Multi-Manager Master Portfolio, LLC
(A Limited Liability Company)
Annual Report
March 31, 2013

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Dear Members,

We are pleased to enclose the annual report for the Multi-Manager Portfolios (the “MMP” or the “Fund”) for the 12-month period ending March 31, 2013. As always, we appreciate your continued support and investment. Net assets of MMP stood at approximately $274 million as of the end of March.

The fiscal year ended in March 2013 was a successful period for MMP, as our efforts to re-position the portfolios continue to bear fruit. For the last 12 months, the MMP* returned 8.05% as compared to 5.2% for the Fund’s benchmark HFRI Funds-of-Funds Diversified Index, an index comprised of externally managed funds of funds that one might consider as alternatives to the MMP. Though we do not expect the Fund to outperform this index each and every month, our aim is to add value over a full market cycle.

Since inception in July 2009, the MMP has returned approximately +5.0% on an annualized basis through March 2013, with positive monthly returns in 32 out of 45 months. This compares to a +3.8% annualized return for the HFRI Funds-of-Funds Diversified Index over the same time period. The MMP’s standard deviation of returns over the same time period has been approximately 3.8%.

Sincerely,

Thomas Carroll		Michael J. Murgio
President, Multi-Manager Portfolios		Chief Investment Strategist, Multi-Manager Portfolios

*Return information is for Multi-Manager Portfolio, LLC. Returns for offshore entities vary slightly.

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MULTI-MANAGER MASTER PORTFOLIO, LLC
(A Limited Liability Company)
  
Statement of Assets, Liabilities and Members’ Capital
March 31, 2013

Assets
Investments in Investment Vehicles, at fair value (cost $199,031,491)		$	244,741,021
Cash and cash equivalents			12,215,333
Interest receivable			1,551
Receivable from investments sold			17,789,526
Prepaid expenses and other assets			54,914
Total assets		$	274,802,345
Liabilities and Members’ Capital
Withdrawals payable		$	309,920
Administration fees payable			106,628
Accounts payable and accrued expenses			111,733
Total liabilities			528,281
Members’ capital			274,272,958
Managing member’s capital			1,106
Total members’ capital			274,274,064
Total liabilities and members’ capital		$	274,802,345
Members’ Capital
Represented by:
Net capital contributions		$	228,564,534
Accumulated net unrealized appreciation/depreciation from investments			45,709,530
		$	274,274,064

 
 
See accompanying notes to financial statements.

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MULTI-MANAGER MASTER PORTFOLIO, LLC
(A Limited Liability Company)
  
Schedule of Investments
March 31, 2013

		Acquisition Date				Cost				Shares				Fair Value				% of Members' Capital
Investments in Investment Vehicles (89.23% of Members' Capital)
Credit Strategies (14.97% of Members' Capital)
Mortgage Related
Halcyon Asset Backed Value Fund, LP(1)			9/1/2010			$	12,397,714							$	16,572,937				6.04	%
Magnetar Structured Credit Fund, LP(1)(2)			1/1/2011				20,042,752								24,494,141				8.93	%
Total Mortgage Related															41,067,078
Total Credit Strategies (Cost $32,440,466)															41,067,078
Equity Strategies (24.57% of Members' Capital)
Long-Short Non-U.S.
The Alphagen Octanis Fund Limited – Class A			7/2/2012				4,641,069				23,960				5,079,136				1.85	%
Long-Short U.S.
Echo Street Capital Partners, LP			1/1/2013				5,000,000								5,183,648				1.89	%
Marble Arch QP Partners, LP(1)			7/1/2009				12,122,826								25,022,242				9.12	%
Total Long-Short U.S.															30,205,890
Low Net U.S.
Axial Capital Institutional, LP(1)			7/1/2009				19,980,295								15,275,855				5.57	%
Market Neutral
Two Sigma Absolute Return Enhanced Fund, LP(1)(2)			10/1/2012				15,211,896								16,837,027				6.14	%
Total Equity Strategies (Cost $56,956,086)															67,397,908
Event Driven Strategies (8.48% of Members' Capital)
Litespeed Partners, LP			9/30/2011				152,300								145,515				0.05	%
Orange Capital Domestic I, LP			7/1/2009				7,578,137								10,741,398				3.92	%
York Global Value Partners, LP			7/2/2012				9,677,851								12,377,596				4.51	%
Total Event Driven Strategies (Cost $17,408,288)															23,264,509
Global Trading (9.88% of Members' Capital)
Global Macro
AIP Global Macro Fund, LP(1)			4/1/2012				15,000,000								15,990,189				5.83	%
Managed Futures
ACL Alternative Fund Limited			10/1/2009				11,495,683				45,146				11,108,919				4.05	%
Total Global Trading (Cost $26,495,683)															27,099,108
Multi-Strategy (31.33% of Members' Capital)
D.E. Shaw Composite Fund, LLC(1)			7/1/2009				19,857,910								27,372,241				9.98	%
Elliott Associates, LP(1)			7/1/2009				30,761,594								43,643,678				15.91	%
Stratus Feeder, LLC Class 1X(1)(2)			2/1/2012				15,000,000								14,747,070				5.38	%
Taconic Opportunity Fund, LP			7/1/2009				111,464								149,429				0.06	%
Total Multi-Strategy (Cost $65,730,968)															85,912,418
Total Investments (89.23% of Members' Capital) (Cost $199,031,491)															244,741,021
Other Assets in Excess of Liabilities (10.77% of Members' Capital)															29,533,043
Total Members' Capital (100%)														$	274,274,064

For certain Investment Vehicles for which the Master Portfolio has a capital commitment, the Master Portfolio may allocate its pro-rata share of expenses prior to having to fund a capital call for such expenses. As of March 31, 2013, the Master Portfolio had no outstanding capital commitments.

All securities are non-income producing.

All securities are restricted and represent 89.23% of total Members’ Capital.

Refer to Note 5, Investments in Portfolio securities, for information regarding the liquidity of the Master Portfolio’s Investments.

 
 
See accompanying notes to financial statements.

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MULTI-MANAGER MASTER PORTFOLIO, LLC
(A Limited Liability Company)
  
Statement of Operations
For the Year Ended March 31, 2013

Investment income:
Dividend income		$	36,685
Interest income			12,730
Total investment income			49,415
Expenses:
Administration fees			644,114
Directors fees			171,875
Legal fees			233,208
Custodian fees			61,669
Insurance expense			202,848
Tax fees			17,855
Other expenses			95,906
Total expenses			1,427,475
Net investment loss			(1,378,060	)
Net realized and unrealized gain from investments:
Net realized gain from investments			13,363,663
Change in unrealized appreciation/depreciation from investments			9,454,902
Net realized and unrealized gain from investments			22,818,565
Net increase in members’ capital resulting from operations		$	21,440,505

 
 
See accompanying notes to financial statements.

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MULTI-MANAGER MASTER PORTFOLIO, LLC
(A Limited Liability Company)
  
Statements of Changes in Members’ Capital

		Year Ended March 31, 2013
		Members				Managing Member				Total
Members’ capital at March 31, 2012		$	398,695,188			$	1,023			$	398,696,211
Increase (decrease) from members’ capital transactions:
Contributions			3,395,694				—				3,395,694
Withdrawals			(149,258,346	)			—				(149,258,346	)
Net decrease in members’ capital from capital transactions			(145,862,652	)			—				(145,862,652	)
Increase (decrease) in members’ capital resulting from operations:
Net investment loss			(1,378,056	)			(4	)			(1,378,060	)
Net realized gain from investments			13,363,616				47				13,363,663
Change in unrealized appreciation/depreciation from investments			9,454,862				40				9,454,902
Net increase in members’ capital resulting from operations			21,440,422				83				21,440,505
Members’ capital at March 31, 2013		$	274,272,958			$	1,106			$	274,274,064

		Year Ended March 31, 2012
		Members				Managing Member				Total
Members’ capital at March 31, 2011		$	716,213,209			$	1,095			$	716,214,304
Increase (decrease) from members’ capital transactions:
Contributions			8,580,187				—				8,580,187
Withdrawals			(328,508,700	)			(86	)			(328,508,786	)
Net decrease in members’ capital from capital transactions			(319,928,513	)			(86	)			(319,928,599	)
Increase (decrease) in members’ capital resulting from operations:
Net investment loss			(1,427,933	)			(3	)			(1,427,936	)
Net realized gain from investments and affiliated investment			17,229,496				44				17,229,540
Change in unrealized appreciation/depreciation from investments and affiliated investment			(13,391,071	)			(27	)			(13,391,098	)
Net increase in members’ capital resulting from operations			2,410,492				14				2,410,506
Members’ capital at March 31, 2012		$	398,695,188			$	1,023			$	398,696,211

 
 
See accompanying notes to financial statements.

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MULTI-MANAGER MASTER PORTFOLIO, LLC
(A Limited Liability Company)
  
Statement of Cash Flows
For the Year Ended March 31, 2013

Cash flows from operating activities:
Net increase in members’ capital resulting from operations		$	21,440,505
Adjustments to reconcile net increase in members’ capital resulting from operations to net cash provided by operating activities:
Purchases of investments			(73,073,581	)
Proceeds from disposition of investments			173,045,169
Net realized gain from investments			(13,363,663	)
Change in unrealized appreciation/depreciation from investments			(9,454,902	)
Increase in interest receivable			(1,256	)
Decrease in prepaid contributions to Investment Vehicles			20,000,000
Decrease in receivable from investments sold			38,688,660
Increase in prepaid expenses and other assets			(5,880	)
Increase in administration fees payable			56,488
Decrease in accounts payable and accrued expenses			(74,627	)
Net cash provided by operating activities			157,256,913
Cash flows from financing activities:
Proceeds from contributions			2,735,693
Payments for withdrawals			(153,296,461	)
Net cash used in financing activities			(150,560,768	)
Net increase in cash and cash equivalents			6,696,145
Cash and cash equivalents at beginning of year			5,519,188
Cash and cash equivalents at end of year		$	12,215,333

 
 
See accompanying notes to financial statements.

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MULTI-MANAGER MASTER PORTFOLIO, LLC
(A Limited Liability Company)
  
Notes to Financial Statements
March 31, 2013

(1) Organization

Multi-Manager Master Portfolio, LLC (the “Master Portfolio”) is a limited liability company that was organized under the laws of the State of Delaware on May 1, 2009. The Master Portfolio is registered with the Securities and Exchange Commission (the “SEC”) as a non-diversified, closed-end management investment company under the Investment Company Act of 1940, as amended (the “1940 Act”). The Master Portfolio is the master fund in a master-feeder structure in which there are currently two feeder funds that are registered with the SEC under the 1940 Act and one feeder fund that is a limited duration company organized under Cayman law (Multi-Manager Cayman Portfolio, LDC, the “Offshore Portfolio”) through which one of the feeder funds invests in the Master Portfolio, and through which non-U.S. investors may participate in the investment program of the Master Portfolio.

Under Delaware law and the Master Portfolio’s Limited Liability Company Agreement (the “LLC Agreement”), each member of the Master Portfolio is liable for the debts, obligations and liabilities of the Master Portfolio only to the extent of any contributions to the capital of the Master Portfolio (plus any accretions in value thereto) and a member, in the sole discretion of the board of directors (the “Board”), may be obligated to return to the Master Portfolio amounts distributed to the member in accordance with the LLC Agreement in certain circumstances where after giving effect to the distribution, certain liabilities of the Master Portfolio exceed the fair market value of the Master Portfolio’s assets.

The Master Portfolio’s investment objective is to seek long-term capital appreciation, while attempting to reduce risk and volatility. The Master Portfolio pursues its investment objective by allocating assets and investing in a diversified portfolio of private investment companies, typically referred to as hedge funds, and closed-end investment companies (each an “Investment Vehicle” and collectively, “Investment Vehicles”), open-end registered investment companies, exchange-traded funds, and segregated managed accounts. The Master Portfolio may also invest directly in equity securities, fixed income securities, mortgage-backed and asset-backed securities, foreign investments and derivatives.

The Board has overall responsibility for the management and supervision of the operations of the Master Portfolio. Under the supervision of the Board, GenSpring Family Offices, LLC (the “Adviser”), a Florida limited liability company and wholly-owned subsidiary of SunTrust Banks, Inc. (a financial holding company), is the manager of, and adviser to, the Master Portfolio.

The Adviser is registered with the SEC as an investment adviser under the Investment Advisers Act of 1940, as amended. Under an investment advisory agreement with the Master Portfolio (the “Advisory Agreement”), the Adviser is responsible for developing, implementing, and supervising the Master Portfolio’s investment program, under the supervision of the Board.

Effective June 29, 2011 (the “Transfer Date”), the Master Portfolio transferred to GCP Liquidating Trust (the “Trust”) certain non-transferrable interests in Portfolio Funds (“Portfolio Fund Interests”) having a value of approximately $53,625,000 as of June 30, 2011. The purpose of the transfer was to maintain appropriate liquidity of the Master Portfolio and to facilitate its ability to provide liquidity to its members. The Portfolio Fund Interests transferred to the Trust consisted of interests in Portfolio Funds that provided no rights to withdraw capital or had imposed extraordinary restrictions on withdrawals of capital. The Master Portfolio also transferred $2,800,000 of cash to the Trust to enable the Trust to pay anticipated expenses and meet anticipated liabilities.

Under the Master Portfolio’s organizational documents, the Master Portfolio’s officers and directors and the Adviser are indemnified against certain liabilities arising out of the performance of their duties and responsibilities with respect to the Master Portfolio. In the normal course of business, the Master Portfolio enters into contracts with service providers, which also provide for indemnifications by the Master Portfolio for certain liabilities arising out of their duties and responsibilities for the Master Portfolio. The Master Portfolio’s maximum exposure under these arrangements is unknown, as this would involve any future

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MULTI-MANAGER MASTER PORTFOLIO, LLC
(A Limited Liability Company)
  
Notes to Financial Statements (continued)
March 31, 2013

potential claims that may be made against the Master Portfolio. However, based on experience, the Adviser expects the risk of loss to be remote. In addition, the Master Portfolio has purchased a Directors and Officers/Errors and Omissions insurance policy, which provides coverage for certain liabilities arising out of the performance of the Master Portfolio’s officers and directors duties and responsibilities to the Master Portfolio, subject to various exclusions. The Adviser also has similar insurance coverage for its errors and omissions and other liabilities arising out of its duties and responsibilities for the Master Portfolio.

(2) Summary of Significant Accounting Policies and Practices

(a) Basis of Accounting

The accounting and reporting policies of the Master Portfolio conform with U.S. generally accepted accounting principles (“U.S. GAAP”).

(b) Cash Equivalents

The Master Portfolio considers all unpledged temporary investments with a maturity date at the time of purchase of three months or less to be cash equivalents.

(c) Investment Securities Transactions

The Master Portfolio records securities transactions on a trade-date basis.

Generally, the investments in Investment Vehicles are recorded whereby the Master Portfolio records the investment at its acquisition cost and adjusts for additional contributions to or withdrawals from the Investment Vehicles. Distributions from Investment Vehicles, if any, will be classified as investment income or realized gains in the Statement of Operations, or alternatively, as a decrease to the cost of the investments based on the characteristics of the distribution if such information is available. In cases where the characteristics of a distribution from an Investment Vehicle are not available, such distribution will be classified as investment income.

Realized gains and losses on investments, including Investment Vehicles, are calculated using the specific lot identification method to determine cost.

(d) Valuation of Investments

The valuation of the Master Portfolio’s investments is determined on the last business day of each month, or as set forth in the Master Portfolio’s registration statement, by the Adviser’s valuation committee (“Adviser Valuation Committee”), in accordance with procedures adopted by the Board, subject to the management and supervision of the Board. The Master Portfolio’s valuation procedures require the Adviser, or its delegate, including Citi Fund Services Ohio, Inc., as administrator, to consider all relevant information for determining the value of the Master Portfolio’s securities and assets, including the Master Portfolio’s underlying investment vehicles.

Investments held and valued by the Master Portfolio are as follows:

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MULTI-MANAGER MASTER PORTFOLIO, LLC
(A Limited Liability Company)
  
Notes to Financial Statements (continued)
March 31, 2013

The Adviser will also consider terms and conditions of the Master Portfolio’s agreement with the respective Investment Vehicle and other market considerations that may affect its fair value to determine whether it is appropriate to adjust the reported value to reflect fair value. Generally, the fair value of the Master Portfolio’s interest in an Investment Vehicle will represent the amount that the Adviser believes it could reasonably expect to receive from an Investment Vehicle if the Master Portfolio withdrew all of its capital from the Investment Vehicle at the time of valuation, based on information reasonably available at the time the valuation is made and that the Adviser believes to be reliable. Because of the inherent uncertainty of valuation, fair value may differ from the value that would have been used had a ready market for the investments in Investment Vehicles existed and such differences may be material.

Investment Vehicles held by the Master Portfolio may utilize various types of investments and investment strategies, including those described below. Although the Master Portfolio did not invest in any investments other than Investment Vehicles during the year ended March 31, 2013, the Master Portfolio is permitted to directly invest in the same types of investments and investment strategies. The discussion below applies to the Investment Vehicles and to the Master Portfolio.

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MULTI-MANAGER MASTER PORTFOLIO, LLC
(A Limited Liability Company)
  
Notes to Financial Statements (continued)
March 31, 2013

(e) Derivative Instruments and Hedging Activities

The Master Portfolio may purchase or sell options and enter into swap agreements as part of a strategy to create investment exposure consistent with the Master Portfolio’s investment objective. For the year ended March 31, 2013, the Master Portfolio did not engage in any such transactions.

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MULTI-MANAGER MASTER PORTFOLIO, LLC
(A Limited Liability Company)
  
Notes to Financial Statements (continued)
March 31, 2013

(f) Foreign Currency Translation

The books and records of the Master Portfolio are maintained in U.S. dollars. Foreign currency amounts are translated into U.S. dollars on the following basis: (i) fair value of investment securities, other assets and liabilities at the rate of exchange as of the reporting date; and (ii) purchases and sales of investment securities, income and expenses at the relevant rates of exchange prevailing on the respective dates of such transactions. For the year ended March 31, 2013, the Master Portfolio had no foreign currency activity.

(g) Investment Income

For investments in securities, including shares of mutual funds, dividend income is recorded on the ex-dividend date, net of withholding taxes (where applicable). Interest income is recorded as earned on the accrual basis and includes amortization or accretion of premiums or discounts, respectively.

(h) Expenses

Unless otherwise voluntarily or contractually assumed by the Adviser or another party, the Master Portfolio bears all expenses incurred in its business, including but not limited to, the following: all costs and expenses related to investment transactions and positions for the Master Portfolio; administrative expenses and fees, transfer agency expenses and fees, legal fees; accounting, auditing and tax preparation fees; recordkeeping and custodial fees; costs of computing the Master Portfolio’s net asset value; fees for data and software providers; research expenses; costs of insurance; registration expenses; certain offering costs; expenses of meetings of members; directors fees; all costs with respect to communications to members; transfer taxes, offshore withholding tax and taxes withheld on non-U.S. dividends; and other types of expenses as may be approved from time to time by the Board. Offering costs, if any, are amortized over a 12-month period or less from the date they are incurred.

The Investment Vehicles bear various expenses in connection with their operations similar to those incurred by the Master Portfolio. The Investment Vehicles are managed by various investment managers who generally assess asset-based fees to and receive performance-based allocations or fees from the Investment Vehicles, which effectively reduce the investment return of the Investment Vehicles. These expenses and fees of the Investment Vehicles that are paid by their investors may be significant and are in addition to those incurred by the Master Portfolio itself and will not have any impact on the expense ratios presented in the financial highlights of the Master Portfolio.

(i) Income Taxes

The Master Portfolio is organized and operated as a limited liability company and is treated as a partnership for federal income tax purposes, and therefore is not subject to income taxes as a separate entity. Such taxes are the responsibility of the members of the Master Portfolio. Accordingly, no provision for income taxes has been made in the Master Portfolio’s financial statements. The Master Portfolio may serve as withholding agent for U.S. offshore withholding tax for the Offshore Portfolio.

The Adviser has evaluated the tax positions expected to be taken in the course of preparing the Master Portfolio’s tax returns to determine whether the tax position will “more-likely-than-not” be sustained by the Master Portfolio upon challenge by the applicable tax authority. Tax positions not deemed to meet the more-likely-than-not threshold and that would result in a tax benefit or expense to the Master Portfolio are recorded as a tax benefit or expense. For the year ended March 31, 2013, the Master Portfolio did not recognize any amounts for unrecognized tax benefits. A reconciliation of unrecognized tax benefits is not provided herein, as the beginning and ending amounts are zero, with no interim additions, reductions or settlements. Tax positions taken that remain open under the statute of limitations (generally three years for federal income tax purposes) will be subject to examination by tax authorities.

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MULTI-MANAGER MASTER PORTFOLIO, LLC
(A Limited Liability Company)
  
Notes to Financial Statements (continued)
March 31, 2013

(j) Use of Estimates

The preparation of the financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions relating to the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results, including the ultimate amount realized upon the sale of investments valued at fair value, could differ from those estimates, and such differences may be material to the financial statements.

(k) Recently Issued Accounting Pronouncements and Regulatory Requirements

In January 2013, the Financial Accounting Standards Board issued Accounting Standards Update (“ASU”) No. 2013-01 “Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities (“ASU 2013-01”) which amended Accounting Standards Codification Subtopic 210-20, Balance Sheet Offsetting. ASU 2013-01 clarified the scope of ASU No. 2011-11 “Disclosures about Offsetting Assets and Liabilities (“ASU 2011-11”). ASU 2011-11 requires an entity to disclose information about offsetting and related arrangements to enable users of that entity’s financial statements to understand the effect of those arrangements on its financial position. ASU 2013-01 clarifies the scope of ASU 2011-11 as applying to derivatives accounted for in accordance with Topic 815, Derivatives and Hedging, including bifurcated embedded derivatives, repurchase agreements and reverse repurchase agreements, and securities borrowing and securities lending transactions that are offset either in accordance with other requirements of U.S. GAAP or subject to an enforceable master netting arrangement or similar agreement. The guidance in ASU 2013-01 and ASU 2011-11 is effective for interim and annual periods beginning on or after January 1, 2013. The adoption of ASU 2013-01 and ASU 2011-11 will have no effect on the Master Portfolio’s members capital. At this time, management is evaluating any impact ASU 2013-01 and ASU 2011-11 may have on the Master Portfolio’s financial statement disclosures.

On February 9, 2012, the Commodity Futures Trading Commission (“CFTC'') adopted amendments to its rules that altered the ability of the Master Portfolio to continue to claim certain exclusions. Prior to adopting these amendments, registered investment companies could engage in unlimited futures transactions and options thereon, provided that the investment advisor to the company claimed an exclusion from regulation as a commodity pool operator. In connection with its management of the Master Portfolio, the Adviser claimed such an exclusion from registration as a commodity pool operator and trading adviser under the Commodity Exchange Act, as amended (the “CEA''). Therefore, for the calendar year ended December 31, 2012, neither the Master Portfolio nor the Adviser was subject to the registration and regulatory requirements of the CEA. Pursuant to these amendments, the Adviser was required to comply with certain de minimus testing regarding commodity activity and as a result was able to continue to claim exclusions from registration as a commodity pool operator. Certain aspects of the amended rules are yet to be determined, and such determination may dictate the appropriate course of action for the Master Portfolio with respect to its CFTC compliance obligations. Such regulatory aspects, when determined, may increase costs for the Master Portfolio.

On November 30, 2012 the CFTC issued relief for fund of fund operators who may otherwise be required to register with the CFTC as commodity pool operators by December 31, 2012 but do not have access to information from the investment funds in which they are invested in order to determine whether registration is required. This relief delays the registration date for such operators until the later of June 30, 2013 or six months from the date the CFTC issues revised guidance on the application of certain thresholds with respect to investments in commodities held by funds of funds. As of December 31, 2012, the Master Portfolio has filed as required with the CFTC in order to claim this no-action relief, which is effective upon receipt of the filing.

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MULTI-MANAGER MASTER PORTFOLIO, LLC
(A Limited Liability Company)
  
Notes to Financial Statements (continued)
March 31, 2013

(3) Fair Value Measurements

The Master Portfolio defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date under current market conditions.

The inputs used to determine the fair value of the Master Portfolio’s investments are summarized in the three broad levels listed below:

The inputs or methodology used to value investments are not necessarily an indication of the risk associated with investing in those investments.

When determining the fair value of the Master Portfolio’s investments, additional consideration is given to those assets or liabilities that have experienced a decrease in volume or level of activity or have identified circumstances that indicate that a transaction is not orderly.

As of March 31, 2013, there were no Level 1 securities held by the Master Portfolio.

The following is a summary categorization as of March 31, 2013, of the Master Portfolio’s investments based on the level of inputs utilized in determining the value of such investments:

		Level 2				Level 3
		Investment Vehicles				Investment Vehicles				Total Investments
Investments
Credit Strategies
Mortgage Related		$	16,572,937			$	24,494,141			$	41,067,078
Equity Strategies
Long-Short Non-U.S.			5,079,136				—				5,079,136
Long-Short U.S.			25,022,242				5,183,648				30,205,890
Low Net U.S.			15,275,855				—				15,275,855
Market Neutral			16,837,027				—				16,837,027
Event Driven Strategies
Event Driven Strategies			23,118,994				145,515				23,264,509
Global Trading
Global Macro			—				15,990,189				15,990,189
Managed Futures			11,108,919				—				11,108,919
Multi-Strategy
Multi-Strategy			14,747,070				71,165,348				85,912,418
Total Investments		$	127,762,180			$	116,978,841			$	244,741,021

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MULTI-MANAGER MASTER PORTFOLIO, LLC
(A Limited Liability Company)
  
Notes to Financial Statements (continued)
March 31, 2013

The categorization of investments between Levels 2 and 3 does not reflect the fact that some of the underlying investments held by the Investment Vehicles, if owned directly by the Master Portfolio, might be classified as Level 1 investments.

For each Level 3 investment, some or all of the following may have been used to determine fair value: market conditions, liquidity, and security type. For investments in private investment companies and direct private investments, additional data regarding the operations and financial conditions of the investment, including monthly financial reports, are considered. In the case of investments having lock-ups or suspension of withdrawal rights under certain circumstances, additional consideration is given to these restrictions in the determination of fair value.

The following is a summary of quantitative information about significant unobservable valuation inputs approved by the Adviser Valuation Committee for Level 3 Fair Value Measurements for investments held as of March 31, 2013:

Fair Value as of March 31, 2013

Valuation Technique

Liquidity of Investments

Adjustments To NAV**

Investments in Investment Vehicles

Credit Strategies

Mortgage Related

$

24,494,141

NAV as Practical Expedient*

Greater than 90 Days

None

Equity Strategies

Long-Short U.S.

5,183,648

NAV as Practical Expedient*

Greater than 90 Days

None

Event Driven Strategies

145,515

NAV as Practical Expedient*

Greater than 90 Days

None

Global Trading

Global Macro

15,990,189

NAV as Practical Expedient*

Greater than 90 Days

None

Multi-Strategy

71,165,348

NAV as Practical Expedient*

Greater than 90 Days

None

Total Investments in Investment Vehicles

$

116,978,841

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MULTI-MANAGER MASTER PORTFOLIO, LLC
(A Limited Liability Company)
  
Notes to Financial Statements (continued)
March 31, 2013

The Master Portfolio discloses transfers between levels based on valuations at the end of the reporting period.

The following is a reconciliation of Level 3 investments based on the inputs used to determine fair value:

		Balance as of March 31, 2012				Gross Purchases				Gross Sales				Transfers In/(Out)				Net Realized Gains (Losses)				Change in Unrealized Appreciation/ Depreciation				Balance as of March 31, 2013
Investment Vehicles
Credit Strategies
Mortgage Related		$	49,502,681			$	—			$	(15,735,478	)		$	(16,572,937	)(a)		$	3,175,944			$	4,123,931			$	24,494,141
Equity Strategies
Long-Short Emerging			4,420,214				—				(4,198,711	)			—				467,267				(688,770	)			—
Long-Short Global			15,897,742				—				(13,444,964	)			—				(1,555,036	)			(897,742	)			—
Long-Short U.S.			—				5,000,000				—				—				—				183,648				5,183,648
Event Driven Strategies
Event Driven Strategies			145,515				—				—				—				—				—				145,515
Global Trading
Global Macro			—				15,000,000				—				—				—				990,189				15,990,189
Multi-Strategy
Multi-Strategy			50,270,896				—				(40,074,124	)			51,477,851	(b)			8,116,548				1,374,177				71,165,348
Total Investment Vehicles		$	120,237,048			$	20,000,000			$	(73,453,277	)		$	34,904,914			$	10,204,723			$	5,085,433			$	116,978,841

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MULTI-MANAGER MASTER PORTFOLIO, LLC
(A Limited Liability Company)
  
Notes to Financial Statements (continued)
March 31, 2013

The change in unrealized appreciation/depreciation from Level 3 investment vehicles held at March 31, 2013 is $5,085,433.

The Master Portfolio is permitted to measure the fair value of alternative investment entities that do not have a readily determinable fair value, based on the net asset value per share (the “NAV”), or its equivalent such as ownership interest in partners’ capital or members’ capital of the investment as of the reporting date as a practical expedient, without further adjustment, unless it is probable that the investment will be sold at a value significantly different than the NAV. If the practical expedient NAV is not as of the reporting entity’s measurement date, then the NAV is adjusted to reflect any significant events that would materially affect the value of the investment and the NAV of the Master Portfolio as of the valuation date. In using the NAV as a practical expedient, certain attributes of the investment that may impact the fair value of the investment are not considered in measuring fair value. Attributes of those investments include, but are not limited to, restrictions on the investor’s ability to withdraw its capital at the measurement date, any withdrawal fees, any unfunded commitments, and the investment strategies of the investees. The Master Portfolio has invested in alternative investments that do not have a readily determinable fair value, and as such, has elected to use the NAV as a practical expedient. A listing of such investments held by the Master Portfolio and their attributes as of March 31, 2013, are shown in the table below.

Investment Category

Investment Strategy

Fair Value (in 000’s)

Remaining Life

Redemption Frequency*

Notice Period (in Days)*

Redemption Restrictions and Terms*

Credit Strategies(a)

Long and short positions in fixed income and other debt securities of both U.S. and non-U.S. issuers.

$

41,067

N/A

Quarterly – Annual

45 – 90 days

0 – 1 year; 5% – 25% limits on soft locks

Equity Strategies(b)

Long and short positions in common stocks, preferred stocks and convertible securities issued by U.S. companies.

67,398

N/A

Monthly – Annual

30 – 90 days

0 – 1 year; 3 year rolling lock; up to 5% redemption fee

Event Driven Strategies(c)

Seek to profit from changes in the prices of securities of companies facing major corporate events, such as mergers, acquisitions, restructurings, spin-offs and significant litigation.

23,265

N/A

Quarterly – Annual

70 – 90 days

0 – 5 years; approximately 3% is illiquid

Global Trading(d)

Publicly traded equity securities issued by non-U.S. companies.

27,099

N/A

Daily – Monthly

3 – 90 days

0 – 2 years

Multi-Strategy(e)

Seek to deliver consistently positive returns, regardless of the directional movement of markets, through the use of multiple strategies to smooth returns and reduce volatility.

85,912

N/A

Quarterly –  Semi-Annual

45 – 90 days

0 – 3 years; maximum withdrawal per quarter up to 6.25%

$

244,741

For each of the categories below (except where noted), the fair value of the Investment Vehicles has been estimated using the net asset value of the Investment Vehicles.

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MULTI-MANAGER MASTER PORTFOLIO, LLC
(A Limited Liability Company)
  
Notes to Financial Statements (continued)
March 31, 2013

(4) Members’ Capital Accounts

(a) Issuance of Interests

Upon receipt from eligible investors of initial or additional capital contributions to purchase interests in the Master Portfolio (“Interests”), which contributions are generally accepted as of the first day of each month, the Master Portfolio issues new Interests. The required minimum initial and additional capital contribution amounts are $100,000 and $50,000, respectively, and all issuances are subject to the receipt of payment in the full amount of the subscription no later than at the close of business on the third business day prior to the applicable subscription date. Interests have not been registered under the Securities Act or the securities laws of any state. The Master Portfolio offers and sells Interests only in private placement transactions in accordance with Regulation D (or other applicable exemptions under the Securities Act) and similar provisions under state securities laws. No public market exists for Interests, and none is expected to develop. The Master Portfolio is not required, and does not intend, to hold annual meetings of its members. Interests are subject to substantial restrictions on transferability and resale and may not be transferred or resold except as permitted under the LLC Agreement. The Master Portfolio reserves the right to reject any application for subscriptions of Interests.

(b) Allocation of Profits and Losses

Net profits or net losses of the Master Portfolio are allocated among and credited to or debited against the capital accounts of all members of the Master Portfolio as of the last day of each fiscal period in accordance with the members’ respective capital account ownership percentages for the fiscal period. Net profits or net losses are measured as the net change in the value of the assets of the Master Portfolio, including any net change in unrealized appreciation or depreciation of investments and income, net of expenses, and realized gains or losses during a fiscal period. Net profits or losses for each fiscal period are allocated after giving effect for any capital contributions, made at the beginning of the such period, and before any withdrawals of capital as of the end of such period.

(c) Repurchase of Interests

From time to time, members are provided with the opportunity to have all or any portion of their Interests repurchased by the Master Portfolio pursuant to repurchase offers approved by the Board. Repurchase offers are made at such times as may be determined by the Board and have been made on a semi-annual basis. However, no member has the right to require the Master Portfolio to repurchase its Interest. The Board, in its sole discretion, may under certain circumstances elect to extend, suspend or terminate an offer to repurchase Interests. Under the procedures that govern repurchase offers by the Master Portfolio, there is a substantial period of time between the date as of which members must tender their Interests for repurchase and the date they can expect to receive payment for their Interests from the Master Portfolio.

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MULTI-MANAGER MASTER PORTFOLIO, LLC
(A Limited Liability Company)
  
Notes to Financial Statements (continued)
March 31, 2013

(5) Investments in Portfolio Securities

(a) Investment Activity

As of March 31, 2013, the Master Portfolio’s investments were in Investment Vehicles. The agreements related to investments in Investment Vehicles provide for compensation to the Investment Vehicles’ managers/managing members or advisers in the form of management fees ranging from 1% to 2.5% of net assets annually. In addition, Investment Vehicles typically also provide for performance-based incentive fees/allocations ranging from 0% to 20% of an Investment Vehicle’s net profits, although it is possible that such ranges may be exceeded for certain Investment Vehicles.

For the year ended March 31, 2013, the aggregate cost of purchases and proceeds from sales/withdrawals of investments were $73,073,581 and $173,045,169, respectively.

The cost of the Master Portfolio’s underlying investments for Federal income tax purposes is adjusted for items of taxable income allocated to the Master Portfolio from such investments. The allocated taxable income is generally reported to the Master Portfolio by its underlying investments on Schedule K-1, Forms 1099 or PFIC statements. The underlying investments generally do not provide the Master Portfolio with tax reporting information until well after year end and, as a result, the Master Portfolio is unable to calculate the year end tax cost of its investments until after year end, when the Master Portfolio tax return is complete. The Master Portfolio’s book cost of investments as of March 31, 2013 was $199,031,491, resulting in accumulated net unrealized appreciation of $45,709,530 consisting of $51,060,448 in gross unrealized appreciation and $5,350,918 in gross unrealized depreciation.

(b) Investment Vehicle Liquidity

The Investment Vehicles in which the Master Portfolio invests are generally illiquid. The Master Portfolio may make investments in, or withdrawals from, the Investment Vehicles only at certain times specified in the governing documents of the Investment Vehicles. In addition, the Investment Vehicles may impose certain restrictions on withdrawals, such as lock-ups, gates, or suspension of withdrawal rights under certain circumstances, during which time the Master Portfolio may not withdraw all or part of its interest in an Investment Vehicle, or may withdraw only by paying a penalty (early redemption fee). If adverse market conditions were to develop during any period in which the Master Portfolio is unable to withdraw from the Investment Vehicle, the value of the Master Portfolio’s interest in the Investment Vehicle may be less favorable than the value of that interest at the time when it initially decided to withdraw.

The Investment Vehicles in which the Master Portfolio invests have a greater amount of both market and liquidity risk than many other investment instruments. These investments may trade, if at all, in a limited market and may not be able to be immediately liquidated by the Master Portfolio if needed. Values assigned to these investments may differ significantly from the values that would have been used had a broader market for the investments existed.

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MULTI-MANAGER MASTER PORTFOLIO, LLC
(A Limited Liability Company)
  
Notes to Financial Statements (continued)
March 31, 2013

The Master Portfolio’s investments in Investment Vehicles are categorized in three levels of liquidity, as determined by the Adviser. The categories and percent of total investments in each are as follows at March 31, 2013:

Liquidity Categories		Investments				Category Definition
Category 1 Funds			44.39	%			Investment Vehicles that have at least quarterly withdrawal rights and a lock up period of less than two years.
Category 2 Funds			0.00	%			Investment Vehicles that have at least quarterly withdrawal rights after a maximum two-year lock up period.
Category 3 Funds			55.61	%			Investment Vehicles that (i) have at least annual withdrawal rights after a lock up period of greater than two years or (ii) do not meet this definition or the definition of Categories 1 or 2.
			100.00	%

Some of the Investment Vehicles may hold a portion of their assets in “side pockets,” which are sub-funds within the Investment Vehicles that have restricted liquidity, potentially extending over a much longer period than the typical liquidity of an investment in the Investment Vehicles themselves. Should the Master Portfolio seek to liquidate its investment in an Investment Vehicle that maintains one or more of these side pockets, the Master Portfolio might not be able to fully liquidate its investment without delay, which could be considerable. In such cases, until the Master Portfolio is permitted to fully liquidate its interest in the Investment Vehicle, the value of its investment could fluctuate based on adjustments to the fair value of the side pocket as determined by the Investment Vehicle’s investment manager.

Below are the fair value as a percentage of Members’ Capital, and liquidity provisions for all investments in Investment Vehicles constituting greater than 5% of Members’ Capital as of March 31, 2013:

Investment Vehicles

Fair Value as % of Members' Capital

Redemption Frequency

Redemption Restrictions and Terms

AIP Global Macro Fund, LP

5.83

%

Daily

95 days notice

Axial Capital Institutional, LP

5.57

%

Daily

90 days notice

D.E. Shaw Composite Fund, LLC

9.98

%

Quarterly

90 days notice

Elliott Associates, LP

15.91

%

Semi-Annual

60 days notice

Halcyon Asset Backed Value Fund, LP

6.04

%

Quarterly

90 days notice

Magnetar Structured Credit Fund, LP

8.93

%

Quarterly – Semi-Annual

90 days notice

Marble Arch QP Partners, LP

9.12

%

Semi-Annual

60 days notice

Stratus Feeder, LLC Class 1X

5.38

%

Monthly

60 days notice

Two Sigma Absolute Return Enhanced Fund, LP

6.14

%

Monthly

30 days notice

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MULTI-MANAGER MASTER PORTFOLIO, LLC
(A Limited Liability Company)
  
Notes to Financial Statements (continued)
March 31, 2013

(c) Investment Ownership

At March 31, 2013, the Master Portfolio held certain investments that represent more than 5% of the capital of an Investment Vehicle. A listing of these investments (including activity for the year ended March 31, 2013) is shown below:

						For the Year April 1, 2012 through March 31, 2013
Investment Vehicles		Fair Value March 31, 2012				Cost of Purchases				Proceeds from Sales				Change in Appreciation/ Depreciation				Realized Gain (Loss) on Investments				Fair Value March 31, 2013
Magnetar Structured Credit Fund, LP		$	26,312,203			$	—			$	(5,735,478	)		$	3,139,186			$	778,230			$	24,494,141
Stratus Feeder, LLC			14,427,003				—				—				320,067				—				14,747,070
Two Sigma Absolute Return Enhanced Fund, LP			—				15,211,896				—				1,625,131				—				16,837,027
		$	40,739,206			$	15,211,896			$	(5,735,478)			$	5,084,384			$	778,230			$	56,078,238

(6) Related Party Transactions and Other Agreements

(a) Investment Advisory Agreement

The Adviser has entered into the Advisory Agreement with the Master Portfolio. The Advisory Agreement provides that the Adviser is responsible, subject to the supervision of the Board, for formulating a continuing investment program for the Master Portfolio. The Adviser is authorized to make all decisions regarding the Master Portfolio’s purchase and withdrawal of interests in Investment Vehicles.

The Master Portfolio does not pay the Adviser an investment management fee for services provided by the Adviser. However, the Adviser charges its family office clients separate individualized fees for providing a variety of investment management services to them. The Adviser’s family office clients do not pay any separate fees to the Adviser in consideration of the management services that the Adviser provides to the Master Portfolio.

(b) Administration Agreement

In consideration for administration, accounting, and recordkeeping services, the Master Portfolio pays Citi Fund Services Ohio, Inc. (the “Administrator”) a monthly administration fee based on the month-end members’ capital of the Master Portfolio. The Master Portfolio is charged at the annual rates of 0.065% on the Master Portfolio members’ capital of up to $500 million, 0.055% on the Master Portfolio members’ capital between the amounts of $500 million and $1 billion and 0.045% on the Master Portfolio members’ capital over $1 billion. The fee is payable monthly in arrears and subject to a $625,118 annual minimum fee.

The administration fee is paid out of the Master Portfolio’s members’ capital, which decreases the net profits or increases the net losses of members in the Master Portfolio. The total administration fees incurred for the year ended March 31, 2013, including any out-of-pocket expenses incurred in providing this service, were $644,114.

(c) Compensation of Directors

The person serving on the Board (“Directors”) also serve on the boards of directors of the Master Portfolio, Multi-Manager Portfolio, LLC and Multi-Manager TEI Portfolio, LLC together (which invests in the Master Portfolio indirectly thorugh an intermediate company that it controls), and each Director who is not an “interested person,” as defined in the 1940 Act, of these companies (the “Independent Directors”), is paid an annual retainer of $30,000 ($37,500 for the Board chairmen), which is paid quarterly, a fee of $3,000 ($3,700 for the Board chairman and $3,500 for the Audit Committee and Nominating Committee chairman) per regular Board meeting, a fee of $1,500 ($1,875 for the Board chairman) per off-cycle Board meeting, and a fee of $1,500 ($2,000 for the Audit Committee and Nominating Committee chairmen) per off-cycle Audit

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MULTI-MANAGER MASTER PORTFOLIO, LLC
(A Limited Liability Company)
  
Notes to Financial Statements (continued)
March 31, 2013

Committee meeting. The Master Portfolio, Multi-Manager Portfolio, LLC and Multi-Manager TEI Portfolio, LLC compensated the Independent Directors $171,875 in meeting and retainer fees in the aggregate for the year ended March 31, 2013.

(7) Indebtedness of the Portfolio

The Master Portfolio may borrow money in connection with its investment activities, for temporary cash management purposes, to meet withdrawal requests, or for temporary or emergency purposes. The Master Portfolio generally intends to borrow money only in limited circumstances when attractive investment opportunities are available and sufficient cash or other liquid resources are not otherwise available. The Master Portfolio will repay any borrowing incurred using the first available funds, including proceeds from withdrawals from Investment Vehicles or proceeds from the offering of Interests, in order to minimize the interest expense and other borrowing costs. As of March 31, 2013, the Master Portfolio did not have a credit facility in place.

(8) Financial Highlights

Financial highlights are summarized as follows:

		Year ended March 31, 2013				Year ended March 31, 2012				Year ended March 31, 2011				Period ended March 31, 2010*
Net investment loss to average members’ capital(1)			(0.42	)%			(0.29	)%			(0.13	)%			(0.29	)%
Gross expenses to average members’ capital(1)			0.44	%			0.31	%			0.20	%			0.37	%
Net expenses to average members’ capital(1)			0.44	%			0.31	%			0.20	%			0.37	%
Portfolio turnover(2)			24.73	%			15.98	%			13.40	%			8.85	%
Total return(3)			8.05	%			1.55	%			1.83	%			7.46	%
Members’ capital, end of period (in 000’s)		$	274,274			$	398,696			$	716,214			$	739,206

A member’s total return and operating ratios may vary from those reflected based on the timing of capital transactions.

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MULTI-MANAGER MASTER PORTFOLIO, LLC
(A Limited Liability Company)
  
Notes to Financial Statements (continued)
March 31, 2013

(9) Subsequent Events

The Master Portfolio accepts initial or additional applications for Interests generally as of the first day of the month. There were no investor subscriptions for April 1, 2013. Investor subscriptions for Interests totaled approximately $50,000 for May 1, 2013.

On March 6, 2013, the Board approved a plan to terminate the registrations of the Portfolios as investment companies under the 1940 Act and to continue the operations of the Portfolios as private investment funds (the “Conversion”). After the Conversion, the Master Portfolio will continue to be managed by the Adviser. The Adviser does not intend to implement any changes in the investment practices or investment programs of the Master Portfolio in connection with the Conversion. It is expected that the Conversion will be effected, subject to satisfaction of certain conditions, on or after July 1, 2013.

On May 7, 2013, in connection with the Conversion, the Master Portfolio announced a tender offer to repurchase Interests from its members who do not wish to hold Interests after the Conversion based on the estimated value of such Interests as of June 30, 2013 (the “Offer”). The tender offer period began on May 7, 2013 and ends June 6, 2013, unless the Offer is extended at the discretion of the Board. As of the date these financial statements were issued, no Interests were tendered for repurchase.

Management has evaluated events and transactions through the date these financial statements were issued for purposes of recognition or disclosure in these financial statements. Based on this evaluation, no adjustments were required to the financial statements.

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Report of Independent Registered Public Accounting Firm

To the Board of Directors and Members of Multi-Manager Master Portfolio, LLC:

We have audited the accompanying statement of assets, liabilities and members’ capital of Multi-Manager Master Portfolio, LLC (the Fund), including the schedule of investments, as of March 31, 2013, and the related statements of operations and cash flows for the year then ended, and the statements of changes in members’ capital for each of the two years in the period then ended. These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. We were not engaged to perform an audit of the Fund’s internal control over financial reporting. Our audit included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of March 31, 2013, by correspondence with the custodian or management of the underlying investment funds. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Multi-Manager Master Portfolio, LLC at March 31, 2013, the results of its operations and its cash flows for the year then ended and the changes in its members’ capital for each of the two years in the period then ended, in conformity with U.S. generally accepted accounting principles.

Columbus, Ohio
May 30, 2013

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MULTI-MANAGER MASTER PORTFOLIO, LLC
(A Limited Liability Company)
  
Supplemental Information
March 31, 2013
(Unaudited)

Directors and Officers

The Master Portfolio’s operations are managed under the management and supervision of the Board. Each Director on the Board serves for an indefinite term or until he or she reaches the mandatory retirement age, if any, as established by the Board. The Board appoints the officers of the Master Portfolio who are responsible for the Master Portfolio’s day-to-day business decisions based on policies set by the Board. The officers serve at the pleasure of the Board.

The Directors and Officers of the Master Portfolio may also be directors or officers of some or all of the other registered investment companies managed by the Adviser or its affiliates (the “Portfolio Complex”). The address of the Directors and Officers is c/o GenSpring Family Offices, LLC, 150 South US Highway 1, Jupiter, Florida 33477. The tables below show, for each Director and Officer, his or her full name, age, present position held with the Master Portfolio, the length of time served in that position, his or her principal occupations during the last five years, the number of portfolios in the Portfolio Complex overseen by the Director, and other directorships held by such Director.

DIRECTORS

Name and Age		Position with the Master Portfolio and Length of Time Served(2)		Principal Occupation(s) in the Past 5 Years		Number of Portfolios in Portfolio Complex(3) Overseen by Director		Other Directorships Held by Director
Non-Interested Directors
Jeffrey M. Biggar (63)		Director and Chairman of the Board, since inception		Managing Director, Little Mountain Group, LLC (an independent Registered Investment Advisor consulting firm) (since 2010); Chief Operating Officer, Cedar Brook Financial Partners LLC (2008 – 2010); Chief Executive Officer and Senior Managing Director, Sterling (National City Corp.) (2000 – 2006)		38		None.
George C. Guynn (69)		Director, since inception		Retired. President (1996 – 2006) and Chief Executive Officer (1995 – 2006) Federal Reserve Bank of Atlanta		38		Genuine Parts Company; Oxford Industries; John Wieland Homes and Neighborhoods, Inc.; Acuity Brands, Inc.
Sidney E. Harris (63)		Director, since inception		Professor (since 1997) and Dean (1997 – 2004) J. Mack Robinson College of Business, Georgia State University		38		Total System Services, Inc.

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MULTI-MANAGER MASTER PORTFOLIO, LLC
(A Limited Liability Company)
  
Supplemental Information (continued)
March 31, 2013
(Unaudited)

OFFICERS WHO ARE NOT DIRECTORS

Name and Age		Position with Master Portfolio and Length of Time Served		Principal Occupation(s) in the Past 5 Years
Bashir C. Asad (49)		Treasurer, Chief Financial Officer and Chief Accounting Officer (since August 2011)		Senior Vice President, Citi Fund Services (since 2010); prior to that, Vice President, Citi Fund Services
David W. Reidy (48)		Secretary (since March 2012)		Project Manager, GenSpring Family Offices, LLC (since November 2011); prior to that, Vice President, RidgeWorth Capital Management
Daniel J. Igo (42)		Assistant Secretary (since August 2009)		Vice President, Citi Fund Services (since 2007); Legal Services Manager, Citi Fund Services (2004 to 2006)
Frederick J. Schmidt (53)		Chief Compliance Officer (since July 2010)		Director and Chief Compliance Officer, CCO Services, Citi Fund Services (2011 to present); Senior Vice President and Chief Compliance Officer, CCO Services, Citi Fund Services (2004 to 2010)

Allocation of Investments

The following chart indicates the allocation of investments of the Master Portfolio among different investment strategies as of March 31, 2013.

Asset Class(1)		Fair Value				%
Credit Strategies		$	41,067,078				16.78
Equity Strategies			67,397,908				27.54
Event Driven Strategies			23,264,509				9.51
Global Trading			27,099,108				11.07
Multi-Strategy			85,912,418				35.10
		$	244,741,021				100.00

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MULTI-MANAGER MASTER PORTFOLIO, LLC
(A Limited Liability Company)
  
Supplemental Information (continued)
March 31, 2013
(Unaudited)

Form N-Q Filings

The Master Portfolio files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The Master Portfolio’s Form N-Q is available on the SEC website at www.sec.gov. The Master Portfolio’s Form N-Q may be reviewed and copied at the SEC Public Reference Room in Washington, DC and information regarding operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

Proxy Voting Policies

A description of the policies and procedures that the Master Portfolio uses to determine how to vote proxies relating to portfolio securities is available (i) without charge, upon request, by calling 1-800-338-3559; and (ii) on the SEC website at www.sec.gov.

Information regarding how the Master Portfolio voted proxies relating to portfolio securities during the period ended June 30 is available (i) without charge, upon request, by calling 1-800-338-3559; and (ii) on the SEC website at www.sec.gov.

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