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

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-07885

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

Fund Address:  100 Bellevue Parkway, Wilmington, DE 19809

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

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

Date of fiscal year end: 12/31/2015

Date of reporting period: 12/31/2015

Item 1 – Report to Stockholders

Portfolio Management Commentary Master Extended Market Index Series

How did the Series perform?

• For the 12-month period ended December 31, 2015, Master Extended Market Index Series (the “Series”), a series of Quantitative Master Series LLC, returned (3.32)% while the benchmark Dow Jones U.S. Completion Total Stock Market Index^SM (the “Benchmark Index”) returned (3.42)%.

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. U.S. equities came back into favor in the spring, 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 into the summer as increasing turmoil around Greece’s debt troubles drove investors to the relative stability of U.S. markets.

• The second half of the year started well with strong manufacturing and construction data and merger and acquisition activity. This momentum stuttered as volatility and uncertainty became major themes through the remainder of 2015 given a sharp selloff in Chinese equities, falling oil prices and anticipation of a rate hike from the Federal Reserve (the “Fed”).

• With easy monetary policy in the beginning of 2015, many markets reached all-time highs, but hit considerable headwinds in the latter half of the year. Geopolitical strife in the Middle East and Russia, terrorist attacks in France and San Bernardino, California, slowing growth globally, oil price instability, and the Fed starting a tightening cycle were significant events that shaped 2015 market returns.

• The U.S. dollar strengthened against most major currencies for the year, posting a 19.9% gain against the Canadian dollar, a 12.5% gain versus the Australian dollar, an 11.4% gain versus the euro and a 5.8% gain versus the British pound. A key theme heading into 2016 is the divergence in monetary policy between the United States and the rest of the world.

Describe recent portfolio activity.

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

Describe portfolio positioning at period end.

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

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

QUANTITATIVE MASTER SERIES LLC DECEMBER 31, 2015 1

Portfolio Information as of December 31, 2015 Master Extended Market Index Series

Sector Allocation Percent of
Net Assets

Financials	25	%
Technology	16
Consumer Discretionary	16
Health Care	13
Industrial	13
Materials	4
Utilities	3
Energy	3
Consumer Staples	3
Telecommunications	1
Short-Term Securities	4
Liabilities in Excess of Other Assets	(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, if any, are discussed in detail in the Notes to Financial Statements.

2 QUANTITATIVE MASTER SERIES LLC DECEMBER 31, 2015

Schedule of Investments December 31, 2015 Master Extended Market Index Series (Percentages shown are based on Net Assets)

Common Stocks	Shares		Value
Aerospace & Defense — 1.7%
AAR Corp.		4,851	$	127,533
Aerojet Rocketdyne Holdings, Inc. (a)		9,549		149,537
Aerovironment, Inc. (a)		3,384		99,727
Astronics Corp. (a)		3,142		127,911
B/E Aerospace, Inc.		15,746		667,158
BWX Technologies, Inc.		15,403		489,353
CPI Aerostructures, Inc. (a)		2,281		22,194
Cubic Corp.		3,115		147,184
Curtiss-Wright Corp.		6,539		447,922
Ducommun, Inc. (a)		1,874		30,396
Engility Holdings, Inc.		2,637		85,650
Esterline Technologies Corp. (a)		4,264		345,384
HEICO Corp.		2,210		120,136
HEICO Corp., Class A		6,023		296,332
Hexcel Corp.		14,187		658,986
Huntington Ingalls Industries, Inc.		6,951		881,734
Innovative Solutions & Support, Inc. (a)		4,600		12,696
KLX, Inc. (a)		7,865		242,163
Kratos Defense & Security Solutions, Inc. (a)		7,970		32,677
LMI Aerospace, Inc. (a)		2,720		27,390
Mantech International Corp., Class A		3,277		99,096
Moog, Inc., Class A (a)		4,945		299,667
Orbital ATK, Inc.		8,656		773,327
RBC Bearings, Inc. (a)		3,324		214,697
Smith & Wesson Holding Corp. (a)		8,345		183,423
Spirit Aerosystems Holdings, Inc., Class A (a)		18,764		939,514
Sturm Ruger & Co., Inc.		2,841		169,352
Taser International, Inc. (a)		8,193		141,657
Teledyne Technologies, Inc. (a)		5,177		459,200
TransDigm Group, Inc. (a)		7,847		1,792,647
Triumph Group, Inc.		7,156		284,451
VSE Corp.		644		40,044
				10,409,138
Alternative Energy — 0.1%
Aemetis, Inc. (a)(b)		3,787		10,982
Amyris, Inc. (a)(b)		8,820		14,288
Ascent Solar Technologies, Inc. (a)		10,274		1,499
Enphase Energy, Inc. (a)(b)		5,033		17,666
FuelCell Energy, Inc. (a)(b)		3,805		18,873
Green Brick Partners, Inc. (a)		837		6,026
Green Plains, Inc.		5,207		119,240
MagneGas Corp. (a)		3,416		5,500
Ocean Power Technologies, Inc. (a)		1,146		2,407
Pattern Energy Group, Inc.		8,739		182,733
Plug Power, Inc. (a)(b)		26,664		56,261
Renewable Energy Group, Inc. (a)		5,628		52,284
REX American Resources Corp. (a)		921		49,798
Solazyme, Inc. (a)(b)		13,122		32,543
SunPower Corp. (a)		7,815		234,528
				804,628
Automobiles & Parts — 2.1%
Allison Transmission Holdings, Inc.		25,654		664,182
American Axle & Manufacturing Holdings, Inc. (a)		11,370		215,348
Autoliv, Inc.		12,841		1,602,171
Cooper Tire & Rubber Co.		7,482		283,194
Cooper-Standard Holding, Inc. (a)		2,584		200,492
Dana Holding Corp.		21,780		300,564
Dorman Products, Inc. (a)		4,690		222,634
Federal-Mogul Corp. (a)		4,135		28,325
Fuel Systems Solutions, Inc. (a)		2,808		13,731
Gentex Corp.		42,599		682,010

Common Stocks	Shares		Value
Automobiles & Parts (continued)
Gentherm, Inc. (a)		5,419	$	256,861
Lear Corp.		11,056		1,358,008
LKQ Corp. (a)		44,840		1,328,609
LoJack Corp. (a)		6,073		33,766
Modine Manufacturing Co. (a)		6,807		61,603
Motorcar Parts of America, Inc. (a)		2,943		99,503
Standard Motor Products, Inc.		2,952		112,324
Stoneridge, Inc. (a)		4,259		63,033
Strattec Security Corp.		573		32,369
Superior Industries International, Inc.		3,414		62,886
Tenneco, Inc. (a)		8,465		388,628
Tesla Motors, Inc. (a)		14,633		3,512,066
Titan International, Inc.		6,931		27,308
Tower International, Inc.		3,363		96,081
U.S. Auto Parts Network, Inc. (a)		7,139		20,989
Visteon Corp. (a)		5,596		640,742
WABCO Holdings, Inc. (a)		7,941		812,047
				13,119,474
Banks — 6.5%
1st Source Corp.		2,325		71,773
Ameriana Bancorp		1,517		34,770
American National Bankshares, Inc.		2,205		56,470
Ameris Bancorp		4,285		145,647
Ames National Corp.		2,125		51,616
Arrow Financial Corp.		2,712		73,685
Associated Banc-Corp		21,746		407,737
Astoria Financial Corp.		13,130		208,110
Banc of California, Inc.		5,336		78,012
BancFirst Corp.		1,174		68,820
Bancorp of New Jersey, Inc.		2,128		23,834
Bancorp, Inc. (a)		6,496		41,380
BancorpSouth, Inc.		12,177		292,126
Bank Mutual Corp.		7,238		56,456
Bank of Hawaii Corp.		6,247		392,936
Bank of Marin Bancorp		1,247		66,590
Bank of the Ozarks, Inc.		11,427		565,179
BankFinancial Corp.		3,939		49,750
BankUnited, Inc.		15,160		546,670
Banner Corp.		3,084		141,432
Bar Harbor Bankshares		1,552		53,420
BCB Bancorp, Inc.		3,436		35,734
Bear State Financial, Inc. (a)(b)		2,595		28,104
Beneficial Bancorp, Inc. (a)		12,843		171,069
Berkshire Hills Bancorp, Inc.		4,850		141,183
BNC Bancorp		5,419		137,534
BofI Holding, Inc. (a)		8,936		188,103
BOK Financial Corp.		3,095		185,050
Boston Private Financial Holdings, Inc.		12,591		142,782
Bridge Bancorp, Inc.		2,180		66,337
Brookline Bancorp, Inc.		11,463		131,824
Bryn Mawr Bank Corp.		2,983		85,672
California First National Bancorp		882		11,475
Camden National Corp.		1,576		69,486
Cape Bancorp, Inc.		3,648		45,345
Capital Bank Financial Corp., Class A		4,494		143,718
Capital City Bank Group, Inc.		2,343		35,965
Capitol Federal Financial, Inc.		18,668		234,470
Cardinal Financial Corp.		5,232		119,028
Cascade Bancorp (a)		7,559		45,883
Cathay General Bancorp		10,846		339,805
Centerstate Banks, Inc.		7,831		122,555

Portfolio Abbreviations

S&P Standard and Poor’s

See Notes to Financial Statements.

QUANTITATIVE MASTER SERIES LLC DECEMBER 31, 2015 3

Schedule of Investments (continued) Master Extended Market Index Series

Common Stocks	Shares		Value
Banks (continued)
Central Pacific Financial Corp.		4,905	$	108,008
Century Bancorp, Inc., Class A		997		43,330
Chemical Financial Corp.		5,643		193,386
Chicopee Bancorp, Inc.		2,450		42,483
Citizens & Northern Corp.		2,833		59,493
Citizens Financial Group, Inc.		77,656		2,033,811
City Holding Co.		2,469		112,685
Civista Bancshares, Inc.		1,968		25,249
Clifton Bancorp, Inc.		4,768		68,373
CNB Financial Corp.		2,894		52,179
CoBiz Financial, Inc.		6,271		84,157
Colony Bankcorp, Inc. (a)		463		4,496
Columbia Banking System, Inc.		8,543		277,733
Commerce Bancshares, Inc.		12,367		526,092
Community Bank System, Inc.		6,093		243,354
Community Trust Bancorp, Inc.		2,821		98,622
CommunityOne Bancorp (a)		2,905		39,130
ConnectOne Bancorp, Inc.		4,852		90,684
Cullen/Frost Bankers, Inc.		8,160		489,600
Customers Bancorp, Inc. (a)		1,701		46,301
CVB Financial Corp.		14,284		241,685
Dime Community Bancshares, Inc.		5,246		91,753
Eagle Bancorp, Inc. (a)		4,741		239,278
East West Bancorp, Inc.		21,080		876,085
Eastern Virginia Bankshares, Inc.		2,546		18,280
Enterprise Bancorp, Inc.		1,601		36,583
Enterprise Financial Services Corp.		3,377		95,738
ESSA Bancorp, Inc.		3,300		45,144
Farmers Capital Bank Corp. (a)		1,739		47,144
Fidelity Southern Corp.		3,242		72,329
Financial Institutions, Inc.		2,741		76,748
First Bancorp, Inc.		2,552		52,239
First Bancorp, North Carolina		3,105		58,188
First BanCorp, Puerto Rico (a)		17,284		56,173
First Busey Corp.		4,150		85,615
First Citizens BancShares, Inc., Class A		1,312		338,719
First Commonwealth Financial Corp.		13,854		125,656
First Community Bancshares, Inc.		3,087		57,511
First Connecticut Bancorp, Inc.		3,756		65,392
First Defiance Financial Corp.		1,962		74,124
First Financial Bancorp		9,179		165,865
First Financial Bankshares, Inc.		9,434		284,624
First Financial Corp.		2,125		72,186
First Financial Northwest, Inc.		3,414		47,659
First Horizon National Corp.		34,284		497,804
First Interstate Bancsystem, Inc.		2,871		83,460
First Merchants Corp.		5,965		151,630
First Midwest Bancorp, Inc.		11,596		213,714
First NBC Bank Holding Co. (a)		284		10,619
First Niagara Financial Group, Inc.		51,868		562,768
First of Long Island Corp.		2,494		74,820
First Republic Bank		20,976		1,385,675
First South Bancorp, Inc.		3,052		26,125
First United Corp. (a)		2,396		27,794
FirstMerit Corp.		23,916		446,033
Flagstar Bancorp, Inc. (a)		3,391		78,366
Flushing Financial Corp.		4,602		99,587
FNB Corp.		25,576		341,184
Fox Chase Bancorp, Inc.		3,031		61,499
Fulton Financial Corp.		25,185		327,657
German American Bancorp, Inc.		2,419		80,601
Glacier Bancorp, Inc.		11,034		292,732
Great Southern Bancorp, Inc.		1,720		77,847
Great Western Bancorp, Inc.		7,597		220,465
Greene County Bancshares, Inc.		3,466		—
Guaranty Bancorp		3,221		53,275
Hampton Roads Bankshares, Inc. (a)		8,046		14,805

Common Stocks	Shares		Value
Banks (continued)
Hancock Holding Co.		10,974	$	276,216
Hanmi Financial Corp.		5,135		121,802
Heartland Financial USA, Inc.		2,648		83,041
Heritage Commerce Corp.		4,396		52,576
Heritage Financial Corp.		5,517		103,940
HMN Financial, Inc. (a)		1,907		22,178
Home Bancorp, Inc.		2,032		52,791
Home BancShares, Inc.		8,747		354,428
HomeStreet, Inc. (a)		934		20,277
HomeTrust Bancshares, Inc. (a)		4,105		83,126
Horizon Bancorp		2,007		56,116
Iberiabank Corp.		4,836		266,319
Independent Bank Corp., Massachusetts		4,043		188,080
Independent Bank Corp., Michigan		4,221		64,286
International Bancshares Corp.		7,746		199,072
Investors Bancorp, Inc.		51,649		642,514
Kearny Financial Corp.		4,495		56,952
Lakeland Bancorp, Inc.		6,073		71,601
Lakeland Financial Corp.		2,799		130,489
LegacyTexas Financial Group, Inc.		6,540		163,631
Macatawa Bank Corp.		6,531		39,513
MainSource Financial Group, Inc.		3,542		81,041
MB Financial, Inc.		10,080		326,290
Mercantile Bank Corp.		3,191		78,307
Merchants Bancshares, Inc.		1,376		43,330
Meridian Bancorp, Inc.		7,399		104,326
Metro Bancorp, Inc.		2,347		73,649
MidSouth Bancorp, Inc.		2,061		18,714
MidWestOne Financial Group, Inc.		1,520		46,223
MutualFirst Financial, Inc.		1,697		42,289
National Bank Holdings Corp., Class A		5,381		114,992
National Bankshares, Inc.		1,700		60,418
National Penn Bancshares, Inc.		20,919		257,931
NBT Bancorp, Inc.		6,464		180,216
New York Community Bancorp, Inc.		64,836		1,058,124
NewBridge Bancorp		7,293		88,829
Northfield Bancorp, Inc.		7,976		126,978
Northrim BanCorp, Inc.		1,757		46,736
Northwest Bancshares, Inc.		15,090		202,055
Norwood Financial Corp.		859		24,662
OceanFirst Financial Corp.		2,939		58,868
OFG Bancorp		7,031		51,467
Ohio Valley Banc Corp.		1,099		27,222
Old National Bancorp		16,667		226,005
Old Second Bancorp, Inc. (a)		6,505		50,999
Opus Bank		598		22,108
Oritani Financial Corp.		6,327		104,396
Orrstown Financial Services, Inc.		2,093		37,632
Pacific Continental Corp.		3,946		58,716
Pacific Premier Bancorp, Inc. (a)		789		16,766
PacWest Bancorp		15,141		652,577
Park National Corp.		1,932		174,807
Park Sterling Corp.		9,934		72,717
Peapack Gladstone Financial Corp.		2,576		53,117
Penns Woods Bancorp, Inc.		1,209		51,334
Peoples Bancorp of North Carolina, Inc.		1,497		28,907
Peoples Bancorp, Inc.		3,210		60,476
Peoples Financial Corp. (a)		1,245		11,330
Pinnacle Financial Partners, Inc.		5,097		261,782
Popular, Inc.		15,112		428,274
Porter Bancorp, Inc. (a)		6,148		8,669
Preferred Bank		2,333		77,036
PrivateBancorp, Inc.		11,605		476,037
Prosperity Bancshares, Inc.		9,413		450,506
Provident Financial Holdings, Inc.		2,303		43,504
Provident Financial Services, Inc.		8,649		174,277
Pulaski Financial Corp.		2,837		45,279

See Notes to Financial Statements.

4 QUANTITATIVE MASTER SERIES LLC DECEMBER 31, 2015

Schedule of Investments (continued) Master Extended Market Index Series

Common Stocks	Shares		Value
Banks (continued)
Renasant Corp.		5,565	$	191,492
Republic Bancorp, Inc., Class A		1,667		44,025
Republic First Bancorp, Inc. (a)		9,649		41,780
Riverview Bancorp, Inc.		8,387		39,335
S&T Bancorp, Inc.		5,190		159,956
Sandy Spring Bancorp, Inc.		3,931		105,980
Seacoast Banking Corp. of Florida (a)		4,770		71,455
ServisFirst Bancshares, Inc.		3,175		150,908
Shore Bancshares, Inc.		3,680		40,038
Sierra Bancorp		2,508		44,266
Signature Bank (a)		7,555		1,158,710
Simmons First National Corp., Class A		4,197		215,558
South State Corp.		3,633		261,394
Southside Bancshares, Inc.		3,909		93,894
Southwest Bancorp, Inc.		3,696		64,606
State Bank Financial Corp.		5,894		123,951
Sterling Bancorp		18,367		297,913
Stock Yards Bancorp, Inc.		2,552		96,440
Suffolk Bancorp		2,452		69,514
Summit Financial Group, Inc.		2,289		27,216
Sun Bancorp, Inc. (a)		2,292		47,307
SVB Financial Group (a)		7,613		905,186
Synovus Financial Corp.		19,459		630,082
Talmer Bancorp, Inc., Class A		9,264		167,771
TCF Financial Corp.		24,414		344,726
Territorial Bancorp, Inc.		2,198		60,973
Texas Capital Bancshares, Inc. (a)		6,837		337,885
TFS Financial Corp.		10,626		200,088
Tompkins Financial Corp.		2,027		113,836
TowneBank		7,726		161,242
Trico Bancshares		3,317		91,018
TrustCo Bank Corp. NY		14,741		90,510
Trustmark Corp.		9,709		223,695
UMB Financial Corp.		5,958		277,345
Umpqua Holdings Corp.		31,941		507,862
Union Bankshares Corp.		7,003		176,756
United Bancorp, Inc.		3,115		29,904
United Bankshares, Inc.		9,354		346,004
United Community Banks, Inc.		8,915		173,753
United Community Financial Corp.		11,244		66,340
United Financial Bancorp, Inc.		8,517		109,699
United Security Bancshares (a)		4,012		21,423
Univest Corp. of Pennsylvania		3,005		62,684
Valley National Bancorp		33,096		325,996
Washington Federal, Inc.		13,426		319,942
Washington Trust Bancorp, Inc.		2,472		97,693
Waterstone Financial, Inc.		5,849		82,471
Webster Financial Corp.		13,343		496,226
WesBanco, Inc.		5,376		161,388
West Bancorporation., Inc.		3,190		63,003
Westamerica BanCorp		3,773		176,388
Western Alliance Bancorp (a)		13,567		486,513
Westfield Financial, Inc.		4,895		41,118
Wilshire Bancorp, Inc.		11,170		129,014
Wintrust Financial Corp.		6,909		335,225
WSFS Financial Corp.		4,170		134,941
Yadkin Financial Corp.		4,397		110,672
Your Community Bankshares, Inc.		633		19,952
				40,173,807
Beverages — 0.1%
Boston Beer Co., Inc., Class A (a)		1,364		275,405
Coca-Cola Bottling Co. Consolidated		720		131,407
Craft Brew Alliance, Inc. (a)		1,760		14,731
National Beverage Corp. (a)		1,810		82,247
Primo Water Corp. (a)		4,659		37,272

Common Stocks	Shares		Value
Beverages (continued)
Willamette Valley Vineyards, Inc. (a)		2,312	$	16,369
				557,431
Chemicals — 2.1%
A. Schulman, Inc.		4,402		134,877
Aceto Corp.		4,429		119,494
Albemarle Corp.		16,453		921,533
American Vanguard Corp.		3,882		54,387
Ashland, Inc.		9,272		952,234
Axalta Coating Systems Ltd. (a)		20,055		534,466
Axiall Corp.		10,170		156,618
Balchem Corp.		4,662		283,450
Cabot Corp.		8,974		366,857
Calgon Carbon Corp.		7,617		131,393
Cambrex Corp. (a)		4,820		226,974
Celanese Corp., Series A		21,396		1,440,593
Chase Corp.		1,295		52,745
Chemours Co.		26,379		141,391
Chemtura Corp. (a)		9,961		271,636
CSW Industrials, Inc. (a)		731		27,537
Ferro Corp. (a)		13,135		146,061
FutureFuel Corp.		3,639		49,127
Hawkins, Inc.		1,620		57,947
HB Fuller Co.		7,330		267,325
Huntsman Corp.		28,853		328,059
Innophos Holdings, Inc.		2,611		75,667
Innospec, Inc.		3,555		193,072
Intrepid Potash, Inc. (a)		8,477		25,007
KMG Chemicals, Inc.		1,469		33,816
Koppers Holdings, Inc. (a)		3,035		55,389
Kraton Performance Polymers, Inc. (a)		4,717		78,349
Kronos Worldwide, Inc.		1,631		9,199
LSB Industries, Inc. (a)		2,939		21,308
Metabolix, Inc. (a)		2,331		3,590
Minerals Technologies, Inc.		5,227		239,710
NewMarket Corp.		1,502		571,856
Olin Corp.		23,890		412,341
OMNOVA Solutions, Inc. (a)		7,759		47,563
Platform Specialty Products Corp. (a)		20,141		258,409
PolyOne Corp.		12,381		393,221
Quaker Chemical Corp.		2,000		154,520
Rayonier Advanced Materials, Inc.		6,271		61,393
Rentech, Inc. (a)		3,065		10,789
RPM International, Inc.		19,488		858,641
Senomyx, Inc. (a)		7,801		29,410
Sensient Technologies Corp.		6,656		418,130
Stepan Co.		2,616		129,989
TOR Minerals International, Inc. (a)		1,000		4,510
Tredegar Corp.		3,711		50,544
Trinseo SA (a)		425		11,985
Tronox Ltd., Class A		9,237		36,117
Univar, Inc. (a)		5,098		86,717
Valspar Corp.		10,793		895,279
Westlake Chemical Corp.		5,570		302,562
WR Grace & Co. (a)		10,527		1,048,384
ZAGG, Inc. (a)		4,990		54,591
				13,236,762
Construction & Materials — 2.5%
AAON, Inc.		5,823		135,210
Acuity Brands, Inc.		6,415		1,499,827
Advanced Drainage Systems, Inc.		5,190		124,716
AECOM (a)		22,178		666,005
Aegion Corp. (a)		5,610		108,329
Ameresco, Inc., Class A (a)		3,372		21,075
American DG Energy, Inc. (a)(b)		13,435		4,485
American Woodmark Corp. (a)		2,117		169,318

See Notes to Financial Statements.

QUANTITATIVE MASTER SERIES LLC DECEMBER 31, 2015 5

Schedule of Investments (continued) Master Extended Market Index Series

Common Stocks	Shares		Value
Construction & Materials (continued)
AO Smith Corp.		11,094	$	849,911
Apogee Enterprises, Inc.		4,223		183,743
Argan, Inc.		1,952		63,245
Armstrong World Industries, Inc. (a)		6,956		318,098
BlueLinx Holdings, Inc. (a)		22,042		11,682
Blueprint Medicines Corp. (a)		1,496		39,405
Boise Cascade Co. (a)		5,862		149,657
Builders FirstSource, Inc. (a)		9,577		106,113
Chicago Bridge & Iron Co. NV		13,699		534,124
Continental Building Products, Inc. (a)		5,608		97,916
Eagle Materials, Inc.		7,472		451,533
EMCOR Group, Inc.		8,853		425,298
Fortune Brands Home & Security, Inc.		23,444		1,301,142
Generac Holdings, Inc. (a)		9,771		290,883
Gibraltar Industries, Inc. (a)		4,813		122,443
Granite Construction, Inc.		5,591		239,910
Great Lakes Dredge & Dock Corp. (a)		9,666		38,277
Griffon Corp.		6,030		107,334
Headwaters, Inc. (a)		11,159		188,252
Hill International, Inc. (a)		7,303		28,336
Installed Building Products, Inc. (a)		2,837		70,443
Insteel Industries, Inc.		2,808		58,743
Integrated Electrical Services, Inc. (a)		2,641		29,236
Inteliquent, Inc.		4,943		87,837
KBR, Inc.		21,005		355,405
Layne Christensen Co. (a)(b)		3,913		20,582
LB Foster Co., Class A		1,479		20,203
Lennox International, Inc.		5,907		737,784
Louisiana-Pacific Corp. (a)		21,086		379,759
Masonite International Corp. (a)		4,207		257,595
MasTec, Inc. (a)		9,529		165,614
MDU Resources Group, Inc.		28,550		523,036
Mueller Water Products, Inc., Series A		23,103		198,686
MYR Group, Inc. (a)		3,403		70,136
NCI Building Systems, Inc. (a)		4,543		56,379
Nortek, Inc. (a)		1,510		65,866
Northwest Pipe Co. (a)		2,132		23,857
Omega Flex, Inc.		980		32,350
Orion Marine Group, Inc. (a)		5,034		20,992
Owens Corning		17,160		807,035
Patrick Industries, Inc. (a)		2,393		104,095
PGT, Inc. (a)		7,825		89,127
Ply Gem Holdings, Inc. (a)		3,732		46,799
Primoris Services Corp.		5,751		126,694
Quanex Building Products Corp.		5,075		105,814
Simpson Manufacturing Co., Inc.		5,779		197,353
Sterling Construction Co., Inc. (a)		3,307		20,107
Summit Materials, Inc., Class A (a)		6,285		125,951
Thermon Group Holdings, Inc. (a)		5,345		90,437
TopBuild Corp. (a)		5,711		175,727
TRC Cos., Inc. (a)		4,693		43,410
Trex Co., Inc. (a)		4,657		177,152
Tutor Perini Corp. (a)		5,464		91,467
Universal Forest Products, Inc.		2,945		201,350
US Concrete, Inc. (a)		2,197		115,694
USG Corp. (a)		13,456		326,846
Valmont Industries, Inc.		3,342		354,319
Watsco, Inc.		3,718		435,489
Watts Water Technologies, Inc., Class A		4,067		202,008
				15,287,644
Electricity — 1.4%
ALLETE, Inc.		6,636		337,308
Alliant Energy Corp.		16,563		1,034,359
Black Hills Corp.		6,351		294,877
Calpine Corp. (a)		49,082		710,217
Cleco Corp.		8,684		453,392

Common Stocks	Shares		Value
Electricity (continued)
Covanta Holding Corp.		19,675	$	304,766
Dynegy, Inc. (a)		17,431		233,575
El Paso Electric Co.		6,084		234,234
Empire District Electric Co.		6,920		194,244
Great Plains Energy, Inc.		22,821		623,242
Hawaiian Electric Industries, Inc.		15,230		440,908
IDACORP, Inc.		7,193		489,124
ITC Holdings Corp.		23,310		914,917
MGE Energy, Inc.		5,145		238,728
NorthWestern Corp.		6,843		371,233
Ormat Technologies, Inc.		5,198		189,571
Portland General Electric Co.		12,830		466,627
Talen Energy Corp. (a)		9,651		60,126
TerraForm Global, Inc., Class A		3,533		19,749
TerraForm Power, Inc., Class A (a)		11,225		141,211
U.S. Geothermal, Inc. (a)		45,850		28,656
Unitil Corp.		2,550		91,494
Vivint Solar, Inc. (a)		3,153		30,143
Westar Energy, Inc.		20,853		884,376
				8,787,077
Electronic & Electrical Equipment — 2.7%
Allied Motion Technologies, Inc.		1,620		42,412
American Science & Engineering, Inc.		1,261		52,180
Anixter International, Inc. (a)		4,088		246,874
API Technologies Corp. (a)		12,042		16,618
Applied DNA Sciences, Inc. (a)		2,619		8,486
Arrow Electronics, Inc. (a)		13,770		746,059
Avnet, Inc.		19,393		830,796
AVX Corp.		6,239		75,742
AZZ, Inc.		3,802		211,277
Badger Meter, Inc.		2,244		131,476
Bel Fuse, Inc., Class B		2,157		37,295
Belden, Inc.		6,197		295,473
Benchmark Electronics, Inc. (a)		7,614		157,381
Brady Corp., Class A		6,616		152,036
Capstone Turbine Corp. (a)		3,678		5,149
Checkpoint Systems, Inc.		6,943		43,533
Cognex Corp.		12,485		421,618
Coherent, Inc. (a)		3,619		235,633
Control4 Corp. (a)		3,575		25,990
CTS Corp.		5,283		93,192
CyberOptics Corp. (a)		2,661		20,357
Daktronics, Inc.		6,043		52,695
Electro Rent Corp.		3,274		30,121
Electro Scientific Industries, Inc.		5,070		26,313
eMagin Corp. (a)		6,297		8,753
Encore Wire Corp.		3,187		118,206
Energy Focus, Inc. (a)		610		8,388
EnerNOC, Inc. (a)		4,406		16,963
EnerSys		6,375		356,554
ESCO Technologies, Inc.		3,900		140,946
Fabrinet (a)		4,815		114,693
FARO Technologies, Inc. (a)		2,690		79,409
FEI Co.		5,958		475,389
General Cable Corp.		7,405		99,449
Greatbatch, Inc. (a)		3,968		208,320
GSI Group, Inc. (a)		5,584		76,054
Houston Wire & Cable Co.		3,110		16,421
Hubbell, Inc.		7,932		801,449
II-VI, Inc. (a)		8,248		153,083
Intevac, Inc. (a)		5,485		25,834
IntriCon Corp. (a)		2,740		20,769
IPG Photonics Corp. (a)		5,438		484,852
Itron, Inc. (a)		5,713		206,696
Jabil Circuit, Inc.		27,930		650,490
Kemet Corp. (a)		8,847		20,967

See Notes to Financial Statements.

6 QUANTITATIVE MASTER SERIES LLC DECEMBER 31, 2015

Schedule of Investments (continued) Master Extended Market Index Series

Common Stocks	Shares		Value
Electronic & Electrical Equipment (continued)
Keysight Technologies, Inc. (a)		25,105	$	711,225
Kimball Electronics, Inc. (a)		3,441		37,817
Knowles Corp. (a)		13,186		175,769
Landauer, Inc.		1,662		54,713
LightPath Technologies, Inc., Class A (a)		6,052		17,127
Littelfuse, Inc.		3,291		352,170
LSI Industries, Inc.		4,195		51,137
MA-COM Technology Solutions Holdings, Inc. (a)		2,990		122,261
Maxwell Technologies, Inc. (a)		5,619		40,120
Methode Electronics, Inc.		5,654		179,967
Mettler-Toledo International, Inc. (a)		4,063		1,377,885
Microvision, Inc. (a)		3,814		10,908
MTS Systems Corp.		2,264		143,560
NAPCO Security Technologies, Inc. (a)		4,487		26,473
National Instruments Corp.		15,074		432,473
Newport Corp. (a)		6,137		97,394
NVE Corp.		974		54,719
Orion Energy Systems, Inc. (a)		7,855		17,045
OSI Systems, Inc. (a)		2,791		247,450
Park Electrochemical Corp.		3,206		48,282
Plexus Corp. (a)		5,087		177,638
Powell Industries, Inc.		1,398		36,390
Regal-Beloit Corp.		6,332		370,549
Research Frontiers, Inc. (a)		5,552		28,926
Rofin-Sinar Technologies, Inc. (a)		4,390		117,564
Rogers Corp. (a)		2,685		138,465
Rubicon Technology, Inc. (a)		5,299		6,041
Sanmina Corp. (a)		11,339		233,357
Sensata Technologies Holding NV (a)		24,939		1,148,690
SL Industries, Inc. (a)		935		29,808
Synthesis Energy Systems, Inc. (a)		5,951		5,707
Trimble Navigation Ltd. (a)		36,826		789,918
TTM Technologies, Inc. (a)		9,582		62,379
Turtle Beach Corp. (a)(b)		6,063		12,187
Ultralife Corp. (a)		4,545		29,361
Universal Display Corp. (a)		6,278		341,774
Veeco Instruments, Inc. (a)		6,043		124,244
Vicor Corp. (a)		3,135		28,591
Vishay Intertechnology, Inc.		19,362		233,312
Vishay Precision Group, Inc. (a)		2,569		29,081
WESCO International, Inc. (a)		6,116		267,147
Zebra Technologies Corp., Class A (a)		7,748		539,648
				16,991,663
Financial Services — 4.1%
Actinium Pharmaceuticals, Inc. (a)(b)		8,447		27,284
Ally Financial, Inc. (a)		64,424		1,200,863
Artisan Partners Asset Management, Inc., Class A		5,804		209,292
Ashford, Inc. (a)		394		20,981
Associated Capital Group, Inc. (a)		805		24,553
Asta Funding, Inc. (a)		3,856		30,655
Atlanticus Holdings Corp. (a)		251		803
BBCN Bancorp, Inc.		12,023		207,036
BGC Partners, Inc., Class A		26,138		256,414
Blackhawk Network Holdings, Inc. (a)		8,375		370,259
Calamos Asset Management, Inc., Class A		3,789		36,678
Cash America International, Inc.		4,144		124,113
CBOE Holdings, Inc.		12,335		800,542
CIT Group, Inc.		25,207		1,000,718
Cohen & Steers, Inc.		3,036		92,537
Consumer Portfolio Services, Inc. (a)		1,181		6,129
Cowen Group, Inc., Class A (a)		17,299		66,255
Credit Acceptance Corp. (a)(b)		1,567		335,369
Del Taco Restaurants, Inc. (a)		665		7,082
Diamond Hill Investment Group, Inc.		522		98,658
Eaton Vance Corp.		17,521		568,206
Emergent Capital, Inc. (a)		5,857		21,612

Common Stocks	Shares		Value
Financial Service (continued)
Encore Capital Group, Inc. (a)		3,846	$	111,842
Enova International, Inc. (a)		4,701		31,074
Essent Group Ltd. (a)		10,209		223,475
EverBank Financial Corp.		11,962		191,153
Evercore Partners, Inc., Class A		5,160		279,001
Ezcorp, Inc., Class A (a)		8,094		40,389
FBR & Co.		1,765		35,124
Federal Agricultural Mortgage Corp., Class C		1,734		54,742
Federated Investors, Inc., Class B		13,995		400,957
Financial Engines, Inc.		7,748		260,875
First Cash Financial Services, Inc. (a)		4,380		163,943
First Marblehead Corp. (a)		1,974		8,311
FNF Group		40,301		1,397,236
FNFV Group (a)		13,277		149,101
FXCM, Inc., Class A (a)(b)		1,155		19,323
GAMCO Investors, Inc., Class A		805		24,987
Green Dot Corp., Class A (a)		7,212		118,421
Greenhill & Co., Inc.		4,276		122,336
HealthEquity, Inc. (a)		5,106		128,007
HRG Group, Inc. (a)		18,302		248,175
Impac Mortgage Holdings, Inc. (a)(b)		313		5,634
Interactive Brokers Group, Inc., Class A		8,315		362,534
INTL. FCStone, Inc. (a)		2,537		84,888
Investment Technology Group, Inc.		5,189		88,317
Janus Capital Group, Inc.		21,344		300,737
Jason Industries, Inc. (a)		4,507		17,037
KCG Holdings, Inc., Class A (a)		8,227		101,274
Ladder Capital Corp.		7,331		91,051
Ladenburg Thalmann Financial Services, Inc. (a)		20,288		55,995
Lazard Ltd., Class A		18,928		851,949
LendingClub Corp. (a)		31,122		343,898
LendingTree, Inc. (a)		1,072		95,708
Liberty Broadband Corp., Class A (a)		3,689		190,537
Liberty Broadband Corp., Class C (a)		9,748		505,531
Liberty TripAdvisor Holdings, Inc., Series A (a)		9,896		300,245
LPL Financial Holdings, Inc. (b)		12,122		517,003
MarketAxess Holdings, Inc.		5,541		618,320
Marlin Business Services Corp.		1,640		26,338
MGIC Investment Corp. (a)		50,456		445,527
Moelis & Co., Class A		3,091		90,195
MoneyGram International, Inc. (a)		5,436		34,084
MSCI, Inc.		13,795		995,033
Nelnet, Inc., Class A		2,846		95,540
NewStar Financial, Inc. (a)		4,431		39,790
NMI Holdings, Inc., Class A (a)		7,757		52,515
NorthStar Asset Management Group, Inc.		29,889		362,853
NRG Yield, Inc., Class A		5,864		81,568
NRG Yield, Inc., Class C		9,117		134,567
Ocwen Financial Corp. (a)		16,212		112,998
Ohr Pharmaceutical, Inc. (a)		3,478		21,355
On Deck Capital, Inc. (a)		2,886		29,726
OneMain Holdings, Inc. (a)		6,952		288,786
Oppenheimer Holdings, Inc., Class A		1,705		29,633
PICO Holdings, Inc. (a)		4,035		41,641
Piper Jaffray Cos. (a)		2,366		95,586
PJT Partners, Inc. (a)		831		23,509
PRA Group, Inc. (a)		7,260		251,849
Pzena Investment Management, Inc., Class A		3,173		27,288
Radian Group, Inc.		30,769		411,997
Raymond James Financial, Inc.		18,721		1,085,256
RCS Capital Corp., Class A (a)		7,642		2,327
Resource America, Inc., Class A		4,370		26,788
Safeguard Scientifics, Inc. (a)		4,085		59,273
Santander Consumer USA Holdings, Inc. (a)		15,868		251,508
SEI Investments Co.		20,453		1,071,737
SLM Corp. (a)		63,092		411,360
Stewart Information Services Corp.		3,587		133,903

See Notes to Financial Statements.

QUANTITATIVE MASTER SERIES LLC DECEMBER 31, 2015 7

Schedule of Investments (continued) Master Extended Market Index Series

Common Stocks	Shares		Value
Financial Service (continued)
Stifel Financial Corp. (a)		10,297	$	436,181
Synergy Resources Corp. (a)		15,348		130,765
TD Ameritrade Holding Corp.		39,070		1,356,120
TESARO, Inc. (a)		4,426		231,568
U.S. Global Investors, Inc., Class A		4,302		5,033
Virtu Financial, Inc., Class A		479		10,845
Virtus Investment Partners, Inc.		1,102		129,441
VolitionRX Ltd. (a)		1,424		6,408
Voya Financial, Inc.		33,243		1,226,999
Waddell & Reed Financial, Inc., Class A		12,521		358,852
Walker & Dunlop, Inc. (a)		4,301		123,912
Westwood Holdings Group, Inc.		1,466		76,364
WisdomTree Investments, Inc.		17,278		270,919
WMIH Corp. (a)		4,032		10,443
World Acceptance Corp. (a)(b)		1,335		49,529
				25,203,078
Fixed Line Telecommunications — 0.2%
8x8, Inc. (a)		14,330		164,079
Cincinnati Bell, Inc. (a)		34,307		123,505
Consolidated Communications Holdings, Inc.		7,761		162,593
EarthLink Holdings Corp.		16,238		120,648
Fairpoint Communications, Inc. (a)		3,773		60,632
General Communication, Inc., Class A (a)		4,977		98,445
GTT Communications, Inc. (a)		2,137		36,457
Hawaiian Telcom Holdco, Inc. (a)		2,127		52,877
IDT Corp., Class B		2,972		34,654
inContact, Inc. (a)		10,267		97,947
Lumos Networks Corp. (a)		4,097		45,887
Straight Path Communications, Inc., Class B (a)(b)		1,752		30,029
Vonage Holdings Corp. (a)		27,920		160,261
Windstream Holdings, Inc. (b)		15,457		99,543
Zayo Group Holdings, Inc. (a)		6,452		171,559
				1,459,116
Food & Drug Retailers — 0.8%
Casey’s General Stores, Inc.		5,670		682,951
Chefs’ Warehouse, Inc. (a)		3,358		56,011
Core-Mark Holding Co., Inc.		3,394		278,104
Diplomat Pharmacy, Inc. (a)		5,266		180,203
Fresh Market, Inc. (a)		6,376		149,326
GNC Holdings, Inc., Class A		12,167		377,420
Ingles Markets, Inc., Class A		1,941		85,559
Liberator Medical Holdings, Inc.		1,806		6,032
Natural Health Trends Corp.		1,354		45,400
PetMed Express, Inc.		3,455		59,219
Rite Aid Corp. (a)		150,203		1,177,592
Smart & Final Stores, Inc. (a)		4,080		74,297
SpartanNash Co.		5,521		119,474
Sprouts Farmers Market, Inc. (a)		21,616		574,769
Supervalu, Inc. (a)		38,696		262,359
United Natural Foods, Inc. (a)		7,385		290,674
Vitamin Shoppe, Inc. (a)		4,485		146,660
Weis Markets, Inc.		1,733		76,772
				4,642,822
Food Producers — 1.8%
Alico, Inc.		610		23,601
Andersons, Inc.		3,787		119,783
B&G Foods, Inc.		8,676		303,834
Blue Buffalo Pet Products, Inc. (a)		4,931		92,259
Boulder Brands, Inc. (a)		10,013		109,943
Bunge Ltd.		20,529		1,401,720
Cal-Maine Foods, Inc. (b)		4,515		209,225
Calavo Growers, Inc.		2,423		118,727
Darling International, Inc. (a)		24,480		257,530
Dean Foods Co.		13,709		235,109
Diamond Foods, Inc. (a)		4,042		155,819

Common Stocks	Shares		Value
Food Producers (continued)
Farmer Bros Co. (a)		1,150	$	37,111
Flowers Foods, Inc.		27,347		587,687
Fresh Del Monte Produce, Inc.		4,680		181,958
Golden Enterprises, Inc.		277		1,332
Griffin Industrial Realty, Inc.		1,073		27,995
Hain Celestial Group, Inc. (a)		15,237		615,422
Herbalife Ltd. (a)		9,513		510,087
HQ Sustainable Maritime Industries, Inc. (a)(b)		4,100		—
Ingredion, Inc.		10,465		1,002,966
J&J Snack Foods Corp.		2,190		255,507
John B Sanfilippo & Son, Inc.		1,422		76,831
Lancaster Colony Corp.		2,801		323,404
Lifevantage Corp. (a)		3,491		33,234
Lifeway Foods, Inc. (a)		1,804		20,024
Limoneira Co. (b)		2,404		35,916
Lipocine, Inc. (a)		1,692		21,878
Mannatech, Inc. (a)		644		12,230
Medifast, Inc.		1,806		54,866
MGP Ingredients, Inc.		2,244		58,232
Nutraceutical International Corp. (a)		1,950		50,349
Nutrisystem, Inc.		4,434		95,952
Omega Protein Corp. (a)		3,642		80,852
Phibro Animal Health Corp., Class A		2,839		85,539
Pilgrim’s Pride Corp.		9,693		214,118
Pinnacle Foods, Inc.		16,234		689,296
Post Holdings, Inc. (a)		8,999		555,238
Reliv International, Inc. (a)		414		253
Rocky Mountain Chocolate Factory, Inc.		2,724		29,283
Sanderson Farms, Inc.		2,865		222,095
Seaboard Corp. (a)		38		110,000
Seneca Foods Corp., Class A (a)		1,343		38,920
Snyders-Lance, Inc.		7,570		259,651
Tootsie Roll Industries, Inc.		2,621		82,797
TreeHouse Foods, Inc. (a)		6,353		498,456
USANA Health Sciences, Inc. (a)		877		112,037
WhiteWave Foods Co. (a)		26,002		1,011,738
				11,020,804
Forestry & Paper — 0.2%
Clearwater Paper Corp. (a)		2,737		124,616
Deltic Timber Corp.		1,749		102,964
Domtar Corp.		8,775		324,236
KapStone Paper and Packaging Corp.		12,527		282,985
Mercer International, Inc.		6,229		56,372
Neenah Paper, Inc.		2,503		156,262
PH Glatfelter Co.		6,319		116,522
Resolute Forest Products (a)		12,838		97,184
Veritiv Corp. (a)		1,388		50,273
Wausau Paper Corp.		6,311		64,562
				1,375,976
Gas, Water & Multi-Utilities — 1.7%
American States Water Co.		5,470		229,467
American Water Works Co., Inc.		25,940		1,549,915
Aqua America, Inc.		25,659		764,638
Artesian Resources Corp., Class A		2,304		63,821
Atmos Energy Corp.		14,607		920,825
Avista Corp.		8,902		314,864
Cadiz, Inc. (a)(b)		4,485		23,591
California Water Service Group		7,033		163,658
Chesapeake Utilities Corp.		2,272		128,936
Connecticut Water Service, Inc.		2,151		81,760
Delta Natural Gas Co., Inc.		2,312		48,529
Gas Natural, Inc.		4,001		29,807
Genie Energy Ltd. (a)		3,673		40,954
Laclede Group, Inc.		6,248		371,194
Middlesex Water Co.		2,966		78,718

See Notes to Financial Statements.

8 QUANTITATIVE MASTER SERIES LLC DECEMBER 31, 2015

Schedule of Investments (continued) Master Extended Market Index Series

Common Stocks	Shares		Value
Gas, Water & Multi-Utilities (continued)
National Fuel Gas Co.		12,399	$	530,057
New Jersey Resources Corp.		12,121		399,508
Northwest Natural Gas Co.		3,904		197,581
ONE Gas, Inc.		7,517		377,128
Piedmont Natural Gas Co., Inc.		11,062		630,755
PNM Resources, Inc.		11,554		353,206
Questar Corp.		25,879		504,123
RGC Resources, Inc.		2,449		51,551
SJW Corp.		2,621		77,713
South Jersey Industries, Inc.		9,779		230,002
Southwest Gas Corp.		6,553		361,463
UGI Corp.		25,153		849,165
Vectren Corp.		12,237		519,094
WGL Holdings, Inc.		7,076		445,717
				10,337,740
General Industrials — 1.2%
Actuant Corp., Class A		8,768		210,081
AEP Industries, Inc. (a)		774		59,714
AptarGroup, Inc.		9,201		668,453
Bemis Co., Inc.		14,201		634,643
Berry Plastics Group, Inc. (a)		17,837		645,343
Carlisle Cos., Inc.		9,534		845,571
Crown Holdings, Inc. (a)		20,653		1,047,107
Global Brass & Copper Holdings, Inc.		1,617		34,442
Graphic Packaging Holding Co.		48,500		622,255
Greif, Inc., Class A		4,640		142,958
Harsco Corp.		11,862		93,473
Landec Corp. (a)		4,881		57,742
Multi-Color Corp.		2,155		128,891
Myers Industries, Inc.		3,762		50,110
Otter Tail Corp.		5,434		144,707
Packaging Corp. of America		14,307		902,056
Raven Industries, Inc.		5,522		86,143
Rexnord Corp. (a)		14,887		269,752
Silgan Holdings, Inc.		6,041		324,523
Sonoco Products Co.		14,653		598,868
TriMas Corp. (a)		6,652		124,060
UFP Technologies, Inc. (a)		1,471		35,039
				7,725,931
General Retailers — 4.4%
1-800-Flowers.com, Inc., Class A (a)		4,286		31,202
Aaron’s, Inc.		9,518		213,108
Abercrombie & Fitch Co., Class A		9,807		264,789
Aéropostale, Inc. (a)(b)		13,619		3,813
AMERCO		897		349,381
America’s Car-Mart, Inc. (a)		1,386		36,992
American Eagle Outfitters, Inc.		26,091		404,410
American Public Education, Inc. (a)		2,731		50,824
Antero Resources Corp. (a)(b)		11,613		253,163
Apollo Education Group, Inc. (a)		13,712		105,171
Asbury Automotive Group, Inc. (a)		3,856		260,049
Ascena Retail Group, Inc. (a)		25,130		247,530
Autobytel, Inc. (a)		2,014		45,436
Barnes & Noble Education, Inc. (a)		6,163		61,322
Barnes & Noble, Inc.		8,898		77,502
Beacon Roofing Supply, Inc. (a)		7,353		302,797
Big 5 Sporting Goods Corp.		2,684		26,813
Big Lots, Inc.		7,232		278,721
Blue Nile, Inc. (a)		1,962		72,849
Bon-Ton Stores, Inc. (b)		2,228		4,679
Boot Barn Holdings, Inc. (a)		777		9,549
Bridgepoint Education, Inc. (a)		2,758		20,988
Bright Horizons Family Solutions, Inc. (a)		5,172		345,490
Buckle, Inc. (b)		3,973		122,289
Build-A-Bear Workshop, Inc. (a)		2,727		33,378

Common Stocks	Shares		Value
General Retailers (continued)
Burlington Stores, Inc. (a)		11,257	$	482,925
Cabela’s, Inc. (a)		7,278		340,101
Caleres, Inc.		6,284		168,537
Cambium Learning Group, Inc. (a)		4,720		22,892
Capella Education Co.		1,580		73,028
Career Education Corp. (a)		10,687		38,794
Carriage Services, Inc.		3,000		72,300
Cato Corp., Class A		3,894		143,377
CDK Global, Inc.		23,728		1,126,368
Chegg, Inc. (a)		8,886		59,803
Chemed Corp.		2,443		365,961
Chico’s FAS, Inc.		20,490		218,628
Children’s Place, Inc.		3,046		168,139
Christopher & Banks Corp. (a)		6,159		10,162
Citi Trends, Inc.		2,593		55,101
Clean Energy Fuels Corp. (a)(b)		11,329		40,784
Collectors Universe, Inc.		1,741		26,986
Conn’s, Inc. (a)(b)		3,781		88,740
Container Store Group, Inc. (a)		2,847		23,345
Copart, Inc. (a)		16,297		619,449
CST Brands, Inc.		11,043		432,223
Destination Maternity Corp.		2,770		24,154
Destination XL Group, Inc. (a)		8,559		47,246
Dick’s Sporting Goods, Inc.		13,283		469,554
Dillard’s, Inc., Class A		3,545		232,942
DSW, Inc., Class A		10,606		253,059
EVINE Live, Inc. (a)		7,906		14,073
Express, Inc. (a)		10,713		185,121
Finish Line, Inc., Class A		6,356		114,916
Five Below, Inc. (a)		8,038		258,020
Foot Locker, Inc.		20,217		1,315,925
Francesca’s Holdings Corp. (a)		6,453		112,347
Fred’s, Inc., Class A		4,994		81,752
FTD Cos., Inc. (a)		3,190		83,482
Gaiam, Inc., Class A (a)		3,595		22,433
Genesco, Inc. (a)		3,296		187,312
Grand Canyon Education, Inc. (a)		7,107		285,133
Group 1 Automotive, Inc.		3,316		251,021
GrubHub, Inc. (a)		11,684		282,753
Guess?, Inc.		9,276		175,131
Haverty Furniture Cos., Inc.		3,228		69,208
Hibbett Sports, Inc. (a)		3,484		105,356
Hillenbrand, Inc.		9,114		270,048
Houghton Mifflin Harcourt Co. (a)		16,811		366,144
HSN, Inc.		4,539		229,991
ITT Corp.		13,012		472,596
ITT Educational Services, Inc. (a)		4,668		17,412
JC Penney Co., Inc. (a)(b)		45,165		300,799
K12, Inc. (a)		4,637		40,806
KAR Auction Services, Inc.		20,346		753,412
Kirkland’s, Inc.		2,707		39,251
Lands’ End, Inc. (a)(b)		2,707		63,452
Liquidity Services, Inc. (a)		4,477		29,101
Lithia Motors, Inc., Class A		3,487		371,958
Lumber Liquidators Holdings, Inc. (a)(b)		4,057		70,430
MarineMax, Inc. (a)		4,129		76,056
Matthews International Corp., Class A		4,866		260,088
Mattress Firm Holding Corp. (a)(b)		3,155		140,808
Men’s Wearhouse, Inc.		7,130		104,668
Michaels Cos., Inc. (a)		11,423		252,563
Monro Muffler Brake, Inc.		4,709		311,830
Murphy USA, Inc. (a)		5,763		350,045
Office Depot, Inc. (a)		72,051		406,368
Outerwall, Inc. (b)		2,756		100,704
Overstock.com, Inc. (a)		2,766		33,966
Party City Holdco, Inc. (a)		760		9,812
PCM, Inc. (a)		1,516		15,054

See Notes to Financial Statements.

QUANTITATIVE MASTER SERIES LLC DECEMBER 31, 2015 9

Schedule of Investments (continued) Master Extended Market Index Series

Common Stocks	Shares		Value
General Retailers (continued)
Penske Automotive Group, Inc.		6,182	$	261,746
Pep Boys-Manny Moe & Jack (a)		7,918		145,770
Perfumania Holdings, Inc. (a)		1,362		3,282
Pier 1 Imports, Inc.		12,905		65,686
PriceSmart, Inc.		2,929		243,078
Providence Service Corp. (a)		2,023		94,919
RealNetworks, Inc. (a)		5,145		21,866
Regis Corp. (a)		5,786		81,872
Rent-A-Center, Inc.		7,864		117,724
Restoration Hardware Holdings, Inc. (a)		5,536		439,835
Rollins, Inc.		13,847		358,637
Rush Enterprises, Inc., Class A (a)		5,240		114,704
Sally Beauty Holdings, Inc. (a)		22,782		635,390
Sears Holdings Corp. (a)(b)		7,621		156,688
Service Corp. International		29,146		758,379
ServiceMaster Global Holdings, Inc. (a)		19,767		775,657
Shoe Carnival, Inc.		2,381		55,239
Shutterfly, Inc. (a)		5,540		246,862
SolarCity Corp. (a)		8,832		450,609
Sonic Automotive, Inc., Class A		4,835		110,045
Sotheby’s		8,650		222,824
SP Plus Corp. (a)		2,950		70,505
Speed Commerce, Inc. (a)		21,832		1,310
Sportsman’s Warehouse Holdings, Inc. (a)		1,420		18,318
Stage Stores, Inc.		4,672		42,562
Stamps.com, Inc. (a)		2,254		247,061
Stein Mart, Inc.		4,383		29,498
Strayer Education, Inc. (a)		1,653		99,378
Tile Shop Holdings, Inc. (a)		4,824		79,114
Titan Machinery, Inc. (a)		2,671		29,194
TrueCar, Inc. (a)(b)		8,752		83,494
Tuesday Morning Corp. (a)		6,404		41,626
Ulta Salon Cosmetics & Fragrance, Inc. (a)		9,447		1,747,695
VCA, Inc. (a)		11,975		658,625
Weight Watchers International, Inc. (a)(b)		4,031		91,907
West Marine, Inc. (a)		3,086		26,200
Williams-Sonoma, Inc.		12,251		715,581
Winmark Corp.		437		40,645
Zumiez, Inc. (a)		2,839		42,926
				27,284,639
Health Care Equipment & Services — 5.4%
AAC Holdings, Inc. (a)		269		5,127
Abaxis, Inc.		3,253		181,127
ABIOMED, Inc. (a)		5,769		520,825
Acadia Healthcare Co., Inc. (a)		8,157		509,486
Accuray, Inc. (a)		12,884		86,967
AdCare Health Systems, Inc. (b)		7,324		18,237
Addus HomeCare Corp. (a)		1,286		29,938
Adeptus Health, Inc., Class A (a)		795		43,343
Air Methods Corp. (a)		5,272		221,055
Alere, Inc. (a)		12,711		496,873
Align Technology, Inc. (a)		10,895		717,436
Alliance HealthCare Services, Inc. (a)		2,209		20,279
Almost Family, Inc. (a)		1,371		52,413
Alphatec Holdings, Inc. (a)		22,800		6,842
Amedisys, Inc. (a)		4,240		166,717
American Caresource Holdings, Inc. (a)		2,753		1,132
Amsurg Corp. (a)		7,226		549,176
Analogic Corp.		1,873		154,710
AngioDynamics, Inc. (a)		4,708		57,155
Anika Therapeutics, Inc. (a)		2,272		86,700
Antares Pharma, Inc. (a)		26,095		31,575
AtriCure, Inc. (a)		4,498		100,935
Atrion Corp.		253		96,444
AxoGen, Inc. (a)		1,640		8,200
Bio-Rad Laboratories, Inc., Class A (a)		3,109		431,094

Common Stocks		Shares		Value
Health Care Equipment & Services (continued)
Biolase, Inc. (a)			11,125	$	9,357
BioScrip, Inc. (a)			10,652		18,641
BioTelemetry, Inc. (a)			4,630		54,078
Bovie Medical Corp. (a)			7,643		16,050
Brookdale Senior Living, Inc. (a)			27,192		501,964
Bruker Corp. (a)			16,447		399,169
CalAtlantic Group, Inc.			11,398		432,212
Cantel Medical Corp.			5,470		339,906
Capital Senior Living Corp. (a)			4,670		97,416
Cardica, Inc. (a)			35,620		5,521
Cardiovascular Systems, Inc. (a)			4,419		66,815
Centene Corp. (a)			17,537		1,154,110
Cepheid, Inc. (a)			10,748		392,624
Civitas Solutions, Inc. (a)			1,463		42,120
Cogentix Medical, Inc. (a)(b)			13,771		17,765
Community Health Systems, Inc. (a)			17,321		459,526
CONMED Corp.			3,885		171,134
Cooper Cos., Inc.			7,195		965,569
Corindus Vascular Robotics, Inc. (a)(b)			5,253		16,862
Corvel Corp. (a)			1,959		86,039
CryoLife, Inc.			4,639		50,008
Cutera, Inc. (a)	��		3,451		44,138
Cynosure, Inc., Class A (a)			3,689		164,788
CytoSorbents Corp. (a)			864		4,813
Derma Sciences, Inc. (a)			2,182		9,972
DexCom, Inc. (a)			11,916		975,920
Endologix, Inc. (a)			11,018		109,078
Ensign Group, Inc.			6,892		155,966
Envision Healthcare Holdings, Inc. (a)			27,381		711,085
Escalon Medical Corp. (a)			1,399		1,553
Exactech, Inc. (a)			2,338		42,435
Five Star Quality Care, Inc. (a)			7,271		23,122
Fluidigm Corp. (a)			4,592		49,640
FONAR Corp. (a)			1,417		24,457
Genesis Healthcare, Inc. (a)			5,313		18,436
GenMark Diagnostics, Inc. (a)			7,790		60,450
Glaukos Corp. (a)			260		6,419
Globus Medical, Inc., Class A (a)			10,458		290,942
Haemonetics Corp. (a)			7,760		250,182
Halyard Health, Inc. (a)			6,988		233,469
Hanger, Inc. (a)			5,635		92,696
Harvard Apparatus Regenerative Technology, Inc. (a)			3,656		7,970
Health Net, Inc. (a)			11,344		776,610
Healthcare Services Group, Inc.			10,637		370,912
HealthSouth Corp.			13,450		468,195
HealthStream, Inc. (a)			3,976		87,472
Healthways, Inc. (a)			5,011		64,492
HeartWare International, Inc. (a)			2,769		139,558
Hill-Rom Holdings, Inc.			8,276		397,745
HMS Holdings Corp. (a)			12,478		153,979
Hologic, Inc. (a)			36,249		1,402,474
Hooper Holmes, Inc. (a)			9,589		581
ICU Medical, Inc. (a)			2,177		245,522
IDEXX Laboratories, Inc. (a)			13,658		995,941
Inogen, Inc. (a)			2,088		83,708
Insulet Corp. (a)			8,659		327,397
Integra LifeSciences Holdings Corp. (a)			4,336		293,894
Intersect ENT, Inc. (a)			1,785		40,163
Invacare Corp.			4,891		85,055
Juno Therapeutics, Inc. (a)			9,817		431,654
K2M Group Holdings, Inc. (a)			1,485		29,314
Kindred Healthcare, Inc.			12,162		144,849
LDR Holding Corp. (a)			3,794		95,267
LHC Group, Inc. (a)			2,077		94,067
LifePoint Health, Inc. (a)			6,433		472,182
LivaNova PLC (a)			6,207		368,510
Magellan Health Services, Inc. (a)			3,939		242,879

See Notes to Financial Statements.

10 QUANTITATIVE MASTER SERIES LLC DECEMBER 31, 2015

Schedule of Investments (continued) Master Extended Market Index Series

Common Stocks	Shares		Value
Health Care Equipment & Services (continued)
Masimo Corp. (a)		6,979	$	289,698
MEDNAX, Inc. (a)		13,824		990,628
Meridian Bioscience, Inc.		6,734		138,182
Merit Medical Systems, Inc. (a)		7,010		130,316
Molina Healthcare, Inc. (a)		5,992		360,299
Nanosphere, Inc. (a)		2,462		1,507
Natera, Inc. (a)		564		6,091
National Healthcare Corp.		1,480		91,316
Natus Medical, Inc. (a)		5,169		248,370
Navidea Biopharmaceuticals, Inc. (a)(b)		26,298		34,976
Neogen Corp. (a)		5,645		319,055
NeoGenomics, Inc. (a)		9,277		73,010
Nevro Corp. (a)		2,155		145,484
NuVasive, Inc. (a)		7,400		400,414
NxStage Medical, Inc. (a)		9,415		206,283
Omnicell, Inc. (a)		5,518		171,499
OraSure Technologies, Inc. (a)		9,831		63,312
Orthofix International NV (a)		3,072		120,453
Owens & Minor, Inc.		9,148		329,145
PAREXEL International Corp. (a)		7,939		540,805
Penumbra, Inc. (a)		114		6,134
Perseon Corp. (a)(b)		1,034		248
PharMerica Corp. (a)		4,613		161,455
Psychemedics Corp.		2,424		24,579
Quidel Corp. (a)		4,975		105,470
RadNet, Inc. (a)		5,911		36,530
ResMed, Inc.		20,655		1,108,967
Retractable Technologies, Inc. (a)		4,605		14,276
Rockwell Medical, Inc. (a)(b)		7,565		77,466
RTI Surgical, Inc. (a)		10,112		40,145
SeaSpine Holdings Corp. (a)		1,779		30,563
Select Medical Holdings Corp.		15,096		179,793
Sirona Dental Systems, Inc. (a)		8,309		910,417
Spark Therapeutics, Inc. (a)		1,974		89,442
Spectranetics Corp. (a)		6,991		105,284
Staar Surgical Co. (a)		5,027		35,893
STERIS PLC		12,466		939,188
Surgery Partners, Inc. (a)		1,034		21,187
Surgical Care Affiliates, Inc. (a)		3,963		157,767
SurModics, Inc. (a)		2,327		47,168
Symmetry Surgical, Inc. (a)		2,920		26,864
T2 Biosystems, Inc. (a)(b)		2,209		24,166
Tandem Diabetes Care, Inc. (a)		1,259		14,869
Team Health Holdings, Inc. (a)		10,634		466,726
Teleflex, Inc.		6,131		805,920
Triple-S Management Corp., Class B (a)		3,526		84,307
U.S. Physical Therapy, Inc.		1,955		104,944
Unilife Corp. (a)(b)		24,137		11,950
Universal American Corp.		8,418		58,926
Utah Medical Products, Inc.		860		50,344
Vascular Solutions, Inc. (a)		3,038		104,477
VWR Corp. (a)		6,184		175,069
WellCare Health Plans, Inc. (a)		6,434		503,203
West Pharmaceutical Services, Inc.		10,534		634,358
Wright Medical Group NV (a)		13,460		325,463
Zafgen, Inc. (a)		2,989		18,801
Zeltiq Aesthetics, Inc. (a)		5,066		144,533
				33,288,358
Household Goods & Home Construction — 1.7%
ACCO Brands Corp. (a)		16,442		117,231
Bassett Furniture Industries, Inc.		1,739		43,614
Beazer Homes USA, Inc. (a)		4,476		51,429
Blount International, Inc. (a)		7,135		69,994
Briggs & Stratton Corp.		6,373		110,253
Cavco Industries, Inc. (a)		1,393		116,051
Central Garden and Pet Co., Class A (a)		6,265		85,204

Common Stocks	Shares		Value
Household Goods & Home Construction (continued)
Compx International, Inc.		1,034	$	11,788
Comstock Holdings Cos., Inc. (a)		1,729		2,472
Dixie Group, Inc. (a)		2,900		15,167
Edgewell Personal Care Co.		8,841		692,869
Energizer Holdings, Inc.		9,214		313,829
Ethan Allen Interiors, Inc.		3,943		109,694
Flexsteel Industries, Inc.		965		42,634
Forward Industries, Inc. (a)		2,823		4,122
Herman Miller, Inc.		8,604		246,935
HNI Corp.		6,427		231,758
Hooker Furniture Corp.		1,876		47,350
Hovnanian Enterprises, Inc., Class A (a)		21,351		38,645
Interface, Inc.		9,610		183,935
iRobot Corp. (a)		4,579		162,097
Jarden Corp. (a)		29,134		1,664,134
KB Home		13,093		161,437
Knoll, Inc.		7,374		138,631
La-Z-Boy, Inc.		7,437		181,612
LGI Homes, Inc. (a)		1,101		26,787
Libbey, Inc.		3,627		77,328
Lifetime Brands, Inc.		2,050		27,183
M/I Homes, Inc. (a)		4,013		87,965
MDC Holdings, Inc.		5,655		144,372
Meritage Homes Corp. (a)		5,485		186,435
National Presto Industries, Inc.		790		65,459
NVR, Inc. (a)		560		920,080
Oil-Dri Corp. of America		1,129		41,581
Scotts Miracle-Gro Co., Class A		6,695		431,894
Select Comfort Corp. (a)		7,541		161,453
Spectrum Brands Holdings, Inc.		4,044		411,679
Steelcase, Inc., Class A		12,921		192,523
Taylor Morrison Home Corp., Class A (a)		5,375		86,000
Tempur Sealy International, Inc. (a)		9,200		648,232
Toll Brothers, Inc. (a)		23,843		793,972
TRI Pointe Homes, Inc. (a)		22,019		278,981
Tupperware Brands Corp.		7,258		403,908
Virco Manufacturing Corp. (a)		5,315		17,699
Wayfair, Inc., Class A (a)(b)		3,640		173,337
WCI Communities, Inc. (a)		583		12,989
WD-40 Co.		2,030		200,259
William Lyon Homes, Class A (a)		3,017		49,781
				10,282,782
Industrial Engineering — 2.4%
Accuride Corp. (a)		6,798		11,285
AGCO Corp.		10,869		493,344
Alamo Group, Inc.		1,409		73,409
Albany International Corp., Class A		4,299		157,129
Altra Industrial Motion Corp.		4,066		101,975
American Railcar Industries, Inc. (b)		1,354		62,663
Astec Industries, Inc.		2,723		110,826
Babcock & Wilcox Enterprises, Inc. (a)		8,137		169,819
Broadwind Energy, Inc. (a)		4,880		10,150
Ceco Environmental Corp.		4,277		32,847
Chicago Rivet & Machine Co.		494		11,520
CIRCOR International, Inc.		2,547		107,356
CLARCOR, Inc.		7,204		357,895
Colfax Corp. (a)		14,850		346,748
Columbus McKinnon Corp.		2,933		55,434
Commercial Vehicle Group, Inc. (a)		5,294		14,611
Crane Co.		7,274		347,988
Donaldson Co., Inc.		18,133		519,692
Douglas Dynamics, Inc.		3,445		72,586
Dynamic Materials Corp.		2,800		19,572
Energy Recovery, Inc. (a)		5,232		36,990
EnPro Industries, Inc.		3,380		148,179
Federal Signal Corp.		9,098		144,203

See Notes to Financial Statements.

QUANTITATIVE MASTER SERIES LLC DECEMBER 31, 2015 11

Schedule of Investments (continued) Master Extended Market Index Series

Common Stocks	Shares		Value
Industrial Engineering (continued)
Franklin Electric Co., Inc.		5,460	$	147,584
FreightCar America, Inc.		1,751		34,022
GATX Corp.		6,015		255,938
Gorman-Rupp Co.		2,838		75,860
Graco, Inc.		8,356		602,217
Graham Corp.		1,902		31,992
Greenbrier Cos., Inc.		3,912		127,610
H&E Equipment Services, Inc.		4,783		83,607
Horizon Global Corp. (a)		3,297		34,190
Hurco Cos., Inc.		1,373		36,467
Hyster-Yale Materials Handling, Inc.		1,367		71,699
IDEX Corp.		11,299		865,616
John Bean Technologies Corp.		4,305		214,518
Joy Global, Inc.		13,737		173,224
Kadant, Inc.		1,829		74,276
Kennametal, Inc.		11,461		220,051
Key Technology, Inc. (a)		998		10,349
Kimball International, Inc., Class B		5,240		51,195
Lincoln Electric Holdings, Inc.		9,689		502,762
Lindsay Corp. (b)		1,728		125,107
Lydall, Inc. (a)		2,799		99,309
Manitex International, Inc. (a)(b)		2,717		16,166
Manitowoc Co., Inc.		19,950		306,233
Materion Corp.		3,097		86,716
Meritor, Inc. (a)		14,359		119,898
MFRI, Inc. (a)		1,937		12,668
Middleby Corp. (a)		8,483		915,061
Miller Industries, Inc.		2,019		43,974
MSA Safety, Inc.		4,681		203,483
Mueller Industries, Inc.		8,443		228,805
NACCO Industries, Inc., Class A		799		33,718
Navistar International Corp. (a)		9,906		87,569
NN, Inc.		4,181		66,645
Nordson Corp.		8,370		536,936
Oshkosh Corp.		10,759		420,031
Paylocity Holding Corp. (a)		2,829		114,716
Proto Labs, Inc. (a)		3,660		233,105
Spartan Motors, Inc.		7,892		24,544
SPX Corp.		5,860		54,674
SPX FLOW, Inc. (a)		5,860		163,553
Standex International Corp.		1,909		158,733
Sun Hydraulics Corp.		3,481		110,452
Tennant Co.		2,625		147,683
Terex Corp.		15,613		288,528
Timken Co.		9,970		285,042
TimkenSteel Corp.		5,808		48,671
Toro Co.		8,102		592,013
Trinity Industries, Inc.		22,496		540,354
Twin Disc, Inc.		1,831		19,262
Wabash National Corp. (a)		10,252		121,281
Wabtec Corp.		14,151		1,006,419
Woodward, Inc.		8,073		400,905
				14,631,652
Industrial Metals & Mining — 0.5%
AK Steel Holding Corp. (a)(b)		28,196		63,159
Allegheny Technologies, Inc.		15,897		178,841
Ampco-Pittsburgh Corp.		1,955		20,058
Carpenter Technology Corp.		7,069		213,979
Century Aluminum Co. (a)		7,937		35,082
Cliffs Natural Resources, Inc. (a)(b)		20,973		33,137
Commercial Metals Co.		16,716		228,842
Friedman Industries, Inc.		2,787		15,384
Handy & Harman Ltd. (a)		780		15,998
Haynes International, Inc.		2,039		74,811
Horsehead Holding Corp. (a)(b)		9,649		19,781
Kaiser Aluminum Corp.		2,591		216,763

Common Stocks	Shares		Value
Industrial Metals & Mining (continued)
McEwen Mining, Inc. (b)		43,669	$	46,289
Olympic Steel, Inc.		1,597		18,493
Reliance Steel & Aluminum Co.		10,768		623,575
Steel Dynamics, Inc.		35,590		635,993
Synalloy Corp.		2,147		14,771
United States Steel Corp. (b)		21,089		168,290
Universal Stainless & Alloy Products, Inc. (a)		1,302		12,096
Uranium Energy Corp. (a)(b)		19,733		20,917
Worthington Industries, Inc.		6,908		208,207
				2,864,466
Industrial Transportation — 1.1%
Air Lease Corp.		14,293		478,530
Air Transport Services Group, Inc. (a)		8,433		85,005
Aircastle Ltd.		9,055		189,159
ArcBest Corp.		3,519		75,271
Ardmore Shipping Corp.		1,320		16,790
Atlas Air Worldwide Holdings, Inc. (a)		3,769		155,810
CAI International, Inc. (a)		2,930		29,534
Celadon Group, Inc.		4,175		41,291
Covenant Transportation Group, Inc., Class A (a)		2,275		42,975
Echo Global Logistics, Inc. (a)		4,008		81,723
Forward Air Corp.		4,502		193,631
FRP Holdings, Inc. (a)		1,209		41,033
Genco Shipping & Trading, Ltd. (a)		1,779		2,651
Genesee & Wyoming, Inc., Class A (a)		7,754		416,312
Heartland Express, Inc.		9,094		154,780
Hub Group, Inc., Class A (a)		5,287		174,207
Kirby Corp. (a)		8,071		424,696
Knight Transportation, Inc.		8,854		214,532
Landstar System, Inc.		6,252		366,680
Macquarie Infrastructure Corp.		10,882		790,033
Marten Transport Ltd.		3,567		63,136
Matson, Inc.		6,151		262,217
Old Dominion Freight Line, Inc. (a)		10,247		605,290
PAM Transportation Services, Inc. (a)		659		18,182
Patriot Transportation Holding, Inc. (a)		627		14,546
PHH Corp. (a)		7,484		121,241
Rand Logistics, Inc. (a)		5,032		8,051
Roadrunner Transportation Systems, Inc. (a)		4,706		44,378
Saia, Inc. (a)		3,715		82,659
Swift Transportation Co. (a)		13,364		184,690
TAL International Group, Inc. (a)		4,790		76,161
Teekay Corp.		6,907		68,172
Textainer Group Holdings Ltd.		3,736		52,715
Universal Truckload Services, Inc.		1,233		17,311
USA Truck, Inc. (a)		1,622		28,304
UTI Worldwide, Inc. (a)		13,785		96,909
Werner Enterprises, Inc.		6,158		144,036
Wesco Aircraft Holdings, Inc. (a)		7,931		94,934
Willis Lease Finance Corp. (a)		1,351		27,155
World Fuel Services Corp.		10,630		408,830
XPO Logistics, Inc. (a)(b)		11,979		326,428
YRC Worldwide, Inc. (a)		4,920		69,766
				6,789,754
Leisure Goods — 0.8%
Arctic Cat, Inc.		2,143		35,102
Black Diamond, Inc. (a)		4,738		20,942
Brunswick Corp.		13,523		683,047
Callaway Golf Co.		12,565		118,362
Drew Industries, Inc.		3,649		222,188
DTS, Inc. (a)		2,922		65,979
Eastman Kodak Co. (a)		2,619		32,842
Escalade, Inc.		2,070		27,428
Fitbit, Inc., Series A (a)(b)		6,858		202,928
Glu Mobile, Inc. (a)		17,785		43,218

See Notes to Financial Statements.

12 QUANTITATIVE MASTER SERIES LLC DECEMBER 31, 2015

Schedule of Investments (continued) Master Extended Market Index Series

Common Stocks	Shares		Value
Leisure Good (continued)
GoPro, Inc., Class A (a)(b)		11,137	$	200,577
LeapFrog Enterprises, Inc. (a)		19,621		13,931
Malibu Boats, Inc. (a)		1,103		18,056
Marine Products Corp.		2,700		16,308
Nautilus, Inc. (a)		4,821		80,607
Polaris Industries, Inc.		9,046		777,504
Pool Corp.		6,307		509,479
RealD, Inc. (a)		7,446		78,555
Skullcandy, Inc. (a)		3,869		18,300
Take-Two Interactive Software, Inc. (a)		12,772		444,976
Thor Industries, Inc.		6,537		367,053
TiVo, Inc. (a)		15,413		133,014
Universal Electronics, Inc. (a)		2,235		114,767
Vista Outdoor, Inc. (a)		9,401		418,439
Winnebago Industries, Inc.		4,162		82,824
				4,726,426
Life Insurance — 0.5%
American Equity Investment Life Holding Co.		11,676		280,574
AMERISAFE, Inc.		3,104		157,994
Atlantic American Corp.		2,927		14,547
Citizens, Inc. (a)(b)		8,213		61,023
CNO Financial Group, Inc.		27,088		517,110
eHealth, Inc. (a)		2,920		29,142
Employers Holdings, Inc.		4,842		132,187
FBL Financial Group, Inc., Class A		1,432		91,132
Genworth Financial, Inc., Class A (a)		72,971		272,182
Independence Holding Co.		1,686		23,351
National Western Life Group, Inc.		341		85,911
Phoenix Cos., Inc. (a)		1,041		38,559
Primerica, Inc.		7,153		337,836
StanCorp Financial Group, Inc.		6,214		707,650
Symetra Financial Corp.		13,712		435,630
				3,184,828
Media — 4.5%
Acxiom Corp. (a)		11,802		246,898
AH Belo Corp.		3,599		17,995
AMC Networks, Inc., Class A (a)		9,120		681,082
Ascent Capital Group, Inc., Class A (a)		2,129		35,597
Avid Technology, Inc. (a)		959		6,991
Bankrate, Inc. (a)		8,691		115,590
Beasley Broadcasting Group, Inc., Class A		784		2,815
Cable One, Inc.		666		288,818
Charter Communications, Inc., Class A (a)		11,195		2,049,804
Clear Channel Outdoor Holdings, Inc., Class A (a)		5,624		31,438
ComScore, Inc. (a)		4,880		200,812
Constant Contact, Inc. (a)		4,980		145,615
Crown Media Holdings, Inc., Class A (a)		5,416		30,384
CSS Industries, Inc.		1,461		41,463
CTN Media Group, Inc. (a)		50		—
Cumulus Media, Inc., Class A (a)		25,485		8,413
Dex Media, Inc. (a)		1,243		149
DISH Network Corp., Class A (a)		32,981		1,885,854
Dolby Laboratories, Inc., Class A		7,004		235,685
DreamWorks Animation SKG, Inc., Class A (a)		10,491		270,353
Emmis Communications Corp., Class A (a)		10,615		6,794
Entercom Communications Corp., Class A (a)		4,346		48,806
Entravision Communications Corp., Class A		8,669		66,838
EW Scripps Co.		8,572		162,868
FactSet Research Systems, Inc.		6,067		986,312
Gannett Co., Inc.		16,769		273,167
Global Eagle Entertainment, Inc. (a)		7,875		77,726
Graham Holdings Co., Class B		660		320,080
Gray Television, Inc. (a)		10,007		163,114
Groupon, Inc. (a)		63,105		193,732
Harte-Hanks, Inc.		6,749		21,867

Common Stocks	Shares		Value
Media (continued)
IHS, Inc., Class A (a)		10,085	$	1,194,367
John Wiley & Sons, Inc., Class A		7,267		327,233
Journal Media Group, Inc.		2,853		34,293
Lamar Advertising Co., Class A		11,989		719,100
Lee Enterprises, Inc. (a)		12,326		20,708
Liberty Global PLC, Series A (a)		37,168		1,574,436
Liberty Global PLC, Series C (a)		87,784		3,578,954
Liberty Global PLC LiLAC, Series A (a)		2,538		104,997
Liberty Global PLC LiLAC, Series C (a)		4,805		206,615
Liberty Interactive Corp., Series A (a)		67,033		1,831,342
Liberty Media Corp., Class A (a)		14,220		558,135
Liberty Media Corp., Class C (a)		29,557		1,125,531
Liberty Ventures, Series A (a)		20,640		931,070
Lions Gate Entertainment Corp.		14,068		455,662
Live Nation Entertainment, Inc. (a)		21,752		534,447
Marchex, Inc., Class B		5,246		20,407
McClatchy Co., Class A (a)		10,903		13,193
Media General, Inc. (a)		14,375		232,156
Meredith Corp.		5,493		237,572
Morningstar, Inc.		2,699		217,027
MSG Networks, Inc., Class A (a)		9,210		191,568
National CineMedia, Inc.		9,730		152,858
New Media Investment Group, Inc.		6,330		123,182
New York Times Co., Class A		18,334		246,042
Nexstar Broadcasting Group, Inc., Class A		4,695		275,596
Outfront Media, Inc.		20,371		444,699
Pandora Media, Inc. (a)		29,602		396,963
QuinStreet, Inc. (a)		7,427		31,862
Quotient Technology, Inc. (a)(b)		5,418		36,951
Remark Media, Inc. (a)(b)		1,421		7,361
RetailMeNot, Inc. (a)		5,483		54,391
Rubicon Project, Inc. (a)		1,743		28,672
Saga Communications, Inc., Class A		1,046		40,219
Scholastic Corp.		3,775		145,564
Sinclair Broadcast Group, Inc., Class A		10,372		337,505
Sirius XM Holdings, Inc. (a)		321,595		1,308,892
Sizmek, Inc. (a)		3,896		14,220
Spanish Broadcasting System, Inc., Class A (a)		1,474		4,776
SPAR Group, Inc. (a)		3,165		3,102
Starz, Class A (a)		12,237		409,939
TechTarget, Inc. (a)		3,655		29,350
TheStreet, Inc.		16,585		24,877
Time, Inc.		15,923		249,513
Tribune Media Co., Class A		11,990		405,382
Tribune Publishing Co.		3,616		33,339
TubeMogul, Inc. (a)		869		11,818
Value Line, Inc.		1,830		24,577
WebMD Health Corp. (a)		5,811		280,671
XO Group, Inc. (a)		4,167		66,922
Yelp, Inc. (a)		8,383		241,430
				28,156,546
Mining — 0.2%
Arch Coal, Inc. (a)(b)		3,242		3,199
Cloud Peak Energy, Inc. (a)		9,192		19,119
Coeur Mining, Inc. (a)		20,713		51,368
Compass Minerals International, Inc.		4,864		366,113
Fairmount Santrol Holdings, Inc. (a)		2,396		5,631
General Moly, Inc. (a)		21,436		4,287
Gold Resource Corp.		2,918		4,844
Golden Minerals Co. (a)(b)		9,302		1,860
Hecla Mining Co.		58,333		110,249
Peabody Energy Corp. (b)		2,763		21,220
Pershing Gold Corp. (a)		2,249		7,894
Royal Gold, Inc.		9,624		350,987
Solitario Exploration & Royalty Corp. (a)		15,315		7,566
Stillwater Mining Co. (a)		18,398		157,671

See Notes to Financial Statements.

QUANTITATIVE MASTER SERIES LLC DECEMBER 31, 2015 13

Schedule of Investments (continued) Master Extended Market Index Series

Common Stocks	Shares		Value
Mining (continued)
SunCoke Energy, Inc.		9,743	$	33,808
Timberline Resources Corp. (a)		1,250		206
U.S. Silica Holdings, Inc. (b)		7,972		149,316
Westmoreland Coal Co. (a)(b)		3,275		19,257
				1,314,595
Mobile Telecommunications — 0.8%
Atlantic Tele-Network, Inc.		1,577		123,369
Globalstar, Inc. (a)		39,879		57,426
Iridium Communications, Inc. (a)		12,372		104,049
NII Holdings, Inc. (a)		14,857		75,028
NTELOS Holdings Corp. (a)		3,146		28,754
ORBCOMM, Inc. (a)		10,768		77,960
PDV Wireless, Inc. (a)		1,832		50,380
SBA Communications Corp., Class A (a)		18,691		1,963,863
Shenandoah Telecommunications Co.		3,379		145,466
Spok Holdings, Inc.		3,740		68,517
Sprint Corp. (a)(b)		116,574		421,998
T-Mobile U.S., Inc. (a)		40,753		1,594,257
Telephone & Data Systems, Inc.		13,138		340,143
Towerstream Corp. (a)		15,223		5,783
United States Cellular Corp. (a)		1,710		69,785
				5,126,778
Nonlife Insurance — 3.8%
Alleghany Corp. (a)		2,371		1,133,172
Allied World Assurance Co. Holdings AG		13,193		490,648
Ambac Financial Group, Inc. (a)		6,380		89,894
American Financial Group, Inc.		10,459		753,885
American National Insurance Co.		1,065		108,918
AmTrust Financial Services, Inc.		5,706		351,375
Arch Capital Group Ltd. (a)		17,897		1,248,316
Argo Group International Holdings Ltd.		4,152		248,456
Arthur J Gallagher & Co.		25,663		1,050,643
Aspen Insurance Holdings Ltd.		8,824		426,199
Assured Guaranty Ltd.		20,198		533,833
Axis Capital Holdings Ltd.		13,910		782,020
Baldwin & Lyons, Inc., Class B		2,261		54,332
Brown & Brown, Inc.		17,387		558,123
CNA Financial Corp.		3,426		120,424
Donegal Group, Inc., Class A		2,337		32,905
EMC Insurance Group, Inc.		1,652		41,796
Endurance Specialty Holdings Ltd.		8,807		563,560
Enstar Group Ltd. (a)		1,736		260,469
Erie Indemnity Co., Class A		3,611		345,356
Everest Re Group Ltd.		6,231		1,140,834
Federated National Holding Co.		2,537		74,994
First Acceptance Corp. (a)		8,599		20,466
First American Financial Corp.		15,901		570,846
Global Indemnity PLC (a)		1,701		49,363
Greenlight Capital Re Ltd. (a)		5,039		94,280
Hanover Insurance Group, Inc.		6,289		511,547
HCI Group, Inc.		1,768		61,615
Heritage Insurance Holdings, Inc.		2,115		46,149
Hilltop Holdings, Inc. (a)		12,181		234,119
Horace Mann Educators Corp.		6,108		202,663
Infinity Property & Casualty Corp.		1,707		140,367
Kemper Corp.		7,077		263,618
Maiden Holdings Ltd.		8,614		128,435
Markel Corp. (a)		2,066		1,825,001
MBIA, Inc. (a)		21,248		137,687
Mercury General Corp.		3,553		165,463
National General Holdings Corp.		9,047		197,767
National Interstate Corp.		1,300		34,710
Navigators Group, Inc. (a)		1,797		154,165
Old Republic International Corp.		35,718		665,426
OneBeacon Insurance Group Ltd.		3,598		44,651

Common Stocks	Shares		Value
Nonlife Insurance (continued)
PartnerRe Ltd.		6,920	$	967,001
Prism Technologies Group, Inc. (a)		1,044		1,044
ProAssurance Corp.		7,994		387,949
Reinsurance Group of America, Inc.		9,633		824,103
RenaissanceRe Holdings Ltd.		6,409		725,435
RLI Corp.		5,503		339,810
Safety Insurance Group, Inc.		2,336		131,704
Selective Insurance Group, Inc.		8,303		278,815
State Auto Financial Corp.		2,450		50,445
State National Cos., Inc.		5,202		51,032
Third Point Reinsurance Ltd. (a)		9,561		128,213
United Fire Group, Inc.		3,306		126,653
United Insurance Holdings Corp.		3,080		52,668
Universal Insurance Holdings, Inc.		4,997		115,830
Validus Holdings Ltd.		11,963		553,767
W.R. Berkley Corp.		14,497		793,711
White Mountains Insurance Group Ltd.		855		621,422
Willis Group Holdings PLC		25,978		1,261,751
				23,369,843
Oil & Gas Producers — 1.9%
Abraxas Petroleum Corp. (a)		16,317		17,296
Adams Resources & Energy, Inc.		460		17,664
Alon USA Energy, Inc.		4,552		67,552
Approach Resources, Inc. (a)(b)		5,719		10,523
Barnwell Industries, Inc. (a)		4,904		9,219
Bill Barrett Corp. (a)		7,950		31,243
Bonanza Creek Energy, Inc. (a)		6,854		36,121
C&J Energy Services Ltd. (a)		7,389		35,172
California Resources Corp.		46,267		107,802
Callon Petroleum Co. (a)		10,595		88,362
Carrizo Oil & Gas, Inc. (a)		7,248		214,396
Cheniere Energy, Inc. (a)		34,899		1,299,988
Clayton Williams Energy, Inc. (a)		984		29,097
Cobalt International Energy, Inc. (a)		50,294		271,588
Comstock Resources, Inc. (a)(b)		7,198		13,460
Concho Resources, Inc. (a)		18,686		1,735,182
Contango Oil & Gas Co. (a)		3,254		20,858
Continental Resources, Inc. (a)		12,172		279,713
CVR Energy, Inc.		2,373		93,378
Dawson Geophysical Co. (a)		5,308		18,366
Delek U.S. Holdings, Inc.		8,207		201,892
Denbury Resources, Inc.		51,927		104,892
Diamondback Energy, Inc. (a)		9,518		636,754
Eclipse Resources Corp. (a)		7,534		13,712
Emerald Oil, Inc. (a)(b)		3,264		3,688
Energen Corp.		11,607		475,771
Energy XXI Ltd. (b)		15,824		15,982
EP Energy Corp., Class A (a)(b)		5,570		24,397
Era Group, Inc. (a)		2,473		27,574
Evolution Petroleum Corp.		5,834		28,061
EXCO Resources, Inc. (a)(b)		28,887		35,820
FX Energy, Inc. (a)		6,204		7,135
Gastar Exploration, Inc. (a)		14,658		19,202
Goodrich Petroleum Corp. (a)(b)		15,201		4,043
Gulfport Energy Corp. (a)		16,151		396,830
Halcon Resources Corp. (a)(b)		12,564		15,831
Harvest Natural Resources, Inc. (a)		9,380		3,986
HollyFrontier Corp.		27,229		1,086,165
Houston American Energy Corp. (a)		5,104		893
Isramco, Inc. (a)(b)		299		26,704
Kosmos Energy Ltd. (a)		21,898		113,870
Laredo Petroleum, Inc. (a)(b)		18,495		147,775
Magellan Petroleum Corp. (a)		3,259		1,790
Matador Resources Co. (a)		11,961		236,469
Memorial Resource Development Corp. (a)		13,020		210,273
Midstates Petroleum Co., Inc. (a)		1,621		3,274

See Notes to Financial Statements.

14 QUANTITATIVE MASTER SERIES LLC DECEMBER 31, 2015

Schedule of Investments (continued) Master Extended Market Index Series

Common Stocks	Shares		Value
Oil & Gas Producers (continued)
Nabors Industries Ltd.		42,757	$	363,862
Northern Oil and Gas, Inc. (a)(b)		8,538		32,957
Oasis Petroleum, Inc. (a)		20,468		150,849
Pacific Ethanol, Inc. (a)		3,564		17,036
Panhandle Oil and Gas, Inc.		3,171		51,243
Parsley Energy, Inc., Class A (a)		12,223		225,514
PBF Energy, Inc., Class A		13,539		498,371
PDC Energy, Inc. (a)		6,018		321,241
Penn Virginia Corp. (a)(b)		11,473		3,446
PetroQuest Energy, Inc. (a)		11,732		5,866
Pioneer Energy Services Corp. (a)		10,165		22,058
QEP Resources, Inc.		23,519		315,155
Resolute Energy Corp. (a)		26,413		22,979
Rex Energy Corp. (a)(b)		7,757		8,145
Ring Energy, Inc. (a)		4,792		33,784
RSP Permian, Inc. (a)		9,506		231,851
Sanchez Energy Corp. (a)(b)		8,884		38,290
SandRidge Energy, Inc. (a)		74,197		14,839
SemGroup Corp., Class A		6,506		187,763
SM Energy Co.		10,043		197,445
Stone Energy Corp. (a)		8,544		36,654
Syntroleum Corp. (a)		2,214		—
Targa Resources Corp.		7,212		195,157
Torchlight Energy Resources, Inc. (a)		5,009		5,059
Trecora Resources (a)		460		5,699
Triangle Petroleum Corp. (a)		11,728		9,031
Ultra Petroleum Corp. (a)		23,153		57,882
VAALCO Energy, Inc. (a)		10,701		17,122
W&T Offshore, Inc. (a)(b)		5,629		13,003
Warren Resources, Inc. (a)		25,482		5,351
Western Refining, Inc.		10,390		370,092
Whiting Petroleum Corp. (a)		30,214		285,220
WPX Energy, Inc. (a)		34,447		197,726
Zion Oil & Gas, Inc. (a)		14,230		26,468
				12,206,921
Oil Equipment, Services & Distribution — 1.2%
Archrock, Inc.		10,345		77,794
Atwood Oceanics, Inc.		8,556		87,528
Basic Energy Services, Inc. (a)(b)		7,015		18,800
Bristow Group, Inc.		5,197		134,602
CARBO Ceramics, Inc. (b)		2,969		51,067
Chart Industries, Inc. (a)		4,432		79,599
Core Laboratories NV		6,288		683,757
Dakota Plains Holdings, Inc. (a)		17,287		4,299
Dril-Quip, Inc. (a)		5,798		343,416
Exterran Corp. (a)		5,172		83,011
Flotek Industries, Inc. (a)		8,081		92,447
Forum Energy Technologies, Inc. (a)		10,079		125,584
Frank’s International NV		5,565		92,880
Geospace Technologies Corp. (a)		2,032		28,590
Glori Energy, Inc. (a)(b)		7,230		2,567
Gulf Island Fabrication, Inc.		2,513		26,286
Gulfmark Offshore, Inc., Class A (a)(b)		4,514		21,080
Helix Energy Solutions Group, Inc. (a)		14,959		78,684
Hornbeck Offshore Services, Inc. (a)		5,026		49,958
ION Geophysical Corp. (a)		21,270		10,701
Key Energy Services, Inc. (a)		21,036		10,141
Matrix Service Co. (a)		4,118		84,584
McDermott International, Inc. (a)		35,472		118,831
Mitcham Industries, Inc. (a)		4,047		12,181
MRC Global, Inc. (a)		15,474		199,615
Natural Gas Services Group, Inc. (a)		2,730		60,879
Newpark Resources, Inc. (a)		13,319		70,324
Noble Corp. PLC (b)		35,223		371,603
NOW, Inc. (a)		16,086		254,481
Oceaneering International, Inc.		14,456		542,389

Common Stocks	Shares		Value
Oil Equipment, Services & Distribution (continued)
OGE Energy Corp.		29,227	$	768,378
Oil States International, Inc. (a)		7,588		206,773
Par Pacific Holdings, Inc. (a)		3,939		92,724
Parker Drilling Co. (a)		19,733		35,914
Patterson-UTI Energy, Inc.		21,569		325,261
PHI, Inc. (a)		1,452		23,827
Rowan Cos. PLC, Class A		18,179		308,134
RPC, Inc.		9,161		109,474
SEACOR Holdings, Inc. (a)		2,530		132,977
Seventy Seven Energy, Inc. (a)		11,269		11,832
Superior Energy Services, Inc.		22,046		296,960
Tesco Corp.		6,257		45,301
TETRA Technologies, Inc. (a)		12,273		92,293
Tidewater, Inc. (b)		6,879		47,878
Unit Corp. (a)		7,562		92,256
Weatherford International PLC (a)		113,886		955,504
Willbros Group, Inc. (a)		9,067		24,390
				7,387,554
Personal Goods — 1.0%
Avon Products, Inc.		62,759		254,174
Carter’s, Inc.		7,722		687,490
Cherokee, Inc. (a)		1,956		33,741
Columbia Sportswear Co.		4,038		196,893
Coty, Inc., Class A (b)		12,349		316,505
Crocs, Inc. (a)		11,409		116,828
Culp, Inc.		1,628		41,465
Deckers Outdoor Corp. (a)		4,841		228,495
Elizabeth Arden, Inc. (a)(b)		4,198		41,560
G-III Apparel Group Ltd. (a)		5,912		261,665
Helen of Troy Ltd. (a)		4,169		392,928
Iconix Brand Group, Inc. (a)		7,394		50,501
Inter Parfums, Inc.		2,513		59,860
Kate Spade & Co. (a)		19,026		338,092
Lakeland Industries, Inc. (a)		2,101		25,086
LULULEMON Athletica, Inc. (a)		16,527		867,172
Movado Group, Inc.		2,476		63,658
Nu Skin Enterprises, Inc., Class A		8,367		317,026
Orchids Paper Products Co.		1,530		47,307
Oxford Industries, Inc.		2,185		139,447
Perry Ellis International, Inc. (a)		2,072		38,166
Revlon, Inc., Class A (a)		1,899		52,868
Rocky Brands, Inc.		1,306		15,097
Sequential Brands Group, Inc. (a)		4,739		37,485
Skechers U.S.A., Inc., Class A (a)		18,924		571,694
Steven Madden Ltd. (a)		8,495		256,719
Tumi Holdings, Inc. (a)		8,676		144,282
Unifi, Inc. (a)		2,485		69,953
Vera Bradley, Inc. (a)		3,075		48,462
Vince Holding Corp. (a)		2,265		10,374
Weyco Group, Inc.		1,357		36,313
Wolverine World Wide, Inc.		15,101		252,338
				6,013,644
Pharmaceuticals & Biotechnology — 6.5%
ACADIA Pharmaceuticals, Inc. (a)		11,767		419,494
Accelerate Diagnostics, Inc. (a)		3,723		80,007
Acceleron Pharma, Inc. (a)		4,434		216,202
AcelRx Pharmaceuticals, Inc. (a)		6,998		26,942
Achillion Pharmaceuticals, Inc. (a)		17,165		185,210
Aclaris Therapeutics, Inc. (a)		273		7,355
Acorda Therapeutics, Inc. (a)		6,291		269,129
Acura Pharmaceuticals, Inc. (a)(b)		3,204		8,106
Adamas Pharmaceuticals, Inc. (a)		404		11,441
Adamis Pharmaceuticals Corp. (a)(b)		4,970		26,838
Aduro Biotech, Inc. (a)		520		14,633
Advaxis, Inc. (a)		4,185		42,101

See Notes to Financial Statements.

QUANTITATIVE MASTER SERIES LLC DECEMBER 31, 2015 15

Schedule of Investments (continued) Master Extended Market Index Series

Common Stocks	Shares		Value
Pharmaceuticals & Biotechnology (continued)
Aegerion Pharmaceuticals, Inc. (a)		4,608	$	46,541
Aerie Pharmaceuticals, Inc. (a)		4,225		102,879
Affymetrix, Inc. (a)		11,994		121,019
Agenus, Inc. (a)		11,520		52,301
Agios Pharmaceuticals, Inc. (a)		3,858		250,461
Aimmune Therapeutics, Inc. (a)		856		15,793
Akebia Therapeutics, Inc. (a)		1,762		22,765
Akorn, Inc. (a)		12,104		451,600
Albany Molecular Research, Inc. (a)		4,097		81,325
Alder Biopharmaceuticals, Inc. (a)		3,889		128,454
Aldeyra Therapeutics, Inc. (a)		2,978		20,191
Alimera Sciences, Inc. (a)		7,469		18,075
Alkermes PLC (a)		21,918		1,739,851
Alnylam Pharmaceuticals, Inc. (a)		10,803		1,016,994
AMAG Pharmaceuticals, Inc. (a)		3,609		108,956
Amicus Therapeutics, Inc. (a)		17,896		173,591
Amphastar Pharmaceuticals, Inc. (a)		3,207		45,636
Ampio Pharmaceuticals, Inc. (a)		8,902		31,157
Anacor Pharmaceuticals, Inc. (a)		6,452		728,882
Anavex Life Sciences Corp. (a)		3,648		20,319
ANI Pharmaceuticals, Inc. (a)		1,215		54,827
Anthera Pharmaceuticals, Inc. (a)		5,522		25,622
Applied Genetic Technologies Corp. (a)		824		16,810
Apricus Biosciences, Inc. (a)(b)		12,376		12,252
Aquinox Pharmaceuticals, Inc. (a)		895		11,170
Aratana Therapeutics, Inc. (a)		4,787		26,711
Arena Pharmaceuticals, Inc. (a)		36,143		68,672
Ariad Pharmaceuticals, Inc. (a)		28,457		177,856
ArQule, Inc. (a)		14,883		32,296
Array BioPharma, Inc. (a)		20,224		85,345
Arrowhead Research Corp. (a)(b)		9,457		58,161
Assembly Biosciences, Inc. (a)		2,704		20,307
Atara Biotherapeutics, Inc. (a)		2,508		66,236
Athersys, Inc. (a)(b)		16,987		17,497
Avalanche Biotechnologies, Inc. (a)		2,724		25,932
AVEO Pharmaceuticals, Inc. (a)		13,305		16,764
Bio-Path Holdings, Inc. (a)		16,724		20,905
Bio-Techne Corp.		5,409		486,810
BioCryst Pharmaceuticals, Inc. (a)		10,728		110,713
BioDelivery Sciences International, Inc. (a)		8,009		38,363
BioMarin Pharmaceutical, Inc. (a)		23,672		2,479,879
Biospecifics Technologies Corp. (a)		240		10,313
Biota Pharmaceuticals, Inc. (a)		9,180		17,809
BioTime, Inc. (a)(b)		9,573		39,249
Bluebird Bio, Inc. (a)		5,386		345,889
Calithera Biosciences, Inc. (a)		2,540		19,456
Capricor Therapeutics, Inc. (a)		1,665		5,112
Cara Therapeutics, Inc. (a)		1,704		28,729
Carbylan Therapeutics, Inc. (a)		3,615		13,086
CASI Pharmaceuticals, Inc. (a)		7,740		7,430
Catalent, Inc. (a)		14,925		373,573
Catalyst Pharmaceutical, Inc. (a)		12,442		30,483
CEL-SCI Corp. (a)		21,543		7,971
Celladon Corp. (a)(b)		4,574		6,724
Celldex Therapeutics, Inc. (a)		14,541		228,003
Cellular Biomedicine Group, Inc. (a)(b)		1,597		34,320
Cempra, Inc. (a)(b)		5,433		169,129
Cerus Corp. (a)(b)		15,994		101,082
Charles River Laboratories International, Inc. (a)		6,794		546,170
Chiasma, Inc. (a)		321		6,282
Chimerix, Inc. (a)		6,230		55,759
Cleveland BioLabs, Inc. (a)		2,800		9,772
Clovis Oncology, Inc. (a)		4,926		172,410
Coherus Biosciences, Inc. (a)		1,824		41,879
Collegium Pharmaceutical, Inc. (a)		501		13,778
Concert Pharmaceuticals, Inc. (a)		2,663		50,517
ContraVir Pharmaceuticals, Inc. (a)(b)		5,453		8,398

Common Stocks	Shares		Value
Pharmaceuticals & Biotechnology (continued)
Corbus Pharmaceuticals Holdings, Inc. (a)		6,152	$	10,151
Corcept Therapeutics, Inc. (a)		12,029		59,904
CorMedix, Inc. (a)(b)		7,588		15,404
CTI BioPharma Corp. (a)		26,414		32,489
Cumberland Pharmaceuticals, Inc. (a)		4,500		23,670
Curis, Inc. (a)		19,155		55,741
Cytokinetics, Inc. (a)		6,535		68,356
CytomX Therapeutics, Inc. (a)		374		7,805
Cytori Therapeutics, Inc. (a)		38,917		7,239
CytRx Corp. (a)		9,758		25,859
Depomed, Inc. (a)		9,157		166,016
Dermira, Inc. (a)		2,843		98,396
Dicerna Pharmaceuticals, Inc. (a)		2,670		31,693
Discovery Laboratories, Inc. (a)		39,288		8,404
Durect Corp. (a)		19,556		43,219
Dyax Corp. (a)		21,860		822,373
Dynavax Technologies Corp. (a)		5,042		121,815
Eagle Pharmaceuticals, Inc. (a)		1,453		128,838
Edge Therapeutics, Inc. (a)		477		5,963
Egalet Corp. (a)		613		6,755
Emergent Biosolutions, Inc. (a)		4,498		179,965
Enanta Pharmaceuticals, Inc. (a)		2,059		67,988
Endocyte, Inc. (a)		7,477		29,983
Enzo Biochem, Inc. (a)		8,028		36,126
Epizyme, Inc. (a)		3,520		56,390
Esperion Therapeutics, Inc. (a)		2,194		48,838
Exact Sciences Corp. (a)		14,395		132,866
Exelixis, Inc. (a)		30,516		172,110
Fate Therapeutics, Inc. (a)		4,030		13,581
Fibrocell Science, Inc. (a)		4,586		20,866
FibroGen, Inc. (a)		7,203		219,475
Five Prime Therapeutics, Inc. (a)		3,699		153,508
Flex Pharma, Inc. (a)		493		6,138
Flexion Therapeutics, Inc. (a)		1,752		33,761
Fortress Biotech, Inc. (a)(b)		6,807		18,992
Foundation Medicine, Inc. (a)		2,028		42,710
Galena Biopharma, Inc. (a)(b)		27,712		40,737
Galmed Pharmaceuticals Ltd. (a)		2,061		15,684
Genocea Biosciences, Inc. (a)		3,917		20,643
Genomic Health, Inc. (a)		2,857		100,566
GenVec, Inc. (a)		8,267		15,211
Geron Corp. (a)		25,126		121,610
Global Blood Therapeutics, Inc. (a)		296		9,570
GTx, Inc. (a)		17,845		12,492
Halozyme Therapeutics, Inc. (a)		16,253		281,664
Harvard Bioscience, Inc. (a)		6,840		23,735
Heat Biologics, Inc. (a)(b)		2,991		7,298
Hemispherx Biopharma, Inc. (a)		68,726		5,532
Heron Therapeutics, Inc. (a)		4,649		124,128
Histogenics Corp. (a)(b)		1,354		4,739
Horizon Pharma PLC (a)		21,184		459,057
iBio, Inc. (a)		21,015		11,768
Idera Pharmaceuticals, Inc. (a)(b)		15,546		48,037
Ignyta, Inc. (a)		3,804		50,974
Immune Design Corp. (a)		1,494		30,000
ImmunoGen, Inc. (a)		12,865		174,578
Immunomedics, Inc. (a)		17,696		54,327
Impax Laboratories, Inc. (a)		9,869		421,998
INC Research Holdings, Inc., Class A (a)		4,058		196,854
Incyte Corp. (a)		24,560		2,663,532
Infinity Pharmaceuticals, Inc. (a)		7,013		55,052
Inotek Pharmaceuticals Corp. (a)		1,292		14,638
Inovio Pharmaceuticals, Inc. (a)(b)		10,866		73,020
Insmed, Inc. (a)		9,141		165,909
Insys Therapeutics, Inc. (a)		3,557		101,837
Intercept Pharmaceuticals, Inc. (a)		2,543		379,797
Intrexon Corp. (a)(b)		7,312		220,457

See Notes to Financial Statements.

16 QUANTITATIVE MASTER SERIES LLC DECEMBER 31, 2015

Schedule of Investments (continued) Master Extended Market Index Series

Common Stocks	Shares		Value
Pharmaceuticals & Biotechnology (continued)
Invitae Corp. (a)(b)		1,860	$	15,271
InVivo Therapeutics Holdings Corp. (a)		1,129		8,129
Ionis Pharmaceuticals, inc. (a)		17,683		1,095,108
Ironwood Pharmaceuticals, Inc. (a)		19,090		221,253
IsoRay, Inc. (a)(b)		15,938		14,942
Jazz Pharmaceuticals PLC (a)		9,039		1,270,522
Juniper Pharmaceuticals, Inc. (a)		2,517		25,925
Karyopharm Therapeutics, Inc. (a)		3,090		40,943
KemPharm, Inc. (a)		384		7,626
Keryx Biopharmaceuticals, Inc. (a)(b)		16,183		81,724
Kite Pharma, Inc. (a)		5,799		357,334
La Jolla Pharmaceutical Co. (a)		2,049		55,323
Lannett Co., Inc. (a)		4,175		167,501
Lexicon Pharmaceuticals, Inc. (a)		6,848		91,147
Ligand Pharmaceuticals, Inc., Class B (a)		2,712		294,035
Lion Biotechnologies, Inc. (a)		7,492		57,838
Loxo Oncology, Inc. (a)		1,133		32,234
Luminex Corp. (a)		5,868		125,517
MacroGenics, Inc. (a)		4,547		140,821
MannKind Corp. (a)(b)		39,844		57,774
Mast Therapeutics, Inc. (a)		15,428		6,484
Medgenics, Inc. (a)		4,609		27,746
Medicines Co. (a)		9,988		372,952
MediciNova, Inc. (a)		1,864		6,617
Medivation, Inc. (a)		23,465		1,134,298
MEI Pharma, Inc. (a)		8,459		13,534
Merrimack Pharmaceuticals, Inc. (a)		15,780		124,662
MiMedx Group, Inc. (a)		15,260		142,986
Minerva Neurosciences, Inc. (a)		1,890		11,472
Mirati Therapeutics, Inc. (a)		1,760		55,616
Momenta Pharmaceuticals, Inc. (a)		9,395		139,422
Myriad Genetics, Inc. (a)		10,099		435,873
NanoString Technologies, Inc. (a)		449		6,605
NantKwest, Inc. (a)		344		5,962
Nektar Therapeutics (a)		20,082		338,382
Neothetics, Inc. (a)		1,616		2,246
Neuralstem, Inc. (a)(b)		17,361		17,882
Neurocrine Biosciences, Inc. (a)		11,665		659,889
NewLink Genetics Corp. (a)		3,137		114,155
Northwest Biotherapeutics, Inc. (a)(b)		7,566		24,211
Novavax, Inc. (a)		39,656		332,714
Omeros Corp. (a)		5,409		85,084
OncoMed Pharmaceuticals, Inc. (a)		2,147		48,393
Oncothyreon, Inc. (a)		15,224		33,797
Ophthotech Corp. (a)		4,138		324,957
OPKO Health, Inc. (a)(b)		47,499		477,365
Orexigen Therapeutics, Inc. (a)		18,080		31,098
Organovo Holdings, Inc. (a)		12,913		32,153
Osiris Therapeutics, Inc.		2,766		28,711
Otonomy, Inc. (a)		2,684		74,481
OvaScience, Inc. (a)(b)		3,839		37,507
Pacific Biosciences of California, Inc. (a)		9,227		121,151
Pacira Pharmaceuticals, Inc. (a)		5,481		420,886
Pain Therapeutics, Inc. (a)		8,736		15,288
Palatin Technologies, Inc. (a)		23,498		15,603
Paratek Pharmaceuticals, Inc. (a)		841		15,954
PDL BioPharma, Inc.		23,556		83,388
Peregrine Pharmaceuticals, Inc. (a)		35,720		41,792
Pernix Therapeutics Holdings (a)		7,631		22,511
Pfenex, Inc. (a)		2,551		31,581
PharmAthene, Inc. (a)		14,512		27,573
Portola Pharmaceuticals, Inc. (a)		7,809		401,773
Pozen, Inc. (a)		4,693		32,053
PRA Health Sciences, Inc. (a)		3,027		137,032
Prestige Brands Holdings, Inc. (a)		7,922		407,825
Progenics Pharmaceuticals, Inc. (a)		10,933		67,019
Proteon Therapeutics, Inc. (a)		1,374		21,311

Common Stocks	Shares		Value
Pharmaceuticals & Biotechnology (continued)
Prothena Corp. PLC (a)		4,746	$	323,250
Provectus Biopharmaceuticals, Inc. (a)		14,312		5,582
pSivida Corp. (a)		6,822		32,882
PTC Therapeutics, Inc. (a)		4,711		152,636
Puma Biotechnology, Inc. (a)		3,236		253,702
Quintiles Transnational Holdings, Inc. (a)		14,156		971,951
Radius Health, Inc. (a)		5,022		309,054
Raptor Pharmaceutical Corp. (a)		13,164		68,453
Recro Pharma, Inc. (a)		1,103		9,927
REGENXBIO, Inc. (a)		450		7,470
Regulus Therapeutics, Inc. (a)		4,368		38,089
Relypsa, Inc. (a)		4,515		127,955
Rennova Health, Inc. (a)		782		1,064
Repligen Corp. (a)		5,025		142,157
Repros Therapeutics, Inc. (a)		4,528		5,479
Retrophin, Inc. (a)		4,674		90,161
Revance Therapeutics, Inc. (a)		2,714		92,710
Rexahn Pharmaceuticals, Inc. (a)		44,878		16,291
Rigel Pharmaceuticals, Inc. (a)		16,778		50,837
Sage Therapeutics, Inc. (a)		1,577		91,939
Sagent Pharmaceuticals, Inc. (a)		3,816		60,713
Sangamo Biosciences, Inc. (a)		10,912		99,627
Sarepta Therapeutics, Inc. (a)		5,742		221,526
SciClone Pharmaceuticals, Inc. (a)		8,444		77,685
Seattle Genetics, Inc. (a)		15,551		697,929
Sequenom, Inc. (a)		22,329		36,620
Seres Therapeutics, Inc. (a)(b)		684		24,002
Sorrento Therapeutics, Inc. (a)		3,786		32,976
Spectrum Pharmaceuticals, Inc. (a)		9,945		59,968
StemCells, Inc. (a)		26,556		11,061
Stemline Therapeutics, Inc. (a)		3,075		19,403
Sucampo Pharmaceuticals, Inc., Class A (a)		3,182		55,017
Sunesis Pharmaceuticals, Inc. (a)		14,059		12,618
Supernus Pharmaceuticals, Inc. (a)		5,391		72,455
Synergy Pharmaceuticals, Inc. (a)		14,106		79,981
Synta Pharmaceuticals Corp. (a)		19,557		6,884
Synthetic Biologics, Inc. (a)		13,497		30,908
Teligent, Inc. (a)		6,994		62,247
Tenax Therapeutics, Inc. (a)		1,873		6,143
Tetraphase Pharmaceuticals, Inc. (a)		6,125		61,434
TG Therapeutics, Inc. (a)		6,103		72,809
TherapeuticsMD, Inc. (a)		21,220		220,051
Theravance Biopharma, Inc. (a)(b)		3,971		65,085
Theravance, Inc.		12,381		130,496
Threshold Pharmaceuticals, Inc. (a)		10,962		5,261
Titan Pharmaceuticals, Inc. (a)		1,364		6,056
Tokai Pharmaceuticals, Inc. (a)(b)		1,487		12,967
Tonix Pharmaceuticals Holding Corp. (a)		1,554		11,919
Tracon Pharmaceuticals, Inc. (a)		1,428		13,195
Trevena, Inc. (a)		5,222		54,831
Trovagene, Inc. (a)(b)		5,524		29,830
Trubion Pharmaceuticals, Inc.		3,113		—
Ultragenyx Pharmaceutical, Inc. (a)		5,133		575,820
United Therapeutics Corp. (a)		6,678		1,045,842
Vanda Pharmaceuticals, Inc. (a)		6,494		60,459
Verastem, Inc. (a)		5,333		9,919
Versartis, Inc. (a)		3,367		41,717
Vical, Inc. (a)		29,769		12,205
Vitae Pharmaceuticals, Inc. (a)		2,075		37,558
Vital Therapies, Inc. (a)(b)		3,761		43,327
Vivus, Inc. (a)(b)		17,507		17,857
Voyager Therapeutics, Inc. (a)		286		6,263
WaVe Life Sciences Pte Ltd. (a)		438		6,986
Xencor Inc. (a)		5,212		76,199
XenoPort, Inc. (a)		9,305		51,084
XOMA Corp. (a)(b)		21,795		28,987
ZIOPHARM Oncology, Inc. (a)(b)		18,936		157,358

See Notes to Financial Statements.

QUANTITATIVE MASTER SERIES LLC DECEMBER 31, 2015 17

Schedule of Investments (continued) Master Extended Market Index Series

Common Stocks	Shares		Value
Pharmaceuticals & Biotechnology (continued)
Zogenix, Inc. (a)		2,100	$	30,954
				40,076,312
Real Estate Investment & Services — 1.5%
AG Mortgage Investment Trust, Inc.		5,690		73,060
Alexander & Baldwin, Inc.		6,845		241,697
Altisource Portfolio Solutions SA (a)		1,818		50,558
American Realty Investors, Inc. (a)		1,631		8,987
American Residential Properties, Inc.		6,129		115,838
AV Homes, Inc. (a)		2,544		32,589
BBX Capital Corp., Class A (a)		993		15,540
Black Knight Financial Services, Inc., Class A (a)		1,412		46,681
CareTrust REIT, Inc.		8,513		93,217
Chimera Investment Corp.		28,664		390,977
Columbia Property Trust, Inc.		17,562		412,356
Communications Sales & Leasing, Inc. (a)		18,455		344,924
Consolidated-Tomoka Land Co.		1,260		66,415
Dynex Capital, Inc.		8,841		56,140
Forest City Enterprises, Inc., Class A (a)		31,031		680,510
Forestar Group, Inc. (a)		5,654		61,855
Gaming and Leisure Properties, Inc.		14,345		398,791
Hannon Armstrong Sustainable Infrastructure Capital, Inc.		5,400		102,168
HFF, Inc., Class A		5,216		162,061
Howard Hughes Corp. (a)		5,306		600,427
InfraREIT, Inc.		3,898		72,113
Jones Lang LaSalle, Inc.		6,634		1,060,511
Kennedy-Wilson Holdings, Inc.		12,446		299,700
Marcus & Millichap, Inc. (a)		1,008		29,373
Maui Land & Pineapple Co., Inc. (a)		5,106		27,879
Monogram Residential Trust, Inc.		26,236		256,063
Nationstar Mortgage Holdings, Inc. (a)		5,990		80,086
Paramount Group, Inc.		25,617		463,668
QTS Realty Trust, Inc., Class A		5,483		247,338
RE/MAX Holdings, Inc., Class A		2,316		86,387
Realogy Holdings Corp. (a)		21,742		797,279
Reis, Inc.		1,837		43,592
Rexford Industrial Realty, Inc.		9,563		156,451
Select Income REIT		9,326		184,841
St. Joe Co. (a)		10,898		201,722
STORE Capital Corp.		7,726		179,243
Tejon Ranch Co. (a)		2,659		50,920
Xenia Hotels & Resorts, Inc.		16,431		251,887
Zillow Group, Inc., Class A (a)(b)		6,601		171,890
Zillow Group, Inc., Class C (a)(b)		15,637		367,157
				8,982,891
Real Estate Investment Trusts (REITs) — 9.0%
Acadia Realty Trust		10,118		335,412
Agree Realty Corp.		3,375		114,716
Alexander’s, Inc.		532		204,347
Alexandria Real Estate Equities, Inc.		10,521		950,678
Altisource Residential Corp.		9,073		112,596
American Assets Trust, Inc.		5,207		199,688
American Campus Communities, Inc.		16,572		685,086
American Capital Agency Corp.		49,747		862,613
American Capital Mortgage Investment Corp.		8,007		111,778
American Homes 4 Rent, Class A		24,149		402,322
Annaly Capital Management, Inc.		137,577		1,290,472
Anworth Mortgage Asset Corp.		16,369		71,205
Apollo Commercial Real Estate Finance, Inc.		10,045		173,075
Apollo Residential Mortgage, Inc.		6,308		75,381
Apple Hospitality REIT, Inc. (b)		24,383		486,929
Arbor Realty Trust, Inc.		9,585		68,533
Arlington Asset Investment Corp.		1,883		24,912
ARMOUR Residential REIT, Inc.		7,113		154,779
Ashford Hospitality Prime, Inc.		4,229		61,321
Ashford Hospitality Trust, Inc.		13,385		84,459

Common Stocks	Shares		Value
Real Estate Investment Trusts (REITs) (continued)
BioMed Realty Trust, Inc.		29,687	$	703,285
Blackstone Mortgage Trust, Inc., Class A		13,669		365,782
Bluerock Residential Growth REIT, Inc.		5,543		65,685
Brandywine Realty Trust		26,057		355,939
Brixmor Property Group, Inc.		24,825		640,981
BRT Realty Trust (a)		3,601		22,830
Camden Property Trust		12,632		969,632
Campus Crest Communities, Inc. (a)		12,062		82,022
Capstead Mortgage Corp.		13,401		117,125
Care Capital Properties, Inc.		12,275		375,247
CBL & Associates Properties, Inc.		21,754		269,097
Cedar Realty Trust, Inc.		12,109		85,732
Chatham Lodging Trust		6,442		131,932
Chesapeake Lodging Trust		8,980		225,937
CIM Commercial Trust Corp. (b)		2,792		44,309
Colony Capital, Inc., Class A		16,809		327,439
Colony Starwood Homes		6,388		144,624
Condor Hospitality Trust, Inc. (a)		985		1,231
Coresite Realty Corp.		3,910		221,775
Corporate Office Properties Trust		13,663		298,263
Cousins Properties, Inc.		30,507		287,681
CubeSmart		24,240		742,229
CyrusOne, Inc.		9,698		363,190
CYS Investments, Inc.		22,334		159,241
DCT Industrial Trust, Inc.		12,716		475,197
DDR Corp.		44,634		751,637
DiamondRock Hospitality Co.		28,628		276,260
Digital Realty Trust, Inc.		19,810		1,498,032
Douglas Emmett, Inc.		20,380		635,448
Duke Realty Corp.		50,761		1,066,996
DuPont Fabros Technology, Inc.		9,637		306,360
EastGroup Properties, Inc.		4,658		259,031
Education Realty Trust, Inc.		7,711		292,093
Empire State Realty Trust, Inc., Class A		17,160		310,081
EPR Properties		8,545		499,455
Equity Commonwealth (a)		18,933		525,012
Equity Lifestyle Properties, Inc.		11,946		796,440
Equity One, Inc.		10,011		271,799
Extra Space Storage, Inc.		18,046		1,591,838
Federal Realty Investment Trust		10,088		1,473,857
FelCor Lodging Trust, Inc.		19,873		145,073
First Industrial Realty Trust, Inc.		16,146		357,311
First Potomac Realty Trust		9,864		112,450
Franklin Street Properties Corp.		13,397		138,659
Geo Group, Inc.		10,865		314,107
Getty Realty Corp.		4,945		84,807
Gladstone Commercial Corp.		5,696		83,105
Global Net Lease, Inc.		24,902		197,971
Government Properties Income Trust		8,160		129,499
Gramercy Property Trust		64,138		495,145
Hatteras Financial Corp.		12,951		170,306
Healthcare Realty Trust, Inc.		14,353		406,477
Healthcare Trust of America, Inc., Class A		18,578		501,049
Hersha Hospitality Trust		7,268		158,152
Highwoods Properties, Inc.		13,280		579,008
Hospitality Properties Trust		22,162		579,536
Hudson Pacific Properties, Inc.		11,048		310,891
Independence Realty Trust, Inc.		7,288		54,733
Inland Real Estate Corp.		13,981		148,478
Invesco Mortgage Capital, Inc.		17,973		222,685
Investors Real Estate Trust		19,805		137,645
iStar, Inc. (a)		13,163		154,402
Kilroy Realty Corp.		13,558		857,950
Kite Realty Group Trust		12,411		321,817
LaSalle Hotel Properties		16,094		404,925
Lexington Realty Trust		31,494		251,952
Liberty Property Trust		21,777		676,176

See Notes to Financial Statements.

18 QUANTITATIVE MASTER SERIES LLC DECEMBER 31, 2015

Schedule of Investments (continued) Master Extended Market Index Series

Common Stocks	Shares		Value
Real Estate Investment Trusts (REITs) (continued)
LTC Properties, Inc.		5,446	$	234,940
Mack-Cali Realty Corp.		12,534		292,669
Medical Properties Trust, Inc.		34,243		394,137
MFA Financial, Inc.		50,126		330,832
Mid-America Apartment Communities, Inc.		11,069		1,005,176
Monmouth Real Estate Investment Corp., Class A		10,718		112,110
National Health Investors, Inc.		5,116		311,411
National Retail Properties, Inc.		19,787		792,469
National Storage Affiliates Trust		1,422		24,359
New Residential Investment Corp.		34,896		424,335
New Senior Investment Group, Inc.		13,583		133,928
New York Mortgage Trust, Inc.		18,994		101,238
New York REIT, Inc.		25,678		295,297
Newcastle Investment Corp.		11,272		45,990
NorthStar Realty Europe Corp.		8,627		101,885
NorthStar Realty Finance Corp.		25,883		440,787
Omega Healthcare Investors, Inc.		23,866		834,833
One Liberty Properties, Inc.		3,476		74,595
Parkway Properties, Inc.		12,106		189,217
Pebblebrook Hotel Trust		10,510		294,490
Pennsylvania Real Estate Investment Trust		10,348		226,311
PennyMac Mortgage Investment Trust (c)		10,450		159,467
Physicians Realty Trust		12,410		209,233
Piedmont Office Realty Trust, Inc., Class A		21,034		397,122
Post Properties, Inc.		7,773		459,851
Potlatch Corp.		6,073		183,648
Preferred Apartment Communities, Inc.		507		6,632
PS Business Parks, Inc.		2,790		243,930
RAIT Financial Trust		12,466		33,658
Ramco-Gershenson Properties Trust		12,330		204,801
Rayonier, Inc.		18,797		417,293
Redwood Trust, Inc.		12,292		162,254
Regency Centers Corp.		13,718		934,470
Resource Capital Corp.		5,570		71,073
Retail Opportunity Investments Corp.		14,615		261,609
Retail Properties of America, Inc., Class A		35,413		523,050
RLJ Lodging Trust		18,720		404,914
RMR Group, Inc. (a)		1,008		14,525
Rouse Properties, Inc.		6,090		88,670
Sabra Health Care REIT, Inc.		9,890		200,075
Saul Centers, Inc.		2,059		105,565
Senior Housing Properties Trust		35,010		519,548
Seritage Growth Properties (b)		2,843		114,345
Silver Bay Realty Trust Corp.		6,204		97,155
Sovran Self Storage, Inc.		5,171		554,900
Spirit Realty Capital, Inc.		66,136		662,683
STAG Industrial, Inc.		10,717		197,729
Starwood Property Trust, Inc.		34,993		719,456
Summit Hotel Properties, Inc.		12,562		150,116
Sun Communities, Inc.		7,729		529,668
Sunstone Hotel Investors, Inc.		30,429		380,058
Tanger Factory Outlet Centers, Inc.		13,947		456,067
Taubman Centers, Inc.		9,078		696,464
Terreno Realty Corp.		7,115		160,941
Tier REIT, Inc.		7,404		109,209
Two Harbors Investment Corp.		54,500		441,450
UDR, Inc.		38,365		1,441,373
UMH Properties, Inc.		6,889		69,717
United Development Funding IV (b)		6,320		69,520
Universal Health Realty Income Trust		1,725		86,267
Urban Edge Properties		12,647		296,572
Urstadt Biddle Properties, Inc., Class A		3,630		69,841
VEREIT, Inc.		134,323		1,063,838
Walter Investment Management Corp. (a)(b)		5,793		82,376
Washington Real Estate Investment Trust		9,975		269,924
Weingarten Realty Investors		16,645		575,584
Western Asset Mortgage Capital Corp.		7,954		81,290

Common Stocks	Shares		Value
Real Estate Investment Trusts (REITs) (continued)
WP Carey, Inc.		14,356	$	847,004
WP Glimcher, Inc.		27,493		291,701
				55,273,000
Software & Computer Services — 7.3%
2U, Inc. (a)		4,418		123,616
A10 Networks, Inc. (a)		2,816		18,473
ACI Worldwide, Inc. (a)		17,713		379,058
Actua Corp. (a)		6,343		72,627
Allscripts Healthcare Solutions, Inc. (a)		28,232		434,208
American Software, Inc., Class A		5,062		51,531
Angie’s List, Inc. (a)		7,272		67,993
ANSYS, Inc. (a)		13,241		1,224,792
Arista Networks, Inc. (a)		5,223		406,558
Aspen Technology, Inc. (a)		12,618		476,456
Athenahealth, Inc. (a)		5,749		925,417
Authentidate Holding Corp. (a)		13,517		9,597
Barracuda Networks, Inc. (a)		3,575		66,781
Benefitfocus, Inc. (a)		1,191		43,340
Blackbaud, Inc.		6,883		453,314
Blucora, Inc. (a)		6,758		66,228
Boingo Wireless, Inc. (a)		1,516		10,036
Bottomline Technologies, Inc. (a)		6,070		180,461
Box, Inc., Class A (a)		3,535		49,349
Brightcove, Inc. (a)	��	5,883		36,475
BroadSoft, Inc. (a)		4,650		164,424
CACI International, Inc., Class A (a)		3,542		328,627
Cadence Design Systems, Inc. (a)		43,340		901,905
Calix, Inc. (a)		7,426		58,443
Callidus Software, Inc. (a)		9,011		167,334
Castlight Health, Inc. (a)		2,164		9,240
CDW Corp.		20,874		877,543
ChannelAdvisor Corp. (a)		3,748		51,910
Ciber, Inc. (a)		11,476		40,281
Cogent Communications Holdings, Inc.		6,326		219,449
CommVault Systems, Inc. (a)		6,399		251,801
Computer Programs & Systems, Inc.		1,686		83,879
Computer Sciences Corp.		20,270		662,424
Computer Task Group, Inc.		2,432		16,100
Cornerstone OnDemand, Inc. (a)		7,517		259,562
Covisint Corp. (a)		8,788		21,970
CSG Systems International, Inc.		4,927		177,273
Cvent, Inc. (a)		3,881		135,486
Datalink Corp. (a)		3,557		24,188
Demandware, Inc. (a)		5,110		275,787
Determine, Inc. (a)		2,985		7,731
DeVry Education Group, Inc.		7,969		201,695
Digimarc Corp. (a)		1,549		56,554
DST Systems, Inc.		4,853		553,533
Ebix, Inc.		3,961		129,881
eGain Corp. (a)		1,227		5,264
Ellie Mae, Inc. (a)		4,520		272,240
Endurance International Group Holdings, Inc. (a)		9,536		104,228
Envestnet, Inc. (a)		5,451		162,712
EPAM Systems, Inc. (a)		6,180		485,872
EPIQ Systems, Inc.		5,356		70,003
Evolving Systems, Inc.		2,275		12,513
Fair Isaac Corp.		4,603		433,511
FalconStor Software, Inc. (a)		12,659		23,799
FireEye, Inc. (a)		21,090		437,407
Five9, Inc. (a)		1,265		11,006
Forrester Research, Inc.		1,630		46,422
Fortinet, Inc. (a)		21,569		672,306
Gartner, Inc. (a)		12,294		1,115,066
Gigamon, Inc. (a)		4,348		115,526
GoDaddy, Inc., Class A (a)		2,063		66,140
Gogo, Inc. (a)(b)		7,304		130,011

See Notes to Financial Statements.

QUANTITATIVE MASTER SERIES LLC DECEMBER 31, 2015 19

Schedule of Investments (continued) Master Extended Market Index Series

Common Stocks	Shares		Value
Software & Computer Services (continued)
GSE Systems, Inc. (a)		5,963	$	14,311
Guidance Software, Inc. (a)		4,351		26,193
Guidewire Software, Inc. (a)		10,574		636,132
Hackett Group, Inc.		4,211		67,671
Hortonworks, Inc. (a)		2,556		55,976
HubSpot, Inc. (a)		929		52,312
IAC/InterActiveCorp		11,345		681,267
Immersion Corp. (a)		5,072		59,140
IMS Health Holdings, Inc. (a)		21,740		553,718
Infoblox, Inc. (a)		8,169		150,228
Innodata, Inc. (a)		6,741		19,212
Interactive Intelligence Group, Inc. (a)		2,898		91,055
Internap Corp. (a)		9,211		58,950
IntraLinks Holdings, Inc. (a)		6,886		62,456
j2 Global, Inc.		6,782		558,294
Jive Software, Inc. (a)		1,311		5,349
KEYW Holding Corp. (a)		6,373		38,365
Leidos Holdings, Inc.		9,220		518,717
Limelight Networks, Inc. (a)		11,498		16,787
LivePerson, Inc. (a)		8,346		56,336
LogMeIn, Inc. (a)		3,829		256,926
LookSmart Group, Inc. (a)		6,321		—
Manhattan Associates, Inc. (a)		10,859		718,540
Marketo, Inc. (a)		5,810		166,805
Mastech Holdings, Inc. (a)		1,020		7,456
MedAssets, Inc. (a)		8,899		275,335
Medidata Solutions, Inc. (a)		8,309		409,551
MeetMe, Inc. (a)		2,854		10,217
Mentor Graphics Corp.		14,365		264,603
MicroStrategy, Inc., Class A (a)		1,413		253,337
MobileIron, Inc. (a)		1,565		5,650
Model N, Inc. (a)		749		8,359
Monotype Imaging Holdings, Inc.		6,127		144,842
Netscout Systems, Inc. (a)		14,675		450,522
NetSuite, Inc. (a)		5,625		475,987
New Relic, Inc. (a)		2,948		107,396
NIC, Inc.		9,058		178,261
Nuance Communications, Inc. (a)		36,840		732,748
OPOWER, Inc. (a)		910		9,610
Palo Alto Networks, Inc. (a)		10,549		1,858,101
Paycom Software, Inc. (a)		4,724		177,764
PC-Tel, Inc.		4,538		20,648
PDF Solutions, Inc. (a)		4,645		50,352
Pegasystems, Inc.		5,608		154,220
Perficient, Inc. (a)		5,910		101,179
Premier, Inc., Class A (a)		6,017		212,220
Progress Software Corp. (a)		7,757		186,168
Proofpoint, Inc. (a)		6,101		396,626
PROS Holdings, Inc. (a)		4,092		94,280
PTC, Inc. (a)		16,936		586,494
Q2 Holdings, Inc. (a)		2,276		60,018
QAD, Inc., Class A		906		18,591
QAD, Inc., Class B		1,021		18,827
QLIK Technologies, Inc. (a)		13,774		436,085
Quality Systems, Inc.		6,990		112,679
Qualys, Inc. (a)		3,823		126,503
Rackspace Hosting, Inc. (a)		16,926		428,566
RealPage, Inc. (a)		7,873		176,749
Rightside Group Ltd. (a)		2,809		23,315
RigNet, Inc. (a)		2,435		50,380
RingCentral, Inc., Class A (a)		8,920		210,334
Rocket Fuel, Inc. (a)		5,595		19,527
Rosetta Stone, Inc. (a)		3,678		24,606
Rovi Corp. (a)		12,141		202,269
Science Applications International Corp.		6,113		279,853
SciQuest, Inc. (a)		4,688		60,803
ServiceNow, Inc. (a)		21,740		1,881,814

Common Stocks	Shares		Value
Software & Computer Services (continued)
Shutterstock, Inc. (a)		2,987	$	96,600
Silver Spring Networks, Inc. (a)		5,785		83,362
Smith Micro Software, Inc. (a)		12,346		9,000
SoftBrands, Inc. (a)		114		—
SolarWinds, Inc. (a)		9,435		555,721
Solera Holdings, Inc.		9,892		542,378
Splunk, Inc. (a)		18,680		1,098,571
SPS Commerce, Inc. (a)		2,618		183,810
SS&C Technologies Holdings, Inc.		11,674		796,984
Support.com, Inc. (a)		17,347		17,520
Synchronoss Technologies, Inc. (a)		6,000		211,380
Synopsys, Inc. (a)		23,098		1,053,500
Syntel, Inc. (a)		4,722		213,670
Tableau Software, Inc., Class A (a)		7,472		704,012
Tangoe, Inc. (a)		6,350		53,277
TeleCommunication Systems, Inc., Class A (a)		9,660		48,010
TeleNav, Inc. (a)		5,854		33,309
Textura Corp. (a)		3,469		74,861
Twitter, Inc. (a)		85,973		1,989,415
Tyler Technologies, Inc. (a)		4,853		845,975
Ultimate Software Group, Inc. (a)		4,299		840,497
Unisys Corp. (a)		7,423		82,024
United Online, Inc. (a)		2,616		30,843
Unwired Planet, Inc. (a)		23,837		20,571
Vantiv, Inc., Class A (a)		21,943		1,040,537
Varonis Systems, Inc. (a)		870		16,356
VASCO Data Security International, Inc. (a)(b)		4,683		78,347
Vectrus, Inc. (a)		1,852		38,688
Veeva Systems, Inc., Class A (a)		10,953		315,994
Verint Systems, Inc. (a)		9,128		370,232
VirnetX Holding Corp. (a)(b)		6,877		17,674
Virtusa Corp. (a)		4,107		169,783
VMware, Inc., Class A (a)		11,522		651,800
Voltari Corp. (a)(b)		1,272		6,360
Web.com Group, Inc. (a)		8,012		160,320
Workday, Inc., Class A (a)		16,010		1,275,677
Workiva, Inc. (a)		1,521		26,724
Xura, Inc. (a)		3,640		89,471
Zendesk, Inc. (a)		8,667		229,155
Zix Corp. (a)		10,588		53,787
Zynga, Inc., Class A (a)		116,831		313,107
				45,544,243
Support Services — 4.9%
ABM Industries, Inc.		7,940		226,052
Acacia Research Corp.		8,239		35,345
Advisory Board Co. (a)		6,250		310,063
AM Castle & Co. (a)(b)		3,838		6,102
Amdocs Ltd.		22,373		1,220,895
AMN Healthcare Services, Inc. (a)		7,153		222,101
Applied Industrial Technologies, Inc.		5,724		231,765
ARC Document Solutions, Inc. (a)		6,901		30,502
Barnes Group, Inc.		7,338		259,692
Barrett Business Services, Inc.		1,189		51,769
Bazaarvoice, Inc. (a)		12,100		52,998
Black Box Corp.		2,668		25,426
Booz Allen Hamilton Holding Corp.		14,180		437,453
Brink’s Co.		7,067		203,954
Broadridge Financial Solutions, Inc.		17,339		931,625
Cardtronics, Inc. (a)		6,774		227,945
Cartesian, Inc. (a)		2,116		4,655
Casella Waste Systems, Inc. (a)		7,582		45,340
Cass Information Systems, Inc.		1,314		67,618
CBIZ, Inc. (a)		7,954		78,426
CDI Corp.		1,891		12,783
CEB, Inc.		4,960		304,494
Cenveo, Inc. (a)		14,736		12,841

See Notes to Financial Statements.

20 QUANTITATIVE MASTER SERIES LLC DECEMBER 31, 2015

Schedule of Investments (continued) Master Extended Market Index Series

Common Stocks	Shares		Value
Support Services (continued)
Clean Harbors, Inc. (a)		7,847	$	326,828
Comfort Systems USA, Inc.		5,684		161,539
Convergys Corp.		14,425		359,038
CoreLogic, Inc. (a)		13,014		440,654
Corrections Corp. of America		17,287		457,933
CoStar Group, Inc. (a)		4,834		999,139
CRA International, Inc. (a)		1,964		36,629
Crawford & Co., Class B		4,806		25,520
Cross Country Healthcare, Inc. (a)		5,168		84,704
Deluxe Corp.		7,253		395,579
DHI Group, Inc. (a)		7,060		64,740
DigitalGlobe, Inc. (a)		9,862		154,439
DXP Enterprises, Inc. (a)		1,896		43,229
Ennis, Inc.		3,906		75,191
Essendant, Inc.		5,328		173,213
Euronet Worldwide, Inc. (a)		7,338		531,491
Everi Holdings, Inc. (a)		10,402		45,665
EVERTEC, Inc.		10,201		170,765
ExamWorks Group, Inc. (a)		6,007		159,786
ExlService Holdings, Inc. (a)		5,026		225,818
ExOne Co. (a)(b)		1,784		17,911
Exponent, Inc.		3,885		194,056
First Data Corp., Class A (a)		15,814		253,340
FleetCor Technologies, Inc. (a)		11,354		1,622,827
Franklin Covey Co. (a)		2,677		44,813
Frontline Capital Group (a)		300		—
FTI Consulting, Inc. (a)		6,259		216,937
Furmanite Corp. (a)		6,832		45,501
G&K Services, Inc., Class A		2,985		187,757
Genpact Ltd. (a)		22,806		569,694
Global Payments, Inc.		19,352		1,248,398
Global Power Equipment Group, Inc.		4,236		14,741
GP Strategies Corp. (a)		2,813		70,634
HD Supply Holdings, Inc. (a)		27,167		815,825
Heartland Payment Systems, Inc.		5,423		514,209
Heidrick & Struggles International, Inc.		2,753		74,937
Heritage-Crystal Clean, Inc. (a)		3,226		34,196
Higher One Holdings, Inc. (a)		7,183		23,273
Hudson Global, Inc. (a)		7,493		21,880
Huron Consulting Group, Inc. (a)		3,442		204,455
ICF International, Inc. (a)		3,065		108,991
Imperva, Inc. (a)		4,008		253,747
InnerWorkings, Inc. (a)		7,279		54,593
Inovalon Holdings, Inc. (a)		4,101		69,717
Insperity, Inc.		2,802		134,916
Jack Henry & Associates, Inc.		11,869		926,494
Kaman Corp.		3,995		163,036
Kelly Services, Inc., Class A		4,059		65,553
Kforce, Inc.		3,944		99,704
Korn/Ferry International		7,608		252,433
LifeLock, Inc. (a)		13,189		189,262
LinkedIn Corp., Class A (a)		16,901		3,804,077
Lionbridge Technologies, Inc. (a)		10,173		49,949
ManpowerGroup, Inc.		10,793		909,742
MAXIMUS, Inc.		9,617		540,956
McGrath RentCorp		3,244		81,716
Mistras Group, Inc. (a)		2,701		51,562
Mobile Mini, Inc.		6,403		199,325
ModusLink Global Solutions, Inc. (a)		9,568		23,729
Monster Worldwide, Inc. (a)		14,709		84,283
MSC Industrial Direct Co., Inc., Class A		7,144		401,993
Navigant Consulting, Inc. (a)		7,309		117,383
NeuStar, Inc., Class A (a)(b)		7,934		190,178
Odyssey Marine Exploration, Inc. (a)(b)		29,342		7,922
On Assignment, Inc. (a)		7,077		318,111
Park-Ohio Holdings Corp.		1,321		48,586
Perma-Fix Environmental Services (a)		4,810		17,989

Common Stocks	Shares		Value
Support Services (continued)
Planet Payment, Inc. (a)		2,202	$	6,716
Power Solutions International, Inc. (a)(b)		815		14,874
PowerSecure International, Inc. (a)		3,904		58,755
PRGX Global, Inc. (a)		6,115		22,748
Quad/Graphics, Inc.		3,486		32,420
Quest Resource Holding Corp. (a)		17,930		12,013
Rentrak Corp. (a)		1,899		90,259
Resources Connection, Inc.		5,694		93,040
RPX Corp. (a)		8,380		92,180
RR Donnelley & Sons Co.		30,792		453,258
Schnitzer Steel Industries, Inc., Class A		4,015		57,696
ServiceSource International, Inc. (a)		10,518		48,488
Sharps Compliance Corp. (a)		3,499		30,441
StarTek, Inc. (a)		3,340		11,957
Sykes Enterprises, Inc. (a)		5,857		180,278
Team, Inc. (a)		3,235		103,391
TeleTech Holdings, Inc.		2,549		71,143
Tetra Tech, Inc.		8,381		218,074
Towers Watson & Co., Class A		10,112		1,298,988
TransUnion (a)		4,578		126,215
TriNet Group, Inc. (a)		6,322		122,331
TrueBlue, Inc. (a)		6,460		166,410
U.S. Ecology, Inc.		3,348		122,001
UniFirst Corp.		2,249		234,346
Universal Technical Institute, Inc.		3,377		15,737
Viad Corp.		3,107		87,711
WageWorks, Inc. (a)		5,411		245,497
Waste Connections, Inc.		18,095		1,019,110
WEX, Inc. (a)		5,676		501,758
				30,810,910
Technology Hardware & Equipment — 4.0%
3D Systems Corp. (a)(b)		15,956		138,658
ADTRAN, Inc.		7,492		129,012
Advanced Energy Industries, Inc. (a)		6,210		175,308
Advanced Micro Devices, Inc. (a)		94,030		269,866
Agilysys, Inc. (a)		3,119		31,159
Alliance Fiber Optic Products, Inc.		2,288		34,686
Amkor Technology, Inc. (a)		14,118		85,837
Amtech Systems, Inc. (a)		2,148		13,446
Applied Micro Circuits Corp. (a)		12,769		81,339
Applied Optoelectronics, Inc. (a)		1,318		22,617
ARRIS Group, Inc. (a)		19,803		605,378
Atmel Corp.		61,276		527,586
Axcelis Technologies, Inc. (a)		19,244		49,842
Brocade Communications Systems, Inc.		60,969		559,695
Brooks Automation, Inc.		9,688		103,468
Cabot Microelectronics Corp. (a)		3,590		157,170
CalAmp Corp. (a)		5,908		117,746
Cavium, Inc. (a)		8,256		542,502
CEVA, Inc. (a)		3,467		80,989
Ciena Corp. (a)		17,815		368,592
Cirrus Logic, Inc. (a)		9,403		277,671
Clearfield, Inc. (a)(b)		2,370		31,782
Cohu, Inc.		4,081		49,258
CommScope Holding Co., Inc. (a)		18,608		481,761
Comtech Telecommunications Corp.		2,512		50,466
Concurrent Computer Corp.		3,805		18,835
Cray, Inc. (a)		6,048		196,258
Cree, Inc. (a)		15,040		401,117
Cypress Semiconductor Corp. (a)		48,460		475,393
Dataram Corp. (a)		893		589
Diebold, Inc.		9,376		282,124
Digi International, Inc. (a)		4,719		53,702
Diodes, Inc. (a)		5,690		130,756
DSP Group, Inc. (a)		4,564		43,084
Dycom Industries, Inc. (a)		4,935		345,253

See Notes to Financial Statements.

QUANTITATIVE MASTER SERIES LLC DECEMBER 31, 2015 21

Schedule of Investments (continued) Master Extended Market Index Series

Common Stocks	Shares		Value
Technology Hardware & Equipment (continued)
EchoStar Corp., Class A (a)		6,431	$	251,516
Electronics for Imaging, Inc. (a)		7,109		332,275
Emcore Corp. (a)		4,624		28,345
Entegris, Inc. (a)		20,712		274,848
ePlus, Inc. (a)		966		90,089
Exar Corp. (a)		7,831		48,004
Extreme Networks, Inc. (a)		15,559		63,481
Fairchild Semiconductor International, Inc. (a)		16,610		343,993
Finisar Corp. (a)		15,714		228,482
FormFactor, Inc. (a)		8,934		80,406
GigOptix, Inc. (a)		3,517		10,692
GSI Technology, Inc. (a)		4,254		15,825
Harmonic, Inc. (a)		14,595		59,402
Hutchinson Technology, Inc. (a)		7,004		25,144
ID Systems, Inc. (a)		3,541		16,289
Identiv, Inc. (a)		3,365		6,696
Infinera Corp. (a)		20,931		379,270
Ingram Micro, Inc.,, Class A		22,858		694,426
Inphi Corp. (a)		5,391		145,665
Insight Enterprises, Inc. (a)		5,507		138,336
Integrated Device Technology, Inc. (a)		21,529		567,289
InterDigital, Inc.		5,293		259,569
Intersil Corp., Class A		18,742		239,148
Intra-Cellular Therapies, Inc. (a)		4,047		217,688
InvenSense, Inc. (a)		12,074		123,517
Ixia (a)		9,113		113,275
IXYS Corp.		3,911		49,396
Kopin Corp. (a)		11,813		32,131
Kulicke & Soffa Industries, Inc. (a)		10,388		121,228
KVH Industries, Inc. (a)		2,945		27,742
Lantronix, Inc. (a)		9,095		10,277
Lattice Semiconductor Corp. (a)		17,195		111,252
Lexmark International, Inc., Class A		8,961		290,784
Loral Space & Communications, Inc. (a)		1,784		72,627
LRAD Corp. (a)		8,678		17,269
Lumentum Holdings, Inc. (a)		7,236		159,337
Marvell Technology Group Ltd.		67,170		592,439
Mattson Technology, Inc. (a)		12,425		43,860
Maxim Integrated Products, Inc.		41,235		1,566,930
MaxLinear, Inc., Class A (a)		8,148		120,020
Mercury Systems, Inc. (a)		5,217		95,784
Microsemi Corp. (a)		14,003		456,358
MKS Instruments, Inc.		7,749		278,964
Monolithic Power Systems, Inc.		5,291		337,090
MoSys, Inc. (a)		14,659		15,978
Nanometrics, Inc. (a)		4,363		66,056
NCR Corp. (a)		23,357		571,312
Neonode, Inc. (a)		2,930		7,413
NeoPhotonics Corp. (a)		4,199		45,601
NETGEAR, Inc. (a)		4,686		196,390
Nimble Storage, Inc. (a)		7,733		71,144
Oclaro, Inc. (a)		16,359		56,929
OmniVision Technologies, Inc. (a)		8,538		247,773
ON Semiconductor Corp. (a)		60,825		596,085
Optical Cable Corp.		1,750		4,988
PAR Technology Corp. (a)		3,332		22,424
ParkerVision, Inc. (a)		17,069		3,969
PC Connection, Inc.		2,523		57,121
Pendrell Corp. (a)		28,997		14,530
Photronics, Inc. (a)		9,668		120,367
Pixelworks, Inc. (a)		5,286		12,581
Plantronics, Inc.		5,004		237,290
PMC—Sierra, Inc. (a)		28,758		334,168
Polycom, Inc. (a)		19,912		250,692
Power Integrations, Inc.		4,157		202,155
Pure Storage, Inc., Class A Class A (a)(b)		2,968		46,212
QLogic Corp. (a)		12,388		151,134

Common Stocks	Shares		Value
Technology Hardware & Equipment (continued)
Quantum Corp. (a)		45,364	$	42,189
QuickLogic Corp. (a)		9,826		11,103
Qumu Corp. (a)		2,149		5,824
Rambus, Inc. (a)		17,314		200,669
Ruckus Wireless, Inc. (a)		13,425		143,782
Rudolph Technologies, Inc. (a)		5,365		76,290
ScanSource, Inc. (a)		4,115		132,585
Seachange International, Inc. (a)		7,106		47,894
Semtech Corp. (a)		9,792		185,265
ShoreTel, Inc. (a)		10,755		95,182
Sigma Designs, Inc. (a)		6,054		38,261
Silicon Graphics International Corp. (a)		5,817		34,320
Silicon Laboratories, Inc. (a)		5,746		278,911
Solar3D, Inc. (a)(b)		4,851		17,949
Sonic Foundry, Inc. (a)		2,214		11,624
Sonus Networks, Inc. (a)		8,411		59,970
SunEdison Semiconductor, Ltd. (a)		6,099		47,816
SunEdison, Inc. (a)(b)		46,408		236,217
Super Micro Computer, Inc. (a)		5,471		134,094
Synaptics, Inc. (a)		5,402		433,997
SYNNEX Corp.		4,224		379,864
Systemax, Inc. (a)		1,844		15,858
Tech Data Corp. (a)		5,095		338,206
Teradyne, Inc.		30,394		628,244
Tessera Technologies, Inc.		6,799		204,038
TransAct Technologies, Inc.		2,692		23,097
TransEnterix, Inc. (a)		3,409		8,454
Ubiquiti Networks, Inc. (a)		3,764		119,281
Ultra Clean Holdings, Inc. (a)		5,086		26,040
Ultratech, Inc. (a)		4,365		86,514
USA Technologies, Inc. (a)		3,189		9,822
VeriFone Systems, Inc. (a)		17,047		477,657
ViaSat, Inc. (a)		6,611		403,337
Viavi Solutions, Inc. (a)		34,458		209,849
Violin Memory, Inc. (a)(b)		16,615		14,955
Vocera Communications, Inc. (a)		880		10,736
VOXX International Corp. (a)		4,073		21,424
West Corp.		7,325		158,000
Xcerra Corp. (a)		9,468		57,281
				24,829,014
Tobacco — 0.1%
Alliance One International, Inc. (a)		1,357		15,565
Schweitzer-Mauduit International, Inc.		4,407		185,050
Universal Corp.		3,258		182,709
Vector Group Ltd.		12,892		304,122
				687,446
Travel & Leisure — 4.6%
Alaska Air Group, Inc.		18,333		1,475,990
Allegiant Travel Co.		1,891		317,367
AMC Entertainment Holdings, Inc., Class A		3,122		74,928
ARAMARK		32,930		1,061,992
Avis Budget Group, Inc. (a)		15,244		553,205
Belmond Ltd., Class A (a)		13,554		128,763
Biglari Holdings, Inc. (a)		187		60,928
BJ’s Restaurants, Inc. (a)		3,216		139,800
Bloomin’ Brands, Inc.		18,301		309,104
Bob Evans Farms, Inc.		3,169		123,116
Boyd Gaming Corp. (a)		12,026		238,957
Bravo Brio Restaurant Group, Inc. (a)		3,322		29,898
Brinker International, Inc.		8,961		429,680
Buffalo Wild Wings, Inc. (a)		2,828		451,490
Caesars Entertainment Corp. (a)		6,057		47,790
Carmike Cinemas, Inc. (a)		3,932		90,200
Carrols Restaurant Group, Inc. (a)		6,109		71,720
Century Casinos, Inc. (a)		6,355		49,442

See Notes to Financial Statements.

22 QUANTITATIVE MASTER SERIES LLC DECEMBER 31, 2015

Schedule of Investments (continued) Master Extended Market Index Series

Common Stocks	Shares		Value
Travel & Leisure (continued)
Cheesecake Factory, Inc.		6,609	$	304,741
Choice Hotels International, Inc.		5,187		261,477
Churchill Downs, Inc.		1,825		258,219
Chuy’s Holdings, Inc. (a)		2,773		86,906
Cinemark Holdings, Inc.		15,545		519,669
ClubCorp Holdings, Inc.		8,394		153,358
Cracker Barrel Old Country Store, Inc. (b)		3,506		444,666
Dave & Buster’s Entertainment, Inc. (a)		2,735		114,159
Del Frisco’s Restaurant Group, Inc. (a)		4,306		68,982
Denny’s Corp. (a)		13,450		132,214
Diamond Resorts International, Inc. (a)		8,250		210,457
DineEquity, Inc.		2,576		218,110
Domino’s Pizza, Inc.		8,183		910,359
Dover Downs Gaming & Entertainment, Inc. (a)		6,916		6,717
Dover Motorsports, Inc.		1,592		3,709
Dunkin’ Brands Group, Inc.		14,048		598,304
El Pollo Loco Holdings, Inc. (a)		3,382		42,715
Eldorado Resorts, Inc. (a)		4,161		45,771
Empire Resorts, Inc. (a)(b)		827		14,886
Entertainment Gaming Asia, Inc. (a)		791		1,511
Extended Stay America, Inc.		8,445		134,275
Famous Dave’s Of America, Inc. (a)		1,498		10,396
Fiesta Restaurant Group, Inc. (a)		4,111		138,130
Four Corners Property Trust, Inc. (a)		5,579		134,789
Full House Resorts, Inc. (a)		12,945		21,618
Gaming Partners International Corp. (a)		1,026		9,111
Habit Restaurants, Inc. (a)		523		12,060
Hawaiian Holdings, Inc. (a)		6,926		244,696
Hertz Global Holdings, Inc. (a)		57,627		820,032
Hilton Worldwide Holdings, Inc.		76,390		1,634,746
Hyatt Hotels Corp., Class A (a)		4,774		224,473
International Speedway Corp., Class A		3,864		130,294
Interval Leisure Group, Inc.		5,963		93,082
Isle of Capri Casinos, Inc. (a)		3,638		50,677
J Alexander’s Holdings, Inc. (a)		2,293		25,040
Jack in the Box, Inc.		5,379		412,623
Jamba, Inc. (a)(b)		3,045		41,077
JetBlue Airways Corp. (a)		46,143		1,045,139
Krispy Kreme Doughnuts, Inc. (a)		9,511		143,331
La Quinta Holdings, Inc. (a)		13,587		184,919
Las Vegas Sands Corp.		53,318		2,337,461
Luby’s, Inc. (a)		5,639		25,206
Madison Square Garden Co., Class A (a)		3,070		496,726
Marcus Corp.		3,067		58,181
Marriott Vacations Worldwide Corp.		4,040		230,078
MGM Resorts International (a)		69,427		1,577,381
Monarch Casino & Resort, Inc. (a)		2,088		47,439
Morgans Hotel Group Co. (a)		6,164		20,773
Noodles & Co. (a)		3,634		35,213
Norwegian Cruise Line Holdings Ltd. (a)		23,151		1,356,649
Panera Bread Co., Class A (a)		3,597		700,624
Papa John’s International, Inc.		4,382		244,822
Penn National Gaming, Inc. (a)		10,967		175,691
Pinnacle Entertainment, Inc. (a)		8,495		264,364
Planet Fitness, Inc., Class A (a)		386		6,033
Popeyes Louisiana Kitchen, Inc. (a)		3,582		209,547
Potbelly Corp. (a)		735		8,607
Premier Exhibitions, Inc. (a)		849		552
RCI Hospitality Holdings, Inc. (a)		2,654		26,513
Reading International, Inc., Class A (a)		3,819		50,067
Red Lion Hotels Corp. (a)		5,052		35,415
Red Robin Gourmet Burgers, Inc. (a)		2,228		137,557
Regal Entertainment Group, Class A (b)		9,987		188,455
Republic Airways Holdings, Inc. (a)		7,388		29,035
Ruby Tuesday, Inc. (a)		10,132		55,827
Ruth’s Hospitality Group, Inc.		5,660		90,107
Ryman Hospitality Properties, Inc.		7,361		380,122

Common Stocks	Shares		Value
Travel & Leisure (continued)
Sabre Corp.		24,097	$	673,993
Scientific Games Corp., Class A (a)		7,878		70,666
SeaWorld Entertainment, Inc.		9,937		195,660
Shake Shack, Inc., Class A (a)		145		5,742
Six Flags Entertainment Corp.		12,858		706,419
SkyWest, Inc.		6,975		132,664
Sonic Corp.		7,561		244,296
Speedway Motorsports, Inc.		1,762		36,509
Spirit Airlines, Inc. (a)		10,263		408,981
Texas Roadhouse, Inc.		9,171		328,047
Town Sports International Holdings, Inc. (a)		5,154		6,133
Travelport Worldwide Ltd.		14,146		182,483
Travelzoo, Inc. (a)		2,100		17,577
Vail Resorts, Inc.		5,272		674,763
Virgin America, Inc. (a)		2,730		98,307
Wendy’s Co.		31,601		340,343
World Wrestling Entertainment, Inc. (b)		4,999		89,182
Zoe’s Kitchen, Inc. (a)(b)		3,126		87,465
				28,649,483
Total Common Stocks — 97.3%				602,615,176
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
Travel & Leisure — 0.0%
FRD Acquisition Co.		13		—
Total Other Interests — 0.0%				45
Rights	Shares
Health Care Equipment & Services — 0.0%
Hooper Holmes, Inc. (a)		9,589		—
Oil & Gas Producers — 0.0%
Zion Oil & Gas, Inc. (a)		142		—
Technology Hardware & Equipment — 0.0%
Leap Wireless, CVR (a)		8,850		22,302
Total Rights — 0.0%				22,302
Warrants
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 — $419,380,954) — 97.3%				602,637,523

See Notes to Financial Statements.

QUANTITATIVE MASTER SERIES LLC DECEMBER 31, 2015 23

Schedule of Investments (continued) Master Extended Market Index Series

Short-Term Securities	Shares		Value
Money Market Funds
BlackRock Liquidity Funds, TempFund, Institutional Class, 0.23% (c)(e)		15,610,860	$	15,610,860

Short-Term Securities	Beneficial Interest (000)		Value
BlackRock Liquidity Series, LLC, Money Market Series, 0.39% (c)(e)(f)	$	9,971	$	9,970,723
Total Short-Term Securities (Cost — $25,581,583) — 4.1%				25,581,583
Total Investments (Cost — $444,962,537) — 101.4%				628,219,106
Liabilities in Excess of Other Assets — (1.4)%				(8,469,314	)
Net Assets — 100.0%			$	619,749,792

Notes to Schedule of Investments

(a) Non-income producing security.

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

(c) During the year ended December 31, 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 December 31, 2015		Value at December 31, 2015		Income
BlackRock Liquidity Funds, TempFund, Institutional Class		11,546,804		4,064,056	1		—		15,610,860	$	15,610,860	$	15,005
BlackRock Liquidity Series, LLC, Money Market Series	$	8,299,209	$	1,671,514	1		—	$	9,970,723	$	9,970,723	$	773,734	2
PennyMac Mortgage Investment Trust		10,450		—			—		10,450	$	159,467	$	22,572
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 collateral investment expenses, and other payments to and from borrowers of securities.

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

(e) Current yield as of period end.

(f) 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.

Derivative Financial Instruments Outstanding as of Period End

Financial Futures Contracts

Contracts     Long		Issue	Expiration	Notional Value	Unrealized Depreciation
	85	Russell 2000 Mini Index	March 2016	$9,617,750	$	(40,935	)
	54	S&P MidCap 400 E-Mini Index	March 2016	$7,524,900		(24,102	)
	Total				$	(65,037	)

Derivative Financial Instruments Categorized by Risk Exposure

As of period end, the fair values of derivative financial instruments located in the Statement of Assets and Liabilities were as follows:

Liabilities — Derivative Financial Instruments		Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contacts		Total
Financial futures contracts	Net unrealized depreciation1		—		—	$	65,037		—		—		—	$	65,037
1   Includes cumulative depreciation on financial futures contracts, if any, as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statement of Assets and Liabilities.

See Notes to Financial Statements.

24 QUANTITATIVE MASTER SERIES LLC DECEMBER 31, 2015

Schedule of Investments (continued) Master Extended Market Index Series

For the year ended December 31, 2015, the effect of derivative financial instruments in the Statement of Operations was as follows:

Net Realized Gain (Loss) From:	Commodity Contracts		Credit Contracts		Equity Contracts			Foreign Currency Exchange Contracts	Interest Rate Contracts	Other Contacts		Total
Financial futures contracts		—		—	$	(22,164	)	—	—		—	$	(22,164	)
Net Change in Unrealized Appreciation (Depreciation) on:
Financial futures contracts		—		—	$	(435,472	)	—	—		—	$	(435,472	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Financial futures contracts:
Average notional value of contracts – long	$	16,715,258
Average notional value of contracts – short	$	702,000	1
1  Actual amounts for the period are shown due to limited outstanding derivative financial instruments as of each quarter end.

For more information about the Series’ investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of investments and derivative financial instruments. For information about the Series’ policy regarding valuation of investments and derivative financial instruments, refer to the Notes to Financial Statements.

The following tables summarize the Series’ investments and derivative financial instruments categorized in the disclosure hierarchy:

	Level 1		Level 2		Level 3		Total
Assets:
Investments:
Common Stocks:
Aerospace & Defense	$	10,409,138		—		—	$	10,409,138
Alternative Energy		804,628		—		—		804,628
Automobiles & Parts		13,119,474		—		—		13,119,474
Banks		40,173,807		—		—		40,173,807
Beverages		557,431		—		—		557,431
Chemicals		13,236,762		—		—		13,236,762
Construction & Materials		15,287,644		—		—		15,287,644
Electricity		8,787,077		—		—		8,787,077
Electronic & Electrical Equipment		16,991,663		—		—		16,991,663
Financial Services		25,203,078		—		—		25,203,078
Fixed Line Telecommunications		1,459,116		—		—		1,459,116
Food & Drug Retailers		4,642,822		—		—		4,642,822
Food Producers		11,020,804		—		—		11,020,804
Forestry & Paper		1,375,976		—		—		1,375,976
Gas, Water & Multi-Utilities		10,337,740		—		—		10,337,740
General Industrials		7,725,931		—		—		7,725,931
General Retailers		27,284,639		—		—		27,284,639
Health Care Equipment & Services		33,288,358		—		—		33,288,358
Household Goods & Home Construction		10,282,782		—		—		10,282,782
Industrial Engineering		14,631,652		—		—		14,631,652
Industrial Metals & Mining		2,843,549	$	20,917		—		2,864,466
Industrial Transportation		6,789,754		—		—		6,789,754
Leisure Goods		4,726,426		—		—		4,726,426
Life Insurance		3,184,828		—		—		3,184,828
Media		28,156,546		—		—		28,156,546
Mining		1,314,595		—		—		1,314,595
Mobile Telecommunications		5,126,778		—		—		5,126,778
Nonlife Insurance		23,369,843		—		—		23,369,843
Oil & Gas Producers		12,206,921		—		—		12,206,921
Oil Equipment, Services & Distribution		7,387,554		—		—		7,387,554
Personal Goods		6,013,644		—		—		6,013,644
Pharmaceuticals & Biotechnology		40,076,312		—		—		40,076,312
Real Estate Investment & Services		8,982,891		—		—		8,982,891
Real Estate Investment Trusts (REITs)		55,273,000		—		—		55,273,000

See Notes to Financial Statements.

QUANTITATIVE MASTER SERIES LLC DECEMBER 31, 2015 25

Schedule of Investments (concluded) Master Extended Market Index Series

	Level 1			Level 2			Level 3		Total
Assets (concluded):
Investments (concluded):
Common Stocks (concluded):
Software & Computer Services	$	45,544,243			—			—	$	45,544,243
Support Services		30,810,910			—			—		30,810,910
Technology Hardware & Equipment		24,829,014			—			—		24,829,014
Tobacco		687,446			—			—		687,446
Travel & Leisure		28,649,483			—			—		28,649,483
Other Interests:
Technology Hardware & Equipment		—			—		$	45		45
Rights:
Technology Hardware & Equipment		—			—			22,302		22,302
Short-Term Securities:
Money Market Funds		15,610,860			9,970,723			—		25,581,583
Total	$	618,205,119		$	9,991,640		$	22,347	$	628,219,106
	Level 1			Level 2			Level 3		Total
Derivative Financial Instruments 1
Liabilities:
Equity contracts	$	(65,037	)		—			—	$	(65,037	)
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 period end, such assets and/or liabilities are categorized within the disclosure hierarchy as follows:
	Level 1			Level 2			Level 3		Total
Assets:
Cash pledged for financial futures contracts	$	827,700			—			—	$	827,700
Liabilities:
Bank overdraft		—		$	(992	)		—		(992	)
Collateral on securities loaned at value		—			(9,970,723	)		—		(9,970,723	)
Total	$	827,700		$	(9,971,715	)		—	$	(9,144,015	)

During the year ended December 31, 2015, there were no transfers between levels.

See Notes to Financial Statements.

26 QUANTITATIVE MASTER SERIES LLC DECEMBER 31, 2015

Statement of Assets and Liabilities Master Extended Market Index Series

December 31, 2015
Assets
Investments at value — unaffiliated (including securities loaned at value of $9,453,348) (cost — $419,156,271)	$	602,478,056
Investments at value — affiliated (cost — $25,806,266)		25,741,050
Cash pledged for financial futures contracts		827,700
Receivables:
Dividends		833,596
Investments sold		135,005
Securities lending income — affiliated		81,146
Contributions from investors		52,110
Prepaid expenses		2,600
Total assets		630,151,263
Liabilities
Collateral on securities loaned at value		9,970,723
Variation margin payable on financial futures contracts		166,643
Bank overdraft		992
Payables:
Withdrawals to investors		91,541
Directors’ fees		5,600
Investment advisory fees		4,486
Other affiliates		1,741
Other accrued expenses		159,745
Total liabilities		10,401,471
Net Assets	$	619,749,792
Net Assets Consist of
Investors’ capital	$	436,558,260
Net unrealized appreciation (depreciation)		183,191,532
Net Assets	$	619,749,792

See Notes to Financial Statements.
	QUANTITATIVE MASTER SERIES LLC	DECEMBER 31, 2015	27

Statement of Operations Master Extended Market Index Series

Year Ended December 31, 2015
Investment Income
Dividends — unaffiliated	$	8,060,812
Securities lending — affiliated — net		773,734
Dividends — affiliated		37,577
Foreign taxes withheld		(11,609	)
Total income		8,860,514
Expenses
Accounting services		132,210
Professional		80,201
Investment advisory		66,372
Custodian		53,501
Pricing fees		44,946
Printing		25,692
Directors		23,613
Miscellaneous		9,936
Total expenses		436,471
Less fees waived by the Manager		(9,674	)
Total expenses after fees waived		426,797
Net investment income		8,433,717
Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
Investments		41,473,965
Financial futures contracts		(22,164	)
		41,451,801
Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated		(71,198,336	)
Investments — affiliated		(60,923	)
Financial futures contracts		(435,472	)
		(71,694,731	)
Net realized and unrealized loss		(30,242,930	)
Net Decrease in Net Assets Resulting from Operations	$	(21,809,213	)

See Notes to Financial Statements.
28	QUANTITATIVE MASTER SERIES LLC	DECEMBER 31, 2015

Statements of Changes in Net Assets Master Extended Market Index Series

	Year Ended December 31,
Increase (Decrease) in Net Assets:	2015			2014
Operations
Net investment income	$	8,433,717		$	8,698,004
Net realized gain		41,451,801			20,960,291
Net change in unrealized appreciation (depreciation)		(71,694,731	)		17,661,052
Net increase (decrease) in net assets resulting from operations		(21,809,213	)		47,319,347
Capital Transactions
Proceeds from contributions		74,606,931			107,596,542
Value of withdrawals		(94,072,983	)		(109,758,116	)
Net decrease in net assets derived from capital transactions		(19,466,052	)		(2,161,574	)
Net Assets
Total increase (decrease) in net assets		(41,275,265	)		45,157,773
Beginning of year		661,025,057			615,867,284
End of year	$	619,749,792		$	661,025,057

See Notes to Financial Statements.
	QUANTITATIVE MASTER SERIES LLC	DECEMBER 31, 2015	29

Financial Highlights Master Extended Market Index Series

	Year Ended December 31,
	2015		2014		2013		2012		2011
Total Return
Total return		(3.32)%		7.66%		37.98%		18.04%		(3.55)%
Ratios to Average Net Assets
Total expenses		0.07%		0.07%1		0.07%		0.10%		0.08%
Total expenses after fees waived and/or reimbursed		0.06%		0.07%1		0.06%		0.09%		0.08%
Net investment income		1.27%		1.35%1		1.32%		1.83%		1.29%
Supplemental Data
Net assets, end of year (000)		$619,750		$661,025		$615,867		$398,305		$439,752
Portfolio turnover rate		14%		10%		18%		12%		12%

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

See Notes to Financial Statements.
30	QUANTITATIVE MASTER SERIES LLC	DECEMBER 31, 2015

Notes to Financial Statements Master Extended Market Index Series

1. Organization:

Master Extended Market Index Series (the “Series”), a series of Quantitative Master Series LLC (the “Master LLC”), is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as a diversified, open-end management investment company. The Master LLC is organized as a Delaware limited liability company. The Master LLC’s Limited Liability Company Agreement permits the Board of Directors of 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 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, disclosure of contingent assets and liabilities at the date of 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. Below is a summary of significant accounting policies:

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

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

Indemnifications: In the normal course of business, the Series enters into contracts that contain a variety of representations that provide general indemnification. The Series’ maximum exposure under these arrangements is unknown because it involves future potential claims against the Series, which cannot be predicted with any certainty.

Other: Expenses directly related to the Series are charged to the Series. Other operating expenses shared by several funds, including other funds managed by the Manager, 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. Effective September 2015, the arrangement with its custodian for earning credits on uninvested cash balances has ceased and the custodian will be imposing fees on certain uninvested cash balances.

3. Investment Valuation and Fair Value Measurements:

Investment Valuation Policies: The Series’ investments are valued at fair value (also referred to as “market value” within the financial statements) 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 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.

Fair Value Inputs and Methodologies: The following methods (or “techniques”) and inputs are used to establish the fair value of the Series’ assets and liabilities:

• 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.

• Investments in open-end U.S. mutual funds are valued at net asset value (“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

QUANTITATIVE MASTER SERIES LLC DECEMBER 31, 2015 31

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

liquidity and preserving capital. Although the Money Market Series is not registered under the 1940 Act, its investments may 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.

• Financial futures contracts traded on exchanges are valued at their last sale price.

If events (e.g., a company announcement, market volatility or a natural disaster) occur that are expected to materially affect the value of such instruments, or 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 Valued Investments”). When determining the price for Fair Valued Investments, the Global Valuation Committee, or its delegate, seeks to determine the price that the 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 Valued Investments is subsequently reported to the Board or a committee thereof on a quarterly basis.

Fair Value Hierarchy: Various inputs are used in determining the fair value of investments and derivative financial instruments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial statement purposes as follows:

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

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

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

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The significant unobservable inputs used by the Global Valuation Committee in determining the price for Fair Valued Investments are typically categorized as Level 3. The fair value hierarchy for the Series’ investments and derivative financial instruments has been included in the Schedule of Investments.

Changes in valuation techniques may result in transfers into or out of an assigned level within the hierarchy. In accordance with the Series’ policy, transfers between different levels of the fair value hierarchy are deemed to have occurred as of the beginning of the reporting period. The categorization of a value determined for investments and derivative financial instruments is based on the pricing transparency of the investments and derivative financial instruments and is not necessarily an indication of the risks associated with investing in those securities.

4. Securities and Other Investments:

Warrants: Warrants entitle the Series to purchase a specified 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. If the price of the underlying stock does not rise above the exercise price before the warrant expires, the warrant generally expires without any value and the Series will lose any amount it paid for the warrant. Thus, investments in warrants may involve more risk than investments in common stock. Warrants may trade in the same markets as their underlying stock; however, the price of the warrant does not necessarily move with the price of the underlying stock.

32 QUANTITATIVE MASTER SERIES LLC DECEMBER 31, 2015

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

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 any securities on loan, all of which were classified as common stocks in the Series’ Schedule of Investments, and the value of any 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 period end, 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, absent an event of default the borrower can resell or re-pledge the loaned securities, and the Series can reinvest cash collateral received in connection with loaned securities. Upon an event of default, the parties’ obligations to return the securities or collateral to the other party are extinguished, and the parties can resell or re-pledge the loaned securities or the collateral received in connection with the loaned securities in order to satisfy the defaulting party’s net payment obligation for all transactions under the MSLA. The defaulting party remains liable for any deficiency.

As of period end, 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.	$	143,941	$	(143,941	)		—
BNP Paribas S.A.		1,154,682		(1,154,682	)		—
Citigroup Global Markets, Inc.		625,502		(625,502	)		—
Credit Suisse Securities (USA) LLC		185,316		(185,316	)		—
Deutsche Bank Securities, Inc.		680,593		(680,593	)		—
Goldman Sachs & Co.		1,468,701		(1,468,701	)		—
JP Morgan Securities LLC		1,145,582		(1,145,582	)		—
Merrill Lynch, Pierce, Fenner & Smith, Inc.		214,944		(214,944	)		—
Morgan Stanley		3,088,057		(3,088,057	)		—
National Financial Services LLC		110,900		(110,900	)		—
SG Americas Securities LLC		359,621		(359,621	)		—
UBS Securities LLC		275,509		(275,509	)		—
Total	$	9,453,348	$	(9,453,348	)		—

¹  Collateral with a value of $9,970,723 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.

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 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.

5. 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

QUANTITATIVE MASTER SERIES LLC DECEMBER 31, 2015 33

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

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.

6. 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 personnel, facilities, equipment and certain other services necessary to the operations of the Series. For such services, the Series pays the Manager a monthly fee at an annual rate of 0.01% of the Series’ average daily net assets.

The Manager voluntarily agreed to waive its investment advisory fees by the amount of investment advisory fees the Series pays to the Manager indirectly through its investment in affiliated money market funds. This amount is shown as 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 year ended December 31, 2015, the Series reimbursed the Manager $7,027 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 fund fees and expenses, and certain other fund expenses, which constitute extraordinary expenses not incurred in the ordinary course of the Series’ business. The expense limitation as a percentage of average daily net assets is 0.12%. The Manager has agreed not to reduce or discontinue this contractual expense limitation 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 year ended December 31, 2015, the Series paid BIM $183,281 for securities lending agent services.

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

34 QUANTITATIVE MASTER SERIES LLC DECEMBER 31, 2015

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

7. Purchases and Sales:

For the year ended December 31, 2015, purchases and sales of investments, excluding short-term securities, were $87,172,753 and $97,011,091, respectively.

8. 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, 2015. The statutes of limitations on the Series’ state and local tax returns may remain open for an additional year depending upon the jurisdiction.

Management has analyzed tax laws and regulations and their application to the Series as of December 31, 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 period end, gross unrealized appreciation and depreciation based on cost for federal income tax purposes were as follows:

Tax cost	$	448,178,517
Gross unrealized appreciation	$	236,289,887
Gross unrealized depreciation		(56,249,298	)
Net unrealized appreciation	$	180,040,589

9. 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 funds, the Participating Funds, including the Series, can borrow up to an aggregate commitment amount of $1.6 billion at any time outstanding, 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, if applicable, are included in miscellaneous expenses in the Statement of Operations, and along with commitment fees, were allocated among such funds based upon portions of the aggregate commitment available to them and relative net assets of Participating Funds. During the year ended December 31, 2015, the Series did not borrow under the credit agreement.

10. 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 to meet all its obligations, including the ability 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 of securities owned by the Series. Changes arising from the general economy, the overall market and local, regional or global political or/and social instability, as well as currency, interest rate and price fluctuations, may also affect the securities’ value.

Counterparty Credit Risk: Similar to issuer credit risk, the Series may be exposed to counterparty credit risk, or the risk that an entity may fail to or be unable to perform on its commitments related to unsettled or open transactions. 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 approximately their value recorded in the Statement of Assets and Liabilities, less any collateral held by the Series.

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

QUANTITATIVE MASTER SERIES LLC DECEMBER 31, 2015 35

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

clearinghouse in the event of a default (including the bankruptcy or insolvency). 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.

Concentration Risk: As of period end, 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.

11. 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.

36 QUANTITATIVE MASTER SERIES LLC DECEMBER 31, 2015

Report of Independent Registered Public Accounting Firm

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

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Master Extended Market Index Series, one of the series constituting Quantitative Master Series LLC (the “Series”) as of December 31, 2015, and the related statement of operations for the year then ended, the statement of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended. These financial statements and financial highlights are the responsibility of the Series’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. The Series is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Series’ internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of December 31, 2015, by correspondence with the custodian and brokers; where replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Master Extended Market Index Series of Quantitative Master Series LLC as of December 31, 2015, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

Deloitte & Touche LLP

Boston, Massachusetts

February 17, 2016

QUANTITATIVE MASTER SERIES LLC DECEMBER 31, 2015 37

Officers and Directors

Name, Address1 and Year of Birth	Position(s) Held with the Master LLC	Length of Time Served as a Director3	Principal Occupation(s) During Past Five Years	Number of BlackRock- Advised Registered Investment Companies (“RICs”) Consisting of Investment Portfolios (“Portfolios”) Overseen	Public Directorships
Independent Directors2
Rodney D. Johnson 1941	Chair of the Board and Director	Since 2007	President, Fairmount Capital Advisors, Inc. from 1987 to 2013; Member of the Archdiocesan Investment Committee of the Archdiocese of Philadelphia from 2004 to 2012; Director, The Committee of Seventy (civic) from 2006 to 2012; Director, Fox Chase Cancer Center from 2004 to 2011.	33 RICs consisting of 155 Portfolios	None
David O. Beim 1940	Director	Since 2007	Professor of Professional Practice at the Columbia University Graduate School of Business since 1991; Trustee, Phillips Exeter Academy from 2002 to 2012; Chairman, Wave Hill, Inc. (public garden and cultural center) from 1990 to 2006.	33 RICs consisting of 155 Portfolios	None
Collette Chilton 1958	Director	Since 2015	Chief Investment Officer, Williams College since 2006; Chief Investment Officer, Lucent Asset Management Corporation from 1998 to 2006.	33 RICs consisting of 155 Portfolios	None
Frank J. Fabozzi 1948	Director	Since 2014	Editor of and Consultant for The Journal of Portfolio Management since 2006; Professor of Finance, EDHEC Business School since 2011; Visiting Professor, Princeton University from 2013 to 2014; Professor in the Practice of Finance and Becton Fellow, Yale University School of Management from 2006 to 2011.	108 RICs consisting of 230 Portfolios	None
Dr. Matina S. Horner 1939	Director	Since 2007	Executive Vice President, Teachers Insurance and Annuity Association and College Retirement Equities Fund from 1989 to 2003.	33 RICs consisting of 155 Portfolios	NSTAR (electric and gas utility)
Herbert I. London 1939	Director	Since 2007	Professor Emeritus, New York University since 2005; President, London Center for Policy Research since 2012; John M. Olin Professor of Humanities, New York University from 1993 to 2005 and Professor thereof from 1980 to 2005; President Emeritus, Hudson Institute (policy research organization) from 2011 to 2012, President thereof from 1997 to 2011 and Trustee from 1980 to 2012; Chairman of the Board of Trustees for Grantham University since 2006; Director, InnoCentive, Inc. (global internet service) since 2005; Director, Cerego, LLC (educational software) since 2005; Director, Cybersettle (online adjudication) since 2009; Director, AIMS Worldwide, Inc. (marketing) from 2007 to 2012.	33 RICs consisting of 155 Portfolios	None
Cynthia A. Montgomery 1952	Director	Since 2007	Professor, Harvard Business School since 1989; Director, McLean Hospital from 2005 to 2012; Director, Harvard Business School Publishing from 2005 to 2010.	33 RICs consisting of 155 Portfolios	Newell Rubbermaid, Inc. (manufacturing)
Joseph P. Platt 1947	Director	Since 2007	Director, Jones and Brown (Canadian insurance broker) since 1998; General Partner, Thorn Partners, LP (private investments) since 1998; Director, WQED Multi-Media (public broadcasting not-for-profit) since 2001; Director, The West Penn Allegheny Health System (a not-for-profit health system) from 2008 to 2013; Partner, Amarna Corporation, LLC (private investment company) from 2002 to 2008.	33 RICs consisting of 155 Portfolios	Greenlight Capital Re, Ltd. (reinsurance company)
Robert C. Robb, Jr. 1945	Director	Since 2007	Partner, Lewis, Eckert, Robb and Company (management and financial consulting firm) since 1981.	33 RICs consisting of 155 Portfolios	None
Toby Rosenblatt 1938	Director	Since 2007	President, Founders Investments Ltd. (private investments) since 1999; Director, Forward Management, LLC since 2007; Director, College Futures Foundation (philanthropic foundation) since 2009; Director, The James Irvine Foundation (philanthropic foundation) from 1998 to 2008.	33 RICs consisting of 155 Portfolios	None

38 QUANTITATIVE MASTER SERIES LLC DECEMBER 31, 2015

Officers and Directors (continued)

Name, Address1 and Year of Birth	Position(s) Held with the Master LLC	Length of Time Served as a Director3	Principal Occupation(s) During Past Five Years	Number of BlackRock- Advised Registered Investment Companies (“RICs”) Consisting of Investment Portfolios (“Portfolios”) Overseen	Public Directorships
Independent Directors2 (concluded)
Mark Stalnecker 1951	Director	Since 2015	Chief Investment Officer, University of Delaware from 1999 to 2013; Trustee, Winterthur Museum and Country Estate since 2001; Member of the Investment Committee, Delaware Public Employees’ Retirement System since 2002; Member of the Investment Committee, Christiana Care Health System since 2009; Member of the Investment Committee, Delaware Community Foundation from 2013 to 2014.	33 RICs consisting of 155 Portfolios	None
Kenneth L. Urish 1951	Director	Since 2007	Managing Partner, Urish Popeck & Co., LLC (certified public accountants and consultants) since 1976; Immediate past- Chairman of the Professional Ethics Committee of the Pennsylvania Institute of Certified Public Accountants and Committee Member thereof since 2007; Member of External Advisory Board, The Pennsylvania State University Accounting Department since 2001; Principal, UP Strategic Wealth Investment Advisors, LLC since 2013; Trustee, The Holy Family Institute from 2001 to 2010; President and Trustee, Pittsburgh Catholic Publishing Associates from 2003 to 2008; Director, Inter-Tel from 2006 to 2007.	33 RICs consisting of 155 Portfolios	None
Frederick W. Winter 1945	Director	Since 2007	Director, Alkon Corporation (pneumatics) since 1992; Professor and Dean Emeritus of the Joseph M. Katz School of Business, University of Pittsburgh from 2005 to 2013 and Dean thereof from 1997 to 2005; Director, Tippman Sports (recreation) from 2005 to 2013; Director, Indotronix International (IT services) from 2004 to 2008.	33 RICs consisting of 155 Portfolios	None
	1    The address of each Director is c/o BlackRock, Inc., 55 East 52nd Street, New York, NY 10055.
	2    Independent Directors serve until their resignation, retirement, removal or death, or until December 31 of the year in which they turn 75. The Board has determined to extend the terms of Independent Directors on a case-by-case basis, as appropriate. The Board has unanimously approved extending the mandatory retirement age for David O. Beim and Dr. Matina S. Horner until December 31, 2016, which the Board believes is in the best interest of shareholders of the Master LLC.
	3    Date shown is the earliest date a person has served for the Master LLC. Following the combination of Merrill Lynch Investment Managers, L.P. (“MLIM”) and BlackRock, Inc. (“BlackRock”) in September 2006, the various legacy MLIM and legacy BlackRock fund boards were realigned and consolidated into three new fund boards in 2007. As a result, although the chart shows certain Independent Directors as joining the Master LLC’s board in 2007, those Independent Directors first became members of the boards of other legacy MLIM or legacy BlackRock funds as follows: David O. Beim, 1998; Dr. Matina S. Horner, 2004; Rodney D. Johnson, 1995; Herbert I. London, 1987; Cynthia A. Montgomery, 1994; Joseph P. Platt, 1999; Robert C. Robb, Jr., 1999; Toby Rosenblatt, 2005; Kenneth L. Urish, 1999; and Frederick W. Winter, 1999. Frank J. Fabozzi first became a member of the board of other funds advised by BlackRock Advisors, LLC or its affiliates in 1988.
Interested Directors4
Barbara G. Novick 1960	Director	Since 2015	Vice Chairman of BlackRock since 2006; Chair of BlackRock’s Government Relations Steering Committee since 2009; Head of the Global Client Group of BlackRock from 1988 to 2008.	108 RICs consisting of 230 Portfolios	None
John M. Perlowski 1964	Director, President and Chief Executive Officer	Since 2015 (Director); since 2010 (President and Chief Executive Officer)	Managing Director of BlackRock since 2009; Head of BlackRock Global Fund Services since 2009; Managing Director and Chief Operating Officer of the Global Product Group at Goldman Sachs Asset Management, L.P. from 2003 to 2009; Treasurer of Goldman Sachs Mutual Funds from 2003 to 2009 and Senior Vice President thereof from 2007 to 2009; Director of Goldman Sachs Offshore Funds from 2002 to 2009; Director of Family Resource Network (charitable foundation) since 2009.	136 RICs consisting of 328 Portfolios	None
	4    Mr. Perlowski and Ms. Novick are both “interested persons,” as defined in the 1940 Act, of the Master LLC based on their positions with BlackRock and its affiliates. Mr. Perlowski and Ms. Novick are also board members of a complex of BlackRock registered open-end funds. Mr. Perlowski is also a board member of the BlackRock Equity-Bond Complex and the BlackRock Equity-Liquidity Complex, and Ms. Novick is also a board member of the BlackRock Equity-Liquidity Complex. Interested Directors serve until their resignation, retirement, removal or death, or until December 31 of the year in which they turn 75. The maximum age limitation may be waived as to any Director by action of a majority of the Directors upon a finding of good cause therefor.

QUANTITATIVE MASTER SERIES LLC DECEMBER 31, 2015 39

Officers and Directors (concluded)

Name, Address1 and Year of Birth	Position(s) Held with the Master LLC	Length of Time Served as an Officer	Principal Occupation(s) During Past Five Years
Officers2
John M. Perlowski 1964	Director, President and Chief Executive Officer	Since 2015 (Director); since 2010 (President and Chief Executive Officer)	Managing Director of BlackRock since 2009; Head of BlackRock Global Fund Services since 2009; Managing Director and Chief Operating Officer of the Global Product Group at Goldman Sachs Asset Management, L.P. from 2003 to 2009; Treasurer of Goldman Sachs Mutual Funds from 2003 to 2009 and Senior Vice President thereof from 2007 to 2009; Director of Goldman Sachs Offshore Funds from 2002 to 2009; Director of Family Resource Network (charitable foundation) since 2009.
Jennifer McGovern 1977	Vice President	Since 2014	Director of BlackRock since 2011; Head of Product Structure and Oversight for BlackRock’s U.S. Wealth Advisory Group since 2013; Vice President of BlackRock from 2008 to 2010.
Neal Andrews 1966	Chief Financial Officer	Since 2007	Managing Director of BlackRock since 2006; Senior Vice President and Line of Business Head of Fund Accounting and Administration at PNC Global Investment Servicing (U.S.) Inc. from 1992 to 2006.
Jay Fife 1970	Treasurer	Since 2007	Managing Director of BlackRock since 2007; Director of BlackRock in 2006; Assistant Treasurer of the MLIM and Fund Asset Management, L.P. advised funds from 2005 to 2006; Director of MLIM Fund Services Group from 2001 to 2006.
Charles Park 1967	Chief Compliance Officer	Since 2014	Anti-Money Laundering Compliance Officer for the BlackRock-advised Funds in the Equity-Bond Complex, the Equity-Liquidity Complex and the Closed-End Complex from 2014 to 2015; Chief Compliance Officer of BlackRock Advisors, LLC and the BlackRock-advised Funds in the Equity-Bond Complex, the Equity-Liquidity Complex and the Closed-End Complex since 2014; Principal of and Chief Compliance Officer for iShares® Delaware Trust Sponsor LLC since 2012 and BlackRock Fund Advisors (“BFA”) since 2006; Chief Compliance Officer for the BFA-advised iShares exchange traded funds since 2006; Chief Compliance Officer for BlackRock Asset Management International Inc. since 2012.
Fernanda Piedra 1969	Anti-Money Laundering Compliance Officer	Since 2015	Director of BlackRock since 2014; Anti-Money Laundering Compliance Officer and Regional Head of Financial Crime for the Americas at BlackRock since 2014; Head of Regulatory Changes and Remediation for the Asset Wealth Management Division of Deutsche Bank from 2010 to 2014; Vice President of Goldman Sachs (Anti-Money Laundering/Suspicious Activities Group) from 2004 to 2010.
Benjamin Archibald 1975	Secretary	Since 2012	Managing Director of BlackRock since 2014; Director of BlackRock from 2010 to 2013; Secretary of the iShares exchange traded funds since 2015; Secretary of the BlackRock-advised mutual funds since 2012.
	1    The address of each Officer is c/o BlackRock, Inc., 55 East 52nd Street, New York, NY 10055.
	2    Officers of the Master LLC serve at the pleasure of the Board.
	Further information about the Officers and Directors is available in the Master LLC’s Statement of Additional Information, which can be obtained without charge by calling (800) 441-7762

Effective September 25, 2015, John M. Perlowski was appointed to serve as a Director of the Master LLC.

Effective December 31, 2015, Herbert I. London and Toby Rosenblatt retired as Directors 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

40 QUANTITATIVE MASTER SERIES LLC DECEMBER 31, 2015

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.

QUANTITATIVE MASTER SERIES LLC DECEMBER 31, 2015 41

Item 2 – Code of Ethics – The registrant (or the “Fund”) has adopted a code of ethics, as of the end of the period covered by this report, applicable to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. During the period covered by this report, the code of ethics was amended to update certain information and to make other non-material changes. During the period covered by this report, there have been no waivers granted under the code of ethics. The registrant undertakes to provide a copy of the code of ethics to any person upon request, without charge, by calling 1-800-441-7762.

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

Kenneth L. Urish

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

Item 4 – Principal Accountant Fees and Services

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

	(a) Audit Fees		(b) Audit-Related Fees1		(c) Tax Fees2		(d) All Other Fees3
Entity Name	Current Fiscal Year End	Previous Fiscal Year End	Current Fiscal Year End	Previous Fiscal Year End	Current Fiscal Year End	Previous Fiscal Year End	Current Fiscal Year End	Previous Fiscal Year End
Master Extended Market Index Series of Quantitative Master Series LLC	$39,463	$39,681	$0	$0	$13,260	$13,000	$0	$0

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

	Current Fiscal Year End	Previous Fiscal Year End
(b) Audit-Related Fees1	$0	$0
(c) Tax Fees2	$0	$0
(d) All Other Fees3	$2,391,000	$2,555,000

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

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

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

2

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

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

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

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

(f) Not Applicable

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

Entity Name	Current Fiscal Year End	Previous Fiscal Year   End
Master Extended Market Index Series of Quantitative Master Series LLC	$13,260	$13,000

Additionally, SSAE 16 Review (Formerly, SAS No. 70) fees for the current and previous fiscal years of $2,391,000 and $2,555,000, respectively, were billed by D&T to the Investment Adviser.

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

Item 5 – Audit Committee of Listed Registrants – Not Applicable

3

Item 6 – Investments

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

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

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

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

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

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

Item 11 –  Controls and Procedures

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

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

Item 12 –  Exhibits attached hereto

(a)(1) Code of Ethics – See Item 2

(a)(2) Certifications – Attached hereto

(a)(3) Not Applicable

(b) Certifications – Attached hereto

4

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

 Master Extended Market Index Series of Quantitative Master Series LLC

By:	/s/ John M. Perlowski
	John M. Perlowski
	Chief Executive Officer (principal executive officer) of
	Master Extended Market Index Series of Quantitative Master Series LLC
Date: February 26, 2016

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

By:	/s/ John M. Perlowski
	John M. Perlowski
	Chief Executive Officer (principal executive officer) of
	Master Extended Market Index Series of Quantitative Master Series LLC
Date: February 26, 2016
By:	/s/ Neal J. Andrews
	Neal J. Andrews
	Chief Financial Officer (principal financial officer) of
	Master Extended Market Index Series of Quantitative Master Series LLC
Date: February 26, 2016

5