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

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-07885

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

Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809

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

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

Date of fiscal year end: 12/31/2016

Date of reporting period: 06/30/2016

Item 1 – Report to Stockholders

Portfolio Management Commentary Master Extended Market Index Series

How did the Series perform?

• For the six-month period ended June 30, 2016, Master Extended Market Index Series (the “Series”), a series of Quantitative Master Series LLC, returned 2.48% while the benchmark Dow Jones U.S. Completion Total Stock Market Index (the “Benchmark Index”) returned 2.37%.

Describe the market environment.

• Market-moving events and headlines in the first half of the year have been dominated by slowing global growth fears and geopolitical events.

• The first week of the year was the worst start to a year since 2009, and by February 11, the S&P 500^® Total Return Index hit a low for the year of (10.27)%. With fears of a global economic slowdown, oil prices cratering, and terrorist attacks in Istanbul, Jakarta, and Pakistan, equities suffered.

• Russia and Saudi Arabia agreed to freeze oil production, and oil began to rebound in February. U.S. equities responded in kind, aided by dovish comments from the Federal Reserve (the “Fed”) officials. In March, the European Central Bank unexpectedly cut rates and increased asset purchases, while the Fed kept rates unchanged and scaled back the expected number of rate hikes this year.

• Domestic equity markets posted gains in the first half of the year despite increased volatility in June from the “Brexit”, i.e., the United Kingdom’s vote to leave the European Union. Following the vote, equity markets declined worldwide, and investors rushed to high quality assets, driving U.S. Treasury yields further down. However, U.S. equities capitalized on the upward momentum from their March rally, which continued through the second quarter as commodities rebounded and dovish comments from the Fed fueled the market.

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 matching the performance of the Benchmark Index as closely as possible before the deduction of Series expenses.

Describe portfolio positioning at period end.

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

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

QUANTITATIVE MASTER SERIES LLC JUNE 30, 2016 1

Portfolio Information as of June 30, 2016 Master Extended Market Index Series

Sector Allocation Percent of
Net Assets

Financials	25	%
Technology	16
Consumer Discretionary	15
Industrial	12
Health Care	11
Materials	5
Utilities	4
Energy	4
Consumer Staples	3
Telecommunications	1
Short-Term Securities	5
Liabilities in Excess of Other Assets	(1	)

For Series compliance purposes, the Series’ sector classifications refer to 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 adviser. 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. These instruments are used to obtain exposure to a security, commodity, index, market, and/or other asset without owning or taking physical custody of securities, commodities and/or other referenced assets 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 and 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 instrument. The Series’ successful use of a derivative financial instrument depends on the investment adviser’s ability to predict pertinent market movements accurately, which cannot be assured. The use of these 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 JUNE 30, 2016

Schedule of Investments June 30, 2016 (Unaudited) Master Extended Market Index Series (Percentages shown are based on Net Assets)

Common Stocks	Shares		Value
Aerospace & Defense — 1.5%
AAR Corp.		4,851	$	113,222
Aerojet Rocketdyne Holdings, Inc. (a)		9,549		174,556
Aerovironment, Inc. (a)		3,384		94,075
Astronics Corp. (a)		3,142		104,503
B/E Aerospace, Inc.		15,284		705,739
BWX Technologies, Inc.		15,397		550,751
CPI Aerostructures, Inc. (a)		2,281		14,028
Cubic Corp.		3,115		125,098
Curtiss-Wright Corp.		6,621		557,819
Ducommun, Inc. (a)		1,874		37,068
Engility Holdings, Inc. (a)		2,637		55,693
Esterline Technologies Corp. (a)		4,542		281,786
HEICO Corp.		2,587		172,838
HEICO Corp., Class A		5,544		297,436
Hexcel Corp.		14,187		590,747
Huntington Ingalls Industries, Inc.		7,115		1,195,533
Innovative Solutions & Support, Inc. (a)		4,600		12,972
KLX, Inc. (a)		7,865		243,815
Kratos Defense & Security Solutions, Inc. (a)		7,970		32,677
LMI Aerospace, Inc. (a)		2,720		21,869
Mantech International Corp., Class A		3,277		123,936
Moog, Inc., Class A (a)		4,945		266,634
Orbital ATK, Inc.		8,889		756,810
RBC Bearings, Inc. (a)		3,324		240,990
Smith & Wesson Holding Corp. (a)		8,345		226,817
Spirit Aerosystems Holdings, Inc., Class A (a)		17,895		769,485
Sturm Ruger & Co., Inc.		2,841		181,852
Taser International, Inc. (a)		8,193		203,842
Teledyne Technologies, Inc. (a)		5,168		511,890
Triumph Group, Inc.		7,156		254,038
VSE Corp.		644		43,019
				8,961,538
Alternative Energy — 0.1%
Aemetis, Inc. (a)		3,787		8,634
Amyris, Inc. (a)(b)		8,820		3,973
Enphase Energy, Inc. (a)(b)		5,033		10,016
FuelCell Energy, Inc. (a)(b)		3,805		23,667
Green Brick Partners, Inc. (a)		5,235		38,059
Green Plains, Inc.		5,207		102,682
MagneGas Corp. (a)		3,416		2,016
Ocean Power Technologies, Inc. (a)		1,146		2,911
Pattern Energy Group, Inc.		8,739		200,735
Plug Power, Inc. (a)		26,664		49,595
Renewable Energy Group, Inc. (a)		5,628		49,695
REX American Resources Corp. (a)		921		55,103
SunPower Corp. (a)		7,815		121,054
TerraVia Holdings, Inc. (a)(b)		13,122		34,380
				702,520
Automobiles & Parts — 1.8%
Allison Transmission Holdings, Inc.		25,654		724,212
American Axle & Manufacturing Holdings, Inc. (a)		11,370		164,638
Autoliv, Inc.		13,229		1,421,456
Cooper Tire & Rubber Co.		8,072		240,707
Cooper-Standard Holding, Inc. (a)		2,584		204,110
Dana Holding Corp.		21,805		230,261
Dorman Products, Inc. (a)		4,690		268,268
Federal-Mogul Corp. (a)		4,135		34,362
Gentex Corp.		42,897		662,759
Gentherm, Inc. (a)		5,419		185,601
Lear Corp.		10,980		1,117,325
Modine Manufacturing Co. (a)		6,807		59,902

Common Stocks	Shares		Value
Automobiles & Parts (continued)
Motorcar Parts of America, Inc. (a)		2,943	$	79,991
Standard Motor Products, Inc.		2,952		117,430
Stoneridge, Inc. (a)		4,259		63,629
Strattec Security Corp.		573		23,361
Superior Industries International, Inc.		3,414		91,427
Tenneco, Inc. (a)		8,465		394,554
Tesla Motors, Inc. (a)(b)		16,789		3,563,969
Titan International, Inc.		6,931		42,972
Tower International, Inc.		3,363		69,210
U.S. Auto Parts Network, Inc. (a)		7,139		28,199
Visteon Corp.		5,070		333,657
WABCO Holdings, Inc. (a)		7,941		727,157
				10,849,157
Banks — 6.2%
1st Source Corp.		2,325		75,307
American National Bankshares, Inc.		2,205		55,522
Ameris Bancorp		4,285		127,264
Ames National Corp.		2,125		56,992
Arrow Financial Corp.		2,712		82,146
Associated Banc-Corp		23,244		398,635
Astoria Financial Corp.		13,130		201,283
Banc of California, Inc.		5,336		96,582
Bancfirst Corp.		1,174		70,816
Bancorp of New Jersey, Inc.		2,128		24,834
Bancorp, Inc. (a)		6,496		39,106
BancorpSouth, Inc.		12,177		276,296
Bank Mutual Corp.		7,238		55,588
Bank of Hawaii Corp.		6,647		457,314
Bank of Marin Bancorp		1,247		60,317
Bank of the Ozarks, Inc.		12,274		460,520
BankFinancial Corp.		3,939		47,229
BankUnited, Inc.		15,771		484,485
Banner Corp.		3,084		131,193
Bar Harbor Bankshares		1,552		54,475
BCB Bancorp, Inc.		3,436		35,185
Bear State Financial, Inc.		2,595		24,471
Beneficial Bancorp, Inc. (a)		12,843		163,363
Berkshire Hills Bancorp, Inc.		4,850		130,562
Blue Hills Bancorp, Inc.		4,128		60,929
BNC Bancorp		5,419		123,065
BofI Holding, Inc. (a)		8,936		158,257
BOK Financial Corp.		3,095		194,056
Boston Private Financial Holdings, Inc.		12,591		148,322
Bridge Bancorp, Inc.		2,180		61,912
Brookline Bancorp, Inc.		11,463		126,437
Bryn Mawr Bank Corp.		2,983		87,104
California First National Bancorp		882		13,027
Camden National Corp.		1,576		66,192
Capital Bank Financial Corp., Class A		3,578		103,046
Capital City Bank Group, Inc.		2,343		32,615
Capitol Federal Financial, Inc.		18,668		260,419
Cardinal Financial Corp.		5,232		114,790
Cascade Bancorp (a)		7,559		41,877
Cathay General Bancorp		10,846		305,857
Centerstate Banks, Inc.		7,831		123,338
Central Pacific Financial Corp.		4,905		115,758
Century Bancorp, Inc., Class A		997		42,203
Chemical Financial Corp.		5,643		210,427
Chicopee Bancorp, Inc.		1,164		21,255
Citizens & Northern Corp.		2,833		57,283
City Holding Co.		2,469		112,265

Portfolio Abbreviations

S&P Standard and Poor’s

See Notes to Financial Statements.

QUANTITATIVE MASTER SERIES LLC JUNE 30, 2016 3

Schedule of Investments (continued) Master Extended Market Index Series

Common Stocks	Shares		Value
Banks (continued)
Civista Bancshares, Inc.		1,968	$	25,781
Clifton Bancorp, Inc.		4,768		71,854
CNB Financial Corp.		2,894		51,513
CoBiz Financial, Inc.		6,271		73,371
Colony Bankcorp, Inc. (a)		463		4,403
Columbia Banking System, Inc.		8,543		239,717
Commerce Bancshares, Inc.		12,380		593,002
Community Bank System, Inc.		6,838		280,973
Community Trust Bancorp, Inc.		2,821		97,776
CommunityOne Bancorp (a)		2,905		36,719
ConnectOne Bancorp, Inc.		4,852		76,128
Cullen/Frost Bankers, Inc.		8,160		520,037
Customers Bancorp, Inc. (a)		4,166		104,692
CVB Financial Corp.		14,284		234,115
Dime Community Bancshares, Inc.		5,246		89,234
Eagle Bancorp, Inc. (a)		4,741		228,090
East West Bancorp, Inc.		21,677		740,920
Eastern Virginia Bankshares, Inc.		2,546		19,222
Enterprise Bancorp, Inc.		1,672		40,111
Enterprise Financial Services Corp.		3,377		94,185
ESSA Bancorp, Inc.		3,300		44,220
Farmers Capital Bank Corp.		1,739		47,562
Fidelity Southern Corp.		3,242		50,802
Financial Institutions, Inc.		2,741		71,458
First Bancorp, Inc.		2,552		54,970
First Bancorp, North Carolina		3,105		54,586
First BanCorp, Puerto Rico (a)		17,284		68,617
First Busey Corp.		4,827		103,250
First Citizens BancShares, Inc., Class A		1,312		339,690
First Commonwealth Financial Corp.		13,854		127,457
First Community Bancshares, Inc.		3,087		69,272
First Connecticut Bancorp, Inc.		2,363		39,131
First Defiance Financial Corp.		1,962		76,224
First Financial Bancorp		9,179		178,532
First Financial Bankshares, Inc.		10,240		335,770
First Financial Corp.		2,125		77,817
First Financial Northwest, Inc.		3,414		45,338
First Horizon National Corp.		34,701		478,180
First Interstate Bancsystem, Inc.		2,871		80,675
First Merchants Corp.		6,100		152,073
First Midwest Bancorp, Inc.		11,596		203,626
First NBC Bank Holding Co. (a)		2,797		46,962
First Niagara Financial Group, Inc.		53,971		525,678
First of Long Island Corp.		2,494		71,503
First Republic Bank		21,420		1,499,186
First South Bancorp, Inc.		3,052		28,506
First United Corp. (a)		2,396		23,577
FirstMerit Corp.		25,439		515,649
Flagstar Bancorp, Inc. (a)		3,391		82,774
Flushing Financial Corp.		4,602		91,488
FNB Corp.		31,145		390,558
Fox Chase Bancorp, Inc.		1,816		36,937
Fulton Financial Corp.		25,185		339,997
German American Bancorp, Inc.		2,419		77,335
Glacier Bancorp, Inc.		11,034		293,284
Great Southern Bancorp, Inc.		1,720		63,588
Great Western Bancorp, Inc.		7,597		239,609
Greene County Bancshares, Inc.		3,466		—
Guaranty Bancorp		3,221		53,791
Hampton Roads Bankshares, Inc. (a)		8,046		14,402
Hancock Holding Co.		12,278		320,579
Hanmi Financial Corp.		5,135		120,621
Heartland Financial USA, Inc.		2,648		93,448
Heritage Commerce Corp.		4,396		46,290
Heritage Financial Corp.		5,517		96,989
HMN Financial, Inc. (a)		1,907		25,897
Home Bancorp, Inc.		1,130		31,041

Common Stocks	Shares		Value
Banks (continued)
Home BancShares, Inc.		18,592	$	367,936
HomeStreet, Inc. (a)		3,639		72,489
HomeTrust Bancshares, Inc. (a)		2,731		50,523
Horizon Bancorp		2,007		50,456
Iberiabank Corp.		4,836		288,854
Independent Bank Corp.		4,043		184,765
Independent Bank Corp./MI		4,221		61,247
Independent Bank Group, Inc.		1,515		65,009
International Bancshares Corp.		8,860		231,157
Investors Bancorp, Inc.		54,036		598,719
Kearny Financial Corp.		4,495		56,547
Lakeland Bancorp, Inc.		6,073		69,111
Lakeland Financial Corp.		2,799		131,581
LegacyTexas Financial Group, Inc.		6,540		175,991
Macatawa Bank Corp.		6,531		48,460
MainSource Financial Group, Inc.		3,542		78,101
MB Financial, Inc.		10,080		365,702
Mercantile Bank Corp.		3,191		76,137
Merchants Bancshares, Inc.		1,376		41,940
Meridian Bancorp, Inc.		7,399		109,357
Meta Financial Group, Inc.		985		50,196
MidSouth Bancorp, Inc.		2,061		20,692
MidWestOne Financial Group, Inc.		1,520		43,411
MutualFirst Financial, Inc.		1,697		46,413
National Bank Holdings Corp., Class A		5,381		109,557
National Bankshares, Inc.		1,700		59,364
NBT Bancorp, Inc.		6,464		185,064
New York Community Bancorp, Inc.		72,798		1,091,242
Northfield Bancorp, Inc.		6,319		93,711
Northrim BanCorp, Inc.		1,757		46,192
Northwest Bancshares, Inc.		15,090		223,785
Norwood Financial Corp.		859		24,052
OceanFirst Financial Corp.		3,257		59,180
OFG Bancorp		7,031		58,357
Ohio Valley Banc Corp.		1,099		24,024
Old National Bancorp		16,667		208,838
Old Second Bancorp, Inc.		6,505		44,429
Opus Bank		2,751		92,984
Oritani Financial Corp.		6,327		101,169
Orrstown Financial Services, Inc.		2,093		37,779
Pacific Continental Corp.		3,946		61,992
Pacific Premier Bancorp, Inc. (a)		3,502		84,048
PacWest Bancorp		17,153		682,346
Park National Corp.		1,932		177,319
Park Sterling Corp.		9,934		70,432
Peapack Gladstone Financial Corp.		2,576		47,682
Penns Woods Bancorp, Inc.		1,209		50,766
Peoples Bancorp of North Carolina, Inc.		1,497		29,356
Peoples Bancorp, Inc.		3,210		69,946
Peoples Financial Corp. (a)		1,245		12,823
Pinnacle Financial Partners, Inc.		5,097		248,988
Popular, Inc.		15,112		442,782
Porter Bancorp, Inc. (a)		6,148		9,345
Preferred Bank		2,333		67,365
PrivateBancorp, Inc.		11,605		510,968
Prosperity Bancshares, Inc.		10,189		519,537
Provident Financial Holdings, Inc.		2,303		42,145
Provident Financial Services, Inc.		8,649		169,866
QCR Holdings, Inc.		1,651		44,891
Renasant Corp.		5,565		179,916
Republic Bancorp, Inc., Class A		1,667		46,059
Republic First Bancorp, Inc. (a)		9,649		41,587
Riverview Bancorp, Inc.		8,387		39,671
S&T Bancorp, Inc.		5,190		126,895
Sandy Spring Bancorp, Inc.		3,931		114,235
Seacoast Banking Corp. of Florida (a)		4,770		77,465
ServisFirst Bancshares, Inc.		3,175		156,813
Shore Bancshares, Inc.		3,680		43,240

See Notes to Financial Statements.

4 QUANTITATIVE MASTER SERIES LLC JUNE 30, 2016

Schedule of Investments (continued) Master Extended Market Index Series

Common Stocks	Shares		Value
Banks (continued)
Sierra Bancorp		2,508	$	41,859
Signature Bank (a)		8,039		1,004,232
Simmons First National Corp., Class A		4,197		193,838
South State Corp.		3,633		247,226
Southside Bancshares, Inc.		4,104		126,896
Southwest Bancorp, Inc.		3,696		62,573
State Bank Financial Corp.		5,894		119,943
Sterling Bancorp		18,367		288,362
Stock Yards Bancorp, Inc.		3,828		108,064
Stonegate Bank		1,619		52,245
Suffolk Bancorp		2,452		76,772
Summit Financial Group, Inc.		2,289		40,057
Sun Bancorp, Inc. (a)		2,292		47,353
SVB Financial Group (a)		7,813		743,485
Synovus Financial Corp.		19,459		564,116
Talmer Bancorp, Inc., Class A		9,264		177,591
TCF Financial Corp.		24,414		308,837
Territorial Bancorp, Inc.		2,198		58,181
Texas Capital Bancshares, Inc. (a)		6,837		319,698
TFS Financial Corp.		10,626		182,980
Tompkins Financial Corp.		2,027		131,755
TowneBank		7,726		167,268
Trico Bancshares		3,317		91,549
TrustCo Bank Corp. NY		14,741		94,490
Trustmark Corp.		9,709		241,269
UMB Financial Corp.		6,522		347,036
Umpqua Holdings Corp.		33,825		523,273
Union Bankshares Corp.		7,003		173,044
United Bancorp, Inc.		3,115		30,434
United Bankshares, Inc.		9,354		350,869
United Community Banks, Inc.		8,915		163,055
United Community Financial Corp.		11,244		68,364
United Financial Bancorp, Inc.		8,517		110,551
United Security Bancshares (a)		4,051		26,007
Univest Corp. of Pennsylvania		3,005		63,165
Valley National Bancorp		33,096		301,836
Washington Federal, Inc.		13,426		325,715
Washington Trust Bancorp, Inc.		2,472		93,738
Waterstone Financial, Inc.		4,056		62,178
Webster Financial Corp.		13,343		452,995
WesBanco, Inc.		5,376		166,925
West BanCorp., Inc.		3,190		59,302
Westamerica Bancorp		3,773		185,858
Western Alliance Bancorp (a)		13,567		442,963
Westfield Financial, Inc.		4,895		37,691
Wilshire Bancorp, Inc.		11,170		116,391
Wintrust Financial Corp.		7,511		383,061
WSFS Financial Corp.		4,170		134,232
Yadkin Financial Corp.		6,794		170,461
Your Community Bankshares, Inc.		633		23,522
				37,857,005
Beverages — 0.1%
Boston Beer Co., Inc., Class A (a)		1,480		253,125
Coca-Cola Bottling Co. Consolidated		720		106,178
Craft Brew Alliance, Inc. (a)		1,760		20,275
National Beverage Corp. (a)		1,810		113,686
Primo Water Corp. (a)		4,659		55,023
Willamette Valley Vineyards, Inc. (a)		2,312		19,398
				567,685
Chemicals — 2.3%
A. Schulman, Inc.		4,402		107,497
Aceto Corp.		4,429		96,951
American Vanguard Corp.		3,882		58,657
Ashland, Inc.		9,264		1,063,229
Axalta Coating Systems Ltd. (a)		25,261		670,174
Axiall Corp.		10,170		331,644

Common Stocks	Shares		Value
Chemicals (continued)
Balchem Corp.		4,662	$	278,088
Cabot Corp.		9,570		436,966
Calgon Carbon Corp.		7,617		100,163
Cambrex Corp. (a)		4,820		249,339
Celanese Corp., Series A		22,045		1,442,845
Chase Corp.		1,295		76,496
Chemours Co.		26,379		217,363
Chemtura Corp. (a)		9,961		262,771
CSW Industrials, Inc. (a)		2,567		83,710
Ferro Corp. (a)		13,135		175,746
FutureFuel Corp.		3,639		39,592
GCP Applied Technologies, Inc. (a)		10,527		274,123
Hawkins, Inc.		1,620		70,324
HB Fuller Co.		7,330		322,447
Huntsman Corp.		29,331		394,502
Ingevity Corp. (a)		6,229		212,035
Innophos Holdings, Inc.		2,611		110,210
Innospec, Inc.		3,555		163,494
Intrepid Potash, Inc. (a)		8,477		12,207
KMG Chemicals, Inc.		1,469		38,179
Koppers Holdings, Inc. (a)		3,035		93,266
Kraton Performance Polymers, Inc. (a)		4,717		131,746
Kronos Worldwide, Inc.		1,631		8,563
LSB Industries, Inc. (a)		2,939		35,503
Metabolix, Inc. (a)		2,331		1,935
Minerals Technologies, Inc.		5,227		296,894
NewMarket Corp.		1,502		622,399
Olin Corp.		23,890		593,428
OMNOVA Solutions, Inc. (a)		7,759		56,253
Platform Specialty Products Corp. (a)		23,518		208,840
PolyOne Corp.		12,483		439,901
Quaker Chemical Corp.		2,000		178,400
Rayonier Advanced Materials, Inc.		6,271		85,223
Rentech, Inc. (a)		3,065		7,356
RPM International, Inc.		20,087		1,003,346
Senomyx, Inc. (a)		7,801		21,453
Sensient Technologies Corp.		6,656		472,842
Stepan Co.		2,616		155,730
TOR Minerals International, Inc. (a)		1,000		4,540
Tredegar Corp.		3,711		59,821
Trinseo SA (a)		4,316		185,286
Tronox Ltd., Class A		9,237		40,735
Univar, Inc. (a)		5,098		96,403
Valspar Corp.		11,061		1,194,920
Westlake Chemical Corp.		6,012		258,035
WR Grace & Co.		10,527		770,682
ZAGG, Inc. (a)		4,990		26,197
				14,338,449
Construction & Materials — 2.3%
AAON, Inc.		5,823		160,191
Advanced Drainage Systems, Inc.		5,190		142,050
AECOM (a)		23,080		733,252
Aegion Corp. (a)		5,610		109,451
Ameresco, Inc., Class A (a)		3,372		14,736
American DG Energy, Inc. (a)		13,435		3,130
American Woodmark Corp. (a)		2,117		140,527
AO Smith Corp.		11,094		977,492
Apogee Enterprises, Inc.		4,223		195,736
Argan, Inc.		1,952		81,437
Armstrong Flooring, Inc. (a)		3,478		58,952
Armstrong World Industries, Inc. (a)		6,956		272,327
BlueLinx Holdings, Inc. (a)		2,204		15,538
Blueprint Medicines Corp. (a)		1,496		30,294
BMC Stock Holdings, Inc. (a)		6,784		120,891
Boise Cascade Co. (a)		5,862		134,533
Builders FirstSource, Inc. (a)		9,577		107,741
Chicago Bridge & Iron Co. NV		14,383		498,083

See Notes to Financial Statements.

QUANTITATIVE MASTER SERIES LLC JUNE 30, 2016 5

Schedule of Investments (continued) Master Extended Market Index Series

Common Stocks	Shares		Value
Construction & Materials (continued)
Continental Building Products, Inc. (a)		5,608	$	124,666
Eagle Materials, Inc.		7,472		576,465
EMCOR Group, Inc.		8,964		441,567
Generac Holdings, Inc. (a)		9,771		341,594
Gibraltar Industries, Inc. (a)		4,813		151,946
Granite Construction, Inc.		5,591		254,670
Great Lakes Dredge & Dock Corp. (a)		9,666		42,144
Griffon Corp.		6,030		101,666
Headwaters, Inc. (a)		11,159		200,193
Hill International, Inc. (a)		7,303		29,723
IES Holdings, Inc. (a)		2,641		32,801
Installed Building Products, Inc. (a)		2,837		102,955
Insteel Industries, Inc.		2,808		80,281
Inteliquent, Inc.		4,943		98,316
KBR, Inc.		21,005		278,106
Layne Christensen Co. (a)		3,913		31,695
LB Foster Co., Class A		1,479		16,106
Lennox International, Inc.		5,793		826,082
Louisiana-Pacific Corp. (a)		21,086		365,842
Masonite International Corp. (a)		4,207		278,251
MasTec, Inc. (a)		9,529		212,687
MDU Resources Group, Inc.		29,843		716,232
Mueller Water Products, Inc., Series A		23,103		263,836
MYR Group, Inc. (a)		3,403		81,944
NCI Building Systems, Inc. (a)		4,543		72,643
Nortek, Inc. (a)		1,510		89,558
Northwest Pipe Co. (a)		2,132		22,983
Omega Flex, Inc.		980		37,279
Orion Marine Group, Inc. (a)		5,034		26,731
Owens Corning		17,628		908,195
Patrick Industries, Inc. (a)		2,393		144,274
PGT, Inc. (a)		7,825		80,598
Ply Gem Holdings, Inc. (a)		3,732		54,375
Primoris Services Corp.		5,751		108,866
Quanex Building Products Corp.		5,075		94,344
Simpson Manufacturing Co., Inc.		5,779		230,987
Sterling Construction Co., Inc. (a)		3,307		16,237
Summit Materials, Inc., Class A (a)		9,278		189,828
Thermon Group Holdings, Inc. (a)		5,345		102,678
TopBuild Corp. (a)		5,711		206,738
TRC Cos., Inc. (a)		4,693		29,660
Trex Co., Inc. (a)		4,657		209,193
Tutor Perini Corp. (a)		5,464		128,677
Universal Forest Products, Inc.		2,945		272,972
US Concrete, Inc. (a)		2,197		133,819
USG Corp. (a)		13,456		362,774
Valmont Industries, Inc.		3,342		452,072
Watsco, Inc.		3,927		552,490
Watts Water Technologies, Inc., Class A		4,067		236,943
				14,211,043
Electricity — 1.5%
ALLETE, Inc.		6,636		428,885
Avangrid, Inc.		8,369		385,476
Black Hills Corp.		7,705		485,723
Calpine Corp. (a)		49,082		723,960
Covanta Holding Corp.		19,675		323,654
Dynegy, Inc. (a)		16,100		277,564
El Paso Electric Co.		6,084		287,591
Empire District Electric Co.		6,920		235,072
Great Plains Energy, Inc.		22,821		693,758
Hawaiian Electric Industries, Inc.		15,944		522,804
IDACORP, Inc.		7,492		609,474
ITC Holdings Corp.		23,310		1,091,374
MGE Energy, Inc.		5,145		290,770
NorthWestern Corp.		7,217		455,176
Ormat Technologies, Inc.		5,198		227,464
Portland General Electric Co.		13,362		589,531

Common Stocks	Shares		Value
Electricity (continued)
Talen Energy Corp. (a)		9,651	$	130,771
TerraForm Global, Inc., Class A (a)		8,295		27,042
TerraForm Power, Inc., Class A (a)		11,225		122,353
U.S. Geothermal, Inc. (a)		45,850		37,528
Unitil Corp.		2,550		108,809
Vivint Solar, Inc. (a)(b)		3,153		9,680
Westar Energy, Inc.		21,335		1,196,680
				9,261,139
Electronic & Electrical Equipment — 2.9%
Allied Motion Technologies, Inc.		1,620		37,681
American Science & Engineering, Inc.		1,261		47,174
Anixter International, Inc. (a)		4,088		217,809
Applied DNA Sciences, Inc. (a)(b)		2,619		8,459
Arrow Electronics, Inc. (a)		13,660		845,554
Avnet, Inc.		19,078		772,850
AVX Corp.		6,239		84,726
AZZ, Inc.		3,802		228,044
Badger Meter, Inc.		2,244		163,879
Bel Fuse, Inc., Class B		2,157		38,351
Belden, Inc.		6,197		374,113
Benchmark Electronics, Inc. (a)		7,614		161,036
Brady Corp., Class A		6,616		202,185
Capstone Turbine Corp. (a)		3,678		5,076
Cognex Corp.		12,485		538,104
Coherent, Inc. (a)		3,619		332,152
Control4 Corp. (a)		3,575		29,172
CTS Corp.		5,283		94,671
CyberOptics Corp. (a)		1,081		16,193
Daktronics, Inc.		6,043		37,769
Electro Rent Corp.		3,274		50,452
Electro Scientific Industries, Inc. (a)		5,070		29,609
eMagin Corp. (a)		6,297		12,090
Encore Wire Corp.		3,187		118,811
Energy Focus, Inc. (a)		610		3,806
EnerNOC, Inc. (a)		4,406		27,846
EnerSys		6,398		380,489
ESCO Technologies, Inc.		3,900		155,766
Fabrinet (a)		4,815		178,733
FARO Technologies, Inc. (a)		2,690		91,003
FEI Co.		5,958		636,791
General Cable Corp.		7,405		94,118
Houston Wire & Cable Co.		3,110		16,328
Hubbell, Inc.		7,742		816,549
II-VI, Inc. (a)		8,248		154,732
Integer Holdings Corp. (a)		3,968		122,730
Intevac, Inc. (a)		5,485		31,155
IntriCon Corp. (a)		2,740		14,632
IPG Photonics Corp. (a)		5,438		435,040
Itron, Inc. (a)		5,713		246,230
Jabil Circuit, Inc.		27,930		515,867
Kemet Corp. (a)		8,847		25,922
Keysight Technologies, Inc. (a)		26,018		756,864
Kimball Electronics, Inc. (a)		3,441		42,840
Knowles Corp. (a)		13,186		180,384
Landauer, Inc.		1,662		68,408
LightPath Technologies, Inc., Class A (a)		6,052		10,530
Littelfuse, Inc.		3,291		388,963
LSI Industries, Inc.		4,195		46,439
MA-COM Technology Solutions Holdings, Inc. (a)		2,990		98,610
Maxwell Technologies, Inc. (a)		5,619		29,668
Mesa Laboratories, Inc.		445		54,735
Methode Electronics, Inc.		5,654		193,536
Mettler-Toledo International, Inc. (a)		4,002		1,460,410
Microvision, Inc. (a)		10,983		18,451
MTS Systems Corp.		2,264		99,254
NAPCO Security Technologies, Inc. (a)		4,487		28,537
National Instruments Corp.		15,074		413,028

See Notes to Financial Statements.

6 QUANTITATIVE MASTER SERIES LLC JUNE 30, 2016

Schedule of Investments (continued) Master Extended Market Index Series

Common Stocks	Shares		Value
Electronic & Electrical Equipment (continued)
Novanta, Inc. (a)		5,584	$	84,598
Nuvectra Corp. (a)		1,322		9,783
NVE Corp.		974		57,125
Orion Energy Systems, Inc. (a)		7,855		9,112
OSI Systems, Inc. (a)		2,791		162,241
Park Electrochemical Corp.		3,206		46,583
Plexus Corp. (a)		5,087		219,758
Powell Industries, Inc.		1,398		54,997
Regal-Beloit Corp.		6,610		363,881
Research Frontiers, Inc. (a)		5,552		20,265
Rofin-Sinar Technologies, Inc. (a)		4,390		140,217
Rogers Corp. (a)		2,685		164,054
Rubicon Technology, Inc. (a)		5,299		3,603
Sanmina Corp. (a)		11,339		303,999
Sensata Technologies Holding NV (a)		25,803		900,267
Synthesis Energy Systems, Inc. (a)(b)		5,951		6,249
Trimble Navigation Ltd. (a)		38,043		926,728
TTM Technologies, Inc. (a)		9,582		72,152
Turtle Beach Corp. (a)		6,063		5,881
Ultralife Corp. (a)		4,545		22,770
Universal Display Corp. (a)		6,278		425,648
Veeco Instruments, Inc. (a)		6,043		100,072
Vicor Corp. (a)		3,135		31,569
Vishay Intertechnology, Inc.		19,362		239,895
Vishay Precision Group, Inc. (a)		2,569		34,476
WESCO International, Inc. (a)		6,116		314,913
Zebra Technologies Corp., Class A (a)		7,748		388,175
				17,393,365
Financial Services — 3.7%
Actinium Pharmaceuticals, Inc. (a)		8,447		14,951
Ally Financial, Inc. (a)		64,424		1,099,718
Artisan Partners Asset Management, Inc., Class A		5,804		160,655
Ashford, Inc. (a)		394		19,700
Associated Capital Group, Inc., Class A		805		23,087
Asta Funding, Inc. (a)		1,501		15,866
Atlanticus Holdings Corp. (a)		251		730
Bats Global Markets, Inc. (a)		4,219		108,386
BBCN Bancorp, Inc.		12,023		179,383
BGC Partners, Inc., Class A		26,138		227,662
Blackhawk Network Holdings, Inc. (a)		8,375		280,479
Calamos Asset Management, Inc., Class A		3,789		27,698
Cash America International, Inc.		4,144		176,617
CBOE Holdings, Inc.		12,335		821,758
CIT Group, Inc.		25,885		825,990
Cohen & Steers, Inc.		3,036		122,776
Consumer Portfolio Services, Inc. (a)		5,716		21,549
Cowen Group, Inc., Class A (a)		17,299		51,205
Credit Acceptance Corp. (a)(b)		1,567		290,020
Del Taco Restaurants, Inc. (a)		4,986		45,373
Diamond Hill Investment Group, Inc.		522		98,355
Eaton Vance Corp.		17,521		619,192
Emergent Capital, Inc. (a)		5,857		19,680
Encore Capital Group, Inc. (a)		3,846		90,496
Enova International, Inc. (a)		4,701		34,599
Essent Group Ltd. (a)		10,209		222,658
EverBank Financial Corp.		11,962		177,755
Evercore Partners, Inc., Class A		6,040		266,908
Ezcorp, Inc., Class A (a)		8,094		61,191
FBR & Co.		1,765		26,351
Federal Agricultural Mortgage Corp., Class C		1,734		60,378
Federated Investors, Inc., Class B		13,995		402,776
Financial Engines, Inc.		7,748		200,441
First Cash Financial Services, Inc.		4,380		224,825
First Marblehead Corp. (a)		1,974		9,594
FNF Group		41,181		1,544,287
FNFV Group (a)		10,595		121,525
FXCM, Inc. (a)		1,155		9,991
GAMCO Investors, Inc., Class A		805		26,380

Common Stocks	Shares		Value
Financial Services (continued)
Green Dot Corp., Class A (a)		7,212	$	165,804
Greenhill & Co., Inc.		4,276		68,844
HealthEquity, Inc. (a)		5,106		155,146
HRG Group, Inc. (a)		18,302		251,286
Impac Mortgage Holdings, Inc. (a)		1,830		28,694
Interactive Brokers Group, Inc., Class A		8,315		294,351
INTL. FCStone, Inc. (a)		2,537		69,235
Investment Technology Group, Inc.		5,189		86,760
Janus Capital Group, Inc.		21,344		297,108
Jason Industries, Inc. (a)		4,507		16,270
KCG Holdings, Inc., Class A (a)		8,227		109,419
Ladder Capital Corp.		8,046		98,161
Ladenburg Thalmann Financial Services, Inc. (a)		20,288		47,880
Lazard Ltd., Class A		19,524		581,425
LendingClub Corp. (a)		31,122		133,825
LendingTree, Inc. (a)(b)		1,072		94,690
Liberty Broadband Corp., Class A (a)		3,689		219,127
Liberty Broadband Corp., Class C (a)		10,186		611,160
Liberty TripAdvisor Holdings, Inc., Series A (a)		9,896		216,524
LPL Financial Holdings, Inc.		12,122		273,109
MarketAxess Holdings, Inc.		5,541		805,661
Marlin Business Services Corp.		1,640		26,732
MGIC Investment Corp. (a)		50,456		300,213
Moelis & Co., Class A		3,091		69,547
MoneyGram International, Inc. (a)		5,436		37,237
MSCI, Inc.		12,932		997,316
Nelnet, Inc., Class A		2,846		98,898
NewStar Financial, Inc. (a)		4,431		37,309
NMI Holdings, Inc., Class A (a)		7,757		42,508
NorthStar Asset Management Group, Inc.		29,889		305,167
NRG Yield, Inc., Class A		5,864		89,250
NRG Yield, Inc., Class C		9,117		142,134
Ocwen Financial Corp. (a)		16,212		27,723
Ohr Pharmaceutical, Inc. (a)		3,478		9,530
On Deck Capital, Inc. (a)(b)		6,601		33,995
OneMain Holdings, Inc. (a)		6,952		158,645
Oppenheimer Holdings, Inc., Class A		1,705		26,359
PICO Holdings, Inc. (a)		4,035		38,171
Piper Jaffray Cos. (a)		2,366		89,198
PJT Partners, Inc.		2,864		65,872
PRA Group, Inc. (a)		7,260		175,256
Pzena Investment Management, Inc., Class A		3,173		24,147
Radian Group, Inc.		30,769		320,613
Raymond James Financial, Inc.		19,181		945,623
Resource America, Inc., Class A		4,370		42,476
Safeguard Scientifics, Inc. (a)		4,085		51,022
Santander Consumer USA Holdings, Inc. (a)		15,868		163,916
SEI Investments Co.		20,453		983,994
SLM Corp. (a)		63,092		389,909
Stewart Information Services Corp.		3,587		148,538
Stifel Financial Corp. (a)		10,297		323,841
Synergy Resources Corp. (a)		29,777		198,315
TD Ameritrade Holding Corp.		39,960		1,137,861
TESARO, Inc. (a)		4,426		372,005
U.S. Global Investors, Inc., Class A		4,302		7,313
Virtu Financial, Inc., Class A		3,390		61,020
Virtus Investment Partners, Inc.		1,102		78,440
VolitionRX Ltd. (a)		1,424		4,486
Voya Financial, Inc.		30,439		753,670
Waddell & Reed Financial, Inc., Class A		12,521		215,612
Walker & Dunlop, Inc. (a)		4,301		97,977
Westwood Holdings Group, Inc.		1,466		75,939
WisdomTree Investments, Inc. (b)		17,278		169,152
WMIH Corp. (a)		16,943		37,613
World Acceptance Corp. (a)		1,335		60,876
				22,790,882

See Notes to Financial Statements.

QUANTITATIVE MASTER SERIES LLC JUNE 30, 2016 7

Schedule of Investments (continued) Master Extended Market Index Series

Common Stocks	Shares		Value
Fixed Line Telecommunications — 0.3%
8x8, Inc. (a)		14,330	$	209,361
Cincinnati Bell, Inc. (a)		34,307		156,783
Consolidated Communications Holdings, Inc.		7,761		211,410
EarthLink Holdings Corp.		16,238		103,923
Fairpoint Communications, Inc. (a)		3,773		55,388
General Communication, Inc., Class A (a)		4,977		78,637
GTT Communications, Inc. (a)		3,853		71,203
Hawaiian Telcom Holdco, Inc. (a)		2,127		45,071
IDT Corp., Class B		2,972		42,173
inContact, Inc. (a)		10,267		142,198
Lumos Networks Corp. (a)		4,097		49,574
Straight Path Communications, Inc., Class B (a)(b)		1,752		48,478
Vonage Holdings Corp. (a)		27,920		170,312
Windstream Holdings, Inc. (b)		15,457		143,286
Zayo Group Holdings, Inc. (a)		6,452		180,204
				1,708,001
Food & Drug Retailers — 0.7%
Casey’s General Stores, Inc.		5,850		769,334
Chefs’ Warehouse, Inc. (a)		3,358		53,728
Core-Mark Holding Co., Inc.		6,788		318,086
Diplomat Pharmacy, Inc. (a)		5,266		184,310
GNC Holdings, Inc., Class A		10,229		248,462
Ingles Markets, Inc., Class A		1,941		72,399
Natural Health Trends Corp. (b)		1,354		38,169
Performance Food Group Co. (a)		5,092		137,026
PetMed Express, Inc.		3,455		64,816
Rite Aid Corp. (a)		158,048		1,183,780
Smart & Final Stores, Inc. (a)		4,080		60,751
SpartanNash Co.		5,521		168,832
Sprouts Farmers Market, Inc. (a)		21,616		495,006
Supervalu, Inc. (a)		38,696		182,645
United Natural Foods, Inc. (a)		7,385		345,618
Vitamin Shoppe, Inc. (a)		3,693		112,895
Weis Markets, Inc.		1,733		87,603
				4,523,460
Food Producers — 2.1%
Alico, Inc.		610		18,452
Amplify Snack Brands, Inc. (a)		4,336		63,956
The Andersons, Inc.		3,787		134,590
B&G Foods, Inc.		8,676		418,183
Blue Buffalo Pet Products, Inc. (a)		4,931		115,089
Bunge Ltd.		20,826		1,231,858
Cal-Maine Foods, Inc. (b)		4,515		200,105
Calavo Growers, Inc.		2,423		162,341
Darling International, Inc. (a)		24,480		364,752
Dean Foods Co.		13,709		247,996
Farmer Bros Co. (a)		1,150		36,869
Flowers Foods, Inc.		28,358		531,712
Fresh Del Monte Produce, Inc.		4,797		261,101
Golden Enterprises, Inc.		277		1,997
Griffin Industrial Realty, Inc.		1,073		32,887
Hain Celestial Group, Inc. (a)		15,237		758,041
Herbalife Ltd. (a)		9,513		556,796
HQ Sustainable Maritime Industries, Inc. (a)(b)		4,100		—
Ingredion, Inc.		10,768		1,393,487
J&J Snack Foods Corp.		2,190		261,201
John B Sanfilippo & Son, Inc.		1,422		60,620
Lancaster Colony Corp.		2,973		379,384
Lifevantage Corp. (a)		3,491		47,478
Lifeway Foods, Inc. (a)		1,804		17,445
Limoneira Co.		2,404		42,358
Lipocine, Inc. (a)		1,692		5,144
Mannatech, Inc. (a)		644		13,035
Medifast, Inc.		1,806		60,086
MGP Ingredients, Inc.		2,244		85,788

Common Stocks	Shares		Value
Food Producers (continued)
Nutraceutical International Corp. (a)		1,950	$	45,142
Nutrisystem, Inc.		4,434		112,446
Omega Protein Corp. (a)		3,642		72,804
Phibro Animal Health Corp., Class A		2,839		52,976
Pilgrim’s Pride Corp.		9,693		246,978
Pinnacle Foods, Inc.		16,714		773,691
Post Holdings, Inc. (a)		9,425		779,353
Reliv International, Inc. (a)		414		257
Rocky Mountain Chocolate Factory, Inc.		2,724		27,649
Sanderson Farms, Inc.		2,865		248,224
Seaboard Corp. (a)		38		109,084
Seneca Foods Corp., Class A (a)		1,343		48,630
Snyders-Lance, Inc.		10,702		362,691
Tootsie Roll Industries, Inc.		2,699		103,992
TreeHouse Foods, Inc. (a)		8,338		855,896
USANA Health Sciences, Inc. (a)		877		97,724
WhiteWave Foods Co. (a)		26,610		1,249,073
				12,689,361
Forestry & Paper — 0.2%
Clearwater Paper Corp. (a)		2,737		178,918
Deltic Timber Corp.		1,749		117,410
Domtar Corp.		9,827		344,043
KapStone Paper and Packaging Corp.		12,527		162,976
Mercer International, Inc.		6,229		49,708
Neenah Paper, Inc.		2,503		181,142
PH Glatfelter Co.		6,319		123,600
Resolute Forest Products (a)		12,838		67,913
Veritiv Corp. (a)		1,388		52,161
				1,277,871
Gas, Water & Multi-Utilities — 1.9%
American States Water Co.		5,470		239,695
Aqua America, Inc.		26,323		938,678
Artesian Resources Corp., Class A		1,250		42,400
Atmos Energy Corp.		14,996		1,219,475	��
Avista Corp.		9,467		424,122
Cadiz, Inc. (a)(b)		4,485		26,327
California Water Service Group		7,033		245,663
Chesapeake Utilities Corp.		2,272		150,361
Connecticut Water Service, Inc.		1,727		97,057
Delta Natural Gas Co., Inc.		1,302		35,076
Gas Natural, Inc.		4,001		27,967
Genie Energy Ltd. (a)		3,673		24,866
Middlesex Water Co.		2,966		128,665
National Fuel Gas Co.		12,933		735,629
New Jersey Resources Corp.		12,795		493,247
Northwest Natural Gas Co.		3,904		253,057
ONE Gas, Inc.		7,517		500,557
Piedmont Natural Gas Co., Inc.		11,797		709,236
PNM Resources, Inc.		11,554		409,474
Questar Corp.		25,879		656,550
RGC Resources, Inc.		1,849		44,875
SJW Corp.		2,621		103,215
South Jersey Industries, Inc.		11,762		371,914
Southwest Gas Corp.		7,138		561,832
Spire, Inc.		6,580		466,127
UGI Corp.		25,767		1,165,957
Vectren Corp.		12,237		644,523
WGL Holdings, Inc.		7,393		523,351
York Water Co.		1,717		55,013
				11,294,909
General Industrials — 1.5%
Actuant Corp., Class A		8,768		198,244
AEP Industries, Inc.		774		62,276
AptarGroup, Inc.		9,486		750,627

See Notes to Financial Statements.

8 QUANTITATIVE MASTER SERIES LLC JUNE 30, 2016

Schedule of Investments (continued) Master Extended Market Index Series

Common Stocks	Shares		Value
General Industrials (continued)
Bemis Co., Inc.		14,201	$	731,209
Berry Plastics Group, Inc. (a)		17,837		692,967
Carlisle Cos., Inc.		9,575		1,011,886
Crown Holdings, Inc. (a)		21,093		1,068,782
Global Brass & Copper Holdings, Inc.		3,673		100,236
Graphic Packaging Holding Co.		48,500		608,190
Greif, Inc., Class A		3,901		145,390
Greif, Inc., Class B		1,169		64,003
Harsco Corp.		11,862		78,764
ITT, Inc.		13,665		437,007
Landec Corp. (a)		4,881		52,520
Multi-Color Corp.		2,155		136,627
Myers Industries, Inc.		3,762		54,173
Otter Tail Corp.		5,434		181,985
Packaging Corp. of America		14,054		940,634
Raven Industries, Inc.		5,522		104,587
Rexnord Corp. (a)		14,887		292,232
Silgan Holdings, Inc.		6,041		310,870
Sonoco Products Co.		15,316		760,593
TriMas Corp. (a)		6,652		119,736
UFP Technologies, Inc. (a)		1,471		33,156
				8,936,694
General Retailers — 4.0%
1-800-Flowers.com, Inc., Class A (a)		4,286		38,660
Aaron’s, Inc.		9,518		208,349
Abercrombie & Fitch Co., Class A		9,807		174,663
AMERCO, Inc.		897		335,971
America’s Car-Mart, Inc. (a)		1,386		39,141
American Eagle Outfitters, Inc.		26,091		415,630
American Public Education, Inc. (a)		2,731		76,741
Antero Resources Corp. (a)		19,960		518,561
Apollo Education Group, Inc. (a)		13,712		125,053
Asbury Automotive Group, Inc. (a)		3,284		173,198
Ascena Retail Group, Inc. (a)		25,130		175,659
Autobytel, Inc. (a)		2,014		27,934
Barnes & Noble Education, Inc. (a)		6,163		62,554
Barnes & Noble, Inc.		8,898		100,992
Beacon Roofing Supply, Inc. (a)		8,828		401,409
Big 5 Sporting Goods Corp.		2,684		24,881
Big Lots, Inc.		6,639		332,680
Blue Nile, Inc.		1,962		53,720
Bon-Ton Stores, Inc.		2,228		3,141
Boot Barn Holdings, Inc. (a)		777		6,698
Bridgepoint Education, Inc. (a)		2,758		19,968
Bright Horizons Family Solutions, Inc. (a)		6,601		437,712
Buckle, Inc. (b)		3,973		103,258
Build-A-Bear Workshop, Inc. (a)		2,727		36,596
Burlington Stores, Inc. (a)		10,713		714,664
Cabela’s, Inc. (a)		7,278		364,337
Caleres, Inc.		6,284		152,136
Cambium Learning Group, Inc. (a)		4,720		21,287
Capella Education Co.		1,580		83,171
Career Education Corp. (a)		10,687		63,588
Carriage Services, Inc.		3,000		71,040
Cato Corp., Class A		3,894		146,882
CDK Global, Inc.		23,150		1,284,593
Chegg, Inc. (a)		8,886		44,430
Chemed Corp.		2,443		333,005
Chico’s FAS, Inc.		20,490		219,448
Children’s Place Retail Stores, Inc.		3,046		244,228
Christopher & Banks Corp. (a)		6,159		13,488
Citi Trends, Inc.		2,593		40,269
Clean Energy Fuels Corp. (a)		11,329		39,312
Collectors Universe, Inc.		1,741		34,385
Conn’s, Inc. (a)(b)		3,781		28,433
Container Store Group, Inc. (a)		2,847		15,231

Common Stocks	Shares		Value
General Retailers (continued)
Copart, Inc. (a)		14,839	$	727,259
CST Brands, Inc.		11,043		475,732
Destination Maternity Corp.		2,770		16,288
Destination XL Group, Inc. (a)		8,559		39,115
Dick’s Sporting Goods, Inc.		13,283		598,532
Dillard’s, Inc., Class A		3,545		214,827
DSW, Inc., Class A		10,606		224,635
EVINE Live, Inc. (a)		7,906		13,045
Express, Inc. (a)		10,713		155,446
Finish Line, Inc., Class A		6,356		128,328
Five Below, Inc. (a)		8,038		373,044
Francesca’s Holdings Corp. (a)		6,453		71,306
Fred’s, Inc., Class A		4,994		80,453
FTD Cos., Inc. (a)		3,190		79,622
Gaiam, Inc., Class A (a)		3,595		27,825
GameStop Corp., Class A		15,735		418,236
Genesco, Inc. (a)		3,296		211,966
Grand Canyon Education, Inc. (a)		7,107		283,711
Group 1 Automotive, Inc.		3,316		163,678
GrubHub, Inc. (a)		11,684		363,022
Guess?, Inc.		9,276		139,604
Haverty Furniture Cos., Inc.		3,228		58,201
Hibbett Sports, Inc. (a)		3,484		121,208
Hillenbrand, Inc.		9,114		273,785
Houghton Mifflin Harcourt Co. (a)		15,421		241,030
HSN, Inc.		4,539		222,093
ITT Educational Services, Inc. (a)(b)		4,668		8,963
JC Penney Co., Inc. (a)		45,165		401,065
K12, Inc. (a)		4,637		57,916
KAR Auction Services, Inc.		20,346		849,242
Kirkland’s, Inc. (a)		2,707		39,739
Lands’ End, Inc. (a)(b)		2,707		44,449
Liquidity Services, Inc. (a)		4,477		35,100
Lithia Motors, Inc., Class A		3,487		247,821
Lumber Liquidators Holdings, Inc. (a)(b)		4,057		62,559
MarineMax, Inc. (a)		4,129		70,069
Matthews International Corp., Class A		4,866		270,744
Mattress Firm Holding Corp. (a)(b)		3,155		105,850
Michaels Cos., Inc. (a)		13,941		396,482
Monro Muffler Brake, Inc.		4,709		299,304
Murphy USA, Inc. (a)		5,763		427,384
Office Depot, Inc. (a)		72,051		238,489
Ollie’s Bargain Outlet Holdings, Inc. (a)		2,738		68,149
Outerwall, Inc. (b)		2,756		115,752
Overstock.com, Inc. (a)		2,766		44,560
Party City Holdco, Inc. (a)		4,723		65,697
PCM, Inc. (a)		1,516		16,888
Penske Automotive Group, Inc.		6,182		194,486
Perfumania Holdings, Inc. (a)		1,362		3,296
Pier 1 Imports, Inc.		12,905		66,332
PriceSmart, Inc.		2,929		274,066
Providence Service Corp. (a)		2,023		90,792
RealNetworks, Inc. (a)		5,145		22,175
Regis Corp. (a)		5,786		72,036
Rent-A-Center, Inc.		7,864		96,570
Restoration Hardware Holdings, Inc. (a)		5,536		158,772
Rollins, Inc.		13,847		405,302
Rush Enterprises, Inc., Class A (a)		5,240		112,922
Sally Beauty Holdings, Inc. (a)		21,920		644,667
Sears Holdings Corp. (a)(b)		7,621		103,722
Service Corp. International		29,146		788,108
ServiceMaster Global Holdings, Inc. (a)		20,442		813,592
Shoe Carnival, Inc.		2,381		59,668
Shutterfly, Inc. (a)		5,540		258,219
SolarCity Corp. (a)(b)		8,832		211,350
Sonic Automotive, Inc., Class A		4,835		82,727
Sotheby’s		7,729		211,775

See Notes to Financial Statements.

QUANTITATIVE MASTER SERIES LLC JUNE 30, 2016 9

Schedule of Investments (continued) Master Extended Market Index Series

Common Stocks	Shares		Value
General Retailers (continued)
SP Plus Corp. (a)		2,950	$	66,611
Sportsman’s Warehouse Holdings, Inc. (a)		4,298		34,642
Stage Stores, Inc.		4,672		22,799
Stamps.com, Inc. (a)		2,254		197,045
Stein Mart, Inc.		4,383		33,837
Strayer Education, Inc. (a)		1,653		81,212
Tailored Brands, Inc.		7,130		90,266
Tile Shop Holdings, Inc. (a)		4,824		95,901
Titan Machinery, Inc. (a)		2,671		29,782
TrueCar, Inc. (a)		8,752		68,703
Tuesday Morning Corp. (a)		6,404		44,956
VCA, Inc. (a)		11,975		809,630
Weight Watchers International, Inc. (a)(b)		4,031		46,880
West Marine, Inc. (a)		3,086		25,892
Williams-Sonoma, Inc.		12,296		640,990
Winmark Corp.		437		43,556
Zumiez, Inc. (a)		2,839		40,626
				24,439,214
Health Care Equipment & Services — 5.1%
AAC Holdings, Inc. (a)(b)		1,552		35,417
Abaxis, Inc.		3,253		153,639
ABIOMED, Inc. (a)		5,769		630,494
Acadia Healthcare Co., Inc. (a)		10,503		581,866
Accuray, Inc. (a)		12,884		66,868
AdCare Health Systems, Inc.		7,324		13,476
Addus HomeCare Corp. (a)		1,286		22,415
Adeptus Health, Inc., Class A (a)(b)		1,896		97,947
Air Methods Corp. (a)		5,272		188,896
Alere, Inc. (a)		12,711		529,794
Align Technology, Inc. (a)		10,895		877,592
Alliance HealthCare Services, Inc. (a)		2,209		13,784
Almost Family, Inc. (a)		1,371		58,418
Alphatec Holdings, Inc. (a)		22,800		7,985
Amedisys, Inc. (a)		4,240		214,035
Amsurg Corp. (a)		8,158		632,571
Analogic Corp.		1,873		148,791
AngioDynamics, Inc. (a)		4,708		67,654
Anika Therapeutics, Inc. (a)		2,272		121,893
Antares Pharma, Inc. (a)		26,095		27,400
AtriCure, Inc. (a)		4,498		63,557
Atrion Corp.		253		108,249
AxoGen, Inc. (a)		1,640		11,283
Bio-Rad Laboratories, Inc., Class A (a)		3,109		444,649
Biolase, Inc. (a)		11,125		13,016
BioScrip, Inc. (a)		10,652		27,163
Biostage, Inc. (a)		3,656		4,168
BioTelemetry, Inc. (a)		4,630		75,469
Bovie Medical Corp. (a)		7,643		12,535
Brookdale Senior Living, Inc. (a)		27,192		419,844
Bruker Corp.		16,447		374,005
CalAtlantic Group, Inc.		11,398		418,421
Cantel Medical Corp.		5,470		375,953
Capital Senior Living Corp. (a)		4,670		82,519
Cardiovascular Systems, Inc. (a)		4,419		81,199
Cepheid, Inc. (a)		10,748		330,501
Civitas Solutions, Inc. (a)		2,868		59,740
Cogentix Medical, Inc. (a)		13,771		13,248
Community Health Systems, Inc. (a)		17,321		208,718
CONMED Corp.		3,885		185,431
Cooper Cos., Inc.		7,351		1,261,211
Corindus Vascular Robotics, Inc. (a)(b)		10,253		14,662
Corvel Corp. (a)		1,959		84,590
CryoLife, Inc.		4,639		54,787
Cutera, Inc. (a)		3,451		38,686
Cynosure, Inc., Class A (a)		3,689		179,451
CytoSorbents Corp. (a)		864		3,931

Common Stocks	Shares		Value
Health Care Equipment & Services (continued)
Derma Sciences, Inc. (a)		2,182	$	8,597
DexCom, Inc. (a)		12,207		968,381
Dextera Surgical, Inc. (a)		3,562		6,412
Endologix, Inc. (a)		11,018		137,284
Ensign Group, Inc.		6,892		144,801
Envision Healthcare Holdings, Inc. (a)		28,340		718,986
Escalon Medical Corp. (a)		1,399		951
Exactech, Inc. (a)		2,338		62,518
Five Star Quality Care, Inc. (a)		7,271		17,014
Fluidigm Corp. (a)		4,592		41,466
FONAR Corp. (a)		1,417		28,850
Genesis Healthcare, Inc. (a)		5,313		9,404
GenMark Diagnostics, Inc. (a)		7,790		67,773
Glaukos Corp. (a)		1,601		46,685
Globus Medical, Inc., Class A (a)		10,458		249,214
Haemonetics Corp. (a)		7,760		224,962
Halyard Health, Inc. (a)		6,988		227,250
Healthcare Services Group, Inc.		10,637		440,159
HealthSouth Corp.		13,450		522,129
HealthStream, Inc. (a)		3,976		105,443
Healthways, Inc. (a)		5,011		57,877
HeartWare International, Inc. (a)		2,769		159,910
Hill-Rom Holdings, Inc.		8,276		417,524
HMS Holdings Corp. (a)		12,478		219,738
Hooper Holmes, Inc. (a)		639		773
ICU Medical, Inc. (a)		2,177		245,457
IDEXX Laboratories, Inc. (a)		13,385		1,242,931
Inogen, Inc. (a)		2,088		104,630
Insulet Corp. (a)		8,659		261,848
Integra LifeSciences Holdings Corp. (a)		4,336		345,926
Intersect ENT, Inc. (a)		3,106		40,161
Invacare Corp.		4,891		59,328
Juno Therapeutics, Inc. (a)		10,725		412,269
K2M Group Holdings, Inc. (a)		4,001		62,096
Kindred Healthcare, Inc.		12,162		137,309
LDR Holding Corp. (a)		3,794		140,188
LHC Group, Inc. (a)		2,077		89,893
LifePoint Hospitals, Inc. (a)		6,433		420,525
LivaNova PLC (a)		6,207		311,778
Magellan Health Services, Inc. (a)		3,939		259,068
Masimo Corp. (a)		6,979		366,502
MEDNAX, Inc. (a)		14,189		1,027,709
Meridian Bioscience, Inc.		6,734		131,313
Merit Medical Systems, Inc. (a)		7,010		139,008
Molina Healthcare, Inc. (a)		5,992		299,001
Natera, Inc. (a)		564		6,805
National Healthcare Corp.		1,868		120,934
Natus Medical, Inc. (a)		5,169		195,388
Navidea Biopharmaceuticals, Inc. (a)(b)		26,298		13,951
Neogen Corp. (a)		5,645		317,531
NeoGenomics, Inc. (a)		9,277		74,587
Nevro Corp. (a)		2,155		158,953
NuVasive, Inc. (a)		7,400		441,928
NxStage Medical, Inc. (a)		9,415		204,117
Omnicell, Inc. (a)		5,518		188,881
OraSure Technologies, Inc. (a)		9,831		58,101
Orthofix International NV (a)		3,072		130,253
Owens & Minor, Inc.		9,148		341,952
PAREXEL International Corp. (a)		7,939		499,204
Penumbra, Inc. (a)		696		41,412
PharMerica Corp. (a)		4,613		113,757
Psychemedics Corp.		2,424		33,306
Quidel Corp. (a)		4,975		88,853
Quorum Health Corp. (a)		4,330		46,374
RadNet, Inc. (a)		5,911		31,565
ResMed, Inc.		21,002		1,327,956
Retractable Technologies, Inc. (a)		4,605		11,605

See Notes to Financial Statements.

10 QUANTITATIVE MASTER SERIES LLC JUNE 30, 2016

Schedule of Investments (continued) Master Extended Market Index Series

Common Stocks	Shares		Value
Health Care Equipment & Services (continued)
Rockwell Medical, Inc. (a)(b)		7,565	$	57,267
RTI Surgical, Inc. (a)		10,112		36,302
SeaSpine Holdings Corp. (a)		1,779		18,644
Select Medical Holdings Corp. (a)		15,096		164,093
Spark Therapeutics, Inc. (a)		1,974		100,931
Spectranetics Corp. (a)		6,991		130,802
Staar Surgical Co. (a)		5,027		27,699
STERIS PLC		12,865		884,469
Surgery Partners, Inc. (a)		2,554		45,717
Surgical Care Affiliates, Inc. (a)		3,963		188,916
SurModics, Inc. (a)		2,327		54,638
Symmetry Surgical, Inc. (a)		2,920		38,340
T2 Biosystems, Inc. (a)(b)		2,209		17,429
Tandem Diabetes Care, Inc. (a)		3,670		27,672
Team Health Holdings, Inc. (a)		10,634		432,485
Teleflex, Inc.		6,279		1,113,329
Tenet Healthcare Corp. (a)		14,770		408,243
Triple-S Management Corp., Class B (a)		3,526		86,140
U.S. Physical Therapy, Inc.		1,955		117,711
Unilife Corp. (a)(b)		2,413		7,939
Universal American Corp.		8,418		63,808
Utah Medical Products, Inc.		860		54,180
Vascular Solutions, Inc. (a)		3,038		126,563
VWR Corp. (a)		11,520		332,928
WellCare Health Plans, Inc. (a)		6,434		690,239
West Pharmaceutical Services, Inc.		10,534		799,320
Wright Medical Group NV (a)		13,460		233,800
Zafgen, Inc. (a)		2,989		17,904
Zeltiq Aesthetics, Inc. (a)		5,066		138,454
				31,282,337
Household Goods & Home Construction — 1.5%
ACCO Brands Corp. (a)		16,442		169,846
Bassett Furniture Industries, Inc.		1,739		41,632
Beazer Homes USA, Inc. (a)		4,476		34,689
Briggs & Stratton Corp.		6,373		134,980
Cavco Industries, Inc. (a)		1,393		130,524
Central Garden and Pet Co., Class A (a)		6,265		136,013
Compx International, Inc.		1,034		11,891
Comstock Holdings Cos., Inc. (a)		1,729		3,078
Dixie Group, Inc. (a)		2,900		10,324
Edgewell Personal Care Co. (a)		9,133		770,917
Energizer Holdings, Inc.		9,214		474,429
Ethan Allen Interiors, Inc.		3,943		130,277
Flexsteel Industries, Inc.		965		38,233
Forward Industries, Inc. (a)		2,823		3,359
Herman Miller, Inc.		8,604		257,174
HNI Corp.		6,427		298,791
Hooker Furniture Corp.		1,876		40,315
Hovnanian Enterprises, Inc., Class A (a)		21,351		35,870
Interface, Inc.		9,610		146,552
iRobot Corp. (a)		4,579		160,631
KB Home		13,093		199,145
Knoll, Inc.		7,374		179,041
La-Z-Boy, Inc.		7,437		206,897
LGI Homes, Inc. (a)		2,469		78,860
Libbey, Inc.		3,627		57,633
Lifetime Brands, Inc.		2,050		29,909
M/I Homes, Inc. (a)		4,013		75,565
Manitowoc Foodservice, Inc. (a)		19,950		351,519
MDC Holdings, Inc.		5,655		137,643
Meritage Homes Corp. (a)		5,485		205,907
National Presto Industries, Inc.		790		74,536
NVR, Inc. (a)		560		996,990
Oil-Dri Corp. of America		1,129		38,984
Scotts Miracle-Gro Co., Class A		7,005		489,720
Select Comfort Corp. (a)		7,541		161,227

Common Stocks	Shares		Value
Household Goods & Home Construction (continued)
Spectrum Brands Holdings, Inc.		4,044	$	482,490
Steelcase, Inc., Class A		12,921		175,338
Taylor Morrison Home Corp., Class A (a)		5,375		79,765
Tempur Sealy International, Inc. (a)		9,200		508,944
Toll Brothers, Inc. (a)		22,796		613,440
TRI Pointe Group, Inc. (a)		22,019		260,265
Tupperware Brands Corp.		7,258		408,480
Virco Manufacturing Corp. (a)		5,315		23,120
Wayfair, Inc., Class A (a)(b)		3,640		141,960
WCI Communities, Inc. (a)		3,484		58,880
WD-40 Co.		2,030		238,423
William Lyon Homes, Class A (a)		3,017		48,634
				9,352,840
Industrial Engineering — 2.6%
Accuride Corp. (a)		6,798		8,429
AGCO Corp.		10,869		512,256
Alamo Group, Inc.		1,409		92,952
Albany International Corp., Class A		4,299		171,659
Altra Industrial Motion Corp.		4,066		109,701
American Railcar Industries, Inc.		1,354		53,442
Astec Industries, Inc.		2,723		152,896
Babcock & Wilcox Enterprises, Inc. (a)		8,137		119,532
Broadwind Energy, Inc. (a)		4,880		20,594
Ceco Environmental Corp.		4,277		37,381
Chicago Rivet & Machine Co.		494		13,447
CIRCOR International, Inc.		2,547		145,153
CLARCOR, Inc.		7,187		437,185
Colfax Corp. (a)		14,850		392,931
Columbus McKinnon Corp.		2,933		41,502
Commercial Vehicle Group, Inc. (a)		5,294		27,529
Crane Co.		7,274		412,581
Donaldson Co., Inc.		18,884		648,854
Douglas Dynamics, Inc.		3,445		88,640
Dynamic Materials Corp.		2,800		30,100
Energy Recovery, Inc. (a)		5,232		46,512
EnPro Industries, Inc.		3,380		150,038
Federal Signal Corp.		9,098		117,182
Franklin Electric Co., Inc.		5,460		180,453
FreightCar America, Inc.		1,751		24,602
GATX Corp.		6,015		264,479
Gorman-Rupp Co.		2,838		77,790
Graco, Inc.		8,356		660,040
Graham Corp.		1,902		35,035
Greenbrier Cos., Inc.		3,912		113,957
H&E Equipment Services, Inc.		4,783		91,020
Horizon Global Corp. (a)		3,297		37,421
Hurco Cos., Inc.		1,373		38,211
Hyster-Yale Materials Handling, Inc.		1,367		81,323
IDEX Corp.		11,311		928,633
John Bean Technologies Corp.		4,305		263,552
Joy Global, Inc.		13,737		290,400
Kadant, Inc.		1,829		94,212
Kennametal, Inc.		11,461		253,403
Key Technology, Inc. (a)		998		9,192
Kimball International, Inc., Class B		5,240		59,631
Lincoln Electric Holdings, Inc.		9,295		549,149
Lindsay Corp.		1,728		117,262
Lydall, Inc. (a)		2,799		107,929
Manitex International, Inc. (a)(b)		2,717		18,829
Manitowoc Co., Inc.		19,950		108,727
Materion Corp.		3,097		76,682
Meritor, Inc. (a)		14,359		103,385
MFRI, Inc. (a)		1,937		14,450
Middleby Corp. (a)		8,715		1,004,404
Miller Industries, Inc.		2,019		41,571
MSA Safety, Inc.		4,681		245,893

See Notes to Financial Statements.

QUANTITATIVE MASTER SERIES LLC JUNE 30, 2016 11

Schedule of Investments (continued) Master Extended Market Index Series

Common Stocks	Shares		Value
Industrial Engineering (continued)
Mueller Industries, Inc.		8,443	$	269,163
NACCO Industries, Inc., Class A		799		44,744
Navistar International Corp. (a)		9,906		115,801
NN, Inc.		4,181		58,492
Nordson Corp.		7,978		667,041
Oshkosh Corp.		10,857		517,987
Paylocity Holding Corp. (a)		2,829		122,213
Proto Labs, Inc. (a)		3,660		210,670
Spartan Motors, Inc.		7,892		49,404
SPX Corp.		5,860		87,021
SPX FLOW, Inc. (a)		5,860		152,770
Standex International Corp.		1,909		157,741
Sun Hydraulics Corp.		3,481		103,351
Tennant Co.		2,625		141,409
Terex Corp.		16,794		341,086
Timken Co.		10,204		312,855
TimkenSteel Corp.		5,808		55,873
Toro Co.		8,388		739,822
Trinity Industries, Inc.		22,496		417,751
Twin Disc, Inc.		1,831		19,665
Wabash National Corp. (a)		10,252		130,200
Wabtec Corp.		13,510		948,807
Woodward, Inc.		8,136		468,959
				15,854,956
Industrial Metals & Mining — 0.6%
AK Steel Holding Corp. (a)		28,196		131,393
Allegheny Technologies, Inc.		15,897		202,687
Ampco-Pittsburgh Corp.		1,955		22,111
Carpenter Technology Corp.		7,069		232,782
Century Aluminum Co. (a)		7,937		50,241
Cliffs Natural Resources, Inc. (a)(b)		20,973		118,917
Commercial Metals Co.		16,716		282,501
Friedman Industries, Inc.		2,787		16,248
Handy & Harman Ltd. (a)		780		20,428
Haynes International, Inc.		2,039		65,411
Kaiser Aluminum Corp.		2,591		234,252
McEwen Mining, Inc.		34,884		134,303
Olympic Steel, Inc.		1,597		43,614
Reliance Steel & Aluminum Co.		10,768		828,059
Steel Dynamics, Inc.		35,590		871,955
Synalloy Corp.		2,147		16,446
United States Steel Corp.		21,089		355,561
Universal Stainless & Alloy Products, Inc. (a)		1,302		14,192
Uranium Energy Corp. (a)		19,733		17,322
Worthington Industries, Inc.		6,908		292,209
				3,950,632
Industrial Transportation — 1.1%
Air Lease Corp.		14,293		382,767
Air Transport Services Group, Inc. (a)		8,433		109,292
Aircastle Ltd.		9,055		177,116
ArcBest Corp.		3,519		57,184
Ardmore Shipping Corp.		4,637		31,392
Atlas Air Worldwide Holdings, Inc. (a)		3,769		156,112
CAI International, Inc. (a)		2,930		21,975
Celadon Group, Inc.		4,175		34,110
Covenant Transportation Group, Inc., Class A (a)		2,275		41,109
Echo Global Logistics, Inc. (a)		4,008		89,859
Forward Air Corp.		4,502		200,474
FRP Holdings, Inc. (a)		1,209		41,710
Genco Shipping & Trading, Ltd. (a)(b)		1,779		1,014
Genesee & Wyoming, Inc., Class A (a)		8,719		513,985
Heartland Express, Inc.		9,094		158,145
Hub Group, Inc., Class A (a)		5,287		202,862
Kirby Corp. (a)		8,071		503,550
Knight Transportation, Inc.		8,854		235,339

Common Stocks	Shares		Value
Industrial Transportation (continued)
Landstar System, Inc.		6,328	$	434,480
Macquarie Infrastructure Corp.		11,196		829,064
Marten Transport Ltd.		3,567		70,627
Matson, Inc.		6,683		215,794
Old Dominion Freight Line, Inc. (a)		10,218		616,248
PAM Transportation Services, Inc. (a)		659		10,471
Patriot Transportation Holding, Inc. (a)		627		12,195
PHH Corp. (a)		7,484		99,687
Rand Logistics, Inc. (a)		5,032		5,183
Roadrunner Transportation Systems, Inc. (a)		4,706		35,107
Saia, Inc. (a)		3,715		93,395
Swift Transportation Co. (a)		13,364		205,939
TAL International Group, Inc.		4,790		64,234
Teekay Corp.		6,907		49,247
Textainer Group Holdings Ltd.		3,736		41,619
Universal Truckload Services, Inc.		1,233		15,906
USA Truck, Inc. (a)		1,622		28,401
Werner Enterprises, Inc.		6,158		141,449
Wesco Aircraft Holdings, Inc. (a)		7,931		106,434
Willis Lease Finance Corp. (a)		1,351		30,033
World Fuel Services Corp.		10,630		504,819
XPO Logistics, Inc. (a)(b)		13,650		358,449
YRC Worldwide, Inc. (a)		4,920		43,296
				6,970,072
Leisure Goods — 0.8%
Arctic Cat, Inc.		2,143		36,431
Black Diamond, Inc. (a)		4,738		19,615
Brunswick Corp.		13,523		612,862
Callaway Golf Co.		12,565		128,289
Drew Industries, Inc.		3,649		309,581
DTS, Inc. (a)		2,922		77,287
Eastman Kodak Co. (a)		6,958		111,884
Escalade, Inc.		2,070		21,197
Fitbit, Inc., Series A (a)		8,249		100,803
Fox Factory Holding Corp. (a)		2,854		49,574
Glu Mobile, Inc. (a)		17,785		39,127
GoPro, Inc., Class A (a)(b)		11,137		120,391
Malibu Boats, Inc. (a)		3,744		45,227
Marine Products Corp.		2,700		22,842
Nautilus, Inc. (a)		4,821		86,007
Polaris Industries, Inc.		9,046		739,601
Pool Corp.		6,307		593,047
Skullcandy, Inc. (a)		3,869		23,756
Take-Two Interactive Software, Inc. (a)		12,772		484,314
Thor Industries, Inc.		7,042		455,899
TiVo, Inc. (a)		15,413		152,589
Universal Electronics, Inc. (a)		2,235		161,546
Vista Outdoor, Inc. (a)		9,401		448,710
Winnebago Industries, Inc.		4,162		95,393
Zedge, Inc., Class B (a)		990		4,544
				4,940,516
Life Insurance — 0.3%
American Equity Investment Life Holding Co.		11,676		166,383
AMERISAFE, Inc.		3,104		190,027
Atlantic American Corp.		2,927		11,006
Citizens, Inc. (a)(b)		8,213		62,419
CNO Financial Group, Inc.		26,587		464,209
eHealth, Inc. (a)		2,920		40,938
Employers Holdings, Inc.		4,842		140,515
FBL Financial Group, Inc., Class A		1,432		86,879
Genworth Financial, Inc., Class A (a)		72,971		188,265
Independence Holding Co.		1,686		30,297
National Western Life Group, Inc.		341		66,587
Primerica, Inc.		7,153		409,438
				1,856,963

See Notes to Financial Statements.

12 QUANTITATIVE MASTER SERIES LLC JUNE 30, 2016

Schedule of Investments (continued) Master Extended Market Index Series

Common Stocks	Shares		Value
Media — 5.3%
Acxiom Corp. (a)		11,802	$	259,526
AH Belo Corp.		3,599		17,995
AMC Networks, Inc., Class A (a)		9,120		551,030
Ascent Capital Group, Inc., Class A (a)		2,129		32,765
Avid Technology, Inc. (a)		5,767		33,506
Bankrate, Inc. (a)		8,691		65,009
Beasley Broadcasting Group, Inc., Class A		784		3,301
Cable One, Inc.		666		340,599
Charter Communications, Inc. (a)		32,299		7,384,843
Clear Channel Outdoor Holdings, Inc., Class A		5,624		34,981
ComScore, Inc. (a)		7,063		168,664
CSS Industries, Inc.		1,461		39,169
CTN Media Group, Inc. (a)		50		—
Cumulus Media, Inc., Class A (a)		25,485		7,900
DISH Network Corp., Class A (a)		33,879		1,775,260
Dolby Laboratories, Inc., Class A		7,942		380,025
DreamWorks Animation SKG, Inc., Class A (a)		10,491		428,767
Emmis Communications Corp., Class A (a)		10,615		7,722
Entercom Communications Corp., Class A		4,346		58,975
Entravision Communications Corp., Class A		8,669		58,256
EW Scripps Co. (a)		8,572		135,781
FactSet Research Systems, Inc.		6,094		983,694
Gannett Co., Inc.		16,769		231,580
Global Eagle Entertainment, Inc. (a)		7,875		52,290
Graham Holdings Co., Class B		660		323,096
Gray Television, Inc. (a)		10,007		108,576
Groupon, Inc. (a)		63,105		205,091
Harte-Hanks, Inc.		6,749		10,731
IHS, Inc., Class A (a)		10,064		1,163,499
John Wiley & Sons, Inc., Class A		7,267		379,192
Lamar Advertising Co., Class A		12,357		819,269
Lee Enterprises, Inc. (a)		12,326		23,543
Liberty Global PLC, Class A (a)		42,550		1,236,503
Liberty Global PLC, Class C (a)		97,562		2,795,151
Liberty Global PLC LiLAC, Class A (a)		7,847		253,142
Liberty Global PLC LiLAC, Class C (a)		16,978		551,605
Liberty Interactive Corp QVC Group, Series A (a)		67,482		1,712,018
Liberty Media Group, Class A (a)		3,856		73,804
Liberty Media Group, Class C (a)		7,389		140,169
Liberty SiriusXM Group, Class A (a)		14,588		457,480
Liberty SiriusXM Group, Class C (a)		29,557		912,425
Liberty Ventures, Series A (a)		20,640		765,125
Lions Gate Entertainment Corp.		14,068		284,596
Live Nation Entertainment, Inc. (a)		21,752		511,172
Marchex, Inc., Class B (a)		5,246		16,682
McClatchy Co., Class A (a)		1,090		15,936
Media General, Inc. (a)		14,375		247,106
Meredith Corp.		5,493		285,142
Morningstar, Inc.		2,699		220,724
MSG Networks, Inc., Class A (a)		9,210		141,281
National CineMedia, Inc.		9,730		150,620
New Media Investment Group, Inc.		6,330		114,383
New York Times Co., Class A		18,334		221,841
Nexstar Broadcasting Group, Inc., Class A		4,695		223,388
Outfront Media, Inc.		20,371		492,367
Pandora Media, Inc. (a)		29,602		368,545
QuinStreet, Inc. (a)		7,427		26,366
Quotient Technology, Inc. (a)(b)		10,529		141,194
Remark Media, Inc. (a)(b)		1,421		6,025
RetailMeNot, Inc. (a)		5,483		42,274
Rubicon Project, Inc. (a)		3,761		51,338
Saga Communications, Inc., Class A		1,046		41,359
Scholastic Corp.		3,775		149,528
Sinclair Broadcast Group, Inc., Class A		10,372		309,708
Sirius XM Holdings, Inc. (a)		311,083		1,228,778
Sizmek, Inc. (a)		3,896		8,922
Spanish Broadcasting System, Inc. (a)		1,474		5,247

Common Stocks	Shares		Value
Media (continued)
SPAR Group, Inc. (a)		3,165	$	3,323
Starz, Class A (a)		12,237		366,131
TechTarget, Inc. (a)		3,655		29,606
TheStreet, Inc.		16,585		18,741
Time, Inc.		15,923		262,093
Tribune Media Co., Class A		11,990		469,768
TRONC, Inc.		3,616		49,901
TubeMogul, Inc. (a)		2,942		35,010
Value Line, Inc.		1,830		29,921
WebMD Health Corp. (a)		5,811		337,677
XO Group, Inc. (a)		4,167		72,631
Yelp, Inc. (a)		8,383		254,508
				32,215,889
Mining — 0.5%
Cloud Peak Energy, Inc. (a)		9,192		18,936
Coeur Mining, Inc. (a)		20,713		220,801
Compass Minerals International, Inc.		5,190		385,046
CONSOL Energy, Inc.		34,380		553,174
Fairmount Santrol Holdings, Inc. (a)		9,888		76,236
General Moly, Inc. (a)		21,436		7,395
Gold Resource Corp.		2,918		10,476
Golden Minerals Co. (a)(b)		9,302		6,057
Hecla Mining Co.		58,333		297,498
Pershing Gold Corp. (a)(b)		2,249		9,648
Royal Gold, Inc.		9,624		693,121
Solitario Exploration & Royalty Corp. (a)		15,315		7,971
Stillwater Mining Co. (a)		18,398		218,200
SunCoke Energy, Inc.		9,743		56,704
U.S. Silica Holdings, Inc.		9,412		324,432
Westmoreland Coal Co. (a)		3,275		31,178
				2,916,873
Mobile Telecommunications — 0.9%
ATN International, Inc.		1,577		122,706
Globalstar, Inc. (a)(b)		39,879		48,254
Iridium Communications, Inc. (a)		12,372		109,863
NII Holdings, Inc. (a)		14,857		47,245
ORBCOMM, Inc. (a)		10,768		107,142
pdvWireless, Inc. (a)		1,832		39,187
SBA Communications Corp., Class A (a)		18,760		2,024,954
Shenandoah Telecommunications Co.		6,758		263,968
Spok Holdings, Inc.		3,740		71,677
Sprint Corp. (a)		116,574		528,080
T-Mobile U.S., Inc. (a)		41,537		1,797,306
Telephone & Data Systems, Inc.		14,543		431,345
Towerstream Corp. (a)		15,223		2,557
United States Cellular Corp. (a)		1,710		67,152
				5,661,436
Nonlife Insurance — 3.5%
Alleghany Corp. (a)		2,323		1,276,674
Allied World Assurance Co. Holdings AG		13,854		486,830
Ambac Financial Group, Inc. (a)		6,380		105,015
American Financial Group, Inc.		10,754		795,043
American National Insurance Co.		1,391		157,392
AmTrust Financial Services, Inc.		12,162		297,969
Arch Capital Group Ltd. (a)		18,353		1,321,416
Argo Group International Holdings Ltd.		4,567		237,027
Aspen Insurance Holdings Ltd.		9,312		431,891
Assured Guaranty Ltd.		19,922		505,421
Axis Capital Holdings Ltd.		13,888		763,840
Baldwin & Lyons, Inc., Class B		2,261		55,756
Brown & Brown, Inc.		17,387		651,491
CNA Financial Corp.		4,047		127,157
Donegal Group, Inc., Class A		2,337		38,537
EMC Insurance Group, Inc.		1,652		45,793
Endurance Specialty Holdings Ltd.		9,278		623,111

See Notes to Financial Statements.

QUANTITATIVE MASTER SERIES LLC JUNE 30, 2016 13

Schedule of Investments (continued) Master Extended Market Index Series

Common Stocks	Shares		Value
Nonlife Insurance (continued)
Enstar Group Ltd. (a)		1,736	$	281,215
Erie Indemnity Co., Class A		3,611		358,717
Everest Re Group Ltd.		6,331		1,156,484
Federated National Holding Co.		2,537		48,304
First Acceptance Corp. (a)		8,599		12,039
First American Financial Corp.		16,507		663,912
Global Indemnity PLC (a)		1,701		46,829
Greenlight Capital Re Ltd. (a)		5,039		101,586
Hanover Insurance Group, Inc.		6,561		555,192
HCI Group, Inc.		1,768		48,231
Heritage Insurance Holdings, Inc.		4,282		51,256
Hilltop Holdings, Inc. (a)		12,181		255,679
Horace Mann Educators Corp.		6,108		206,389
Infinity Property & Casualty Corp.		1,707		137,687
James River Group Holdings Ltd.		1,976		67,105
Kemper Corp.		7,077		219,245
Maiden Holdings Ltd.		8,614		105,435
Markel Corp. (a)		2,090		1,991,310
MBIA, Inc. (a)		21,248		145,124
Mercury General Corp.		3,553		188,877
National General Holdings Corp.		9,047		193,787
National Interstate Corp.		1,300		39,325
Navigators Group, Inc.		1,797		165,270
Old Republic International Corp.		36,839		710,624
OneBeacon Insurance Group Ltd.		3,598		49,652
Prism Technologies Group, Inc. (a)		1,044		279
ProAssurance Corp.		7,994		428,079
Reinsurance Group of America, Inc.		9,568		928,000
RenaissanceRe Holdings Ltd.		6,409		752,673
RLI Corp.		5,503		378,496
Safety Insurance Group, Inc.		2,336		143,851
Selective Insurance Group, Inc.		8,303		317,258
State Auto Financial Corp.		2,450		53,680
State National Cos., Inc.		5,202		54,777
Third Point Reinsurance Ltd. (a)		9,561		112,055
United Fire Group, Inc.		3,306		140,274
United Insurance Holdings Corp.		3,080		50,450
Universal Insurance Holdings, Inc.		4,997		92,844
Validus Holdings Ltd.		12,433		604,119
W.R. Berkley Corp.		14,911		893,467
White Mountains Insurance Group Ltd.		766		644,972
				21,314,911
Oil & Gas Producers — 2.1%
Abraxas Petroleum Corp. (a)		16,317		18,438
Adams Resources & Energy, Inc.		460		17,710
Alon USA Energy, Inc.		4,552		29,497
Approach Resources, Inc. (a)		5,719		12,010
Barnwell Industries, Inc. (a)		4,904		7,601
Bill Barrett Corp. (a)		7,950		50,800
Bonanza Creek Energy, Inc. (a)(b)		6,854		13,777
C&J Energy Services Ltd. (a)(b)		7,389		4,450
California Resources Corp.		4,626		56,437
Callon Petroleum Co. (a)		18,790		211,012
Carrizo Oil & Gas, Inc. (a)		8,650		310,102
Cheniere Energy, Inc. (a)		35,665		1,339,221
Clayton Williams Energy, Inc. (a)(b)		984		27,021
Cobalt International Energy, Inc. (a)		50,294		67,394
Comstock Resources, Inc. (a)		7,198		6,048
Contango Oil & Gas Co. (a)		3,254		39,829
Continental Resources, Inc. (a)		12,172		551,026
CVR Energy, Inc.		2,373		36,781
Dawson Geophysical Co. (a)		5,308		43,260
Delek U.S. Holdings, Inc.		8,207		108,414
Denbury Resources, Inc.		51,927		186,418
Diamondback Energy, Inc. (a)		10,779		983,153
Eclipse Resources Corp. (a)		7,534		25,164

Common Stocks	Shares		Value
Oil & Gas Producers (continued)
Energen Corp.		14,564	$	702,130
EP Energy Corp., Class A (a)		5,570		28,853
Era Group, Inc. (a)		2,473		23,246
Evolution Petroleum Corp.		5,834		31,912
EXCO Resources, Inc. (a)		28,887		37,553
Gastar Exploration, Inc. (a)		14,658		16,124
Gulfport Energy Corp. (a)		18,469		577,341
Halcon Resources Corp. (a)(b)		12,564		5,830
Harvest Natural Resources, Inc. (a)		9,380		7,832
HollyFrontier Corp.		27,229		647,233
Houston American Energy Corp. (a)(b)		5,104		1,133
Isramco, Inc. (a)(b)		299		24,593
Kosmos Energy Ltd. (a)		21,898		119,344
Laredo Petroleum, Inc. (a)		18,495		193,828
Magellan Petroleum Corp. (a)		3,259		3,846
Matador Resources Co. (a)		11,961		236,828
Memorial Resource Development Corp. (a)		14,621		232,181
Nabors Industries Ltd.		42,757		429,708
Northern Oil and Gas, Inc. (a)		8,538		39,446
Oasis Petroleum, Inc. (a)		26,353		246,137
Pacific Ethanol, Inc. (a)		3,564		19,424
Panhandle Oil and Gas, Inc.		3,171		52,861
Parsley Energy, Inc., Class A (a)		21,715		587,608
PBF Energy, Inc., Class A		14,864		353,466
PDC Energy, Inc. (a)		6,819		392,843
PetroQuest Energy, Inc. (a)		2,933		9,767
Pioneer Energy Services Corp. (a)		10,165		46,759
QEP Resources, Inc.		28,652		505,135
Resolute Energy Corp. (a)		5,282		15,688
Rex Energy Corp. (a)		7,757		5,124
Ring Energy, Inc. (a)		4,792		42,265
RSP Permian, Inc. (a)		11,114		387,767
Sanchez Energy Corp. (a)		8,884		62,721
SemGroup Corp., Class A		6,506		211,835
SM Energy Co.		10,043		271,161
Stone Energy Corp. (a)		854		10,299
Syntroleum Corp. (a)		2,214		—
Targa Resources Corp.		24,424		1,029,227
Torchlight Energy Resources, Inc. (a)		5,009		2,755
Trecora Resources (a)		2,960		30,873
Triangle Petroleum Corp. (a)		11,728		3,367
VAALCO Energy, Inc. (a)		10,701		11,343
W&T Offshore, Inc. (a)(b)		5,629		13,059
Western Refining, Inc.		10,390		214,346
Whiting Petroleum Corp. (a)		30,214		279,782
WPX Energy, Inc. (a)		42,043		391,420
Zion Oil & Gas, Inc. (a)		14,230		19,780
				12,721,336
Oil Equipment, Services & Distribution — 1.3%
Archrock, Inc.		10,345		97,450
Atwood Oceanics, Inc.		8,556		107,121
Basic Energy Services, Inc. (a)		7,015		11,785
Bristow Group, Inc.		5,197		59,298
CARBO Ceramics, Inc.		2,969		38,894
Chart Industries, Inc. (a)		4,432		106,944
Core Laboratories NV		6,288		779,020
Dakota Plains Holdings, Inc. (a)		17,287		1,902
Dril-Quip, Inc. (a)		5,798		338,777
Ensco PLC, Class A		44,868		435,668
Exterran Corp. (a)		5,172		66,460
Flotek Industries, Inc. (a)		8,081		106,669
Forum Energy Technologies, Inc. (a)		10,079		174,468
Frank’s International NV		5,565		81,305
Geospace Technologies Corp. (a)		2,032		33,264
Glori Energy, Inc. (a)		7,230		1,627
Gulf Island Fabrication, Inc.		2,513		17,440

See Notes to Financial Statements.

14 QUANTITATIVE MASTER SERIES LLC JUNE 30, 2016

Schedule of Investments (continued) Master Extended Market Index Series

Common Stocks	Shares		Value
Oil Equipment, Services & Distribution (continued)
Gulfmark Offshore, Inc., Class A (a)		4,514	$	14,129
Helix Energy Solutions Group, Inc. (a)		14,959		101,123
Hornbeck Offshore Services, Inc. (a)		5,026		41,917
ION Geophysical Corp. (a)		1,418		8,834
Key Energy Services, Inc. (a)		21,036		4,878
Matrix Service Co. (a)		4,118		67,906
McDermott International, Inc. (a)		35,472		175,232
Mitcham Industries, Inc. (a)		4,047		15,176
MRC Global, Inc. (a)		15,474		219,886
Natural Gas Services Group, Inc. (a)		2,730		62,517
Newpark Resources, Inc. (a)		13,319		77,117
Noble Corp. PLC		35,223		290,238
NOW, Inc. (a)		16,086		291,800
Oceaneering International, Inc.		14,456		431,656
OGE Energy Corp.		30,032		983,548
Oil States International, Inc. (a)		7,588		249,493
Par Pacific Holdings, Inc. (a)		3,939		60,424
Parker Drilling Co. (a)		19,733		45,189
Patterson-UTI Energy, Inc.		21,569		459,851
PHI, Inc. (a)		1,452		25,962
Rowan Cos. PLC, Class A		18,179		321,041
RPC, Inc.		9,161		142,270
SEACOR Holdings, Inc. (a)		2,530		146,614
Superior Energy Services, Inc.		22,046		405,867
Tesco Corp.		6,257		41,859
TETRA Technologies, Inc. (a)		12,273		78,179
Tidewater, Inc.		6,879		30,336
Unit Corp. (a)		7,562		117,665
Weatherford International PLC (a)		132,004		732,622
Willbros Group, Inc. (a)		9,067		22,940
				8,124,361
Personal Goods — 1.2%
Avon Products, Inc.		62,759		237,229
Carter’s, Inc.		7,612		810,450
Cherokee, Inc. (a)		1,956		21,731
Columbia Sportswear Co.		4,523		260,253
Coty, Inc., Class A (b)		10,484		272,479
Crocs, Inc. (a)		11,409		128,693
Culp, Inc.		1,628		44,982
Deckers Outdoor Corp. (a)		4,841		278,454
Elizabeth Arden, Inc. (a)		4,198		57,764
Fossil Group, Inc. (a)		6,075		173,320
G-III Apparel Group Ltd. (a)		5,912		270,297
Helen of Troy Ltd. (a)		4,169		428,740
Iconix Brand Group, Inc. (a)		7,394		49,983
Inter Parfums, Inc.		2,513		71,796
Kate Spade & Co. (a)		19,026		392,126
Lakeland Industries, Inc. (a)		2,101		18,216
lululemon athletica, Inc. (a)		16,213		1,197,492
Movado Group, Inc.		2,476		53,680
Nu Skin Enterprises, Inc., Class A		8,367		386,472
Orchids Paper Products Co.		1,530		54,422
Oxford Industries, Inc.		2,185		123,715
Perry Ellis International, Inc. (a)		2,072		41,689
Revlon, Inc., Class A (a)		1,899		61,110
Rocky Brands, Inc.		1,306		14,915
Sequential Brands Group, Inc. (a)		4,739		37,817
Skechers U.S.A., Inc., Class A (a)		19,809		588,723
Steven Madden Ltd. (a)		8,495		290,359
Tumi Holdings, Inc. (a)		8,676		231,996
Unifi, Inc. (a)		2,485		67,667
Vera Bradley, Inc. (a)		3,075		43,573
Vince Holding Corp. (a)		2,985		16,358
Weyco Group, Inc.		1,357		37,697
Wolverine World Wide, Inc.		15,101		306,852
				7,071,050

Common Stocks	Shares		Value
Pharmaceuticals & Biotechnology — 5.0%
ACADIA Pharmaceuticals, Inc. (a)		13,397	$	434,867
Accelerate Diagnostics, Inc. (a)		3,723		53,574
Acceleron Pharma, Inc. (a)		5,084		172,754
AcelRx Pharmaceuticals, Inc. (a)		6,998		18,825
Achillion Pharmaceuticals, Inc. (a)		17,165		133,887
Aclaris Therapeutics, Inc. (a)		273		5,042
Acorda Therapeutics, Inc. (a)		6,291		160,452
Acura Pharmaceuticals, Inc. (a)		3,204		5,927
Adamas Pharmaceuticals, Inc. (a)		2,439		36,926
Adamis Pharmaceuticals Corp. (a)		4,970		13,916
Aduro Biotech, Inc. (a)		520		5,881
Advaxis, Inc. (a)(b)		4,185		33,857
Adverum Biotechnologies, Inc. (a)		2,724		8,608
Aegerion Pharmaceuticals, Inc. (a)		4,608		6,866
Aerie Pharmaceuticals, Inc. (a)		4,225		74,360
Agenus, Inc. (a)		11,520		46,656
Agios Pharmaceuticals, Inc. (a)		3,858		161,631
Aimmune Therapeutics, Inc. (a)		856		9,262
Akebia Therapeutics, Inc. (a)		5,628		42,097
Akorn, Inc. (a)		12,104		344,782
Albany Molecular Research, Inc. (a)		4,097		55,064
Alder Biopharmaceuticals, Inc. (a)		6,378		159,259
Aldeyra Therapeutics, Inc. (a)(b)		2,978		16,945
Alimera Sciences, Inc. (a)		7,469		9,187
Alkermes PLC (a)		22,579		975,864
Alnylam Pharmaceuticals, Inc. (a)		11,123		617,215
AMAG Pharmaceuticals, Inc. (a)		5,495		131,440
Amicus Therapeutics, Inc. (a)		17,896		97,712
Amphastar Pharmaceuticals, Inc. (a)		5,565		89,708
Ampio Pharmaceuticals, Inc. (a)(b)		8,902		11,484
Anavex Life Sciences Corp. (a)(b)		3,648		22,289
ANI Pharmaceuticals, Inc. (a)		1,215		67,821
Anthera Pharmaceuticals, Inc. (a)		5,522		17,063
Applied Genetic Technologies Corp. (a)		2,151		30,394
Apricus Biosciences, Inc. (a)		12,376		4,944
Aquinox Pharmaceuticals, Inc. (a)		895		5,925
Aratana Therapeutics, Inc. (a)		4,787		30,254
Arena Pharmaceuticals, Inc. (a)		36,143		61,805
Ariad Pharmaceuticals, Inc. (a)		28,457		210,297
ArQule, Inc. (a)		14,883		28,278
Array BioPharma, Inc. (a)		20,224		71,997
Arrowhead Pharmaceuticals, Inc. (a)(b)		9,457		50,311
Assembly Biosciences, Inc. (a)		2,704		15,007
Atara Biotherapeutics, Inc. (a)		2,508		56,455
Athersys, Inc. (a)(b)		16,987		36,862
AVEO Pharmaceuticals, Inc. (a)		13,305		12,787
Aviragen Therapeutics, Inc. (a)		9,180		12,852
Bio-Path Holdings, Inc. (a)		16,724		33,281
Bio-Techne Corp.		5,650		637,150
BioCryst Pharmaceuticals, Inc. (a)		10,728		30,468
BioDelivery Sciences International, Inc. (a)(b)		8,009		18,901
BioMarin Pharmaceutical, Inc. (a)		24,231		1,885,172
Biospecifics Technologies Corp. (a)		943		37,663
Biotime, Inc. (a)(b)		9,573		24,986
Bluebird Bio, Inc. (a)		5,386		233,160
Calithera Biosciences, Inc. (a)		2,540		9,423
Capricor Therapeutics, Inc. (a)		1,665		6,577
Cara Therapeutics, Inc. (a)		1,704		8,196
Carbylan Therapeutics, Inc. (a)		3,615		2,395
Cascadian Therapeutics, Inc. (a)		15,224		14,358
CASI Pharmaceuticals, Inc. (a)		7,740		9,056
Catalent, Inc. (a)		14,925		343,126
Catalyst Pharmaceutical, Inc. (a)		12,442		8,834
CEL-SCI Corp. (a)		21,543		9,910
Celator Pharmaceuticals, Inc. (a)		4,755		143,506
Celldex Therapeutics, Inc. (a)		14,541		63,835
Cellular Biomedicine Group, Inc. (a)(b)		1,597		19,148

See Notes to Financial Statements.

QUANTITATIVE MASTER SERIES LLC JUNE 30, 2016 15

Schedule of Investments (continued) Master Extended Market Index Series

Common Stocks	Shares		Value
Pharmaceuticals & Biotechnology (continued)
Cempra, Inc. (a)		6,547	$	107,960
Cerus Corp. (a)		15,994		99,803
Charles River Laboratories International, Inc. (a)		7,089		584,417
Chiasma, Inc. (a)(b)		321		928
Chimerix, Inc. (a)		6,230		24,484
Cleveland BioLabs, Inc. (a)		2,800		7,896
Clovis Oncology, Inc. (a)		4,926		67,585
Coherus Biosciences, Inc. (a)		1,824		30,807
Collegium Pharmaceutical, Inc. (a)		1,959		23,214
Concert Pharmaceuticals, Inc. (a)		2,663		29,905
ContraVir Pharmaceuticals, Inc. (a)(b)		5,453		5,671
Corbus Pharmaceuticals Holdings, Inc. (a)		6,152		18,394
Corcept Therapeutics, Inc. (a)		12,029		65,678
CorMedix, Inc. (a)(b)		7,588		15,100
CTI BioPharma Corp. (a)		26,414		8,981
Cumberland Pharmaceuticals, Inc. (a)		4,500		20,250
Curis, Inc. (a)		19,155		29,882
Cytokinetics, Inc. (a)		6,535		62,017
CytomX Therapeutics, Inc. (a)		374		3,820
Cytori Therapeutics, Inc. (a)		2,594		5,421
CytRx Corp. (a)(b)		9,758		21,760
Depomed, Inc. (a)		9,157		179,660
Dermira, Inc. (a)		2,843		83,158
Dicerna Pharmaceuticals, Inc. (a)		2,670		8,010
Durect Corp. (a)		19,556		23,858
Dyax Corp.		21,860		24,265
Dynavax Technologies Corp. (a)		6,009		87,611
Eagle Pharmaceuticals, Inc. (a)		1,453		56,362
Edge Therapeutics, Inc. (a)		477		4,822
Editas Medicine, Inc. (a)(b)		911		22,228
Egalet Corp. (a)(b)		613		3,040
Eiger Biopharmaceuticals, Inc. (a)		304		6,025
Emergent Biosolutions, Inc. (a)		4,498		126,484
Enanta Pharmaceuticals, Inc. (a)		2,059		45,401
Endocyte, Inc. (a)		7,477		24,001
Enzo Biochem, Inc. (a)		8,028		47,927
Epizyme, Inc. (a)		6,286		64,369
Esperion Therapeutics, Inc. (a)		2,194		21,677
Exact Sciences Corp. (a)		14,395		176,339
Exelixis, Inc. (a)		30,516		238,330
Fate Therapeutics, Inc. (a)		4,030		6,851
Fibrocell Science, Inc. (a)		4,586		5,274
FibroGen, Inc. (a)		7,203		118,201
Five Prime Therapeutics, Inc. (a)		3,699		152,954
Flex Pharma, Inc. (a)		493		5,034
Flexion Therapeutics, Inc. (a)		1,752		26,219
Fortress Biotech, Inc. (a)		6,807		18,311
Foundation Medicine, Inc. (a)		2,028		37,842
Galena Biopharma, Inc. (a)(b)		27,712		12,917
Genocea Biosciences, Inc. (a)		3,917		16,060
Genomic Health, Inc. (a)		2,857		73,982
GenVec, Inc. (a)		8,267		4,735
Geron Corp. (a)		25,126		67,338
Global Blood Therapeutics, Inc. (a)		1,338		22,197
GTx, Inc. (a)		17,845		9,815
Halozyme Therapeutics, Inc. (a)		16,253		140,263
Harvard Bioscience, Inc. (a)		6,840		19,562
Heat Biologics, Inc. (a)		2,991		2,124
Hemispherx Biopharma, Inc. (a)		68,726		7,917
Heron Therapeutics, Inc. (a)		4,649		83,914
Histogenics Corp. (a)(b)		1,354		2,315
Horizon Pharma PLC (a)		21,184		348,900
iBio, Inc. (a)		21,015		15,131
Idera Pharmaceuticals, Inc. (a)(b)		15,546		23,785
Ignyta, Inc. (a)		3,804		20,618
Immune Design Corp. (a)		1,494		12,191
ImmunoGen, Inc. (a)		12,865		39,624

Common Stocks	Shares		Value
Pharmaceuticals & Biotechnology (continued)
Immunomedics, Inc. (a)(b)		17,696	$	41,055
Impax Laboratories, Inc. (a)		9,869		284,425
INC Research Holdings, Inc., Class A (a)		6,070		231,449
Incyte Corp. (a)		25,424		2,033,412
Infinity Pharmaceuticals, Inc. (a)		7,013		9,327
Innoviva, Inc.		12,381		130,372
Inotek Pharmaceuticals Corp. (a)		1,292		9,612
Inovio Pharmaceuticals, Inc. (a)		10,866		100,402
Insmed, Inc. (a)		9,141		90,130
Insys Therapeutics, Inc. (a)(b)		3,557		46,028
Intercept Pharmaceuticals, Inc. (a)		2,543		362,835
Intrexon Corp. (a)(b)		7,312		179,948
Invitae Corp., (a)(b)		1,860		13,745
InVivo Therapeutics Holdings Corp. (a)		5,769		33,345
Ionis Pharmaceuticals, Inc. (a)		18,154		422,807
Ironwood Pharmaceuticals, Inc. (a)		19,090		249,602
IsoRay, Inc. (a)		15,938		13,866
Jazz Pharmaceuticals PLC (a)		9,029		1,275,888
Juniper Pharmaceuticals, Inc. (a)		2,517		17,644
Karyopharm Therapeutics, Inc. (a)		3,090		20,734
KemPharm, Inc. (a)		384		1,528
Keryx Biopharmaceuticals, Inc. (a)(b)		16,183		107,131
Kite Pharma, Inc. (a)		6,397		319,850
La Jolla Pharmaceutical Co. (a)		2,049		32,784
Lannett Co., Inc. (a)		4,175		99,323
Lexicon Pharmaceuticals, Inc. (a)		6,848		98,269
Ligand Pharmaceuticals, Inc., Class B (a)		2,712		323,460
Lion Biotechnologies, Inc. (a)		7,492		60,685
Loxo Oncology, Inc. (a)		1,133		26,263
Luminex Corp. (a)		5,868		118,710
MacroGenics, Inc. (a)		4,547		122,724
MannKind Corp. (a)(b)		39,844		46,219
Mast Therapeutics, Inc. (a)(b)		15,428		7,251
Medgenics, Inc. (a)		4,609		25,580
Medicines Co. (a)		10,582		355,873
MediciNova, Inc. (a)(b)		4,864		36,723
Medivation, Inc. (a)		24,662		1,487,119
MEI Pharma, Inc. (a)		8,459		11,504
Merrimack Pharmaceuticals, Inc. (a)		15,780		85,054
MiMedx Group, Inc. (a)		15,260		121,775
Minerva Neurosciences, Inc. (a)		1,890		19,297
Mirati Therapeutics, Inc. (a)		1,760		9,610
Momenta Pharmaceuticals, Inc. (a)		9,395		101,466
Myriad Genetics, Inc. (a)		10,099		309,029
NanoString Technologies, Inc. (a)		2,146		27,040
NantKwest, Inc. (a)		344		2,140
Nektar Therapeutics (a)		20,082		285,767
Neothetics, Inc. (a)(b)		1,616		1,584
Neuralstem, Inc. (a)(b)		17,361		5,052
Neurocrine Biosciences, Inc. (a)		11,665		530,174
NewLink Genetics Corp. (a)		3,137		35,323
Northwest Biotherapeutics, Inc. (a)		7,566		4,398
Novavax, Inc. (a)		39,656		288,299
Omeros Corp. (a)(b)		5,409		56,903
Oncocyte Corp. (a)		478		1,702
OncoMed Pharmaceuticals, Inc. (a)		2,147		26,430
Ophthotech Corp. (a)		4,138		211,162
OPKO Health, Inc. (a)(b)		47,499		443,641
Orexigen Therapeutics, Inc. (a)(b)		18,080		7,774
Organovo Holdings, Inc. (a)		12,913		48,036
Osiris Therapeutics, Inc. (a)		2,766		14,079
Otonomy, Inc. (a)		2,684		42,622
OvaScience, Inc. (a)		3,839		20,001
Pacific Biosciences of California, Inc. (a)		9,227		64,912
Pacira Pharmaceuticals, Inc. (a)		5,481		184,874
Pain Therapeutics, Inc. (a)		8,736		19,132
Palatin Technologies, Inc. (a)		23,498		10,372

See Notes to Financial Statements.

16 QUANTITATIVE MASTER SERIES LLC JUNE 30, 2016

Schedule of Investments (continued) Master Extended Market Index Series

Common Stocks	Shares		Value
Pharmaceuticals & Biotechnology (continued)
Paratek Pharmaceuticals, Inc. (a)		841	$	11,698
PDL BioPharma, Inc.		23,556		73,966
Peregrine Pharmaceuticals, Inc. (a)		35,720		13,006
Pernix Therapeutics Holdings (a)(b)		7,631		3,419
Pfenex, Inc. (a)		2,551		21,352
PharmAthene, Inc. (a)		14,512		35,409
Portola Pharmaceuticals, Inc. (a)		8,510		200,836
PRA Health Sciences, Inc. (a)		4,511		188,379
Prestige Brands Holdings, Inc. (a)		7,922		438,879
Progenics Pharmaceuticals, Inc. (a)		10,933		46,137
Proteon Therapeutics, Inc. (a)		1,374		11,033
Prothena Corp. PLC (a)		4,746		165,920
Provectus Biopharmaceuticals, Inc. (a)		14,312		5,295
pSivida Corp. (a)		6,822		19,306
PTC Therapeutics, Inc. (a)		4,711		33,071
Puma Biotechnology, Inc. (a)		3,236		96,400
Quintiles Transnational Holdings, Inc. (a)		13,920		909,254
Radius Health, Inc. (a)		5,022		184,558
Raptor Pharmaceutical Corp. (a)		13,164		70,691
Recro Pharma, Inc. (a)(b)		1,103		8,769
REGENXBIO, Inc. (a)		450		3,600
Regulus Therapeutics, Inc. (a)		4,368		12,624
Relypsa, Inc. (a)(b)		4,515		83,528
Rennova Health, Inc. (a)		782		493
Repligen Corp. (a)		5,025		137,484
Repros Therapeutics, Inc. (a)		4,528		7,290
Retrophin, Inc. (a)		4,674		83,244
Revance Therapeutics, Inc. (a)		2,714		36,910
Rexahn Pharmaceuticals, Inc. (a)		44,878		11,273
Rigel Pharmaceuticals, Inc. (a)		16,778		37,415
Sage Therapeutics, Inc. (a)		2,623		79,031
Sagent Pharmaceuticals, Inc. (a)		3,816		57,164
Sangamo Biosciences, Inc. (a)		10,912		63,180
Sarepta Therapeutics, Inc. (a)(b)		5,742		109,500
Sciclone Pharmaceuticals, Inc. (a)		8,444		110,279
Seattle Genetics, Inc. (a)		16,241		656,299
Sequenom, Inc. (a)(b)		22,329		20,402
Seres Therapeutics, Inc. (a)		684		19,870
Sorrento Therapeutics, Inc. (a)		3,786		21,202
Spectrum Pharmaceuticals, Inc. (a)		9,945		65,339
StemCells, Inc. (a)(b)		2,213		891
Stemline Therapeutics, Inc. (a)		3,075		20,818
Sucampo Pharmaceuticals, Inc., Class A (a)		3,182		34,907
Sunesis Pharmaceuticals, Inc. (a)		14,059		7,700
Supernus Pharmaceuticals, Inc. (a)		5,391		109,815
Synergy Pharmaceuticals, Inc. (a)		26,838		101,984
Synta Pharmaceuticals Corp. (a)		19,557		5,089
Synthetic Biologics, Inc. (a)(b)		13,497		24,295
Teligent, Inc. (a)		6,994		49,937
Tenax Therapeutics, Inc. (a)		1,873		4,795
Tetraphase Pharmaceuticals, Inc. (a)		6,125		26,338
TG Therapeutics, Inc. (a)		6,103		36,984
TherapeuticsMD, Inc. (a)		21,220		180,370
Theravance Biopharma, Inc. (a)(b)		3,971		90,102
Threshold Pharmaceuticals, Inc. (a)		10,962		6,965
Titan Pharmaceuticals, Inc. (a)(b)		1,364		7,461
Tokai Pharmaceuticals, Inc. (a)(b)		1,487		8,193
Tonix Pharmaceuticals Holding Corp. (a)		1,554		3,092
Tracon Pharmaceuticals, Inc. (a)		1,428		6,255
Trevena, Inc. (a)		5,222		32,899
Trovagene, Inc. (a)(b)		5,524		25,024
Trubion Pharmaceuticals, Inc.		3,113		—
Ultragenyx Pharmaceutical, Inc. (a)		5,133		251,055
United Therapeutics Corp. (a)		6,632		702,461
Vanda Pharmaceuticals, Inc. (a)		6,494		72,668
Verastem, Inc. (a)		5,333		6,933
Versartis, Inc. (a)		3,367		37,239

Common Stocks	Shares		Value
Pharmaceuticals & Biotechnology (continued)
Vical, Inc. (a)		2,976	$	13,481
Vitae Pharmaceuticals, Inc. (a)		2,075		22,389
Vital Therapies, Inc. (a)(b)		3,761		23,318
Vivus, Inc. (a)		17,507		19,608
Voyager Therapeutics, Inc. (a)		286		3,143
WaVe Life Sciences Pte Ltd. (a)		438		9,062
Windtree Therapeutics, Inc. (a)		2,806		5,416
Xencor, Inc. (a)		5,212		98,976
XenoPort, Inc. (a)		9,305		65,507
XOMA Corp. (a)		21,795		12,016
ZIOPHARM Oncology, Inc. (a)(b)		18,936		103,959
Zogenix, Inc. (a)		2,100		16,905
				30,206,973
Real Estate Investment & Services — 1.7%
AG Mortgage Investment Trust, Inc.		5,690		82,164
Alexander & Baldwin, Inc.		6,845		247,378
Altisource Portfolio Solutions SA (a)		1,818		50,613
American Realty Investors, Inc. (a)		1,631		11,058
AV Homes, Inc. (a)		2,544		31,088
BBX Capital Corp., Class A (a)		993		15,262
Black Knight Financial Services, Inc., Class A (a)		2,887		108,551
CareTrust REIT, Inc.		8,513		117,309
Chimera Investment Corp.		28,664		450,025
Columbia Property Trust, Inc.		18,995		406,493
Communications Sales & Leasing, Inc.		18,455		533,349
Consolidated-Tomoka Land Co.		1,260		59,812
Dynex Capital, Inc.		8,841		61,357
Forest City Realty Trust, Inc., Class A		33,228		741,317
Forestar Group, Inc. (a)		5,654		67,226
Gaming and Leisure Properties, Inc.		28,470		981,646
Hannon Armstrong Sustainable Infrastructure Capital, Inc.		5,400		116,640
HFF, Inc., Class A		5,216		150,638
Howard Hughes Corp. (a)		5,306		606,582
InfraREIT, Inc.		3,898		68,371
Jones Lang LaSalle, Inc.		6,780		660,711
Kennedy-Wilson Holdings, Inc.		14,339		271,867
Marcus & Millichap, Inc. (a)		2,234		56,766
Maui Land & Pineapple Co., Inc. (a)		5,106		36,865
Monogram Residential Trust, Inc.		26,236		267,870
Nationstar Mortgage Holdings, Inc. (a)		5,990		67,447
Paramount Group, Inc.		25,617		408,335
QTS Realty Trust, Inc., Class A		6,955		389,341
RE/MAX Holdings, Inc., Class A		2,929		117,921
Realogy Holdings Corp. (a)		22,355		648,742
Reis, Inc.		1,837		45,741
Rexford Industrial Realty, Inc.		9,563		201,684
Select Income REIT		9,326		242,383
St. Joe Co. (a)		10,898		193,113
STORE Capital Corp.		22,639		666,719
Tejon Ranch Co. (a)		2,659		62,859
Whitestone REIT		3,760		56,701
Xenia Hotels & Resorts, Inc.		16,431		275,712
Zillow Group, Inc., Class A (a)(b)		6,601		241,927
Zillow Group, Inc., Class C (a)(b)		15,637		567,310
				10,386,893
Real Estate Investment Trusts (REITs) — 9.4%
Acadia Realty Trust		10,118		359,391
Agree Realty Corp.		3,375		162,810
Alexander’s, Inc.		587		240,218
Alexandria Real Estate Equities, Inc.		10,779		1,115,842
Altisource Residential Corp.		9,073		83,381
American Assets Trust, Inc.		5,923		251,372
American Campus Communities, Inc.		19,566		1,034,454
American Capital Agency Corp.		49,652		984,103

See Notes to Financial Statements.

QUANTITATIVE MASTER SERIES LLC JUNE 30, 2016 17

Schedule of Investments (continued) Master Extended Market Index Series

Common Stocks	Shares			Value
Real Estate Investment Trusts (REITs) (continued)
American Capital Mortgage Investment Corp.		8,007		$	126,431
American Homes 4 Rent, Class A		26,397			540,611
Annaly Capital Management, Inc.		138,535			1,533,582
Anworth Mortgage Asset Corp.		16,369			76,934
Apollo Commercial Real Estate Finance, Inc.		10,045			161,423
Apollo Residential Mortgage, Inc.		6,308			84,527
Apple Hospitality REIT, Inc.		24,383			458,644
Arbor Realty Trust, Inc.		9,585			68,916
Ares Commercial Real Estate Corp.		3,980			48,914
Arlington Asset Investment Corp.		1,883			24,498
Armada Hoffler Properties, Inc.		4,463			61,322
ARMOUR Residential REIT, Inc.		5,832			116,640
Ashford Hospitality Prime, Inc.		4,229			59,798
Ashford Hospitality Trust, Inc.		13,385			71,877
Blackstone Mortgage Trust, Inc., Class A		13,669			378,221
Bluerock Residential Growth REIT, Inc.		3,607			46,891
Brandywine Realty Trust		26,057			437,758
Brixmor Property Group, Inc.		30,860			816,556
BRT Realty Trust (a)		3,601			25,747
Camden Property Trust		12,927			1,143,005
Capstead Mortgage Corp.		13,401			129,990
Care Capital Properties, Inc.		13,061			342,329
Catchmark Timber Trust, Inc.		4,936			60,318
CBL & Associates Properties, Inc.		21,754			202,530
Cedar Realty Trust, Inc.		12,109			89,970
Chatham Lodging Trust		6,442			141,595
Chesapeake Lodging Trust		8,980			208,785
CIM Commercial Trust Corp.		2,730	��		44,335
Colony Capital, Inc., Class A		16,809			258,018
Colony Starwood Homes		6,388			194,323
Condor Hospitality Trust, Inc. (a)		985			1,517
CorEnergy Infrastructure Trust, Inc.		1,780			51,353
Coresite Realty Corp.		4,664			413,650
Corporate Office Properties Trust		13,663			404,015
Cousins Properties, Inc.		30,507			317,273
CubeSmart		25,770			795,778
CyrusOne, Inc.		10,460			582,204
CYS Investments, Inc.		22,334			186,936
DCT Industrial Trust, Inc.		13,433			645,321
DDR Corp.		45,849			831,701
DiamondRock Hospitality Co.		28,628			258,511
Douglas Emmett, Inc.		21,078			748,691
Duke Realty Corp.		51,778			1,380,401
DuPont Fabros Technology, Inc.		11,019			523,843
Easterly Government Properties, Inc.		3,072			60,611
EastGroup Properties, Inc.		4,658			321,029
Education Realty Trust, Inc.		9,417			434,500
Empire State Realty Trust, Inc., Class A		18,394			349,302
EPR Properties		9,040			729,347
Equity Commonwealth (a)		18,933			551,518
Equity Lifestyle Properties, Inc.		11,946			956,277
Equity One, Inc.		13,460			433,143
FelCor Lodging Trust, Inc.		19,873			123,809
First Industrial Realty Trust, Inc.		16,146			449,182
First Potomac Realty Trust		9,864			90,749
Franklin Street Properties Corp.		13,397			164,381
Geo Group, Inc.		10,865			371,366
Getty Realty Corp.		4,972			106,649
Gladstone Commercial Corp.		3,875			65,449
Global Net Lease, Inc.		24,902			197,971
Government Properties Income Trust		8,160			188,170
Gramercy Property Trust		64,138			591,352
Hatteras Financial Corp.		12,951			212,396
Healthcare Realty Trust, Inc.		15,200			531,848
Healthcare Trust of America, Inc., Class A		20,339			657,763
Hersha Hospitality Trust		7,268			124,646
Highwoods Properties, Inc.		14,290			754,512

Common Stocks	Shares		Value
Real Estate Investment Trusts (REITs) (continued)
Hospitality Properties Trust		22,162	$	638,266
Hudson Pacific Properties, Inc.		13,128		383,075
Independence Realty Trust, Inc.		7,288		59,616
Invesco Mortgage Capital, Inc.		17,973		246,050
Investors Real Estate Trust		19,805		128,138
iStar, Inc. (a)		13,163		126,233
Kilroy Realty Corp.		13,909		922,028
Kite Realty Group Trust		12,411		347,880
LaSalle Hotel Properties		17,528		413,310
Lexington Realty Trust		31,494		318,404
Liberty Property Trust		21,777		864,982
LTC Properties, Inc.		5,446		281,722
Mack-Cali Realty Corp.		13,694		369,738
Medical Properties Trust, Inc.		34,243		520,836
MFA Financial, Inc.		57,166		415,597
Mid-America Apartment Communities, Inc.		11,286		1,200,830
Monmouth Real Estate Investment Corp., Class A		10,718		142,121
National Health Investors, Inc.		5,116		384,160
National Retail Properties, Inc.		21,480		1,110,946
National Storage Affiliates Trust		4,267		88,839
New Residential Investment Corp.		34,896		482,961
New Senior Investment Group, Inc.		13,583		145,066
New York Mortgage Trust, Inc.		18,994		115,863
New York REIT, Inc.		25,678		237,522
Newcastle Investment Corp.		11,272		51,738
NexPoint Residential Trust, Inc.		3,178		57,840
NorthStar Realty Europe Corp.		10,974		101,510
NorthStar Realty Finance Corp.		27,321		312,279
Omega Healthcare Investors, Inc.		24,620		835,849
One Liberty Properties, Inc.		2,409		57,455
Parkway Properties, Inc.		12,106		202,533
Pebblebrook Hotel Trust		10,510		275,887
Pennsylvania Real Estate Investment Trust		10,348		221,965
PennyMac Mortgage Investment Trust (c)		10,450		169,604
Physicians Realty Trust		20,078		421,839
Piedmont Office Realty Trust, Inc., Class A		21,034		453,072
Post Properties, Inc.		8,146		497,313
Potlatch Corp.		6,073		207,089
Preferred Apartment Communities, Inc.		4,287		63,105
PS Business Parks, Inc.		2,790		295,963
RAIT Financial Trust		12,466		39,019
Ramco-Gershenson Properties Trust		12,330		241,791
Rayonier, Inc.		18,797		493,233
Redwood Trust, Inc.		12,292		169,753
Regency Centers Corp.		14,569		1,219,862
Resource Capital Corp.		5,570		71,630
Retail Opportunity Investments Corp.		14,615		316,707
Retail Properties of America, Inc., Class A		35,413		598,480
RLJ Lodging Trust		18,720		401,544
RMR Group, Inc., Class A		1,008		31,218
Rouse Properties, Inc.		6,090		111,143
Sabra Health Care REIT, Inc.		9,890		204,080
Saul Centers, Inc.		2,059		127,061
Senior Housing Properties Trust		35,010		729,258
Seritage Growth Properties		2,183		108,801
Silver Bay Realty Trust Corp.		6,204		105,654
Sovran Self Storage, Inc.		6,889		722,794
Spirit Realty Capital, Inc.		71,654		915,022
STAG Industrial, Inc.		10,717		255,172
Starwood Property Trust, Inc.		36,066		747,288
Summit Hotel Properties, Inc.		12,562		166,321
Sun Communities, Inc.		9,621		737,353
Sunstone Hotel Investors, Inc.		31,374		378,684
Tanger Factory Outlet Centers, Inc.		13,947		560,390
Taubman Centers, Inc.		9,078		673,588
Terreno Realty Corp.		7,115		184,065
Tier REIT, Inc.		7,404		113,503

See Notes to Financial Statements.

18 QUANTITATIVE MASTER SERIES LLC JUNE 30, 2016

Schedule of Investments (continued) Master Extended Market Index Series

Common Stocks	Shares		Value
Real Estate Investment Trusts (REITs) (continued)
Two Harbors Investment Corp.		54,500	$	466,520
UMH Properties, Inc.		4,588		51,615
United Development Funding IV (b)		6,320		20,224
Universal Health Realty Income Trust		1,725		98,636
Urban Edge Properties		14,359		428,760
Urstadt Biddle Properties, Inc., Class A		3,630		89,951
VEREIT, Inc.		137,005		1,389,231
Walter Investment Management Corp. (a)(b)		5,793		15,989
Washington Real Estate Investment Trust		9,975		313,813
Weingarten Realty Investors		17,240		703,737
Western Asset Mortgage Capital Corp.		7,954		74,688
WP Carey, Inc.		14,708		1,021,029
WP Glimcher, Inc.		27,493		307,647
				57,367,701
Software & Computer Services — 7.1%
2U, Inc. (a)		4,418		129,933
A10 Networks, Inc. (a)		6,913		44,727
ACI Worldwide, Inc. (a)		17,713		345,581
Actua Corp. (a)		6,343		57,277
Allscripts Healthcare Solutions, Inc. (a)		28,232		358,546
American Software, Inc., Class A		5,062		53,050
Angie’s List, Inc. (a)		7,272		47,341
ANSYS, Inc. (a)		13,241		1,201,621
Arista Networks, Inc. (a)		5,223		336,257
Aspen Technology, Inc. (a)		12,618		507,748
athenahealth, Inc. (a)		5,889		812,741
Barracuda Networks, Inc. (a)		3,575		54,125
Benefitfocus, Inc. (a)		1,942		74,029
Blackbaud, Inc.		6,883		467,356
Blucora, Inc. (a)		6,758		70,013
Boingo Wireless, Inc. (a)		5,309		47,356
Bottomline Technologies, Inc. (a)		6,070		130,687
Box, Inc., Class A (a)(b)		5,636		58,276
Brightcove, Inc. (a)		5,883		51,770
BroadSoft, Inc. (a)		4,650		190,789
CACI International, Inc., Class A (a)		3,542		320,232
Cadence Design Systems, Inc. (a)		44,902		1,091,119
Calix, Inc. (a)		7,426		51,314
Callidus Software, Inc. (a)		9,011		180,040
Castlight Health, Inc. (a)		9,141		36,198
CDW Corp.		21,887		877,231
ChannelAdvisor Corp. (a)		3,748		54,308
Ciber, Inc. (a)		11,476		17,214
Cogent Communications Group, Inc.		6,326		253,420
CommVault Systems, Inc. (a)		6,399		276,373
Computer Programs & Systems, Inc.		1,686		67,305
Computer Sciences Corp.		20,994		1,042,352
Computer Task Group, Inc.		2,432		12,087
Cornerstone OnDemand, Inc. (a)		7,517		286,097
Covisint Corp. (a)		8,788		19,158
CSG Systems International, Inc.		4,927		198,607
Cvent, Inc. (a)		3,881		138,629
Datalink Corp. (a)		3,557		26,677
Demandware, Inc. (a)		5,110		382,739
Determine, Inc. (a)		2,985		4,537
DeVry Education Group, Inc.		7,969		142,167
Digimarc Corp. (a)		1,549		49,506
DST Systems, Inc.		4,633		539,420
Ebix, Inc.		3,961		189,732
eGain Corp. (a)		1,227		3,460
Ellie Mae, Inc. (a)		4,520		414,258
Endurance International Group Holdings, Inc. (a)		9,536		85,729
Envestnet, Inc. (a)		5,451		181,573
EPAM Systems, Inc. (a)		6,180		397,436
EPIQ Systems, Inc.		5,356		78,198
Evolving Systems, Inc.		2,275		11,762

Common Stocks	Shares		Value
Software & Computer Services (continued)
Fair Isaac Corp.		4,603	$	520,185
FalconStor Software, Inc. (a)		12,659		13,292
FireEye, Inc. (a)		21,090		347,352
Five9, Inc. (a)		3,880		46,172
Forrester Research, Inc.		1,630		60,082
Fortinet, Inc. (a)		21,569		681,365
Gartner, Inc. (a)		12,310		1,199,117
Gigamon, Inc. (a)		4,348		162,572
GoDaddy, Inc., Class A (a)		6,373		198,774
Gogo, Inc. (a)(b)		7,304		61,281
Great Elm Capital Group, Inc. (a)		1,986		13,088
GSE Systems, Inc. (a)		5,963		13,297
Guidance Software, Inc. (a)		4,351		26,933
Guidewire Software, Inc. (a)		10,574		653,050
Hackett Group, Inc.		4,211		58,407
Hortonworks, Inc. (a)		2,556		27,324
HubSpot, Inc. (a)		1,623		70,471
IAC/InterActiveCorp		11,345		638,723
Immersion Corp. (a)		5,072		37,228
IMS Health Holdings, Inc. (a)		21,740		551,326
Infoblox, Inc. (a)		8,169		153,250
Innodata, Inc. (a)		6,741		16,515
Interactive Intelligence Group, Inc. (a)		2,898		118,789
Internap Corp. (a)		9,211		18,975
IntraLinks Holdings, Inc. (a)		6,886		44,759
j2 Global, Inc.		6,782		428,419
Jive Software, Inc. (a)		9,460		35,570
KEYW Holding Corp. (a)		6,373		63,348
Leidos Holdings, Inc.		9,689		463,812
Limelight Networks, Inc. (a)		11,498		17,132
LivePerson, Inc. (a)		8,346		52,914
LogMeIn, Inc. (a)		3,829		242,873
LookSmart Group, Inc. (a)		6,321		855
Manhattan Associates, Inc. (a)		10,859		696,388
Marketo, Inc. (a)		5,810		202,304
Mastech Holdings, Inc. (a)		1,020		6,783
Match Group, Inc. (a)(b)		5,754		86,742
Medidata Solutions, Inc. (a)		8,309		389,443
MeetMe, Inc. (a)		2,854		15,212
Mentor Graphics Corp.		14,365		305,400
MicroStrategy, Inc., Class A (a)		1,413		247,303
MobileIron, Inc. (a)		8,172		24,925
Model N, Inc. (a)		4,111		54,882
Monotype Imaging Holdings, Inc.		6,127		150,908
Netscout Systems, Inc. (a)		14,675		326,519
NetSuite, Inc. (a)		5,625		409,500
New Relic, Inc. (a)		2,948		86,612
NIC, Inc.		9,058		198,732
Nuance Communications, Inc. (a)		33,356		521,354
Palo Alto Networks, Inc. (a)		11,385		1,396,256
Paycom Software, Inc. (a)		5,627		243,143
PC-Tel, Inc.		4,538		21,374
PDF Solutions, Inc. (a)		4,645		64,984
Pegasystems, Inc.		5,608		151,136
Perficient, Inc. (a)		5,910		120,032
Premier, Inc., Class A (a)		6,675		218,272
Progress Software Corp. (a)		7,757		213,007
Proofpoint, Inc. (a)		6,101		384,912
PROS Holdings, Inc. (a)		4,092		71,324
PTC, Inc. (a)		16,936		636,455
Q2 Holdings, Inc. (a)		3,374		94,539
QAD, Inc., Class A		906		17,459
QAD, Inc., Class B		1,021		17,663
QLIK Technologies, Inc. (a)		13,774		407,435
Quality Systems, Inc.		6,990		83,251
Qualys, Inc. (a)		3,823		113,964
Rackspace Hosting, Inc. (a)		16,926		353,076

See Notes to Financial Statements.

QUANTITATIVE MASTER SERIES LLC JUNE 30, 2016 19

Schedule of Investments (continued) Master Extended Market Index Series

Common Stocks	Shares		Value
Software & Computer Services (continued)
RealPage, Inc. (a)		7,873	$	175,804
Rightside Group Ltd. (a)		2,809		29,888
RigNet, Inc. (a)		2,435		32,605
RingCentral, Inc., Class A (a)		8,920		175,902
Rocket Fuel, Inc. (a)(b)		5,595		12,421
Rosetta Stone, Inc. (a)		3,678		28,504
Rovi Corp. (a)		12,141		189,885
Science Applications International Corp.		6,113		356,693
SciQuest, Inc. (a)		4,688		82,790
ServiceNow, Inc. (a)		22,483		1,492,871
Shutterstock, Inc. (a)		2,987		136,805
Silver Spring Networks, Inc. (a)		5,785		70,288
Smith Micro Software, Inc. (a)		12,346		7,305
SoftBrands, Inc. (a)		114		—
Splunk, Inc. (a)		19,416		1,051,959
SPS Commerce, Inc. (a)		2,618		158,651
Square, Inc., Class A (a)		4,661		42,182
SS&C Technologies Holdings, Inc.		24,220		680,098
Support.com, Inc. (a)		17,347		14,589
Synchronoss Technologies, Inc. (a)		6,000		191,160
Synopsys, Inc. (a)		22,657		1,225,291
Syntel, Inc. (a)		4,722		213,718
Tableau Software, Inc., Class A (a)		7,967		389,746
Tangoe, Inc. (a)		6,350		49,022
TeleNav, Inc. (a)		5,854		29,855
Twitter, Inc. (a)		89,194		1,508,270
Tyler Technologies, Inc. (a)		4,853		809,044
Ultimate Software Group, Inc. (a)		4,299		904,037
Unisys Corp. (a)		7,423		54,039
United Online, Inc. (a)		2,616		28,776
Vantiv, Inc., Class A (a)		23,521		1,331,289
Varonis Systems, Inc. (a)		2,808		67,448
VASCO Data Security International, Inc. (a)		4,683		76,754
Vectrus, Inc. (a)		1,852		52,763
Veeva Systems, Inc., Class A (a)		14,382		490,714
Verint Systems, Inc. (a)		9,128		302,411
VirnetX Holding Corp. (a)(b)		6,877		27,508
Virtusa Corp. (a)		4,107		118,610
VMware, Inc., Class A (a)		11,522		659,289
Voltari Corp. (a)(b)		1,272		4,605
Web.com Group, Inc. (a)		8,012		145,658
Workday, Inc., Class A (a)		17,626		1,316,133
Workiva, Inc. (a)		3,410		46,581
Xura, Inc. (a)		3,640		88,925
Zendesk, Inc. (a)		8,667		228,635
Zix Corp. (a)		10,588		39,705
Zynga, Inc., Class A (a)		116,831		290,909
				43,266,775
Support Services — 4.6%
ABM Industries, Inc.		8,327		303,769
Acacia Research Corp.		8,239		36,252
Advisory Board Co. (a)		6,250		221,187
AM Castle & Co. (a)		3,838		6,294
Amdocs Ltd.		22,361		1,290,677
AMN Healthcare Services, Inc. (a)		7,153		285,905
Applied Industrial Technologies, Inc.		5,724		258,381
ARC Document Solutions, Inc. (a)		6,901		26,845
Barnes Group, Inc.		7,338		243,035
Barrett Business Services, Inc.		1,189		49,129
Bazaarvoice, Inc. (a)		12,100		48,521
Black Box Corp.		2,668		34,897
Booz Allen Hamilton Holding Corp.		18,929		561,056
Brink’s Co.		7,067		201,339
Broadridge Financial Solutions, Inc.		17,839		1,163,103
Cardtronics, Inc. (a)		6,774		269,673
Cartesian, Inc. (a)		2,116		2,116

Common Stocks	Shares		Value
Support Services (continued)
Casella Waste Systems, Inc. (a)		7,582	$	59,519
Cass Information Systems, Inc.		1,314		67,934
CBIZ, Inc. (a)		7,954		82,801
CDI Corp.		1,891		11,535
CEB, Inc.		4,960		305,933
Cenveo, Inc. (a)		14,736		12,023
Clean Harbors, Inc. (a)		7,847		408,907
Comfort Systems USA, Inc.		5,684		185,128
Convergys Corp.		14,425		360,625
CoreLogic, Inc. (a)		13,014		500,779
Corrections Corp. of America		17,287		605,391
CoStar Group, Inc. (a)		4,952		1,082,804
CRA International, Inc. (a)		1,964		49,532
Crawford & Co., Class B		4,806		40,803
Cross Country Healthcare, Inc. (a)		5,168		71,939
Deluxe Corp.		7,253		481,382
DHI Group, Inc. (a)		7,060		43,984
DigitalGlobe, Inc. (a)		8,747		187,098
DXP Enterprises, Inc. (a)		1,896		28,307
Ennis, Inc.		3,906		74,917
Essendant, Inc.		5,328		162,824
Euronet Worldwide, Inc. (a)		7,608		526,398
Everi Holdings, Inc. (a)		10,402		11,962
EVERTEC, Inc.		10,201		158,524
ExamWorks Group, Inc. (a)		6,007		209,344
ExlService Holdings, Inc. (a)		5,026		263,413
ExOne Co. (a)		1,784		18,857
Exponent, Inc.		3,885		226,923
First Data Corp., Class A (a)		27,590		305,421
FleetCor Technologies, Inc. (a)		11,639		1,665,890
Franklin Covey Co. (a)		2,677		41,038
Frontline Capital Group (a)		300		—
FTI Consulting, Inc. (a)		6,259		254,616
G&K Services, Inc., Class A		2,985		228,561
Genpact Ltd. (a)		22,806		612,113
GP Strategies Corp. (a)		2,813		61,014
HD Supply Holdings, Inc. (a)		27,167		945,955
Heidrick & Struggles International, Inc.		2,753		46,471
Heritage-Crystal Clean, Inc. (a)		3,226		39,389
Higher One Holdings, Inc. (a)		7,183		36,705
Hudson Global, Inc.		7,493		14,761
Huron Consulting Group, Inc. (a)		3,442		207,966
ICF International, Inc. (a)		3,065		125,358
Imperva, Inc. (a)		4,008		172,384
InnerWorkings, Inc. (a)		7,279		60,197
Inovalon Holdings, Inc., Class A (a)(b)		7,229		130,194
Insperity, Inc.		2,406		185,815
Jack Henry & Associates, Inc.		11,869		1,035,808
Kaman Corp.		3,995		169,867
Kelly Services, Inc., Class A		4,059		76,999
Kforce, Inc.		3,944		66,614
Korn/Ferry International		7,608		157,486
LifeLock, Inc. (a)		13,189		208,518
LinkedIn Corp., Class A (a)		17,612		3,333,071
Lionbridge Technologies, Inc. (a)		10,173		40,183
ManpowerGroup, Inc.		10,664		686,122
MAXIMUS, Inc.		9,617		532,493
McGrath RentCorp		3,244		99,234
Mistras Group, Inc. (a)		2,701		64,473
Mobile Mini, Inc.		6,403		221,800
ModusLink Global Solutions, Inc. (a)		9,568		11,769
Monster Worldwide, Inc. (a)		14,709		35,155
MSC Industrial Direct Co., Inc., Class A		7,144		504,081
Navigant Consulting, Inc. (a)		7,309		118,040
NeuStar, Inc., Class A (a)		7,934		186,528
Odyssey Marine Exploration, Inc. (a)(b)		2,444		4,937
On Assignment, Inc. (a)		7,077		261,495

See Notes to Financial Statements.

20 QUANTITATIVE MASTER SERIES LLC JUNE 30, 2016

Schedule of Investments (continued) Master Extended Market Index Series

Common Stocks	Shares		Value
Support Services (continued)
Park-Ohio Holdings Corp.		1,321	$	37,358
Perma-Fix Environmental Services (a)		4,810		24,483
Planet Payment, Inc. (a)		9,438		42,377
Power Solutions International, Inc. (a)(b)		815		14,548
Press Ganey Holdings, Inc. (a)		1,307		51,430
PRGX Global, Inc. (a)		6,115		31,920
Quad/Graphics, Inc.		3,486		81,189
Quest Resource Holding Corp. (a)		17,930		5,200
Resources Connection, Inc.		5,694		84,157
RPX Corp. (a)		8,380		76,845
RR Donnelley & Sons Co.		30,792		521,001
Schnitzer Steel Industries, Inc., Class A		4,015		70,664
ServiceSource International, Inc. (a)		10,518		42,388
Sharps Compliance Corp. (a)		3,499		15,361
StarTek, Inc. (a)		3,340		14,596
Sykes Enterprises, Inc. (a)		5,857		169,619
Team, Inc. (a)		4,703		116,775
TeleTech Holdings, Inc.		2,549		69,154
Tetra Tech, Inc.		8,381		257,674
TransUnion (a)		10,341		345,803
TriNet Group, Inc. (a)		6,322		131,434
TrueBlue, Inc. (a)		6,460		122,223
U.S. Ecology, Inc.		3,348		153,841
UniFirst Corp.		2,249		260,254
Universal Technical Institute, Inc.		3,377		7,632
Viad Corp.		3,107		96,317
WageWorks, Inc. (a)		5,411		323,632
WEX, Inc. (a)		5,676		503,291
				27,861,452
Technology Hardware & Equipment — 3.9%
3D Systems Corp. (a)(b)		15,956		218,438
ADTRAN, Inc.		7,492		139,726
Advanced Energy Industries, Inc. (a)		6,210		235,732
Advanced Micro Devices, Inc. (a)		94,030		483,314
Agilysys, Inc. (a)		3,119		32,656
Amkor Technology, Inc. (a)		14,118		81,178
Amtech Systems, Inc. (a)		2,148		12,824
Applied Micro Circuits Corp. (a)		12,769		81,977
Applied Optoelectronics, Inc. (a)(b)		2,758		30,752
ARRIS International PLC (a)		27,030		566,549
Axcelis Technologies, Inc. (a)		19,244		51,766
Brocade Communications Systems, Inc.		71,037		652,120
Brooks Automation, Inc.		9,688		108,699
Cabot Microelectronics Corp.		3,590		152,001
CalAmp Corp. (a)		5,908		87,497
Cavium, Inc. (a)		8,256		318,682
CEVA, Inc. (a)		3,467		94,198
Ciena Corp. (a)		19,544		366,450
Cirrus Logic, Inc. (a)		9,403		364,742
Clearfield, Inc. (a)(b)		2,370		42,399
Cohu, Inc.		4,081		44,279
CommScope Holding Co., Inc. (a)		22,077		685,049
Comtech Telecommunications Corp.		2,512		32,254
Concurrent Computer Corp.		3,805		19,862
Cray, Inc. (a)		6,048		180,956
Cree, Inc. (a)		14,947		365,305
Cypress Semiconductor Corp.		46,389		489,404
Dataram Corp. (a)		893		540
Diebold, Inc.		9,376		232,806
Digi International, Inc. (a)		4,719		50,635
Diodes, Inc. (a)		5,690		106,915
DSP Group, Inc. (a)		4,564		48,424
Dycom Industries, Inc. (a)		4,935		442,966
EchoStar Corp., Class A (a)		6,431		255,311
Electronics for Imaging, Inc. (a)		7,109		305,971
Emcore Corp. (a)		4,624		27,467

Common Stocks	Shares			Value
Technology Hardware & Equipment (continued)
Entegris, Inc. (a)		20,712		$	299,703
ePlus, Inc. (a)		966			79,009
Exar Corp. (a)		7,831			63,040
Extreme Networks, Inc. (a)		15,559			52,745
Fairchild Semiconductor International, Inc. (a)		16,610			329,708
Finisar Corp. (a)		15,714			275,152
FormFactor, Inc. (a)		8,934			80,317
GigPeak, Inc. (a)		3,517			6,893
GSI Technology, Inc. (a)		4,254			17,739
Harmonic, Inc. (a)		14,595			41,596
Hutchinson Technology, Inc. (a)		7,004			23,744
ID Systems, Inc. (a)		3,541			17,032
Identiv, Inc. (a)		3,365			6,023
Infinera Corp. (a)		20,931			236,102
Ingram Micro, Inc., Class A		22,024			765,995
Inphi Corp. (a)		5,391			172,674
Insight Enterprises, Inc. (a)		5,507			143,182
Integrated Device Technology, Inc. (a)		19,885			400,285
InterDigital, Inc.		5,293			294,714
Intersil Corp., Class A		18,742			253,767
Intra-Cellular Therapies, Inc. (a)		4,559			176,980
InvenSense, Inc. (a)		12,074			74,014
Ixia (a)		9,113			89,490
IXYS Corp.		3,911			40,088
Kopin Corp. (a)		11,813			26,225
Kulicke & Soffa Industries, Inc. (a)		10,388			126,422
KVH Industries, Inc. (a)		2,945			22,676
Lantronix, Inc. (a)		9,095			8,822
Lattice Semiconductor Corp. (a)		17,195			91,993
Lexmark International, Inc., Class A		8,961			338,278
Loral Space & Communications, Inc. (a)		1,784			62,922
LRAD Corp.		8,678			15,534
Lumentum Holdings, Inc. (a)		7,236			175,111
Marvell Technology Group Ltd.		69,881			665,966
Maxim Integrated Products, Inc.		42,897			1,530,994
MaxLinear, Inc., Class A (a)		8,148			146,501
Mercury Systems, Inc. (a)		5,217	��		129,695
Microsemi Corp. (a)		17,128			559,743
MKS Instruments, Inc.		7,749			333,672
Monolithic Power Systems, Inc.		5,291			361,481
MoSys, Inc. (a)		14,659			5,937
Nanometrics, Inc. (a)		4,363			90,707
NCR Corp. (a)		18,586			516,133
Neonode, Inc. (a)		2,930			4,278
NeoPhotonics Corp. (a)		4,199			40,016
NETGEAR, Inc. (a)		4,686			222,772
Nimble Storage, Inc. (a)		7,733			61,555
Oclaro, Inc. (a)		16,359			79,832
ON Semiconductor Corp. (a)		60,825			536,476
Optical Cable Corp.		1,750			3,885
PAR Technology Corp. (a)		3,332			15,960
ParkerVision, Inc. (a)(b)		1,706			5,357
PC Connection, Inc.		2,523			60,047
Pendrell Corp. (a)		28,997			14,629
Photronics, Inc. (a)		9,668			86,142
Pixelworks, Inc. (a)		5,286			9,726
Plantronics, Inc.		5,004			220,176
Polycom, Inc. (a)		19,912			224,010
Power Integrations, Inc.		4,157			208,141
Pure Storage, Inc., Class A (a)		9,124			99,452
QLogic Corp. (a)		12,388			182,599
Quantum Corp. (a)		45,364			19,053
QuickLogic Corp. (a)		9,826			9,531
Qumu Corp. (a)		2,149			9,542
Rambus, Inc. (a)		17,314			209,153
Rudolph Technologies, Inc. (a)		5,365			83,318
ScanSource, Inc. (a)		4,115			152,708

See Notes to Financial Statements.

QUANTITATIVE MASTER SERIES LLC JUNE 30, 2016 21

Schedule of Investments (continued) Master Extended Market Index Series

Common Stocks	Shares		Value
Technology Hardware & Equipment (continued)
Seachange International, Inc. (a)		7,106	$	22,668
Semtech Corp. (a)		9,792		233,637
ShoreTel, Inc. (a)		10,755		71,951
Sigma Designs, Inc. (a)		6,054		38,927
Silicon Graphics International Corp. (a)		5,817		29,259
Silicon Laboratories, Inc. (a)		5,746		280,060
Sonic Foundry, Inc. (a)		2,214		13,705
Sonus Networks, Inc. (a)		8,411		73,092
SunEdison Semiconductor, Ltd. (a)		6,099		36,167
Sunworks, Inc. (a)(b)		4,851		11,303
Super Micro Computer, Inc. (a)		5,471		135,954
Synaptics, Inc. (a)		5,402		290,357
SYNNEX Corp.		4,224		400,520
Systemax, Inc. (a)		1,844		15,729
Tech Data Corp. (a)		5,095		366,076
Teradyne, Inc.		30,394		598,458
Tessera Technologies, Inc.		6,770		207,433
TransAct Technologies, Inc.		2,692		21,590
TransEnterix, Inc. (a)(b)		10,957		13,368
Ubiquiti Networks, Inc. (a)		3,764		145,516
Ultra Clean Holdings, Inc. (a)		5,086		28,939
Ultratech, Inc. (a)		4,365		100,264
USA Technologies, Inc. (a)		3,189		13,617
VeriFone Systems, Inc. (a)		17,047		316,051
ViaSat, Inc. (a)		6,611		472,025
Viavi Solutions, Inc. (a)		34,458		228,457
Violin Memory, Inc. (a)		16,615		15,282
Vocera Communications, Inc. (a)		4,197		53,931
VOXX International Corp. (a)		4,073		11,364
West Corp.		7,325		144,009
Xcerra Corp. (a)		9,468		54,441
				23,561,156
Tobacco — 0.1%
Alliance One International, Inc. (a)		1,357		20,898
Schweitzer-Mauduit International, Inc.		4,407		155,479
Universal Corp.		3,258		188,117
Vector Group Ltd.		12,892		289,038
				653,532
Travel & Leisure — 4.6%
Allegiant Travel Co.		2,017		305,575
AMC Entertainment Holdings, Inc., Class A		3,122		86,198
Aramark		34,185		1,142,463
Avis Budget Group, Inc. (a)		14,064		453,283
Belmond Ltd., Class A (a)		13,554		134,185
Biglari Holdings, Inc. (a)		187		75,425
BJ’s Restaurants, Inc. (a)		3,216		140,957
Bloomin’ Brands, Inc.		18,301		327,039
Bob Evans Farms, Inc.		3,169		120,264
Boyd Gaming Corp. (a)		12,026		221,278
Bravo Brio Restaurant Group, Inc. (a)		3,322		27,207
Brinker International, Inc.		8,416		383,180
Buffalo Wild Wings, Inc. (a)		2,828		392,951
Caesars Entertainment Corp. (a)		6,057		46,578
Carmike Cinemas, Inc. (a)		3,932		118,432
Carrols Restaurant Group, Inc. (a)		6,109		72,697
Century Casinos, Inc. (a)		6,355		39,592
Cheesecake Factory, Inc.		6,609		318,157
Choice Hotels International, Inc.		5,187		247,005
Churchill Downs, Inc.		1,825		230,607
Chuy’s Holdings, Inc. (a)		2,773		95,973
Cinemark Holdings, Inc.		15,545		566,771
ClubCorp Holdings, Inc.		10,670		138,710
Cracker Barrel Old Country Store, Inc. (b)		3,506		601,174
Dave & Buster’s Entertainment, Inc. (a)		4,119		192,728
Del Frisco’s Restaurant Group, Inc. (a)		4,306		61,662

Common Stocks	Shares		Value
Travel & Leisure (continued)
Denny’s Corp. (a)		13,450	$	144,318
Diamond Resorts International, Inc. (a)		8,250		247,170
DineEquity, Inc.		2,576		218,393
Domino’s Pizza, Inc.		7,475		982,065
Dover Downs Gaming & Entertainment, Inc. (a)		6,916		7,331
Dover Motorsports, Inc.		1,592		3,455
Dunkin’ Brands Group, Inc.		14,048		612,774
El Pollo Loco Holdings, Inc. (a)		3,382		43,966
Eldorado Resorts, Inc. (a)		4,161		63,226
Empire Resorts, Inc. (a)(b)		827		13,067
Entertainment Gaming Asia, Inc. (a)		791		1,448
Extended Stay America, Inc.		10,631		158,933
Famous Dave’s Of America, Inc. (a)		1,498		7,535
Fiesta Restaurant Group, Inc. (a)		4,111		89,661
Four Corners Property Trust, Inc.		7,624		156,978
Full House Resorts, Inc. (a)		12,945		26,149
Gaming Partners International Corp. (a)		1,026		9,542
Habit Restaurants, Inc. (a)		2,486		40,721
Hawaiian Holdings, Inc. (a)		6,926		262,911
Hertz Global Holdings, Inc. (a)		57,627		637,931
Hilton Worldwide Holdings, Inc.		78,456		1,767,614
Hyatt Hotels Corp., Class A (a)		3,696		181,621
International Speedway Corp., Class A		3,864		129,251
Interval Leisure Group, Inc.		16,522		262,700
Isle of Capri Casinos, Inc. (a)		3,638		66,648
J Alexander’s Holdings, Inc. (a)		2,293		22,769
Jack in the Box, Inc.		4,878		419,118
Jamba, Inc. (a)		3,045		31,333
JetBlue Airways Corp. (a)		47,276		782,891
Krispy Kreme Doughnuts, Inc. (a)		9,511		199,351
La Quinta Holdings, Inc. (a)		13,587		154,892
Las Vegas Sands Corp.		54,859		2,385,818
Liberty Braves Group, Class A (a)		1,542		23,192
Liberty Braves Group, Class C (a)		5,069		74,312
Luby’s, Inc. (a)		5,639		28,308
Madison Square Garden Co., Class A (a)		3,070		529,606
Marcus Corp.		3,067		64,714
Marriott Vacations Worldwide Corp.		3,630		248,619
MGM Resorts International (a)		71,118		1,609,400
Monarch Casino & Resort, Inc. (a)		2,088		45,873
Morgans Hotel Group Co. (a)		6,164		13,191
Noodles & Co. (a)(b)		3,634		35,540
Norwegian Cruise Line Holdings Ltd. (a)		23,785		947,594
Panera Bread Co., Class A (a)		3,443		729,709
Papa John’s International, Inc.		4,382		297,976
Penn National Gaming, Inc. (a)		10,967		152,990
Pinnacle Entertainment, Inc. (a)		8,495		94,125
Planet Fitness, Inc., Class A (a)		3,011		56,848
Popeyes Louisiana Kitchen, Inc. (a)		3,582		195,720
Potbelly Corp. (a)		4,799		60,179
RCI Hospitality Holdings, Inc.		2,654		27,044
Reading International, Inc., Class A (a)		3,819		47,699
Red Lion Hotels Corp. (a)		5,052		36,677
Red Robin Gourmet Burgers, Inc. (a)		2,228		105,674
Red Rock Resorts, Inc., Class A (a)		4,223		92,822
Regal Entertainment Group, Class A (b)		9,987		220,113
Ruby Tuesday, Inc. (a)		10,132		36,576
Ruth’s Hospitality Group, Inc.		5,660		90,277
Ryman Hospitality Properties, Inc.		7,361		372,835
Sabre Corp.		30,792		824,918
Scientific Games Corp., Class A (a)		7,878		72,399
SeaWorld Entertainment, Inc.		9,937		142,397
Shake Shack, Inc., Class A (a)(b)		1,092		39,782
Six Flags Entertainment Corp.		12,858		745,121
SkyWest, Inc.		6,975		184,558
Sonic Corp.		7,561		204,525
Speedway Motorsports, Inc.		1,762		31,275

See Notes to Financial Statements.

22 QUANTITATIVE MASTER SERIES LLC JUNE 30, 2016

Schedule of Investments (continued) Master Extended Market Index Series

Common Stocks	Shares		Value
Travel & Leisure (continued)
Spirit Airlines, Inc. (a)		10,893	$	488,769
Texas Roadhouse, Inc.		9,171		418,198
Town Sports International Holdings, Inc. (a)		5,154		14,019
Travelport Worldwide Ltd.		14,146		182,342
Travelzoo, Inc. (a)		2,100		16,842
Vail Resorts, Inc.		5,519		762,891
Wendy’s Co.		31,601		304,002
Virgin America, Inc. (a)		2,730		153,453
Wingstop, Inc. (a)		2,241		61,067
World Wrestling Entertainment, Inc. (b)		4,999		92,032
Zoe’s Kitchen, Inc. (a)		3,126		113,380
				27,761,254
Total Common Stocks — 96.3%				587,102,201
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 — 0.0%	Shares		Value
Technology Hardware & Equipment — 0.0%
Leap Wireless, CVR (a)		8,850	$	28,099
Total Long-Term Investments (Cost — $418,506,662) — 96.3%				587,130,345
Short-Term Securities
BlackRock Liquidity Funds, TempFund, Institutional Class, 0.40% (c)(e)		17,711,861		17,711,861
	Beneficial Interest (000)
BlackRock Liquidity Series, LLC, Money Market Series, 0.59% (c)(e)(f)	$	10,184		10,184,473
Total Short-Term Securities (Cost — $27,896,334) — 4.6%				27,896,334
Total Investments (Cost — $446,402,996) — 100.9%				615,026,679
Liabilities in Excess of Other Assets — (0.9)%				(5,569,141	)
Net Assets — 100.0%			$	609,457,538

Notes to Schedule of Investments

(a) Non-income producing security.

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

(c) During the six months ended June 30, 2016, 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,  2015		Shares/ Beneficial Interest Purchased			Shares/ Beneficial Interest Sold		Shares/ Beneficial Interest Held at June 30, 2016		Value at June 30, 2016		Income
BlackRock Liquidity Funds, TempFund, Institutional Class		15,610,860		2,101,001	1		—		17,711,861	$	17,711,861	$	26,117
BlackRock Liquidity Series, LLC, Money Market Series		9,970,723		213,750	1		—		10,184,473		10,184,473		445,409	2
PennyMac Mortgage Investment Trust		10,450		—			—		10,450		169,604		4,912
Total										$	28,065,938	$	476,438
1    Represents net shares/beneficial interest purchased.
2    Represents securities lending income earned from the reinvestment of cash collateral loaned from 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

Futures Contracts
Contracts Long		Issue	Expiration		Notional Value		Unrealized Depreciation
	111	Russell 2000 Mini Index		September 2016		$12,736,140	$	(331,964	)
	65	S&P MidCap 400 E-Mini Index		September 2016		$9,704,500		(77,402	)
	Total						$	(409,366	)

See Notes to Financial Statements.

QUANTITATIVE MASTER SERIES LLC JUNE 30, 2016 23

Schedule of Investments (continued) Master Extended Market Index Series

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 Contracts		Total
Futures contracts	Net unrealized depreciation	1		—		—	$	409,366		—		—		—	$	409,366

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

For the six months ended June 30, 2016, the effect of derivative financial instruments in the Statement of Operation was as follows:

Net Realized Gain (Loss) from:	Commodity Contracts		Credit Contracts		Equity Contracts			Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Futures contracts		—		—	$	283,392			—		—		—	$	283,392
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts		—		—	$	(344,329	)		—		—		—	$	(344,329	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts – long	$	18,330,680

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	$	8,961,538		—		—	$	8,961,538
Alternative Energy		702,520		—		—		702,520
Automobiles & Parts		10,849,157		—		—		10,849,157
Banks		37,857,005		—		—		37,857,005
Beverages		567,685		—		—		567,685
Chemicals		14,338,449		—		—		14,338,449
Construction & Materials		14,211,043		—		—		14,211,043
Electricity		9,261,139		—		—		9,261,139
Electronic & Electrical Equipment		17,393,365		—		—		17,393,365
Financial Services		22,790,882		—		—		22,790,882
Fixed Line Telecommunications		1,708,001		—		—		1,708,001
Food & Drug Retailers		4,523,460		—		—		4,523,460
Food Producers		12,689,361		—		—		12,689,361
Forestry & Paper		1,277,871		—		—		1,277,871
Gas, Water & Multi-Utilities		11,294,909		—		—		11,294,909
General Industrials		8,936,694		—		—		8,936,694
General Retailers		24,439,214		—		—		24,439,214
Health Care Equipment & Services		31,282,337		—		—		31,282,337
Household Goods & Home Construction		9,352,840		—		—		9,352,840
Industrial Engineering		15,854,956		—		—		15,854,956
Industrial Metals & Mining		3,933,310	$	17,322		—		3,950,632

See Notes to Financial Statements.

24 QUANTITATIVE MASTER SERIES LLC JUNE 30, 2016

Schedule of Investments (concluded) Master Extended Market Index Series

	Level 1			Level 2		Level 3		Total
Assets (concluded):
Investments (concluded):
Common Stocks (concluded):
Industrial Transportation	$	6,970,072			—		—	$	6,970,072
Leisure Goods		4,940,516			—		—		4,940,516
Life Insurance		1,856,963			—		—		1,856,963
Media		32,215,889			—		—		32,215,889
Mining		2,916,873			—		—		2,916,873
Mobile Telecommunications		5,661,436			—		—		5,661,436
Nonlife Insurance		21,314,911			—		—		21,314,911
Oil & Gas Producers		12,721,336			—		—		12,721,336
Oil Equipment, Services & Distribution		8,124,361			—		—		8,124,361
Personal Goods		7,071,050			—		—		7,071,050
Pharmaceuticals & Biotechnology		30,182,708			—	$	24,265		30,206,973
Real Estate Investment & Services		10,386,893			—		—		10,386,893
Real Estate Investment Trusts (REITs)		57,347,477		$	20,224		—		57,367,701
Software & Computer Services		43,266,775			—		—		43,266,775
Support Services		27,861,452			—		—		27,861,452
Technology Hardware & Equipment		23,561,156			—		—		23,561,156
Tobacco		653,532			—		—		653,532
Travel & Leisure		27,761,254			—		—		27,761,254
Other Interests:
Technology Hardware & Equipment		—			—		45		45
Rights:
Technology Hardware & Equipment		—			—		28,099		28,099
Short-Term Securities:
Money Market Funds		17,711,861			10,184,473		—		27,896,334
Total	$	604,752,251		$	10,222,019	$	52,409	$	615,026,679
	Level 1			Level 2		Level 3		Total
Derivative Financial Instruments 1
Liabilities:
Equity contracts	$	(409,366	)		—		—	$	(409,366	)

¹  Derivative financial instruments are 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 futures contracts	$	885,700		—			—	$	885,700
Liabilities:
Collateral on securities loaned at value		—	$	(10,184,473	)		—		(10,184,473	)
Total	$	885,700	$	(10,184,473	)		—	$	(9,298,773	)

During the six months ended June 30, 2016, there were no transfers between levels.

See Notes to Financial Statements.

QUANTITATIVE MASTER SERIES LLC JUNE 30, 2016 25

Statement of Assets and Liabilities Master Extended Market Index Series

June 30, 2016 (Unaudited)
Assets
Investments at value — unaffiliated (including securities loaned at value of $9,914,811) (cost — $418,281,979)	$	586,960,741
Investments at value — affiliated (cost — $28,121,017)		28,065,938
Cash pledged for futures contracts		885,700
Receivables:
Contributions from investors		37,630
Dividends		752,514
Investments sold		2,688,798
Variation margin on futures contracts		342,966
Income — affiliated		6,054
Securities lending income — affiliated		55,022
Prepaid expenses		1,041
Total assets		619,796,404
Liabilities
Collateral on securities loaned at value		10,184,473
Other affiliates		3,516
Payables:
Investment advisory fees		4,011
Officer’s and Directors’ fees		3,614
Other accrued expenses		143,252
Total liabilities		10,338,866
Net Assets	$	609,457,538
Net Assets Consist of
Investors’ capital	$	441,243,221
Net unrealized appreciation (depreciation)		168,214,317
Net Assets	$	609,457,538

See Notes to Financial Statements.
26	QUANTITATIVE MASTER SERIES LLC	JUNE 30, 2016

Statement of Operations Master Extended Market Index Series

Six Months Ended June 30, 2016 (Unaudited)
Investment Income
Dividends — unaffiliated	$	5,006,837
Securities lending — affiliated — net		445,409
Dividends — affiliated		31,029
Foreign taxes withheld		(2,761	)
Total income		5,480,514
Expenses
Investment advisory		29,113
Accounting services		66,881
Professional		38,734
Custodian		29,160
Pricing fees		22,908
Directors		12,188
Printing		11,819
Miscellaneous		4,106
Total expenses		214,909
Less fees waived by the Manager		(4,640	)
Less fees paid indirectly		(158	)
Total expenses after fees waived and paid indirectly		210,111
Net investment income		5,270,403
Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
Investments — unaffiliated		23,000,570
Futures contracts		283,392
		23,283,962
Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated		(14,643,023	)
Investments — affiliated		10,137
Futures contracts		(344,329	)
		(14,977,215	)
Net realized and unrealized gain		8,306,747
Net Increase in Net Assets Resulting from Operations	$	13,577,150

See Notes to Financial Statements.
	QUANTITATIVE MASTER SERIES LLC	JUNE 30, 2016	27

Statements of Changes in Net Assets Master Extended Market Index Series

	Six Months Ended			Year Ended
Increase (Decrease) in Net Assets:	June 30, 2016 (Unaudited)			December 31, 2015
Operations
Net investment income	$	5,270,403		$	8,433,717
Net realized gain		23,283,962			41,451,801
Net change in unrealized appreciation (depreciation)		(14,977,215	)		(71,694,731	)
Net increase (decrease) in net assets resulting from operations		13,577,150			(21,809,213	)
Capital Transactions
Proceeds from contributions		24,221,202			74,606,931
Value of withdrawals		(48,090,606	)		(94,072,983	)
Net decrease in net assets derived from capital transactions		(23,869,404	)		(19,466,052	)
Net Assets
Total decrease in net assets		(10,292,254	)		(41,275,265	)
Beginning of period		619,749,792			661,025,057
End of period	$	609,457,538		$	619,749,792

See Notes to Financial Statements.
28	QUANTITATIVE MASTER SERIES LLC	JUNE 30, 2016

Financial Highlights Master Extended Market Index Series

	Six Months Ended June 30, 2016 (Unaudited)		Year Ended December 31,
			2015		2014		2013		2012		2011
Total Return
Total Return		2.48%1		(3.32)%		7.66%		37.98%		18.04%		(3.55)%
Ratios to Average Net Assets
Total expenses		0.07%2		0.07%		0.07%3		0.07%		0.10%		0.08%
Total expenses after fees waived and/or reimbursed		0.07%2		0.06%		0.07%3		0.06%		0.09%		0.08%
Net investment income		1.81%2		1.27%		1.35%3		1.32%		1.83%		1.29%
Supplemental Data
Net assets, end of period (000)		$   609,458		$   619,750		$   661,025		$   615,867		$   398,305		$   439,752
Portfolio turnover rate		5%		14%		10%		18%		12%		12%

¹  Aggregate total return.

²  Annualized.

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

See Notes to Financial Statements.
	QUANTITATIVE MASTER SERIES LLC	JUNE 30, 2016	29

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

1. Organization:

Quantitative Master Series LLC (the “Master LLC”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. Master Extended Market Index Series (the “Series”) is a series of the Master LLC. The Series is classified as diversified. 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 the Master LLC (the “Board”) to issue non-transferable interests, subject to certain limitations.

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

2. Significant Accounting Policies:

The 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., 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 October 2015, the custodian is 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 various 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 oversee the pricing function 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 closing 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

30 QUANTITATIVE MASTER SERIES LLC JUNE 30, 2016

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.

• 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 Schedules 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:

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

QUANTITATIVE MASTER SERIES LLC JUNE 30, 2016 31

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

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 Amount2
Barclays Capital, Inc. .	$	2,480	$	(2,480	)		—
BNP Paribas S.A. ..		591,096		(586,892	)	$	4,204
Citigroup Global Markets, Inc. .		623,671		(623,671	)		—
Credit Suisse Securities (USA) LLC		834,769		(834,769	)		—
Deutsche Bank Securities, Inc.		420,850		(420,850	)		—
Goldman Sachs & Co.		299,241		(299,241	)		—
JP Morgan Securities LLC		3,383,918		(3,383,918	)		—
Merrill Lynch, Pierce, Fenner & Smith, Inc.		139,983		(139,983	)		—
Morgan Stanley ..		2,238,637		(2,238,637	)		—
National Financial Services LLC		947,392		(947,392	)		—
SG Americas Securities LLC		232,288		(232,288	)		—
UBS Securities LLC		200,486		(200,486	)		—
Total	$	9,914,811	$	(9,910,607	)	$	4,204

¹  Collateral with a value of $10,184,473 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.

²  The market value of the loaned securities is determined as of June 30, 2016. Additional collateral is delivered to the Fund on the next business day in accordance with the MSLA. The net amount would be subject to the borrower default indemnity in the event of default by the counterparty.

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 its exposure to certain risks such as credit risk, equity risk, interest rate risk, foreign currency exchange rate risk, commodity price risk or other risks (e.g., inflation risk). Derivative financial instruments categorized by risk exposure are included in the Schedule of Investments. These contracts may be transacted on an exchange or over the counter (“OTC”).

Futures Contracts: The Series invests in long and/or short positions in futures and options on futures contracts to gain exposure to, or manage exposure to changes in the value of equity securities (equity risk) or foreign currencies (foreign currency exchange rate risk).

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 on a specified date. Depending on the terms of a contract, it is settled either through physical delivery of the underlying instrument on the settlement date or by payment of a cash amount on the settlement date. Upon entering into a futures contract, the Series is required to deposit initial margin with the

32 QUANTITATIVE MASTER SERIES LLC JUNE 30, 2016

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

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 in the Schedule of Investments and cash deposited, if any, is shown as cash pledged for futures contracts in the Statement of Assets and Liabilities. 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 market value of the contract (“variation margin”). Variation margin is recorded as unrealized appreciation (depreciation) and, if any, shown as variation margin receivable (or payable) on futures contracts in the Statement of Assets and Liabilities. When the contract is closed, a realized gain or loss is recorded in the Statement of Operations 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 futures contracts involves the risk of an imperfect correlation in the movements in the price of futures contracts and interest, foreign currency exchange rates or 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.

Investment Advisory

The Master LLC, on behalf of the Series, entered into an Investment Advisory Agreement with the Manager, the Series’ investment adviser, 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 which is determined by calculating a percentage of the Series’ average daily net assets based on an annual rate of 0.01%.

Expense Waivers and Reimbursements

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, 2017, unless approved by the Board, including a majority of the Independent Directors or by a majority of the outstanding voting securities of the Series.

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 six months ended June 30, 2016, the amount waived was $4,640.

For the six months ended June 30, 2016 the Series reimbursed the Manager $3,510 for certain accounting services, which is included in accounting services in the Statement of Operations.

Securities Lending

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

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

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

The share of securities lending income earned by the Series is shown as securities lending — affiliated – net in the Statement of Operations. For the six months ended June 30, 2016, the Series paid BIM $111,354 for securities lending agent services.

QUANTITATIVE MASTER SERIES LLC JUNE 30, 2016 33

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

Officers and Directors

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

7. Purchases and Sales:

For the six months ended June 30, 2016, purchases and sales of investments excluding short-term securities, were $29,215,805 and $50,922,692 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 generally 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 June 30, 2016, inclusive of the open tax return years, and does not believe there are any uncertain tax positions that require recognition of a tax liability in the Series’ financial statements.

As of June 30, 2016 gross unrealized appreciation and depreciation based on cost for federal income tax purposes were as follows:

Tax cost	$	449,618,976
Gross unrealized appreciation	$	225,744,903
Gross unrealized depreciation		(60,337,200	)
Net unrealized appreciation	$	165,407,703

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 this agreement, the Series may borrow to fund shareholder redemptions. Excluding commitments designated for certain individual funds, the Participating Funds, including the Series, can borrow up to an aggregate commitment amount of $1.6 billion 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 0.12% 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 2017 unless extended or renewed. Prior to April 21, 2016, the credit agreement had a fee per annum of 0.06% on unused commitment amounts and interest at a rate equal to the higher of (a) one-month LIBOR (but, in any event, not less than 0.00%) on the date the loan is made plus 0.80% per annum or (b) the Fed Funds rate (but, in any event, not less than 0.00%) in effect from time to time plus 0.80% per annum on amounts borrowed. Participating Funds paid administration, legal and arrangement fees, which, if applicable, are included in miscellaneous expenses in the Statement of Operations. These fees were allocated among such funds based upon portions of the aggregate commitment available to them and relative net assets of Participating Funds. During the six months ended June 30, 2016, 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 and/or 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.

34 QUANTITATIVE MASTER SERIES LLC JUNE 30, 2016

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

QUANTITATIVE MASTER SERIES LLC JUNE 30, 2016 35

Disclosure of Investment Advisory Agreement Master Extended Market Index Series

The Board of Directors (the “Board,” and the members of which are referred to as “Board Members”) of Quantitative Master Series LLC (the “Master LLC”) met in person on April 21, 2016 (the “April Meeting”) and May 18-20, 2016 (the “May Meeting”) to consider the approval of the investment advisory agreement (the “Agreement”) between the Master LLC, on behalf of Master Extended Market Index Series (the “Portfolio”), a series of the Master LLC, and BlackRock Advisors, LLC (the “Manager” or “BlackRock”), the Master LLC’s investment advisor.

Activities and Composition of the Board

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

The Agreement

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

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

Board Considerations in Approving the Agreement

The Approval Process: Prior to the April Meeting, the Board requested and received materials specifically relating to the Agreement. The Board is continuously engaged in a process with its independent legal counsel and BlackRock to review the nature and scope of the information provided to better assist its deliberations. The materials provided in connection with the April Meeting included (a) information independently compiled and prepared by Broadridge Financial Solutions, Inc. (“Broadridge”) on Portfolio fees and expenses as compared with a peer group of funds as determined by Broadridge (“Expense Peers”) and the investment performance of the Portfolio as compared with a peer group of funds as determined by Broadridge¹, as well as the performance of the Portfolio as compared with its benchmark; (b) information on the profits realized by BlackRock and its affiliates pursuant to the Agreement and a discussion of fall-out benefits to BlackRock and its affiliates; (c) a general analysis provided by BlackRock concerning investment management fees charged to other clients, such as institutional clients, sub-advised mutual funds, ETFs and closed-end funds, under similar investment mandates, as well as the performance of such other clients, as applicable; (d) review of non-management fees; (e) the existence, impact and sharing of potential economies of scale; (f) a summary of aggregate amounts paid by the Portfolio to BlackRock; and (g) sales and redemption data regarding the Portfolio’s interests.

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

36 QUANTITATIVE MASTER SERIES LLC JUNE 30, 2016

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

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

At the May Meeting, the Board, including the Independent Board Members, approved the continuation of the Agreement between the Manager and the Master LLC with respect to the Portfolio for a one-year term ending June 30, 2017. In approving the continuation of the Agreement, the Board considered: (a) the nature, extent and quality of the services provided by BlackRock; (b) the investment performance of the Portfolio; (c) the advisory fee and the cost of the services and profits to be realized by BlackRock and its affiliates from their relationship with the Portfolio; (d) the Portfolio’s costs to investors compared to the costs of Expense Peers and performance compared to the relevant performance metrics as previously discussed; (e) the sharing of potential economies of scale; (f) fall-out benefits to BlackRock and its affiliates as a result of its relationship with the Portfolio; and (g) other factors deemed relevant by the Board Members.

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

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

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

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

B. The Investment Performance of the Portfolio and BlackRock: The Board, including the Independent Board Members, also reviewed and considered the performance history of the Portfolio. In preparation for the April Meeting, the Board was provided with reports independently prepared by Broadridge, which included a comprehensive analysis of the Portfolio’s performance. The Board also reviewed a narrative and statistical analysis of the Broadridge data that was prepared by BlackRock. In connection with its review, the Board received and reviewed information regarding the investment performance of the Portfolio as compared to other funds in its applicable Broadridge category and the performance of the Portfolio as compared with its benchmark. The Board was provided with a description of the methodology used by Broadridge to select peer funds and periodically meets with Broadridge representatives to review its methodology. The Board was provided with information on the composition of the Broadridge performance universes and expense universes. The Board and its Performance Oversight and Contract Committee regularly review, and meet with Portfolio management to discuss, the performance of the Portfolio throughout the year.

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

QUANTITATIVE MASTER SERIES LLC JUNE 30, 2016 37

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

The Board noted that for the past five one-year periods reported, the Portfolio’s net performance was within the tolerance range of its benchmark for four of the five periods. BlackRock believes that net performance relative to the benchmark is an appropriate performance metric for the Portfolio.

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

The Board received and reviewed statements relating to BlackRock’s financial condition. The Board reviewed BlackRock’s profitability methodology and was also provided with a profitability analysis that detailed the revenues earned and the expenses incurred by BlackRock for services provided to the Portfolio. The Board reviewed BlackRock’s profitability with respect to the Portfolio and other funds the Board currently oversees for the year ended December 31, 2015 compared to available aggregate profitability data provided for the prior two years. The Board reviewed BlackRock’s profitability with respect to certain other U.S. fund complexes managed by the Manager and/or its affiliates. The Board reviewed BlackRock’s assumptions and methodology of allocating expenses in the profitability analysis, noting the inherent limitations in allocating costs among various advisory products. The Board recognized that profitability may be affected by numerous factors including, among other things, fee waivers and expense reimbursements by the Manager, the types of funds managed, precision of expense allocations and business mix. As a result, calculating and comparing profitability at individual fund level is difficult.

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

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

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

D. Economies of Scale: The Board, including the Independent Board Members, considered the extent to which economies of scale might be realized as the assets of the Portfolio increase, as well as the existence of expense caps, as applicable. The Board also considered the extent to which the Portfolio benefits from such economies in a variety of ways and whether there should be changes in the advisory fee rate or breakpoint structure in order to enable the Portfolio to more fully participate in these economies of scale. The Board considered the Portfolio’s asset levels and whether the current fee schedule was appropriate. In its consideration, the Board Members took into account the existence of any expense caps and further considered the continuation and/or implementation, as applicable, of such caps.

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

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

38 QUANTITATIVE MASTER SERIES LLC JUNE 30, 2016

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

Conclusion

The Board, including the Independent Board Members, approved the continuation of the Agreement between the Manager and the Master LLC with respect to the Portfolio for a one-year term ending June 30, 2017. Based upon its evaluation of all of the aforementioned factors in their totality, as well as other information, the Board, including the Independent Board Members, was satisfied that the terms of the Agreement were fair and reasonable and in the best interest of the Portfolio and its interest holders. In arriving at its decision to approve the Agreement, the Board did not identify any single factor or group of factors as all-important or controlling, but considered all factors together, and different Board Members may have attributed different weights to the various factors considered. The Independent Board Members were also assisted by the advice of independent legal counsel in making this determination. The contractual fee arrangements for the Portfolio reflect the results of several years of review by the Board Members and predecessor Board Members, and discussions between such Board Members (and predecessor Board Members) and BlackRock. As a result, the Board Members’ conclusions may be based in part on their consideration of these arrangements in prior years.

QUANTITATIVE MASTER SERIES LLC JUNE 30, 2016 39

Officers and Directors

Rodney D. Johnson, Chair of the Board and Director

David O. Beim, Director

Susan J. Carter, Director

Collette Chilton, Director

Neil A. Cotty, Director

Barbara G. Novick, Director

Dr. Matina S. Horner, Director

Cynthia A. Montgomery, Director

Joseph P. Platt, Director

Robert C. Robb, Jr., Director

Mark Stalnecker, Director

Kenneth L. Urish, Director

Claire A. Walton, Director

Frederick W. Winter, Director

John M. Perlowski, Director, President and Chief Executive Officer

Richard Hoerner, CFA, Vice President

Jennifer McGovern, Vice President

Neal J. Andrews, Chief Financial Officer

Jay M. Fife, Treasurer

Charles Park, Chief Compliance Officer

Fernanda Piedra, Anti-Money Laundering Compliance Officer

Benjamin Archibald, Secretary

Effective February 5, 2016, Frank J. Fabozzi resigned as a Director of the Master LLC.

Effective February 8, 2016, Susan J. Carter, Neil A. Cotty and Claire A. Walton were elected to serve 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 JUNE 30, 2016

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.

Proxy Results

A Special Meeting of Shareholders was held on February 8, 2016 for shareholders of record on December 11, 2015, to elect a Board of Directors of the Master LLC.

Approved the Directors* as follows:

	Votes For		Votes Withheld
David O. Beim		3,989,764,463		5,534,952
Susan J. Carter		3,990,219,529		5,079,886
Collette Chilton		3,990,220,586		5,078,829
Neil A. Cotty		3,990,219,046		5,080,369
Matina S. Horner		3,989,764,463		5,534,952
Rodney D. Johnson		3,990,217,824		5,081,591
Cynthia A. Montgomery		3,990,219,364		5,080,051
Joseph P. Platt		3,990,217,824		5,081,591
Robert C. Robb, Jr.		3,989,979,722		5,319,693
Mark Stalnecker		3,990,220,077		5,079,338
Kenneth L. Urish		3,989,980,180		5,319,235
Claire A. Walton		3,990,219,529		5,079,886
Frederick W. Winter		3,990,219,338		5,080,076
Barbara G. Novick		3,990,220,586		5,078,829
John M. Perlowski		3,990,130,625		5,168,790

* Denotes Master LLC-wide proposal and voting results.

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 JUNE 30, 2016 41

Item 2 – Code of Ethics – Not Applicable to this semi-annual report

Item 3 – Audit Committee Financial Expert – Not Applicable to this semi-annual report

Item 4 – Principal Accountant Fees and Services – Not Applicable to this semi-annual report

Item 5 – Audit Committee of Listed Registrants – Not Applicable

Item 6 – Investments

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

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

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

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

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

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

Item 11 – Controls and Procedures

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

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

Item 12 – Exhibits attached hereto

(a)(1) – Code of Ethics – Not Applicable to this semi-annual report

(a)(2) – Certifications – Attached hereto

(a)(3) – Not Applicable

(b) – Certifications – Attached hereto

2

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

Master Extended Market Index Series of Quantitative Master Series LLC

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

Date: August 25, 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: August 25, 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: August 25, 2016

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