800		86,772
World Acceptance Corp. (a)		13,300		702,240
				2,733,574
Containers & Packaging — 0.1%
Myers Industries, Inc.		16,340		159,152
Diversified Consumer Services — 1.5%
American Public Education, Inc. (a)		8,300		309,092
Capella Education Co. (a)		7,480		498,018
Coinstar, Inc. (a)		20,400		1,151,376
Hillenbrand, Inc.		52,150		1,085,242
Pre-Paid Legal Services, Inc. (a)		5,400		325,350
Universal Technical Institute, Inc.		7,500		165,150
				3,534,228
Diversified Financial Services — 0.4%
Interactive Brokers Group, Inc., Class A		16,800		299,376
Portfolio Recovery Associates, Inc. (a)		7,190		540,688
				840,064
Diversified Telecommunication Services — 0.5%
Atlantic Tele-Network, Inc.		2,750		105,435
Cbeyond Communications, Inc. (a)		14,400		220,032
Frontier Communications Corp.		26,082		253,778
Neutral Tandem, Inc. (a)		35,830		517,385
				1,096,630
Electric Utilities — 0.8%
Allete, Inc.		4,500		167,670
El Paso Electric Co. (a)		36,200		996,586
UIL Holdings Corp.		8,100		242,676
Unisource Energy Corp.		16,500		591,360
				1,998,292
Electrical Equipment — 1.5%
AZZ, Inc.		9,900		396,099
Babcock & Wilcox Co. (a)		17,806		455,656
Baldor Electric Co.		1,862		117,380
Belden, Inc.		21,800		802,676
Brady Corp.		24,400		795,684
Encore Wire Corp.		8,500		213,180
II-VI, Inc. (a)		11,800		547,048
Powell Industries, Inc. (a)		4,100		134,808
				3,462,531
Electronic Equipment, Instruments & Components — 4.2%
Agilysys, Inc. (a)		9,300		52,359
Anixter International, Inc.		19,600		1,170,708
Benchmark Electronics, Inc. (a)		5,650		102,604

See Notes to Financial Statements.
4	QUANTITATIVE MASTER SERIES LLC	DECEMBER 31, 2010

Schedule of Investments (continued) Master Enhanced Small Cap Series
(Percentages shown are based on Net Assets)

Common Stocks	Shares		Value
Electronic Equipment, Instruments & Components (concluded)
Brightpoint, Inc. (a)		31,930	$	278,749
CPI International, Inc. (a)		2,700		52,245
CTS Corp.		41,400		457,884
Checkpoint Systems, Inc. (a)		34,800		715,140
Cognex Corp.		18,600		547,212
Daktronics, Inc.		37,700		600,184
Electro Scientific Industries, Inc. (a)		12,600		201,978
Faro Technologies, Inc. (a)		6,300		206,892
Gerber Scientific, Inc. (a)		11,500		90,505
Insight Enterprises, Inc. (a)		21,500		282,940
L-1 Identity Solutions, Inc. (a)		99		1,179
Littelfuse, Inc.		10,300		484,718
LoJack Corp. (a)		8,700		56,202
MTS Systems Corp.		7,100		265,966
Mercury Computer Systems, Inc. (a)		8,300		152,554
Methode Electronics, Inc.		23,900		309,983
Newport Corp. (a)		32,500		564,525
OSI Systems, Inc. (a)		8,920		324,331
Park Electrochemical Corp.		7,800		234,000
Plexus Corp. (a)		17,200		532,168
Pulse Electronics Corp.		19,000		101,080
Radisys Corp. (a)		31,600		281,240
Rofin-Sinar Technologies, Inc. (a)		13,190		467,454
Rogers Corp. (a)		8,500		325,125
SYNNEX Corp. (a)		11,000		343,200
ScanSource, Inc. (a)		1,900		60,610
TTM Technologies, Inc. (a)		39,600		590,436
				9,854,171
Energy Equipment & Services — 3.6%
Basic Energy Services, Inc. (a)		24,100		397,168
Bristow Group, Inc. (a)		15,600		738,660
CARBO Ceramics, Inc.		4,500		465,930
Gulf Island Fabrication, Inc.		5,200		146,536
ION Geophysical Corp. (a)		71,030		602,334
Lufkin Industries, Inc.		21,100		1,316,429
Matrix Service Co. (a)		31,400		382,452
Oil States International, Inc. (a)		30,500		1,954,745
SEACOR Holdings, Inc.		14,700		1,486,023
Seahawk Drilling, Inc. (a)		5,600		50,120
T-3 Energy Services, Inc. (a)		8,500		338,555
Tetra Technologies, Inc. (a)		62,050		736,534
				8,615,486
Food & Staples Retailing — 0.8%
The Andersons, Inc.		7,200		261,720
Casey’s General Stores, Inc.		16,463		699,842
Nash Finch Co.		8,000		340,080
Spartan Stores, Inc.		10,500		177,975
United Natural Foods, Inc. (a)		10,600		388,808
				1,868,425
Food Products — 1.6%
Cal-Maine Foods, Inc.		20,500		647,390
Darling International, Inc. (a)		62,874		834,967
Diamond Foods, Inc.		6,500		345,670
Hain Celestial Group, Inc. (a)		5,900		159,654
Sanderson Farms, Inc.		20,600		806,490
Seneca Foods Corp. (a)		4,000		107,920
Snyders-Lance, Inc.		19,300		452,392

Common Stocks	Shares		Value
Food Products (concluded)
TreeHouse Foods, Inc. (a)		7,600	$	388,284
				3,742,767
Gas Utilities — 2.3%
The Laclede Group, Inc.		10,300		376,362
New Jersey Resources Corp.		29,650		1,278,211
Northwest Natural Gas Co.		11,000		511,170
Piedmont Natural Gas Co.		49,700		1,389,612
South Jersey Industries, Inc.		12,700		670,814
Southwest Gas Corp.		33,600		1,232,112
				5,458,281
Health Care Equipment & Supplies — 3.3%
Abaxis, Inc. (a)		8,500		228,225
Alcon, Inc.		3,132		511,769
Align Technology, Inc. (a)		47,800		934,012
American Medical Systems Holdings, Inc. (a)		38,100		718,566
CONMED Corp. (a)		13,200		348,876
The Cooper Cos., Inc.		29,279		1,649,579
Greatbatch, Inc. (a)		18,400		444,360
Haemonetics Corp. (a)		5,300		334,854
ICU Medical, Inc. (a)		5,900		215,350
Integra LifeSciences Holdings Corp. (a)		100		4,730
Invacare Corp.		28,700		865,592
Kensey Nash Corp. (a)		4,000		111,320
Meridian Bioscience, Inc.		1,515		35,087
Merit Medical Systems, Inc. (a)		9,900		156,717
Neogen Corp. (a)		9,100		373,373
Palomar Medical Technologies, Inc. (a)		6,500		92,365
St. Jude Medical, Inc. (a)		1		37
SurModics, Inc. (a)		8,100		96,147
Symmetry Medical, Inc. (a)		11,900		110,075
West Pharmaceutical Services, Inc.		12,848		529,337
				7,760,371
Health Care Providers & Services — 4.8%
AMERIGROUP Corp. (a)		31,900		1,401,048
AMN Healthcare Services, Inc. (a)		18,000		110,520
Air Methods Corp. (a)		11,300		635,851
Almost Family, Inc. (a)		2,950		113,339
Amedisys, Inc. (a)		3,200		107,200
Amsurg Corp. (a)		35,900		752,105
Catalyst Health Solutions, Inc. (a)		18,900		878,661
Centene Corp. (a)		37,100		940,114
Chemed Corp.		3,400		215,934
Corvel Corp. (a)		3,500		169,225
Cross Country Healthcare, Inc. (a)		14,400		121,968
The Ensign Group, Inc.		5,360		133,303
Gentiva Health Services, Inc. (a)		28,900		768,740
HMS Holdings Corp. (a)		7,100		459,867
HealthSpring, Inc. (a)		26,570		704,902
Healthways, Inc. (a)		11,700		130,572
IPC The Hospitalist Co., Inc. (a)		30		1,171
LHC Group, Inc. (a)		5,800		174,000
Landauer, Inc.		3,600		215,892
MWI Veterinary Supply, Inc. (a)		12,000		757,800
Magellan Health Services, Inc. (a)		25,240		1,193,347
Molina Healthcare, Inc. (a)		11,840		329,744

See Notes to Financial Statements.
	QUANTITATIVE MASTER SERIES LLC	DECEMBER 31, 2010	5

Schedule of Investments (continued) Master Enhanced Small Cap Series
(Percentages shown are based on Net Assets)

Common Stocks	Shares		Value
Health Care Providers & Services (concluded)
PSS World Medical, Inc. (a)		27,495	$	621,387
PharMerica Corp. (a)		26,500		303,425
RehabCare Group, Inc. (a)		2,300		54,510
				11,294,625
Health Care Technology — 0.4%
Computer Programs & Systems, Inc.		5,070		237,479
Omnicell, Inc. (a)		15,300		221,085
Quality Systems, Inc.		8,700		607,434
				1,065,998
Hotels, Restaurants & Leisure — 2.4%
BJ’s Restaurants, Inc. (a)		6,020		213,289
Biglari Holdings, Inc. (a)		565		231,769
Buffalo Wild Wings, Inc. (a)		700		30,695
CEC Entertainment, Inc. (a)		21,200		823,196
California Pizza Kitchen, Inc. (a)		26,880		464,486
Cracker Barrel Old Country Store, Inc.		8,200		449,114
DineEquity, Inc. (a)		1,700		83,946
Interval Leisure Group, Inc. (a)		18,800		303,432
Jack in the Box, Inc. (a)		21,600		456,408
P.F. Chang’s China Bistro, Inc.		8,410		407,548
Papa John’s International, Inc. (a)		25,700		711,890
Peet’s Coffee & Tea, Inc. (a)		4,900		204,526
Pinnacle Entertainment, Inc. (a)		4,200		58,884
Ruby Tuesday, Inc. (a)		50,600		660,836
Ruth’s Hospitality Group, Inc. (a)		6,600		30,558
Shuffle Master, Inc. (a)		24,900		285,105
Texas Roadhouse, Inc., Class A (a)		18,330		314,726
				5,730,408
Household Durables — 1.1%
Blyth, Inc.		2,890		99,647
Helen of Troy Ltd. (a)		19,800		588,852
Kid Brands, Inc. (a)		10,100		86,355
M/I Homes, Inc. (a)		22,200		341,436
Meritage Homes Corp. (a)		14,600		324,120
National Presto Industries, Inc.		5,900		767,059
Standard-Pacific Corp. (a)		37,400		172,040
Universal Electronics, Inc. (a)		5,100		144,687
				2,524,196
Household Products — 0.2%
Central Garden & Pet Co., Class A (a)		29,850		294,918
WD-40 Co.		6,200		249,736
				544,654
IT Services — 2.0%
CACI International, Inc., Class A (a)		22,800		1,217,520
CSG Systems International, Inc. (a)		36,500		691,310
Ciber, Inc. (a)		32,400		151,632
Forrester Research, Inc.		6,800		239,972
Heartland Payment Systems, Inc.		20,400		314,568
Integral Systems, Inc. (a)		8,000		79,280
MAXIMUS, Inc.		8,100		531,198
NCI, Inc., Class A (a)		3,700		85,063
TeleTech Holdings, Inc. (a)		11,200		230,608
Wright Express Corp. (a)		27,000		1,242,000
				4,783,151

Common Stocks	Shares		Value
Industrial Conglomerates — 0.2%
Standex International Corp.		10,500	$	314,055
Tredegar Corp.		10,600		205,428
				519,483
Insurance — 3.2%
Amerisafe, Inc. (a)		8,500		148,750
Delphi Financial Group, Inc., Class A (b)		41,130		1,186,189
eHealth, Inc. (a)		13,200		187,308
Employers Holdings, Inc.		21,900		382,812
First American Financial Corp.		14,152		211,431
Horace Mann Educators Corp.		39,600		714,384
Infinity Property & Casualty Corp.		6,400		395,520
National Financial Partners Corp. (a)		40,600		544,040
Presidential Life Corp.		9,900		98,307
Primerica, Inc.		26,377		639,642
ProAssurance Corp. (a)		21,700		1,315,020
Safety Insurance Group, Inc.		16,573		788,378
Selective Insurance Group, Inc.		182		3,303
Stewart Information Services Corp.		8,500		98,005
Tower Group, Inc.		37,210		951,832
				7,664,921
Internet & Catalog Retail — 0.5%
Blue Nile, Inc. (a)		5,900		336,654
HSN, Inc. (a)		16,700		511,688
NutriSystem, Inc.		10,700		225,021
PetMed Express, Inc.		10,500		187,005
				1,260,368
Internet Software & Services — 0.7%
ComScore, Inc. (a)		10,000		223,100
DealerTrack Holdings, Inc. (a)		3,200		64,224
Infospace, Inc. (a)		43,600		361,880
j2 Global Communications, Inc. (a)		5,700		165,015
The Knot, Inc. (a)		10,400		102,752
Liquidity Services, Inc. (a)		7,000		98,350
Perficient, Inc. (a)		13,900		173,750
RightNow Technologies, Inc. (a)		10,100		239,067
Stamps.com, Inc.		1,700		22,525
United Online, Inc.		39,700		262,020
				1,712,683
Leisure Equipment & Products — 0.9%
Arctic Cat, Inc. (a)		5,700		83,448
Brunswick Corp.		26,700		500,358
Callaway Golf Co.		24,120		194,648
Jakks Pacific, Inc. (a)		12,800		233,216
Pool Corp.		20,500		462,070
RC2 Corp. (a)		17,600		383,152
Sturm Ruger & Co., Inc.		19,100		292,039
				2,148,931
Life Sciences Tools & Services — 1.0%
Affymetrix, Inc. (a)		37,000		186,110
Cambrex Corp. (a)		5,800		29,986

See Notes to Financial Statements.
6	QUANTITATIVE MASTER SERIES LLC	DECEMBER 31, 2010

Schedule of Investments (continued)	Master Enhanced Small Cap Series
	(Percentages shown are based on Net Assets)

Common Stocks	Shares		Value
Life Sciences Tools & Services (concluded)
Charles River Laboratories International, Inc. (a)		2,710	$	96,313
Dionex Corp. (a)		12,489		1,473,827
eResearch Technology, Inc. (a)		19,800		145,530
Kendle International, Inc. (a)		12,000		130,680
Parexel International Corp. (a)		9,070		192,556
WuXi PharmaTech (Cayman), Inc. - ADR (a)		5,205		84,009
				2,339,011
Machinery — 3.6%
Actuant Corp., Class A		17,000		452,540
Albany International Corp., Class A		1,200		28,428
Astec Industries, Inc. (a)		2,100		68,061
Badger Meter, Inc.		2,600		114,972
Barnes Group, Inc.		18,200		376,194
Briggs & Stratton Corp.		20,600		405,614
Bucyrus International, Inc.		3,190		285,186
CIRCOR International, Inc.		9,100		384,748
Cascade Corp.		10,200		482,256
Clarcor, Inc.		21,900		939,291
ESCO Technologies, Inc.		11,200		423,808
EnPro Industries, Inc. (a)		8,300		344,948
Federal Signal Corp.		29,600		203,056
John Bean Technologies Corp.		13,102		263,743
Kaydon Corp.		4,058		165,242
Lindsay Manufacturing Co.		5,000		297,150
Lydall, Inc. (a)		7,900		63,595
Mueller Industries, Inc.		30,800		1,007,160
Robbins & Myers, Inc.		22,000		787,160
Toro Co.		7,900		486,956
Watts Water Technologies, Inc., Class A		24,700		903,773
				8,483,881
Media — 0.4%
Arbitron, Inc.		5,700		236,664
EW Scripps Co. (a)		14,260		144,739
Live Nation Entertainment, Inc. (a)		45,740		522,351
				903,754
Metals & Mining — 0.8%
A.M. Castle & Co. (a)		7,800		143,598
AMCOL International Corp.		10,000		310,000
Brush Engineered Materials, Inc. (a)		8,300		320,712
Century Aluminum Co. (a)		23,800		369,614
Kaiser Aluminum Corp.		5,600		280,504
Metals USA Holdings Corp. (a)		25,000		381,000
RTI International Metals, Inc. (a)		3,100		83,638
				1,889,066
Multi-Utilities — 0.2%
Avista Corp.		19,600		441,392
NorthWestern Corp.		1,050		30,272
				471,664
Multiline Retail — 0.2%
Fred’s, Inc.		36,400		500,864
Tuesday Morning Corp. (a)		17,000		89,760
				590,624

Common Stocks	Shares		Value
Oil, Gas & Consumable Fuels — 2.2%
Gulfport Energy Corp. (a)		11,200	$	242,480
Holly Corp.		11,100		452,547
Penn Virginia Corp.		18,500		311,170
Petroleum Development Corp. (a)		18,500		780,885
Petroquest Energy, Inc. (a)		61,900		466,107
QEP Resources, Inc.		6,356		230,786
Stone Energy Corp. (a)		35,200		784,608
Swift Energy Co. (a)		18,250		714,488
World Fuel Services Corp.		32,000		1,157,120
				5,140,191
Paper & Forest Products — 0.9%
Buckeye Technologies, Inc.		30,900		649,209
Clearwater Paper Corp. (a)		9,400		736,020
Deltic Timber Corp.		300		16,902
Pope & Talbot, Inc. (a)		100		—
Schweitzer-Mauduit International, Inc.		4,500		283,140
Wausau Paper Corp.		46,700		402,087
				2,087,358
Personal Products — 0.3%
Alberto-Culver Co.		11,953		442,739
Medifast, Inc. (a)		6,200		179,056
				621,795
Pharmaceuticals — 1.5%
Hi-Tech Pharmacal Co., Inc. (a)		4,500		112,275
King Pharmaceuticals, Inc. (a)		30,200		424,310
Par Pharmaceutical Cos., Inc. (a)		27,200		1,047,472
Salix Pharmaceuticals Ltd. (a)		20,400		957,984
ViroPharma, Inc. (a)		53,200		921,424
				3,463,465
Professional Services — 0.8%
Administaff, Inc.		22,800		668,040
CDI Corp.		6,000		111,540
The Dolan Co. (a)		13,700		190,704
Heidrick & Struggles International, Inc.		6,400		183,360
Kelly Services, Inc., Class A (a)		13,160		247,408
On Assignment, Inc. (a)		9,000		73,350
SFN Group, Inc. (a)		24,500		239,120
School Specialty, Inc. (a)		500		6,965
TrueBlue, Inc. (a)		3,500		62,965
Volt Information Sciences, Inc. (a)		1,200		10,380
				1,793,832
Real Estate Investment Trusts (REITs) — 6.6%
Acadia Realty Trust		15,336		279,729
BioMed Realty Trust, Inc.		80,560		1,502,444
Cedar Shopping Centers, Inc.		20,900		131,461
Colonial Properties Trust		13,700		247,285
DiamondRock Hospitality Co.		71,646		859,752
Eastgroup Properties, Inc.		11,100		469,752
Entertainment Properties Trust		20,250		936,562
Extra Space Storage, Inc.		42,100		732,540
Franklin Street Properties Corp.		34,600		493,050
Healthcare Realty Trust, Inc.		29,900		632,983
Home Properties, Inc.		9,200		510,508
Inland Real Estate Corp.		28,100		247,280

See Notes to Financial Statements.
	QUANTITATIVE MASTER SERIES LLC	DECEMBER 31, 2010	7

Schedule of Investments (continued)	Master Enhanced Small Cap Series
	(Percentages shown are based on Net Assets)

Common Stocks	Shares		Value
Real Estate Investment Trusts (REITs) (concluded)
Kilroy Realty Corp.		36,850	$	1,343,919
Kite Realty Group Trust		19,900		107,659
LaSalle Hotel Properties		31,900		842,160
Lexington Corporate Properties Trust		51,029		405,681
Medical Properties Trust, Inc.		51,600		558,828
Mid-America Apartment Communities, Inc.		8,640		548,554
National Retail Properties, Inc.		56,200		1,489,300
PS Business Parks, Inc.		9,800		546,056
Parkway Properties, Inc.		9,000		157,680
Pennsylvania Real Estate Investment Trust		4,200		61,026
Post Properties, Inc.		35,500		1,288,650
Saul Centers, Inc.		4,100		194,135
Sovran Self Storage, Inc.		11,200		412,272
Tanger Factory Outlet Centers, Inc.		9,800		501,662
Urstadt Biddle Properties, Inc., Class A		7,582		147,470
				15,648,398
Real Estate Management & Development — 0.1%
Forestar Group, Inc. (a)		1,700		32,810
The Howard Hughes Corp. (a)		3,731		203,041
				235,851
Road & Rail — 0.3%
Heartland Express, Inc.		21,133		338,551
Knight Transportation, Inc.		6,700		127,300
Old Dominion Freight Line, Inc. (a)		5,200		166,348
				632,199
Semiconductors & Semiconductor Equipment — 4.7%
ATMI, Inc. (a)		12,100		241,274
Advanced Energy Industries, Inc. (a)		12,900		175,956
Brooks Automation, Inc. (a)		25,914		235,040
Cabot Microelectronics Corp. (a)		200		8,290
Cohu, Inc.		11,100		184,038
Cymer, Inc. (a)		12,600		567,882
Cypress Semiconductor Corp. (a)		97,960		1,820,097
DSP Group, Inc. (a)		43,700		355,718
Diodes, Inc. (a)		3,950		106,611
Exar Corp. (a)		13,700		95,626
FEI Co. (a)		2,800		73,948
Hittite Microwave Corp. (a)		9,930		606,127
Kopin Corp. (a)		21,300		88,608
MKS Instruments, Inc. (a)		38,600		945,314
Micrel, Inc.		23,000		298,770
Microsemi Corp. (a)		36,400		833,560
Rudolph Technologies, Inc. (a)		10,800		88,884
Sigma Designs, Inc. (a)		10,000		141,700
Standard Microsystems Corp. (a)		22,800		657,324
SunPower Corp., Class B (a)		1		12
Supertex, Inc. (a)		6,000		145,080
Tessera Technologies, Inc. (a)		23,400		518,310
TriQuint Semiconductor, Inc. (a)		102,785		1,201,557
Varian Semiconductor Equipment Associates, Inc. (a)		24,950		922,401

Common Stocks	Shares		Value
Semiconductors & Semiconductor Equipment (concluded)
Veeco Instruments, Inc. (a)		18,500	$	794,760
				11,106,887
Software — 3.0%
Blackbaud, Inc.		18,100		468,790
Bottomline Technologies, Inc. (a)		7,375		160,111
CommVault Systems, Inc. (a)		32,100		918,702
EPIQ Systems, Inc.		15,150		208,010
Ebix, Inc. (a)		2,700		63,909
Epicor Software Corp. (a)		24,300		245,430
Interactive Intelligence, Inc. (a)		6,000		156,960
JDA Software Group, Inc. (a)		22,090		618,520
Manhattan Associates, Inc. (a)		9,000		274,860
McAfee, Inc. (a)		7,477		346,260
MicroStrategy, Inc., Class A (a)		4,200		358,974
NetScout Systems, Inc. (a)		16,300		375,063
Progress Software Corp. (a)		10,000		423,200
Radiant Systems, Inc. (a)		13,300		260,281
Smith Micro Software, Inc. (a)		13,300		209,342
Sonic Solutions, Inc. (a)		16,100		241,500
Sourcefire, Inc. (a)		1,730		44,859
Take-Two Interactive Software, Inc. (a)		37,501		459,012
Taleo Corp., Class A (a)		6,500		179,725
Tyler Technologies, Inc. (a)		12,900		267,804
Websense, Inc. (a)		36,300		735,075
				7,016,387
Specialty Retail — 4.0%
Big 5 Sporting Goods Corp.		10,100		154,227
Brown Shoe Co., Inc.		17,700		246,561
The Buckle, Inc.		12,050		455,128
Cabela’s, Inc., Class A (a)		33,600		730,800
The Cato Corp., Class A		28,450		779,814
The Children’s Place Retail Stores, Inc. (a)		4,700		233,308
Christopher & Banks Corp.		16,650		102,398
The Finish Line, Inc., Class A		42,000		721,980
Genesco, Inc. (a)		20,000		749,800
Group 1 Automotive, Inc.		3,600		150,336
Hibbett Sports, Inc. (a)		11,800		435,420
Hot Topic, Inc.		20,600		129,162
Jo-Ann Stores, Inc. (a)		11,400		686,508
Jos. A. Bank Clothiers, Inc. (a)		11,587		467,188
Kirkland’s, Inc. (a)		29,725		417,042
Lithia Motors, Inc., Class A		10,100		144,329
Lumber Liquidators Holdings, Inc. (a)		10,800		269,028
Men’s Wearhouse, Inc.		8,500		212,330
Midas, Inc. (a)		6,500		52,715
Monro Muffler, Inc.		12,510		432,721
OfficeMax, Inc. (a)		37,400		661,980
The Pep Boys - Manny, Moe & Jack		24,300		326,349
Sonic Automotive, Inc.		17,800		235,672
Stage Stores, Inc.		14,225		246,661
Stein Mart, Inc.		12,500		115,625
Zale Corp. (a)		3,100		13,206
Zumiez, Inc. (a)		8,300		223,021
				9,393,309

See Notes to Financial Statements.
8	QUANTITATIVE MASTER SERIES LLC	DECEMBER 31, 2010

Schedule of Investments (continued)	Master Enhanced Small Cap Series
	(Percentages shown are based on Net Assets)

Common Stocks	Shares		Value
Textiles, Apparel & Luxury Goods — 2.1%
Carter’s, Inc. (a)		13,000	$	383,630
Crocs, Inc. (a)		56,000		958,720
Iconix Brand Group, Inc. (a)		14,800		285,788
Liz Claiborne, Inc. (a)		6,600		47,256
Maidenform Brands, Inc. (a)		10,800		256,716
Movado Group, Inc. (a)		25,500		411,570
Oxford Industries, Inc.		5,000		128,050
Perry Ellis International, Inc. (a)		4,700		129,109
Quiksilver, Inc. (a)		59,900		303,693
Steven Madden Ltd. (a)		18,250		761,390
True Religion Apparel, Inc. (a)		10,110		225,049
Unifirst Corp.		6,800		374,340
Wolverine World Wide, Inc.		24,450		779,466
				5,044,777
Thrifts & Mortgage Finance — 0.3%
Brookline Bancorp, Inc.		27,400		297,290
Dime Community Bancshares, Inc.		2,000		29,180
TrustCo Bank Corp. NY		77,200		489,448
				815,918
Trading Companies & Distributors — 0.6%
Applied Industrial Technologies, Inc.		31,525		1,023,932
Kaman Corp., Class A		10,300		299,421
Lawson Products, Inc.		1,000		24,890
				1,348,243
Water Utilities — 0.0%
American States Water Co.		2,100		72,387
Wireless Telecommunication Services — 0.5%
NTELOS Holdings Corp.		14,000		266,700
Syniverse Holdings, Inc. (a)		12,719		392,381
USA Mobility, Inc.		35,900		637,943
				1,297,024
Total Common Stocks – 91.4%				215,899,827

Exchange-Traded Fund
iShares S&P SmallCap 600 Index Fund (c)	93,116	6,375,653
Total Exchange-Traded Fund – 2.7%		6,375,653
Total Long-Term Investments (Cost – $170,782,598) – 94.1%		222,275,480

Short-Term Securities	Shares		Value
BlackRock Liquidity Funds, TempCash, Institutional Class, 0.18% (c)(d)		14,392,007	$	14,392,007
Total Short-Term Securities (Cost – $14,392,007) – 6.1%				14,392,007
Total Investments (Cost – $185,174,605*) – 100.2%				236,667,487
Liabilities in Excess of Other Assets – (0.2)%				(419,429	)
Net Assets – 100.0%			$	236,248,058

* The cost and unrealized appreciation (depreciation) of investments as of December 31, 2010, as computed for federal income tax purposes were as follows:

Aggregate cost	$	188,782,204
Gross unrealized appreciation	$	51,956,735
Gross unrealized depreciation		(4,071,452	)
Net unrealized appreciation	$	47,885,283

(a)	Non-income producing security.
(b)	All or a portion of security has been pledged as collateral in connection with open financial futures contracts.

See Notes to Financial Statements.
	QUANTITATIVE MASTER SERIES LLC	DECEMBER 31, 2010	9

Schedule of Investments (continued) Master Enhanced Small Cap Series

(c) Investments in companies considered to be an affiliate of the Series during the year, for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliate	Shares Held at December 31, 2009		Shares Purchased			Shares Sold		Shares Held at December 31, 2010		Value at December 31, 2010		Realized Gain		Income
BlackRock Liquidity Funds, TempCash, Institutional Class		10,906,103		3,485,904	1		—		14,392,007	$	14,392,007		—	$	20,645
iShares S&P SmallCap 600 Index Fund		33,197		318,498			258,579		93,116	$	6,375,653	$	426,016	$	44,397

¹ Net shares purchased.

(d)	Represents the current yield as of report date.
•	Financial futures contracts purchased as of December 31, 2010 were as follows:

Contracts	Issue	Exchange	Expiration	Notional Value		Unrealized Appreciation
232	Russell 2000 EMINI	ICE Futures US Indices	March 2011	$	17,807,933	$	341,427

• 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 Series management. This definition may not apply for purposes of this report, which may combine such industry sub-classifications for reporting ease.

• Fair Value Measurements - Various inputs are used in determining the fair value of investments and derivatives, which are as follows:

• Level 1 — price quotations in active markets/exchanges for identical assets and liabilities

• 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 derivatives)

The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For information about the Series’ policy regarding valuation of investments and derivatives and other significant accounting policies, please refer to Note 1 of the Notes to Financial Statements.

See Notes to Financial Statements.
10	QUANTITATIVE MASTER SERIES LLC	DECEMBER 31, 2010

Schedule of Investments (concluded) Master Enhanced Small Cap Series

The following tables summarize the inputs used as of December 31, 2010 in determining the fair valuation of the Series’ investments and derivatives:

Valuation Inputs	Level 1		Level 2		Level 3		Total
Assets:
Investments in Securities:
Long-Term Investments1	$	222,275,480		—		—	$	222,275,480
Short-Term Securities		14,392,007		—		—		14,392,007
Total	$	236,667,487		—		—	$	236,667,487

¹ See above Schedule of Investments for values in each industry.

	Derivative Financial Instruments2
Valuation Inputs	Level 1		Level 2		Level 3		Total
Assets:
Equity contracts	$	341,427		—		—	$	341,427

² Derivative financial instruments are financial futures contracts. Financial futures contracts are shown at the unrealized appreciation/depreciation on the instrument.

See Notes to Financial Statements.
	QUANTITATIVE MASTER SERIES LLC	DECEMBER 31, 2010	11

Statement of Assets and Liabilities Master Enhanced Small Cap Series

December 31, 2010
Assets
Investments at value - unaffiliated (cost - $164,873,305)	$	215,899,827
Investments at value - affiliated (cost - $20,301,300)		20,767,660
Investments sold receivable		43,688,475
Dividends receivable		158,997
Prepaid expenses		4,296
Total assets		280,519,255
Liabilities
Investments purchased payable		44,049,541
Margin variation payable		118,066
Withdrawals payable to investors		74,226
Investment advisory fees payable		996
Other affiliates payable		942
Directors’ fees payable		152
Other accrued expenses payable		27,274
Total liabilities		44,271,197
Net Assets	$	236,248,058
Net Assets Consist of
Investors’ capital	$	184,413,749
Net unrealized appreciation/depreciation		51,834,309
Net Assets	$	236,248,058

See Notes to Financial Statements.
12	QUANTITATIVE MASTER SERIES LLC	DECEMBER 31, 2010

Statement of Operations Master Enhanced Small Cap Series

Year Ended December 31, 2010
Investment Income
Dividends	$	2,330,488
Dividends - affiliated		65,042
Total income		2,395,530
Expenses
Investment advisory		20,456
Professional		52,452
Accounting services		39,832
Custodian		16,947
Directors		7,953
Printing		5,394
Miscellaneous		9,243
Total expenses		152,277
Less fees waived by advisor		(9,005	)
Less fees paid indirectly		(1,165	)
Total expenses after fees waived and paid indirectly		142,107
Net investment income		2,253,423
Realized and Unrealized Gain (Loss)
Net realized gain from:
Investments - unaffiliated		18,150,690
Investments - affiliated		426,016
Financial futures contracts		3,318,504
		21,895,210
Net change in unrealized appreciation/depreciation on:
Investments		25,503,310
Financial futures contracts		(42,302	)
		25,461,008
Total realized and unrealized gain		47,356,218
Net Increase in Net Assets Resulting from Operations	$	49,609,641

See Notes to Financial Statements.
QUANTITATIVE MASTER SERIES LLC	DECEMBER 31, 2010	13

Statements of Changes in Net Assets Master Enhanced Small Cap Series

	Year Ended December 31,
Increase (Decrease) in Net Assets:	2010			2009
Operations
Net investment income	$	2,253,423		$	1,317,163
Net realized gain (loss)		21,895,210			(15,056,108	)
Net change in unrealized appreciation/depreciation		25,461,008			51,211,368
Net increase in net assets resulting from operations		49,609,641			37,472,423
Capital Transactions
Proceeds from contributions		38,913,160			33,249,594
Value of withdrawals		(46,207,248	)		(32,915,582	)
Net increase (decrease) in net assets derived from capital transactions		(7,294,088	)		334,012
Net Assets
Total increase in net assets		42,315,553			37,806,435
Beginning of year		193,932,505			156,126,070
End of year	$	236,248,058		$	193,932,505

See Notes to Financial Statements.
14	QUANTITATIVE MASTER SERIES LLC	DECEMBER 31, 2010

Financial Highlights Master Enhanced Small Cap Series

	Year Ended December 31,
	2010			2009			2008			2007			2006
Total Investment Return
Total investment return		26.25	%		24.68	%		(32.88	)%		(1.12	)%		15.23	%
Ratios to Average Net Assets
Total expenses		0.07	%		0.08	%		0.09	%		0.07	%		0.06	%
Total expenses after fees waived and fees paid indirectly		0.07	%		0.08	%		0.09	%		0.07	%		0.06	%
Net investment income		1.10	%		0.83	%		1.34	%		1.28	%		0.99	%
Supplemental Data
Net assets, end of year (000)	$	236,248		$	193,933		$	156,126		$	248,102		$	253,963
Portfolio turnover		63	%		88	%		183	%		158	%		160	%

See Notes to Financial Statements.
QUANTITATIVE MASTER SERIES LLC	DECEMBER 31, 2010	15

Notes to Financial Statements Master Enhanced Small Cap Series

1. Organization and Significant Accounting Policies:

Master Enhanced Small Cap Series (the “Series”), a non-diversified, open-end management investment company, is a series of Quantitative Master Series LLC (the “Master LLC”). The Master LLC is registered as an investment company under the Investment Company Act of 1940, as amended (the “1940 Act”), and is organized as a Delaware limited liability company. The Master LLC’s Limited Liability Company Agreement permits the Board of Directors of the Master LLC (the “Board”) to issue non-transferable interests, subject to certain limitations. The Series’ financial statements are prepared in conformity with accounting principles generally accepted in the United States of America, which may require management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates.

The following is a summary of significant accounting policies followed by the Series:

Valuation: The Series fair values its financial instruments at market value using independent dealers or pricing services under policies approved by the Board. Equity investments traded on a recognized securities exchange or the NASDAQ Global Market System (“NASDAQ”) are valued at the last reported sale price that day or the NASDAQ official closing price, if applicable. For equity investments traded on more than one exchange, the last reported sale price on the exchange where the stock is primarily traded is used. Equity investments traded on a recognized exchange for which there were no sales on that day are valued at the last available bid price. If no bid price is available, the prior day’s price will be used, unless it is determined that such prior day’s price no longer reflects the fair value of the security. Financial futures contracts traded on exchanges are valued at their last sale price. Investments in open-end registered investment companies are valued at net asset value each business day. Short-term securities with remaining maturities of 60 days or less may be valued at amortized cost, which approximates fair value.

In the event that application of these methods of valuation results in a price for an investment which is deemed not to be representative of the market value of such investment or is not available, the investment will be valued in accordance with a policy approved by the Board as reflecting fair value (“Fair Value Assets”). When determining the price for Fair Value Assets, the investment advisor and/or the sub-advisor 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 investment advisor and/or sub-advisor deems relevant. The pricing of all Fair Value Assets is subsequently reported to the Board or a committee thereof.

Segregation and Collateralization: In cases in which the 1940 Act and the interpretive positions of the Securities and Exchange Commission (“SEC”) require that the Series either delivers collateral or segregates assets in connection with certain investments (e.g., financial futures contracts), the Series will, consistent with SEC rules and/or certain interpretive letters issued by the SEC, segregate collateral or designate on its books and records cash or other liquid securities having a market value at least equal to the amount that would otherwise be required to be physically segregated. Furthermore, based on requirements and agreements with certain exchanges and third party broker-dealers, each party has requirements to deliver/deposit securities as collateral for certain investments.

Investment Transactions and Investment Income: For financial reporting purposes, investment transactions are recorded on the dates the transactions are entered into (the trade dates). Realized gains and losses on investment transactions are determined on the identified cost basis. Dividend income is recorded on the ex-dividend dates. Dividends from foreign securities where the ex-dividend date may have passed are subsequently recorded when the Series has determined 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. Interest income, including amortization and accretion of premiums and discounts on debt securities, is recognized on the accrual basis.

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

The Series files US federal and various state and local tax returns. No income tax returns are currently under examination. The statute of limitations on the Series’ US federal tax returns remains open for each of the four years ended December 31, 2010. The statutes of limitations on the Series’ state and local tax returns may remain open for an additional year depending upon the jurisdiction. Management does not believe there are any uncertain tax positions that require the recognition of a tax liability.

Other: Expenses directly related to the Series are charged to that Series. Other operating expenses shared by several funds are pro rated among those funds on the basis of relative net assets or other appropriate methods. The Series has an arrangement with the custodian whereby fees may be reduced by credits earned on uninvested cash balances, which if applicable are shown as fees paid indirectly in the Statement of Operations. The custodian imposes fees on overdrawn cash balances, which can be offset by accumulated credits earned or may result in additional custody charges.

2. Derivative Financial Instruments:

The Series engages in various portfolio investment strategies using derivative contracts both to increase the return of the Series and to economically hedge, or protect, its exposure to equity risk. These contracts may be transacted on an exchange. Losses may arise if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument or if the counterparty does not perform under the contract.Counterparty risk related to exchange-traded financial futures contracts is deemed to be minimal due to the protection against defaults provided by the exchange on which these contracts trade.

Financial Futures Contracts: The Series purchases 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 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, 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 settlement date. Pursuant to the contract, the

16 QUANTITATIVE MASTER SERIES LLC DECEMBER 31, 2010

Notes to Financial Statements (continued) Master Enhanced Small Cap Series

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 margin variation and are recorded by the Series as unrealized gains or losses. 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 transactions involves the risk of an imperfect correlation in the movements in the price of financial futures contracts, interest rates and the underlying assets.

Derivative Instruments Categorized by Risk Exposure:

Fair Values of Derivative Instruments as of December 31, 2010
Asset Derivatives
	Statement of Assets and Liabilities Location	Value
Equity contracts	Net unrealized appreciation/depreciation*	$ 341,427

* Includes cumulative appreciation/depreciation of financial futures contracts as reported in the Schedule of Investments. Only current day’s margin variation is reported within the Statement of Assets and Liabilities.

The Effect of Derivative Instruments on the Statement of Operations
Year Ended December 31, 2010
Net Realized Gain from
	Financial futures contracts
Equity contracts	$ 3,318,504
Net Change in Unrealized Appreciation/Depreciation on
	Financial futures contracts
Equity contracts	$ (42,302 )

For the year ended December 31, 2010, the average quarterly balances of outstanding derivative financial instruments were as follows:
Financial futures contracts:
Average number of contracts purchased		204
Average notional value of contracts purchased	$	13,789,562

3. Investment Advisory Agreement and Other Transactions with Affiliates:

The PNC Financial Services Group, Inc. (“PNC”), Bank of America Corporation (“BAC”)and Barclays Bank PLC (“Barclays”) are the largest stockholders of BlackRock, Inc. (“BlackRock”). Due to the ownership structure, PNC is an affiliate of the Series for 1940 Act purposes, but BAC and Barclays are not.

The Master LLC, on behalf of the Series, entered into an Investment Advisory Agreement with BlackRock Advisors, LLC (the “Manager”), the Series’ investment advisor, an indirect, wholly owned subsidiary of BlackRock, to provide investment advisory and administration services. The Manager is responsible for the management of the Series’ portfolio and provides the necessary personnel, facilities, equipment and certain other services necessary to the operations of the Series. For such services, the Series pays the Manager a monthly fee at an annual rate of 0.01% of the average daily value of the Series’ 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 through the Series’ investment in other affiliated investment companies, if any. This amount is shown as fees waived by advisor in the Statement of Operations.

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

For the year ended December 31, 2010, the Series reimbursed the Manager $3,752 for certain accounting services, which are included in accounting services in the Statement of Operations.

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

4. Investments:

Purchases and sales of investments, excluding short-term securities, for the year ended December 31, 2010, were $121,242,844 and $125,115,922, respectively.

5. Market and Credit Risk:

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

QUANTITATIVE MASTER SERIES LLC DECEMBER 31, 2010 17

Notes to Financial Statements (concluded)

6. Borrowings:

The Master LLC, on behalf of the Series, along with certain other funds managed by the Manager and its affiliates, is a party to a $500 million credit agreement with a group of lenders, which expired in November 2010. The Series may borrow under the credit agreement to fund investor withdrawals. Effective November 2009, the credit agreement had the following terms: 0.02% upfront fee on the aggregate commitment amount which was allocated to the Series based on its net assets as of October 31, 2009, a commitment fee of 0.10% per annum based on the Series’ pro rata share of the unused portion of the credit agreement and interest at a rate equal to the higher of (a) the one-month LIBOR plus 1.25% per annum and (b) the Fed Funds rate plus 1.25% per annum on amounts borrowed. In addition, the Series paid administration and arrangement fees which were allocated to the Series based on its net assets as of October 31, 2009. Effective November 2010, the credit agreement was renewed until November 2011 with the following terms: a commitment fee of 0.08% per annum based on the Series’ pro rata share of the unused portion of the credit agreement and interest at a rate equal to the higher of (a) the one-month LIBOR plus 1.00% per annum and (b) the Fed Funds rate plus 1.00% per annum on amounts borrowed. In addition, the Series paid administration and arrangement fees which were allocated to the Series based on its net assets as of October 31, 2010. The Series did not borrow under the credit agreement during the year ended December 31, 2010.

7. 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.

18 QUANTITATIVE MASTER SERIES LLC DECEMBER 31, 2010

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Investors 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 Enhanced Small Cap Series, one of the portfolios constituting Quantitative Master Series LLC, (the “Master LLC”) as of December 31, 2010, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended. These financial statements and financial highlights are the responsibility of the Master LLC’s 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 Master LLC 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 Master LLC’s 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, 2010, 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 Enhanced Small Cap Series of Quantitative Master Series LLC as of December 31, 2010, 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

Princeton, New Jersey
February 28, 2011

QUANTITATIVE MASTER SERIES LLC DECEMBER 31, 2010 19

Officers and Directors
Name, Address and Year of Birth	Position(s) Held with Master LLC	Length of Time Served as a Director 2	Principal Occupation(s) During Past Five Years	Number of BlackRock – Advised Registered Investment Companies (“RICs”) Consisting of Investment Portfolios (“Portfolios”) Overseen	Public Directorships
Non-Interested Directors 1
Ronald W. Forbes 55 East 52nd Street New York, NY 10055 1940	Co-Chair of the Board and Director	Since 2007	Professor Emeritus of Finance, School of Business, State University of New York at Albany since 2000.	36 RICs consisting of 95 Portfolios	None
Rodney D. Johnson 55 East 52nd Street New York, NY 10055 1941	Co-Chair of the Board and Director	Since 2007	President, Fairmount Capital Advisors, Inc. since 1987; Director, Fox Chase Cancer Center since 2004; Member of the Archdiocesan Investment Committee of the Archdiocese of Philadelphia since 2004; Director, The Committee of Seventy (civic) since 2006.	36 RICs consisting of 95 Portfolios	None
David O. Beim 55 East 52nd Street New York, NY 10055 1940	Director	Since 2007	Professor of Finance and Economics at the Columbia University Graduate School of Business since 1991; Trustee, Phillips Exeter Academy since 2002; Chairman, Wave Hill, Inc. (public garden and cultural center) from 1990 to 2006.	36 RICs consisting of 95 Portfolios	None

20 QUANTITATIVE MASTER SERIES LLC DECEMBER 31, 2010

Dr. Matina S. Horner 55 East 52nd Street New York, NY 10055 1939	Director	Since 2007	Executive Vice President of Teachers Insurance and Annuity Association and College Retirement Equities Fund from 1989 to 2003.	36 RICs consisting of 95 Portfolios	NSTAR (electric and gas utility)
Herbert I. London 55 East 52nd Street New York, NY 10055 1939	Director and Member of the Audit Committee	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, Hudson Institute (policy research organization) since 1997 and Trustee thereof since 1980; Chairman of the Board of Trustees for Grantham University since 2006; Director, InnoCentive, Inc. (strategic solutions company) since 2005; Director, Cerego, LLC (software development and design) since 2005.	36 RICs consisting of 95 Portfolios	AIMS Worldwide, Inc. (marketing)

QUANTITATIVE MASTER SERIES LLC DECEMBER 31, 2010 21

Cynthia A. Montgomery 55 East 52nd Street New York, NY 10055 1952	Director	Since 2007	Professor, Harvard Business School since 1989; Director, Harvard Business School Publishing since 2005; Director, McLean Hospital since 2005.	36 RICs consisting of 95 Portfolios	Newell Rubbermaid, Inc. (manufacturing)
Joseph P. Platt 55 East 52nd Street New York, NY 10055 1947	Director	Since 2007	Director, The West Penn Allegheny Health System (a not-for-profit health system) since 2008; Director, Jones and Brown (Canadian insurance broker) since 1998; General Partner, Thorn Partners, LP (private investment) since 1998; Partner, Amarna Corporation, LLC (private investment company) from 2002 to 2008.	36 RICs consisting of 95 Portfolios	Greenlight Capital Re, Ltd. (reinsurance company); WQED Multi-Media (public broadcasting not-for-profit)
Robert C. Robb, Jr. 55 East 52nd Street New York, NY 10055 1945	Director	Since 2007	Partner, Lewis, Eckert, Robb and Company (management and financial consulting firm) since 1981.	36 RICs consisting of 95 Portfolios	None
Toby Rosenblatt 55 East 52nd Street New York, NY 10055 1938	Director	Since 2007	President, Founders Investments Ltd. (private investments) since 1999; Director, College Access Foundation of California (philanthropic foundation) since 2009; Director, Forward Management, LLC since 2007; Director, The James Irvine	36 RICs consisting of 95 Portfolios	A.P. Pharma, Inc. (specialty pharmaceuticals)

22 QUANTITATIVE MASTER SERIES LLC DECEMBER 31, 2010

			Foundation (philanthropic foundation) from 1998 to 2008.
Kenneth L. Urish 55 East 52nd Street New York, NY 10055 1951	Chair of the Audit Committee and Director	Since 2007	Managing Partner, Urish Popeck & Co., LLC (certified public accountants and consultants) since 1976; Chairman Elect 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; Trustee, The Holy Family Foundation from 2001 to 2010; President and Trustee, Pittsburgh Catholic Publishing Associates from 2003 to 2008; Director, Inter-Tel from 2006 to 2007.	36 RICs consisting of 95 Portfolios	None

QUANTITATIVE MASTER SERIES LLC DECEMBER 31, 2010 23

Frederick W. Winter
55 East 52^nd Street
New York, NY 10055
1945 Director and Member of the Audit Committee Since 2007 Professor and Dean Emeritus of the Joseph M. Katz School of Business, University of Pittsburgh since 2005 and Dean thereof from 1997 to 2005; Director, Alkon Corporation (pneumatics) since 1992; Director, Tippman Sports (recreation) since 2005; Director, Indotronix International (IT services) from 2004 to 2008. 36 RICs consisting of 95 Portfolios None

1

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

2

Date shown is the earliest date a person has served as a director 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 directors as joining the Master LLC board in 2007, each director first became a member of the board of other legacy MLIM or legacy BlackRock Funds as follows: David O. Beim, 1998; Ronald W. Forbes, 1977; 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.

24 QUANTITATIVE MASTER SERIES LLC DECEMBER 31, 2010

Interested Directors 1
Richard S. Davis 55 East 52nd Street New York, NY 10055 1945	Director	Since 2007	Managing Director, BlackRock, Inc. since 2005; Chief Executive Officer, State Street Research & Management Company from 2000 to 2005; Chairman of the Board of Directors, State Street Research Mutual Funds from 2000 to 2005.	169 RICs consisting of 289 Portfolios	None
Henry Gabbay 55 East 52nd Street New York, NY 10055 1947	Director	Since 2007	Consultant, BlackRock, Inc. from 2007 to 2008; Managing Director, BlackRock, Inc. from 1989 to 2007; Chief Administrative Officer, BlackRock Advisors, LLC from 1998 to 2007; President of BlackRock Funds and 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.	169 RICs consisting of 289 Portfolios	None

¹ Mr. Davis is an “interested person” as defined in the 1940 Act, of the Master LLC based on his position with BlackRock, Inc. and its affiliates. Mr. Gabbay is an “interested person” of the Master LLC based on his former positions with BlackRock, Inc. and its affiliates as well as his ownership of BlackRock, Inc. and The PNC Financial Securities Group, Inc. securities. Directors serve until their resignation, removal or death, or until December 31 of the year in which they turn 72.

QUANTITATIVE MASTER SERIES LLC DECEMBER 31, 2010 25

Name, Address and Year of Birth	Position(s) Held with the Master LLC	Length of Time Served	Principal Occupation(s) During Past Five Years
Master LLC Officers1
John M. Perlowski 55 East 52nd Street New York, NY 10055 1964	President and Chief Executive Officer	Since 2010	Managing Director of BlackRock, Inc. since 2009; Global Head of BlackRock Fund Administration 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.
Brendan Kyne 55 East 52nd Street New York, NY 10055 1977	Vice President	Since 2009	Managing Director of BlackRock, Inc. since 2010; Director of BlackRock, Inc. from 2008 to 2009; Head of Product Development and Management for BlackRock’s U.S. Retail Group since 2009, co-head thereof from 2007 to 2009; Vice President of BlackRock, Inc. from 2005 to 2008.
Brian Schmidt 55 East 52nd Street New York, NY 10055 1958	Vice President	Since 2009	Managing Director of BlackRock, Inc. since 2004; Various positions with U.S. Trust Company from 1991 to 2003 including Director from 2001 to 2003 and Senior Vice President from 1998 to 2003; Vice President, Chief Financial Officer and Treasurer of Excelsior Funds, Inc., Excelsior Tax-Exempt Funds, Inc. and Excelsior Funds Trust from 2001 to 2003.
Neal Andrews 55 East 52nd Street New York, NY 10055 1966	Chief Financial Officer	Since 2007	Managing Director of BlackRock, Inc. since 2006; Senior Vice President and Line of Business Head of Fund Accounting and Administration at PNC Global Investment Servicing (U.S.) Inc. from 1992 to 2006.
Jay Fife 55 East 52nd Street New York, NY 10055 1970	Treasurer	Since 2007	Managing Director of BlackRock, Inc. since 2007 and Director in 2006; Assistant Treasurer of the Merrill Lynch Investment Managers, L.P. (“MLIM”) and Fund Asset Management, L.P. advised funds from 2005 to 2006; Director of MLIM Fund Services Group from 2001 to 2006.

26 QUANTITATIVE MASTER SERIES LLC DECEMBER 31, 2010

Brian Kindelan 55 East 52nd Street New York, NY 10055 1959	Chief Compliance Officer	Since 2007	Chief Compliance Officer of the BlackRock-advised funds since 2007; Managing Director and Senior Counsel of BlackRock, Inc. since 2005.
Ira Shapiro 55 East 52nd Street New York, NY 10055 1963	Secretary	Since 2010	Managing Director of BlackRock, Inc. since 2009; Managing Director and Associate General Counsel of Barclays Global Investors from 2008 to 2009; Principal thereof from 2004 to 2008.

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

Effective September 24, 2010, John M. Perlowski became President and Chief Executive Officer of the Master LLC.

Effective November 16, 2010, Ira Shapiro became Secretary of the Master LLC.

QUANTITATIVE MASTER SERIES LLC DECEMBER 31, 2010 27

Additional Information

Investment Advisor
BlackRock Advisors, LLC
Wilmington, DE 19809

Sub-Advisor
BlackRock Investment Management, LLC
Plainsboro, NJ 08536

Custodian
State Street Bank and Trust Company
Boston, MA 02111

Accounting Agent
State Street Bank and Trust Company
Princeton, NJ 08540

Legal Counsel
Sidley Austin LLP
New York, NY 10019

Independent Registered Public Accounting Firm
Deliotte & Touche LLP
Princeton, NJ 08540

Address of the Series
100 Bellevue Parkway
Wilmington, DE 19809

Availability Of Quarterly Schedule of Investments

The Series files its complete schedule of portfolio holdings with the Securities and Exchange Commission (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, DC. Information on the operation of the Public Reference Room may be obtained by calling (800) SEC-0330. The Series’ Form NQ may also be obtained upon request and without charge by calling (800) 441-7762.

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 (1) at http://www.blackrock.com or by calling (800) 441-7762 and (2) on the SEC’s website at http://www.sec.gov.

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 at http://www.blackrock.com; and (3) on the SEC’s website at http://www.sec.gov.

28 QUANTITATIVE MASTER SERIES LLC DECEMBER 31, 2010

Master Extended Market Index Series of Quantitative Master Series LLC
Annual Report, December 31, 2010

PORTFOLIO MANAGEMENT COMMENTARY

How did the Series perform?
•	During the 12 months ended December 31, 2010, the Master Extended Market Index Series (the “Series”), a series of Quantitative Master Series LLC, returned 28.65%, which is in line with its benchmark index, the Dow Jones US Completion Total Stock Market Index, which returned 28.62% for the same period.
•	The return for the Series differs from the benchmark based on Series expenses.
Describe the market environment.
•	In many ways, the market environment over the past twelve months can be described as occurring in three parts. The early months saw US equity markets move higher as they continued the 2009 asset recovery story, helped by continuing economic recovery and strong fourth quarter 2009 and first quarter 2010 corporate earnings. The middle months of 2010 saw a significant correction on the back of the Greek sovereign debt crisis and some worse-than-expected economic data (particularly on the jobs front), leading to fears of a double-dip recession. Nevertheless, after touching late summer lows, US markets experienced a very strong finish to the year as double-dip fears receded, economic data improved and additional quantitative easing measures were announced by the US Federal Reserve Board. Volatility levels remained high over the course of 2010, but US stocks posted positive results for the year as a whole.
•	For all of 2010, the Dow Jones Industrial Average gained 14.06% and, in the process, moved past the levels last seen before the collapse of Lehman Brothers in late 2008. For its part, the S&P 500 Index advanced 15.06%, while the NASDAQ Composite Index moved up 18.02%
Describe recent portfolio activity.
•	During the 12-month period, as changes were made to the composition of the Dow Jones U.S. Completion Total Stock Market Index, the Series purchased and sold securities to maintain its objective of replicating the risks and return of its benchmark index.
•	The Series engaged in futures contracts for purposes of gaining equity exposure on the Series’ cash balance, which did not have a material impact on performance.
Describe portfolio positioning at period end.
•	The Series remains positioned to match the risk characteristics of its benchmark index, irrespective of the market’s future direction.

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

QUANTITATIVE MASTER SERIES LLC DECEMBER 31, 2010 1

Master Extended Market Index Series

Portfolio Information as of December 31, 2010

Sector Allocations	Percent of Long-Term Investments
Financials	21	%
Industrials	18
Consumer Services	13
Technology	12
Health Care	10
Consumer Goods	9
Oil & Gas	6
Basic Materials	6
Utilities	3
Telecommunications	2

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 Series management. This definition may not apply for purposes of this report, which may combine sector sub-classifications for reporting ease.

Derivative Financial Instruments

The Series may invest in various derivative instruments, including financial futures contracts, as specified in Note 2 of the Notes to Financial Statements, which may constitute forms of economic leverage. Such instruments are used to obtain exposure to a market without owning or taking physical custody of securities or to hedge market and/or equity risk. Such derivative instruments involve risks, including the imperfect correlation between the value of a derivative instrument and the underlying asset, possible default of the counterparty to the transaction or illiquidity of the derivative instrument. The Series’ ability to successfully use a derivative instrument depends on the investment advisor’s ability to accurately predict pertinent market movements, which cannot be assured. The use of derivative instruments may result in losses greater than if they had not been used, may require the Series to sell or purchase portfolio investments at inopportune times or for distressed values, may limit the amount of appreciation the Series can realize on an investment, or may cause the Series to hold an investment that it might otherwise sell. The Series’ investments in these instruments are discussed in detail in the Notes to Financial Statements.

2 QUANTITATIVE MASTER SERIES LLC DECEMBER 31, 2010

Schedule of Investments December 31, 2010	Master Extended Market Index Series
	(Percentages shown are based on Net Assets)

Common Stocks	Shares		Value
Aerospace & Defense — 1.1%
AAR Corp. (a)		6,010	$	165,095
Aerosonic Corp. (a)		200		690
AeroVironment, Inc. (a)		2,900		77,807
Alliant Techsystems, Inc. (a)		4,747		353,319
American Defense Systems, Inc. (a)		13,400		2,265
Applied Energetics, Inc. (a)		13,532		11,514
Applied Signal Technology, Inc.		2,452		92,906
Arotech Corp. (a)		3,320		5,511
Astronics Corp. (a)		1,696		35,616
Astrotech Corp. (a)		6,283		7,100
Aviation General, Inc. (a)		1,200		—
BE Aerospace, Inc. (a)		14,734		545,600
Ceradyne, Inc. (a)		4,379		138,070
Cubic Corp.		2,382		112,311
Curtiss-Wright Corp.		6,727		223,336
Ducommun, Inc.		1,600		34,848
Esterline Technologies Corp. (a)		4,500		308,655
Force Protection, Inc. (a)		10,883		59,965
GenCorp, Inc. (a)		10,600		54,802
Heico Corp., Class A		4,262		159,058
Herley Industries, Inc. (a)		2,028		35,125
Hexcel Corp. (a)		14,676		265,489
Innovative Solutions & Support, Inc. (a)		3,261		18,490
Kratos Defense & Security Solutions, Inc. (a)		2,992		39,405
LMI Aerospace, Inc. (a)		2,417		38,648
Ladish Co., Inc. (a)		2,446		118,900
Mantech International Corp., Class A (a)		3,277		135,438
Moog, Inc., Class A (a)		6,243		248,471
Orbital Sciences Corp. (a)		8,512		145,811
RBC Bearings, Inc. (a)		3,248		126,932
Smith & Wesson Holding Corp. (a)		11,500		43,010
Spirit Aerosystems Holdings, Inc., Class A (a)		15,826		329,339
Sturm Ruger & Co., Inc.		4,082		62,414
Taser International, Inc. (a)		10,930		51,371
Teledyne Technologies, Inc. (a)		5,374		236,295
TransDigm Group, Inc.		5,838		420,394
Triumph Group, Inc.		2,889		258,306
VSE Corp.		957		31,600
				4,993,906
Alternative Energy — 0.2%		2,600		1,227
Akeena Solar, Inc. (a)(b)		4,783		16,071
Ascent Solar Technologies, Inc. (a)		4,600		8,004
BioFuel Energy Corp. (a)		2,334		3,711
DayStar Technologies, Inc. (a)		12,066		45,730
Ener1, Inc. (a)		8,191		37,679
Energy Conversion Devices, Inc. (a)		16,600		9,678
Evergreen Solar, Inc. (a)(b)		18,181		41,998
FuelCell Energy, Inc. (a)(b)		10,129		92,376
GT Solar International, Inc. (a)		2,749		30,954
Green Plains Renewable Energy (a)		4,134		3,349
GreenHunter Energy, Inc. (a)		2,900		7,656
Hoku Corp. (a)		2,700		15,390
Ocean Power Technologies, Inc. (a)		15,500		11,186
Pacific Ethanol, Inc. (a)(b)		2,600		1,227

Common Stocks	Shares		Value
Alternative Energy (concluded)
Plug Power, Inc. (a)		19,907	$	7,385
STR Holdings, Inc. (a)		6,934		138,680
SunPower Corp., Class A (a)(b)		11,720		150,368
SunPower Corp., Class B (a)		3,173		39,377
Verenium Corp. (a)		4,025		12,880
				673,699
Automobiles & Parts — 2.2%
American Axle & Manufacturing Holdings, Inc. (a)		9,598		123,430
Amerigon, Inc. (a)		4,326		47,067
BorgWarner, Inc. (a)		17,441		1,262,031
Cooper Tire & Rubber Co.		9,376		221,086
Dana Holding Corp. (a)		21,344		367,330
Dorman Products, Inc. (a)		1,992		72,190
Exide Technologies (a)		11,518		108,384
Federal-Mogul Corp., Class A (a)		3,969		81,960
Fuel Systems Solutions, Inc. (a)		2,160		63,461
General Motors Co. (a)		84,751		3,123,922
Gentex Corp.		21,083		623,213
LKQ Corp. (a)		21,959		498,908
Lear Corp. (a)		7,581		748,321
LoJack Corp. (a)		4,784		30,905
Modine Manufacturing Co. (a)		7,223		111,957
Quantum Fuel Systems Technologies Worldwide, Inc. (a)		31,112		14,000
Shiloh Industries, Inc.		1,088		13,002
Standard Motor Products, Inc.		4,087		55,992
Stoneridge, Inc. (a)		4,139		65,355
Strattec Security Corp.		646		21,531
Superior Industries International, Inc.		3,483		73,909
TRW Automotive Holdings Corp. (a)		15,557		819,854
Tenneco, Inc. (a)		9,150		376,614
Titan International, Inc.		6,119		119,565
U.S. Auto Parts Network, Inc. (a)		3,482		29,249
WABCO Holdings, Inc. (a)		9,823		598,515
				9,671,751
Banks — 4.9%
1st Source Corp.		2,047		41,431
1st United BanCorp., Inc. (a)		4,181		28,891
Abington Bancorp, Inc.		2,962		35,337
Alliance Financial Corp.		892		28,856
Ameriana Bancorp		200		774
American National Bankshares, Inc.		972		22,891
Ameris Bancorp (a)		3,992		42,076
Ames National Corp.		1,249		27,066
Anchor Bancorp Wisconsin, Inc. (a)(b)		2,600		3,120
Arrow Financial Corp.		1,832		50,398
Associated Banc-Corp.		25,910		392,536
Astoria Financial Corp.		13,584		188,953
Atlantic Coast Federal Corp.		434		742
BCB Bancorp, Inc.		1,859		18,218
BCSB Bancorp, Inc. (a)		631		7,099
BOK Financial Corp.		4,116		219,794
Bancfirst Corp.		1,130		46,545
Bancorp of New Jersey, Inc.		1,300		14,521

See Notes to Financial Statements.
	QUANTITATIVE MASTER SERIES LLC	DECEMBER 31, 2010	3

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

Common Stocks	Shares		Value
Banks (continued)
Bancorp Rhode Island, Inc.		900	$	26,181
The Bancorp, Inc. (a)		4,295		43,680
BancorpSouth, Inc.		11,949		190,587
BancTrust Financial Group, Inc. (a)		3,818		10,194
Bank Mutual Corp.		7,762		37,102
Bank of Granite Corp. (a)		2,778		1,467
Bank of Hawaii Corp. (c)		7,285		343,925
Bank of Marin Bancorp		907		31,745
Bank of the Ozarks, Inc. (c)		2,500		108,375
BankAtlantic Bancorp, Inc. (a)		7,368		8,473
BankFinancial Corp.		3,146		30,673
Banner Corp.		18,732		43,458
Bar Harbor Bankshares		838		24,453
Beneficial Mutual Bancorp, Inc. (a)		5,920		52,274
Berkshire Bancorp, Inc. (a)		300		1,632
Berkshire Hills Bancorp, Inc.		2,182		48,222
BofI Holding, Inc. (a)		2,300		35,673
Boston Private Financial Holdings, Inc.		12,140		79,517
Bridge Bancorp, Inc.		1,100		27,115
Brookline Bancorp, Inc.		10,299		111,744
Bryn Mawr Bank Corp.		1,931		33,696
CFS Bancorp, Inc.		2,640		13,807
CVB Financial Corp. (b)		15,275		132,434
California First National Bancorp		600		8,658
Camco Financial Corp. (a)		894		1,305
Camden National Corp.		1,164		42,172
Cape Bancorp, Inc. (a)		1,947		16,549
Capital Bank Corp.		3,637		9,056
Capital City Bank Group, Inc.		2,165		27,279
CapitalSource, Inc.		45,493		323,000
Capitol Bancorp Ltd.		7,780		4,034
Capitol Federal Financial, Inc.		25,562		304,439
Cardinal Financial Corp.		4,758		55,336
Carrollton Bancorp		210		966
Cascade Bancorp (a)		1,095		9,249
Cascade Financial Corp. (a)		2,391		1,066
Cathay General Bancorp		12,038		201,035
Center Bancorp, Inc.		3,015		24,452
Center Financial Corp. (a)		7,008		53,121
Centerstate Banks, Inc.		4,520		35,798
Central Pacific Financial Corp. (a)(b)		8,407		12,863
Century Bancorp, Inc., Class A		900		24,111
Chemical Financial Corp.		3,702		81,999
Chicopee Bancorp, Inc. (a)		1,049		13,270
Citizens & Northern Corp.		1,972		29,304
Citizens Banking Corp. (a)		69,785		42,918
Citizens South Banking Corp.		3,414		14,680
City Holding Co.		2,900		105,067
City National Corp.		7,284		446,946
Clifton Savings Bancorp, Inc.		1,939		20,961
CoBiz Financial, Inc.		5,565		33,835
Colony Bankcorp, Inc. (a)		750		3,037
Columbia Banking System, Inc.		6,178		130,109
Comm Bancorp, Inc.		230		10,131
Commerce Bancshares, Inc.		11,923		473,701
Community Bank System, Inc.		5,500		152,735
Community Trust Bancorp, Inc.		2,055		59,513
Cullen/Frost Bankers, Inc.		8,669		529,849
Danvers Bancorp, Inc.		3,700		65,379
Dime Community Bancshares, Inc.		4,913		71,681
Doral Financial Corp. (a)		13,948		19,248

Common Stocks	Shares		Value
Banks (continued)
ESB Financial Corp.		1,908	$	30,986
ESSA Bancorp, Inc.		2,400		31,728
Eagle Bancorp, Inc. (a)		3,149		45,440
East-West Bancorp, Inc.		22,881		447,324
Eastern Virginia Bankshares, Inc.		300		1,152
Encore Bancshares, Inc. (a)		2,007		20,592
Enterprise Financial Services Corp.		2,700		28,242
F.N.B. Corp.		17,443		171,290
FNB United Corp. (a)		2,022		546
Farmers Capital Bank Corp.		1,981		9,667
Financial Institutions, Inc.		2,199		41,715
First Bancorp, Inc.		1,659		26,196
First Bancorp, North Carolina		2,691		41,199
First BanCorp, Puerto Rico (a)		16,800		7,728
First Busey Corp.		9,355		43,968
First Citizens Banc Corp.		1,258		4,944
First Citizens BancShares, Inc., Class A		876		165,608
First Commonwealth Financial Corp.		14,739		104,352
First Community Bancshares, Inc.		2,679		40,024
First Defiance Financial Corp. (a)		1,300		15,470
First Federal Bancshares of Arkansas, Inc. (a)		1,515		2,166
First Financial Bancorp		8,980		165,950
First Financial Bankshares, Inc.		3,129		160,142
First Financial Corp.		1,724		60,581
First Financial Holdings, Inc.		2,484		28,591
First Financial Northwest, Inc.		5,190		20,812
First Financial Service Corp. (a)		358		1,453
First M&F Corp.		1,106		4,081
First Merchants Corp.		3,879		34,368
First Midwest Bancorp, Inc.		11,553		133,091
First Niagara Financial Group, Inc.		31,651		442,481
The First of Long Island Corp.		1,345		38,884
First Place Financial Corp.		4,526		11,813
First Security Group, Inc.		1,076		979
First South Bancorp, Inc.		1,978		12,798
First United Corp.		700		2,401
FirstMerit Corp.		16,381		324,180
Flagstar BanCorp., Inc. (a)		13,857		22,587
Flushing Financial Corp.		4,536		63,504
Fox Chase BanCorp., Inc. (a)		3,121		36,984
Fulton Financial Corp.		29,719		307,294
German American Bancorp, Inc.		1,879		34,602
Glacier Bancorp, Inc.		10,902		164,729
Great Southern Bancorp, Inc.		1,520		35,857
Greene County Bancshares, Inc. (a)		2,027		6,486
Guaranty Bancorp (a)		11,118		15,676
HMN Financial, Inc. (a)		1,094		3,074
Hampton Roads Bankshares, Inc. (a)		4,404		2,290
Hancock Holding Co.		5,646		196,820
Hanmi Financial Corp. (a)		22,878		26,310
Hawthorn Bancshares, Inc.		715		6,149
Heartland Financial USA, Inc.		2,320		40,507
Heritage Commerce Corp. (a)		4,326		19,424
Heritage Financial Corp. (a)		1,868		26,003
Home Bancorp, Inc. (a)		1,794		24,793
Home Bancshares, Inc.		4,025		88,671
Home Federal Bancorp, Inc.		2,646		32,466
Hudson Valley Holding Corp.		2,253		55,792

See Notes to Financial Statements.
4	QUANTITATIVE MASTER SERIES LLC	DECEMBER 31, 2010

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

Common Stocks	Shares		Value
Banks (continued)
IBERIABANK Corp.		4,078	$	241,132
Independent Bank Corp./MA		3,243		87,723
Independent Bank Corp./MI (a)		3,528		4,586
Indiana Community Bancorp		1,100		18,634
Integra Bank Corp. (a)(b)		5,814		4,186
International Bancshares Corp.		8,923		178,728
Intervest Bancshares Corp. (a)		5,086		14,953
Investors Bancorp, Inc. (a)		7,356		96,511
Jefferson Bancshares, Inc.		2,346		7,601
Kearny Financial Corp.		3,098		26,643
Lakeland Bancorp, Inc.		4,023		44,132
Lakeland Financial Corp.		3,200		68,672
Legacy Bancorp, Inc./MA		1,700		22,338
Louisiana Bancorp, Inc. (a)		998		14,571
MB Financial, Inc.		8,067		139,720
Macatawa Bank Corp. (a)		5,523		22,755
MainSource Financial Group, Inc.		3,458		35,998
Malvern Federal Bancorp, Inc.		1,200		8,400
Mercantile Bank Corp.		2,933		23,787
Merchants Bancshares, Inc.		992		27,340
Metro Bancorp, Inc. (a)		2,198		24,200
Mid Penn Bancorp, Inc. (a)		115		828
MidwestOne Financial Group, Inc.		1,408		21,275
MutualFirst Financial, Inc.		722		6,715
NASB Financial, Inc.		717		12,017
NBT Bancorp, Inc.		5,177		125,025
Nara Bancorp, Inc. (a)		6,000		58,920
National Bankshares, Inc.		1,163		36,623
National Penn Bancshares, Inc.		20,227		162,423
New York Community Bancorp, Inc. (b)		66,094		1,245,872
NewAlliance Bancshares, Inc.		14,543		217,854
Newbridge Bancorp (a)		4,304		20,057
North Valley Bancorp (a)		658		5,493
Northern States Financial Corp. (a)		300		453
Northfield Bancorp, Inc.		3,046		40,573
Northwest Bancshares, Inc.		7,900		92,904
Norwood Financial Corp.		346		9,608
OceanFirst Financial Corp.		4,400		56,628
Ohio Valley Banc Corp.		875		17,062
Old National Bancorp		13,361		158,862
Old Second Bancorp, Inc.		4,286		6,900
Oriental Financial Group		7,448		93,026
Oritani Financial Corp.		2,718		33,268
Orrstown Financial Service, Inc.		1,156		31,686
PAB Bankshares, Inc. (a)		1,688		574
PVF Capital Corp. (a)		5,166		9,402
Pacific Capital Bancorp NA (a)		122		3,451
Pacific Continental Corp.		3,072		30,904
PacWest Bancorp		4,849		103,672
Park National Corp. (b)		1,838		133,567
Parkvale Financial Corp.		928		8,426
Peapack-Gladstone Financial Corp.		1,698		22,159
Penns Woods Bancorp, Inc.		955		38,009
Peoples Bancorp of North Carolina, Inc.		363		1,924
Peoples Bancorp, Inc.		1,488		23,287
Peoples Financial Corp.		1,000		15,010
Pinnacle Financial Partners, Inc. (a)		5,842		79,334
Popular, Inc. (a)		156,482		491,353
Porter Bancorp, Inc.		1,087		11,204
Preferred Bank (a)		4,683		8,242

Common Stocks	Shares		Value
Banks (continued)
Premierwest Bancorp (a)		840	$	282
PrivateBancorp, Inc.		10,798		155,275
Prosperity Bancshares, Inc.		7,811		306,816
Provident Financial Holdings, Inc.		2,100		15,204
Provident Financial Services, Inc.		9,789		148,108
Provident New York Bancorp		5,645		59,216
Prudential Bancorp, Inc. of Pennsylvania		1,400		8,428
Pulaski Financial Corp.		1,768		13,401
Renasant Corp.		4,016		67,911
Republic Bancorp, Inc., Class A		1,698		40,327
Republic First Bancorp, Inc. (a)		6,169		14,991
Riverview Bancorp, Inc. (a)		5,775		15,650
Rockville Financial, Inc.		1,665		20,346
Rodman & Renshaw Capital Group, Inc. (a)		5,100		13,668
Roma Financial Corp.		1,453		15,402
Rome Bancorp, Inc.		2,000		24,040
Royal Bancshares of Pennsylvania, Class A (a)		1,265		1,708
S&T Bancorp, Inc. (b)		4,135		93,410
SCBT Financial Corp.		1,991		65,205
SVB Financial Group (a)		6,365		337,663
SY Bancorp, Inc.		1,963		48,192
Sandy Spring Bancorp, Inc.		3,709		68,357
Savannah Bancorp, Inc.		188		1,316
Seacoast Banking Corp. of Florida		19,088		27,868
Shore Bancshares, Inc.		1,362		14,355
Sierra Bancorp		2,406		25,816
Signature Bank (a)		6,233		311,650
Simmons First National Corp., Class A		2,800		79,800
Southside Bancshares, Inc.		2,780		58,575
Southwest Bancorp, Inc. (a)		4,200		52,080
Southwest Georgia Financial Corp.		132		1,439
State Bancorp, Inc.		2,375		21,969
StellarOne Corp.		3,517		51,137
Sterling Bancorp		4,654		48,727
Sterling Bancshares, Inc.		15,839		111,190
Sterling Financial Corp. of Washington (a)		3,452		65,484
Suffolk Bancorp		1,604		39,587
Summit Financial Group, Inc. (a)		785		2,920
Sun Bancorp, Inc. (a)		3,817		17,711
Superior Bancorp (a)		6,766		3,877
Susquehanna Bancshares, Inc.		19,782		191,490
Synovus Financial Corp. (b)		99,700		263,208
TCF Financial Corp.		20,898		309,499
TF Financial Corp.		100		2,215
TFS Financial Corp.		14,165		127,768
Teche Holding Co.		423		14,699
Texas Capital Bancshares, Inc. (a)		6,200		131,874
Tompkins Trustco, Inc.		1,308		51,221
Tower Bancorp, Inc.		1,786		39,360
Towne Bank (b)		4,676		74,302
Trico Bancshares		2,246		36,273
TrustCo Bank Corp. NY		12,014		76,169
Trustmark Corp.		8,428		209,352
UMB Financial Corp.		4,843		200,597
Umpqua Holdings Corp.		17,358		211,420
Union First Market Bankshares Corp.		2,948		43,571
United Bancorp, Inc.		336		2,927

See Notes to Financial Statements.
	QUANTITATIVE MASTER SERIES LLC	DECEMBER 31, 2010	5

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

Common Stocks	Shares		Value
Banks (concluded)
United Bankshares, Inc.		6,700	$	195,640
United Community Banks, Inc. (a)		15,380		29,991
United Community Financial Corp. (a)		3,252		4,195
United Financial Bancorp, Inc.		2,624		40,068
United Security Bancshares (a)		2,214		8,325
United Western Bancorp, Inc.		2,860		830
Univest Corp. of Pennsylvania		2,466		47,273
Valley National Bancorp		24,819		354,912
ViewPoint Financial Group		2,940		34,369
Virginia Commerce Bancorp (a)		4,570		28,243
WSFS Financial Corp.		1,800		85,392
WVS Financial Corp.		200		1,802
Washington Banking Co.		4,000		54,840
Washington Federal, Inc.		16,843		284,984
Washington Trust Bancorp, Inc.		2,260		49,449
Waterstone Financial, Inc. (a)		1,619		5,262
Wayne Savings Bancshares, Inc.		151		1,356
Webster Financial Corp.		10,228		201,492
WesBanco, Inc.		3,724		70,607
West Bancorp., Inc.		2,554		19,896
West Coast Bancorp (a)		10,384		29,283
Westamerica Bancorp.		4,420		245,177
Western Alliance Bancorp (a)		12,205		89,829
Westfield Financial, Inc.		4,000		37,000
Whitney Holding Corp.		14,730		208,429
Wilmington Trust Corp.		14,311		62,110
Wilshire Bancorp, Inc.		4,000		30,480
Wintrust Financial Corp.		5,454		180,146
Yardkin Valley Financial Corp. (a)		4,319		7,817
				21,408,930
Beverages — 0.2%
Boston Beer Co., Inc., Class A (a)		1,402		133,316
Central European Distribution Corp. (a)		10,183		233,191
Coca-Cola Bottling Co. Consolidated		686		38,128
Hansen Natural Corp. (a)		10,811		565,199
Jamba, Inc. (a)		11,008		24,988
Jones Soda Co. (a)		8,443		9,963
National Beverage Corp.		2,160		28,382
Reddy Ice Holdings, Inc. (a)		5,200		14,300
Willamette Valley Vineyards, Inc. (a)		971		3,408
				1,050,875
Chemicals — 3.2%
Aceto Corp.		5,544		49,896
Albemarle Corp.		13,883		774,394
American Vanguard Corp.		3,551		30,326
Arch Chemicals, Inc.		3,701		140,379
Ashland, Inc.		10,742		546,338
Balchem Corp.		4,308		145,654
Cabot Corp.		8,925		336,026
Calgon Carbon Corp. (a)		8,412		127,189
Cambrex Corp. (a)		4,413		22,815
Celanese Corp., Series A		23,966		986,680
Chemtura Corp. (a)		15,000		239,700
Codexis Inc. (a)		3,744		39,686
Cytec Industries, Inc.		7,382		391,689
Ferro Corp. (a)		13,168		192,780
Georgia Gulf Corp. (a)		5,253		126,387

Common Stocks	Shares		Value
Chemicals (concluded)
H.B. Fuller Co.		7,151	$	146,739
Hawkins, Inc.		1,605		71,262
Huntsman Corp.		29,313		457,576
Innophos Holdings, Inc.		3,200		115,456
KMG Chemicals, Inc.		1,950		32,312
Koppers Holdings, Inc.		3,167		113,315
Kraton Performance Polymers, Inc. (a)		4,785		148,096
Kronos Worldwide, Inc.		1,453		61,738
LSB Industries, Inc. (a)		3,244		78,699
Lubrizol Corp.		10,367		1,108,025
LyondellBasell Industries NV, Class A (a)		52,348		1,800,771
Metabolix, Inc. (a)		4,102		49,921
Minerals Technologies, Inc.		2,900		189,689
The Mosaic Co.		22,673		1,731,310
NL Industries, Inc.		900		10,044
Nanophase Technologies Corp. (a)		7,817		9,224
NewMarket Corp.		1,538		189,743
OM Group, Inc. (a)		4,584		176,530
Olin Corp.		10,612		217,758
Omnova Solutions, Inc. (a)		7,211		60,284
Penford Corp. (a)		2,765		16,894
PolyOne Corp. (a)		13,184		164,668
Polypore International, Inc. (a)		3,796		154,611
Quaker Chemical Corp.		2,011		83,798
RPM International, Inc.		19,496		430,862
Rentech, Inc. (a)		36,949		45,078
Rockwood Holdings, Inc. (a)		7,929		310,183
Schulman A, Inc.		5,018		114,862
Senomyx, Inc. (a)		6,360		45,347
Sensient Technologies Corp.		7,317		268,753
Solutia, Inc. (a)		18,599		429,265
Spartech Corp. (a)		4,449		41,643
Stepan Co.		1,300		99,151
TOR Minerals International, Inc. (a)		429		4,264
Tredegar Corp.		3,378		65,466
Valhi, Inc.		1,338		29,583
W.R. Grace & Co. (a)		9,230		324,250
Westlake Chemical Corp.		2,812		122,238
Zagg, Inc. (a)		3,576		27,249
Zep, Inc.		3,247		64,550
Zoltek Cos., Inc. (a)		5,373		62,058
				13,823,204
Construction & Materials — 2.2%
A.O. Smith Corp.		5,554		211,496
Aaon, Inc.		1,974		55,687
Acuity Brands, Inc.		6,531		376,643
Aecom Technology Corp. (a)		15,623		436,975
American Biltrite, Inc. (a)		200		1,404
American DG Energy, Inc. (a)		6,560		18,171
American Woodmark Corp.		1,493		36,638
Ameron International Corp.		1,518		115,930
Apogee Enterprises, Inc.		5,200		70,044
Argan, Inc. (a)		1,777		16,473
Armstrong World Industries, Inc.		2,770		119,110
Baran Group Ltd. (a)		102		510
BlueLinx Holdings, Inc. (a)		2,834		10,372
Builders FirstSource, Inc. (a)		7,867		15,498
EMCOR Group, Inc. (a)		10,087		292,321
Eagle Materials, Inc.		6,690		188,992

See Notes to Financial Statements.
6	QUANTITATIVE MASTER SERIES LLC	DECEMBER 31, 2010

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

Common Stocks	Shares		Value
Construction & Materials (concluded)
Generac Holdings, Inc. (a)		4,510	$	72,927
Gibraltar Industries, Inc. (a)		4,700		63,779
Granite Construction, Inc.		5,160		141,539
Great Lakes Dredge & Dock Corp.		8,981		66,190
Griffon Corp. (a)		7,709		98,213
Headwaters, Inc. (a)		9,853		45,127
Hill International, Inc. (a)		4,333		28,035
Insituform Technologies, Inc., Class A (a)		5,956		157,894
Insteel Industries, Inc.		2,496		31,175
Integrated Electrical Services, Inc. (a)		1,500		5,235
KBR, Inc.		23,850		726,709
L.B. Foster Co., Class A (a)		1,623		66,446
Layne Christensen Co. (a)		3,074		105,807
Lennox International, Inc.		7,736		365,835
Louisiana-Pacific Corp. (a)		19,335		182,909
MDU Resources Group, Inc.		26,565		538,473
MYR Group, Inc. (a)		3,600		75,600
Martin Marietta Materials, Inc. (b)		6,931		639,315
Mastec, Inc. (a)		8,760		127,808
McDermott International, Inc. (a)		35,148		727,212
Mueller Water Products, Inc., Series A		23,585		98,349
NCI Building Systems, Inc. (a)		3,281		45,901
Northwest Pipe Co. (a)		1,661		39,914
Omega Flex, Inc.		500		8,270
Orion Marine Group, Inc. (a)		4,600		53,360
Owens Corning, Inc. (a)		17,133		533,693
PGT, Inc. (a)		4,540		11,123
Pike Electric Corp. (a)		2,700		23,166
Quanex Building Products Corp.		6,250		118,563
Shaw Group, Inc. (a)		12,692		434,447
Simpson Manufacturing Co., Inc.		5,542		171,303
Sterling Construction Co., Inc. (a)		2,600		33,904
TRC Cos., Inc. (a)		2,941		10,294
Texas Industries, Inc.		3,619		165,678
Trex Co., Inc. (a)(b)		2,249		53,886
Tutor Perini Corp.		4,853		103,903
USG Corp. (a)(b)		10,447		175,823
Universal Forest Products, Inc.		3,200		124,480
Valmont Industries, Inc.		3,294		292,277
Valspar Corp.		14,109		486,478
Watsco, Inc.		3,798		239,578
Watts Water Technologies, Inc., Class A		4,219		154,373
				9,611,255
Electricity — 1.8%
Allete, Inc.		4,378		163,124
Alliant Energy Corp.		16,826		618,692
Black Hills Corp.		5,939		178,170
CH Energy Group, Inc.		2,375		116,114
Calpine Corp. (a)		53,690		716,225
Central Vermont Public Service Corp.		1,873		40,944
Cleco Corp.		9,124		280,654
Covanta Holding Corp.		19,977		343,405
DPL, Inc.		18,444		474,195
Dynegy, Inc. (a)		16,086		90,403
El Paso Electric Co. (a)		6,840		188,305

Common Stocks	Shares		Value
Electricity (concluded)
The Empire District Electric Co.		6,221	$	138,106
GenOn Energy, Inc. (a)		116,564		444,109
Great Plains Energy, Inc.		20,858		404,437
Hawaiian Electric Industries, Inc.		13,961		318,171
IDACORP, Inc.		7,174		265,295
ITC Holdings Corp.		7,828		485,180
MGE Energy, Inc.		3,547		151,670
NSTAR		15,881		670,019
NV Energy, Inc.		35,844		503,608
NorthWestern Corp.		5,350		154,241
Ormat Technologies, Inc.		2,676		79,156
Portland General Electric Co.		11,200		243,040
UIL Holdings Corp.		7,305		218,858
US Geothermal, Inc. (a)(b)		17,000		19,890
Unisource Energy Corp.		5,466		195,901
Unitil Corp.		1,906		43,342
Westar Energy, Inc.		16,951		426,487
				7,971,741
Electronic & Electrical Equipment — 3.6%
A123 Systems, Inc. (a)(b)		11,738		111,981
AVX Corp.		7,686		118,595
AZZ, Inc.		2,224		88,982
Active Power, Inc. (a)		15,189		37,365
Adept Technology, Inc. (a)		2,300		10,281
Advanced Battery Technologies, Inc. (a)		10,600		40,810
Allied Motion Technologies, Inc. (a)		1,050		7,224
Altair Nanotechnologies Inc. (a)(b)		3,907		10,783
American Science & Engineering, Inc.		1,500		127,845
American Superconductor Corp. (a)(b)		6,825		195,127
Ametek, Inc.		24,248		951,714
Anaren, Inc. (a)		2,275		47,434
Anixter International, Inc.		4,500		268,785
Arrow Electronics, Inc. (a)		17,857		611,602
Avnet, Inc. (a)		22,963		758,468
Badger Meter, Inc.		2,400		106,128
Baldor Electric Co.		6,603		416,253
Beacon Power Corp. (a)		11,511		2,534
Bel Fuse, Inc.		1,901		45,434
Belden, Inc.		7,058		259,876
Benchmark Electronics, Inc. (a)		9,583		174,027
Brady Corp.		6,992		228,009
CTS Corp.		6,476		71,625
Capstone Turbine Corp. (a)(b)		37,000		35,513
Checkpoint Systems, Inc. (a)		6,080		124,944
Cognex Corp.		5,475		161,074
Coherent, Inc. (a)		3,800		171,532
Coleman Cable, Inc. (a)		2,892		18,162
CommScope, Inc. (a)		14,403		449,662
Comverge, Inc. (a)		4,500		31,095
Cyberoptics Corp. (a)		1,100		9,394
DDi Corp.		3,349		39,384
Daktronics, Inc.		5,972		95,074
Dionex Corp. (a)		2,691		317,565
ESCO Technologies, Inc.		4,067		153,895
Echelon Corp. (a)		5,305		54,058
Electro Rent Corp.		2,485		40,158
Electro Scientific Industries, Inc. (a)		3,834		61,459
eMagin Corp. (a)		4,486		26,916

See Notes to Financial Statements.
	QUANTITATIVE MASTER SERIES LLC	DECEMBER 31, 2010	7

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

Common Stocks	Shares		Value
Electronic & Electrical Equipment (continued)
Encore Wire Corp.		2,870	$	71,980
EnerNOC, Inc. (a)(b)		3,217		76,918
EnerSys (a)		6,962		223,619
FEI Co. (a)		6,000		158,460
Faro Technologies, Inc. (a)		2,343		76,944
General Cable Corp.		7,885		276,685
GrafTech International Ltd. (a)		18,411		365,274
Greatbatch, Inc. (a)		3,460		83,559
Houston Wire & Cable Co.		2,400		32,256
Hubbell, Inc., Class B		8,390		504,491
II-VI, Inc. (a)		3,953		183,261
IPG Photonics Corp. (a)		4,064		128,504
Intevac, Inc. (a)		3,600		50,436
IntriCon Corp. (a)		747		2,883
Itron, Inc. (a)		6,172		342,237
L-1 Identity Solutions, Inc. (a)		13,419		159,820
LSI Industries, Inc.		3,283		27,774
LaBarge, Inc. (a)		1,846		29,001
Landauer, Inc.		1,394		83,598
LeCroy Corp. (a)		2,797		27,522
Lightpath Technologies, Inc., Class A (a)		3,924		7,142
Lime Energy Co. (a)		3,891		15,486
Littelfuse, Inc.		3,402		160,098
MTS Systems Corp.		2,465		92,339
Magnetek, Inc. (a)		8,829		11,919
Maxwell Technologies, Inc. (a)		3,731		70,479
Measurement Specialties, Inc. (a)		2,155		63,249
Methode Electronics, Inc.		5,630		73,021
Mettler-Toledo International, Inc. (a)		5,118		773,893
Microvision, Inc. (a)(b)		13,872		25,802
Multi-Fineline Electronix, Inc. (a)		2,100		55,629
NVE Corp. (a)		918		53,088
NU Horizons Electronics Corp. (a)		2,900		20,213
Napco Security Technologies, Inc. (a)		3,700		6,623
National Instruments Corp.		9,216		346,890
Newport Corp. (a)		5,755		99,964
OSI Systems, Inc. (a)		2,800		101,808
Orion Energy Systems, Inc. (a)		5,026		16,737
Parametric Sound Corp. (a)		2,484		969
Park Electrochemical Corp.		2,751		82,530
Planar Systems, Inc. (a)		5,103		10,410
Plexus Corp. (a)		5,966		184,588
Powell Industries, Inc. (a)		1,653		54,351
Power-One, Inc. (a)		9,523		97,135
Powerwave Technologies, Inc. (a)		21,655		55,004
Pulse Electronics Corp.		6,730		35,804
Regal-Beloit Corp.		5,738		383,069
Research Frontiers, Inc. (a)		3,696		19,663
Richardson Electronics Ltd.		3,197		37,373
Rofin-Sinar Technologies, Inc. (a)		4,825		170,998
Rogers Corp. (a)		2,371		90,691
Rubicon Technology, Inc. (a)(b)		3,086		65,053
Sanmina-SCI Corp. (a)		12,099		138,897
SatCon Technology Corp. (a)		18,389		82,750
Servotronics, Inc.		400		3,356
Sigmatron International, Inc. (a)		1,200		7,680
Spectrum Control, Inc. (a)		2,159		32,363
Synthesis Energy Systems, Inc. (a)		7,068		8,270
TTM Technologies, Inc. (a)		8,197		122,217

Common Stocks	Shares		Value
Electronic & Electrical Equipment (concluded)
Technology Research Corp.		2,013	$	7,629
Thomas & Betts Corp. (a)		8,047		388,670
Tollgrade Communications, Inc. (a)		1,466		13,604
Trimble Navigation Ltd. (a)		18,322		731,597
UQM Technologies Inc. (a)		6,991		16,009
Ultralife Batteries, Inc. (a)		3,538		23,386
Universal Display Corp. (a)		5,178		158,706
Valence Technology, Inc. (a)		12,754		21,427
Veeco Instruments, Inc. (a)(b)		6,498		279,154
Viasystems Group, Inc. (a)		886		17,844
Vicor Corp.		3,800		62,320
Vishay Intertechnology, Inc. (a)		26,040		382,267
Vishay Precision Group, Inc. (a)		2,163		40,751
WESCO International, Inc. (a)		6,326		334,013
X-Rite, Inc. (a)		4,942		22,585
Zebra Technologies Corp., Class A (a)		8,708		330,817
Zygo Corp. (a)		2,728		33,363
				15,927,682
Financial Services — 3.4%
Advance America, Cash Advance Centers, Inc.		8,270		46,643
Affiliated Managers Group, Inc. (a)		7,830		776,893
Ampal-American Israel Corp., Class A (a)		5,598		12,931
Artio Global Investors, Inc.		6,946		102,453
Asset Acceptance Capital Corp. (a)		2,599		15,412
Asta Funding, Inc.		2,177		17,634
BGC Partners, Inc.		8,013		66,588
BlackRock, Inc. (d)		14,594		2,781,325
CIT Group, Inc. (a)		27,217		1,281,921
Calamos Asset Management, Inc., Class A		3,209		44,926
Cash America International, Inc.		4,639		171,318
Cohen & Co., Inc.		4,291		18,623
Cohen & Steers, Inc.		3,144		82,058
CompuCredit Hldgs Corp. (b)		4,613		32,199
Cowen Group, Inc., Class A (a)		5,448		25,388
Credit Acceptance Corp. (a)		866		54,359
Deerfield Capital Corp. (a)		2,276		14,794
Diamond Hill Investments Group		455		32,915
Dollar Financial Corp. (a)		3,942		112,859
Duff & Phelps Corp.		3,834		64,641
Eaton Vance Corp.		18,184		549,702
Encore Capital Group, Inc. (a)		2,700		63,315
Epoch Holding Corp.		2,506		38,918
Evercore Partners, Inc., Class A		3,141		106,794
Ezcorp, Inc. (a)		7,112		192,949
FBR Capital Markets Corp. (a)		8,591		32,818
Federal Agricultural Mortgage Corp., Class B		2,158		35,219
Fidelity National Title Group, Inc., Class A		34,893		477,336
First Cash Financial Services, Inc. (a)		4,300		133,257
The First Marblehead Corp. (a)		11,360		24,651
GAMCO Investors, Inc., Class A		700		33,607
GFI Group, Inc.		10,209		47,880
Gleacher & Co, Inc. (a)		11,932		28,279
Green Dot Corp., Class A (a)		1,011		57,364
Greenhill & Co., Inc.		4,500		367,560

See Notes to Financial Statements.
8	QUANTITATIVE MASTER SERIES LLC	DECEMBER 31, 2010

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

Common Stocks	Shares		Value
Financial Services (concluded)
Interactive Brokers Group, Inc., Class A		6,800	$	121,176
International Assets Holding Corp., Inc. (a)		2,330		54,988
Intersections, Inc.		1,876		19,623
Investment Technology Group, Inc. (a)		6,626		108,468
JMP Group, Inc.		3,400		25,942
Jefferies Group, Inc. New Shares (b)		17,270		459,900
KBW, Inc.		5,541		154,705
Knight Capital Group, Inc., Class A (a)		14,472		199,569
Ladenburg Thalmann Financial Services, Inc. (a)		19,555		22,879
MF Global Holdings Ltd. (a)		22,921		191,620
MGIC Investment Corp. (a)		30,684		312,670
MSCI, Inc. (a)		18,235		710,436
MarketAxess Holdings, Inc.		4,471		93,041
Marlin Business Services, Inc. (a)		2,129		26,932
Medallion Financial Corp.		3,380		27,716
Merriman Holdings, Inc. (a)		301		656
MicroFinancial, Inc.		2,154		8,681
MoneyGram International, Inc. (a)		14,649		39,699
National Financial Partners Corp. (a)		6,680		89,512
Nelnet, Inc., Class A		4,654		110,253
NewStar Financial, Inc. (a)		5,484		57,966
Ocwen Financial Corp. (a)		11,632		110,969
optionsXpress Holdings, Inc.		6,963		109,110
The PMI Group, Inc. (a)		23,270		76,791
Penson Worldwide, Inc. (a)		3,976		19,443
Pico Holdings, Inc. (a)		3,019		96,004
Piper Jaffray Cos. (a)		3,267		114,378
Portfolio Recovery Associates, Inc. (a)		2,695		202,664
Primus Guaranty Ltd. (a)		3,804		19,324
Pzena Investment Management, Inc., Class A		1,598		11,745
Radian Group, Inc.		20,356		164,273
Raymond James Financial, Inc.		14,996		490,369
Resource America, Inc., Class A		3,561		24,393
SEI Investments Co.		23,759		565,227
SWS Group, Inc.		6,065		30,628
Safeguard Scientifics, Inc. (a)		3,391		57,918
Sanders Morris Harris Group, Inc.		3,800		27,550
Stewart Information Services Corp.		3,341		38,522
Stifel Financial Corp. (a)		5,450		338,118
Student Loan Corp.		1,182		38,344
TD Ameritrade Holding Corp.		35,229		668,999
TradeStation Group, Inc. (a)		8,000		54,000
Tree.com, Inc. (a)		1,743		16,454
U.S. Global Investors, Inc.		2,596		21,105
Virtus Investment Partners, Inc. (a)		970		44,009
Waddell & Reed Financial, Inc., Class A		13,215		466,357
Westwood Holdings Group, Inc.		1,091		43,596
World Acceptance Corp. (a)(b)		2,483		131,102
				14,763,353
Fixed Line
Telecommunications — 0.6%
8x8, Inc. (a)		11,006		26,194

Common Stocks	Shares		Value
Fixed Line
Telecommunications (concluded)
AboveNet, Inc.		3,323	$	194,263
Alaska Communications Systems Group, Inc.		9,000		99,900
Arbinet Corp. (a)		1,175		9,799
Cbeyond Communications, Inc. (a)		4,800		73,344
Cincinnati Bell, Inc. (a)		33,100		92,680
Consolidated Communications Holdings, Inc.		4,584		88,471
General Communication, Inc., Class A (a)		6,156		77,935
Global Crossing Ltd. (a)		4,778		61,732
HickoryTech Corp.		4,280		41,088
IDT Corp., Class B		2,098		53,814
Level 3 Communications, Inc. (a)(b)		211,747		207,512
NET2000 Communications, Inc. (a)		300		—
PAETEC Holding Corp. (a)		20,208		75,578
Primus Telecommunications Escrow (a)		29,100		—
SureWest Communications (a)		1,746		18,682
TW Telecom, Inc. (a)		23,078		393,480
Virgin Media, Inc.		45,235		1,232,201
Vonage Holdings Corp. (a)		21,332		47,784
Warwick Valley Telephone Co.		1,500		20,775
				2,815,232
Food & Drug Retailers — 0.5%
Arden Group, Inc., Class A		276		22,770
Casey’s General Stores, Inc.		5,800		246,558
Core-Mark Holdings Co., Inc. (a)		1,585		56,410
Dairy Mart Convenience Stores, Inc. (a)		500		—
drugstore.com, Inc. (a)		12,276		27,130
Ingles Markets, Inc., Class A		3,151		60,499
Nash Finch Co.		1,764		74,988
Omnicare, Inc.		17,948		455,700
The Pantry, Inc. (a)		4,281		85,021
PetMed Express, Inc. (b)		4,215		75,069
Rite Aid Corp. (a)		69,100		61,029
Ruddick Corp.		6,421		236,550
Spartan Stores, Inc.		4,460		75,597
United Natural Foods, Inc. (a)		6,593		241,831
Village Super Market, Inc., Class A		805		26,565
Vitamin Shoppe, Inc. (a)		3,927		132,104
Weis Markets, Inc.		1,713		69,085
Winn-Dixie Stores, Inc. (a)		8,733		62,616
				2,009,522
Food Producers — 1.9%
Alico, Inc.		659		15,711
The Andersons, Inc.		3,000		109,050
B&G Foods, Inc., Class A		7,379		101,314
Bridgford Foods Corp.		500		7,125
Bunge Ltd.		22,084		1,446,944
Cagles, Inc., Class A (a)		336		2,859
Cal-Maine Foods, Inc.		1,932		61,013
Calavo Growers, Inc.		1,936		44,625
Chiquita Brands International, Inc. (a)		6,895		96,668
Corn Products International, Inc.		11,412		524,952
Darling International, Inc. (a)		12,702		168,682
Del Monte Foods Co.		30,192		567,610

See Notes to Financial Statements.
	QUANTITATIVE MASTER SERIES LLC	DECEMBER 31, 2010	9

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

Common Stocks	Shares		Value
Food Producers (concluded)
Diamond Foods, Inc.		3,353	$	178,312
Dole Food Co., Inc. (a)		5,263		71,103
Farmer Bros. Co.		902		16,056
Flowers Foods, Inc.		13,719		369,178
Fresh Del Monte Produce, Inc.		6,223		155,264
Golden Enterprises, Inc.		941		3,181
Green Mountain Coffee Roasters, Inc. (a)		17,791		584,612
Griffin Land & Nurseries, Inc.		600		19,428
HQ Sustainable Maritime Industries, Inc. (a)		4,100		19,557
Hain Celestial Group, Inc. (a)		6,839		185,063
Harbinger Group, Inc. (a)		1,786		11,055
Herbalife Ltd.		9,170		626,953
Imperial Sugar Co., New Shares		2,712		36,259
J&J Snack Foods Corp.		2,044		98,603
John B. Sanfilippo & Son, Inc. (a)		1,221		15,189
Lancaster Colony Corp.		3,100		177,320
Lifeway Foods, Inc. (a)		1,500		14,325
MGP Ingredients, Inc.		2,900		32,016
Mannatech, Inc. (a)		3,100		5,580
Martek Biosciences Corp. (a)		5,500		172,150
Medifast, Inc. (a)		2,356		68,041
Natures Sunshine Prods, Inc. (a)		1,472		13,219
Nutraceutical International Corp. (a)		1,588		22,534
NutriSystem, Inc. (b)		4,700		98,841
Omega Protein Corp. (a)		3,212		26,017
Pilgrims Pride Corp. (a)		7,286		51,658
Ralcorp Holdings, Inc. (a)		8,373		544,329
Relìv International, Inc.		1,819		3,438
Rocky Mountain Chocolate Factory, Inc.		1,495		14,442
Sanderson Farms, Inc.		3,204		125,437
Schiff Nutrition International, Inc.		3,352		30,436
Seaboard Corp.		54		107,514
Seneca Foods Corp. (a)		2,000		53,960
Smart Balance, Inc. (a)		11,700		50,661
Smithfield Foods, Inc. (a)		23,645		487,796
Snyders-Lance, Inc.		6,335		148,492
Tasty Baking Co.		1,289		8,095
Tootsie Roll Industries, Inc.		3,287		95,224
TreeHouse Foods, Inc. (a)		5,264		268,938
USANA Health Sciences, Inc. (a)		1,221		53,052
				8,209,881
Forestry & Paper — 0.3%
Boise, Inc.		13,186		104,565
Buckeye Technologies, Inc.		6,113		128,434
Clearwater Paper Corp. (a)		1,746		136,712
Deltic Timber Corp.		1,746		98,370
Domtar Corp.		6,386		484,825
Kapstone Paper and Packaging Corp. (a)		6,372		97,492
Neenah Paper, Inc.		2,900		57,072
P.H. Glatfelter Co.		6,687		82,049
Verso Paper Corp. (a)		2,900		9,918
Wausau Paper Corp.		7,350		63,283
				1,262,720
Gas, Water & Multi-Utilities — 1.5%
AGL Resources, Inc. (c)		11,906		426,830

Common Stocks	Shares		Value
Gas, Water & Multi-Utilities (concluded)
American States Water Co.		2,759	$	95,103
American Water Works Co, Inc.		26,438		668,617
Aqua America, Inc.		20,899		469,809
Artesian Resources Corp., Class A		1,322		25,052
Atmos Energy Corp.		13,688		427,066
Avista Corp.		8,020		180,610
Cadiz, Inc. (a)		3,000		37,320
California Water Service Group		3,200		119,264
Chesapeake Utilities Corp.		1,461		60,661
Connecticut Water Service, Inc.		1,493		41,625
Delta Natural Gas Co., Inc.		312		9,789
Gas Natural, Inc.		1,362		14,287
The Laclede Group, Inc.		3,100		113,274
Middlesex Water Co.		2,514		46,132
National Fuel Gas Co.		10,610		696,228
New Jersey Resources Corp.		6,260		269,869
Northwest Natural Gas Co.		3,916		181,977
PNM Resources, Inc.		11,566		150,589
Pennichuck Corp.		1,777		48,619
Piedmont Natural Gas Co.		10,000		279,600
Questar Corp.		26,737		465,491
RGC Resources, Inc.		100		3,129
SJW Corp.		1,948		51,564
South Jersey Industries, Inc.		4,600		242,972
Southwest Gas Corp.		6,702		245,762
UGI Corp.		16,652		525,870
Vectren Corp.		12,464		316,336
WGL Holdings, Inc.		7,362		263,339
				6,476,784
General Industrials — 1.2%
AEP Industries, Inc. (a)		1,300		33,735
Actuant Corp., Class A		10,252		272,908
AptarGroup, Inc.		9,563		454,912
Carlisle Cos., Inc.		9,271		368,430
Crown Holdings, Inc. (a)		25,015		835,001
Graham Packaging Co., Inc. (a)		3,065		39,968
Graphic Packaging Holding Co. (a)		12,045		46,855
Greif, Inc.		5,339		330,484
Harsco Corp.		12,374		350,432
Landec Corp. (a)		3,800		22,724
Multi-Color Corp.		2,083		40,535
Myers Industries, Inc.		4,882		47,551
Otter Tail Corp.		4,560		102,782
Packaging Corp. of America		15,542		401,605
Raven Industries, Inc.		2,715		129,478
Rock-Tenn Co., Class A		5,847		315,446
Silgan Holdings, Inc.		7,797		279,211
Smurfit-Stone Container Corp. (a)		13,954		357,222
Sonoco Products Co.		15,069		507,373
Temple-Inland, Inc.		16,385		348,017
Trimas Corp. (a)		2,996		61,298
				5,345,967
General Retailers — 5.0%
1-800-FLOWERS.COM, Inc., Class A (a)		4,470		12,024
99 Cents Only Stores (a)		8,255		131,585
A.C. Moore Arts & Crafts, Inc. (a)		5,342		13,462
Aaron Rents, Inc., Class A		11,266		229,714
Advance Auto Parts, Inc.		13,178		871,725
Amerco, Inc. (a)		882		84,707

See Notes to Financial Statements.
10	QUANTITATIVE MASTER SERIES LLC	DECEMBER 31, 2010

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

Common Stocks	Shares		Value
General Retailers (continued)
America’s Car Mart, Inc. (a)		1,765	$	47,796
American Eagle Outfitters, Inc.		30,723		449,478
American Public Education, Inc. (a)		3,136		116,785
Ancestry.com, Inc. (a)		4,030		114,130
AnnTaylor Stores Corp. (a)		8,975		245,825
Asbury Automotive Group, Inc. (a)		5,133		94,858
Autobytel, Inc. (a)		8,000		6,880
Aéropostale, Inc. (a)		14,437		355,728
BJ’s Wholesale Club, Inc. (a)		8,196		392,588
Barnes & Noble, Inc. (b)		6,090		86,174
Beacon Roofing Supply, Inc. (a)		7,300		130,451
bebe Stores, Inc.		4,773		28,447
Bidz.com, Inc. (a)		700		826
Big 5 Sporting Goods Corp.		3,700		56,499
Blue Nile, Inc. (a)(b)		2,300		131,238
The Bon-Ton Stores, Inc. (a)		2,733		34,600
Books-A-Million, Inc.		1,200		6,960
Borders Group, Inc. (a)		8,773		7,897
Bridgepoint Education, Inc. (a)		3,570		67,830
Brown Shoe Co., Inc.		6,711		93,484
The Buckle, Inc.		4,058		153,271
Build-A-Bear Workshop, Inc. (a)		2,727		20,834
CPI Corp.		1,298		29,270
Cabela’s, Inc., Class A (a)		6,534		142,115
Cache, Inc. (a)		2,300		10,212
Cambium Learning Group, Inc. (a)		2,800		9,632
Capella Education Co. (a)		2,409		160,391
Career Education Corp. (a)		9,984		206,968
Casual Male Retail Group, Inc. (a)		6,895		32,682
The Cato Corp., Class A		4,150		113,752
Charming Shoppes, Inc. (a)		15,768		55,976
Chemed Corp.		3,404		216,188	��
Chico’s FAS, Inc.		27,336		328,852
The Children’s Place Retail Stores, Inc. (a)		4,227		209,828
Christopher & Banks Corp.		5,614		34,526
Citi Trends, Inc. (a)		2,371		58,208
Clean Energy Fuels Corp. (a)(b)		7,892		109,225
Coldwater Creek, Inc. (a)		8,960		28,403
Collective Brands, Inc. (a)		9,790		206,569
Collectors Universe, Inc.		1,870		26,012
Conn’s, Inc. (a)		3,143		14,709
Copart, Inc. (a)		11,336		423,400
Corinthian Colleges, Inc. (a)		13,002		67,740
Cost Plus, Inc. (a)		3,018		29,275
DSW, Inc., Class A (a)		2,255		88,171
dELiA*s, Inc. (a)		5,199		9,046
Destination Maternity Corp. (a)		1,157		43,885
Dick’s Sporting Goods, Inc. (a)		13,399		502,463
Dillard’s, Inc., Class A (b)		7,414		281,287
Dollar General Corp. (a)		5,219		160,067
Dollar Tree, Inc. (a)		19,428		1,089,522
Dress Barn, Inc. (a)		10,416		275,191
Ediets.Com, Inc. (a)(b)		600		294
Education Management Corp. (a)(b)		6,534		118,265
Express, Inc.		4,018		75,538
The Finish Line, Inc., Class A		7,634		131,228
Foot Locker, Inc.		23,560		462,247
Fred’s, Inc.		6,665		91,710
GSI Commerce, Inc. (a)		9,395		217,964
Gaiam, Inc.		2,881		22,184
Geeknet Inc. (a)		1,089		27,214

Common Stocks	Shares		Value
General Retailers (continued)
Genesco, Inc. (a)		3,605	$	135,151
Grand Canyon Education, Inc. (a)		4,953		97,029
Group 1 Automotive, Inc.		3,657		152,716
Guess, Inc.		9,891		468,042
HSN, Inc. (a)		6,194		189,784
Haverty Furniture Cos., Inc.		3,114		40,420
Hibbett Sports, Inc. (a)		4,618		170,404
Hillenbrand, Inc.		9,486		197,404
Hot Topic, Inc.		8,365		52,449
ITT Educational Services, Inc. (a)		5,061		322,335
J. Crew Group, Inc. (a)		9,313		401,763
Jackson Hewitt Tax Service, Inc. (a)		3,915		8,535
Jo-Ann Stores, Inc. (a)		4,211		253,586
Jos. A. Bank Clothiers, Inc. (a)		4,112		165,796
K12, Inc. (a)		4,683		134,215
KAR Auction Services, Inc. (a)		3,835		52,923
Kirkland’s, Inc. (a)		2,746		38,526
Learning Tree International, Inc.		1,800		17,208
Liquidity Services, Inc. (a)		2,900		40,745
Lithia Motors, Inc., Class A		3,900		55,731
Lumber Liquidators Holdings, Inc. (a)		3,698		92,117
Mac-Gray Corp.		1,907		28,510
MarineMax, Inc. (a)		4,200		39,270
Matthews International Corp., Class A		4,476		156,570
Men’s Wearhouse, Inc.		7,895		197,217
Midas, Inc. (a)		2,643		21,435
Monro Muffler, Inc.		4,688		162,141
Navarre Corp. (a)		8,680		18,402
New York & Co. (a)		4,205		18,586
Nobel Learning Communities, Inc. (a)		526		3,840
Office Depot, Inc. (a)		15,000		81,000
OfficeMax, Inc. (a)		12,993		229,976
OpenTable, Inc. (a)		2,737		192,904
Overstock.com, Inc.		2,669		43,985
Pacific Sunwear of California, Inc. (a)		11,081		60,059
PC Mall, Inc. (a)		2,100		15,897
Penske Auto Group, Inc. (a)		7,100		123,682
The Pep Boys - Manny, Moe & Jack		7,959		106,889
PetSmart, Inc.		18,034		718,114
Pier 1 Imports, Inc. (a)		18,128		190,344
Pre-Paid Legal Services, Inc. (a)		1,376		82,904
PriceSmart, Inc.		2,432		92,489
The Princeton Review, Inc. (a)		6,890		8,130
The Providence Service Corp. (a)		2,600		41,782
RealNetworks, Inc. (a)		14,990		62,958
Regis Corp.		8,424		139,838
Rent-A-Center, Inc.		10,059		324,705
Retail Ventures, Inc. (a)		3,442		56,105
Rollins, Inc.		11,392		224,992
Rue21, Inc. (a)		2,847		83,446
Rush Enterprises, Inc., Class A (a)		5,003		102,261
Saks, Inc. (a)		18,440		197,308
Sally Beauty Co., Inc. (a)		14,861		215,930
Service Corp. International		37,288		307,626
Shoe Carnival, Inc. (a)		1,800		48,600
Shutterfly, Inc. (a)		4,297		150,524
Signet Jewelers Ltd. (a)		13,022		565,155
Sonic Automotive, Inc.		5,494		72,741
Sotheby’s Holdings, Inc., Class A		10,318		464,310

See Notes to Financial Statements.
	QUANTITATIVE MASTER SERIES LLC	DECEMBER 31, 2010	11

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

Common Stocks	Shares		Value
General Retailers (concluded)
Stage Stores, Inc.		5,554	$	96,306
Stamps.com, Inc.		2,650		35,113
Standard Parking Corp. (a)		2,600		49,114
Stein Mart, Inc.		4,100		37,925
Stewart Enterprises, Inc., Class A		12,302		82,300
Strayer Education, Inc. (b)		2,193		333,818
Susser Holdings Corp. (a)		1,700		23,545
The Talbots, Inc. (a)		5,546		47,252
Titan Machinery, Inc. (a)		3,008		58,054
Tractor Supply Co.		11,102		538,336
Trans World Entertainment Corp. (a)		2,400		4,080
Tuesday Morning Corp. (a)		7,004		36,981
Ulta Salon Cosmetics & Fragrance, Inc. (a)		7,307		248,438
VCA Antech, Inc. (a)		13,230		308,127
ValueVision Media, Inc., Class A (a)		5,456		33,336
Weight Watchers International, Inc.		5,493		205,933
West Marine, Inc. (a)		2,476		26,196
The Wet Seal, Inc., Class A (a)		15,432		57,098
Williams-Sonoma, Inc.		14,758		526,713
Winmark Corp.		600		20,184
Zale Corp. (a)		4,996		21,283
Zumiez, Inc. (a)		3,260		87,596
				21,711,237
Health Care Equipment & Services — 5.6%
Abaxis, Inc. (a)		3,428		92,042
Abiomed, Inc. (a)		5,266		50,606
Accuray, Inc. (a)		7,812		52,731
Addus HomeCare Corp. (a)		2,896		11,845
Air Methods Corp. (a)		1,797		101,117
Alere Inc. (a)		12,865		470,859
Align Technology, Inc. (a)		9,092		177,658
Alliance Healthcare Services, Inc. (a)		5,836		24,745
Allied Healthcare International, Inc. (a)		6,902		17,324
Almost Family, Inc. (a)		1,680		64,546
Alphatec Holdings, Inc. (a)		10,666		28,798
Amedisys, Inc. (a)		4,418		148,003
America Service Group, Inc.		1,200		18,168
American Caresource Holdings, Inc. (a)		3,301		4,621
American Medical Systems Holdings, Inc. (a)		11,543		217,701
AMERIGROUP Corp. (a)		7,868		345,563
Amsurg Corp. (a)		4,709		98,654
Analogic Corp.		1,850		91,594
AngioDynamics, Inc. (a)		3,623		55,686
Anika Therapeutics, Inc. (a)		2,548		16,893
Animal Health International, Inc. (a)		5,143		14,760
ArthroCare Corp. (a)		4,159		129,179
Assisted Living Concepts, Inc. (a)		1,760		57,253
Atrion Corp.		234		41,994
Beckman Coulter, Inc.		10,536		792,623
Bio-Rad Laboratories, Inc., Class A (a)		2,976		309,058
Bio-Reference Labs, Inc. (a)		4,400		97,592
Biolase Technology, Inc. (a)		6,139		10,682
Bioscript, Inc. (a)		8,208		42,928

Common Stocks	Shares		Value
Health Care Equipment & Services (continued)
Bovie Medical Corp. (a)		5,425	$	17,686
Brookdale Senior Living, Inc. (a)		15,393		329,564
Bruker BioSciences Corp. (a)		11,131		184,775
CONMED Corp. (a)		4,289		113,358
Cantel Medical Corp.		2,600		60,840
Cardica, Inc. (a)		5,486		23,919
CardioNet, Inc. (a)		4,315		20,194
Catalyst Health Solutions, Inc. (a)		5,894		274,012
Centene Corp. (a)		7,910		200,439
Cepheid, Inc. (a)		9,133		207,776
Chindex International, Inc. (a)		2,390		39,411
Clinical Data, Inc. (a)		2,985		47,491
Community Health Systems, Inc. (a)		14,575		544,668
Conceptus, Inc. (a)		4,300		59,340
Contiucare Corp. (a)		7,800		36,504
The Cooper Cos., Inc.		6,997		394,211
Corvel Corp. (a)		1,200		58,020
Covance, Inc. (a)		9,916		509,782
CryoLife, Inc. (a)		5,100		27,642
Cutera, Inc. (a)		2,430		20,145
Cyberonics, Inc. (a)		4,321		134,037
Cynosure, Inc., Class A (a)		2,200		22,506
Daxor Corp.		700		6,482
Delcath Systems Inc. (a)(b)		6,918		67,796
DexCom, Inc. (a)		9,703		132,446
Dynacq Healthcare, Inc. (a)		460		1,122
Edwards Lifesciences Corp. (a)		17,140		1,385,598
Emergency Medical Services Corp. (a)		4,568		295,138
Emeritus Corp. (a)		4,670		92,046
Endologix, Inc. (a)		6,889		49,256
The Ensign Group, Inc.		1,978		49,193
eResearch Technology, Inc. (a)		7,915		58,175
Escalon Medical Corp. (a)		1,399		2,099
Exactech, Inc. (a)		1,369		25,765
Five Star Quality Care, Inc. (a)		5,313		37,563
Fonar Corp. (a)		4,465		5,760
Genoptix, Inc. (a)		2,900		55,158
Gentiva Health Services, Inc. (a)		4,513		120,046
Gliatech, Inc. (a)		100		—
HMS Holdings Corp. (a)		4,168		269,961
Haemonetics Corp. (a)		3,739		236,230
Hanger Orthopedic Group, Inc. (a)		5,400		114,426
Hansen Medical, Inc. (a)		8,900		13,083
Health Management Associates, Inc., Class A (a)		38,586		368,110
Health Net, Inc. (a)		14,783		403,428
Healthcare Services Group, Inc.		8,610		140,085
HealthSouth Corp. (a)		14,521		300,730
HealthSpring, Inc. (a)		7,996		212,134
Healthways, Inc. (a)		5,211		58,155
Henry Schein, Inc. (a)		13,893		852,891
Hill-Rom Holdings, Inc.		9,490		373,621
Hologic, Inc. (a)		39,550		744,331
Hooper Holmes, Inc. (a)		9,589		6,760
ICU Medical, Inc. (a)		2,353		85,885
IPC The Hospitalist Co., Inc. (a)		2,536		98,929
IRIS International, Inc. (a)		2,879		29,452
Idexx Laboratories, Inc. (a)(b)		8,785		608,098
Immucor, Inc. (a)		10,219		202,643
Insulet Corp. (a)		5,569		86,320

See Notes to Financial Statements.
12	QUANTITATIVE MASTER SERIES LLC	DECEMBER 31, 2010

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)
Integra LifeSciences Holdings Corp. (a)		2,836	$	134,143
Invacare Corp.		5,100		153,816
Kendle International, Inc. (a)		2,800		30,492
Kensey Nash Corp. (a)		2,137		59,473
Kindred Healthcare, Inc. (a)		5,758		105,774
Kinetic Concepts, Inc. (a)		9,565		400,582
LCA-Vision, Inc. (a)		4,084		23,483
LHC Group, Inc. (a)		2,600		78,000
LifePoint Hospitals, Inc. (a)		8,274		304,069
Lincare Holdings, Inc.		15,111		405,428
MAKO Surgical Corp. (a)(b)		5,711		86,921
MEDTOX Scientific, Inc.		1,600		20,960
MELA Sciences, Inc. (a)		4,500		15,075
Magellan Health Services, Inc. (a)		5,036		238,102
Masimo Corp.		8,216		238,839
MedCath Corp. (a)		2,634		36,744
Medical Action Industries, Inc. (a)		2,426		23,241
Mednax, Inc. (a)		7,201		484,555
Meridian Bioscience, Inc.		6,525		151,119
Merit Medical Systems, Inc. (a)		4,233		67,008
Metropolitan Health Networks, Inc. (a)		5,321		23,785
Molina Healthcare, Inc. (a)		2,504		69,736
NMT Medical, Inc. (a)		2,154		775
Nanosphere, Inc. (a)		2,891		12,605
National Healthcare Corp.		1,619		74,911
Natus Medical, Inc. (a)		4,472		63,413
Neogen Corp. (a)		3,480		142,784
Neurometrix, Inc. (a)		3,931		2,555
NuVasive, Inc. (a)		6,105		156,593
NxStage Medical, Inc. (a)		4,900		121,912
Omnicell, Inc. (a)		4,941		71,397
OraSure Technologies, Inc. (a)		7,579		43,579
Orthofix International NV (a)		3,068		88,972
Orthovita, Inc. (a)		13,126		26,383
Owens & Minor, Inc.		9,127		268,608
PSS World Medical, Inc. (a)		9,000		203,400
Palomar Medical Technologies, Inc. (a)		2,999		42,616
Parexel International Corp. (a)		8,940		189,796
Pharmaceutical Product Development, Inc.		16,766		455,029
PharMerica Corp. (a)		4,811		55,086
Psychemedics Corp.		793		6,487
Quidel Corp. (a)		4,800		69,360
RTI Biologics, Inc. (a)		8,988		23,998
RadNet, Inc. (a)		6,500		18,330
RehabCare Group, Inc. (a)		3,891		92,217
ResMed, Inc. (a)		23,035		797,932
Retractable Technologies, Inc. (a)		1,898		3,322
Rochester Medical Corp. (a)		1,961		21,414
Rockwell Medical Technologies, Inc. (a)		3,200		25,280
Rural/Metro Corp. (a)		3,887		56,672
SRI/Surgical Express, Inc. (a)		1,655		7,861
Select Medical Holdings Corp. (a)		9,357		68,400
Sirona Dental Systems, Inc. (a)		6,134		256,279
Skilled Healthcare Group, Inc., Class A (a)		4,335		38,928
SonoSite, Inc. (a)		2,649		83,708
Spectranetic Corp. (a)		5,137		26,507

Common Stocks	Shares		Value
Health Care Equipment & Services (concluded)
St. Jude Medical, Inc. (a)		1	$	43
Staar Surgical Co. (a)		5,825		35,533
Stereotaxis, Inc. (a)		7,691		29,457
Steris Corp.		7,994		291,461
Sun Healthcare Group Inc. (a)		3,968		50,235
Sunrise Senior Living, Inc. (a)		7,887		42,984
SurModics, Inc. (a)		2,626		31,171
Symmetry Medical, Inc. (a)		5,630		52,078
Synergetics USA, Inc. (a)		6,079		28,511
Synovis Life Technologies, Inc. (a)		2,772		44,657
Team Health Holdings, Inc. (a)		3,414		53,054
Teleflex, Inc.		5,987		322,160
Theragenics Corp. (a)		9,089		13,724
ThermoGenesis Corp. (a)		4,307		15,031
Thoratec Corp. (a)		8,781		248,678
Tomotherapy, Inc. (a)		7,995		28,862
Trans1, Inc. (a)		5,415		11,209
Transcend Services, Inc. (a)		1,556		30,482
Triple-S Management Corp. (a)		3,020		57,622
US Physical Therapy, Inc. (a)		1,904		37,737
Uluru, Inc. (a)		400		43
Universal American Financial Corp.		6,120		125,154
Universal Health Services, Inc., Class B		13,855		601,584
Urologix, Inc. (a)		2,686		1,692
Utah Medical Products, Inc.		800		21,336
Vascular Solutions, Inc. (a)		2,263		26,522
Volcano Corp. (a)		7,754		211,762
WellCare Health Plans, Inc. (a)		6,411		193,740
West Pharmaceutical Services, Inc.		4,895		201,674
Wright Medical Group, Inc. (a)		6,200		96,286
Zoll Medical Corp. (a)		3,510		130,677
				24,304,071
Household Goods & Home Construction — 1.8%
ACCO Brands Corp. (a)		8,770		74,720
Bassett Furniture Industries, Inc. (a)		2,349		9,866
Beazer Homes USA, Inc. (a)(b)		11,497		61,969
Blount International, Inc. (a)		7,472		117,759
Blyth, Inc.		1,216		41,928
Briggs & Stratton Corp.		8,000		157,520
Brookfield Homes Corp. (a)(b)		1,876		17,634
Cavco Industries, Inc. (a)		1,061		49,538
Central Garden & Pet Co., Class A (a)		9,364		92,516
Church & Dwight Co., Inc.		10,764		742,931
Compx International, Inc.		1,600		18,400
Comstock Homebuilding Cos., Inc., Class A (a)		4,512		5,234
Dixie Group, Inc. (a)		3,186		11,438
Energizer Holdings, Inc. (a)		10,611		773,542
Ethan Allen Interiors, Inc.		4,622		92,486
Flexsteel Industries, Inc.		913		16,142
Forward Industries, Inc. (a)		2,807		9,039
Furniture Brands International, Inc. (a)		5,400		27,756
HNI Corp.		5,606		174,907
Herman Miller, Inc.		8,758		221,577
hhgregg, Inc. (a)		3,647		76,405
Hooker Furniture Corp.		1,700		24,021

See Notes to Financial Statements.
	QUANTITATIVE MASTER SERIES LLC	DECEMBER 31, 2010	13

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

Common Stocks	Shares		Value
Household Goods & Home Construction (concluded)
Hovnanian Enterprises, Inc., Class A (a)(b)		8,587	$	35,121
Interface, Inc., Class A		8,463		132,446
iRobot Corp. (a)		3,629		90,290
Jarden Corp.		14,068		434,279
KB Home		11,890		160,396
Kid Brands, Inc. (a)		3,550		30,352
Knoll, Inc.		7,186		120,222
L.S. Starrett Co., Class A		700		8,176
La-Z-Boy, Inc. (a)		8,032		72,449
Libbey, Inc. (a)		2,901		44,878
Lifetime Brands, Inc. (a)		2,282		32,039
M/I Homes, Inc. (a)		3,600		55,368
MDC Holdings, Inc.		5,575		160,393
Meritage Homes Corp. (a)		4,596		102,031
Middleby Corp. (a)		2,783		234,941
Mohawk Industries, Inc. (a)		8,459		480,133
NVR, Inc. (a)		905		625,373
National Presto Industries, Inc.		692		89,967
Oil-Dri Corp. of America		954		20,501
Ryland Group, Inc.		6,875		117,081
The Scotts Miracle-Gro Co.		6,828		346,658
Sealy Corp. (a)(b)		8,012		23,395
Select Comfort Corp. (a)		8,582		78,354
Skyline Corp.		1,000		26,080
Standard-Pacific Corp. (a)		17,086		78,596
Stanley Furniture Co., Inc. (a)		3,642		11,327
Steelcase, Inc., Class A		12,576		132,928
Tempur-Pedic International, Inc. (a)		10,066		403,244
Toll Brothers, Inc. (a)		20,671		392,749
Tupperware Corp.		9,594		457,346
Virco Manufacturing Corp.		2,505		6,513
WD-40 Co.		2,455		98,887
				7,919,841
Industrial Engineering — 3.7%
AGCO Corp. (a)		14,147		716,687
Alamo Group, Inc.		1,400		38,948
Albany International Corp., Class A		4,030		95,471
Altra Holdings, Inc. (a)		4,300		85,398
American Railcar Industries, Inc. (a)		1,973		43,663
ArvinMeritor, Inc. (a)		13,706		281,247
Astec Industries, Inc. (a)		2,780		90,100
Babcock & Wilcox Co. (a)		17,627		451,075
Broadwind Energy, Inc. (a)		8,333		19,249
Brush Engineered Materials, Inc. (a)		3,153		121,832
Bucyrus International, Inc.		11,503		1,028,368
CIRCOR International, Inc.		3,000		126,840
Cascade Corp.		1,342		63,450
Ceco Environmental Corp. (a)		2,872		17,117
Chicago Rivet & Machine Co.		100		1,711
Clarcor, Inc.		7,617		326,693
Colfax Corp. (a)		3,868		71,210
Columbus McKinnon Corp. (a)		2,912		59,172
Commercial Vehicle Group, Inc. (a)		4,160		67,600
Crane Co.		7,485		307,409
Donaldson Co., Inc.		10,786		628,608
Dynamic Materials Corp.		2,176		49,112
The Eastern Co.		593		10,585
Energy Recovery, Inc. (a)		7,808		28,577

Common Stocks	Shares		Value
Industrial Engineering (concluded)
EnPro Industries, Inc. (a)		3,041	$	126,384
Federal Signal Corp.		9,562		65,595
Flow International Corp. (a)		7,876		32,213
Franklin Electric Co., Inc.		2,857		111,194
Freightcar America, Inc.		2,409		69,716
GATX Corp.		6,200		218,736
Gardner Denver, Inc.		7,861		540,994
The Gorman-Rupp Co.		2,096		67,743
Graco, Inc.		9,075		358,009
Graham Corp.		2,100		42,000
Greenbrier Cos., Inc. (a)		3,639		76,383
H&E Equipment Services, Inc. (a)		4,179		48,351
Hardinge, Inc.		1,900		18,506
Hurco Companies, Inc. (a)		1,571		37,154
IDEX Corp.		12,183		476,599
John Bean Technologies Corp.		4,208		84,707
Joy Global, Inc.		15,588		1,352,259
Kadant, Inc. (a)		1,817		42,827
Kaydon Corp.		4,880		198,714
Kennametal, Inc.		12,339		486,897
Key Technology Inc. (a)		1,100		18,711
Kimball International, Inc., Class B		3,568		24,619
Lincoln Electric Holdings, Inc.		6,517		425,365
Lindsay Manufacturing Co. (b)		2,000		118,860
Lydall, Inc. (a)		2,576		20,737
Manitowoc Co.		20,258		265,582
Met-Pro Corp.		2,263		26,726
MFRI, Inc. (a)		1,400		14,406
Mine Safety Appliances Co.		4,557		141,859
Mueller Industries, Inc.		5,904		193,061
NN, Inc. (a)		3,590		44,372
NACCO Industries, Inc., Class A		936		101,434
Navistar International Corp. (a)		8,328		482,275
Nordson Corp.		4,656		427,793
Oshkosh Corp. (a)		13,942		491,316
PMFG, Inc. (a)		2,255		36,982
Pentair, Inc.		14,786		539,837
Robbins & Myers, Inc.		3,804		136,107
SPX Corp.		7,507		536,675
Sauer-Danfoss, Inc. (a)		1,686		47,630
Spartan Motors, Inc.		5,010		30,511
Standex International Corp.		2,367		70,797
Sun Hydraulics, Inc.		1,884		71,215
Sypris Solutions, Inc. (a)		3,164		13,479
Tecumseh Products Co., Class A (a)		2,248		29,336
Tennant Co.		2,553		98,061
Terex Corp. (a)		16,590		514,954
Timken Co.		11,697		558,298
Toro Co.		4,890		301,420
Trinity Industries, Inc.		12,005		319,453
Twin Disc, Inc.		1,600		47,776
United Capital Corp. (a)		600		19,500
Wabash National Corp. (a)		10,674		126,487
Westinghouse Air Brake Technologies Corp.		7,251		383,505
Williams Controls, Inc.		500		5,300
Woodward Governor Co.		8,749		328,612
				16,198,154
Industrial Metals & Mining — 1.1%
Ampco-Pittsburgh Corp.		1,402		39,326
Carpenter Technology Corp.		6,750		271,620
Century Aluminum Co. (a)		8,810		136,819

See Notes to Financial Statements.
14	QUANTITATIVE MASTER SERIES LLC	DECEMBER 31, 2010

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

Common Stocks	Shares		Value
Industrial Metals & Mining (concluded)
Cold Metal Products, Inc. (a)		1,400		—
Commercial Metals Co.		17,101	$	283,706
Contango ORE Inc. (a)		169		1,775
Friedman Industries, Inc.		1,783		15,601
Haynes International, Inc.		1,947		81,443
Horsehead Holding Corp. (a)		6,861		89,467
Intrepid Potash, Inc. (a)		6,514		242,907
Kaiser Aluminum Corp.		2,799		140,202
Olympic Steel, Inc.		1,905		54,635
RTI International Metals, Inc. (a)		4,740		127,885
Reliance Steel & Aluminum Co.		11,427		583,920
Southern Copper Corp.		32,357		1,577,080
Steel Dynamics, Inc.		33,122		606,133
Synalloy Corp.		1,300		15,756
USEC, Inc. (a)		17,251		103,851
Universal Stainless & Alloy Products, Inc. (a)		1,162		36,347
Uranium Energy Corp. (a)(b)		10,100		61,004
Uranium Resources, Inc. (a)		15,804		53,734
WHX Corp. (a)		1,819		23,611
Worthington Industries, Inc.		9,764		179,658
				4,726,480
Industrial Transportation — 1.5%
Air Transport Services Group, Inc. (a)		8,921		70,476
Aircastle Ltd.		8,171		85,387
Alexander & Baldwin, Inc.		6,186		247,626
Arkansas Best Corp.		4,035		110,640
Atlas Air Worldwide Holdings, Inc. (a)		3,954		220,752
Celadon Group, Inc. (a)		3,436		50,818
Con-way, Inc.		8,426		308,139
Covenant Transport Group, Class A (a)		2,340		22,745
DHT Holdings, Inc.		7,867		36,582
Dynamex, Inc. (a)		1,496		37,041
Eagle Bulk Shipping, Inc. (a)		10,861		54,088
Forward Air Corp.		4,404		124,985
Frozen Food Express Industries, Inc. (a)		5,389		23,927
Genco Shipping & Trading Ltd. (a)(b)		4,922		70,877
General Maritime Corp.		13,604		44,213
Genesee & Wyoming, Inc., Class A (a)		5,859		310,234
HUB Group, Inc., Class A (a)		5,761		202,441
Heartland Express, Inc.		8,297		132,918
Horizon Lines, Inc., Class A		5,408		23,633
International Shipholding Corp.		977		24,816
J.B. Hunt Transport Services, Inc.		14,135		576,849
Kansas City Southern (a)		15,514		742,500
Kirby Corp. (a)		8,271		364,337
Knight Transportation, Inc.		8,750		166,250
Landstar System, Inc.		7,832		320,642
Marten Transport Ltd.		2,394		51,184
Old Dominion Freight Line, Inc. (a)		7,143		228,505
Overseas Shipholding Group, Inc.		4,069		144,124
P.A.M. Transportation Services, Inc. (a)		848		9,515
PHH Corp. (a)		8,567		198,326
Pacer International, Inc. (a)		7,000		47,880

Common Stocks	Shares		Value
Industrial Transportation (concluded)
Patriot Transportation Holding, Inc. (a)		330	$	30,677
Quality Distribution, Inc. (a)		3,097		28,152
Railamerica, Inc. (a)		3,149		40,780
SMF Energy Corp. (a)		3,489		5,129
Saia, Inc. (a)		3,200		53,088
Ship Finance International Ltd.		6,579		141,580
TAL International Group, Inc.		1,931		59,610
Teekay Corp.		6,453		213,465
Textainer Group Holdings Ltd.		2,662		75,840
USA Truck, Inc. (a)		1,458		19,289
UTI Worldwide, Inc.		15,521		329,045
Universal Truckload Services, Inc. (a)		900		14,328
Werner Enterprises, Inc.		7,800		176,280
Willis Lease Finance Corp. (a)		1,130		14,724
World Fuel Services Corp.		10,478		378,884
YRC Worldwide Inc. (a)		7,159		26,631
				6,659,952
Leisure Goods — 0.9%
Activision Blizzard, Inc.		83,921		1,043,977
Arctic Cat, Inc. (a)		1,909		27,948
Brunswick Corp.		13,636		255,539
Callaway Golf Co.		11,400		91,998
DTS, Inc. (a)		2,987		146,512
Drew Industries, Inc.		3,009		68,364
Eastman Kodak Co. (a)		15,000		80,400
Emerson Radio Corp.		2,998		5,936
Escalade, Inc.		1,740		11,049
Garmin Ltd.		17,619		546,013
Glu Mobile, Inc. (a)		4,200		8,694
Jakks Pacific, Inc. (a)		5,046		91,938
Koss Corp.		400		2,000
Leapfrog Enterprises, Inc. (a)		7,653		42,474
Majesco Entertainment Co. (a)		1,500		1,095
Marine Products Corp. (a)		2,583		17,203
Meade Instruments Corp. (a)		433		1,477
Nautilus, Inc. (a)		5,484		9,762
Polaris Industries, Inc.		4,949		386,121
Pool Corp.		7,484		168,689
RC2 Corp. (a)		3,324		72,363
Steinway Musical Instruments, Inc. (a)		1,310		26,004
THQ, Inc. (a)		10,326		62,576
Take-Two Interactive Software, Inc. (a)		13,180		161,323
Thor Industries, Inc.		5,360		182,026
TiVo, Inc. (a)		17,690		152,665
Universal Electronics, Inc. (a)		2,112		59,917
Winnebago Industries, Inc. (a)		4,702	��	71,470
				3,795,533
Life Insurance — 0.4%
American Equity Investment Life Holding Co.		8,823		110,729
American Independence Corp. (a)		313		1,518
Amerisafe, Inc. (a)		3,900		68,250
Atlantic American Corp. (a)		1,107		2,247
Citizens, Inc. (a)		6,152		45,832
CNO Financial Group, Inc. (a)		33,998		230,506
Delphi Financial Group, Inc., Class A		7,250		209,090

See Notes to Financial Statements.
	QUANTITATIVE MASTER SERIES LLC	DECEMBER 31, 2010	15

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

Common Stocks	Shares		Value
Life Insurance (concluded)
eHealth, Inc. (a)		4,100	$	58,179
Employers Holdings, Inc.		5,500		96,140
FBL Financial Group, Inc., Class A		2,012		57,684
Independence Holding Co.		720		5,789
Kansas City Life Insurance Co.		858		28,340
National Western Life Insurance Co., Class A		359		59,853
The Phoenix Cos., Inc. (a)		16,452		41,788
Presidential Life Corp.		3,100		30,783
Protective Life Corp.		12,919		344,162
Stancorp Financial Group, Inc.		7,242		326,904
Symetra Financial Corp.		14,496		198,595
				1,916,389
Media — 2.8%
AH Belo Corp. (a)		2,761		24,021
Acxiom Corp. (a)		12,279		210,585
American Greetings Corp., Class A		5,746		127,331
Arbitron, Inc.		4,200		174,384
Ascent Media Corp., Class A (a)		1,933		74,923
Avid Technology, Inc. (a)		4,495		78,483
Beasley Broadcasting Group, Inc., Class A (a)		3,489		20,899
Belo Corp., Class A (a)		13,926		98,596
CKx, Inc. (a)		13,091		52,757
CSS Industries, Inc.		904		18,631
CTN Media Group, Inc. (a)		50		—
Charter Communications, Inc. (a)		5,958		232,005
Clear Channel Outdoor Holdings, Inc., Class A (a)		6,200		87,048
ComScore, Inc. (a)		4,064		90,668
Constant Contact, Inc. (a)		4,893		151,634
Courier Corp.		2,237		34,718
Crown Media Holdings, Inc., Class A (a)		5,569		14,591
Cumulus Media, Inc., Class A (a)		6,165		26,571
DG FastChannel, Inc. (a)		4,243		122,538
DISH Network Corp.		32,131		631,695
Dex One Corp. (a)		8,224		61,351
Dolby Laboratories, Inc., Class A (a)		8,000		533,600
DreamWorks Animation SKG, Inc., Class A (a)		9,500		279,965
EW Scripps Co. (a)		4,705		47,756
Emmis Communications Corp., Class A (a)		6,400		4,864
Entercom Communications Corp. (a)		4,015		46,494
Entravision Communications Corp., Class A (a)		7,714		19,825
Factset Research Systems, Inc.		6,514		610,753
Fisher Communications, Inc. (a)		700		15,260
Global Traffic Network, Inc. (a)		2,090		19,332
Gray Television, Inc. (a)		10,300		19,261
Harte-Hanks, Inc.		5,848		74,679
Hollywood Media Corp. (a)		10,217		16,756
IHS, Inc., Class A (a)		7,158		575,432
iBEAM Broadcasting Corp. (a)		80		—
interCLICK, Inc. (a)		4,931		26,479
Internet Media Services, Inc. (a)		1,030		125
John Wiley & Sons, Inc., Class A		7,799		352,827

Common Stocks	Shares		Value
Media (concluded)
Journal Communications, Inc., Class A (a)		5,781	$	29,194
Knology, Inc. (a)		5,140		80,338
The Knot, Inc. (a)		5,067		50,062
Lamar Advertising Co., Class A (a)		9,304		370,671
Lee Enterprises, Inc. (a)		7,464		18,361
Liberty Global, Inc. (a)	��	31,448		1,112,630
Liberty Global, Inc., Series C (a)		3,727		126,308
Liberty Media Corp. - Starz, Series A (a)		7,857		522,333
Liberty Media Holding Corp. - Capital (a)		11,742		734,580
Liberty Media Holding Corp. - Interactive (a)		90,752		1,431,159
Lin TV Corp., Class A (a)		5,168		27,390
Local.com Corp. (a)		3,401		22,072
LodgeNet Interactive Corp. (a)		4,356		18,513
Marchex, Inc., Class B		3,596		34,306
Martha Stewart Living Omnimedia, Inc., Class A (a)		4,241		18,745
McClatchy Co., Class A (a)(b)		9,167		42,810
Media General, Inc., Class A (a)		2,100		12,138
Mediacom Communications Corp., Class A (a)		6,284		53,163
Morningstar, Inc.		3,367		178,720
National CineMedia, Inc.		8,893		177,060
New Frontier Media, Inc. (a)		5,400		9,234
Nexstar Broadcasting Group, Inc., Class A (a)		2,951		17,676
Outdoor Channel Holdings, Inc.		2,865		20,542
PDI, Inc. (a)		1,627		17,149
Playboy Enterprises, Inc., Class B (a)		5,573		29,091
Primedia, Inc.		3,905		16,401
Radio One, Inc., Class D (a)		4,021		4,504
Saga Communications, Inc. (a)		486		12,792
Salem Communications Corp., Class A		3,051		9,672
Schawk, Inc.		2,100		43,218
Scholastic Corp.		3,984		117,687
Sinclair Broadcast Group, Inc., Class A		8,400		68,712
Sirius XM Radio, Inc. (a)(b)		589,595		966,936
Spanish Broadcasting System, Inc., Class A (a)		6,546		4,635
SPAR Group, Inc. (a)		1,400		1,148
SuperMedia, Inc. (a)		2,560		22,298
TechTarget, Inc. (a)		3,159		25,051
TheStreet.com, Inc.		7,781		20,775
Valassis Communications, Inc. (a)		7,761		251,068
Value Line, Inc.		493		7,124
ValueClick, Inc. (a)		12,858		206,114
Vertro, Inc. (a)		2,301		11,275
Warner Music Group Corp. (a)		8,369		47,117
WebMD Health Corp., Class A (a)		9,039		461,531
WebMediaBrands, Inc. (a)		1,900		3,040
				12,432,180
Mining — 1.5%
AMCOL International Corp.		4,103		127,193
Allied Nevada Gold Corp. (a)		12,411		326,533
Alpha Natural Resources, Inc. (a)		18,332		1,100,470
Arch Coal, Inc.		24,940		874,396

See Notes to Financial Statements.
16	QUANTITATIVE MASTER SERIES LLC	DECEMBER 31, 2010

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

Common Stocks	Shares		Value
Mining (concluded)
Capital Gold Corp. (a)		10,689	$	54,193
Cloud Peak Energy, Inc. (a)		5,200		120,796
Coeur d’Alene Mines Corp. (a)		13,523		369,448
Compass Minerals International, Inc.		5,009		447,153
Evergreen Energy, Inc. (a)		5,797		3,768
General Moly, Inc. (a)		8,970		58,126
Hecla Mining Co. (a)(b)		39,293		442,439
International Coal Group, Inc. (a)		22,131		171,294
James River Coal Co. (a)		4,305		109,046
Molycorp, Inc. (a)		4,359		217,514
Patriot Coal Corp. (a)		12,012		232,673
Royal Gold, Inc.		8,296		453,211
Solitario Exploration & Royalty Corp. (a)		9,338		33,990
Stillwater Mining Co. (a)		7,465		159,378
Timberline Resources Corp. (a)		15,011		17,863
US Energy Corp. Wyoming (a)		5,200		31,616
US Gold Corp. (a)		15,074		121,647
Vista Gold Corp. (a)		7,703		18,410
Walter Industries, Inc.		8,121		1,038,189
Westmoreland Coal Co. (a)		2,072		24,740
				6,554,086
Mobile Telecommunications — 1.0%
Atlantic Tele-Network, Inc.		1,438		55,133
Crown Castle International Corp. (a)		37,774		1,655,635
Globalstar, Inc. (a)		10,355		15,015
Leap Wireless International, Inc. (a)		9,651		118,321
NII Holdings, Inc. (a)		25,343		1,131,818
NTELOS Holdings Corp.		5,300		100,965
ORBCOMM, Inc. (a)		8,279		21,443
SBA Communications Corp., Class A (a)(b)		17,700		724,638
Shenandoah Telecom Co.		3,386		63,420
Telephone & Data Systems, Inc.		11,384		416,085
Telephone & Data Systems, Inc., Special Shares		2,900		91,408
U.S. Cellular Corp. (a)		2,347		117,209
USA Mobility, Inc.		4,838		85,971
				4,597,061
Nonlife Insurance — 3.6%
21st Century Holding Co.		2,379		7,613
Affirmative Insurance Holdings, Inc. (a)		3,097		8,269
Alleghany Corp. (a)		1,131		346,504
Allied World Assurance Co. Holdings, Ltd.		6,768		402,290
American Financial Group, Inc.		11,930		385,220
American National Insurance Co.		2,222		190,248
American Safety Insurance Holdings Ltd. (a)		2,491		53,258
AmTrust Financial Services, Inc.		4,300		75,250
Arch Capital Group Ltd. (a)		7,539		663,809
Argo Group International Holdings Ltd.		4,739		177,475
Arthur J. Gallagher & Co.		16,184		470,631
Aspen Insurance Holdings Ltd.		11,003		314,906
Assured Guaranty Ltd.		25,741		455,616
Axis Capital Holdings Ltd.		18,191		652,693

Common Stocks	Shares		Value
Nonlife Insurance (continued)
Baldwin & Lyons, Inc., Class B		1,328	$	31,248
Brown & Brown, Inc.		17,621		421,847
CNA Financial Corp. (a)		4,437		120,021
CNA Surety Corp. (a)		2,435		57,661
Donegal Group, Inc., Class A		1,858		26,904
EMC Insurance Group, Inc.		1,100		24,904
Eastern Insurance Holdings, Inc.		1,900		22,629
Endurance Specialty Holdings Ltd.		7,000		322,490
Enstar Group Ltd. (a)		1,551		131,184
Erie Indemnity Co., Class A		4,388		287,282
Everest Re Group Ltd.		8,032		681,274
FPIC Insurance Group, Inc. (a)		1,974		72,959
First Acceptance Corp. (a)		1,327		2,362
First American Financial Corp.		16,282		243,253
First Mercury Financial Corp.		2,400		39,360
Flagstone Reinsurance Holdings SA		5,478		69,023
Global Indemnity Plc (a)		2,282		46,667
Greenlight Capital Re Ltd. (a)		4,576		122,682
HCC Insurance Holdings, Inc.		17,481		505,900
The Hanover Insurance Group, Inc.		6,700		313,024
Harleysville Group, Inc.		1,760		64,662
Hilltop Holdings, Inc. (a)		6,312		62,615
Horace Mann Educators Corp.		5,821		105,011
Infinity Property & Casualty Corp.		1,908		117,914
InsWeb Corp. (a)		1,092		8,998
Life Partners Holdings, Inc.		1,831		35,027
MBIA, Inc. (a)		23,996		287,712
Maiden Holdings Ltd.		9,449		74,269
Markel Corp. (a)		1,515		572,867
Meadowbrook Insurance Group, Inc.		8,118		83,209
Mercer Insurance Group, Inc.		1,400		39,186
Mercury General Corp.		4,005		172,255
Montpelier Re Holdings Ltd.		10,605		211,464
National Interstate Corp.		1,050		22,470
National Security Group, Inc.		120		1,370
Navigators Group, Inc. (a)		1,813		91,284
Old Republic International Corp.		36,420		496,405
OneBeacon Insurance Group Ltd.		4,600		69,736
PartnerRe Ltd.		10,771		865,450
Platinum Underwriters Holdings Ltd.		6,636		298,421
ProAssurance Corp. (a)		4,811		291,547
RLI Corp.		2,580		135,631
Reinsurance Group of America, Inc.		11,194		601,230
RenaissanceRe Holdings Ltd.		8,315		529,582
Safety Insurance Group, Inc.		2,241		106,604
SeaBright Holdings, Inc.		4,700		43,334
Selective Insurance Group, Inc.		7,659		139,011
State Auto Financial Corp.		1,824		31,774
Tower Group, Inc.		6,270		160,387
Transatlantic Holdings, Inc.		9,761		503,863
Unico American Corp.		300		2,742
United Fire & Casualty Co.		3,333		74,392
Unitrin, Inc.		6,710		164,663
Universal Insurance Holdings, Inc.		6,100		29,707
Validus Holdings Ltd.		13,196		403,929
W.R. Berkley Corp.		19,727		540,125
Wesco Financial Corp.		224		82,524

See Notes to Financial Statements.
	QUANTITATIVE MASTER SERIES LLC	DECEMBER 31, 2010	17

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

Common Stocks	Shares		Value
Nonlife Insurance (concluded)
White Mountains Insurance Group, Inc.		1,056	$	354,394
				15,622,220
Oil & Gas Producers — 3.8%
ATP Oil & Gas Corp. (a)(b)		7,009		117,331
Abraxas Petroleum Corp. (a)		12,187		55,695
Adams Resources & Energy, Inc.		800		19,320
Alon USA Energy, Inc.		2,109		12,612
Apache Corp.		1		107
Apco Oil and Gas International, Inc.		1,483		85,272
Approach Resources, Inc. (a)		3,273		75,606
Atlas Energy, Inc. (a)		12,340		542,590
BPZ Resources, Inc. (a)(b)		17,741		84,447
Barnwell Industries, Inc. (a)		2,673		9,783
Berry Petroleum Co., Class A		7,268		317,612
Bill Barrett Corp. (a)		6,357		261,463
Brigham Exploration Co. (a)		17,935		488,549
CREDO Petroleum Corp. (a)		1,700		13,770
CVR Energy, Inc. (a)		10,010		151,952
Callon Petroleum Co. (a)		5,290		31,317
Carrizo Oil & Gas, Inc. (a)		5,282		182,176
Cheniere Energy, Inc. (a)		10,097		55,735
Cimarex Energy Co.		12,847		1,137,345
Clayton Williams Energy, Inc. (a)		1,500		125,955
Cobalt International Energy, Inc. (a)		16,418		200,464
Comstock Resources, Inc. (a)		7,135		175,236
Concho Resources, Inc. (a)		14,399		1,262,360
Contango Oil & Gas Co. (a)		2,114		122,464
Continental Resources, Inc. (a)		4,866		286,364
Delek US Holdings, Inc.		2,063		15,019
Delta Petroleum Corp. (a)(b)		24,435		18,571
Double Eagle Pete & Mining Co. (a)		4,983		24,467
EXCO Resources, Inc.		26,420		513,076
Endeavour International Corp. (a)		4,280		59,064
Energen Corp.		11,137		537,472
FX Energy, Inc. (a)		7,321		45,024
Forest Oil Corp. (a)		17,311		657,299
Frontier Oil Corp.		15,866		285,747
GMX Resources Inc. (a)		4,923		27,175
Gasco Energy, Inc. (a)		5,700		2,001
GeoMet, Inc. (a)		7,532		8,662
GeoPetro Resources Co. (a)		9,626		4,235
GeoResources, Inc. (a)		2,059		45,730
Goodrich Petroleum Corp. (a)		4,335		76,469
Gulfport Energy Corp. (a)		4,577		99,092
Harvest Natural Resources, Inc. (a)		6,264		76,233
Holly Corp.		6,842		278,948
Houston American Energy Corp.		3,014		54,523
Magnum Hunter Resources Corp. (a)		11,232		80,870
McMoRan Exploration Co. (a)		13,522		231,767
Northern Oil And Gas, Inc. (a)		8,602		234,060
Oasis Petroleum, Inc. (a)		6,630		179,806
Panhandle Oil & Gas, Inc.		1,361		37,319
Penn Virginia Corp.		7,043		118,463
PetroHawk Energy Corp. (a)		46,196		843,077
Petroleum Development Corp. (a)		3,590		151,534
Petroquest Energy, Inc. (a)		9,087		68,425
Plains Exploration & Production Co. (a)		21,474		690,174
PostRock Energy Corp. (a)		3,489		12,700
Quicksilver Resources, Inc. (a)		18,732		276,110

Common Stocks	Shares		Value
Oil & Gas Producers (concluded)
Ram Energy Resources, Inc. (a)		11,209	$	20,625
Resolute Energy Corp. (a)		7,217		106,523
Rex Energy Corp. (a)		5,500		75,075
Rosetta Resources, Inc. (a)		8,328		313,466
SM Energy Co.		9,647		568,498
SandRidge Energy, Inc. (a)		57,992		424,501
Southern Union Co.		17,829		429,144
Stone Energy Corp. (a)		6,665		148,563
Swift Energy Co. (a)		6,447		252,400
Syntroleum Corp. (a)		13,115		24,263
Toreador Resources Corp. (a)		4,100		63,632
Tri-Valley Corp. (a)		9,954		5,674
Ultra Petroleum Corp. (a)		23,259		1,111,082
Vaalco Energy, Inc. (a)		9,028		64,640
Venoco, Inc. (a)		3,535		65,221
W&T Offshore, Inc.		5,761		102,949
Warren Resources, Inc. (a)		14,327		64,758
Western Refining, Inc. (a)(b)		8,447		89,369
Whiting Petroleum Corp. (a)		8,969		1,051,077
Zion Oil & Gas, Inc. (a)(b)		5,892		28,164
				16,578,261
Oil Equipment, Services & Distribution — 2.3%
Allis-Chalmers Energy, Inc. (a)		6,840		48,496
Atwood Oceanics, Inc. (a)		8,584		320,784
Basic Energy Services, Inc. (a)		3,931		64,783
Bolt Technology Corp. (a)		1,754		23,100
Brenham Oil & Gas, Inc. (a)		5,673		340
Bristow Group, Inc. (a)		5,201		246,267
Bronco Drilling Co., Inc. (a)		5,601		44,808
CARBO Ceramics, Inc.		3,031		313,830
Cal Dive International, Inc. (a)		14,409		81,699
Chart Industries, Inc. (a)		4,700		158,766
Complete Production Services, Inc. (a)		11,255		332,585
Crosstex Energy, Inc.		8,100		71,766
Dawson Geophysical Co. (a)		1,775		56,622
Dresser-Rand Group, Inc. (a)		12,635		538,125
Dril-Quip, Inc. (a)		4,729		367,538
Exterran Holdings, Inc. (a)		9,638		230,830
Flotek Industries, Inc. (a)		6,917		37,698
Geokinetics, Inc. (a)		2,234		20,754
Global Industries Ltd. (a)		16,621		115,184
Gulf Island Fabrication, Inc.		1,919		54,077
Gulfmark Offshore, Inc., Class A (a)		4,024		122,330
Helix Energy Solutions Group, Inc. (a)		16,167		196,267
Hercules Offshore, Inc. (a)		18,700		64,702
Hornbeck Offshore Services, Inc. (a)		3,831		79,991
ION Geophysical Corp. (a)		18,147		153,887
Key Energy Services, Inc. (a)		21,718		281,900
Lufkin Industries, Inc.		4,488		280,006
Matrix Service Co. (a)		5,200		63,336
Mitcham Industries, Inc. (a)		1,700		19,635
NGAS Resources, Inc. (a)		4,700		2,632
Natural Gas Services Group (a)		2,200		41,602
Newpark Resources, Inc. (a)		13,975		86,086
OGE Energy Corp.		14,923		679,593
OYO Geospace Corp. (a)		887		87,911
Oceaneering International, Inc. (a)		8,287		610,172
Oil States International, Inc. (a)		7,706		493,878

See Notes to Financial Statements.
18	QUANTITATIVE MASTER SERIES LLC	DECEMBER 31, 2010

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)
PHI, Inc. (a)	2,212	$	41,674
Parker Drilling Co. (a)	17,628		80,560
Patterson-UTI Energy, Inc.	23,536		507,201
Pioneer Drilling Co. (a)	8,005		70,524
Pride International, Inc. (a)	24,333		802,989
RPC, Inc.	7,541		136,643
SEACOR Holdings, Inc.	3,235		327,026
Seahawk Drilling, Inc. (a)	2,394		21,426
SemGroup Corp. (a)	5,500		149,435
Sulphco, Inc. (a)	12,700		2,160
Superior Energy Services, Inc. (a)	12,064		422,119
T-3 Energy Services, Inc. (a)	2,200		87,626
Tesco Corp. (a)	4,943		78,495
Tetra Technologies, Inc. (a)	11,690		138,760
Tidewater, Inc.	7,843		422,267
Union Drilling, Inc. (a)	2,700		19,656
Unit Corp. (a)	7,274		338,096
			10,038,637
Personal Goods — 1.5%
Alberto-Culver Co.	13,338		494,039
American Apparel, Inc. (a)	4,944		8,207
Carter’s, Inc. (a)	9,092		268,305
Charles & Colvard Ltd. (a)	4,480		13,530
Cherokee, Inc.	2,245		42,228
Columbia Sportswear Co.	2,116		127,595
Crocs, Inc. (a)	13,274		227,251
Culp, Inc. (a)	2,100		21,756
Deckers Outdoor Corp. (a)	5,912		471,423
Elizabeth Arden, Inc. (a)	4,500		103,545
Fossil, Inc. (a)	7,216		508,584
G-III Apparel Group, Ltd. (a)	2,447		86,012
Hanesbrands, Inc. (a)	14,485		367,919
Heelys, Inc. (a)	3,956		12,026
Helen of Troy Ltd. (a)	4,500		133,830
Iconix Brand Group, Inc. (a)	11,086		214,071
Inter Parfums, Inc.	2,450		46,182
Joe’s Jeans, Inc. (a)	11,900		18,564
The Jones Group, Inc.	13,249		205,889
K-Swiss, Inc., Class A (a)	3,982		49,656
Kenneth Cole Productions, Inc., Class A (a)	2,039		25,467
Lacrosse Footwear, Inc.	718		11,775
Lakeland Industries, Inc. (a)	1,210		10,587
Liz Claiborne, Inc. (a)(b)	14,641		104,830
Maidenform Brands, Inc. (a)	3,580		85,097
Movado Group, Inc. (a)	2,790		45,031
Nu Skin Enterprises, Inc., Class A	8,442		255,455
Orchids Paper Products Co. (a)	1,900		23,256
Oxford Industries, Inc.	2,123		54,370
Parlux Fragrances, Inc. (a)	3,918		11,519
Perry Ellis International, Inc. (a)	2,219		60,956
Phillips-Van Heusen Corp.	9,332		588,009
Phoenix Footwear Group, Inc. (a)	1,000		370
Physicians Formula Holdings, Inc. (a)	3,138		11,799
Quiksilver, Inc. (a)	20,558		104,229
Revlon, Inc., Class A (a)	2,493		24,531
Rocky Brands, Inc. (a)	1,000		10,040
Skechers U.S.A., Inc., Class A (a)	5,187		103,740
Steven Madden Ltd. (a)	4,050		168,966
Superior Uniform Group, Inc.	1,500		16,500
Common Stocks	Shares		Value
Personal Goods (concluded)
Tandy Brands Accessories, Inc. (a)	1,401	$	3,979
Timberland Co., Class A (a)	6,601		162,319
True Religion Apparel, Inc. (a)	4,200		93,492
Under Armour, Inc., Class A (a)(b)	5,844		320,485
Unifi Inc. (a)	2,471		41,828
Volcom, Inc.	2,569		48,477
The Warnaco Group, Inc. (a)	6,771		372,879
Weyco Group, Inc.	1,163		28,482
Wolverine World Wide, Inc.	7,221		230,205
			6,439,285
Pharmaceuticals & Biotechnology — 4.4%
AMAG Pharmaceuticals, Inc. (a)	3,389		61,341
ARCA Biopharma, Inc. (a)	2,871		9,101
ARYx Therapeutics, Inc. (a)	2,900		783
AVI BioPharma, Inc. (a)	19,500		41,340
Aastrom Biosciences, Inc. (a)	7,528		19,272
Acadia Pharmaceuticals, Inc. (a)	4,500		5,355
Achillion Pharmaceuticals, Inc. (a)	9,800		40,670
Acorda Therapeutics, Inc. (a)	6,495		177,054
Acura Pharmaceuticals, Inc. (a)(b)	3,892		12,883
Adolor Corp. (a)	14,836		17,952
Affymax, Inc. (a)	3,829		25,463
Affymetrix, Inc. (a)	10,960		55,129
Akorn, Inc. (a)	10,246		62,193
Albany Molecular Research, Inc. (a)	3,531		19,844
Alexion Pharmaceuticals, Inc. (a)	13,790		1,110,785
Alexza Pharmaceuticals, Inc. (a)	11,241		14,051
Alkermes, Inc. (a)	14,652		179,927
Allos Therapeutics, Inc. (a)	13,000		59,930
Alnylam Pharmaceuticals, Inc. (a)	5,777		56,961
Amicus Therapeutics, Inc. (a)	3,605		16,619
Amylin Pharmaceuticals, Inc. (a)	20,124		296,024
Anadys Pharmaceuticals, Inc. (a)	15,079		21,412
Antigenics, Inc. (a)	12,100		12,100
Ardea Biosciences, Inc. (a)	2,137		55,562
Arena Pharmaceuticals, Inc. (a)(b)	20,340		34,985
Ariad Pharmaceuticals, Inc. (a)	20,397		104,025
Arqule, Inc. (a)	5,667		33,265
Array Biopharma, Inc. (a)	10,600		31,694
AspenBio Pharma, Inc. (a)	1,794		1,083
Auxilium Pharmaceuticals, Inc. (a)	7,329		154,642
Avanir Pharmaceuticals, Inc. (a)	15,050		61,404
BioCryst Pharmaceuticals, Inc. (a)	4,948		25,581
Biodel, Inc. (a)(b)	5,189		9,496
BioMarin Pharmaceuticals, Inc. (a)	15,767		424,605
BioMimetic Therapeutics, Inc. (a)	3,618		45,949
Biosante Pharmaceuticals, Inc. (a)	13,683		22,440
CPEX Pharmaceuticals, Inc. (a)	391		9,290
Cadence Pharmaceuticals, Inc. (a)(b)	6,193		46,757
Caliper Life Sciences, Inc. (a)	7,548		47,854
Capstone Therapeutics Corp. (a)	4,100		2,378
Caraco Pharmaceutical Laboratories Ltd. (a)	1,992		9,044
Cel-Sci Corp. (a)	23,000		18,920
Celera Corp. (a)	12,950		81,585
Cell Therapeutics, Inc. (a)	79,042		28,850
Celldex Therapeutics, Inc. (a)	7,466		30,760
Cerus Corp. (a)(b)	10,900		26,814
Charles River Laboratories International, Inc. (a)	10,247		364,178

See Notes to Financial Statements.
	QUANTITATIVE MASTER SERIES LLC	DECEMBER 31, 2010	19

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

Common Stocks	Shares		Value
Pharmaceuticals & Biotechnology (continued)
Chelsea Therapeutics International, Inc. (a)	7,185	$	53,888
Columbia Laboratories, Inc. (a)	15,433		35,033
Cubist Pharmaceuticals, Inc. (a)	9,107		194,890
Cumberland Pharmaceuticals, Inc. (a)	2,977		17,832
Curis, Inc. (a)	14,000		27,720
Cypress Bioscience, Inc. (a)	7,500		48,600
Cytokinetics, Inc. (a)	9,054		18,923
Cytori Therapeutics, Inc. (a)	6,949		36,065
CytRx Corp. (a)	24,700		24,947
Dendreon Corp. (a)	22,070		770,684
Depomed, Inc. (a)	7,843		49,882
Discovery Laboratories Inc. (a)	1,767		5,883
Durect Corp. (a)	12,262		42,304
Dusa Pharmaceuticals, Inc. (a)	7,564		18,532
Dyax Corp. (a)	17,671		37,816
Dynavax Technologies Corp. (a)	16,957		54,262
Emergent Biosolutions, Inc. (a)	3,515		82,462
Endo Pharmaceuticals Holdings, Inc. (a)	15,853		566,111
Entremed, Inc. (a)	2,859		14,552
Enzo Biochem, Inc. (a)	6,317		33,354
Enzon Pharmaceuticals, Inc. (a)	8,601		104,674
EpiCept Corp. (a)	4,465		3,706
Exact Sciences Corp. (a)	7,400		44,252
Exelixis, Inc. (a)	17,199		141,204
Furiex Pharmaceuticals, Inc. (a)	1,606		23,207
GTx, Inc. (a)	4,544		12,042
Gen-Probe, Inc. (a)	7,455		434,999
General Liquidating Trust Certificates (a)	566		—
Genomic Health, Inc. (a)	2,680		57,326
GenVec, Inc. (a)	21,538		12,061
Geron Corp. (a)	16,456		85,078
Halozyme Therapeutics, Inc. (a)	13,295		105,296
Harvard Bioscience, Inc. (a)	5,782		23,648
Hemispherx Biopharma, Inc. (a)	9,683		4,751
Hi-Tech Pharmacal Co., Inc. (a)	1,706		42,565
Human Genome Sciences, Inc. (a)	28,747		686,766
Idenix Pharmaceuticals, Inc. (a)	7,197		36,273
Idera Pharmaceuticals, Inc. (a)	6,595		18,928
Illumina, Inc. (a)(b)	19,002		1,203,587
ImmunoGen, Inc. (a)	10,693		99,017
Immunomedics, Inc. (a)	13,200		47,256
Impax Laboratories, Inc. (a)	9,630		193,659
Incyte Corp. (a)	17,563		290,843
Infinity Pharmaceuticals, Inc. (a)	3,457		20,500
Inovio Pharmaceuticals Inc. (a)	16,169		18,594
Insmed, Inc. (a)	13,600		8,579
Inspire Pharmaceuticals, Inc. (a)	9,377		78,767
InterMune, Inc. (a)	7,266		264,482
Ironwood Pharmaceuticals, Inc. (a)	7,438		76,983
Isis Pharmaceuticals, Inc. (a)	14,670		148,460
Ista Pharmaceuticals, Inc. (a)	5,300		27,189
Jazz Pharmaceuticals, Inc. (a)	3,602		70,887
K-V Pharmaceutical Co., Class A (a)	7,109		18,128
Keryx Biopharmaceuticals, Inc. (a)(b)	9,540		43,693
Lexicon Genetics, Inc. (a)	34,769		50,067
Ligand Pharmaceuticals, Inc. (a)	1,929		17,207
Luminex Corp. (a)	6,653		121,617

Common Stocks	Shares		Value
Pharmaceuticals & Biotechnology (continued)
MAP Pharmaceuticals, Inc. (a)	3,015	$	50,471
MannKind Corp. (a)(b)	13,294		107,150
Marina Biotech, Inc. (a)(b)	7,456		11,706
Matrixx Initiatives, Inc. (a)	1,716		14,517
Maxygen, Inc.	6,900		27,117
Medicines Co. (a)	8,186		115,668
Medicis Pharmaceutical Corp., Class A	8,834		236,663
Medivation, Inc. (a)	5,579		84,633
Micromet, Inc. (a)	14,305		116,157
Momenta Pharmaceuticals, Inc. (a)	6,358		95,179
Myrexis Inc. (a)	6,400		26,624
Myriad Genetics, Inc. (a)	14,399		328,873
NPS Pharmaceuticals, Inc. (a)	10,942		86,442
Nabi Biopharmaceuticals (a)	7,267		42,076
Nektar Therapeutics (a)	14,588		187,456
Neurocrine Biosciences, Inc. (a)	8,569		65,467
Nile Therapeutics, Inc. (a)	4,900		2,989
Novavax, Inc. (a)	15,529		37,735
Obagi Medical Products, Inc. (a)	2,962		34,211
OncoGenex Pharmaceutical, Inc. (a)	1,584		26,595
Onyx Pharmaceuticals, Inc. (a)	9,541		351,777
Opko Health, Inc. (a)	19,923		73,117
Optimer Pharmaceuticals, Inc. (a)	5,712		64,603
Orchid Cellmark, Inc. (a)	5,640		10,942
Orexigen Therapeutics, Inc. (a)	6,188		49,999
Osiris Therapeutics, Inc. (a)	3,351		26,104
OxiGene, Inc. (a)	2,000		456
PDL BioPharma, Inc.	22,240		138,555
Pain Therapeutics, Inc.	5,470		36,923
Palatin Technologies, Inc. (a)	5,441		7,345
Par Pharmaceutical Cos., Inc. (a)	5,283		203,448
Peregrine Pharmaceuticals, Inc. (a)	11,436		26,303
Perrigo Co.	12,895		816,640
Pharmacyclics, Inc. (a)	7,179		43,648
Pharmasset, Inc. (a)	4,315		187,314
Poniard Pharmaceuticals, Inc. (a)	933		485
Pozen, Inc. (a)	4,882		32,465
Prestige Brands Holdings, Inc. (a)	7,756		92,684
Progenics Pharmaceuticals, Inc. (a)	4,920		26,863
Questcor Pharmaceuticals, Inc. (a)	8,460		124,616
Raptor Pharmaceutical Corp. (a)	6,505		23,743
Regeneron Pharmaceuticals, Inc. (a)	10,586		347,538
Repligen Corp. (a)	8,213		38,519
Repros Therapeutics Inc. (a)	4,587		13,945
Rexahn Pharmaceuticals, Inc. (a)	14,643		16,547
Rigel Pharmaceuticals, Inc. (a)	8,255		62,160
RXi Pharmaceuticals Corp. (a)	3,751		9,678
SIGA Technologies, Inc. (a)	5,935		83,090
Salix Pharmaceuticals Ltd. (a)	7,828		367,603
Sangamo Biosciences, Inc. (a)(b)	7,446		49,441
Santarus, Inc. (a)	9,200		30,084
Savient Pharmaceuticals, Inc. (a)	10,580		117,861
Sciclone Pharmaceuticals, Inc. (a)	8,816		36,851
Seattle Genetics, Inc. (a)	12,723		190,209
Sequenom, Inc. (a)	11,827		94,853
Somaxon Pharmaceuticals, Inc. (a)	6,220		19,593
Spectrum Pharmaceuticals, Inc. (a)	8,594		59,041
StemCells, Inc. (a)	22,301		24,085
Strategic Diagnostics, Inc. (a)	5,000		8,950

See Notes to Financial Statements.

20 QUANTITATIVE MASTER SERIES LLC DECEMBER 31, 2010

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

Common Stocks	Shares		Value
Pharmaceuticals & Biotechnology (concluded)
Sucampo Pharmaceuticals, Inc., Class A (a)	900	$	3,456
SuperGen, Inc. (a)	8,528		22,343
Synta Pharmaceuticals Corp. (a)	4,762		29,143
Talecris Biotherapeutics Holdings Corp. (a)	9,633		224,449
Targacept, Inc. (a)	3,813		101,045
Techne Corp.	5,894		387,059
Telik, Inc. (a)	8,430		6,407
Theravance, Inc. (a)	9,609		240,898
Threshold Pharmaceuticals, Inc. (a)	7,650		10,328
Transcept Pharmaceuticals, Inc. (a)	1,360		10,064
Trimeris, Inc. (a)	6,486		16,020
United Therapeutics Corp. (a)	8,004		506,013
Vanda Pharmaceuticals, Inc. (a)	4,597		43,488
Vertex Pharmaceuticals, Inc. (a)	30,943		1,083,933
Vical, Inc. (a)	12,683		25,620
ViroPharma, Inc. (a)	11,862		205,450
Vivus, Inc. (a)(b)	12,586		117,931
XOMA Ltd. (a)	4,226		21,679
Xenoport, Inc. (a)	4,971		42,353
			19,460,867
Real Estate Investment & Services — 0.6%
American Realty Investors, Inc. (a)	500		3,975
Avatar Holdings, Inc. (a)	1,422		28,184
Brookfield Properties Corp.	39,558		693,452
Consolidated-Tomoka Land Co.	1,013		29,276
Forest City Enterprises, Inc., Class A (a)	18,737		312,721
Forestar Group, Inc. (a)	5,504		106,227
Grubb & Ellis Co. (a)	12,319		15,645
HFF, Inc., Class A (a)	4,787		46,243
The Howard Hughes Corp. (a)	5,743		312,534
Jones Lang LaSalle, Inc.	6,445		540,864
LoopNet, Inc. (a)	4,845		53,828
Market Leader, Inc. (a)	2,578		4,537
Maui Land & Pineapple Co., Inc. (a)	4,767		23,740
Move, Inc. (a)	26,088		67,046
Reis, Inc. (a)	2,000		14,000
The St. Joe Co. (a)	14,131		308,762
Stratus Properties, Inc. (a)	353		3,202
Tejon Ranch Co. (a)	2,462		67,828
Thomas Properties Group, Inc.	6,170		26,037
Transcontinental Realty Investors, Inc. (a)	393		2,637
ZipRealty, Inc. (a)	4,353		11,318
			2,672,056
Real Estate Investment Trusts (REITs) — 7.1%
AMB Property Corp.	25,500		808,605
ARMOUR Residential REIT, Inc.	2,908		22,711
Acadia Realty Trust	6,161		112,377
Agree Realty Corp.	2,200		57,618
Alexander’s, Inc.	551		227,166
Alexandria Real Estate Equities, Inc. (c)	8,400		615,384
American Campus Communities, Inc.	10,143		322,142

Common Stocks	Shares		Value
Real Estate Investment Trusts (REITs) (continued)
American Capital Agency Corp.	8,010	$	230,207
Annaly Capital Management, Inc.	93,916		1,682,975
Anworth Mortgage Asset Corp.	17,800		124,600
Apollo Commercial Real Estate Finance, Inc.	3,402		55,623
Arbor Realty Trust, Inc. (a)	4,611		27,482
Arlington Asset Investment Corp.	1,120		26,869
Ashford Hospitality Trust, Inc. (a)	9,606		92,698
Associated Estates Realty Corp.	6,832		104,461
BRE Properties	9,726		423,081
BRT Realty Trust (a)	2,375		17,076
BioMed Realty Trust, Inc.	19,708		367,554
Brandywine Realty Trust	20,458		238,336
CBL & Associates Properties, Inc.	21,247		371,822
Camden Property Trust	10,414		562,148
Capital Trust, Inc. (a)	8,480		13,144
CapLease, Inc.	9,789		56,972
Capstead Mortgage Corp.	10,600		133,454
Cedar Shopping Centers, Inc.	8,190		51,515
Chatham Lodging Trust	1,731		29,860
Chesapeake Lodging Trust	3,207		60,324
Chimera Investment Corp.	154,537		635,147
Cogdell Spencer, Inc.	8,658		50,216
Colonial Properties Trust	11,720		211,546
Colony Financial, Inc.	2,800		56,056
CommonWealth REIT	10,538		268,824
Corporate Office Properties Trust	8,947		312,698
Cousins Properties, Inc.	13,877		115,732
Cypress Sharpridge Investments, Inc.	6,869		88,679
DCT Industrial Trust, Inc.	31,263		166,007
Developers Diversified Realty Corp.	29,733		418,938
DiamondRock Hospitality Co.	23,390		280,680
Digital Realty Trust, Inc.	13,866		714,654
Douglas Emmett, Inc.	18,550		307,930
Duke Realty Corp.	38,656		481,654
Dupont Fabros Technology, Inc.	9,020		191,855
Eastgroup Properties, Inc.	5,052		213,801
Education Realty Trust, Inc.	11,390		88,500
Entertainment Properties Trust	7,039		325,554
Equity Lifestyle Properties, Inc.	4,739		265,052
Equity One, Inc.	7,810		141,986
Essex Property Trust, Inc.	4,748		542,317
Extra Space Storage, Inc.	13,004		226,270
Federal Realty Investment Trust	9,284		723,502
FelCor Lodging Trust, Inc. (a)	15,464		108,867
First Industrial Realty Trust, Inc. (a)	9,143		80,093
First Potomac Realty Trust	7,482		125,847
Franklin Street Properties Corp.	10,294		146,689
General Growth Properties Inc.	58,774		909,821
Getty Realty Corp.	3,366		105,288
Gladstone Commercial Corp.	3,000		56,490
Glimcher Realty Trust	13,684		114,946
Government Properties Income Trust	4,130		110,643
Gramercy Capital Corp. (a)	9,039		20,880
Hatteras Financial Corp.	6,887		208,469
Healthcare Realty Trust, Inc.	9,630		203,867
Hersha Hospitality Trust	23,451		154,777
Highwoods Properties, Inc.	9,950		316,907
Home Properties, Inc.	5,651		313,574
Hospitality Properties Trust	18,904		435,548

See Notes to Financial Statements.

QUANTITATIVE MASTER SERIES LLC DECEMBER 31, 2010 21

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)
Inland Real Estate Corp.		11,042	$	97,170
InvesCo. Mortgage Capital, Inc.		5,920		129,293
Investors Real Estate Trust		12,068		108,250
iStar Financial, Inc. (a)		15,323		119,826
Kilroy Realty Corp.		7,874		287,165
Kite Realty Group Trust		9,323		50,437
LTC Properties, Inc.		3,469		97,410
LTC-Amerivest Liquidating Trust (a)		4,400		—
LaSalle Hotel Properties		11,223		296,287
Lexington Corporate Properties Trust		15,976		127,009
Liberty Property Trust		17,139		547,077
MFA Financial, Inc.		41,079		335,205
MPG Office Trust, Inc. (a)		8,442		23,215
The Macerich Co.		19,711		933,710
Mack-Cali Realty Corp.		12,056		398,571
Medical Properties Trust, Inc.		16,996		184,067
Mid-America Apartment Communities, Inc.		4,906		311,482
Mission West Properties, Inc.		5,252		35,136
Monmouth Real Estate Investment Corp., Class A		6,574		55,879
National Health Investors, Inc.		3,431		154,464
National Retail Properties, Inc.		12,207		323,485
Nationwide Health Properties, Inc.		20,395		741,970
New York Mortgage Trust, Inc.		3,300		22,968
NorthStar Realty Finance Corp.		12,123		57,584
Omega Healthcare Investors, Inc.		14,746		330,900
One Liberty Properties, Inc.		1,573		26,269
PMC Commercial Trust		3,677		31,181
PS Business Parks, Inc.		2,863		159,526
Parkway Properties, Inc.		3,437		60,216
Pebblebrook Hotel Trust		6,106		124,074
Pennsylvania Real Estate Investment Trust		8,736		126,934
PennyMac Mortgage Investment Trust (d)		2,935		53,270
Piedmont Office Realty Trust, Inc.		19,951		401,813
Post Properties, Inc.		7,294		264,772
Potlatch Corp.		5,941		193,380
RAIT Investment Trust (a)		16,222		35,526
Ramco-Gershenson Properties Trust		5,863		72,994
Rayonier, Inc.		12,092		635,072
Realty Income Corp.		17,662		604,040
Redwood Trust, Inc.		11,000		164,230
Regency Centers Corp.		12,405		523,987
Resource Capital Corp.		9,343		68,951
Roberts Realty Investors, Inc. (a)		1,339		1,915
SL Green Realty Corp.		11,852		800,128
Sabra Healthcare REIT Inc.		10,865		199,916
Saul Centers, Inc.		1,300		61,555
Senior Housing Properties Trust		19,260		422,564
Sovran Self Storage, Inc.		4,047		148,970
Starwood Property Trust, Inc.		7,164		153,883
Strategic Hotel Capital, Inc. (a)		24,044		127,193
Sun Communities, Inc.		3,600		119,916
Sunstone Hotel Investors, Inc. (a)		18,183		187,830
Supertel Hospitality, Inc. (a)		7,277		11,498
Tanger Factory Outlet Centers, Inc.		6,032		308,778
Taubman Centers, Inc.		8,658		437,056
Terreno Realty Corp. (a)		2,300		41,239

Common Stocks	Shares		Value
Real Estate Investment Trusts (REITs) (concluded)
U-Store-It Trust		12,564	$	119,735
UDR, Inc.		27,864		655,361
UMH Properties, Inc.		2,648		27,010
Universal Health Realty Income Trust		1,541		56,293
Urstadt Biddle Properties, Inc.		1,300		21,593
Urstadt Biddle Properties, Inc., Class A		2,291		44,560
Walter Investment Management Corp.		4,071		73,034
Washington Real Estate Investment Trust		9,537		295,552
Weingarten Realty Investors		18,190		432,194
Winthrop Realty Trust		4,248		54,332
				31,193,408
Software & Computer Services — 4.9%
ACI Worldwide, Inc. (a)		5,287		142,062
AOL, Inc. (a)		16,405		388,963
Accelrys, Inc. (a)		8,965		74,409
Actuate Corp. (a)		8,953		51,032
Advent Software, Inc. (a)		2,516		145,727
Allscripts Healthcare Solutions, Inc. (a)		28,612		551,353
American Software, Class A		4,300		29,111
Analysts International Corp. (a)		2,328		5,634
Answers Corp. (a)		1,999		15,512
Ansys, Inc. (a)		13,861		721,742
Ariba, Inc. (a)		13,783		323,763
Art Technology Group, Inc. (a)		24,832		148,495
Aspen Technology, Inc. (a)		12,739		161,785
athenahealth, Inc. (a)(b)		5,360		219,653
Atrinsic, Inc. (a)		1,824		4,833
Authentidate Holding Corp. (a)		2,000		890
BSQUARE Corp. (a)		2,557		22,374
BigBand Networks, Inc. (a)		11,400		31,920
Blackbaud, Inc.		6,735		174,436
Blackboard, Inc. (a)		5,377		222,070
Bottomline Technologies, Inc. (a)		5,072		110,113
CACI International, Inc., Class A (a)		4,561		243,557
CSG Systems International, Inc. (a)		5,665		107,295
Cadence Design Systems, Inc. (a)		41,658		344,095
Callidus Software, Inc. (a)		5,675		28,602
Ciber, Inc. (a)		9,187		42,995
Clearwire Corp., Class A (a)(b)		16,009		82,446
Cogent Communications Group, Inc. (a)		7,462		105,513
CommVault Systems, Inc. (a)		6,293		180,106
Computer Programs & Systems, Inc.		2,100		98,364
Concur Technologies, Inc. (a)		6,935		360,135
DST Systems, Inc.		5,800		257,230
DealerTrack Holdings, Inc. (a)		6,250		125,437
Delrek, Inc. (a)		3,816		27,704
DemandTec, Inc. (a)		4,496		48,737
Digimarc Corp. (a)		1,700		51,017
Digital River, Inc. (a)		6,156		211,890
Dynamics Research Corp. (a)		1,619		21,695
EPIQ Systems, Inc.		5,126		70,380
EarthLink, Inc.		16,900		145,340
Ebix, Inc. (a)(b)		5,007		118,516

See Notes to Financial Statements.
22	QUANTITATIVE MASTER SERIES LLC	DECEMBER 31, 2010

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

Common Stocks	Shares		Value
Software & Computer Services (continued)
Epicor Software Corp. (a)		7,969	$	80,487
Equinix, Inc. (a)		6,968		566,220
Evolve Software, Inc. (a)		2		—
Evolving Systems, Inc.		1,600		13,312
Fair Isaac Corp.		6,451		150,760
FalconStor Software, Inc. (a)		5,800		19,430
Forrester Research, Inc.		2,247		79,297
Fortinet, Inc. (a)		6,845		221,436
GSE Systems, Inc. (a)		4,780		17,304
Gartner, Inc., Class A (a)		11,525		382,630
Guidance Software, Inc. (a)		3,000		21,570
The Hackett Group, Inc. (a)		7,300		25,623
IAC/InterActiveCorp. (a)		12,808		367,590
iGate Corp.		4,367		86,074
Imergent, Inc.		2,996		13,452
Immersion Corp. (a)		4,800		32,208
Informatica Corp. (a)		14,092		620,471
Infospace, Inc. (a)		6,140		50,962
Innodata Corp. (a)		6,276		17,887
Interactive Intelligence, Inc. (a)		2,100		54,936
Internap Network Services Corp. (a)		9,610		58,429
Internet Capital Group, Inc. (a)		5,937		84,424
Ipass, Inc.		11,801		14,751
j2 Global Communications, Inc. (a)		7,103		205,632
JDA Software Group, Inc. (a)		6,463		180,964
KIT Digital, Inc. (a)		4,807		77,104
Kenexa Corp. (a)		3,655		79,642
Keynote Systems, Inc.		3,315		48,465
Lawson Software, Inc. (a)		21,933		202,880
Limelight Networks, Inc. (a)		10,194		59,227
LivePerson, Inc. (a)		7,617		86,072
LogMeIn, Inc. (a)		2,338		103,667
LookSmart, Ltd. (a)		5,060		10,677
Magma Design Automation, Inc. (a)		11,071		55,466
Manhattan Associates, Inc. (a)		4,000		122,160
Mastech Holdings, Inc. (a)		688		2,903
MedAssets, Inc. (a)		7,081		142,965
Medidata Solutions, Inc. (a)		3,800		90,744
Mentor Graphics Corp. (a)		16,954		203,448
Merge Healthcare, Inc. (a)		9,081		33,872
Meru Networks, Inc. (a)		1,836		28,311
MicroStrategy, Inc., Class A (a)		1,490		127,350
Monotype Imaging Holdings, Inc. (a)		3,882		43,090
NCI, Inc., Class A (a)		1,800		41,382
NIC, Inc.		8,466		82,205
NaviSite, Inc. (a)		5,067		18,697
NetScout Systems, Inc. (a)		5,121		117,834
NetSuite, Inc. (a)		4,379		109,475
Nuance Communications, Inc. (a)		37,057		673,696
Openwave Systems, Inc. (a)		13,910		29,489
Opnet Technologies, Inc.		2,697		72,199
PC-Tel, Inc. (a)		3,154		18,924
PDF Solutions, Inc. (a)		4,332		20,880
Parametric Technology Corp. (a)		17,748		399,862
Pegasystems, Inc.		2,743		100,476
Perficient, Inc. (a)		5,129		64,112
Premiere Global Services, Inc. (a)		8,485		57,698
Progress Software Corp. (a)		6,617		280,031
PROS Holdings, Inc. (a)		3,299		37,576
QAD Inc.		1,349		13,409

Common Stocks	Shares		Value
Software & Computer Services (concluded)
QAD Inc.		680	$	6,188
QLIK Technologies, Inc. (a)		8,617		222,405
Quality Systems, Inc. (b)		3,142		219,374
Quest Software, Inc. (a)		9,600		266,304
Rackspace Hosting, Inc. (a)		15,989		502,214
Renaissance Learning, Inc.		1,700		20,128
RightNow Technologies, Inc. (a)		3,972		94,017
Rosetta Stone, Inc. (a)		2,275		48,276
Rovi Corp. (a)		15,807		980,192
SAVVIS, Inc. (a)		6,321		161,312
SRA International, Inc., Class A (a)		6,448		131,862
SRS Labs Inc. (a)		2,800		24,668
S1 Corp. (a)		8,433		58,188
Saba Software, Inc. (a)		4,905		30,019
Sapient Corp.		16,371		198,089
Scientific Learning Corp. (a)		5,893		17,915
Selectica, Inc. (a)		570		2,793
Smith Micro Software, Inc. (a)		4,958		78,039
SolarWinds, Inc. (a)		5,144		99,022
Solera Holdings, Inc.		10,646		546,353
Sonic Solutions, Inc. (a)		7,562		113,430
Sourcefire, Inc. (a)		4,677		121,275
SuccessFactors, Inc. (a)		11,193		324,149
Support.com Inc. (a)		7,606		49,287
Synchronoss Technologies, Inc. (a)		3,722		99,415
Synopsys, Inc. (a)		22,801		613,575
Syntel, Inc.		4,011		191,686
TIBCO Software, Inc. (a)		25,475		502,112
Taleo Corp., Class A (a)		6,201		171,458
TeleCommunication Systems, Inc., Class A (a)		7,900		36,893
Terremark Worldwide, Inc. (a)		6,925		89,679
Tyler Technologies, Inc. (a)		5,512		114,429
Ultimate Software Group, Inc. (a)		3,888		189,073
Unisys Corp. (a)		6,047		156,557
United Online, Inc.		14,012		92,479
VMware, Inc. (a)		9,741		866,072
VASCO Data Security International, Inc. (a)		4,500		36,585
VirnetX Holding Corp.		6,266		93,050
Virtusa Corp. (a)		2,700		44,172
Vital Images, Inc. (a)		3,185		44,526
Vocus, Inc. (a)		3,114		86,133
Wave Systems Corp., Class A (a)		13,480		53,111
Web.Com Group, Inc. (a)		5,723		48,359
Websense, Inc. (a)		6,195		125,449
Zanett, Inc. (a)		3,536		4,208
Zix Corp. (a)		11,608		49,566
				21,262,854
Support Services — 4.0%
A.M. Castle & Co. (a)		2,922		53,794
ABM Industries, Inc.		6,287		165,348
AMN Healthcare Services, Inc. (a)		6,193		38,025
AMREP Corp. (a)		500		6,015
APAC Customer Services, Inc. (a)		5,399		32,772
ATG, Inc. (a)		1,100		—
Acacia Research - Acacia Technologies (a)		5,280		136,963
Administaff, Inc.		3,409		99,884
The Advisory Board Co. (a)		2,800		133,364
Alliance Data Systems Corp. (a)(b)		8,122		576,906

See Notes to Financial Statements.
	QUANTITATIVE MASTER SERIES LLC	DECEMBER 31, 2010	23

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

Common Stocks	Shares		Value
Support Services (continued)
American Dental Partners, Inc. (a)		2,664	$	35,991
American Reprographics Co. (a)		5,394		40,940
Applied Industrial Technologies, Inc.		5,623		182,635
Arcadia Resources, Inc. (a)		18,770		5,650
Barnes Group, Inc.		6,459		133,508
Barrett Business Services, Inc.		800		12,440
Black Box Corp.		2,545		97,448
The Brink’s Co.		6,863		184,477
Broadridge Financial Solutions LLC		17,864		391,758
CBIZ, Inc. (a)		7,427		46,344
CDI Corp.		1,837		34,150
CRA International, Inc. (a)		1,801		42,341
Cardtronics, Inc. (a)		5,386		95,332
Casella Waste Systems, Inc. (a)		5,798		41,108
Cass Information Systems, Inc.		1,246		47,273
Cenveo, Inc. (a)		9,479		50,618
Champion Industries, Inc. (a)		1,641		1,969
Clean Harbors, Inc. (a)		3,506		294,784
Coinstar, Inc. (a)(b)		4,672		263,688
Comfort Systems USA, Inc.		5,840		76,913
Consolidated Graphics, Inc. (a)		1,872		90,661
Convergys Corp. (a)		16,900		222,573
CoreLogic, Inc. (a)		16,511		305,784
Corporate Executive Board Co.		5,500		206,525
Corrections Corp. of America (a)		16,817		421,434
CoStar Group, Inc. (a)		3,187		183,444
Crawford & Co., Class B (a)		4,940		16,796
Cross Country Healthcare, Inc. (a)		4,660		39,470
DXP Enterprises, Inc. (a)		1,600		38,400
Deluxe Corp.		7,986		183,838
Dice Holdings, Inc. (a)		3,654		52,435
DigitalGlobe, Inc. (a)		4,178		132,484
Document Security Systems, Inc. (a)		4,966		26,469
ENGlobal Corp. (a)		3,993		14,854
Emdeon, Inc., Class A (a)		7,120		96,405
EnergySolutions, Inc.		13,759		76,638
Ennis, Inc.		3,846		65,767
Euronet Worldwide, Inc. (a)		7,450		129,928
ExlService Holdings, Inc. (a)		2,438		52,368
Exponent, Inc. (a)		2,170		81,440
FTI Consulting, Inc. (a)		7,235		269,721
Franklin Covey Co. (a)		3,300		28,347
Frontline Capital Group (a)		300		—
Fuel Tech, Inc. (a)		4,100		39,811
Furmamite Corp. (a)		6,574		45,426
GP Strategies Corp. (a)		3,400		34,816
G&K Services, Inc., Class A		3,318		102,559
Genpact Ltd. (a)		16,026		243,595
The Geo Group, Inc. (a)		11,075		273,109
GeoEye, Inc. (a)		3,319		140,692
Global Cash Access, Inc. (a)		5,824		18,579
Global Payments, Inc.		12,255		566,304
Harris Interactive, Inc. (a)		12,240		14,933
Heartland Payment Systems, Inc.		5,969		92,042
Heidrick & Struggles International, Inc.		2,800		80,220
Hudson Highland Group, Inc. (a)		4,656		27,144
Huron Consulting Group, Inc. (a)		3,519		93,078
ICF International, Inc. (a)		2,810		72,273
Innerworkings, Inc. (a)		4,848		31,754
Interline Brands, Inc. (a)		4,976		113,304

Common Stocks	Shares		Value
Support Services (continued)
Jack Henry & Associates, Inc.		12,796	$	373,003
Kaman Corp., Class A		3,687		107,181
Kelly Services, Inc., Class A (a)		4,746		89,225
Kforce, Inc. (a)		5,581		90,301
Korn/Ferry International (a)		6,938		160,337
LECG Corp. (a)		6,922		9,552
Lawson Products, Inc.		534		13,291
Lender Processing Services, Inc.		14,389		424,763
Lincoln Educational Services Corp.		2,764		42,870
Lionbridge Technologies, Inc. (a)		9,400		34,686
M&F Worldwide Corp. (a)		1,817		41,973
MAXIMUS, Inc.		2,700		177,066
MSC Industrial Direct Co., Class A		6,650		430,188
MWI Veterinary Supply, Inc. (a)		1,765		111,460
Management Network Group, Inc. (a)		780		2,028
Manpower, Inc.		12,358		775,588
McGrath RentCorp		3,494		91,613
Metalico, Inc. (a)		7,500		44,100
Michael Baker Corp. (a)		1,304		40,554
Mistras Group, Inc. (a)		2,500		33,700
Mobile Mini, Inc. (a)		5,505		108,393
Moduslink Global Solutions, Inc. (a)		7,390		49,513
Nalco Holding Co.		19,754		630,943
Navigant Consulting, Inc. (a)		7,799		71,751
NeuStar, Inc., Class A (a)		8,400		218,820
Odyssey Marine Exploration, Inc. (a)		13,461		37,422
On Assignment, Inc. (a)		5,525		45,029
Online Resources Corp. (a)		4,556		21,185
PRGX Global, Inc. (a)		4,070		25,763
Park-Ohio Holdings Corp. (a)		1,500		31,365
Perma-Fix Environmental Services (a)		14,081		23,093
PowerSecure International, Inc. (a)		4,300		33,454
Quad/Graphics, Inc. (a)		3,906		161,162
RSC Holdings, Inc. (a)		7,699		74,988
Rentrak Corp. (a)		1,413		42,616
Resources Connection, Inc.		7,176		133,402
SFN Group, Inc. (a)		7,852		76,636
SYKES Enterprises, Inc. (a)		6,596		133,635
Schnitzer Steel Industries, Inc., Class A		3,430		227,718
School Specialty, Inc. (a)		3,071		42,779
Sharps Compliance Corp. (a)		3,400		15,062
The Standard Register Co.		2,775		9,463
Startek, Inc. (a)		3,021		15,316
Team, Inc. (a)		2,837		68,655
TeleTech Holdings, Inc. (a)		4,687		96,505
Tetra Tech, Inc. (a)		9,265		232,181
The Dolan Co. (a)		4,593		63,935
Thomas Group, Inc. (a)		400		700
Tier Technologies, Inc., Class B (a)		2,539		15,209
Towers Watson & Co.		7,884		410,441
TrueBlue, Inc. (a)		6,700		120,533
URS Corp. (a)		12,795		532,400
US Ecology, Inc.		2,679		46,561
Unifirst Corp.		2,200		121,110
United Rentals, Inc. (a)		9,726		221,266
United Stationers, Inc. (a)		3,509		223,909
Universal Technical Institute, Inc.		3,745		82,465
Verisk Analytics, Inc. (a)		17,641		601,205

See Notes to Financial Statements.
24	QUANTITATIVE MASTER SERIES LLC	DECEMBER 31, 2010

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

Common Stocks	Shares		Value
Support Services (concluded)
Viad Corp.		3,136	$	79,874
VistaPrint NV (a)		6,296		289,616
Volt Information Sciences, Inc. (a)		1,984		17,162
Waste Connections, Inc.		17,945		494,012
Wright Express Corp. (a)		5,876		270,296
				17,358,880
Technology Hardware & Equipment — 6.9%
3D Systems Corp. (a)		3,102		97,682
ATMI, Inc. (a)		4,585		91,425
AXT, Inc. (a)		4,906		51,219
Acme Packet, Inc. (a)		7,847		417,147
Adtran, Inc.		9,443		341,931
Advanced Analogic Technologies, Inc. (a)		6,333		25,395
Advanced Energy Industries, Inc. (a)		5,675		77,407
Agilysys, Inc. (a)		3,300		18,579
Alliance Fiber Optic Products, Inc.		1,323		20,745
Amkor Technology, Inc. (a)		15,541		114,848
Amtech Systems, Inc. (a)		1,564		39,335
Anadigics, Inc. (a)		10,928		75,731
Applied Micro Circuits Corp. (a)		10,875		116,145
Arris Group, Inc. (a)		19,465		218,397
Aruba Networks, Inc. (a)		11,249		234,879
Atheros Communications, Inc. (a)		10,641		382,225
Atmel Corp. (a)		70,307		866,182
Audiovox Corp., Class A (a)		2,622		22,628
AuthenTec, Inc. (a)		6,354		15,885
Aviat Networks, Inc. (a)		9,490		48,114
Aware, Inc. (a)		900		2,520
Axcelis Technologies, Inc. (a)		18,177		62,892
Blue Coat Systems, Inc. (a)		6,599		197,112
Brightpoint, Inc. (a)		10,759		93,926
Brocade Communications Systems, Inc. (a)		69,783		369,152
Brooks Automation, Inc. (a)		9,226		83,680
Cabot Microelectronics Corp. (a)		3,411		141,386
CalAmp Corp. (a)		7,067		22,190
Cavium Networks, Inc. (a)		7,235		272,615
Ceva, Inc. (a)		3,359		68,859
Ciena Corp. (a)		14,336		301,773
Cirrus Logic, Inc. (a)		10,600		169,388
Cohu, Inc.		3,222		53,421
Compellent Technologies, Inc. (a)		4,162		114,830
Comtech Telecommunications Corp.		4,264		118,241
Concurrent Computer Corp. (a)		2,313		11,658
Conexant Systems, Inc. (a)		13,887		22,636
Cray, Inc. (a)		5,715		40,862
Cree, Inc. (a)		16,389		1,079,871
Cymer, Inc. (a)		4,505		203,040
Cypress Semiconductor Corp. (a)		24,450		454,281
DSP Group, Inc. (a)		3,900		31,746
Dataram Corp. (a)		4,673		7,243
Dialogic Inc. (a)		3,450		13,627
Diebold, Inc.		10,018		321,077
Digi International, Inc. (a)		3,680		40,848
Diodes, Inc. (a)		5,092		137,433
Ditech Networks, Inc. (a)		5,500		7,865
Dot Hill Systems Corp. (a)		10,727		18,665
Dycom Industries, Inc. (a)		5,978		88,175

Common Stocks	Shares		Value
Technology Hardware & Equipment (continued)
EMS Technologies, Inc. (a)		2,297	$	45,435
EchoStar Holding Corp. (a)		6,070		151,568
Electronics for Imaging, Inc. (a)		6,795		97,236
Emcore Corp. (a)		15,059		16,264
Emulex Corp. (a)		13,066		152,350
EndWare Corp. (a)		3,720		8,370
Entegris, Inc. (a)		20,065		149,886
Entropic Communications, Inc. (a)		10,687		129,099
Exar Corp. (a)		5,457		38,090
Extreme Networks, Inc. (a)		13,982		43,204
FSI International, Inc. (a)		7,274		32,151
Fairchild Semiconductor International, Inc. (a)		18,965		296,044
FiberTower Corp. (a)		8,404		37,482
Finisar Corp. (a)		11,865		352,272
Formfactor, Inc. (a)		7,600		67,488
GSI Technology, Inc. (a)		2,700		21,870
GTSI Corp. (a)		1,700		7,990
Gerber Scientific, Inc. (a)		4,194		33,007
Globecomm Systems, Inc. (a)		3,597		35,970
Harmonic, Inc. (a)		17,630		151,089
Hittite Microwave Corp. (a)		4,089		249,593
Hughes Communications, Inc. (a)		1,331		53,826
Hutchinson Technology, Inc. (a)		5,295		19,644
Hypercom Corp. (a)		7,315		61,227
ICO Global Communications Holdings Ltd. (a)		20,258		30,387
ID Systems, Inc. (a)		3,969		13,137
iGO, Inc. (a)		8,187		31,438
Ixia (a)		7,349		123,316
IXYS Corp. (a)		3,742		43,482
Identive Group, Inc. (a)		6,556		16,521
Ikanos Communications, Inc. (a)		5,800		7,772
Imation Corp. (a)		4,553		46,941
Infinera Corp. (a)		15,296		158,008
Infosonics Corp. (a)		3,600		2,736
Ingram Micro, Inc., Class A (a)		23,651		451,498
Insight Enterprises, Inc. (a)		7,100		93,436
Integral Systems, Inc. (a)		4,078		40,413
Integrated Device Technology, Inc. (a)		25,670		170,962
Integrated Silicon Solutions, Inc. (a)		5,104		40,985
InterDigital, Inc. (a)		6,735		280,445
Intermec, Inc. (a)		7,480		94,697
International Rectifier Corp. (a)		10,465		310,706
Intersil Corp., Class A		18,199		277,899
KVH Industries, Inc. (a)		3,100		37,045
Kopin Corp. (a)		10,169		42,303
Kulicke & Soffa Industries, Inc. (a)		11,200		80,640
LRAD Corp. (a)		6,254		16,823
LTX-Credence Corp. (a)		8,014		59,304
Lam Research Corp. (a)		19,073		987,600
Lantronix, Inc. (a)		2,160		7,992
LaserCard Corp. (a)		2,995		18,689
Lattice Semiconductor Corp. (a)		19,585		118,685
Loral Space & Communications Ltd. (a)		1,743		133,339
MIPS Technologies, Inc. (a)		7,868		119,279
MKS Instruments, Inc. (a)		7,330		179,512
Marvell Technology Group Ltd. (a)		81,911		1,519,449
Mattson Technology, Inc. (a)		8,174		24,522

See Notes to Financial Statements.
	QUANTITATIVE MASTER SERIES LLC	DECEMBER 31, 2010	25

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

Common Stocks	Shares		Value
Technology Hardware & Equipment (continued)
Maxim Integrated Products, Inc.		45,174	$	1,067,010
MaxLinear, Inc., Class A (a)		1,478		15,903
Mercury Computer Systems, Inc. (a)		3,794		69,734
Micrel, Inc.		7,660		99,503
Micros Systems, Inc. (a)		12,221		536,013
Microsemi Corp. (a)		12,488		285,975
Mindspeed Technologies, Inc. (a)		5,593		34,117
Monolithic Power Systems, Inc. (a)		5,700		94,164
MoSys, Inc. (a)		4,615		26,259
NCR Corp. (a)		24,424		375,397
NETGEAR, Inc. (a)		5,402		181,939
Nanometrics, Inc. (a)		3,600		46,188
NetList, Inc. (a)		4,103		10,463
Netlogic Microsystems, Inc. (a)		8,766		275,340
Network Engines, Inc. (a)		7,500		11,400
Network Equipment Technologies, Inc. (a)		5,401		25,007
Neutral Tandem, Inc. (a)		5,314		76,734
Novatel Wireless, Inc. (a)		5,930		56,631
ON Semiconductor Corp. (a)		64,953		641,736
Occam Networks, Inc. (a)		2,678		23,218
Oclaro, Inc. (a)		8,215		108,027
Omnivision Technologies, Inc. (a)		8,204		242,920
Oplink Communications, Inc. (a)		3,141		58,014
OpNext, Inc. (a)		6,752		11,884
Optical Cable Corp.		589		1,838
Overland Storage, Inc. (a)		1,956		2,895
PC Connection, Inc. (a)		3,000		26,580
PLX Technology, Inc. (a)		5,554		20,050
PMC-Sierra, Inc. (a)		34,477		296,157
PAR Technology Corp. (a)		1,725		9,850
ParkerVision, Inc. (a)		4,428		1,948
Performance Technologies, Inc. (a)		1,109		1,885
Pericom Semiconductor Corp. (a)		3,732		40,977
Photronics, Inc. (a)		8,900		52,599
Pixelworks, Inc. (a)		3,594		12,579
Plantronics, Inc.		7,246		269,696
Polycom, Inc. (a)		13,051		508,728
Power Integrations, Inc.		4,651		186,691
Preformed Line Products Co.		400		23,410
Presstek, Inc. (a)		5,522		12,259
Quantum Corp. (a)		34,066		126,726
QuickLogic Corp. (a)		5,653		36,010
RF Micro Devices, Inc. (a)		41,470		304,804
Radiant Systems, Inc. (a)		5,453		106,715
Radisys Corp. (a)		3,767		33,526
Rambus, Inc. (a)		17,164		351,519
Rimage Corp. (a)		1,600		23,856
Riverbed Technology, Inc. (a)		22,515		791,853
Rudolph Technologies, Inc. (a)		5,828		47,964
STEC, Inc. (a)(b)		6,425		113,401
SYNNEX Corp. (a)		3,513		109,606
ScanSource, Inc. (a)		3,988		127,217
SeaChange International, Inc. (a)		4,515		38,603
Seagate Technology (a)		72,155		1,084,490
Semtech Corp. (a)		9,210		208,514
Shoretel, Inc. (a)		3,468		27,085
Sigma Designs, Inc. (a)		5,100		72,267
Silicon Graphics International Corp. (a)		5,400		48,762
Silicon Image, Inc. (a)		11,819		86,870

Common Stocks	Shares		Value
Technology Hardware & Equipment (concluded)
Silicon Laboratories, Inc. (a)		6,697	$	308,196
Skyworks Solutions, Inc. (a)		27,227		779,509
Smart Modular Technologies WWH, Inc. (a)		6,546		37,705
Sonic Foundry, Inc. (a)		650		9,028
Sonus Networks, Inc. (a)		34,942		93,295
Standard Microsystems Corp. (a)		3,403		98,108
Stratasys, Inc. (a)		3,240		105,754
Super Micro Computer, Inc. (a)		3,900		45,006
Superconductor Technologies, Inc. (a)		5,471		8,316
Supertex, Inc. (a)		2,299		55,590
Sycamore Networks, Inc.		2,971		61,173
Symmetricom, Inc. (a)		6,671		47,297
Synaptics, Inc. (a)		5,315		156,155
Syniverse Holdings, Inc. (a)		10,726		330,897
Systemax, Inc.		1,200		16,920
TNS, Inc. (a)		4,238		88,150
Tech Data Corp. (a)		7,536		331,735
Tegal Corp. (a)		2,046		1,024
Tekelec (a)		10,513		125,210
Telular Corp.		3,516		23,417
Tessera Technologies, Inc. (a)		7,518		166,524
Transact Technologies, Inc. (a)		1,776		16,641
Transwitch Corp. (a)		5,338		11,477
Trident Microsystems, Inc. (a)		11,456		20,392
TriQuint Semiconductor, Inc. (a)		23,572		275,557
Ultra Clean Holdings, Inc. (a)		3,700		34,447
Ultratech, Inc. (a)		3,900		77,532
UTStarcom, Inc. (a)(b)		18,528		38,168
Varian Semiconductor Equipment Associates, Inc. (a)		11,278		416,948
VeriFone Systems, Inc. (a)		13,152		507,141
Viasat, Inc. (a)		6,211		275,830
Volterra Semiconductor Corp. (a)		4,200		97,272
Westell Technologies, Inc., Class A (a)		9,681		31,657
Zhone Technologies, Inc. (a)		5,499		14,682
Zoran Corp. (a)		7,498		65,982
				30,012,268
Tobacco — 0.1%
Alliance One International, Inc. (a)		13,500		57,240
Schweitzer-Mauduit International, Inc.		2,735		172,086
Star Scientific, Inc. (a)(b)		16,802		32,764
Universal Corp.		3,645		148,351
Vector Group Ltd.		6,652		115,213
				525,654
Travel & Leisure — 4.5%
AFC Enterprises, Inc. (a)		4,089		56,837
AMR Corp. (a)		50,923		396,690
AirTran Holdings, Inc. (a)		20,526		151,687
Alaska Air Group, Inc. (a)		5,321		301,647
Allegiant Travel Co. (b)		2,642		130,092
Ambassadors Group, Inc.		2,956		33,994
Ambassadors International, Inc. (a)		225		360
Ameristar Casinos, Inc.		3,665		57,284
Avis Budget Group, Inc. (a)		15,691		244,152
Bally Technologies, Inc. (a)		8,246		347,899
Benihana, Inc. (a)		615		4,975

See Notes to Financial Statements.
26	QUANTITATIVE MASTER SERIES LLC	DECEMBER 31, 2010

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

Common Stocks	Shares		Value
Travel & Leisure (continued)
Benihana, Inc., Class A (a)		2,261	$	18,382
Biglari Holdings, Inc. (a)		233		95,579
BJ’s Restaurants, Inc. (a)		3,800		134,634
Bluegreen Corp. (a)		2,766		8,906
Bob Evans Farms, Inc.		4,326		142,585
Boyd Gaming Corp. (a)		8,778		93,047
Brinker International, Inc.		15,312		319,715
Buffalo Wild Wings, Inc. (a)		2,900		127,165
CEC Entertainment, Inc. (a)		3,282		127,440
California Pizza Kitchen, Inc. (a)		4,613		79,713
Carmike Cinemas, Inc. (a)		2,500		19,300
Century Casinos, Inc. (a)		5,916		14,317
The Cheesecake Factory, Inc. (a)		8,647		265,117
Chipotle Mexican Grill, Inc., Class A (a)		4,754		1,010,986
Choice Hotels International, Inc.		4,985		190,776
Churchill Downs, Inc.		1,822		79,075
Cinemark Holdings, Inc.		8,870		152,919
Cosi, Inc. (a)(b)		11,696		14,269
Cracker Barrel Old Country Store, Inc.		3,428		187,752
Delta Air Lines, Inc. (a)		119,676		1,507,918
Denny’s Corp. (a)		16,123		57,720
DineEquity, Inc. (a)		2,615		129,129
Dollar Thrifty Automotive Group, Inc. (a)		4,112		194,333
Domino’s Pizza, Inc. (a)		7,089		113,070
Dover Downs Gaming & Entertainment, Inc.		5,063		17,214
Dover Motorsports, Inc. (a)		4,712		8,387
Einstein Noah Restaurant Group, Inc. (a)		1,100		15,455
Empire Resorts, Inc. (a)		8,030		8,271
Entertainment Gaming Asia, Inc. (a)		7,758		2,754
Famous Dave’s of America, Inc. (a)		2,218		24,731
Flanigan’s Enterprises, Inc. (a)		200		1,674
Full House Resorts, Inc. (a)		5,892		20,033
Gaming Partners International Corp.		1,400		8,652
Gaylord Entertainment Co. (a)		5,328		191,488
Great Wolf Resorts, Inc. (a)		7,564		19,818
Hawaiian Holdings, Inc. (a)		7,189		56,362
Hertz Global Holdings, Inc. (a)		28,193		408,517
Hyatt Hotels Corp. (a)		5,827		266,643
International Speedway Corp., Class A		4,194		109,757
Interval Leisure Group, Inc. (a)		6,262		101,069
Isle of Capri Casinos, Inc. (a)		3,585		36,639
Jack in the Box, Inc. (a)		8,286		175,083
JetBlue Airways Corp. (a)		36,848		243,565
Krispy Kreme Doughnuts, Inc. (a)		9,106		63,560
Las Vegas Sands Corp. (a)		68,616		3,152,905
Life Time Fitness, Inc. (a)		6,442		264,058
Live Nation Entertainment, Inc. (a)		22,521		257,190
Luby’s, Inc. (a)		3,193		20,020
MAXXAM, Inc. (a)		3		1,995
MGM Resorts International (a)(b)		48,751		723,952
MTR Gaming Group, Inc. (a)		6,381		12,890
Madison Square Garden, Inc. (a)		9,041		233,077
Marcus Corp.		2,953		39,186
McCormick & Schmick’s Seafood Restaurants, Inc. (a)		2,175		19,771

Common Stocks	Shares		Value
Travel & Leisure (concluded)
Monarch Casino & Resort, Inc. (a)		1,900	$	23,750
Morgans Hotel Group Co. (a)		4,810		43,627
Multimedia Games, Inc. (a)		4,325		24,133
O’Charleys, Inc. (a)		2,773		19,966
Orbitz Worldwide, Inc. (a)		4,800		26,832
Orient Express Hotels Ltd., Class A (a)		14,069		182,756
P.F. Chang’s China Bistro, Inc.		3,495		169,368
Panera Bread Co., Class A (a)		4,707		476,395
Papa John’s International, Inc. (a)		2,900		80,330
Peet’s Coffee & Tea, Inc. (a)		2,400		100,176
Penn National Gaming, Inc. (a)		10,094		354,804
Pinnacle Airlines Corp. (a)		3,774		29,815
Pinnacle Entertainment, Inc. (a)		6,600		92,532
Premier Exhibitions, Inc. (a)		7,136		14,058
Reading International, Inc., Class A (a)		6,273		31,679
Red Lion Hotels Corp. (a)		2,429		19,383
Red Robin Gourmet Burgers, Inc. (a)		2,727		58,549
Regal Entertainment Group, Series A		12,000		140,880
Republic Airways Holdings, Inc. (a)		7,300		53,436
Rick’s Cabaret International, Inc. (a)		2,300		18,009
Royal Caribbean Cruises Ltd. (a)		20,534		965,098
Ruby Tuesday, Inc. (a)		9,891		129,176
Ruth’s Hospitality Group, Inc. (a)		6,598		30,549
Scientific Games Corp., Class A (a)		10,749		107,060
Shuffle Master, Inc. (a)		9,143		104,687
Silverleaf Resorts, Inc. (a)		7,123		8,049
Six Flags Entertainment Corp.		4,229		230,058
SkyWest, Inc.		7,653		119,540
Sonic Corp. (a)		9,635		97,506
Speedway Motorsports, Inc.		1,867		28,602
Steiner Leisure Ltd. (a)		2,186		102,086
Texas Roadhouse, Inc., Class A (a)		8,800		151,096
Town Sports International Holdings, Inc. (a)		4,791		19,451
Travelzoo, Inc. (a)		1,100		45,342
United Continental Holdings Inc. (a)		48,225		1,148,719
US Airways Group, Inc. (a)		24,564		245,886
VCG Holding Corp. (a)		5,639		12,293
Vail Resorts, Inc. (a)		5,558		289,238
Vanguard Airlines, Inc. (a)		200		—
WMS Industries, Inc. (a)		9,010		407,612
Wendys		49,557		228,953
World Wrestling Entertainment, Inc.		5,100		72,624
				19,818,283
Total Common Stocks – 97.8%				427,814,159

See Notes to Financial Statements.
	QUANTITATIVE MASTER SERIES LLC	DECEMBER 31, 2010	27

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

Corporate Bonds	Par (000)			Value
Financial Services — 0.0%
GAMCO Investors, Inc., 12/31/15 (a)	$	2		$	2,240
Total Corporate Bonds – 0.0%					2,240
Other Interests (e)	Beneficial Interest (000)
Chemicals — 0.0%
Eden Bioscience Liquidating Trust		—	(f)		380
Industrial Engineering — 0.0%
Soft Branos Inc.		—	(f)		2
Total Other Interests – 0.0%					382
Rights	Shares
Biotechnology — 0.0%
Avigen, Inc. Contingent Value (Expires 7/21/11)		1,000			40
Emergent Biosolutions, Inc. Contingent Value (Expires 10/29/13)		3,113			—
Ligand Pharmaceuticals, Inc. (Expires 12/31/11)		4,000			—
					40
Health Care Equipment & Services — 0.0%
H3 Contingent Value (Expires 12/24/12)		2,600			—
Merck Contingent Value (No Expiration Date)		2,600			—
					—
Oil, Gas & Consumable Fuels — 0.0%
Biofuel Energy Corp. (Expires 1/28/11)		11,598			13,686
Total Rights – 0.0%					13,726

Warrants (g)	Shares		Value
Auto Components — 0.0%
Federal-Mogul Corp., Class A (Expires 12/27/14)		249	$	105
Communications Equipment — 0.0%
Lantronix, Inc. (Expires 2/09/11)		2		—
Oil, Gas & Consumable Fuels — 0.0%
GreenHunter Energy, Inc. (Expires 8/27/11) (h)		30		—
Total Warrants – 0.0%				105
Total Long-Term Investments (Cost – $350,628,274) – 97.8%				427,830,612
Short-Term Securities
BlackRock Liquidity Funds, TempCash, Institutional Class, 0.18% (d)(i)		8,555,086		8,555,086
		Beneficial Interest (000)
BlackRock Liquidity Series, LLC Money Market Series, 0.44% (d)(i)(j)	$	9,000		9,000,044
Total Short-Term Securities (Cost – $17,555,130) – 4.0%				17,555,130
Total Investments (Cost – $368,183,404*) – 101.8%				445,385,742
Liabilities in Excess of Other Assets – (1.8)%				(7,960,023	)
Net Assets – 100.0%			$	437,425,719

* The cost and unrealized appreciation (depreciation) of investments as of December 31, 2010, as computed for federal income tax purposes were as follows:

Aggregate cost	$	371,432,868
Gross unrealized appreciation	$	104,305,284
Gross unrealized depreciation		(30,352,410	)
Net unrealized appreciation	$	73,952,874

(a)	Non-income producing security.
(b)	Security, or a portion of security, is on loan.
(c)	All or a portion of security has been pledged as collateral in connection with open financial futures contracts

See Notes to Financial Statements.
28	QUANTITATIVE MASTER SERIES LLC	DECEMBER 31, 2010

Schedule of Investments (continued) Master Extended Market Index Series

(d) Investments in companies considered to be an affiliate of the Series during the year, for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

	Shares/ Beneficial Interest Held at December 31, 2009		Shares/ Beneficial Interest Purchased			Shares/ Beneficial Interest Sold			Shares/ Beneficial Interest Held at December 31, 2010		Value at December 31, 2010		Income
BlackRock, Inc.		5,200		9,394		—			14,594	$	2,781,325	$	30,255
BlackRock Liquidity Funds, TempCash, Institutional Class		9,511,703		—		(956,617	)1		8,555,086	$	8,555,086	$	19,995
BlackRock Liquidity Series, LLC Money Market Series	$	13,887,630		—	$	(4,887,586	)1	$	9,000,044	$	9,000,044	$	139,028
PennyMac Mortgage Investment Trust		1,950		985		—			2,935	$	53,270	$	1,915

1	Represents net shares/ beneficial interest sold.
(e)	Other interests represent beneficial interest in liquidation trusts and other reorganization entities and are non-income producing.
(f)	Amount is less than $1,000.
(g)	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, if any.
(h)	Restricted security as to resale, representing 0.0% of net assets, was as follows:

Issue	Acquisition Dates		Cost		Value
GreenHunter Energy, Inc.		4/18/08 - 5/16/08		—		—

(i)	Represents the current yield as of report date.
(j)	Security was purchased with the cash collateral from loaned securities.

Ÿ	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 Series management. This definition may not apply for purposes of this report, which may combine such industry sub-classifications for reporting ease.
Ÿ	Financial futures contracts purchased as of December 31, 2010 were as follows:

Contracts	Issue		Exchange	Expiration	Notional Value		Unrealized Appreciation
67		Russell 2000 EMINI	ICE Futures US Indices	March 2011	$	5,231,218	$	10,192
37		S&P Mid 400 EMINI	Chicago Mercantile	March 2011	$	3,339,881		9,729
Total							$	19,921

See Notes to Financial Statements.
	QUANTITATIVE MASTER SERIES LLC	DECEMBER 31, 2010	29

Schedule of Investments (continued) Master Extended Market Index Series

• Fair Value Measurements - Various inputs are used in determining the fair value of investments and derivatives, which are as follows:

• Level 1 — price quotations in active markets/exchanges for identical assets and liabilities

• 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 derivatives)

The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For information about the Series’ policy regarding valuation of investments and derivatives and other significant accounting policies, please refer to Note 1 of the Notes to Financial Statements.

The following tables summarize the inputs used as of December 31, 2010 in determining the fair valuation of the Series’ investments and derivatives:

Valuation Inputs		Level 1	Level 2	Level 3		Total
Assets:
Investments in Securities:
Common Stocks:
Aerospace & Defense	$	4,993,906	—	—	$	4,993,906
Alternative Energy		673,699	—	—		673,699
Automobiles & Parts		9,671,751	—	—		9,671,751
Banks		21,408,930	—	—		21,408,930
Beverages		1,050,875	—	—		1,050,875
Chemicals		13,823,204	—	—		13,823,204
Construction & Materials		9,611,255	—	—		9,611,255
Electricity		7,971,741	—	—		7,971,741
Electronic & Electrical Equipment		15,927,682	—	—		15,927,682
Financial Services		14,763,353	—	—		14,763,353
Fixed Line Telecommunications		2,815,232	—	—		2,815,232
Food & Drug Retailers		2,009,522	—	—		2,009,522
Food Producers		8,209,881	—	—		8,209,881
Forestry & Paper		1,262,720	—	—		1,262,720
Gas, Water & Multi-Utilities		6,476,784	—	—		6,476,784
General Industrials		5,345,967	—	—		5,345,967
General Retailers		21,711,237	—	—		21,711,237

See Notes to Financial Statements.
30	QUANTITATIVE MASTER SERIES LLC	DECEMBER 31, 2010

Schedule of Investments (continued) Master Extended Market Index Series

Valuation Inputs	Level 1		Level 2		Level 3		Total
Assets:
Investments in Securities:
Common Stocks:
Health Care Equipment & Services	$	24,304,071		—		—	$	24,304,071
Household Goods & Home Construction		7,919,841		—		—		7,919,841
Industrial Engineering		16,198,154		—		—		16,198,154
Industrial Metals & Mining		4,726,480		—		—		4,726,480
Industrial Transportation		6,659,952		—		—		6,659,952
Leisure Goods		3,795,533		—		—		3,795,533
Life Insurance		1,916,389		—		—		1,916,389
Media		12,432,055		—	$	125		12,432,180
Mining		6,554,086		—		—		6,554,086
Mobile Telecommunications		4,597,061		—		—		4,597,061
Nonlife Insurance		15,622,220		—		—		15,622,220
Oil & Gas Producers		16,578,261		—		—		16,578,261
Oil Equipment, Services & Distribution		10,038,297	$	340		—		10,038,637
Personal Goods		6,439,285		—		—		6,439,285
Pharmaceuticals & Biotechnology		19,460,867		—		—		19,460,867
Real Estate Investment & Services		2,672,056		—		—		2,672,056
Real Estate Investment Trusts (REITs)		31,193,408		—		—		31,193,408
Software & Computer Services		21,262,854		—		—		21,262,854
Support Services		17,358,880		—		—		17,358,880
Technology Hardware & Equipment		30,012,268		—		—		30,012,268
Tobacco		525,654		—		—		525,654
Travel & Leisure		19,816,288		1,995		—		19,818,283
Corporate Bonds:
Financial Services		—		2,240		—		2,240
Other Interests:
Chemicals		—		—		380		380
Industrial Engineering		—		—		2		2
Rights:
Pharmaceuticals & Biotechnology		—		—		40		40
Oil, Gas & Consumable Fuels		—		13,686		—		13,686

See Notes to Financial Statements.
	QUANTITATIVE MASTER SERIES LLC	DECEMBER 31, 2010	31

Schedule of Investments (concluded) Master Extended Market Index Series

Valuation Inputs	Level 1		Level 2		Level 3		Total
Assets:
Investments in Securities:
Warrants:
Auto Components		105		—		—		105
Short-Term
Securities		8,555,086		9,000,044		—		17,555,130
Total	$	436,366,890	$	9,018,305	$	547	$	445,385,742

Derivative Financial Instruments1
Valuation Inputs		Level 1	Level 2	Level 3		Total
Assets:
Equity contracts	$	19,921	—	—	$	19,921

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

The following table is a reconciliation of Level 3 investments for which significant unobservable inputs were used In determining fair value:

	Chemicals		Industrial Engineering		Media		Pharmaceuticals & Biotechnology			Total
Assets:
Balance, as of
December 31, 2009	$	380	$	2		—		41		$	423
Accrued discounts/premiums		—		—		—		—			—
Net realized gain (loss)		—		—		—		—			—
Net change in unrealized appreciation/depreciation2		—		—		—		—			—
Purchases		—		—		—		—			—
Sales		—		—		—		—			—
Transfers in 3		—		—	$	125		—			125
Transfers out3		—		—		—		(1	)		(1	)
Balance, as of December 31, 2010	$	380	$	2	$	125		40		$	547

2	Included in the related change in unrealized appreciation/depreciation in the statement of operations. The change in unrealized appreciation/depreciation on securities still held at December 31, 2010 was $0.
3	The Series’ policy is to recognize transfers in and transfers out as of the end of the period of the event or the change in circumstances that caused the transfer.

See Notes to Financial Statements.
32	QUANTITATIVE MASTER SERIES LLC	DECEMBER 31, 2010

Statement of Assets and Liabilities Master Extended Market Index Series

December 31, 2010
Assets
Investments at value - unaffiliated (including securities loaned of $8,478,621) (cost - $348,108,591)	$	424,996,017
Investments at value - affiliated (cost - $20,074,813)		20,389,725
Cash		3,584
Contributions receivable from investors		866,843
Dividends receivable		466,100
Investments sold receivable		16,404
Securities lending income receivable - affiliated		12,774
Prepaid expenses		6,663
Total assets		446,758,110
Liabilities
Collateral on securities loaned at value		9,000,044
Investments purchased payable		214,686
Margin variation payable		58,445
Investment advisory fees payable		3,242
Other affiliates payable		1,506
Directors’ fees payable		218
Other accrued expenses payable		54,250
Total liabilities		9,332,391
Net Assets	$	437,425,719
Net Assets Consist of
Investors’ capital	$	360,203,460
Net unrealized appreciation/depreciation		77,222,259
Net Assets	$	437,425,719

See Notes to Financial Statements.
	QUANTITATIVE MASTER SERIES LLC	DECEMBER 31, 2010	33

Statement of Operations Master Extended Market Index Series

Year Ended December 31, 2010
Investment Income
Dividends - unaffiliated	$	4,336,063
Foreign taxes withheld		(2,865	)
Securities lending - affiliated		139,028
Dividends - affiliated		52,165
Total income		4,524,391
Expenses
Investment advisory		32,722
Accounting services		74,742
Professional		66,750
Custodian		52,688
Printing		15,076
Directors		10,684
Miscellaneous		11,550
Total expense before fees paid indirectly		264,212
Less fees waived by advisor		(8,592	)
Less fees paid indirectly		(958	)
Total expenses after fees waived and paid indirectly		254,662
Net investment income		4,269,729
Realized and Unrealized Gain (Loss)
Net realized gain from:
Investments		7,459,308
Financial futures contracts		1,020,436
		8,479,744
Net change in unrealized appreciation/depreciation on:
Investments		75,726,900
Financial futures contracts		(249,232	)
		75,477,668
Total realized and unrealized gain		83,957,412
Net Increase in Net Assets Resulting from Operations	$	88,227,141

See Notes to Financial Statements.
34	QUANTITATIVE MASTER SERIES LLC	DECEMBER 31, 2010

Statements of Changes in Net Assets Master Extended Market Index Series

	Year Ended December 31,
Increase (Decrease) in Net Assets:	2010			2009
Operations
Net investment income	$	4,269,729		$	2,908,445
Net realized gain		8,479,744			6,540,514
Net change in unrealized appreciation/depreciation		75,477,668			67,096,025
Net increase in net assets resulting from operations		88,227,141			76,544,984
Capital Transactions
Proceeds from contributions		141,770,813			54,156,642
Value of withdrawals		(78,788,281	)		(43,888,538	)
Net increase in net assets derived from capital transactions		62,982,532			10,268,104
Net Assets
Total increase in net assets		151,209,673			86,813,088
Beginning of year		286,216,046			199,402,958
End of year	$	437,425,719		$	286,216,046

See Notes to Financial Statements.

QUANTITATIVE MASTER SERIES LLC DECEMBER 31, 2010 35

Financial Highlights Master Extended Market Index Series

	Year Ended December 31,
	2010			2009			2008			2007			2006
Total Investment Return
Total investment return		28.65	%		37.08	%		(39.13	)%		5.22	%		15.92	%
Ratios to Average Net Assets
Total expenses		0.08	%		0.11	%		0.11	%		0.08	%		0.08	%
Total expenses after fees waived and paid indirectly		0.08	%		0.10	%		0.11	%		0.08	%		0.08	%
Net investment income		1.30	%		1.26	%		1.47	%		1.33	%		1.66	%
Supplemental Data
Net assets, end of year (000)	$	437,426		$	286,216		$	199,403		$	316,760		$	324,343
Portfolio turnover		15	%		20	%		33	%		33	%		24	%

See Notes to Financial Statements.

36 QUANTITATIVE MASTER SERIES LLC DECEMBER 31, 2010

Notes to Financial Statements Master Extended Market Index Series

1. Organization and Significant Accounting Policies:

Master Extended Market Index Series (the “Series”), a diversified, open-end management investment company, is a series of Quantitative Master Series LLC (the “Master LLC”). The Master LLC is registered as an investment company under the Investment Company Act of 1940, as amended (the “1940 Act”), and is organized as a Delaware limited liability company. The Master LLC’s Limited Liability Company Agreement permits the Board of Directors of the Master LLC (the “Board”) to issue non-transferable interests, subject to certain limitations. The Series’ financial statements are prepared in conformity with accounting principles generally accepted in the United States of America, which may require management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates.

The following is a summary of significant accounting policies followed by the Series:

Valuation: The Series fair values its financial instruments at market value using independent dealers or pricing services under policies approved by the Board. Equity investments traded on a recognized securities exchange or the NASDAQ Global Market System (“NASDAQ”) are valued at the last reported sale price that day or the NASDAQ official closing price, if applicable. For equity investments traded on more than one exchange, the last reported sale price on the exchange where the stock is primarily traded is used. Equity investments traded on a recognized exchange for which there were no sales on that day are valued at the last available bid price. If no bid price is available, the prior day’s price will be used, unless it is determined that such prior day’s price no longer reflects the fair value of the security. Financial futures contracts traded on exchanges are valued at their last sale price. Investments in open-end registered investment companies are valued at net asset value each business day. Short-term securities with remaining maturities of 60 days or less may be valued at amortized cost, which approximates fair value.

The Series values its bond investments on the basis of last available bid prices or current market quotations provided by dealers or pricing services. In determining the value of a particular investment, pricing services may use certain information with respect to transactions in such investments, quotations from dealers, pricing matrixes, market transactions in comparable investments, various relationships observed in the market between investments and calculated yield measures based on valuation technology commonly employed in the market for such investments.

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 net assets of the underlying fund. 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 promulgated by the Securities and Exchange Commission (“SEC”) under the 1940 Act. The Series may withdraw up to 25% of its investment daily, although the manager of the Money Market Series, in its sole discretion, may permit an investor to withdraw more than 25% on any one day.

In the event that application of these methods of valuation results in a price for an investment which is deemed not to be representative of the market value of such investment or is not available, the investment will be valued in accordance with a policy approved by the Board as reflecting fair value (“Fair Value Assets”). When determining the price for Fair Value Assets, the investment advisor and/or the sub-advisor 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 investment advisor and/or sub-advisor deems relevant. The pricing of all Fair Value Assets is subsequently reported to the Board or a committee thereof.

Segregation and Collateralization: In cases in which the 1940 Act and the interpretive positions of the SEC require that the Series either delivers collateral or segregates assets in connection with certain investments (e.g. financial futures contracts), the Series will, consistent with SEC rules and/or certain interpretive letters issued by the SEC, segregate collateral or designate on its books and records cash or other liquid securities having a market value at least equal to the amount that would otherwise be required to be physically segregated. Furthermore, based on requirements and agreements with certain exchanges and third party broker-dealers, each party has requirements to deliver/deposit securities as collateral for certain investments.

Investment Transactions and Investment Income: For financial reporting purposes, investment transactions are recorded on the dates the transactions are entered into (the trade dates). Realized gains and losses on investment transactions are determined on the identified cost basis. Dividend income is recorded on the ex-dividend dates. Dividends from foreign securities where the ex-dividend date may have passed are subsequently recorded when the Series has determined the ex-dividend date. Under the applicable foreign tax laws, a withholding tax at various rates may be imposed on capital gains, dividends and interest. 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. Interest income, including amortization and accretion of premiums and discounts on debt securities, is recognized on the accrual basis.

Securities Lending: The Series may lend securities to financial institutions that provide cash as collateral, which will be maintained at all times in an amount equal to at least 100% of the current market value of the loaned securities. The market value of the loaned securities is determined at the close of business of the Series and any additional required collateral is delivered to the Series on the next business day. Securities lending income, as disclosed in the Statement of Operations, represents the income earned from the investment of the cash collateral, net of rebates paid to, or fees paid by, borrowers and less the fees paid to the securities lending agent. During the term of the loan, the Series earns dividends and interest on the securities loaned. 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. In the event that the borrower defaults on its obligation to return borrowed securities because of insolvency or for any other reason, the Series could experience delays and costs in gaining access to the collateral. The Series also could suffer a loss if the value of an investment purchased with cash collateral falls below the market value of loaned securities or if the value of an investment purchased with cash collateral falls below the value of the original cash collateral received.

QUANTITATIVE MASTER SERIES LLC DECEMBER 31, 2010 37

Notes to Financial Statements Master Extended Market Index Series

Income Taxes: The Series is classified as a partnership for federal income tax purposes. As such, each investor in the Series is treated as the owner of its proportionate share of the 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 US federal and various state and local tax returns. No income tax returns are currently under examination. The statute of limitations on the Series’ US federal tax returns remains open for each of the four years ended December 31, 2010. The statutes of limitations on the Series’ state and local tax returns may remain open for an additional year depending upon the jurisdiction. Management does not believe there are any uncertain tax positions that require recognition of a tax liability.

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

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

2. Derivative Financial Instruments:

The Series engages in various portfolio investment strategies using derivative contracts both to increase the return of the Series and to economically hedge, or protect, its exposure to certain risks such as equity risk. These contracts may be transacted on an exchange.

Losses may arise if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument or if the counterparty does not perform under the contract. Counterparty risk related to exchange traded financial futures contracts is deemed to be minimal due to the protection against defaults provided by the exchange on which these contracts trade.

Financial Futures Contracts: The Series purchases 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 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, 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. 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 margin variation and are recorded by the Series as unrealized gains or losses. 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 transactions involves the risk of an imperfect correlation in the movements in the price of financial futures contracts, interest rates and the underlying assets.

Derivative Instruments Categorized by Risk Exposure:

Fair Value of Derivative Instruments as of December 31, 2010
Asset Derivatives
	Statement of Assets and Liabilities Location		Value
Equity contracts	Net unrealized appreciation/depreciation*	$	19,921

* Includes cumulative appreciation/depreciation on financial futures contracts as reported in the Schedule of Investments. Only current day’s margin variation is reported within the Statement of Assets and Liabilities.

	The Effect of Derivative Instruments in the Statement of Operations Year Ended December 31, 2010
	Net Realized Gain from
	Financial Futures Contracts
Equity contracts		$	1,020,436
	Net Change in Unrealized Appreciation/Depreciation on
		Financial Futures Contracts
Equity contracts		$	(249,232	)

For the year ended December 31, 2010, the average quarterly balances of outstanding derivative financial instruments were as follows:

Financial futures contracts:
Average number of contracts purchased		132
Average notional value of contracts purchased	$	9,458,396

3. Investment Advisory Agreement and Other Transactions with Affiliates:

The PNC Financial Services Group, Inc. (“PNC”), Bank of America Corporation (“BAC”) and Barclays Bank PLC (“Barclays”) are the largest stockholders of BlackRock, Inc. (“BlackRock”). Due to the ownership structure, PNC is an affiliate of the Series for 1940 Act purposes, but BAC and Barclays are not.

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

The Manager has contractually agreed to waive and/or reimburse fees or expenses, excluding interest expense, dividend expense, acquired fund fees and certain other fund expenses, in order to limit expenses incurred by the Series to 0.12% of average net assets. The Manager has agreed not to reduce or discontinue this contractual waiver or reimbursement until May 1, 2012 unless approved by the Board,

38 QUANTITATIVE MASTER SERIES LLC DECEMBER 31, 2010

Notes to Financial Statements Master Extended Market Index Series

including a majority of the non-interested Directors. For the year ended December 31, 2010, no fees were waived under this agreement.

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 through the Series’ investment in other affiliated investment companies, if any. This amount is shown as fees waived by advisor in the Statement of Operations.

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

For the year ended December 31, 2010, the Series reimbursed the Manager $5,882 for certain accounting services, which are included in accounting services in the Statement of Operations.

The Master LLC, on behalf of the Series, received an exemptive order from the SEC permitting it, among other things, to pay an affiliated securities lending agent a fee based on a share of the income derived from the securities lending activities and has retained BIM as the securities lending agent. BIM may, on behalf of the Series, invest cash collateral received by the Series for such loans, among other things, in a private investment company managed by the Manager or in registered money market funds advised by the Manager or its affiliates. The market value of securities on loan and the value of the related collateral, if applicable are shown in the Statement of Assets and Liabilities as securities loaned and collateral on securities loaned at value, respectively. The cash collateral invested by BIM is disclosed in the Schedule of Investments. The share of income earned by the Series on such investments is shown as securities lending — affiliated in the Statement of Operations. For the year ended December 31, 2010, BIM received $34,549 in securities lending agent fees related to securities lending activities for the Series.

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

4. Investments:

Purchases and sales of investments, excluding short-term securities for the year ended December 31, 2010, were $115,332,022 and $47,033,291, respectively.

5. Borrowings:

The Master LLC, along with certain other funds managed by the Manager and its affiliates, is a party to a $500 million credit agreement with a group of lenders, which expired in November 2010. The Series may borrow under the credit agreement to fund investor withdrawals. Effective November 2009, the credit agreement had the following terms: 0.02% upfront fee on the aggregate commitment amount which was allocated to the Series based on its net assets as of October 31, 2009, a commitment fee of 0.10% per annum based on the Series’ pro rata share of the unused portion of the credit agreement and interest at a rate equal to the higher of (a) the one-month LIBOR plus 1.25% per annum and (b) the Fed Funds rate plus 1.25% per annum on amounts borrowed. In addition, the Series paid administration and arrangement fees which were allocated to the Series based on its net assets as of October 31, 2009. Effective November 2010, the credit agreement was renewed until November 2011 with the following terms: a commitment fee of 0.08% per annum based on the Series’ pro rata share of the unused portion of the credit agreement and interest at a rate equal to the higher of (a) the one-month LIBOR plus 1.00% per annum and (b) the Fed Funds rate plus 1.00% per annum on amounts borrowed. In addition, the Series paid administration and arrangement fees which were allocated to the Series based on its net assets as of October 31, 2010. The Series did not borrow under the credit agreement during the year ended December 31, 2010.

6. Concentration, Market and Credit Risk:

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

As of December 31, 2010, 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.

7. 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, 2010 39

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Investors 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 portfolios constituting Quantitative Master Series LLC, (the “Master LLC”) as of December 31, 2010, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended. These financial statements and financial highlights are the responsibility of the Master LLC’s 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 Master LLC 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 Master LLC’s 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, 2010, 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, 2010, 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

Princeton, New Jersey
February 24, 2011

40 QUANTITATIVE MASTER SERIES LLC DECEMBER 31, 2010

Officers and Directors

Name, Address and Year of Birth	Position(s) Held with Master LLC	Length of Time Served as a Director 2	Principal Occupation(s) During Past Five Years	Number of BlackRock – Advised Registered Investment Companies (“RICs”) Consisting of Investment Portfolios (“Portfolios”) Overseen	Public Directorships
Non-Interested    Directors 1
Ronald W. Forbes 55 East 52nd Street New York, NY 10055 1940	Co-Chair of the Board and Director	Since 2007	Professor Emeritus of Finance, School of Business, State University of New York at Albany since 2000.	36 RICs consisting of 95 Portfolios	None
Rodney D. Johnson 55 East 52nd Street New York, NY 10055 1941	Co-Chair of the Board and Director	Since 2007	President, Fairmount Capital Advisors, Inc. since 1987; Director, Fox Chase Cancer Center since 2004; Member of the Archdiocesan Investment Committee of the Archdiocese of Philadelphia since 2004; Director, The Committee of Seventy (civic) since 2006.	36 RICs consisting of 95 Portfolios	None
David O. Beim 55 East 52nd Street New York, NY 10055 1940	Director	Since 2007	Professor of Finance and Economics at the Columbia University Graduate School of Business since 1991; Trustee, Phillips Exeter Academy since 2002; Chairman, Wave Hill, Inc.	36 RICs consisting of 95 Portfolios	None

QUANTITATIVE MASTER SERIES LLC DECEMBER 31, 2010 41

			(public garden and cultural center) from 1990 to 2006.
Dr. Matina S. Horner 55 East 52nd Street New York, NY 10055 1939	Director	Since 2007	Executive Vice President of Teachers Insurance and Annuity Association and College Retirement Equities Fund from 1989 to 2003.	36 RICs consisting of 95 Portfolios	NSTAR (electric and gas utility)
Herbert I. London 55 East 52nd Street New York, NY 10055 1939	Director and Member of the Audit Committee	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, Hudson Institute (policy research organization) since 1997 and Trustee thereof since 1980; Chairman of the Board of Trustees for Grantham University since 2006; Director, InnoCentive, Inc. (strategic solutions company) since 2005; Director, Cerego, LLC (software development and design) since 2005.	36 RICs consisting of 95 Portfolios	AIMS Worldwide, Inc. (marketing)

42 QUANTITATIVE MASTER SERIES LLC DECEMBER 31, 2010

Cynthia A. Montgomery 55 East 52nd Street New York, NY 10055 1952	Director	Since 2007	Professor, Harvard Business School since 1989; Director, Harvard Business School Publishing since 2005; Director, McLean Hospital since 2005.	36 RICs consisting of 95 Portfolios	Newell Rubbermaid, Inc. (manufacturing)
Joseph P. Platt 55 East 52nd Street New York, NY 10055 1947	Director	Since 2007	Director, The West Penn Allegheny Health System (a not-for-profit health system) since 2008; Director, Jones and Brown (Canadian insurance broker) since 1998; General Partner, Thorn Partners, LP (private investment) since 1998; Partner, Amarna Corporation, LLC (private investment company) from 2002 to 2008.	36 RICs consisting of 95 Portfolios	Greenlight Capital Re, Ltd. (reinsurance company); WQED Multi-Media (public broadcasting not-for-profit)
Robert C. Robb, Jr. 55 East 52nd Street New York, NY 10055 1945	Director	Since 2007	Partner, Lewis, Eckert, Robb and Company (management and financial consulting firm) since 1981.	36 RICs consisting of 95 Portfolios	None
Toby Rosenblatt 55 East 52nd Street New York, NY 10055 1938	Director	Since 2007	President, Founders Investments Ltd. (private investments) since 1999; Director, CollegeAccess Foundation of California (philanthropic foundation) since 2009; Director, Forward	36 RICs consisting of 95 Portfolios	A.P. Pharma, Inc. (specialty pharmaceuticals)

QUANTITATIVE MASTER SERIES LLC DECEMBER 31, 2010 43

			Management, LLC since 2007; Director, The James Irvine Foundation (philanthropic foundation) from 1998 to 2008.
Kenneth L. Urish 55 East 52nd Street New York, NY 10055 1951	Chair of the Audit Committee and Director	Since 2007	Managing Partner, Urish Popeck & Co., LLC (certified public accountants and consultants) since 1976; Chairman Elect 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; Trustee, The Holy Family Foundation from 2001 to 2010; President and Trustee, Pittsburgh Catholic Publishing Associates from 2003 to 2008; Director, Inter-Tel from 2006 to 2007.	36 RICs consisting of 95 Portfolios	None

44 QUANTITATIVE MASTER SERIES LLC DECEMBER 31, 2010

Frederick W. Winter

55 East 52^nd Street
New York, NY 10055

1945 Director and Member
of the Audit Committee Since 2007 Professor and Dean Emeritus of the Joseph M. Katz School of Business, University of Pittsburgh since 2005 and Dean thereof from 1997 to 2005; Director, Alkon Corporation (pneumatics) since 1992; Director, Tippman Sports (recreation) since 2005; Director, Indotronix International (IT services) from 2004 to 2008. 36 RICs consisting of 95 Portfolios None

1

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

2

Date shown is the earliest date a person has served as a director 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 directors as joining the Master LLC board in 2007, each director first became a member of the board of other legacy MLIM or legacy BlackRock Funds as follows: David O. Beim, 1998; Ronald W. Forbes, 1977; Dr. Matina S. Horner, 2004; Rodney D. Johnson, 1995; Herbert I. London, 1987; Cynthia A. Montgomery, 1994; Joseph P. Platt, 1999; Robert C. Robb, Jr., 1998; Toby Rosenblatt, 2005; Kenneth L. Urish, 1999; and Frederick W. Winter, 1999.

QUANTITATIVE MASTER SERIES LLC DECEMBER 31, 2010 45

Interested Directors 1
Richard S. Davis 55 East 52nd Street New York, NY 10055 1945	Director	Since 2007	Managing Director, BlackRock, Inc. since 2005; Chief Executive Officer, State Street Research & Management Company from 2000 to 2005; Chairman of the Board of Directors, State Street Research Mutual Funds from 2000 to 2005.	169 RICs consisting of 289 Portfolios	None
Henry Gabbay 55 East 52nd Street New York, NY 10055 1947	Director	Since 2007	Consultant, BlackRock, Inc. from 2007 to 2008; Managing Director, BlackRock, Inc. from 1989 to 2007; Chief Administrative Officer, BlackRock Advisors, LLC from 1998 to 2007; President of BlackRock Funds and 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.	169 RICs consisting of 289 Portfolios	None

¹ Mr. Davis is an “interested person” as defined in the 1940 Act, of the Master LLC based on his position with BlackRock, Inc. and its affiliates. Mr. Gabbay is an “interested person” of the Master LLC based on his former positions with BlackRock, Inc. and its affiliates as well as his ownership of BlackRock, Inc. and The PNC Financial Services Group, Inc. securities. Directors serve until their resignation, removal or death, or until December 31 of the year in which they turn 72. The Board has approved one-year extensions in terms of Directors who turn 72 prior to December 31, 2013.

46 QUANTITATIVE MASTER SERIES LLC DECEMBER 31, 2010

Name, Address and Year of Birth	Position(s) Held with the Master LLC	Length of Time Served	Principal Occupation(s) During Past Five Years
Master LLC Officers 1
John M. Perlowski 55 East 52nd Street New York, NY 10055 1964	President and Chief Executive Officer	Since 2010	Managing Director of BlackRock, Inc. since 2009; Global Head of BlackRock Fund Administration 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.
Brendan Kyne 55 East 52nd Street New York, NY 10055 1977	Vice President	Since 2009	Managing Director of BlackRock, Inc. since 2010; Director of BlackRock, Inc. from 2008 to 2009; Head of Product Development and Management for BlackRock’s U.S. Retail Group since 2009, co-head thereof from 2007 to 2009; Vice President of BlackRock, Inc. from 2005 to 2008.
Brian Schmidt 55 East 52nd Street New York, NY 10055 1958	Vice President	Since 2009	Managing Director of BlackRock, Inc. since 2004; Various positions with U.S. Trust Company from 1991 to 2003 including Director from 2001 to 2003 and Senior Vice President from 1998 to 2003; Vice President, Chief Financial Officer and Treasurer of Excelsior Funds, Inc., Excelsior Tax-Exempt Funds, Inc. and Excelsior Funds Trust from 2001 to 2003.
Neal Andrews 55 East 52nd Street New York, NY 10055 1966	Chief Financial Officer	Since 2007	Managing Director of BlackRock, Inc. since 2006; Senior Vice President and Line of Business Head of Fund Accounting and Administration at PNC Global Investment Servicing (U.S.) Inc. from 1992 to 2006.
Jay Fife 55 East 52nd Street New York, NY 10055 1970	Treasurer	Since 2007	Managing Director of BlackRock, Inc. since 2007 and Director in 2006; Assistant Treasurer of the Merrill Lynch Investment Managers, L.P. (“MLIM”) and Fund Asset Management, L.P. advised funds from 2005 to 2006; Director of MLIM Fund Services Group from 2001 to 2006.

QUANTITATIVE MASTER SERIES LLC DECEMBER 31, 2010 47

Brian Kindelan 55 East 52nd Street New York, NY 10055 1959	Chief Compliance Officer	Since 2007	Chief Compliance Officer of the BlackRock-advised funds since 2007; Managing Director and Senior Counsel of BlackRock, Inc. since 2005.
Ira Shapiro 55 East 52nd Street New York, NY 10055 1963	Secretary	Since 2010	Managing Director of BlackRock, Inc. since 2009; Managing Director and Associate General Counsel of Barclays Global Investors from 2008 to 2009; Principal thereof from 2004 to 2008.

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

Effective September 24, 2010, John M. Perlowski became President and Chief Executive Officer of the Master LLC.

Effective November 16, 2010, Ira Shapiro became Secretary of the Master LLC.

48 QUANTITATIVE MASTER SERIES LLC DECEMBER 31, 2010

Additional Information

Investment Advisor
BlackRock Advisors, LLC
Wilmington, DE 19809

Sub-Advisor

BlackRock Investment Management, LLC
Plainsboro, NJ 08536

Custodian

State Street Bank and Trust Company
Boston, MA 02111

Accounting Agent

State Street Bank and Trust Company
Princeton, NJ 08540

Legal Counsel
Sidley Austin LLP
New York, NY 10019

Independent Registered Public Accounting Firm
Deliotte & Touche LLP
Princeton, NJ 08540

Address of the Series
100 Bellevue Parkway
Wilmington, DE 19809

Availability Of Quarterly Schedule of Investments

The Series files its complete schedule of portfolio holdings with the Securities and Exchange Commission (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, DC. Information on the operation of the Public Reference Room may be obtained by calling (800) SEC-0330. The Series’ Form NQ may also be obtained upon request and without charge by calling (800) 441-7762.

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 (1) at http://www.blackrock.com or by calling (800) 441-7762 and (2) on the SEC’s website at http://www.sec.gov.

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.

QUANTITATIVE MASTER SERIES LLC DECEMBER 31, 2010 49

Master Mid Cap Index Series of Quantitative Master Series LLC

Annual Report, December 31, 2010

PORTFOLIO MANAGEMENT COMMENTARY

How did the Series perform?
	•	For the 12 months ended December 31, 2010, Master Mid Cap Index Series (the “Series”), a series of Quantitative Master Series LLC, returned 26.30%, while the benchmark Standard & Poor’s (S&P) MidCap 400 Index returned 26.64%. The S&P MidCap 400 is a market-weighted index composed of 400 common stocks issued by mid-capitalization companies in a wide range of businesses.
	•	The return of the Series differs from the benchmark based on Series expenses.
Describe the market environment.
	•	In many ways, the market environment over the past twelve months can be described as occurring in three parts. The early months saw US equity markets move higher as they continued the 2009 asset recovery story, helped by continuing economic recovery and strong fourth quarter 2009 and first quarter 2010 corporate earnings. The middle months of 2010 saw a significant correction on the back of the Greek sovereign debt crisis and some worse-than-expected economic data (particularly on the jobs front), leading to fears of a double-dip recession. Nevertheless, after touching late summer lows, US markets experienced a very strong finish to the year as double-dip fears receded, economic data improved and additional quantitative easing measures were announced by the US Federal Reserve Board. Volatility levels remained high over the course of 2010, but US stocks posted positive results for the year as a whole.
	•	For all of 2010, the Dow Jones Industrial Average gained 14.06% and, in the process, moved past the levels last seen before the collapse of Lehman Brothers in late 2008. For its part, the S&P 500 Index advanced 15.06%, while the NASDAQ Composite Index moved up 18.02%.
	•	All of the sectors in the benchmark S&P MidCap 400 Index posted double-digit returns for the period. Cyclical stocks outperformed their more defensive counterparts as information technology (+32.7%), consumer discretionary (+31.9%) and industrials (+30.9%) were the strongest performing sectors. Even the weakest performing sectors, telecommunication services (+14.0%), utilities (+14.3%) and financials (+19.7%), demonstrated considerable strength.
Describe recent portfolio activity.
	•	During the 12-month period, as changes were made to the composition of the S&P MidCap 400 Index, the Series purchased and sold securities to maintain its objective of replicating the risks and return of the benchmark index.
	•	The Series engaged in futures contracts for purposes of gaining equity exposure on the Series’ cash balance, which did not have a material impact on performance.
Describe portfolio positioning at period end.
	•	The Series remains positioned to match the risk characteristics of its benchmark index, irrespective of the market’s future direction.
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.

QUANTITATIVE MASTER SERIES LLC DECEMBER 31, 2010 1

Portfolio Information as of December 31, 2010	Master Mid Cap Index Series
Sector Allocation		Percent of Long-Term Investments
Financials		20	%
Industrials		16
Information Technology		16
Consumer Discretionary		14
Health Care		11
Materials		7
Energy		6
Utilities		6
Consumer Staples		3
Telecommunication Services		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 rating group indexes, and/or as defined by Series management. This definition may not apply for purposes of this report, which may combine sector sub-classifications for reporting ease.

Derivative Financial Instruments

The Series may invest in various derivative instruments, including financial futures contracts, as specified in Note 2 of the Notes to Financial Statements, which may constitute forms of economic leverage. Such instruments are used to obtain exposure to a market without owning or taking physical custody of securities or to hedge market and/or equity risks. Such derivative instruments involve risks, including the imperfect correlation between the value of a derivative instrument and the underlying asset, possible default of the counterparty to the transaction or illiquidity of the derivative instrument. The Series’ ability to successfully use a derivative instrument depends on the investment advisor’s ability to accurately predict pertinent market movements, which cannot be assured. The use of derivative instruments may result in losses greater than if they had not been used, may require the Series to sell or purchase portfolio securities at inopportune times or for distressed values, may limit the amount of appreciation the Series can realize on an investment or may cause the Series to hold a security that it might otherwise sell. The Series’ investments in these instruments are discussed in detail in the Notes to Financial Statements.

2 QUANTITATIVE MASTER SERIES LLC DECEMBER 31, 2010

Schedule of Investments December 31, 2010 Master Mid Cap Index Series
(Percentages shown are based on Net Assets)

Common Stocks	Shares		Value
Aerospace & Defense — 0.5%
Alliant Techsystems, Inc. (a)		2,680	$	199,472
BE Aerospace, Inc. (a)		8,230		304,757
				504,229
Airlines — 0.4%
AirTran Holdings, Inc. (a)		10,904		80,581
Alaska Air Group, Inc. (a)		2,963		167,972
JetBlue Airways Corp. (a)		16,228		107,267
				355,820
Auto Components — 1.1%
BorgWarner, Inc. (a)		9,155		662,456
Gentex Corp.		11,296		333,910
				996,366
Automobiles — 0.1%
Thor Industries, Inc.		3,414		115,939
Beverages — 0.3%
Hansen Natural Corp. (a)		5,560		290,677
Biotechnology — 0.9%
United Therapeutics Corp. (a)		4,031		254,840
Vertex Pharmaceuticals, Inc. (a)		16,352		572,810
				827,650
Building Products — 0.2%
Lennox International, Inc.		3,613		170,859
Capital Markets — 2.3%
Affiliated Managers Group, Inc. (a)		4,150		411,763
Apollo Investment Corp.		15,697		173,766
Eaton Vance Corp.		9,523		287,880
Greenhill & Co., Inc.		2,030		165,810
Jefferies Group, Inc., New Shares		9,957		265,155
Raymond James Financial, Inc.		8,044		263,039
SEI Investments Co.		11,740		279,295
Waddell & Reed Financial, Inc., Class A		6,872		242,513
				2,089,221
Chemicals — 3.3%
Albemarle Corp.		7,369		411,043
Ashland, Inc.		6,346		322,758
Cabot Corp.		5,262		198,114
Cytec Industries, Inc.		3,974		210,860
Intrepid Potash, Inc. (a)		3,566		132,976
Lubrizol Corp.		5,282		564,540
Minerals Technologies, Inc.		1,490		97,461
NewMarket Corp.		794		97,956
Olin Corp.		6,402		131,369
RPM International, Inc.		10,374		229,265
The Scotts Miracle-Gro Co.		3,698		187,748
Sensient Technologies Corp.		3,999		146,883
Valspar Corp.		7,925		273,254
				3,004,227
Commercial Banks — 3.6%
Associated Banc-Corp.		13,927		210,994
BancorpSouth, Inc.		5,912		94,296
Bank of Hawaii Corp.		3,880		183,175
Cathay General Bancorp		6,320		105,544
City National Corp.		3,733		229,057
Commerce Bancshares, Inc.		6,241		247,955
Cullen/Frost Bankers, Inc. (b)		4,904		299,732

Common Stocks	Shares		Value
Commercial Banks (concluded)
East-West Bancorp, Inc.		11,911	$	232,860
FirstMerit Corp.		8,756		173,281
Fulton Financial Corp.		16,011		165,554
International Bancshares Corp.		4,250		85,128
PacWest Bancorp		2,532		54,134
Prosperity Bancshares, Inc.		3,755		147,496
SVB Financial Group (a)		3,379		179,256
Synovus Financial Corp.		63,184		166,806
TCF Financial Corp.		10,217		151,314
Trustmark Corp.		4,576		113,668
Valley National Bancorp		12,980		185,614
Webster Financial Corp.		5,895		116,132
Westamerica Bancorp.		2,343		129,966
				3,271,962
Commercial Services & Supplies — 1.6%
The Brink’s Co.		3,734		100,370
Clean Harbors, Inc. (a)		1,845		155,128
Copart, Inc. (a)		5,623		210,019
Corrections Corp. of America (a)		8,873		222,357
Deluxe Corp.		4,129		95,050
HNI Corp.		3,605		112,476
Herman Miller, Inc.		4,595		116,253
Mine Safety Appliances Co.		2,485		77,358
Rollins, Inc.		5,093		100,577
Waste Connections, Inc.		9,266		255,093
				1,444,681
Communications Equipment — 1.5%
Adtran, Inc.		5,077		183,838
Ciena Corp. (a)		7,530		158,507
CommScope, Inc. (a)		7,650		238,833
Plantronics, Inc.		3,833		142,664
Polycom, Inc. (a)		6,873		267,910
Riverbed Technology, Inc. (a)		11,830		416,061
				1,407,813
Computers & Peripherals — 0.4%
Diebold, Inc.		5,286		169,416
NCR Corp. (a)		12,820		197,044
				366,460
Construction & Engineering — 1.3%
Aecom Technology Corp. (a)		9,540		266,834
Granite Construction, Inc.		2,746		75,323
KBR, Inc.		12,149		370,180
Shaw Group, Inc. (a)		6,838		234,064
URS Corp. (a)		6,659		277,081
				1,223,482
Construction Materials — 0.4%
Martin Marietta Materials, Inc.		3,664		337,967
Containers & Packaging — 1.5%
AptarGroup, Inc.		5,398		256,783
Greif, Inc.		2,505		155,060
Packaging Corp. of America		8,253		213,258
Rock-Tenn Co., Class A		3,132		168,971
Silgan Holdings, Inc.		4,042		144,744
Sonoco Products Co.		8,281		278,821

See Notes to Financial Statements.
	QUANTITATIVE MASTER SERIES LLC	DECEMBER 31, 2010	3

Schedule of Investment (continued) Master Mid Cap Index Series
(Percentages shown are based on Net Assets)

Common Stocks	Shares		Value
Containers & Packaging (concluded)
Temple-Inland, Inc.		8,677	$	184,299
				1,401,936
Distributors — 0.3%
LKQ Corp. (a)		11,623		264,075
Diversified Consumer Services — 1.1%
Career Education Corp. (a)		5,297		109,807
ITT Educational Services, Inc. (a)		2,106		134,131
Matthews International Corp., Class A		2,373		83,007
Regis Corp.		4,635		76,941
Service Corp. International		19,671		162,286
Sotheby’s Holdings, Inc., Class A		5,397		242,865
Strayer Education, Inc. (c)		1,091		166,072
				975,109
Diversified Financial Services — 0.4%
MSCI, Inc. (a)		9,559		372,419
Diversified Telecommunication Services — 0.3%
Cincinnati Bell, Inc. (a)		16,239		45,469
TW Telecom, Inc. (a)		12,176		207,601
				253,070
Electric Utilities — 1.6%
Cleco Corp.		4,889		150,386
DPL, Inc.		9,572		246,096
Great Plains Energy, Inc.		10,917		211,681
Hawaiian Electric Industries, Inc.		7,578		172,703
IDACORP, Inc.		3,953		146,182
NV Energy, Inc.		18,926		265,910
PNM Resources, Inc.		6,975		90,814
Westar Energy, Inc.		8,964		225,534
				1,509,306
Electrical Equipment — 2.0%
Acuity Brands, Inc.		3,465		199,826
Ametek, Inc.		12,880		505,540
Baldor Electric Co.		3,796		239,300
Hubbell, Inc., Class B		4,830		290,428
Regal-Beloit Corp.		3,106		207,357
Thomas & Betts Corp. (a)		4,170		201,411
Woodward Governor Co.		4,770		179,161
				1,823,023
Electronic Equipment, Instruments & Components — 2.3%
Arrow Electronics, Inc. (a)		9,319		319,176
Avnet, Inc. (a)		12,229		403,924
Ingram Micro, Inc., Class A (a)		12,619		240,897
Itron, Inc. (a)		3,252		180,323
National Instruments Corp.		4,720		177,661
Tech Data Corp. (a)		3,752		165,163
Trimble Navigation Ltd. (a)		9,664		385,883
Vishay Intertechnology, Inc. (a)		13,273		194,848
				2,067,875
Energy Equipment & Services — 2.5%
Atwood Oceanics, Inc. (a)		4,514		168,688
Dril-Quip, Inc. (a)		2,759		214,429

Common Stocks	Shares		Value
Energy Equipment & Services (concluded)
Exterran Holdings, Inc. (a)		5,088	$	121,858
Helix Energy Solutions Group, Inc. (a)		8,487		103,032
Oceaneering International, Inc. (a)		4,355		320,659
Patterson-UTI Energy, Inc.		12,404		267,306
Pride International, Inc. (a)		14,142		466,686
Superior Energy Services, Inc. (a)		6,343		221,942
Tidewater, Inc.		4,137		222,736
Unit Corp. (a)		3,199		148,689
				2,256,025
Food & Staples Retailing — 0.4%
BJ’s Wholesale Club, Inc. (a)		4,394		210,473
Ruddick Corp.		3,441		126,766
				337,239
Food Products — 1.6%
Corn Products International, Inc.		6,085		279,910
Flowers Foods, Inc.		6,097		164,070
Green Mountain Coffee Roasters, Inc. (a)		9,329		306,551
Lancaster Colony Corp.		1,547		88,489
Ralcorp Holdings, Inc. (a)		4,420		287,344
Smithfield Foods, Inc. (a)		13,360		275,617
Tootsie Roll Industries, Inc.		1,968		57,013
				1,458,994
Gas Utilities — 2.0%
AGL Resources, Inc.		6,281		225,174
Atmos Energy Corp.		7,277		227,042
Energen Corp.		5,785		279,184
National Fuel Gas Co.		6,614		434,011
Questar Corp.		14,055		244,697
UGI Corp.		8,890		280,746
WGL Holdings, Inc.		4,110		147,015
				1,837,869
Health Care Equipment & Supplies — 4.0%
Beckman Coulter, Inc.		5,573		419,257
Edwards Lifesciences Corp. (a)		9,189		742,839
Gen-Probe, Inc. (a)		3,880		226,398
Hill-Rom Holdings, Inc.		5,075		199,803
Hologic, Inc. (a)		20,915		393,620
Idexx Laboratories, Inc. (a)(c)		4,628		320,350
Immucor, Inc. (a)		5,634		111,722
Kinetic Concepts, Inc. (a)		5,038		210,991
Masimo Corp.		4,741		137,821
ResMed, Inc. (a)		12,167		421,465
Steris Corp.		4,760		173,550
Teleflex, Inc.		3,218		173,160
Thoratec Corp. (a)		4,706		133,274
				3,664,250
Health Care Providers & Services — 3.1%
Community Health Systems, Inc. (a)		7,448		278,332
Health Management Associates, Inc., Class A (a)		20,169		192,412
Health Net, Inc. (a)		7,690		209,860
Henry Schein, Inc. (a)		7,426		455,882
Kindred Healthcare, Inc. (a)		3,177		58,361

See Notes to Financial Statements.
4	QUANTITATIVE MASTER SERIES LLC	DECEMBER 31, 2010

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

Common Stocks	Shares		Value
Health Care Providers & Services (concluded)
LifePoint Hospitals, Inc. (a)		4,241	$	155,857
Lincare Holdings, Inc.		7,856		210,776
Mednax, Inc. (a)		3,838		258,259
Omnicare, Inc.		9,330		236,889
Owens & Minor, Inc.		5,097		150,005
Universal Health Services, Inc., Class B		7,828		339,892
VCA Antech, Inc. (a)		6,935		161,516
WellCare Health Plans, Inc. (a)		3,423		103,443
				2,811,484
Health Care Technology — 0.3%
Allscripts Healthcare Solutions, Inc. (a)		15,058		290,168
Hotels, Restaurants & Leisure — 2.2%
Bally Technologies, Inc. (a)		4,314		182,008
Bob Evans Farms, Inc.		2,446		80,620
Boyd Gaming Corp. (a)		4,511		47,817
Brinker International, Inc.		7,429		155,117
The Cheesecake Factory, Inc. (a)		4,769		146,218
Chipotle Mexican Grill, Inc., Class A (a)		2,491		529,736
International Speedway Corp., Class A		2,358		61,709
Life Time Fitness, Inc. (a)		3,371		138,177
Panera Bread Co., Class A (a)		2,442		247,155
Scientific Games Corp., Class A (a)		5,087		50,666
Wendys		25,903		119,672
WMS Industries, Inc. (a)		4,649		210,321
				1,969,216
Household Durables — 1.5%
American Greetings Corp., Class A		3,225		71,466
KB Home		5,811		78,390
MDC Holdings, Inc.		3,035		87,317
Mohawk Industries, Inc. (a)		4,527		256,952
NVR, Inc. (a)		454		313,723
Ryland Group, Inc.		3,551		60,474
Toll Brothers, Inc. (a)		11,614		220,666
Tupperware Corp.		5,082		242,259
				1,331,247
Household Products — 0.9%
Church & Dwight Co., Inc.		5,725		395,140
Energizer Holdings, Inc. (a)		5,680		414,072
				809,212
IT Services — 2.2%
Acxiom Corp. (a)		6,455		110,703
Alliance Data Systems Corp. (a)(c)		4,184		297,189
Broadridge Financial Solutions LLC		10,062		220,660
Convergys Corp. (a)(b)		9,805		129,132
CoreLogic, Inc. (a)		8,381		155,216
DST Systems, Inc.		2,866		127,107
Gartner, Inc., Class A (a)		5,879		195,183
Global Payments, Inc.		6,412		296,299
Lender Processing Services, Inc.		7,349		216,942
Mantech International Corp., Class A (a)		1,815		75,014
NeuStar, Inc., Class A (a)		5,937		154,659

Common Stocks	Shares		Value
IT Services (concluded)
SRA International, Inc., Class A (a)		3,447	$	70,491
				2,048,595
Independent Power Producers & Energy Traders — 0.1%
Dynegy, Inc. (a)		8,271		46,483
Industrial Conglomerates — 0.2%
Carlisle Cos., Inc.		4,908		195,044
Insurance — 3.9%
American Financial Group, Inc.		6,330		204,396
Arthur J. Gallagher & Co.		8,531		248,081
Brown & Brown, Inc. (b)		9,413		225,347
Everest Re Group Ltd.		4,403		373,462
Fidelity National Title Group, Inc., Class A		18,267		249,893
First American Financial Corp.		8,389		125,332
HCC Insurance Holdings, Inc.		9,279		268,534
The Hanover Insurance Group, Inc.		3,630		169,594
Mercury General Corp.		2,867		123,310
Old Republic International Corp.		20,484		279,197
Protective Life Corp.		6,894		183,656
Reinsurance Group of America, Inc.		5,893		316,513
Stancorp Financial Group, Inc.		3,701		167,063
Transatlantic Holdings, Inc.		5,090		262,746
Unitrin, Inc.		4,006		98,307
W.R. Berkley Corp.		9,571		262,054
				3,557,485
Internet Software & Services — 1.0%
AOL, Inc. (a)		8,590		203,669
Digital River, Inc. (a)		3,195		109,972
Equinix, Inc. (a)		3,702		300,824
Rackspace Hosting, Inc. (a)		7,815		245,469
ValueClick, Inc. (a)		6,498		104,163
				964,097
Leisure Equipment & Products — 0.4%
Eastman Kodak Co. (a)		21,639		115,985
Polaris Industries, Inc.		2,727		212,761
				328,746
Life Sciences Tools & Services — 1.6%
Bio-Rad Laboratories, Inc., Class A (a)		1,566		162,629
Charles River Laboratories International, Inc. (a)		4,645		165,083
Covance, Inc. (a)		5,219		268,309
Mettler-Toledo International, Inc. (a)		2,642		399,497
Pharmaceutical Product Development, Inc.		9,565		259,594
Techne Corp.		2,984		195,959
				1,451,071
Machinery — 6.3%
AGCO Corp. (a)		7,488		379,342
Bucyrus International, Inc.		6,520		582,888
Crane Co.		3,716		152,616

See Notes to Financial Statements.
	QUANTITATIVE MASTER SERIES LLC	DECEMBER 31, 2010	5

Schedule of Investment (continued) Master Mid Cap Index Series
(Percentages shown are based on Net Assets)

Common Stocks	Shares		Value
Machinery (concluded)
Donaldson Co., Inc.		6,156	$	358,772
Gardner Denver, Inc.		4,223		290,627
Graco, Inc.		4,819		190,109
Harsco Corp.		6,479		183,485
IDEX Corp.		6,590		257,801
Joy Global, Inc.		8,311		720,979
Kennametal, Inc.		6,607		260,712
Lincoln Electric Holdings, Inc.		3,401		221,983
Nordson Corp.		2,733		251,108
Oshkosh Corp. (a)		7,301		257,287
Pentair, Inc.		7,942		289,962
SPX Corp.		4,040		288,820
Terex Corp. (a)		8,764		272,035
Timken Co.		6,486		309,577
Trinity Industries, Inc.		6,418		170,783
Valmont Industries, Inc.		1,718		152,438
Westinghouse Air Brake Technologies Corp.		3,858		204,050
				5,795,374
Marine — 0.3%
Alexander & Baldwin, Inc.		3,321		132,940
Kirby Corp. (a)		4,307		189,723
				322,663
Media — 0.8%
DreamWorks Animation SKG, Inc., Class A (a)		5,764		169,865
Harte-Hanks, Inc.		3,124		39,893
John Wiley & Sons, Inc., Class A		3,734		168,926
Lamar Advertising Co., Class A (a)		4,613		183,782
The New York Times Co., Class A (a)		9,511		93,208
Scholastic Corp.		1,912		56,481
				712,155
Metals & Mining — 1.4%
Carpenter Technology Corp.		3,539		142,409
Commercial Metals Co.		9,203		152,678	��
Compass Minerals International, Inc.		2,633		235,048
Reliance Steel & Aluminum Co.		6,004		306,804
Steel Dynamics, Inc.		17,468		319,665
Worthington Industries, Inc.		4,470		82,248
				1,238,852
Multi-Utilities — 1.8%
Alliant Energy Corp.		8,921		328,025
Black Hills Corp.		3,159		94,770
MDU Resources Group, Inc.		15,150		307,091
NSTAR		8,336		351,696
OGE Energy Corp.		7,845		357,261
Vectren Corp.		6,571		166,772
				1,605,615
Multiline Retail — 0.8%
99 Cents Only Stores (a)		3,770		60,094
Dollar Tree, Inc. (a)		10,077		565,118
Saks, Inc. (a)		12,949		138,554
				763,766
Office Electronics — 0.2%
Zebra Technologies Corp., Class A (a)		4,549		172,817

Common Stocks	Shares		Value
Oil, Gas & Consumable Fuels — 3.3%
Arch Coal, Inc.		13,076	$	458,445
Bill Barrett Corp. (a)		3,735		153,621
Cimarex Energy Co.		6,816		603,420
Comstock Resources, Inc. (a)		3,808		93,524
Forest Oil Corp. (a)		9,125		346,476
Frontier Oil Corp.		8,508		153,229
Overseas Shipholding Group, Inc.		2,155		76,330
Patriot Coal Corp. (a)		6,444		124,820
Plains Exploration & Production Co. (a)		11,275		362,379
Quicksilver Resources, Inc. (a)		9,458		139,411
SM Energy Co.		5,074		299,011
Southern Union Co.		10,020		241,181
				3,051,847
Paper & Forest Products — 0.1%
Louisiana-Pacific Corp. (a)		10,619		100,456
Personal Products — 0.3%
Alberto-Culver Co.		6,907		255,835
Pharmaceuticals — 1.0%
Endo Pharmaceuticals Holdings, Inc. (a)		9,302		332,175
Medicis Pharmaceutical Corp., Class A		4,879		130,708
Perrigo Co.		6,680		423,044
				885,927
Professional Services — 1.1%
Corporate Executive Board Co.		2,761		103,675
FTI Consulting, Inc. (a)		3,738		139,353
Korn/Ferry International (a)		3,725		86,085
Manpower, Inc.		6,564		411,956
Navigant Consulting, Inc. (a)		4,024		37,021
Towers Watson & Co.		3,645		189,759
				967,849
Real Estate Investment Trusts (REITs) — 7.4%
AMB Property Corp.		13,551		429,702
Alexandria Real Estate Equities, Inc.		4,454		326,300
BRE Properties		5,158		224,373
Camden Property Trust		5,527		298,348
Corporate Office Properties Trust		5,383		188,136
Cousins Properties, Inc.		8,220		68,559
Duke Realty Corp.		20,290		252,813
Equity One, Inc.		3,711		67,466
Essex Property Trust, Inc.		2,522		288,063
Federal Realty Investment Trust		4,951		385,831
Highwoods Properties, Inc.		5,767		183,679
Hospitality Properties Trust		9,934		228,879
Liberty Property Trust		9,191		293,377
The Macerich Co.		10,471		496,011
Mack-Cali Realty Corp.		6,400		211,584
Nationwide Health Properties, Inc.		10,160		369,621
Omega Healthcare Investors, Inc.		7,926		177,860
Potlatch Corp.		3,220		104,811
Rayonier, Inc.		6,484		340,540
Realty Income Corp.		9,424		322,301
Regency Centers Corp.		6,589		278,319
Senior Housing Properties Trust		11,265		247,154

See Notes to Financial Statements.
6	QUANTITATIVE MASTER SERIES LLC	DECEMBER 31, 2010

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

Common Stocks	Shares		Value
Real Estate Investment Trusts (REITs) (concluded)
SL Green Realty Corp.		6,298	$	425,178
UDR, Inc.		14,658		344,756
Weingarten Realty Investors		9,691		230,258
				6,783,919
Real Estate Management & Development — 0.3%
Jones Lang LaSalle, Inc.		3,432		288,013
Road & Rail — 1.2%
Con-way, Inc.		4,407		161,164
J.B. Hunt Transport Services, Inc.		7,143		291,506
Kansas City Southern (a)		8,258		395,228
Landstar System, Inc.		3,953		161,836
Werner Enterprises, Inc.		3,565		80,569
				1,090,303
Semiconductors & Semiconductor Equipment — 3.2%
Atmel Corp. (a)		36,882		454,386
Cree, Inc. (a)		8,729		575,154
Fairchild Semiconductor International, Inc. (a)		9,967		155,585
Integrated Device Technology, Inc. (a)		12,355		82,284
International Rectifier Corp. (a)		5,584		165,789
Intersil Corp., Class A		10,008		152,822
Lam Research Corp. (a)		9,897		512,467
RF Micro Devices, Inc. (a)		22,118		162,567
Semtech Corp. (a)		5,019		113,630
Silicon Laboratories, Inc. (a)		3,519		161,944
Skyworks Solutions, Inc. (a)		14,750		422,293
				2,958,921
Software — 4.4%
ACI Worldwide, Inc. (a)		2,672		71,797
Advent Software, Inc. (a)		1,286		74,485
Ansys, Inc. (a)		7,323		381,309
Cadence Design Systems, Inc. (a)		21,504		177,623
Concur Technologies, Inc. (a)		3,669		190,531
Factset Research Systems, Inc.		3,731		349,818
Fair Isaac Corp.		3,210		75,018
Informatica Corp. (a)		7,552		332,514
Jack Henry & Associates, Inc.		6,891		200,873
Mentor Graphics Corp. (a)		8,826		105,912
Micros Systems, Inc. (a)		6,485		284,432
Parametric Technology Corp. (a)		9,485		213,697
Quest Software, Inc. (a)		4,839		134,234
Rovi Corp. (a)		8,464		524,853
Solera Holdings, Inc.		5,653		290,112
Synopsys, Inc. (a)		11,956		321,736
TIBCO Software, Inc. (a)		13,438		264,863
				3,993,807
Specialty Retail — 4.2%
Aaron Rents, Inc., Class A		5,871		119,710
Advance Auto Parts, Inc.		6,764		447,439
Aéropostale, Inc. (a)		7,441		183,346
American Eagle Outfitters, Inc.		15,748		230,393
AnnTaylor Stores Corp. (a)		4,665		127,774
Barnes & Noble, Inc.		3,151		44,587
Chico’s FAS, Inc.		14,293		171,945

Common Stocks	Shares		Value
Specialty Retail (concluded)
Collective Brands, Inc. (a)		5,181	$	109,319
Dick’s Sporting Goods, Inc. (a)		7,133		267,488
Dress Barn, Inc. (a)		5,577		147,344
Foot Locker, Inc.		12,528		245,799
Guess?, Inc.		5,109		241,758
J. Crew Group, Inc. (a)		5,145		221,955
Office Depot, Inc. (a)		22,298		120,409
PetSmart, Inc.		9,464		376,857
Rent-A-Center, Inc.		5,164		166,694
Tractor Supply Co.		5,868		284,539
Williams-Sonoma, Inc.		8,543		304,900
				3,812,256
Textiles, Apparel & Luxury Goods — 1.6%
Deckers Outdoor Corp. (a)		3,102		247,353
Fossil, Inc. (a)		4,135		291,435
Hanesbrands, Inc. (a)		7,708		195,783
Phillips-Van Heusen Corp.		5,341		336,536
Timberland Co., Class A (a)		3,106		76,377
Under Armour, Inc., Class A (a)(c)		2,832		155,307
The Warnaco Group, Inc. (a)		3,582		197,261
				1,500,052
Thrifts & Mortgage Finance — 1.4%
Astoria Financial Corp.		6,617		92,043
First Niagara Financial Group, Inc.		16,828		235,255
New York Community Bancorp, Inc. (c)		35,057		660,824
NewAlliance Bancshares, Inc.		8,456		126,671
Washington Federal, Inc.		9,055		153,211
				1,268,004
Tobacco — 0.1%
Universal Corp.		1,915		77,941
Trading Companies & Distributors — 0.7%
GATX Corp.		3,726		131,453
MSC Industrial Direct Co., Class A		3,586		231,978
United Rentals, Inc. (a)		4,872		110,838
Watsco, Inc.		2,242		141,426
				615,695
Water Utilities — 0.3%
Aqua America, Inc. (c)		11,069		248,831
Wireless Telecommunication Services — 0.5%
Syniverse Holdings, Inc. (a)		5,651		174,333
Telephone & Data Systems, Inc.		6,854		250,514
Telephone & Data Systems, Inc., Special Shares		543		17,115
				441,962
Total Long-Term Investments (Cost – $54,852,307) – 98.0%				89,384,251
Short-Term Securities
BlackRock Liquidity Funds, TempCash, Institutional Class, 0.18% (d)(e)		1,435,699		1,435,699

See Notes to Financial Statements.
	QUANTITATIVE MASTER SERIES LLC	DECEMBER 31, 2010	7

Schedule of Investment (continued)	Master Mid Cap Index Series
	(Percentages shown are based on Net Assets)

Short-Term Securities	Beneficial Interest (000)		Value
BlackRock Liquidity Series, LLC Money Market Series, 0.44% (d)(e)(f)	$	1,457	$	1,457,388
Total Short-Term Securities (Cost – $2,893,087) – 3.2%				2,893,087
Total Investments (Cost – $57,745,394*) – 101.2%				92,277,338
Liabilities in Excess of Other Assets – (1.2)%				(1,134,734	)
Net Assets – 100.0%			$	91,142,604

* The cost and unrealized appreciation (depreciation) of investments as of December 31, 2010, as computed for federal income tax purposes were as follows:

Aggregate cost	$	58,708,640
Gross unrealized appreciation	$	33,915,873
Gross unrealized depreciation		(347,175	)
Net unrealized appreciation	$	33,568,698

(a)	Non-income producing security.
(b)	All or a portion of security has been pledged as collateral in connection with open financial futures contracts.
(c)	Security, or a portion of security, is on loan.
(d)	Investments in companies considered to be an affiliate of the Series during the year, for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliate	Shares/BeneficialInterestHeld atDecember 31,2009		NetActivity			Shares/BeneficialInterestHeld atDecember 31,2010		Income
BlackRock Liquidity Funds, TempCash, Institutional Class		8,421,486		(6,985,787	)		1,435,699	$	4,571
BlackRock Liquidity Series, LLC Money Market Series	$	2,279,550	$	(822,162	)	$	1,457,388	$	9,985

(e)	Represents the current yield as of report date.
(f)	Security was purchased with the cash collateral from loaned securities.
•	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 Series’ management. This definition may not apply for purposes of this report, which may combine such industry sub-classifications for reporting ease.

See Notes to Financial Statements.
8	QUANTITATIVE MASTER SERIES LLC	DECEMBER 31, 2010

Schedule of Investments (concluded) Master Mid Cap Index Series

• Financial futures contracts purchased as of December 31, 2010 were as follows:

Contracts	Issue		Exchange		Expiration		Notional Value		Unrealized Appreciation
16		S&P Mid 400 E-Mini		Chicago Mercantile		March 2011	$	1,436,846	$	11,634

•	Fair Value Measurements - Various inputs are used in determining the fair value of investments and derivatives, which are as follows:
	•	Level 1 — price quotations in active markets/exchanges for identical assets and liabilities
	•	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 derivatives)
The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For information about the Series’ policy regarding valuation of investments and other significant accounting policies, please refer to Note 1 of the Notes to Financial Statements.
The following tables summarize the inputs used as of December 31, 2010 in determining the fair valuation of the Series’ investments and derivatives:

Valuation Inputs	Level 1		Level 2		Level 3		Total
Assets:
Investments in Securities:
Long-Term Investments1	$	89,384,251		—		—	$	89,384,251
Short-Term Securities		1,435,699	$	1,457,388		—		2,893,087
Total	$	90,819,950	$	1,457,388		—	$	92,277,338

¹ See above Schedule of Investments for values in each industry.

Derivative Financial Instruments2
Valuation Inputs	Level 1		Level 2		Level 3		Total
Assets:
Equity contracts	$	11,634		—		—	$	11,634

² Derivative financial instruments are financial futures contracts, which are shown at the unrealized appreciation/depreciation on the instrument.

See Notes to Financial Statements.
	QUANTITATIVE MASTER SERIES LLC	DECEMBER 31, 2010	9

Statement of Assets and Liabilities Master Mid Cap Index Series

December 31, 2010
Assets
Investments at value - unaffiliated (including securities loaned of $1,404,743) (cost - $54,852,307)	$	89,384,251
Investments at value - affiliated (cost - $2,893,087)		2,893,087
Cash		10
Investments sold receivable		4,171,155
Dividends receivable		75,511
Securities lending income receivable - affiliated		836
Prepaid expenses		12,488
Total assets		96,537,338
Liabilities
Collateral on securities loaned at value		1,457,388
Withdrawals payable to investors		3,904,002
Margin variation payable		10,080
Investment advisory fees payable		663
Other affiliates payable		432
Directors’ fees payable		92
Other accrued expenses payable		22,077
Total liabilities		5,394,734
Net Assets	$	91,142,604
Net Assets Consist of
Investors’ capital	$	56,599,026
Net unrealized appreciation/depreciation		34,543,578
Net Assets	$	91,142,604

See Notes to Financial Statements.
10	QUANTITATIVE MASTER SERIES LLC	DECEMBER 31, 2010

Statement of Operations Master Mid Cap Index Series

Year Ended December 31, 2010
Investment Income
Dividends - unaffiliated	$	1,130,357
Securities lending - affiliated		9,985
Dividends - affiliated		4,571
Total income		1,144,913
Expenses
Investment advisory		8,861
Professional		48,144
Accounting services		32,178
Custodian		21,113
Registration		10,000
Directors		5,229
Printing		4,751
Miscellaneous		7,300
Total expenses		137,576
Less fees waived by advisor		(2,316	)
Less fees paid indirectly		(1,549	)
Total expenses after fees waived and paid indirectly		133,711
Net investment income		1,011,202
Realized and Unrealized Gain (Loss)
Net realized gain from:
Investments		4,517,222
Financial futures contracts		886,568
		5,403,790
Net change in unrealized appreciation/depreciation on:
Investments		14,441,654
Financial futures contracts		(279,782	)
		14,161,872
Total realized and unrealized gain		19,565,662
Net Increase in Net Assets Resulting from Operations	$	20,576,864

See Notes to Financial Statements.
	QUANTITATIVE MASTER SERIES LLC	DECEMBER 31, 2010	11

Statements of Changes in Net Assets Master Mid Cap Index Series

	Year Ended December 31,
	2010			2009
Increase (Decrease) in Net Assets:
Operations
Net investment income	$	1,011,202		$	1,564,601
Net realized gain (loss)		5,403,790			(6,929,890	)
Net change in unrealized appreciation/depreciation		14,161,872			47,329,904
Net increase in net assets resulting from operations		20,576,864			41,964,615
Capital Transactions
Proceeds from contributions		41,742,542			59,598,833
Value of withdrawals		(45,804,867	)		(131,544,730	)
Net decrease in net assets derived from capital transactions		(4,062,325	)		(71,945,897	)
Net Assets
Total increase (decrease) in net assets		16,514,539			(29,981,282	)
Beginning of year		74,628,065			104,609,347
End of year	$	91,142,604		$	74,628,065

See Notes to Financial Statements.
12	QUANTITATIVE MASTER SERIES LLC	DECEMBER 31, 2010

Financial Highlights Master Mid Cap Index Series

	Year Ended December 31,
	2010			2009			2008			2007			2006
Total Investment Return
Total investment return		26.30	%		37.13	%		(36.25	)%		7.98	%		10.30	%
Ratios to Average Net Assets
Total expenses		0.16	%		0.14	%		0.14	%		0.10	%		0.09	%
Total expenses after fees waived and paid indirectly		0.15	%		0.13	%		0.14	%		0.10	%		0.09	%
Net investment income		1.14	%		1.36	%		1.70	%		1.49	%		1.61	%
Supplemental Data
Net assets, end of year (000)	$	91,143		$	74,628		$	104,609		$	167,746		$	120,365
Portfolio turnover		32	%		31	%		33	%		23	%		28	%

See Notes to Financial Statements.
	QUANTITATIVE MASTER SERIES LLC	DECEMBER 31, 2010	13

Notes to Financial Statements Master Mid Cap Index Series

1. Organization and Significant Accounting Policies:

Master Mid Cap Index Series (the “Series”), a non-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 in the Master LLC, subject to certain limitations. The Series’ financial statements are prepared in conformity with accounting principles generally accepted in the United States of America, which may require management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates.

The following is a summary of significant accounting policies followed by the Series:

Valuation: The Series fair values its financial instruments at market value using independent dealers or pricing services under policies approved by the Board. Equity investments traded on a recognized securities exchange or the NASDAQ Global Market System (“NASDAQ”) are valued at the last reported sale price that day or the NASDAQ official closing price, if applicable. For equity investments traded on more than one exchange, the last reported sale price on the exchange where the stock is primarily traded is used. Equity investments traded on a recognized exchange for which there were no sales on that day are valued at the last available bid price. If no bid price is available, the prior day’s price will be used, unless it is determined that such prior day’s price no longer reflects the fair value of the security. Financial futures contracts traded on exchanges are valued at their last sale price. Investments in open-end registered investment companies are valued at net asset value each business day. Short-term securities with remaining maturities of 60 days or less may be valued at amortized cost, which approximates fair value.

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 net assets of the underlying fund. 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 promulgated by the SEC under the 1940 Act. The Series may withdraw up to 25% of its investment daily, although the manager of the Money Market Series, in its sole discretion, may permit an investor to withdraw more than 25% on any one day.

In the event that application of these methods of valuation results in a price for an investment which is deemed not to be representative of the market value of such investment or is not available, the investment will be valued in accordance with a policy approved by the Board as reflecting fair value (“Fair Value Assets”). When determining the price for Fair Value Assets, the investment advisor and/or the sub-advisor 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 investment advisor and/or sub-advisor deems relevant. The pricing of all Fair Value Assets is subsequently reported to the Board or a committee thereof.

Segregation and Collateralization: In cases in which the 1940 Act and the interpretive positions of the Securities and Exchange Commission (“SEC”) require that the Series either delivers collateral or segregates assets in connection with certain investments (e.g., financial futures contracts), the Series will, consistent with SEC rules and/or certain interpretive letters issued by the SEC, segregate collateral or designate on its books and records cash or other liquid securities having a market value at least equal to the amount that would otherwise be required to be physically segregated. Furthermore, based on requirements and agreements with certain exchanges and third party broker-dealers, each party has requirements to deliver/deposit securities as collateral for certain investments.

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

Securities Lending: The Series may lend securities to financial institutions that provide cash as collateral, which will be maintained at all times in an amount equal to at least 100% of the current market value of the loaned securities. The market value of the loaned securities is determined at the close of business of the Series and any additional required collateral is delivered to the Series on the next business day. Securities lending income, as disclosed in the Statement of Operations, represents the income earned from the investment of the cash collateral, net of rebates paid to, or fees paid by, borrowers and less the fees paid to the securities lending agent. During the term of the loan, the Series earns dividends and interest on the securities loaned. 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. In the event that the borrower defaults on its obligation to return borrowed securities because of insolvency or for any other reason, the Series could experience delays and costs in gaining access to the collateral. The Series also could suffer a loss if the value of an investment purchased with cash collateral falls below the market value of loaned securities or if the value of an investment purchased with cash collateral falls below the value of the original cash collateral received.

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

The Series files US federal and various state and local tax returns. No income tax returns are currently under examination. The statute of limitations on the Series’ US federal tax returns remains open for each of the four years ended December 31, 2010. The statutes of limitations on the Series’ state and local tax returns may remain open

14 QUANTITATIVE MASTER SERIES LLC DECEMBER 31, 2010

Notes to Financial Statements (continued) Master Mid Cap Index Series

for an additional year depending upon the jurisdiction. Management does not believe there are any uncertain tax positions that require recognition of a tax liability.

Other: Expenses directly related to the Series are charged to the Series. Other operating expenses shared by several funds are pro rated among those funds on the basis of relative net assets or other appropriate methods. The Series has an arrangement with the custodian whereby fees may be reduced by credits earned on univested 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.

2. Derivative Financial Instruments:

The Series engages in various portfolio investment strategies using derivative contracts both to increase the return of the Series and to economically hedge, or protect, its exposure to certain risks such as equity risk. These contracts may be transacted on an exchange.

Losses may arise if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument or if the counterparty does not perform under the contract. Counterparty risk related to exchange-traded financial futures contracts is deemed to be minimal due to the protection against defaults provided by the exchange on which these contracts trade.

Financial Futures Contracts: The Series purchases 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 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, futures contracts are settled either through physical delivery of the underlying instrument on the settlement date of by payment of a cash settlement amount on settlement date. 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 margin variation and are recorded by the Series as unrealized gains or losses. 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 transactions involves the risk of an imperfect correlation in the movements in the price of financial futures contracts, interest rates and the underlying assets.

Derivative Instruments Categorized by Risk Exposure:

Fair Value of Derivative Instruments as of December 31, 2010
Asset Derivatives
	Statement of Assets and Liabilities Location		Value
Equity	Net unrealized
contracts	appreciation/depreciation*	$	11,634

* Includes cumulative appreciation/depreciation of financial futures contracts as reported in the Schedule of Investments. Only current day’s margin variation is reported within the Statement of Assets and Liabilities.

The Effect of Derivative Instruments on the Statement of Operations Year Ended December 31, 2010
Net Realized Gain from
	Financial Futures Contracts
Equity contracts	$	886,568
Net Change in Unrealized Appreciation/Depreciation on
	Financial Futures Contracts
Equity contracts	$	(279,782	)

For the year ended December 31, 2010, the average quarterly balances of outstanding derivative financial instruments were as follows:

Financial futures contracts:
Average number of contracts purchased		26
Average notional value of contracts purchased	$	2,079,227

3. Investment Advisory Agreement and Other Transactions with Affiliates:

The PNC Financial Services Group, Inc. (“PNC”), Bank of America Corporation (“BAC”) and Barclays Bank PLC (“Barclays”) are the largest stockholders of BlackRock, Inc. (“BlackRock”). Due to the ownership structure, PNC is an affiliate of the Series for 1940 Act purposes, but BAC and Barclays are not.

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

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

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

For the year ended December 31, 2010, the Series reimbursed the Manager $1,294 for certain accounting services, which are included in accounting services in the Statement of Operations.

The Master LLC, on behalf of the Series, received an exemptive order from the SEC permitting it, among other things, to pay an affiliated

QUANTITATIVE MASTER SERIES LLC DECEMBER 31, 2010 15

Notes to Financial Statements (concluded)

securities lending agent a fee based on a share of the income derived from the securities lending activities and has retained BIM as the securities lending agent. BIM may, on behalf of the Series, invest cash collateral received by the Series for such loans, among other things, in a private investment company managed by the Manager or in registered money market funds advised by the Manager or its affiliates. The market value of securities on loan and the value of the related collateral, if applicable are shown in the Statement of Assets and Liabilities as securities loaned and collateral on securities loaned at value, respectively. The cash collateral invested by BIM is disclosed in the Schedule of Investments. The share of income earned by the Series on such investments is shown as securities lending — affiliated in the Statement of Operations. For the year ended December 31, 2010, BIM received $2,471 in securities lending agent fees related to securities lending activities for the Series.

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

4. Investments:

Purchases and sales of investments, excluding short-term securities, for the year ended December 31, 2010, were $31,218,629 and $26,620,186, respectively.

5. Borrowings:

The Master LLC, on behalf of the Series, along with certain other funds managed by the Manager and its affiliates, is a party to a $500 million credit agreement with a group of lenders, which expired in November 2010. The Series may borrow under the credit agreement to fund investor withdrawals. Effective November 2009, the credit agreement had the following terms: 0.02% upfront fee on the aggregate commitment amount which was allocated to the Series based on its net assets as of October 31, 2009, a commitment fee of 0.10% per annum based on the Series’ pro rata share of the unused portion of the credit agreement and interest at a rate equal to the higher of (a) the one-month LIBOR plus 1.25% per annum and (b) the Fed Funds rate plus 1.25% per annum on amounts borrowed. In addition, the Series paid administration and arrangement fees which were allocated to the Series based on its net assets as of October 31, 2009. Effective November 2010, the credit agreement was renewed until November 2011 with the following terms: a commitment fee of 0.08% per annum based on the Series’ pro rata share of the unused portion of the credit agreement and interest at a rate equal to the higher of (a) the one-month LIBOR plus 1.00% per annum and (b) the Fed Funds rate plus 1.00% per annum on amounts borrowed. In addition, the Series paid administration and arrangement fees which were allocated to the Series based on its net assets as of October 31, 2010. The Series did not borrow under the credit agreement during the year ended December 31, 2010.

6. Concentration, Market and Credit Risk:

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

As of December 31, 2010, 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.

7. 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.

16 QUANTITATIVE MASTER SERIES LLC DECEMBER 31, 2010

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Investors 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 Mid Cap Index Series, one of the portfolios constituting Quantitative Master Series LLC, (the “Master LLC”) as of December 31, 2010, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended. These financial statements and financial highlights are the responsibility of the Master LLC’s 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 Master LLC 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 Master LLC’s 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, 2010, 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 Mid Cap Index Series of Quantitative Master Series LLC as of December 31, 2010, 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

Princeton, New Jersey
February 28, 2011

QUANTITATIVE MASTER SERIES LLC DECEMBER 31, 2010 17

Officers and Directors

Name, Address and Year of Birth	Position(s) Held with Master LLC	Length of Time Served as a Director 2	Principal Occupation(s) During Past Five Years	Number of BlackRock – Advised Registered Investment Companies (“RICs”) Consisting of Investment Portfolios (“Portfolios”) Overseen	Public Directorships
Non-Interested
Directors 1
Ronald W. Forbes 55 East 52nd Street New York, NY 10055 1940	Co-Chair of the Board and Director	Since 2007	Professor Emeritus of Finance, School of Business, State University of New York at Albany since 2000.	36 RICs consisting of 95 Portfolios	None
Rodney D. Johnson 55 East 52nd Street New York, NY 10055 1941	Co-Chair of the Board and Director	Since 2007	President, Fairmount Capital Advisors, Inc. since 1987; Director, Fox Chase Cancer Center since 2004; Member of the Archdiocesan Investment Committee of the Archdiocese of Philadelphia since 2004; Director, The Committee of Seventy (civic) since 2006.	36 RICs consisting of 95 Portfolios	None
David O. Beim 55 East 52nd Street New York, NY 10055 1940	Director	Since 2007	Professor of Finance and Economics at the Columbia University Graduate School of Business since 1991; Trustee, Phillips Exeter Academy since 2002; Chairman, Wave Hill, Inc. (public garden and cultural center) from 1990 to 2006.	36 RICs consisting of 95 Portfolios	None

18 QUANTITATIVE MASTER SERIES LLC DECEMBER 31, 2010

Dr. Matina S. Horner 55 East 52nd Street New York, NY 10055 1939	Director	Since 2007	Executive Vice President of Teachers Insurance and Annuity Association and College Retirement Equities Fund from 1989 to 2003.	36 RICs consisting of 95 Portfolios	NSTAR (electric and gas utility)
Herbert I. London 55 East 52nd Street New York, NY 10055 1939	Director and Member of the Audit Committee	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, Hudson Institute (policy research organization) since 1997 and Trustee thereof since 1980; Chairman of the Board of Trustees for Grantham University since 2006; Director, InnoCentive, Inc. (strategic solutions company) since 2005; Director, Cerego, LLC (software development and design) since 2005.	36 RICs consisting of 95 Portfolios	AIMS Worldwide, Inc. (marketing)

QUANTITATIVE MASTER SERIES LLC DECEMBER 31, 2010 19

Cynthia A. Montgomery 55 East 52nd Street New York, NY 10055 1952	Director	Since 2007	Professor, Harvard Business School since 1989; Director, Harvard Business School Publishing since 2005; Director, McLean Hospital since 2005.	36 RICs consisting of 95 Portfolios	Newell Rubbermaid, Inc. (manufacturing)
Joseph P. Platt 55 East 52nd Street New York, NY 10055 1947	Director	Since 2007	Director, The West Penn Allegheny Health System (a not-for-profit health system) since 2008; Director, Jones and Brown (Canadian insurance broker) since 1998; General Partner, Thorn Partners, LP (private investment) since 1998; Partner, Amarna Corporation, LLC (private investment company) from 2002 to 2008.	36 RICs consisting of 95 Portfolios	Greenlight Capital Re, Ltd. (reinsurance company); WQED Multi-Media (public broadcasting not-for-profit)
Robert C. Robb, Jr. 55 East 52nd Street New York, NY 10055 1945	Director	Since 2007	Partner, Lewis, Eckert, Robb and Company (management and financial consulting firm) since 1981.	36 RICs consisting of 95 Portfolios	None

20 QUANTITATIVE MASTER SERIES LLC DECEMBER 31, 2010

Toby Rosenblatt
55 East 52^nd Street
New York, NY 10055
1938 Director Since 2007 President, Founders Investments Ltd. (private investments) since 1999; Director, CollegeAccess Foundation of California (philanthropic foundation) since 2009; Director, Forward Management, LLC since 2007; Director, The James Irvine Foundation (philanthropic foundation) from 1998 to 2008. 36 RICs consisting of 95 Portfolios A.P. Pharma, Inc. (specialty pharmaceuticals)

QUANTITATIVE MASTER SERIES LLC DECEMBER 31, 2010 21

Kenneth L. Urish
55 East 52^nd Street
New York, NY 10055
1951 Chair of the Audit Committee and Director Since 2007 Managing Partner, Urish Popeck & Co., LLC (certified public accountants and consultants) since 1976; Chairman Elect 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; Trustee, The Holy Family Foundation from 2001 to 2010; President and Trustee, Pittsburgh Catholic Publishing Associates from 2003 to 2008; Director, Inter-Tel from 2006 to 2007. 36 RICs consisting of 95 Portfolios None

22 QUANTITATIVE MASTER SERIES LLC DECEMBER 31, 2010

Frederick W. Winter
55 East 52^nd Street
New York, NY 10055
1945 Director and Member of the Audit Committee Since 2007 Professor and Dean Emeritus of the Joseph M. Katz School of Business, University of Pittsburgh since 2005 and Dean thereof from 1997 to 2005; Director, Alkon Corporation (pneumatics) since 1992; Director, Tippman Sports (recreation) since 2005; Director, Indotronix International (IT services) from 2004 to 2008. 36 RICs consisting of 95 Portfolios None

1

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

2

Date shown is the earliest date a person has served as a Director 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 Directors as joining the Master LLC board in 2007, each Director first became a member of the board of other legacy MLIM or legacy BlackRock Funds as follows: David O. Beim, 1998; Ronald W. Forbes, 1977; Dr. Matina S. Horner, 2004; Rodney D. Johnson, 1995; Herbert I. London, 1987; Cynthia A. Montgomery, 1994; Joseph P. Platt, 1999; Robert C. Robb, Jr., 1998; Toby Rosenblatt, 2005; Kenneth L. Urish, 1999; and Frederick W. Winter, 1999.

QUANTITATIVE MASTER SERIES LLC DECEMBER 31, 2010 23

Interested Directors 1
Richard S. Davis 55 East 52nd Street New York, NY 10055 1945	Director	Since 2007	Managing Director, BlackRock, Inc. since 2005; Chief Executive Officer, State Street Research & Management Company from 2000 to 2005; Chairman of the Board of Directors, State Street Research Mutual Funds from 2000 to 2005.	169 RICs consisting of 289 Portfolios	None
Henry Gabbay 55 East 52nd Street New York, NY 10055 1947	Director	Since 2007	Consultant, BlackRock, Inc. from 2007 to 2008; Managing Director, BlackRock, Inc. from 1989 to 2007; Chief Administrative Officer, BlackRock Advisors, LLC from 1998 to 2007; President of BlackRock Funds and 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.	169 RICs consisting of 289 Portfolios	None

¹Mr. Davis is an “interested person” as defined in the 1940 Act, of the Master LLC based on his position with BlackRock, Inc. and its affiliates. Mr. Gabbay is an “interested person” of the Master LLC based on his former positions with BlackRock, Inc. and its affiliates as well as his ownership of BlackRock, Inc. and The PNC Financial Services Group, Inc. securities. Directors serve until their resignation, removal or death, or until December 31 of the year in which they turn 72.

24 QUANTITATIVE MASTER SERIES LLC DECEMBER 31, 2010

Name, Address and Year of Birth	Position(s) Held with the Master LLC	Length of Time Served	Principal Occupation(s) During Past Five Years
Master LLC Officers 1
John M. Perlowski 55 East 52nd Street New York, NY 10055 1964	President and Chief Executive Officer	Since 2010	Managing Director of BlackRock, Inc. since 2009; Global Head of BlackRock Fund Administration 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.
Brendan Kyne 55 East 52nd Street New York, NY 10055 1977	Vice President	Since 2009	Managing Director of BlackRock, Inc. since 2010; Director of BlackRock, Inc. from 2008 to 2009; Head of Product Development and Management for BlackRock’s U.S. Retail Group since 2009, co-head thereof from 2007 to 2009; Vice President of BlackRock, Inc. from 2005 to 2008.
Brian Schmidt 55 East 52nd Street New York, NY 10055 1958	Vice President	Since 2009	Managing Director of BlackRock, Inc. since 2004; Various positions with U.S. Trust Company from 1991 to 2003 including Director from 2001 to 2003 and Senior Vice President from 1998 to 2003; Vice President, Chief Financial Officer and Treasurer of Excelsior Funds, Inc., Excelsior Tax-Exempt Funds, Inc. and Excelsior Funds Trust from 2001 to 2003.
Neal Andrews 55 East 52nd Street New York, NY 10055 1966	Chief Financial Officer	Since 2007	Managing Director of BlackRock, Inc. since 2006; Senior Vice President and Line of Business Head of Fund Accounting and Administration at PNC Global Investment Servicing (U.S.) Inc. from 1992 to 2006.
Jay Fife 55 East 52nd Street New York, NY 10055 1970	Treasurer	Since 2007	Managing Director of BlackRock, Inc. since 2007 and Director in 2006; Assistant Treasurer of the Merrill Lynch Investment Managers, L.P. (“MLIM”) and Fund Asset Management, L.P. advised funds from 2005 to 2006; Director of MLIM Fund Services Group from 2001 to 2006.

QUANTITATIVE MASTER SERIES LLC DECEMBER 31, 2010 25

Brian Kindelan 55 East 52nd Street New York, NY 10055 1959	Chief Compliance Officer	Since 2007	Chief Compliance Officer of the BlackRock-advised funds since 2007; Managing Director and Senior Counsel of BlackRock, Inc. since 2005.
Ira Shapiro 55 East 52nd Street New York, NY 10055 1963	Secretary	Since 2010	Managing Director of BlackRock, Inc. since 2009; Managing Director and Associate General Counsel of Barclays Global Investors from 2008 to 2009; Principal thereof from 2004 to 2008.

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

Effective September 24, 2010, John M. Perlowski became President and Chief Executive Officer of the Master LLC.

Effective November 16, 2010, Ira Shapiro became Secretary of the Master LLC.

26 QUANTITATIVE MASTER SERIES LLC DECEMBER 31, 2010

Additional Information

Investment Advisor

BlackRock Advisors, LLC

Wilmington, DE 19809

Sub-Advisor

BlackRock Investment Management, LLC

Plainsboro, NJ 08536

Custodian

State Street Bank and Trust Company

Boston, MA 02111

Accounting Agent

State Street Bank and Trust Company

Princeton, NJ 08540

Legal Counsel

Sidley Austin LLP

New York, NY 10019

Independent Registered Public Accounting Firm

Deliotte & Touche LLP

Princeton, NJ 08540

Address of the Series

100 Bellevue Parkway

Wilmington, DE 19809

Availability Of Quarterly Schedule of Investments

The Series files its complete schedule of portfolio holdings with the Securities and Exchange Commission (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, DC. Information on the operation of the Public Reference Room 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 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 (1) at http://www.blackrock.com or by calling (800) 441-7762 and (2) on the SEC’s website at http://www.sec.gov.

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.

QUANTITATIVE MASTER SERIES LLC DECEMBER 31, 2010 27

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 and principal accounting officer, or persons performing similar functions. During the period covered by this report, there have been no amendments to or waivers granted under the code of ethics. A copy of the code of ethics is available without charge at www.blackrock.com.
Item 3 –	Audit Committee Financial Expert – The registrant’s board of directors or trustees, as applicable (the “board of directors”), has determined that (i) the registrant has the following audit committee financial experts serving on its audit committee and (ii) each audit committee financial expert is independent:
	Kenntih 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 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

	(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 Core Bond Enhanced Index Series of Quantitative Master Series LLC	$43,330	$43,300	$0	$0	$22,700	$22,700	$62	$0
Master Enhanced International Series of Quantitative Master Series LLC	$43,700	$43,700	$0	$0	$9,200	$9,200	$27	$0
Master Enhanced S&P 500 Series of Quantitative Master Series LLC	$31,500	$31,500	$0	$0	$9,200	$9,200	$151	$0
Master Enhanced Small Cap Series of Quantitative Master Series LLC	$30,500	$30,500	$0	$0	$5,800	$5,800	$35	$0
Master Extended Market Index Series of Quantitative Master Series LLC	$37,000	$39,200	$0	$0	$9,200	$9,200	$49	$0
Master Mid Cap Index Series of Quantitative Master Series LLC	$25,500	$25,500	$0	$0	$9,200	$9,200	$27	$0

1 The nature of the services include 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 include tax compliance, tax advice and tax planning.

3 The nature of the services include a review of compliance procedures and attestation thereto.

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

The registrant’s audit committee (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 registrant’s affiliated service providers that relate directly to the operations and the financial reporting of the registrant. Certain of these non-audit services that the Committee believes are a) consistent with the SEC’s auditor independence rules and b) routine and recurring services that will not impair the independence of the independent accountants may be approved by the Committee without consideration on a specific case-by-case basis (“general pre-approval”). The term of any general pre-approval is 12 months from the date of the pre-approval, unless the Committee provides for a different period. Tax or other non-audit services provided to the registrant which have a direct impact on the operation 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 audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f) Not Applicable

(g) Affiliates’ Aggregate Non-Audit Fees:

Entity Name	Current Fiscal Year End	Previous Fiscal Year End
Master Core Bond Enhanced Index Series of Quantitative Master Series LLC	$33,539	$425,200
Master Enhanced International Series of Quantitative Master Series LLC	$20,004	$411,700
Master Enhanced S&P 500 Series of Quantitative Master Series LLC	$20,128	$411,700
Master Enhanced Small Cap Series of Quantitative Master Series LLC	$16,612	$408,300
Master Extended Market Index Series of Quantitative Master Series LLC	$20,026	$411,700
Master Mid Cap Index Series of Quantitative Master Series LLC	$20,004	$411,700

	(h) The registrant’s audit committee has considered and determined that the provision of non-audit services that were rendered to the registrant’s investment adviser (not including any non-affiliated sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by the registrant’s investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant 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.
	Regulation S-X Rule 2-01(c)(7)(ii) – $10,777, 0%
Item 5 –	Audit Committee of Listed Registrants – Not Applicable
Item 6 –	Investments
	(a) The registrant’s Schedule of Investments is included as part of the Report to Stockholders filed under Item 1 of this form.
	(b) Not Applicable due to no such divestments during the semi-annual period covered since the previous Form N-CSR filing.
Item 7 –	Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies – Not Applicable
Item 8 –	Portfolio Managers of Closed-End Management Investment Companies – Not Applicable
Item 9 –	Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers – Not Applicable
Item 10 –	Submission of Matters to a Vote of Security Holders – The registrant’s Nominating and Governance Committee will consider nominees to the board of directors recommended by shareholders when a vacancy becomes available. Shareholders who wish to recommend a nominee should send nominations that include biographical information and set forth the qualifications of the proposed nominee to the registrant’s Secretary. There have been no material changes to these procedures.
Item 11 –	Controls and Procedures
11(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.
11(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
12(a)(1) –	Code of Ethics – See Item 2
12(a)(2) –	Certifications – Attached hereto
12(a)(3) –	Not Applicable
12(b) –	Certifications – Attached hereto

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.
Quantitative Master Series LLC
By:	/s/ John M. Perlowski
	John M. Perlowski
	Chief Executive Officer of
	Quantitative Master Series LLC
Date: March 4, 2011
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
	Quantitative Master Series LLC
Date: March 4, 2011
By:	/s/ Neal J. Andrews
	Neal J. Andrews
	Chief Financial Officer (principal financial officer) of
	Quantitative Master Series LLC
Date: March 4, 2011