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

United States

Securities and Exchange Commission

Washington, DC 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS

OF REGISTERED MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number: 811-04984

AMERICAN BEACON FUNDS

(Exact name of registrant as specified in charter)

4151 Amon Carter Boulevard, MD 2450

Fort Worth, Texas 76155

(Address of principal executive offices) (Zip code)

Gene L. Needles, Jr., PRESIDENT

4151 Amon Carter Boulevard, MD 2450

Fort Worth, Texas 76155

(Name and address of agent for service)

Registrant’s telephone number, including area code: (817) 391-6100

Date of fiscal year end: December 31, 2013

Date of reporting period: March 31, 2013

Form N-Q is to be used by management investment companies, other than small business investments companies, registered on Form N-5 (§§ 239.24 and 274.5 of this chapter), to file reports with the Commission, not later than 60 days after the close of the first and third fiscal quarters, pursuant to rule 30b1-5 under the Investment Company Act of 1940 (17 CFR 270.30b1-5). The Commission may use the information provided on Form N-Q in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-Q, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-Q unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to the Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

ITEM 1. SCHEDULES OF INVESTMENTS.

The American Beacon International Equity Index Fund invests all of its investable assets in the Master International Index Series of the Quantitative Master Series Trust. The Schedule of Investments for the Master International Index Series for the fiscal quarter ended March 31, 2013 is provided below.

Schedule of Investments March 31, 2013 (Unaudited)

Master International Index Series

(Percentages shown are based on Net Assets)


Common Stocks	Shares		Value
Australia — 9.1%
AGL Energy Ltd.		39,470	$	653,014
ALS Ltd./Queensland		24,392		267,414
Alumina Ltd. (a)		187,836		217,974
Amcor Ltd.		86,968		842,151
AMP Ltd.		213,247		1,161,185
APA Group		59,921		372,629
Asciano Ltd.		71,199		415,174
ASX Ltd.		12,704		479,740
Aurizon Holdings Ltd.		132,372		556,539
Australia & New Zealand Banking Group Ltd.		196,509		5,857,680
Bendigo and Adelaide Bank Ltd.		29,133		312,495
BGP Holdings Plc (a)		783,183		10
BHP Billiton Ltd.		232,135		7,931,405
Boral Ltd.		54,919		281,747
Brambles Ltd.		112,049		992,957
Caltex Australia Ltd.		9,654		215,463
CFS Retail Property Trust		140,788		294,978
Coca-Cola Amatil Ltd.		41,486		630,494
Cochlear Ltd.		4,105		291,465
Commonwealth Bank of Australia		116,308		8,256,990
Computershare Ltd.		32,768		349,258
Crown Ltd.		28,521		366,520
CSL Ltd.		36,197		2,236,220
Dexus Property Group		331,249		359,772
Echo Entertainment Group Ltd.		52,974		192,705
Federation Centres Ltd. (a)		98,111		240,944
Flight Centre Ltd.		3,947		138,501
Fortescue Metals Group Ltd.		100,976		417,825
Goodman Group		123,669		617,843
GPT Group		101,916		394,212
Harvey Norman Holdings Ltd.		38,809		110,703
Iluka Resources Ltd.		31,008		304,607
Incitec Pivot Ltd.		119,122		384,821
Insurance Australia Group Ltd.		149,844		893,450
Leighton Holdings Ltd.		11,313		243,507
Lend Lease Group		39,211		418,073
Macquarie Group Ltd.		23,283		905,275
Metcash Ltd.		63,088		272,499
Mirvac Group		250,343		423,372
National Australia Bank Ltd.		167,852		5,413,098
Newcrest Mining Ltd.		55,167		1,154,270
Orica Ltd.		26,352		673,264
Origin Energy Ltd.		78,703		1,094,775
OZ Minerals Ltd.		21,549		120,230
Qantas Airways Ltd. (a)		77,541		144,504
QBE Insurance Group Ltd.		87,087		1,230,546
Ramsay Health Care Ltd.		9,527		320,494
Rio Tinto Ltd.		31,469		1,886,589
Santos Ltd.		70,044		909,330
Sims Metal Management Ltd.		11,568		121,512
Sonic Healthcare Ltd.		27,393		398,382
SP AusNet		124,539		155,327
Stockland		159,894		609,894
Suncorp Group Ltd.		92,725		1,143,776


Common Stocks	Shares		Value
Australia (concluded)
Sydney Airport		13,793	$	47,116
Tabcorp Holdings Ltd.		52,333		176,387
Tatts Group Ltd.		100,334		331,634
Telstra Corp. Ltd.		313,884		1,475,141
Toll Holdings Ltd.		49,469		306,384
Transurban Group		95,232		632,885
Treasury Wine Estates Ltd.		46,594		276,841
Wesfarmers Ltd.		72,778		3,054,393
Westfield Group		154,589		1,750,587
Westfield Retail Trust		209,106		657,983
Westpac Banking Corp.		222,717		7,163,636
Whitehaven Coal Ltd.		34,376		76,391
Woodside Petroleum Ltd.		47,582		1,782,491
Woolworths Ltd.		89,098		3,143,837
WorleyParsons Ltd.		14,832		383,351

				75,936,659

Austria — 0.3%
Andritz AG		5,341		359,500
Erste Group Bank AG (a)		15,852		443,587
Immoeast AG NPV (a)		30,711		—
IMMOFINANZ AG (a)		67,515		256,117
OMV AG		10,613		452,508
Raiffeisen Bank AG		3,624		123,567
Telekom Austria AG		15,806		103,803
Verbund AG		4,748		103,158
Vienna Insurance Group		2,890		140,263
Voestalpine AG		8,327		256,245

				2,238,748

Belgium — 1.2%
Ageas		16,837		571,447
Anheuser-Busch InBev NV		58,066		5,772,562
Belgacom SA		10,971		273,113
Colruyt SA		5,505		266,094
Delhaize Group		7,266		396,633
Groupe Bruxelles Lambert SA		5,931		454,285
KBC Groep NV		17,094		592,698
Solvay SA		4,290		582,117
Telenet Group Holding NV		3,836		190,021
UCB SA		7,928		507,134
Umicore SA		8,215		386,385

				9,992,489

Denmark — 1.1%
A.P. Moller - Maersk A/S, Class A		40		300,100
A.P. Moller - Maersk A/S, Class B		95		745,612
Carlsberg A/S, Class B		7,700		750,704
Coloplast A/S, Class B		8,311		447,833
Danske Bank A/S (a)		47,225		846,711
DSV A/S		13,734		332,365
Novo-Nordisk A/S, Class B		29,441		4,745,362
Novozymes A/S, Class B		17,793		604,185
TDC A/S		47,982		369,312
Tryg A/S		1,856		150,125




QUANTITATIVE MASTER SERIES LLC	MARCH 31, 2013	1

Schedule of Investments (continued)

Master International Index Series

(Percentages shown are based on Net Assets)


Common Stocks	Shares		Value
Denmark (concluded)
William Demant Holding A/S (a)		1,914	$	160,417

				9,452,726

Finland — 0.8%
Elisa Oyj		10,481		195,038
Fortum Oyj		32,241		650,325
Kesko Oyj, Class B		4,450		139,354
Kone Oyj, Class B		11,207		883,604
Metso Oyj		9,209		393,467
Neste Oil Oyj		8,875		125,418
Nokia Oyj		269,151		875,496
Nokian Renkaat Oyj		8,076		360,285
Orion Oyj, Class B		6,857		180,423
Pohjola Bank Plc, Class A		10,148		148,411
Sampo Oyj, Class A		30,224		1,165,669
Stora Enso Oyj, Class R		40,003		258,968
UPM-Kymmene Oyj		38,762		433,526
Wartsila Oyj		12,185		549,253

				6,359,237

France — 9.0%
Accor SA		10,644		370,176
Aeroports de Paris		2,172		184,308
Air Liquide SA		22,572		2,745,329
Alstom SA		15,683		639,657
ArcelorMittal		71,870		933,661
Arkema		4,574		416,812
Atos Origin SA		3,901		268,800
AXA SA		127,851		2,209,358
BNP Paribas SA		72,515		3,728,412
Bouygues SA		13,613		369,700
Bureau Veritas SA		4,060		505,427
Cap Gemini SA		11,178		509,359
Carrefour SA		43,447		1,190,112
Casino Guichard-Perrachon SA		4,079		428,888
Christian Dior SA		3,929		652,146
Cie Generale de Geophysique-Veritas (a)		11,523		259,881
Cie Generale des Etablissements Michelin, Class B		13,107		1,098,074
CNP Assurances		12,012		165,072
Compagnie de Saint-Gobain		28,676		1,064,802
Credit Agricole SA (a)		72,435		597,910
Danone SA		41,853		2,914,070
Dassault Systemes SA		4,506		521,324
Edenred		12,432		407,424
EDF SA		17,318		332,190
Essilor International SA		14,607		1,625,354
Eurazeo		2,187		111,051
European Aeronautic Defence and Space Co. NV		32,826		1,673,029
Eutelsat Communications SA		9,730		343,241
Fonciere Des Regions		1,928		151,090
France Telecom SA		133,763		1,355,350
GDF Suez		95,781		1,839,977
Gecina SA		1,582		183,816


Common Stocks	Shares		Value
France (concluded)
Groupe Eurotunnel SA		40,461	$	322,547
ICADE		1,743		152,560
Iliad SA		1,652		351,406
Imerys SA		2,500		162,894
JC Decaux SA		4,659		127,804
Klepierre		7,240		284,696
L’Oreal SA		17,580		2,789,027
Lafarge SA		13,459		896,044
Lagardere S.C.A.		8,569		315,822
Legrand SA		17,069		744,652
LVMH Moet Hennessy Louis Vuitton SA		18,354		3,153,286
Natixis		68,093		259,041
Pernod Ricard SA		15,326		1,910,130
Peugeot SA (a)		16,412		119,026
PPR		5,446		1,197,684
Publicis Groupe SA		12,996		872,242
Remy Cointreau SA		1,623		187,566
Renault SA		13,861		869,576
Rexel SA		10,866		237,253
Safran SA		16,531		737,771
Sanofi		86,096		8,780,214
Schneider Electric SA		38,044		2,781,983
Scor SE		12,076		347,375
SES SA		21,947		688,312
Societe BIC SA		2,103		244,327
Societe Generale SA (a)		50,659		1,667,786
Sodexo		6,794		633,263
Suez Environnement Co.		20,503		261,428
Technip SA		7,315		750,272
Thales SA		6,750		285,646
Total SA		153,907		7,370,946
Unibail-Rodamco SE		6,649		1,548,578
Vallourec SA		7,450		358,375
Veolia Environnement SA		24,529		310,806
Vinci SA		33,221		1,499,468
Vivendi SA		95,613		1,977,974
Wendel SA		2,421		256,355
Zodiac Aerospace		2,491		290,371

				75,540,306

Germany — 8.3%
Adidas AG		15,097		1,569,266
Allianz SE, Registered Shares		32,961		4,493,155
Axel Springer AG		2,723		118,298
BASF SE		66,391		5,829,088
Bayer AG, Registered Shares		59,775		6,177,286
Bayerische Motoren Werke AG		23,932		2,070,957
Bayerische Motoren Werke AG, Preference Shares		3,839		245,750
Beiersdorf AG		7,314		675,967
Brenntag AG		3,765		588,701
Celesio AG		5,979		112,490
Commerzbank AG (a)		274,914		404,975
Continental AG		7,932		950,697




QUANTITATIVE MASTER SERIES LLC	MARCH 31, 2013	2

Schedule of Investments (continued)

Master International Index Series

(Percentages shown are based on Net Assets)


Common Stocks	Shares		Value
Germany (concluded)
Daimler AG, Registered Shares		65,590	$	3,576,974
Deutsche Bank AG, Registered Shares		67,209		2,627,529
Deutsche Boerse AG		13,902		843,305
Deutsche Lufthansa AG, Registered Shares		17,030		333,083
Deutsche Post AG, Registered Shares		65,373		1,508,609
Deutsche Telekom AG, Registered Shares		203,072		2,149,705
E.ON AG		130,218		2,278,439
Fraport AG Frankfurt Airport Services Worldwide		2,725		152,970
Fresenius Medical Care AG & Co. KGaA		15,231		1,029,779
Fresenius SE & Co. KGaA		8,975		1,108,886
GEA Group AG		13,064		431,476
Hannover Rueckversicherung AG, Registered Shares		4,466		351,598
HeidelbergCement AG		10,213		736,402
Henkel AG & Co. KGaA		9,370		740,584
Henkel AG & Co. KGaA, Preference Shares		12,852		1,238,131
Hochtief AG (a)		2,160		140,836
Hugo Boss AG		1,734		194,717
Infineon Technologies AG		78,361		619,998
K+S AG		12,414		578,720
Kabel Deutschland Holding AG		6,465		596,848
Lanxess AG		6,082		432,335
Linde AG		13,386		2,493,422
MAN SE		3,073		331,091
Merck KGaA		4,674		705,949
Metro AG		9,325		265,423
Muenchener Rueckversicherungs AG, Registered Shares		12,969		2,430,657
Porsche Automobil Holding SE, Preference Shares		11,021		807,441
ProSieben SAT.1 Media AG, Preference Shares		7,550		270,239
RWE AG		35,276		1,316,835
RWE AG, Non-Voting Preference Shares		2,740		98,431
Salzgitter AG		2,967		119,237
SAP AG		66,594		5,355,780
Siemens AG, Registered Shares		60,496		6,521,156
Suedzucker AG		5,905		249,573
ThyssenKrupp AG (a)		27,809		566,932
United Internet AG		6,744		164,184
Volkswagen AG		2,178		410,766
Volkswagen AG, Preference Shares		10,450		2,081,275

				69,095,945

Greece — 0.1%
Coca Cola Hellenic Bottling Co. SA		14,579		390,859


Common Stocks	Shares		Value
Greece (concluded)
OPAP SA		15,543	$	122,424

				513,283

Hong Kong — 3.1%
AIA Group Ltd.		870,800		3,828,251
ASM Pacific Technology Ltd.		14,604		160,752
Bank of East Asia Ltd.		88,932		351,800
BOC Hong Kong Holdings Ltd.		266,900		892,583
Cathay Pacific Airways Ltd.		87,263		149,638
Cheung Kong Holdings Ltd.		100,835		1,493,632
Cheung Kong Infrastructure Holdings Ltd.		34,500		237,055
CLP Holdings Ltd.		127,687		1,119,229
First Pacific Co. Ltd.		154,000		208,734
Galaxy Entertainment Group Ltd. (a)		151,000		633,134
Hang Lung Properties Ltd.		162,000		606,439
Hang Seng Bank Ltd.		55,153		886,066
Henderson Land Development Co. Ltd.		70,491		483,475
HKT Trust/HKT Ltd.		156,000		156,288
Hong Kong & China Gas Ltd.		376,295		1,099,264
Hong Kong Exchanges and Clearing Ltd.		76,627		1,309,244
Hopewell Holdings Ltd.		41,349		167,835
Hutchison Whampoa Ltd.		153,176		1,601,305
Hysan Development Co. Ltd.		45,791		231,790
Kerry Properties Ltd.		52,500		233,672
Li & Fung Ltd.		421,980		583,274
The Link REIT		164,414		896,627
MGM China Holdings Ltd.		68,000		145,793
MTR Corp.		103,500		411,852
New World Development Co. Ltd.		264,226		449,016
NWS Holdings Ltd.		100,500		179,123
Orient Overseas International Ltd.		15,057		101,970
PCCW Ltd.		276,000		128,211
Power Assets Holdings Ltd.		100,000		945,000
Sands China Ltd.		174,200		906,340
Shangri-La Asia Ltd.		115,905		227,561
Sino Land Co. Ltd.		211,263		359,524
SJM Holdings Ltd.		137,000		342,915
Sun Hung Kai Properties Ltd.		112,324		1,515,588
Swire Pacific Ltd., Class A		49,577		633,261
Swire Properties Ltd.		83,000		295,161
Wharf Holdings Ltd.		109,357		977,890
Wheelock & Co. Ltd.		64,000		341,682
Wing Hang Bank Ltd.		13,000		138,379
Wynn Macau Ltd. (a)		114,400		304,776
Yue Yuen Industrial Holdings Ltd.		54,285		177,346

				25,911,475

Ireland — 0.5%
CRH Plc		52,841		1,166,769
Elan Corp. Plc (a)		36,980		428,487
Experian Plc		72,827		1,262,529
Irish Bank Resolution Corp. Ltd. (a)		62,641		1




QUANTITATIVE MASTER SERIES LLC	MARCH 31, 2013	3

Schedule of Investments (continued)

Master International Index Series

(Percentages shown are based on Net Assets)


Common Stocks	Shares		Value
Ireland (concluded)
James Hardie Industries SE		32,487	$	340,618
Kerry Group Plc		10,894		649,116
Ryanair Holdings Plc		10,891		83,190

				3,930,710

Israel — 0.5%
Bank Hapoalim BM (a)		77,469		351,119
Bank Leumi Le-Israel BM (a)		92,590		326,674
Bezeq The Israeli Telecommunication Corp. Ltd.		143,441		198,614
Delek Group Ltd.		355		99,788
Israel Chemicals Ltd.		32,516		420,359
The Israel Corp. Ltd.		178		135,034
Mellanox Technologies Ltd. (a)		2,589		142,934
Mizrahi Tefahot Bank Ltd. (a)		8,935		95,233
Nice Systems Ltd. (a)		4,090		150,054
Teva Pharmaceutical Industries Ltd.		66,185		2,624,689

				4,544,498

Italy — 1.9%
Assicurazioni Generali SpA		84,129		1,317,119
Atlantia SpA		24,043		380,787
Banca Monte dei Paschi di Siena SpA (a)		447,785		106,874
Banco Popolare SC (a)		131,809		166,976
Enel Green Power SpA		128,859		242,156
Enel SpA		474,601		1,556,128
Eni SpA		183,903		4,117,146
Exor SpA		4,458		124,951
Fiat Industrial SpA		61,678		695,549
Fiat SpA (a)		63,071		336,903
Finmeccanica SpA (a)		29,559		142,588
Intesa Sanpaolo SpA		724,454		1,067,374
Intesa Sanpaolo SpA, Non-Convertible Savings Shares		66,198		83,872
Luxottica Group SpA		12,016		603,297
Mediobanca SpA		37,921		193,834
Pirelli & C SpA		16,831		177,065
Prysmian SpA		14,595		301,109
Saipem SpA		19,168		589,114
Snam Rete Gas SpA		121,853		556,631
Telecom Italia SpA		678,486		478,522
Telecom Italia SpA, Non-Convertible Savings Shares		434,224		267,703
Tenaris SA		34,032		693,043
Terna SpA		94,144		390,737
UniCredit SpA (a)		291,372		1,250,652
Unione di Banche Italiane ScpA (a)		62,528		231,614

				16,071,744

Japan — 20.9%
ABC-Mart, Inc.		2,000		76,131
Acom Co. Ltd. (a)		2,980		85,400
Advantest Corp.		11,200		160,068
Aeon Co. Ltd.		44,100		568,926


Common Stocks	Shares		Value
Japan (continued)
Aeon Credit Service Co. Ltd.		4,500	$	127,766
Aeon Mall Co. Ltd.		5,000		151,412
Air Water, Inc.		10,000		143,555
Aisin Seiki Co. Ltd.		14,000		512,848
Ajinomoto Co., Inc.		47,000		706,148
Alfresa Holdings Corp.		2,900		156,732
All Nippon Airways Co. Ltd.		81,000		165,131
Amada Co. Ltd.		27,000		180,325
Aozora Bank Ltd.		77,000		215,842
Asahi Glass Co. Ltd.		73,100		500,632
Asahi Group Holdings Ltd.		28,300		675,798
Asahi Kasei Corp.		90,000		600,127
Asics Corp.		11,000		184,073
Astellas Pharma, Inc.		32,100		1,724,634
The Bank of Kyoto Ltd.		23,000		224,188
The Bank of Yokohama Ltd.		87,000		503,451
Benesse Holdings, Inc.		4,700		201,863
Bridgestone Corp.		46,900		1,578,605
Brother Industries Ltd.		17,100		178,662
Calbee, Inc.		1,100		89,117
Canon, Inc.		82,000		2,960,289
Casio Computer Co. Ltd.		15,800		121,629
Central Japan Railway Co.		10,400		1,095,434
The Chiba Bank Ltd.		53,000		379,858
Chiyoda Corp.		12,000		133,659
Chubu Electric Power Co., Inc.		46,800		572,950
Chugai Pharmaceutical Co. Ltd.		15,900		360,105
The Chugoku Bank Ltd.		13,000		212,158
The Chugoku Electric Power Co., Inc.		21,600		287,832
Citizen Holdings Co. Ltd.		19,000		99,660
Coca-Cola West Co. Ltd.		4,900		85,482
Cosmo Oil Co. Ltd.		38,000		79,890
Credit Saison Co. Ltd.		11,600		288,707
Dai Nippon Printing Co. Ltd.		40,000		376,301
The Dai-ichi Life Insurance Co. Ltd.		612		822,022
Daicel Corp.		21,000		166,341
Daido Steel Co. Ltd.		21,000		114,164
Daihatsu Motor Co. Ltd.		13,000		269,441
Daiichi Sankyo Co. Ltd.		48,600		936,600
Daikin Industries Ltd.		17,100		669,983
Dainippon Sumitomo Pharma Co. Ltd.		11,900		221,751
Daito Trust Construction Co. Ltd.		5,300		451,327
Daiwa House Industry Co. Ltd.		37,000		715,014
Daiwa Securities Group, Inc.		120,000		835,846
Dena Co. Ltd.		7,400		200,754
Denki Kagaku Kogyo KK		34,000		120,578
Denso Corp.		35,000		1,480,941
Dentsu, Inc.		13,313		394,527
Don Quijote Co. Ltd.		4,100		181,535
East Japan Railway Co.		24,349		1,995,904
Eisai Co. Ltd.		18,200		811,637
Electric Power Development Co. Ltd.		8,400		220,926




QUANTITATIVE MASTER SERIES LLC	MARCH 31, 2013	4

Schedule of Investments (continued)

Master International Index Series

(Percentages shown are based on Net Assets)


Common Stocks	Shares		Value
Japan (continued)
FamilyMart Co. Ltd.		4,400	$	203,228
FANUC Corp.		13,900		2,138,575
Fast Retailing Co. Ltd.		3,800		1,236,674
Fuji Electric Co. Ltd.		40,800		118,700
Fuji Heavy Industries Ltd.		43,000		667,052
FUJIFILM Holdings Corp.		33,500		653,069
Fujitsu Ltd.		134,000		552,049
Fukuoka Financial Group, Inc.		54,000		276,938
Furukawa Electric Co. Ltd.		46,000		102,570
Gree, Inc.		6,400		79,032
GS Yuasa Corp.		25,000		101,136
The Gunma Bank Ltd.		27,000		162,264
The Hachijuni Bank Ltd.		31,000		187,290
Hakuhodo DY Holdings, Inc.		1,640		124,855
Hamamatsu Photonics KK		5,300		213,283
Hankyu Hanshin Holdings, Inc.		84,000		507,496
Hino Motors Ltd.		18,000		193,035
Hirose Electric Co. Ltd.		2,100		283,404
The Hiroshima Bank Ltd.		35,000		170,949
Hisamitsu Pharmaceutical Co., Inc.		4,400		240,136
Hitachi Chemical Co. Ltd.		7,400		112,045
Hitachi Construction Machinery Co. Ltd.		8,000		172,266
Hitachi High-Technologies Corp.		4,400		92,504
Hitachi Ltd.		340,000		1,960,289
Hitachi Metals Ltd.		12,000		112,253
Hokkaido Electric Power Co., Inc. (a)		14,000		147,611
Hokuriku Electric Power Co.		12,800		157,520
Honda Motor Co. Ltd.		117,900		4,450,356
Hoya Corp.		31,500		585,984
Hulic Co. Ltd.		18,200		149,380
Ibiden Co. Ltd.		8,400		130,754
Idemitsu Kosan Co. Ltd.		1,500		129,327
IHI Corp.		94,000		285,453
Inpex Corp.		158		838,819
Isetan Mitsukoshi Holdings Ltd.		25,205		363,436
Isuzu Motors Ltd.		86,000		506,795
ITOCHU Corp.		108,600		1,304,169
Itochu Techno-Solutions Corp.		1,700		85,199
The Iyo Bank Ltd.		19,000		179,348
J. Front Retailing Co. Ltd.		34,600		267,821
Japan Airlines Co. Ltd.		4,340		201,378
Japan Exchange Group, Inc.		3,700		335,114
Japan Petroleum Exploration Co.		2,000		79,316
Japan Prime Realty Investment Corp.		58		230,017
Japan Real Estate Investment Corp.		42		574,835
Japan Retail Fund Investment Corp.		147		362,427
The Japan Steel Works Ltd.		24,000		127,670
Japan Tobacco, Inc.		79,600		2,535,570
JFE Holdings, Inc.		35,300		662,297


Common Stocks	Shares		Value
Japan (continued)
JGC Corp.		15,000	$	378,902
The Joyo Bank Ltd.		45,000		251,805
JS Group Corp.		19,300		380,754
JSR Corp.		13,200		267,980
JTEKT Corp.		16,600		157,222
Jupiter Telecommunications Co. Ltd.		156		204,566
JX Holdings, Inc.		161,760		894,850
Kajima Corp.		63,800		173,421
Kamigumi Co. Ltd.		17,000		157,942
Kaneka Corp.		20,000		115,736
The Kansai Electric Power Co., Inc. (a)		54,800		539,970
Kansai Paint Co. Ltd.		15,000		166,596
Kao Corp.		37,900		1,239,456
Kawasaki Heavy Industries Ltd.		104,000		325,759
KDDI Corp.		39,200		1,610,788
Keikyu Corp.		34,000		355,596
Keio Corp.		41,000		352,187
Keisei Electric Railway Co. Ltd.		20,000		212,996
Keyence Corp.		3,292		1,000,743
Kikkoman Corp.		12,000		211,128
Kinden Corp.		10,000		66,893
Kintetsu Corp.		116,000		537,014
Kirin Holdings Co. Ltd.		63,000		1,010,756
Kobe Steel Ltd. (a)		179,000		207,167
Koito Manufacturing Co. Ltd.		8,000		139,138
Komatsu Ltd.		67,300		1,607,111
Konami Corp.		7,500		150,908
Konica Minolta Holdings, Inc.		35,500		259,333
Kubota Corp.		78,000		1,108,133
Kuraray Co. Ltd.		25,500		379,874
Kurita Water Industries Ltd.		8,200		179,359
Kyocera Corp.		11,000		1,028,987
Kyowa Hakko Kirin Co. Ltd.		19,000		216,670
Kyushu Electric Power Co., Inc. (a)		31,000		321,586
Lawson, Inc.		4,400		338,713
M3, Inc.		49		94,639
Mabuchi Motor Co. Ltd.		1,800		97,282
Makita Corp.		8,000		363,134
Marubeni Corp.		120,000		895,732
Marui Group Co. Ltd.		15,700		162,534
Maruichi Steel Tube Ltd.		3,400		79,964
Mazda Motor Corp. (a)		194,400		580,021
McDonald’s Holdings Co. Japan Ltd.		5,100		138,736
Medipal Holdings Corp.		11,100		156,871
Meiji Holdings Co. Ltd.		4,393		203,604
Miraca Holdings, Inc.		4,100		199,602
Mitsubishi Chemical Holdings Corp.		97,500		450,334
Mitsubishi Corp.		101,500		1,878,472
Mitsubishi Electric Corp.		139,000		1,117,254
Mitsubishi Estate Co. Ltd.		91,000		2,508,346
Mitsubishi Gas Chemical Co., Inc.		27,000		178,031




QUANTITATIVE MASTER SERIES LLC	MARCH 31, 2013	5

Schedule of Investments (continued)

Master International Index Series

(Percentages shown are based on Net Assets)


Common Stocks	Shares		Value
Japan (continued)
Mitsubishi Heavy Industries Ltd.		219,200	$	1,245,190
Mitsubishi Logistics Corp.		9,000		166,851
Mitsubishi Materials Corp.		83,000		236,186
Mitsubishi Motors Corp. (a)		294,000		305,925
Mitsubishi Tanabe Pharma Corp.		16,000		245,487
Mitsubishi UFJ Financial Group, Inc.		921,174		5,457,795
Mitsubishi UFJ Lease & Finance Co. Ltd.		41,900		221,112
Mitsui & Co. Ltd.		125,400		1,748,250
Mitsui Chemicals, Inc.		63,000		137,131
Mitsui Fudosan Co. Ltd.		60,000		1,681,249
Mitsui OSK Lines Ltd. (a)		81,000		265,757
Mizuho Financial Group, Inc.		1,652,364		3,491,404
MS&AD Insurance Group Holdings		36,570		802,226
Murata Manufacturing Co. Ltd.		14,600		1,086,706
Nabtesco Corp.		7,300		149,984
Namco Bandai Holdings, Inc.		13,000		229,826
NEC Corp.		157,000		408,420
Nexon Co. Ltd.		7,300		70,923
NGK Insulators Ltd.		19,000		204,364
NGK Spark Plug Co. Ltd.		13,000		198,216
NHK Spring Co. Ltd.		10,700		111,454
Nidec Corp.		7,900		472,255
Nikon Corp.		24,700		585,110
Nintendo Co. Ltd.		7,700		826,577
Nippon Building Fund, Inc.		50		690,168
Nippon Electric Glass Co. Ltd.		26,500		134,498
Nippon Express Co. Ltd.		63,000		307,040
Nippon Meat Packers, Inc.		13,000		214,090
Nippon Paper Group, Inc.		7,094		108,169
Nippon Steel Corp.		548,265		1,368,043
Nippon Telegraph & Telephone Corp.		31,476		1,371,936
Nippon Yusen KK		118,000		304,460
The Nishi-Nippon City Bank Ltd.		48,000		150,350
Nissan Motor Co. Ltd.		179,500		1,724,862
Nisshin Seifun Group, Inc.		14,000		190,125
Nissin Foods Holdings Co. Ltd.		4,300		200,207
Nitori Holdings Co. Ltd.		2,550		194,946
Nitto Denko Corp.		12,010		710,296
NKSJ Holdings, Inc.		27,275		568,784
NOK Corp.		7,100		101,773
Nomura Holdings, Inc.		262,000		1,605,160
Nomura Real Estate Holdings, Inc.		6,500		143,831
Nomura Real Estate Office Fund, Inc.		19		142,429
Nomura Research Institute Ltd.		7,500		192,398
NSK Ltd.		32,000		242,939
NTT Data Corp.		91		302,915
NTT DoCoMo, Inc.		1,102		1,662,712
NTT Urban Development Corp.		84		99,269
Obayashi Corp.		46,000		219,792
Odakyu Electric Railway Co. Ltd.		44,000		547,080
OJI Paper Co. Ltd.		57,000		210,013


Common Stocks	Shares		Value
Japan (continued)
Olympus Corp. (a)		14,500	$	340,407
Omron Corp.		15,000		369,505
Ono Pharmaceutical Co. Ltd.		6,100		371,130
Oracle Corp. Japan		2,600		117,605
Oriental Land Co. Ltd.		3,600		585,602
ORIX Corp.		75,500		954,773
Osaka Gas Co. Ltd.		134,000		589,042
Otsuka Corp.		1,100		119,250
Otsuka Holdings Co. Ltd.		26,100		914,525
Panasonic Corp.		159,100		1,104,814
Park24 Co. Ltd.		7,000		137,057
Rakuten, Inc.		52,300		531,441
Resona Holdings, Inc.		136,956		709,647
Ricoh Co. Ltd.		45,000		479,720
Rinnai Corp.		2,300		165,332
Rohm Co. Ltd.		6,900		252,761
Sankyo Co. Ltd.		3,600		170,291
Sanrio Co. Ltd.		3,200		142,536
Santen Pharmaceutical Co. Ltd.		5,200		245,700
SBI Holdings, Inc.		17,140		151,235
Secom Co. Ltd.		15,200		782,756
Sega Sammy Holdings, Inc.		14,332		290,810
Sekisui Chemical Co. Ltd.		31,000		339,690
Sekisui House Ltd.		38,000		516,054
Seven & I Holdings Co. Ltd.		54,400		1,799,278
Seven Bank Ltd.		39,600		128,244
Sharp Corp. (a)		74,000		213,718
Shikoku Electric Power Co., Inc. (a)		12,200		177,210
Shimadzu Corp.		16,000		113,994
Shimamura Co. Ltd.		1,600		188,915
Shimano, Inc.		5,400		455,829
Shimizu Corp.		41,000		133,213
Shin-Etsu Chemical Co. Ltd.		29,600		1,964,324
Shinsei Bank Ltd.		110,000		247,611
Shionogi & Co. Ltd.		21,600		445,623
Shiseido Co. Ltd.		26,000		366,341
The Shizuoka Bank Ltd.		38,000		427,692
Showa Denko KK		101,000		151,210
Showa Shell Sekiyu KK		13,200		97,549
SMC Corp.		3,900		752,835
Softbank Corp.		68,600		3,161,223
Sojitz Corp.		87,100		134,100
Sony Corp.		72,600		1,265,759
Sony Financial Holdings, Inc.		12,300		184,147
Stanley Electric Co. Ltd.		10,600		186,496
Sumco Corp.		8,600		99,533
Sumitomo Chemical Co. Ltd.		106,000		329,773
Sumitomo Corp.		81,300		1,016,897
Sumitomo Electric Industries Ltd.		54,700		674,312
Sumitomo Heavy Industries Ltd.		42,000		169,909
Sumitomo Metal Mining Co. Ltd.		38,000		541,877
Sumitomo Mitsui Financial Group, Inc.		97,150		3,894,046
Sumitomo Mitsui Trust Holdings, Inc.		224,820		1,057,499




QUANTITATIVE MASTER SERIES LLC	MARCH 31, 2013	6

Schedule of Investments (continued)

Master International Index Series

(Percentages shown are based on Net Assets)


Common Stocks	Shares		Value
Japan (continued)
Sumitomo Realty & Development Co. Ltd.		25,000	$	954,290
Sumitomo Rubber Industries Ltd.		12,700		216,162
Suruga Bank Ltd.		14,000		225,802
Suzuken Co. Ltd.		4,900		182,098
Suzuki Motor Corp.		26,300		589,502
Sysmex Corp.		5,100		313,538
T&D Holdings, Inc.		42,500		512,635
Taiheiyo Cement Corp.		82,000		192,419
Taisei Corp.		73,000		200,754
Taisho Pharmaceutical Holdings Co. Ltd.		2,700		195,519
Taiyo Nippon Sanso Corp.		18,000		121,937
Takashimaya Co. Ltd.		19,000		188,830
Takeda Pharmaceutical Co. Ltd.		57,100		3,049,618
TDK Corp.		8,900		309,015
Teijin Ltd.		70,000		162,030
Terumo Corp.		10,900		468,730
THK Co. Ltd.		9,000		173,731
Tobu Railway Co. Ltd.		75,000		427,639
Toho Co. Ltd.		8,500		176,895
Toho Gas Co. Ltd.		30,000		195,264
Tohoku Electric Power Co., Inc. (a)		32,300		260,650
Tokio Marine Holdings, Inc.		49,900		1,404,067
The Tokyo Electric Power Co., Inc. (a)		108,200		292,960
Tokyo Electron Ltd.		12,600		557,220
Tokyo Gas Co. Ltd.		177,000		966,001
Tokyu Corp.		83,000		624,835
Tokyu Land Corp.		31,000		288,671
TonenGeneral Sekiyu KK		21,000		206,031
Toppan Printing Co. Ltd.		39,000		279,932
Toray Industries, Inc.		106,700		720,548
Toshiba Corp.		291,000		1,458,399
Toto Ltd.		20,000		177,320
Toyo Seikan Kaisha Ltd.		11,500		161,669
Toyo Suisan Kaisha Ltd.		6,000		183,478
Toyoda Gosei Co. Ltd.		4,900		113,629
Toyota Boshoku Corp.		5,000		70,079
Toyota Industries Corp.		11,700		426,110
Toyota Motor Corp.		199,400		10,289,701
Toyota Tsusho Corp.		15,600		403,997
Trend Micro, Inc.		7,500		213,182
Tsumura & Co.		4,100		151,279
Ube Industries Ltd.		76,000		149,289
Uni-charm Corp.		8,300		490,879
Ushio, Inc.		7,700		79,633
USS Co. Ltd.		1,610		188,899
West Japan Railway Co.		12,100		580,075
Yahoo! Japan Corp.		1,048		481,826
Yakult Honsha Co. Ltd.		7,100		286,850
Yamada Denki Co. Ltd.		6,350		289,586
Yamaguchi Financial Group, Inc.		16,000		161,733
Yamaha Corp.		10,800		107,106
Yamaha Motor Co. Ltd.		19,800		271,204


Common Stocks	Shares		Value
Japan (concluded)
Yamato Holdings Co. Ltd.		27,300	$	504,375
Yamato Kogyo Co. Ltd.		2,900		85,048
Yamazaki Baking Co. Ltd.		8,000		108,728
Yaskawa Electric Corp.		15,000		148,598
Yokogawa Electric Corp.		15,400		154,687

				175,393,167

Mexico — 0.0%
Fresnillo Plc		13,315		275,463

Netherlands — 2.5%
Aegon NV		129,127		779,649
Akzo Nobel NV		17,172		1,091,006
ASML Holding NV		22,697		1,528,722
Corio NV		4,942		230,850
DE Master Blenders 1753 NV (a)		36,670		566,395
Delta Lloyd NV		12,841		221,159
Fugro NV - CVA		5,062		280,575
Gemalto NV		5,787		505,170
Heineken Holding NV		7,264		466,075
Heineken NV		16,614		1,253,088
ING Groep NV - CVA (a)		276,758		1,991,324
Koninklijke Ahold NV		72,702		1,114,503
Koninklijke Boskalis Westminster NV		5,624		223,734
Koninklijke DSM NV		11,114		647,621
Koninklijke KPN NV		72,455		244,036
Koninklijke Philips Electronics NV		69,219		2,047,909
Koninklijke Vopak NV		5,213		314,472
QIAGEN NV (a)		17,354		362,304
Randstad Holding NV		8,848		363,175
Reed Elsevier NV		49,710		852,181
STMicroelectronics NV		46,746		361,124
TNT Express NV		24,385		178,827
Unilever NV - CVA		117,756		4,824,707
Wolters Kluwer NV		21,755		475,371
Ziggo NV		8,545		300,649

				21,224,626

New Zealand — 0.1%
Auckland International Airport Ltd.		68,782		169,822
Contact Energy Ltd.		25,128		119,944
Fletcher Building Ltd.		49,552		356,379
SKYCITY Entertainment Group Ltd.		43,664		161,405
Telecom Corp. of New Zealand Ltd.		133,880		262,887

				1,070,437

Norway — 0.9%
Aker Solutions ASA		12,065		226,184
DnB NOR ASA		70,393		1,034,701
Gjensidige Forsikring ASA		14,091		232,882
Norsk Hydro ASA		67,655		294,187
Orkla ASA		54,841		440,290
Seadrill Ltd.		25,363		923,167
Statoil ASA		80,608		1,965,438




QUANTITATIVE MASTER SERIES LLC	MARCH 31, 2013	7

Schedule of Investments (continued)

Master International Index Series

(Percentages shown are based on Net Assets)


Common Stocks	Shares		Value
Norway (concluded)
Subsea 7 SA		20,624	$	484,098
Telenor ASA		50,604		1,112,821
Yara International ASA		13,475		614,355

				7,328,123

Portugal — 0.2%
Banco Espirito Santo SA,
Registered Shares (a)		140,243		143,832
EDP - Energias de Portugal SA		136,366		420,219
Galp Energia SGPS SA		19,954		312,806
Jeronimo Martins SGPS SA		16,209		315,703
Portugal Telecom SGPS SA, Registered Shares		44,559		220,882

				1,413,442

Singapore — 1.7%
Ascendas Real Estate Investment Trust		137,962		289,840
CapitaCommercial Trust		149,000		190,796
CapitaLand Ltd.		186,749		534,038
CapitaMall Trust		166,700		281,307
CapitaMalls Asia Ltd.		100,000		165,873
City Developments Ltd.		35,535		325,771
ComfortDelGro Corp. Ltd.		135,816		209,532
DBS Group Holdings Ltd.		131,407		1,700,433
Genting Singapore Plc		446,227		539,762
Global Logistic Properties Ltd.		157,000		333,348
Golden Agri-Resources Ltd.		545,251		255,103
Hutchison Port Holdings Trust		371,000		316,543
Jardine Cycle & Carriage Ltd.		7,721		319,215
Keppel Corp. Ltd.		103,577		938,074
Keppel Land Ltd.		56,000		178,575
Noble Group Ltd.		281,840		277,627
Olam International Ltd.		120,900		168,277
Oversea-Chinese Banking Corp.		185,914		1,601,253
SembCorp Industries Ltd.		70,590		296,334
Sembcorp Marine Ltd.		59,197		212,339
Singapore Airlines Ltd.		40,009		351,376
Singapore Exchange Ltd.		63,000		392,389
Singapore Press Holdings Ltd.		84,316		304,948
Singapore Technologies Engineering Ltd.		112,213		390,851
Singapore Telecommunications Ltd.		574,132		1,664,296
StarHub Ltd.		44,157		155,198
United Overseas Bank Ltd.		92,572		1,525,829
UOL Group Ltd.		32,457		183,246
Wilmar International Ltd.		138,670		387,617
Yangzijiang Shipbuilding Holdings Ltd.		135,183		106,231

				14,596,021

Spain — 2.7%
Abertis Infraestructuras SA		26,606		448,262
Acciona SA		1,866		102,161


Common Stocks	Shares		Value
Spain (concluded)
ACS Actividades de Construccion y Servicios SA		10,405	$	243,780
Amadeus IT Holding SA, Class A		22,771		617,255
Banco Bilbao Vizcaya Argentaria SA		393,930		3,439,605
Banco de Sabadell SA (a)		204,915		377,301
Banco Popular Espanol SA (a)		398,211		296,092
Banco Santander SA		761,794		5,160,691
Bankia SA (a)		64,874		13,791
Caixa Bank		81,589		276,793
Distribuidora Internacional de Alimentacion SA		44,107		306,109
Enagas SA		13,781		321,392
Ferrovial SA		29,072		462,699
Gas Natural SDG SA		25,240		447,866
Grifols SA (a)		10,747		399,151
Iberdrola SA		339,799		1,588,459
Inditex SA		15,763		2,100,509
International Consolidated Airlines Group SA (a)		65,894		254,189
Mapfre SA		56,128		174,418
Red Electrica Corp. SA		7,798		392,703
Repsol YPF SA		60,662		1,232,366
Telefonica SA		296,097		4,011,542
Zardoya Otis SA		11,354		152,197

				22,819,331

Sweden — 3.2%
Alfa Laval AB		24,501		564,825
Assa Abloy AB, Class B		24,073		982,757
Atlas Copco AB, Class A		48,379		1,374,644
Atlas Copco AB, Class B		28,123		711,544
Boliden AB		19,708		317,917
Electrolux AB, Class B		17,162		436,861
Elekta AB, Class B		26,558		402,300
Getinge AB, Class B		14,723		448,933
Hennes & Mauritz AB, Class B		68,655		2,455,408
Hexagon AB, Class B		17,064		465,368
Husqvarna AB, Class B		29,922		176,763
Industrivarden AB, Class C		8,848		161,170
Investor AB, Class B		32,823		948,140
Kinnevik Investment AB, Class B		14,676		355,777
Lundin Petroleum AB (a)		16,421		356,332
Millicom International Cellular SA		4,627		369,169
Nordea Bank AB		190,276		2,155,631
Ratos AB, Class B		14,492		153,148
Sandvik AB		72,262		1,113,148
Scania AB, Class B		23,456		491,423
Securitas AB, Class B		22,513		211,865
Skandinaviska Enskilda Banken AB, Class A		101,621		1,020,562
Skanska AB, Class B		27,380		495,147
SKF AB, Class B		28,256		689,480
Svenska Cellulosa AB, B Shares		41,744		1,076,249




QUANTITATIVE MASTER SERIES LLC	MARCH 31, 2013	8

Schedule of Investments (continued)

Master International Index Series

(Percentages shown are based on Net Assets)


Common Stocks	Shares		Value
Sweden (concluded)
Svenska Handelsbanken AB, Class A		35,799	$	1,529,041
Swedbank AB, Class A		58,182		1,323,803
Swedish Match AB		15,013		465,391
Tele2 AB, Class B		23,163		403,460
Telefonaktiebolaget LM Ericsson, Class B		220,047		2,752,858
TeliaSonera AB		156,095		1,113,293
Volvo AB, Class B		108,414		1,580,630

				27,103,037

Switzerland — 9.0%
ABB Ltd., Registered Shares (a)		158,979		3,610,224
Actelion Ltd., Registered Shares (a)		7,806		424,591
Adecco SA, Registered Shares (a)		9,660		530,001
Aryzta AG (a)		6,314		373,295
Baloise Holding AG, Registered Shares		3,524		331,189
Banque Cantonale Vaudoise		218		121,860
Barry Callebaut AG (a)		137		132,227
Cie Financiere Richemont SA, Class A		37,743		2,972,508
Credit Suisse Group AG		90,685		2,385,834
EMS-Chemie Holding AG		575		173,197
Geberit AG, Registered Shares (a)		2,680		661,027
Givaudan SA, Registered Shares (a)		601		739,066
Holcim Ltd., Registered Shares (a)		16,505		1,318,770
Julius Baer Group Ltd. (a)		15,618		608,865
Kuehne & Nagel International AG, Registered Shares		3,968		433,354
Lindt & Spruengli AG		62		238,822
Lindt & Spruengli AG, Registered Shares		7		315,996
Lonza Group AG, Registered Shares (a)		3,867		251,499
Nestle SA, Registered Shares		233,060		16,872,953
Novartis AG, Registered Shares		166,249		11,852,629
Pargesa Holding SA		2,037		138,719
Partners Group Holding AG		1,231		304,102
Roche Holding AG		50,777		11,841,028
Schindler Holding AG, Participation Certificates		3,552		521,155
Schindler Holding AG, Registered Shares		1,514		216,119
SGS SA, Registered Shares		394		967,334
Sika AG		157		382,134
Sonova Holding AG, Registered Shares (a)		3,664		440,161
Sulzer AG		1,732		296,473
The Swatch Group AG, Bearer Shares		2,223		1,296,415
The Swatch Group AG, Registered Shares		3,151		320,496
Swiss Life Holding, Registered Shares (a)		2,181		324,314
Swiss Prime Site AG (a)		3,878		314,040


Common Stocks	Shares		Value
Switzerland (concluded)
Swiss Re AG (a)		25,448	$	2,073,193
Swisscom AG, Registered Shares		1,680		778,300
Syngenta AG, Registered Shares		6,734		2,818,788
Transocean Ltd.		25,894		1,338,211
UBS AG, Registered Shares (a)		263,245		4,049,251
Zurich Insurance Group AG (a)		10,657		2,975,836

				75,743,976

United Kingdom — 21.5%
3i Group Plc		70,365		338,960
Aberdeen Asset Management Plc		64,746		423,214
Admiral Group Plc		15,222		308,929
Aggreko Plc		19,598		532,022
AMEC Plc		21,713		349,013
Anglo American Plc		100,571		2,597,667
Antofagasta Plc		28,668		430,436
ARM Holdings Plc		99,369		1,400,460
Associated British Foods Plc		25,675		742,781
AstraZeneca Plc		90,014		4,516,216
Aviva Plc		214,333		971,784
Babcock International Group Plc		26,054		431,540
BAE Systems Plc		234,485		1,408,211
Balfour Beatty Plc		48,360		173,041
Barclays Plc		838,046		3,729,553
BG Group Plc		245,906		4,232,544
BHP Billiton Plc		152,681		4,447,364
BP Plc		1,377,884		9,691,535
British American Tobacco Plc		139,663		7,490,821
British Land Co. Plc		61,463		508,926
British Sky Broadcasting Group Plc		76,819		1,032,755
BT Group Plc		569,632		2,406,445
Bunzl Plc		23,887		471,602
Burberry Group Plc		31,826		644,466
The Capita Group Plc		47,602		650,841
Capital Shopping Centres Group Plc		41,493		211,402
Carnival Plc		13,140		459,484
Centrica Plc		375,627		2,103,125
Cobham Plc		76,587		283,700
Compass Group Plc		132,963		1,702,221
Croda International Plc		9,750		407,346
Diageo Plc		181,116		5,708,391
Eurasian Natural Resources Corp. Plc		18,522		69,603
Evraz Plc		21,093		71,473
G4S Plc		101,655		451,818
GKN Plc		116,331		468,905
GlaxoSmithKline Plc		354,851		8,311,490
Glencore International Plc		281,419		1,527,327
Hammerson Plc		52,061		390,323
Hargreaves Lansdown Plc		17,626		233,106
HSBC Holdings Plc		1,330,228		14,196,269
ICAP Plc		39,581		175,199
IMI Plc		23,015		454,436
Imperial Tobacco Group Plc		71,354		2,496,205




QUANTITATIVE MASTER SERIES LLC	MARCH 31, 2013	9

Schedule of Investments (continued)

Master International Index Series

(Percentages shown are based on Net Assets)


Common Stocks	Shares		Value
United Kingdom (continued)
Inmarsat Plc		33,148	$	354,950
InterContinental Hotels Group Plc		19,268		589,106
Intertek Group Plc		11,695		604,450
Invensys Plc		58,779		314,875
Investec Plc		39,244		274,516
ITV Plc		272,181		536,790
J Sainsbury Plc		90,168		519,483
Johnson Matthey Plc		14,995		526,160
Kazakhmys Plc		15,170		90,796
Kingfisher Plc		170,770		748,716
Land Securities Group Plc		56,242		710,137
Legal & General Group Plc		426,186		1,121,782
Lloyds Banking Group Plc (a)		3,051,357		2,274,146
London Stock Exchange Group Plc		12,540		249,443
Marks & Spencer Group Plc		115,856		687,204
Meggitt Plc		56,373		421,893
Melrose Industries Plc		86,968		352,303
National Grid Plc		263,043		3,057,206
Next Plc		11,651		774,229
Old Mutual Plc		352,304		1,088,788
Pearson Plc		58,849		1,059,126
Petrofac Ltd.		19,043		415,797
Prudential Plc		184,864		3,003,172
Randgold Resources Ltd.		6,323		545,413
Reckitt Benckiser Group Plc		46,788		3,360,044
Reed Elsevier Plc		86,617		1,030,773
Resolution Ltd.		101,525		421,853
Rexam PLC		58,197		467,429
Rio Tinto Plc		96,912		4,565,660
Rolls-Royce Holdings Plc (a)		135,382		2,330,077
Royal Bank of Scotland Group Plc (a)		154,585		649,743
Royal Dutch Shell Plc, Class A		270,182		8,762,253
Royal Dutch Shell Plc, Class B		189,383		6,299,407
RSA Insurance Group Plc		258,983		459,320
SABMiller Plc		69,224		3,652,120
The Sage Group Plc		88,222		460,166
Schroders Plc		8,386		269,441
Scottish & Southern Energy Plc		69,081		1,562,031
Segro Plc		52,071		201,744
Serco Group Plc		36,071		344,895
Severn Trent Plc		17,021		443,631
Shire Plc		40,513		1,234,086
Smith & Nephew Plc		64,894		750,761


Common Stocks	Shares		Value
United Kingdom (concluded)
Smiths Group Plc		28,603	$	547,935
Standard Chartered Plc		174,290		4,526,686
Standard Life Plc		170,115		948,681
Tate & Lyle Plc		33,703		435,583
Tesco Plc		581,394		3,380,505
Tui Travel Plc		31,441		156,014
Tullow Oil Plc		65,394		1,224,444
Unilever Plc		92,786		3,925,493
United Utilities Group Plc		49,610		534,767
Vedanta Resources Plc		7,455		114,411
Vodafone Group Plc		3,554,749		10,089,587
The Weir Group Plc		15,570		537,301
Whitbread Plc		13,035		509,958
WM Morrison Supermarkets Plc		161,978		681,000
Wolseley Plc		19,757		985,533
WPP Plc		91,054		1,455,475
Xstrata Plc (a)		151,987		2,474,866

				179,767,103

Total Long-Term Investments (Cost – $651,592,546) – 98.6%				826,322,546


Short-Term Securities
BlackRock Liquidity Funds, TempCash, Institutional Class, 0.11% (b)(c)		287,809		287,809

Total Short-Term Securities (Cost – $287,809) – 0.0%				287,809

*Total Investments (Cost - $651,880,355) – 98.6%**				826,610,355
Other Assets Less Liabilities – 1.4%				11,524,464

Net Assets – 100.0%			$	838,134,819

*	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	$	693,884,356

Gross unrealized appreciation	$	217,219,998
Gross unrealized depreciation		(84,493,999	)

Net unrealized appreciation	$	132,725,999




QUANTITATIVE MASTER SERIES LLC	MARCH 31, 2013	10


Schedule of Investments (continued)		Master International Index Series

Notes to Schedule of Investments

(a)	Non-income producing security.

(b)	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:


Affiliate	Shares Held at December 31, 2012		Net Activity		Shares Held at March 31, 2013		Income

BlackRock Liquidity Funds, TempCash, Institutional Class		—		287,809		287,809	$	781

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

Portfolio Abbreviations

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


DKK		Danish Krone
EAFE		Europe Australasia and Far East
FTSE		Financial Times Stock Exchange
GBP		British Pound
MSCI		Morgan Stanley Capital International
NOK		Norwegian Krone
USD		US Dollar

•

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


Contracts Purchased	Issue	Exchange	Expiration	Notional Value		Unrealized Appreciation (Depreciation)
84	DJ Euro Stoxx 50 Index	Eurex	June 2013	$	2,750,031	$	(91,893	)
8	E-Mini MSCI EAFE Index	Chicago Mercantile	June 2013	$	663,680		(4,779	)
28	FTSE 100 Index	Euronext LIFFE	June 2013	$	2,702,007		(30,041	)
26	Nikkei 225 Index	Singapore Exchange	June 2013	$	1,715,887		82,509
9	SPI 200 Index	Australian Security Exchange	June 2013	$	1,163,564		(17,854	)

Total						$	(62,058	)

•

Foreign currency exchange contracts as of March 31, 2013 were as follows:


Currency Purchased		Currency Sold			Counterparty	Settlement Date	Unrealized Appreciation (Depreciation)
USD	64,267		DKK	375,000	Deutsche Bank AG	4/02/13	$	(206	)
USD	150,000		GBP	98,853	Deutsche Bank AG	4/02/13		(202	)
USD	7,686		NOK	45,000	Deutsche Bank AG	4/02/13		(19	)
USD	88,518		NOK	517,000	Deutsche Bank AG	4/02/13		2

Total							$	(425	)




QUANTITATIVE MASTER SERIES LLC	MARCH 31, 2013	11


Schedule of Investments (continued)		Master International Index Series

•

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:

•

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

•

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

•

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

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the 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.




QUANTITATIVE MASTER SERIES LLC	MARCH 31, 2013	12


Schedule of Investments (continued)		Master International Index Series

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:
Long Term Investments
Common Stocks:
Australia	$	240,944		$	75,695,705		$	10	$	75,936,659
Austria		—			2,238,748			—		2,238,748
Belgium		—			9,992,489			—		9,992,489
Denmark		—			9,452,726			—		9,452,726
Finland		—			6,359,237			—		6,359,237
France		538,972			75,001,334			—		75,540,306
Germany		—			69,095,945			—		69,095,945
Greece		—			513,283			—		513,283
Hong Kong		—			25,911,475			—		25,911,475
Ireland		649,116			3,281,593			1		3,930,710
Israel		—			4,544,498			—		4,544,498
Italy		—			16,071,744			—		16,071,744
Japan		175,393,167			—			—		175,393,167
Mexico		—			275,463			—		275,463
Netherlands		566,395			20,658,231			—		21,224,626
New Zealand		—			1,070,437			—		1,070,437
Norway		—			7,328,123			—		7,328,123
Portugal		315,703			1,097,739			—		1,413,442
Singapore		—			14,596,021			—		14,596,021
Spain		—			22,819,331			—		22,819,331
Sweden		—			27,103,037			—		27,103,037
Switzerland		630,036			75,113,940			—		75,743,976
United Kingdom		—			179,767,103			—		179,767,103
Short-Term Securities		287,809			—			—		287,809

Total	$	178,622,142		$	647,988,202		$	11	$	826,610,355


	Level 1			Level 2			Level 3		Total
Derivative Financial
Instruments ¹
Assets:
Equity contracts	$	82,509			—			—	$	82,509
Foreign currency exchange contracts		—		$	2			—		2
Liabilities
Equity contracts		(144,567	)					—		(144,567	)
Foreign currency exchange contracts		—			(427	)		—		(427	)

Total	$	(62,058	)	$	(425	)		—	$	(62,483	)

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




QUANTITATIVE MASTER SERIES LLC	MARCH 31, 2013	13


Schedule of Investments (concluded)		Master International Index Series

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


	Level 1		Level 2			Level 3		Total
Assets:
Cash pledged as collateral for financial futures contracts	$	628,000		—			—	$	628,000
Foreign currency at value		5,950,594		—			—		5,950,594
Liabilities:
Bank overdraft		—	$	(179,044	)		—		(179,044	)

Total	$	6,578,594	$	(179,044	)		—	$	6,399,550

Certain foreign securities are fair valued utilizing an external pricing service to reflect any significant market movements between the time the Series values such foreign securities and the earlier closing of foreign markets. Such fair valuations are categorized as Level 2 in the disclosure hierarchy. On March 29, 2013, US and certain other financial markets were closed, while some foreign markets were open. The Series was re-priced for financial reporting purposes to reflect, in the valuation, the transactions related to open foreign market activities and were valued at the official closing price on the primary market or exchange on which the securities trade. The re-pricing resulted in the investments being categorized as Level 1. Therefore, these securities, with a value of $147,589,817, were transferred from Level 2 to Level 1 during the period December 31, 2012 to 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.




QUANTITATIVE MASTER SERIES LLC	MARCH 31, 2013	14

The American Beacon S&P 500 Index Fund invests all of its investable assets in the State Street Equity 500 Index Portfolio of the State Street Master Funds. The Schedule of Investments for the State Street Equity 500 Index Portfolio for the fiscal quarter ended March 31, 2013 is provided below.

STATE STREET EQUITY 500 INDEX PORTFOLIO

Portfolio of Investments

March 31, 2013 (Unaudited)


	Shares		Market Value
COMMON STOCKS — 98.0%
Consumer Discretionary — 12.2%
Abercrombie & Fitch Co. Class A		13,046	$	602,725
Amazon.com, Inc.(a)		57,992		15,454,288
Apollo Group, Inc. Class A(a)		18,029		313,524
AutoNation, Inc.(a)		6,363		278,381
AutoZone, Inc.(a)		5,964		2,366,336
Bed Bath & Beyond, Inc.(a)		36,545		2,354,229
Best Buy Co., Inc.		42,119		932,936
BorgWarner, Inc.(a)		18,500		1,430,790
Cablevision Systems Corp.		35,600		532,576
CarMax, Inc.(a)		37,200		1,551,240
Carnival Corp.		70,650		2,423,295
CBS Corp. Class B		95,403		4,454,366
Chipotle Mexican Grill, Inc.(a)		5,100		1,661,937
Coach, Inc.		44,828		2,240,952
Comcast Corp. Class A		420,748		17,675,623
D.R. Horton, Inc.		46,076		1,119,647
Darden Restaurants, Inc.		20,588		1,063,988
Delphi Automotive PLC		45,500		2,020,200
DIRECTV(a)		91,377		5,172,852
Discovery Communications, Inc. Class A(a)		39,900		3,141,726
Dollar General Corp.(a)		48,200		2,437,956
Dollar Tree, Inc.(a)		36,600		1,772,538
eBay, Inc.(a)		182,503		9,895,313
Expedia, Inc.		14,357		861,564
Family Dollar Stores, Inc.		15,558		918,700
Ford Motor Co.		625,498		8,225,299
Fossil, Inc.(a)		8,800		850,080
GameStop Corp. Class A		19,500		545,415
Gannett Co., Inc.		39,574		865,483
Gap, Inc.		44,198		1,564,609
Garmin Ltd.		17,300		571,592
Genuine Parts Co.		25,209		1,966,302
Goodyear Tire & Rubber Co.(a)		34,957		440,808
H&R Block, Inc.		47,115		1,386,123
Harley-Davidson, Inc.		35,801		1,908,193
Harman International Industries, Inc.		12,021		536,497
Hasbro, Inc.		17,825		783,231
Home Depot, Inc.		236,712		16,517,763
Host Hotels & Resorts, Inc.		118,721		2,076,430
International Game Technology		39,819		657,014
Interpublic Group of Cos., Inc.		71,894		936,779
JC Penney Co., Inc.		21,810		329,549
Johnson Controls, Inc.		109,586		3,843,181
Kohl’s Corp.		34,533		1,593,007
L Brands, Inc.		38,167		1,704,538
Lennar Corp. Class A		25,931		1,075,618
Lowe’s Cos., Inc.		176,962		6,710,399
Macy’s, Inc.		61,423		2,569,938
Marriott International, Inc. Class A		39,050		1,649,082
Mattel, Inc.		53,776		2,354,851
McDonald’s Corp.		160,325		15,982,799
McGraw-Hill Cos., Inc.		45,766		2,383,493
NetFlix, Inc.(a)		8,900		1,685,749
Newell Rubbermaid, Inc.		47,893		1,250,007
News Corp. Class A		320,809		9,791,091

State Street Equity 500 Index Portfolio

Portfolio of Investments – (continued)

March 31, 2013 (Unaudited)


	Shares		Market Value
COMMON STOCKS - (continued)
Consumer Discretionary - (continued)
NIKE, Inc. Class B		116,504	$	6,874,901
Nordstrom, Inc.		23,633		1,305,251
O’Reilly Automotive, Inc.(a)		17,700		1,815,135
Omnicom Group, Inc.		43,541		2,564,565
PetSmart, Inc.		17,300		1,074,330
Priceline.com, Inc.(a)		7,990		5,496,561
PulteGroup, Inc.(a)		54,705		1,107,229
PVH Corp.		12,400		1,324,444
Ralph Lauren Corp.		9,515		1,610,985
Ross Stores, Inc.		35,900		2,176,258
Scripps Networks Interactive, Inc. Class A		12,035		774,332
Snap-on, Inc.		9,212		761,832
Stanley Black & Decker, Inc.		27,007		2,186,757
Staples, Inc.		110,033		1,477,743
Starbucks Corp.		120,461		6,861,459
Starwood Hotels & Resorts Worldwide, Inc.		31,247		1,991,371
Target Corp.		104,216		7,133,585
Tiffany & Co.		19,880		1,382,455
Time Warner Cable, Inc.		48,471		4,656,124
Time Warner, Inc.		151,091		8,705,863
TJX Cos., Inc.		117,212		5,479,661
TripAdvisor, Inc.(a)		16,857		885,330
Urban Outfitters, Inc.(a)		18,300		708,942
V.F. Corp.		14,393		2,414,426
Viacom, Inc. Class B		72,422		4,459,023
Walt Disney Co.		287,945		16,355,276
Washington Post Co. Class B		660		295,020
Whirlpool Corp.		12,661		1,499,822
Wyndham Worldwide Corp.		22,699		1,463,632
Wynn Resorts, Ltd.		12,700		1,589,532
Yum! Brands, Inc.		73,292		5,272,626

				277,137,072

Consumer Staples — 10.6%
Altria Group, Inc.		320,199		11,011,644
Archer-Daniels-Midland Co.		107,324		3,620,038
Avon Products, Inc.		67,660		1,402,592
Beam, Inc.		25,045		1,591,359
Brown-Forman Corp. Class B		23,482		1,676,615
Campbell Soup Co.		28,865		1,309,316
Clorox Co.		20,543		1,818,672
Coca-Cola Co.		610,822		24,701,642
Coca-Cola Enterprises, Inc.		40,801		1,506,373
Colgate-Palmolive Co.		70,101		8,274,021
ConAgra Foods, Inc.		65,375		2,341,079
Constellation Brands, Inc. Class A(a)		23,026		1,096,959
Costco Wholesale Corp.		68,589		7,277,979
CVS Caremark Corp.		196,332		10,796,297
Dean Foods Co.(a)		31,858		577,585
Dr Pepper Snapple Group, Inc.		34,100		1,600,995
Estee Lauder Cos., Inc. Class A		38,504		2,465,411
General Mills, Inc.		103,664		5,111,672
H.J. Heinz Co.		52,069		3,763,027
Hormel Foods Corp.		21,200		875,984
Kellogg Co.		39,035		2,515,025

State Street Equity 500 Index Portfolio

Portfolio of Investments – (continued)

March 31, 2013 (Unaudited)


	Shares		Market Value
COMMON STOCKS - (continued)
Consumer Staples - (continued)
Kimberly-Clark Corp.		61,800	$	6,055,164
Kraft Foods Group, Inc.		94,769		4,883,446
Kroger Co.		77,576		2,570,869
Lorillard, Inc.		61,383		2,476,804
McCormick & Co., Inc.		20,753		1,526,383
Molson Coors Brewing Co. Class B		25,162		1,231,177
Mondelez International, Inc. Class A		284,309		8,702,698
Monster Beverage Corp.(a)		24,300		1,160,082
PepsiCo, Inc.		247,554		19,583,997
Philip Morris International, Inc.		262,799		24,364,095
Procter & Gamble Co.		433,619		33,414,680
Reynolds American, Inc.		52,074		2,316,772
Safeway, Inc.		37,164		979,271
Sysco Corp.		93,209		3,278,160
The Hershey Co.		23,482		2,055,379
The J.M. Smucker Co.		18,060		1,790,830
Tyson Foods, Inc. Class A		44,235		1,097,913
Wal-Mart Stores, Inc.		267,402		20,009,692
Walgreen Co.		137,218		6,542,554
Whole Foods Market, Inc.		27,533		2,388,488

				241,762,739

Energy — 10.7%
Anadarko Petroleum Corp.		79,126		6,919,569
Apache Corp.		62,125		4,793,565
Baker Hughes, Inc.		69,973		3,247,447
Cabot Oil & Gas Corp.		32,600		2,204,086
Cameron International Corp.(a)		38,500		2,510,200
Chesapeake Energy Corp.		83,182		1,697,745
Chevron Corp.(b)		309,746		36,804,020
ConocoPhillips		191,330		11,498,933
Consol Energy, Inc.		34,973		1,176,841
Denbury Resources, Inc.(a)		61,500		1,146,975
Devon Energy Corp.		60,151		3,393,719
Diamond Offshore Drilling, Inc.		11,500		799,940
Ensco PLC Class A		36,500		2,190,000
EOG Resources, Inc.		42,717		5,470,766
EQT Corp.		23,300		1,578,575
ExxonMobil Corp.(b)		714,447		64,378,819
FMC Technologies, Inc.(a)		38,600		2,099,454
Halliburton Co.		148,634		6,006,300
Helmerich & Payne, Inc.		16,300		989,410
Hess Corp.		47,801		3,423,030
Kinder Morgan, Inc.		101,326		3,919,290
Marathon Oil Corp.		111,777		3,769,120
Marathon Petroleum Corp.		54,288		4,864,205
Murphy Oil Corp.		27,441		1,748,815
Nabors Industries, Ltd.		48,204		781,869
National Oilwell Varco, Inc.		67,757		4,793,808
Newfield Exploration Co.(a)		20,600		461,852
Noble Corp.		39,400		1,503,110
Noble Energy, Inc.		27,910		3,228,071
Occidental Petroleum Corp.		127,044		9,956,438
Peabody Energy Corp.		44,124		933,223
Phillips 66		99,165		6,938,575

State Street Equity 500 Index Portfolio

Portfolio of Investments – (continued)

March 31, 2013 (Unaudited)


	Shares		Market Value
COMMON STOCKS - (continued)
Energy - (continued)
Pioneer Natural Resources Co.		21,100	$	2,621,675
QEP Resources, Inc.		27,068		861,845
Range Resources Corp.		25,500		2,066,520
Rowan Cos. PLC Class A(a)		19,620		693,763
Schlumberger, Ltd.		209,558		15,693,799
Southwestern Energy Co.(a)		54,600		2,034,396
Spectra Energy Corp.		104,398		3,210,238
Tesoro Corp.		23,165		1,356,311
Valero Energy Corp.		87,909		3,998,980
Williams Cos., Inc.		105,468		3,950,831
WPX Energy, Inc.(a)		30,856		494,313

				242,210,441

Financials — 16.5%
ACE, Ltd.		52,700		4,688,719
AFLAC, Inc.		73,990		3,848,960
Allstate Corp.		76,406		3,749,242
American Express Co.		153,264		10,339,189
American International Group, Inc.(a)		234,433		9,100,689
American Tower Corp. REIT		62,800		4,830,576
Ameriprise Financial, Inc.		34,007		2,504,616
Aon PLC		51,247		3,151,691
Apartment Investment & Management Co. Class A		22,952		703,708
Assurant, Inc.		14,131		636,036
AvalonBay Communities, Inc.		17,798		2,254,473
Bank of America Corp.		1,714,371		20,881,039
BB&T Corp.		111,970		3,514,738
Berkshire Hathaway, Inc. Class B(a)		289,503		30,166,213
BlackRock, Inc.		20,434		5,249,086
Boston Properties, Inc.		23,867		2,411,999
Capital One Financial Corp.		92,963		5,108,317
CBRE Group, Inc.(a)		49,575		1,251,769
Charles Schwab Corp.		175,293		3,100,933
Chubb Corp.		43,175		3,779,108
Cincinnati Financial Corp.		20,814		982,213
Citigroup, Inc.		484,620		21,439,589
CME Group, Inc.		48,955		3,005,347
Comerica, Inc.		32,144		1,155,577
DDR Corp. REIT		1,532		26,687
Discover Financial Services		79,005		3,542,584
E*Trade Financial Corp.(a)		35,531		380,537
Equity Residential		51,157		2,816,704
Fifth Third Bancorp		147,916		2,412,510
First Horizon National Corp.		43,755		467,303
Franklin Resources, Inc.		22,380		3,375,128
Genworth Financial, Inc. Class A(a)		72,151		721,510
Goldman Sachs Group, Inc.		70,534		10,379,078
Hartford Financial Services Group, Inc.		70,197		1,811,083
HCP, Inc.		73,400		3,659,724
Health Care REIT, Inc.		40,700		2,763,937
Hudson City Bancorp, Inc.		76,692		662,619
Huntington Bancshares, Inc.		141,956		1,049,055
IntercontinentalExchange, Inc.(a)		11,980		1,953,579
Invesco, Ltd.		72,200		2,090,912
J.P. Morgan Chase & Co.		610,315		28,965,550

State Street Equity 500 Index Portfolio

Portfolio of Investments – (continued)

March 31, 2013 (Unaudited)


	Shares		Market Value
COMMON STOCKS - (continued)
Financials - (continued)
KeyCorp		148,675	$	1,480,803
Kimco Realty Corp.		62,669		1,403,786
Legg Mason, Inc.		18,042		580,050
Leucadia National Corp.		46,736		1,281,968
Lincoln National Corp.		46,592		1,519,365
Loews Corp.		51,131		2,253,343
M&T Bank Corp.		18,737		1,932,909
Marsh & McLennan Cos., Inc.		88,553		3,362,357
Mastercard, Inc. Class A		16,800		9,090,984
MetLife, Inc.		174,396		6,630,536
Moody’s Corp.		30,266		1,613,783
Morgan Stanley		221,530		4,869,229
NASDAQ OMX Group, Inc.		18,400		594,320
Northern Trust Corp.		32,506		1,773,527
NYSE Euronext		40,200		1,553,328
Paychex, Inc.		50,738		1,779,382
People’s United Financial, Inc.		57,000		766,080
PNC Financial Services Group, Inc.		84,717		5,633,681
Principal Financial Group, Inc.		39,991		1,360,894
Progressive Corp.		84,501		2,135,340
ProLogis, Inc.		72,299		2,890,514
Prudential Financial, Inc.		74,339		4,385,258
Public Storage, Inc.		23,087		3,516,612
Regions Financial Corp.		218,789		1,791,882
Simon Property Group, Inc.		48,815		7,740,106
SLM Corp.		77,454		1,586,258
State Street Corp.(c)		72,725		4,297,320
SunTrust Banks, Inc.		86,518		2,492,584
T. Rowe Price Group, Inc.		40,075		3,000,415
The Bank of New York Mellon Corp.		188,685		5,281,293
Torchmark Corp.		14,931		892,874
Total System Services, Inc.		26,575		658,529
Travelers Cos., Inc.		61,604		5,186,441
U.S. Bancorp		300,952		10,211,301
Unum Group		46,829		1,322,919
Ventas, Inc.		47,300		3,462,360
Visa, Inc. Class A		82,400		13,994,816
Vornado Realty Trust		25,514		2,133,991
Wells Fargo & Co.		781,649		28,913,197
Western Union Co.		98,485		1,481,214
XL Group PLC		50,268		1,523,120
Zions Bancorp.		30,453		761,020

				374,072,016

Health Care — 12.0%
Abbott Laboratories		251,206		8,872,596
AbbVie, Inc.		251,206		10,244,181
Actavis, Inc.(a)		20,946		1,929,336
Aetna, Inc.		54,750		2,798,820
Alexion Pharmaceuticals, Inc.(a)		30,400		2,801,056
Allergan, Inc.		49,192		5,491,303
AmerisourceBergen Corp.		34,986		1,800,030
Amgen, Inc.		119,345		12,234,056
Baxter International, Inc.		87,561		6,360,431
Becton Dickinson and Co.		31,997		3,059,233

State Street Equity 500 Index Portfolio

Portfolio of Investments – (continued)

March 31, 2013 (Unaudited)


	Shares		Market Value
COMMON STOCKS - (continued)
Health Care - (continued)
Biogen Idec, Inc.(a)		37,731	$	7,278,687
Boston Scientific Corp.(a)		219,034		1,710,656
Bristol-Myers Squibb Co.		263,016		10,833,629
C.R. Bard, Inc.		11,997		1,209,058
Cardinal Health, Inc.		53,957		2,245,690
CareFusion Corp.(a)		33,878		1,185,391
Celgene Corp.(a)		67,118		7,779,647
Cerner Corp.(a)		23,000		2,179,250
CIGNA Corp.		45,996		2,868,771
Coventry Health Care, Inc.		21,903		1,030,098
Covidien PLC		76,800		5,210,112
DaVita, Inc.(a)		12,300		1,458,657
Dentsply International, Inc.		23,300		988,386
Edwards Lifesciences Corp.(a)		19,000		1,561,040
Eli Lilly & Co.		159,675		9,067,943
Express Scripts Holding Co.(a)		129,914		7,489,542
Forest Laboratories, Inc.(a)		37,402		1,422,772
Gilead Sciences, Inc.(a)		241,998		11,840,962
Hospira, Inc.(a)		25,303		830,698
Humana, Inc.		26,207		1,811,166
Intuitive Surgical, Inc.(a)		6,300		3,094,497
Johnson & Johnson		445,749		36,341,916
Laboratory Corp. of America Holdings(a)		15,422		1,391,064
Life Technologies Corp.(a)		27,887		1,802,337
McKesson Corp.		37,255		4,022,050
Mead Johnson Nutrition Co.		32,618		2,526,264
Medtronic, Inc.		159,778		7,503,175
Merck & Co., Inc.		480,370		21,246,765
Mylan, Inc.(a)		63,209		1,829,269
Patterson Cos., Inc.		12,894		490,488
Perrigo Co.		14,400		1,709,712
Pfizer, Inc.		1,146,411		33,085,422
Quest Diagnostics, Inc.		25,600		1,445,120
St. Jude Medical, Inc.		45,126		1,824,895
Stryker Corp.		46,289		3,019,894
Tenet Healthcare Corp.(a)		18,342		872,712
UnitedHealth Group, Inc.		161,796		9,256,349
Varian Medical Systems, Inc.(a)		18,060		1,300,320
WellPoint, Inc.		47,738		3,161,688
Zimmer Holdings, Inc.		28,252		2,125,115

				273,642,249

Industrials — 10.1%
3M Co.		99,672		10,596,130
ADT Corp.		36,250		1,774,075
Amphenol Corp. Class A		26,100		1,948,365
Avery Dennison Corp.		15,388		662,761
Boeing Co.		108,488		9,313,695
Caterpillar, Inc.		103,679		9,016,963
CH Robinson Worldwide, Inc.		25,861		1,537,695
Cintas Corp.		17,588		776,158
CSX Corp.		162,814		4,010,109
Cummins, Inc.		28,358		3,284,140
Danaher Corp.		93,572		5,815,500
Deere & Co.		62,737		5,394,127

State Street Equity 500 Index Portfolio

Portfolio of Investments – (continued)

March 31, 2013 (Unaudited)


	Shares		Market Value
COMMON STOCKS - (continued)
Industrials - (continued)
Dover Corp.		27,895	$	2,032,988
Eaton Corp. PLC		75,124		4,601,345
Emerson Electric Co.		115,548		6,455,667
Equifax, Inc.		19,983		1,150,821
Expeditors International Washington, Inc.		34,020		1,214,854
Fastenal Co.		40,300		2,069,405
FedEx Corp.		46,800		4,595,760
First Solar, Inc.(a)		8,070		217,567
Flir Systems, Inc.		23,500		611,235
Flowserve Corp.		8,400		1,408,764
Fluor Corp.		26,960		1,788,257
Fortune Brands Home & Security, Inc.(a)		1,145		42,857
General Dynamics Corp.		53,161		3,748,382
General Electric Co.		1,663,433		38,458,571
Honeywell International, Inc.		124,981		9,417,318
Illinois Tool Works, Inc.		66,271		4,038,555
Ingersoll-Rand PLC		43,300		2,381,933
Iron Mountain, Inc.		24,010		871,803
Jacobs Engineering Group, Inc.(a)		20,400		1,147,296
Joy Global, Inc.		17,200		1,023,744
L-3 Communications Holdings, Inc.		15,703		1,270,687
Leggett & Platt, Inc.		20,398		689,044
Lockheed Martin Corp.		43,152		4,165,031
Masco Corp.		57,123		1,156,741
Norfolk Southern Corp.		50,855		3,919,903
Northrop Grumman Corp.		39,511		2,771,697
PACCAR, Inc.		56,774		2,870,493
Pall Corp.		18,609		1,272,297
Parker Hannifin Corp.		23,903		2,189,037
Pentair, Ltd.		33,495		1,766,861
Pitney Bowes, Inc.		29,727		441,743
Precision Castparts Corp.		23,007		4,362,587
Quanta Services, Inc.(a)		35,000		1,000,300
Raytheon Co.		52,982		3,114,812
Republic Services, Inc.		50,103		1,653,399
Robert Half International, Inc.		23,540		883,456
Rockwell Automation, Inc.		22,505		1,943,307
Rockwell Collins, Inc.		22,531		1,422,157
Roper Industries, Inc.		16,100		2,049,691
Ryder System, Inc.		7,921		473,280
Southwest Airlines Co.		114,186		1,539,227
Stericycle, Inc.(a)		14,100		1,497,138
Textron, Inc.		44,839		1,336,651
Thermo Fisher Scientific, Inc.		58,124		4,445,905
Tyco International, Ltd.		72,500		2,320,000
Union Pacific Corp.		74,268		10,576,506
United Parcel Service, Inc. Class B		112,546		9,667,701
United Technologies Corp.		134,478		12,564,280
W.W. Grainger, Inc.		9,669		2,175,332
Waste Management, Inc.		68,239		2,675,651
Xylem, Inc.		28,692		790,752

				230,412,506

State Street Equity 500 Index Portfolio

Portfolio of Investments – (continued)

March 31, 2013 (Unaudited)


	Shares		Market Value
COMMON STOCKS - (continued)
Information Technology — 16.1%
Accenture PLC Class A		101,500	$	7,710,955
Adobe Systems, Inc.(a)		77,957		3,391,909
Advanced Micro Devices, Inc.(a)		84,086		214,419
Agilent Technologies, Inc.		54,968		2,307,007
Akamai Technologies, Inc.(a)		27,324		964,264
Altera Corp.		50,554		1,793,150
Analog Devices, Inc.		47,269		2,197,536
AOL, Inc.(a)		1		38
Apple, Inc.		149,384		66,121,840
Applied Materials, Inc.		185,707		2,503,330
Autodesk, Inc.(a)		36,476		1,504,270
Automatic Data Processing, Inc.		75,317		4,897,111
BMC Software, Inc.(a)		22,421		1,038,765
Broadcom Corp. Class A		82,359		2,855,387
CA, Inc.		56,999		1,434,665
Cisco Systems, Inc.		850,319		17,780,170
Citrix Systems, Inc.(a)		29,667		2,140,771
Cognizant Technology Solutions Corp. Class A(a)		47,784		3,660,732
Computer Sciences Corp.		23,144		1,139,379
Corning, Inc.		238,976		3,185,550
Dell, Inc.		236,250		3,385,463
Dun & Bradstreet Corp.		7,100		593,915
Electronic Arts, Inc.(a)		50,400		892,080
EMC Corp.(a)		334,284		7,986,045
F5 Networks, Inc.(a)		12,200		1,086,776
Fidelity National Information Services, Inc.		46,777		1,853,305
Fiserv, Inc.(a)		21,052		1,848,997
Google, Inc. Class A(a)		42,590		33,817,738
Harris Corp.		18,600		861,924
Hewlett-Packard Co.		312,916		7,459,917
Intel Corp.		788,756		17,234,319
International Business Machines Corp.		167,042		35,630,059
Intuit, Inc.		42,163		2,768,001
Jabil Circuit, Inc.		27,551		509,142
Juniper Networks, Inc.(a)		84,393		1,564,646
KLA-Tencor Corp.		27,005		1,424,244
Lam Research Corp.(a)		25,858		1,072,073
Linear Technology Corp.		35,263		1,353,041
LSI Corp.(a)		89,162		604,518
Microchip Technology, Inc.		29,389		1,080,340
Micron Technology, Inc.(a)		160,962		1,606,401
Microsoft Corp.(b)		1,201,435		34,373,055
Molex, Inc.		23,205		679,442
Motorola Solutions, Inc.		45,952		2,942,307
NetApp, Inc.(a)		57,357		1,959,315
NVIDIA Corp.		99,956		1,281,436
Oracle Corp.		588,862		19,043,797
PerkinElmer, Inc.		19,218		646,494
QUALCOMM, Inc.		271,011		18,144,186
Red Hat, Inc.(a)		29,800		1,506,688
SAIC, Inc.		42,900		581,295
Salesforce.com, Inc.(a)		20,500		3,666,015
SanDisk Corp.(a)		38,367		2,110,185
Seagate Technology PLC		54,800		2,003,488
Symantec Corp.(a)		109,963		2,713,887
TE Connectivity, Ltd.		67,300		2,821,889

State Street Equity 500 Index Portfolio

Portfolio of Investments – (continued)

March 31, 2013 (Unaudited)


	Shares		Market Value
COMMON STOCKS - (continued)
Information Technology - (continued)
Teradata Corp.(a)		27,720	$	1,621,897
Teradyne, Inc.(a)		28,149		456,577
Texas Instruments, Inc.		176,199		6,251,541
VeriSign, Inc.(a)		24,721		1,168,809
Waters Corp.(a)		13,765		1,292,671
Western Digital Corp.		32,400		1,629,072
Xerox Corp.		209,101		1,798,269
Xilinx, Inc.		42,502		1,622,301
Yahoo!, Inc.(a)		154,519		3,635,832

				365,424,640

Materials — 3.5%
Air Products & Chemicals, Inc.		33,209		2,893,168
Airgas, Inc.		11,600		1,150,256
Alcoa, Inc.		169,749		1,446,262
Allegheny Technologies, Inc.		17,228		546,300
Ball Corp.		25,024		1,190,642
Bemis Co., Inc.		17,462		704,766
CF Industries Holdings, Inc.		9,450		1,798,997
Cliffs Natural Resources, Inc.		22,200		422,022
Dow Chemical Co.		189,628		6,037,756
E.I. du Pont de Nemours & Co.		148,112		7,281,186
Eastman Chemical Co.		23,708		1,656,478
Ecolab, Inc.		42,166		3,380,870
FMC Corp.		21,400		1,220,442
Freeport-McMoRan Copper & Gold, Inc. Class B		152,104		5,034,642
International Flavors & Fragrances, Inc.		13,031		999,087
International Paper Co.		71,411		3,326,324
LyondellBasell Industries NV		59,400		3,759,426
MeadWestvaco Corp.		26,720		969,936
Monsanto Co.		85,355		9,016,049
Mosaic Co.		41,900		2,497,659
Newmont Mining Corp.		78,406		3,284,427
Nucor Corp.		49,654		2,291,532
Owens-Illinois, Inc.(a)		24,000		639,600
Plum Creek Timber Co., Inc.		25,311		1,321,234
PPG Industries, Inc.		22,771		3,049,948
Praxair, Inc.		46,511		5,187,837
Sealed Air Corp.		28,792		694,175
Sherwin-Williams Co.		13,696		2,313,117
Sigma-Aldrich Corp.		19,134		1,486,329
United States Steel Corp.		21,478		418,821
Vulcan Materials Co.		21,361		1,104,364
Weyerhaeuser Co.		87,474		2,744,934

				79,868,586

Telecommunication Services — 2.9%
AT&T, Inc.		875,750		32,131,267
CenturyLink, Inc.		99,565		3,497,718
Crown Castle International Corp.(a)		46,900		3,266,116
Frontier Communications Corp.		165,844		660,059
JDS Uniphase Corp.(a)		32,523		434,833
MetroPCS Communications, Inc.(a)		52,500		572,250
Sprint Nextel Corp.(a)		479,365		2,976,857

State Street Equity 500 Index Portfolio

Portfolio of Investments – (continued)

March 31, 2013 (Unaudited)


	Shares		Market Value
COMMON STOCKS - (continued)
Telecommunication Services - (continued)
Verizon Communications, Inc.		455,766	$	22,400,899
Windstream Corp.		99,213		788,743

				66,728,742

Utilities — 3.4%
AES Corp.		103,195		1,297,161
AGL Resources, Inc.		18,100		759,295
Ameren Corp.		37,560		1,315,351
American Electric Power Co., Inc.		76,652		3,727,587
CenterPoint Energy, Inc.		66,311		1,588,812
CMS Energy Corp.		42,056		1,175,045
Consolidated Edison, Inc.		47,252		2,883,789
Dominion Resources, Inc.		90,862		5,286,351
DTE Energy Co.		27,484		1,878,257
Duke Energy Corp.		112,783		8,186,918
Edison International		53,219		2,677,980
Entergy Corp.		27,698		1,751,621
Exelon Corp.		136,543		4,708,003
FirstEnergy Corp.		68,122		2,874,748
Integrys Energy Group, Inc.		11,616		675,587
NextEra Energy, Inc.		67,721		5,260,567
NiSource, Inc.		45,982		1,349,112
Northeast Utilities		50,060		2,175,608
NRG Energy, Inc.		49,000		1,298,010
Oneok, Inc.		32,200		1,534,974
Pepco Holdings, Inc.		34,700		742,580
PG&E Corp.		66,926		2,980,215
Pinnacle West Capital Corp.		17,860		1,033,915
PPL Corp.		92,275		2,889,130
Public Service Enterprise Group, Inc.		80,924		2,778,930
SCANA Corp.		21,000		1,074,360
Sempra Energy		35,286		2,820,763
Southern Co.		139,943		6,566,125
TECO Energy, Inc.		34,951		622,827
Wisconsin Energy Corp.		38,100		1,634,109
Xcel Energy, Inc.		75,951		2,255,745

				77,803,475

TOTAL COMMON STOCKS (Cost: $1,187,040,667)				2,229,062,466


	Par Amount
U.S. GOVERNMENT SECURITIES — 0.1%
U.S. Treasury Bill(b)(d)(e) 0.01% due 04/04/13	$	400,000		399,998
U.S. Treasury Bill(b)(d)(e) 0.01% due 05/09/13		1,000,000		999,932
U.S. Treasury Bill(b)(d)(e) 0.01% due 05/09/13		610,000		609,961

State Street Equity 500 Index Portfolio

Portfolio of Investments – (continued)

March 31, 2013 (Unaudited)


	Par Amount		Market Value
U.S. GOVERNMENT SECURITIES - (continued)
U.S. Treasury Bill(b)(d)(e) 0.01% due 06/06/13	$	1,150,000	$	1,149,810

TOTAL U.S. GOVERNMENT SECURITIES (Cost: $3,159,701)				3,159,701


	Shares
MONEY MARKET FUND — 2.1%
State Street Institutional Liquid Reserves Fund 0.13%(c)(f)		47,345,712		47,345,712

TOTAL MONEY MARKET FUND (Cost: $47,345,712)				47,345,712

TOTAL INVESTMENTS(g)† — 100.2% (Cost $1,237,546,080(h))				2,279,567,879
Liabilities in Excess of Assets — (0.2)%				(3,954,196	)

NET ASSETS — 100.0%			$	2,275,613,683

(a)	Non-income producing security.

(b)	All or part of this security has been designated as collateral for futures contracts.

(c)	Affiliated issuer. See table that follows for more information.

(d)	Rate represents annualized yield at date of purchase.

(e)	Value determined based on Level 2 inputs established by provisions surrounding fair value measurements and disclosures.

(f)	The rate shown is the annualized seven-day yield at period end.

(g)	Unless otherwise indicated, the values of the securities of the Portfolio are determined based on Level 1 inputs established by provisions surrounding fair value measurements and disclosures.

(h)	Cost of investments shown approximates cost for federal income tax purposes. Gross unrealized appreciation and gross unrealized depreciation of investments at March 31, 2013 was $1,070,068,594 and $28,046,795, respectively, resulting in net unrealized appreciation of investments of $1,042,021,799.

PLC = Public Limited Company

REIT = Real Estate Investment Trust

†

Security valuation: The Portfolio’s investments are valued each business day by independent pricing services. Equity securities for which market quotations are available are valued at the last sale price or official closing price (closing bid price if no sale has occurred) on the primary market or exchange on which they trade. Investments in other mutual funds are valued at the net asset value per share. Fixed-income securities and options are valued on the basis of the closing bid price. Futures contracts are valued on the basis of the last sale price. Money market instruments maturing within 60 days of the valuation date are valued at amortized cost, a method by which each money market instrument is initially valued at cost, and thereafter a constant accretion or amortization of any discount or premium is recorded until maturity of the security. The Portfolio may value securities for which market quotations are not readily available at “fair value,” as determined in good faith pursuant to procedures established by the Board of Trustees.

State Street Equity 500 Index Portfolio

Portfolio of Investments – (continued)

March 31, 2013 (Unaudited)

The Portfolio adopted provisions surrounding fair value measurements and disclosures that define fair value, establish a framework for measuring fair value in generally accepted accounting principles and expand disclosures about fair value measurements. These provisions apply to fair value measurements that are already required or permitted by other accounting standards and are intended to increase the consistency of those measurements and apply broadly to securities and other types of assets and liabilities. In accordance with these provisions, fair value is defined as the price that the Portfolio would receive upon selling an investment in a timely transaction to an independent buyer in the principal or most advantageous market of the investment. Various inputs are used in determining the value of the Portfolio’s investments.

The three tier hierarchy of inputs is summarized below:

•

Level 1 – quoted prices in active markets for identical securities

•

Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

•

Level 3 – significant unobservable inputs (including the Portfolio’s own assumptions in determining the fair value of investments)

The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities.

The following is a summary of the inputs used, as of March 31, 2013, in valuing the Portfolio’s assets carried at fair value:


Description	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
ASSETS:
INVESTMENTS:
Common Stocks	$	2,229,062,466	$	—	$	—	$	2,229,062,466
U.S. Government Securities		—		3,159,701		—		3,159,701
Money Market Fund		47,345,712		—		—		47,345,712

TOTAL INVESTMENTS		2,276,408,178		3,159,701		—		2,279,567,879
OTHER ASSETS:
Futures contracts		789,023		—		—		789,023

TOTAL ASSETS	$	2,277,197,201	$	3,159,701	$	—	$	2,280,356,902

The type of inputs used to value each security under the provisions surrounding fair value measurements and disclosures is identified in the Portfolio of Investments, which also includes a breakdown of the Portfolio’s investments by category.

For the three months ended March 31, 2013, there were no transfers between levels.

Derivatives

Futures: The Portfolio may enter into financial futures contracts as part of its strategy to track the performance of the S&P 500 ^® Index. Upon entering into a futures contract, the Portfolio is required to deposit with the broker cash or securities in an amount equal to a certain percentage of the contract amount. Variation margin payments are made or received by the Portfolio each day, depending on the daily fluctuations in the value of the underlying security or index, and are recorded for financial statement purposes as unrealized gains or losses by the Portfolio, which is recorded on the Statement of Asset and Liabilities. The Portfolio recognizes a realized gain or loss when the contract is closed. The Portfolio voluntarily segregates securities in an amount equal to the outstanding value of the open futures contracts in accordance with Securities and Exchange Commission requirements.

State Street Equity 500 Index Portfolio

Portfolio of Investments – (continued)

March 31, 2013 (Unaudited)


	Number of Contracts		Notional Value		Unrealized Appreciation
Schedule of Futures Contracts
S&P 500 Financial Futures Contracts (long) Expiration Date 06/2013		659	$	50,701,942	$	789,023

Total unrealized appreciation on open futures contracts purchased					$	789,023

State Street Equity 500 Index Portfolio

Portfolio of Investments – (continued)

March 31, 2013 (Unaudited)

The Portfolio adopted provisions surrounding Derivatives and Hedging which requires qualitative disclosures about objectives and strategies for using derivatives, quantitative disclosures about fair value amounts of gains and losses on derivative instruments, and disclosures about credit-risk-related contingent features in derivative agreements.

The primary risks associated with the use of futures contracts are an imperfect correlation between the change in market value of the securities held by the Portfolio and the prices of futures contracts and the possibility of an illiquid market. To the extent permitted by the investment objective, restrictions and policies set forth in the Portfolio’s Prospectus and Statement of Additional Information, the Portfolio may participate in various derivative-based transactions. Derivative securities are instruments or agreements whose value is derived from an underlying security or index. The Portfolio’s use of derivatives includes futures. These instruments offer unique characteristics and risks that assist the Portfolio in meeting its investment objective. The Portfolio typically uses derivatives in two ways: cash equitization and return enhancement. Cash equitization is a technique that may be used by the Portfolio through the use of options and futures to earn “market-like” returns with the Portfolio’s excess and liquidity reserve cash balances and receivables. Return enhancement can be accomplished through the use of derivatives in the Portfolio. By purchasing certain instruments, the Portfolio may more effectively achieve the desired portfolio characteristics that assist in meeting the Portfolio’s investment objectives. Depending on how the derivatives are structured and utilized, the risks associated with them may vary widely. These risks are generally categorized as market risk, liquidity risk and counterparty or credit risk.

The following table, grouped into appropriate risk categories, discloses the amounts related to the Portfolio’s use of derivative instruments and hedging activities at March 31, 2013:

Asset Derivatives ⁽¹⁾


	Equity Contracts Risk		Total
Futures Contracts	$	789,023	$	789,023

⁽¹⁾	Portfolio of Investments: Unrealized appreciation of futures contracts.

Transactions in derivative instruments during the three months ended March 31, 2013, were as follows:

Realized Gain (Loss)


	Equity Contracts Risk		Total
Futures Contracts	$	3,328,180	$	3,328,180

Change in Appreciation (Depreciation)


	Equity Contracts Risk		Total
Futures Contracts	$	719,853	$	719,853

The average notional value of futures outstanding during the period ended March 31, 2013, was $39,167,384.

Affiliates Table

Certain investments made by the Portfolio were made in securities affiliated with State Street and SSgA FM. Investments in State Street Corp., the holding company of State Street, were made according to its representative portion of the S&P 500 ^® Index. The Portfolio also invested in the State Street Institutional Liquid Reserves Fund. Transactions in all affiliates for the period ending March 31, 2013 were as follows:


Security Description	Number of shares held at 12/31/12		Shares purchased for the three months ended 03/31/13		Shares sold for the three months ended 03/31/13		Number of shares held at 03/31/13		Value at 03/31/13		Income earned for the three months ended 03/31/13		Realized gain on shares sold
State Street Corp.		72,725		—		—		72,725	$	4,297,320	$	18,909	$	—
State Street Institutional Liquid Reserves Fund		25,053,183		63,311,262		41,018,733		47,345,712		47,345,712		13,565		—

The American Beacon Small Cap Index Fund invests all of its investable assets in the Master Small Cap Index Series of the Quantitative Master Series Trust. The Schedule of Investments for the Master Small Cap Index Series for the fiscal quarter ended March 31, 2013 is provided below.

Schedule of Investments March 31, 2013 (Unaudited)

Master Small Cap Index Series

(Percentages shown are based on Net Assets)


Common Stocks	Shares		Value
Advertising Agencies — 0.6%
Arbitron, Inc.		13,028	$	610,622
Constant Contact, Inc. (a)		15,040		195,219
Digital Generation, Inc. (a)		13,596		87,422
Harte-Hanks, Inc.		21,965		171,107
Marchex, Inc., Class B		11,260		47,405
MDC Partners, Inc., Class A		12,553		202,982
National CineMedia, Inc.		27,490		433,792
QuinStreet, Inc. (a)(b)		16,082		96,010
ReachLocal, Inc. (a)		5,009		74,935
Travelzoo, Inc. (a)		3,560		76,077
Valassis Communications, Inc.		19,554		584,078
ValueClick, Inc. (a)		36,870		1,089,509
Viad Corp.		9,971		275,798

				3,944,956

Aerospace — 1.2%
AAR Corp.		19,797		364,067
AeroVironment, Inc. (a)(b)		8,460		153,380
API Technologies Corp. (a)		16,007		39,697
Astronics Corp. (a)		5,909		176,206
CPI Aerostructures, Inc. (a)		3,201		27,433
Cubic Corp.		7,817		333,942
Curtiss-Wright Corp.		23,008		798,378
Esterline Technologies Corp. (a)		15,032		1,137,922
GenCorp, Inc. (a)		29,409		391,140
Heico Corp.		25,866		1,122,843
Kaman Corp., Class A		12,944		459,124
Kratos Defense & Security Solutions, Inc. (a)		19,376		97,461
LMI Aerospace, Inc. (a)		4,376		90,977
Moog, Inc., Class A (a)(b)		22,166		1,015,868
Orbital Sciences Corp. (a)(b)		28,951		483,192
SIFCO Industries, Inc.		1,224		22,534
Teledyne Technologies, Inc. (a)		18,025		1,413,881

				8,128,045

Agriculture, Fishing & Ranching — 0.4%
Alico, Inc.		1,735		80,244
The Andersons, Inc.		9,118		487,995
Cadiz, Inc. (a)		6,404		43,291
Cal-Maine Foods, Inc.		7,098		302,091
Calavo Growers, Inc.		5,869		168,910
Fresh Del Monte Produce, Inc.		18,681		504,013
Limoneira Co.		4,713		91,055
Pilgrims Pride Corp. (a)		29,692		272,869
Sanderson Farms, Inc.		11,276		615,895
Seaboard Corp.		149		417,199

				2,983,562

Air Transport — 1.2%
Air Transport Services Group, Inc. (a)		26,327		153,486
Alaska Air Group, Inc. (a)(b)		34,996		2,238,344
Allegiant Travel Co.		7,400		656,972
Atlas Air Worldwide Holdings, Inc. (a)		12,954		528,005


Common Stocks	Shares		Value
Air Transport (concluded)
Bristow Group, Inc.		17,533	$	1,156,126
Hawaiian Holdings, Inc. (a)		25,623		147,588
JetBlue Airways Corp. (a)		115,226		795,059
PHI, Inc. (a)		6,354		217,370
Republic Airways Holdings, Inc. (a)		23,898		275,783
SkyWest, Inc.		25,214		404,685
Spirit Airlines, Inc. (a)		20,593		522,239
US Airways Group, Inc. (a)(b)		78,017		1,323,949

				8,419,606

Alternative Energy — 0.1%
Ameresco, Inc., Class A (a)		9,942		73,571
Amyris, Inc. (a)		15,208		46,841
EnerNOC, Inc. (a)		12,673		220,130
Gevo, Inc. (a)(b)		16,156		36,189
Green Plains Renewable Energy, Inc. (a)		12,298		140,689
Rex American Resources Corp. (a)		2,741		60,631
Solazyme, Inc. (a)		16,658		130,099

				708,150

Aluminum — 0.1%
Century Aluminum Co. (a)		25,323		196,000
Kaiser Aluminum Corp.		9,445		610,619
Noranda Aluminum Holding Corp.		16,548		74,301

				880,920

Asset Management & Custodian — 1.1%
Apollo Investment Corp.		99,780		834,161
Arlington Asset Investment Corp.		7,037		181,625
Artio Global Investors, Inc.		15,465		42,065
Calamos Asset Management, Inc., Class A		9,521		112,062
Capital Southwest Corp.		1,449		166,635
CIFC Corp. (a)		3,260		26,830
Cohen & Steers, Inc.		9,089		327,840
Cowen Group, Inc., Class A (a)		42,839		120,806
Diamond Hill Investments Group, Inc.		1,310		101,931
Fifth Street Finance Corp.		51,752		570,307
Financial Engines, Inc.		22,732		823,353
GAMCO Investors, Inc., Class A		3,152		167,403
Golub Capital BDC, Inc.		8,997		148,541
GSV Capital Corp. (a)		9,477		78,280
Harris & Harris Group, Inc. (a)		15,303		55,091
Horizon Technology Finance Corp.		3,740		54,641
JMP Group, Inc.		7,944		54,893
KCAP Financial, Inc.		12,650		136,241
Manning & Napier, Inc.		6,660		110,156
MCG Capital Corp.		35,899		171,597
Medley Capital Corp.		14,168		224,563
MVC Capital, Inc.		11,698		150,085
National Financial Partners Corp. (a)		19,984		448,241
New Mountain Finance Corp.		11,861		173,408
NGP Capital Resources Co.		10,704		76,105




QUANTITATIVE MASTER SERIES LLC	MARCH 31, 2013	1

Schedule of Investments (continued)

Master Small Cap Index Series

(Percentages shown are based on Net Assets)


Common Stocks	Shares		Value
Asset Management & Custodian (concluded)
Oppenheimer Holdings, Inc.		5,029	$	97,915
Pzena Investment Management, Inc., Class A		4,972		32,318
Resource America, Inc., Class A		6,293		62,678
Solar Capital Ltd.		21,964		515,934
Solar Senior Capital Ltd.		5,636		108,211
TCP Capital Corp.		2,799		44,672
THL Credit, Inc.		7,424		111,212
TICC Capital Corp.		25,302		251,502
Virtus Investment Partners, Inc. (a)		2,973		553,810
Westwood Holdings Group, Inc.		3,254		144,575
WhiteHorse Finance, Inc.		3,049		48,266
WisdomTree Investments, Inc. (a)		28,800		299,520

				7,627,473

Auto Parts — 0.7%
American Axle & Manufacturing Holdings, Inc. (a)		32,813		447,897
Dana Holding Corp.		72,524		1,293,103
Dorman Products, Inc.		12,007		446,781
Exide Technologies (a)(b)		38,642		104,333
Federal-Mogul Corp., Class A (a)		9,115		54,963
Fuel Systems Solutions, Inc. (a)		7,236		119,177
Gentherm, Inc. (a)(b)		14,425		236,282
Meritor, Inc. (a)		47,438		224,382
Standard Motor Products, Inc.		9,770		270,824
Stoneridge, Inc. (a)		13,742		104,852
Superior Industries International, Inc.		11,253		210,206
Tenneco, Inc. (a)		29,794		1,171,202
Tower International, Inc. (a)		2,704		37,856
U.S. Auto Parts Network, Inc. (a)		7,304		8,765

				4,730,623

Auto Services — 0.1%
Cooper Tire & Rubber Co.		30,613		785,530

Back Office Support, HR & Consulting — 2.0%
The Advisory Board Co. (a)(b)		16,822		883,491
Angie’s List, Inc. (a)		17,494		345,681
Barrett Business Services, Inc.		3,437		180,992
CBIZ, Inc. (a)		18,413		117,475
CDI Corp.		6,678		114,862
Convergys Corp.		53,572		912,331
The Corporate Executive Board Co.		16,458		957,197
CoStar Group, Inc. (a)		13,832		1,514,051
CRA International, Inc. (a)		5,089		113,841
Dice Holdings, Inc. (a)		20,790		210,603
ExlService Holdings, Inc. (a)		11,435		375,983
Forrester Research, Inc.		6,872		217,499
FTI Consulting, Inc. (a)(b)		20,596		775,645
GP Strategies Corp. (a)		7,268		173,415
The Hackett Group, Inc.		12,095		55,274
Heidrick & Struggles International, Inc.		8,820		131,859
Hudson Global, Inc. (a)		16,359		64,454


Common Stocks	Shares		Value
Back Office Support, HR & Consulting (concluded)
Huron Consulting Group, Inc. (a)		11,236	$	453,036
ICF International, Inc. (a)		9,727		264,574
Innodata Corp. (a)		11,136		38,419
Insperity, Inc.		11,164		316,723
Kelly Services, Inc., Class A		13,105		244,801
Kforce, Inc.		13,421		219,702
Korn/Ferry International (a)		23,498		419,674
Liquidity Services, Inc. (a)(b)		11,573		344,991
MAXIMUS, Inc.		16,661		1,332,380
Monster Worldwide, Inc. (a)		59,745		302,907
Navigant Consulting, Inc. (a)		25,394		333,677
On Assignment, Inc. (a)		21,110		534,294
PDI, Inc. (a)		4,950		29,205
PRGX Global, Inc. (a)		11,469		79,710
Resources Connection, Inc.		20,868		265,024
RPX Corp. (a)		10,429		147,153
ServiceSource International, Inc. (a)		24,344		172,112
SYKES Enterprises, Inc. (a)		19,052		304,070
TeleTech Holdings, Inc. (a)		10,605		224,932
TrueBlue, Inc. (a)		19,862		419,883
WageWorks, Inc. (a)		3,589		89,833

				13,681,753

Banks: Diversified — 6.3%
1st Source Corp.		7,357		174,361
1st United Bancorp, Inc.		14,669		94,762
Access National Corp.		3,776		61,926
American National BankShares, Inc.		3,964		85,464
Ameris Bancorp (a)		11,788		169,158
Ames National Corp.		4,147		86,506
Arrow Financial Corp.		5,149		126,871
Bancfirst Corp.		3,197		133,315
Banco Latinoamericana De Comercio Exterior SA		13,971		345,643
The Bancorp, Inc. (a)		16,080		222,708
BancorpSouth, Inc. (b)		46,579		759,238
Bank of Kentucky Financial Corp.		2,950		80,919
Bank of Marin Bancorp		2,678		107,361
Bank of the Ozarks, Inc.		14,413		639,217
Banner Corp.		9,492		302,130
Bar Harbor Bankshares		1,910		69,811
BBCN Bancorp, Inc.		38,397		501,465
Berkshire Bancorp, Inc.		2,118		17,685
Boston Private Financial Holdings, Inc.		38,546		380,834
Bridge Bancorp, Inc.		4,298		92,450
Bridge Capital Holdings (a)		4,600		70,104
Bryn Mawr Bank Corp.		5,725		133,278
C&F Financial Corp.		1,605		65,725
Camden National Corp.		3,811		126,068
Cape Bancorp, Inc.		5,378		49,262
Capital City Bank Group, Inc. (a)		5,874		72,544
Cardinal Financial Corp.		14,436		262,446




QUANTITATIVE MASTER SERIES LLC	MARCH 31, 2013	2

Schedule of Investments (continued)

Master Small Cap Index Series

(Percentages shown are based on Net Assets)


Common Stocks	Shares		Value
Banks: Diversified (continued)
Cascade Bancorp (a)		3,306	$	22,349
Cathay General Bancorp		38,717		778,986
Center Bancorp, Inc.		5,885		73,151
Centerstate Banks, Inc.		14,797		126,958
Central Pacific Financial Corp. (a)		10,769		169,073
Century Bancorp, Inc., Class A		1,676		56,833
Chemical Financial Corp.		13,593		358,583
Citizens & Northern Corp.		6,120		119,340
Citizens Republic Bancorp, Inc. (a)		19,724		444,776
City Holding Co.		7,738		307,895
CNB Financial Corp.		6,244		106,460
CoBiz Financial, Inc.		17,376		140,398
Columbia Banking System, Inc.		19,616		431,160
Community Bank System, Inc.		19,483		577,281
Community Trust Bancorp, Inc.		6,941		236,202
Crescent Financial Bancshares, Inc. (a)		1,441		5,678
CVB Financial Corp.		43,567		491,000
Eagle Bancorp, Inc. (a)		9,432		206,466
Enterprise Bancorp, Inc.		3,045		51,613
Enterprise Financial Services Corp.		8,823		126,522
EverBank Financial Corp.		11,013		169,600
Farmers National Banc Corp.		9,348		58,986
Fidelity Southern Corp. (a)		4,837		55,626
Financial Institutions, Inc.		6,867		137,065
First Bancorp, Inc.		4,452		80,181
First Bancorp, North Carolina		8,752		118,064
First Bancorp, Puerto Rico (a)(b)		34,823		216,947
First Busey Corp.		37,054		169,337
First Commonwealth Financial Corp.		49,428		368,733
First Community Bancshares, Inc.		8,837		140,066
First Connecticut Bancorp, Inc.		8,721		128,460
First Financial Bancorp		28,969		464,952
First Financial Bankshares, Inc.		15,531		754,807
First Financial Corp.		5,543		174,549
First Interstate Bancsystem, Inc.		8,017		150,800
First Merchants Corp.		14,148		218,870
First Midwest Bancorp, Inc.		36,865		489,567
The First of Long Island Corp.		3,853		114,241
FirstMerit Corp.		54,065		893,694
FNB Corp.		68,906		833,763
FNB United Corp. (a)		5,049		49,278
German American Bancorp, Inc.		6,316		145,331
Glacier Bancorp, Inc.		35,455		672,936
Guaranty Bancorp (a)		38,357		80,550
Hancock Holding Co.		37,531		1,160,459
Hanmi Financial Corp. (a)		15,599		249,584
Heartland Financial USA, Inc.		7,206		182,096
Heritage Commerce Corp. (a)		10,391		69,931
Heritage Oaks Bancorp (a)		9,797		55,843
Home Bancshares, Inc.		10,875		409,661
Horizon Bancorp		3,312		66,936
Hudson Valley Holding Corp.		7,826		116,686
IBERIABANK Corp.		14,517		726,140


Common Stocks	Shares		Value
Banks: Diversified (continued)
Independent Bank Corp. (b)		10,979	$	357,806
International Bancshares Corp.		26,289		546,811
Investors Bancorp, Inc.		21,625		406,117
Lakeland Bancorp, Inc.		14,790		145,681
Lakeland Financial Corp.		8,088		215,869
MainSource Financial Group, Inc.		9,977		140,077
MB Financial, Inc.		26,895		650,052
Mercantile Bank Corp.		4,281		71,536
Merchants Bancshares, Inc.		2,583		77,839
Meridian Interstate Bancorp, Inc. (a)		4,124		77,325
Metro Bancorp, Inc. (a)		7,024		116,177
MetroCorp Bancshares, Inc. (a)		7,863		79,338
Middleburg Financial Corp.		2,712		52,640
Midsouth Bancorp, Inc.		4,204		68,357
NASB Financial, Inc. (a)		2,097		44,142
National Bank Holdings Corp. Class A		3,597		65,825
National Bankshares, Inc.		3,493		122,010
National Penn Bancshares, Inc.		60,908		651,107
NBT Bancorp, Inc.		21,548		477,285
Northrim BanCorp, Inc.		3,248		72,983
OFS Capital Corp.		3,229		45,206
Old National Bancorp		50,033		687,954
Oriental Financial Group, Inc.		22,549		349,735
Pacific Continental Corp.		9,120		101,870
Pacific Mercantile Bancorp (a)		5,238		30,642
PacWest Bancorp		14,977		435,980
Park National Corp.		5,599		390,754
Park Sterling Corp. (a)		22,020		124,193
Peapack-Gladstone Financial Corp.		4,413		65,798
Penns Woods Bancorp, Inc.		1,926		78,908
Peoples Bancorp, Inc.		5,373		120,301
Pinnacle Financial Partners, Inc. (a)(b)		17,013		397,424
Preferred Bank (a)		5,844		92,218
PrivateBancorp, Inc.		31,695		599,352
Prosperity Bancshares, Inc.		23,406		1,109,210
Provident Financial Services, Inc.		29,647		452,710
Renasant Corp.		12,452		278,676
Republic Bancorp, Inc., Class A		4,962		112,340
Rockville Financial, Inc.		14,086		182,555
Roma Financial Corp.		3,690		59,261
S&T Bancorp, Inc.		14,329		265,660
Sandy Spring Bancorp, Inc.		11,937		239,934
SCBT Financial Corp.		8,200		413,280
Seacoast Banking Corp. of Florida (a)		37,024		77,380
Sierra Bancorp		6,114		80,399
Simmons First National Corp., Class A		8,459		214,182
Southside Bancshares, Inc.		8,518		178,963
Southwest Bancorp, Inc. (a)		9,730		122,209
State Bank Financial Corp.		15,611		255,552
StellarOne Corp.		11,501		185,741




QUANTITATIVE MASTER SERIES LLC	MARCH 31, 2013	3

Schedule of Investments (continued)

Master Small Cap Index Series

(Percentages shown are based on Net Assets)


Common Stocks	Shares		Value
Banks: Diversified (concluded)
Stellus Capital Investment Corp.		4,227	$	62,644
Sterling Bancorp		15,517		157,653
Sterling Financial Corp.		13,232		287,002
Suffolk Bancorp (a)		4,849		69,050
Sun Bancorp, Inc. (a)		20,075		68,456
Susquehanna Bancshares, Inc.		92,477		1,149,489
SY Bancorp, Inc.		6,098		137,205
Taylor Capital Group, Inc. (a)		8,075		129,119
Texas Capital Bancshares, Inc. (a)		19,746		798,726
Tompkins Trustco, Inc.		5,514		233,132
Towne Bank		13,008		194,730
Trico Bancshares		7,998		136,766
TrustCo Bank Corp. NY		46,693		260,547
Trustmark Corp.		33,077		827,256
UMB Financial Corp.		15,914		780,900
Umpqua Holdings Corp.		55,100		730,626
Union First Market Bankshares Corp.		10,042		196,422
United Bankshares, Inc.		10,792		287,175
United Community Banks, Inc. (a)		20,716		234,919
Univest Corp. of Pennsylvania		8,365		145,718
Virginia Commerce Bancorp, Inc. (a)		13,262		186,331
Washington Banking Co.		7,669		106,906
Washington Trust Bancorp, Inc.		7,103		194,480
Webster Financial Corp.		35,519		861,691
WesBanco, Inc.		12,613		302,081
West Bancorp., Inc.		7,859		87,235
West Coast Bancorp		9,594		232,942
Westamerica Bancorp		13,752		623,378
Western Alliance Bancorp (a)		35,918		497,105
Wilshire Bancorp, Inc. (a)(b)		30,635		207,705
Wintrust Financial Corp.		17,846		661,016

				42,821,483

Banks: Savings, Thrift & Mortgage Lending — 1.4%
Apollo Residential Mortgage, Inc.		15,442		344,202
Astoria Financial Corp.		43,028		424,256
Bank Mutual Corp.		23,303		128,865
BankFinancial Corp.		10,586		85,641
Beneficial Mutual Bancorp, Inc. (a)		16,059		165,408
Berkshire Hills Bancorp, Inc.		12,179		311,052
BofI Holding, Inc. (a)		5,458		195,833
Brookline Bancorp, Inc.		34,578		316,043
BSB Bancorp, Inc. (a)		3,951		54,563
Charter Financial Corp.		3,254		41,619
Clifton Savings Bancorp, Inc.		4,338		54,051
Dime Community Bancshares, Inc.		15,429		221,560
Doral Financial Corp. (a)		51,829		36,524
ESB Financial Corp.		5,130		70,230
ESSA Bancorp, Inc.		4,772		51,728
First Defiance Financial Corp.		4,806		112,076
First Federal Bancshares of Arkansas, Inc. (a)		1,745		17,450
First Financial Holdings, Inc.		8,167		171,180


Common Stocks	Shares		Value
Banks: Savings, Thrift & Mortgage Lending (concluded)
First Financial Northwest, Inc. (a)		7,927	$	61,910
First Pactrust Bancorp, Inc.		5,372		61,241
Flushing Financial Corp.		15,256		258,437
Fox Chase Bancorp., Inc.		6,270		105,900
Franklin Financial Corp.		6,480		118,260
Great Southern Bancorp, Inc.		5,098		124,340
Heritage Financial Corp.		7,713		111,838
Heritage Financial Group, Inc.		3,925		56,834
Hingham Institution for Savings		594		41,402
Home Bancorp, Inc. (a)		3,331		61,990
Home Federal Bancorp, Inc.		7,244		92,723
Home Loan Servicing Solutions Ltd.		26,212		611,526
HomeStreet, Inc. (a)		4,386		97,983
Kearny Financial Corp.		7,328		74,746
Northfield Bancorp, Inc.		10,263		116,588
Northwest Bancshares, Inc.		48,070		610,008
OceanFirst Financial Corp.		7,059		101,791
Ocwen Financial Corp. (a)		52,880		2,005,210
OmniAmerican Bancorp, Inc. (a)		5,509		139,267
Oritani Financial Corp.		22,374		346,573
Peoples Federal Bancshares, Inc.		2,876		54,932
Provident Financial Holdings, Inc.		4,878		82,975
Provident New York Bancorp		19,738		179,024
SI Financial Group, Inc.		5,141		62,155
Simplicity Bancorp, Inc.		4,125		61,999
Territorial Bancorp., Inc.		5,364		127,556
United Financial Bancorp, Inc.		9,833		149,462
ViewPoint Financial Group, Inc.		16,549		332,800
Waterstone Financial, Inc. (a)		3,727		30,822
Westfield Financial, Inc.		11,022		85,751
WSFS Financial Corp.		3,720		180,941

				9,349,265

Beverage: Brewers & Distillers — 0.1%
The Boston Beer Co., Inc., Class A (a)		3,819		609,665
Central European Distribution Corp. (a)(b)		31,832		10,664
Craft Brew Alliance, Inc. (a)		4,948		36,813

				657,142

Beverage: Soft Drinks — 0.1%
Coca-Cola Bottling Co.
Consolidated		2,236		134,876
Farmer Bros. Co. (a)		3,426		50,362
Heckmann Corp. (a)(b)		69,359		297,550
National Beverage Corp.		5,521		77,570

				560,358

Biotechnology — 3.6%
Accelrys, Inc. (a)		27,239		265,853
Acorda Therapeutics, Inc. (a)		19,652		629,454
Aegerion Pharmaceuticals, Inc. (a)(b)		13,831		557,943
Affymax, Inc. (a)		18,094		25,151




QUANTITATIVE MASTER SERIES LLC	MARCH 31, 2013	4

Schedule of Investments (continued)

Master Small Cap Index Series

(Percentages shown are based on Net Assets)


Common Stocks	Shares		Value
Biotechnology (continued)
Agenus, Inc. (a)		12,045	$	46,855
Alkermes Plc (a)		60,053		1,423,857
Allos Therapeutcs, Inc.		29,014		—
Alnylam Pharmaceuticals, Inc. (a)		27,028		658,672
AMAG Pharmaceuticals, Inc. (a)		10,448		249,185
Amicus Therapeutics, Inc. (a)		14,887		47,192
Arena Pharmaceuticals, Inc. (a)(b)		106,564		874,890
ArQule, Inc. (a)		28,752		74,468
Array Biopharma, Inc. (a)		57,049		280,681
Astex Pharmaceuticals (a)		45,626		203,492
AVEO Pharmaceuticals, Inc. (a)		22,473		165,177
BG Medicine, Inc. (a)		7,563		14,067
BioDelivery Sciences International, Inc. (a)		13,446		56,608
BioTime, Inc. (a)(b)		16,324		62,358
Celldex Therapeutics, Inc. (a)		39,658		459,240
Cepheid, Inc. (a)		32,202		1,235,591
ChemoCentryx, Inc. (a)		2,600		35,932
Clovis Oncology, Inc. (a)		6,711		192,404
Codexis, Inc. (a)		13,188		31,519
Cornerstone Therapeutics, Inc. (a)		4,097		28,966
Coronado Biosciences, Inc. (a)		9,219		89,609
Cubist Pharmaceuticals, Inc. (a)(b)		31,054		1,453,948
Curis, Inc. (a)		39,073		128,159
Cytori Therapeutics, Inc. (a)		30,395		76,291
Dendreon Corp. (a)(b)		75,804		358,553
Discovery Laboratories, Inc. (a)		21,409		49,027
Durata Therapeutics, Inc. (a)		4,189		37,701
Dyax Corp. (a)		48,444		211,216
Dynavax Technologies Corp. (a)		89,809		199,376
Emergent Biosolutions, Inc. (a)		12,686		177,350
Enzon Pharmaceuticals, Inc.		18,775		71,345
Exact Sciences Corp. (a)(b)		31,276		306,505
Exelixis, Inc. (a)(b)		90,046		416,012
Furiex Pharmaceuticals, Inc. (a)		3,631		136,090
Genomic Health, Inc. (a)		7,822		221,206
Geron Corp. (a)		65,705		70,304
GTx, Inc. (a)		13,311		55,241
Halozyme Therapeutics, Inc. (a)(b)		44,168		254,849
Harvard Bioscience, Inc. (a)		12,156		68,681
Horizon Pharma, Inc. (a)		18,925		51,287
Hyperion Therapeutics, Inc. (a)		2,048		52,879
Idenix Pharmaceuticals, Inc. (a)		44,159		157,206
ImmunoCellular Therapeutics Ltd. (a)		25,180		68,993
ImmunoGen, Inc. (a)		41,003		658,508
Immunomedics, Inc. (a)		34,987		84,319
Intercept Pharmaceuticals, Inc. (a)		2,325		86,955
InterMune, Inc. (a)		40,032		362,290
KaloBios Pharmaceuticals, Inc. (a)		4,083		24,498
Keryx Biopharmaceuticals, Inc. (a)		40,158		282,712
Lexicon Genetics, Inc. (a)(b)		103,970		226,655
Ligand Pharmaceuticals, Inc. (a)(b)		8,532		227,378
MannKind Corp. (a)(b)		65,934		223,516
Maxygen, Inc.		13,277		31,998


Common Stocks	Shares		Value
Biotechnology (concluded)
Merrimack Pharmaceuticals, Inc. (a)		7,539	$	45,988
Momenta Pharmaceuticals, Inc. (a)		22,949		306,140
Nektar Therapeutics (a)		56,278		619,058
Neurocrine Biosciences, Inc. (a)(b)		32,588		395,618
NewLink Genetics Corp. (a)		7,665		94,050
Novavax, Inc. (a)		63,690		145,213
NPS Pharmaceuticals, Inc. (a)(b)		42,276		430,792
Omeros Corp. (a)		12,737		52,476
OncoGenex Pharmaceutical, Inc. (a)		7,183		81,383
Oncothyreon, Inc. (a)		27,958		58,153
Opko Health, Inc. (a)(b)		52,489		400,491
Orexigen Therapeutics, Inc. (a)		40,417		252,606
Osiris Therapeutics, Inc. (a)		8,042		83,637
Pacific Biosciences of California, Inc. (a)		18,661		46,466
PDL BioPharma, Inc.		68,750		502,562
Peregrine Semiconductor Corp. (a)		3,172		30,990
Progenics Pharmaceuticals, Inc. (a)		22,220		119,766
Raptor Pharmaceutical Corp. (a)(b)		25,315		148,093
Regulus Therapeutics, Inc. (a)		6,478		50,204
Repligen Corp. (a)		15,129		104,541
Repros Therapeutics, Inc. (a)		9,187		147,911
Rigel Pharmaceuticals, Inc. (a)		41,911		284,576
RTI Biologics, Inc. (a)		27,652		108,949
Sangamo Biosciences, Inc. (a)		25,912		247,719
Seattle Genetics, Inc. (a)		46,640		1,656,186
Sequenom, Inc. (a)(b)		56,417		234,131
Sucampo Pharmaceuticals, Inc., Class A (a)		5,388		35,237
Sunesis Pharmaceuticals, Inc. (a)(b)		14,580		79,753
Synageva BioPharma Corp. (a)(b)		5,520		303,158
Synergy Pharmaceuticals, Inc. (a)(b)		20,321		123,348
Synta Pharmaceuticals Corp. (a)		19,560		168,216
Targacept, Inc. (a)		13,322		57,018
TESARO, Inc. (a)		2,618		57,491
Theravance, Inc. (a)(b)		29,752		702,742
Threshold Pharmaceuticals, Inc. (a)		22,139		102,061
Transcept Pharmaceuticals, Inc. (a)		6,288		30,119
Trius Therapeutics, Inc. (a)		15,039		102,867
Vanda Pharmaceuticals, Inc. (a)		13,936		54,629
Ventrus Biosciences, Inc. (a)		9,647		28,845
Verastem, Inc. (a)		3,137		30,178
ViroPharma, Inc. (a)		32,349		813,901
XOMA Corp. (a)		39,900		139,251
ZIOPHARM Oncology, Inc. (a)		32,894		60,196

				24,076,921

Building Materials — 1.1%
Acuity Brands, Inc.		20,847		1,445,739
BlueLinx Holdings, Inc. (a)		16,675		47,524




QUANTITATIVE MASTER SERIES LLC	MARCH 31, 2013	5

Schedule of Investments (continued)

Master Small Cap Index Series

(Percentages shown are based on Net Assets)


Common Stocks	Shares		Value
Building Materials (concluded)
Builders FirstSource, Inc. (a)		22,488	$	131,780
Gibraltar Industries, Inc. (a)		14,980		273,385
Griffon Corp.		22,339		266,281
Headwaters, Inc. (a)		36,062		393,076
Louisiana-Pacific Corp. (a)(b)		67,573		1,459,577
LSI Industries, Inc.		9,703		67,727
NCI Building Systems, Inc. (a)		9,008		156,469
Patrick Industries, Inc. (a)		2,113		33,301
PGT, Inc. (a)		10,020		68,837
Quanex Building Products Corp.		18,237		293,616
Simpson Manufacturing Co., Inc.		19,662		601,854
Texas Industries, Inc. (a)		11,124		702,035
Trex Co., Inc. (a)		7,372		362,555
Watsco, Inc.		14,444		1,215,896

				7,519,652

Building: Climate Control — 0.1%
Aaon, Inc.		9,127		251,814
Comfort Systems USA, Inc.		18,541		261,243
Nortek, Inc. (a)		3,770		269,027

				782,084

Building: Roofing, Wallboard & Plumbing — 0.3%
Beacon Roofing Supply, Inc. (a)		23,072		891,963
USG Corp. (a)		36,472		964,320

				1,856,283

Casinos & Gambling — 0.4%
Ameristar Casinos, Inc.		16,132		423,142
Boyd Gaming Corp. (a)(b)		27,291		225,697
Caesars Entertainment Corp. (a)(b)		18,096		287,002
Isle of Capri Casinos, Inc. (a)		10,276		64,636
Monarch Casino & Resort, Inc. (a)		4,337		42,199
MTR Gaming Group, Inc. (a)		11,256		37,145
Multimedia Games Holding Co., Inc. (a)		13,473		281,181
Pinnacle Entertainment, Inc. (a)(b)		28,930		422,957
Scientific Games Corp., Class A (a)		25,525		223,344
WMS Industries, Inc. (a)		27,110		683,443

				2,690,746

Cement — 0.2%
Eagle Materials, Inc.		24,051		1,602,518

Chemicals: Diversified — 1.3%
Aceto Corp.		13,227		146,423
American Vanguard Corp.		13,680		417,787
Axiall Corp.		34,131		2,121,583
Chemtura Corp. (a)		48,458		1,047,177
Hawkins, Inc.		4,457		178,057
Innophos Holdings, Inc.		10,694		583,465
KMG Chemicals, Inc.		3,840		74,650
Landec Corp. (a)		12,513		181,063
LSB Industries, Inc. (a)		9,217		320,567
Olin Corp.		39,352		992,457
OM Group, Inc. (a)		15,899		373,308
Omnova Solutions, Inc. (a)		22,791		174,807


Common Stocks	Shares		Value
Chemicals: Diversified (concluded)
PolyOne Corp.		48,778	$	1,190,674
Sensient Technologies Corp.		24,517		958,370

				8,760,388

Chemicals: Specialty — 0.5%
Balchem Corp.		14,339		630,056
Calgon Carbon Corp. (a)		26,497		479,596
FutureFuel Corp.		9,513		115,583
GSE Holding, Inc. (a)		3,905		32,255
Innospec, Inc.		11,319		501,205
Kraton Performance Polymers, Inc. (a)		15,824		370,282
Quaker Chemical Corp.		6,363		375,544
Stepan Co.		8,703		549,159
Zep, Inc.		10,901		163,624

				3,217,304

Coal — 0.2%
Arch Coal, Inc.		104,365		566,702
Cloud Peak Energy, Inc. (a)		29,981		563,043
Hallador Energy Co.		3,138		21,652
KiOR, Inc., Class A (a)(b)		12,730		59,195
Westmoreland Coal Co. (a)		5,278		59,958

				1,270,550

Commercial Banks — 0.0%
HomeTrust Bancshares, Inc. (a)		10,455		165,189

Commercial Finance & Mortgage Companies — 0.2%
Asta Funding, Inc.		5,152		49,459
Capital Bank Financial Corp., Class A (a)		4,770		81,853
Federal Agricultural Mortgage Corp., Class B		4,954		152,534
Medallion Financial Corp.		9,205		121,690
Nationstar Mortgage Holdings, Inc. (a)		9,506		350,771
NewStar Financial, Inc. (a)(b)		13,026		172,334
Walker & Dunlop, Inc. (a)		5,771		103,705

				1,032,346

Commercial Services & Supplies — 0.0%
ARC Document Solutions, Inc. (a)		18,135		54,042
LifeLock, Inc. (a)		8,896		85,669
Performant Financial Corp. (a)		4,450		54,646

				194,357

Commercial Services: Rental & Leasing — 0.5%
Aircastle Ltd.		27,157		371,508
CAI International, Inc. (a)(b)		7,142		205,832
Electro Rent Corp.		9,205		170,661
H&E Equipment Services, Inc.		14,127		288,191
Marlin Business Services, Inc.		4,048		93,873
McGrath RentCorp		12,138		377,492
MicroFinancial, Inc.		4,434		37,379
Mobile Mini, Inc. (a)(b)		18,756		551,989
PHH Corp. (a)		27,860		611,806




QUANTITATIVE MASTER SERIES LLC	MARCH 31, 2013	6

Schedule of Investments (continued)

Master Small Cap Index Series

(Percentages shown are based on Net Assets)


Common Stocks	Shares		Value
Commercial Services: Rental & Leasing (concluded)
SeaCube Container Leasing Ltd.		5,361	$	123,088
TAL International Group, Inc.		14,346		650,017
Willis Lease Finance Corp. (a)		2,307		34,882

				3,516,718

Commercial Vehicles & Parts — 0.2%
Accuride Corp. (a)		23,052		124,250
Commercial Vehicle Group, Inc. (a)		12,057		94,045
Miller Industries, Inc.		5,302		85,097
Modine Manufacturing Co. (a)		22,919		208,563
Rush Enterprises, Inc., Class A (a)		16,260		392,191
Spartan Motors, Inc.		16,811		89,267
Sypris Solutions, Inc.		5,141		21,489
Wabash National Corp. (a)		33,638		341,762

				1,356,664

Communications Equipment — 0.0%
Envivio, Inc. (a)		3,561		6,054
Ruckus Wireless, Inc. (a)		4,160		87,360

				93,414

Communications Technology — 2.1%
Adtran, Inc.		31,335		615,733
Ambient Corp. (a)		1,020		2,499
Anaren, Inc. (a)		6,413		124,348
Anixter International, Inc.		13,842		967,833
Aruba Networks, Inc. (a)(b)		54,940		1,359,216
Aviat Networks, Inc. (a)		30,370		102,347
Bel Fuse, Inc.		5,190		81,016
Black Box Corp.		8,069		175,985
Calix, Inc. (a)(b)		19,442		158,452
Ciena Corp. (a)		48,713		779,895
Comtech Telecommunications Corp.		8,224		199,679
Datalink Corp. (a)		7,458		90,093
Digi International, Inc. (a)		12,345		110,241
DigitalGlobe, Inc. (a)		26,247		758,801
Echelon Corp. (a)		18,488		45,111
Emulex Corp. (a)		42,617		278,289
Extreme Networks, Inc. (a)		45,660		153,874
Finisar Corp. (a)(b)		44,854		591,624
Globecomm Systems, Inc. (a)		11,314		135,881
GSI Technology, Inc. (a)		10,192		67,165
Harmonic, Inc. (a)		57,688		334,014
Infinera Corp. (a)		56,482		395,374
InterDigital, Inc.		20,114		962,053
Ixia (a)		20,701		447,970
KVH Industries, Inc. (a)		7,283		98,830
Loral Space & Communications Ltd.		5,374		332,543
NeoPhotonics Corp. (a)		9,446		48,269
NETGEAR, Inc. (a)		18,637		624,526
Numerex Corp., Class A (a)		5,699		72,890
Oclaro, Inc. (a)		35,751		45,046
Oplink Communications, Inc. (a)		9,291		152,372
ParkerVision, Inc. (a)		39,289		144,191


Common Stocks	Shares		Value
Communications Technology (concluded)
PC-Tel, Inc.		8,921	$	63,339
Plantronics, Inc.		20,880		922,687
Procera Networks, Inc. (a)		10,085		119,911
QLogic Corp. (a)		44,742		519,007
SeaChange International, Inc. (a)		14,069		167,280
Shoretel, Inc. (a)		23,773		86,296
Sonus Networks, Inc. (a)		104,565		270,823
TeleNav, Inc. (a)		7,934		51,174
Tellabs, Inc.		179,993		376,185
Viasat, Inc. (a)		18,407		891,635
Westell Technologies, Inc., Class A (a)		22,140		44,501

				13,968,998

Computer Services Software & Systems — 5.2%
ACI Worldwide, Inc. (a)(c)		19,503		952,917
The Active Network, Inc. (a)		19,193		80,419
Actuate Corp. (a)		24,236		145,416
Acxiom Corp. (a)		37,692		768,917
American Software, Inc., Class A		11,521		95,855
Aspen Technology, Inc. (a)		45,923		1,482,854
AVG Technologies NV (a)		4,011		55,833
Avid Technology, Inc. (a)		14,561		91,297
Aware, Inc.		5,907		27,349
Bankrate, Inc. (a)		22,698		271,014
Bazaarvoice, Inc. (a)		5,216		38,181
Blackbaud, Inc.		22,171		656,927
Blucora, Inc. (a)		19,645		304,105
Bottomline Technologies, Inc. (a)(b)		18,451		526,038
Brightcove, Inc. (a)		3,037		18,860
BroadSoft, Inc. (a)		13,514		357,716
CACI International, Inc., Class A (a)		11,117		643,341
Callidus Software, Inc. (a)		18,029		82,392
Ciber, Inc. (a)		35,939		168,913
CommVault Systems, Inc. (a)(b)		21,929		1,797,739
Computer Task Group, Inc.		7,529		161,045
ComScore, Inc. (a)		17,318		290,596
Cornerstone OnDemand, Inc. (a)		16,507		562,889
CSG Systems International, Inc. (a)(b)		16,644		352,686
DealerTrack Technologies, Inc. (a)(b)		20,833		612,074
Demand Media, Inc. (a)		14,788		127,620
Demandware, Inc. (a)		3,227		81,804
Digimarc Corp.		3,440		75,577
Digital River, Inc. (a)		18,050		255,227
EarthLink, Inc.		52,016		281,927
Ebix, Inc. (b)		13,928		225,912
Envestnet, Inc. (a)		10,373		181,631
EPAM Systems, Inc. (a)		2,502		58,121
EPIQ Systems, Inc.		15,435		216,553
ePlus, Inc.		1,906		88,076
ExactTarget, Inc. (a)(b)		4,746		110,439
FalconStor Software, Inc. (a)		15,315		41,044
Guidance Software, Inc. (a)		7,014		76,102




QUANTITATIVE MASTER SERIES LLC	MARCH 31, 2013	7

Schedule of Investments (continued)

Master Small Cap Index Series

(Percentages shown are based on Net Assets)


Common Stocks	Shares		Value
Computer Services Software & Systems (continued)
Guidewire Software, Inc. (a)		10,064	$	386,860
ICG Group, Inc. (a)		18,237		227,598
iGate Corp. (a)		15,712		295,543
Imperva, Inc. (a)		5,053		194,540
Infoblox, Inc. (a)		4,074		88,406
Interactive Intelligence Group, Inc. (a)(b)		7,214		319,941
Internap Network Services Corp. (a)		25,999		243,091
IntraLinks Holdings, Inc. (a)		18,011		114,550
Jive Software, Inc. (a)		8,463		128,638
Keynote Systems, Inc.		7,763		108,371
The KEYW Holding Corp. (a)		12,246		197,528
Limelight Networks, Inc. (a)		27,845		57,361
Lionbridge Technologies, Inc. (a)		27,784		107,524
LivePerson, Inc. (a)(b)		27,005		366,728
LogMeIn, Inc. (a)		10,883		209,171
Manhattan Associates, Inc. (a)(b)		9,973		740,894
Mantech International Corp., Class A		11,302		303,685
Mattersight Corp. (a)		5,127		21,995
MeetMe, Inc. (a)(b)		9,496		21,651
Mentor Graphics Corp.		45,715		825,156
Mercury Systems, Inc. (a)(b)		15,152		111,670
MicroStrategy, Inc., Class A (a)		4,185		423,020
Millennial Media, Inc. (a)		5,657		35,922
Moduslink Global Solutions, Inc. (a)		19,322		63,763
Monotype Imaging Holdings, Inc.		17,984		427,120
NetScout Systems, Inc. (a)		18,038		443,194
NIC, Inc.		31,663		606,663
OpenTable, Inc. (a)		11,084		698,070
PDF Solutions, Inc. (a)		11,931		191,135
Pegasystems, Inc.		8,440		236,995
Perficient, Inc. (a)		15,598		181,873
Pervasive Software, Inc. (a)		6,380		58,505
Progress Software Corp. (a)		28,411		647,203
Proofpoint, Inc. (a)		3,078		51,895
PROS Holdings, Inc. (a)		10,742		291,860
PTC, Inc. (a)		58,694		1,496,110
QAD, Inc., Class A		2,957		37,968
QLIK Technologies, Inc. (a)		41,929		1,083,026
RealNetworks, Inc. (a)		10,775		83,075
RealPage, Inc. (a)(b)		17,590		364,289
Responsys, Inc. (a)		17,545		155,273
Saba Software, Inc. (a)		14,697		116,841
Sapiens International Corp. NV		6,750		36,720
Sapient Corp. (a)		60,551		738,117
SciQuest, Inc. (a)		8,748		210,302
Shutterstock, Inc. (a)		2,557		115,014
Sourcefire, Inc. (a)(b)		14,526		860,375
Spark Networks, Inc. (a)		5,705		40,163
SPS Commerce, Inc. (a)(b)		6,057		258,452


Common Stocks	Shares		Value
Computer Services Software & Systems (concluded)
SS&C Technologies Holdings, Inc. (a)(b)		16,628	$	498,507
Support.com, Inc. (a)		24,124		100,838
Synacor, Inc. (a)		3,279		9,804
Synchronoss Technologies, Inc. (a)		13,592		421,760
SYNNEX Corp. (a)		12,843		475,191
Syntel, Inc.		7,556		510,181
Tangoe, Inc. (a)		14,713		182,294
TechTarget, Inc. (a)		7,737		37,834
Tyler Technologies, Inc. (a)		14,779		905,361
Ultimate Software Group, Inc. (a)(b)		13,069		1,361,267
Unisys Corp. (a)(b)		21,558		490,444
United Online, Inc.		44,522		268,468
Unwired Planet, Inc. (a)		28,985		64,347
VASCO Data Security International, Inc. (a)		13,881		117,156
Verint Systems, Inc. (a)		24,635		900,409
VirnetX Holding Corp. (a)(b)		20,647		395,803
Virtusa Corp. (a)(b)		9,141		217,190
Web.com Group, Inc. (a)		17,174		293,332
Websense, Inc. (a)(b)		18,344		275,160
Yelp, Inc. (a)		4,177		99,037
Zillow, Inc. (a)(b)		1,725		94,306
Zix Corp. (a)		29,907		107,067

				35,215,006

Computer Technology — 0.5%
Cray, Inc. (a)(b)		19,320		448,417
Imation Corp. (a)		15,964		60,982
Immersion Corp. (a)		13,741		161,319
Insight Enterprises, Inc. (a)(b)		21,747		448,423
Intermec, Inc. (a)		29,503		290,015
OCZ Technology Group, Inc. (a)(b)		33,415		60,147
PC Connection, Inc.		4,354		71,188
Quantum Corp. (a)		115,678		148,068
Radisys Corp. (a)		11,118		54,701
Safeguard Scientifics, Inc. (a)		10,164		160,591
Silicon Graphics International Corp. (a)		15,767		216,796
STEC, Inc. (a)		17,457		77,160
Super Micro Computer, Inc. (a)		14,292		161,357
Synaptics, Inc. (a)		16,553		673,542
Telular Corp.		8,217		82,663

				3,115,369

Construction — 0.5%
Aegion Corp. (a)		19,329		447,466
EMCOR Group, Inc.		32,828		1,391,579
Granite Construction, Inc.		19,065		607,030
Great Lakes Dredge & Dock Corp.		29,439		198,124
Orion Marine Group, Inc. (a)		13,507		134,260
Primoris Services Corp.		14,774		326,653
Sterling Construction Co., Inc. (a)		8,112		88,340




QUANTITATIVE MASTER SERIES LLC	MARCH 31, 2013	8

Schedule of Investments (continued)

Master Small Cap Index Series

(Percentages shown are based on Net Assets)


Common Stocks	Shares		Value
Construction (concluded)
Tutor Perini Corp. (a)		17,587	$	339,429

				3,532,881

Consumer Electronics — 0.2%
RealD, Inc. (a)(b)		20,292		263,796
Skullcandy, Inc. (a)		8,014		42,314
TiVo, Inc. (a)		61,260		759,012
Universal Electronics, Inc. (a)		7,329		170,399
VOXX International Corp. (a)		8,884		95,148
XO Group, Inc. (a)		12,834		128,340
Zagg, Inc. (a)		12,580		91,582

				1,550,591

Consumer Lending — 0.9%
Asset Acceptance Capital Corp. (a)		7,998		53,907
Cash America International, Inc.		14,506		761,130
Credit Acceptance Corp. (a)(b)		3,635		443,979
Encore Capital Group, Inc. (a)		10,194		306,839
Ezcorp, Inc. (a)		23,690		504,597
First Cash Financial Services, Inc. (a)		14,143		825,103
The First Marblehead Corp. (a)		28,627		28,913
MGIC Investment Corp. (a)		154,914		766,824
MoneyGram International, Inc. (a)		10,722		194,068
Nelnet, Inc., Class A		11,822		399,584
Netspend Holdings, Inc. (a)		14,123		224,415
Nicholas Financial, Inc.		5,138		75,529
Portfolio Recovery Associates, Inc. (a)		8,434		1,070,443
Regional Management Corp. (a)		2,421		48,904
Tree.com, Inc.		3,151		58,262
World Acceptance Corp. (a)		4,820		413,893

				6,176,390

Consumer Services: Miscellaneous — 0.7%
Chuy’s Holdings, Inc. (a)		3,318		108,100
Coinstar, Inc. (a)(b)		13,729		802,048
Collectors Universe, Inc.		2,664		31,355
Core-Mark Holdings Co., Inc.		5,576		286,105
Del Frisco’s Restaurant Group, Inc. (a)		2,864		47,542
Move, Inc. (a)		19,253		230,073
NutriSystem, Inc.		13,956		118,347
Sotheby’s		33,272		1,244,706
Steiner Leisure Ltd. (a)		7,451		360,330
WEX, Inc. (a)		19,075		1,497,388

				4,725,994

Containers & Packaging — 0.2%
AEP Industries, Inc. (a)		2,035		146,133
Berry Plastics Group, Inc. (a)		14,395		274,225
Graphic Packaging Holding Co. (a)		72,042		539,595
Myers Industries, Inc.		16,489		230,186
UFP Technologies, Inc. (a)		2,657		52,316

				1,242,455


Common Stocks	Shares		Value
Copper — 0.0%
Revett Minerals, Inc. (a)		11,984	$	27,324

Cosmetics — 0.1%
Elizabeth Arden, Inc. (a)(b)		12,370		497,892
Inter Parfums, Inc.		8,109		198,103
Revlon, Inc., Class A (a)		5,533		123,718

				819,713

Diversified Financial Services — 0.7%
California First National Bancorp		1,210		20,921
ConnectOne Bancorp, Inc. (a)		737		23,031
DFC Global Corp. (a)		21,700		361,088
Duff & Phelps Corp.		15,510		240,560
Evercore Partners, Inc., Class A		14,083		585,853
FBR & Co. (a)		4,559		86,302
Fidus Investment Corp.		6,667		127,673
First California Financial Group, Inc. (a)		11,167		95,143
Greenhill & Co., Inc.		14,298		763,227
Intersections, Inc.		4,575		43,051
Main Street Capital Corp.		15,038		482,569
MidwestOne Financial Group, Inc.		3,368		80,192
Piper Jaffray Cos. (a)		7,486		256,770
Stifel Financial Corp. (a)(b)		30,022		1,040,863
Triangle Capital Corp.		13,434		376,017

				4,583,260

Diversified Manufacturing Operations — 0.5%
A.M. Castle & Co. (a)		8,274		144,795
Barnes Group, Inc.		26,666		771,447
Federal Signal Corp. (a)		30,613		249,190
Lydall, Inc. (a)		8,408		129,063
OSI Systems, Inc. (a)		9,741		606,767
Raven Industries, Inc.		17,775		597,418
Standex International Corp.		6,201		342,419
Trimas Corp. (a)		15,796		512,896

				3,353,995

Diversified Materials & Processing — 0.9%
Belden, Inc.		22,336		1,153,654
Cabot Microelectronics Corp. (a)		11,545		401,189
Clarcor, Inc.		24,663		1,291,848
Encore Wire Corp.		8,087		283,207
Harbinger Group, Inc. (a)		20,108		166,092
Hexcel Corp. (a)		48,891		1,418,328
Insteel Industries, Inc.		8,716		142,245
Koppers Holdings, Inc.		10,174		447,452
NL Industries, Inc.		3,243		40,310
Tredegar Corp.		11,874		349,571
Uranium Energy Corp. (a)(b)		42,069		92,552

				5,786,448

Diversified Media — 0.1%
Belo Corp., Class A		46,067		452,839
EW Scripps Co. (a)		14,686		176,672

				629,511




QUANTITATIVE MASTER SERIES LLC	MARCH 31, 2013	9

Schedule of Investments (continued)

Master Small Cap Index Series

(Percentages shown are based on Net Assets)


Common Stocks	Shares		Value
Diversified Retail — 0.4%
The Bon-Ton Stores, Inc.		6,302	$	81,926
Fred’s, Inc., Class A		17,985		246,035
Geeknet, Inc. (a)		2,109		31,150
Gordmans Stores, Inc. (a)		4,216		49,369
HSN, Inc.		17,524		961,367
Overstock.com, Inc. (a)		5,788		71,308
PriceSmart, Inc.		8,918		694,088
Saks, Inc. (a)		50,979		584,729
Tuesday Morning Corp. (a)		20,565		159,584
Winmark Corp.		1,090		68,659

				2,948,215

Drug & Grocery Store Chains — 0.7%
Arden Group, Inc., Class A		555		56,105
Casey’s General Stores, Inc.		18,694		1,089,860
Harris Teeter Supermarkets		21,606		922,792
Ingles Markets, Inc., Class A		6,071		130,405
Nash Finch Co.		5,927		116,051
The Pantry, Inc. (a)		11,423		142,445
PetMed Express, Inc.		9,977		133,841
Rite Aid Corp. (a)		324,150		615,885
Spartan Stores, Inc.		10,649		186,890
SUPERVALU, Inc. (b)		104,333		525,838
Susser Holdings Corp. (a)		5,499		281,054
Village Super Market, Inc., Class A		4,129		139,106
Weis Markets, Inc.		5,405		219,984

				4,560,256

Education Services — 0.4%
American Public Education, Inc. (a)		8,837		308,323
Bridgepoint Education, Inc. (a)		8,576		87,733
Bright Horizons Family Solutions, Inc. (a)		5,706		192,806
Capella Education Co. (a)		6,257		194,843
Career Education Corp. (a)		25,626		60,734
Corinthian Colleges, Inc. (a)		38,703		81,276
Education Management Corp. (a)(b)		13,292		48,782
Franklin Covey Co. (a)		6,799		98,789
Grand Canyon Education, Inc. (a)		19,601		497,669
HealthStream, Inc. (a)		9,563		219,375
K12, Inc. (a)		13,108		316,034
Lincoln Educational Services Corp.		11,421		66,927
National American University Holdings, Inc.		4,853		18,927
Rosetta Stone, Inc. (a)		5,250		80,745
Strayer Education, Inc.		5,848		282,926
Universal Technical Institute, Inc.		10,438		131,832

				2,687,721

Electronic Components — 0.8%
3D Systems Corp. (a)(b)		38,214		1,232,019
Acacia Research Corp. (a)		24,393		735,937
Checkpoint Systems, Inc. (a)		19,732		257,700
InvenSense, Inc. (a)(b)		17,927		191,460
Kemet Corp. (a)		22,029		137,681


Common Stocks	Shares		Value
Electronic Components (concluded)
Methode Electronics, Inc.		18,326	$	236,039
Multi-Fineline Electronix, Inc. (a)		4,334		66,874
Neonode, Inc. (a)		11,105		64,076
NVE Corp. (a)		2,345		132,305
Park Electrochemical Corp.		10,199		258,443
Rogers Corp. (a)		7,976		379,817
Sanmina Corp. (a)		40,008		454,491
ScanSource, Inc. (a)		13,497		380,885
TTM Technologies, Inc. (a)		26,033		197,851
Universal Display Corp. (a)		19,521		573,722
Viasystems Group, Inc. (a)		1,843		24,033

				5,323,333

Electronic Entertainment — 0.1%
DTS, Inc. (a)(b)		8,968		149,138
Glu Mobile, Inc. (a)(b)		27,107		80,779
Take-Two Interactive Software, Inc. (a)		38,437		620,757

				850,674

Electronics — 0.4%
Agilysys, Inc. (a)		7,203		71,598
American Science & Engineering, Inc.		4,126		251,645
Coherent, Inc.		11,597		658,014
Daktronics, Inc.		17,814		187,047
II-VI, Inc. (a)		25,763		439,001
iRobot Corp. (a)		13,493		346,230
Newport Corp. (a)		18,727		316,861
Richardson Electronics Ltd.		6,170		73,176
Rofin-Sinar Technologies, Inc. (a)(b)		14,001		379,287

				2,722,859

Energy Equipment — 0.3%
C&J Energy Services, Inc. (a)		21,882		501,098
Capstone Turbine Corp. (a)		133,145		119,830
Enphase Energy, Inc. (a)		4,078		25,284
First Solar, Inc. (a)		29,606		798,178
FuelCell Energy, Inc. (a)		73,023		68,919
Matador Resources Co. (a)(b)		6,775		60,027
Solarcity Corp. (a)		6,441		121,606
STR Holdings, Inc. (a)		14,830		32,181
SunPower Corp. (a)		19,612		226,322

				1,953,445

Energy Equipment & Services — 0.1%
Geospace Technologies Corp. (a)		6,259		675,472
Pioneer Energy Services Corp. (a)		30,541		251,963

				927,435

Engineering & Contracting Services — 0.5%
Argan, Inc.		4,960		73,954
Dycom Industries, Inc. (a)		16,607		326,992
Exponent, Inc.		6,558		353,738
Furmamite Corp. (a)		18,498		123,752




QUANTITATIVE MASTER SERIES LLC	MARCH 31, 2013	10

Schedule of Investments (continued)

Master Small Cap Index Series

(Percentages shown are based on Net Assets)


Common Stocks	Shares		Value
Engineering & Contracting Services (concluded)
Hill International, Inc. (a)		10,944	$	32,722
Layne Christensen Co. (a)(b)		9,741		208,263
Mastec, Inc. (a)		26,980		786,467
Michael Baker Corp.		4,267		104,541
Mistras Group, Inc. (a)		7,751		187,652
MYR Group, Inc. (a)		10,181		250,045
Tetra Tech, Inc. (a)(b)		31,136		949,337
VSE Corp.		1,929		48,206

				3,445,669

Entertainment — 0.5%
Ascent Capital Group, Inc., Class A (a)		6,931		515,944
Carmike Cinemas, Inc. (a)		8,680		157,282
Lions Gate Entertainment Corp. (a)		39,112		929,692
Live Nation Entertainment, Inc. (a)		68,623		848,866
Reading International, Inc., Class A (a)		7,742		43,355
Rentrak Corp. (a)		4,536		99,701
SHFL Entertainment, Inc. (a)(b)		26,984		447,125
World Wrestling Entertainment, Inc.		13,012		114,766

				3,156,731

Environmental, Maintenance, & Security Service — 0.7%
ABM Industries, Inc.		26,391		586,936
The Brink’s Co.		23,204		655,745
G&K Services, Inc., Class A		9,251		421,013
The Geo Group, Inc.		34,934		1,314,217
Healthcare Services Group, Inc.		32,964		844,867
Mac-Gray Corp.		5,788		74,086
Standard Parking Corp. (a)		7,642		158,190
Swisher Hygiene, Inc. (a)		55,814		72,000
Unifirst Corp.		7,099		642,460

				4,769,514

Fertilizers — 0.0%
Rentech, Inc.		60,976		143,294

Financial Data & Systems — 0.6%
Advent Software, Inc. (a)		15,487		433,171
Cardtronics, Inc. (a)		21,636		594,125
Cass Information Systems, Inc.		5,001		210,242
Euronet Worldwide, Inc. (a)		24,871		655,102
Fair Isaac Corp.		16,815		768,277
Global Cash Access, Inc. (a)		14,592		102,874
Green Dot Corp., Class A (a)		11,954		199,751
Heartland Payment Systems, Inc.		19,047		627,980
Higher One Holdings, Inc. (a)		13,509		120,095
Xoom Corp. (a)		3,497		79,871

				3,791,488

Food & Staples Retailing — 0.0%
Natural Grocers by Vitamin Cottage, Inc. (a)		3,524		79,466


Common Stocks	Shares		Value
Foods — 1.3%
Annie’s, Inc. (a)		2,477	$	94,770
B&G Foods, Inc., Class A		25,852		788,227
Boulder Brands, Inc. (a)		29,015		260,555
The Chefs’ Warehouse, Inc. (a)		5,389		99,535
Chiquita Brands International, Inc. (a)		22,526		174,802
Diamond Foods, Inc. (a)(b)		10,856		183,032
Dole Food Co., Inc. (a)(b)		17,580		191,622
The Hain Celestial Group, Inc. (a)		18,106		1,105,914
Inventure Foods, Inc. (a)		6,447		50,158
J&J Snack Foods Corp.		7,261		558,298
John B. Sanfilippo & Son, Inc.		3,910		78,122
Lancaster Colony Corp.		9,062		697,774
Lifeway Foods, Inc.		2,217		30,816
Medifast, Inc. (a)		6,111		140,064
Natures Sunshine Prods, Inc.		5,531		84,292
Nutraceutical International Corp.		4,197		72,818
Omega Protein Corp. (a)		9,662		103,867
Post Holdings, Inc. (a)		12,861		552,123
Roundy’s, Inc.		9,903		65,063
Seneca Foods Corp. (a)		4,053		133,830
Snyders-Lance, Inc.		21,658		547,081
Synutra International, Inc. (a)		8,420		39,574
Tootsie Roll Industries, Inc.		12,086		361,493
TreeHouse Foods, Inc. (a)		17,643		1,149,441
United Natural Foods, Inc. (a)		23,969		1,179,275

				8,742,546

Forest Products — 0.1%
Boise Cascade Co. (a)		6,566		222,850
Deltic Timber Corp.		5,327		366,071
Universal Forest Products, Inc.		9,666		384,804

				973,725

Forms & Bulk Printing Services — 0.3%
Consolidated Graphics, Inc. (a)		3,664		143,262
Deluxe Corp.		25,046		1,036,904
Ennis, Inc.		12,720		191,690
Innerworkings, Inc. (a)		15,577		235,836
Multi-Color Corp.		6,543		168,744
Quad/Graphics, Inc.		12,322		294,989
Schawk, Inc.		5,828		64,050

				2,135,475

Funeral Parlors & Cemeteries — 0.2%
Carriage Services, Inc.		7,815		166,069
Hillenbrand, Inc.		27,076		684,481
Matthews International Corp., Class A		13,782		480,854
Stewart Enterprises, Inc., Class A		36,789		341,770

				1,673,174

Gas Pipeline — 0.2%
Crosstex Energy, Inc.		20,348		391,902
SemGroup Corp. (a)		20,736		1,072,466

				1,464,368




QUANTITATIVE MASTER SERIES LLC	MARCH 31, 2013	11

Schedule of Investments (continued)

Master Small Cap Index Series

(Percentages shown are based on Net Assets)


Common Stocks	Shares		Value
Glass — 0.1%
Apogee Enterprises, Inc.		13,969	$	404,403

Gold — 0.2%
Coeur d’Alene Mines Corp. (a)		44,119		832,084
Gold Resource Corp.		14,570		189,847
Golden Star Resources Ltd. (a)(b)		126,992		203,187
Midway Gold Corp. (a)		62,939		76,786
Vista Gold Corp. (a)		29,944		64,679

				1,366,583

Health Care Facilities — 0.7%
Amsurg Corp. (a)		15,474		520,545
Assisted Living Concepts, Inc.		9,666		114,929
Capital Senior Living Corp. (a)		13,843		365,870
Emeritus Corp. (a)		15,060		418,517
The Ensign Group, Inc.		8,518		284,501
Five Star Quality Care, Inc. (a)		21,011		140,564
Hanger Orthopedic Group, Inc. (a)		16,728		527,434
HealthSouth Corp. (a)		46,902		1,236,806
Kindred Healthcare, Inc. (a)		25,909		272,822
National Healthcare Corp.		5,144		235,184
Select Medical Holdings Corp.		17,075		153,675
Skilled Healthcare Group, Inc., Class A (a)		9,429		61,949
US Physical Therapy, Inc.		5,770		154,924
Vanguard Health Systems, Inc. (a)		15,544		231,139

				4,718,859

Health Care Management Services — 0.7%
Bioscript, Inc. (a)		21,565		274,091
Centene Corp. (a)(b)		25,299		1,114,168
Computer Programs & Systems, Inc.		5,460		295,441
Magellan Health Services, Inc. (a)(b)		13,366		635,821
Molina Healthcare, Inc. (a)		14,735		454,869
National Research Corp.		1,232		71,505
Triple-S Management Corp. (a)		9,424		164,166
Universal American Corp.		18,384		153,139
WellCare Health Plans, Inc. (a)		21,173		1,227,187

				4,390,387

Health Care Services — 1.7%
Acadia Healthcare Co., Inc. (a)(b)		13,231		388,859
Accretive Health, Inc. (a)		27,726		281,696
Air Methods Corp.		18,886		911,061
Almost Family, Inc.		4,054		82,823
Amedisys, Inc. (a)		14,725		163,742
AMN Healthcare Services, Inc. (a)		21,835		345,648
athenahealth, Inc. (a)		17,592		1,707,128
Chemed Corp.		9,441		755,091
Chindex International, Inc. (a)		5,663		77,810
Corvel Corp. (a)		3,077		152,281
Cross Country Healthcare, Inc. (a)		13,367		70,979
ExamWorks Group, Inc. (a)(b)		14,320		248,022
Gentiva Health Services, Inc. (a)		14,871		160,904


Common Stocks	Shares		Value
Health Care Services (concluded)
Globus Medical, Inc., Class A (a)		4,746	$	69,671
Greenway Medical Technologies (a)		3,911		62,185
Healthways, Inc. (a)		16,379		200,643
HMS Holdings Corp. (a)(b)		42,174		1,145,024
IPC The Hospitalist Co., Inc. (a)(b)		8,120		361,178
LHC Group, Inc. (a)		7,227		155,308
Medidata Solutions, Inc. (a)(b)		11,450		663,871
MWI Veterinary Supply, Inc. (a)		6,233		824,376
Omnicell, Inc. (a)		16,369		309,047
PharMerica Corp. (a)		14,429		202,006
Quality Systems, Inc.		19,489		356,259
Ryman Hospitality Properties		16,116		737,307
Team Health Holdings, Inc. (a)		13,930		506,773
WebMD Health Corp. (a)		24,872		604,887

				11,544,579

Health Care: Miscellaneous — 0.1%
MedAssets, Inc. (a)		28,586		550,281
The Providence Service Corp. (a)		6,382		118,003

				668,284

Home Building — 0.7%
Beazer Homes USA, Inc. (a)		12,171		192,789
Hovnanian Enterprises, Inc., Class A (a)		49,147		283,578
KB Home		37,142		808,581
M/I Homes, Inc. (a)		11,893		290,784
MDC Holdings, Inc.		18,892		692,392
Meritage Homes Corp. (a)(b)		15,073		706,321
Ryland Group, Inc.		21,459		893,124
Standard-Pacific Corp. (a)		57,149		493,767
TRI Pointe Homes, Inc. (a)		7,717		155,497

				4,516,833

Hotel/Motel — 0.1%
Bloomin’ Brands, Inc. (a)		9,003		160,884
Marcus Corp.		8,991		112,298
Morgans Hotel Group Co. (a)		10,833		64,131
Orient Express Hotels Ltd., Class A (a)		47,493		468,281
Red Lion Hotels Corp. (a)		6,784		48,234

				853,828

Household Appliances — 0.0%
National Presto Industries, Inc.		2,343		188,611

Household Equipment & Products — 0.2%
American Greetings Corp., Class A		15,513		249,759
Blyth, Inc. (b)		5,206		90,376
Central Garden & Pet Co., Class A (a)		19,018		156,328
CSS Industries, Inc.		4,730		122,838
Helen of Troy Ltd. (a)		15,519		595,309
Libbey, Inc. (a)		10,042		194,112

				1,408,722




QUANTITATIVE MASTER SERIES LLC	MARCH 31, 2013	12

Schedule of Investments (continued)

Master Small Cap Index Series

(Percentages shown are based on Net Assets)


Common Stocks	Shares		Value
Household Furnishings — 0.3%
American Woodmark Corp. (a)		4,826	$	164,229
Bassett Furniture Industries, Inc.		5,608		89,504
Ethan Allen Interiors, Inc.		11,914		392,209
Flexsteel Industries, Inc.		2,201		54,453
Hooker Furniture Corp.		5,334		85,024
Kirkland’s, Inc. (a)		6,685		76,610
La-Z-Boy, Inc.		25,442		480,090
Lifetime Brands, Inc.		4,700		53,627
Select Comfort Corp. (a)		27,887		551,326

				1,947,072

Insurance: Life — 0.5%
American Equity Investment Life Holding Co.		30,973		461,188
Citizens, Inc. (a)(b)		19,176		160,887
CNO Financial Group, Inc.		98,839		1,131,707
FBL Financial Group, Inc., Class A		4,776		185,595
Health Insurance Innovations, Inc. (a)		2,025		30,557
Independence Holding Co.		3,888		39,580
Kansas City Life Insurance Co.		2,011		78,690
National Western Life Insurance Co., Class A		1,049		184,624
The Phoenix Cos., Inc. (a)		2,865		88,156
Primerica, Inc.		21,792		714,342
Symetra Financial Corp.		38,085		510,720

				3,586,046

Insurance: Multi-Line — 0.5%
Alterra Capital Holdings Ltd.		42,176		1,328,544
Crawford & Co., Class B		13,155		99,846
Eastern Insurance Holdings, Inc.		3,348		62,808
eHealth, Inc. (a)		10,334		184,772
Fortegra Financial Corp. (a)		3,517		30,809
Horace Mann Educators Corp.		19,601		408,681
Maiden Holdings Ltd.		24,889		263,575
Pico Holdings, Inc. (a)(b)		11,209		248,840
Platinum Underwriters Holdings Ltd.		16,204		904,345

				3,532,220

Insurance: Property-Casualty — 1.5%
American Safety Insurance Holdings Ltd. (a)		4,495		112,195
Amerisafe, Inc.		8,982		319,220
AmTrust Financial Services, Inc.		13,274		459,944
Argo Group International Holdings Ltd.		12,720		526,354
Baldwin & Lyons, Inc., Class B		4,594		109,291
Donegal Group, Inc., Class A		3,999		61,065
EMC Insurance Group, Inc.		2,341		61,638
Employers Holdings, Inc.		10,430		244,583
Enstar Group Ltd. (a)		4,138		514,312
First American Financial Corp.		52,335		1,338,206
Global Indemnity Plc (a)		5,088		118,042
Greenlight Capital Re Ltd. (a)		13,844		338,486


Common Stocks	Shares		Value
Insurance: Property-Casualty (concluded)
Hallmark Financial Services, Inc. (a)		7,083	$	63,747
Hilltop Holdings, Inc. (a)		19,724		266,077
Homeowners Choice, Inc.		4,155		113,224
Infinity Property & Casualty Corp.		5,841		328,264
Investors Title Co.		626		43,238
Meadowbrook Insurance Group, Inc.		24,958		175,954
Montpelier Re Holdings Ltd.		23,496		612,071
National Interstate Corp.		3,166		94,917
Navigators Group, Inc. (a)		4,944		290,460
OneBeacon Insurance Group Ltd.		11,403		154,169
Radian Group, Inc.		85,013		910,489
RLI Corp.		10,506		754,856
Safety Insurance Group, Inc.		6,325		310,874
Selective Insurance Group, Inc.		27,079		650,167
State Auto Financial Corp.		7,387		128,681
Stewart Information Services Corp.		9,818		250,064
Tower Group International, Ltd. (b)		19,473		359,282
United Fire Group, Inc.		9,955		253,554
Universal Insurance Holdings, Inc.		9,867		47,855

				10,011,279

International Trade & Diversified Logistic — 0.0%
Global Sources Ltd. (a)		9,263		70,028

Internet & Catalog Retail — 0.0%
Kayak Software Corp. (a)		1,676		66,973
Vitacost.com, Inc. (a)		10,781		77,947

				144,920

Internet Software & Services — 0.0%
E2open, Inc. (a)		2,323		46,321

Leisure Time — 1.2%
Black Diamond, Inc. (a)		10,194		92,867
Bluegreen Corp. (a)		7,189		70,740
Callaway Golf Co.		31,986		211,747
Churchill Downs, Inc.		6,356		445,174
International Speedway Corp., Class A		13,584		443,925
Interval Leisure Group, Inc.		19,004		413,147
Johnson Outdoors, Inc. (a)		2,748		65,512
Life Time Fitness, Inc. (a)		21,057		900,818
Marriott Vacations Worldwide Corp. (a)		13,057		560,276
Orbitz Worldwide, Inc. (a)		11,315		64,609
Pool Corp.		23,288		1,117,824
Premier Exhibitions, Inc. (a)		12,453		33,125
Six Flags Entertainment Corp.		18,236		1,321,745
Smith & Wesson Holding Corp. (a)		31,939		287,451
Speedway Motorsports, Inc.		5,634		101,356
Steinway Musical Instruments, Inc. (a)		3,331		80,011
Sturm Ruger & Co., Inc.		9,438		478,790
Town Sports International Holdings, Inc.		11,349		107,362




QUANTITATIVE MASTER SERIES LLC	MARCH 31, 2013	13

Schedule of Investments (continued)

Master Small Cap Index Series

(Percentages shown are based on Net Assets)


Common Stocks	Shares		Value
Leisure Time (concluded)
Vail Resorts, Inc.		17,677	$	1,101,631
West Marine, Inc. (a)		7,350		84,010

				7,982,120

Luxury Items — 0.0%
Movado Group, Inc.		8,667		290,518

Machinery: Agricultural — 0.2%
Alamo Group, Inc.		3,422		130,892
Lindsay Manufacturing Co.		6,252		551,301
Titan International, Inc.		26,288		554,151
Titan Machinery, Inc. (a)		8,321		230,908

				1,467,252

Machinery: Construction & Handling — 0.1%
Astec Industries, Inc.		9,860		344,410
Douglas Dynamics, Inc.		10,980		151,744
NACCO Industries, Inc., Class A		2,715		144,872

				641,026

Machinery: Engines — 0.1%
Briggs & Stratton Corp.		23,942		593,762

Machinery: Industrial — 1.5%
Actuant Corp., Class A		35,762		1,095,032
Altra Holdings, Inc.		13,220		359,848
Applied Industrial Technologies, Inc.		20,718		932,310
Chart Industries, Inc. (a)		14,680		1,174,547
Columbus McKinnon Corp. (a)		9,526		183,376
DXP Enterprises, Inc. (a)		4,311		322,032
EnPro Industries, Inc. (a)		10,072		515,384
The ExOne Co. (a)		2,963		99,261
Flow International Corp. (a)		23,501		91,889
Graham Corp.		4,929		121,943
Hardinge, Inc.		5,751		78,386
Hyster-Yale Materials Handling, Inc.		5,397		308,115
John Bean Technologies Corp.		14,226		295,190
Kadant, Inc. (a)		5,731		143,275
Middleby Corp. (a)		9,182		1,397,041
MTS Systems Corp.		7,881		458,280
Omega Flex, Inc.		1,265		21,745
Proto Labs, Inc. (a)		2,586		126,973
Sauer-Danfoss, Inc.		5,743		335,564
Tennant Co.		9,283		450,782
Twin Disc, Inc.		4,204		105,436
Woodward, Inc.		33,933		1,349,176

				9,965,585

Machinery: Specialty — 0.1%
Albany International Corp., Class A		13,548		391,537
Cascade Corp.		4,232		274,996
Hurco Cos., Inc. (a)		3,171		86,346

				752,879


Common Stocks	Shares		Value
Manufactured Housing — 0.0%
Cavco Industries, Inc. (a)		3,401	$	161,786

Medical & Dental Instruments & Supplies — 2.3%
Abiomed, Inc. (a)		16,452		307,159
Align Technology, Inc. (a)		35,279		1,182,199
Alphatec Holdings, Inc. (a)		26,737		56,415
AngioDynamics, Inc. (a)		11,872		135,697
Anika Therapeutics, Inc. (a)		5,735		83,272
Antares Pharma, Inc. (a)		52,949		189,557
AtriCure, Inc. (a)		8,875		70,290
Atrion Corp.		764		146,680
Cantel Medical Corp.		10,407		312,835
Cardiovascular Systems, Inc. (a)		8,963		183,562
Cerus Corp. (a)		31,336		138,505
Conceptus, Inc. (a)		15,393		371,741
CONMED Corp.		13,843		471,493
CryoLife, Inc.		13,586		81,652
Derma Sciences, Inc. (a)		5,707		68,941
Endologix, Inc. (a)(b)		27,156		438,569
Exactech, Inc. (a)		4,174		86,360
Hansen Medical, Inc. (a)(b)		27,449		55,173
Heartware International, Inc. (a)		7,970		704,787
ICU Medical, Inc. (a)		6,127		361,187
Insulet Corp. (a)(b)		25,615		662,404
Integra LifeSciences Holdings Corp. (a)		9,539		372,116
Invacare Corp.		15,555		202,993
Landauer, Inc.		4,626		260,814
MAKO Surgical Corp. (a)		19,335		215,585
Meridian Bioscience, Inc.		20,261		462,356
Merit Medical Systems, Inc. (a)(b)		20,664		253,341
Navidea Biopharmaceuticals, Inc. (a)(b)		52,825		143,156
Neogen Corp. (a)(b)		11,533		571,691
NuVasive, Inc. (a)		21,188		451,516
OraSure Technologies, Inc. (a)(b)		26,747		144,434
Orthofix International NV (a)		9,167		328,820
Owens & Minor, Inc.		31,177		1,015,123
Quidel Corp. (a)		13,834		328,558
Rochester Medical Corp. (a)		5,208		76,141
Rockwell Medical Technologies, Inc. (a)		12,543		49,670
Staar Surgical Co. (a)(b)		18,045		101,593
Steris Corp.		28,391		1,181,350
SurModics, Inc. (a)		6,273		170,939
Symmetry Medical, Inc. (a)		18,047		206,638
Tornier NV (a)(b)		7,776		146,578
Unilife Corp. (a)		44,337		96,655
Utah Medical Products, Inc.		1,573		76,715
Vascular Solutions, Inc. (a)		7,983		129,484
Volcano Corp. (a)		26,151		582,121
West Pharmaceutical Services, Inc.		16,622		1,079,433
Wright Medical Group, Inc. (a)		21,519		512,367

				15,268,665




QUANTITATIVE MASTER SERIES LLC	MARCH 31, 2013	14

Schedule of Investments (continued)

Master Small Cap Index Series

(Percentages shown are based on Net Assets)


Common Stocks	Shares		Value
Medical Equipment — 1.0%
Abaxis, Inc.		10,649	$	503,911
Accuray, Inc. (a)		35,043		162,599
Affymetrix, Inc. (a)		34,654		163,567
Analogic Corp.		6,012		475,068
ArthroCare Corp. (a)		13,562		471,415
Cyberonics, Inc. (a)		13,525		633,105
Cynosure, Inc., Class A (a)		6,047		158,250
DexCom, Inc. (a)(b)		33,672		562,996
EnteroMedics, Inc. (a)		17,618		17,618
Fluidigm Corp. (a)		11,894		220,158
Greatbatch, Inc. (a)		11,573		345,685
Haemonetics Corp. (a)		24,855		1,035,459
LipoScience, Inc. (a)		2,754		28,944
Luminex Corp. (a)		20,425		337,421
Masimo Corp.		24,496		480,611
Merge Healthcare, Inc. (a)		29,158		84,267
Natus Medical, Inc. (a)		14,499		194,867
NxStage Medical, Inc. (a)		25,440		286,963
Palomar Medical Technologies, Inc. (a)		9,595		129,437
Solta Medical, Inc. (a)		33,868		74,510
Spectranetic Corp. (a)		16,864		312,490
Zeltiq Aesthetics, Inc. (a)		8,363		31,947

				6,711,288

Medical Services — 0.2%
Bio-Reference Labs, Inc. (a)(b)		12,073		313,657
Parexel International Corp. (a)(b)		29,387		1,161,080

				1,474,737

Metal Fabricating — 0.7%
Ampco-Pittsburgh Corp.		4,213		79,668
Compx International, Inc.		465		5,892
Dynamic Materials Corp.		6,598		114,805
The Eastern Co.		3,030		53,146
Haynes International, Inc.		6,023		333,072
Kaydon Corp.		15,771		403,422
L.B. Foster Co., Class A		4,465		197,755
Metals USA Holdings Corp.		5,706		117,829
Mueller Industries, Inc.		9,714		517,659
Mueller Water Products, Inc., Series A		77,179		457,672
NN, Inc. (a)		8,405		79,511
Northwest Pipe Co. (a)		4,575		128,009
RBC Bearings, Inc. (a)		10,865		549,334
Rexnord Corp. (a)		14,127		299,916
RTI International Metals, Inc. (a)		14,884		471,674
Worthington Industries, Inc.		25,681		795,597

				4,604,961

Metals & Minerals: Diversified — 0.6%
AMCOL International Corp.		12,364		373,269
General Moly, Inc. (a)		33,193		73,357
Globe Specialty Metals, Inc.		30,153		419,730
Hecla Mining Co.		140,119		553,470
Materion Corp.		10,014		285,399


Common Stocks	Shares		Value
Metals & Minerals: Diversified (concluded)
McEwen Mining, Inc. (a)		106,520	$	304,647
Minerals Technologies, Inc.		17,398		722,191
Oil-Dri Corp. of America		2,454		66,822
Paramount Gold and Silver Corp. (a)		64,324		143,443
SunCoke Energy, Inc. (a)		34,344		560,838
United States Lime & Minerals, Inc. (a)		818		43,509
Uranerz Energy Corp. (a)(b)		33,191		42,153
US Antimony Corp. (a)		27,128		46,931
US Silica Holdings, Inc.		5,840		137,707

				3,773,466

Miscellaneous Consumer Staples — 0.1%
Spectrum Brands Holdings, Inc.		11,280		638,335

Office Supplies & Equipment — 0.7%
ACCO Brands Corp. (a)		55,537		370,987
AT Cross Co., Class A (a)		4,686		64,526
Electronics for Imaging, Inc. (a)		22,783		577,777
Herman Miller, Inc.		28,583		790,892
HNI Corp.		22,382		794,337
Kimball International, Inc., Class B		16,002		144,978
Knoll, Inc.		23,559		427,125
Steelcase, Inc., Class A		37,428		551,314
United Stationers, Inc.		19,951		771,106

				4,493,042

Offshore Drilling & Other Services — 0.1%
Hercules Offshore, Inc. (a)(b)		77,870		577,795
Vantage Drilling Co. (a)		93,878		164,287

				742,082

Oil Well Equipment & Services — 1.5%
Basic Energy Services, Inc. (a)		15,274		208,796
Bolt Technology Corp.		4,172		72,843
Cal Dive International, Inc. (a)		47,863		86,153
Dawson Geophysical Co. (a)		3,905		117,150
Dril-Quip, Inc. (a)(b)		19,711		1,718,208
Edgen Group, Inc. (a)		7,281		52,642
Exterran Holdings, Inc. (a)		31,811		858,897
Flotek Industries, Inc. (a)		24,343		398,008
Forbes Energy Services Ltd. (a)		7,102		26,135
Forum Energy Technologies, Inc. (a)		11,680		335,917
Global Geophysical Services, Inc. (a)		9,293		22,768
Gulf Island Fabrication, Inc.		7,032		148,094
Helix Energy Solutions Group, Inc. (a)		51,876		1,186,923
Hornbeck Offshore Services, Inc. (a)(b)		17,350		806,081
ION Geophysical Corp. (a)		64,873		441,785
Key Energy Services, Inc. (a)		74,280		600,183
Lufkin Industries, Inc.		16,488		1,094,638
Matrix Service Co. (a)		12,717		189,483




QUANTITATIVE MASTER SERIES LLC	MARCH 31, 2013	15

Schedule of Investments (continued)

Master Small Cap Index Series

(Percentages shown are based on Net Assets)


Common Stocks	Shares		Value
Oil Well Equipment & Services (concluded)
Mitcham Industries, Inc. (a)		6,262	$	105,953
Natural Gas Services Group, Inc. (a)		6,039		116,311
Newpark Resources, Inc. (a)		44,158		409,786
Parker Drilling Co. (a)		57,758		247,204
RigNet, Inc. (a)		5,962		148,692
Tesco Corp. (a)		14,867		199,069
Tetra Technologies, Inc. (a)		38,115		391,060
TGC Industries, Inc.		7,230		71,577
Willbros Group, Inc. (a)		19,145		188,004

				10,242,360

Oil, Gas & Consumable Fuels — 0.1%
Emerald Oil, Inc. (a)		7,969		56,102
EPL Oil & Gas, Inc. (a)		13,614		364,991

				421,093

Oil: Crude Producers — 2.6%
Abraxas Petroleum Corp. (a)		40,764		94,165
Apco Oil and Gas International, Inc.		4,529		56,160
Approach Resources, Inc. (a)		16,325		401,758
Berry Petroleum Co., Class A		25,724		1,190,764
Bill Barrett Corp. (a)		23,656		479,507
Bonanza Creek Energy, Inc. (a)		4,890		189,096
BPZ Resources, Inc. (a)		51,512		116,932
Callon Petroleum Co. (a)		19,584		72,461
Carrizo Oil & Gas, Inc. (a)		19,416		500,350
Ceres, Inc. (a)		3,130		10,892
Clayton Williams Energy, Inc. (a)		2,868		125,418
Comstock Resources, Inc. (a)(b)		23,639		384,134
Contango Oil & Gas Co.		6,235		249,961
Crimson Exploration, Inc. (a)		10,456		29,904
Diamondback Energy, Inc. (a)		7,038		188,900
Endeavour International Corp. (a)		23,189		68,408
Energy XXI Bermuda Ltd.		38,696		1,053,305
Evolution Petroleum Corp. (a)(b)		8,053		81,738
Forest Oil Corp. (a)(b)		57,959		304,864
FX Energy, Inc. (a)		26,121		87,767
Gastar Exploration Ltd. (a)		28,956		50,963
Goodrich Petroleum Corp. (a)		12,863		201,306
Gulfport Energy Corp. (a)(b)		37,403		1,714,179
Halcon Resources Corp. (a)		54,739		426,417
Harvest Natural Resources, Inc. (a)		19,452		68,277
Isramco, Inc. (a)		501		49,669
Kodiak Oil & Gas Corp. (a)		129,458		1,176,773
Magnum Hunter Resources Corp. (a)(b)		72,517		290,793
McMoRan Exploration Co. (a)		49,868		815,342
Midstates Petroleum Co., Inc. (a)		11,834		101,181
Northern Oil and Gas, Inc. (a)		31,186		448,455
Oasis Petroleum, Inc. (a)(b)		39,201		1,492,382
Panhandle Oil & Gas, Inc.		3,362		96,321
PDC Energy, Inc. (a)		14,695		728,431
Penn Virginia Corp.		27,102		109,492
Petroquest Energy, Inc. (a)(b)		28,029		124,449
Quicksilver Resources, Inc. (a)		57,492		129,357


Common Stocks	Shares		Value
Oil: Crude Producers (concluded)
Resolute Energy Corp. (a)		23,582	$	271,429
Rex Energy Corp. (a)		21,171		348,898
Rosetta Resources, Inc. (a)		25,949		1,234,653
Sanchez Energy Corp. (a)(b)		5,652		112,588
Saratoga Resources, Inc. (a)		9,520		25,323
Stone Energy Corp. (a)		24,300		528,525
Swift Energy Co. (a)		21,064		311,958
Synergy Resources Corp. (a)		19,346		132,714
Triangle Petroleum Corp. (a)(b)		21,705		143,253
Vaalco Energy, Inc. (a)		28,394		215,510
W&T Offshore, Inc.		17,079		242,522
Warren Resources, Inc. (a)		34,969		112,250
ZaZa Energy Corp. (a)		12,336		22,328

				17,412,222

Oil: Integrated — 0.1%
Targa Resources, Inc.		14,199		964,964

Oil: Refining & Marketing — 0.4%
Adams Resources & Energy, Inc.		1,128		57,528
Alon USA Energy, Inc.		5,476		104,318
Arabian American Development Co. (a)		10,217		86,129
Clean Energy Fuels Corp. (a)(b)		32,786		426,218
CVR Energy, Inc.		8,242		425,452
Delek US Holdings, Inc.		8,508		335,726
Miller Energy Resources, Inc. (a)		15,433		57,256
Renewable Energy Group, Inc. (a)		3,953		30,399
Western Refining, Inc.		28,325		1,002,988

				2,526,014

Paints & Coatings — 0.2%
Chase Corp.		3,101		59,911
Ferro Corp. (a)		42,650		287,888
H.B. Fuller Co.		24,502		957,538

				1,305,337

Paper — 0.6%
Boise, Inc.		49,424		428,012
Buckeye Technologies, Inc.		19,372		580,191
Clearwater Paper Corp. (a)		11,470		604,354
Kapstone Paper and Packaging Corp.		19,838		551,496
Neenah Paper, Inc.		7,753		238,482
P.H. Glatfelter Co.		20,994		490,840
Resolute Forest Products (a)		39,696		642,281
Schweitzer-Mauduit International, Inc.		15,335		593,925
Wausau Paper Corp.		21,629		233,161

				4,362,742

Personal Care — 0.1%
Female Health Co.		9,551		69,149
Orchids Paper Products Co.		2,807		65,487
PhotoMedex, Inc. (a)		6,371		102,510
USANA Health Sciences, Inc. (a)(b)		2,689		129,959




QUANTITATIVE MASTER SERIES LLC	MARCH 31, 2013	16

Schedule of Investments (continued)

Master Small Cap Index Series

(Percentages shown are based on Net Assets)


Common Stocks	Shares		Value
Personal Care (concluded)
WD-40 Co.		7,813	$	427,918

				795,023

Pharmaceuticals — 2.0%
Achillion Pharmaceuticals, Inc. (a)		35,574		310,917
Acura Pharmaceuticals, Inc. (a)		5,863		12,488
Akorn, Inc. (a)		27,903		385,898
Ampio Pharmaceuticals, Inc. (a)(b)		12,685		57,970
Anacor Pharmaceuticals, Inc. (a)		7,926		51,202
Auxilium Pharmaceuticals, Inc. (a)		23,758		410,538
Avanir Pharmaceuticals, Inc. (a)		66,605		182,498
BioCryst Pharmaceuticals, Inc. (a)		24,365		28,994
Biospecifics Technologies (a)		2,295		39,130
Cadence Pharmaceuticals, Inc. (a)		29,493		197,308
Cambrex Corp. (a)		14,645		187,310
Cempra, Inc. (a)		2,014		13,595
Corcept Therapeutics, Inc. (a)		24,630		49,260
Cumberland Pharmaceuticals, Inc. (a)		5,860		29,183
Depomed, Inc. (a)		27,507		161,466
Endocyte, Inc. (a)		14,647		182,355
Hi-Tech Pharmacal Co., Inc.		5,237		173,397
Impax Laboratories, Inc. (a)		32,866		507,451
Infinity Pharmaceuticals, Inc. (a)		14,627		708,971
Ironwood Pharmaceuticals, Inc. (a)(b)		36,871		674,371
Isis Pharmaceuticals, Inc. (a)(b)		49,175		833,025
Jazz Pharmaceuticals Plc (a)		20,394		1,140,229
Lannett Co., Inc. (a)		7,896		79,829
The Medicines Co. (a)(b)		27,060		904,345
Obagi Medical Products, Inc. (a)		8,551		168,882
Optimer Pharmaceuticals, Inc. (a)		23,100		274,890
Pacira Pharmaceuticals, Inc. (a)		9,077		261,962
Pain Therapeutics, Inc. (a)		18,587		63,753
Pernix Therapeutics Holdings, Inc. (a)		4,668		23,153
Pharmacyclics, Inc. (a)		26,708		2,147,590
Pozen, Inc. (a)		13,057		68,810
Prestige Brands Holdings, Inc. (a)		24,675		633,901
Questcor Pharmaceuticals, Inc. (b)		26,430		860,032
Sagent Pharmaceuticals, Inc. (a)		4,616		81,011
Santarus, Inc. (a)		26,877		465,778
Sciclone Pharmaceuticals, Inc. (a)		28,094		129,232
SIGA Technologies, Inc. (a)(b)		17,167		61,458
Spectrum Pharmaceuticals, Inc.		29,394		219,279
Supernus Pharmaceuticals, Inc. (a)		2,025		11,381
Vical, Inc. (a)		37,225		148,156
Vivus, Inc. (a)(b)		49,033		539,363
Xenoport, Inc. (a)(b)		21,061		150,586
Zogenix, Inc. (a)		27,433		49,379

				13,680,326

Plastics — 0.1%
A. Schulman, Inc.		14,484		457,115


Common Stocks	Shares		Value
Power Transmission Equipment — 0.2%
Advanced Energy Industries, Inc. (a)		19,493	$	356,722
Generac Holdings, Inc.		12,170		430,088
Global Power Equipment Group, Inc.		8,389		147,814
Maxwell Technologies, Inc. (a)(b)		14,384		77,530
Powell Industries, Inc. (a)		4,397		231,150
Power-One, Inc. (a)		33,206		137,805
Vicor Corp. (a)		9,270		46,072

				1,427,181

Precious Metals & Minerals — 0.2%
Golden Minerals Co. (a)(b)		16,556		39,403
Horsehead Holding Corp. (a)(b)		21,464		233,528
Stillwater Mining Co. (a)		56,923		736,015

				1,008,946

Printing & Copying Services — 0.1%
Casella Waste Systems, Inc. (a)		18,336		80,128
Cenveo, Inc. (a)		26,539		57,059
VistaPrint NV (a)		16,753		647,671

				784,858

Producer Durables: Miscellaneous — 0.1%
Blount International, Inc. (a)		24,090		322,324
Park-Ohio Holdings Corp. (a)		4,246		140,670

				462,994

Production Technology Equipment — 1.3%
ATMI, Inc. (a)(b)		15,628		350,536
Axcelis Technologies, Inc. (a)		53,748		67,185
Brooks Automation, Inc.		32,618		332,051
Cognex Corp.		21,019		885,951
Cohu, Inc.		12,017		112,479
Cymer, Inc. (a)		15,183		1,459,086
Electro Scientific Industries, Inc.		11,175		123,484
Entegris, Inc. (a)		67,399		664,554
FEI Co.		18,609		1,201,211
GSI Group, Inc. (a)		14,396		122,798
Intevac, Inc. (a)		11,036		52,090
LTX-Credence Corp. (a)		24,200		146,168
Mattson Technology, Inc. (a)		29,337		40,485
MKS Instruments, Inc.		25,768		700,890
Nanometrics, Inc. (a)		11,567		166,912
Photronics, Inc. (a)(b)		29,671		198,202
Rudolph Technologies, Inc. (a)(b)		15,864		186,878
Tessera Technologies, Inc.		25,463		477,431
Ultra Clean Holdings, Inc. (a)		13,738		89,297
Ultratech, Inc. (a)		12,853		508,079
Veeco Instruments, Inc. (a)		19,080		731,337

				8,617,104

Publishing — 0.3%
Courier Corp.		4,720		68,015
Daily Journal Corp. (a)		448		49,728
The Dolan Co. (a)		14,640		34,990




QUANTITATIVE MASTER SERIES LLC	MARCH 31, 2013	17

Schedule of Investments (continued)

Master Small Cap Index Series

(Percentages shown are based on Net Assets)


Common Stocks	Shares		Value
Publishing (concluded)
Journal Communications, Inc., Class A (a)		19,893	$	133,681
Martha Stewart Living Omnimedia, Inc., Class A (a)		13,953		36,836
McClatchy Co., Class A (a)		28,746		83,363
Meredith Corp.		17,831		682,214
The New York Times Co., Class A (a)		66,919		655,806
Scholastic Corp.		12,689		338,162
Value Line, Inc.		607		5,718

				2,088,513

Radio & TV Broadcasters — 0.2%
Beasley Broadcasting Group, Inc., Class A		1,845		10,886
Central European Media Enterprises Ltd. (a)		18,116		76,450
Crown Media Holdings, Inc., Class A (a)		16,840		34,522
Cumulus Media, Inc., Class A (a)		30,139		101,568
Entercom Communications Corp. (a)		12,040		89,578
Entravision Communications Corp., Class A		24,913		79,472
Fisher Communications, Inc.		4,351		170,733
Lin TV Corp., Class A (a)		15,131		166,290
Nexstar Broadcasting Group, Inc., Class A		5,629		101,322
Outdoor Channel Holdings, Inc.		7,087		63,216
Saga Communications, Inc.		2,294		106,120
Salem Communications Corp., Class A		5,006		39,698
Sinclair Broadcast Group, Inc., Class A		24,771		501,365

				1,541,220

Railroad Equipment — 0.1%
American Railcar Industries, Inc.		4,655		217,575
Freightcar America, Inc.		5,887		128,454
Greenbrier Cos., Inc. (a)(b)		11,278		256,123

				602,152

Railroads — 0.3%
Genesee & Wyoming, Inc., Class A (a)(b)		21,764		2,026,446

Real Estate — 0.2%
AV Homes, Inc. (a)		4,935		65,783
Consolidated-Tomoka Land Co.		2,113		82,935
Forestar Group, Inc. (a)		17,060		372,932
Griffin Land & Nurseries, Inc.		1,365		41,018
HFF, Inc., Class A		16,183		322,527
Kennedy-Wilson Holdings, Inc.		24,080		373,481
Market Leader, Inc. (a)		10,923		97,870
Tejon Ranch Co. (a)		6,538		194,702


Common Stocks	Shares		Value
Real Estate (concluded)
Thomas Properties Group, Inc.		16,012	$	82,142

				1,633,390

Real Estate Investment Trusts (REITs) — 8.6%
Acadia Realty Trust (b)		25,994		721,853
AG Mortgage Investment Trust, Inc.		13,363		340,356
Agree Realty Corp.		6,460		194,446
Alexander’s, Inc.		1,006		331,668
American Assets Trust, Inc.		16,153		517,058
American Capital Mortgage Investment Corp.		29,303		757,483
AmREIT, Inc., Class B		1,913		37,227
Anworth Mortgage Asset Corp.		68,124		431,225
Apollo Commercial Real Estate Finance, Inc.		14,749		259,435
Ares Commercial Real Estate Corp.		3,829		64,787
ARMOUR Residential REIT, Inc.		184,309		1,203,538
Ashford Hospitality Trust, Inc. (b)		26,289		324,932
Associated Estates Realty Corp.		24,393		454,686
Campus Crest Communities, Inc.		31,514		438,045
CapLease, Inc.		37,361		237,990
Capstead Mortgage Corp.		48,576		622,744
Cedar Realty Trust, Inc.		29,609		180,911
Chatham Lodging Trust		8,552		150,601
Chesapeake Lodging Trust		23,854		547,211
Colonial Properties Trust		43,220		977,204
Colony Financial, Inc.		31,713		704,029
Coresite Realty Corp.		10,104		353,438
Cousins Properties, Inc.		45,170		482,867
CreXus Investment Corp.		33,105		431,027
CubeSmart		65,523		1,035,263
CyrusOne, Inc.		9,162		209,260
CYS Investments, Inc.		86,350		1,013,749
DCT Industrial Trust, Inc. (b)		134,760		997,224
DiamondRock Hospitality Co.		92,507		861,240
DuPont Fabros Technology, Inc. (b)		30,176		732,372
Dynex Capital Corp.		26,443		282,411
Eastgroup Properties, Inc. (b)		14,660		853,212
Education Realty Trust, Inc.		55,680		586,310
EPR Properties (b)		22,964		1,195,276
Equity One, Inc. (b)		26,949		645,968
Excel Trust, Inc.		21,816		297,788
FelCor Lodging Trust, Inc. (a)		61,123		363,682
First Industrial Realty Trust, Inc. (b)		52,604		901,107
First Potomac Realty Trust		25,056		371,580
Franklin Street Properties Corp. (b)		35,716		522,168
Getty Realty Corp.		12,598		254,606
Gladstone Commercial Corp.		5,199		101,225
Glimcher Realty Trust (b)		68,634		796,154
Government Properties Income Trust		21,177		544,884
Gramercy Capital Corp. (a)		22,490		117,173
Gyrodyne Co. of America, Inc.		538		39,548
Healthcare Realty Trust, Inc. (b)		42,874		1,217,193
Hersha Hospitality Trust		84,801		495,238




QUANTITATIVE MASTER SERIES LLC	MARCH 31, 2013	18

Schedule of Investments (continued)

Master Small Cap Index Series

(Percentages shown are based on Net Assets)


Common Stocks	Shares		Value
Real Estate Investment Trusts (REITs) (continued)
Highwoods Properties, Inc. (b)		38,609	$	1,527,758
Hudson Pacific Properties, Inc.		21,073		458,338
Inland Real Estate Corp. (b)		37,803		381,432
InvesCo. Mortgage Capital, Inc.		65,728		1,405,922
Investors Real Estate Trust		44,652		440,715
iStar Financial, Inc. (a)(b)		41,493		451,859
JAVELIN Mortgage Investment Corp.		3,503		68,834
Kite Realty Group Trust		32,310		217,769
KYTHERA Biopharmaceuticals, Inc. (a)		2,498		60,851
LaSalle Hotel Properties (b)		46,957		1,191,769
Lexington Realty Trust		74,724		881,743
LTC Properties, Inc.		14,930		608,099
Medical Properties Trust, Inc. (b)		73,421		1,177,673
Monmouth Real Estate Investment Corp., Class A		19,733		220,023
National Health Investors, Inc. (b)		12,011		786,120
New York Mortgage Trust, Inc. (b)		24,690		186,163
NorthStar Realty Finance Corp.		95,342		903,842
Omega Healthcare Investors, Inc.		55,113		1,673,231
One Liberty Properties, Inc.		5,634		122,370
Parkway Properties, Inc.		12,846		238,293
Pebblebrook Hotel Trust		29,812		768,851
Pennsylvania Real Estate Investment Trust (b)		27,490		533,031
PennyMac Mortgage Investment Trust (d)		28,588		740,143
Potlatch Corp.		19,819		908,899
PS Business Parks, Inc. (b)		8,984		709,017
RAIT Financial Trust		29,772		237,283
Ramco-Gershenson Properties Trust		29,051		488,057
Redwood Trust, Inc. (b)		38,832		900,126
Resource Capital Corp.		52,593		347,640
Retail Opportunity Investments Corp.		28,229		395,488
RLJ Lodging Trust		59,892		1,363,142
Rouse Properties, Inc.		10,850		196,385
Sabra Healthcare REIT, Inc.		18,184		527,518
Saul Centers, Inc.		3,600		157,464
Select Income REIT		5,670		149,971
Silver Bay Realty Trust Corp.		14,777		305,894
Sovran Self Storage, Inc.		14,903		961,094
Spirit Realty Capital, Inc.		16,342		310,498
STAG Industrial, Inc.		18,000		382,860
Starwood Property Trust, Inc.		66,564		1,847,817
Strategic Hotel Capital, Inc. (a)		89,023		743,342
Summit Hotel Properties, Inc.		27,533		288,271
Sun Communities, Inc.		17,474		861,992
Sunstone Hotel Investors, Inc. (a)		79,683		980,898
Terreno Realty Corp.		9,288		166,998
Two Harbors Investment Corp.		175,713		2,215,741
UMH Properties, Inc.		6,661		68,408


Common Stocks	Shares		Value
Real Estate Investment Trusts (REITs) (concluded)
Universal Health Realty Income Trust		5,704	$	329,178
Urstadt Biddle Properties, Inc., Class A		12,116		263,644
Walter Investment Management Corp. (a)		17,554		653,886
Washington Real Estate Investment Trust		32,605		907,723
Western Asset Mortgage Capital Corp.		9,250		214,970
Whitestone REIT		6,760		102,346
Winthrop Realty Trust		14,305		179,957
ZAIS Financial Corp. (a)		2,535		52,297

				58,463,025

Recreational Vehicles & Boats — 0.4%
Arctic Cat, Inc. (a)		6,215		271,595
Brunswick Corp.		43,869		1,501,197
Drew Industries, Inc.		9,462		343,565
Marine Products Corp.		5,046		37,139
Winnebago Industries, Inc. (a)(b)		14,375		296,700

				2,450,196

Rental & Leasing Services: Consumer — 0.5%
Amerco, Inc.		4,252		737,892
Avis Budget Group, Inc. (a)		52,119		1,450,472
Rent-A-Center, Inc.		29,113		1,075,434

				3,263,798

Restaurants — 1.7%
AFC Enterprises, Inc. (a)		11,939		433,744
Biglari Holdings, Inc. (a)		588		219,436
BJ’s Restaurants, Inc. (a)(b)		12,043		400,791
Bob Evans Farms, Inc.		14,285		608,827
Bravo Brio Restaurant Group, Inc. (a)		9,599		151,952
Buffalo Wild Wings, Inc. (a)		9,119		798,186
Carrols Restaurant Group, Inc. (a)		7,475		38,795
CEC Entertainment, Inc.		8,970		293,768
The Cheesecake Factory, Inc.		26,517		1,023,821
Cracker Barrel Old Country Store, Inc.		9,441		763,305
Denny’s Corp. (a)		47,230		272,517
DineEquity, Inc.		7,505		516,269
Domino’s Pizza, Inc.		28,422		1,462,028
Einstein Noah Restaurant Group, Inc.		3,092		45,854
Ellie Mae, Inc. (a)		12,407		298,388
Fiesta Restaurant Group, Inc. (a)		7,954		211,338
Frisch’s Restaurants, Inc.		1,460		26,192
Ignite Restaurant Group, Inc. (a)		3,276		48,092
Jack in the Box, Inc. (a)		21,668		749,496
Jamba, Inc. (a)		40,163		114,465
Krispy Kreme Doughnuts, Inc. (a)		29,162		421,099
Luby’s, Inc. (a)		9,765		73,042
Nathan’s Famous, Inc. (a)		1,311		55,390




QUANTITATIVE MASTER SERIES LLC	MARCH 31, 2013	19

Schedule of Investments (continued)

Master Small Cap Index Series

(Percentages shown are based on Net Assets)


Common Stocks	Shares		Value
Restaurants (concluded)
Papa John’s International, Inc. (a)		8,290	$	512,488
Red Robin Gourmet Burgers, Inc. (a)		7,214		328,958
Ruby Tuesday, Inc. (a)		31,389		231,337
Ruth’s Hospitality Group, Inc. (a)		17,442		166,397
Sonic Corp. (a)(b)		27,831		358,463
Texas Roadhouse, Inc., Class A		30,680		619,429

				11,243,867

Scientific Instruments: Control & Filter — 0.6%
Brady Corp.		24,069		807,034
CIRCOR International, Inc.		8,526		362,355
Energy Recovery, Inc. (a)		21,680		80,216
ESCO Technologies, Inc.		13,108		535,593
The Gorman-Rupp Co.		7,441		223,602
Mine Safety Appliances Co.		13,557		672,698
PMFG, Inc. (a)		10,237		63,162
Sun Hydraulics, Inc.		10,169		330,594
Thermon Group Holdings, Inc. (a)		7,240		160,801
Watts Water Technologies, Inc., Class A		13,799		662,214

				3,898,269

Scientific Instruments: Electrical — 0.8%
A.O. Smith Corp.		19,135		1,407,762
American Superconductor Corp. (a)		19,530		51,950
AZZ, Inc.		12,409		598,114
Coleman Cable, Inc.		4,092		61,380
EnerSys (a)		23,538		1,072,862
Franklin Electric Co., Inc.		22,982		771,506
Houston Wire & Cable Co.		8,697		112,626
Littelfuse, Inc.		10,625		720,906
Preformed Line Products Co.		1,128		78,926
Taser International, Inc. (a)(b)		25,349		201,524

				5,077,556

Scientific Instruments: Gauges & Meters — 0.2%
Badger Meter, Inc.		7,146		382,454
Faro Technologies, Inc. (a)		8,313		360,701
Measurement Specialties, Inc. (a)		7,399		294,258
Mesa Laboratories, Inc.		1,249		66,185
Vishay Precision Group, Inc. (a)		5,919		86,950
Zygo Corp. (a)		7,970		118,036

				1,308,584

Scientific Instruments: Pollution Control — 0.3%
ADA-ES, Inc. (a)		4,403		116,988
Ceco Environmental Corp.		3,486		45,074
Darling International, Inc. (a)		57,754		1,037,262
EnergySolutions, Inc. (a)		38,954		146,077
Heritage-Crystal Clean, Inc. (a)		3,711		56,036
Met-Pro Corp.		7,228		74,665
Metalico, Inc. (a)		19,391		31,413
Team, Inc. (a)		9,773		401,377
TRC Cos., Inc. (a)		7,542		48,646


Common Stocks	Shares		Value
Scientific Instruments: Pollution Control (concluded)
US Ecology, Inc.		9,001	$	238,977

				2,196,515

Securities Brokerage & Services — 0.3%
BGC Partners, Inc.		48,660		202,426
FXCM, Inc.		11,620		158,962
Gain Capital Holdings, Inc.		7,748		34,556
GFI Group, Inc.		34,109		113,924
Gladstone Investment Corp.		12,811		93,648
International FCStone, Inc. (a)(b)		6,667		116,072
Investment Technology Group, Inc. (a)		19,120		211,085
Knight Capital Group, Inc., Class A (a)		89,295		332,177
Ladenburg Thalmann Financial Services, Inc. (a)		50,235		83,390
MarketAxess Holdings, Inc.		17,946		669,386
SWS Group, Inc. (a)		14,276		86,370

				2,101,996

Semiconductors & Components — 2.1%
Aeroflex Holding Corp. (a)		9,746		76,604
Alpha & Omega Semiconductor Ltd. (a)		8,309		73,784
Amkor Technology, Inc. (a)		36,318		145,272
Anadigics, Inc. (a)		39,967		79,934
Applied Micro Circuits Corp. (a)		32,122		238,345
Audience, Inc. (a)		2,947		44,942
AXT, Inc. (a)		16,001		47,043
Cavium, Inc. (a)		24,413		947,469
Ceva, Inc. (a)		11,367		177,325
Cirrus Logic, Inc. (a)		31,702		721,220
Diodes, Inc. (a)		17,428		365,639
DSP Group, Inc. (a)		10,738		86,656
Entropic Communications, Inc. (a)		43,191		175,787
Exar Corp. (a)		18,203		191,132
Formfactor, Inc. (a)		24,156		113,533
GT Advanced Technologies, Inc. (a)		58,485		192,416
Hittite Microwave Corp. (a)		15,437		934,865
Inphi Corp. (a)(b)		11,557		120,771
Integrated Device Technology, Inc. (a)		69,841		521,712
Integrated Silicon Solutions, Inc. (a)		13,432		123,171
Intermolecular, Inc. (a)		6,819		69,554
International Rectifier Corp. (a)		33,960		718,254
Intersil Corp., Class A		62,616		545,385
IXYS Corp.		12,049		115,550
Kopin Corp. (a)		32,975		122,008
Lattice Semiconductor Corp. (a)		57,986		316,024
M/A-COM Technology Solutions Holdings, Inc. (a)		2,945		47,326
MaxLinear, Inc., Class A (a)		10,743		66,607
MEMC Electronic Materials, Inc. (a)(b)		113,571		499,712
Micrel, Inc.		23,824		250,390




QUANTITATIVE MASTER SERIES LLC	MARCH 31, 2013	20

Schedule of Investments (continued)

Master Small Cap Index Series

(Percentages shown are based on Net Assets)


Common Stocks	Shares		Value
Semiconductors & Components (concluded)
Microsemi Corp. (a)		43,535	$	1,008,706
Mindspeed Technologies, Inc. (a)		17,977		59,863
Monolithic Power Systems, Inc.		15,723		383,170
MoSys, Inc. (a)		16,693		78,624
Omnivision Technologies, Inc. (a)(b)		25,743		354,739
Pericom Semiconductor Corp. (a)		11,620		79,132
PLX Technology, Inc. (a)		22,227		101,355
Power Integrations, Inc.		13,926		604,528
QuickLogic Corp. (a)(b)		21,617		53,178
Rambus, Inc. (a)		54,225		304,202
RF Micro Devices, Inc. (a)(b)		136,691		727,196
Rubicon Technology, Inc. (a)		8,308		54,833
Semtech Corp. (a)		32,124		1,136,868
Sigma Designs, Inc. (a)		16,168		78,738
Silicon Image, Inc. (a)		37,998		184,670
Spansion, Inc., Class A (a)		23,626		304,067
Supertex, Inc.		5,040		111,938
TriQuint Semiconductor, Inc. (a)(b)		82,868		418,483
Volterra Semiconductor Corp. (a)		12,449		176,776

				14,349,496

Semiconductors & Semiconductor Equipment — 0.0%
Ambarella, Inc. (a)		2,908		45,539

Shipping — 0.3%
Frontline Ltd. (a)(b)		25,565		59,822
GasLog Ltd.		12,109		155,722
Genco Shipping & Trading Ltd. (a)		15,637		45,034
Gulfmark Offshore, Inc., Class A (b)		13,154		512,480
International Shipholding Corp.		2,638		48,012
Knightsbridge Tankers Ltd.		12,023		98,588
Nordic American Tankers Ltd. (b)		26,047		300,843
Rand Logistics, Inc. (a)		8,542		52,320
Scorpio Tankers, Inc. (a)		53,326		475,668
Ship Finance International Ltd.		23,939		422,284
Teekay Tankers Ltd., Class A		31,024		88,418

				2,259,191

Software — 0.1%
Comverse, Inc. (a)		10,740		301,150
Exa Corp. (a)		3,030		28,846
FleetMatics Group Plc (a)		4,421		107,209
Qualys, Inc. (a)		4,310		53,185
Trulia, Inc. (a)		3,880		121,754

				612,144

Specialty Retail — 3.3%
1-800-FLOWERS.COM, Inc., Class A (a)		12,821		63,720
America’s Car-Mart, Inc. (a)(b)		3,916		183,034
ANN, Inc. (a)		23,990		696,190
Asbury Automotive Group, Inc. (a)(b)		13,662		501,259
Aéropostale, Inc. (a)		39,985		543,796
Barnes & Noble, Inc. (a)(b)		13,935		229,231


Common Stocks	Shares		Value
Specialty Retail (continued)
bebe Stores, Inc.		18,045	$	75,248
Big 5 Sporting Goods Corp.		8,166		127,471
Blue Nile, Inc. (a)		6,093		209,904
Body Central Corp. (a)		7,919		74,439
Brown Shoe Co., Inc.		21,071		337,136
The Buckle, Inc. (b)		13,625		635,606
Cabela’s, Inc., Class A (a)(b)		22,900		1,391,862
CafePress, Inc. (a)		2,353		14,142
The Cato Corp., Class A		13,420		323,959
The Children’s Place Retail Stores, Inc. (a)		11,901		533,403
Citi Trends, Inc. (a)		7,285		74,526
Conn’s, Inc. (a)		8,281		297,288
Destination Maternity Corp.		6,533		152,872
Destination XL Group, Inc. (a)		20,472		104,202
Express, Inc. (a)		43,942		782,607
The Finish Line, Inc., Class A		24,958		488,927
Five Below, Inc. (a)		5,430		205,743
Francesca’s Holdings Corp. (a)(b)		17,078		489,455
Genesco, Inc. (a)		12,011		721,741
Group 1 Automotive, Inc.		11,254		676,028
Haverty Furniture Cos., Inc.		9,399		193,243
hhgregg, Inc. (a)		7,085		78,289
Hibbett Sports, Inc. (a)(b)		12,936		727,909
Hot Topic, Inc.		20,727		287,691
Jos. A. Bank Clothiers, Inc. (a)		13,641		544,276
Lithia Motors, Inc., Class A		10,655		505,899
Lumber Liquidators Holdings, Inc. (a)		13,538		950,638
MarineMax, Inc. (a)(b)		10,029		136,294
Mattress Firm Holding Corp. (a)		5,399		186,481
The Men’s Wearhouse, Inc.		25,007		835,734
Monro Muffler, Inc.		15,169		602,361
New York & Co. (a)		13,555		55,440
Office Depot, Inc. (a)		139,599		548,624
OfficeMax, Inc.		42,589		494,458
Orchard Supply Hardware Stores Corp., Class A (a)(b)		785		3,109
Penske Automotive Group, Inc.		20,816		694,422
The Pep Boys - Manny, Moe & Jack (a)		25,978		306,281
Perfumania Holdings, Inc. (a)		2,591		14,924
Pier 1 Imports, Inc.		47,722		1,097,606
RadioShack Corp. (b)		49,067		164,865
Regis Corp.		28,271		514,249
Restoration Hardware Holdings, Inc. (a)		2,723		95,305
Rue21, Inc. (a)		7,544		221,718
Shoe Carnival, Inc.		6,924		141,527
Shutterfly, Inc. (a)(b)		17,578		776,420
Sonic Automotive, Inc.		20,974		464,784
Stage Stores, Inc.		15,070		390,012
Stamps.com, Inc. (a)		6,574		164,153
Stein Mart, Inc.		13,442		112,644
Systemax, Inc.		5,373		53,193




QUANTITATIVE MASTER SERIES LLC	MARCH 31, 2013	21

Schedule of Investments (continued)

Master Small Cap Index Series

(Percentages shown are based on Net Assets)


Common Stocks	Shares		Value
Specialty Retail (concluded)
Tilly’s, Inc., Class A (a)		4,546	$	57,825
Vitamin Shoppe, Inc. (a)		14,464		706,566
The Wet Seal, Inc., Class A (a)		44,237		133,596
Zumiez, Inc. (a)		10,756		246,312

				22,440,637

Steel — 0.1%
AK Steel Holding Corp.		67,040		221,902
Carbonite, Inc. (a)		5,506		60,291
Handy & Harman Ltd. (a)		2,533		38,983
Olympic Steel, Inc.		4,456		106,498
Schnitzer Steel Industries, Inc., Class A		12,377		329,971
Shiloh Industries, Inc.		2,791		30,059
TMS International Corp. (a)		6,233		82,276
Universal Stainless & Alloy Products, Inc. (a)		3,319		120,646

				990,626

Synthetic Fibers & Chemicals — 0.0%
Zoltek Cos., Inc. (a)		13,557		162,006

Technology: Miscellaneous — 0.2%
Acorn Energy, Inc. (b)		8,808		64,739
Benchmark Electronics, Inc. (a)		28,244		508,957
CTS Corp.		16,682		174,160
Fabrinet (a)		10,808		157,905
Key Tronic Corp. (a)		5,115		58,618
Pendrell Corp. (a)		76,913		127,675
Plexus Corp. (a)		17,142		416,722
Vocus, Inc. (a)		10,174		143,962

				1,652,738

Telecommunications Equipment — 0.2%
Arris Group, Inc. (a)		55,494		952,832
CalAmp Corp. (a)		17,335		190,165
Symmetricom, Inc. (a)		20,426		92,734
Tessco Technologies, Inc.		2,621		56,719
Ubiquiti Networks, Inc.		4,906		67,310
Vocera Communications, Inc. (a)		3,489		80,247

				1,440,007

Textile Products — 0.1%
Culp, Inc.		4,273		67,983
Interface, Inc.		28,749		552,556
Unifi, Inc. (a)		6,925		132,268

				752,807

Textiles Apparel & Shoes — 1.2%
Cherokee, Inc.		4,084		55,951
Columbia Sportswear Co. (b)		5,989		346,643
Crocs, Inc. (a)		44,152		654,333
Delta Apparel, Inc. (a)		3,348		55,142
Fifth & Pacific Cos., Inc. (a)(b)		58,862		1,111,315
G-III Apparel Group Ltd. (a)		8,130		326,094
Iconix Brand Group, Inc. (a)		31,782		822,200
The Jones Group, Inc.		40,333		513,036


Common Stocks	Shares		Value
Textiles Apparel & Shoes (concluded)
K-Swiss, Inc., Class A (a)		12,916	$	61,222
Maidenform Brands, Inc. (a)		11,536		202,226
Oxford Industries, Inc.		6,884		365,540
Perry Ellis International, Inc.		5,812		105,720
Quiksilver, Inc. (a)(b)		64,194		389,658
R.G. Barry Corp.		4,171		55,850
Skechers U.S.A., Inc., Class A (a)		18,606		393,517
Steven Madden Ltd. (a)		19,244		830,186
True Religion Apparel, Inc.		12,664		330,657
Tumi Holdings, Inc. (a)(b)		10,566		221,252
Vera Bradley, Inc. (a)(b)		9,875		233,346
Weyco Group, Inc.		3,152		77,256
Wolverine World Wide, Inc.		23,885		1,059,777

				8,210,921

Tobacco — 0.2%
Alliance One International, Inc. (a)		42,657		165,936
Star Scientific, Inc. (a)(b)		72,345		120,093
Universal Corp.		11,429		640,481
Vector Group Ltd.		27,279		439,737

				1,366,247

Toys — 0.1%
Jakks Pacific, Inc.		10,721		112,463
Leapfrog Enterprises, Inc. (a)		25,076		214,651

				327,114

Transportation Miscellaneous — 0.2%
Echo Global Logistics, Inc. (a)		7,196		159,175
HUB Group, Inc., Class A (a)(b)		18,161		698,472
Odyssey Marine Exploration, Inc. (a)		37,495		122,234
Pacer International, Inc. (a)		17,483		87,939
Textainer Group Holdings Ltd.		6,794		268,703
Wesco Aircraft Holdings, Inc. (a)		8,547		125,812
XPO Logistics, Inc. (a)(b)		8,714		146,744

				1,609,079

Truckers — 0.7%
Arkansas Best Corp.		12,537		146,432
Celadon Group, Inc.		9,816		204,762
Forward Air Corp.		14,258		531,681
Heartland Express, Inc.		23,568		314,397
Knight Transportation, Inc.		28,478		458,496
Marten Transport Ltd.		7,622		153,431
Old Dominion Freight Line, Inc. (a)		34,962		1,335,549
Patriot Transportation Holding, Inc. (a)		3,120		86,798
Quality Distribution, Inc. (a)		10,581		88,986
Roadrunner Transportation Systems, Inc. (a)		7,019		161,437
Saia, Inc. (a)		7,848		283,862
Swift Transportation Co. (a)		38,830		550,609
Universal Truckload Services, Inc. (a)		2,669		62,268




QUANTITATIVE MASTER SERIES LLC	MARCH 31, 2013	22

Schedule of Investments (continued)

Master Small Cap Index Series

(Percentages shown are based on Net Assets)


Common Stocks	Shares		Value
Truckers (concluded)
Werner Enterprises, Inc.		21,723	$	524,393

				4,903,101

Utilities: Electrical — 2.0%
Allete, Inc.		18,732		918,243
American DG Energy, Inc. (a)		12,249		25,723
Atlantic Power Corp.		58,773		289,751
Avista Corp.		28,785		788,709
Black Hills Corp.		21,650		953,466
CH Energy Group, Inc.		7,280		476,039
Cleco Corp.		29,914		1,406,856
El Paso Electric Co.		19,648		661,155
The Empire District Electric Co.		20,696		463,590
Genie Energy Ltd.		7,182		66,505
IDACORP, Inc.		24,583		1,186,622
MGE Energy, Inc.		11,330		628,135
NorthWestern Corp.		17,880		712,697
Otter Tail Corp.		17,744		552,548
Pike Electric Corp.		8,600		122,378
PNM Resources, Inc.		39,187		912,665
Portland General Electric Co.		37,089		1,124,909
UIL Holdings Corp.		24,863		984,326
Unitil Corp.		6,684		188,021
UNS Energy Corp.		19,786		968,327

				13,430,665

Utilities: Gas Distributors — 1.0%
Chesapeake Utilities Corp.		4,733		232,154
Delta Natural Gas Co., Inc.		3,361		73,471
The Laclede Group, Inc.		11,118		474,739
New Jersey Resources Corp.		20,455		917,407
Northwest Natural Gas Co.		13,158		576,583
Piedmont Natural Gas Co.		37,151		1,221,525
South Jersey Industries, Inc.		14,940		830,515
Southwest Gas Corp.		22,654		1,075,159
WGL Holdings, Inc.		25,352		1,118,023

				6,519,576

Utilities: Miscellaneous — 0.0%
Ormat Technologies, Inc.		8,667		178,974

Utilities: Telecommunications — 0.8%
8x8, Inc. (a)		34,968		239,531
Atlantic Tele-Network, Inc.		4,466		216,646
Boingo Wireless, Inc. (a)		7,597		41,935
Cbeyond Communications, Inc. (a)		13,604		101,078
Cincinnati Bell, Inc. (a)(b)		97,437		317,645
Cogent Communications Group, Inc.		22,942		605,669
Consolidated Communications Holdings, Inc.		20,104		352,825
Fairpoint Communications, Inc. (a)(b)		10,575		78,995
General Communication, Inc., Class A (a)		18,222		167,096


Common Stocks	Shares		Value
Utilities: Telecommunications (concluded)
Hawaiian Telcom HoldCo, Inc. (a)(b)		5,256	$	121,256
HickoryTech Corp.		7,237		73,455
IDT Corp., Class B		7,903		95,310
inContact, Inc. (a)		18,791		152,019
Ipass, Inc. (a)		25,746		50,977
Iridium Communications, Inc. (a)		24,308		146,334
j2 Global, Inc.		22,713		890,577
Leap Wireless International, Inc. (a)		26,610		156,733
Lumos Networks Corp.		7,718		104,039
magicJack VocalTec Ltd. (a)		7,061		98,854
Neutral Tandem, Inc.		14,343		46,902
NTELOS Holdings Corp.		7,321		93,782
ORBCOMM, Inc. (a)		17,542		91,394
Premiere Global Services, Inc. (a)		24,658		270,991
Primus Telecommunications Group, Inc.		5,860		64,753
Shenandoah Telecom Co.		11,822		180,049
Towerstream Corp. (a)		27,967		62,366
USA Mobility, Inc.		10,539		139,852
Vonage Holdings Corp. (a)		49,566		143,246

				5,104,309

Utilities: Water — 0.3%
American States Water Co.		9,294		535,056
Artesian Resources Corp., Class A		3,684		82,779
California Water Service Group		22,719		452,108
Connecticut Water Service, Inc.		5,330		155,796
Consolidated Water Co., Inc.		7,317		72,438
Middlesex Water Co.		7,746		151,202
SJW Corp.		6,981		184,997
York Water Co.		6,330		119,004

				1,753,380

Total Common Stocks – 97.4%				659,924,165


Investment Companies
BlackRock Kelso Capital Corp. (d)		35,687		356,870
Firsthand Technology Value Fund, Inc. (a)		4,156		80,169
Gladstone Capital Corp.		10,407		95,744
Hercules Technology Growth
Capital, Inc.		29,664		363,384
Pennantpark Investment Corp.		32,265		364,272
Prospect Capital Corp.		98,505		1,074,690

Total Investment Companies – 0.3%				2,335,129




QUANTITATIVE MASTER SERIES LLC	MARCH 31, 2013	23

Schedule of Investments (continued)

Master Small Cap Index Series

(Percentages shown are based on Net Assets)


Other Interests (e)	Beneficial Interest (000)		Value
Machinery: Industrial — 0.0%
Gerber Scientific, Inc. (a)	$	13		—


Warrants (f)	Shares
Oil: Crude Producers — 0.0%
Magnum Hunter Resources Corp. (Issued 08/31/12, 1 Share for 1 Warrant, Expires 10/14/13, Strike Price $ 10.50)		5,700		—

Total Long-Term Investments (Cost – $ 480,881,532) – 97.7%			$	662,259,294


Short-Term Securities	Shares		Value
BlackRock Liquidity Funds, TempFund, Institutional Class, 0.09%(d)(g)		33,049,980	$	33,049,980


	Beneficial Interest (000)
BlackRock Liquidity Series, LLC Money Market Series, 0.23% (d)(g)(h)	$	80,117		80,117,282

Total Short-Term Securities (Cost – $113,167,262) – 16.7%				113,167,262

*Total Investments (Cost – $594,048,794) – 114.4%**				775,426,556
Liabilities in Excess of Other Assets – (14.4)%				(97,668,418	)

Net Assets – 100.0%			$	677,758,138

*	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	$	612,149,874

Gross unrealized appreciation	$	198,623,268
Gross unrealized depreciation		(35,346,586	)

Net unrealized appreciation	$	163,276,682

Notes to Schedule of Investments

(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:


Affiliate	Shares/ Beneficial Interest Held at December 31, 2012		Shares/ Beneficial Interest Purchased			Shares/ Beneficial Interest Sold		Shares/ Beneficial Interest Held at March 31, 2013		Value at March 31, 2013		Income		Realized Gain/Loss
BlackRock Kelso Capital Corp.		24,999		10,688			—		35,687	$	356,870	$	6,500		—
BlackRock Liquidity Funds, TempFund, Institutional Class		20,512,415		12,537,565	¹		—		33,049,980	$	33,049,980	$	6,204		—
BlackRock Liquidity Series LLC, Money Market Series	$	36,877,998	$	43,239,284	¹		—	$	80,117,282	$	80,117,282	$	263,360		—
PennyMac Mortgage Investment Trust		27,689		899			—		28,588	$	740,143	$	16,295		—

¹	Represents net shares/beneficial interest purchased.

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




QUANTITATIVE MASTER SERIES LLC	MARCH 31, 2013	24


Schedule of Investments (continued)		Master Small Cap Index Series

(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.

•

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

Contracts
Purchased

Issue

Exchange

Expiration

Notional
Value

Unrealized
Appreciation

162

Russell 2000 E-Mini Index

ICE Futures US Indices

June 2013

15,372,180

286,859

•

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 subclassifications for reporting ease.

•

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

•

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:
Long Term Investments:
Common Stocks ¹	$	659,924,165		—		—	$	659,924,165
Investment Companies		2,335,129		—		—		2,335,129
Short-Term Securities		33,049,980	$	80,117,282		—		113,167,262

Total	$	695,309,274	$	80,117,282		—	$	775,426,556

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




QUANTITATIVE MASTER SERIES LLC	MARCH 31, 2013	25


Schedule of Investments (concluded)		Master Small Cap Index Series


	Level 1		Level 2		Level 3		Total
Derivative Financial Instruments ²
Assets:
Equity contracts	$	286,859		—		—	$	286,859

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


	Level 1		Level 2			Level 3		Total
Assets:
Cash	$	166,080		—			—	$	166,080
Cash pledged as collateral for financial futures contracts		1,361,000		—			—		1,361,000
Liabilities:
Collateral on securities loaned at value		—	$	(80,117,282	)		—		(80,117,282	)

Total	$	1,527,080	$	(80,117,282	)		—	$	(78,590,202	)

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




QUANTITATIVE MASTER SERIES LLC	MARCH 31, 2013	26

AMERICAN BEACON TREASURY INFLATION PROTECTED SECURITIES FUND

SCHEDULE OF INVESTMENTS

March 31, 2013 (Unaudited)


	Par Amount		Fair Value
	(000’s)		(000’s)
U.S. TREASURY OBLIGATIONS - 92.07%
U.S. Treasury Note,
1.875%, Due 7/15/2013 ^A	$	890	$	907
1.250%, Due 4/15/2014 ^A		2,497		2,580
2.000%, Due 7/15/2014 ^A		10,494		11,107
1.625%, Due 1/15/2015 ^A		10,174		10,852
0.500%, Due 4/15/2015 ^A		9,217		9,682
2.000%, Due 1/15/2016 ^A		1,903		2,120
0.125%, Due 4/15/2016 ^A		25,902		27,518
2.500%, Due 7/15/2016 ^A		2,064		2,387
2.375%, Due 1/15/2017 ^A		2,969		3,463
0.125%, Due 4/15/2017 ^A		33,302		35,918
2.625%, Due 7/15/2017 ^A		5,844		7,030
1.625%, Due 1/15/2018 ^A		1,165		1,358
1.375%, Due 7/15/2018 ^A		1,970		2,307
2.125%, Due 1/15/2019 ^A		4,590		5,599
1.875%, Due 7/15/2019 ^A		2,966		3,630
1.375%, Due 1/15/2020 ^A		2,737		3,260
1.125%, Due 1/15/2021 ^A		11,279		13,296
0.625%, Due 7/15/2021 ^A		18,711		21,401
0.125%, Due 1/15/2022 ^A		17,274		18,795
0.125%, Due 7/15/2022 ^A		17,868		19,472
0.125%, Due 1/15/2023 ^A		6,090		6,571
2.375%, Due 1/15/2025 ^A		1,509		2,025

Total U.S. Treasury Obligations (Cost $208,324)				211,278


	Shares
SHORT-TERM INVESTMENTS - 1.28% (Cost $2,947)
JPMorgan U.S. Government Money Market Fund, Capital Class		2,946,529		2,946

TOTAL INVESTMENTS - 93.35% (Cost $211,271)			$	214,224
OTHER ASSETS, NET OF LIABILITIES - 6.65%				15,243

TOTAL NET ASSETS - 100.00%			$	229,467

Percentages are stated as a percent of net assets.

^A	Inflation-Indexed Note.

AMERICAN BEACON HOLLAND LARGE CAP GROWTH FUND

SCHEDULE OF INVESTMENTS

March 31, 2013 (Unaudited)


	Shares		Fair Value
			(000’s)
COMMON STOCK - 98.19%
CONSUMER DISCRETIONARY - 15.92%
Hotels, Restaurants & Leisure - 3.75%
Yum! Brands, Inc.		38,750	$	2,788


Internet & Catalog Retail - 5.75%
Amazon.com, Inc. ^A		10,650		2,838
priceline.com, Inc. ^A		2,105		1,448

				4,286

Specialty Retail - 3.48%
Advance Auto Parts, Inc.		19,900		1,644
GNC Holdings, Inc., Class A		24,000		943

				2,587

Textiles & Apparel - 2.94%
NIKE, Inc., Class B		24,050		1,419
Under Armour, Inc., Class A ^A		15,050		771

				2,190

Total Consumer Discretionary				11,851


CONSUMER STAPLES - 8.91%
Beverages - 3.73%
Monster Beverage Corp. ^A		26,350		1,258
PepsiCo, Inc.		19,150		1,515

				2,773

Food & Drug Retailing - 4.33%
Costco Wholesale Corp.		14,950		1,586
Mead Johnson Nutrition Co., Class A		21,150		1,638

				3,224

Household Products - 0.85%
Procter & Gamble Co.		8,250		636


Total Consumer Staples				6,633


ENERGY - 8.90%
Energy Equipment & Services - 2.02%
Halliburton Co.		37,150		1,501


Oil & Gas - 6.88%
Occidental Petroleum Corp.		15,000		1,176
Range Resources Corp.		37,950		3,075
Southwestern Energy Co. ^A		23,350		870

				5,121

Total Energy				6,622


FINANCIALS - 3.40%
BlackRock, Inc., Class A		3,550		912
Greenhill & Co., Inc.		17,100		913


	Shares		Fair Value
			(000’s)
TD Ameritrade Holding Corp.		34,100	$	703

Total Financials				2,528


HEALTH CARE - 14.40%
Biotechnology - 4.35%
BioMarin Pharmaceutical, Inc. ^A		17,300		1,077
Gilead Sciences, Inc. ^A		26,800		1,312
Vertex Pharmaceuticals, Inc. ^A		15,450		849

				3,238

Health Care Equipment & Supplies - 5.22%
Covidien PLC		38,250		2,594
Waters Corp. ^A		13,700		1,287

				3,881

Health Care Providers & Services - 4.83%
Cerner Corp. ^A		13,000		1,232
DaVita HealthCare Partners, Inc. ^A		13,250		1,571
Laboratory Corp. of America Holdings ^A		8,800		794

				3,597

Total Health Care				10,716


INDUSTRIALS - 6.52%
Aerospace & Defense - 1.25%
United Technologies Corp.		10,000		934


Electrical Equipment - 1.85%
Roper Industries, Inc.		10,800		1,375


Industrial Conglomerates - 2.41%
Honeywell International, Inc.		23,750		1,790


Machinery - 1.01%
WABCO Holdings, Inc. ^A		10,650		752


Total Industrials				4,851


INFORMATION TECHNOLOGY - 35.42%
Communications Equipment - 4.61%
Cisco Systems, Inc.		111,650		2,335
NeuStar, Inc., Class A ^A		23,500		1,093

				3,428

Computers & Peripherals - 5.79%
Apple, Inc.		4,850		2,147
International Business Machines Corp.		10,150		2,165

				4,312

Internet Software & Services - 3.04%
Google, Inc., Class A ^A		2,850		2,263


IT Consulting & Services - 7.03%
Automatic Data Processing, Inc.		9,900		644
IHS, Inc., Class A ^A		15,050		1,576


	Shares		Fair Value
			(000’s)
Visa, Inc., Class A		17,750	$	3,014

				5,234

Semiconductor Equipment & Products - 5.42%
Intel Corp.		28,250		617
QUALCOMM, Inc.		51,000		3,415

				4,032

Software - 9.53%
Adobe Systems, Inc. ^A		45,750		1,991
Citrix Systems, Inc. ^A		45,500		3,284
MICROS Systems, Inc. ^A		20,550		935
Microsoft Corp.		31,050		888

				7,098

Total Information Technology				26,367


MATERIALS - 4.72%
Ecolab, Inc.		12,100		970
Potash Corp of Saskatchewan, Inc.		28,900		1,134
Praxair, Inc.		12,600		1,406

Total Materials				3,510


Total Common Stock (Cost $50,481)				73,078


SHORT-TERM INVESTMENTS - 1.72% (Cost $1,281)
JPMorgan U.S. Government Money Market Fund, Capital Class		1,281,334		1,281


TOTAL INVESTMENTS - 99.91% (Cost $51,762)				74,359
OTHER ASSETS, NET OF LIABILITIES - 0.09%				67

TOTAL NET ASSETS - 100.00%			$	74,426

Percentages are stated as a percent of net assets.

^A	Non-income producing security.

Futures Contracts Open on March 31, 2013 (000’s):


Description	Type	Number of Contracts	Expiration Date	Contract Value		Unrealized Appreciation (Depreciation)
S&P 500 Mini E Index Future	Long	15	June, 2013	$	1,172	$	18

				$	1,172	$	18

AMERICAN BEACON BRIDGEWAY LARGE CAP VALUE FUND

SCHEDULE OF INVESTMENTS

March 31, 2013 (Unaudited)


	Shares		Fair Value
			(000’s)
COMMON STOCK - 96.26%
CONSUMER DISCRETIONARY - 9.34%
Automobiles - 1.98%
Ford Motor Co.		38,900	$	512
General Motors Co. ^A		16,500		459

				971

Home Builders - 0.66%
D.R. Horton, Inc.		13,300		323


Household Durables - 2.76%
Mohawk Industries, Inc. ^A		3,700		419
Pulte Group, Inc. ^A		22,700		459
Whirlpool Corp.		4,000		474

				1,352

Media - 0.77%
Time Warner, Inc.		6,600		380


Multiline Retail - 1.01%
Dillard’s, Inc., Class A		6,300		495


Specialty Retail - 1.64%
American Eagle Outfitters, Inc.		12,300		230
Gap, Inc.		7,800		276
Home Depot, Inc.		4,300		300

				806

Textiles & Apparel - 0.52%
PVH Corp.		2,400		256


Total Consumer Discretionary				4,583


CONSUMER STAPLES - 11.57%
Beverages - 1.98%
Brown-Forman Corp., Class B		2,550		182
Constellation Brands, Inc., Class A ^A		9,700		462
Molson Coors Brewing Co., Class B		6,700		328

				972

Food & Drug Retailing - 2.73%
Kroger Co.		11,800		391
Safeway, Inc.		19,700		519
Sysco Corp.		12,200		429

				1,339

Food Products - 4.63%
Archer-Daniels-Midland Co.		17,200		580
Campbell Soup Co.		7,400		336
ConAgra Foods, Inc.		10,700		383
General Mills, Inc.		6,800		335
Green Mountain Coffee Roasters, Inc. ^A		7,200		409
Mondelez International, Inc., Class A		7,500		230

				2,273

Household Products - 2.23%
Colgate-Palmolive Co.		2,300		271


	Shares		Fair Value
			(000’s)
Kimberly-Clark Corp.		4,300	$	421
Procter & Gamble Co.		5,200		401

				1,093

Total Consumer Staples				5,677


ENERGY - 14.13%
Energy Equipment & Services - 1.69%
Cobalt International Energy, Inc. ^A		12,600		355
Helmerich & Payne, Inc.		7,800		474

				829

Oil & Gas - 12.44%
Chesapeake Energy Corp.		16,300		333
Chevron Corp.		7,514		893
ConocoPhillips		8,600		517
Exxon Mobil Corp.		6,500		586
Hess Corp.		5,300		380
HollyFrontier Corp.		7,800		401
Marathon Petroleum Corp.		7,200		645
Murphy Oil Corp.		8,400		535
Phillips 66		3,300		231
Pioneer Natural Resources Co.		2,600		323
SandRidge Energy, Inc. ^A		69,300		365
Tesoro Corp.		6,400		375
Valero Energy Corp.		11,500		523

				6,107

Total Energy				6,936


FINANCIALS - 26.71%
Banks - 6.15%
Bank of America Corp.		36,300		442
BB&T Corp.		6,500		204
Fifth Third Bancorp		28,100		458
Huntington Bancshares, Inc.		51,800		383
Northern Trust Corp.		8,500		464
Regions Financial Corp.		34,500		283
U.S. Bancorp		11,700		397
Wells Fargo & Co.		10,500		388

				3,019

Diversified Financials - 7.04%
Ameriprise Financial, Inc.		5,400		398
Capital One Financial Corp.		8,600		473
Citigroup, Inc.		7,400		327
Discover Financial Services		13,100		588
Goldman Sachs Group, Inc.		2,300		338
H&R Block, Inc.		16,800		494
JPMorgan Chase & Co.		7,500		356
SLM Corp.		23,500		481

				3,455

Insurance - 10.32%
ACE Ltd.		3,500		311
Aflac, Inc.		9,200		480
Allstate Corp.		9,600		472
American International Group, Inc. ^A		8,300		322


	Shares		Fair Value
			(000’s)
Axis Capital Holdings Ltd.		8,000	$	333
Berkshire Hathaway, Inc., Class B ^A		3,700		386
Chubb Corp.		3,500		306
Everest Re Group Ltd.		1,600		208
Genworth Financial, Inc., Class A ^A		39,300		393
Marsh & McLennan Cos., Inc.		10,400		395
MetLife, Inc.		7,900		300
PartnerRe Ltd.		1,700		158
Prudential Financial, Inc.		5,000		295
Reinsurance Group of America, Inc.		3,500		209
Torchmark Corp.		3,200		191
Travelers Cos., Inc.		3,600		303

				5,062

Real Estate - 3.20%
AvalonBay Communities, Inc. ^B		1,200		152
Federal Realty Investment Trust ^B		4,400		475
HCP, Inc. ^B		6,365		317
Ventas, Inc. ^B		4,300		315
Weyerhaeuser Co. ^B		9,900		311

				1,570

Total Financials				13,106


HEALTH CARE - 8.23%
Health Care Providers & Services - 4.82%
Aetna, Inc.		8,000		409
Cigna Corp.		9,200		574
Humana, Inc.		3,200		221
Medtronic, Inc.		12,800		601
WellPoint, Inc.		8,500		563

				2,368

Pharmaceuticals - 3.41%
Abbott Laboratories		5,300		187
AbbVie, Inc.		5,300		216
Eli Lilly & Co.		10,500		597
Johnson & Johnson		4,000		326
Pfizer, Inc.		12,000		346

				1,672

Total Health Care				4,040


INDUSTRIALS - 7.09%
Aerospace & Defense - 2.16%
L-3 Communications Holdings, Inc.		6,500		526
Northrop Grumman Corp.		7,500		527

				1,053

Airlines - 0.83%
Delta Air Lines, Inc. ^A		24,800		409


Commercial Services & Supplies - 1.06%
Cintas Corp.		11,800		521


Electrical Equipment - 0.75%
Hubbell, Inc., Class B		3,800		369


Industrial Conglomerates - 1.40%
General Electric Co.		16,400		379


	Shares		Fair Value
			(000’s)
Textron, Inc.		10,400	$	310

				689

Road & Rail - 0.89%
Norfolk Southern Corp.		5,700		439


Total Industrials				3,480


INFORMATION TECHNOLOGY - 8.06%
Computers & Peripherals - 1.89%
Hewlett-Packard Co.		10,800		257
NVIDIA Corp.		27,600		354
Western Digital Corp.		6,300		317

				928

Electronic Equipment & Instruments - 0.92%
Avnet, Inc. ^A		12,500		453


IT Consulting & Services - 2.81%
Fidelity National Information Services, Inc.		3,900		155
Fiserv, Inc. ^A		4,000		351
Paychex, Inc.		13,200		462
Visa, Inc., Class A		2,400		407

				1,375

Office Electronics - 1.07%
Xerox Corp.		61,000		525


Semiconductor Equipment & Products - 0.60%
Intel Corp.		13,500		295


Software - 0.77%
Activision Blizzard, Inc.		26,000		379


Total Information Technology				3,955


MATERIALS - 2.38%
Chemicals - 1.49%
CF Industries Holdings, Inc.		1,900		362
Westlake Chemical Corp.		3,900		364

				726

Metals & Mining - 0.20%
Cliffs Natural Resources, Inc.		5,200		99


Paper & Forest Products - 0.69%
MeadWestvaco Corp.		9,400		341


Total Materials				1,166


TELECOMMUNICATION SERVICES - 1.96%
AT&T, Inc.		15,849		582
Verizon Communications, Inc.		7,700		378

Total Telecommunication Services				960


UTILITIES - 6.79%
Electric Utilities - 5.91%
AES Corp.		26,600		334
American Electric Power Co., Inc.		10,700		521
CMS Energy Corp.		14,300		400


	Shares		Fair Value
			(000’s)
Duke Energy Corp.		4,000	$	290
Edison International		10,100		508
Pinnacle West Capital Corp.		6,400		370
The Southern Co.		10,200		479

				2,902

Multi-Utilities - 0.88%
Westar Energy, Inc.		13,000		431


Total Utilities				3,333


Total Common Stock (Cost $39,096)				47,236


SHORT-TERM INVESTMENTS - 3.95% (Cost $1,940)
JPMorgan U.S. Government Money Market Fund, Capital Class		1,940,247		1,940


TOTAL INVESTMENTS - 100.21% (Cost $41,036)				49,176
LIABILITIES, NET OF OTHER ASSETS - (0.21%)				(102	)

TOTAL NET ASSETS - 100.00%			$	49,074

Percentages are stated as a percent of net assets.

^A	Non-income producing security.

^B	REIT - Real Estate Investment Trust.

Futures Contracts Open on March 31, 2013 (000’s):


Description	Type	Number of Contracts	Expiration Date	Contract Value		Unrealized Appreciation (Depreciation)
S&P 500 Mini E Index Future	Long	14	June, 2013	$	1,094	$	14

				$	1,094	$	14

AMERICAN BEACON STEPHENS SMALL CAP GROWTH FUND

SCHEDULE OF INVESTMENTS

March 31, 2013 (Unaudited)


	Shares		Fair Value
			(000’s)
COMMON STOCK - 96.22%
CONSUMER DISCRETIONARY - 13.19%
Distributors - 0.85%
Beacon Roofing Supply, Inc. ^A		62,700	$	2,424


Hotels, Restaurants & Leisure - 5.75%
BJ’s Restaurants, Inc. ^A		38,496		1,281
Buffalo Wild Wings, Inc. ^A		28,800		2,521
Chuy’s Holdings, Inc. ^A ^B		95,930		3,125
Ignite Restaurant Group, Inc. ^A		164,170		2,410
Krispy Kreme Doughnuts, Inc. ^A		250,900		3,623
National CineMedia, Inc.		224,000		3,535

				16,495

Media - 4.02%
Acacia Research Corp. ^A		111,800		3,373
IMAX Corp. ^A ^B		126,056		3,369
Lions Gate Entertainment Corp. ^{A B}		200,300		4,762

				11,504

Specialty Retail - 2.57%
Aaron’s, Inc.		121,218		3,476
Cabela’s, Inc. ^A		33,300		2,024
Titan Machinery, Inc. ^{A B C}		66,700		1,851

				7,351

Total Consumer Discretionary				37,774


CONSUMER STAPLES - 5.79%
Food & Drug Retailing - 3.55%
Andersons, Inc.		32,000		1,713
Annie’s, Inc. ^{A B}		54,562		2,088
Fresh Market, Inc. ^A		68,000		2,908
United Natural Foods, Inc. ^A		70,540		3,470

				10,179

Food Products - 1.36%
Boulder Brands, Inc. ^{A B}		187,900		1,687
TreeHouse Foods, Inc. ^A		33,900		2,209

				3,896

Personal Products - 0.88%
Steiner Leisure Ltd. ^A		52,000		2,515


Total Consumer Staples				16,590


ENERGY - 8.12%
Energy Equipment & Services - 4.69%
Dril-Quip, Inc. ^A		30,100		2,623
Forum Energy Technologies, Inc. ^{A B}		85,800		2,468
Hercules Offshore, Inc. ^A		299,700		2,224
Hornbeck Offshore Services, Inc. ^A		39,100		1,817
Oil States International, Inc. ^A		30,100		2,455
Pacific Drilling S.A. ^A		184,800		1,866

				13,453

Oil & Gas - 3.43%
Carrizo Oil & Gas, Inc. ^A		90,400		2,330


	Shares		Fair Value
			(000’s)
Halcon Resources Corp. ^A		268,789	$	2,094
Kodiak Oil & Gas Corp. ^A		191,700		1,743
Pioneer Energy Services Corp. ^A		282,500		2,330
Rosetta Resources, Inc. ^A		27,600		1,313

				9,810

Total Energy				23,263


FINANCIALS - 10.24%
Banks - 1.52%
East West Bancorp, Inc.		74,300		1,907
SVB Financial Group ^A		34,600		2,455

				4,362

Diversified Financials - 5.95%
Cardtronics, Inc. ^A		111,700		3,067
Encore Capital Group, Inc. ^A		122,091		3,675
Euronet Worldwide, Inc. ^A		100,000		2,634
First Cash Financial Services, Inc. ^A		67,201		3,921
Portfolio Recovery Associates, Inc.		29,400		3,731

				17,028

Insurance - 2.77%
Hilltop Holdings, Inc. ^A		149,400		2,015
ProAssurance Corp.		57,600		2,726
Radian Group, Inc. ^B		298,900		3,202

				7,943

Total Financials				29,333


HEALTH CARE - 19.71%
Biotechnology - 4.79%
Cepheid, Inc. ^A		76,900		2,951
Cubist Pharmaceuticals, Inc. ^A		34,600		1,620
Myriad Genetics, Inc. ^A		89,729		2,279
Neogen Corp. ^A		77,200		3,827
Polypore International, Inc. ^{A B}		44,300		1,780
Techne Corp.		18,500		1,255

				13,712

Health Care Equipment & Supplies - 4.17%
Abaxis, Inc.		34,387		1,627
Medidata Solutions, Inc. ^A		68,621		3,979
NuVasive, Inc. ^A		118,080		2,516
Thoratec Corp. ^A		62,100		2,329
Volcano Corp. ^{A B}		66,905		1,489

				11,940

Health Care Providers & Services - 5.18%
Acadia Healthcare Co. Inc ^A		71,200		2,093
Advisory Board Co. ^A		72,725		3,820
IPC The Hospitalist Co., Inc. ^A		62,460		2,778
PAREXEL International Corp. ^A		103,900		4,105
VCA Antech, Inc. ^A		87,155		2,047

				14,843

Pharmaceuticals - 5.57%
Akorn, Inc. ^A		196,900		2,723
Greenway Medical Technologies ^{A B}		91,800		1,460


	Shares		Fair Value
			(000’s)
ICON PLC ^A		105,700	$	3,413
Pacira Pharmaceuticals, Inc. ^{A B C}		84,200		2,430
Proto Labs, Inc. ^A		87,340		4,288
Salix Pharmaceuticals Ltd. ^A		32,000		1,638

				15,952

Total Health Care				56,447


INDUSTRIALS - 14.10%
Air Freight & Couriers - 0.93%
Echo Global Logistics, Inc. ^A		120,600		2,668


Building Products - 0.53%
Trex Co. Inc ^A		30,800		1,515


Commercial Services & Supplies - 7.38%
Clean Harbors, Inc. ^A		28,600		1,661
Corporate Executive Board Co.		54,000		3,141
CoStar Group, Inc. ^A		45,101		4,936
HMS Holdings Corp. ^A		98,700		2,680
Liquidity Services, Inc. ^{A B}		48,970		1,460
Marlin Business Services Corp.		70,779		1,641
Tetra Tech, Inc. ^A		66,700		2,034
WageWorks, Inc. ^A		141,702		3,546

				21,099

Construction & Engineering - 1.21%
Aegion Corp. ^A		60,100		1,391
Mistras Group, Inc. ^A		86,058		2,084

				3,475

Industrial Conglomerates - 0.41%
RPX Corp. ^A		83,900		1,184


Machinery - 2.31%
Chart Industries, Inc. ^A		20,746		1,660
ExOne Co. ^{A B}		13,823		463
Flow International Corp. ^A		360,600		1,410
Lindsay Corp.		15,300		1,349
Valmont Industries, Inc.		11,100		1,746

				6,628

Road & Rail - 0.56%
Knight Transportation, Inc.		99,400		1,600


Trading Companies & Distributors - 0.77%
MSC Industrial Direct Co., Inc., Class A		25,645		2,200


Total Industrials				40,369


INFORMATION TECHNOLOGY - 23.84%
Communications Equipment - 1.49%
Aruba Networks, Inc. ^A		137,900		3,412
Procera Networks, Inc. ^A		73,019		868

				4,280

Computers & Peripherals - 1.00%
Stratasys Ltd. ^{A B}		38,400		2,850


Electronic Equipment & Instruments - 2.28%
Hittite Microwave Corp. ^A		35,800		2,168


	Shares		Fair Value
			(000’s)
OSI Systems, Inc. ^A		69,900	$	4,354

				6,522

Internet Software & Services - 6.97%
Athenahealth, Inc. ^{A B}		33,402		3,241
Fortinet, Inc. ^A		63,400		1,501
MercadoLibre, Inc. ^B		30,100		2,906
RADWARE Ltd. ^A		41,000		1,547
Shutterfly, Inc. ^A		40,972		1,810
Sourcefire, Inc. ^A		72,400		4,289
Vocera Communications, Inc. ^A		61,112		1,406
Vocus, Inc. ^A		131,370		1,859
Zix Corp.		386,900		1,385

				19,944

IT Consulting & Services - 0.53%
Tyler Technologies, Inc.		25,000		1,532


Semiconductor Equipment & Products - 4.45%
Cavium, Inc. ^A		56,400		2,189
Intermolecular, Inc. ^A		154,600		1,577
Microsemi Corp.		102,630		2,378
Power Integrations, Inc.		71,800		3,117
Semtech Corp. ^A		98,700		3,493

				12,754

Software - 7.12%
Aspen Technology, Inc. ^A		136,248		4,399
Bottomline Technologies, Inc. ^A		67,300		1,919
Cognex Corp.		61,000		2,571
Concur Technologies, Inc. ^{A B C}		25,000		1,717
inContact, Inc. ^A		164,444		1,330
MICROS Systems, Inc. ^A		39,100		1,779
National Instruments Corp.		49,067		1,607
PROS Holdings, Inc. ^A		100,000		2,717
Ultimate Software Group, Inc. ^A		22,400		2,333

				20,372

Total Information Technology				68,254


MATERIALS - 0.55%
Balchem Corp.		35,900		1,577


TELECOMMUNICATION SERVICES - 0.68%
Allot Communications Ltd. ^A		60,855		727
Ruckus Wireless, Inc. ^{A B}		57,700		1,211

Total Telecommunication Services				1,938


Total Common Stock (Cost $227,251)				275,545


SHORT-TERM INVESTMENTS - 3.02% (Cost $8,646)
JPMorgan U.S. Government Money Market Fund, Capital Class		8,645,960		8,646


SECURITIES LENDING COLLATERAL - 12.05%
DWS Government and Agency Securities Portfolio, Institutional Class		8,538,230		8,538


	Shares		Fair Value
			(000’s)
American Beacon U.S. Government Money Market Select Fund, Select Class ^D		25,961,265	$	25,961

Total Securities Lending Collateral (Cost $34,499)				34,499


TOTAL INVESTMENTS - 111.29% (Cost $270,396)				318,690
LIABILITIES, NET OF OTHER ASSETS - (11.29%)				(32,322	)

TOTAL NET ASSETS - 100.00%			$	286,368

Percentages are stated as a percent of net assets.

^A	Non-income producing security.

^B	All or a portion of this security is on loan at March 31, 2013.

Security exempt from registration under the Securities Act of 1933. These securities may be resold to qualified institutional buyers pursuant to Rule 144A. At the period end, the value of these securities amounted to $5,998 or 2.09% of net assets. The Fund has no right to demand registration of these securities.

^D	The fund is affiliated by having the same investment advisor.

AMERICAN BEACON STEPHENS MID-CAP GROWTH FUND

SCHEDULE OF INVESTMENTS

March 31, 2013 (Unaudited)


	Shares		Fair Value
			(000’s)
COMMON STOCK - 97.76%
CONSUMER DISCRETIONARY - 19.64%
Auto Components -1.42%
LKQ Corp. ^A		43,450	$	945


Automobiles - 0.35%
Tesla Motors, Inc. ^A		6,100		231


Hotels, Restaurants & Leisure - 1.52%
Chipotle Mexican Grill, Inc. ^A		1,000		326
Panera Bread Co., Class A ^A		4,150		686

				1,012

Leisure Equipment & Products - 0.99%
Polaris Industries, Inc.		7,100		657


Media - 4.60%
Cinemark Holdings, Inc.		22,500		662
Discovery Communications, Inc., Class C ^A		16,000		1,113
IMAX Corp. ^A		22,577		603
Lions Gate Entertainment Corp. ^A		28,550		679

				3,057

Multiline Retail - 0.87%
Nordstrom, Inc.		10,450		577


Specialty Retail - 7.86%
Cabela’s, Inc. ^A		15,200		924
CarMax, Inc. ^A		23,700		989
Ross Stores, Inc.		15,200		921
Tractor Supply Co.		7,500		781
Ulta Salon Cosmetics & Fragrance, Inc.		9,650		783
Urban Outfitters, Inc. ^A		21,300		825

				5,223

Textiles & Apparel - 2.03%
Lululemon Athletica, Inc. ^A		9,650		602
Under Armour, Inc., Class A ^A		14,600		747

				1,349

Total Consumer Discretionary				13,051


CONSUMER STAPLES - 4.95%
Beverages - 2.11%
Brown-Forman Corp., Class B		11,030		788
Monster Beverage Corp. ^A		12,850		613

				1,401

Food & Drug Retailing - 2.84%
Fresh Market, Inc. ^A		13,650		584
United Natural Foods, Inc. ^A		9,100		448
Whole Foods Market, Inc.		9,850		854

				1,886

Total Consumer Staples				3,287


	Shares		Fair Value
			(000’s)
ENERGY - 9.97%
Energy Equipment & Services - 7.02%
Core Laboratories N.V.		6,700	$	923
Dril-Quip, Inc. ^A		9,500		828
Ensco plc, Class A		7,900		474
FMC Technologies, Inc. ^A		10,480		570
Oceaneering International, Inc.		11,850		787
Oil States International, Inc. ^A		6,700		547
Superior Energy Services, Inc. ^A		20,550		534

				4,663

Oil & Gas - 2.95%
Pioneer Natural Resources Co.		2,950		367
Range Resources Corp.		7,700		623
Southwestern Energy Co. ^A		9,660		360
Whiting Petroleum Corp. ^A		12,050		613

				1,963

Total Energy				6,626


FINANCIALS - 7.01%
Banks - 1.92%
East West Bancorp, Inc.		25,050		643
SVB Financial Group ^A		8,900		631

				1,274

Diversified Financials - 4.08%
Affiliated Managers Group, Inc. ^A		5,930		911
IntercontinentalExchange, Inc. ^A		5,350		872
Portfolio Recovery Associates, Inc.		7,300		927

				2,710

Insurance - 1.01%
ProAssurance Corp.		14,200		672


Total Financials				4,656


HEALTH CARE - 18.27%
Biotechnology - 3.47%
Alexion Pharmaceuticals, Inc. ^A		3,750		346
Cepheid, Inc. ^A		14,600		560
Life Technologies Corp. ^A		7,500		485
Polypore International, Inc. ^A		7,700		309
QIAGEN N.V. ^A		28,600		603

				2,303

Health Care Equipment & Supplies - 7.31%
Hologic, Inc. ^A		22,050		498
Idexx Laboratories, Inc. ^A		7,300		674
Illumina, Inc. ^A		13,400		724
Intuitive Surgical, Inc. ^A		1,555		764
ResMed, Inc.		18,550		859
Sirona Dental Systems, Inc.		6,500		479
Varian Medical Systems, Inc. ^A		6,300		454
Waters Corp. ^A		4,350		409

				4,861


	Shares		Fair Value
			(000’s)
Health Care Providers & Services - 6.31%
Catamaran Corp. ^A		18,950	$	1,005
Cerner Corp. ^A		13,840		1,312
Covance, Inc. ^A		10,480		779
Henry Schein, Inc. ^A		6,895		638
VCA Antech, Inc. ^A		19,730		463

				4,197

Pharmaceuticals - 1.18%
Salix Pharmaceuticals Ltd. ^A		7,500		384
Shire PLC, ADR ^B		4,355		398

				782

Total Health Care				12,143


INDUSTRIALS - 13.07%
Aerospace & Defense - 1.23%
B/E Aerospace, Inc. ^A		13,600		820


Commercial Services & Supplies - 6.64%
Clean Harbors, Inc. ^A		9,100		529
Factset Research Systems, Inc.		3,950		366
HMS Holdings Corp. ^A		22,700		616
Iron Mountain, Inc.		18,898		686
Stericycle, Inc. ^A		10,850		1,153
Verisk Analytics, Inc., Class A ^A		17,350		1,069

				4,419

Electrical Equipment - 0.88%
IPG Photonics Corp.		3,150		209
Roper Industries, Inc.		2,950		376

				585

Machinery - 1.98%
Pall Corp.		6,900		472
Valmont Industries, Inc.		5,350		841

				1,313

Road & Rail - 0.60%
JB Hunt Transport Services, Inc.		5,350		398


Trading Companies & Distributors - 1.74%
Fastenal Co.		8,310		427
MSC Industrial Direct Co., Inc., Class A		8,480		727

				1,154

Total Industrials				8,689


INFORMATION TECHNOLOGY - 23.38%
Communications Equipment - 2.17%
Aruba Networks, Inc. ^A		24,700		610
F5 Networks, Inc. ^A		5,700		508
Palo Alto Networks, Inc. ^A		5,700		323

				1,441

Computers & Peripherals - 1.72%
SanDisk Corp. ^A		9,100		501
Stratasys Ltd. ^A		5,700		423
Teradata Corp. ^A		3,750		219

				1,143

Electronic Equipment & Instruments - 0.68%
Trimble Navigation Ltd. ^A		15,020		450


	Shares		Fair Value
			(000’s)
Internet Software & Services - 4.71%
Akamai Technologies, Inc. ^A		14,600	$	515
Athenahealth, Inc. ^A		4,750		461
Fortinet, Inc. ^A		29,600		701
MercadoLibre, Inc.		7,700		743
VeriSign, Inc.		15,200		719

				3,139

IT Consulting & Services - 2.50%
Alliance Data Systems Corp. ^A		5,400		875
IHS, Inc., Class A ^A		7,500		785

				1,660

Semiconductor Equipment & Products - 3.54%
ARM Holdings plc, ADR ^B		14,215		602
Cree, Inc. ^A		9,000		492
Lam Research Corp. ^A		12,818		531
Microchip Technology, Inc.		19,730		726

				2,351

Software - 8.06%
Ansys, Inc. ^A		5,550		452
Aspen Technology, Inc. ^A		10,650		344
Cadence Design Systems, Inc. ^A		31,800		443
Check Point Software Technologies Ltd. ^A		10,450		491
MICROS Systems, Inc. ^A		9,300		423
National Instruments Corp.		17,955		588
Nuance Communications, Inc. ^A		19,950		403
Red Hat, Inc. ^A		14,040		710
Salesforce.com, Inc. ^A		2,755		493
SolarWinds, Inc. ^A		8,100		479
Ultimate Software Group, Inc. ^A		5,150		536

				5,362

Total Information Technology				15,546


MATERIALS - 1.47%
Airgas, Inc.		9,850		977


Total Common Stock (Cost $51,242)				64,975


SHORT-TERM INVESTMENTS - 2.03% (Cost $1,348)
JPMorgan U.S. Government Money Market Fund, Capital Class		1,348,360		1,348


TOTAL INVESTMENTS - 99.79% (Cost $52,590)				66,323
OTHER ASSETS, NET OF LIABILITIES - 0.21%				138

TOTAL NET ASSETS - 100.00%			$	66,461

Percentages are stated as a percent of net assets.

^A Non-income producing security.

^B ADR - American Depositary Receipt.

AMERICAN BEACON FUNDS SUPPLEMENTARY NOTES TO SCHEDULES OF INVESTMENTS

Security Valuation and Fair Value Measurements

Investments are valued at the close of the New York Stock Exchange (the “Exchange”), normally 4 p.m. ET, each day that the Exchange is open for business. Equity securities, including exchange-traded funds (“ETFs”), for which market quotations are available are valued at the last sale price or official closing price (closing bid price or last evaluated quote if no sale has occurred) on the primary market or exchange on which they trade.

Debt securities (other than short-term securities) normally are valued on the basis of prices provided by an independent pricing service and may take into account appropriate factors such as institution-size trading in similar groups of securities, yield, quality, coupon rate, maturity, type of issue, trading characteristics and other market data. Prices of debt securities may be determined using quotes obtained from brokers.

Investments in open-end mutual funds are valued at the closing net asset value (“NAV”) per share of the mutual fund on the day of valuation. Investment grade short-term obligations with 60 days or less to maturity are valued using the amortized cost method, which approximates market value.

Securities for which the market prices are not readily available or are not reflective of the fair value of the security, as determined by the Manager, will be priced at a fair value following procedures approved by the Board of Trustees (the “Board”).

Futures contracts are valued based upon their quoted daily settlement prices. Upon entering into a futures contract, a Fund is required to deposit with its futures broker, an amount of cash or U.S. Government and Agency Obligations in accordance with the initial margin requirements of the broker or exchange. Futures contracts are marked to market daily and an appropriate payable or receivable for the change in value (“variation margin”) is recorded by the Fund. Gains or losses are recognized but not considered realized until the contracts expire or are closed. Futures contracts involve, to varying degrees, risk of loss in excess of the variation margin disclosed on the Statements of Assets and Liabilities.

For valuation purposes, the last quoted price of non U.S. equity securities may be adjusted under the circumstances described below. If the Fund determines that developments between the close of a foreign market and the close of the NYSE will, in its judgment, materially affect the value of some or all of its portfolio securities, the Fund will adjust the previous closing prices to reflect what it believes to be the fair value of the securities as of the close of the NYSE. In deciding whether it is necessary to adjust closing prices to reflect fair value, the Fund reviews a variety of factors, including developments in foreign markets, the performance of U.S. securities markets, and the performance of instruments trading in U.S. markets that represent foreign securities and baskets of foreign securities. A Fund may also fair value securities in other situations, such as when a particular foreign market is closed but the Fund is open. Adjustments to closing prices to reflect fair value on affected foreign securities may be provided by an independent pricing service.

Valuation Inputs

Various inputs may be used to determine the value of the Funds’ investments. These inputs are summarized in three broad levels for financial statement purposes. The inputs or methodologies used to value securities are not necessarily an indication of the risk associated with investing in those securities.


Level 1 -		Quoted prices in active markets for identical securities.

Level 2 -		Prices determined using other significant observable inputs. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, and others. Level 2 securities include fixed-income securities that are valued using observable inputs as stated above.

Level 3 -		Prices determined using other significant unobservable inputs. Unobservable inputs reflect the Fund’s own assumptions about the factors market participants would use in pricing an investment, and would be based on the best information available.

Common stocks and financial derivative instruments, such as futures contracts that are traded on a national securities exchange, are stated at the last reported sale or settlement price on the day of valuation. To the extent these securities are actively traded and valuation adjustments are not applied, they are categorized as Level 1 of the fair value hierarchy. Preferred securities and other equities traded on inactive markets or valued by reference to similar instruments are also categorized as Level 2 of the fair value hierarchy.

Fixed income securities including corporate, U.S. government agencies, and U.S. treasury obligations, are normally valued by pricing service providers that use broker dealer quotations, reported trades or valuation estimates from their internal pricing models. The service providers’ internal models use inputs that are observable such as issuer details, interest rates, yield curves, prepayment speeds, credit risks/spreads, default rates, and quoted prices for similar assets. Securities that use similar valuation techniques and inputs as described above are categorized as Level 2 of the fair value hierarchy.

Fixed income securities purchased on a delayed-delivery basis are marked to market daily until settlement at the forward settlement date are categorized as Level 2 of the fair value hierarchy.

Investments in registered open-end investment management companies will be valued based upon the NAVs of such investments and are categorized as Level 1 of the fair value hierarchy. Short-term investments having a maturity of 60 days or less are generally valued at amortized cost which approximates fair value. These investments are categorized as Level 2 of the fair value hierarchy.

The Funds’ investments are summarized by level based on the inputs used to determine their values. U.S. Generally Accepted Accounting Principles (“U.S. GAAP”) also requires all transfers between any levels to be disclosed. The end of period timing recognition has been adopted for the transfers between levels of each Fund’s assets and liabilities. During the period ended March 31, 2013, there were no transfers between levels. As of March 31, 2013, the investments were classified as described below (in thousands):


Treasury Inflation Protected Securities Fund	Level 1		Level 2		Level 3		Total
U.S. Treasury Obligations	$	—	$	211,278	$	—	$	211,278
Short-Term Investments - Money Market Funds		2,946		—		—		2,946

Total Investments in Securities	$	2,946	$	211,278	$	—	$	214,224


Holland Large-Cap Growth Fund	Level 1		Level 2		Level 3		Total
Common Stock	$	73,078	$	—	$	—	$	73,078
Short-Term Investments - Money Market Funds		1,281		—		—		1,281

Total Investments in Securities	$	74,359	$	—	$	—	$	74,359


Futures Contracts	$	18	$	—	$	—	$	18

Bridgeway Large Cap Value Fund	Level 1		Level 2		Level 3		Total
Common Stock	$	47,236	$	—	$	—	$	47,236
Short-Term Investments - Money Market Funds		1,940		—		—		1,940

Total Investments in Securities	$	49,176	$	—	$	—	$	49,176


Futures Contracts	$	14	$	—	$	—	$	14


Stephens Small Cap Growth Fund	Level 1		Level 2		Level 3		Total
Common Stock	$	275,545	$	—	$	—	$	275,545
Short-Term Investments - Money Market Funds		8,646		—		—		8,646
Securities Lending Collateral invested in Money Market Funds		34,499		—		—		34,499

Total Investments in Securities	$	318,690	$	—	$	—	$	318,690


Stephens Mid-Cap Growth Fund	Level 1		Level 2		Level 3		Total
Common Stock	$	64,975	$	—	$	—	$	64,975
Short-Term Investments - Money Market Funds		1,348		—		—		1,348

Total Investments in Securities	$	66,323	$	—	$	—	$	66,323

Securities and Other Investments

Treasury Inflation Protected Securities

Inflation-indexed bonds are fixed-income securities whose principal value is periodically adjusted to the rate of inflation. Interest is accrued based on the principal value, which is adjusted for inflation. Any increase in the principal amount of an inflation-indexed bond is recorded as interest income, even though principal is not received until maturity.

Restricted Securities

The Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities may be sold privately, but are required to be registered or exempted from such registration before being sold to the public. Private placement securities are generally considered to be restricted except for those securities traded between qualified institutional investors under the provisions of Rule 144A of the Securities Act of 1933. Disposal of restricted securities may involve time-consuming negotiations and expenses, and prompt sale at an acceptable price may be difficult to achieve. Restricted securities outstanding at the period ended March 31, 2013 are disclosed in the Notes to the Schedules of Investments.

Real Estate Investment Trusts

The Funds may own shares of real estate investment trusts (“REITs”) which report information on the source of their distributions annually. The Funds re-characterizes distributions received from REIT investments based on information provided by the REITs into the following categories: ordinary income, long-term capital gains, and return of capital. If information is not available on a timely basis from the REITs, the re-characterization will be estimated based on available information which may include the previous year allocation. If new or additional information becomes available from the REITs at a later date, a re-characterization will be made the following year. These re-characterizations are not recorded for financial statement purposes, but as an adjustment to the calculation of taxable income.

Other Investment Company Securities and Other Exchange Traded Products

The Funds may invest in shares of other investment companies, including open-end funds, closed-end funds, business development companies, ETFs, exchange-traded notes (“ETNs”), unit investment trusts, and other investment companies of the Trust. The Funds may invest in investment company securities advised by the Manager or a sub-advisor. Investments in the securities of other investment companies may involve duplication of advisory fees and certain other expenses. By investing in another investment company, a Fund becomes a shareholder of that investment company. As a result, Fund shareholders indirectly will bear a Fund’s proportionate share of the fees and expenses paid by shareholders of the other investment company, in addition to the fees and expenses Fund shareholders directly bear in connection with the Fund’s own operations. These

other fees and expenses are reflected as Acquired Fund Fees and Expenses and are included in the Fees and Expenses Table for the Fund in its Prospectus, if applicable. Investments in other investment companies may involve the payment of substantial premiums above the value of such issuer’s portfolio securities.

Futures Contracts

Futures contracts are contracts to buy or sell a standard quantity of securities at a specified price on a future date. Certain Funds may enter into financial futures contracts as a method for keeping assets readily convertible to cash if needed to meet shareholder redemptions or for other needs while maintaining exposure to the stock or bond market, as applicable. The primary risks associated with the use of futures contracts are the possibility of illiquid markets or imperfect correlation between the values of the contracts and the underlying securities, or that the counterparty will fail to perform its obligations.

Upon entering into a futures contract, the Funds are required to set aside or deposit with a broker an amount, termed the initial margin, which typically represents 5% of the face value of the futures contract. The initial margin amount is reflected as a Deposit with broker for futures contracts on the Statements of Assets and Liabilities. Payments to and from the broker, known as variation margin, are required to be made on a daily basis as the price of the futures contract fluctuates. Changes in initial settlement values are accounted for as unrealized appreciation (depreciation) until the contracts are terminated, at which time realized gains and losses are recognized. Futures contracts are valued at the most recent settlement price established each day by the exchange on which they are traded.

Federal Income and Excise Taxes

Cost of Investments for Federal Income Tax Purposes

As of March 31, 2013, the Funds’ cost of investments for federal income tax purposes were as follows (in thousands):


	Cost of Investments for Federal Income Tax Purposes		Unrealized Appreciation		Unrealized Depreciation			Net Unrealized Appreciation / (Depreciation)
TIPs Fund	$	211,400	$	2,827	$	(3	)	$	2,824
Holland Large Cap Growth Fund	$	51,940	$	23,317	$	(898	)	$	22,419
Bridgeway Large Cap Value Fund	$	41,069	$	8,416	$	(309	)	$	8,107
Stephens Small Cap Growth Fund	$	271,242	$	51,043	$	(3,595	)	$	47,448
Stephens Mid-Cap Growth Fund	$	52,620	$	14,115	$	(412	)	$	13,703

ITEM 2. CONTROLS AND PROCEDURES.

(a) Based upon an evaluation within 90 days of the filing date of this report, the principal executive and financial officers concluded that the disclosure controls and procedures of the Trust are effective.

(b) There were no changes in the Trust’s internal control over financial reporting during the Trust’s last fiscal quarter that materially affected, or were reasonably likely to materially affect, the Trust’s internal control over financial reporting.

ITEM 3. EXHIBITS.

(a) A separate certification for each principal executive officer and principal financial officer of the Trust as required by Rule 30a-2(a) under the Investment Company Act of 1940 is attached hereto as

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.


AMERICAN BEACON FUNDS

By:		/s/ Gene L. Needles, Jr.
		Gene L. Needles, Jr.
		President

Date: May 30, 2013


By:		/s/ Melinda G. Heika
		Melinda G. Heika
		Treasurer

Date: May 30, 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/ Gene L. Needles, Jr.
		Gene L. Needles, Jr.
		President

Date: May 30, 2013


By:		/s/ Melinda G. Heika
		Melinda G. Heika
		Treasurer

Date: May 30, 2013