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

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-07885

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

Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809

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

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

Date of fiscal year end: 12/31/2015

Date of reporting period: 06/30/2015

Item 1 – Report to Stockholders

Portfolio Management Commentary Master Extended Market Index Series

How did the Series perform?

• For the six-month period ended June 30, 2015, Master Extended Market Index Series (the “Series”), a series of Quantitative Master Series LLC, returned 4.79% while the benchmark Dow Jones U.S. Completion Total Stock Market Index^SM (the “Benchmark Index”) returned 4.77%.

Describe the market environment.

• The year started with U.S. stock prices falling as lower oil prices punished the energy sector and the negative impact of a stronger dollar began to show in the earnings of large global exporting companies. High valuations in U.S. stocks drove equity investors toward more appealing opportunities overseas. U.S. stocks rebounded in February due to increased merger and acquisition activity and strong earnings reports from cyclical technology companies. However, stock prices came under pressure again in March as an improving labor market furthered the appreciation of the U.S. dollar and raised investors’ focus on the timing of an expected Federal Reserve move toward tightening policy. U.S. equities came back into favor in April, after a powerful rally in European equities left valuations in the United States looking more appealing by comparison. U.S. stocks continued to outperform international markets in the following months as increasing turmoil around Greece’s debt troubles drove investors to the relative stability of U.S. markets.

• A clear sign of strength has yet to emerge from the blurry U.S. economic picture, as uptrends in the housing and labor markets stand in contrast with consumer caution and productivity languor. This economic unevenness together with still quiescent inflation has kept the Federal Reserve tentative on when to start raising short-term interest rates. However, hiring strength and a modest but concrete pickup in wage growth point to a possible acceleration in the second half of 2015. More investors are now penciling in an autumn rate hike — a significant event that could push market volatility beyond the unusually low levels of the past few years, but the investment advisor expects most of the ups and downs will be short-lived for stocks.

Describe recent portfolio activity.

• During the period, as changes were made to the composition of the Benchmark Index, the Series purchased and sold securities to maintain its objective of replicating the risks and return of the Benchmark Index.

Describe portfolio positioning at period end.

• Fund management believes the Series remains positioned to attempt to seek to match the risk characteristics of the Benchmark Index, irrespective of the market’s future direction.

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

QUANTITATIVE MASTER SERIES LLC JUNE 30, 2015 1

Portfolio Information as of June 30, 2015 Master Extended Market Index Series

Sector Allocation Percent of
Long-Term  Investments

Financials	23	%
Consumer Discretionary	17
Technology	16
Health Care	14
Industrial	14
Materials	5
Energy	4
Consumer Staples	3
Utilities	3
Telecommunications	1

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

Derivative Financial Instruments

The Series may invest in various derivative financial instruments. Derivative financial instruments are used to obtain exposure to a security, index and/or market without owning or taking physical custody of securities or to manage market, equity, credit, interest rate, foreign currency exchange rate, commodity and/or other risks. Derivative financial instruments may give rise to a form of economic leverage. Derivative financial instruments also involve risks, including the imperfect correlation between the value of a derivative financial instrument and the underlying asset, possible default of the counterparty to the transaction or illiquidity of the derivative financial instrument. The Series’ ability to use a derivative financial instrument successfully depends on the investment advisor’s ability to predict pertinent market movements accurately, which cannot be assured. The use of derivative financial instruments may result in losses greater than if they had not been used, may limit the amount of appreciation the Series can realize on an investment and/or may result in lower distributions paid to shareholders. The Series’ investments in these instruments are discussed in detail in the Notes to Financial Statements.

2 QUANTITATIVE MASTER SERIES LLC JUNE 30, 2015

Schedule of Investments June 30, 2015 (Unaudited) Master Extended Market Index Series (Percentages shown are based on Net Assets)

Common Stocks	Shares		Value
Aerospace & Defense — 1.7%
AAR Corp.		5,544	$	176,687
Aerojet Rocketdyne Holdings, Inc. (a)		9,848		202,967
Aerovironment, Inc. (a)		3,079		80,300
Astronics Corp. (a)		3,084		218,625
B/E Aerospace, Inc.		15,171		832,888
The BWX Technologies, Inc.		15,532		509,450
CPI Aerostructures, Inc. (a)		2,281		22,833
Cubic Corp.		3,267		155,444
Curtiss-Wright Corp.		6,896		499,546
Ducommun, Inc. (a)		1,874		48,106
Engility Holdings, Inc.		2,637		66,347
Esterline Technologies Corp. (a)		4,348		414,538
HEICO Corp.		682		39,761
HEICO Corp., Class A		7,676		389,711
Hexcel Corp.		14,247		708,646
Huntington Ingalls Industries, Inc.		7,147		804,681
Innovative Solutions & Support, Inc. (a)		4,600		15,180
KLX, Inc. (a)		7,789		343,729
Kratos Defense & Security Solutions, Inc. (a)		9,451		59,541
LMI Aerospace, Inc. (a)		2,720		27,227
Mantech International Corp., Class A		3,277		95,033
Moog, Inc., Class A (a)		5,739		405,633
Orbital ATK, Inc.		8,354		612,849
RBC Bearings, Inc. (a)		3,523		252,810
Smith & Wesson Holding Corp. (a)		9,005		149,393
Spirit Aerosystems Holdings, Inc., Class A (a)		19,249		1,060,812
Sturm Ruger & Co., Inc.		3,052		175,337
Taser International, Inc. (a)		8,193		272,909
Teledyne Technologies, Inc. (a)		5,181		546,647
TransDigm Group, Inc. (a)		7,289		1,637,620
Triumph Group, Inc.		7,519		496,179
VSE Corp.		644		34,460
				11,355,889
Alternative Energy — 0.1%
Aemetis, Inc. (a)		3,787		13,633
Amyris, Inc. (a)(b)		8,820		17,199
Ascent Solar Technologies, Inc. (a)(b)		10,274		5,651
Enphase Energy, Inc. (a)		3,615		27,510
FuelCell Energy, Inc. (a)(b)		38,645		37,752
Green Plains Renewable Energy, Inc.		4,822		132,846
Ocean Power Technologies, Inc. (a)		11,468		5,906
Pattern Energy Group, Inc.		6,653		188,812
Plug Power, Inc. (a)(b)		25,740		63,063
Renewable Energy Group, Inc. (a)		4,264		49,292
REX American Resources Corp. (a)		798		50,785
Solazyme, Inc. (a)(b)		10,976		34,465
SunPower Corp. (a)		7,545		214,353
				841,267
Automobiles & Parts — 2.0%
Allison Transmission Holdings, Inc.		23,204		678,949
American Axle & Manufacturing Holdings, Inc. (a)		11,009		230,198
Autoliv, Inc.		12,773		1,491,248
Cooper Tire & Rubber Co.		8,084		273,482
Cooper-Standard Holding, Inc. (a)		2,037		125,214
Dana Holding Corp.		23,943		492,747
Dorman Products, Inc. (a)		4,690		223,525
Federal-Mogul Corp. (a)		4,284		48,623
Fuel Systems Solutions, Inc. (a)		2,808		21,004
Gentex Corp.		43,656		716,832
Gentherm, Inc. (a)		5,419		297,557
Lear Corp.		11,155		1,252,260
LKQ Corp. (a)		44,249		1,338,311
LoJack Corp. (a)		6,073		20,952
Modine Manufacturing Co. (a)		7,575		81,280
Motorcar Parts of America, Inc. (a)		2,943		88,555
Common Stocks	Shares		Value
Automobiles & Parts (concluded)
Remy International, Inc.		4,763		105,310
Standard Motor Products, Inc.		3,134		110,066
Stoneridge, Inc. (a)		4,259		49,873
Strattec Security Corp.		573		39,365
Superior Industries International, Inc.		3,414		62,510
Tenneco, Inc. (a)		8,465		486,230
Tesla Motors, Inc. (a)		14,381		3,857,847
Titan International, Inc.		8,211		88,186
Tower International, Inc. (a)		2,971		77,395
U.S. Auto Parts Network, Inc. (a)		7,139		15,706
Visteon Corp. (a)		6,428		674,811
WABCO Holdings, Inc. (a)		8,081		999,781
				13,947,817
Banks — 5.6%
1st Source Corp.		1,862		63,531
Ameriana Bancorp		1,956		41,643
American National Bankshares, Inc.		1,548		36,858
Ameris Bancorp		4,563		115,398
Ames National Corp.		1,856		46,586
Arrow Financial Corp.		2,224		60,115
Associated Banc-Corp		22,027		446,487
Astoria Financial Corp.		12,497		172,334
Banc of California, Inc.		4,690		64,488
Bancfirst Corp.		831		54,389
Bancorp of New Jersey, Inc.		2,128		24,493
The Bancorp, Inc. (a)		5,772		53,564
BancorpSouth, Inc.		12,324		317,466
Bank Mutual Corp.		7,238		55,515
Bank of Hawaii Corp.		6,349		423,351
Bank of Marin Bancorp		972		49,446
Bank of the Ozarks, Inc.		10,398		475,709
BankFinancial Corp.		4,459		52,527
BankUnited, Inc.		15,096		542,399
Banner Corp.		3,084		147,816
Bar Harbor Bankshares		1,355		48,008
BCB Bancorp, Inc.		2,823		34,497
Bear State Financial, Inc. (a)		2,595		24,237
Beneficial Bancorp, Inc. (a)		5,965		74,503
Berkshire Hills Bancorp, Inc.		4,222		120,243
BNC Bancorp		4,709		91,025
BofI Holding, Inc. (a)		2,046		216,283
BOK Financial Corp.		3,116		216,811
Boston Private Financial Holdings, Inc.		12,591		168,845
Bridge Bancorp, Inc.		2,106		56,209
Bridge Capital Holdings (a)		1,910		56,918
Brookline Bancorp, Inc.		10,701		120,814
Bryn Mawr Bank Corp.		2,602		78,476
California First National Bancorp		882		11,898
Camden National Corp.		1,176		45,511
Cape Bancorp, Inc.		3,648		34,510
Capital Bank Financial Corp., Class A (a)		4,254		123,664
Capital City Bank Group, Inc.		1,923		29,364
Capitol Federal Financial, Inc.		18,962		228,303
Cardinal Financial Corp.		4,985		108,623
Cascade Bancorp (a)		6,367		32,981
Cathay General Bancorp		10,973		356,074
Centerstate Banks, Inc.		6,951		93,908
Central Pacific Financial Corp.		4,655		110,556
Century Bancorp, Inc., Class A		627		25,494
Chemical Financial Corp.		4,661		154,093
Chicopee Bancorp, Inc.		2,061		33,986
Citizens & Northern Corp.		2,446		50,265
Citizens Financial Group, Inc.		33,190		906,419
City Holding Co.		2,320		114,260
City National Corp.		7,157		646,921
Civista Bancshares, Inc.		1,968		21,254

See Notes to Financial Statements.

QUANTITATIVE MASTER SERIES LLC JUNE 30, 2015 3

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

Common Stocks	Shares		Value
Banks (continued)
Clifton Bancorp, Inc.		3,658	$	51,175
CNB Financial Corp.		2,402		44,197
CoBiz Financial, Inc.		5,743		75,061
Colony Bankcorp, Inc. (a)		463		4,167
Columbia Banking System, Inc.		7,800		253,812
Commerce Bancshares, Inc.		12,290		574,803
Community Bank System, Inc.		6,000		226,620
Community Trust Bancorp, Inc.		2,381		83,025
CommunityOne Bancorp (a)		2,905		31,287
ConnectOne Bancorp, Inc.		3,299		71,027
Cullen/Frost Bankers, Inc.		8,185		643,177
CVB Financial Corp.		13,798		242,983
Dime Community Bancshares, Inc.		4,654		78,839
Eagle Bancorp, Inc. (a)		4,336		190,611
East West Bancorp, Inc.		21,213		950,767
Eastern Virginia Bankshares, Inc.		2,546		16,065
Enterprise Bancorp, Inc.		1,296		30,378
Enterprise Financial Services Corp.		3,330		75,824
ESSA Bancorp, Inc.		1,863		23,958
Farmers Capital Bank Corp. (a)		1,489		42,332
Fidelity Southern Corp.		3,242		56,540
Financial Institutions, Inc.		2,187		54,325
First Bancorp, Inc.		2,216		43,079
First Bancorp, North Carolina		3,105		51,791
First BanCorp, Puerto Rico (a)		15,663		75,496
First Busey Corp.		11,407		74,944
First Citizens BancShares, Inc., Class A		1,278		336,165
First Commonwealth Financial Corp.		13,854		132,860
First Community Bancshares, Inc.		2,730		49,741
First Connecticut Bancorp, Inc.		3,213		50,990
First Defiance Financial Corp.		1,535		57,609
First Financial Bancorp		8,783		157,567
First Financial Bankshares, Inc.		9,303		322,256
First Financial Corp.		1,589		56,823
First Financial Northwest, Inc.		2,894		36,059
First Horizon National Corp.		34,097		534,300
First Interstate Bancsystem, Inc.		2,988		82,887
First Merchants Corp.		5,448		134,566
First Midwest Bancorp, Inc.		11,044		209,505
First Niagara Financial Group, Inc.		52,805		498,479
The First of Long Island Corp.		2,237		62,010
First Republic Bank		19,347		1,219,441
First Security Group, Inc. (a)		15,167		37,159
First South Bancorp, Inc.		3,052		24,111
First United Corp. (a)		1,784		15,449
FirstMerit Corp.		24,002		499,962
Flagstar Bancorp, Inc. (a)		3,391		62,666
Flushing Financial Corp.		4,602		96,688
FNB Corp.		24,946		357,227
Fox Chase Bancorp, Inc.		2,566		43,417
Fulton Financial Corp.		26,155		341,584
German American Bancorp, Inc.		2,176		64,083
Glacier Bancorp, Inc.		10,920		321,266
Great Southern Bancorp, Inc.		1,408		59,333
Greene County Bancshares, Inc.		3,466		—
Guaranty Bancorp		3,814		62,969
Hampton Roads Bankshares, Inc. (a)		11,270		23,442
Hancock Holding Co.		11,728		374,241
Hanmi Financial Corp.		5,135		127,553
Heartland Financial USA, Inc.		2,048		76,227
Heritage Commerce Corp.		4,396		42,246
Heritage Financial Corp.		5,226		93,389
HMN Financial, Inc. (a)		1,907		22,484
Home Bancorp, Inc.		1,779		44,902
Home BancShares, Inc.		8,509		311,089
HomeTrust Bancshares, Inc. (a)		3,402		57,018
Horizon Bancorp		1,338		33,396
Common Stocks	Shares		Value
Banks (continued)
Hudson Valley Holding Corp.		2,386		67,309
Iberiabank Corp.		4,839		330,165
Independent Bank Corp./MA		3,736		175,181
Independent Bank Corp./MI		4,221		57,237
International Bancshares Corp.		8,105		217,781
Investors Bancorp, Inc.		50,255		618,137
Kearny Financial Corp. (a)		4,495		50,164
Lakeland Bancorp, Inc.		5,519		65,621
Lakeland Financial Corp.		2,532		109,813
LegacyTexas Financial Group, Inc.		5,686		171,717
Macatawa Bank Corp.		6,531		34,614
MainSource Financial Group, Inc.		3,542		77,747
MB Financial, Inc.		9,145		314,954
Mercantile Bank Corp.		2,713		58,085
Merchants Bancshares, Inc.		1,163		38,460
Metro Bancorp, Inc.		2,347		61,351
MidSouth Bancorp, Inc.		1,608		24,538
MidWestOne Financial Group, Inc.		1,520		50,038
MutualFirst Financial, Inc.		1,697		39,421
National Bank Holdings Corp., Class A		5,243		109,212
National Bankshares, Inc.		1,269		37,131
National Penn Bancshares, Inc.		19,508		220,050
NBT Bancorp, Inc.		6,330		165,656
New York Community Bancorp, Inc.		65,773		1,208,908
NewBridge Bancorp		5,756		51,401
Northfield Bancorp, Inc.		7,907		119,000
Northrim BanCorp, Inc.		1,270		32,550
Northwest Bancshares, Inc.		13,932		178,608
Norwood Financial Corp.		859		25,186
OceanFirst Financial Corp.		2,337		43,585
OFG Bancorp		7,031		75,021
Ohio Valley Banc Corp.		934		21,136
Old National Bancorp		15,511		224,289
Old Second Bancorp, Inc. (a)		5,393		35,594
Oritani Financial Corp.		6,327		101,548
Orrstown Financial Services, Inc.		2,093		33,865
Pacific Continental Corp.		3,334		45,109
PacWest Bancorp		14,382		672,502
Park National Corp.		2,005		175,177
Park Sterling Corp.		9,934		71,525
Peapack Gladstone Financial Corp.		2,063		45,840
Penns Woods Bancorp, Inc.		1,050		46,295
Peoples Bancorp of North Carolina, Inc.		1,497		27,455
Peoples Bancorp, Inc.		2,099		48,991
Peoples Financial Corp. (a)		1,245		12,612
Pinnacle Financial Partners, Inc.		5,097		277,124
Popular, Inc. (a)		15,210		438,961
Porter Bancorp, Inc. (a)		1,044		1,660
Preferred Bank		2,659		79,903
PrivateBancorp, Inc.		10,401		414,168
Prosperity Bancshares, Inc.		8,762		505,918
Provident Financial Holdings, Inc.		1,737		29,077
Provident Financial Services, Inc.		7,911		150,230
Pulaski Financial Corp.		2,837		36,654
Renasant Corp.		4,800		156,480
Republic Bancorp, Inc., Class A		1,667		42,842
Republic First Bancorp, Inc. (a)		6,390		22,173
Riverview Bancorp, Inc.		7,265		31,094
S&T Bancorp, Inc.		4,337		128,332
Sandy Spring Bancorp, Inc.		3,931		109,989
Seacoast Banking Corp. of Florida (a)		4,359		68,872
Shore Bancshares, Inc. (a)		3,680		34,702
Sierra Bancorp		1,921		33,253
Signature Bank (a)		7,538		1,103,488
Simmons First National Corp., Class A		2,584		120,621
South State Corp.		3,558		270,372
Southside Bancshares, Inc.		4,149		121,275

See Notes to Financial Statements.

4 QUANTITATIVE MASTER SERIES LLC JUNE 30, 2015

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

Common Stocks	Shares			Value
Banks (concluded)
Southwest Bancorp, Inc.		3,310		$	61,599
State Bank Financial Corp.		5,576			120,999
Sterling Bancorp		13,051			191,850
Stock Yards Bancorp, Inc.		2,255			85,216
Suffolk Bancorp		2,452			62,918
Summit Financial Group, Inc.		1,684			18,878
Sun Bancorp, Inc. (a)		2,292			44,121
Susquehanna Bancshares, Inc.		26,422			373,079
SVB Financial Group (a)		7,613			1,096,120
Synovus Financial Corp.		20,237			623,704
TCF Financial Corp.		23,707			393,773
Territorial Bancorp, Inc.		1,901			46,118
Texas Capital Bancshares, Inc. (a)		6,755			420,431
TFS Financial Corp.		12,214			205,439
Tompkins Financial Corp.		1,745			93,741
TowneBank		7,086			115,431
Trico Bancshares		3,317			79,774
TrustCo Bank Corp. NY		14,741			103,629
Trustmark Corp.		9,708			242,506
UMB Financial Corp.		5,469			311,842
Umpqua Holdings Corp.		32,243			580,052
Union Bankshares Corp.		6,713			156,010
United Bancorp, Inc.		3,115			27,942
United Bankshares, Inc.		9,308			374,461
United Community Banks, Inc.		6,703			139,892
United Community Financial Corp.		11,244			60,155
United Financial Bancorp, Inc.		7,872			105,878
United Security Bancshares (a)		3,895			19,631
Univest Corp. of Pennsylvania		2,482			50,534
Valley National Bancorp		33,096			341,220
Washington Federal, Inc.		14,111			329,492
Washington Trust Bancorp, Inc.		2,302	��		90,883
Waterstone Financial, Inc.		5,144			67,901
Webster Financial Corp.		13,130			519,292
WesBanco, Inc.		5,376			182,892
West BanCorp., Inc.		3,190			63,290
Westamerica BanCorp		3,780			191,457
Western Alliance Bancorp (a)		11,822			399,111
Westfield Financial, Inc.		3,799			27,771
Wilshire Bancorp, Inc.		11,170			141,077
Wintrust Financial Corp.		6,809			363,464
WSFS Financial Corp.		3,816			104,368
Yadkin Financial Corp. (a)		3,234			67,752
Your Community Bankshares, Inc.		321			8,786
					38,550,756
Beverages — 0.1%
The Boston Beer Co., Inc., Class A (a)		1,333			309,243
Coca-Cola Bottling Co. Consolidated		775			117,079
Craft Brew Alliance, Inc. (a)		1,760			19,466
National Beverage Corp. (a)		2,173			48,871
Primo Water Corp. (a)		5,635			32,232
Willamette Valley Vineyards, Inc. (a)		2,312			15,999
					542,890
Chemicals — 2.5%
A. Schulman, Inc.		4,227			184,804
Aceto Corp.		4,209			103,668
Albemarle Corp.		16,595			917,206
American Vanguard Corp.		3,882			53,572
Ashland, Inc.		9,444			1,151,224
Axalta Coating Systems, Ltd. (a)		13,232			437,715
Axiall Corp.		10,323			372,144
Balchem Corp.		4,539			252,913
Cabot Corp.		9,198			342,993
Calgon Carbon Corp.		8,196			158,839
Cambrex Corp. (a)		4,637			203,750
Common Stocks	Shares			Value
Chemicals (concluded)
Celanese Corp., Series A		22,145			1,591,783
Chase Corp.		1,295			51,476
The Chemours Co. (a)		26,555			424,880
Chemtura Corp. (a)		11,318			320,413
Cytec Industries, Inc.		10,522			636,897
Ferro Corp. (a)		13,135			220,405
FutureFuel Corp.		3,639			46,834
Hawkins, Inc.		1,451			58,606
HB Fuller Co.		7,330			297,745
Huntsman Corp.		29,915			660,224
Innophos Holdings, Inc.		3,136			165,079
Innospec, Inc.		3,555			160,117
Intrepid Potash, Inc. (a)		8,477			101,215
KMG Chemicals, Inc.		1,469			37,371
Koppers Holdings, Inc.		3,035			75,025
Kraton Performance Polymers, Inc. (a)		5,043			120,427
Kronos Worldwide, Inc.		2,763			30,282
LSB Industries, Inc. (a)		2,939			120,029
Metabolix, Inc. (a)		2,331			8,741
Minerals Technologies, Inc.		5,120			348,826
NewMarket Corp.		1,568			696,020
Olin Corp.		11,378			306,637
OM Group, Inc.		4,674			157,046
OMNOVA Solutions, Inc. (a)		7,759			58,115
Platform Specialty Products Corp. (a)		18,129			463,740
PolyOne Corp.		13,217			517,710
Polypore International, Inc. (a)		6,803			407,364
Quaker Chemical Corp.		1,917			170,306
Rayonier Advanced Materials, Inc.		6,271			101,966
Rentech, Inc. (a)		30,656			32,802
RPM International, Inc.		19,860			972,544
Senomyx, Inc. (a)		7,801			41,813
Sensient Technologies Corp.		6,975			476,672
Stepan Co.		2,773			150,047
TOR Minerals International, Inc. (a)		1,000			6,250
Tredegar Corp.		3,711			82,050
Tronox Ltd., Class A		9,237			135,137
The Valspar Corp.		11,020			901,656
Westlake Chemical Corp.		6,033			413,803
WR Grace & Co. (a)		10,950			1,098,285
Zagg, Inc. (a)		5,548			43,940
					16,889,106
Construction & Materials — 2.2%
AAON, Inc.		6,260			140,975
Acuity Brands, Inc.		6,447			1,160,331
Advanced Drainage Systems, Inc.		3,685			108,081
AECOM (a)		22,993			760,608
Aegion Corp. (a)		5,959			112,863
Ameresco, Inc., Class A (a)		4,419			33,805
American DG Energy, Inc. (a)		13,435			5,374
American Woodmark Corp. (a)		2,023			110,962
AO Smith Corp.		11,063			796,315
Apogee Enterprises, Inc.		4,359			229,458
Argan, Inc.		1,758			70,900
Armstrong World Industries, Inc. (a)		6,693			356,603
BlueLinx Holdings, Inc. (a)		22,042			21,160
Blueprint Medicines Corp. (a)		760			20,132
Boise Cascade Co. (a)		5,751			210,947
Builders FirstSource, Inc. (a)		9,072			116,485
Chicago Bridge & Iron Co. NV (b)		14,092			705,164
Continental Building Products, Inc. (a)		3,762			79,717
Eagle Materials, Inc.		7,488			571,559
EMCOR Group, Inc.		9,063			432,940
Fortune Brands Home & Security, Inc.		23,350			1,069,897
Generac Holdings, Inc. (a)		10,137			402,946
Gibraltar Industries, Inc. (a)		4,428			90,198

See Notes to Financial Statements.

QUANTITATIVE MASTER SERIES LLC JUNE 30, 2015 5

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

Common Stocks	Shares		Value
Construction & Materials (concluded)
Granite Construction, Inc.		5,285	$	187,670
Great Lakes Dredge & Dock Corp. (a)		9,666		57,609
Griffon Corp.		6,030		95,998
Headwaters, Inc. (a)		11,016		200,712
Hill International, Inc. (a)		5,539		29,135
Installed Building Products, Inc. (a)		2,556		62,571
Insteel Industries, Inc.		2,430		45,441
Integrated Electrical Services, Inc. (a)		2,641		18,751
Inteliquent, Inc.		5,008		92,147
KBR, Inc.		21,553		419,852
Layne Christensen Co. (a)(b)		3,913		35,021
LB Foster Co., Class A		1,479		51,188
Lennox International, Inc.		6,038		650,232
Louisiana-Pacific Corp. (a)		21,467		365,583
Masonite International Corp. (a)		3,084		216,219
MasTec, Inc. (a)		9,563		190,017
MDU Resources Group, Inc.		28,638		559,300
Mueller Water Products, Inc., Series A		23,943		217,881
MYR Group, Inc. (a)		3,640		112,694
NCI Building Systems, Inc. (a)		5,071		76,420
Nortek, Inc. (a)		1,408		117,047
Northwest Pipe Co. (a)		1,680		34,222
Omega Flex, Inc.		773		29,111
Orion Marine Group, Inc. (a)		5,034		36,346
Owens Corning		17,361		716,141
Patrick Industries, Inc. (a)		2,050		78,003
PGT, Inc. (a)		6,680		96,927
Ply Gem Holdings, Inc. (a)		2,715		32,010
Primoris Services Corp.		5,751		113,870
Quanex Building Products Corp.		5,802		124,337
Simpson Manufacturing Co., Inc.		6,005		204,170
Sterling Construction Co., Inc. (a)		4,288		17,152
Thermon Group Holdings, Inc. (a)		5,070		122,035
TopBuild Corp. (a)		5,664		164,256
TRC Cos., Inc. (a)		3,961		40,204
Trex Co., Inc. (a)		4,838		239,142
Tutor Perini Corp. (a)		5,832		125,855
Universal Forest Products, Inc.		2,945		153,228
US Concrete, Inc. (a)		1,780		67,444
USG Corp. (a)		13,109		364,299
Valmont Industries, Inc.		3,325		395,243
Watsco, Inc.		3,974		491,743
Watts Water Technologies, Inc., Class A		4,067		210,874
				15,265,520
Electricity — 1.3%
ALLETE, Inc.		6,108		283,350
Alliant Energy Corp.		16,456		949,840
Alteva (a)		1,815		13,032
Black Hills Corp.		6,519		284,554
Calpine Corp. (a)		50,494		908,387
Cleco Corp.		8,862		477,219
Covanta Holding Corp.		19,269		408,310
Dynegy, Inc. (a)		15,327		448,315
El Paso Electric Co.		6,267		217,214
The Empire District Electric Co.		7,217		157,331
Great Plains Energy, Inc.		23,267		562,131
Hawaiian Electric Industries, Inc.		15,006		446,128
IDACORP, Inc.		7,281		408,755
ITC Holdings Corp.		23,268		748,764
MGE Energy, Inc.		5,145		199,266
NorthWestern Corp.		6,771		330,086
Ormat Technologies, Inc.		5,432		204,678
Portland General Electric Co.		11,667		386,878
Talen Energy Corp. (a)		12,337		211,703
TerraForm Power, Inc., Class A (a)		4,948		187,925
U.S. Geothermal, Inc. (a)		35,662		18,901
Common Stocks	Shares		Value
Electricity (concluded)
UIL Holdings Corp.		8,278		379,298
Unitil Corp.		2,368		78,191
Vivint Solar, Inc. (a)(b)		3,153		38,372
Westar Energy, Inc.		19,630		671,739
				9,020,367
Electronic & Electrical Equipment — 2.8%
Adept Technology, Inc. (a)		3,068		22,090
Allied Motion Technologies, Inc.		1,620		36,385
American Science & Engineering, Inc.		1,261		55,244
Anixter International, Inc. (a)		3,990		259,948
API Technologies Corp. (a)		12,042		30,225
Arrow Electronics, Inc. (a)		14,139		788,956
Avnet, Inc.		20,039		823,803
AVX Corp.		6,723		90,492
AZZ, Inc.		3,732		193,318
Badger Meter, Inc.		2,135		135,551
Bel Fuse, Inc., Class B		2,157		44,262
Belden, Inc.		6,349		515,729
Benchmark Electronics, Inc. (a)		8,089		176,178
Brady Corp., Class A		7,004		173,279
Capstone Turbine Corp. (a)(b)		55,452		22,774
Checkpoint Systems, Inc.		6,943		70,680
Cognex Corp.		12,832		617,219
Coherent, Inc. (a)		3,768		239,193
Control4 Corp. (a)		2,832		25,176
CTS Corp.		5,283		101,803
CyberOptics Corp. (a)		2,661		26,903
Daktronics, Inc.		6,043		71,670
Electro Rent Corp.		3,274		35,556
Electro Scientific Industries, Inc.		5,070		26,719
eMagin Corp. (a)		8,818		23,280
Encore Wire Corp.		2,783		123,259
EnerNOC, Inc. (a)		4,406		42,738
EnerSys, Inc.		6,481		455,549
ESCO Technologies, Inc.		3,900		145,899
Fabrinet (a)		4,476		83,835
FARO Technologies, Inc. (a)		2,690		125,623
FEI Co.		6,138		509,024
General Cable Corp.		7,405		146,101
GrafTech International Ltd. (a)		18,515		91,834
Greatbatch, Inc. (a)		3,828		206,406
GSI Group, Inc. (a)		4,601		69,153
Houston Wire & Cable Co.		3,110		30,851
Hubbell, Inc., Class B		7,245		784,489
II-VI, Inc. (a)		8,248		156,547
Intevac, Inc. (a)		5,485		32,087
IntriCon Corp. (a)		2,740		20,057
IPG Photonics Corp. (a)		5,300		451,427
Itron, Inc. (a)		5,925		204,057
Jabil Circuit, Inc.		28,671		610,406
Kemet Corp. (a)		8,847		25,479
Keysight Technologies, Inc. (a)		24,979		779,095
Kimball Electronics, Inc. (a)		3,441		50,204
Knowles Corp. (a)(b)		12,733		230,467
Landauer, Inc.		1,837		65,471
LightPath Technologies, Inc., Class A (a)		6,052		10,652
Littelfuse, Inc.		3,360		318,830
LSI Industries, Inc.		3,465		32,363
MA-COM Technology Solutions Holdings, Inc. (a)		2,990		114,368
Magnetek, Inc. (a)		750		25,808
Maxwell Technologies, Inc. (a)(b)		5,619		33,545
Methode Electronics, Inc.		5,598		153,665
Mettler-Toledo International, Inc. (a)		4,187		1,429,693
MTS Systems Corp.		2,372		163,549
NAPCO Security Technologies, Inc. (a)		7,191		41,204
National Instruments Corp.		14,991		441,635

See Notes to Financial Statements.

6 QUANTITATIVE MASTER SERIES LLC JUNE 30, 2015

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

Common Stocks	Shares		Value
Electronic & Electrical Equipment (concluded)
Newport Corp. (a)		6,575	$	124,662
NVE Corp.		974		76,362
Orion Energy Systems, Inc. (a)		7,855		19,716
OSI Systems, Inc. (a)		2,875		203,521
Park Electrochemical Corp.		3,206		61,427
Planar Systems, Inc. (a)		3,038		13,246
Plexus Corp. (a)		5,087		223,218
Powell Industries, Inc.		1,398		49,168
Regal-Beloit Corp.		6,603		479,312
Research Frontiers, Inc. (a)		5,552		29,648
Rofin-Sinar Technologies, Inc. (a)		4,390		121,164
Rogers Corp. (a)		2,784		184,134
Rubicon Technology, Inc. (a)		5,299		12,877
Sanmina Corp. (a)		12,085		243,634
Sensata Technologies Holding NV (a)		25,038		1,320,504
SL Industries, Inc. (a)		750		28,958
Trimble Navigation Ltd. (a)		38,479		902,717
TTM Technologies, Inc. (a)		9,582		95,724
Turtle Beach Corp. (a)(b)		2,949		6,724
Ultralife Corp. (a)		5,753		24,105
Universal Display Corp. (a)		6,229		322,226
Veeco Instruments, Inc. (a)		6,043		173,676
Vicor Corp. (a)		3,135		38,216
Vishay Intertechnology, Inc.		19,991		233,495
Vishay Precision Group, Inc. (a)		2,569		38,689
WESCO International, Inc. (a)		6,589		452,269
Zebra Technologies Corp., Class A (a)		7,587		842,536
				19,133,731
Financial Services — 4.2%
Actinium Pharmaceuticals, Inc. (a)(b)		5,544		14,692
Ally Financial, Inc. (a)		63,606		1,426,683
Artisan Partners Asset Management, Inc., Class A		5,352		248,654
Ashford, Inc. (a)		297		25,919
Asta Funding, Inc. (a)		2,169		18,176
Atlanticus Holdings Corp. (a)		251		886
BBCN Bancorp, Inc.		11,987		177,288
BGC Partners, Inc., Class A		26,284		229,985
Blackhawk Network Holdings, Inc. (a)		8,055		331,866
Calamos Asset Management, Inc., Class A		3,145		38,526
Cash America International, Inc.		4,407		115,419
CBOE Holdings, Inc.		12,523		716,566
CIT Group, Inc.		25,884		1,203,347
Cohen & Steers, Inc.		2,805		95,594
Cowen Group, Inc., Class A (a)		18,550		118,720
Credit Acceptance Corp. (a)		1,268		312,156
Diamond Hill Investment Group, Inc.		489		97,634
Eaton Vance Corp.		17,556		686,966
Encore Capital Group, Inc. (a)		3,846		164,378
Enova International, Inc. (a)		3,811		71,189
Essent Group Ltd. (a)		9,030		246,970
EverBank Financial Corp.		13,176		258,908
Evercore Partners, Inc., Class A		5,416		292,247
Ezcorp, Inc., Class A (a)		8,094		60,138
FBR & Co. (a)		1,765		40,842
Federal Agricultural Mortgage Corp., Class C		1,972		57,306
Federated Investors, Inc., Class B		14,119		472,845
Financial Engines, Inc.		7,688		326,586
First Cash Financial Services, Inc. (a)		4,540		206,979
The First Marblehead Corp. (a)		1,974		11,370
FNF Group		41,169		1,522,841
FNFV Group (a)		13,726		211,106
FXCM, Inc., Class A (b)		6,290		9,121
GAMCO Investors, Inc., Class A		650		44,662
Green Dot Corp., Class A (a)		6,145		117,492
Greenhill & Co., Inc.		3,945		163,047
HRG Group, Inc. (a)		16,267		211,471
Common Stocks	Shares		Value
Financial Services (concluded)
Imperial Holdings, Inc. (a)		5,857		33,912
Interactive Brokers Group, Inc., Class A		8,515		353,883
INTL FCStone Inc. (a)		2,298		76,386
Investment Technology Group, Inc.		5,739		142,327
Janus Capital Group, Inc.		22,005		376,726
Jason Industries, Inc. (a)		2,144		14,601
KCG Holdings, Inc., Class A (a)		12,151		149,822
Ladder Capital Corp., Class A		3,548		61,558
Ladenburg Thalmann Financial Services, Inc. (a)		17,747		62,115
Lazard Ltd., Class A		15,971		898,209
LendingClub Corp. (a)		8,842		130,420
LendingTree, Inc. (a)		1,296		101,879
Liberty Broadband Corp. (a)		9,664		494,410
Liberty Broadband Corp., Class A (a)		3,805		193,941
Liberty TripAdvisor Holdings, Inc., Series A (a)		10,469		337,311
LPL Financial Holdings, Inc.		10,970		509,995
MarketAxess Holdings, Inc.		5,606		520,069
Marlin Business Services Corp.		1,640		27,683
MGIC Investment Corp. (a)		50,636		576,238
Moelis & Co., Class A		2,328		66,837
MoneyGram International, Inc. (a)		5,436		49,957
MSCI, Inc.		16,666		1,025,792
Nelnet, Inc., Class A		2,846		123,260
NewStar Financial, Inc. (a)		4,431		48,741
NorthStar Asset Management Group, Inc.		28,341		524,025
NRG Yield, Inc., Class A		5,105		112,259
NRG Yield, Inc., Class C		5,105		111,748
Ocwen Financial Corp. (a)		16,212		165,362
Oppenheimer Holdings, Inc., Class A		1,362		35,793
PICO Holdings, Inc. (a)		4,035		59,395
Piper Jaffray Cos. (a)		2,533		110,540
PRA Group, Inc. (a)		7,471		465,518
Pzena Investment Management, Inc., Class A		3,173		35,062
Radian Group, Inc.		27,973		524,773
Raymond James Financial, Inc.		18,758		1,117,602
RCS Capital Corp., Class A (a)		5,979		45,799
Resource America, Inc., Class A		4,370		36,752
Safeguard Scientifics, Inc. (a)		4,085		79,494
Santander Consumer USA Holdings, Inc. (a)		14,838		379,408
SEI Investments Co.		19,231		942,896
SLM Corp. (a)		62,809		619,925
Springleaf Holdings, Inc. (a)		6,625		304,154
Stewart Information Services Corp.		3,359		133,688
Stifel Financial Corp. (a)		9,844		568,393
Synchrony Financial (a)		18,515		609,699
Synergy Resources Corp. (a)		13,863		158,454
TD Ameritrade Holding Corp.		40,201		1,480,201
TESARO, Inc. (a)		3,826		224,931
U.S. Global Investors, Inc., Class A		4,302		11,960
Virtus Investment Partners, Inc.		1,102		145,740
Voya Financial, Inc.		31,156		1,447,819
Waddell & Reed Financial, Inc., Class A		12,433		588,205
Walker & Dunlop, Inc. (a)		4,056		108,457
Westwood Holdings Group, Inc.		1,350		80,420
WisdomTree Investments, Inc.		16,630		365,278
World Acceptance Corp. (a)		1,566		96,325
Xoom Corp. (a)		4,561		96,032
				28,510,754
Fixed Line Telecommunications — 0.2%
8x8, Inc. (a)		14,330		128,397
Cincinnati Bell, Inc. (a)		34,307		131,053
Consolidated Communications Holdings, Inc.		7,436		156,230
EarthLink Holdings Corp.		20,783		155,665
Fairpoint Communications, Inc. (a)		4,215		76,797
General Communication, Inc., Class A (a)		4,596		78,178
Hawaiian Telcom Holdco, Inc. (a)		1,381		36,044

See Notes to Financial Statements.

QUANTITATIVE MASTER SERIES LLC JUNE 30, 2015 7

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

Common Stocks	Shares		Value
Fixed Line Telecommunications (concluded)
IDT Corp., Class B		2,546	$	46,032
inContact, Inc. (a)		9,356		92,344
Lumos Networks Corp.		3,575		52,874
Straight Path Communications, Inc., Class B (a)(b)		2,210		72,466
Vonage Holdings Corp. (a)		26,555		130,385
Windstream Holdings, Inc.		14,595		93,116
Zayo Group Holdings, Inc. (a)		6,212		159,772
				1,409,353
Food & Drug Retailers — 0.9%
Casey’s General Stores, Inc.		5,753		550,792
The Chefs’ Warehouse, Inc. (a)		3,358		71,324
Core-Mark Holding Co., Inc.		3,391		200,917
Diplomat Pharmacy, Inc. (a)		5,128		229,478
The Fresh Market, Inc. (a)		6,722		216,045
GNC Holdings, Inc., Class A		13,048		580,375
Ingles Markets, Inc., Class A		1,683		80,397
Natural Health Trends Corp.		519		21,518
Omnicare, Inc.		14,393		1,356,540
PetMed Express, Inc.		3,455		59,668
Rite Aid Corp. (a)		134,751		1,125,171
Smart & Final Stores, Inc. (a)		4,080		72,909
SpartanNash Co.		5,543		180,369
Sprouts Farmers Market, Inc. (a)		21,463		579,072
Supervalu, Inc. (a)		30,827		249,390
United Natural Foods, Inc. (a)		7,431		473,206
Vitamin Shoppe, Inc. (a)		4,670		174,051
Weis Markets, Inc.		1,733		73,046
				6,294,268
Food Producers — 1.7%
Alico, Inc.		610		27,670
The Andersons, Inc.		3,787		147,693
B&G Foods, Inc.		8,499		242,476
Boulder Brands, Inc. (a)		9,299		64,535
Bunge Ltd.		21,420		1,880,676
Cal-Maine Foods, Inc.		4,369		228,062
Calavo Growers, Inc.		2,295		119,179
Darling International, Inc. (a)		24,513		359,361
Dean Foods Co.		14,232		230,131
Diamond Foods, Inc. (a)		4,042		126,838
Farmer Bros Co. (a)		1,037		24,370
Flowers Foods, Inc.		27,370		578,875
Fresh Del Monte Produce, Inc.		4,838		187,037
Golden Enterprises, Inc.		277		1,130
Griffin Land & Nurseries, Inc.		1,073		34,379
The Hain Celestial Group, Inc. (a)		15,198		1,000,940
Herbalife Ltd. (a)		10,030		552,553
HQ Sustainable Maritime Industries, Inc. (a)(b)		4,100		—
Ingredion, Inc.		10,583		844,629
J&J Snack Foods Corp.		2,209		244,470
John B Sanfilippo & Son, Inc.		1,174		60,931
Lancaster Colony Corp.		2,865		260,285
Lifevantage Corp. (a)		24,439		12,953
Lifeway Foods, Inc. (a)		1,804		34,619
Limoneira Co.		2,404		53,441
Mannatech, Inc. (a)		644		11,528
Medifast, Inc. (a)		2,128		68,777
MGP Ingredients, Inc.		2,244		37,744
Nutraceutical International Corp. (a)		2,417		59,797
Nutrisystem, Inc.		4,769		118,653
Omega Protein Corp. (a)		3,642		50,078
Phibro Animal Health Corp., Class A		2,025		78,853
Pilgrim’s Pride Corp.		9,076		208,476
Pinnacle Foods, Inc.		16,345		744,351
Post Holdings, Inc. (a)		7,946		428,528
Reliv International, Inc. (a)		414		522
Common Stocks	Shares		Value
Food Producers (concluded)
Rocky Mountain Chocolate Factory, Inc.		2,724		35,875
Sanderson Farms, Inc.		2,959		222,398
Seaboard Corp. (a)		40		143,960
Seneca Foods Corp., Class A (a)		1,057		29,353
Snyders-Lance, Inc.		7,549		243,606
Tootsie Roll Industries, Inc.		2,904		93,828
TreeHouse Foods, Inc. (a)		6,375		516,566
USANA Health Sciences, Inc. (a)		1,032		141,033
WhiteWave Foods Co. (a)		25,956		1,268,729
				11,819,888
Forestry & Paper — 0.2%
Clearwater Paper Corp. (a)		3,010		172,473
Deltic Timber Corp.		1,749		118,302
Domtar Corp.		9,251		382,991
KapStone Paper and Packaging Corp.		12,554		290,249
Mercer International, Inc. (a)		5,661		77,442
Neenah Paper, Inc.		2,503		147,577
PH Glatfelter Co.		6,319		138,955
Resolute Forest Products (a)		14,370		161,663
Veritiv Corp. (a)		1,220		44,481
Wausau Paper Corp.		8,116		74,505
				1,608,638
Gas, Water & Multi-Utilities — 1.4%
American States Water Co.		5,550		207,515
American Water Works Co., Inc.		26,541		1,290,689
Aqua America, Inc.		26,225		642,250
Artesian Resources Corp., Class A		2,012		42,433
Atmos Energy Corp.		14,892		763,662
Avista Corp.		8,351		255,958
Cadiz, Inc. (a)(b)		3,708		32,223
California Water Service Group		7,627		174,277
Chesapeake Utilities Corp.		2,272		122,347
Connecticut Water Service, Inc.		1,969		67,261
Delta Natural Gas Co., Inc.		2,312		46,471
Gas Natural, Inc.		4,001		41,210
Genie Energy Ltd. (a)		4,413		46,204
The Laclede Group, Inc.		6,301		328,030
Middlesex Water Co.		2,966		66,913
National Fuel Gas Co.		12,125		714,041
New Jersey Resources Corp.		12,347		340,160
Northwest Natural Gas Co.		3,912		165,008
ONE Gas, Inc.		7,857		334,394
Piedmont Natural Gas Co., Inc.		11,306		399,215
PNM Resources, Inc.		11,804		290,379
Questar Corp.		25,194		526,807
RGC Resources, Inc.		2,449		48,980
SJW Corp.		2,006		61,564
South Jersey Industries, Inc.		9,788		242,057
Southwest Gas Corp.		6,558		348,951
UGI Corp.		25,443		876,511
Vectren Corp.		12,350		475,228
WGL Holdings, Inc.		7,203		391,051
				9,341,789
General Industrials — 1.2%
Actuant Corp., Class A		9,535		220,163
AEP Industries, Inc. (a)		774		42,725
Aptargroup, Inc.		9,224		588,215
Bemis Co., Inc.		14,485		651,970
Berry Plastics Group, Inc. (a)		17,427		564,635
Carlisle Cos., Inc.		9,655		966,659
Crown Holdings, Inc. (a)		19,290		1,020,634
Graphic Packaging Holding Co.		48,186		671,231
Greif, Inc., Class A		4,825		172,976
Harsco Corp.		11,862		195,723

See Notes to Financial Statements.

8 QUANTITATIVE MASTER SERIES LLC JUNE 30, 2015

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

Common Stocks	Shares		Value
General Industrials (concluded)
Landec Corp. (a)		4,398	$	63,463
Multi-Color Corp.		1,853		118,370
Myers Industries, Inc.		3,762		71,478
Otter Tail Corp.		5,434		144,544
Packaging Corp. of America		14,540		908,605
Raven Industries, Inc.		5,522		112,262
Rexnord Corp. (a)		14,777		353,318
Silgan Holdings, Inc.		6,050		319,198
Sonoco Products Co.		14,883		637,885
TriMas Corp. (a)		6,652		196,899
UFP Technologies, Inc. (a)		1,471		30,773
				8,051,726
General Retailers — 5.0%
1-800-Flowers.com, Inc., Class A (a)		3,545		37,081
Aaron’s, Inc.		9,515		344,538
Abercrombie & Fitch Co., Class A		10,459		224,973
Advance Auto Parts, Inc.		10,855		1,729,093
Aéropostale, Inc. (a)		13,619		22,063
AMERCO, Inc.		872		285,066
America’s Car-Mart, Inc. (a)		1,386		68,358
American Eagle Outfitters, Inc.		25,954		446,928
American Public Education, Inc. (a)		2,731		70,241
ANN, Inc. (a)		6,914		333,877
Antero Resources Corp. (a)		8,623		296,114
Apollo Education Group, Inc. (a)		14,033		180,745
Asbury Automotive Group, Inc. (a)		4,058		367,736
Ascena Retail Group, Inc. (a)		19,462		324,140
Autobytel, Inc. (a)		2,429		38,840
Barnes & Noble, Inc. (a)		6,635		172,245
Beacon Roofing Supply, Inc. (a)		7,528		250,080
Big 5 Sporting Goods Corp.		2,684		38,140
Big Lots, Inc.		7,927		356,636
Blue Nile, Inc. (a)		1,962		59,625
The Bon-Ton Stores, Inc. (b)		2,228		10,293
Bridgepoint Education, Inc. (a)		2,758		26,366
Bright Horizons Family Solutions, Inc. (a)		5,369		310,328
The Buckle, Inc. (b)		4,058		185,735
Build-A-Bear Workshop, Inc. (a)		2,182		34,890
Burlington Stores, Inc. (a)		11,089		567,757
Cabela’s, Inc. (a)		7,045		352,109
Caleres, Inc.		6,294		200,023
Cambium Learning Group, Inc. (a)		10,557		45,078
Capella Education Co.		1,708		91,668
Career Education Corp. (a)		10,687		35,267
Carriage Services, Inc.		3,000		71,640
The Cato Corp., Class A		3,894		150,931
CDK Global, Inc.		23,937		1,292,119
Chegg, Inc. (a)		8,058		63,175
Chemed Corp.		2,560		335,616
Chico’s FAS, Inc.		22,823		379,546
The Children’s Place Retail Stores, Inc.		3,319		217,096
Christopher & Banks Corp. (a)		6,159		24,698
Citi Trends, Inc. (a)		2,851		68,994
Clean Energy Fuels Corp. (a)(b)		11,329		63,669
Collectors Universe, Inc.		1,741		34,716
Conn’s, Inc. (a)		3,781		150,106
The Container Store Group, Inc. (a)(b)		1,814		30,602
Copart, Inc. (a)		16,952		601,457
CST Brands, Inc.		11,223		438,370
Destination Maternity Corp.		2,029		23,658
Destination XL Group, Inc. (a)		9,670		48,447
Dick’s Sporting Goods, Inc.		14,303		740,466
Dillard’s, Inc., Class A		3,425		360,276
DSW, Inc., Class A		10,401		347,081
EVINE Live, Inc. (a)		7,906		21,267
Express, Inc. (a)		12,714		230,251

Common Stocks	Shares		Value
General Retailers (continued)
The Finish Line, Inc., Class A		6,992	$	194,517
Five Below, Inc. (a)		8,060		318,612
Foot Locker, Inc.		20,957		1,404,329
Francesca’s Holdings Corp. (a)		6,825		91,933
Fred’s, Inc., Class A		5,006		96,566
FTD Cos., Inc. (a)		3,403		95,931
Gaiam, Inc., Class A (a)		3,595		23,511
Genesco, Inc. (a)		3,579		236,321
Grand Canyon Education, Inc. (a)		7,107		301,337
Group 1 Automotive, Inc.		3,061		278,031
GrubHub, Inc. (a)		2,739		93,318
Guess?, Inc.		9,240		177,131
Haverty Furniture Cos., Inc.		2,955		63,887
Hibbett Sports, Inc. (a)		3,771		175,653
Hillenbrand, Inc.		9,233		283,453
Houghton Mifflin Harcourt Co. (a)		16,442		414,338
HSN, Inc.		4,675		328,138
ITT Corp.		12,507		523,293
ITT Educational Services, Inc. (a)(b)		2,918		11,584
JC Penney Co., Inc. (a)		45,834		388,214
K12, Inc. (a)		4,637		58,658
KAR Auction Services, Inc.		20,829		779,005
Kirkland’s, Inc.		2,421		67,473
Lands’ End, Inc. (a)		2,102		52,193
Liquidity Services, Inc. (a)		4,477		43,114
Lithia Motors, Inc., Class A		3,413		386,215
Lumber Liquidators Holdings, Inc. (a)(b)		4,057		84,020
MarineMax, Inc. (a)		4,557		107,135
Matthews International Corp., Class A		4,391		233,338
Mattress Firm Holding Corp. (a)		2,248		137,016
The Men’s Wearhouse, Inc.		6,761		433,177
The Michaels Cos., Inc. (a)		6,964		187,401
Monro Muffler Brake, Inc.		4,602		286,060
Murphy USA, Inc. (a)		6,282		350,661
Office Depot, Inc. (a)		72,734		629,876
Outerwall, Inc.		2,875		218,816
Overstock.com, Inc. (a)		2,367		53,352
PCM, Inc. (a)		1,516		15,205
Penske Automotive Group, Inc.		6,156		320,789
The Pep Boys-Manny Moe & Jack (a)		7,918		97,154
Perfumania Holdings, Inc. (a)		1,362		7,736
Pier 1 Imports, Inc.		13,531		170,897
PriceSmart, Inc.		3,008		274,450
The Providence Service Corp. (a)		2,023		89,578
RealNetworks, Inc. (a)		6,577		35,582
Regis Corp. (a)		6,392		100,738
Rent-A-Center, Inc.		7,632		216,367
Restoration Hardware Holdings, Inc. (a)		5,326		519,977
Rollins, Inc.		14,241		406,296
Rush Enterprises, Inc., Class A (a)		5,240		137,340
Sally Beauty Holdings, Inc. (a)		18,538		585,430
Sears Holdings Corp. (a)(b)		7,621		203,481
Service Corp. International		29,925		880,693
ServiceMaster Global Holdings, Inc. (a)		10,700		387,019
Shoe Carnival, Inc.		2,127		61,385
Shutterfly, Inc. (a)		5,565		266,063
Signet Jewelers Ltd.		11,815		1,515,156
SolarCity Corp. (a)		7,663		410,354
Sonic Automotive, Inc., Class A		5,131		122,272
Sotheby’s		9,325		421,863
SP Plus Corp. (a)		2,950		77,025
Speed Commerce, Inc. (a)		21,832		6,113
Stage Stores, Inc.		4,672		81,900
Stamps.com, Inc. (a)		2,473		181,939
Stein Mart, Inc.		4,383		45,890
Strayer Education, Inc. (a)		1,653		71,244
Tile Shop Holdings, Inc. (a)		3,656		51,879

See Notes to Financial Statements.

QUANTITATIVE MASTER SERIES LLC JUNE 30, 2015 9

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

Common Stocks	Shares		Value
General Retailers (concluded)
Titan Machinery, Inc. (a)		2,671	$	39,344
TrueCar, Inc. (a)		2,281		27,349
Tuesday Morning Corp. (a)		6,404		72,141
Ulta Salon Cosmetics & Fragrance, Inc. (a)		9,571		1,478,241
VCA, Inc. (a)		12,144		660,694
Weight Watchers International, Inc. (a)(b)		4,279		20,753
West Marine, Inc. (a)		2,322		22,384
Williams-Sonoma, Inc.		12,559		1,033,229
Winmark Corp.		574		56,539
Zumiez, Inc. (a)		3,388		90,222
				34,070,532
Health Care Equipment & Services — 5.1%
Abaxis, Inc.		3,253		167,464
ABIOMED, Inc. (a)		5,703		374,858
Acadia Healthcare Co., Inc. (a)		7,472		585,282
Accuray, Inc. (a)		11,934		80,435
AdCare Health Systems, Inc.		7,324		25,341
Addus HomeCare Corp. (a)		1,515		42,208
Air Methods Corp. (a)		5,450		225,303
Alere, Inc. (a)		11,626		613,271
Align Technology, Inc. (a)		10,842		679,902
Alliance HealthCare Services, Inc. (a)		2,209		41,286
Almost Family, Inc. (a)		1,625		64,854
Alphatec Holdings, Inc. (a)		22,800		31,464
Amedisys, Inc. (a)		5,567		221,177
American Caresource Holdings, Inc. (a)		2,753		5,010
Amsurg Corp. (a)		7,043		492,658
Analogic Corp.		1,873		147,780
AngioDynamics, Inc. (a)		4,266		69,962
Anika Therapeutics, Inc. (a)		2,272		75,044
Antares Pharma, Inc. (a)		22,489		46,777
AtriCure, Inc. (a)		4,748		116,991
Atrion Corp.		236		92,585
Bio-Rad Laboratories, Inc., Class A (a)		3,125		470,656
Bio-Reference Laboratories, Inc. (a)		3,943		162,649
Biolase, Inc. (a)		11,125		19,358
BioScrip, Inc. (a)(b)		10,652		38,667
BioTelemetry, Inc. (a)		5,058		47,697
Bovie Medical Corp. (a)		7,643		21,324
Brookdale Senior Living, Inc. (a)		27,294		947,102
Bruker Corp. (a)		16,384		334,397
Cantel Medical Corp.		5,342		286,705
Capital Senior Living Corp. (a)		4,670		114,415
Cardica, Inc. (a)		35,620		17,774
Cardiovascular Systems, Inc. (a)		4,419		116,883
Centene Corp. (a)		17,689		1,422,196
Cepheid, Inc. (a)		10,618		649,291
Cogentix Medical, Inc. (a)(b)		9,168		14,852
CollabRx, Inc. (a)(b)		7,828		5,407
Community Health Systems, Inc. (a)		17,251		1,086,295
CONMED Corp.		4,155		242,112
The Cooper Cos., Inc.		7,197		1,280,850
Corvel Corp. (a)		1,759		56,323
CryoLife, Inc.		4,639		52,328
Cutera, Inc. (a)		3,451		53,421
Cyberonics, Inc. (a)		3,907		232,310
Cynosure, Inc., Class A (a)		3,272		126,234
DexCom, Inc. (a)		10,858		868,423
Endologix, Inc. (a)		10,545		161,760
The Ensign Group, Inc.		3,228		164,822
Envision Healthcare Holdings, Inc. (a)		27,423		1,082,660
Escalon Medical Corp. (a)		1,399		1,861
Exactech, Inc. (a)		1,661		34,599
Five Star Quality Care, Inc. (a)		7,271		34,901
Fluidigm Corp. (a)		4,294		103,915
Fonar Corp. (a)		1,754		18,549
Common Stocks	Shares		Value
Health Care Equipment & Services (continued)
Genesis Healthcare, Inc. (a)		4,337		28,624
GenMark Diagnostics, Inc. (a)		7,145		64,734
Globus Medical, Inc., Class A (a)		9,945		255,288
Haemonetics Corp. (a)		7,730		319,713
Halyard Health, Inc. (a)		6,935		280,867
Hanger, Inc. (a)		5,275		123,646
Harvard Apparatus Regenerative Technology, Inc. (a)		3,656		5,228
Health Net, Inc. (a)		11,408		731,481
Healthcare Services Group, Inc.		10,637		351,553
HealthSouth Corp.		13,261		610,802
HealthStream, Inc. (a)		3,505		106,622
Healthways, Inc. (a)		5,860		70,203
HeartWare International, Inc. (a)		2,540		184,633
Hill-Rom Holdings, Inc.		8,350		453,655
HMS Holdings Corp. (a)		13,081		224,601
Hologic, Inc. (a)		36,239		1,379,256
Hooper Holmes, Inc. (a)		9,589		1,827
ICU Medical, Inc. (a)		2,084		199,355
IDEXX Laboratories, Inc. (a)		13,996		897,703
Insulet Corp. (a)		8,659		268,299
Integra LifeSciences Holdings Corp. (a)		3,741		252,031
Invacare Corp.		4,474		96,773
IPC The Hospitalist Co., Inc. (a)		2,772		153,541
Juno Therapeutics, Inc. (a)(b)		3,530		188,255
Kindred Healthcare, Inc.		12,231		248,167
LDR Holding Corp. (a)		2,169		93,809
LHC Group, Inc. (a)		1,911		73,096
LifePoint Hospitals, Inc. (a)		6,512		566,218
Magellan Health Services, Inc. (a)		3,955		277,127
Masimo Corp. (a)		7,186		278,386
MEDNAX, Inc. (a)		14,341		1,062,812
Meridian Bioscience, Inc.		6,734		125,522
Merit Medical Systems, Inc. (a)		6,737		145,115
Molina Healthcare, Inc. (a)		4,819		338,776
Nanosphere, Inc. (a)		2,462		7,977
National Healthcare Corp.		1,228		79,808
Natus Medical, Inc. (a)		4,764		202,756
Navidea Biopharmaceuticals, Inc. (a)(b)		30,416		48,970
Neogen Corp. (a)		5,821		276,148
NeoGenomics, Inc. (a)		6,964		37,675
Nevro Corp. (a)		1,150		61,812
NuVasive, Inc. (a)		7,143		338,435
NxStage Medical, Inc. (a)		9,415		134,493
Omnicell, Inc. (a)		5,708		215,249
OraSure Technologies, Inc. (a)		9,831		52,989
Orthofix International NV (a)		3,072		101,745
Owens & Minor, Inc.		9,299		316,166
PAREXEL International Corp. (a)		8,078		519,496
Perseon Corp. (a)		1,034		1,954
PharMerica Corp. (a)		4,711		156,876
Psychemedics Corp.		1,801		26,709
Quidel Corp. (a)		4,664		107,039
RadNet, Inc. (a)		5,911		39,545
ResMed, Inc.		20,826		1,173,962
Retractable Technologies, Inc. (a)		4,605		17,499
Rockwell Medical, Inc. (a)(b)		6,991		112,695
RTI Surgical, Inc. (a)		10,112		65,324
Select Medical Holdings Corp.		13,931		225,682
Sirona Dental Systems, Inc. (a)		8,295		832,984
Spark Therapeutics, Inc. (a)		1,118		67,382
Spectranetics Corp. (a)		6,589		151,613
Staar Surgical Co. (a)		5,027		48,561
STERIS Corp.		8,726		562,303
SurModics, Inc. (a)		2,327		54,498
Symmetry Surgical, Inc. (a)		2,920		25,462
T2 Biosystems, Inc. (a)(b)		371		6,021

See Notes to Financial Statements.

10 QUANTITATIVE MASTER SERIES LLC JUNE 30, 2015

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

Common Stocks	Shares		Value
Health Care Equipment & Services (concluded)
Team Health Holdings, Inc. (a)		10,519	$	687,206
Teleflex, Inc.		6,132		830,579
Thoratec Corp. (a)		8,126		362,176
Tornier NV (a)		5,508		137,645
Triple-S Management Corp., Class B (a)		3,501		89,836
U.S. Physical Therapy, Inc.		1,930		105,687
Unilife Corp. (a)(b)		18,515		39,807
Universal American Corp. (a)		7,585		76,760
Utah Medical Products, Inc.		725		43,232
Vascular Solutions, Inc. (a)		2,838		98,535
VWR Corp. (a)		3,808		101,788
WellCare Health Plans, Inc. (a)		6,519		553,007
West Pharmaceutical Services, Inc.		10,466		607,865
Wright Medical Group, Inc. (a)		7,889		207,165
Zafgen, Inc. (a)		2,125		73,589
Zeltiq Aesthetics, Inc. (a)		4,388		129,314
				35,142,125
Household Goods & Home Construction — 1.9%
ACCO Brands Corp. (a)		17,340		134,732
Bassett Furniture Industries, Inc.		2,150		61,081
Beazer Homes USA, Inc. (a)		4,476		89,296
Blount International, Inc. (a)		7,808		85,263
Briggs & Stratton Corp.		6,754		130,082
Cavco Industries, Inc. (a)		1,223		92,263
Central Garden and Pet Co., Class A (a)		7,098		80,988
Church & Dwight Co., Inc.		18,827		1,527,434
Compx International, Inc.		1,034		11,788
Comstock Holdings Cos., Inc. (a)		12,106		6,743
The Dixie Group, Inc. (a)		2,900		30,450
Edgewell Personal Care Co.		8,828		1,161,323
Ethan Allen Interiors, Inc.		3,943		103,859
Flexsteel Industries, Inc.		965		41,582
Forward Industries, Inc. (a)		2,823		1,913
Herman Miller, Inc.		8,835		255,597
HNI Corp.		6,614		338,306
Hooker Furniture Corp.		1,876		47,106
Hovnanian Enterprises, Inc., Class A (a)		21,351		56,794
Interface, Inc.		9,409		235,695
iRobot Corp. (a)		4,579		145,978
Jarden Corp. (a)		26,649		1,379,086
KB Home		12,864		213,542
Knoll, Inc.		7,374		184,571
La-Z-Boy, Inc.		7,735		203,740
Libbey, Inc.		3,813		157,591
Lifetime Brands, Inc.		1,440		21,269
M/I Homes, Inc. (a)		4,013		99,001
MDC Holdings, Inc.		6,036		180,899
Meritage Homes Corp. (a)		5,757		271,097
National Presto Industries, Inc.		930		74,698
NVR, Inc. (a)		575		770,500
Oil-Dri Corp. of America		858		26,066
The Ryland Group, Inc.		6,843		317,310
The Scotts Miracle-Gro Co., Class A		6,580		389,602
Select Comfort Corp. (a)		8,141		244,800
Spectrum Brands Holdings, Inc.		4,044		412,448
Standard Pacific Corp. (a)		21,334		190,086
Steelcase, Inc., Class A		12,738		240,876
Taylor Morrison Home Corp., Class A (a)		4,677		95,224
Tempur Sealy International, Inc. (a)		9,199		606,214
Toll Brothers, Inc. (a)		23,636		902,659
TRI Pointe Homes, Inc. (a)		21,980		336,294
Tupperware Brands Corp.		6,669		430,417
Virco Manufacturing Corp. (a)		2,812		8,014
Wayfair, Inc., Class A (a)		1,677		63,122
WD-40 Co.		2,105		183,472
William Lyon Homes, Class A (a)		2,036		52,264
				12,693,135

Common Stocks	Shares		Value
Industrial Engineering — 2.6%
Accuride Corp. (a)		8,723	$	33,584
AGCO Corp.		11,745		666,881
Alamo Group, Inc.		1,279		69,885
Albany International Corp., Class A		4,299		171,100
Altra Industrial Motion Corp.		4,066		110,514
American Railcar Industries, Inc.		1,354		65,859
Astec Industries, Inc.		2,562		107,143
Broadwind Energy, Inc. (a)		4,880		20,691
Ceco Environmental Corp.		2,961		33,548
Chicago Rivet & Machine Co.		494		13,832
CIRCOR International, Inc.		2,688		146,577
CLARCOR, Inc.		7,263		452,049
Colfax Corp. (a)		14,118		651,546
Columbus McKinnon Corp.		2,933		73,325
Commercial Vehicle Group, Inc. (a)		5,294		38,170
Crane Co.		6,692		393,021
Donaldson Co., Inc.		17,956		642,825
Douglas Dynamics, Inc.		3,742		80,378
Dynamic Materials Corp.		2,036		22,396
Energy Recovery, Inc. (a)(b)		7,157		19,610
EnPro Industries, Inc.		3,526		201,758
Federal Signal Corp.		9,560		142,540
Franklin Electric Co., Inc.		5,648		182,600
FreightCar America, Inc.		1,751		36,561
GATX Corp.		5,646		300,085
The Gorman-Rupp Co.		2,838		79,691
Graco, Inc.		8,698		617,819
Graham Corp.		1,902		38,972
The Greenbrier Cos., Inc.		3,794		177,749
H&E Equipment Services, Inc.		4,783		95,516
Hurco Cos., Inc.		1,150		39,813
Hyster-Yale Materials Handling, Inc.		1,589		110,086
IDEX Corp.		10,573		830,826
Inovalon Holdings, Inc. (a)		3,233		90,201
John Bean Technologies Corp.		4,210		158,254
Kadant, Inc.		1,829		86,329
Kennametal, Inc.		11,545		393,915
Key Technology, Inc. (a)		998		13,174
Kimball International, Inc., Class B		4,589		55,802
Lincoln Electric Holdings, Inc.		11,088		675,148
Lindsay Corp. (b)		1,910		167,908
Lydall, Inc. (a)		3,024		89,389
Manitex International, Inc. (a)(b)		2,717		20,758
The Manitowoc Co., Inc.		19,929		390,608
Materion Corp.		3,097		109,169
Meritor, Inc. (a)		15,080		197,850
MFRI, Inc. (a)		1,937		11,719
The Middleby Corp. (a)		8,505		954,516
Miller Industries, Inc.		1,717		34,254
MSA Safety, Inc.		4,526		219,556
Mueller Industries, Inc.		8,298		288,107
NACCO Industries, Inc., Class A		799		48,547
Navistar International Corp. (a)		10,412		235,624
NN, Inc.		2,760		70,435
Nordson Corp.		8,362		651,316
Oshkosh Corp.		11,659		494,108
Paylocity Holding Corp. (a)		2,243		80,412
PMFG, Inc. (a)		5,594		35,969
Proto Labs, Inc. (a)		3,441		232,199
Spartan Motors, Inc.		4,844		22,186
SPX Corp.		6,015		435,426
Standex International Corp.		1,909		152,586
Sun Hydraulics Corp.		3,649		139,063
Tennant Co.		2,738		178,901
Terex Corp.		16,034		372,790
The Timken Co.		10,371		379,267
TimkenSteel Corp.		5,808		156,758

See Notes to Financial Statements.

QUANTITATIVE MASTER SERIES LLC JUNE 30, 2015 11

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

Common Stocks	Shares		Value
Industrial Engineering (concluded)
The Toro Co.		8,201	$	555,864
Trinity Industries, Inc.		22,855		604,058
Twin Disc, Inc.		1,357		25,294
Wabash National Corp. (a)		10,790		135,307
Wabtec Corp.		14,355		1,352,815
Woodward, Inc.		8,289		455,812
				17,438,344
Industrial Metals & Mining — 0.6%
AK Steel Holding Corp. (a)		25,888		100,187
Ampco-Pittsburgh Corp.		1,402		21,198
Carpenter Technology Corp.		7,727		298,880
Century Aluminum Co. (a)		7,937		82,783
Cliffs Natural Resources, Inc. (b)		22,958		99,408
Commercial Metals Co.		17,156		275,869
Friedman Industries, Inc.		2,787		17,419
Globe Specialty Metals, Inc.		9,757		172,699
Handy & Harman Ltd. (a)		780		27,027
Haynes International, Inc.		1,874		92,426
Horsehead Holding Corp. (a)		8,576		100,511
Kaiser Aluminum Corp.		2,717		225,728
McEwen Mining, Inc. (a)(b)		43,669		41,874
Noranda Aluminum Holding Corp.		10,483		8,911
Olympic Steel, Inc.		1,597		27,852
Reliance Steel & Aluminum Co.		10,382		627,903
RTI International Metals, Inc. (a)		4,899		154,416
Steel Dynamics, Inc.		35,592		737,288
Synalloy Corp.		2,147		29,414
United States Steel Corp.		21,558		444,526
Universal Stainless & Alloy Products, Inc. (a)		1,302		25,584
Uranium Energy Corp. (a)(b)		19,733		31,375
Worthington Industries, Inc.		7,462		224,308
				3,867,586
Industrial Transportation — 1.2%
Air Lease Corp.		14,059		476,600
Air Transport Services Group, Inc. (a)		8,433		88,462
Aircastle Ltd.		9,655		218,879
ArcBest Corp.		3,738		118,868
Atlas Air Worldwide Holdings, Inc. (a)		3,637		199,890
Baltic Trading Ltd.		8,240		13,184
CAI International, Inc. (a)		2,930		60,329
Celadon Group, Inc.		3,676		76,020
Con-way, Inc.		8,325		319,430
Covenant Transportation Group, Inc., Class A (a)		1,989		49,844
Echo Global Logistics, Inc. (a)		3,502		114,375
Forward Air Corp.		4,372		228,481
FRP Holdings, Inc. (a)		1,004		32,560
Genesee & Wyoming, Inc., Class A (a)		7,645		582,396
Heartland Express, Inc.		7,962		161,071
Hub Group, Inc., Class A (a)		5,073		204,645
Kirby Corp. (a)		8,365		641,261
Knight Transportation, Inc.		8,733		233,520
Landstar System, Inc.		6,443		430,843
Marten Transport Ltd.		3,567		77,404
Matson, Inc.		6,157		258,840
Old Dominion Freight Line, Inc. (a)		10,098		692,773
PAM Transportation Services, Inc. (a)		840		48,762
Patriot Transportation Holding, Inc. (a)		334		8,233
PHH Corp. (a)		7,484		194,809
Quality Distribution, Inc. (a)		5,040		77,918
Rand Logistics, Inc. (a)		5,032		16,304
Roadrunner Transportation Systems, Inc. (a)		4,005		103,329
Saia, Inc. (a)		3,719		146,119
Swift Transportation Co. (a)		12,742		288,861
TAL International Group, Inc. (a)		5,188		163,941
Teekay Corp.		6,746		288,864
Common Stocks	Shares		Value
Industrial Transportation (concluded)
Textainer Group Holdings Ltd.		3,736		97,173
Universal Truckload Services, Inc.		912		20,028
USA Truck, Inc. (a)		1,622		34,435
UTI Worldwide, Inc. (a)		13,785		137,712
Werner Enterprises, Inc.		6,142		161,227
Wesco Aircraft Holdings, Inc. (a)		8,424		127,624
Willis Lease Finance Corp. (a)		1,351		24,818
World Fuel Services Corp.		10,829		519,251
XPO Logistics, Inc. (a)		10,037		453,472
YRC Worldwide, Inc. (a)		4,194		54,438
				8,246,993
Leisure Goods — 1.0%
Activision Blizzard, Inc.		73,279		1,774,085
Arctic Cat, Inc.		2,143		71,169
Black Diamond, Inc. (a)		4,738		43,779
Brunswick Corp.		13,581		690,730
Callaway Golf Co.		11,826		105,724
Drew Industries, Inc.		3,533		204,985
DTS, Inc. (a)		2,922		89,092
Escalade, Inc.		2,070		38,067
Glu Mobile, Inc. (a)		16,419		101,962
GoPro, Inc., Class A (a)		4,274		225,325
LeapFrog Enterprises, Inc. (a)		11,123		15,572
Marine Products Corp.		2,700		16,848
Nautilus, Inc. (a)		5,339		114,842
Polaris Industries, Inc.		9,032		1,337,730
Pool Corp.		6,348		445,503
RealD, Inc. (a)		7,446		91,809
Skullcandy, Inc. (a)		3,869		29,675
Take-Two Interactive Software, Inc. (a)		12,579		346,803
Thor Industries, Inc.		6,819		383,773
TiVo, Inc. (a)		15,413		156,288
Universal Electronics, Inc. (a)		2,531		126,145
Vista Outdoor, Inc. (a)		9,376		420,982
Winnebago Industries, Inc.		4,475		105,565
				6,936,453
Life Insurance — 0.4%
American Equity Investment Life Holding Co.		11,039		297,832
Amerisafe, Inc.		3,237		152,333
Atlantic American Corp.		2,927		10,596
Citizens, Inc. (a)(b)		8,213		61,269
CNO Financial Group, Inc.		29,300		537,655
eHealth, Inc. (a)		2,920		37,055
Employers Holdings, Inc.		4,842		110,301
FBL Financial Group, Inc., Class A		1,432		82,655
Independence Holding Co.		2,198		28,992
Kansas City Life Insurance Co.		643		29,391
National Western Life Insurance Co., Class A		341		81,666
The Phoenix Cos., Inc. (a)		1,237		22,563
Primerica, Inc.		7,800		356,382
StanCorp Financial Group, Inc.		6,087		460,238
Symetra Financial Corp.		13,577		328,156
				2,597,084
Media — 4.5%
Acxiom Corp. (a)		11,392		200,271
AH Belo Corp.		3,599		20,154
AMC Networks, Inc., Class A (a)		8,771		717,906
Ascent Capital Group, Inc., Class A (a)		2,129		90,993
Bankrate, Inc. (a)		9,127		95,742
Beasley Broadcasting Group, Inc., Class A		784		3,630
Charter Communications, Inc., Class A (a)		12,132		2,077,605
Clear Channel Outdoor Holdings, Inc., Class A		6,448		65,318
ComScore, Inc. (a)		5,060		269,496
Constant Contact, Inc. (a)		4,980		143,225

See Notes to Financial Statements.

12 QUANTITATIVE MASTER SERIES LLC JUNE 30, 2015

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

Common Stocks	Shares		Value
Media (concluded)
Crown Media Holdings, Inc., Class A (a)		8,667	$	39,175
CSS Industries, Inc.		1,461		44,195
CTN Media Group, Inc. (a)		50		—
Cumulus Media, Inc., Class A (a)		18,856		38,278
Dex Media, Inc. (a)(b)		1,243		907
DISH Network Corp., Class A (a)		31,412		2,126,907
Dolby Laboratories, Inc., Class A		6,533		259,229
DreamWorks Animation SKG, Inc., Class A (a)(b)		10,812		285,221
Emmis Communications Corp., Class A (a)		10,615		10,615
Entercom Communications Corp., Class A (a)		3,775		43,111
Entravision Communications Corp., Class A		9,442		77,708
EW Scripps Co.		8,572		195,870
FactSet Research Systems, Inc.		5,739		932,645
Gannett Co., Inc. (a)		16,612		232,402
Global Eagle Entertainment, Inc. (a)		6,806		88,614
Graham Holdings Co., Class B		645		693,407
Gray Television, Inc. (a)		8,137		127,588
Groupon, Inc. (a)		62,537		314,561
Harte-Hanks, Inc.		6,749		40,224
IHS, Inc., Class A (a)		10,208		1,313,055
John Wiley & Sons, Inc., Class A		6,707		364,660
Journal Media Group, Inc.		2,589		21,463
Lamar Advertising Co., Class A		11,870		682,288
Lee Enterprises, Inc. (a)		5,134		17,096
Liberty Global PLC (a)		88,250		4,468,097
Liberty Global PLC, Class A (a)		37,168		2,009,674
Liberty Interactive Corp., Series A (a)		65,093		1,806,331
Liberty Media Corp., Class A (a)		13,851		499,190
Liberty Media Corp., Class C (a)		29,461		1,057,650
Liberty Ventures, Series A (a)		20,301		797,220
Lions Gate Entertainment Corp.		13,408		496,766
Live Nation Entertainment, Inc. (a)		21,689		596,231
Marchex, Inc., Class B		5,246		25,968
Martha Stewart Living Omnimedia, Class A (a)		6,396		39,911
The McClatchy Co., Class A (a)		10,903		11,775
Media General, Inc. (a)		13,851		228,819
Meredith Corp.		5,493		286,460
Morningstar, Inc.		2,925		232,684
National CineMedia, Inc.		10,222		163,143
New Media Investment Group, Inc.		5,686		101,950
The New York Times Co., Class A		18,910		258,121
Nexstar Broadcasting Group, Inc., Class A		4,695		262,920
Outfront Media, Inc.		20,084		506,920
Pandora Media, Inc. (a)		27,458		426,697
QuinStreet, Inc. (a)		7,427		47,904
RetailMeNot, Inc. (a)		6,149		109,637
Saga Communications, Inc., Class A		1,186		44,890
Scholastic Corp.		3,799		167,650
Sinclair Broadcast Group, Inc., Class A		10,956		305,782
Sirius XM Holdings, Inc. (a)		388,191		1,447,952
Sizmek, Inc. (a)		4,901		34,797
Spanish Broadcasting System, Inc. (a)		1,474		9,950
SPAR Group, Inc. (a)		3,165		4,115
Starz, Class A (a)		11,658		521,346
TechTarget, Inc. (a)		4,373		39,051
TheStreet, Inc.		16,585		30,019
Time, Inc.		15,923		366,388
Tribune Co., Class A		12,964		692,148
Tribune Publishing Co.		2,998		46,589
Value Line, Inc.		1,830		18,995
WebMD Health Corp. (a)		5,811		257,311
XO Group, Inc. (a)		4,623		75,586
Yelp, Inc. (a)		9,127		392,735
				30,522,931
Mining — 0.3%
Alpha Natural Resources, Inc. (a)(b)		38,190		11,530
Common Stocks	Shares		Value
Mining (concluded)
Arch Coal, Inc. (a)(b)		32,421		11,023
Cloud Peak Energy, Inc. (a)		9,192		42,835
Coeur Mining, Inc. (a)		20,713		118,271
Compass Minerals International, Inc.		4,903		402,732
General Moly, Inc. (a)		21,436		15,175
Golden Minerals Co. (a)(b)		9,302		3,271
Hecla Mining Co.		55,170		145,097
Peabody Energy Corp.		41,463		90,804
Royal Gold, Inc.		9,697		597,238
Solitario Exploration & Royalty Corp. (a)		15,315		9,648
Stillwater Mining Co. (a)		18,398		213,233
SunCoke Energy, Inc.		10,366		134,758
Timberline Resources Corp. (a)		1,250		687
U.S. Silica Holdings, Inc. (b)		7,972		234,058
Walter Energy, Inc. (b)		18,006		3,925
Westmoreland Coal Co. (a)		2,842		59,057
				2,093,342
Mobile Telecommunications — 0.8%
Atlantic Tele-Network, Inc.		1,510		104,311
Globalstar, Inc. (a)(b)		36,156		76,289
Iridium Communications, Inc. (a)		12,372		112,462
NTELOS Holdings Corp. (a)		3,146		14,535
ORBCOMM, Inc. (a)		8,861		59,812
Pacific DataVision, Inc. (a)		1,534		64,627
SBA Communications Corp., Class A (a)		19,178		2,204,895
Shenandoah Telecommunications Co.		3,515		120,318
Spok Holdings, Inc.		3,740		62,982
Sprint Corp. (a)		117,624		536,365
T-Mobile U.S., Inc. (a)		39,634		1,536,610
Telephone & Data Systems, Inc.		14,216		417,950
Towerstream Corp. (a)		15,223		27,249
United States Cellular Corp. (a)		1,892		71,272
				5,409,677
Nonlife Insurance — 3.6%
Alleghany Corp. (a)		2,411		1,130,180
Allied World Assurance Co. Holdings AG		13,951		602,962
Ambac Financial Group, Inc. (a)		5,024		83,599
American Financial Group, Inc.		10,792		701,912
American National Insurance Co.		1,162		118,896
AmTrust Financial Services, Inc.		4,552		298,202
Arch Capital Group Ltd. (a)		19,056		1,275,990
Argo Group International Holdings Ltd.		4,274		238,062
Arthur J Gallagher & Co.		24,680		1,167,364
Aspen Insurance Holdings Ltd.		9,163		438,908
Assured Guaranty Ltd.		23,146		555,273
Axis Capital Holdings Ltd.		14,687		783,845
Baldwin & Lyons, Inc., Class B		1,784		41,068
Brown & Brown, Inc.		17,694		581,425
CNA Financial Corp.		2,651		101,295
Donegal Group, Inc., Class A		1,871		28,495
EMC Insurance Group, Inc.		1,351		33,870
Endurance Specialty Holdings Ltd.		6,510		427,707
Enstar Group Ltd. (a)		1,616		250,399
Erie Indemnity Co., Class A		3,720		305,300
Everest Re Group Ltd.		6,521		1,186,887
Federated National Holding Co.		2,537		61,395
First Acceptance Corp. (a)		8,599		27,517
First American Financial Corp.		15,873		590,634
Global Indemnity PLC (a)		1,701		47,764
Greenlight Capital Re Ltd. (a)		4,775		139,287
The Hanover Insurance Group, Inc.		6,470		478,974
HCC Insurance Holdings, Inc.		14,267		1,096,276
HCI Group, Inc.		1,432		63,309
Hilltop Holdings, Inc. (a)		12,181		293,440
Horace Mann Educators Corp.		6,108		222,209

See Notes to Financial Statements.

QUANTITATIVE MASTER SERIES LLC JUNE 30, 2015 13

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

Common Stocks	Shares		Value
Nonlife Insurance (concluded)
Infinity Property & Casualty Corp.		1,707	$	129,459
Kemper Corp.		7,376		284,345
Maiden Holdings Ltd.		8,194		129,301
Markel Corp. (a)		2,099		1,680,627
MBIA, Inc. (a)		21,455		128,945
Meadowbrook Insurance Group, Inc.		7,057		60,690
Mercury General Corp.		3,553		197,724
Montpelier Re Holdings Ltd.		5,876		232,102
National General Holdings Corp.		7,230		150,601
National Interstate Corp.		1,767		48,274
The Navigators Group, Inc. (a)		1,693		131,309
Old Republic International Corp.		36,117		564,509
OneBeacon Insurance Group Ltd.		3,598		52,207
PartnerRe Ltd.		7,170		921,345
ProAssurance Corp.		8,546		394,911
Reinsurance Group of America, Inc.		10,033		951,831
RenaissanceRe Holdings Ltd.		6,693		679,406
RLI Corp.		5,503		282,799
Safety Insurance Group, Inc.		2,120		122,345
Selective Insurance Group, Inc.		8,290		232,535
State Auto Financial Corp.		2,450		58,678
State National Cos., Inc.		4,785		51,822
Third Point Reinsurance Ltd. (a)		8,831		130,257
United Fire Group, Inc.		3,306		108,305
United Insurance Holdings Corp.		2,597		40,357
Universal Insurance Holdings, Inc.		4,997		120,927
Validus Holdings Ltd.		12,096		532,103
W.R. Berkley Corp.		14,141		734,342
White Mountains Insurance Group Ltd.		896		586,826
Willis Group Holdings PLC		26,501		1,242,897
				24,354,223
Oil & Gas Producers — 2.8%
Abraxas Petroleum Corp. (a)		16,317		48,135
Adams Resources & Energy, Inc.		460		20,516
Alon USA Energy, Inc.		3,887		73,464
Approach Resources, Inc. (a)(b)		5,719		39,175
Barnwell Industries, Inc. (a)		4,904		11,622
Bill Barrett Corp. (a)		7,950		68,290
Bonanza Creek Energy, Inc. (a)		5,754		105,010
C&J Energy Services, Ltd. (a)		7,389		97,535
California Resources Corp.		46,267		279,453
Callon Petroleum Co. (a)		9,629		80,113
Carrizo Oil & Gas, Inc. (a)		6,913		340,396
Cheniere Energy, Inc. (a)		32,745		2,267,919
Clayton Williams Energy, Inc. (a)		984		64,698
Cobalt International Energy, Inc. (a)		44,584		432,911
Comstock Resources, Inc. (b)		7,198		23,969
Concho Resources, Inc. (a)		17,725		2,018,168
Contango Oil & Gas Co. (a)		2,576		31,608
Continental Resources, Inc. (a)		12,761		540,939
CVR Energy, Inc.		2,530		95,229
Dawson Geophysical Co. (a)		3,327		15,637
Delek U.S. Holdings, Inc.		7,735		284,803
Denbury Resources, Inc.		51,935		330,307
Diamondback Energy, Inc. (a)		8,833		665,832
Eclipse Resources Corp. (a)		7,534		39,629
Emerald Oil, Inc. (a)		816		3,468
Energen Corp.		10,882		743,241
Energy XXI Bermuda Ltd. (b)		15,824		41,617
EP Energy Corp., Class A (a)		4,851		61,753
Era Group, Inc. (a)		3,098		63,447
Escalera Resources Co. (a)		6,258		1,722
Evolution Petroleum Corp.		5,834		38,446
EXCO Resources, Inc. (b)		28,887		34,087
FX Energy, Inc. (a)		13,494		11,876
Gastar Exploration, Inc. (a)		10,078		31,141
Common Stocks	Shares		Value
Oil & Gas Producers (concluded)
Goodrich Petroleum Corp. (a)(b)		7,820		14,545
Gulfport Energy Corp. (a)		14,257		573,844
Halcon Resources Corp. (a)(b)		39,882		46,263
Harvest Natural Resources, Inc. (a)		13,559		23,728
HollyFrontier Corp.		29,294		1,250,561
Houston American Energy Corp. (a)		5,104		1,021
Isramco, Inc. (a)(b)		353		48,721
Kosmos Energy Ltd. (a)		16,595		139,896
Laredo Petroleum, Inc. (a)(b)		18,417		231,686
Magellan Petroleum Corp. (a)		26,079		10,953
Magnum Hunter Resources Corp. (a)(b)		30,270		56,605
Matador Resources Co. (a)		11,762		294,050
Memorial Resource Development Corp. (a)		11,262		213,640
Midstates Petroleum Co., Inc. (a)(b)		5,262		4,894
Miller Energy Resources, Inc. (a)(b)		13,027		4,755
Nabors Industries Ltd.		42,866		618,556
Northern Oil and Gas, Inc. (a)(b)		9,819		66,475
Oasis Petroleum, Inc. (a)		19,693		312,134
Pacific Ethanol, Inc. (a)		3,564		36,780
Panhandle Oil and Gas, Inc.		2,706		55,987
Parsley Energy, Inc., Class A (a)		9,081		158,191
PBF Energy, Inc.		12,837		364,828
PDC Energy, Inc. (a)		5,851		313,848
Penn Virginia Corp. (a)		11,473		50,252
PetroQuest Energy, Inc. (a)		11,732		23,229
Pioneer Energy Services Corp. (a)		10,165		64,446
PostRock Energy Corp. (a)		2,099		5,772
QEP Resources, Inc.		23,752		439,649
Resolute Energy Corp. (a)		11,641		11,251
Rex Energy Corp. (a)(b)		7,757		43,362
Ring Energy, Inc. (a)		3,377		37,789
Rosetta Resources, Inc. (a)		10,804		250,005
RSP Permian, Inc. (a)		7,337		206,243
Sanchez Energy Corp. (a)(b)		8,007		78,469
SandRidge Energy, Inc. (a)(b)		59,072		51,806
SemGroup Corp., Class A		6,508		517,256
SM Energy Co.		10,049		463,460
Stone Energy Corp. (a)		8,544		107,569
Swift Energy Co. (a)(b)		8,569		17,395
Syntroleum Corp. (a)		2,214		—
Targa Resources Corp.		7,197		642,116
Triangle Petroleum Corp. (a)(b)		10,105		50,727
Ultra Petroleum Corp. (a)(b)		23,153		289,876
Vaalco Energy, Inc. (a)		10,701		22,900
W&T Offshore, Inc. (b)		5,629		30,847
Warren Resources, Inc. (a)		13,542		6,229
Western Refining, Inc.		10,469		456,658
Whiting Petroleum Corp. (a)		30,404		1,021,574
WPX Energy, Inc. (a)		30,349		372,686
ZaZa Energy Corp. (a)(b)		5,460		4,313
Zion Oil & Gas, Inc. (a)		14,230		27,179
				19,141,175
Oil Equipment, Services & Distribution — 1.6%
Atwood Oceanics, Inc.		8,724		230,663
Basic Energy Services, Inc. (a)		5,297		39,992
Bristow Group, Inc.		4,787		255,147
CARBO Ceramics, Inc.		2,969		123,599
Chart Industries, Inc. (a)		4,432		158,444
Civeo Corp.		17,493		53,703
Core Laboratories NV		6,458		736,470
Dakota Plains Holdings, Inc. (a)		17,287		20,571
DHT Holdings, Inc.		13,058		101,461
Dresser-Rand Group, Inc. (a)		11,523		981,529
Dril-Quip, Inc. (a)		5,676		427,119
Exterran Holdings, Inc.		10,122		330,483
Flotek Industries, Inc. (a)		7,402		92,747

See Notes to Financial Statements.

14 QUANTITATIVE MASTER SERIES LLC JUNE 30, 2015

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)
Forum Energy Technologies, Inc. (a)		9,628	$	195,256
Frank’s International NV		5,137		96,781
Geospace Technologies Corp. (a)		2,032		46,838
Glori Energy, Inc. (a)(b)		7,230		10,339
Gulf Island Fabrication, Inc.		1,934		21,603
Gulfmark Offshore, Inc., Class A		3,659		42,444
Helix Energy Solutions Group, Inc. (a)		14,959		188,932
Hercules Offshore, Inc. (a)(b)		28,104		6,571
Hornbeck Offshore Services, Inc. (a)		5,026		103,184
ION Geophysical Corp. (a)		21,270		22,759
Key Energy Services, Inc. (a)		21,036		37,865
Matrix Service Co. (a)		4,402		80,469
McDermott International, Inc. (a)		35,472		189,420
Mitcham Industries, Inc. (a)		2,357		9,876
MRC Global, Inc. (a)		15,474		238,919
Natural Gas Services Group, Inc. (a)		2,416		55,133
Newpark Resources, Inc. (a)		13,319		108,283
NOW, Inc. (a)(b)		15,654		311,671
Oceaneering International, Inc.		14,596		680,028
OGE Energy Corp.		27,273		779,190
Oil States International, Inc. (a)		7,623		283,804
Par Petroleum Corp. (a)		3,939		73,738
Paragon Offshore PLC (b)		14,903		16,244
Parker Drilling Co. (a)		19,733		65,514
Patterson-UTI Energy, Inc.		21,578		405,990
PHI, Inc. (a)		2,122		63,702
Rowan Cos. PLC, Class A		18,357		387,516
RPC, Inc.		9,161		126,697
SEACOR Holdings, Inc. (a)		2,751		195,156
Seventy Seven Energy, Inc. (a)		6,107		26,199
Superior Energy Services, Inc.		22,678		477,145
Tesco Corp.		5,269		57,432
TETRA Technologies, Inc. (a)		12,273		78,302
Tidewater, Inc. (b)		7,273		165,315
Unit Corp. (a)		6,832		185,284
Weatherford International PLC (a)		114,754		1,408,032
Willbros Group, Inc. (a)		6,727		8,611
				10,802,170
Personal Goods — 1.1%
American Apparel, Inc. (a)(b)		30,838		15,111
Avon Products, Inc.		64,426		403,307
Carter’s, Inc.		7,900		839,770
Cherokee, Inc.		2,419		68,167
Columbia Sportswear Co.		3,859		233,315
Coty, Inc., Class A (a)		9,940		317,782
Crocs, Inc. (a)		13,180		193,878
Culp, Inc.		1,628		50,468
Deckers Outdoor Corp. (a)		5,161		371,437
Elizabeth Arden, Inc. (a)(b)		4,198		59,864
G-III Apparel Group Ltd. (a)		5,613		394,875
Helen of Troy Ltd. (a)		4,069		396,687
Iconix Brand Group, Inc. (a)		7,394		184,628
Inter Parfums, Inc.		2,513		85,266
Kate Spade & Co. (a)		18,892		406,934
Lakeland Industries, Inc. (a)		2,101		24,035
Lululemon Athletica, Inc. (a)		15,517		1,013,260
Movado Group, Inc.		2,713		73,685
Nu Skin Enterprises, Inc., Class A		8,749		412,340
Orchids Paper Products Co.		1,530		36,827
Oxford Industries, Inc.		2,293		200,523
Perry Ellis International, Inc. (a)		2,072		49,251
Quiksilver, Inc. (a)(b)		20,298		13,454
Revlon, Inc., Class A (a)		2,114		77,605
Rocky Brands, Inc.		1,306		24,422
Sequential Brands Group, Inc. (a)		3,848		58,836
Skechers U.S.A., Inc., Class A (a)		6,078		667,304
Common Stocks	Shares		Value
Personal Goods (concluded)
Steven Madden Ltd. (a)		8,659		370,432
Tumi Holdings, Inc. (a)		8,700		178,524
Unifi, Inc. (a)		2,706		90,651
Vera Bradley, Inc. (a)		3,446		38,836
Vince Holding Corp. (a)		2,205		26,416
Weyco Group, Inc.		882		26,301
Wolverine World Wide, Inc.		15,103		430,133
				7,834,324
Pharmaceuticals & Biotechnology — 7.0%
ACADIA Pharmaceuticals, Inc. (a)		11,962		500,969
Accelerate Diagnostics, Inc. (a)(b)		3,467		89,483
Acceleron Pharma, Inc. (a)		1,385		43,821
AcelRx Pharmaceuticals, Inc. (a)(b)		4,860		20,606
Achillion Pharmaceuticals, Inc. (a)		15,574		137,986
Acorda Therapeutics, Inc. (a)		6,488		216,245
Acura Pharmaceuticals, Inc. (a)(b)		16,021		15,813
Adamis Pharmaceuticals Corp. (a)		4,970		20,874
Advaxis, Inc. (a)		4,185		85,081
Aegerion Pharmaceuticals, Inc. (a)		4,247		80,566
Aerie Pharmaceuticals, Inc. (a)		2,379		41,989
Affymetrix, Inc. (a)		12,654		138,182
Agenus, Inc. (a)		13,328		115,021
Agios Pharmaceuticals, Inc. (a)		1,581		175,712
Akorn, Inc. (a)		11,657		508,945
Albany Molecular Research, Inc. (a)		4,097		82,841
Alder Biopharmaceuticals, Inc. (a)		2,358		124,903
Aldeyra Therapeutics, Inc. (a)		1,184		9,188
Alimera Sciences, Inc. (a)(b)		4,620		21,298
Alkermes PLC (a)		21,837		1,404,993
Alnylam Pharmaceuticals, Inc. (a)		10,797		1,294,236
AMAG Pharmaceuticals, Inc. (a)		3,609		249,238
Amicus Therapeutics, Inc. (a)		11,526		163,093
Ampio Pharmaceuticals, Inc. (a)(b)		8,902		21,098
Anacor Pharmaceuticals, Inc. (a)		6,330		490,132
ANI Pharmaceuticals, Inc. (a)		1,511		93,758
Anthera Pharmaceuticals, Inc. (a)		3,306		28,498
Apricus Biosciences, Inc. (a)(b)		16,528		28,263
Aratana Therapeutics, Inc. (a)		4,081		61,705
Arena Pharmaceuticals, Inc. (a)		36,143		167,704
Ariad Pharmaceuticals, Inc. (a)		27,777		229,716
Arqule, Inc. (a)		20,616		32,986
Array BioPharma, Inc. (a)		21,612		155,823
Arrowhead Research Corp. (a)(b)		7,952		56,857
Assembly Biosciences, Inc. (a)		1,036		19,953
Atara Biotherapeutics, Inc. (a)		1,463		77,188
Athersys, Inc. (a)		16,987		20,554
Avalanche Biotechnologies, Inc. (a)		1,231		19,991
AVEO Pharmaceuticals, Inc. (a)		4,708		8,192
Bio Path Holdings, Inc. (a)(b)		11,397		13,107
Bio-Techne Corp.		5,409		532,624
BioCryst Pharmaceuticals, Inc. (a)		10,728		160,169
BioDelivery Sciences International, Inc. (a)		7,090		56,436
BioMarin Pharmaceutical, Inc. (a)		23,091		3,158,387
Biota Pharmaceuticals, Inc. (a)		12,324		25,511
Biotime, Inc. (a)(b)		11,313		41,066
Bluebird Bio, Inc. (a)		4,435		746,721
Calithera Biosciences, Inc. (a)(b)		2,540		18,136
Carbylan Therapeutics, Inc. (a)		2,232		15,959
CASI Pharmaceuticals, Inc. (a)		7,740		13,855
Catalent, Inc. (a)		10,910		319,990
Catalyst Pharmaceutical Partners, Inc. (a)		10,904		45,034
Cel-Sci Corp. (a)		21,543		14,218
Celladon Corp. (a)		4,574		5,763
Celldex Therapeutics, Inc. (a)		14,285		360,268
Cellular Biomedicine Group, Inc. (a)(b)		1,106		41,486
Cempra, Inc. (a)		4,783		164,344

See Notes to Financial Statements.

QUANTITATIVE MASTER SERIES LLC JUNE 30, 2015 15

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

Common Stocks	Shares		Value
Pharmaceuticals & Biotechnology (continued)
Cerus Corp. (a)(b)		14,774	$	76,677
Charles River Laboratories International, Inc. (a)		7,090		498,711
Chimerix, Inc. (a)		5,137		237,329
Cleveland BioLabs, Inc. (a)		2,800		12,152
Clovis Oncology, Inc. (a)		4,492		394,757
Coherus Biosciences, Inc. (a)		732		21,155
Concert Pharmaceuticals, Inc. (a)		831		12,374
ContraVir Pharmaceuticals, Inc. (a)		3,821		19,411
Corbus Pharmaceuticals Holdings, Inc. (a)		1,964		6,049
Corcept Therapeutics, Inc. (a)		12,029		72,294
CorMedix, Inc. (a)		7,588		29,441
CTI BioPharma Corp. (a)		30,486		59,448
Cumberland Pharmaceuticals, Inc. (a)		4,500		32,175
Curis, Inc. (a)		24,444		80,910
Cytokinetics, Inc. (a)		7,734		51,972
Cytori Therapeutics, Inc. (a)(b)		19,551		10,890
CytRx Corp. (a)		9,758		36,300
Depomed, Inc. (a)		9,510		204,085
Dermira, Inc. (a)		2,405		42,208
Dicerna Pharmaceuticals, Inc. (a)		1,537		21,441
Discovery Laboratories, Inc. (a)		22,340		15,191
Durect Corp. (a)		26,685		63,777
Dyax Corp. (a)		21,301		564,476
Dynavax Technologies Corp. (a)		5,246		122,888
Eagle Pharmaceuticals, Inc. (a)		1,130		91,372
Emergent Biosolutions, Inc. (a)		4,834		159,280
Enanta Pharmaceuticals, Inc. (a)		1,609		72,389
Endocyte, Inc. (a)		6,241		32,391
Enzo Biochem, Inc. (a)		8,028		24,325
Epizyme, Inc. (a)		3,207		76,968
Esperion Therapeutics, Inc. (a)		2,063		168,671
Exact Sciences Corp. (a)		13,101		389,624
Exelixis, Inc. (a)(b)		33,152		124,652
Fate Therapeutics, Inc. (a)		1,168		7,557
Fibrocell Science, Inc. (a)		3,103		16,353
FibroGen, Inc. (a)		1,149		27,001
Five Prime Therapeutics, Inc. (a)		3,175		78,867
Flexion Therapeutics, Inc. (a)		1,067		23,357
Fortress Biotech, Inc. (a)(b)		6,807		22,872
Foundation Medicine, Inc. (a)(b)		2,635		89,168
Galena Biopharma, Inc. (a)		24,162		41,075
Galmed Pharmaceuticals Ltd. (a)		2,061		20,734
Genocea Biosciences, Inc. (a)		887		12,179
Genomic Health, Inc. (a)		3,102		86,205
GenVec, Inc. (a)		8,267		16,865
Geron Corp. (a)		25,126		107,539
GTx, Inc. (a)		17,845		26,232
Halozyme Therapeutics, Inc. (a)		15,534		350,758
Harvard Bioscience, Inc. (a)		8,239		46,962
Heat Biologics, Inc. (a)(b)		1,258		7,548
Hemispherx Biopharma, Inc. (a)		68,726		14,054
Heron Therapeutics, Inc. (a)		3,775		117,629
Histogenics Corp. (a)		1,354		8,747
Horizon Pharma PLC (a)		20,084		697,718
iBio, Inc. (a)		11,809		11,219
Idera Pharmaceuticals, Inc. (a)(b)		13,765		51,068
IGI Laboratories, Inc. (a)(b)		4,271		26,907
Ignyta, Inc. (a)		2,711		40,909
Illumina, Inc. (a)		21,073		4,601,500
Immune Design Corp. (a)		594		12,266
Immunogen, Inc. (a)		13,864		199,364
Immunomedics, Inc. (a)		17,696		71,846
Impax Laboratories, Inc. (a)		9,851		452,358
INC Research Holdings, Inc., Class A (a)		1,328		53,279
Incyte Corp. (a)		23,115		2,408,814
Infinity Pharmaceuticals, Inc. (a)		7,013		76,792
Inovio Pharmaceuticals, Inc. (a)(b)		9,975		81,396
Common Stocks	Shares		Value
Pharmaceuticals & Biotechnology (continued)
Insmed, Inc. (a)		8,705		212,576
Insys Therapeutics, Inc. (a)		2,856		102,588
Intercept Pharmaceuticals, Inc. (a)		2,031		490,243
Intrexon Corp. (a)		5,140		250,832
Invitae Corp. (a)		658		9,791
Ironwood Pharmaceuticals, Inc. (a)		19,090		230,225
Isis Pharmaceuticals, Inc. (a)		17,419		1,002,463
IsoRay, Inc. (a)(b)		15,938		23,588
Jazz Pharmaceuticals PLC (a)		9,015		1,587,271
Juniper Pharmaceuticals, Inc. (a)		4,676		42,785
Karyopharm Therapeutics, Inc. (a)		3,090		84,079
Keryx Biopharmaceuticals, Inc. (a)(b)		14,848		148,183
Kite Pharma, Inc. (a)		1,642		100,113
KYTHERA Biopharmaceuticals, Inc. (a)		2,895		218,022
La Jolla Pharmaceutical Co. (a)		1,601		39,241
Lannett Co., Inc. (a)		4,175		248,162
Lexicon Pharmaceuticals, Inc. (a)		6,186		49,797
Ligand Pharmaceuticals, Inc., Class B (a)		2,972		299,875
Lion Biotechnologies, Inc. (a)		5,019		46,024
Loxo Oncology, Inc. (a)		423		7,627
Luminex Corp. (a)		6,305		108,824
MacroGenics, Inc. (a)		3,492		132,591
MannKind Corp. (a)(b)		38,077		216,658
Medgenics, Inc. (a)		3,825		23,447
The Medicines Co. (a)		10,184		291,364
Medivation, Inc. (a)		11,561		1,320,266
MEI Pharma, Inc. (a)		3,849		6,582
Merrimack Pharmaceuticals, Inc. (a)		13,761		170,155
MiMedx Group, Inc. (a)		13,619		157,844
Minerva Neurosciences, Inc. (a)		1,890		10,962
Momenta Pharmaceuticals, Inc. (a)		8,170		186,358
Myriad Genetics, Inc. (a)(b)		10,767		365,970
Nektar Therapeutics (a)		20,082		251,226
Neothetics, Inc. (a)		1,077		9,693
Neuralstem, Inc. (a)(b)		17,361		33,680
Neurocrine Biosciences, Inc. (a)		11,310		540,166
NewLink Genetics Corp. (a)		2,889		127,896
Northwest Biotherapeutics, Inc. (a)(b)		6,764		67,167
Novavax, Inc. (a)		38,748		431,653
Omeros Corp. (a)		4,956		89,158
OncoMed Pharmaceuticals, Inc. (a)		1,527		34,357
Oncothyreon, Inc. (a)		17,944		67,111
Ophthotech Corp. (a)		1,618		84,233
Opko Health, Inc. (a)		35,588		572,255
Orexigen Therapeutics, Inc. (a)		18,080		89,496
Organovo Holdings, Inc. (a)(b)		11,175		42,130
Osiris Therapeutics, Inc. (a)		3,311		64,432
Otonomy, Inc. (a)		2,432		55,912
OvaScience, Inc. (a)		2,920		84,476
Pacific Biosciences of California, Inc. (a)		10,142		58,418
Pacira Pharmaceuticals, Inc. (a)		5,453		385,636
Pain Therapeutics, Inc. (a)		8,736		15,113
Palatin Technologies, Inc. (a)		16,279		14,488
Paratek Pharmaceuticals, Inc.		1,099		28,321
PDL BioPharma, Inc.		24,747		159,123
Peregrine Pharmaceuticals, Inc. (a)		35,720		46,793
Pernix Therapeutics Holdings (a)		4,089		24,207
Pfenex, Inc. (a)		1,628		31,583
PharmAthene, Inc. (a)(b)		14,512		26,122
Portola Pharmaceuticals, Inc. (a)		7,608		346,544
Pozen, Inc. (a)		5,597		57,705
PRA Health Sciences, Inc. (a)		2,704		98,236
Prestige Brands Holdings, Inc. (a)		7,755		358,591
Progenics Pharmaceuticals, Inc. (a)		11,869		88,543
Proteon Therapeutics, Inc. (a)		837		14,949
Prothena Corp. PLC (a)		4,516		237,858
pSivida Corp. (a)		6,822		25,719

See Notes to Financial Statements.

16 QUANTITATIVE MASTER SERIES LLC JUNE 30, 2015

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

Common Stocks	Shares		Value
Pharmaceuticals & Biotechnology (concluded)
PTC Therapeutics, Inc. (a)		3,396	$	163,449
Puma Biotechnology, Inc. (a)		3,163		369,280
Quintiles Transnational Holdings, Inc. (a)		11,987		870,376
Radius Health, Inc. (a)		1,922		130,119
Raptor Pharmaceutical Corp. (a)		11,620		183,480
Receptos, Inc. (a)		4,586		871,569
Recro Pharma, Inc. (a)		2,152		27,804
Regulus Therapeutics, Inc. (a)		3,666		40,179
Relypsa, Inc. (a)		3,973		131,467
Repligen Corp. (a)		5,025		207,382
Repros Therapeutics, Inc. (a)		4,528		32,375
Retrophin, Inc. (a)		4,332		143,606
Revance Therapeutics, Inc. (a)		1,978		63,256
Rexahn Pharmaceuticals, Inc. (a)		44,878		27,272
Rigel Pharmaceuticals, Inc. (a)		16,778		53,857
Sage Therapeutics, Inc. (a)		1,458		106,434
Sagent Pharmaceuticals, Inc. (a)		3,816		92,767
Sangamo Biosciences, Inc. (a)		10,912		121,014
Sarepta Therapeutics, Inc. (a)		6,277		191,009
Sciclone Pharmaceuticals, Inc. (a)		8,444		82,920
Seattle Genetics, Inc. (a)		14,971		724,596
Sequenom, Inc. (a)(b)		22,329		67,880
Sorrento Therapeutics, Inc. (a)		4,557		80,294
Spectrum Pharmaceuticals, Inc. (a)		11,101		75,931
StemCells, Inc. (a)		26,556		14,354
Stemline Therapeutics, Inc. (a)		2,330		27,424
Sucampo Pharmaceuticals, Inc., Class A (a)		3,182		52,280
Sunesis Pharmaceuticals, Inc. (a)		8,280		24,923
Supernus Pharmaceuticals, Inc. (a)		4,327		73,472
Synergy Pharmaceuticals, Inc. (a)(b)		13,164		109,261
Synta Pharmaceuticals Corp. (a)		15,752		35,127
Synthetic Biologics, Inc. (a)		13,497		38,466
Tetraphase Pharmaceuticals, Inc. (a)		5,221		247,684
TG Therapeutics, Inc. (a)		5,198		86,235
TherapeuticsMD, Inc. (a)		17,954		141,118
Theravance Biopharma, Inc. (a)(b)		3,971		51,702
Theravance, Inc. (b)		12,381		223,725
Threshold Pharmaceuticals, Inc. (a)		12,218		49,361
Tokai Pharmaceuticals, Inc. (a)		776		10,321
Tracon Pharmaceuticals, Inc. (a)		596		6,753
Trevena, Inc. (a)		2,136		13,371
Trovagene, Inc. (a)		4,545		46,132
Trubion Pharmaceuticals, Inc.		3,113		—
Ultragenyx Pharmaceutical, Inc. (a)		3,765		385,498
United Therapeutics Corp. (a)		6,963		1,211,214
Vanda Pharmaceuticals, Inc. (a)		6,032		76,546
Verastem, Inc. (a)		1,711		12,901
Versartis, Inc. (a)		917		13,957
Vical, Inc. (a)		29,769		20,838
Vitae Pharmaceuticals, Inc. (a)		1,638		23,587
Vital Therapies, Inc. (a)(b)		1,082		22,830
Vivus, Inc. (a)(b)		17,507		41,317
Xencor Inc. (a)		4,814		105,764
XenoPort, Inc. (a)		10,358		63,495
XOMA Corp. (a)		14,458		56,097
ZIOPHARM Oncology, Inc. (a)(b)		18,794		225,528
ZS Pharma, Inc. (a)		2,326		121,859
				47,858,448
Real Estate Investment & Services — 1.4%
AG Mortgage Investment Trust, Inc.		4,392		75,894
Alexander & Baldwin, Inc.		6,845		269,693
Altisource Portfolio Solutions SA (a)(b)		2,384		73,403
American Realty Investors, Inc. (a)		1,631		7,910
American Residential Properties, Inc.		5,489		101,547
AV Homes, Inc. (a)		2,544		36,557
BBX Capital Corp. (a)		471		7,649
Common Stocks	Shares		Value
Real Estate Investment & Services (concluded)
CareTrust REIT, Inc.		6,408		81,189
Chimera Investment Corp.		29,947		410,573
Columbia Property Trust, Inc.		19,040		467,432
Communications Sales & Leasing, Inc.		17,792		439,818
Consolidated-Tomoka Land Co.		1,260		72,626
Dynex Capital, Inc.		8,841		67,368
Forest City Enterprises, Inc., Class A (a)		24,800		548,080
Forestar Group, Inc. (a)		5,654		74,407
Gaming and Leisure Properties, Inc.		13,835		507,191
Gramercy Property Trust, Inc.		8,444		197,336
Hannon Armstrong Sustainable Infrastructure Capital, Inc.		4,605		92,330
HFF, Inc., Class A		5,216		217,664
The Howard Hughes Corp. (a)		5,350		767,939
InfraREIT, Inc.		3,194		90,582
Jones Lang LaSalle, Inc.		6,678		1,141,938
Kennedy-Wilson Holdings, Inc.		12,220		300,490
Maui Land & Pineapple Co., Inc. (a)		5,106		29,002
Monogram Residential Trust, Inc.		25,062		226,059
Nationstar Mortgage Holdings, Inc. (a)		5,571		93,593
Paramount Group, Inc.		21,818		374,397
QTS Realty Trust, Inc., Class A		3,182		115,984
RE/MAX Holdings, Inc., Class A		1,928		68,463
Realogy Holdings Corp. (a)		21,697		1,013,684
Reis, Inc.		1,837		40,745
Rexford Industrial Realty, Inc.		8,906		129,850
Select Income REIT		5,768		119,052
The St. Joe Co. (a)		13,438		208,692
STORE Capital Corp.		4,204		84,500
Tejon Ranch Co. (a)		2,659		68,363
Xenia Hotels & Resorts, Inc.		16,772		364,623
Zillow Group, Inc., Class A (a)(b)		6,356		551,320
				9,537,943
Real Estate Investment Trusts (REITs) — 7.8%
Acadia Realty Trust		9,781		284,725
Agree Realty Corp.		3,375		98,449
Alexander’s, Inc.		462		189,420
Alexandria Real Estate Equities, Inc.		10,706		936,347
Altisource Residential Corp.		9,073		152,880
American Assets Trust, Inc.		5,207		204,166
American Campus Communities, Inc.		16,705		629,611
American Capital Agency Corp.		52,885		971,497
American Capital Mortgage Investment Corp.		7,748		123,891
American Homes 4 Rent, Class A		22,043		353,570
American Realty Capital Properties, Inc.		137,666		1,119,225
Annaly Capital Management, Inc.		134,514		1,236,184
Anworth Mortgage Asset Corp.		19,542		96,342
Apollo Commercial Real Estate Finance, Inc.		8,652		142,152
Apollo Residential Mortgage, Inc.		5,765		84,688
Arbor Realty Trust, Inc.		9,585		64,795
Arlington Asset Investment Corp.		1,883		36,831
ARMOUR Residential REIT, Inc.		59,489		167,164
Ashford Hospitality Prime, Inc.		3,025		45,436
Ashford Hospitality Trust, Inc.		12,545		106,131
Associated Estates Realty Corp.		8,526		244,099
BioMed Realty Trust, Inc.		29,840		577,106
Blackstone Mortgage Trust, Inc., Class A		11,847		329,584
Bluerock Residential Growth REIT, Inc.		2,612		33,068
Brandywine Realty Trust		26,057		346,037
Brixmor Property Group, Inc.		24,709		571,519
BRT Realty Trust (a)		3,601		25,315
Camden Property Trust		12,790		950,041
Campus Crest Communities, Inc.		10,740		59,500
Capstead Mortgage Corp.		14,263		158,319
CBL & Associates Properties, Inc.		25,753		417,199
Cedar Realty Trust, Inc.		12,109		77,498

See Notes to Financial Statements.

QUANTITATIVE MASTER SERIES LLC JUNE 30, 2015 17

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)
Chambers Street Properties		36,585	$	290,851
Chatham Lodging Trust		5,995		158,688
Chesapeake Lodging Trust		8,518		259,629
CIM Commercial Trust Corp.		2,227		39,351
Colony Financial, Inc.		16,376		370,916
Coresite Realty Corp.		3,688		167,583
Corporate Office Properties Trust		13,407		315,601
Cousins Properties, Inc.		29,483		306,034
CubeSmart		23,628		547,224
CyrusOne, Inc.		6,699		197,286
CYS Investments, Inc.		22,803		176,267
DCT Industrial Trust, Inc.		12,800		402,432
DDR Corp.		44,148		682,528
DiamondRock Hospitality Co.		28,502		365,111
Digital Realty Trust, Inc.		20,156		1,344,002
Douglas Emmett, Inc.		20,008		539,016
Duke Realty Corp.		50,717		941,815
DuPont Fabros Technology, Inc.		10,020		295,089
EastGroup Properties, Inc.		4,779		268,723
Education Realty Trust, Inc.		5,688		178,376
Empire State Realty Trust, Inc., Class A		15,855		270,486
EPR Properties		8,582		470,122
Equity Commonwealth (a)		18,596		477,359
Equity Lifestyle Properties, Inc.		11,790		619,918
Equity One, Inc.		10,596		247,311
Excel Trust, Inc.		11,118		175,331
Extra Space Storage, Inc.		16,391		1,069,021
Federal Realty Investment Trust		10,139		1,298,705
FelCor Lodging Trust, Inc.		17,523		173,127
First Industrial Realty Trust, Inc.		15,801		295,953
First Potomac Realty Trust		10,450		107,635
Franklin Street Properties Corp.		14,004		158,385
Geo Group, Inc.		10,840		370,294
Getty Realty Corp.		4,945		80,900
Gladstone Commercial Corp.		5,198		86,079
Government Properties Income Trust		8,160		151,368
Hatteras Financial Corp.		14,982		244,207
Healthcare Realty Trust, Inc.		14,365		334,130
Healthcare Trust of America, Inc., Class A		17,919		429,160
Hersha Hospitality Trust		7,533		193,146
Highwoods Properties, Inc.		13,338		532,853
Home Properties, Inc.		8,525		622,751
Hospitality Properties Trust		22,405		645,712
Hudson Pacific Properties, Inc.		10,516		298,339
Independence Realty Trust, Inc.		7,288		54,879
Inland Real Estate Corp.		13,981		131,701
Invesco Mortgage Capital, Inc.		18,455		264,276
Investors Real Estate Trust		18,496		132,061
iStar Financial, Inc. (a)		11,846		157,789
Kilroy Realty Corp.		12,734		855,088
Kite Realty Group Trust		12,275		300,369
LaSalle Hotel Properties		16,516		585,657
Lexington Realty Trust		30,290		256,859
Liberty Property Trust		21,998		708,776
LTC Properties, Inc.		5,603		233,085
Mack-Cali Realty Corp.		12,852		236,862
Medical Properties Trust, Inc.		30,285		397,036
MFA Financial, Inc.		54,074		399,607
Mid-America Apartment Communities, Inc.		11,214		816,491
Monmouth Real Estate Investment Corp., Class A		9,962		96,831
National Health Investors, Inc.		4,862		302,903
National Retail Properties, Inc.		19,725		690,572
New Residential Investment Corp.		27,983		426,461
New Senior Investment Group, Inc.		9,744		130,277
New York Mortgage Trust, Inc.		18,994		142,075
New York REIT, Inc.		25,678		255,496
Newcastle Investment Corp.		9,524		42,096
Common Stocks	Shares		Value
Real Estate Investment Trusts (REITs) (concluded)
NorthStar Realty Finance Corp.		41,442		658,928
Omega Healthcare Investors, Inc.		23,541		808,163
One Liberty Properties, Inc.		3,179		67,649
Parkway Properties, Inc.		11,880		207,187
Pebblebrook Hotel Trust		10,502		450,326
Pennsylvania Real Estate Investment Trust		10,676		227,826
PennyMac Mortgage Investment Trust (c)		10,450		182,144
Physicians Realty Trust		11,106		170,588
Piedmont Office Realty Trust, Inc., Class A		21,915		385,485
Post Properties, Inc.		8,052		437,787
Potlatch Corp.		6,073		214,498
PS Business Parks, Inc.		2,968		214,141
RAIT Financial Trust		9,876		60,342
Ramco-Gershenson Properties Trust		11,192		182,653
Rayonier, Inc.		19,359		494,622
Redwood Trust, Inc.		12,734		199,924
Regency Centers Corp.		13,766		811,919
Resource Capital Corp.		24,290		94,002
Retail Opportunity Investments Corp.		13,711		214,166
Retail Properties of America, Inc., Class A		33,618		468,299
RLJ Lodging Trust		18,894		562,663
Rouse Properties, Inc.		5,638		92,181
Sabra Health Care REIT, Inc.		8,533		219,639
Saul Centers, Inc.		1,932		95,035
Senior Housing Properties Trust		34,853		611,670
Silver Bay Realty Trust Corp.		6,204		101,063
Sovran Self Storage, Inc.		5,117		444,718
Spirit Realty Capital, Inc.		65,785		636,141
STAG Industrial, Inc.		9,762		195,240
Starwood Property Trust, Inc.		35,704		770,135
Starwood Waypoint Residential Trust		6,388		151,779
Strategic Hotels & Resorts, Inc. (a)		40,337		488,884
Summit Hotel Properties, Inc.		12,562		163,432
Sun Communities, Inc.		7,269		449,442
Sunstone Hotel Investors, Inc.		30,252		454,083
Supertel Hospitality, Inc. (a)		985		2,270
Tanger Factory Outlet Centers		14,142		448,301
Taubman Centers, Inc.		9,446		656,497
Terreno Realty Corp.		6,723		132,443
Two Harbors Investment Corp.		57,096		556,115
UDR, Inc.		38,133		1,221,400
UMH Properties, Inc.		6,889		67,512
United Development Funding IV (b)		5,051		88,291
Universal Health Realty Income Trust		1,725		80,144
Urban Edge Properties		12,647		262,931
Urstadt Biddle Properties, Inc., Class A		3,630		67,808
Walter Investment Management Corp. (a)(b)		5,793		132,486
Washington Real Estate Investment Trust		9,975		258,851
Weingarten Realty Investors		16,823		549,944
Western Asset Mortgage Capital Corp. (b)		6,076		89,743
WP Carey, Inc.		14,520		855,809
WP Glimcher, Inc.		28,031		379,259
				53,485,408
Software & Computer Services — 6.6%
ACI Worldwide, Inc. (a)		17,414		427,862
Actua Corp. (a)		6,343		90,451
Advent Software, Inc.		6,521		288,293
Allscripts Healthcare Solutions, Inc. (a)		25,177		344,421
American Software, Inc., Class A		5,062		48,089
Angie’s List, Inc. (a)		7,923		48,806
ANSYS, Inc. (a)		13,402		1,222,798
Arista Networks, Inc. (a)		856		69,969
Aspen Technology, Inc. (a)		12,975		591,011
Athenahealth, Inc. (a)		5,680		650,814
Authentidate Holding Corp. (a)		13,517		2,595
Barracuda Networks, Inc. (a)		1,476		58,479

See Notes to Financial Statements.

18 QUANTITATIVE MASTER SERIES LLC JUNE 30, 2015

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

Common Stocks	Shares		Value
Software & Computer Services (continued)
Blackbaud, Inc.		6,868	$	391,133
Blucora, Inc. (a)		6,758		109,142
Bottomline Technologies, Inc. (a)		6,036		167,861
Brightcove, Inc. (a)		4,499		30,863
BroadSoft, Inc. (a)		4,650		160,750
CACI International, Inc., Class A (a)		3,513		284,167
Cadence Design Systems, Inc. (a)		43,470		854,620
Calix, Inc. (a)		6,241		47,494
Callidus Software, Inc. (a)		7,998		124,609
CDW Corp.		17,339		594,381
ChannelAdvisor Corp. (a)		3,203		38,276
CIBER, Inc. (a)		11,476		39,592
Cogent Communications Group, Inc.		6,813		230,552
CommVault Systems, Inc. (a)		6,399		271,382
Computer Programs & Systems, Inc.		1,810		96,690
Computer Task Group, Inc.		2,432		18,775
Comverse, Inc. (a)		3,640		73,091
Cornerstone OnDemand, Inc. (a)		7,517		261,592
Covisint Corp. (a)		8,788		28,737
CSG Systems International, Inc.		5,270		166,848
Cvent, Inc. (a)		2,893		74,582
Datalink Corp. (a)		3,557		31,800
DealerTrack Holdings, Inc. (a)		6,632		416,423
Demandware, Inc. (a)		4,764		338,625
DeVry Education Group, Inc.		8,335		249,883
Digimarc Corp. (a)		1,549		69,922
DST Systems, Inc.		4,273		538,313
Ebix, Inc. (b)		4,986		162,593
Ellie Mae, Inc. (a)		4,145		289,280
Endurance International Group Holdings, Inc. (a)		8,529		176,209
Envestnet, Inc. (a)		5,244		212,015
EPAM Systems, Inc. (a)		3,534		251,727
EPIQ Systems, Inc.		4,838		81,665
Evolving Systems, Inc.		2,275		20,384
Fair Isaac Corp.		4,603		417,860
FalconStor Software, Inc. (a)		16,584		26,369
FireEye, Inc. (a)		5,004		244,746
Forrester Research, Inc.		1,834		66,061
Fortinet, Inc. (a)		21,117		872,766
Gartner, Inc. (a)		12,987		1,114,025
Gigamon, Inc. (a)		3,301		108,900
Gogo, Inc. (a)		7,884		168,954
GSE Systems, Inc. (a)		5,963		9,243
Guidance Software, Inc. (a)		4,351		36,853
Guidewire Software, Inc. (a)		10,363		548,514
The Hackett Group, Inc.		5,104		68,547
IAC/InterActiveCorp		11,345		903,743
iGATE Corp. (a)		5,207		248,322
Immersion Corp. (a)		5,072		64,262
IMS Health Holdings, Inc. (a)		11,956		366,451
Infoblox, Inc. (a)		7,904		207,164
Informatica Corp. (a)		16,305		790,303
Innodata, Inc. (a)		6,741		17,729
Interactive Intelligence Group, Inc. (a)		2,629		116,912
Internap Network Services Corp. (a)		9,928		91,834
Internet Patents Corp. (a)		1,044		3,153
IntraLinks Holdings, Inc. (a)		6,886		82,012
j2 Global, Inc.		6,861		466,136
The KEYW Holding Corp. (a)(b)		5,273		49,144
Leidos Holdings, Inc.		9,070		366,156
Limelight Networks, Inc. (a)		14,112		55,601
LivePerson, Inc. (a)		8,346		81,874
LogMeIn, Inc. (a)		3,729		240,483
Looksmart Ltd. (a)		6,321		3,943
Manhattan Associates, Inc. (a)		11,164		665,933
Marketo, Inc. (a)		4,275		119,956
Mastech Holdings, Inc. (a)		1,020		9,088
Common Stocks	Shares		Value
Software & Computer Services (continued)
MedAssets, Inc. (a)		9,470		208,908
Medidata Solutions, Inc. (a)		8,082		439,014
Mentor Graphics Corp.		14,157		374,169
Merge Healthcare, Inc. (a)		14,369		68,971
MicroStrategy, Inc., Class A (a)		1,382		235,051
Monotype Imaging Holdings, Inc.		5,834		140,658
Netscout Systems, Inc. (a)		5,584		204,765
NetSuite, Inc. (a)		5,292		485,541
NIC, Inc.		9,365		171,192
Nuance Communications, Inc. (a)		38,258		669,898
Palo Alto Networks, Inc. (a)		9,976		1,742,807
Paycom Software, Inc. (a)		177		6,045
PC-Tel, Inc.		3,495		25,094
PDF Solutions, Inc. (a)		4,645		74,320
Pegasystems, Inc.		5,608		128,367
Perficient, Inc. (a)		5,910		113,708
Premier, Inc., Class A (a)		4,858		186,839
Premiere Global Services, Inc. (a)		6,927		71,279
Progress Software Corp. (a)		7,757		213,317
Proofpoint, Inc. (a)		5,205		331,402
PROS Holdings, Inc. (a)		4,092		86,382
PTC, Inc. (a)		17,279		708,785
QAD, Inc., Class A		1,149		30,368
QAD, Inc., Class B		1,021		22,023
QLIK Technologies, Inc. (a)		13,596		475,316
Quality Systems, Inc.		7,462		123,645
Qualys, Inc. (a)		3,043		122,785
Rackspace Hosting, Inc. (a)		17,427		648,110
Rally Software Development Corp. (a)		348		6,769
RealPage, Inc. (a)		8,141		155,249
Rightside Group Ltd. (a)		1,909		12,924
RigNet, Inc. (a)		2,204		67,376
RingCentral, Inc., Class A (a)		4,396		81,282
Rocket Fuel, Inc. (a)(b)		3,265		26,773
Rosetta Stone, Inc. (a)		3,678		29,350
Rovi Corp. (a)		14,183		226,219
Science Applications International Corp.		5,931		313,453
SciQuest, Inc. (a)		4,688		69,429
Selectica, Inc. (a)		2,985		15,671
ServiceNow, Inc. (a)		19,648		1,460,043
Shutterstock, Inc. (a)		2,331		136,690
Silver Spring Networks, Inc. (a)		4,753		58,985
Smith Micro Software, Inc. (a)		12,346		14,198
SoftBrands, Inc. (a)		114		—
SolarWinds, Inc. (a)		9,881		455,811
Solera Holdings, Inc.		10,149		452,239
Splunk, Inc. (a)		18,046		1,256,363
SPS Commerce, Inc. (a)		2,710		178,318
SS&C Technologies Holdings, Inc.		10,017		626,062
Support.com, Inc. (a)		17,347		24,459
Synchronoss Technologies, Inc. (a)		5,413		247,536
Synopsys, Inc. (a)		22,844		1,157,049
Syntel, Inc. (a)		4,578		217,363
Tableau Software, Inc., Class A (a)		5,977		689,148
Tangoe, Inc. (a)		6,350		79,883
TeleCommunication Systems, Inc., Class A (a)		11,480		37,999
TeleNav, Inc. (a)		4,941		39,775
Textura Corp. (a)(b)		2,789		77,618
Twitter, Inc. (a)		76,242		2,761,485
Tyler Technologies, Inc. (a)		5,002		647,159
The Ultimate Software Group, Inc. (a)		4,270		701,732
Unisys Corp. (a)		7,423		148,386
United Online, Inc. (a)		3,255		51,006
Unwired Planet, Inc. (a)		11,796		7,314
Vantiv, Inc., Class A (a)		21,651		826,852
VASCO Data Security International, Inc. (a)(b)		4,683		141,380
Vectrus, Inc. (a)		1,503		37,380

See Notes to Financial Statements.

QUANTITATIVE MASTER SERIES LLC JUNE 30, 2015 19

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

Common Stocks	Shares		Value
Software & Computer Services (concluded)
Veeva Systems, Inc., Class A (a)		5,678	$	159,154
Verint Systems, Inc. (a)		8,991		546,158
VirnetX Holding Corp. (a)(b)		6,877		28,883
Virtusa Corp. (a)		4,107		211,100
VMware, Inc., Class A (a)		12,821		1,099,273
Voltari Corp. (a)(b)		1,272		7,187
Web.com Group, Inc. (a)		7,721		187,003
Workday, Inc., Class A (a)		14,113		1,078,092
Zendesk, Inc. (a)		7,870		174,793
Zix Corp. (a)		11,716		60,572
zulily, Inc., Class A (a)		2,726		35,547
Zynga, Inc., Class A (a)		98,632		282,088
				44,895,938
Support Services — 4.7%
ABM Industries, Inc.		7,524		247,314
Acacia Research Corp.		8,239		72,256
The Advisory Board Co. (a)		6,368		348,139
AM Castle & Co. (a)(b)		3,838		23,680
Amdocs Ltd.		22,795		1,244,379
AMN Healthcare Services, Inc. (a)		7,283		230,070
Applied Industrial Technologies, Inc.		5,953		236,036
ARC Document Solutions, Inc. (a)		6,901		52,517
Barnes Group, Inc.		6,953		271,097
Barrett Business Services, Inc.		1,189		43,184
Bazaarvoice, Inc. (a)		9,540		56,191
Black Box Corp.		2,668		53,360
Booz Allen Hamilton Holding Corp.		14,180		357,903
The Brink’s Co.		7,075		208,217
Broadridge Financial Solutions, Inc.		17,796		889,978
Cardtronics, Inc. (a)		6,774		250,977
Cartesian, Inc. (a)		2,116		7,152
Casella Waste Systems, Inc. (a)		9,636		54,058
Cass Information Systems, Inc.		1,314		73,873
CBIZ, Inc. (a)		6,146		59,247
CDI Corp.		1,891		24,583
CEB, Inc.		5,083		442,526
Cenveo, Inc. (a)		14,736		31,240
Clean Harbors, Inc. (a)		7,978		428,738
Comfort Systems USA, Inc.		5,684		130,448
Convergys Corp.		14,319		364,991
CoreLogic, Inc. (a)		13,144		521,685
Corrections Corp. of America		17,381		574,963
CoStar Group, Inc. (a)		4,825		971,079
CRA International, Inc. (a)		1,964		54,737
Crawford & Co., Class B		3,747		31,587
Cross Country Healthcare, Inc. (a)		5,567		70,590
Deluxe Corp.		7,145		442,990
DHI Group, Inc. (a)		6,055		53,829
DigitalGlobe, Inc. (a)		10,483		291,323
DXP Enterprises, Inc. (a)		1,896		88,164
Ennis, Inc.		3,906		72,613
Essendant, Inc.		5,522		216,738
Euronet Worldwide, Inc. (a)		7,329		452,199
EVERTEC, Inc.		11,013		233,916
ExamWorks Group, Inc. (a)		5,411		211,570
ExlService Holdings, Inc. (a)		4,795		165,811
The ExOne Co. (a)(b)		1,607		17,838
Exponent, Inc.		4,030		180,463
FleetCor Technologies, Inc. (a)		11,159		1,741,474
Franklin Covey Co. (a)		2,677		54,316
Frontline Capital Group (a)		300		—
FTI Consulting, Inc. (a)		6,078		250,657
Furmanite Corp. (a)		6,832		55,476
G&K Services, Inc., Class A		2,985		206,383
Genpact Ltd. (a)		23,032		491,273
Global Cash Access Holdings, Inc. (a)		10,402		80,511
Common Stocks	Shares		Value
Support Services (concluded)
Global Payments, Inc.		10,027		1,037,293
Global Power Equipment Group, Inc.		2,352		18,252
GP Strategies Corp. (a)		2,548		84,696
HD Supply Holdings, Inc. (a)		22,511		791,937
Heartland Payment Systems, Inc.		5,291		285,979
Heidrick & Struggles International, Inc.		2,323		60,584
Heritage-Crystal Clean, Inc. (a)		2,190		32,193
Higher One Holdings, Inc. (a)		7,183		21,477
Hudson Global, Inc. (a)		9,936		22,753
Huron Consulting Group, Inc. (a)		3,528		247,277
ICF International, Inc. (a)		3,065		106,846
Imperva, Inc. (a)		3,772		255,364
InnerWorkings, Inc. (a)		7,279		48,551
Insperity, Inc.		3,288		167,359
Jack Henry & Associates, Inc.		12,034		778,600
Kaman Corp.		3,831		160,672
Kelly Services, Inc., Class A		4,059		62,306
Kforce, Inc.		4,578		104,699
Korn/Ferry International		7,608		264,530
LifeLock, Inc. (a)		11,445		187,698
LinkedIn Corp., Class A (a)		15,674		3,238,719
Lionbridge Technologies, Inc. (a)		10,173		62,767
Manpowergroup, Inc.		11,570		1,034,127
MAXIMUS, Inc.		9,734		639,816
McGrath RentCorp		3,369		102,519
Mistras Group, Inc. (a)		3,074		58,345
Mobile Mini, Inc.		6,667		280,281
ModusLink Global Solutions, Inc. (a)		9,568		32,531
Monster Worldwide, Inc. (a)		14,709		96,197
MSC Industrial Direct Co., Inc., Class A		6,784		473,320
Navigant Consulting, Inc. (a)		7,309		108,685
NeuStar, Inc., Class A (a)		8,174		238,763
Odyssey Marine Exploration, Inc. (a)(b)		29,342		13,791
On Assignment, Inc. (a)		7,252		284,859
Park-Ohio Holdings Corp.		1,503		72,835
Perma-Fix Environmental Services (a)		4,810		18,326
Power Solutions International, Inc. (a)		649		35,059
PowerSecure International, Inc. (a)		3,462		51,099
PRGX Global, Inc. (a)		6,115		26,845
Quad/Graphics, Inc.		3,688		68,265
Quest Resource Holding Corp. (a)(b)		11,422		12,336
Rentrak Corp. (a)		1,899		132,550
Resources Connection, Inc.		5,694		91,616
RPX Corp. (a)		7,738		130,772
RR Donnelley & Sons Co.		31,443		548,051
Schnitzer Steel Industries, Inc., Class A		4,015		70,142
ServiceSource International, Inc. (a)		10,518		57,533
Sharps Compliance Corp. (a)		5,668		39,393
StarTek, Inc. (a)		3,340		19,706
Sykes Enterprises, Inc. (a)		5,857		142,032
Team, Inc. (a)		3,018		121,474
TeleTech Holdings, Inc.		2,778		75,228
Tetra Tech, Inc.		9,087		232,991
Towers Watson & Co., Class A		10,310		1,296,998
TriNet Group, Inc. (a)		4,046		102,566
TrueBlue, Inc. (a)		6,199		185,350
U.S. Ecology, Inc.		3,198		155,807
UniFirst Corp.		2,315		258,933
Universal Technical Institute, Inc.		3,377		29,042
Verisk Analytics, Inc., Class A (a)		21,961		1,597,882
Viad Corp.		3,107		84,231
WageWorks, Inc. (a)		4,939		199,783
Waste Connections, Inc.		17,611		829,830
WEX, Inc. (a)		5,704		650,085
				32,474,885

See Notes to Financial Statements.

20 QUANTITATIVE MASTER SERIES LLC JUNE 30, 2015

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

Common Stocks	Shares		Value
Technology Hardware & Equipment — 4.1%
3D Systems Corp. (a)(b)		15,538	$	303,302
ADTRAN, Inc.		8,221		133,591
Advanced Energy Industries, Inc. (a)		5,935		163,153
Advanced Micro Devices, Inc. (a)		94,030		225,672
Agilysys, Inc. (a)		3,119		28,632
Alliance Fiber Optic Products, Inc.		2,653		49,213
Amkor Technology, Inc. (a)		16,514		98,754
Amtech Systems, Inc. (a)		2,148		22,318
ANADIGICS, Inc. (a)		24,964		18,224
Applied Micro Circuits Corp. (a)		11,676		78,813
ARRIS Group, Inc. (a)		19,575		598,995
Atmel Corp.		61,072		601,865
Axcelis Technologies, Inc. (a)		19,244		56,962
Brocade Communications Systems, Inc.		63,528		754,713
Brooks Automation, Inc.		9,688		110,928
Cabot Microelectronics Corp. (a)		3,440		162,058
CalAmp Corp. (a)		5,523		100,850
Cavium, Inc. (a)		8,042		553,370
Ceva, Inc. (a)		3,718		72,241
Ciena Corp. (a)		17,422		412,553
Cirrus Logic, Inc. (a)		9,278		315,730
Clearfield, Inc. (a)(b)		2,370		37,707
Cohu, Inc.		3,408		45,088
CommScope Holding Co., Inc. (a)		15,272		465,949
Comtech Telecommunications Corp.		2,512		72,974
Concurrent Computer Corp.		3,805		23,591
Cray, Inc. (a)		6,241		184,172
Cree, Inc. (a)		16,596		431,994
Cypress Semiconductor Corp. (a)		46,547		547,393
Dataram Corp. (a)		893		1,795
Diebold, Inc.		9,578		335,230
Digi International, Inc. (a)		4,719		45,066
Diodes, Inc. (a)		5,275		127,180
Dot Hill Systems Corp. (a)		11,411		69,835
DSP Group, Inc. (a)		3,838		39,647
Dycom Industries, Inc. (a)		5,349		314,789
EchoStar Corp., Class A (a)		6,289		306,148
Electronics for Imaging, Inc. (a)		6,964		303,004
Emcore Corp. (a)		6,726		40,491
Entegris, Inc. (a)		20,561		299,574
ePlus, Inc. (a)		862		66,072
Exar Corp. (a)		7,831		76,587
Extreme Networks, Inc. (a)		15,559		41,854
Fairchild Semiconductor International, Inc. (a)		17,501		304,167
Finisar Corp. (a)		15,304		273,482
FormFactor, Inc. (a)		8,934		82,193
Freescale Semiconductor Ltd. (a)		14,909		595,913
GSI Technology, Inc. (a)		4,254		22,163
Harmonic, Inc. (a)		14,595		99,684
Hutchinson Technology, Inc. (a)		11,051		18,897
ID Systems, Inc. (a)		3,541		21,600
Identiv, Inc. (a)		1,928		11,356
Ikanos Communications, Inc. (a)		3,345		6,891
Infinera Corp. (a)		19,028		399,207
Ingram Micro, Inc., Class A (a)		23,156		579,595
Inphi Corp. (a)		3,982		91,028
Insight Enterprises, Inc. (a)		5,928		177,306
Integrated Device Technology, Inc. (a)		21,842		473,971
Integrated Silicon Solution, Inc.		4,637		102,663
InterDigital, Inc.		5,542		315,284
Intersil Corp., Class A		18,669		233,549
Intra-Cellular Therapies, Inc. (a)		4,074		130,164
InvenSense, Inc. (a)		11,219		169,407
Ixia (a)		9,113		113,366
IXYS Corp.		3,911		59,838
JDS Uniphase Corp. (a)		34,310		397,310
Kopin Corp. (a)		11,813		40,755
Common Stocks	Shares		Value
Technology Hardware & Equipment (continued)
Kulicke & Soffa Industries, Inc. (a)		11,109		130,086
KVH Industries, Inc. (a)		2,945		39,610
Lantronix, Inc. (a)		9,095		15,007
Lattice Semiconductor Corp. (a)		18,197		107,180
Lexmark International, Inc., Class A		8,961		396,076
Loral Space & Communications, Inc. (a)		2,066		130,406
LRAD Corp. (a)		8,678		17,269
Marvell Technology Group Ltd.		62,217		820,331
Mattson Technology, Inc. (a)		14,564		48,789
Maxim Integrated Products, Inc.		41,861		1,447,344
MaxLinear, Inc., Class A (a)		8,536		103,286
Mercury Systems, Inc. (a)		5,539		81,091
Micrel, Inc.		6,402		88,988
Microsemi Corp. (a)		14,005		489,475
MKS Instruments, Inc.		7,933		300,978
Monolithic Power Systems, Inc.		5,276		267,546
MoSys, Inc. (a)		14,659		27,852
Nanometrics, Inc. (a)		4,363		70,332
NCR Corp. (a)		24,962		751,356
NeoPhotonics Corp. (a)		614		5,606
NETGEAR, Inc. (a)		5,276		158,385
Nimble Storage, Inc. (a)		4,033		113,166
Oclaro, Inc. (a)		19,536		44,151
OmniVision Technologies, Inc. (a)		8,534		223,548
ON Semiconductor Corp. (a)		64,467		753,619
Optical Cable Corp.		1,750		6,020
PAR Technology Corp. (a)		5,236		25,709
Parkervision, Inc. (a)		17,069		6,403
PC Connection, Inc.		2,523		62,419
Pendrell Corp. (a)		24,359		33,372
Pericom Semiconductor Corp.		3,697		48,616
Photronics, Inc. (a)		9,668		91,943
Pixelworks, Inc. (a)		6,598		38,796
Plantronics, Inc.		6,288		354,077
PMC — Sierra, Inc. (a)		29,785		254,960
Polycom, Inc. (a)		20,720		237,037
Power Integrations, Inc.		4,285		193,596
QLogic Corp. (a)		13,193		187,209
Quantum Corp. (a)		45,364		76,212
QuickLogic Corp. (a)		9,826		15,623
Qumu Corp. (a)		2,149		17,708
Rambus, Inc. (a)		17,314		250,880
Ruckus Wireless, Inc. (a)		8,670		89,648
Rudolph Technologies, Inc. (a)		5,897		70,823
ScanSource, Inc. (a)		4,292		163,353
Seachange International, Inc. (a)		5,030		35,260
Semtech Corp. (a)		10,162		201,716
ShoreTel, Inc. (a)		10,755		72,919
Sigma Designs, Inc. (a)		6,824		81,410
Silicon Graphics International Corp. (a)		5,817		37,636
Silicon Laboratories, Inc. (a)		5,876		317,363
Solar3D, Inc. (a)		2,612		9,429
Sonic Foundry, Inc. (a)		2,214		14,900
Sonus Networks, Inc. (a)		8,411		58,204
SunEdison Semiconductor, Ltd. (a)		3,493		60,324
SunEdison, Inc. (a)		37,547		1,123,031
Super Micro Computer, Inc. (a)		5,222		154,467
Synaptics, Inc. (a)		5,441		471,925
SYNNEX Corp.		4,144		303,299
Systemax, Inc. (a)		1,844		15,932
Tech Data Corp. (a)		5,578		321,070
Teradyne, Inc.		32,264		622,373
Tessera Technologies, Inc.		6,781		257,542
Transact Technologies, Inc.		2,692		17,983
Ubiquiti Networks, Inc.		3,869		123,479
Ultra Clean Holdings, Inc. (a)		5,086		31,686
Ultratech, Inc. (a)		4,365		81,014

See Notes to Financial Statements.

QUANTITATIVE MASTER SERIES LLC JUNE 30, 2015 21

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

Common Stocks	Shares		Value
Technology Hardware & Equipment (concluded)
VeriFone Systems, Inc. (a)		16,801	$	570,562
ViaSat, Inc. (a)		6,472		390,003
Violin Memory, Inc. (a)		13,086		32,061
VOXX International Corp. (a)		4,073		33,724
West Corp.		5,906		177,771
Xcerra Corp. (a)		8,384		63,467
				27,994,297
Tobacco — 0.1%
Alliance One International, Inc. (a)		1,357		32,446
Rock Creek Pharmaceuticals, Inc. (a)(b)		3,008		4,572
Schweitzer-Mauduit International, Inc.		4,593		183,169
Universal Corp.		3,264		187,092
Vector Group Ltd.		10,823		253,908
				661,187
Travel & Leisure — 5.0%
Alaska Air Group, Inc.		19,043		1,226,941
Allegiant Travel Co.		2,006		356,827
Ambassadors Group, Inc. (a)		4,485		10,943
AMC Entertainment Holdings, Inc., Class A		2,835		86,978
ARAMARK		30,582		947,125
Avis Budget Group, Inc. (a)		15,614		688,265
Belmond Ltd., Class A (a)		13,554		169,289
Biglari Holdings, Inc. (a)		296		122,470
BJ’s Restaurants, Inc. (a)		3,359		162,744
Bloomin’ Brands, Inc.		18,717		399,608
Bob Evans Farms, Inc.		3,677		187,711
Boyd Gaming Corp. (a)		12,757		190,717
Bravo Brio Restaurant Group, Inc. (a)		3,909		52,967
Brinker International, Inc.		9,551		550,615
Buffalo Wild Wings, Inc. (a)		2,850		446,567
Caesars Entertainment Corp. (a)(b)		6,057		37,069
Carmike Cinemas, Inc. (a)		3,932		104,355
Carrols Restaurant Group, Inc. (a)		7,191		74,786
Century Casinos, Inc. (a)		8,083		50,923
The Cheesecake Factory, Inc.		6,911		376,891
Choice Hotels International, Inc.		5,061		274,559
Churchill Downs, Inc.		1,778		222,339
Chuy’s Holdings, Inc. (a)		2,568		68,797
Cinemark Holdings, Inc.		15,285		613,998
ClubCorp Holdings, Inc.		4,059		96,929
Cracker Barrel Old Country Store, Inc.		3,544		528,623
Del Frisco’s Restaurant Group, Inc. (a)		3,799		70,775
Denny’s Corp. (a)		14,009		162,644
Diamond Resorts International, Inc. (a)		7,254		228,864
DineEquity, Inc.		2,576		255,256
Domino’s Pizza, Inc.		8,250		935,550
Dover Downs Gaming & Entertainment, Inc. (a)		6,916		6,432
Dover Motorsports, Inc.		1,592		3,518
Dunkin’ Brands Group, Inc.		14,486		796,730
El Pollo Loco Holdings, Inc. (a)(b)		2,264		46,887
Eldorado Resorts, Inc. (a)		4,992		39,037
Empire Resorts, Inc. (a)(b)		4,138		21,062
Entertainment Gaming Asia, Inc. (a)		791		1,811
Extended Stay America, Inc.		8,087		151,793
Famous Dave’s Of America, Inc. (a)		1,498		30,035
Fiesta Restaurant Group, Inc. (a)		4,111		205,550
Full House Resorts, Inc. (a)		12,945		21,618
Gaming Partners International Corp. (a)		1,026		10,373
Hawaiian Holdings, Inc. (a)		7,966		189,193
Hertz Global Holdings, Inc. (a)		66,087		1,197,496
Hilton Worldwide Holdings, Inc. (a)		76,744		2,114,297
HomeAway, Inc. (a)		12,991		404,280
Hyatt Hotels Corp., Class A (a)		8,073		457,658
International Speedway Corp., Class A		3,864		141,693
Interval Leisure Group, Inc.		5,963		136,255
Common Stocks	Shares		Value
Travel & Leisure (concluded)
Isle of Capri Casinos, Inc. (a)		3,638		66,030
Jack in the Box, Inc.		5,737		505,774
Jamba, Inc. (a)		3,475		53,828
JetBlue Airways Corp. (a)		38,666		802,706
Krispy Kreme Doughnuts, Inc. (a)		9,909		190,847
La Quinta Holdings, Inc. (a)		13,129		299,998
Las Vegas Sands Corp.		52,349		2,751,987
Luby’s, Inc. (a)		5,639		27,349
The Madison Square Garden Co., Class A (a)		9,036		754,416
The Marcus Corp.		3,392		65,059
Marriott Vacations Worldwide Corp.		4,043		370,945
MGM Resorts International (a)		60,537		1,104,800
Monarch Casino & Resort, Inc. (a)		2,366		48,645
Morgans Hotel Group Co. (a)		6,164		41,545
Noodles & Co. (a)(b)		2,090		30,514
Norwegian Cruise Line Holdings Ltd. (a)		19,847		1,112,226
Orbitz Worldwide, Inc. (a)		13,464		153,759
Panera Bread Co., Class A (a)		3,838		670,767
Papa John’s International, Inc.		4,602		347,957
Penn National Gaming, Inc. (a)		10,530		193,226
Pinnacle Entertainment, Inc. (a)		8,495		316,694
Popeyes Louisiana Kitchen, Inc. (a)		3,692		221,483
Premier Exhibitions, Inc. (a)		849		3,693
RCI Hospitality Holdings, Inc. (a)		2,654		31,583
Reading International, Inc., Class A (a)		4,407		61,037
Red Lion Hotels Corp. (a)		7,412		56,776
Red Robin Gourmet Burgers, Inc. (a)		2,150		184,513
Regal Entertainment Group, Class A		12,421		259,723
Republic Airways Holdings, Inc. (a)		7,388		67,822
Ruby Tuesday, Inc. (a)		10,132		63,528
Ruth’s Hospitality Group, Inc.		6,029		97,187
Ryman Hospitality Properties		7,406		393,333
Sabre Corp.		15,348		365,282
Scientific Games Corp., Class A (a)(b)		7,878		122,424
SeaWorld Entertainment, Inc.		9,734		179,495
Six Flags Entertainment Corp.		13,122		588,522
SkyWest, Inc.		7,343		110,439
Sonic Corp.		8,050		231,840
Speedway Motorsports, Inc.		1,363		30,872
Spirit Airlines, Inc. (a)		10,892		676,393
Steiner Leisure Ltd. (a)		2,066		111,109
Texas Roadhouse, Inc.		9,345		349,783
Town Sports International Holdings, Inc. (a)		5,154		14,947
Travelport Worldwide, Ltd.		4,400		60,632
Travelzoo, Inc. (a)		2,100		23,688
United Continental Holdings, Inc. (a)		56,778		3,009,802
Vail Resorts, Inc.		5,278		576,358
Virgin America, Inc. (a)		2,052		56,389
The Wendy’s Co.		40,422		455,960
World Wrestling Entertainment, Inc. (b)		4,661		76,907
Zoe’s Kitchen, Inc. (a)		2,703		110,661
				34,179,096
Total Common Stocks — 97.3%				664,821,055
Other Interests (d)	Beneficial Interest (000)
Pharmaceuticals & Biotechnology — 0.0%
Merck KGaA	$	3		—
Real Estate Investment Trusts (REITs) — 0.0%
AmeriVest Properties, Inc. (a)		4		—
Technology Hardware & Equipment — 0.0%
Gerber Scientific, Inc.		4		45

See Notes to Financial Statements.

22 QUANTITATIVE MASTER SERIES LLC JUNE 30, 2015

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

Other Interests (d)	Beneficial Interest (000)		Value
Travel & Leisure — 0.0%
FRD Acquisition Co.	$	13	$	—
Total Other Interests — 0.0%				45
Rights	Shares
Health Care Equipment & Services — 0.0%
Bioscrip, Inc. (a)		30		—
Technology Hardware & Equipment — 0.0%
Leap Wireless, CVR (a)		8,850		22,302
Total Rights — 0.0%				22,302
Warrants (e)
Oil & Gas Producers — 0.0%
Magnum Hunter Resources Corp., (Issued 10/15/13, 1 Share for 10 Warrants, Expires 4/15/16, Strike Price $8.50)		2,485		—
Total Long-Term Investments (Cost — $408,777,568) — 97.3%				664,843,402
Short-Term Securities	Shares		Value
BlackRock Liquidity Funds, TempFund, Institutional Class, 0.07% (c)(f)		15,798,490		15,798,490
	Beneficial Interest (000)
BlackRock Liquidity Series, LLC, Money Market Series, 0.23% (c)(f)(g)	$	9,119		9,119,215
Total Short-Term Securities (Cost — $24,917,705) — 3.6%				24,917,705
Total Investments (Cost — $433,695,273) — 100.9%				689,761,107
Liabilities in Excess of Other Assets — (0.9)%				(6,261,213	)
Net Assets — 100.0%			$	683,499,894

Notes to Schedule of Investments

(a) Non-income producing security.

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

(c) During the six months ended June 30, 2015, investments in issuers considered to be affiliates of the Series for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliate	Shares/ Beneficial Interest Held at December 31, 2014		Shares/ Beneficial Interest Purchased			Shares/ Beneficial Interest Sold	Shares/ Beneficial Interest Held at June 30, 2015		Value at June 30, 2015		Income
BlackRock Liquidity Funds, TempFund, Institutional Class		11,546,804		4,251,686	1	—		15,798,490	$	15,798,490	$	6,373
BlackRock Liquidity Series, LLC, Money Market Series	$	8,299,209	$	820,006	1	—	$	9,119,215	$	9,119,215	$	370,254	2
PennyMac Mortgage Investment Trust		10,450		—		—		10,450	$	182,144	$	12,749
1   Represents net shares/beneficial interest purchased.
2   Represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees, and other payments to and from borrowers of securities, and less the collateral investment expenses.

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

(e) Warrants entitle the Series to purchase a predetermined number of shares of common stock and are non-income producing. The purchase price and number of shares are subject to adjustment under certain conditions until the expiration date of the warrants, if any.

(f) Represents the current yield as of report date.

(g) Security was purchased with the cash collateral from loaned securities. The Series may withdraw up to 25% of its investment daily, although the manager of the BlackRock Liquidity Series, LLC, Money Market Series, in its sole discretion, may permit an investor to withdraw more than 25% on any one day.

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

• As of June 30, 2015, financial futures contracts outstanding were as follows:

Contracts Long		Issue	Exchange	Expiration	Notional Value		Unrealized Depreciation
	78	Russell 2000 Mini Index	ICE Futures US Indicies	September 2015	$	9,753,120	$	(90,696	)
	59	S&P MidCap 400 E-Mini Index	Chicago Mercantile	September 2015	$	8,838,790		(165,934	)
	Total						$	(256,630	)

• Fair Value Measurements — Various inputs are used in determining the fair value of investments and derivative financial instruments. These inputs to valuation techniques are categorized into a disclosure hierarchy consisting of three broad levels for financial statement purposes. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its

See Notes to Financial Statements.

QUANTITATIVE MASTER SERIES LLC JUNE 30, 2015 23

Schedule of Investments (continued) Master Extended Market Index Series

entirety. The categorization of a value determined for investments and derivative financial instruments is based on the pricing transparency of the investment and derivative financial instrument and is not necessarily an indication of the risks associated with investing in those securities. The three levels of the fair value hierarchy are as follows:

• Level 1 — unadjusted quoted prices in active markets/exchanges for identical assets or liabilities that the Series has the ability to access

• Level 2 — other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs)

• Level 3 — unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Series’ own assumptions used in determining the fair value of investments and derivative financial instruments)

Changes in valuation techniques may result in transfers into or out of an assigned level within the disclosure hierarchy. In accordance with the Series’ policy, transfers between different levels of the fair value disclosure hierarchy are deemed to have occurred as of the beginning of the reporting period. For information about the Series’ policy regarding valuation of investments and derivative financial instruments, refer to Note 2 of the Notes to Financial Statements.

As of June 30, 2015, the following tables summarize the Series’ investments and derivative financial instruments categorized in the disclosure hierarchy:

	Level 1		Level 2		Level 3		Total
Assets:
Investments:
Long-Term Investments:
Common Stocks:
Aerospace & Defense	$	11,355,889		—		—	$	11,355,889
Alternative Energy		841,267		—		—		841,267
Automobiles & Parts		13,947,817		—		—		13,947,817
Banks		38,516,770	$	33,986		—		38,550,756
Beverages		542,890		—		—		542,890
Chemicals		16,889,106		—		—		16,889,106
Construction & Materials		15,265,520		—		—		15,265,520
Electricity		9,020,367		—		—		9,020,367
Electronic & Electrical Equipment		19,133,731		—		—		19,133,731
Financial Services		28,510,754		—		—		28,510,754
Fixed Line Telecommunications		1,409,353		—		—		1,409,353
Food & Drug Retailers		6,294,268		—		—		6,294,268
Food Producers		11,819,888		—		—		11,819,888
Forestry & Paper		1,608,638		—		—		1,608,638
Gas, Water & Multi-Utilities		9,341,789		—		—		9,341,789
General Industrials		8,051,726		—		—		8,051,726
General Retailers		34,070,532		—		—		34,070,532
Health Care Equipment & Services		35,142,125		—		—		35,142,125
Household Goods & Home Construction		12,693,135		—		—		12,693,135
Industrial Engineering		17,438,344		—		—		17,438,344
Industrial Metals & Mining		3,836,211		31,375		—		3,867,586
Industrial Transportation		8,246,993		—		—		8,246,993
Leisure Goods		6,936,453		—		—		6,936,453
Life Insurance		2,597,084		—		—		2,597,084
Media		30,522,931		—		—		30,522,931
Mining		2,093,342		—		—		2,093,342
Mobile Telecommunications		5,409,677		—		—		5,409,677
Nonlife Insurance		24,354,223		—		—		24,354,223
Oil & Gas Producers		19,141,175		—		—		19,141,175
Oil Equipment, Services & Distribution		10,802,170		—		—		10,802,170
Personal Goods		7,834,324		—		—		7,834,324
Pharmaceuticals & Biotechnology		47,858,448		—		—		47,858,448
Real Estate Investment & Services		9,537,943		—		—		9,537,943
Real Estate Investment Trusts (REITs)		53,485,408		—		—		53,485,408
Software & Computer Services		44,895,938		—		—		44,895,938
Support Services		32,474,885		—		—		32,474,885
Technology Hardware & Equipment		27,994,297		—		—		27,994,297
Tobacco		661,187		—		—		661,187
Travel & Leisure		34,179,096		—		—		34,179,096
Other Interests:
Technology Hardware & Equipment		—		—	$	45		45
Rights:
Technology Hardware & Equipment		—		—		22,302		22,302
Short-Term Securities:
Money Market Funds		15,798,490		9,119,215		—		24,917,705
Total	$	680,554,184	$	9,184,576	$	22,347	$	689,761,107

See Notes to Financial Statements.

24 QUANTITATIVE MASTER SERIES LLC JUNE 30, 2015

Schedule of Investments (concluded) Master Extended Market Index Series

	Level 1			Level 2	Level 3	Total
Derivative Financial Instruments1
Liabilities:
Equity contracts	$	(256,630	)	—	—	$	(256,630	)
1    Derivative financial instruments are financial futures contracts, which are valued at the unrealized appreciation (depreciation) on the instrument.

The Series may hold assets and/or liabilities in which the fair value approximates the carrying amount for financial statement purposes. As of June 30, 2015, such assets and/or liabilities are categorized within the disclosure hierarchy as follows:

	Level 1		Level 2			Level 3	Total
Assets:
Cash	$	117,792		—		—	$	117,792
Cash pledged for financial futures contracts		740,800		—		—		740,800
Liabilities:
Collateral on securities loaned at value		—	$	(9,119,215	)	—		(9,119,215	)
Total	$	858,592	$	(9,119,215	)	—	$	(8,260,623	)

During the six months ended June 30, 2015, there were no transfers between levels.

See Notes to Financial Statements.

QUANTITATIVE MASTER SERIES LLC JUNE 30, 2015 25

Statement of Assets and Liabilities Master Extended Market Index Series

June 30, 2015 (Unaudited)
Assets
Investments at value — unaffiliated (including securities loaned at value of $8,557,861) (cost — $408,552,885)	$	664,661,258
Investments at value — affiliated (cost — $25,142,388)		25,099,849
Cash		117,792
Cash pledged for financial futures contracts		740,800
Receivables:
Investments sold		2,418,804
Dividends		727,179
Contributions from investors		201,075
Securities lending income — affiliated		63,664
Variation margin receivable on financial futures contracts		44,613
Prepaid expenses		1,352
Total assets		694,076,386
Liabilities
Collateral on securities loaned at value		9,119,215
Payables:
Investments purchased		1,273,938
Investment advisory fees		5,055
Directors’ fees		3,651
Other affiliates		3,201
Other accrued expenses payable		171,432
Total liabilities		10,576,492
Net Assets	$	683,499,894
Net Assets Consist of
Investors’ capital	$	427,690,690
Net unrealized appreciation (depreciation)		255,809,204
Net Assets	$	683,499,894

See Notes to Financial Statements.
26	QUANTITATIVE MASTER SERIES LLC	JUNE 30, 2015

Statement of Operations Master Extended Market Index Series

Six Months Ended June 30, 2015 (Unaudited)
Investment Income
Dividends — unaffiliated	$	3,037,349
Securities lending — affiliated — net		370,254
Dividends — affiliated		19,122
Foreign taxes withheld		(5,455	)
Total income		3,421,270
Expenses
Investment advisory		33,713
Accounting services		74,203
Custodian		37,945
Professional		37,741
Printing		12,678
Directors		11,683
Miscellaneous		27,608
Total expenses		235,571
Less fees waived by the Manager		(5,457	)
Total expenses after fees waived		230,114
Net investment income		3,191,156
Realized and Unrealized Gain (Loss)
Net realized gain from:
Investments		25,853,439
Financial futures contracts		1,139,915
		26,993,354
Net change in unrealized appreciation (depreciation) on:
Investments		1,550,006
Financial futures contracts		(627,065	)
		922,941
Net realized and unrealized gain		27,916,295
Net Increase in Net Assets Resulting from Operations	$	31,107,451

See Notes to Financial Statements.
	QUANTITATIVE MASTER SERIES LLC	JUNE 30, 2015	27

Statements of Changes in Net Assets

	Master Extended Market Index Series
Increase (Decrease) in Net Assets:	Six Months Ended June 30, 2015 (Unaudited)			Year Ended December 31, 2014
Operations
Net investment income	$	3,191,156		$	8,698,004
Net realized gain		26,993,354			20,960,291
Net change in unrealized appreciation (depreciation)		922,941			17,661,052
Net increase in net assets resulting from operations		31,107,451			47,319,347
Capital Transactions
Proceeds from contributions		41,157,704			107,596,542
Value of withdrawals		(49,790,318	)		(109,758,116	)
Net decrease in net assets derived from capital transactions		(8,632,614	)		(2,161,574	)
Net Assets
Total increase in net assets		22,474,837			45,157,773
Beginning of period		661,025,057			615,867,284
End of period	$	683,499,894		$	661,025,057

See Notes to Financial Statements.
28	QUANTITATIVE MASTER SERIES LLC	JUNE 30, 2015

Financial Highlights Master Extended Market Index Series

	Six Months Ended June 30, 2015 (Unaudited)		Year Ended December 31,
			2014		2013		2012		2011		2010
Total Return
Total return		4.79%1		7.66%		37.98%		18.04%		(3.55)%		28.65%
Ratios to Average Net Assets
Total expenses		0.07%2		0.07%3		0.07%		0.10%		0.08%		0.08%
Total expenses after fees waived and/or reimbursed		0.07%2		0.07%3		0.06%		0.09%		0.08%		0.08%
Net investment income		0.93%2		1.35%3		1.32%		1.83%		1.29%		1.30%
Supplemental Data
Net assets, end of period (000)		$683,500		$661,025		$615,867		$398,305		$439,752		$437,426
Portfolio turnover rate		6%		10%		18%		12%		12%		15%

¹  Aggregate total return.

²  Annualized.

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

See Notes to Financial Statements.
	QUANTITATIVE MASTER SERIES LLC	JUNE 30, 2015	29

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

1. Organization:

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

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

2. Significant Accounting Policies:

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

Valuation: The Series’ investments are valued at fair value as of the close of trading on the New York Stock Exchange (“NYSE”) (generally 4:00 p.m., Eastern time). U.S. GAAP defines fair value as the price the Series would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The Series determines the fair values of its financial instruments at market value using independent dealers or pricing services under policies approved by the Board. The BlackRock Global Valuation Methodologies Committee (the “Global Valuation Committee”) is the committee formed by management to develop global pricing policies and procedures and to provide oversight of the pricing function for the Series for all financial instruments.

Equity investments traded on a recognized securities exchange are valued at the official close price each day, if available. For equity investments traded on more than one exchange, the official close price on the exchange where the stock is primarily traded is used. Equity investments traded on a recognized exchange for which there were no sales on that day may be valued at the last available bid (long positions) or ask (short positions) price. Financial futures contracts traded on exchanges are valued at their last sale price. Investments in open-end registered investment companies are valued at NAV each business day.

The Series values its investment in BlackRock Liquidity Series, LLC, Money Market Series (the “Money Market Series”) at fair value, which is ordinarily based upon its pro rata ownership in the underlying fund’s net assets. The Money Market Series seeks current income consistent with maintaining liquidity and preserving capital. Although the Money Market Series is not registered under the 1940 Act, its investments will follow the parameters of investments by a money market fund that is subject to Rule 2a-7 under the 1940 Act. The Series may withdraw up to 25% of its investment daily, although the Manager of the Money Market Series, in its sole discretion, may permit an investor to withdraw more than 25% on any one day.

In the event that the application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment will be valued by the Global Valuation Committee, or its delegate, in accordance with a policy approved by the Board as reflecting fair value (“Fair Value Investments”). When determining the price for Fair Value Investments, the Global Valuation Committee, or its delegate, seeks to determine the price that each Series might reasonably expect to receive or pay from the current sale or purchase of that asset or liability in an arm’s-length transaction. Fair value determinations shall be based upon all available factors that the Global Valuation Committee, or its delegate, deems relevant consistent with the principles of fair value measurement, which include the market approach, income approach and/or in the case of recent investments, the cost approach, as appropriate. The market approach generally consists of using comparable market transactions. The income approach generally is used to discount future cash flows to present value and is adjusted for liquidity as appropriate. These factors include but are not limited to: (i) attributes specific to the investment or asset; (ii) the principal market for the investment or asset; (iii) the customary participants in the principal market for the investment or asset; (iv) data assumptions by market participants for the investment or asset, if reasonably available; (v) quoted prices for similar investments or assets in active markets; and (vi) other factors, such as future cash flows, interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, recovery rates, liquidation amounts and/or default rates. Due to the inherent uncertainty of valuations of such investments, the fair values may differ from the values that would have been used had an active market existed. The Global Valuation Committee, or its delegate, employs various methods for calibrating valuation approaches for investments where an active market does not exist, including regular due diligence of the Series’ pricing vendors, regular reviews of key inputs and assumptions, transactional back-testing or disposition analysis to compare unrealized gains and losses to realized gains and losses, reviews of missing or stale prices and large movements in market values and reviews of any market related activity. The pricing of all Fair Value Investments is subsequently reported to the Board or a committee thereof on a quarterly basis.

Segregation and Collateralization: In cases where the Series enters into certain investments (e.g. financial futures contracts) that would be “senior securities” for 1940 Act purposes, the Series may segregate or designate on its books and records cash or liquid securities having a market value at least equal to the amount of the Series’ future obligations under such investments. Doing so allows the investment to be excluded from treatment as a “senior

30 QUANTITATIVE MASTER SERIES LLC JUNE 30, 2015

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

security.” Furthermore, if required by an exchange or counterparty agreement, the Series may be required to deliver/deposit cash and/or securities to/with an exchange, or broker-dealer or custodian as collateral for certain investments or obligations.

Investment Transactions and Investment Income: For financial reporting purposes, investment transactions are recorded on the dates the transactions are entered into (the trade dates). Realized gains and losses on investment transactions are determined on the identified cost basis. Dividend income is recorded on the ex-dividend 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.

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

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

3. Securities and Other Investments:

Securities Lending: The Series may lend its securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Series collateral consisting of cash, an irrevocable letter of credit issued by a bank, or securities issued or guaranteed by the U.S. Government. The initial collateral received by the Series is required to have a value of at least 102% of the current value of the loaned securities for securities traded on U.S. exchanges and a value of at least 105% for all other securities. The collateral is maintained thereafter at a value equal to at least 100% of the current market value of the securities on loan. The market value of the loaned securities is determined at the close of each business day of the Series and any additional required collateral is delivered to the Series, or excess collateral returned by the Series, on the next business day. During the term of the loan, the Series is entitled to all distributions made on or in respect of the loaned securities. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

The market value of securities on loan, all of which were classified as common stocks in the Series’ Schedule of Investments, and the value of the related collateral are shown separately in the Statement of Assets and Liabilities as a component of investments at value — unaffiliated, and collateral on securities loaned at value, respectively. As of June 30, 2015, any securities on loan were collateralized by cash. The cash collateral invested by the securities lending agent, BlackRock Investment Management, LLC (“BIM”), if any, is disclosed in the Schedule of Investments.

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

As of June 30, 2015, the following table is a summary of the Series’ securities lending agreements by counterparty, which are subject to offset under an MSLA:

Counterparty	Securities Loaned at Value		Cash Collateral Received1			Net Amount
Barclays Capital, Inc.	$	624,273	$	(624,273	)		—
BNP Paribas S.A.		292,907		(292,907	)		—
Citigroup Global Markets, Inc.		1,551,663		(1,551,663	)		—
Credit Suisse Securities (USA) LLC		125,381		(125,381	)		—
Deutsche Bank Securities, Inc.		249,313		(249,313	)		—
Goldman Sachs & Co.		1,931,935		(1,931,935	)		—
JP Morgan Securities LLC		502,198		(502,198	)		—
Merrill Lynch, Pierce, Fenner & Smith, Inc.		78,822		(78,822	)		—
Morgan Stanley		2,176,179		(2,176,179	)		—
National Financial Services LLC		483,468		(483,468	)		—
Nomura Securities International, Inc.		288		(288	)		—
SG Americas Securities LLC		5,635		(5,635	)		—
UBS Securities LLC		535,799		(535,799	)		—
Total	$	8,557,861	$	(8,557,861	)		—

¹  Collateral with a value of $9,119,215 has been received in connection with securities lending agreements. Collateral received in excess of the value of securities loaned from the individual counterparty is not shown for financial reporting purposes.

QUANTITATIVE MASTER SERIES LLC JUNE 30, 2015 31

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

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

4. Derivative Financial Instruments:

The Series engages in various portfolio investment strategies using derivative contracts both to increase the returns of the Series and/or to manage economically its exposure to certain risks such as equity risk. These contracts may be transacted on an exchange or over-the-counter (“OTC”).

Financial Futures Contracts: The Series invests in long and/or short positions in financial futures contracts and options on financial futures contracts to gain exposure to, or economically hedge against, changes in the value of equity securities (equity risk). Financial futures contracts are agreements between the Series and a counterparty to buy or sell a specific quantity of an underlying instrument at a specified price and at a specified date. Depending on the terms of the particular contract, financial futures contracts are settled either through physical delivery of the underlying instrument on the settlement date or by payment of a cash settlement amount on the settlement date.

Upon entering into a financial futures contract, the Series is required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on a contract’s size and risk profile. The initial margin deposit must then be maintained at an established level over the life of the contract. Securities deposited as initial margin are designated on the Schedule of Investments and cash deposited, if any, is recorded on the Statement of Assets and Liabilities as cash pledged for financial futures contracts. Pursuant to the contract, the Series agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in value of the contract. Such receipts or payments are known as variation margin. Variation margin is recorded by the Series as unrealized appreciation (depreciation) and, if applicable, as a receivable or payable for variation margin in the Statement of Assets and Liabilities.

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

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

Fair Values of Derivative Financial Instruments as of June 30, 2015
		Value
	Statement of Assets and Liabilities Location	Derivative Liabilities
Equity contracts	Net unrealized depreciation1	$	(256,630	)

¹  Includes cumulative depreciation on financial futures contracts as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statement of Assets and Liabilities.

The Effect of Derivative Financial Instruments in the Statement of Operations Six Months Ended June 30, 2015
	Net Realized Gain From		Net Change in Unrealized Appreciation (Depreciation) on
Equity contracts:
Financial futures contracts	$	1,139,915	$	(627,065	)

For the six months ended June 30, 2015, the average quarterly balances of outstanding derivative financial instruments were as follows:

Financial futures contracts:
Average notional value of contracts — long	$	19,980,245

Counterparty Credit Risk: A derivative contract may suffer a mark-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform under the contract.

With exchange-traded futures there is less counterparty credit risk to the Series since the exchange or clearinghouse, as counterparty to such instruments, guarantees against a possible default. The clearinghouse stands between the buyer and the seller of the contract; therefore, credit risk is limited to failure of the clearinghouse. While offset rights may exist under applicable law, the Series does not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default (including the bankruptcy or insolvency) of the clearing broker or clearinghouse. Additionally, credit risk exists in exchange-traded futures with respect to initial and variation margin that is held in a clearing broker’s customer accounts. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients, typically the shortfall would be allocated on a pro rata basis across all the clearing broker’s customers, potentially resulting in losses to the Series.

32 QUANTITATIVE MASTER SERIES LLC JUNE 30, 2015

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

5. Investment Advisory Agreement and Other Transactions with Affiliates:

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

The Master LLC, on behalf of the Series, entered into an Investment Advisory Agreement with the Manager, the Series’ investment advisor, an indirect, wholly owned subsidiary of BlackRock, to provide investment advisory services. The Manager is responsible for the management of the Series’ portfolio and provides the necessary personnel, facilities, equipment and certain other services 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. These amounts are included in fees waived by the Manager in the Statement of Operations. However, the Manager does not waive its investment advisory fees by the amount of investment advisory fees paid in connection with the Series’ investments in other affiliated investment companies, if any. For the six months ended June 30, 2015, the amounts waived were $5,457.

For the six months ended June 30, 2015, the Series reimbursed the Manager $3,258 for certain accounting services, which is included in accounting services in the Statement of Operations.

The Manager contractually agreed to waive and/or reimburse fees or expenses in order to limit expenses, excluding interest expense, dividend expense, tax expense, acquired Series fees and expenses, and certain other Series expenses, which constitute extraordinary expenses, not incurred in the ordinary course of the Series’ business. The expense limitation as a percentage of average daily net assets is 0.12%. The Manager has agreed not to reduce or discontinue this contractual waiver or reimbursement prior to May 1, 2016 unless approved by the Board, including a majority of the Independent Directors.

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

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

Pursuant to such agreement, the Series retains 80% of securities lending income. In addition, commencing the business day following the date that the aggregate securities lending income earned across certain funds in the Equity-Liquidity Complex in a calendar year exceeds a specified threshold, the Series, pursuant to the securities lending agreement, will retain for the remainder of the calendar year securities lending income in an amount equal to 85% of securities lending income.

The share of securities lending income earned by the Series is shown as securities lending — affiliated — net in the Statement of Operations. For the six months ended June 30, 2015, the Series paid BIM $92,564 for securities lending agent services.

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

6. Purchases and Sales:

For the six months ended June 30, 2015, purchases and sales of investments, excluding short-term securities, were $42,237,374 and $51,242,718, respectively.

7. Income Tax Information:

The Series is classified as a partnership for federal income tax purposes. As such, each investor in the Series is treated as the owner of its proportionate share of net assets, income, expenses and realized and unrealized gains and losses of the Series. Therefore, no federal income tax provision is required. It is intended that the Series’ assets will be managed so an investor in the Series can satisfy the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended.

The Series files U.S. federal and various state and local tax returns. No income tax returns are currently under examination. The statute of limitations on the Series’ U.S. federal tax returns remains open for each of the four years ended December 31, 2014. The statutes of limitations on the Series’ state and local tax returns may remain open for an additional year depending upon the jurisdiction.

QUANTITATIVE MASTER SERIES LLC JUNE 30, 2015 33

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

Management has analyzed tax laws and regulations and their application to the Series as of June 30, 2015, inclusive of the open tax return years, and does not believe there are any uncertain tax positions that require recognition of a tax liability in the Series’ financial statements.

As of June 30, 2015, gross unrealized appreciation and depreciation based on cost for federal income tax purposes were as follows:

Tax cost	$	436,329,667
Gross unrealized appreciation	$	287,556,991
Gross unrealized depreciation		(34,125,551	)
Net unrealized appreciation	$	253,431,440

8. Bank Borrowings:

The Master LLC, on behalf of the Series, along with certain other funds managed by the Manager and its affiliates (“Participating Funds”), is a party to a 364-day, $2.1 billion credit agreement with a group of lenders, under which the Series may borrow to fund shareholder redemptions. Excluding commitments designated for certain individual funds, the Participating Funds, including the Series, can borrow up to an aggregate commitment amount of $1.6 billion, subject to asset coverage and other limitations as specified in the agreement. The credit agreement has the following terms: a fee of 0.06% per annum on unused commitment amounts and interest at a rate equal to the higher of (a) one-month LIBOR (but, in any event, not less than 0.00%) on the date the loan is made plus 0.80% per annum or (b) the Fed Funds rate (but, in any event, not less than 0.00%) in effect from time to time plus 0.80% per annum on amounts borrowed. The agreement expires in April 2016 unless extended or renewed. Participating Funds paid administration, legal and arrangement fees, which are included in miscellaneous expenses in the Statement of Operations, and along with commitment fees, were allocated among such funds based upon portions of the aggregate commitment available to them and relative net assets of Participating Funds. During the six months ended June 30, 2015, the Series did not borrow under the credit agreement.

9. Principal Risks:

In the normal course of business, the Series invests in securities and enters into transactions where risks exist due to fluctuations in the market (market risk) or failure of the issuer of a security to meet all its obligations, including to pay principal and interest when due (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, 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 the Manager believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose the Series to market, issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of the Series’ exposure to market, issuer and counterparty credit risks with respect to these financial assets is generally approximated by their value recorded in the Statement of Assets and Liabilities, less any collateral held by the Series.

As of June 30, 2015, the Series invested a significant portion of its assets in securities in the financials sector. Changes in economic conditions affecting such sector would have a greater impact on the Series and could affect the value, income and/or liquidity of positions in such securities.

10. Subsequent Events:

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

34 QUANTITATIVE MASTER SERIES LLC JUNE 30, 2015

Disclosure of Investment Advisory Agreement Master Extended Market Index Series

The Board of Directors (the “Board,” and the members of which are referred to as “Board Members”) of Quantitative Master Series LLC (the “Master LLC”) met in person on April 21, 2015 (the “April Meeting”) and May 18-20, 2015 (the “May Meeting”) to consider the approval of the investment advisory agreement (the “Agreement”) between the Master LLC, on behalf of Master Extended Market Index Series (the “Portfolio”), a series of the Master LLC, and BlackRock Advisors, LLC (the “Manager” or “BlackRock”), the Master LLC’s investment advisor.

Activities and Composition of the Board

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

The Agreement

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

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

The Board has engaged in an ongoing strategic review with BlackRock of opportunities to consolidate funds and of BlackRock’s commitment to investment performance. BlackRock also furnished information to the Board in response to specific questions. These questions covered issues such as: BlackRock’s profitability; investment performance; sub-advisory and advisory relationships with other clients (including mutual funds sponsored by third parties); the viability of specific funds; fund size and manager capacity; BlackRock’s research capabilities; portfolio managers’ investments in funds they manage; funds’ portfolio risk targets; and management fee levels and breakpoints. The Board further discussed with BlackRock: BlackRock’s management structure; portfolio turnover, execution quality and use of soft dollars; BlackRock’s portfolio manager compensation and performance accountability; marketing support for the funds; services provided to the funds by BlackRock affiliates; and BlackRock’s oversight of relationships with third party service providers.

Board Considerations in Approving the Agreement

The Approval Process: Prior to the April Meeting, the Board requested and received materials specifically relating to the Agreement. The Board is continuously engaged in a process with its independent legal counsel and BlackRock to review the nature and scope of the information provided to better assist its deliberations. The materials provided in connection with the April Meeting included (a) information independently compiled and prepared by Lipper, Inc. (“Lipper”) on Portfolio fees and expenses as compared with a peer group of funds as determined by Lipper (“Expense Peers”) and the investment performance of the Portfolio as compared with a peer group of funds as determined by Lipper¹, as well as the gross investment performance of the Portfolio as compared with its benchmark; (b) information on the profits realized by BlackRock and its affiliates pursuant to the Agreement and a

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

QUANTITATIVE MASTER SERIES LLC JUNE 30, 2015 35

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

discussion of fall-out benefits to BlackRock and its affiliates; (c) a general analysis provided by BlackRock concerning investment management fees charged to other clients, such as institutional clients, sub-advised mutual funds, ETFs and closed-end funds, under similar investment mandates, as well as the performance of such other clients, as applicable; (d) review of non-management fees; (e) the existence, impact and sharing of potential economies of scale; (f) a summary of aggregate amounts paid by the Portfolio to BlackRock; (g) sales and redemption data regarding the Portfolio’s interests; and (h) if applicable, a comparison of management fees to similar BlackRock open-end funds, as classified by Lipper.

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

At the May Meeting, the Board, including the Independent Board Members, approved the continuation of the Agreement between the Manager and the Master LLC with respect to the Portfolio for a one-year term ending June 30, 2016. In approving the continuation of the Agreement, the Board considered: (a) the nature, extent and quality of the services provided by BlackRock; (b) the investment performance of the Portfolio and BlackRock; (c) the advisory fee and the cost of the services and profits to be realized by BlackRock and its affiliates from their relationship with the Portfolio; (d) the Portfolio’s costs to investors compared to the costs of Expense Peers and performance compared to the relevant performance comparison as previously discussed; (e) the sharing of potential economies of scale; (f) fall-out benefits to BlackRock and its affiliates as a result of its relationship with the Portfolio; and (g) other factors deemed relevant by the Board Members.

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

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

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

In addition to advisory services, the Board considered the quality of the administrative and other non-investment advisory services provided to the Portfolio. BlackRock and its affiliates provide the Portfolio with certain administrative, shareholder and other services (in addition to any such services provided to the Portfolio by third parties) and officers and other personnel as are necessary for the operations of the Portfolio. In particular, BlackRock and its affiliates provide the Portfolio with the following administrative services, including, among others: (i) preparing disclosure documents, such as the prospectus, the summary prospectus (as applicable), the statement of additional information and periodic shareholder reports; (ii) oversight of daily accounting and pricing; (iii) overseeing and coordinating the activities of other service providers; (iv) organizing Board meetings and preparing the materials for such Board meetings; (v) providing legal and compliance support; (vi) furnishing analytical and other support to assist the Board in its consideration of strategic issues such as the merger, consolidation or repurposing of certain open-end funds; and (vii) performing other administrative functions necessary for the operation of the Portfolio, such as tax reporting, fulfilling regulatory filing requirements and call center services. The Board reviewed the structure and duties of BlackRock’s fund administration, shareholder services, legal and compliance departments and considered BlackRock’s policies and procedures for assuring compliance with applicable laws and regulations.

B. The Investment Performance of the Portfolio and BlackRock: The Board, including the Independent Board Members, also reviewed and considered the performance history of the Portfolio. In preparation for the April Meeting, the Board worked with its independent legal counsel, BlackRock and Lipper to develop a template for, and was provided with, reports independently prepared by Lipper, which included a comprehensive analysis of the Portfolio’s performance. The Board also reviewed a narrative and statistical analysis of the Lipper data that was prepared by BlackRock. In connection with its review, the Board received and reviewed information regarding the investment performance of the Portfolio as compared to other funds in its applicable Lipper category and the gross investment performance of the Portfolio as compared with its benchmark. The Board was provided with a description of the

36 QUANTITATIVE MASTER SERIES LLC JUNE 30, 2015

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

methodology used by Lipper to select peer funds and periodically meets with Lipper representatives to review its methodology. The Board and its Performance Oversight and Contract Committee regularly review, and meet with Portfolio management to discuss, the performance of the Portfolio throughout the year.

In evaluating performance, the Board recognized that the performance data reflects a snapshot of a period or as of a particular date and that selecting a different performance period could produce significantly different results. Further, the Board recognized that it is possible that long-term performance can be adversely affected by even one period of significant underperformance so that a single investment decision or theme has the ability to affect long-term performance disproportionately.

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

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

The Board received and reviewed statements relating to BlackRock’s financial condition. The Board reviewed BlackRock’s profitability methodology and was also provided with a profitability analysis that detailed the revenues earned and the expenses incurred by BlackRock for services provided to the Portfolio. The Board reviewed BlackRock’s profitability with respect to the Portfolio and other funds the Board currently oversees for the year ended December 31, 2014 compared to available aggregate profitability data provided for the two prior years. The Board reviewed BlackRock’s profitability with respect to certain other U.S. fund complexes managed by the Manager and/or its affiliates. The Board reviewed BlackRock’s assumptions and methodology of allocating expenses in the profitability analysis, noting the inherent limitations in allocating costs among various advisory products. The Board recognized that profitability may be affected by numerous factors including, among other things, fee waivers and expense reimbursements by the Manager, the types of funds managed, precision of expense allocations and business mix. As a result, calculating and comparing profitability at individual fund levels is difficult.

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

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

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

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

E. Other Factors Deemed Relevant by the Board Members: The Board, including the Independent Board Members, also took into account other ancillary or “fall-out” benefits that BlackRock or its affiliates may derive from their respective relationships with the Portfolio, both tangible and intangible, such as

QUANTITATIVE MASTER SERIES LLC JUNE 30, 2015 37

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

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

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

Conclusion

The Board, including the Independent Board Members, approved the continuation of the Agreement between the Manager and the Master LLC with respect to the Portfolio for a one-year term ending June 30, 2016. Based upon its evaluation of all of the aforementioned factors in their totality, the Board, including the Independent Board Members, was satisfied that the terms of the Agreement were fair and reasonable and in the best interest of the Portfolio and its interest holders. In arriving at its decision to approve the Agreement, the Board did not identify any single factor or group of factors as all-important or controlling, but considered all factors together, and different Board Members may have attributed different weights to the various factors considered. The Independent Board Members were also assisted by the advice of independent legal counsel in making this determination. The contractual fee arrangements for the Portfolio reflect the results of several years of review by the Board Members and predecessor Board Members, and discussions between such Board Members (and predecessor Board Members) and BlackRock. As a result, the Board Members’ conclusions may be based in part on their consideration of these arrangements in prior years.

38 QUANTITATIVE MASTER SERIES LLC JUNE 30, 2015

Officers and Directors Master Extended Market Index Series

Rodney D. Johnson, Chair of the Board and Director

David O. Beim, Director

Collette Chilton, Director

Frank J. Fabozzi, Director

Dr. Matina S. Horner, Director

Herbert I. London, Director

Cynthia A. Montgomery, Director

Barbara G. Novick, Director

Joseph P. Platt, Director

Robert C. Robb, Jr., Director

Toby Rosenblatt, Director

Mark Stalnecker, Director

Kenneth L. Urish, Director

Frederick W. Winter, Director

John M. Perlowski, President and Chief Executive Officer

Fernanda Piedra, Anti-Money Laundering Compliance Officer

Jennifer McGovern, Vice President

Neal Andrews, Chief Financial Officer

Jay Fife, Treasurer

Charles Park, Chief Compliance Officer

Benjamin Archibald, Secretary

Effective March 1, 2015, Charles Park resigned as Anti-Money Laundering Compliance Officer of the Master LLC and Fernanda Piedra became Anti-Money Laundering Compliance Officer of the Master LLC.

Effective May 18, 2015, Ian MacKinnon resigned as a Director of the Master LLC.

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

QUANTITATIVE MASTER SERIES LLC JUNE 30, 2015 39

Additional Information Master Extended Market Index Series

Availability of Quarterly Schedule of Investments

The Series files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The Series’ Forms N-Q are available on the SEC’s website at http://www.sec.gov and may also be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C. Information on how to access documents on the SEC’s website without charge may be obtained by calling (800) SEC-0330. The Series’ Forms N-Q may also be obtained upon request and without charge by calling (800) 441-7762.

Availability of Proxy Voting Policies and Procedures

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

Availability of Proxy Voting Record

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

40 QUANTITATIVE MASTER SERIES LLC JUNE 30, 2015

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

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

Master Extended Market Index Series of Quantitative Master Series LLC

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

Date: September 3, 2015

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

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

Date: September 3, 2015

By:	/s/ Neal J. Andrews
	Neal J. Andrews
	Chief Financial Officer (principal financial officer) of
	Master Extended Market Index Series of Quantitative Master Series LLC

Date: September 3, 2015

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