Quarterly Schedule of Portfolio Holdings of Registered Management Investment Company (n-q)

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF
REGISTERED MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number: 811-7852 Exact Name of Registrant as Specified in Charter: USAA MUTUAL FUNDS TRUST Address of Principal Executive Offices and Zip Code: 9800 FREDERICKSBURG ROAD SAN ANTONIO, TX 78288 Name and Address of Agent for Service: ADYM W. RYGMYR USAA MUTUAL FUNDS TRUST 9800 FREDERICKSBURG ROAD SAN ANTONIO, TX 78288 Registrant's Telephone Number, Including Area Code: [phone] Date of Fiscal Year End: DECEMBER 31

Date of Reporting Period: MARCH 31, 2013

ITEM 1. SCHEDULE OF INVESTMENTS.
USAA MUTUAL FUNDS TRUST - 1ST QUARTER REPORT - PERIOD ENDED MARCH 31, 2013

[LOGO OF USAA]
USAA(R)

PORTFOLIO OF INVESTMENTS
1ST QUARTER
USAA EXTENDED MARKET INDEX FUND
MARCH 31, 2013

(Form N-Q)

48481-0513 (C)2013, USAA. All rights reserved.

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PORTFOLIO OF INVESTMENTS

March 31, 2013 (unaudited)

USAA MUTUAL FUND, INC. (the Company), registered under the Investment Company Act of 1940 (the 1940 Act), as amended, is an open-end management investment company organized as a Delaware statutory trust consisting of 50 separate funds. The information presented in this quarterly report pertains only to the USAA Extended Market Index Fund (the Fund), which is classified as diversified under the 1940 Act.

The Fund's primary investment objective is to seek to match, before fees and expenses, the performance of the U.S. stocks not included in the S&P 500 Index as represented by the Dow Jones U.S. Completion Total Stock Market Index.

USAA Asset Management Company (the Manager), an affiliate of the Fund, attempts to achieve this objective by investing all of the Fund's investable assets in the Master Extended Market Index Series of the Quantitative Master Series, LLC (the Series), which is a separate open-end investment management company advised by BlackRock Advisors, LLC (BlackRock), with a substantially similar investment objective.

FUND INVESTMENT - At March 31, 2013, the Fund's investment in the Series was $463,542,000, at value, representing 99.99% of the Series. The Fund records its investment in the Series at fair value, which reflects its proportionate interest in the net assets of the Series.

FAIR VALUE MEASUREMENTS - Refer to the Schedule of Investments of the Series for a discussion of fair value measurements and a summary of the inputs used to value the Series' assets. The following is a summary of the inputs used to value the Fund's investment in the Series as of March 31, 2013:

Valuation Inputs Investment in the Series -------------------------------------------------------------------------------- Level 1 - Quoted Prices $ - Level 2 - Other Significant Observable Inputs 463,542,000 Level 3 - Significant Unobservable Inputs - -------------------------------------------------------------------------------- TOTAL $463,542,000 --------------------------------------------------------------------------------

The Schedule of Investments of the Series follows.

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USAA Extended Market Index Fund

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Schedule of Investments MASTER EXTENDED MARKET INDEX SERIES
March 31, 2013 (Unaudited) (PERCENTAGES SHOWN ARE BASED ON NET ASSETS)

COMMON STOCKS SHARES VALUE ----------------------------------------------------------------------------------------------- AEROSPACE & DEFENSE -- 1.4% AAR Corp. 5,296 $ 97,393 Aerosonic Corp. (a) 200 948 AeroVironment, Inc. (a) 2,793 50,637 Alliant Techsystems, Inc. 4,356 315,505 Arotech Corp. (a) 4,742 5,501 Astronics Corp. (a) 1,768 52,722 Astrotech Corp. (a) 3,505 2,804 BE Aerospace, Inc. (a) 14,158 853,586 CPI Aerostructures, Inc. (a) 1,655 14,183 Cubic Corp. 2,145 91,634 Curtiss-Wright Corp. 6,201 215,175 Ducommun, Inc. (a) 1,595 31,565 Esterline Technologies Corp. (a) 4,211 318,773 Exelis, Inc. 24,964 271,858 GenCorp, Inc. (a) 8,769 116,628 Heico Corp., Class A 6,141 210,698 Hexcel Corp. (a)(b) 13,654 396,102 Huntington Ingalls Industries, Inc. 6,822 363,817 Innovative Solutions & Support, Inc. 2,908 14,336 Kratos Defense & Security Solutions, Inc. (a) 7,919 39,833 LMI Aerospace, Inc. (a) 1,546 32,141 Mantech International Corp., Class A 2,948 79,213 Moog, Inc., Class A (a) 6,058 277,638 Orbital Sciences Corp. (a) 8,252 137,726 RBC Bearings, Inc. (a) 3,123 157,899 Smith & Wesson Holding Corp. (a)(b) 9,445 85,005 Spirit AeroSystems Holdings, Inc., Class A (a) 14,907 283,084 Sturm Ruger & Co., Inc. 2,674 135,652 Taser International, Inc. (a) 7,804 62,042 Teledyne Technologies, Inc. (a) 5,034 394,867 TransDigm Group, Inc. 6,178 944,740 Triumph Group, Inc. 6,856 538,196 VSE Corp. 720 17,993 ------------ 6,609,894 ----------------------------------------------------------------------------------------------- ALTERNATIVE ENERGY -- 0.1% Amyris, Inc. (a)(b) 6,093 18,766 Ascent Solar Technologies, Inc. (a) 4,569 2,559 BioFuel Energy Corp. (a)(b) 568 2,902 DayStar Technologies, Inc. (a) 334 247 FuelCell Energy, Inc. (a) 23,883 22,541 Green Plains Renewable Energy, Inc. (a) 3,197 36,574 GreenHunter Energy, Inc. (a)(b) 4,878 7,512 GT Advanced Technologies, Inc. (a) 15,878 52,239 KiOR, Inc., Class A (a) 1,912 8,891 Ocean Power Technologies, Inc. (a) 1,816 2,760 Pacific Ethanol, Inc. (a)(b) 4,744 1,599 Plug Power, Inc. (a)(b) 5,885 1,275 Rex American Resources Corp. (a) 909 20,107 Solazyme, Inc. (a)(b) 5,964 46,579 STR Holdings, Inc. (a) 5,665 12,293 SunPower Corp. (a) 4,306 49,691 Verenium Corp. (a) 2,654 6,847 ------------ 293,382 ----------------------------------------------------------------------------------------------- AUTOMOBILES & PARTS -- 1.9% Allison Transmission Holdings, Inc. 4,272 102,571 American Axle & Manufacturing Holdings, Inc. (a) 9,498 129,648 Cooper Tire & Rubber Co. 8,488 217,802 Dana Holding Corp. 19,923 355,227 Dorman Products, Inc. 3,713 138,161 Exide Technologies (a) 10,415 28,121 Federal-Mogul Corp., Class A (a) 2,419 14,587 Fuel Systems Solutions, Inc. (a) 1,979 32,594 General Motors Co. (a) 102,589 2,854,026 Gentex Corp. 19,132 382,831 Gentherm, Inc. (a) 4,336 71,024 Lear Corp. 12,817 703,269 LKQ Corp. (a) 40,178 874,273 LoJack Corp. (a) 3,917 12,221 Modine Manufacturing Co. (a) 6,486 59,023 Motorcar Parts of America, Inc. (a) 2,269 13,909 Quantum Fuel Systems Technologies Worldwide, Inc. (a) 2,934 1,816 Shiloh Industries, Inc. 848 9,133 Standard Motor Products, Inc. 2,650 73,458 Stoneridge, Inc. (a) 4,021 30,680 Strattec Security Corp. 500 14,215 Superior Industries International, Inc. 3,069 57,329 Tenneco, Inc. (a) 8,207 322,617 Tesla Motors, Inc. (a)(b) 9,883 374,467 Titan International, Inc. 7,130 150,300 TRW Automotive Holdings Corp. (a) 14,280 785,400 U.S. Auto Parts Network, Inc. (a) 4,850 5,820 Visteon Corp. (a) 7,082 408,631 WABCO Holdings, Inc. (a) 8,533 602,344 ------------ 8,825,497 ----------------------------------------------------------------------------------------------- BANKS -- 4.8% 1st Source Corp. 774 18,344 1st United Bancorp, Inc. 5,499 35,524 Ameriana Bancorp 564 5,048 American National BankShares, Inc. 1,414 30,486 Ameris Bancorp (a) 3,662 52,550 Ames National Corp. 1,492 31,123 Arrow Financial Corp. 1,885 46,446 Associated Banc-Corp. 22,204 337,279 Astoria Financial Corp. 11,110 109,545 Bancfirst Corp. 770 32,109 Bancorp of New Jersey, Inc. 1,300 16,900

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QUANTITATIVE MASTER SERIES LLC MARCH 31, 2013 1

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Schedule of Investments (continued) MASTER EXTENDED MARKET INDEX SERIES

(PERCENTAGES SHOWN ARE BASED ON NET ASSETS)

COMMON STOCKS SHARES VALUE ----------------------------------------------------------------------------------------------- BANKS (CONTINUED) The Bancorp, Inc. (a) 5,029 $ 69,652 BancorpSouth, Inc. 10,876 177,279 Bank Mutual Corp. 6,240 34,507 Bank of Hawaii Corp. 5,914 300,490 Bank of Kentucky Financial Corp. 1,025 28,116 Bank of Marin Bancorp 803 32,192 Bank of the Ozarks, Inc. 4,025 178,509 BankFinancial Corp. 2,716 21,972 BankUnited, Inc. 6,544 167,657 Banner Corp. 2,488 79,193 Bar Harbor Bankshares 824 30,117 BCB Bancorp, Inc. 2,031 20,737 Beneficial Mutual Bancorp, Inc. (a) 4,923 50,707 Berkshire Bancorp, Inc. 1,442 12,041 Berkshire Hills Bancorp, Inc. 3,446 88,011 BofI Holding, Inc. (a) 1,754 62,934 BOK Financial Corp. 3,285 204,655 Boston Private Financial Holdings, Inc. 10,988 108,561 Bridge Bancorp, Inc. 1,411 30,351 Bridge Capital Holdings (a) 1,807 27,539 Brookline Bancorp, Inc. 9,649 88,192 Bryn Mawr Bank Corp. 1,850 43,068 California First National Bancorp 611 10,564 Camco Financial Corp. (a) 1,913 6,676 Camden National Corp. 1,176 38,902 Cape Bancorp, Inc. 2,315 21,205 Capital City Bank Group, Inc. (a) 1,563 19,303 CapitalSource, Inc. 28,262 271,880 Capitol Federal Financial, Inc. 18,609 224,611 Cardinal Financial Corp. 4,270 77,629 Cascade Bancorp (a) 1,327 8,971 Cathay General Bancorp 9,933 199,852 Center Bancorp, Inc. 2,591 32,206 Centerstate Banks, Inc. 4,087 35,066 Central Pacific Financial Corp. (a) 4,006 62,894 Century Bancorp, Inc., Class A 731 24,788 CFS Bancorp, Inc. 2,109 16,682 Chemical Financial Corp. 3,689 97,316 Chicopee Bancorp, Inc. 1,566 26,309 Citizens & Northern Corp. 1,985 38,707 Citizens Republic Bancorp, Inc. (a) 5,612 126,551 City Holding Co. 2,172 86,424 City National Corp. 6,327 372,724 Clifton Savings Bancorp, Inc. 1,775 22,116 CNB Financial Corp. 2,070 35,293 CoBiz Financial, Inc. 5,384 43,503 Colony Bankcorp, Inc. (a) 750 4,065 Columbia Banking System, Inc. 5,396 118,604 Commerce Bancshares, Inc. 10,131 413,649 Community Bank System, Inc. 5,380 159,409 Community Trust Bancorp, Inc. 2,061 70,136 Cullen/Frost Bankers, Inc. 8,212 513,496 CVB Financial Corp. 11,902 134,136 Dime Community Bancshares, Inc. 4,444 63,816 Doral Financial Corp. (a) 17,589 12,395 Eagle Bancorp, Inc. (a) 2,822 61,774 East-West Bancorp, Inc. 18,743 481,133 Eastern Virginia Bankshares, Inc. (a) 2,156 12,203 Enterprise Bancorp, Inc. 1,140 19,323 Enterprise Financial Services Corp. 2,647 37,958 ESB Financial Corp. 1,979 27,093 ESSA Bancorp, Inc. 2,145 23,252 Farmers Capital Bank Corp. (a) 1,302 24,478 Fidelity Southern Corp. (a) 1,622 18,653 Financial Institutions, Inc. 1,950 38,922 First Bancorp, Inc. 1,404 25,286 First Bancorp, North Carolina 2,188 29,516 First Bancorp, Puerto Rico (a) 9,148 56,992 First Busey Corp. 10,122 46,258 First California Financial Group, Inc. (a) 3,647 31,072 First Citizens Banc Corp. 1,258 8,567 First Citizens BancShares, Inc., Class A 633 115,649 First Commonwealth Financial Corp. 14,043 104,761 First Community Bancshares, Inc. 2,285 36,217 First Connecticut Bancorp, Inc. 3,270 48,167 First Defiance Financial Corp. 1,557 36,309 First Federal Bancshares of Arkansas, Inc. (a) 764 7,640 First Financial Bancorp 7,832 125,704 First Financial Bankshares, Inc. 4,020 195,372 First Financial Corp. 1,608 50,636 First Financial Holdings, Inc. 2,423 50,786 First Financial Northwest, Inc. (a) 2,613 20,408 First Financial Service Corp. (a) 358 1,113 First Interstate Bancsystem, Inc. 2,429 45,689 First M&F Corp. 1,514 21,423 First Merchants Corp. 4,220 65,283 First Midwest Bancorp, Inc. 10,200 135,456 First Niagara Financial Group, Inc. 47,780 423,331 The First of Long Island Corp. 1,298 38,486 First Pactrust Bancorp, Inc. 1,762 20,087 First Republic Bank 9,304 359,320 First Security Group, Inc. (a) 108 270 First South Bancorp, Inc. (a) 1,978 12,936 First United Corp. (a) 1,435 11,997 FirstMerit Corp. 14,309 236,528 Flagstar Bancorp, Inc. (a) 2,769 38,572 Flushing Financial Corp. 4,169 70,623 FNB Corp. 18,690 226,149 FNB United Corp. (a) 1,696 16,553 Fox Chase Bancorp., Inc. 2,078 35,097 Franklin Financial Corp. 2,309 42,139 Fulton Financial Corp. 25,879 302,784 German American Bancorp, Inc. 1,772 40,774 Glacier Bancorp, Inc. 9,754 185,131

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QUANTITATIVE MASTER SERIES LLC MARCH 31, 2013 2

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Schedule of Investments (continued) MASTER EXTENDED MARKET INDEX SERIES

(PERCENTAGES SHOWN ARE BASED ON NET ASSETS)

COMMON STOCKS SHARES VALUE ----------------------------------------------------------------------------------------------- BANKS (CONTINUED) Great Southern Bancorp, Inc. 1,408 $ 34,341 Guaranty Bancorp (a) 15,184 31,886 Hampton Roads Bankshares, Inc. (a) 6,003 7,864 Hancock Holding Co. 11,130 344,140 Hanmi Financial Corp. (a) 4,462 71,392 Hawthorn Bancshares, Inc. 1,149 12,754 Heartland Financial USA, Inc. 2,008 50,742 Heritage Commerce Corp. (a) 3,604 24,255 Heritage Financial Corp. 2,255 32,697 HMN Financial, Inc. (a) 1,094 6,400 Home Bancorp, Inc. (a) 1,539 28,641 Home Bancshares, Inc. 3,108 117,078 Home Federal Bancorp, Inc. 2,462 31,514 HomeTrust Bancshares, Inc. (a) 3,179 50,228 Horizon Bancorp 1,182 23,888 Hudson Valley Holding Corp. 2,243 33,443 IBERIABANK Corp. 3,901 195,128 Independent Bank Corp. 3,109 101,322 Independent Bank Corp./MI (a) 1,901 16,082 International Bancshares Corp. 6,918 143,894 Intervest Bancshares Corp. (a) 3,247 19,092 Investors Bancorp, Inc. 6,694 125,713 Kearny Financial Corp. 2,474 25,235 Lakeland Bancorp, Inc. 3,872 38,139 Lakeland Financial Corp. 2,321 61,947 Macatawa Bank Corp. (a) 4,611 24,946 MainSource Financial Group, Inc. 2,922 41,025 MB Financial, Inc. 7,442 179,873 Mercantile Bank Corp. 1,247 20,837 Merchants Bancshares, Inc. 955 28,779 Metro Bancorp, Inc. (a) 2,216 36,653 Midsouth Bancorp, Inc. 1,426 23,187 MidwestOne Financial Group, Inc. 1,321 31,453 MutualFirst Financial, Inc. 1,313 18,671 NASB Financial, Inc. (a) 717 15,093 National Bankshares, Inc. 1,112 38,842 National Penn Bancshares, Inc. 15,821 169,126 NBT Bancorp, Inc. 5,949 131,770 New York Community Bancorp, Inc. 59,140 848,659 Newbridge Bancorp (a) 3,062 18,035 North Valley Bancorp (a) 1,108 19,612 Northfield Bancorp, Inc. 3,265 37,090 Northrim BanCorp, Inc. 1,133 25,459 Northwest Bancshares, Inc. 12,377 157,064 Norwood Financial Corp. 689 21,104 OceanFirst Financial Corp. 2,845 41,025 Ohio Valley Banc Corp. 934 19,381 Old National Bancorp 13,383 184,016 Old Second Bancorp, Inc. (a) 3,802 12,090 OmniAmerican Bancorp, Inc. (a) 2,074 52,431 Oriental Financial Group, Inc. 6,245 96,860 Oritani Financial Corp. 5,700 88,293 Orrstown Financial Service, Inc. (a) 1,278 18,902 Pacific Continental Corp. 2,847 31,801 PacWest Bancorp 4,381 127,531 Park National Corp. 1,722 120,178 Park Sterling Corp. (a) 8,006 45,154 Peapack-Gladstone Financial Corp. 1,408 20,993 Penns Woods Bancorp, Inc. 801 32,817 Peoples Bancorp of North Carolina, Inc. 1,383 15,628 Peoples Bancorp, Inc. 1,544 34,570 Peoples Financial Corp. 1,245 15,301 Pinnacle Financial Partners, Inc. (a) 4,638 108,344 Popular, Inc. (a) 13,809 381,266 Porter Bancorp, Inc. (a) 1,044 827 Preferred Bank (a) 2,017 31,828 Premierwest Bancorp (a) 2,866 5,703 PrivateBancorp, Inc. 8,215 155,346 Prosperity Bancshares, Inc. 5,744 272,208 Provident Financial Holdings, Inc. 1,754 29,836 Provident Financial Services, Inc. 7,279 111,150 Provident New York Bancorp 5,455 49,477 Pulaski Financial Corp. 2,347 24,808 PVF Capital Corp. (a) 4,727 18,719 Renasant Corp. 3,407 76,249 Republic Bancorp, Inc., Class A 1,556 35,228 Republic First Bancorp, Inc. (a) 4,534 12,559 Riverview Bancorp, Inc. (a) 5,241 13,836 Rockville Financial, Inc. 4,307 55,819 Roma Financial Corp. 1,497 24,042 Royal Bancshares of Pennsylvania, Class A (a) 1,265 1,898 S&T Bancorp, Inc. 3,973 73,659 Sandy Spring Bancorp, Inc. 3,398 68,300 SCBT Financial Corp. 2,359 118,894 Seacoast Banking Corp. of Florida (a) 13,010 27,191 Shore Bancshares, Inc. 1,363 9,296 Sierra Bancorp 1,748 22,986 Signature Bank (a)(b) 6,353 500,362 Simmons First National Corp., Class A 2,274 57,578 Southside Bancshares, Inc. 2,491 52,336 Southwest Bancorp, Inc. (a) 2,692 33,812 State Bank Financial Corp. 4,834 79,133 StellarOne Corp. 3,273 52,859 Sterling Bancorp 4,510 45,822 Sterling Financial Corp. 3,996 86,673 Suffolk Bancorp (a) 1,913 27,241 Summit Financial Group, Inc. (a) 785 5,558 Sun Bancorp, Inc. (a) 6,375 21,739 Susquehanna Bancshares, Inc. 24,507 304,622 SVB Financial Group (a)(b) 5,997 425,427 SY Bancorp, Inc. 2,038 45,855 Synovus Financial Corp. 95,686 265,050

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QUANTITATIVE MASTER SERIES LLC MARCH 31, 2013 3

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Schedule of Investments (continued) MASTER EXTENDED MARKET INDEX SERIES

(PERCENTAGES SHOWN ARE BASED ON NET ASSETS)

COMMON STOCKS SHARES VALUE ----------------------------------------------------------------------------------------------- BANKS (CONCLUDED) Taylor Capital Group, Inc. (a) 2,118 $ 33,867 TCF Financial Corp. 21,938 328,192 Territorial Bancorp., Inc. 2,005 47,679 Texas Capital Bancshares, Inc. (a) 5,584 225,873 TFS Financial Corp. (a) 11,099 120,202 Tompkins Trustco, Inc. 1,650 69,762 Towne Bank 4,373 65,464 Trico Bancshares 1,982 33,892 TrustCo Bank Corp. NY 12,856 71,736 Trustmark Corp. 8,605 215,211 UMB Financial Corp. 4,130 202,659 Umpqua Holdings Corp. 14,664 194,445 Union First Market Bankshares Corp. 2,830 55,355 United Bancorp, Inc. 1,417 10,231 United Bankshares, Inc. 5,963 158,675 United Community Banks, Inc. (a) 6,288 71,306 United Community Entitlement (a) 4,444 301 United Community Financial Corp. (a) 4,444 17,243 United Financial Bancorp, Inc. 2,897 44,034 United Security Bancshares (a) 3,565 15,615 Univest Corp. of Pennsylvania 2,482 43,236 Valley National Bancorp 26,480 271,155 ViewPoint Financial Group, Inc. 5,313 106,844 Virginia Commerce Bancorp, Inc. (a) 3,954 55,554 Washington Banking Co. 2,564 35,742 Washington Federal, Inc. 13,685 239,487 Washington Trust Bancorp, Inc. 2,042 55,910 Waterstone Financial, Inc. (a) 2,121 17,541 Webster Financial Corp. 10,701 259,606 WesBanco, Inc. 3,289 78,772 West Bancorp., Inc. 2,837 31,491 Westamerica Bancorp 3,583 162,417 Western Alliance Bancorp (a) 10,270 142,137 Westfield Financial, Inc. 4,229 32,902 Wilshire Bancorp, Inc. (a) 9,383 63,617 Wintrust Financial Corp. 4,934 182,755 WSFS Financial Corp. 1,149 55,887 Yardkin Valley Financial Corp. (a) 6,902 27,677 ------------ 22,075,654 ----------------------------------------------------------------------------------------------- BEVERAGES -- 0.1% The Boston Beer Co., Inc., Class A (a) 1,101 175,764 Central European Distribution Corp. (a)(b) 7,333 2,456 Coca-Cola Bottling Co. Consolidated 705 42,525 Craft Brew Alliance, Inc. (a) 1,511 11,242 Jamba, Inc. (a) 12,001 34,203 National Beverage Corp. 1,933 27,159 Primo Water Corp. (a) 3,948 4,343 Willamette Valley Vineyards, Inc. (a) 971 4,651 ------------ 302,343 ----------------------------------------------------------------------------------------------- CHEMICALS -- 2.5% A. Schulman, Inc. 3,839 121,159 Aceto Corp. 3,697 40,926 Albemarle Corp. (c) 11,856 741,237 American Vanguard Corp. 3,333 101,790 Ashland, Inc. 9,840 731,112 Axiall Corp. 9,444 587,039 Balchem Corp. 4,054 178,133 Cabot Corp. 7,989 273,224 Calgon Carbon Corp. (a) 7,518 136,076 Cambrex Corp. (a) 4,471 57,184 Celanese Corp., Series A 21,435 944,212 Chase Corp. 1,050 20,286 Chemtura Corp. (a) 13,098 283,048 Codexis, Inc. (a) 3,595 8,592 Cytec Industries, Inc. 5,977 442,776 Ferro Corp. (a) 12,030 81,202 FutureFuel Corp. 2,290 27,823 H.B. Fuller Co. 6,578 257,068 Hawkins, Inc. 1,297 51,815 Huntsman Corp. 25,722 478,172 Innophos Holdings, Inc. 2,897 158,060 Intrepid Potash, Inc. 7,289 136,742 KMG Chemicals, Inc. 1,340 26,050 Koppers Holdings, Inc. 2,838 124,815 Kraton Performance Polymers, Inc. (a) 4,506 105,440 Kronos Worldwide, Inc. 2,763 43,241 LSB Industries, Inc. (a) 2,620 91,124 Metabolix, Inc. (a) 4,583 8,387 Minerals Technologies, Inc. 4,699 195,055 NewMarket Corp. 1,445 376,220 NL Industries, Inc. 962 11,958 Olin Corp. 10,633 268,164 OM Group, Inc. (a) 4,409 103,523 Omnova Solutions, Inc. (a) 6,833 52,409 Penford Corp. (a) 2,070 22,708 PolyOne Corp. 13,481 329,071 Polypore International, Inc. (a) 6,419 257,915 Quaker Chemical Corp. 1,785 105,351 Rentech, Inc. 30,656 72,042 Rockwood Holdings, Inc. 10,615 694,646 RPM International, Inc. 17,653 557,482 Senomyx, Inc. (a) 7,787 16,430 Sensient Technologies Corp. 6,756 264,092 Stepan Co. 2,249 141,912 TOR Minerals International, Inc. (a) 651 7,545 Tredegar Corp. 3,240 95,386 Tronox Ltd., Class A 3,207 63,531 Valhi, Inc. 2,609 41,874 The Valspar Corp. 11,192 696,702

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QUANTITATIVE MASTER SERIES LLC MARCH 31, 2013 4

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Schedule of Investments (continued) MASTER EXTENDED MARKET INDEX SERIES

(PERCENTAGES SHOWN ARE BASED ON NET ASSETS)

COMMON STOCKS SHARES VALUE ----------------------------------------------------------------------------------------------- CHEMICALS (CONCLUDED) W.R. Grace & Co. (a) 9,547 $ 739,988 Westlake Chemical Corp. 2,688 251,328 Zagg, Inc. (a) 3,878 28,232 Zep, Inc. 3,058 45,901 Zoltek Cos., Inc. (a)(b) 3,792 45,314 ------------ 11,741,512 ----------------------------------------------------------------------------------------------- CONSTRUCTION & MATERIALS -- 2.4% A.O. Smith Corp. 5,183 381,313 Aaon, Inc. 2,614 72,120 Acuity Brands, Inc. 5,743 398,277 AECOM Technology Corp. (a) 14,145 463,956 Aegion Corp. (a) 5,380 124,547 Ameresco, Inc., Class A (a) 2,678 19,817 American DG Energy, Inc. (a) 5,462 11,470 American Woodmark Corp. (a) 1,414 48,118 Apogee Enterprises, Inc. 3,829 110,850 Argan, Inc. 1,576 23,498 Armstrong World Industries, Inc. 2,916 162,975 Baran Group Ltd. (a) 102 408 BlueLinx Holdings, Inc. (a) 6,331 18,043 Builders FirstSource, Inc. (a) 7,703 45,140 Eagle Materials, Inc. 6,315 420,768 EMCOR Group, Inc. 8,931 378,585 Fortune Brands Home & Security, Inc. (a) 22,315 835,251 Foster Wheeler AG (a) 14,173 323,853 Generac Holdings, Inc. 5,589 197,515 Gibraltar Industries, Inc. (a) 4,125 75,281 Granite Construction, Inc. 4,733 150,699 Great Lakes Dredge & Dock Corp. 7,794 52,454 Griffon Corp. 6,291 74,989 Headwaters, Inc. (a) 10,255 111,780 Hill International, Inc. (a) 3,739 11,180 Insteel Industries, Inc. 2,223 36,279 Integrated Electrical Services, Inc. (a) 2,175 13,877 KBR, Inc. 19,739 633,227 L.B. Foster Co., Class A 1,361 60,279 Layne Christensen Co. (a) 2,780 59,436 Lennox International, Inc. 6,113 388,114 Louisiana-Pacific Corp. (a) 18,887 407,959 Martin Marietta Materials, Inc. 6,172 629,667 Mastec, Inc. (a) 7,811 227,691 MDU Resources Group, Inc. 25,226 630,398 Mueller Water Products, Inc., Series A 21,468 127,305 MYR Group, Inc. (a) 2,944 72,305 NCI Building Systems, Inc. (a) 2,792 48,497 Nortek, Inc. (a) 2,153 153,638 Northwest Pipe Co. (a) 1,511 42,278 Omega Flex, Inc. 642 11,036 Orion Marine Group, Inc. (a) 4,065 40,406 Owens Corning, Inc. (a) 15,971 629,737 PGT, Inc. (a) 3,696 25,392 Pike Electric Corp. 2,962 42,149 Primoris Services Corp. 4,130 91,314 Quanex Building Products Corp. 5,035 81,064 Simpson Manufacturing Co., Inc. 5,361 164,100 Sterling Construction Co., Inc. (a) 2,322 25,287 Texas Industries, Inc. (a) 2,867 180,936 Thermon Group Holdings, Inc. (a) 2,520 55,969 TRC Cos., Inc. (a) 2,546 16,422 Trex Co., Inc. (a) 2,120 104,262 Tutor Perini Corp. (a) 4,791 92,466 Universal Forest Products, Inc. 2,582 102,789 USG Corp. (a) 12,215 322,965 Valmont Industries, Inc. 3,209 504,679 Watsco, Inc. 3,982 335,205 Watts Water Technologies, Inc., Class A 3,712 178,139 ------------ 11,048,154 ----------------------------------------------------------------------------------------------- ELECTRICITY -- 1.8% Allete, Inc. 4,714 231,080 Alliant Energy Corp. 14,797 742,514 Alteva 1,070 9,812 Black Hills Corp. 5,997 264,108 Calpine Corp. (a) 51,688 1,064,773 CH Energy Group, Inc. 2,040 133,396 Cleco Corp. 8,126 382,166 Covanta Holding Corp. 17,853 359,738 Dynegy, Inc. (a) 12,572 301,602 El Paso Electric Co. 5,503 185,176 The Empire District Electric Co. 5,793 129,763 Great Plains Energy, Inc. 20,676 479,476 Hawaiian Electric Industries, Inc. 13,020 360,784 IDACORP, Inc. 6,572 317,230 ITC Holdings Corp. 7,055 629,729 MGE Energy, Inc. 3,072 170,312 NorthWestern Corp. 5,058 201,612 NV Energy, Inc. 31,622 633,389 Ormat Technologies, Inc. 2,301 47,516 Portland General Electric Co. 10,080 305,726 U.S. Geothermal, Inc. (a) 23,727 8,067 UIL Holdings Corp. 6,951 275,190 Unitil Corp. 2,404 67,625 UNS Energy Corp. 5,661 277,049 Westar Energy, Inc. 17,056 565,918 ------------ 8,143,751 ----------------------------------------------------------------------------------------------- ELECTRONIC & ELECTRICAL EQUIPMENT -- 3.0% Active Power, Inc. (a) 3,371 15,473 Adept Technology, Inc. (a) 1,899 5,545 Aeroflex Holding Corp. (a) 2,890 22,715 Allied Motion Technologies, Inc. 1,204 8,308 Altair Nanotechnologies, Inc. (a) 1,001 2,733 American Science & Engineering, Inc. 1,214 74,042 American Superconductor Corp. (a) 5,642 15,008

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QUANTITATIVE MASTER SERIES LLC MARCH 31, 2013 5

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Schedule of Investments (continued) MASTER EXTENDED MARKET INDEX SERIES

(PERCENTAGES SHOWN ARE BASED ON NET ASSETS)

COMMON STOCKS SHARES VALUE ----------------------------------------------------------------------------------------------- ELECTRONIC & ELECTRICAL EQUIPMENT (CONTINUED) AMETEK, Inc. 32,761 $ 1,420,517 Anaren, Inc. (a) 2,056 39,866 Anixter International, Inc. 3,685 257,655 API Technologies Corp. (a) 5,716 14,176 Arrow Electronics, Inc. (a) 14,083 572,051 Avnet, Inc. (a) 18,230 659,926 AVX Corp. 5,688 67,687 AZZ, Inc. 3,486 168,025 Badger Meter, Inc. 2,005 107,308 Ballantyne Strong, Inc. (a) 2,537 10,732 Bel Fuse, Inc. 1,699 26,521 Belden, Inc. 6,012 310,520 Benchmark Electronics, Inc. (a) 7,537 135,817 Brady Corp. 5,962 199,906 Capstone Turbine Corp. (a) 42,444 38,200 Checkpoint Systems, Inc. (a) 5,672 74,076 Cognex Corp. 5,454 229,886 Coherent, Inc. 3,308 187,696 Coleman Cable, Inc. 1,534 23,010 CTS Corp. 4,722 49,298 Cyberoptics Corp. (a) 1,821 10,234 Daktronics, Inc. 5,085 53,392 Echelon Corp. (a) 5,027 12,266 Electro Rent Corp. 2,635 48,853 Electro Scientific Industries, Inc. 3,678 40,642 eMagin Corp. 3,773 12,941 Encore Wire Corp. 2,456 86,009 EnerNOC, Inc. (a) 3,448 59,892 EnerSys (a) 6,420 292,624 ESCO Technologies, Inc. 3,568 145,788 Fabrinet (a) 3,095 45,218 Faro Technologies, Inc. (a) 2,360 102,400 FEI Co. 5,233 337,790 General Cable Corp. (a) 6,588 241,318 GrafTech International Ltd. (a)(b) 17,161 131,796 Greatbatch, Inc. (a) 3,298 98,511 Houston Wire & Cable Co. 2,277 29,487 Hubbell, Inc., Class B 7,100 689,481 II-VI, Inc. (a) 7,544 128,550 Intevac, Inc. (a) 3,706 17,492 IntriCon Corp. (a) 1,324 6,395 IPG Photonics Corp. 3,916 260,062 Itron, Inc. (a) 5,390 250,096 Kemet Corp. (a) 6,464 40,400 Landauer, Inc. 1,428 80,511 Lightpath Technologies, Inc., Class A (a) 3,924 2,943 Lime Energy Co. (a) 3,916 2,937 Littelfuse, Inc. 2,998 203,414 LSI Industries, Inc. 3,032 21,163 Magnetek, Inc. (a) 835 11,665 Maxwell Technologies, Inc. (a) 4,314 23,252 Measurement Specialties, Inc. (a) 2,148 85,426 Methode Electronics, Inc. 5,028 64,761 Mettler-Toledo International, Inc. (a) 4,102 874,628 Microvision, Inc. (a) 3,842 6,109 MTS Systems Corp. 2,197 127,756 Multi-Fineline Electronix, Inc. (a) 1,332 20,553 Napco Security Technologies, Inc. (a) 3,820 15,280 National Instruments Corp. 12,872 421,558 Newport Corp. (a) 5,555 93,991 NVE Corp. (a) 818 46,152 Orion Energy Systems, Inc. (a) 2,807 6,961 OSI Systems, Inc. (a) 2,585 161,020 Parametric Sound Corp. (a) 1,036 20,772 Park Electrochemical Corp. 2,725 69,051 Planar Systems, Inc. (a) 5,103 9,594 Plexus Corp. (a) 4,759 115,691 Powell Industries, Inc. (a) 1,238 65,082 Power-One, Inc. (a) 17,303 71,807 Pulse Electronics Corp. (a) 5,789 2,345 Regal-Beloit Corp. 6,032 491,970 Research Frontiers, Inc. (a) 4,006 14,742 Richardson Electronics Ltd. 1,792 21,253 Rofin-Sinar Technologies, Inc. (a) 3,928 106,410 Rogers Corp. (a) 2,319 110,431 Rubicon Technology, Inc. (a) 2,823 18,632 Sanmina Corp. (a) 11,040 125,414 Servotronics, Inc. 400 3,140 Sigmatron International, Inc. (a) 1,200 4,932 SL Industries, Inc. 750 13,598 Synthesis Energy Systems, Inc. (a) 7,050 7,332 Trimble Navigation Ltd. (a)(b) 34,426 1,031,403 TTM Technologies, Inc. (a) 7,237 55,001 Ultralife Batteries, Inc. (a) 2,906 12,728 Universal Display Corp. (a) 5,662 166,406 UQM Technologies, Inc. (a) 5,140 3,804 Veeco Instruments, Inc. (a) 5,364 205,602 Viasystems Group, Inc. (a) 729 9,506 Vicor Corp. (a) 2,853 14,179 Vishay Intertechnology, Inc. (a) 17,912 243,782 Vishay Precision Group, Inc. (a) 2,195 32,245 WESCO International, Inc. (a) 5,910 429,125 Zebra Technologies Corp., Class A (a) 6,954 327,742 Zygo Corp. (a) 2,895 42,875 ------------ 13,995,008 ----------------------------------------------------------------------------------------------- FINANCIAL SERVICES -- 2.9% Affiliated Managers Group, Inc. (a) 7,060 1,084,204 Artio Global Investors, Inc. 8,127 22,105 Asset Acceptance Capital Corp. (a) 2,516 16,958 Asta Funding, Inc. 1,806 17,338 Atlanticus Holdings Corp. (a) 1,465 5,377 BBCN Bancorp, Inc. 10,865 141,897 BGC Partners, Inc. 13,780 57,325

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QUANTITATIVE MASTER SERIES LLC MARCH 31, 2013 6

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Schedule of Investments (continued) MASTER EXTENDED MARKET INDEX SERIES

(PERCENTAGES SHOWN ARE BASED ON NET ASSETS)

COMMON STOCKS SHARES VALUE ----------------------------------------------------------------------------------------------- FINANCIAL SERVICES (CONTINUED) Calamos Asset Management, Inc., Class A 2,844 $ 33,474 Cash America International, Inc. 3,953 207,414 CBOE Holdings, Inc. 11,793 435,633 CIFC Corp. (a) 949 7,810 CIT Group, Inc. (a) 27,009 1,174,351 Cohen & Steers, Inc. 2,485 89,634 Cowen Group, Inc., Class A (a) 11,162 31,477 Credit Acceptance Corp. (a) 1,353 165,255 DFC Global Corp. (a) 6,027 100,289 Diamond Hill Investments Group, Inc. 461 35,870 Duff & Phelps Corp. 4,220 65,452 Eaton Vance Corp. 15,752 658,906 Encore Capital Group, Inc. (a) 3,109 93,581 Evercore Partners, Inc., Class A 3,811 158,538 Ezcorp, Inc. (a) 6,263 133,402 FBR & Co. (a) 1,402 26,540 Federal Agricultural Mortgage Corp., Class B 1,535 47,263 Federated Investors, Inc., Class B 12,769 302,242 Fidelity National Financial, Inc., Class A 28,922 729,702 Financial Engines, Inc. 5,767 208,881 First Cash Financial Services, Inc. (a) 3,657 213,349 The First Marblehead Corp. (a) 12,084 12,205 FXCM, Inc. 3,662 50,096 GAMCO Investors, Inc., Class A 597 31,707 GFI Group, Inc. 8,540 28,524 Gleacher & Co., Inc. (a) 9,785 5,871 Green Dot Corp., Class A (a) 3,156 52,737 Greenhill & Co., Inc. 3,601 192,221 Imperial Holdings, Inc. (a) 3,012 12,199 Institutional Financial Market, Inc. 2,236 5,165 Interactive Brokers Group, Inc., Class A 5,613 83,690 International FCStone, Inc. (a)(b) 2,019 35,151 Intersections, Inc. 1,474 13,870 Investment Technology Group, Inc. (a) 5,281 58,302 Janus Capital Group, Inc. 25,538 240,057 JMP Group, Inc. 2,564 17,717 Knight Capital Group, Inc., Class A (a) 35,241 131,097 Ladenburg Thalmann Financial Services, Inc. (a) 17,312 28,738 LPL Financial Holdings Inc. 5,102 164,488 MarketAxess Holdings, Inc. 5,103 190,342 Marlin Business Services, Inc. 1,403 32,536 Medallion Financial Corp. 3,050 40,321 MGIC Investment Corp. (a) 31,748 157,153 MicroFinancial, Inc. 1,948 16,422 MoneyGram International, Inc. (a) 3,063 55,440 MSCI, Inc. (a) 16,295 552,889 National Financial Partners Corp. (a) 5,462 122,513 Nelnet, Inc., Class A 3,474 117,421 Netspend Holdings, Inc. (a) 4,512 71,696 NewStar Financial, Inc. (a) 2,808 37,150 Ocwen Financial Corp. (a) 15,757 597,505 Oppenheimer Holdings, Inc. 1,335 25,992 Pico Holdings, Inc. (a) 3,309 73,460 Piper Jaffray Cos. (a) 2,246 77,038 Portfolio Recovery Associates, Inc. (a) 2,322 294,708 Pzena Investment Management, Inc., Class A 2,930 19,045 Radian Group, Inc. 22,755 243,706 Raymond James Financial, Inc. 15,030 692,883 Resource America, Inc., Class A 2,541 25,308 Safeguard Scientifics, Inc. (a) 3,189 50,386 SEI Investments Co. 18,035 520,310 Stewart Information Services Corp. 2,733 69,610 Stifel Financial Corp. (a)(b) 7,834 271,605 SWS Group, Inc. (a) 3,739 22,621 TD Ameritrade Holding Corp. 30,616 631,302 Tree.com, Inc. 1,018 18,823 U.S. Global Investors, Inc. 2,032 7,457 Virtus Investment Partners, Inc. (a) 817 152,191 Waddell & Reed Financial, Inc., Class A 11,635 509,380 Walker & Dunlop, Inc. (a) 2,622 47,117 Westwood Holdings Group, Inc. 1,090 48,429 WisdomTree Investments, Inc. (a) 8,700 90,480 World Acceptance Corp. (a) 1,761 151,217 ------------ 13,462,558 ----------------------------------------------------------------------------------------------- FIXED LINE TELECOMMUNICATIONS -- 0.3% 8x8, Inc. (a) 9,630 65,966 Alaska Communications Systems Group, Inc. 7,188 11,932 Cbeyond Communications, Inc. (a) 4,242 31,518 Cincinnati Bell, Inc. (a) 27,016 88,072 Consolidated Communications Holdings, Inc. 5,116 89,786 Fairpoint Communications, Inc. (a) 3,983 29,753 General Communication, Inc., Class A (a) 4,596 42,145 Hawaiian Telcom HoldCo, Inc. (a) 1,088 25,100 HickoryTech Corp. 1,959 19,884 IDT Corp., Class B 2,232 26,918 inContact, Inc. (a) 7,427 60,084 Level 3 Communications, Inc. (a) 21,850 443,336 Lumos Networks Corp. 2,200 29,656 Primus Telecommunications Group, Inc. 1,822 20,133 TW Telecom, Inc. (a) 20,457 515,312

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QUANTITATIVE MASTER SERIES LLC MARCH 31, 2013 7

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Schedule of Investments (continued) MASTER EXTENDED MARKET INDEX SERIES

(PERCENTAGES SHOWN ARE BASED ON NET ASSETS)

COMMON STOCKS SHARES VALUE ----------------------------------------------------------------------------------------------- FIXED LINE TELECOMMUNICATIONS (CONCLUDED) Vonage Holdings Corp. (a) 19,630 $ 56,731 ------------ 1,556,326 ----------------------------------------------------------------------------------------------- FOOD & DRUG RETAILERS -- 0.7% Arden Group, Inc., Class A 226 22,846 Casey's General Stores, Inc. 5,127 298,904 The Chefs' Warehouse, Inc. (a) 1,893 34,964 Core-Mark Holdings Co., Inc. 1,611 82,660 The Fresh Market, Inc. (a) 5,731 245,115 GNC Holdings, Inc., Class A 10,095 396,532 Harris Teeter Supermarkets 6,607 282,185 Ingles Markets, Inc., Class A 1,922 41,285 Nash Finch Co. 1,557 30,486 Omnicare, Inc. 13,984 569,428 The Pantry, Inc. (a) 3,370 42,024 PetMed Express, Inc. 2,946 39,521 Rite Aid Corp. (a) 98,338 186,842 Spartan Stores, Inc. 2,921 51,264 SUPERVALU, Inc. 27,702 139,618 United Natural Foods, Inc. (a) 6,675 328,410 Village Super Market, Inc., Class A 843 28,401 Vitamin Shoppe, Inc. (a) 4,190 204,681 Weis Markets, Inc. 1,399 56,939 ------------ 3,082,105 ----------------------------------------------------------------------------------------------- FOOD PRODUCERS -- 1.3% Alico, Inc. 567 26,224 The Andersons, Inc. 2,280 122,026 B&G Foods, Inc., Class A 7,332 223,553 Boulder Brands, Inc. (a) 8,528 76,581 Bunge Ltd. 19,429 1,434,443 Cal-Maine Foods, Inc. 1,965 83,630 Calavo Growers, Inc. 1,988 57,215 Chiquita Brands International, Inc. (a) 6,547 50,805 Coffee Holding Co., Inc. (b) 1,427 9,661 Darling International, Inc. (a) 16,322 293,143 Diamond Foods, Inc. (a)(b) 3,242 54,660 Dole Food Co., Inc. (a) 5,182 56,484 Farmer Bros. Co. (a) 1,270 18,669 Flowers Foods, Inc. 15,642 515,247 Fresh Del Monte Produce, Inc. 4,959 133,794 Golden Enterprises, Inc. 941 3,218 Griffin Land & Nurseries, Inc. 483 14,514 Harbinger Group, Inc. (a) 1,680 13,877 Herbalife Ltd. (b) 13,914 521,079 Hillshire Brands Co. 16,814 591,012 HQ Sustainable Maritime Industries, Inc. (a)(b) 4,100 226 J&J Snack Foods Corp. 2,063 158,624 John B. Sanfilippo & Son, Inc. 1,290 25,774 Lancaster Colony Corp. 2,606 200,662 Lifeway Foods, Inc. 1,875 26,062 Limoneira Co. 1,441 27,840 Mannatech, Inc. (a) 310 1,984 Medifast, Inc. (a) 2,147 49,209 MGP Ingredients, Inc. 1,897 8,309 Natures Sunshine Prods, Inc. 1,521 23,180 Nutraceutical International Corp. 1,621 28,124 NutriSystem, Inc. 4,283 36,320 Omega Protein Corp. (a) 3,272 35,174 Overhill Farms, Inc. (a) 2,603 10,282 Pilgrims Pride Corp. (a) 8,213 75,477 Reliv International, Inc. 1,819 2,456 Rocky Mountain Chocolate Factory, Inc. 1,504 18,492 Seaboard Corp. 40 112,000 Seneca Foods Corp. (a) 1,301 42,959 Smithfield Foods, Inc. (a) 16,904 447,618 Snyders-Lance, Inc. 6,609 166,943 Tootsie Roll Industries, Inc. 2,931 87,678 TreeHouse Foods, Inc. (a) 5,020 327,053 USANA Health Sciences, Inc. (a) 1,092 52,776 ------------ 6,265,057 ----------------------------------------------------------------------------------------------- FOOD PRODUCTS -- 0.5% Green Mountain Coffee Roasters, Inc. (a) 16,723 949,198 The Hain Celestial Group, Inc. (a) 6,155 375,947 Ingredion, Inc. 10,421 753,647 Post Holdings, Inc. (a) 4,609 197,864 Sanderson Farms, Inc. 2,786 152,171 ------------ 2,428,827 ----------------------------------------------------------------------------------------------- FORESTRY & PAPER -- 0.3% Boise, Inc. 12,240 105,998 Buckeye Technologies, Inc. 5,209 156,010 Clearwater Paper Corp. (a) 3,193 168,239 Deltic Timber Corp. 1,516 104,180 Domtar Corp. 4,664 362,020 Kapstone Paper and Packaging Corp. 5,325 148,035 Neenah Paper, Inc. 2,165 66,595 P.H. Glatfelter Co. 5,544 129,619 Resolute Forest Products (a) 12,611 204,046 Verso Paper Corp. (a) 3,704 4,889 Wausau Paper Corp. 6,213 66,976 ------------ 1,516,607 ----------------------------------------------------------------------------------------------- GAS, WATER & MULTI-UTILITIES -- 1.5% American States Water Co. 2,678 154,172 American Water Works Co., Inc. 23,579 977,114 Aqua America, Inc. 18,931 595,191 Artesian Resources Corp., Class A 1,549 34,806 Atmos Energy Corp. 12,044 514,158 Avista Corp. 8,007 219,392 Cadiz, Inc. (a) 2,411 16,298 California Water Service Group 5,748 114,385 Chesapeake Utilities Corp. 1,478 72,496 Connecticut Water Service, Inc. 1,764 51,562 Delta Natural Gas Co., Inc. 1,407 30,757 Gas Natural, Inc. 2,549 26,000

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QUANTITATIVE MASTER SERIES LLC MARCH 31, 2013 8

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Schedule of Investments (continued) MASTER EXTENDED MARKET INDEX SERIES

(PERCENTAGES SHOWN ARE BASED ON NET ASSETS)

COMMON STOCKS SHARES VALUE ----------------------------------------------------------------------------------------------- GAS, WATER & MULTI-UTILITIES (CONCLUDED) Genie Energy Ltd. 3,240 $ 30,002 The Laclede Group, Inc. 2,933 125,239 Middlesex Water Co. 2,648 51,689 National Fuel Gas Co. 11,217 688,163 New Jersey Resources Corp. 5,559 249,321 Northwest Natural Gas Co. 3,619 158,585 Piedmont Natural Gas Co. 9,583 315,089 PNM Resources, Inc. 10,683 248,807 Questar Corp. 23,763 578,154 RGC Resources, Inc. 1,250 23,188 SJW Corp. 1,851 49,051 South Jersey Industries, Inc. 4,212 234,145 Southwest Gas Corp. 6,067 287,940 UGI Corp. 15,233 584,795 Vectren Corp. 11,112 393,587 WGL Holdings, Inc. 6,782 299,086 ------------ 7,123,172 ----------------------------------------------------------------------------------------------- GENERAL INDUSTRIALS -- 1.3% Actuant Corp., Class A 9,801 300,107 AEP Industries, Inc. (a) 611 43,876 AptarGroup, Inc. 8,771 503,017 Carlisle Cos., Inc. 8,465 573,842 Crown Holdings, Inc. (a) 19,648 817,553 Graphic Packaging Holding Co. (a) 15,744 117,922 Greif, Inc. 4,072 218,341 Harsco Corp. 10,861 269,027 Landec Corp. (a) 3,788 54,812 Multi-Color Corp. 1,748 45,081 Myers Industries, Inc. 4,177 58,311 Otter Tail Corp. 4,803 149,565 Packaging Corp. of America 13,338 598,476 Raven Industries, Inc. 4,998 167,983 Rexnord Corp. (a) 3,697 78,487 Rock-Tenn Co., Class A 9,654 895,795 Silgan Holdings, Inc. 6,107 288,556 Sonoco Products Co. 13,513 472,820 Trimas Corp. (a) 4,503 146,212 UFP Technologies, Inc. (a) 1,156 22,762 ------------ 5,822,545 ----------------------------------------------------------------------------------------------- GENERAL RETAILERS -- 4.5% 1-800-FLOWERS.COM, Inc., Class A (a) 4,231 21,028 Aaron's, Inc. 9,481 271,915 Advance Auto Parts, Inc. (c) 9,950 822,368 Amerco, Inc. 941 163,301 America's Car-Mart, Inc. (a) 1,187 55,480 American Eagle Outfitters, Inc. 24,323 454,840 American Public Education, Inc. (a) 2,584 90,156 ANN, Inc. (a) 6,674 193,680 Asbury Automotive Group, Inc. (a) 4,289 157,363 Ascena Retail Group, Inc. (a) 16,925 313,959 Autobytel, Inc. (a) 2,429 10,542 Aeropostale, Inc. (a) 10,765 146,404 Barnes & Noble, Inc. (a) 5,274 86,757 Beacon Roofing Supply, Inc. (a) 6,487 250,787 bebe Stores, Inc. 4,568 19,049 Big 5 Sporting Goods Corp. 2,515 39,259 Big Lots, Inc. (a) 7,638 269,392 Blue Nile, Inc. (a) 1,816 62,561 Body Central Corp. (a) 2,515 23,641 The Bon-Ton Stores, Inc. 1,792 23,296 Books-A-Million, Inc. (a) 1,081 3,070 Bridgepoint Education, Inc. (a) 2,682 27,437 Brown Shoe Co., Inc. 5,601 89,616 The Buckle, Inc. (b) 3,636 169,619 Build-A-Bear Workshop, Inc. (a) 2,088 11,254 Cabela's, Inc., Class A (a) 6,263 380,665 Cache, Inc. (a) 1,918 8,094 Cambium Learning Group, Inc. (a) 2,677 2,757 Capella Education Co. (a) 1,617 50,353 Career Education Corp. (a) 6,705 15,891 Carriage Services, Inc. 2,363 50,214 The Cato Corp., Class A 3,617 87,314 Chemed Corp. 2,599 207,868 Chico's FAS, Inc. 22,213 373,178 The Children's Place Retail Stores, Inc. (a) 3,163 141,766 Christopher & Banks Corp. (a) 5,222 33,577 Citi Trends, Inc. (a) 2,119 21,677 Clean Energy Fuels Corp. (a)(b) 9,630 125,190 Coldwater Creek, Inc. (a) 2,501 7,903 Collectors Universe, Inc. 1,028 12,100 Conn's, Inc. (a) 2,913 104,577 Copart, Inc. (a) 14,485 496,546 Corinthian Colleges, Inc. (a) 10,420 21,882 dELiA*s, Inc. (a) 5,289 5,238 Destination Maternity Corp. 1,709 39,991 Destination XL Group, Inc. (a) 6,123 31,166 Dick's Sporting Goods, Inc. 13,238 626,157 Dillard's, Inc., Class A 4,235 332,659 DSW, Inc., Class A 4,381 279,508 Education Management Corp. (a)(b) 2,632 9,659 Express, Inc. (a) 11,964 213,079 The Finish Line, Inc., Class A 6,737 131,978 Foot Locker, Inc. 20,205 691,819 Francesca's Holdings Corp. (a) 4,934 141,408 Fred's, Inc., Class A 4,500 61,560 Gaiam, Inc. (a) 2,881 12,100 Geeknet, Inc. (a) 1,139 16,823 Genesco, Inc. (a) 3,268 196,374 Grand Canyon Education, Inc. (a)(b) 5,882 149,344 Group 1 Automotive, Inc. 2,892 173,722 Guess?, Inc. 8,292 205,890 Haverty Furniture Cos., Inc. 2,729 56,108 hhgregg, Inc. (a) 2,292 25,327 Hibbett Sports, Inc. (a)(b) 3,592 202,122

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QUANTITATIVE MASTER SERIES LLC MARCH 31, 2013 9

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Schedule of Investments (continued) MASTER EXTENDED MARKET INDEX SERIES

(PERCENTAGES SHOWN ARE BASED ON NET ASSETS)

COMMON STOCKS SHARES VALUE ----------------------------------------------------------------------------------------------- GENERAL RETAILERS (CONTINUED) Hillenbrand, Inc. 8,480 $ 214,374 Hot Topic, Inc. 5,872 81,503 HSN, Inc. 4,972 272,764 ITT Corp. 12,277 349,035 ITT Educational Services, Inc. (a) 2,289 31,542 Jos. A. Bank Clothiers, Inc. (a) 3,773 150,543 K12, Inc. (a) 5,156 124,311 KAR Auction Services, Inc. 12,401 248,392 Kirkland's, Inc. (a) 2,230 25,556 Learning Tree International, Inc. (a) 1,011 3,741 Liquidity Services, Inc. (a)(b) 3,434 102,368 Lithia Motors, Inc., Class A 2,869 136,220 Lumber Liquidators Holdings, Inc. (a) 3,792 266,274 Mac-Gray Corp. 1,649 21,107 MarineMax, Inc. (a) 3,258 44,276 Matthews International Corp., Class A 3,853 134,431 The Men's Wearhouse, Inc. 6,359 212,518 Monro Muffler, Inc. 4,008 159,158 Navarre Corp. (a) 6,945 15,765 New York & Co. (a) 3,761 15,383 Office Depot, Inc. (a)(b) 38,937 153,022 OfficeMax, Inc. 11,905 138,217 OpenTable, Inc. (a) 3,314 208,716 Overstock.com, Inc. (a) 2,033 25,047 Pacific Sunwear of California, Inc. (a) 7,031 14,695 PC Mall, Inc. (a) 1,212 10,060 Penske Automotive Group, Inc. 5,688 189,752 The Pep Boys - Manny, Moe & Jack (a) 7,263 85,631 Perfumania Holdings, Inc. (a) 978 5,633 Pier 1 Imports, Inc. 14,669 337,387 PriceSmart, Inc. 2,575 200,412 The Providence Service Corp. (a) 1,862 34,428 RadioShack Corp. (b) 13,377 44,947 RealNetworks, Inc. (a) 3,840 29,606 Regis Corp. 7,707 140,190 Rent-A-Center, Inc. 7,757 286,544 Rollins, Inc. 8,924 219,084 Rue21, Inc. (a) 2,290 67,303 Rush Enterprises, Inc., Class A (a) 4,667 112,568 Saks, Inc. (a) 14,098 161,704 Sally Beauty Holdings, Inc. (a) 21,129 620,770 Sears Holdings Corp. (a)(b) 4,880 243,854 Service Corp. International 28,060 469,444 Shoe Carnival, Inc. 1,951 39,878 Shutterfly, Inc. (a) 4,472 197,528 Signet Jewelers Ltd. 10,881 729,027 Sonic Automotive, Inc. 4,922 109,072 Sotheby's 9,164 342,825 Stage Stores, Inc. 4,364 112,940 Stamps.com, Inc. (a) 2,416 60,328 Standard Parking Corp. (a) 2,235 46,265 Stein Mart, Inc. 3,683 30,864 Stewart Enterprises, Inc., Class A 9,788 90,931 Strayer Education, Inc. 1,660 80,311 Susser Holdings Corp. (a) 2,507 128,133 Titan Machinery, Inc. (a) 2,436 67,599 Tractor Supply Co. 9,358 974,449 Trans World Entertainment Corp. 2,400 9,288 Tuesday Morning Corp. (a) 5,896 45,753 Ulta Salon Cosmetics & Fragrance, Inc. (a) 8,008 650,009 ValueVision Media, Inc., Class A (a) 5,705 19,739 VCA Antech, Inc. (a) 11,814 277,511 Weight Watchers International, Inc. (b) 3,725 156,860 West Marine, Inc. (a) 2,389 27,306 The Wet Seal, Inc., Class A (a) 12,627 38,134 Williams-Sonoma, Inc. 11,648 600,105 Winmark Corp. 414 26,078 Zale Corp. (a) 4,077 16,023 Zumiez, Inc. (a) 3,120 71,448 ------------ 20,877,037 ----------------------------------------------------------------------------------------------- HEALTH CARE EQUIPMENT & SERVICES -- 4.9% Abaxis, Inc. 2,837 134,247 Abiomed, Inc. (a) 4,984 93,051 Acadia Healthcare Co., Inc. (a) 4,750 139,602 Accretive Health, Inc. (a) 7,592 77,135 Accuray, Inc. (a) 8,550 39,672 Addus HomeCare Corp. (a) 1,036 13,665 Air Methods Corp. 4,811 232,083 Alere, Inc. (a) 10,377 264,925 Align Technology, Inc. (a)(b) 9,795 328,230 Alliance HealthCare Services, Inc. (a) 2,152 16,700 Almost Family, Inc. 1,318 26,927 Alphatec Holdings, Inc. (a) 9,814 20,708 Amedisys, Inc. (a) 4,157 46,226 American Caresource Holdings, Inc. (a) 2,753 5,451 Amsurg Corp. (a) 4,269 143,609 Analogic Corp. 1,635 129,198 AngioDynamics, Inc. (a) 4,830 55,207 Anika Therapeutics, Inc. (a) 2,052 29,795 Antares Pharma, Inc. (a) 16,517 59,131 ArthroCare Corp. (a) 3,890 135,216 Assisted Living Concepts, Inc. 2,779 33,042 AtriCure, Inc. (a) 2,388 18,913 Atrion Corp. 222 42,622 Bio-Rad Laboratories, Inc., Class A (a) 2,676 337,176 Bio-Reference Labs, Inc. (a)(b) 3,472 90,203 Biolase Technology, Inc. (a) 4,677 18,614 Bioscript, Inc. (a) 8,085 102,760 Bovie Medical Corp. (a) 3,326 10,976

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QUANTITATIVE MASTER SERIES LLC MARCH 31, 2013 10

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Schedule of Investments (continued) MASTER EXTENDED MARKET INDEX SERIES

(PERCENTAGES SHOWN ARE BASED ON NET ASSETS)

COMMON STOCKS SHARES VALUE ----------------------------------------------------------------------------------------------- HEALTH CARE EQUIPMENT & SERVICES (CONTINUED) Brookdale Senior Living, Inc. (a) 13,306 $ 370,971 Bruker BioSciences Corp. (a) 12,536 239,438 BSD Medical Corp. (a) 3,756 5,521 Cantel Medical Corp. 3,033 91,172 Capital Senior Living Corp. (a) 3,876 102,443 Cardica, Inc. (a) 5,277 6,860 CardioNet, Inc. (a) 3,658 8,889 Cardiovascular Systems, Inc. (a) 2,764 56,607 Celsion Corp. (a)(b) 7,484 7,858 Centene Corp. (a)(b) 7,042 310,130 Cepheid, Inc. (a)(b) 8,994 345,100 Chindex International, Inc. (a) 1,763 24,224 CollabRx, Inc. (a) 409 1,272 Community Health Systems, Inc. 12,444 589,721 Conceptus, Inc. (a) 4,516 109,061 CONMED Corp. 3,752 127,793 The Cooper Cos., Inc. 6,487 699,818 Corvel Corp. (a) 973 48,154 Covance, Inc. (a)(b) 7,424 551,752 CryoLife, Inc. 4,128 24,809 Cutera, Inc. (a) 2,304 29,952 Cyberonics, Inc. (a) 3,304 154,660 Cynosure, Inc., Class A (a) 2,007 52,523 Delcath Systems, Inc. (a)(b) 12,121 21,818 DexCom, Inc. (a) 9,666 161,616 Echo Therapeutics, Inc. (a) 7,279 5,750 Emeritus Corp. (a) 4,889 135,865 Endologix, Inc. (a)(b) 7,896 127,520 The Ensign Group, Inc. 2,391 79,859 Escalon Medical Corp. (a) 1,399 1,497 Exactech, Inc. (a) 1,351 27,952 Five Star Quality Care, Inc. (a) 6,433 43,037 Fluidigm Corp. (a) 3,246 60,083 Fonar Corp. (a) 1,545 10,691 GenMark Diagnostics, Inc. (a) 4,228 54,626 Gentiva Health Services, Inc. (a) 4,042 43,734 Haemonetics Corp. (a) 6,917 288,162 Hanger Orthopedic Group, Inc. (a) 4,751 149,799 Hansen Medical, Inc. (a) 7,724 15,525 HCA Holdings, Inc. 32,752 1,330,714 Health Management Associates, Inc., Class A (a) 34,718 446,821 Health Net, Inc. (a) 10,541 301,683 Healthcare Services Group, Inc. 9,206 235,950 HealthSouth Corp. (a) 13,074 344,761 HealthStream, Inc. (a) 2,883 66,136 Healthways, Inc. (a) 4,781 58,567 Henry Schein, Inc. (a) 11,686 1,081,539 Hill-Rom Holdings, Inc. 7,982 281,126 HMS Holdings Corp. (a) 11,919 323,601 Hologic, Inc. (a)(b) 36,105 815,973 Hooper Holmes, Inc. (a) 9,589 4,411 ICU Medical, Inc. (a) 1,776 104,695 Idexx Laboratories, Inc. (a) 7,349 678,974 Insulet Corp. (a)(b) 7,292 188,571 Integra LifeSciences Holdings Corp. (a) 2,683 104,664 Invacare Corp. 3,832 50,008 IPC The Hospitalist Co., Inc. (a) 2,350 104,528 Kindred Healthcare, Inc. (a) 7,217 75,995 LCA-Vision, Inc. (a) 2,420 8,131 LHC Group, Inc. (a) 2,223 47,772 LifePoint Hospitals, Inc. (a) 6,169 298,950 Magellan Health Services, Inc. (a) 3,503 166,638 MAKO Surgical Corp. (a) 5,972 66,588 Masimo Corp. 7,140 140,087 Medical Action Industries, Inc. (a) 2,313 13,878 MEDNAX, Inc. (a) 6,722 602,493 MELA Sciences, Inc. (a) 7,818 9,069 Meridian Bioscience, Inc. 5,693 129,914 Merit Medical Systems, Inc. (a) 5,446 66,768 Molina Healthcare, Inc. (a) 3,965 122,400 Nanosphere, Inc. (a) 6,499 14,298 National Healthcare Corp. 1,112 50,841 Natus Medical, Inc. (a) 4,283 57,564 Navidea Biopharmaceuticals, Inc. (a)(b) 16,263 44,073 Neogen Corp. (a) 3,126 154,956 NeuroMetrix, Inc. (a) 109 269 NuVasive, Inc. (a) 6,134 130,716 NxStage Medical, Inc. (a) 7,522 84,848 Omnicell, Inc. (a) 4,742 89,529 OraSure Technologies, Inc. (a) 8,167 44,102 Orthofix International NV (a) 2,685 96,311 Owens & Minor, Inc. 8,097 263,638 Palomar Medical Technologies, Inc. (a) 2,610 35,209 Parexel International Corp. (a)(b) 7,886 311,576 PharMerica Corp. (a) 4,070 56,980 Psychemedics Corp. 1,238 14,769 Quidel Corp. (a) 4,050 96,188 RadNet, Inc. (a) 4,638 12,986 ResMed, Inc. 19,316 895,490 Retractable Technologies, Inc. (a) 1,898 2,012 Rochester Medical Corp. (a) 1,820 26,608 Rockwell Medical Technologies, Inc. (a) 2,896 11,468 RTI Biologics, Inc. (a) 7,930 31,244 Select Medical Holdings Corp. 5,251 47,259 Sirona Dental Systems, Inc. (a) 7,481 551,574 Skilled Healthcare Group, Inc., Class A (a) 3,199 21,017 Solta Medical, Inc. (a) 7,867 17,307 Spectranetic Corp. (a) 4,932 91,390 Staar Surgical Co. (a) 4,262 23,995 Stereotaxis, Inc. (a) 2,320 4,617 Steris Corp. 7,676 319,398 SurModics, Inc. (a) 1,786 48,669 Symmetry Medical, Inc. (a) 5,245 60,055 Synergetics USA, Inc. (a) 3,470 12,041

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QUANTITATIVE MASTER SERIES LLC MARCH 31, 2013 11

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Schedule of Investments (continued) MASTER EXTENDED MARKET INDEX SERIES

(PERCENTAGES SHOWN ARE BASED ON NET ASSETS)

COMMON STOCKS SHARES VALUE ----------------------------------------------------------------------------------------------- HEALTH CARE EQUIPMENT & SERVICES (CONCLUDED) Team Health Holdings, Inc. (a) 4,572 $ 166,329 Teleflex, Inc. 5,430 458,889 Theragenics Corp. (a) 5,558 9,060 ThermoGenesis Corp. (a) 5,823 4,950 Thoratec Corp. (a) 7,737 290,137 Trans1, Inc. (a) 2,790 6,250 Triple-S Management Corp. (a) 2,276 39,648 Unilife Corp. (a) 12,363 26,951 Universal American Corp. 4,076 33,953 Universal Health Services, Inc., Class B 11,977 764,971 Urologix, Inc. (a) 6,008 3,304 Uroplasty, Inc. (a) 3,549 9,014 US Physical Therapy, Inc. 1,742 46,773 Utah Medical Products, Inc. 671 32,725 Vanguard Health Systems, Inc. (a) 4,548 67,629 Vascular Solutions, Inc. (a) 2,430 39,415 Vision-Sciences, Inc. (a) 5,004 5,354 Volcano Corp. (a) 7,503 167,017 WellCare Health Plans, Inc. (a) 5,822 337,443 West Pharmaceutical Services, Inc. 4,509 292,814 Wright Medical Group, Inc. (a) 6,324 150,574 ------------ 22,778,948 ----------------------------------------------------------------------------------------------- HOUSEHOLD GOODS & HOME CONSTRUCTION -- 2.2% ACCO Brands Corp. (a) 15,731 105,083 American Greetings Corp., Class A 4,439 71,468 AT Cross Co., Class A (a) 1,676 23,079 Bassett Furniture Industries, Inc. 1,804 28,792 Beazer Homes USA, Inc. (a) 3,456 54,743 Blount International, Inc. (a) 6,989 93,513 Blyth, Inc. (b) 1,516 26,318 Briggs & Stratton Corp. 6,351 157,505 Cavco Industries, Inc. (a) 971 46,190 Central Garden & Pet Co., Class A (a) 5,730 47,101 Church & Dwight Co., Inc. 18,438 1,191,648 Compx International, Inc. 1,337 16,940 Comstock Homebuilding Cos., Inc., Class A (a) 4,243 7,468 Dixie Group, Inc. (a) 2,471 13,838 Energizer Holdings, Inc. 8,341 831,848 Ethan Allen Interiors, Inc. 3,626 119,368 Flexsteel Industries, Inc. 965 23,874 Forward Industries, Inc. (a) 2,823 5,787 Furniture Brands International, Inc. (a) 6,084 6,084 Herman Miller, Inc. 8,104 224,238 HNI Corp. 6,114 216,986 Hooker Furniture Corp. 1,700 27,098 Hovnanian Enterprises, Inc., Class A (a) 13,795 79,597 Interface, Inc. 7,990 153,568 iRobot Corp. (a) 3,749 96,199 Jarden Corp. (a) 14,879 637,565 KB Home 10,237 222,859 Kid Brands, Inc. (a) 2,042 3,165 Knoll, Inc. 6,691 121,308 L.S. Starrett Co., Class A 939 10,376 La-Z-Boy, Inc. 7,189 135,656 Libbey, Inc. (a) 2,986 57,719 Lifetime Brands, Inc. 1,440 16,430 M/I Homes, Inc. (a) 3,267 79,878 MDC Holdings, Inc. 5,313 194,721 Meritage Homes Corp. (a) 4,305 201,732 Middleby Corp. (a) 2,553 388,439 Mohawk Industries, Inc. (a) 7,883 891,725 National Presto Industries, Inc. 708 56,994 NVR, Inc. (a) 625 675,069 Oil-Dri Corp. of America 858 23,363 Ryland Group, Inc. 6,026 250,802 The Scotts Miracle-Gro Co. 5,186 224,243 Select Comfort Corp. (a) 7,748 153,178 Skyline Corp. (a) 880 5,254 Spectrum Brands Holdings, Inc. 3,019 170,845 Standard-Pacific Corp. (a) 15,300 132,192 Stanley Furniture Co., Inc. (a) 3,010 13,364 Steelcase, Inc., Class A 10,523 155,004 Summer Infant, Inc. (a) 1,416 3,710 Tempur-Pedic International, Inc. (a) 8,176 405,775 Toll Brothers, Inc. (a) 20,458 700,482 Tupperware Corp. 7,287 595,639 Virco Manufacturing Corp. (a) 2,505 5,962 WD-40 Co. 2,017 110,471 ------------ 10,312,253 ----------------------------------------------------------------------------------------------- INDUSTRIAL ENGINEERING -- 3.1% Accuride Corp. (a) 6,536 35,229 AGCO Corp. 13,048 680,062 Alamo Group, Inc. 1,165 44,561 Albany International Corp., Class A 3,962 114,502 Altra Holdings, Inc. 3,766 102,511 American Railcar Industries, Inc. 1,329 62,117 Astec Industries, Inc. 2,822 98,572 The Babcock & Wilcox Co. 16,060 456,265 Broadwind Energy, Inc. (a) 2,362 10,322 Ceco Environmental Corp. 1,735 22,434 Chicago Rivet & Machine Co. 494 12,627 CIRCOR International, Inc. 2,434 103,445 Clarcor, Inc. 6,552 343,194 Colfax Corp. (a)(b) 9,085 422,816 Columbus McKinnon Corp. (a) 2,778 53,477 Commercial Vehicle Group, Inc. (a) 3,771 29,414 Crane Co. 6,494 362,755 Donaldson Co., Inc. 18,072 654,026 Douglas Dynamics, Inc. 3,221 44,514 Dynamic Materials Corp. 1,846 32,120 The Eastern Co. 917 16,084

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QUANTITATIVE MASTER SERIES LLC MARCH 31, 2013 12

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Schedule of Investments (continued) MASTER EXTENDED MARKET INDEX SERIES

(PERCENTAGES SHOWN ARE BASED ON NET ASSETS)

COMMON STOCKS SHARES VALUE ----------------------------------------------------------------------------------------------- INDUSTRIAL ENGINEERING (CONTINUED) Energy Recovery, Inc. (a) 7,636 $ 28,253 EnPro Industries, Inc. (a) 2,899 148,342 Federal Signal Corp. (a) 8,916 72,576 Flow International Corp. (a) 7,491 29,290 Franklin Electric Co., Inc. 5,116 171,744 Freightcar America, Inc. 1,767 38,556 Gardner Denver, Inc. 6,682 501,885 GATX Corp. 6,269 325,800 The Gorman-Rupp Co. 2,066 62,083 Graco, Inc. 8,249 478,689 Graham Corp. 1,551 38,372 Greenbrier Cos., Inc. (a) 3,356 76,215 H&E Equipment Services, Inc. 4,089 83,416 Hardinge, Inc. 1,772 24,152 Hurco Cos., Inc. (a) 928 25,269 Hyster-Yale Materials Handling, Inc. 844 48,184 IDEX Corp. 11,051 590,344 John Bean Technologies Corp. 4,040 83,830 Kadant, Inc. (a) 1,632 40,800 Kaydon Corp. 4,279 109,457 Kennametal, Inc. 10,604 413,980 Key Technology, Inc. (a) 780 9,859 Kimball International, Inc., Class B 4,154 37,635 Lincoln Electric Holdings, Inc. 11,055 598,960 Lindsay Manufacturing Co. 1,780 156,960 Lydall, Inc. (a) 2,657 40,785 Manitex International, Inc. (a) 1,640 20,352 Manitowoc Co. 18,237 374,953 Materion Corp. 2,943 83,875 Meritor, Inc. (a) 13,772 65,142 Met-Pro Corp. 2,279 23,542 MFRI, Inc. (a) 1,400 10,094 Miller Industries, Inc. 1,520 24,396 Mine Safety Appliances Co. 4,149 205,873 Mueller Industries, Inc. 3,901 207,884 NACCO Industries, Inc., Class A 827 44,129 Navistar International Corp. (a) 10,863 375,534 NN, Inc. (a) 2,599 24,587 Nordson Corp. 7,625 502,869 Oshkosh Corp. (a) 11,775 500,320 PMFG, Inc. (a) 2,383 14,703 Sauer-Danfoss, Inc. 1,588 92,787 Spartan Motors, Inc. 4,359 23,146 SPX Corp. 6,321 499,106 Standex International Corp. 1,782 98,402 Sun Hydraulics, Inc. 3,597 116,938 Sypris Solutions, Inc. 2,319 9,693 Tecumseh Products Co., Class A (a) 2,544 22,184 Tennant Co. 2,501 121,449 Terex Corp. (a) 15,024 517,126 Timken Co. 10,681 604,331 Toro Co. 7,927 364,959 Trinity Industries, Inc. 10,675 483,898 Twin Disc, Inc. 1,243 31,174 Wabash National Corp. (a) 9,469 96,205 Westinghouse Air Brake Technologies Corp. 6,488 662,490 Woodward, Inc. 7,989 317,643 ------------ 14,476,267 ----------------------------------------------------------------------------------------------- INDUSTRIAL METALS & MINING -- 0.7% AK Steel Holding Corp. 18,892 62,533 Ampco-Pittsburgh Corp. 1,396 26,398 Carpenter Technology Corp. 6,067 299,043 Century Aluminum Co. (a) 7,366 57,013 Commercial Metals Co. 15,865 251,460 Friedman Industries, Inc. 1,680 16,750 Globe Specialty Metals, Inc. 9,022 125,586 Handy & Harman Ltd. (a) 989 15,221 Haynes International, Inc. 1,767 97,715 Horsehead Holding Corp. (a) 6,590 71,699 Kaiser Aluminum Corp. 2,337 151,087 McEwen Mining, Inc. (a) 37,288 106,644 Metals USA Holdings Corp. 2,022 41,754 Noranda Aluminum Holding Corp. 10,080 45,259 Olympic Steel, Inc. 1,358 32,456 Reliance Steel & Aluminum Co. 10,314 734,047 RTI International Metals, Inc. (a) 4,318 136,837 Steel Dynamics, Inc. 29,708 471,466 Synalloy Corp. 1,214 16,850 TMS International Corp. (a) 2,071 27,337 Universal Stainless & Alloy Products, Inc. (a) 1,153 41,912 Uranium Energy Corp. (a) 13,320 29,304 Uranium Resources, Inc. (a) 2,663 6,897 USEC, Inc. (a) 16,407 6,072 Worthington Industries, Inc. 7,223 223,769 ------------ 3,095,109 ----------------------------------------------------------------------------------------------- INDUSTRIAL TRANSPORTATION -- 1.8% Air Lease Corp 9,268 271,738 Air Transport Services Group, Inc. (a) 7,359 42,903 Aircastle Ltd. 7,621 104,255 Arkansas Best Corp. 2,993 34,958 Atlas Air Worldwide Holdings, Inc. (a) 3,504 142,823 Baltic Trading Ltd. 3,044 12,450 CAI International, Inc. (a) 2,143 61,761 Celadon Group, Inc. 3,085 64,353 Con-way, Inc. 7,436 261,822 Covenant Transport Group, Inc., Class A (a) 1,373 8,224 Eagle Bulk Shipping, Inc. (a) 2,191 7,712 Echo Global Logistics, Inc. (a) 2,294 50,743 Forward Air Corp. 3,933 146,662 Frozen Food Express Industries, Inc. (a) 2,545 3,512 Genco Shipping & Trading Ltd. (a) 5,201 14,979

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QUANTITATIVE MASTER SERIES LLC MARCH 31, 2013 13

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Schedule of Investments (continued) MASTER EXTENDED MARKET INDEX SERIES

(PERCENTAGES SHOWN ARE BASED ON NET ASSETS)

COMMON STOCKS SHARES VALUE ----------------------------------------------------------------------------------------------- INDUSTRIAL TRANSPORTATION (CONCLUDED) Genesee & Wyoming, Inc., Class A (a) 6,498 $ 605,029 Heartland Express, Inc. 5,665 75,571 HUB Group, Inc., Class A (a) 4,717 181,416 International Shipholding Corp. 852 15,506 J.B. Hunt Transport Services, Inc. 12,087 900,240 Kansas City Southern 14,833 1,644,980 Kirby Corp. (a) 7,633 586,214 Knight Transportation, Inc. 7,835 126,144 Landstar System, Inc. 6,335 361,665 Marten Transport Ltd. 2,036 40,985 Matson, Inc. 5,580 137,268 Old Dominion Freight Line, Inc. (a) 9,434 360,379 P.A.M. Transportation Services, Inc. 847 8,970 Pacer International, Inc. (a) 4,839 24,340 Patriot Transportation Holding, Inc. (a) 914 25,427 PHH Corp. (a) 7,873 172,891 Quality Distribution, Inc. (a) 3,529 29,679 Rand Logistics, Inc. (a) 3,143 19,251 Roadrunner Transportation Systems, Inc. (a) 2,176 50,048 Saia, Inc. (a) 2,305 83,372 Swift Transportation Co. (a) 11,591 164,360 TAL International Group, Inc. 4,410 199,817 Teekay Corp. 4,953 178,110 Textainer Group Holdings Ltd. 2,272 89,858 Universal Truckload Services, Inc. (a) 676 15,771 USA Truck, Inc. (a) 1,407 6,908 UTI Worldwide Inc. 13,695 198,304 Werner Enterprises, Inc. 5,545 133,856 Wesco Aircraft Holdings, Inc. (a) 3,077 45,293 Willis Lease Finance Corp. (a) 1,115 16,859 World Fuel Services Corp. 9,986 396,644 XPO Logistics, Inc. (a)(b) 2,739 46,125 YRC Worldwide, Inc. (a) 1,401 10,578 ------------ 8,180,753 ----------------------------------------------------------------------------------------------- LEISURE GOODS -- 0.8% Activision Blizzard, Inc. 56,567 824,181 Arctic Cat, Inc. (a) 1,884 82,331 Black Diamond, Inc. (a) 3,283 29,908 Brunswick Corp. 12,217 418,066 Callaway Golf Co. 9,334 61,791 Drew Industries, Inc. 2,640 95,858 DTS, Inc. (a) 2,742 45,599 Emerson Radio Corp. (a) 4,864 8,026 Escalade, Inc. 1,740 10,736 Glu Mobile, Inc. (a)(b) 8,589 25,595 Jakks Pacific, Inc. 2,692 28,239 Koss Corp. 1,133 5,790 Leapfrog Enterprises, Inc. (a) 7,039 60,254 Majesco Entertainment Co. (a) 6,877 3,748 Marine Products Corp. 1,997 14,698 Meade Instruments Corp. (a) 433 870 Nautilus, Inc. (a) 4,085 29,821 Polaris Industries, Inc. 8,579 793,472 Pool Corp. 6,148 295,104 RealD, Inc. (a)(b) 6,336 82,368 Skullcandy, Inc. (a) 2,357 12,445 Steinway Musical Instruments, Inc. (a) 966 23,203 Take-Two Interactive Software, Inc. (a) 12,561 202,860 Thor Industries, Inc. 5,910 217,429 TiVo, Inc. (a) 16,884 209,193 Universal Electronics, Inc. (a) 2,265 52,661 Winnebago Industries, Inc. (a) 4,067 83,943 ------------ 3,718,189 ----------------------------------------------------------------------------------------------- LIFE INSURANCE -- 0.4% American Equity Investment Life Holding Co. 8,445 125,746 Amerisafe, Inc. 2,824 100,365 Atlantic American Corp. 1,107 3,697 Citizens, Inc. (a) 6,565 55,080 CNO Financial Group, Inc. 29,690 339,950 eHealth, Inc. (a) 2,834 50,672 Employers Holdings, Inc. 4,300 100,835 FBL Financial Group, Inc., Class A 1,422 55,259 Independence Holding Co. 1,624 16,532 Kansas City Life Insurance Co. 413 16,161 National Western Life Insurance Co., Class A 282 49,632 The Phoenix Cos., Inc. (a) 801 24,647 Primerica, Inc. 6,370 208,809 Protective Life Corp. 10,232 366,306 Stancorp Financial Group, Inc. 5,797 247,880 Symetra Financial Corp. 9,733 130,519 ------------ 1,892,090 ----------------------------------------------------------------------------------------------- MEDIA -- 3.7% Acxiom Corp. (a) 10,019 204,388 AH Belo Corp. 2,700 15,768 AMC Networks, Inc., Class A (a) 7,796 492,551 Arbitron, Inc. 3,622 169,763 Ascent Capital Group, Inc., Class A (a) 1,805 134,364 Avid Technology, Inc. (a) 4,258 26,698 Bankrate, Inc. (a) 5,915 70,625 Beasley Broadcasting Group, Inc., Class A 1,114 6,573 Belo Corp., Class A 12,235 120,270 Charter Communications, Inc., Class A (a)(b) 11,208 1,167,649 Clear Channel Outdoor Holdings, Inc., Class A (a) 5,342 40,012 ComScore, Inc. (a) 5,042 84,605 Constant Contact, Inc. (a) 4,444 57,683

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QUANTITATIVE MASTER SERIES LLC MARCH 31, 2013 14

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Schedule of Investments (continued) MASTER EXTENDED MARKET INDEX SERIES

(PERCENTAGES SHOWN ARE BASED ON NET ASSETS)

COMMON STOCKS SHARES VALUE ----------------------------------------------------------------------------------------------- MEDIA (CONTINUED) Courier Corp. 1,599 $ 23,042 Crown Media Holdings, Inc., Class A (a) 4,523 9,272 CSS Industries, Inc. 1,288 33,449 CTN Media Group, Inc. (a) 50 -- Cumulus Media, Inc., Class A (a) 9,483 31,958 Demand Media, Inc. (a) 5,886 50,796 Dex One Corp. (a) 2,137 3,654 Digital Generation, Inc. (a) 3,694 23,752 DISH Network Corp., Class A 27,391 1,038,119 Dolby Laboratories, Inc., Class A 6,456 216,663 DreamWorks Animation SKG, Inc. (a) 9,541 180,897 Emmis Communications Corp., Class A (a) 6,140 10,192 Entercom Communications Corp. (a) 2,909 21,643 Entravision Communications Corp., Class A 9,776 31,185 EW Scripps Co. (a) 3,871 46,568 FactSet Research Systems, Inc. 5,492 508,559 Fisher Communications, Inc. 944 37,043 Gray Television, Inc. (a) 7,124 33,412 Groupon, Inc. (a) 37,686 230,638 Harte-Hanks, Inc. 5,635 43,897 Hollywood Media Corp. (a) 10,217 12,771 IHS, Inc., Class A (a) 6,756 707,488 John Wiley & Sons, Inc., Class A 6,379 248,526 Journal Communications, Inc., Class A (a) 5,439 36,550 Lamar Advertising Co., Class A (a) 7,491 364,138 Liberty Global, Inc., Class A (a) 32,597 2,392,620 Liberty Interactive Corp., Class A (a) 69,968 1,495,916 Liberty Media Corp. (a) 15,024 1,677,129 Liberty Ventures (a) 3,953 298,768 Lin TV Corp., Class A (a) 4,941 54,302 Live Nation Entertainment, Inc. (a) 19,148 236,861 Local Corp. (a)(b) 6,769 11,507 Marchex, Inc., Class B 2,688 11,316 Martha Stewart Living Omnimedia, Inc., Class A (a) 3,881 10,246 McClatchy Co., Class A (a) 8,667 25,134 Media General, Inc., Class A (a)(b) 3,103 18,432 Meredith Corp. 4,728 180,893 Morningstar, Inc. 3,164 221,227 National CineMedia, Inc. 7,967 125,719 The New York Times Co., Class A (a) 16,927 165,885 Nexstar Broadcasting Group, Inc., Class A 3,161 56,898 Nielsen Holdings NV 21,850 782,667 Outdoor Channel Holdings, Inc. 1,898 16,930 Pandora Media, Inc. (a) 13,174 186,544 PDI, Inc. (a) 1,936 11,422 QuinStreet, Inc. (a) 4,361 26,035 Radio One, Inc., Class D (a) 5,716 9,660 Saga Communications, Inc. 733 33,909 Salem Communications Corp., Class A 1,460 11,578 Schawk, Inc. 1,635 17,969 Scholastic Corp. 3,340 89,011 Sinclair Broadcast Group, Inc., Class A 7,071 143,117 Sirius XM Radio, Inc. 433,627 1,335,571 Spanish Broadcasting System, Inc. (a) 654 1,681 SPAR Group, Inc. (a) 3,165 6,045 Starz Liberty Capital (a) 14,784 327,466 TechTarget, Inc. (a) 2,801 13,697 TheStreet.com, Inc. 7,238 13,825 Valassis Communications, Inc. 5,358 160,043 Value Line, Inc. 420 3,956 ValueClick, Inc. (a) 10,057 297,184 WebMD Health Corp. (a) 7,065 171,821 WebMediaBrands, Inc. (a) 1,442 2,365 XO Group, Inc. (a) 4,337 43,370 ------------ 17,223,880 ----------------------------------------------------------------------------------------------- MINING -- 0.7% Allied Nevada Gold Corp. (a)(b) 11,568 190,409 Alpha Natural Resources, Inc. (a) 30,101 247,129 AMCOL International Corp. 3,524 106,390 Arch Coal, Inc. 29,026 157,611 Cloud Peak Energy, Inc. (a) 8,673 162,879 Coeur d'Alene Mines Corp. (a)(b) 12,430 234,430 Compass Minerals International, Inc. 4,542 358,364 General Moly, Inc. (a) 8,818 19,488 Golden Minerals Co. (a) 7,613 18,119 Hecla Mining Co. 40,525 160,074 James River Coal Co. (a)(b) 5,927 10,372 Molycorp, Inc. (a)(b) 16,804 87,381 Royal Gold Inc. 8,897 631,954 Solitario Exploration & Royalty Corp. (a) 7,850 12,560 Stillwater Mining Co. (a) 16,229 209,841 SunCoke Energy, Inc. (a) 9,992 163,169 Timberline Resources Corp. (a) 15,011 2,567 Walter Industries, Inc. 8,576 244,416 Westmoreland Coal Co. (a) 2,654 30,149 ------------ 3,047,302 ----------------------------------------------------------------------------------------------- MOBILE TELECOMMUNICATIONS -- 0.4% Atlantic Tele-Network, Inc. 1,327 64,373 Globalstar, Inc. (a) 15,196 4,787 Iridium Communications, Inc. (a) 8,865 53,367 Leap Wireless International, Inc. (a) 7,397 43,568 NII Holdings, Inc. (a) 23,333 101,032 NTELOS Holdings Corp. 1,992 25,518

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QUANTITATIVE MASTER SERIES LLC MARCH 31, 2013 15

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Schedule of Investments (continued) MASTER EXTENDED MARKET INDEX SERIES

(PERCENTAGES SHOWN ARE BASED ON NET ASSETS)

COMMON STOCKS SHARES VALUE ----------------------------------------------------------------------------------------------- MOBILE TELECOMMUNICATIONS (CONCLUDED) ORBCOMM, Inc. (a) 6,188 $ 32,240 SBA Communications Corp., Class A (a) 17,244 1,241,913 Shenandoah Telecom Co. 3,096 47,152 Telephone & Data Systems, Inc. 13,263 279,451 U.S. Cellular Corp. (a) 1,477 53,172 USA Mobility, Inc. 3,008 39,916 ------------ 1,986,489 ----------------------------------------------------------------------------------------------- NONLIFE INSURANCE -- 3.5% Alleghany Corp. (a) 2,291 907,053 Allied World Assurance Co. Holdings AG 4,674 433,373 American Financial Group, Inc. 9,918 469,915 American National Insurance Co. 762 66,195 American Safety Insurance Holdings Ltd. (a) 1,595 39,811 AmTrust Financial Services, Inc. 3,654 126,611 Arch Capital Group Ltd. (a) 17,899 940,950 Argo Group International Holdings Ltd. 3,386 140,113 Arthur J Gallagher & Co. 16,892 697,809 Aspen Insurance Holdings Ltd. 9,319 359,527 Assured Guaranty Ltd. 26,099 537,900 Axis Capital Holdings Ltd. 15,095 628,254 Baldwin & Lyons, Inc., Class B 1,436 34,162 Brown & Brown, Inc. 15,866 508,347 CNA Financial Corp. 3,183 104,052 Donegal Group, Inc., Class A 1,498 22,875 Eastern Insurance Holdings, Inc. 1,380 25,889 EMC Insurance Group, Inc. 901 23,723 Endurance Specialty Holdings Ltd. 5,779 276,294 Enstar Group Ltd. (a) 1,131 140,572 Erie Indemnity Co., Class A 3,422 258,464 Everest Re Group Ltd. 6,770 879,152 Federated National Holding Co. 1,906 14,505 First Acceptance Corp. (a) 1,327 1,791 First American Financial Corp. 14,610 373,578 Global Indemnity Plc (a) 1,654 38,373 Greenlight Capital Re Ltd. (a) 4,332 105,917 The Hanover Insurance Group, Inc. 5,871 291,671 HCC Insurance Holdings, Inc. 13,546 569,338 Hilltop Holdings, Inc. (a) 5,908 79,699 Horace Mann Educators Corp. 5,415 112,903 Infinity Property & Casualty Corp. 1,661 93,348 Kemper Corp. 7,224 235,575 Life Partners Holdings, Inc. 2,288 8,946 Maiden Holdings Ltd. 7,487 79,287 Markel Corp. (a) 1,231 619,809 MBIA, Inc. (a) 19,439 199,639 Meadowbrook Insurance Group, Inc. 6,607 46,579 Mercury General Corp. 3,553 134,765 Montpelier Re Holdings Ltd. 7,728 201,314 National Interstate Corp. 2,572 77,109 Navigators Group, Inc. (a) 1,553 91,239 Old Republic International Corp. 32,795 416,824 OneBeacon Insurance Group Ltd. 2,936 39,695 PartnerRe Ltd. 8,132 757,171 Platinum Underwriters Holdings Ltd. 4,485 250,308 ProAssurance Corp. 8,253 390,615 Reinsurance Group of America, Inc. 9,717 579,813 RenaissanceRe Holdings Ltd. 5,941 546,513 RLI Corp. 2,385 171,362 Safety Insurance Group, Inc. 1,861 91,468 Selective Insurance Group, Inc. 7,487 179,763 State Auto Financial Corp. 2,051 35,728 Tower Group International, Ltd. 5,301 97,809 United Fire Group, Inc. 3,007 76,588 Universal Insurance Holdings, Inc. 5,358 25,986 Validus Holdings Ltd. 13,625 509,166 W.R. Berkley Corp. 14,753 654,591 White Mountains Insurance Group, Inc. (b) 734 416,266 ------------ 16,236,092 ----------------------------------------------------------------------------------------------- OIL & GAS PRODUCERS -- 3.8% Abraxas Petroleum Corp. (a) 13,906 32,123 Adams Resources & Energy, Inc. 482 24,582 Alon USA Energy, Inc. 2,116 40,310 Apco Oil and Gas International, Inc. 2,407 29,847 Approach Resources, Inc. (a) 4,664 114,781 Barnwell Industries, Inc. (a) 1,930 5,790 Berry Petroleum Co., Class A 6,165 285,378 Bill Barrett Corp. (a) 6,721 136,235 Bonanza Creek Energy, Inc. (a) 3,316 128,230 BPZ Resources, Inc. (a) 15,164 34,422 Brenham Oil+Gas Corp. (a) 5,673 340 Callon Petroleum Co. (a) 6,229 23,047 Carrizo Oil & Gas, Inc. (a) 5,219 134,494 Cheniere Energy, Inc. (a) 30,420 851,760 Cimarex Energy Co. 11,603 875,330 Clayton Williams Energy, Inc. (a) 851 37,214 Cobalt International Energy, Inc. (a) 23,866 673,021 Comstock Resources, Inc. (a) 6,440 104,650 Concho Resources, Inc. (a) 14,119 1,375,614 Contango Oil & Gas Co. 1,778 71,280 Continental Resources, Inc. (a) 7,724 671,447 CVR Energy, Inc. 2,141 110,518 Delek US Holdings, Inc. 4,702 185,541 Double Eagle Pete & Mining Co. (a) 2,652 14,215 Emerald Oil, Inc. (a) 3,762 26,484 Endeavour International Corp. (a) 6,675 19,691 Energen Corp. 9,645 501,636 EPL Oil & Gas, Inc. (a) 4,884 130,940

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QUANTITATIVE MASTER SERIES LLC MARCH 31, 2013 16

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Schedule of Investments (continued) MASTER EXTENDED MARKET INDEX SERIES

(PERCENTAGES SHOWN ARE BASED ON NET ASSETS)

COMMON STOCKS SHARES VALUE ----------------------------------------------------------------------------------------------- OIL & GAS PRODUCERS (CONTINUED) Era Group, Inc. (a) 2,765 $ 58,065 Evolution Petroleum Corp. (a) 3,828 38,854 EXCO Resources, Inc. 19,905 141,923 Forest Oil Corp. (a)(b) 16,537 86,985 FX Energy, Inc. (a) 8,102 27,223 Gasco Energy, Inc. (a) 5,700 237 Gastar Exploration Ltd. (a) 8,271 14,557 GeoPetro Resources Co. (a) 9,626 770 GMX Resources, Inc. (a)(b) 1,270 2,781 Goodrich Petroleum Corp. (a) 4,141 64,807 Gulfport Energy Corp. (a) 9,123 418,107 Halcon Resources Corp. (a) 14,115 109,956 Harvest Natural Resources, Inc. (a) 6,009 21,092 HollyFrontier Corp. 27,708 1,425,577 Houston American Energy Corp. (a) 5,104 1,120 Hyperdynamics Corp. (a)(b) 19,302 11,751 Isramco, Inc. (a) 212 21,018 Kodiak Oil & Gas Corp. (a) 36,638 333,039 Laredo Petroleum Holdings, Inc. (a) 3,686 67,417 Magellan Petroleum Corp. (a) 8,484 9,078 Magnum Hunter Resources Corp. (a) 22,848 91,621 McMoRan Exploration Co. (a) 13,837 226,235 Miller Energy Resources, Inc. (a) 5,310 19,700 Northern Oil and Gas, Inc. (a) 8,377 120,461 Oasis Petroleum, Inc. (a) 9,856 375,218 Panhandle Oil & Gas, Inc. 1,241 35,555 PDC Energy, Inc. (a) 4,204 208,392 Penn Virginia Corp. 7,967 32,187 Petroquest Energy, Inc. (a) 8,775 38,961 Pioneer Energy Services Corp. (a) 8,817 72,740 Plains Exploration & Production Co. (a) 17,474 829,491 PostRock Energy Corp. (a) 1,910 3,381 Quicksilver Resources, Inc. (a) 16,252 36,567 Resolute Energy Corp. (a) 6,096 70,165 Rex Energy Corp. (a) 6,077 100,149 Rosetta Resources, Inc. (a) 7,226 343,813 SandRidge Energy, Inc. (a)(b) 48,199 254,009 SM Energy Co. 9,015 533,868 Stone Energy Corp. (a) 6,955 151,271 Swift Energy Co. (a) 6,049 89,586 Syntroleum Corp. (a) 11,960 4,724 Targa Resources, Inc. 3,903 265,248 Transocean Ltd. 48,227 2,505,875 Ultra Petroleum Corp. (a) 20,802 418,120 US Energy Corp. - Wyoming (a) 4,911 8,152 Vaalco Energy, Inc. (a) 8,520 64,667 W&T Offshore, Inc. 4,881 69,310 Warren Resources, Inc. (a) 11,196 35,939 Western Refining, Inc. 8,082 286,184 Whiting Petroleum Corp. (a) 15,880 807,339 ZaZa Energy Corp. (a) 7,132 12,909 Zion Oil & Gas, Inc. (a)(b) 6,336 7,793 ------------ 17,612,907 ----------------------------------------------------------------------------------------------- OIL EQUIPMENT, SERVICES & DISTRIBUTION -- 2.6% Atwood Oceanics, Inc. (a) 7,752 407,290 Basic Energy Services, Inc. (a) 4,124 56,375 Bolt Technology Corp. 1,620 28,285 Bristow Group, Inc. 4,771 314,600 C&J Energy Services, Inc. (a) 6,273 143,652 Cal Dive International, Inc. (a) 14,342 25,816 CARBO Ceramics, Inc. 2,683 244,341 Chart Industries, Inc. (a) 4,060 324,841 Crosstex Energy, Inc. 6,152 118,487 Dawson Geophysical Co. (a) 1,228 36,840 DHT Holdings, Inc. 1,787 8,542 Dresser-Rand Group, Inc. (a)(b) 10,267 633,063 Dril-Quip, Inc. (a) 4,901 427,220 Exterran Holdings, Inc. (a) 8,840 238,680 Flotek Industries, Inc. (a) 6,449 105,441 Forbes Energy Services Ltd. (a) 2,153 7,923 Geospace Technologies Corp. (a) 1,779 191,990 Global Geophysical Services, Inc. (a) 3,029 7,421 Gulf Island Fabrication, Inc. 1,954 41,151 Gulfmark Offshore, Inc., Class A 3,373 131,412 Helix Energy Solutions Group, Inc. (a) 13,398 306,546 Hercules Offshore, Inc. (a) 21,766 161,504 Hornbeck Offshore Services, Inc. (a)(b) 4,409 204,842 ION Geophysical Corp. (a) 16,863 114,837 Key Energy Services, Inc. (a) 20,734 167,531 Lufkin Industries, Inc. 4,574 303,668 Matrix Service Co. (a) 3,702 55,160 McDermott International, Inc. (a) 31,511 346,306 Mitcham Industries, Inc. (a) 1,937 32,774 MRC Global, Inc. (a) 8,978 295,646 Natural Gas Services Group, Inc. (a) 1,996 38,443 Newpark Resources, Inc. (a) 12,110 112,381 Oceaneering International, Inc. 14,498 962,812 OGE Energy Corp. 13,341 933,603 Oil States International, Inc. (a) 7,411 604,515 Parker Drilling Co. (a) 16,260 69,593 Patterson-UTI Energy, Inc. 19,636 468,122 PHI, Inc. (a) 1,794 61,373 RPC, Inc. 9,034 137,046 SEACOR Holdings, Inc. 2,475 182,358 SemGroup Corp. (a) 6,120 316,526 Superior Energy Services, Inc. (a) 21,592 560,744 Tesco Corp. (a) 4,332 58,005 Tetra Technologies, Inc. (a) 10,768 110,480 TGC Industries, Inc. 2,499 24,740 Tidewater, Inc. 6,603 333,451 Unit Corp. (a) 5,845 266,240

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QUANTITATIVE MASTER SERIES LLC MARCH 31, 2013 17

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Schedule of Investments (continued) MASTER EXTENDED MARKET INDEX SERIES

(PERCENTAGES SHOWN ARE BASED ON NET ASSETS)

COMMON STOCKS SHARES VALUE ----------------------------------------------------------------------------------------------- OIL EQUIPMENT, SERVICES & DISTRIBUTION (CONCLUDED) Weatherford International Ltd. (a) 102,465 $ 1,243,925 Willbros Group, Inc. (a) 6,936 68,111 ------------ 12,034,652 ----------------------------------------------------------------------------------------------- PERSONAL GOODS -- 1.4% American Apparel, Inc. (a) 8,268 17,942 Carter's, Inc. (a) 6,984 399,974 Charles & Colvard Ltd. (a) 3,457 13,448 Cherokee, Inc. 1,682 23,043 Columbia Sportswear Co. (b) 1,574 91,103 Crocs, Inc. (a) 12,036 178,374 Culp, Inc. 1,368 21,765 Deckers Outdoor Corp. (a) 4,747 264,360 Delta Apparel, Inc. (a) 1,207 19,879 Elizabeth Arden, Inc. (a) 3,490 140,472 Female Health Co. 3,770 27,295 Fifth & Pacific Cos., Inc. (a) 16,184 305,554 G-III Apparel Group Ltd. (a) 2,201 88,282 Hanesbrands, Inc. (a) 13,335 607,543 Helen of Troy Ltd. (a) 4,343 166,597 Iconix Brand Group, Inc. (a) 8,808 227,863 Inter Parfums, Inc. 2,065 50,448 Joe's Jeans, Inc. (a) 9,399 15,978 The Jones Group, Inc. 10,162 129,261 K-Swiss, Inc., Class A (a) 3,783 17,931 Lakeland Industries, Inc. (a) 913 3,259 Maidenform Brands, Inc. (a) 3,323 58,252 Michael Kors Holdings Ltd. (a) 23,835 1,353,590 Movado Group, Inc. 2,424 81,252 Nu Skin Enterprises, Inc., Class A 7,146 315,853 Orchids Paper Products Co. 1,117 26,060 Oxford Industries, Inc. 1,940 103,014 Perry Ellis International, Inc. 1,659 30,177 Quiksilver, Inc. (a)(b) 17,359 105,369 R.G. Barry Corp. 1,521 20,366 Revlon, Inc., Class A (a) 1,680 37,565 Rocky Brands, Inc. (a) 1,306 17,775 Skechers U.S.A., Inc., Class A (a) 5,331 112,751 Steven Madden Ltd. (a) 5,610 242,015 Superior Uniform Group, Inc. 938 11,209 Tandy Brands Accessories, Inc. (a) 1,401 701 True Religion Apparel, Inc. 3,479 90,837 Under Armour, Inc., Class A (a) 10,587 542,054 Unifi, Inc. (a) 2,216 42,326 Vera Bradley, Inc. (a)(b) 3,061 72,331 Weyco Group, Inc. 1,172 28,726 Wolverine World Wide, Inc. 6,664 295,682 ------------ 6,398,276 ----------------------------------------------------------------------------------------------- PHARMACEUTICALS & BIOTECHNOLOGY -- 4.6% Aastrom Biosciences, Inc. (a) 10,040 7,029 Acadia Pharmaceuticals, Inc. (a) 7,353 58,383 Achillion Pharmaceuticals, Inc. (a) 10,002 87,417 Acorda Therapeutics, Inc. (a) 5,681 181,962 Acura Pharmaceuticals, Inc. (a) 3,065 6,528 Aegerion Pharmaceuticals, Inc. (a)(b) 2,321 93,629 Affymax, Inc. (a) 6,275 8,722 Affymetrix, Inc. (a) 10,491 49,518 Agenus, Inc. (a) 4,657 18,116 Akorn, Inc. (a) 9,544 131,994 Albany Molecular Research, Inc. (a) 3,615 37,994 Alexza Pharmaceuticals, Inc. (a) 3,044 13,454 Alkermes Plc (a) 17,701 419,691 Allos Therapeutcs, Inc. 9,140 -- Alnylam Pharmaceuticals, Inc. (a) 6,725 163,888 AMAG Pharmaceuticals, Inc. (a) 3,154 75,223 Amicus Therapeutics, Inc. (a) 4,875 15,454 Ampio Pharmaceuticals, Inc. (a) 4,379 20,012 Anacor Pharmaceuticals, Inc. (a) 3,784 24,445 Anthera Pharmaceuticals, Inc. (a) 9,930 6,454 Apricus Biosciences, Inc. (a)(b) 5,670 15,196 ARCA Biopharma, Inc. (a) 736 1,737 Arena Pharmaceuticals, Inc. (a)(b) 30,486 250,290 ARIAD Pharmaceuticals, Inc. (a) 24,832 449,211 ArQule, Inc. (a) 9,660 25,019 Array Biopharma, Inc. (a) 16,777 82,543 Astex Pharmaceuticals (a) 13,557 60,464 Auxilium Pharmaceuticals, Inc. (a) 6,920 119,578 Avanir Pharmaceuticals, Inc. (a) 20,136 55,173 AVEO Pharmaceuticals, Inc. (a) 6,731 49,473 BioCryst Pharmaceuticals, Inc. (a) 8,239 9,804 Biodel, Inc. (a) 3,001 8,463 BioDelivery Sciences International, Inc. (a) 5,136 21,623 BioMarin Pharmaceutical, Inc. (a) 16,991 1,057,860 Biosante Pharmaceuticals, Inc. (a)(b) 6,602 7,724 Biota Pharmaceuticals, Inc. 4,301 17,462 BioTime, Inc. (a)(b) 5,628 21,499 Cadence Pharmaceuticals, Inc. (a) 8,454 56,557 CEL-SCI Corp. (a) 23,000 5,302 Cell Therapeutics, Inc. (a) 11,469 13,189 Celldex Therapeutics, Inc. (a) 11,109 128,642 Cerus Corp. (a) 9,421 41,641 Charles River Laboratories International, Inc. (a) 6,712 297,140 Chelsea Therapeutics International, Inc. (a) 9,668 19,723 Cleveland BioLabs, Inc. (a) 7,350 14,406 Columbia Laboratories, Inc. (a) 12,022 7,117 Corcept Therapeutics, Inc. (a) 9,465 18,930 Coronado Biosciences, Inc. (a) 3,077 29,908 Cubist Pharmaceuticals, Inc. (a) 8,839 413,842 Cumberland Pharmaceuticals, Inc. (a) 2,790 13,894 Curis, Inc. (a) 12,496 40,987 Cytokinetics, Inc. (a) 20,098 22,912 Cytori Therapeutics, Inc. (a) 9,139 22,939

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QUANTITATIVE MASTER SERIES LLC MARCH 31, 2013 18

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Schedule of Investments (continued) MASTER EXTENDED MARKET INDEX SERIES

(PERCENTAGES SHOWN ARE BASED ON NET ASSETS)

COMMON STOCKS SHARES VALUE ----------------------------------------------------------------------------------------------- PHARMACEUTICALS & BIOTECHNOLOGY (CONTINUED) CytRx Corp. (a) 5,159 $ 14,032 Dendreon Corp. (a)(b) 21,673 102,513 Depomed, Inc. (a) 8,144 47,805 Discovery Laboratories, Inc. (a) 8,087 18,519 Durect Corp. (a) 15,409 20,494 Dyax Corp. (a) 15,286 66,647 Dynavax Technologies Corp. (a) 25,302 56,170 Emergent Biosolutions, Inc. (a) 3,771 52,719 Endo Health Solutions, Inc. (a) 15,514 477,211 Endocyte, Inc. (a) 4,717 58,727 Entremed, Inc. (a) 4,054 8,230 Enzo Biochem, Inc. (a) 5,665 14,276 Enzon Pharmaceuticals, Inc. 7,087 26,931 Exact Sciences Corp. (a) 9,215 90,307 Exelixis, Inc. (a)(b) 25,768 119,048 Furiex Pharmaceuticals, Inc. (a) 1,224 45,876 Galena Biopharma, Inc. (a)(b) 14,282 29,849 Genomic Health, Inc. (a) 2,799 79,156 GenVec, Inc. (a) 3,691 5,573 Geron Corp. (a) 19,927 21,322 GTx, Inc. (a) 4,299 17,841 Halozyme Therapeutics, Inc. (a) 11,876 68,525 Harvard Bioscience, Inc. (a) 4,267 24,109 Hemispherx Biopharma, Inc. (a) 9,683 1,840 Hi-Tech Pharmacal Co., Inc. 1,610 53,307 Idenix Pharmaceuticals, Inc. (a) 14,094 50,175 Idera Pharmaceuticals, Inc. (a) 6,210 3,105 Illumina, Inc. (a) 16,782 906,228 ImmunoGen, Inc. (a) 11,778 189,155 Immunomedics, Inc. (a) 11,475 27,655 Impax Laboratories, Inc. (a) 8,940 138,034 Incyte Corp. (a) 18,267 427,630 Infinity Pharmaceuticals, Inc. (a) 5,284 256,115 Inovio Pharmaceuticals, Inc. (a) 16,169 9,621 Insmed, Inc. (a) 4,928 36,911 InterMune, Inc. (a) 11,091 100,374 Ironwood Pharmaceuticals, Inc. (a)(b) 11,642 212,932 Isis Pharmaceuticals, Inc. (a) 14,036 237,770 Jazz Pharmaceuticals Plc (a) 6,742 376,945 Keryx Biopharmaceuticals, Inc. (a) 11,421 80,404 Lexicon Genetics, Inc. (a)(b) 70,748 154,231 Ligand Pharmaceuticals, Inc. (a) 2,938 78,298 Luminex Corp. (a) 5,419 89,522 MannKind Corp. (a)(b) 23,498 79,658 Maxygen, Inc. 5,582 13,453 The Medicines Co. (a) 7,403 247,408 Medivation, Inc. (a) 10,233 478,597 Momenta Pharmaceuticals, Inc. (a) 6,564 87,564 Myriad Genetics, Inc. (a) 11,120 282,448 Nektar Therapeutics (a) 15,943 175,373 Neuralstem, Inc. (a)(b) 11,223 12,570 Neurocrine Biosciences, Inc. (a) 8,623 104,683 Novavax, Inc. (a) 19,921 45,420 NPS Pharmaceuticals, Inc. (a)(b) 12,474 127,110 Obagi Medical Products, Inc. (a) 2,731 53,937 OncoGenex Pharmaceutical, Inc. (a) 2,495 28,268 Oncothyreon, Inc. (a) 9,102 18,932 Onyx Pharmaceuticals, Inc. (a) 9,787 869,673 Opko Health, Inc. (a)(b) 19,545 149,128 Optimer Pharmaceuticals, Inc. (a) 7,005 83,359 Orexigen Therapeutics, Inc. (a) 10,486 65,537 Osiris Therapeutics, Inc. (a) 2,486 25,854 OXiGENE, Inc. (a) 932 3,653 Pacific Biosciences of California, Inc. (a) 6,221 15,490 Pain Therapeutics, Inc. (a) 6,775 23,238 Palatin Technologies, Inc. (a) 9,887 5,932 PDL BioPharma, Inc. 19,964 145,937 Peregrine Pharmaceuticals, Inc. (a)(b) 18,265 24,475 Pernix Therapeutics Holdings, Inc. (a) 2,820 13,987 Pharmacyclics, Inc. (a) 6,825 548,798 Pozen, Inc. (a) 4,779 25,185 Prestige Brands Holdings, Inc. (a) 7,147 183,606 Progenics Pharmaceuticals, Inc. (a) 6,538 35,240 Questcor Pharmaceuticals, Inc. (b) 8,090 263,249 Raptor Pharmaceutical Corp. (a)(b) 7,845 45,893 Regeneron Pharmaceuticals, Inc. (a) 10,328 1,821,859 Repligen Corp. (a) 4,693 32,429 Repros Therapeutics, Inc. (a) 2,855 45,965 Rexahn Pharmaceuticals, Inc. (a) 17,083 5,210 Rigel Pharmaceuticals, Inc. (a) 12,235 83,076 Sagent Pharmaceuticals, Inc. (a) 2,057 36,100 Salix Pharmaceuticals Ltd. (a) 7,025 359,539 Sangamo Biosciences, Inc. (a) 7,702 73,631 Santarus, Inc. (a) 7,137 123,684 Sarepta Therapeutics, Inc. (a) 3,896 143,957 Savient Pharmaceuticals, Inc. (a)(b) 12,887 10,310 Sciclone Pharmaceuticals, Inc. (a) 7,704 35,438 Seattle Genetics, Inc. (a) 14,235 505,485 Sequenom, Inc. (a)(b) 16,337 67,799 SIGA Technologies, Inc. (a) 7,535 26,975 Spectrum Pharmaceuticals, Inc. 7,560 56,398 StemCells, Inc. (a)(b) 7,473 12,928 Strategic Diagnostics, Inc. (a) 4,728 4,633 Sucampo Pharmaceuticals, Inc., Class A (a) 6,767 44,256 Synageva BioPharma Corp. (a) 1,392 76,449 Synta Pharmaceuticals Corp. (a) 6,148 52,873 Targacept, Inc. (a) 4,538 19,423 Techne Corp. 4,754 322,559 Telik, Inc. (a) 402 547

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QUANTITATIVE MASTER SERIES LLC MARCH 31, 2013 19

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Schedule of Investments (continued) MASTER EXTENDED MARKET INDEX SERIES

(PERCENTAGES SHOWN ARE BASED ON NET ASSETS)

COMMON STOCKS SHARES VALUE ----------------------------------------------------------------------------------------------- PHARMACEUTICALS & BIOTECHNOLOGY (CONCLUDED) Theravance, Inc. (a) 9,530 $ 225,099 Threshold Pharmaceuticals, Inc. (a) 6,311 29,094 Transcept Pharmaceuticals, Inc. (a) 2,289 10,964 Trubion Pharmaceuticals, Inc. (a) 3,113 -- United Therapeutics Corp. (a) 6,413 390,359 Vanda Pharmaceuticals, Inc. (a) 5,527 21,666 Venaxis, Inc. (a) 2,800 6,104 Ventrus Biosciences, Inc. (a) 3,596 10,752 Vertex Pharmaceuticals, Inc. (a) 29,540 1,624,109 Vical, Inc. (a) 9,763 38,857 ViroPharma, Inc. (a) 8,907 224,100 Vivus, Inc. (a) 13,959 153,549 Warner Chilcott Plc, Class A 23,984 324,983 Xenoport, Inc. (a) 6,304 45,074 XOMA Corp. (a) 12,475 43,538 Zalicus, Inc. (a) 11,758 7,843 ZIOPHARM Oncology, Inc. (a) 11,981 21,925 Zoetis, Inc. 11,611 387,807 ------------ 21,527,294 ----------------------------------------------------------------------------------------------- REAL ESTATE INVESTMENT & SERVICES -- 0.6% Alexander & Baldwin, Inc. (a) 6,076 217,217 American Realty Investors, Inc. (a) 900 3,699 AV Homes, Inc. (a) 1,576 21,008 BBX Capital Corp. (a) 1,474 12,161 Consolidated-Tomoka Land Co. 927 36,385 Forest City Enterprises, Inc., Class A (a) 18,659 331,570 Forestar Group, Inc. (a) 4,822 105,409 HFF, Inc., Class A 4,735 94,369 The Howard Hughes Corp. (a) 3,786 317,305 Jones Lang LaSalle, Inc. 6,028 599,243 Kennedy-Wilson Holdings, Inc. 5,881 91,214 Market Leader, Inc. (a) 4,115 36,870 Maui Land & Pineapple Co., Inc. (a) 3,389 13,624 Move, Inc. (a) 6,164 73,660 Nationstar Mortgage Holdings, Inc. (a) 2,447 90,294 Realogy Holdings Corp. (a) 6,324 308,864 Reis, Inc. (a) 1,655 25,719 The St. Joe Co. (a)(b) 12,521 266,071 Tejon Ranch Co. (a) 2,170 64,623 Thomas Properties Group, Inc. 4,684 24,029 Transcontinental Realty Investors, Inc. (a) 393 2,110 Zillow, Inc. (a)(b) 2,098 114,698 ZipRealty, Inc. (a) 3,206 11,702 ------------ 2,861,844 ----------------------------------------------------------------------------------------------- REAL ESTATE INVESTMENT TRUSTS (REITS) -- 9.8% Acadia Realty Trust 7,165 198,972 Agree Realty Corp. 2,109 63,481 Alexander's, Inc. 293 96,599 Alexandria Real Estate Equities, Inc. (b) 8,643 613,480 American Assets Trust, Inc. 4,949 158,418 American Campus Communities, Inc. 14,322 649,360 American Capital Agency Corp. 52,513 1,721,376 American Capital Mortgage Investment Corp. 7,963 205,844 Annaly Capital Management, Inc. (b) 130,940 2,080,637 Anworth Mortgage Asset Corp. 19,055 120,618 Apollo Commercial Real Estate Finance, Inc. 5,976 105,118 Apollo Residential Mortgage, Inc. 4,087 91,099 Arbor Realty Trust, Inc. 3,647 28,593 Arlington Asset Investment Corp. 1,883 48,600 ARMOUR Residential REIT, Inc. 51,957 339,279 Ashford Hospitality Trust, Inc. (b) 8,590 106,172 Associated Estates Realty Corp. 7,353 137,060 BioMed Realty Trust, Inc. 22,379 483,386 Brandywine Realty Trust (b) 19,432 288,565 BRE Properties 10,538 512,990 BRT Realty Trust (a) 2,288 16,062 Camden Property Trust (b) 11,451 786,455 Campus Crest Communities, Inc. 8,068 112,145 Capital Trust, Inc. 5,132 14,010 CapLease, Inc. 10,846 69,089 Capstead Mortgage Corp. 13,493 172,980 CBL & Associates Properties, Inc. (b) 22,058 520,569 Cedar Realty Trust, Inc. 8,184 50,004 Chatham Lodging Trust 3,084 54,309 Chesapeake Lodging Trust 6,718 154,111 Chimera Investment Corp. 142,705 455,229 Colonial Properties Trust 11,148 252,056 Colony Financial, Inc. 9,309 206,660 CommonWealth REIT 15,938 357,649 Coresite Realty Corp. 2,930 102,491 Corporate Office Properties Trust 10,935 291,746 Cousins Properties, Inc. 12,618 134,886 CreXus Investment Corp. 11,223 146,123 CubeSmart 16,286 257,319 CyrusOne, Inc. 2,522 57,603 CYS Investments, Inc. 25,044 294,017 DCT Industrial Trust, Inc. 37,621 278,395 DDR Corp. (b) 32,938 573,780 DiamondRock Hospitality Co. 26,374 245,542 Digital Realty Trust, Inc. 16,828 1,125,962 Douglas Emmett, Inc. (b) 18,012 449,039 Duke Realty Corp. (b) 43,387 736,711 DuPont Fabros Technology, Inc. 8,965 217,581 Eastgroup Properties, Inc. 4,151 241,588 Education Realty Trust, Inc. 15,758 165,932 EPR Properties (b) 6,450 335,723 Equity Lifestyle Properties, Inc. (b) 5,344 410,419

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QUANTITATIVE MASTER SERIES LLC MARCH 31, 2013 20

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Schedule of Investments (continued) MASTER EXTENDED MARKET INDEX SERIES

(PERCENTAGES SHOWN ARE BASED ON NET ASSETS)

COMMON STOCKS SHARES VALUE ----------------------------------------------------------------------------------------------- REAL ESTATE INVESTMENT TRUSTS (REITs) (CONTINUED) Equity One, Inc. 8,024 $ 192,335 Essex Property Trust, Inc. 5,024 756,514 Excel Trust, Inc. 7,339 100,177 Extra Space Storage, Inc. 14,091 553,354 Federal Realty Investment Trust 8,788 949,456 FelCor Lodging Trust, Inc. (a) 16,048 95,486 First Industrial Realty Trust, Inc. 13,121 224,763 First Potomac Realty Trust 7,414 109,950 Franklin Street Properties Corp. 9,615 140,571 General Growth Properties, Inc. 60,524 1,203,217 Getty Realty Corp. 3,935 79,526 Gladstone Commercial Corp. 2,624 51,089 Glimcher Realty Trust 19,938 231,281 Government Properties Income Trust 6,720 172,906 Gramercy Capital Corp. (a) 7,168 37,345 Hatteras Financial Corp. 13,500 370,305 Healthcare Realty Trust, Inc. (b) 11,784 334,548 Healthcare Trust of America, Inc. 7,835 92,061 Hersha Hospitality Trust 24,095 140,715 Highwoods Properties, Inc. (b) 10,560 417,859 Home Properties, Inc. (b) 7,127 451,994 Hospitality Properties Trust 16,834 461,925 Hudson Pacific Properties, Inc. 6,272 136,416 Inland Real Estate Corp. 10,594 106,893 InvesCo. Mortgage Capital, Inc. 17,793 380,592 Investors Real Estate Trust 12,824 126,573 iStar Financial, Inc. (a) 10,310 112,276 Kilroy Realty Corp. (b) 10,312 540,349 Kite Realty Group Trust 10,501 70,777 LaSalle Hotel Properties 12,756 323,747 Lexington Realty Trust 22,391 264,214 Liberty Property Trust (b) 16,056 638,226 LTC Properties, Inc. 4,336 176,605 The Macerich Co. (b) 18,474 1,189,356 Mack-Cali Realty Corp. (b) 11,408 326,383 Medical Properties Trust, Inc. (b) 19,825 317,993 MFA Financial, Inc. 48,865 455,422 Mid-America Apartment Communities, Inc. 5,742 396,543 Mission West Properties, Inc. 456 -- Monmouth Real Estate Investment Corp., Class A 6,656 74,214 MPG Office Trust, Inc. (a)(b) 8,908 24,497 National Health Investors, Inc. 3,341 218,668 National Retail Properties, Inc. 15,393 556,765 New York Mortgage Trust, Inc. (b) 9,115 68,727 NorthStar Realty Finance Corp. 26,605 252,215 Omega Healthcare Investors, Inc. 15,423 468,242 One Liberty Properties, Inc. 1,966 42,702 Parkway Properties, Inc. 4,820 89,411 Pebblebrook Hotel Trust 8,422 217,203 Pennsylvania Real Estate Investment Trust 7,393 143,350 PennyMac Mortgage Investment Trust (d) 5,478 141,825 Piedmont Office Realty Trust, Inc. 22,814 446,926 PMC Commercial Trust 2,432 18,410 Post Properties, Inc. 7,390 348,069 Potlatch Corp. 5,525 253,377 PS Business Parks, Inc. 2,476 195,406 RAIT Financial Trust 8,049 64,151 Ramco-Gershenson Properties Trust 6,845 114,996 Rayonier, Inc. 16,742 998,995 Realty Income Corp. 25,844 1,172,025 Redwood Trust, Inc. (b) 11,298 261,888 Regency Centers Corp. 12,345 653,174 Resource Capital Corp. 15,059 99,540 Retail Opportunity Investments Corp. 6,493 90,967 RLJ Lodging Trust 14,272 324,831 Rouse Properties, Inc. 3,792 68,635 Sabra Healthcare REIT, Inc. 5,373 155,871 Saul Centers, Inc. 2,037 89,098 Senior Housing Properties Trust (b) 25,592 686,633 Silver Bay Realty Trust Corp. 2,045 42,341 SL Green Realty Corp. (b) 11,938 1,027,981 Sovran Self Storage, Inc. 4,154 267,891 STAG Industrial, Inc. 6,438 136,936 Starwood Property Trust, Inc. 18,461 512,477 Strategic Hotel Capital, Inc. (a) 24,674 206,028 Sun Communities, Inc. 4,237 209,011 Sunstone Hotel Investors, Inc. (a)(b) 21,620 266,142 Supertel Hospitality, Inc. (a) 7,885 8,752 Tanger Factory Outlet Centers, Inc. (b) 13,215 478,119 Taubman Centers, Inc. 8,368 649,859 Terreno Realty Corp. 3,519 63,272 Two Harbors Investment Corp. 41,744 526,392 UDR, Inc. (b) 34,053 823,742 UMH Properties, Inc. 3,823 39,262 Universal Health Realty Income Trust 1,725 99,550 Urstadt Biddle Properties, Inc., Class A 3,383 73,614 Walter Investment Management Corp. (a) 4,803 178,912 Washington Real Estate Investment Trust 8,947 249,085 Weingarten Realty Investors (b) 15,257 481,358 Winthrop Realty Trust 4,541 57,126 WP Carey, Inc. 7,872 530,573 ------------ 45,334,808 ----------------------------------------------------------------------------------------------- SOFTWARE & COMPUTER SERVICES -- 6.0% Accelrys, Inc. (a) 8,212 80,149

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QUANTITATIVE MASTER SERIES LLC MARCH 31, 2013 21

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Schedule of Investments (continued) MASTER EXTENDED MARKET INDEX SERIES

(PERCENTAGES SHOWN ARE BASED ON NET ASSETS)

COMMON STOCKS SHARES VALUE ----------------------------------------------------------------------------------------------- SOFTWARE & COMPUTER SERVICES (CONTINUED) ACI Worldwide, Inc. (a) 5,420 $ 264,821 Acorn Energy, Inc. 2,740 20,139 The Active Network, Inc. (a) 5,680 23,799 Actuate Corp. (a) 7,378 44,268 Advent Software, Inc. (a) 4,449 124,439 Alliance Data Systems Corp. (a) 6,774 1,096,643 Allscripts Healthcare Solutions, Inc. (a) 23,449 318,672 American Software, Inc., Class A 3,879 32,273 Analysts International Corp. (a) 952 3,656 Ansys, Inc. (a) 12,538 1,020,844 AOL, Inc. (a) 10,930 420,696 Aspen Technology, Inc. (a) 12,784 412,795 athenahealth, Inc. (a) 4,930 478,407 Authentidate Holding Corp. (a) 6,322 6,322 Blackbaud, Inc. 6,235 184,743 Blucora, Inc. (a) 6,072 93,995 Bottomline Technologies, Inc. (a) 5,202 148,309 BroadSoft, Inc. (a) 3,883 102,783 BSQUARE Corp. (a) 2,162 6,616 CACI International, Inc., Class A (a) 3,107 179,802 Cadence Design Systems, Inc. (a)(b) 38,333 533,979 Calix, Inc. (a) 4,955 40,383 Callidus Software, Inc. (a) 6,124 27,987 Ciber, Inc. (a) 9,585 45,050 Clearwire Corp., Class A (a) 60,928 197,407 Cogent Communications Group, Inc. 6,347 167,561 CommVault Systems, Inc. (a) 5,788 474,500 Computer Programs & Systems, Inc. 1,539 83,275 Computer Task Group, Inc. 2,123 45,411 Compuware Corp. (a) 28,611 357,637 Comverse, Inc. (a) 3,118 87,429 Concur Technologies, Inc. (a) 6,216 426,791 Cornerstone OnDemand, Inc. (a) 4,641 158,258 Crexendo, Inc. 2,713 6,864 CSG Systems International, Inc. (a) 4,787 101,437 Datalink Corp. (a) 2,530 30,562 DealerTrack Holdings, Inc. (a) 5,901 173,371 DeVry, Inc. 7,690 244,157 Digimarc Corp. 1,309 28,759 Digital River, Inc. (a) 5,327 75,324 DST Systems, Inc. 4,037 287,717 Dynamics Research Corp. (a) 1,533 9,137 EarthLink, Inc. 15,328 83,078 Ebix, Inc. (b) 4,598 74,580 Envestnet, Inc. (a) 3,805 66,626 EPIQ Systems, Inc. 4,426 62,097 Equinix, Inc. (a) 6,595 1,426,564 Evolving Systems, Inc. 1,901 12,052 ExactTarget, Inc. (a) 3,757 87,425 Facebook, Inc. (a) 74,244 1,899,162 Fair Isaac Corp. 4,783 218,535 FalconStor Software, Inc. (a) 6,457 17,305 Forrester Research, Inc. 2,073 65,610 Fortinet, Inc. (a) 18,113 428,916 Gartner, Inc. (a) 12,638 687,634 GSE Systems, Inc. (a) 4,471 8,942 Guidance Software, Inc. (a) 2,107 22,861 Guidewire Software, Inc. (a) 4,117 158,257 The Hackett Group, Inc. 4,068 18,591 IAC/InterActiveCorp. 10,913 487,593 ICG Group, Inc. (a) 5,703 71,173 iGate Corp. (a) 4,441 83,535 Immersion Corp. (a) 4,213 49,461 Infoblox, Inc. (a) 5,454 118,352 Informatica Corp. (a) 14,584 502,710 Innodata Corp. (a) 3,774 13,020 Interactive Intelligence Group, Inc. (a) 2,097 93,002 Internap Network Services Corp. (a) 7,670 71,715 Internet Patents Corp. (a) 1,714 6,342 IntraLinks Holdings, Inc. (a) 5,953 37,861 Inuvo, Inc. (a) 5,901 3,954 Ipass, Inc. (a) 8,351 16,535 j2 Global, Inc. 6,263 245,572 Keynote Systems, Inc. 2,182 30,461 The KEYW Holding Corp. (a) 4,075 65,730 Limelight Networks, Inc. (a) 10,747 22,139 LivePerson, Inc. (a) 7,501 101,864 LogMeIn, Inc. (a) 3,167 60,870 LookSmart Ltd. (a) 9,057 7,698 Manhattan Associates, Inc. (a) 2,726 202,515 Mastech Holdings, Inc. 688 5,937 MedAssets, Inc. (a) 7,184 138,292 Medidata Solutions, Inc. (a) 3,163 183,391 Mentor Graphics Corp. 12,929 233,368 Merge Healthcare, Inc. (a) 9,617 27,793 Meru Networks, Inc. (a) 2,586 17,456 MicroStrategy, Inc., Class A (a) 1,242 125,541 Mitek Systems, Inc. (a) 3,425 16,029 Monotype Imaging Holdings, Inc. 5,161 122,574 Motricity, Inc. (a) 6,006 2,192 Multiband Corp. (a) 3,161 7,744 NCI, Inc., Class A (a) 1,117 5,406 NetScout Systems, Inc. (a) 5,017 123,268 NetSuite, Inc. (a)(b) 3,873 310,072 NIC, Inc. 8,641 165,562 Nuance Communications, Inc. (a) 34,060 687,331 Palo Alto Networks, Inc. (a) 4,598 260,247 PC-Tel, Inc. 3,124 22,180 PDF Solutions, Inc. (a) 3,655 58,553 Pegasystems, Inc. 2,534 71,155 Perficient, Inc. (a) 5,138 59,909 Premiere Global Services, Inc. (a) 6,468 71,083 Progress Software Corp. (a) 7,994 182,103 PROS Holdings, Inc. (a) 2,938 79,825

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QUANTITATIVE MASTER SERIES LLC MARCH 31, 2013 22

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Schedule of Investments (continued) MASTER EXTENDED MARKET INDEX SERIES

(PERCENTAGES SHOWN ARE BASED ON NET ASSETS)

COMMON STOCKS SHARES VALUE ----------------------------------------------------------------------------------------------- SOFTWARE & COMPUTER SERVICES (CONCLUDED) PTC, Inc. (a) 16,142 $ 411,460 QAD, Inc., Class A 153 1,965 QAD, Inc., Class B 1,021 11,823 QLIK Technologies, Inc. (a) 10,127 261,580 Quality Systems, Inc. 5,495 100,449 Rackspace Hosting, Inc. (a)(b) 15,030 758,714 RealPage, Inc. (a) 5,103 105,683 RigNet, Inc. (a) 1,771 44,169 Rosetta Stone, Inc. (a) 2,013 30,960 Rovi Corp. (a) 14,104 301,967 Saba Software, Inc. (a) 4,836 38,446 Sapient Corp. (a) 14,917 181,838 SciQuest, Inc. (a) 2,655 63,826 Selectica, Inc. (a) 938 8,489 ServiceNow, Inc. (a) 1,896 68,635 Smith Micro Software, Inc. (a) 4,441 5,862 SoftBrands, Inc. (a) 114 -- SolarWinds, Inc. (a) 8,444 499,040 Solera Holdings, Inc. 9,339 544,744 Sourcefire, Inc. (a)(b) 4,192 248,292 Splunk, Inc. (a) 3,763 150,633 SS&C Technologies Holdings, Inc. (a)(b) 6,546 196,249 Support.com, Inc. (a) 7,841 32,775 Synchronoss Technologies, Inc. (a) 3,738 115,990 Synopsys, Inc. (a) 20,302 728,436 Syntel, Inc. 2,285 154,283 Tangoe, Inc. (a) 4,749 58,840 TeleCommunication Systems, Inc., Class A (a) 7,111 15,858 TeleNav, Inc. (a) 3,039 19,602 TIBCO Software, Inc. (a) 21,081 426,258 Tyler Technologies, Inc. (a) 3,668 224,702 Ultimate Software Group, Inc. (a) 3,755 391,121 Unisys Corp. (a)(b) 6,134 139,548 United Online, Inc. 13,600 82,008 Unwired Planet, Inc. (a) 10,970 24,353 Vantiv, Inc. Class A (a) 6,049 143,603 VASCO Data Security International, Inc. (a) 4,449 37,550 Verint Systems, Inc. (a) 7,226 264,110 VirnetX Holding Corp. (a)(b) 5,832 111,799 Virtusa Corp. (a) 2,832 67,288 VMware, Inc., Class A (a) 11,564 912,168 Vocus, Inc. (a) 2,833 40,087 Wave Systems Corp., Class A (a)(b) 15,303 10,450 Web.com Group, Inc. (a) 4,727 80,737 Websense, Inc. (a) 5,201 78,015 Workday, Inc., Class A (a) 3,376 208,063 Zix Corp. (a) 9,594 34,347 Zynga, Inc. Class A (a)(b) 66,026 221,847 ------------ 27,933,177 ----------------------------------------------------------------------------------------------- SUPPORT SERVICES -- 4.6% A.M. Castle & Co. (a) 2,490 43,575 ABM Industries, Inc. 6,610 147,006 Acacia Research Corp. (a) 6,947 209,591 ADA-ES, Inc. (a) 1,470 39,058 The Advisory Board Co. (a) 4,779 250,993 AMN Healthcare Services, Inc. (a) 6,306 99,824 AMREP Corp. (a) 500 5,925 Applied Industrial Technologies, Inc. 5,544 249,480 ARC Document Solutions, Inc. (a) 5,284 15,746 Barnes Group, Inc. 6,337 183,329 Barrett Business Services, Inc. 1,011 53,239 Black Box Corp. 2,301 50,185 Booz Allen Hamilton Holding Corp. 5,054 67,926 The Brink's Co. 6,383 180,384 Broadridge Financial Solutions LLC 16,441 408,394 Cardtronics, Inc. (a) 6,196 170,142 Casella Waste Systems, Inc. (a) 5,598 24,463 Cass Information Systems, Inc. 1,332 55,997 CBIZ, Inc. (a) 7,327 46,746 CDI Corp. 1,825 31,390 Cenveo, Inc. (a) 9,313 20,023 Clean Harbors, Inc. (a) 7,147 415,169 Coinstar, Inc. (a)(b) 3,890 227,254 Comfort Systems USA, Inc. 5,075 71,507 Consolidated Graphics, Inc. (a) 1,159 45,317 Convergys Corp. 14,139 240,787 CoreLogic, Inc. (a) 13,208 341,559 The Corporate Executive Board Co. 4,509 262,243 Corrections Corp. of America 13,691 534,907 CoStar Group, Inc. (a) 3,660 400,624 CRA International, Inc. (a) 1,372 30,692 Crawford & Co., Class B 4,183 31,749 Cross Country Healthcare, Inc. (a) 4,298 22,822 Deluxe Corp. 6,969 288,517 Dice Holdings, Inc. (a) 7,329 74,243 DigitalGlobe, Inc. (a) 10,020 289,678 Document Security Systems, Inc. (a) 4,370 9,920 The Dolan Co. (a) 3,985 9,524 DXP Enterprises, Inc. (a) 1,402 104,729 EnergySolutions, Inc. (a) 11,073 41,524 ENGlobal Corp. (a) 3,131 1,847 Ennis, Inc. 3,495 52,670 Euronet Worldwide, Inc. (a) 6,563 172,869 ExamWorks Group, Inc. (a) 3,730 64,604 ExlService Holdings, Inc. (a) 3,635 119,519 Exponent, Inc. 1,863 100,490 FleetCor Technologies, Inc. (a) 9,149 701,454 Franklin Covey Co. (a) 2,575 37,415 Frontline Capital Group 300 -- FTI Consulting, Inc. (a)(b) 5,524 208,034 Fuel Tech, Inc. (a) 2,618 11,310 Furmamite Corp. (a) 5,698 38,120

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QUANTITATIVE MASTER SERIES LLC MARCH 31, 2013 23

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Schedule of Investments (continued) MASTER EXTENDED MARKET INDEX SERIES

(PERCENTAGES SHOWN ARE BASED ON NET ASSETS)

COMMON STOCKS SHARES VALUE ----------------------------------------------------------------------------------------------- SUPPORT SERVICES (CONTINUED) G&K Services, Inc., Class A 2,571 $ 117,006 Genpact Ltd. 18,159 330,312 The Geo Group, Inc. 9,774 367,698 Global Cash Access, Inc. (a) 5,824 41,059 Global Payments, Inc. 10,710 531,859 Global Power Equipment Group, Inc. 2,352 41,442 GP Strategies Corp. (a) 2,809 67,023 Harris Interactive, Inc. (a) 7,323 12,303 Heartland Payment Systems, Inc. 5,068 167,092 Heidrick & Struggles International, Inc. 2,173 32,486 Heritage-Crystal Clean, Inc. (a) 1,181 17,833 Higher One Holdings, Inc. (a) 4,629 41,152 Hudson Global, Inc. (a) 4,534 17,864 Huron Consulting Group, Inc. (a) 3,185 128,419 ICF International, Inc. (a) 2,716 73,875 Innerworkings, Inc. (a) 4,226 63,982 Insperity, Inc. 2,922 82,897 Jack Henry & Associates, Inc. 11,578 535,019 Kaman Corp., Class A 3,603 127,798 Kelly Services, Inc., Class A 3,486 65,118 Kforce, Inc. 4,333 70,931 Korn/Ferry International (a) 6,675 119,216 Lawson Products, Inc. 634 11,146 Lender Processing Services, Inc. 11,578 294,776 Lincoln Educational Services Corp. 2,633 15,429 LinkedIn Corp. (a) 9,333 1,643,168 Lionbridge Technologies, Inc. (a) 8,226 31,835 Management Network Group, Inc. (a) 780 2,465 Manpower, Inc. 10,277 582,911 MAXIMUS, Inc. 4,618 369,301 McGrath RentCorp 3,083 95,881 Metalico, Inc. (a) 7,655 12,401 Michael Baker Corp. 1,284 31,458 Mistras Group, Inc. (a) 2,355 57,015 Mobile Mini, Inc. (a) 5,130 150,976 Moduslink Global Solutions, Inc. (a) 6,550 21,615 Monster Worldwide, Inc. (a) 15,737 79,787 MSC Industrial Direct Co., Class A 6,283 538,956 MWI Veterinary Supply, Inc. (a) 1,650 218,229 Navigant Consulting, Inc. (a) 7,098 93,268 NeuStar, Inc., Class A (a) 9,025 419,933 Odyssey Marine Exploration, Inc. (a) 11,503 37,500 Official Payments Holdings, Inc. (a) 3,057 17,333 On Assignment, Inc. (a) 6,042 152,923 Park-Ohio Holdings Corp. (a) 1,366 45,256 Perma-Fix Environmental Services, Inc. (a) 8,189 6,716 PowerSecure International, Inc. (a) 2,629 33,415 PRGX Global, Inc. (a) 3,750 26,063 Quad/Graphics, Inc. 3,360 80,438 R.R. Donnelley & Sons Co. 23,928 288,332 Rentrak Corp. (a) 1,786 39,256 Resources Connection, Inc. 5,593 71,031 RPX Corp. (a) 3,484 49,159 Schnitzer Steel Industries, Inc., Class A 3,201 85,339 ServiceSource International, Inc. (a) 7,268 51,385 Sharps Compliance Corp. (a) 2,416 6,475 The Standard Register Co. 4,550 3,825 Startek, Inc. (a) 1,933 11,308 Swisher Hygiene, Inc. (a) 16,316 21,048 SYKES Enterprises, Inc. (a) 5,193 82,880 Team, Inc. (a) 2,604 106,946 TeleTech Holdings, Inc. (a) 3,076 65,242 Tetra Tech, Inc. (a) 8,634 263,251 Towers Watson & Co., Class A 7,552 523,505 TrueBlue, Inc. (a) 5,575 117,856 Unifirst Corp. 2,007 181,634 United Rentals, Inc. (a) 12,703 698,284 United Stationers, Inc. 5,311 205,270 Universal Technical Institute, Inc. 2,991 37,776 URS Corp. 10,296 488,133 US Ecology, Inc. 2,379 63,162 Verisk Analytics, Inc. (a) 19,676 1,212,632 Viad Corp. 2,777 76,812 Waste Connections, Inc. 16,577 596,440 WEX, Inc. (a) 5,217 409,534 ------------ 21,183,606 ----------------------------------------------------------------------------------------------- TECHNOLOGY HARDWARE & EQUIPMENT -- 4.4% 3D Systems Corp. (a)(b) 10,758 346,838 Acme Packet, Inc. (a) 7,867 229,874 Adtran, Inc. 8,460 166,239 Advanced Energy Industries, Inc. (a) 4,848 88,718 Agilysys, Inc. (a) 2,279 22,653 Alliance Fiber Optic Products, Inc. 1,349 17,577 Amkor Technology, Inc. (a) 9,534 38,136 Amtech Systems, Inc. (a) 1,370 4,946 Anadigics, Inc. (a) 10,415 20,830 Applied Micro Circuits Corp. (a) 9,141 67,826 Arris Group, Inc. (a) 15,552 267,028 Aruba Networks, Inc. (a) 14,705 363,802 Atmel Corp. (a) 58,953 410,313 ATMI, Inc. (a) 4,368 97,974 Aviat Networks, Inc. (a) 9,111 30,704 Aware, Inc. 2,606 12,066 Axcelis Technologies, Inc. (a) 14,315 17,894 AXT, Inc. (a) 5,453 16,032 Brocade Communications Systems, Inc. (a) 61,922 357,290 Brooks Automation, Inc. 8,585 87,395 Cabot Microelectronics Corp. (a) 3,107 107,968 CalAmp Corp. (a) 4,388 48,136 Cavium, Inc. (a) 6,940 269,341 Ceva, Inc. (a) 3,427 53,461

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QUANTITATIVE MASTER SERIES LLC MARCH 31, 2013 24

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Schedule of Investments (continued) MASTER EXTENDED MARKET INDEX SERIES

(PERCENTAGES SHOWN ARE BASED ON NET ASSETS)

COMMON STOCKS SHARES VALUE ----------------------------------------------------------------------------------------------- TECHNOLOGY HARDWARE & EQUIPMENT (CONTINUED) Ciena Corp. (a) 13,960 $ 223,500 Cirrus Logic, Inc. (a)(b) 8,885 202,134 Clearfield, Inc. (a) 2,525 15,150 Cohu, Inc. 3,077 28,801 Comtech Telecommunications Corp. 2,469 59,947 Concurrent Computer Corp. 1,957 15,480 Cray, Inc. (a) 5,151 119,555 Cree, Inc. (a)(b) 15,693 858,564 CVD Equipment Corp. (a)(b) 1,035 10,536 Cymer, Inc. (a) 4,226 406,119 Cypress Semiconductor Corp. (a) 18,098 199,621 Dataram Corp. (a) 1,103 2,327 Dialogic, Inc. (a) 1,891 3,366 Diebold, Inc. 8,578 260,085 Digi International, Inc. (a) 3,951 35,282 Diodes, Inc. (a) 4,826 101,249 Dot Hill Systems Corp. (a) 9,114 10,025 DSP Group, Inc. (a) 3,429 27,672 Dycom Industries, Inc. (a) 4,476 88,132 EchoStar Corp. Class A (a) 5,358 208,801 Electronics for Imaging, Inc. (a) 6,467 164,003 Emcore Corp. (a) 3,572 20,789 Emulex Corp. (a) 12,630 82,474 Entegris, Inc. (a) 18,714 184,520 Entropic Communications, Inc. (a) 12,687 51,636 Exar Corp. (a) 6,350 66,675 Extreme Networks, Inc. (a) 13,416 45,212 Fairchild Semiconductor International, Inc. (a) 16,997 240,338 Finisar Corp. (a) 12,811 168,977 Formfactor, Inc. (a) 7,012 32,956 Fusion-io, Inc. (a) 9,603 157,201 Globecomm Systems, Inc. (a) 3,454 41,483 GSI Technology, Inc. (a) 3,362 22,156 Harmonic, Inc. (a) 16,134 93,416 Hittite Microwave Corp. (a) 3,613 218,803 Hutchinson Technology, Inc. (a) 5,295 14,561 ID Systems, Inc. (a) 2,125 12,113 Identive Group, Inc. (a) 7,272 10,763 iGO, Inc. (a) 682 2,680 Ikanos Communications, Inc. (a) 11,101 22,202 Imation Corp. (a) 4,049 15,467 Infinera Corp. (a) 15,825 110,775 Infosonics Corp. (a) 3,600 1,948 Ingram Micro, Inc., Class A (a) 19,995 393,502 Inphi Corp. (a) 2,672 27,922 Insight Enterprises, Inc. (a) 6,030 124,339 Integrated Device Technology, Inc. (a) 19,634 146,666 Integrated Silicon Solutions, Inc. (a) 4,066 37,285 InterDigital, Inc. 5,622 268,900 Intermec, Inc. (a) 7,881 77,470 International Rectifier Corp. (a) 9,332 197,372 Intersil Corp., Class A 16,760 145,980 Ixia (a) 7,428 160,742 IXYS Corp. 3,474 33,316 Kopin Corp. (a) 8,621 31,898 Kulicke & Soffa Industries, Inc. (a) 10,289 118,941 KVH Industries, Inc. (a) 2,117 28,728 Lantronix, Inc. (a) 3,162 6,545 Lattice Semiconductor Corp. (a) 16,058 87,516 Lexmark International, Inc., Class A 8,595 226,908 Loral Space & Communications Ltd. 1,664 102,968 LRAD Corp. (a) 6,254 6,504 LTX-Credence Corp. (a) 7,225 43,639 Marvell Technology Group Ltd. 61,443 650,067 Mattson Technology, Inc. (a) 8,585 11,847 Maxim Integrated Products, Inc. 38,999 1,273,317 MaxLinear, Inc., Class A (a) 4,409 27,336 MEMC Electronic Materials, Inc. (a) 31,847 140,127 Mercury Computer Systems, Inc. (a) 4,615 34,013 Micrel, Inc. 6,410 67,369 Micros Systems, Inc. (a) 10,739 488,732 Microsemi Corp. (a) 12,247 283,763 Mindspeed Technologies, Inc. (a) 5,834 19,427 MKS Instruments, Inc. 7,152 194,534 Monolithic Power Systems, Inc. 4,386 106,887 MoSys, Inc. (a) 5,257 24,760 Nanometrics, Inc. (a) 3,310 47,763 NCR Corp. (a) 21,859 602,434 NeoPhotonics Corp. (a) 3,604 18,416 NETGEAR, Inc. (a) 5,257 176,162 NetList, Inc. (a) 4,429 3,455 Neutral Tandem, Inc. 5,285 17,282 Novatel Wireless, Inc. (a) 4,683 9,319 Oclaro, Inc. (a) 12,672 15,967 OCZ Technology Group, Inc. (a)(b) 9,856 17,741 Omnivision Technologies, Inc. (a) 7,355 101,352 ON Semiconductor Corp. (a) 60,416 500,245 Oplink Communications, Inc. (a) 2,869 47,052 Optical Cable Corp. 1,750 7,298 Overland Storage, Inc. (a) 4,647 5,530 PAR Technology Corp. (a) 1,934 9,109 ParkerVision, Inc. (a) 12,987 47,662 PC Connection, Inc. 2,231 36,477 Pendrell Corp. (a) 23,867 39,619 Performance Technologies, Inc. (a) 1,109 920 Pericom Semiconductor Corp. (a) 3,101 21,118 Photronics, Inc. (a) 8,049 53,767 Pixelworks, Inc. (a) 2,449 5,437 Plantronics, Inc. 5,742 253,739 PLX Technology, Inc. (a) 6,522 29,740 PMC-Sierra, Inc. (a) 27,262 185,109 Polycom, Inc. (a) 23,985 265,754 Power Integrations, Inc. 3,896 169,125 Preformed Line Products Co. 358 25,049 Procera Networks, Inc. (a) 2,920 34,719

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QUANTITATIVE MASTER SERIES LLC MARCH 31, 2013 25

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Schedule of Investments (continued) MASTER EXTENDED MARKET INDEX SERIES

(PERCENTAGES SHOWN ARE BASED ON NET ASSETS)

COMMON STOCKS SHARES VALUE ----------------------------------------------------------------------------------------------- TECHNOLOGY HARDWARE & EQUIPMENT (CONCLUDED) QLogic Corp. (a) 12,378 $ 143,585 Quantum Corp. (a) 35,782 45,801 QuickLogic Corp. (a) 7,945 19,545 Radisys Corp. (a) 3,847 18,927 Rambus, Inc. (a) 15,323 85,962 RF Micro Devices, Inc. (a)(b) 38,164 203,032 Rimage Corp. 1,695 15,289 Riverbed Technology, Inc. (a) 22,051 328,780 Rudolph Technologies, Inc. (a) 4,770 56,191 ScanSource, Inc. (a) 3,747 105,740 SeaChange International, Inc. (a) 3,677 43,720 Semtech Corp. (a) 8,869 313,874 Shoretel, Inc. (a) 8,265 30,002 Sigma Designs, Inc. (a) 4,522 22,022 Silicon Graphics International Corp. (a) 4,681 64,364 Silicon Image, Inc. (a) 11,135 54,116 Silicon Laboratories, Inc. (a) 5,176 214,079 Skyworks Solutions, Inc. (a) 25,825 568,925 Sonic Foundry, Inc. (a) 1,436 9,162 Sonus Networks, Inc. (a) 38,922 100,808 Spansion, Inc., Class A (a) 6,194 79,717 STEC, Inc. (a) 5,067 22,396 Super Micro Computer, Inc. (a) 3,733 42,146 Superconductor Technologies, Inc. (a) 625 1,575 Supertex, Inc. 1,497 33,248 Symmetricom, Inc. (a) 6,100 27,694 Synaptics, Inc. (a) 4,504 183,268 SYNNEX Corp. (a) 3,401 125,837 Systemax, Inc. 1,213 12,009 Tech Data Corp. (a) 4,912 224,036 Tellabs, Inc. 44,910 93,862 Telular Corp. 2,742 27,585 Tessera Technologies, Inc. 7,092 132,975 Transact Technologies, Inc. 1,900 14,991 Transwitch Corp. (a) 5,338 2,589 TriQuint Semiconductor, Inc. (a) 21,908 110,635 Ultra Clean Holdings, Inc. (a) 4,138 26,897 Ultratech, Inc. (a) 3,806 150,451 USA Technologies, Inc. (a) 6,360 16,663 VeriFone Systems, Inc. (a) 14,664 303,252 Viasat, Inc. (a) 5,542 268,455 Vitesse Semiconductor Corp. (a) 6,443 13,917 Volterra Semiconductor Corp. (a) 3,634 51,603 VOXX International Corp. (a) 2,602 27,867 Westell Technologies, Inc., Class A (a) 9,091 18,273 Zhone Technologies, Inc. (a) 5,499 4,894 ------------ 20,597,974 ----------------------------------------------------------------------------------------------- TOBACCO -- 0.1% Alliance One International, Inc. (a) 11,097 43,167 Schweitzer-Mauduit International, Inc. 4,183 162,008 Star Scientific, Inc. (a)(b) 19,381 32,172 Universal Corp. 2,964 166,103 Vector Group Ltd. 8,162 131,571 ------------ 535,021 ----------------------------------------------------------------------------------------------- TRAVEL & LEISURE -- 4.6% AFC Enterprises, Inc. (a) 3,469 126,029 Alaska Air Group, Inc. (a) 9,387 600,393 Allegiant Travel Co. 2,077 184,396 Ambassadors Group, Inc. 2,730 11,766 Ameristar Casinos, Inc. 4,678 122,704 Avis Budget Group, Inc. (a) 14,550 404,927 Bally Technologies, Inc. (a)(b) 5,629 292,539 Biglari Holdings, Inc. (a) 172 64,189 BJ's Restaurants, Inc. (a) 3,446 114,683 Bluegreen Corp. (a) 2,333 22,957 Bob Evans Farms, Inc. 3,701 157,737 Boyd Gaming Corp. (a)(b) 7,998 66,144 Bravo Brio Restaurant Group, Inc. (a) 2,876 45,527 Brinker International, Inc. 9,755 367,276 Buffalo Wild Wings, Inc. (a) 2,613 228,716 Burger King Worldwide, Inc. 8,694 166,055 Carmike Cinemas, Inc. (a) 2,607 47,239 Carrols Restaurant Group, Inc. (a) 3,017 15,658 CEC Entertainment, Inc. 2,432 79,648 Century Casinos, Inc. (a) 4,783 13,679 The Cheesecake Factory, Inc. 6,666 257,374 Choice Hotels International, Inc. 3,885 164,374 Churchill Downs, Inc. 1,661 116,336 Cinemark Holdings, Inc. 13,803 406,360 Cosi, Inc. (a) 13,258 9,147 Cracker Barrel Old Country Store, Inc. 3,218 260,175 Delta Air Lines, Inc. (a) 114,633 1,892,591 Denny's Corp. (a) 14,138 81,576 DineEquity, Inc. 2,164 148,862 Domino's Pizza, Inc. 7,822 402,364 Dover Downs Gaming & Entertainment, Inc. 3,295 6,854 Dover Motorsports, Inc. 4,712 9,424 Dunkin' Brands Group, Inc. 10,097 372,377 Einstein Noah Restaurant Group, Inc. 1,251 18,552 Empire Resorts, Inc. (a) 2,676 5,111 Entertainment Gaming Asia, Inc. (a) 3,165 6,077 Famous Dave's of America, Inc. (a) 1,344 14,596 Fiesta Restaurant Group, Inc. (a) 2,239 59,490 Full House Resorts, Inc. (a) 3,528 9,878 Gaming Partners International Corp. 1,400 12,054 Hawaiian Holdings, Inc. (a) 7,344 42,301 Hertz Global Holdings, Inc. (a) 50,817 1,131,186 HomeAway, Inc. (a) 4,776 155,220 Hyatt Hotels Corp. (a) 7,439 321,588 International Speedway Corp., Class A 3,087 100,883 Interval Leisure Group, Inc. 5,356 116,439 Isle of Capri Casinos, Inc. (a) 3,200 20,128 Jack in the Box, Inc. (a) 5,950 205,811 JetBlue Airways Corp. (a) 29,947 206,634 Krispy Kreme Doughnuts, Inc. (a) 9,131 131,852 Las Vegas Sands Corp. 47,809 2,694,037 Life Time Fitness, Inc. (a)(b) 5,350 228,873 Luby's, Inc. (a) 3,348 25,043 Madison Square Garden, Inc. (a) 8,289 477,446

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QUANTITATIVE MASTER SERIES LLC MARCH 31, 2013 26

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Schedule of Investments (continued) MASTER EXTENDED MARKET INDEX SERIES

(PERCENTAGES SHOWN ARE BASED ON NET ASSETS)

COMMON STOCKS SHARES VALUE ----------------------------------------------------------------------------------------------- TRAVEL & LEISURE (CONCLUDED) Marcus Corp. 2,990 $ 37,345 Marriott Vacations Worldwide Corp. (a) 4,097 175,802 MGM Resorts International (a) 50,752 667,389 Monarch Casino & Resort, Inc. (a) 1,669 16,239 Morgans Hotel Group Co. (a) 5,742 33,993 MTR Gaming Group, Inc. (a) 3,170 10,461 Multimedia Games Holding Co., Inc. (a) 4,015 83,793 Norwegian Cruise Line Holdings, Ltd. (a) 3,261 96,689 Orbitz Worldwide, Inc. (a) 4,217 24,079 Orient Express Hotels Ltd., Class A (a) 12,044 118,754 Panera Bread Co., Class A (a)(b) 3,812 629,895 Papa John's International, Inc. (a) 2,353 145,463 Penn National Gaming, Inc. (a) 9,119 496,347 Pinnacle Entertainment, Inc. (a) 8,683 126,946 Premier Exhibitions, Inc. (a) 8,491 22,586 Reading International, Inc., Class A (a) 3,026 16,946 Red Lion Hotels Corp. (a) 3,364 23,918 Red Robin Gourmet Burgers, Inc. (a) 1,790 81,624 Regal Entertainment Group, Series A 10,929 182,186 Republic Airways Holdings, Inc. (a) 5,460 63,008 Rick's Cabaret International, Inc. (a) 1,858 16,425 Royal Caribbean Cruises Ltd. 19,202 637,891 Ruby Tuesday, Inc. (a) 8,054 59,358 Ruth's Hospitality Group, Inc. (a) 5,434 51,840 Ryman Hospitality Properties 7,255 331,916 Scientific Games Corp., Class A (a) 7,662 67,043 SHFL Entertainment, Inc. (a) 7,674 127,158 Six Flags Entertainment Corp. 6,905 500,474 SkyWest, Inc. 6,464 103,747 Sonic Corp. (a) 7,698 99,150 Speedway Motorsports, Inc. 1,392 25,042 Spirit Airlines, Inc. (a) 6,248 158,449 Steiner Leisure Ltd. (a) 1,878 90,820 Texas Roadhouse, Inc., Class A 7,830 158,088 Town Sports International Holdings, Inc. 3,112 29,440 Travelzoo, Inc. (a) 1,341 28,657 United Continental Holdings, Inc. (a) 44,803 1,434,144 US Airways Group, Inc. (a)(b) 22,225 377,158 Vail Resorts, Inc. 4,787 298,326 The Wendy's Co. 37,892 214,848 WMS Industries, Inc. (a) 7,480 188,571 World Wrestling Entertainment, Inc. 3,952 34,857 ------------ 21,330,140 ----------------------------------------------------------------------------------------------- TOTAL COMMON STOCKS -- 96.0% 445,466,500 ----------------------------------------------------------------------------------------------- BENEFICIAL INTEREST (000) OTHER INTERESTS (e) ----------------------------------------------------------------------------------------------- FIXED LINE TELECOMMUNICATIONS -- 0.0% Primus Telecommunications Group, Inc. (a) $ 29 1 ----------------------------------------------------------------------------------------------- PHARMACEUTICALS & BIOTECHNOLOGY -- 0.0% Merck Contingent Value (a) 3 -- ----------------------------------------------------------------------------------------------- REAL ESTATE INVESTMENT TRUSTS (REITs) -- 0.0% AmeriVest Properties, Inc. (a) 4 -- ----------------------------------------------------------------------------------------------- TECHNOLOGY HARDWARE & EQUIPMENT -- 0.0% Gerber Scientific, Inc. (a) 4 -- ----------------------------------------------------------------------------------------------- TRAVEL & LEISURE -- 0.0% FRD Acquisition Co. (a) 13 -- ----------------------------------------------------------------------------------------------- TOTAL OTHER INTERESTS -- 0.0% 1 =============================================================================================== =============================================================================================== SHARES WARRANTS (f) ----------------------------------------------------------------------------------------------- AUTOMOBILES & PARTS -- 0.0% Federal-Mogul Corp., Class A (Issued 12/27/07, 1 Share for 1 Warrant, Expires 12/27/14, Strike Price $45.82) 249 3 ----------------------------------------------------------------------------------------------- OIL & GAS PRODUCERS -- 0.0% Magnum Hunter Resources Corp. (Issued 8/31/12, 1 Share for 1 Warrant, Expires 10/14/13, Strike Price $10.50) 1,481 -- ----------------------------------------------------------------------------------------------- TOTAL WARRANTS -- 0.0% 3 ----------------------------------------------------------------------------------------------- TOTAL LONG-TERM INVESTMENTS (COST -- $287,627,651) -- 96.0% 445,466,504 =============================================================================================== =============================================================================================== SHORT-TERM SECURITIES ----------------------------------------------------------------------------------------------- BlackRock Liquidity Funds TempCash, Institutional Class, 0.11% (d)(g) 17,559,308 17,559,308 ----------------------------------------------------------------------------------------------- BENEFICIAL INTEREST (000) ----------------------------------------------------------------------------------------------- BlackRock Liquidity Series LLC, Money Market Series, 0.23% (d)(g)(h) $ 27,737 27,737,047 ----------------------------------------------------------------------------------------------- TOTAL SHORT-TERM SECURITIES (COST -- $45,296,355) -- 9.8% 45,296,355 -----------------------------------------------------------------------------------------------

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QUANTITATIVE MASTER SERIES LLC MARCH 31, 2013 27

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Schedule of Investments (continued) MASTER EXTENDED MARKET INDEX SERIES

(PERCENTAGES SHOWN ARE BASED ON NET ASSETS)

VALUE ----------------------------------------------------------------------------------------------- TOTAL INVESTMENTS (COST - $332,924,006*) -- 105.8% $ 490,762,859 LIABILITIES IN EXCESS OF OTHER ASSETS -- (5.8)% (26,702,405) ------------- NET ASSETS -- 100.0% $ 464,060,454 ============= -----------------------------------------------------------------------------------------------

* As of March 31, 2013, gross unrealized appreciation and gross unrealized depreciation based on cost for federal income tax purposes were as follows:

Tax cost ........................................................................ $ 335,994,044 ============= Gross unrealized appreciation ................................................... $ 177,921,357 Gross unrealized depreciation ................................................... (23,152,542) ------------- Net unrealized appreciation ..................................................... $ 154,768,815 =============

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NOTES TO SCHEDULE OF INVESTMENTS

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(a) Non-income producing security.
(b) Security, or a portion of security, is on loan.
(c) All or a portion of security has been pledged as collateral in connection with open financial futures contracts.
(d) Investments in issuers considered to be an affiliate of the Series during the period ended March 31, 2013, for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---------------------------------------------------------------------------------------------------------------------------- SHARES/ SHARES/ BENEFICIAL BENEFICIAL INTEREST SHARES/ SHARES/ INTEREST VALUE HELD AT BENEFICIAL BENEFICIAL HELD AT AT DECEMBER 31, INTEREST INTEREST MARCH 31, MARCH 31, REALIZED AFFILIATE 2012 PURCHASED SOLD 2013 2013 INCOME GAIN ---------------------------------------------------------------------------------------------------------------------------- BlackRock Liquidity Funds TempCash, Institutional Class 11,170,008 6,389,300(1) -- 17,559,308 $17,559,308 $ 4,114 $ 100 BlackRock Liquidity Series LLC, Money Market Series $14,273,670 $13,463,377(1) -- $27,737,047 $27,737,047 $86,440 $ -- PennyMac Mortgage Investment Trust 5,478 -- -- 5,478 $ 141,825 $ -- $3,122 ---------------------------------------------------------------------------------------------------------------------------- (1) Represents net shares/beneficial interest purchased.

(e) Other interests represent beneficial interests in liquidation trusts and other reorganization or private entities.
(f) Warrants entitle the Series to purchase a predetermined number of shares of common stock and are non-income producing. The purchase price and number of shares are subject to adjustment under certain conditions until the expiration date of the warrants, if any.
(g) Represents the current yield as of report date.
(h) 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.

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

o Financial futures contracts as of March 31, 2013 were as follows:

-------------------------------------------------------------------------------------------------------------------- CONTRACTS UNREALIZED PURCHASED/ NOTIONAL APPRECIATION (SOLD) ISSUE EXCHANGE EXPIRATION VALUE (DEPRECIATION) -------------------------------------------------------------------------------------------------------------------- 92 Russell 2000 Mini Index ICE Futures US Indices June 2013 $ 8,729,880 $ 187,905 84 S&P MidCap 400 E-Mini Chicago Mercantile June 2013 $ 9,668,400 277,455 (2) S&P MidCap 400 E-Mini Chicago Mercantile June 2013 $ (230,200) (6,973) -------------------------------------------------------------------------------------------------------------------- TOTAL $ 458,387 ============

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QUANTITATIVE MASTER SERIES LLC MARCH 31, 2013 28

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Schedule of Investments (continued) MASTER EXTENDED MARKET INDEX SERIES

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

o Level 1 -- unadjusted price quotations in active markets/exchanges for identical assets and liabilities that the Series has the ability to access

o 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)

o 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 level in the fair value hierarchy within which the fair value measurement falls in its entirety is determined based on the lowest level input that is significant to the fair value measurement in its entirety.

Changes in valuation techniques may result in transfers into or out of an assigned level within the disclosure hierarchy. In accordance with the Series' policy, transfers between different levels of the fair value disclosure hierarchy are deemed to have occurred as of the beginning of the reporting period. The categorization of a value determined for investments and derivative financial instruments is based on the pricing transparency of the investment and derivative financial instrument and is not necessarily an indication of the risks associated with investing in those securities. For information about the Series' policy regarding valuation of investments and derivative financial instruments and other significant accounting policies, please refer to the Series' most recent financial statements as contained in its annual report.

The following tables summarize the Series' investments and derivative financial instruments categorized in the disclosure hierarchy as of March 31, 2013:

----------------------------------------------------------------------------------------------------------------- LEVEL 1 LEVEL 2 LEVEL 3 TOTAL ----------------------------------------------------------------------------------------------------------------- ASSETS: Investments: Common Stocks: Aerospace & Defense..................... $ 6,609,894 -- -- $ 6,609,894 Alternative Energy...................... 293,382 -- -- 293,382 Automobiles & Parts..................... 8,825,497 -- -- 8,825,497 Banks................................... 22,075,654 -- -- 22,075,654 Beverages .............................. 302,343 -- -- 302,343 Chemicals .............................. 11,741,512 -- -- 11,741,512 Construction & Materials................ 11,048,154 -- -- 11,048,154 Electricity............................. 8,143,751 -- -- 8,143,751 Electronic & Electrical Equipment....... 13,995,008 -- -- 13,995,008 Financial Services...................... 13,462,558 -- -- 13,462,558 Fixed Line Telecommunications .......... 1,556,326 -- -- 1,556,326 Food & Drug Retailers................... 3,082,105 -- -- 3,082,105 Food Producers.......................... 6,264,831 -- $ 226 6,265,057 Food Products........................... 2,428,827 -- -- 2,428,827 Forestry & Paper........................ 1,516,607 -- -- 1,516,607 Gas, Water & Multi-Utilities............ 7,123,172 -- -- 7,123,172 General Industrials..................... 5,822,545 -- -- 5,822,545 General Retailers....................... 20,877,037 -- -- 20,877,037 Health Care Equipment & Services........ 22,778,948 -- -- 22,778,948 Household Goods & Home Construction..... 10,312,253 -- -- 10,312,253 Industrial Engineering.................. 14,476,267 -- -- 14,476,267 Industrial Metals & Mining.............. 3,095,109 -- -- 3,095,109 Industrial Transportation............... 8,180,753 -- -- 8,180,753 Leisure Goods........................... 3,718,189 -- -- 3,718,189

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QUANTITATIVE MASTER SERIES LLC MARCH 31, 2013 29

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Schedule of Investments (continued) MASTER EXTENDED MARKET INDEX SERIES

----------------------------------------------------------------------------------------------------------------- LEVEL 1 LEVEL 2 LEVEL 3 TOTAL ----------------------------------------------------------------------------------------------------------------- ASSETS: Investments: Common Stocks (concluded): Life Insurance.......................... $ 1,892,090 -- -- $ 1,892,090 Media................................... 17,223,880 -- -- 17,223,880 Mining.................................. 3,047,302 -- -- 3,047,302 Mobile Telecommunications............... 1,986,489 -- -- 1,986,489 Nonlife Insurance....................... 16,236,092 -- -- 16,236,092 Oil & Gas Producers..................... 17,612,907 -- -- 17,612,907 Oil Equipment, Services & Distribution.. 12,034,652 -- -- 12,034,652 Personal Goods.......................... 6,398,276 -- -- 6,398,276 Pharmaceuticals & Biotechnology......... 21,527,294 -- -- 21,527,294 Real Estate Investment & Services....... 2,861,844 -- -- 2,861,844 Real Estate Investment Trusts (REITs)... 45,334,808 -- -- 45,334,808 Software & Computer Services............ 27,933,177 -- -- 27,933,177 Support Services........................ 21,183,606 -- -- 21,183,606 Technology Hardware & Equipment......... 20,597,974 -- -- 20,597,974 Tobacco................................. 535,021 -- -- 535,021 Travel & Leisure........................ 21,330,140 -- -- 21,330,140 Other Interests: Fixed Line Telecommunications........... -- -- $ 1 1 Warrants: Automobiles & Parts..................... 3 -- -- 3 Short-Term Securities..................... 17,559,308 $ 27,737,047 -- 45,296,355 -------------------------------------------------------------------- TOTAL $ 463,025,585 $ 27,737,047 $ 227 $ 490,762,859 -------------------------------------------------------------------- ----------------------------------------------------------------------------------------------------------------- LEVEL 1 LEVEL 2 LEVEL 3 TOTAL ----------------------------------------------------------------------------------------------------------------- Derivative Financial Instruments1 ASSETS: Equity contracts........................ $ 465,360 -- -- $ 465,360 LIABILITIES: Equity contracts........................ (6,973) -- -- (6,973) -------------------------------------------------------------------- TOTAL $ 458,387 -- -- $ 458,387 --------------------------------------------------------------------

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

Certain of the Series' liabilities are held at carrying amount, which approximates fair value for financial reporting purposes. As of March 31, 2013, such liabilities are categorized within the disclosure hierarchy as follows:

-------------------------------------------------------------------------------------------------------------- LEVEL 1 LEVEL 2 LEVEL 3 TOTAL -------------------------------------------------------------------------------------------------------------- LIABILITIES: Bank overdraft....................... -- $ (145,480) -- $ (145,480) Collateral on securities loaned at value.................... -- (27,737,047) -- (27,737,047) -------------------------------------------------------------------- TOTAL -- $ (27,882,527) -- $ (27,882,527) --------------------------------------------------------------------

There were no transfers between levels during the period ended March 31, 2013.

Certain of the Series' investments that are categorized as Level 3 were valued utilizing transaction prices or third party pricing information without adjustment. Such valuations are based on unobservable inputs. A significant change in third party information inputs could result in a significantly lower or higher value of such Level 3 investments.

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QUANTITATIVE MASTER SERIES LLC MARCH 31, 2013 30

ITEM 2. CONTROLS AND PROCEDURES

The principal executive officer and principal financial officer of USAA Mutual Funds Trust (Trust) have concluded that the Trust's disclosure controls and procedures are sufficient to ensure that information required to be disclosed by the Trust in this Form N-Q was recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission's rules and forms, based upon such officers' evaluation of these controls and procedures as of a date within 90 days of the filing date of the report.

There were no significant changes or corrective actions with regard to significant deficiencies or material weaknesses in the Trust's internal controls or in other factors that could significantly affect the Trust's internal controls subsequent to the date of their evaluation.

ITEM 3. EXHIBITS.

Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT.

SIGNATURES

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.

Registrant: USAA MUTUAL FUNDS TRUST - Period Ended March 31, 2013

By:* /S/ ADYM W. RYGMYR -------------------------------------------------------------- Signature and Title: Adym W. Rygmyr, Secretary Date: 05/22/2013 -------------------------------

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/ DANIEL S. MCNAMARA -------------------------------------------------------------- Signature and Title: Daniel S. McNamara, President Date: 05/27/2013 ------------------------------ By:* /S/ ROBERTO GALINDO, JR. ----------------------------------------------------- Signature and Title: Roberto Galindo, Jr., Treasurer Date: 05/24/2013 ------------------------------

*PRINT THE NAME AND TITLE OF EACH SIGNING OFFICER UNDER HIS OR HER SIGNATURE.