BlackRock Funds III

N-Q 1 d901756dnq.htm BLACKROCK FUNDS III BlackRock Funds III

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED

MANAGEMENT INVESTMENT COMPANY

Investment Company Act file numbers: 811-07332 and 811-08162

Name of Fund: BlackRock Funds III

BlackRock ACWI ex-U.S. Index Fund

BlackRock Bond Index Fund

BlackRock Cash Funds: Institutional

BlackRock Cash Funds: Prime

BlackRock Cash Funds: Treasury

BlackRock CoreAlpha Bond Fund

BlackRock LifePath® Retirement Fund (formerly LifePath® Retirement Portfolio)

BlackRock LifePath® 2020 Fund (formerly LifePath® 2020 Portfolio)

BlackRock LifePath® 2025 Fund (formerly LifePath® 2025 Portfolio)

BlackRock LifePath® 2030 Fund (formerly LifePath® 2030 Portfolio)

BlackRock LifePath® 2035 Fund (formerly LifePath® 2035 Portfolio)

BlackRock LifePath® 2040 Fund (formerly LifePath® 2040 Portfolio)

BlackRock LifePath® 2045 Fund (formerly LifePath® 2045 Portfolio)

BlackRock LifePath® 2050 Fund (formerly LifePath® 2050 Portfolio)

BlackRock LifePath® 2055 Fund (formerly LifePath® 2055 Portfolio)

BlackRock LifePath® Index Retirement Fund (formerly LifePath® Index Retirement Portfolio)

BlackRock LifePath® Index 2020 Fund (formerly LifePath® Index 2020 Portfolio)

BlackRock LifePath® Index 2025 Fund (formerly LifePath® Index 2025 Portfolio)

BlackRock LifePath® Index 2030 Fund (formerly LifePath® Index 2030 Portfolio)

BlackRock LifePath® Index 2035 Fund (formerly LifePath® Index 2035 Portfolio)

BlackRock LifePath® Index 2040 Fund (formerly LifePath® Index 2040 Portfolio)

BlackRock LifePath® Index 2045 Fund (formerly LifePath® Index 2045 Portfolio)

BlackRock LifePath® Index 2050 Fund (formerly LifePath® Index 2050 Portfolio)

BlackRock LifePath® Index 2055 Fund (formerly LifePath® Index 2055 Portfolio)

BlackRock Russell 1000® Index Fund

BlackRock S&P 500 Stock Fund

Master Investment Portfolio

Active Stock Master Portfolio

ACWI ex-U.S. Index Master Portfolio

Bond Index Master Portfolio

CoreAlpha Bond Master Portfolio

LifePath® Retirement Master Portfolio

LifePath 2020 Master Portfolio®

LifePath® 2025 Master Portfolio

LifePath 2030 Master Portfolio®

LifePath® 2035 Master Portfolio

LifePath 2040 Master Portfolio®

LifePath® 2045 Master Portfolio

LifePath® 2050 Master Portfolio

LifePath® 2055 Master Portfolio

LifePath® Index Retirement Master Portfolio

LifePath® Index 2020 Master Portfolio

LifePath® Index 2025 Master Portfolio

LifePath® Index 2030 Master Portfolio

LifePath® Index 2035 Master Portfolio

LifePath® Index 2040 Master Portfolio

LifePath® Index 2045 Master Portfolio

LifePath® Index 2050 Master Portfolio

LifePath® Index 2055 Master Portfolio

International Tilts Master Portfolio

Money Market Master Portfolio

Prime Money Market Master Portfolio

Russell 1000® Index Master Portfolio

S&P 500 Stock Master Portfolio

Treasury Money Market Master Portfolio

Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809

Name and address of agent for service: John M. Perlowski, Chief Executive Officer, BlackRock Funds III and Master Investment Portfolio, 55 East 52^nd Street, New York, NY 10055

Registrants’ telephone number, including area code: (800) 537-4942

Date of fiscal year end: 12/31/2015

Date of reporting period: 03/31/2015

Item 1 – Schedule of Investments

Schedule of Investments March 31, 2015 (Unaudited)

BlackRock ACWI ex U.S. Index Portfolio of BlackRock Funds III

(Percentages shown are based on Net Assets)


Mutual Fund	Value
ACWI ex U.S. Index Master Portfolio of Master Investment Portfolio	$	27,410,116
Total Investments (Cost — $21,474,960) — 100%		27,410,116
Liabilities in Excess of Other Assets — (0.0)%		(12,761	)

Net Assets — 100.0%	$	27,397,355

BlackRock ACWI ex US Index Portfolio (the “Fund”) seeks to achieve its investment objective by investing all of its assets in ACWI ex U.S. Index Master Portfolio (the “Portfolio”), which has the same investment objective and strategies as the Fund. As of March 31, 2015, the value of the investment and the percentage owned by the Fund of the Portfolio was $27,410,116 and 3.7%, respectively.

The Fund records its investment in the Portfolio at fair value. The Fund’s investment in the Portfolio is valued pursuant to the pricing policies approved by the Board of Trustees of the Portfolio.

Fair Value Measurements — Various inputs are used in determining the fair value of investments. These inputs to valuation techniques are categorized into a disclosure hierarchy consisting of three broad levels for financial reporting purposes. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The categorization of a value determined for investments is based on the pricing transparency of the investment and is not necessarily an indication of the risks associated with investing in those securities. The three levels of the fair value hierarchy are as follows:

Level 1 — unadjusted quoted prices in active markets/exchanges for identical assets or liabilities that the Fund 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 Fund’s own assumptions used in determining the fair value of investments)

Changes in valuation techniques may result in transfers into or out of an assigned level within the disclosure hierarchy. In accordance with the Portfolio’s policy, transfers between different levels of the fair value disclosure hierarchy are deemed to have occurred as of the beginning of the reporting period. For information about the Fund’s policy regarding valuation of investments, please refer to the Portfolio’s most recent financial statements as contained in its annual report.

As of March 31, 2015, the Fund’s investment in the Portfolio was classified as Level 2.

During the period ended March 31, 2015, there were no transfers between levels.



BLACKROCK FUNDS III	MARCH 31, 2015	1

Schedule of Investments March 31, 2015 (Unaudited)

BlackRock Bond Index Fund of BlackRock Funds III

(Percentages shown are based on Net Assets)


Mutual Fund	Value
Bond Index Master Portfolio of Master Investment Portfolio	$	217,922,393
Total Investments (Cost — $209,727,021) — 100.0%		217,922,393
Liabilities in Excess of Other Assets — (0.0)%		(82,463	)

Net Assets — 100.0%	$	217,839,930

BlackRock Bond Index Fund (the “Fund”) seeks to achieve its investment objective by investing all of its assets in Bond Index Master Portfolio (the “Portfolio”), which has the same investment objective and strategies as the Fund. As of March 31, 2015, the value of the investment and the percentage owned by the Fund of the Portfolio was $217,922,393 and 16.2%, respectively.

The Fund records its investment in the Portfolio at fair value. The Fund’s investment in the Portfolio is valued pursuant to the pricing policies approved by the Board of Trustees of the Portfolio.

Level 1 — unadjusted quoted prices in active markets/exchanges for identical assets or liabilities that the Fund has the ability to access.

Changes in valuation techniques may result in transfers into or out of an assigned level within the disclosure hierarchy. In accordance with the Fund’s policy, transfers between different levels of the fair value disclosure hierarchy are deemed to have occurred as of the beginning of the reporting period. For information about the Fund’s policy regarding valuation of investments, please refer to the Portfolio’s most recent financial statements as contained in its annual report.

As of March 31, 2015, the Fund’s investment in the Portfolio was classified as Level 2.

During the period ended March 31, 2015, there were no transfers between levels.



2	BLACKROCK FUNDS III	MARCH 31, 2015

Schedule of Investments March 31, 2015 (Unaudited)

BlackRock Cash Funds: Institutional of BlackRock Funds III

(Percentages shown are based on Net Assets)


Mutual Fund	Value
Money Market Master Portfolio of Master Investment Portfolio	$	41,061,869,401
Total Investments (Cost — $41,061,869,401) — 100.0%		41,061,869,401
Liabilities in Excess of Other Assets — (0.0)%		(4,472,381	)

Net Assets — 100.0%	$	41,057,397,020

BlackRock Cash Funds: Institutional (the “Fund”) seeks to achieve its investment objective by investing all of its assets in Money Market Master Portfolio (the “Portfolio”), which has the same investment objective and strategies as the Fund. As of March 31, 2015, the value of the investment and the percentage owned by the Fund of the Portfolio was $41,061,869,401 and 98.0%, respectively.

The Fund records its investment in the Portfolio at fair value. The Fund’s investment in the Portfolio is valued pursuant to the pricing policies approved by the Board of Trustees of the Portfolio.

Level 1 — unadjusted quoted prices in active markets/exchanges for identical assets or liabilities that the Fund has the ability to access

Changes in valuation techniques may result in transfers into or out of an assigned level within the disclosure hierarchy. In accordance with the Fund’s policy, transfers between different levels of the fair value disclosure hierarchy are deemed to have occurred as of the beginning of the reporting period. For information about the Fund’s policy regarding valuation of investments, refer to the Portfolio’s most recent financial statements as contained in its annual report.

As of March 31, 2015, the Fund’s investment in the Portfolio was classified as Level 2.

During the period ended of March 31, 2015, there were no transfers between levels.



BLACKROCK FUNDS III	MARCH 31, 2015	3

Schedule of Investments March 31, 2015 (Unaudited)

BlackRock Cash Funds: Prime of BlackRock Funds III

(Percentages shown are based on Net Assets)


Mutual Fund	Value
Prime Money Market Master Portfolio of Master Investment Portfolio	$	24,083,088,651
Total Investments (Cost — $24,083,088,651) — 100.0%		24,083,088,651
Liabilities in Excess of Other Assets — (0.0)%		(2,817,515	)

Net Assets — 100.0%	$	24,080,271,136

BlackRock Cash Funds: Prime (the “Fund”) seeks to achieve its investment objective by investing all of its assets in Prime Money Market Master Portfolio (the “Portfolio”), which has the same investment objective and strategies as the Fund. As of March 31, 2015, the value of the investment and the percentage owned by the Fund of the Portfolio was $24,083,088,651 and 96.0%, respectively.

The Fund records its investment in the Portfolio at fair value. The Fund’s investment in the Portfolio is valued pursuant to the pricing policies approved by the Board of Trustees of the Portfolio.

Level 1 — unadjusted quoted prices in active markets/exchanges for identical assets or liabilities that the Fund has the ability to access

Changes in valuation techniques may result in transfers into or out of an assigned level within the disclosure hierarchy. In accordance with the Fund’s policy, transfers between different levels of the fair value disclosure hierarchy are deemed to have occurred as of the beginning of the reporting period. For information about the Fund’s policy regarding valuation of investments, refer to the Portfolio’s most recent financial statements as contained in its annual report.

As of March 31, 2015, the Fund’s investment in the Portfolio was classified as Level 2.

During the period ended March 31, 2015, there were no transfers between levels.



4	BLACKROCK FUNDS III	MARCH 31, 2015

Schedule of Investments March 31, 2015 (Unaudited)

BlackRock Cash Funds: Treasury of BlackRock Funds III

(Percentages shown are based on Net Assets)


Mutual Fund	Value
Treasury Money Market Master Portfolio of Master Investment Portfolio	$	2,100,606,344
Total Investments (Cost — $2,100,606,344) — 100.0%		2,100,606,344
Liabilities in Excess of Other Assets — (0.0)%		(23,893	)

Net Assets — 100.0%	$	2,100,582,451

BlackRock Cash Funds: Treasury (the “Fund”) seeks to achieve its investment objective by investing all of its assets in Treasury Money Market Master Portfolio (the “Portfolio”), which has the same investment objective and strategies as the Fund. As of March 31, 2015, the value of the investment and the percentage owned by the Fund of the Portfolio was $2,100,606,344 and 66.3%, respectively.

The Fund records its investment in the Portfolio at fair value. The Fund’s investment in the Portfolio is valued pursuant to the pricing policies approved by the Board of Trustees of the Portfolio.

Level 1 — unadjusted quoted prices in active markets/exchanges for identical assets or liabilities that the Fund has the ability to access

Changes in valuation techniques may result in transfers into or out of an assigned level within the disclosure hierarchy. In accordance with the Fund’s policy, transfers between different levels of the fair value disclosure hierarchy are deemed to have occurred as of the beginning of the reporting period. For information about the Fund’s policy regarding valuation of investments, refer to the Portfolio’s most recent financial statements as contained in its annual report.

As of March 31, 2015, the Fund’s investment in the Portfolio was classified as Level 2.

During the period ended March 31, 2015, there were no transfers between levels.



BLACKROCK FUNDS III	MARCH 31, 2015	5

Schedule of Investments March 31, 2015 (Unaudited)

BlackRock CoreAlpha Bond Fund of BlackRock Funds III

(Percentages shown are based on Net Assets)


Mutual Fund	Value
CoreAlpha Bond Master Portfolio of Master Investment Portfolio	$	228,295,732
Total Investments (Cost — $226,052,196) — 100.0%		228,295,732
Liabilities in Excess of Other Assets — (0.0)%		(66,754	)

Net Assets — 100.0%	$	228,228,978

BlackRock CoreAlpha Bond Fund (the “Fund”) seeks to achieve its investment objective by investing all of its assets in CoreAlpha Bond Master Portfolio (the “Master Portfolio”), which has the same investment objective and strategies as the Fund. As of March 31, 2015, the value of the investment and the percentage owned by the Fund of the Master Portfolio was $228,295,732 and 7.6%, respectively.

The Fund records its investment in the Master Portfolio at fair value. The Fund’s investment in the Master Portfolio is valued pursuant to the pricing policies approved by the Board of Trustees of the Master Portfolio.

Level 1 — unadjusted quoted prices in active markets/exchanges for identical assets or liabilities that the Fund has the ability to access

Changes in valuation techniques may result in transfers into or out of an assigned level within the disclosure hierarchy. In accordance with the Master Portfolio’s policy, transfers between different levels of the fair value disclosure hierarchy are deemed to have occurred as of the beginning of the reporting period. For information about the Fund’s policy regarding valuation of investments, please refer to the Master Portfolio’s most recent financial statements as contained in its annual report.

As of March 31, 2015, the Fund’s investment in the Master Portfolio was classified as Level 2.

During the period ended March 31, 2015, there were no transfers between levels.



6	BLACKROCK FUNDS III	MARCH 31, 2015

Schedule of Investments March 31, 2015 (Unaudited)

BlackRock LifePath Retirement Fund of BlackRock Funds III

(Percentages shown are based on Net Assets)


Mutual Fund	Value
LifePath Retirement Master Portfolio of Master Investment Portfolio	$	350,414,074
Total Investments (Cost — $293,824,292) — 100.1%		350,414,074
Liabilities in Excess of Other Assets — (0.1)%		(213,314	)

Net Assets — 100.0%	$	350,200,760

BlackRock LifePath Retirement Fund (the “Fund”) seeks to achieve its investment objective by investing all of its assets in LifePath Retirement Master Portfolio (the “Portfolio”), which has the same investment objective and strategies as the Fund. As of March 31, 2015, the value of the investment and the percentage owned by the Fund of the Portfolio was $350,414,074 and 21.9%, respectively.

The Fund records its investment in the Portfolio at fair value. The Fund’s investment in the Portfolio is valued pursuant to the pricing policies approved by the Board of Trustees of the Portfolio.

Level 1 — unadjusted quoted prices in active markets/exchanges for identical assets or liabilities that the Fund has the ability to access

Changes in valuation techniques may result in transfers into or out of an assigned level within the disclosure hierarchy. In accordance with the Fund’s policy, transfers between different levels of the fair value disclosure hierarchy are deemed to have occurred as of the beginning of the reporting period. For information about the Fund’s policy regarding valuation of investments, refer to the Portfolio’s most recent financial statements as contained in its annual report.

As of March 31, 2015, the Fund’s investment in the Portfolio was classified as Level 2.

During the period ended March 31, 2015, there were no transfers between levels.



BLACKROCK FUNDS III	MARCH 31, 2015	7

Schedule of Investments March 31, 2015 (Unaudited)

BlackRock LifePath 2020 Fund of BlackRock Funds III

(Percentages shown are based on Net Assets)


Mutual Fund	Value
LifePath 2020 Master Portflio of Master Investment Portfolio	$	830,585,877
Total Investments (Cost — $677,454,713) — 100.1%		830,585,877
Liabilities in Excess of Other Assets — (0.1)%		(490,890	)

Net Assets — 100.0%	$	830,094,987

BlackRock LifePath 2020 Fund (the “Fund”) seeks to achieve its investment objective by investing all of its assets in LifePath 2020 Master Portfolio (the “Portfolio”), which has the same investment objective and strategies as the Fund. As of March 31, 2015, the value of the investment and the percentage owned by the Fund of the Portfolio was $830,585,877 and 28.5%, respectively.

The Fund records its investment in the Portfolio at fair value. The Fund’s investment in the Portfolio is valued pursuant to the pricing policies approved by the Board of Trustees of the Portfolio.

Level 1 — unadjusted quoted prices in active markets/exchanges for identical assets or liabilities that the Fund has the ability to access

Changes in valuation techniques may result in transfers into or out of an assigned level within the disclosure hierarchy. In accordance with the Fund’s policy, transfers between different levels of the fair value disclosure hierarchy are deemed to have occurred as of the beginning of the reporting period. For information about the Fund’s policy regarding valuation of investments, refer to the Portfolio’s most recent financial statements as contained in its annual report.

As of March 31, 2015, the Fund’s investment in the Portfolio was classified as Level 2.

During the period ended March 31, 2015, there were no transfers between levels.



8	BLACKROCK FUNDS III	MARCH 31, 2015

Schedule of Investments March 31, 2015 (Unaudited)

BlackRock LifePath 2025 Fund of BlackRock Funds III

(Percentages shown are based on Net Assets)


Mutual Fund	Value
LifePath 2025 Master Portfolio of Master Investment Portfolio	$	64,983,564
Total Investments (Cost — $61,505,766) — 100.1%		64,983,564
Liabilities in Excess of Other Assets — (0.1)%		(44,750	)

Net Assets — 100.0%	$	64,938,814

BlackRock LifePath 2025 Fund (the “Fund”) seeks to achieve its investment objective by investing all of its assets in LifePath 2025 Master Portfolio (the “Portfolio”), which has the same investment objective and strategies as the Fund. As of March 31, 2015, the value of the investment and the percentage owned by the Fund of the Portfolio was $64,983,564 and 100%, respectively.

The Fund records its investment in the Portfolio at fair value. The Fund’s investment in the Portfolio is valued pursuant to the pricing policies approved by the Board of Trustees of the Portfolio.

Level 1 — unadjusted quoted prices in active markets/exchanges for identical assets or liabilities that the Fund has the ability to access

Changes in valuation techniques may result in transfers into or out of an assigned level within the disclosure hierarchy. In accordance with the Fund’s policy, transfers between different levels of the fair value disclosure hierarchy are deemed to have occurred as of the beginning of the reporting period. For information about the Fund’s policy regarding valuation of investments, refer to the Portfolio’s most recent financial statements as contained in its annual report.

As of March 31, 2015, the Fund’s investment in the Portfolio was classified as Level 2.

During the period ended March 31, 2015, there were no transfers between levels.



BLACKROCK FUNDS III	MARCH 31, 2015	9

Schedule of Investments March 31, 2015 (Unaudited)

BlackRock LifePath 2030 Fund of BlackRock Funds III

(Percentages shown are based on Net Assets)


Mutual Fund	Value
LifePath 2030 Master Portfolio of Master Investment Portfolio	$	798,053,210
Total Investments (Cost — $672,012,173) — 100.1%		798,053,210
Liabilities in Excess of Other Assets — (0.1)%		(455,098	)

Net Assets — 100.0%	$	797,598,112

BlackRock LifePath 2030 Fund (the “Fund”) seeks to achieve its investment objective by investing all of its assets in LifePath 2030 Master Portfolio (the “Portfolio”), which has the same investment objective and strategies as the Fund. As of March 31, 2015, the value of the investment and the percentage owned by the Fund of the Portfolio was $798,053,210 and 28.7%, respectively.

The Fund records its investment in the Portfolio at fair value. The Fund’s investment in the Portfolio is valued pursuant to the pricing policies approved by the Board of Trustees of the Portfolio.

Level 1 — unadjusted quoted prices in active markets/exchanges for identical assets or liabilities that the Fund has the ability to access

Changes in valuation techniques may result in transfers into or out of an assigned level within the disclosure hierarchy. In accordance with the Fund’s policy, transfers between different levels of the fair value disclosure hierarchy are deemed to have occurred as of the beginning of the reporting period. For information about the Fund’s policy regarding valuation of investments, refer to the Portfolio’s most recent financial statements as contained in its annual report.

As of March 31, 2015, the Fund’s investment in the Portfolio was classified as Level 2.

During the period ended March 31, 2015, there were no transfers between levels.



10	BLACKROCK FUNDS III	MARCH 31, 2015

Schedule of Investments March 31, 2015 (Unaudited)

BlackRock LifePath 2035 Fund of BlackRock Funds III

(Percentages shown are based on Net Assets)


Mutual Fund	Value
LifePath 2035 Master Portfolio of Master Investment Portfolio	$	59,607,189
Total Investments (Cost — $56,307,574) — 100.0%		59,607,189
Liabilities in Excess of Other Assets — (0.0)%		(28,985	)

Net Assets — 100.0%	$	59,578,204

BlackRock LifePath 2035 Fund (the “Fund”) seeks to achieve its investment objective by investing all of its assets in LifePath 2035 Master Portfolio (the “Portfolio”), which has the same investment objective and strategies as the Fund. As of March 31, 2015, the value of the investment and the percentage owned by the Fund of the Portfolio was $59,607,189 and 100.0%, respectively.

The Fund records its investment in the Portfolio at fair value. The Fund’s investment in the Portfolio is valued pursuant to the pricing policies approved by the Board of Trustees of the Portfolio.

Level 1 — unadjusted quoted prices in active markets/exchanges for identical assets or liabilities that the Fund has the ability to access

Changes in valuation techniques may result in transfers into or out of an assigned level within the disclosure hierarchy. In accordance with the Fund’s policy, transfers between different levels of the fair value disclosure hierarchy are deemed to have occurred as of the beginning of the reporting period. For information about the Fund’s policy regarding valuation of investments, refer to the Portfolio’s most recent financial statements as contained in its annual report.

As of March 31, 2015, the Fund’s investment in the Portfolio was classified as Level 2.

During the period ended March 31, 2015, there were no transfers between levels.



BLACKROCK FUNDS III	MARCH 31, 2015	11

Schedule of Investments March 31, 2015 (Unaudited)

BlackRock LifePath 2040 Fund of BlackRock Funds III

(Percentages shown are based on Net Assets)


Mutual Fund	Value
LifePath 2040 Master Portfolio of Master Investment Portfolio	$	704,045,479
Total Investments (Cost — $561,908,328) — 100.1%		704,045,479
Liabilities in Excess of Other Assets — (0.1)%		(377,383	)

Net Assets — 100.0%	$	703,668,096

BlackRock LifePath 2040 Fund (the “Fund”) seeks to achieve its investment objective by investing all of its assets in LifePath 2040 Master Portfolio (the “Portfolio”), which has the same investment objective and strategies as the Fund. As of March 31, 2015, the value of the investment and the percentage owned by the Fund of the Portfolio was $704,045,479 and 32.7%, respectively.

The Fund records its investment in the Portfolio at fair value. The Fund’s investment in the Portfolio is valued pursuant to the pricing policies approved by the Board of Trustees of the Portfolio.

Level 1 — unadjusted quoted prices in active markets/exchanges for identical assets or liabilities that the Fund has the ability to access

Changes in valuation techniques may result in transfers into or out of an assigned level within the disclosure hierarchy. In accordance with the Fund’s policy, transfers between different levels of the fair value disclosure hierarchy are deemed to have occurred as of the beginning of the reporting period. For information about the Fund’s policy regarding valuation of investments, refer to the Portfolio’s most recent financial statements as contained in its annual report.

As of March 31, 2015, the Fund’s investment in the Portfolio was classified as Level 2.

During the period ended March 31, 2015, there were no transfers between levels.



12	BLACKROCK FUNDS III	MARCH 31, 2015

Schedule of Investments March 31, 2015 (Unaudited)

BlackRock LifePath 2045 Fund of BlackRock Funds III

(Percentages shown are based on Net Assets)


Mutual Fund	Value
LifePath 2045 Master Portfolio of Master Investment Portfolio	$	34,637,784
Total Investments (Cost — $32,550,617) — 100.0%		34,637,784
Liabilities in Excess of Other Assets — (0.0)%		(15,292	)

Net Assets — 100.0%	$	34,622,492

BlackRock LifePath 2045 Fund (the “Fund”) seeks to achieve its investment objective by investing all of its assets in LifePath 2045 Master Portfolio (the “Portfolio”), which has the same investment objective and strategies as the Fund. As of March 31, 2015, the value of the investment and the percentage owned by the Fund of the Portfolio was $34,637,784 and 99.9%, respectively.

The Fund records its investment in the Portfolio at fair value. The Fund’s investment in the Portfolio is valued pursuant to the pricing policies approved by the Board of Trustees of the Portfolio.

Level 1 — unadjusted quoted prices in active markets/exchanges for identical assets or liabilities that the Fund has the ability to access

Changes in valuation techniques may result in transfers into or out of an assigned level within the disclosure hierarchy. In accordance with the Fund’s policy, transfers between different levels of the fair value disclosure hierarchy are deemed to have occurred as of the beginning of the reporting period. For information about the Fund’s policy regarding valuation of investments, refer to the Portfolio’s most recent financial statements as contained in its annual report.

As of March 31, 2015, the Fund’s investment in the Portfolio was classified as Level 2.

During the period ended March 31, 2015, there were no transfers between levels.



BLACKROCK FUNDS III	MARCH 31, 2015	13

Schedule of Investments March 31, 2015 (Unaudited)

BlackRock LifePath 2050 Fund of BlackRock Funds III

(Percentages shown are based on Net Assets)


Mutual Fund	Value
LifePath 2050 Master Portfolio of Master Investment Portfolio	$	198,366,773
Total Investments (Cost — $177,286,194) — 100.1%		198,366,773
Liabilities in Excess of Other Assets — (0.1)%		(109,951	)

Net Assets — 100.0%	$	198,256,822

BlackRock LifePath 2050 Fund (the “Fund”) seeks to achieve its investment objective by investing all of its assets in LifePath 2050 Master Portfolio (the “Portfolio”), which has the same investment objective and strategies as the Fund. As of March 31, 2015, the value of the investment and the percentage owned by the Fund of the Portfolio was $198,366,773 and 41.4%, respectively.

The Fund records its investment in the Portfolio at fair value. The Fund’s investment in the Portfolio is valued pursuant to the pricing policies approved by the Board of Trustees of the Portfolio.

Level 1 — unadjusted quoted prices in active markets/exchanges for identical assets or liabilities that the Fund has the ability to access

Changes in valuation techniques may result in transfers into or out of an assigned level within the disclosure hierarchy. In accordance with the Fund’s policy, transfers between different levels of the fair value disclosure hierarchy are deemed to have occurred as of the beginning of the reporting period. For information about the Fund’s policy regarding valuation of investments, refer to the Portfolio’s most recent financial statements as contained in its annual report.

As of March 31, 2015, the Fund’s investment in the Portfolio was classified as Level 2.

During the period ended March 31, 2015, there were no transfers between levels.



14	BLACKROCK FUNDS III	MARCH 31, 2015

Schedule of Investments March 31, 2015 (Unaudited)

BlackRock LifePath 2055 Portfolio of BlackRock Funds III

(Percentages shown are based on Net Assets)


Mutual Fund	Value
LifePath 2055 Master Portfolio of Master Investment Portfolio	$	13,595,722
Total Investments (Cost — $12,749,646) — 100.0%		13,595,722
Liabilities in Excess of Other Assets — (0.0)%		(1,808	)

Net Assets — 100.0%	$	13,593,914

BlackRock LifePath 2055 Fund (the “Fund”) seeks to achieve its investment objective by investing all of its assets in LifePath 2055 Master Portfolio (the “Portfolio”), which has the same investment objective and strategies as the Fund. As of March 31, 2015, the value of the investment and the percentage owned by the Fund of the Portfolio was $13,595,722 and 99.9%, respectively.

The Fund records its investment in the Portfolio at fair value. The Fund’s investment in the Portfolio is valued pursuant to the pricing policies approved by the Board of Trustees of the Portfolio.

Level 1 — unadjusted quoted prices in active markets/exchanges for identical assets or liabilities that the Fund has the ability to access

Changes in valuation techniques may result in transfers into or out of an assigned level within the disclosure hierarchy. In accordance with the Fund’s policy, transfers between different levels of the fair value disclosure hierarchy are deemed to have occurred as of the beginning of the reporting period. For information about the Fund’s policy regarding valuation of investments, refer to the Portfolio’s most recent financial statements as contained in its annual report.

As of March 31, 2015, the Fund’s investment in the Portfolio was classified as Level 2.

During the period ended March 31, 2015, there were no transfers between levels.



BLACKROCK FUNDS III	MARCH 31, 2015	15

Schedule of Investments March 31, 2015 (Unaudited)

BlackRock LifePath Index Retirement Fund of BlackRock Funds III

(Percentages shown are based on Net Assets)


Mutual Fund	Value
LifePath Index Retirement Master Portfolio of Master Investment Portfolio	$	468,766,824
Total Investments (Cost — $428,591,542) — 100.0%		468,766,824
Liabilities in Excess of Other Assets — (0.0)%		(81,785	)

Net Assets — 100.0%	$	468,685,039

BlackRock LifePath Index Retirement Fund (the “Fund”) seeks to achieve its investment objective by investing all of its assets in LifePath Index Retirement Master Portfolio (the “Portfolio”), which has the same investment objective and strategies as the Fund. As of March 31, 2015, the value of the investment and the percentage owned by the Fund of the Portfolio was $468,766,824 and 100.0%, respectively.

The Fund records its investment in the Portfolio at fair value. The Fund’s investment in the Portfolio is valued pursuant to the pricing policies approved by the Board of Trustees of the Portfolio.

Fair Value Measurements — Various inputs are used in determining the fair value of investments. These inputs to valuation techniques are categorized into a disclosure hierarchy consisting of three broad levels for financial reporting purposes. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The categorization of a value determined for investments based on the pricing transparency of the investment and is not necessarily an indication of the risks associated with investing in those securities. The three levels of the fair value hierarchy are as follows:

Level 1 — unadjusted quoted prices in active markets/exchanges for identical assets or liabilities that the Fund has the ability to access

Changes in valuation techniques may result in transfers into or out of an assigned level within the disclosure hierarchy. In accordance with the Fund’s policy, transfers between different levels of the fair value disclosure hierarchy are deemed to have occurred as of the beginning of the reporting period. For information about the Fund’s policy regarding valuation of investments, refer to the Portfolio’s most recent financial statements as contained in its annual report.

As of March 31, 2015, the Fund’s investment in the Portfolio was classified as Level 2.

During the period ended March 31, 2015, there were no transfers between levels.



16	BLACKROCK FUNDS III	MARCH 31, 2015

Schedule of Investments March 31, 2015 (Unaudited)

BlackRock LifePath Index 2020 Fund of BlackRock Funds III

(Percentages shown are based on Net Assets)


Mutual Fund	Value
LifePath Index 2020 Master Portfolio of Master Investment Portfolio	$	993,574,266
Total Investments (Cost — $900,800,930) — 100.0%		993,574,266
Liabilities in Excess of Other Assets — (0.0)%		(73,266	)

Net Assets — 100.0%	$	993,501,000

BlackRock LifePath Index 2020 Fund (the “Fund”) seeks to achieve its investment objective by investing all of its assets in LifePath Index 2020 Master Portfolio (the “Portfolio”), which has the same investment objective and strategies as the Fund. As of March 31, 2015, the value of the investment and the percentage owned by the Fund of the Portfolio was $993,574,266 and 100.0%, respectively.

The Fund records its investment in the Portfolio at fair value. The Fund’s investment in the Portfolio is valued pursuant to the pricing policies approved by the Board of Trustees of the Portfolio.

Fair Value Measurements — Various inputs are used in determining the fair value of investments. These inputs to valuation techniques are categorized into a disclosure hierarchy consisting of three broad levels for financial reporting purposes. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The categorization of a value determined for investments based on the pricing transparency of the investment and is not necessarily an indication of the risks associated with investing in those securities. The three levels of the fair value hierarchy are as follows:

Level 1 — unadjusted quoted prices in active markets/exchanges for identical assets or liabilities that the Fund has the ability to access

Changes in valuation techniques may result in transfers into or out of an assigned level within the disclosure hierarchy. In accordance with the Fund’s policy, transfers between different levels of the fair value disclosure hierarchy are deemed to have occurred as of the beginning of the reporting period. For information about the Fund’s policy regarding valuation of investments, refer to the Portfolio’s most recent financial statements as contained in its annual report.

As of March 31, 2015, the Fund’s investment in the Portfolio was classified as Level 2.

During the period ended March 31, 2015, there were no transfers between levels.



BLACKROCK FUNDS III	MARCH 31, 2015	17

Schedule of Investments March 31, 2015 (Unaudited)

BlackRock LifePath Index 2025 Fund of BlackRock Funds III

(Percentages shown are based on Net Assets)


Mutual Fund	Value
LifePath Index 2025 Master Portfolio of Master Investment Portfolio	$	609,496,562
Total Investments (Cost — $559,636,959) — 100.0%		609,496,562
Liabilities in Excess of Other Assets — (0.0)%		(34,110	)

Net Assets — 100.0%	$	609,462,452

BlackRock LifePath Index 2025 Fund (the “Fund”) seeks to achieve its investment objective by investing all of its assets in LifePath Index 2025 Master Portfolio (the “Portfolio”), which has the same investment objective and strategies as the Fund. As of March 31, 2015, the value of the investment and the percentage owned by the Fund of the Portfolio was $609,496,562 and 100.0%, respectively.

The Fund records its investment in the Portfolio at fair value. The Fund’s investment in the Portfolio is valued pursuant to the pricing policies approved by the Board of Trustees of the Portfolio.

Fair Value Measurements — Various inputs are used in determining the fair value of investments. These inputs to valuation techniques are categorized into a disclosure hierarchy consisting of three broad levels for financial reporting purposes. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The categorization of a value determined for investments based on the pricing transparency of the investment and is not necessarily an indication of the risks associated with investing in those securities. The three levels of the fair value hierarchy are as follows:

Level 1 — unadjusted quoted prices in active markets/exchanges for identical assets or liabilities that the Fund has the ability to access

Changes in valuation techniques may result in transfers into or out of an assigned level within the disclosure hierarchy. In accordance with the Fund’s policy, transfers between different levels of the fair value disclosure hierarchy are deemed to have occurred as of the beginning of the reporting period. For information about the Fund’s policy regarding valuation of investments, refer to the Portfolio’s most recent financial statements as contained in its annual report.

As of March 31, 2015, the Fund’s investment in the Portfolio was classified as Level 2.

During the period ended March 31, 2015, there were no transfers between levels.



18	BLACKROCK FUNDS III	MARCH 31, 2015

Schedule of Investments March 31, 2015 (Unaudited)

BlackRock LifePath Index 2030 Fund of BlackRock Funds III

(Percentages shown are based on Net Assets)


Mutual Fund	Value
LifePath Index 2030 Master Portfolio of Master Investment Portfolio	$	943,432,818
Total Investments (Cost — $846,688,203) — 100.0%		943,432,818
Liabilities in Excess of Other Assets — (0.0)%		(78,016	)

Net Assets — 100.0%	$	943,354,802

BlackRock LifePath Index 2030 Fund (the “Fund”) seeks to achieve its investment objective by investing all of its assets in LifePath Index 2030 Master Portfolio (the “Portfolio”), which has the same investment objective and strategies as the Fund. As of March 31, 2015, the value of the investment and the percentage owned by the Fund of the Portfolio was $943,432,818 and 100.0%, respectively.

The Fund records its investment in the Portfolio at fair value. The Fund’s investment in the Portfolio is valued pursuant to the pricing policies approved by the Board of Trustees of the Portfolio.

Fair Value Measurements — Various inputs are used in determining the fair value of investments. These inputs to valuation techniques are categorized into a disclosure hierarchy consisting of three broad levels for financial reporting purposes. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The categorization of a value determined for investments based on the pricing transparency of the investment and is not necessarily an indication of the risks associated with investing in those securities. The three levels of the fair value hierarchy are as follows:

Level 1 — unadjusted quoted prices in active markets/exchanges for identical assets or liabilities that the Fund has the ability to access

Changes in valuation techniques may result in transfers into or out of an assigned level within the disclosure hierarchy. In accordance with the Fund’s policy, transfers between different levels of the fair value disclosure hierarchy are deemed to have occurred as of the beginning of the reporting period. For information about the Fund’s policy regarding valuation of investments, refer to the Portfolio’s most recent financial statements as contained in its annual report.

As of March 31, 2015, the Fund’s investment in the Portfolio was classified as Level 2.

During the period ended March 31, 2015, there were no transfers between levels.



BLACKROCK FUNDS III	MARCH 31, 2015	19

Schedule of Investments March 31, 2015 (Unaudited)

BlackRock LifePath Index 2035 Fund of BlackRock Funds III

(Percentages shown are based on Net Assets)


Mutual Fund	Value
LifePath Index 2035 Master Portfolio of Master Investment Portfolio	$	474,163,389
Total Investments (Cost — $430,827,521) — 100.0%		474,163,389
Liabilities in Excess of Other Assets — (0.0)%		(28,760	)

Net Assets — 100.0%	$	474,134,629

BlackRock LifePath Index 2035 Fund (the “Fund”) seeks to achieve its investment objective by investing all of its assets in LifePath Index 2035 Master Portfolio (the “Portfolio”), which has the same investment objective and strategies as the Fund. As of March 31, 2015, the value of the investment and the percentage owned by the Fund of the Portfolio was $474,163,389 and 100.0%, respectively.

The Fund records its investment in the Portfolio at fair value. The Fund’s investment in the Portfolio is valued pursuant to the pricing policies approved by the Board of Trustees of the Portfolio.

Fair Value Measurements — Various inputs are used in determining the fair value of investments. These inputs to valuation techniques are categorized into a disclosure hierarchy consisting of three broad levels for financial reporting purposes. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The categorization of a value determined for investments based on the pricing transparency of the investment and is not necessarily an indication of the risks associated with investing in those securities. The three levels of the fair value hierarchy are as follows:

Level 1 — unadjusted quoted prices in active markets/exchanges for identical assets or liabilities that the Fund has the ability to access

Changes in valuation techniques may result in transfers into or out of an assigned level within the disclosure hierarchy. In accordance with the Fund’s policy, transfers between different levels of the fair value disclosure hierarchy are deemed to have occurred as of the beginning of the reporting period. For information about the Fund’s policy regarding valuation of investments, refer to the Portfolio’s most recent financial statements as contained in its annual report.

As of March 31, 2015, the Fund’s investment in the Portfolio was classified as Level 2.

During the period ended March 31, 2015, there were no transfers between levels.



20	BLACKROCK FUNDS III	MARCH 31, 2015

Schedule of Investments March 31, 2015 (Unaudited)

BlackRock LifePath Index 2040 Fund of BlackRock Funds III

(Percentages shown are based on Net Assets)


Mutual Fund	Value
LifePath Index 2040 Master Portfolio of Master Investment Portfolio	$	639,970,253
Total Investments (Cost — $573,054,011) — 100.0%		639,970,253
Liabilities in Excess of Other Assets — (0.0)%		(41,324	)

Net Assets — 100.0%	$	639,928,929

BlackRock LifePath Index 2040 Fund (the “Fund”) seeks to achieve its investment objective by investing all of its assets in LifePath Index 2040 Master Portfolio (the “Portfolio”), which has the same investment objective and strategies as the Fund. As of March 31, 2015, the value of the investment and the percentage owned by the Fund of the Portfolio was $639,970,253 and 100.0%, respectively.

The Fund records its investment in the Portfolio at fair value. The Fund’s investment in the Portfolio is valued pursuant to the pricing policies approved by the Board of Trustees of the Portfolio.

Fair Value Measurements — Various inputs are used in determining the fair value of investments. These inputs to valuation techniques are categorized into a disclosure hierarchy consisting of three broad levels for financial reporting purposes. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The categorization of a value determined for investments based on the pricing transparency of the investment and is not necessarily an indication of the risks associated with investing in those securities. The three levels of the fair value hierarchy are as follows:

Level 1 — unadjusted quoted prices in active markets/exchanges for identical assets or liabilities that the Fund has the ability to access

Changes in valuation techniques may result in transfers into or out of an assigned level within the disclosure hierarchy. In accordance with the Fund’s policy, transfers between different levels of the fair value disclosure hierarchy are deemed to have occurred as of the beginning of the reporting period. For information about the Fund’s policy regarding valuation of investments, refer to the Portfolio’s most recent financial statements as contained in its annual report.

As of March 31, 2015, the Fund’s investment in the Portfolio was classified as Level 2.

During the period ended March 31, 2015, there were no transfers between levels.



BLACKROCK FUNDS III	MARCH 31, 2015	21

Schedule of Investments March 31, 2015 (Unaudited)

BlackRock LifePath Index 2045 Fund of BlackRock Funds III

(Percentages shown are based on Net Assets)


Mutual Fund	Value
LifePath Index 2045 Master Portfolio of Master Investment Portfolio	$	271,784,600
Total Investments (Cost — $247,819,358) — 100.0%		271,784,600
Liabilities in Excess of Other Assets — (0.0)%		(10,138	)

Net Assets — 100.0%	$	271,774,462

BlackRock LifePath Index 2045 Fund (the “Fund”) seeks to achieve its investment objective by investing all of its assets in LifePath Index 2045 Master Portfolio (the “Portfolio”), which has the same investment objective and strategies as the Fund. As of March 31, 2015, the value of the investment and the percentage owned by the Fund of the Portfolio was $271,784,600 and 100.0%, respectively.

The Fund records its investment in the Portfolio at fair value. The Fund’s investment in the Portfolio is valued pursuant to the pricing policies approved by the Board of Trustees of the Portfolio.

Fair Value Measurements — Various inputs are used in determining the fair value of investments. These inputs to valuation techniques are categorized into a disclosure hierarchy consisting of three broad levels for financial reporting purposes. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The categorization of a value determined for investments based on the pricing transparency of the investment and is not necessarily an indication of the risks associated with investing in those securities. The three levels of the fair value hierarchy are as follows:

Level 1 — unadjusted quoted prices in active markets/exchanges for identical assets or liabilities that the Fund has the ability to access

Changes in valuation techniques may result in transfers into or out of an assigned level within the disclosure hierarchy. In accordance with the Fund’s policy, transfers between different levels of the fair value disclosure hierarchy are deemed to have occurred as of the beginning of the reporting period. For information about the Fund’s policy regarding valuation of investments, refer to the Portfolio’s most recent financial statements as contained in its annual report.

As of March 31, 2015, the Fund’s investment in the Portfolio was classified as Level 2.

During the period ended March 31, 2015, there were no transfers between levels.



22	BLACKROCK FUNDS III	MARCH 31, 2015

Schedule of Investments March 31, 2015 (Unaudited)

BlackRock LifePath Index 2050 Fund of BlackRock Funds III

(Percentages shown are based on Net Assets)


Mutual Fund	Value
LifePath Index 2050 Master Portfolio of Master Investment Portfolio	$	283,486,824
Total Investments (Cost — $259,134,224) — 100.0%		283,486,824
Liabilities in Excess of Other Assets — (0.0)%		(339	)

Net Assets — 100.0%	$	283,486,485

BlackRock LifePath Index 2050 Fund (the “Fund”) seeks to achieve its investment objective by investing all of its assets in LifePath Index 2050 Master Portfolio (the “Portfolio”), which has the same investment objective and strategies as the Fund. As of March 31, 2015, the value of the investment and the percentage owned by the Fund of the Portfolio was $283,486,824 and 100.0%, respectively.

The Fund records its investment in the Portfolio at fair value. The Fund’s investment in the Portfolio is valued pursuant to the pricing policies approved by the Board of Trustees of the Portfolio.

Fair Value Measurements — Various inputs are used in determining the fair value of investments. These inputs to valuation techniques are categorized into a disclosure hierarchy consisting of three broad levels for financial reporting purposes. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The categorization of a value determined for investments based on the pricing transparency of the investment and is not necessarily an indication of the risks associated with investing in those securities. The three levels of the fair value hierarchy are as follows:

Level 1 — unadjusted quoted prices in active markets/exchanges for identical assets or liabilities that the Fund has the ability to access

Changes in valuation techniques may result in transfers into or out of an assigned level within the disclosure hierarchy. In accordance with the Fund’s policy, transfers between different levels of the fair value disclosure hierarchy are deemed to have occurred as of the beginning of the reporting period. For information about the Fund’s policy regarding valuation of investments, refer to the Portfolio’s most recent financial statements as contained in its annual report.

As of March 31, 2015, the Fund’s investment in the Portfolio was classified as Level 2.

During the period ended March 31, 2015, there were no transfers between levels.



BLACKROCK FUNDS III	MARCH 31, 2015	23

Schedule of Investments March 31, 2015 (Unaudited)

BlackRock LifePath Index 2055 Fund of BlackRock Funds III

(Percentages shown are based on Net Assets)


Mutual Fund	Value
LifePath Index 2055 Master Portfolio of Master Investment Portfolio	$	81,212,483
Total Investments (Cost — $74,551,203) — 100.0%		81,212,483
Other Assets Less Liabilities — (0.0)%		3,760

Net Assets — 100.0%	$	81,216,243

BlackRock LifePath Index 2055 Fund (the “Fund”) seeks to achieve its investment objective by investing all of its assets in LifePath Index 2055 Master Portfolio (the “Portfolio”), which has the same investment objective and strategies as the Fund. As of March 31, 2015, the value of the investment and the percentage owned by the Fund of the Portfolio was $81,212,483 and 100.0%, respectively.

The Fund records its investment in the Portfolio at fair value. The Fund’s investment in the Portfolio is valued pursuant to the pricing policies approved by the Board of Trustees of the Portfolio.

Fair Value Measurements — Various inputs are used in determining the fair value of investments. These inputs to valuation techniques are categorized into a disclosure hierarchy consisting of three broad levels for financial reporting purposes. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The categorization of a value determined for investments based on the pricing transparency of the investment and is not necessarily an indication of the risks associated with investing in those securities. The three levels of the fair value hierarchy are as follows:

Level 1 — unadjusted quoted prices in active markets/exchanges for identical assets or liabilities that the Fund has the ability to access

Changes in valuation techniques may result in transfers into or out of an assigned level within the disclosure hierarchy. In accordance with the Fund’s policy, transfers between different levels of the fair value disclosure hierarchy are deemed to have occurred as of the beginning of the reporting period. For information about the Fund’s policy regarding valuation of investments, refer to the Portfolio’s most recent financial statements as contained in its annual report.

As of March 31, 2015, the Fund’s investment in the Portfolio was classified as Level 2.

During the period ended March 31, 2015, there were no transfers between levels.



24	BLACKROCK FUNDS III	MARCH 31, 2015

Schedule of Investments March 31, 2015 (Unaudited)

BlackRock Russell 1000 Index Fund of BlackRock Funds III

(Percentages shown are based on Net Assets)


Mutual Fund	Value
Russell 1000 Index Master Portfolio of Master Investment Portfolio	$	93,665,883
Total Investments (Cost — $64,283,172) — 100.3%		93,665,883
Liabilities in Excess of Other Assets — (0.3)%		(285,465	)

Net Assets — 100.0%	$	93,380,418

BlackRock Russell 1000 Index Fund (the “Fund”) seeks to achieve its investment objective by investing all of its assets in Russell 1000 Index Master Portfolio (the “Portfolio”), which has the same investment objective and strategies as the Fund. As of March 31, 2015, the value of the investment and the percentage owned by the Fund of the Portfolio was $93,665,883 and 2.7%, respectively.

Level 1 — unadjusted quoted prices in active markets/exchanges for identical assets or liabilities that the Fund has the ability to access

As of March 31, 2015, the Fund’s investment in the Master Portfolio was classified as Level 2.

During the period ended March 31, 2015, there were no transfers between levels.



BLACKROCK FUNDS III	MARCH 31, 2015	25

Schedule of Investments March 31, 2015 (Unaudited)

BlackRock S&P 500 Stock Fund of BlackRock Fund III

(Percentages shown are based on Net Assets)


80Mutual Fund	Value
S&P 500 Stock Master Portfolio of Master Investment Portfolio	$	5,300,768,512
Total Investments (Cost — $ 4,690,661,003) — 100.3%		5,300,768,512
Liabilities in Excess of Other Assets — (0.3)%		(13,662,568	)

Net Assets — 100.0%	$	5,287,105,944

BlackRock S&P 500 Stock Fund (the “Fund”) seeks to achieve its investment objective by investing all of its assets in S&P 500 Stock Master Portfolio (the “Portfolio”), which has the same investment objective and strategies as the Fund. As of March 31, 2015, the value of the investment and the percentage owned by the Fund of the Portfolio was $5,300,768,512 and 80.1%, respectively.

The Fund records its investment in the Portfolio at fair value. The Fund’s investment in the Portfolio is valued pursuant to the pricing policies approved by the Board of Directors of the Portfolio.

Level 1 — unadjusted quoted prices in active markets/exchanges for identical assets or liabilities that the Fund has the ability to access

As of March 31, 2015, the Fund’s investment in the Portfolio was classified as Level 2.

During the period ended March 31, 2015 there were no transfers between levels.



26	BLACKROCK S&P 500 STOCK FUND	SEPTEMBER 30, 2014

Schedule of Investments March 31, 2015 (Unaudited)

Active Stock Master Portfolio

(Percentages shown are based on Net Assets)


Common Stocks	Shares		Value
Aerospace & Defense — 2.3%
The Boeing Co.		86,459	$	12,975,767
General Dynamics Corp.		80,091		10,870,751
Honeywell International, Inc.		24,740		2,580,629
KLX, Inc. (a)		57,687		2,223,257
Lockheed Martin Corp.		12,200		2,476,112
Northrop Grumman Corp.		14,120		2,272,755
Raytheon Co.		61,230		6,689,378
Rockwell Collins, Inc.		39,930		3,855,242
Spirit Aerosystems Holdings, Inc., Class A (a)		30,830		1,609,634

				45,553,525
Air Freight & Logistics — 0.5%
FedEx Corp.		61,485		10,172,693
Airlines — 1.3%
Alaska Air Group, Inc.		3,561		235,667
American Airlines Group, Inc.		28,230		1,489,979
Delta Air Lines, Inc.		138,978		6,248,451
Southwest Airlines Co.		113,860		5,043,998
United Continental Holdings, Inc. (a)		195,406		13,141,054

				26,159,149
Auto Components — 0.8%
Lear Corp.		146,547		16,240,339
Visteon Corp. (a)		5,255		506,582

				16,746,921
Automobiles — 0.4%
General Motors Co.		192,120		7,204,500
Thor Industries, Inc.		12,357		781,086

				7,985,586
Banks — 5.3%
CIT Group, Inc.		99,688		4,497,923
Citigroup, Inc.		431,970		22,255,094
JPMorgan Chase & Co.		679,323		41,153,387
KeyCorp		212,610		3,010,558
Regions Financial Corp.		399,470		3,774,991
US Bancorp		294,400		12,856,448
Wells Fargo & Co.		358,037		19,477,213

				107,025,614
Beverages — 1.9%
The Coca-Cola Co.		164,655		6,676,760
Coca-Cola Enterprises, Inc.		140,197		6,196,708
Dr. Pepper Snapple Group, Inc.		236,897		18,591,677
Monster Beverage Corp. (a)		49,444		6,842,802

				38,307,947
Biotechnology — 2.4%
Amgen, Inc.		207,575		33,180,864


Common Stocks	Shares		Value
Biotechnology (concluded)
Celgene Corp. (a)		13,499	$	1,556,165
Gilead Sciences, Inc. (a)		134,927		13,240,386

				47,977,415
Capital Markets — 1.1%
Affiliated Managers Group, Inc. (a)		1,188		255,159
Ameriprise Financial, Inc.		71,279		9,326,144
The Goldman Sachs Group, Inc.		26,524		4,985,716
Invesco Ltd.		61,701		2,448,913
KKR & Co. LP		45,256		1,032,289
Morgan Stanley		118,540		4,230,693
State Street Corp.		4,140		304,414

				22,583,328
Chemicals — 1.9%
Akzo Nobel NV —- ADR (b)		245,000		6,165,425
Axalta Coating Systems Ltd. (a)		46,878		1,294,770
Cabot Corp.		61,156		2,752,020
Celanese Corp., Series A		19,480		1,088,153
Cytec Industries, Inc.		85,278		4,608,423
The Dow Chemical Co.		56,550		2,713,269
Eastman Chemical Co.		27,714		1,919,472
LyondellBasell Industries NV, Class A		66,005		5,795,239
PPG Industries, Inc.		53,230		12,005,494
Sigma-Aldrich Corp.		4,643		641,895

				38,984,160
Commercial Services & Supplies — 0.1%
Waste Connections, Inc.		34,331		1,652,694
Communications Equipment — 3.2%
Cisco Systems, Inc.		764,840		21,052,221
Harris Corp.		49,464		3,895,785
QUALCOMM, Inc.		468,122		32,459,579
Telefonaktiebolaget LM Ericsson — ADR		558,280		7,006,414

				64,413,999
Construction & Engineering — 0.3%
AECOM Technology Corp. (a)(b)		164,230		5,061,569
Jacobs Engineering Group, Inc. (a)(b)		44,590		2,013,684

				7,075,253
Consumer Finance — 2.2%
Ally Financial, Inc. (a)		67,086		1,407,464
Capital One Financial Corp.		155,730		12,274,639
Discover Financial Services		390,000		21,976,500
SLM Corp.		949,823		8,814,357

				44,472,960
Containers & Packaging — 0.9%
Bemis Co., Inc.		20,886		967,231



MASTER INVESTMENT PORTFOLIO	MARCH 31, 2015	27

Schedule of Investments (continued)

Active Stock Master Portfolio

(Percentages shown are based on Net Assets)


Common Stocks	Shares		Value
Containers & Packaging (concluded)
Berry Plastics Group, Inc. (a)		17,774	$	643,241
Crown Holdings, Inc. (a)		10,140		547,763
MeadWestvaco Corp.		6,553		326,798
Packaging Corp. of America		59,213		4,629,864
Rock-Tenn Co., Class A		108,854		7,021,083
Sonoco Products Co.		67,711		3,078,142

				17,214,122
Diversified Consumer Services — 0.1%
ServiceMaster Global Holdings, Inc. (a)		83,942		2,833,042
Diversified Financial Services — 1.1%
Berkshire Hathaway, Inc., Class B (a)		8,207		1,184,434
FNFV Group (a)		227,644		3,209,781
IntercontinentalExchange Group, Inc.		1,130		263,595
McGraw-Hill Financial, Inc.		64,935		6,714,279
The NASDAQ OMX Group, Inc.		202,680		10,324,519

				21,696,608
Diversified Telecommunication Services — 1.4%
Verizon Communications, Inc.		570,566		27,746,625
Electric Utilities — 0.3%
American Electric Power Co., Inc.		9,613		540,731
Duke Energy Corp.		12		921
Edison International		45,566		2,846,508
Eversource Energy		19		960
Exelon Corp.		17,160		576,748
ITC Holdings Corp.		16,478		616,772
PPL Corp.		52,970		1,782,970
Xcel Energy, Inc.		27		940

				6,366,550
Electrical Equipment — 0.2%
The Babcock & Wilcox Co.		61,595		1,976,583
Hubbell, Inc., Class B		4,943		541,852
SolarCity Corp. (a)(b)		46,960		2,408,109

				4,926,544
Electronic Equipment, Instruments & Components — 0.8%
Avnet, Inc.		28,410		1,264,245
Flextronics International Ltd. (a)		362,943		4,600,302
Ingram Micro, Inc., Class A (a)		245,223		6,160,002
Keysight Technologies, Inc. (a)		39,793		1,478,310
National Instruments Corp.		35,966		1,152,351
TE Connectivity Ltd.		24,350		1,743,947

				16,399,157
Energy Equipment & Services — 1.4%
Atwood Oceanics, Inc. (b)		44,770		1,258,485
Baker Hughes, Inc.		17,657		1,122,632


Common Stocks	Shares		Value
Energy Equipment & Services (concluded)
Cameron International Corp. (a)		92,956	$	4,194,175
Dresser-Rand Group, Inc. (a)		2,565		206,098
Frank’s International NV		41,817		781,978
Halliburton Co.		46,020		2,019,357
Oceaneering International, Inc.		59,110		3,187,802
Schlumberger Ltd.		183,236		15,289,212

				28,059,739
Food & Staples Retailing — 2.7%
Costco Wholesale Corp.		74,573		11,297,437
CVS Health Corp.		306,986		31,684,025
The Kroger Co.		112,140		8,596,652
Wal-Mart Stores, Inc.		47,380		3,897,005

				55,475,119
Food Products — 0.9%
Archer-Daniels-Midland Co.		36,979		1,752,805
Kellogg Co.		3,120		205,764
Mondelez International, Inc., Class A		1,460		52,691
Pilgrim’s Pride Corp. (b)		97,664		2,206,230
Tyson Foods, Inc., Class A		343,897		13,171,255

				17,388,745
Gas Utilities — 0.1%
UGI Corp.		53,930		1,757,579
Health Care Equipment & Supplies — 2.3%
Baxter International, Inc.		166,143		11,380,795
C.R. Bard, Inc.		9,139		1,529,412
Edwards Lifesciences Corp. (a)		38,096		5,427,156
Halyard Health, Inc. (a)(b)		52,424		2,579,261
Hologic, Inc. (a)(b)		140,350		4,635,059
Medtronic PLC		194,679		15,183,015
St. Jude Medical, Inc.		42,012		2,747,585
Zimmer Holdings, Inc.		27,970		3,287,034

				46,769,317
Health Care Providers & Services — 5.4%
Aetna, Inc.		142,617		15,192,989
AmerisourceBergen Corp.		88,996		10,116,176
Cardinal Health, Inc.		80,245		7,243,716
Catamaran Corp. (a)		8,104		482,512
Centene Corp. (a)		141,322		9,990,052
Cigna Corp.		79,330		10,268,475
Community Health Systems, Inc. (a)		112,740		5,894,047
Laboratory Corp. of America Holdings (a)		82,080		10,349,467
McKesson Corp.		50,980		11,531,676
Quest Diagnostics, Inc. (b)		136,200		10,466,970
UnitedHealth Group, Inc.		49,900		5,902,671



28	MASTER INVESTMENT PORTFOLIO	MARCH 31, 2015

Schedule of Investments (continued)

Active Stock Master Portfolio

(Percentages shown are based on Net Assets)


Common Stocks	Shares		Value
Health Care Providers & Services (concluded)
Universal Health Services, Inc., Class B		93,407	$	10,994,938

				108,433,689
Hotels, Restaurants & Leisure — 0.6%
Brinker International, Inc. (b)		4,481		275,850
Jack in the Box, Inc.		9,217		884,095
Las Vegas Sands Corp.		101,200		5,570,048
SeaWorld Entertainment, Inc.		65,557		1,263,939
Six Flags Entertainment Corp.		72,927		3,530,396
Vail Resorts, Inc.		3,862		399,408
Wyndham Worldwide Corp. (b)		2,320		209,890

				12,133,626
Household Durables — 0.9%
Newell Rubbermaid, Inc.		453,134		17,703,946
Tupperware Brands Corp. (b)		15,060		1,039,441

				18,743,387
Household Products — 0.3%
Kimberly-Clark Corp.		24,810		2,657,399
The Procter & Gamble Co.		40,818		3,344,627
Spectrum Brands Holdings, Inc.		2,621		234,737

				6,236,763
Independent Power and Renewable Electricity Producers — 0.6%
The AES Corp.		580,750		7,462,638
Calpine Corp. (a)		175,015		4,002,593
Dynegy, Inc. (a)		46,380		1,457,723

				12,922,954
Industrial Conglomerates — 1.6%
3M Co. (b)		187,384		30,908,991
Carlisle Cos., Inc.		2,062		191,003
General Electric Co.		29,496		731,796

				31,831,790
Insurance — 4.0%
ACE Ltd.		10,020		1,117,130
Allied World Assurance Co. Holdings AG		25,714		1,038,846
The Allstate Corp.		21,272		1,513,928
American Financial Group, Inc.		8,308		532,958
Aspen Insurance Holdings Ltd.		78,027		3,685,215
Assurant, Inc.		33,647		2,066,262
Assured Guaranty Ltd.		47,409		1,251,124
CNA Financial Corp.		127,131		5,267,037
CNO Financial Group, Inc.		26,900		463,218
Genworth Financial, Inc., Class A (a)		467,300		3,415,963
The Hanover Insurance Group, Inc.		121,843		8,843,365
Hartford Financial Services Group, Inc.		158,206		6,616,175


Common Stocks	Shares		Value
Insurance (concluded)
Lincoln National Corp.		135,502	$	7,785,945
MetLife, Inc. (b)		102,299		5,171,214
PartnerRe Ltd.		1,584		181,099
Prudential Financial, Inc.		130,657		10,493,064
The Travelers Cos., Inc.		71,970		7,782,116
Voya Financial, Inc.		216,702		9,342,023
XL Group PLC		138,550		5,098,640

				81,665,322
Internet & Catalog Retail — 1.0%
Liberty Interactive Corp., Series A (a)		268,231		7,829,663
Liberty TripAdvisor Holdings, Inc., Series A (a)		121,721		3,869,511
Liberty Ventures, Series A (a)		43,478		1,826,511
The Priceline Group, Inc. (a)		5,910		6,880,126

				20,405,811
Internet Software & Services — 3.5%
eBay, Inc. (a)		78,736		4,541,493
Facebook, Inc., Class A (a)		187,290		15,398,047
Google, Inc., Class A (a)(b)		37,480		20,790,156
Google, Inc., Class C (a)		37,749		20,686,452
GrubHub, Inc. (a)(b)		8,179		371,245
IAC/InterActiveCorp		102,217		6,896,581
VeriSign, Inc. (a)		19,057		1,276,247
Yandex NV (a)		53,178		806,444

				70,766,665
IT Services — 4.1%
Alliance Data Systems Corp. (a)		41,590		12,321,037
Amdocs Ltd.		143,697		7,817,117
Booz Allen Hamilton Holding Corp.		133,224		3,855,502
Cognizant Technology Solutions Corp., Class A (a)		91,750		5,724,282
Computer Sciences Corp.		122,618		8,004,503
DST Systems, Inc.		78,366		8,675,900
FleetCor Technologies, Inc. (a)		4,500		679,140
Mastercard, Inc., Class A		163,040		14,085,026
Total System Services, Inc.		175,211		6,684,300
Visa, Inc., Class A (b)		175,521		11,480,829
The Western Union Co. (b)		52,560		1,093,774
Xerox Corp.		183,470		2,357,589

				82,778,999
Life Sciences Tools & Services — 0.0%
Agilent Technologies, Inc.		7,208		299,492
Machinery — 2.0%
Caterpillar, Inc.		17,809		1,425,254
Dover Corp. (b)		21,110		1,459,123
Illinois Tool Works, Inc.		3,736		362,915
Ingersoll-Rand PLC		147,364		10,032,541
ITT Corp.		21,581		861,298



MASTER INVESTMENT PORTFOLIO	MARCH 31, 2015	29

Schedule of Investments (continued)

Active Stock Master Portfolio

(Percentages shown are based on Net Assets)


Common Stocks	Shares		Value
Machinery (concluded)
Parker Hannifin Corp.		61,670	$	7,325,163
Snap-on, Inc.		9,300		1,367,658
Stanley Black & Decker, Inc.		71,592		6,827,013
The Timken Co.		46,781		1,971,351
Trinity Industries, Inc. (b)		57,491		2,041,506
WABCO Holdings, Inc. (a)		48,040		5,903,155

				39,576,977
Media — 4.5%
Cablevision Systems Corp., New York Group, Class A (b)		141,080		2,581,764
CBS Corp., Class B		37,926		2,299,453
Comcast Corp., Class A		365,579		20,644,246
Comcast Corp., Special Class A (b)		58,590		3,284,848
DIRECTV (a)		125,779		10,703,793
Discovery Communications, Inc., Class C (a)		7,650		225,484
The Interpublic Group of Cos., Inc.		158,164		3,498,588
Lions Gate Entertainment Corp.		8,135		275,939
Omnicom Group, Inc. (b)		72,680		5,667,586
Starz, Class A (a)		21,277		732,142
Time Warner Cable, Inc. (b)		26,306		3,942,743
Time Warner, Inc.		129,027		10,895,040
Viacom, Inc., Class B		301,215		20,572,985
The Walt Disney Co.		44,188		4,634,879

				89,959,490
Metals & Mining — 0.1%
Compass Minerals International, Inc.		23,305		2,172,259
Multi-Utilities — 0.5%
Alliant Energy Corp.		16		1,008
CenterPoint Energy, Inc.		341,655		6,973,179
CMS Energy Corp.		27		943
DTE Energy Co.		51,021		4,116,884

				11,092,014
Multiline Retail — 0.7%
Burlington Stores, Inc. (a)		50,316		2,989,777
Dollar General Corp. (a)		30,833		2,324,191
Family Dollar Stores, Inc.		3,328		263,711
Macy’s, Inc.		134,610		8,737,535

				14,315,214
Office Electronics — 0.2%
Zebra Technologies Corp., Class A (a)(b)		38,214		3,466,583
Oil, Gas & Consumable Fuels — 6.0%
Anadarko Petroleum Corp.		117,735		9,749,635
Apache Corp.		131,100		7,909,263
Columbia Pipeline Partners LP (a)		197		5,455
Devon Energy Corp.		155,469		9,376,335


Common Stocks	Shares		Value
Oil, Gas & Consumable Fuels (concluded)
EnLink Midstream LLC		77,515	$	2,522,338
EOG Resources, Inc.		37,156		3,406,834
Exxon Mobil Corp.		94,250		8,011,250
Gulfport Energy Corp. (a)		132,740		6,094,093
Marathon Oil Corp.		842,090		21,986,970
Marathon Petroleum Corp.		99,187		10,155,757
PBF Energy, Inc.		54,397		1,845,146
Plains GP Holdings LP, Class A		31,934		905,968
Rice Energy, Inc. (a)(b)		9,714		211,377
Suncor Energy, Inc.		566,680		16,575,390
Valero Energy Corp.		360,341		22,924,894

				121,680,705
Personal Products — 0.0%
Herbalife Ltd.		2,980		127,425
Pharmaceuticals — 5.6%
AbbVie, Inc.		220,353		12,899,465
Actavis PLC (a)		3,412		1,015,480
Hospira, Inc. (a)		6,523		572,980
Johnson & Johnson		224,025		22,536,915
Merck & Co., Inc.		42,040		2,416,459
Pfizer, Inc.		1,259,556		43,819,953
Salix Pharmaceuticals Ltd. (a)		2,478		428,223
Shire PLC, ADR (b)		30,700		7,346,203
Teva Pharmaceutical Industries Ltd. — ADR (b)		369,639		23,028,510

				114,064,188
Professional Services — 0.5%
Manpowergroup, Inc.		66,881		5,761,798
Nielsen Holdings NV		105,030		4,681,187

				10,442,985
Real Estate Investment Trusts (REITs) — 2.3%
American Campus Communities, Inc.		31,277		1,340,845
Brixmor Property Group, Inc.		286,835		7,615,469
Columbia Property Trust, Inc.		105,683		2,855,555
Geo Group, Inc.		39,999		1,749,556
Host Hotels & Resorts, Inc.		382,724		7,723,370
Outfront Media, Inc.		281,289		8,416,167
Post Properties, Inc.		18,983		1,080,702
RLJ Lodging Trust		17,581		550,461
Simon Property Group, Inc.		59,132		11,568,585
Starwood Property Trust, Inc. (b)		82,280		1,999,404
Weingarten Realty Investors		33,769		1,215,009

				46,115,123
Real Estate Management & Development — 0.1%
Jones Lang LaSalle, Inc. (b)		6,183		1,053,583
Road & Rail — 1.1%
CSX Corp.		87,044		2,882,897



30	MASTER INVESTMENT PORTFOLIO	MARCH 31, 2015

Schedule of Investments (continued)

Active Stock Master Portfolio

(Percentages shown are based on Net Assets)


Common Stocks	Shares		Value
Road & Rail (concluded)
Norfolk Southern Corp.		32,750	$	3,370,630
Union Pacific Corp.		148,113		16,042,119

				22,295,646
Semiconductors & Semiconductor Equipment — 2.2%
Intel Corp.		196,190		6,134,861
Micron Technology, Inc. (a)		566,289		15,363,421
NVIDIA Corp.		150,800		3,155,490
NXP Semiconductor NV (a)		18,736		1,880,345
Samsung Electronics Co. Ltd., — GDR		4,855		3,122,540
Skyworks Solutions, Inc.		13,891		1,365,346
Teradyne, Inc.		228,370		4,304,774
Texas Instruments, Inc.		162,095		9,269,403

				44,596,180
Software — 3.5%
CDK Global, Inc. (b)		22,427		1,048,687
Citrix Systems, Inc. (a)		74,405		4,752,247
Informatica Corp. (a)		4,646		203,750
Microsoft Corp.		1,059,383		43,069,216
Oracle Corp.		380,650		16,425,047
Symantec Corp.		43,460		1,015,443
Synopsys, Inc. (a)		78,230		3,623,614

				70,138,004
Specialty Retail — 4.3%
The Gap, Inc.		98,820		4,281,871
GNC Holdings, Inc., Class A		184,940		9,075,006
The Home Depot, Inc.		235,826		26,792,192
Lowe’s Cos., Inc.		337,124		25,078,654
Penske Automotive Group, Inc.		120,432		6,201,044
Ross Stores, Inc.		55,447		5,841,896
Sears Hometown and Outlet Stores, Inc. (a)		22,289		172,071
TJX Cos., Inc. (b)		130,430		9,136,621

				86,579,355
Technology Hardware, Storage & Peripherals — 4.5%
Apple, Inc.		531,031		66,076,187
EMC Corp.		372,330		9,516,755
Hewlett-Packard Co.		220,353		6,866,200
Western Digital Corp.		82,910		7,545,639

				90,004,781
Textiles, Apparel & Luxury Goods — 0.6%
Deckers Outdoor Corp. (a)		35,933		2,618,438
Fossil Group, Inc. (a)(b)		35,910		2,960,780
Michael Kors Holdings Ltd. (a)		13,959		917,804
NIKE, Inc., Class B		9,071		910,093
Common Stocks	Shares		Value
Textiles, Apparel & Luxury Goods (concluded)
VF Corp.		59,430	$	4,475,673

				11,882,788
Tobacco — 0.2%
Lorillard, Inc.		46,780		3,057,073
Trading Companies & Distributors — 0.0%
WESCO International, Inc. (a)		10,165		710,432
Water Utilities — 0.1%
American Water Works Co., Inc.		29,101		1,577,565
Wireless Telecommunication Services — 0.4%
Telephone & Data Systems, Inc. (b)		223,310		5,560,419
United States Cellular Corp. (a)(b)		44,951		1,605,650

				7,166,069
Total Common Stocks — 97.3%				1,964,037,328



Preferred Stocks
Food Products — 0.0%
Tyson Foods, Inc. (a)		27,839		1,349,635
Machinery — 0.0%
Stanley Black & Decker, Inc., 6.25% (a)(c)		3,660		429,135
Software — 0.2%
Palantir Technologies, Inc., Series I (Acquired 2/07/14, cost $2,465,106), 0.00% (a)(d)		402,138		3,575,007
Total Preferred Stocks — 0.2%				5,353,777
Total Long-Term Investments (Cost — $1,800,145,048) — 97.5%				1,969,391,105



Short-Term Securities
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.16% (e)(f)		53,358,666		53,357,666
BlackRock Cash Funds: Prime, SL Agency Shares, 0.15% (e)(f)(g)		50,940,377		50,940,377
Total Short-Term Securities (Cost — $104,298,043) — 5.1%				104,298,043



MASTER INVESTMENT PORTFOLIO	MARCH 31, 2015	31

Schedule of Investments (continued)

Active Stock Master Portfolio

(Percentages shown are based on Net Assets)


	Value
*Total Investments (Cost — $1,904,443,091) — 102.6%**	$	2,073,689,148
Liabilities in Excess of Other Assets — (2.6)%		(53,064,295	)

Net Assets — 100.0%	$	2,020,624,853

As of March 31, 2015, gross unrealized appreciation and depreciation based on cost for federal income tax purposes were as follows:


Tax cost	$	1,934,529,115

Gross unrealized appreciation	$	200,162,992
Gross unrealized depreciation		(61,002,959	)

Net unrealized appreciation	$	139,160,033

Notes to Schedule of Investments

(a)

Non-income producing security.

(b)

Security, or a portion of security, is on loan.

(c)

Convertible security.

(d)

Restricted security as to resale. As of report date, the Master Portfolio held restricted securities with a current value of $3,575,007 and an original cost of $2,465,106 which was 0.2% of its net assets.

(e)

During the period ended March 31, 2015, investments in issuers considered to be affiliates of the Master Portfolio 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, 2014		Net Activity			Shares Held at March 31, 2015		Income
BlackRock Cash Funds: Institutional, SL Agency Shares		60,987,578		(7,629,912	)		53,357,666	$	24,734
BlackRock Cash Funds: Prime, SL Agency Shares		5,562,536		45,377,840			50,940,376	$	64,082

(f)

Represents the current yield as of report date.

(g)

All or a portion of security was purchased with the cash collateral from loaned securities.


Portfolio Abbreviations


ADR		American Depositary Receipts
GDR		Global Depositary Receipt
S&P		Standard and Poor’s
USD		U.S. Dollar

As of March 31, 2015, financial futures contracts outstanding were as follows:

Contracts
Long

Issue

Exchange

Expiration

Notional Value

Unrealized
Depreciation

181

S&P 500 E-Mini Index

Chicago Mercantile

June 2015

USD

18,650,240

(41,665

)



32	MASTER INVESTMENT PORTFOLIO	MARCH 31, 2015


Schedule of Investments (continued)		Active Stock Master Portfolio

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. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The 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. The three levels of the fair value hierarchy are as follows:

Level 1 — unadjusted quoted prices in active markets/exchanges for identical assets or liabilities that the Master Portfolio has the ability to access

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

Changes in valuation techniques may result in transfers into or out of an assigned level within the disclosure hierarchy. In accordance with the Master Portfolio’s policy, transfers between different levels of the fair value disclosure hierarchy are deemed to have occurred as of the beginning of the reporting period. For information about the Master Portfolio’s policy regarding valuation of investments and derivative financial instruments, refer to the Master Portfolio’s most recent financial statements as contained in its annual report.

As of March 31, 2015, the following tables summarize the Master Portfolio’s investments and derivative financial instruments categorized in the disclosure hierarchy:


	Level 1			Level 2		Level 3		Total
Assets:
Investments:
Long-Term Investments:
Common Stocks¹	$	1,960,914,788		$	3,122,540		—	$	1,964,037,328
Preferred Stocks¹		1,778,770			—	$	3,575,007		5,353,777
Short-Term Securities		104,298,043			—		—		104,298,043

Total	$	2,066,991,601		$	3,122,540	$	3,575,007	$	2,073,689,148

¹See above Schedule of Investments for values in each sector.
	Level 1			Level 2		Level 3		Total
Derivative Financial Instruments²
Liabilities:
Equity contracts	$	(41,665	)		—		—	$	(41,665	)
²Derivative financial instruments are financial futures contracts, which are valued at the unrealized appreciation/depreciation on the instrument.



MASTER INVESTMENT PORTFOLIO	MARCH 31, 2015	33


Schedule of Investments (continued)		Active Stock Master Portfolio

The Master Portfolio may hold assets and/or liabilities in which the fair value approximates the carrying amount for financial reporting purposes. As of March 31, 2015, such assets and/or liabilities are categorized within the disclosure hierarchy as follows:


	Level 1		Level 2			Level 3	Total
Assets:
Cash	$	458,183,981		—		—	$	458,183,981
Cash pledged for financial futures contracts		240,000		—		—		240,000
Foreign currency at value		134,631		—		—		134,631
Liabilities:
Collateral on securities loaned at value		—	$	(50,940,377	)	—		(50,940,377	)

Total	$	458,558,612	$	(50,940,377	)	—	$	407,618,235

For the period ended March 31, 2015, there were no transfers between levels.



34	MASTER INVESTMENT PORTFOLIO	MARCH 31, 2015

Schedule of Investments March 31, 2015 (Unaudited)

ACWI ex-U.S. Index Master Portfolio

(Percentages shown are based on Net Assets)


Common Stocks	Shares		Value
Australia — 5.1%
AGL Energy Ltd. (a)		25,795	$	298,631
ALS Ltd.		7,944		29,839
Alumina Ltd.		80,719		98,228
Amcor Ltd.		47,528		506,409
AMP Ltd.		118,690		579,308
APA Group		44,511		306,151
Asciano Ltd.		31,432		151,156
ASX Ltd.		9,130		287,242
Aurizon Holdings Ltd.		75,249		276,970
AusNet Services		34,747		38,563
Australia & New Zealand Banking Group Ltd.		111,262		3,095,329
Bank of Queensland Ltd.		19,847		207,972
Bendigo & Adelaide Bank Ltd.		16,747		159,580
BHP Billiton Ltd.		128,692		2,991,319
Boral Ltd.		17,729		85,940
Brambles Ltd. (a)		65,104		569,347
Caltex Australia Ltd.		4,201		111,492
Coca-Cola Amatil Ltd.		19,681		161,135
Cochlear Ltd.		3,188		219,164
Commonwealth Bank of Australia		64,536		4,577,577
Computershare Ltd.		18,081		174,768
Crown Resorts Ltd. (a)		12,817		130,092
CSL Ltd.		20,686		1,447,241
Dexus Property Group		28,431		163,679
Federation Centres Ltd.		78,708		181,683
Flight Centre Travel Group Ltd. (a)		1,384		41,655
Fortescue Metals Group Ltd. (a)		63,976		94,704
Goodman Group		64,171		308,993
GPT Group		54,780		190,270
Harvey Norman Holdings Ltd.		13,921		47,053
Healthscope Ltd.		26,094		60,664
Iluka Resources Ltd.		34,250		220,773
Incitec Pivot Ltd.		64,383		198,863
Insurance Australia Group Ltd.		107,103		495,778
Leighton Holdings Ltd.		1,949		31,230
Lend Lease Group		18,572		234,575
Macquarie Group Ltd.		11,897		691,530
Medibank Pvt, Ltd. (b)		102,248		180,329
Mirvac Group		140,792		214,977
National Australia Bank Ltd.		97,030		2,840,484
Newcrest Mining Ltd. (b)		34,577		348,726
Novion Property Group		117,056		222,988
Orica Ltd. (a)		17,936		272,363
Origin Energy Ltd. (a)		49,628		425,399
Platinum Asset Management Ltd.		9,023		53,604
Qantas Airways Ltd. (b)		22,815		54,115
QBE Insurance Group Ltd.		52,545		519,397
Ramsay Health Care Ltd.		6,526		333,189
REA Group Ltd.		1,087		39,818
Rio Tinto Ltd.		19,195		831,719
Santos Ltd. (a)		33,767		182,659
Scentre Group		232,431		660,298
Seek Ltd.		11,674		151,362


Common Stocks	Shares		Value
Australia (concluded)
Sonic Healthcare Ltd.		13,392	$	208,057
Stockland		83,188		284,219
Suncorp Group Ltd.		56,989		584,400
Sydney Airport		37,256		146,609
Tabcorp Holdings Ltd.		54,398		195,996
Tatts Group Ltd.		59,669		180,521
Telstra Corp. Ltd.		173,663		833,661
Toll Holdings Ltd.		28,526		191,924
TPG Telecom Ltd.		14,159		98,297
Transurban Group		80,174		580,530
Treasury Wine Estates Ltd.		43,110		167,500
Wesfarmers Ltd. (a)		47,022		1,570,248
Westfield Corp.		78,255		567,123
Westpac Banking Corp.		124,695		3,727,264
Woodside Petroleum Ltd. (a)		30,262		792,832
Woolworths Ltd. (a)		49,574		1,110,160
WorleyParsons Ltd. (a)		4,265		30,867

				38,066,538
Austria — 0.2%
Andritz AG (a)		2,986		178,285
Erste Group Bank AG		12,137		298,379
IMMOFINANZ AG (b)		61,128		180,033
OMV AG (a)		7,068		193,886
Raiffeisen Bank International AG (a)		4,478		62,232
Vienna Insurance Group AG		832		36,838
Voestalpine AG		4,890		178,877

				1,128,530
Belgium — 0.9%
Ageas		7,575		272,037
Anheuser-Busch InBev NV		33,318		4,070,306
Belgacom SA		5,694		199,223
Colruyt SA		3,569		155,333
Delhaize Group		3,633		326,389
Groupe Bruxelles Lambert SA		3,688		305,769
KBC Groep NV (b)		10,975		678,281
Solvay SA		2,392		345,764
Telenet Group Holding NV (b)		1,997		109,886
UCB SA		4,845		350,008
Umicore SA		3,627		151,482

				6,964,478
Brazil — 1.5%
AES Tiete SA, Preference Shares		16,600		89,461
AMBEV SA		191,500		1,107,040
B2W Cia Digital (b)		4,600		28,754
Banco Bradesco SA — ADR		35,196		332,270
Banco Bradesco SA, Preference Shares		103,788		964,857
Banco do Brasil SA		36,400		261,291



MASTER INVESTMENT PORTFOLIO	MARCH 31, 2015	35

Schedule of Investments (continued)

ACWI ex- U.S. Index Master Portfolio

(Percentages shown are based on Net Assets)


Common Stocks	Shares		Value
Brazil (continued)
Banco do Estado do Rio Grande do Sul, Preference Shares		2,900	$	9,995
Banco Santander Brasil SA		12,700		55,988
BB Seguridade Participacoes SA		29,100		299,065
BM&FBovespa SA		64,700		226,239
BR Malls Participacoes SA		13,700		72,716
Bradespar SA, Preference Shares		5,000		16,591
Braskem SA, Preference A Shares		11,000		37,913
BRF SA		27,500		545,425
CCR SA		32,500		165,985
Centrais Eletricas Brasileiras SA		48,200		86,990
Centrais Eletricas Brasileiras SA, Preference ‘B’ Shares		1,600		3,409
CETIP SA — Mercados Organizado		9,407		93,877
Cia Brasileira de Distribuicao Grupo Pao de Acucar, Preference Shares		5,400		162,006
Cia Energetica de Minas Gerais, Preference Shares		24,313		97,662
Cia Energetica de Sao Paulo, Preference ‘B’ Shares		4,000		29,653
Cia Paranaense de Energia, Preference ‘B’ Shares		11,500		121,250
Cielo SA		26,360		377,368
Companhia de Saneamento Basico do Estado de Sao Paulo		7,000		38,843
Companhia Siderurgica Nacional SA		48,700		82,857
Cosan SA Industria e Comercio		1,800		15,730
CPFL Energia SA		3,600		23,078
Cyrela Brazil Realty SA		6,700		27,816
Duratex SA		5,621		15,323
EcoRodovias Infraestrutura e Logistica SA		5,600		15,774
EDP — Energias do Brasil SA		900		2,919
Embraer SA		24,800		190,766
Estacio Participacoes SA		12,400		72,033
Fibria Celulose SA (b)		10,300		145,873
Gerdau SA, Preference Shares		30,600		97,412
Hypermarcas SA (b)		19,300		119,130
Itau Unibanco Holding SA, Preference Shares		108,023		1,195,122
Itausa — Investimentos Itau SA (b)		899		2,811
Itausa — Investimentos Itau SA, Preference Shares		122,476		382,983
JBS SA		31,400		139,706
Klabin SA, Preference Shares		22,200		126,597
Kroton Educacional SA		47,568		153,366
Localiza Rent a Car SA		2,940		33,439
Lojas Americanas SA		6,000		24,816
Lojas Americanas SA, Preference Shares		12,320		63,500
Lojas Renner SA		4,300		122,309


Common Stocks	Shares		Value
Brazil (concluded)
M Dias Branco SA		1,500	$	40,471
Metalurgica Gerdau SA, Preference Shares		7,600		25,742
Multiplan Empreendimentos Imobiliarios SA		4,600		80,785
Natura Cosmeticos SA		8,200		69,114
Odontoprev SA		600		2,043
Oi SA, Preference Shares (b)		22,800		36,648
Petroleo Brasileiro SA		124,800		374,609
Petroleo Brasileiro SA, Preference Shares		186,000		567,054
Porto Seguro SA		4,400		49,286
Qualicorp SA (b)		8,500		60,723
Raia Drogasil SA		4,700		42,176
Souza Cruz SA		22,800		181,454
Sul America SA		1,638		7,293
Suzano Papel e Celulose SA, Preference ‘A’ Shares		13,600		63,024
Telefonica Brasil SA, Preference Shares		10,700		165,887
Tim Participacoes SA		41,040		136,819
Totvs SA		3,300		37,740
Tractebel Energia SA		4,600		50,878
Transmissora Alianca de Energia Eletrica SA		3,300		21,652
Ultrapar Participacoes SA		18,600		377,822
Usinas Siderurgicas de Minas Gerais SA, Preference ‘A’ Shares (b)		9,600		14,949
Vale SA		47,800		268,688
Vale SA, Preference Shares		78,800		381,464
Via Varejo SA (b)		2,300		11,811
WEG SA		9,360		93,261

				11,439,401
Canada — 6.7%
Agnico Eagle Mines Ltd.		7,940		220,606
Agrium, Inc. (a)		6,190		645,123
Alimentation Couche Tard, Inc., Class B		17,917		713,964
AltaGas Ltd. (a)		5,249		175,139
ARC Resources Ltd. (a)		10,076		173,111
Atco Ltd. Class I		2,968		105,733
Bank of Montreal		27,885		1,671,053
Bank of Nova Scotia		49,546		2,485,613
Barrick Gold Corp.		40,601		443,981
Baytex Energy Corp. (a)		6,019		95,188
BCE, Inc. (a)		7,163		303,249
BlackBerry Ltd. (a)(b)		17,331		154,488
Bombardier, Inc., Class B		30,594		60,388
Brookfield Asset Management, Inc., Class A		23,244		1,243,179
CAE, Inc.		5,726		66,820



36	MASTER INVESTMENT PORTFOLIO	MARCH 31, 2015

Schedule of Investments (continued)

ACWI ex- U.S. Index Master Portfolio

(Percentages shown are based on Net Assets)


Common Stocks	Shares		Value
Canada (continued)
Cameco Corp. (a)		12,619	$	175,852
Canadian Imperial Bank of Commerce		16,810		1,218,660
Canadian National Railway Co.		33,567		2,247,959
Canadian Natural Resources Ltd.		44,709		1,370,339
Canadian Oil Sands Ltd. (a)		11,879		92,383
Canadian Pacific Railway Ltd.		7,012		1,283,868
Canadian Tire Corp. Ltd., Class A		3,632		370,011
Canadian Utilities Ltd., Class A		3,784		118,819
Catamaran Corp. (b)		9,402		559,718
Cenovus Energy, Inc.		39,944		673,329
CGI Group, Inc., Class A (b)		8,942		379,270
CI Financial Corp.		11,539		322,606
Constellation Software, Inc.		918		317,290
Crescent Point Energy Corp. (a)		17,521		390,662
Dollarama, Inc.		5,029		281,121
Eldorado Gold Corp.		17,582		80,653
Empire Co. Ltd., Class A		2,260		157,578
Enbridge, Inc.		34,644		1,669,903
Encana Corp.		30,957		345,610
Enerplus Corp.		4,790		48,560
Fairfax Financial Holdings Ltd.		947		530,867
Finning International, Inc.		3,927		73,049
First Capital Realty, Inc. (a)		2,654		41,343
First Quantum Minerals Ltd.		20,152		244,233
Fortis, Inc.		9,289		282,949
Franco-Nevada Corp.		7,452		361,142
George Weston Ltd.		2,768		219,246
Gildan Activewear, Inc.		10,468		308,614
Goldcorp, Inc. (a)		34,235		619,530
Great-West Lifeco, Inc.		12,321		356,239
H&R Real Estate Investment Trust		2,945		54,247
Husky Energy, Inc.		14,784		301,738
IGM Financial, Inc. (a)		4,062		144,353
Imperial Oil Ltd.		12,316		491,551
Industrial Alliance Insurance & Financial Services, Inc.		3,523		117,855
Intact Financial Corp.		6,114		460,620
Inter Pipeline Ltd.		13,352		344,092
The Jean Coutu Group PJC, Inc., Class A		3,208		68,565
Keyera Corp.		4,165		277,053
Kinross Gold Corp. (b)		25,843		57,336
Loblaw Cos. Ltd.		9,248		452,123
Magna International, Inc.		17,300		924,861
Manulife Financial Corp.		76,127		1,292,876
MEG Energy Corp. (a)(b)		7,620		123,094
Methanex Corp.		4,533		242,693
Metro, Inc.		10,392		281,594
National Bank of Canada (a)		13,702		500,241
New Gold, Inc. (b)		36,942		123,962
Onex Corp.		3,099		179,962
Open Text Corp.		5,660		298,786
Common Stocks	Shares		Value
Canada (concluded)
Paramount Resources Ltd., Class A (a)(b)		2,674	$	65,871
Pembina Pipeline Corp.		14,575		460,536
Peyto Exploration & Development Corp. (a)		6,142		164,685
Potash Corp. of Saskatchewan, Inc.		32,913		1,061,022
Power Corp. of Canada		15,481		409,714
Power Financial Corp. (a)		10,065		297,925
PrairieSky Royalty Ltd.		5,018		118,383
Restaurant Brands International, Inc.		8,110		310,940
RioCan Real Estate Investment Trust		3,112		71,181
Rogers Communications, Inc., Class B		14,885		498,302
Royal Bank of Canada		56,288		3,388,257
Saputo, Inc.		10,940		300,676
Shaw Communications, Inc., Class B		13,348		299,515
Silver Wheaton Corp. (a)		17,253		327,746
SNC-Lavalin Group, Inc.		5,688		176,629
Sun Life Financial, Inc.		24,691		760,878
Suncor Energy, Inc.		58,588		1,712,007
Talisman Energy, Inc. (a)		34,368		263,482
Teck Resources Ltd., Class B		19,684		270,110
TELUS Corp.		8,212		272,772
Thomson Reuters Corp.		14,505		588,079
The Toronto-Dominion Bank		72,393		3,098,515
Tourmaline Oil Corp. (b)		6,382		193,141
TransAlta Corp. (a)		5,518		51,191
TransCanada Corp. (a)		31,141		1,331,646
Turquoise Hill Resources Ltd. (a)(b)		14,761		46,035
Valeant Pharmaceuticals International, Inc. (b)		12,923		2,552,970
Vermilion Energy, Inc.		4,033		169,561
West Fraser Timber Co. Ltd.		2,687		137,474
Yamana Gold, Inc.		26,930		96,532

				49,932,415
Chile — 0.3%
AES Gener SA		90,837		49,472
Aguas Andinas SA, Class A		76,400		44,710
Banco de Chile		1,354,736		151,830
Banco de Credito e Inversiones		721		32,229
Banco Santander Chile SA		2,103,327		114,445
Cencosud SA		46,368		109,865
Colbun SA		466,420		137,790
Companhia Cervecerias Unidas SA		4,404		45,763
CorpBanca		2,375,874		25,125
Embotelladora Andina SA, Preference ‘B’ Shares		9,220		23,395



MASTER INVESTMENT PORTFOLIO	MARCH 31, 2015	37

Schedule of Investments (continued)

ACWI ex- U.S. Index Master Portfolio

(Percentages shown are based on Net Assets)


Common Stocks	Shares		Value
Chile (concluded)
Empresa Nacional de Electricidad SA		139,245	$	208,134
Empresa Nacional de Telecomunicaciones SA		2,032		20,999
Empresas CMPC SA		36,023		98,730
Empresas COPEC SA		16,033		186,388
Enersis SA		884,292		289,317
Latam Airlines Group SA (b)		19,853		162,884
SACI Falabella		35,710		273,163
Sociedad Quimica y Minera de Chile SA, Preference ‘B’ Shares		1,850		33,596
SONDA SA		18,572		43,731
Vina Concha y Toro SA		57,286		118,030

				2,169,596
China — 3.7%
AAC Technologies Holdings, Inc.		39,500		243,859
Agricultural Bank of China Ltd., Class H		802,000		397,064
Air China Ltd., Class H		62,000		63,258
Aluminum Corp. of China Ltd., Class H (b)		64,000		31,934
Anhui Conch Cement Co., Ltd., Class H		79,500		300,212
Anta Sports Products Ltd.		81,000		148,153
AviChina Industry & Technology Co. Ltd., Class H		116,000		83,370
Bank of China Ltd., Class H		3,161,000		1,827,297
Bank of Communications Co. Ltd., Class H		321,700		276,484
BBMG Corp., Class H		39,500		36,495
Beijing Capital International Airport Co. Ltd., Class H		100,000		97,654
Byd Co. Ltd., Class H		18,500		95,081
CGN Power Co. Ltd. (a)(b)(c)		365,000		157,222
China Cinda Asset Management Co. Ltd. (b)		186,000		92,124
China Citic Bank Corp. Ltd., Class H		317,000		238,985
China CNR Corp., Ltd. (b)(c)		128,500		184,645
China Coal Energy Co. Ltd., Class H (a)		107,000		59,032
China Communications Construction Co. Ltd., Class H		174,000		245,175
China Communications Services Corp. Ltd., Class H		44,000		19,517
China Construction Bank Corp., Class H		2,835,000		2,353,012
China COSCO Holdings Co. Ltd., Class H (b)		33,500		17,646
China Everbright Bank Co. Ltd., Class H		58,000		31,950
Common Stocks	Shares		Value
China (continued)
China Galaxy Securities Co. Ltd., Class H (a)		48,500	$	55,476
China Huishan Dairy Holdings Co. Ltd. (a)		107,000		19,017
China International Marine Containers Group Co. Ltd., Class H		41,500		90,468
China Life Insurance Co. Ltd., Class H		302,000		1,327,518
China Longyuan Power Group Corp., Class H		125,000		135,861
China Medical System Holdings Ltd.		70,000		107,812
China Mengniu Dairy Co. Ltd.		52,000		276,344
China Merchants Bank Co. Ltd., Class H		183,078		447,010
China Minsheng Banking Corp. Ltd., Class H		222,900		271,824
China National Building Material Co. Ltd., Class H		132,000		131,312
China Oilfield Services Ltd., Class H (a)		64,000		106,569
China Pacific Insurance Group Co. Ltd., Class H		104,600		497,545
China Petroleum & Chemical Corp. Class H		1,030,400		821,139
China Railway Construction Corp. Ltd., Class H		72,000		107,339
China Railway Group Ltd., Class H		147,000		150,350
China Shenhua Energy Co. Ltd., Class H		123,000		313,736
China Shipping Container Lines Co. Ltd., Class H (b)		122,000		38,733
China Telecom Corp. Ltd., Class H		594,000		379,751
China Unicom Hong Kong Ltd.		246,000		374,484
China Vanke Co. Ltd., Class H (a)(b)		48,500		114,943
Chongqing Changan Automobile Co. Ltd.		21,400		58,437
Chongqing Rural Commercial Bank, Class H		79,000		51,214
CITIC Securities Co. Ltd., Class H		34,500		128,145
CNOOC Ltd.		711,000		1,003,452
Country Garden Holdings Co. Ltd.		214,270		86,423
CSPC Pharmaceutical Group Ltd.		76,000		64,308
CSR Corp. Ltd., Class H		81,000		106,988
Datang International Power Generation Co. Ltd., Class H		98,000		49,994
Dongfeng Motor Group Co. Ltd., Class H		80,000		127,955
Evergrande Real Estate Group Ltd. (a)		286,000		144,166
Fosun International Ltd.		81,500		157,689



38	MASTER INVESTMENT PORTFOLIO	MARCH 31, 2015

Schedule of Investments (continued)

ACWI ex- U.S. Index Master Portfolio

(Percentages shown are based on Net Assets)


Common Stocks	Shares		Value
China (continued)
Great Wall Motor Co. Ltd., Class H		41,000	$	289,035
Guangzhou Automobile Group Co. Ltd., Class H		52,000		49,677
Guangzhou R&F Properties Co. Ltd., Class H (a)		13,200		13,564
Haitian International Holdings Ltd.		67,000		153,831
Haitong Securities Co. Ltd., Class H		47,200		115,177
Hengan International Group Co. Ltd.		26,000		312,957
Huadian Power International Corp., Ltd.		38,000		31,699
Huaneng Power International, Inc., Class H		122,000		144,897
Industrial & Commercial Bank of China Ltd., Class H		2,916,000		2,156,912
Inner Mongolia Yitai Coal Co., Class B		25,300		36,959
Jiangsu Expressway Co. Ltd., Class H		26,000		34,913
Jiangxi Copper Co. Ltd., Class H		36,000		66,909
Kingsoft Corp. Ltd. (a)		67,000		196,249
Lenovo Group Ltd.		286,000		416,762
Longfor Properties Co. Ltd.		30,000		42,510
New China Life Insurance Co. Ltd., Class H		29,100		162,020
People’s Insurance Co. Group of China Ltd., Class H		272,000		138,009
PetroChina Co. Ltd., Class H		858,000		952,808
PICC Property & Casualty Co. Ltd., Class H		135,532		267,587
Ping An Insurance Group Co. of China Ltd., Class H		105,000		1,259,646
Semiconductor Manufacturing International Corp. (b)		619,000		60,125
Shandong Weigao Group Medical Polymer Co. Ltd., Class H		44,000		38,770
Shanghai Electric Group Co. Ltd., Class H (a)		104,000		68,954
Shanghai Fosun Pharmaceutical Group Co., Ltd., Class H		7,000		23,340
Shanghai Pharmaceuticals Holding Co. Ltd., Class H		19,100		50,836
Shenzhou International Group Holdings Ltd.		12,000		54,161
Shui On Land Ltd.		76,666		18,095
Sihuan Pharmaceutical Holdings Group Ltd.		249,000		141,641
Sino-Ocean Land Holdings Ltd.		86,000		52,024
Sinopec Engineering Group Co. Ltd.		13,500		11,694
Sinopec Shanghai Petrochemical Co. Ltd., Class H		123,000		45,850
Sinopharm Group Co. Ltd., Class H		47,200		192,192
Common Stocks	Shares		Value
China (concluded)
Sinotrans Ltd., Class H		45,000	$	25,867
SOHO China Ltd.		195,000		132,813
Tencent Holdings Ltd.		207,200		3,934,708
Tingyi Cayman Islands Holding Corp.		64,000		137,792
Tsingtao Brewery Co. Ltd., Class H		14,000		93,876
Uni-President China Holdings Ltd.		135,600		89,728
Want Want China Holdings Ltd.		211,000		224,539
Weichai Power Co. Ltd., Class H		12,200		47,037
Yanzhou Coal Mining Co. Ltd., Class H		36,000		30,569
Zhejiang Expressway Co. Ltd., Class H		28,000		37,064
Zhuzhou CSR Times Electric Co. Ltd., Class H		25,000		164,448
Zijin Mining Group Co. Ltd., Class H (a)		138,000		43,693
ZTE Corp., Class H		12,000		27,529

				27,335,637
Colombia — 0.1%
Almacenes Exito SA		14,362		138,096
Banco Davivienda SA, Preference Shares		3,212		31,255
Bancolombia SA		15,644		152,830
Cementos Argos SA		38,031		124,771
Corp. Financiera Colombiana SA		1,431		19,638
Ecopetrol SA		184,080		139,830
Grupo Argos SA		6,618		42,355
Grupo Argos SA, Preference Shares		2,637		17,181
Grupo Aval Acciones y Valores		125,734		56,338
Grupo de Inversiones Suramericana SA		6,592		85,088
Grupo de Inversiones Suramericana SA, Preference Shares		803		10,346
Interconexion Electrica SA		6,953		19,870
Isagen SA ESP		27,340		32,072

				869,670
Czech Republic — 0.0%
CEZ AS		5,998		146,615
Komercni Banka AS		352		75,926
O2 Czech Republic AS		1,500		12,001

				234,542
Denmark — 1.2%
A.P. Moeller — Maersk A/S, Class A (a)		142		288,352
A.P. Moeller — Maersk A/S, Class B (a)		301		629,158
Carlsberg A/S, Class B		4,168		343,678
Coloplast A/S, Class B		5,206		393,288



MASTER INVESTMENT PORTFOLIO	MARCH 31, 2015	39

Schedule of Investments (continued)

ACWI ex- U.S. Index Master Portfolio

(Percentages shown are based on Net Assets)


Common Stocks	Shares		Value
Denmark (concluded)
Danske Bank A/S		27,470	$	724,195
DSV A/S		6,487		201,608
ISS A/S (b)		5,869		184,990
Novo Nordisk A/S, Class B		79,641		4,251,535
Novozymes A/S, Class B		10,001		456,535
Pandora A/S		4,641		422,540
TDC A/S		36,256		259,773
Tryg A/S		1,005		118,197
Vestas Wind Systems A/S		9,527		392,807
William Demant Holding A/S (b)		641		54,426

				8,721,082
Egypt — 0.0%
Commercial International Bank		31,428		231,675
Global Telecom Holding SAE (b)		69,057		30,285
Talaat Moustafa Group		21,412		29,334
Telecom Egypt		12,924		18,943

				310,237
Finland — 0.6%
Elisa OYJ		5,807		145,834
Fortum OYJ		18,809		394,052
Kone OYJ, Class B		11,878		526,674
Metso OYJ		3,741		109,300
Neste Oil OYJ		5,327		139,780
Nokia OYJ		153,457		1,170,072
Nokian Renkaat OYJ		4,713		140,456
Orion OYJ, Class B		4,256		119,967
Sampo OYJ, Class A		17,473		881,310
Stora Enso OYJ, Class R		20,882		214,710
UPM-Kymmene OYJ		24,075		467,704
Wartsila OYJ		6,761		299,042

				4,608,901
France — 6.9%
Accor SA		8,019		418,159
Aeroports de Paris		1,132		135,301
Air Liquide SA		13,336		1,716,868
Airbus Group NV		24,420		1,587,566
Alcatel-Lucent (b)		114,729		431,319
Alstom SA (b)		10,571		325,282
ArcelorMittal (a)		50,748		476,148
Arkema		2,229		176,528
AtoS		4,829		332,410
AXA SA		77,544		1,951,719
BNP Paribas SA		43,522		2,648,140
Bollore SA		36,855		196,372
Bouygues SA		6,264		245,898
Bureau Veritas SA		11,737		251,814
Cap Gemini SA		5,778		474,036
Carrefour SA		23,685		791,243
Casino Guichard-Perrachon SA		2,964		262,451
Christian Dior SA		2,083		392,058
Common Stocks	Shares		Value
France (continued)
Cie Generale des Etablissements Michelin		7,924	$	788,001
CNP Assurances (a)		7,565		132,589
Compagnie de Saint-Gobain		17,969		788,970
Credit Agricole SA		40,506		595,234
Danone SA		22,757		1,534,001
Dassault Systemes SA		4,519		305,821
Edenred		7,704		192,214
EDF		8,410		201,657
Essilor International SA		7,886		905,432
Eurazeo		1,618		110,886
Eutelsat Communications SA		4,668		154,843
Fonciere Des Regions		673		66,643
Fonciere Des Regions (b)		42		4,053
GDF Suez		57,966		1,144,424
Gecina SA		1,165		157,567
Groupe Eurotunnel SA, Registered Shares		14,767		211,700
Hermes International		1,048		370,033
ICADE		1,426		128,832
Iliad SA		930		217,296
Imerys SA		704		51,655
JCDecaux SA		1,720		57,919
Kering		3,064		598,150
Klepierre		8,312		408,170
L’Oreal SA		10,698		1,970,472
Lafarge SA		8,188		532,307
Lagardere SCA		4,159		125,000
Legrand SA		11,592		627,913
LVMH Moet Hennessy Louis Vuitton SA		11,001		1,935,990
Natixis		34,499		258,418
Numericable-SFR (b)		3,879		211,631
Orange SA		73,039		1,172,975
Pernod Ricard SA		8,306		982,116
Peugeot SA (b)		14,491		242,226
Publicis Groupe SA		8,151		628,903
Remy Cointreau SA		373		27,471
Renault SA		7,728		701,935
Rexel SA		9,904		186,748
Safran SA		11,199		782,492
Sanofi		47,144		4,655,894
Schneider Electric SE		20,613		1,604,079
SCOR SE		6,039		203,682
SES SA		15,115		535,830
Societe BIC SA		705		100,442
Societe Generale SA		31,479		1,519,869
Sodexo		3,275		319,422
Suez Environnement Co.		14,638		252,015
Technip SA		5,041		304,919
Thales SA		3,616		200,624
Total SA		84,258		4,188,213
Unibail-Rodamco SE		3,862		1,042,879



40	MASTER INVESTMENT PORTFOLIO	MARCH 31, 2015

Schedule of Investments (continued)

ACWI ex- U.S. Index Master Portfolio

(Percentages shown are based on Net Assets)


Common Stocks	Shares		Value
France (concluded)
Valeo SA		3,128	$	466,557
Vallourec SA		3,788		92,456
Veolia Environnement SA		20,094		380,049
Vinci SA		18,505		1,057,259
Vivendi SA (b)		49,481		1,228,504
Wendel SA		1,358		161,867
Zodiac Aerospace		9,179		303,701

				50,944,260
Germany — 6.7%
adidas AG (a)		8,853		699,062
Allianz SE, Registered Shares		18,961		3,291,945
Axel Springer AG		2,564		151,332
BASF SE		36,338		3,597,300
Bayer AG, Registered Shares		32,804		4,907,999
Bayerische Motoren Werke AG		13,640		1,698,659
Bayerische Motoren Werke AG, Preference Shares		1,531		141,412
Beiersdorf AG (a)		4,526		392,447
Brenntag AG		5,796		346,279
Celesio AG		1,037		30,622
Commerzbank AG (b)		38,339		526,824
Continental AG		4,370		1,029,119
Daimler AG, Registered Shares		37,668		3,617,436
Deutsche Annington Immobilien SE (a)		15,748		530,670
Deutsche Bank AG, Registered Shares		56,140		1,945,685
Deutsche Boerse AG		7,830		638,998
Deutsche Lufthansa AG, Registered Shares		12,602		176,462
Deutsche Post AG, Registered Shares		39,987		1,245,791
Deutsche Telekom AG, Registered Shares		133,640		2,444,331
Deutsche Wohnen AG, Bearer Shares		10,427		266,689
E.ON SE		80,936		1,203,431
Fraport AG Frankfurt Airport Services Worldwide		748		44,679
Fresenius Medical Care AG & Co. KGaA		8,567		712,104
Fresenius SE & Co. KGaA		15,886		947,068
Fuchs Petrolub SE, Preference Shares		1,552		61,904
GEA Group AG		6,843		328,952
Hannover Rueck SE		2,956		305,457
HeidelbergCement AG		6,200		490,310
Henkel AG & Co. KGaA		5,377		554,868
Henkel AG & Co. KGaA, Preference Shares		6,854		805,080
Hugo Boss AG		3,305		401,530
Infineon Technologies AG		43,998		523,441


Common Stocks	Shares		Value
Germany (concluded)
K+S AG, Registered Shares (a)		6,648	$	216,605
Kabel Deutschland Holding AG (b)		984		127,731
Lanxess AG		3,425		182,159
Linde AG		7,309		1,486,279
MAN SE		2,023		212,959
Merck KGaA		5,239		586,338
Metro AG		7,442		252,208
Muenchener Rueckversicherungs AG, Registered Shares		6,906		1,483,976
Osram Licht AG		3,389		167,766
Porsche Automobil Holding SE, Preference Shares		6,149		602,161
ProSiebenSat.1 Media AG, Registered Shares		8,735		427,254
RWE AG		20,224		514,902
SAP AG		37,038		2,677,008
Siemens AG, Registered Shares		31,360		3,391,714
Symrise AG		4,423		278,886
Telefonica Deutschland Holding AG (b)		33,908		194,986
ThyssenKrupp AG		17,591		460,536
TUI AG		16,587		291,004
United Internet AG, Registered Shares		4,712		213,874
Volkswagen AG		1,298		333,745
Volkswagen AG, Preference Shares		6,327		1,677,936

				49,837,913
Greece — 0.1%
Alpha Bank AE (b)		199,078		58,970
Eurobank Ergasias SA (b)		225,111		25,402
FF Group (b)		440		13,078
Hellenic Telecommunications Organization SA (b)		12,770		113,105
JUMBO SA		1,999		20,806
National Bank of Greece SA (b)		51,085		61,025
OPAP SA		8,833		82,443
Piraeus Bank SA (b)		86,435		33,360
Public Power Corp. SA (b)		2,220		13,549
Titan Cement Co. SA		990		22,665

				444,403
Hong Kong — 3.4%
AIA Group Ltd.		479,400		3,009,904
Alibaba Health Information Technology Ltd. (b)		202,000		176,657
Alibaba Pictures Group Ltd. (b)		640,000		236,100
ASM Pacific Technology Ltd.		6,300		65,574
Bank of East Asia Ltd.		59,000		235,026
Beijing Enterprises Holdings Ltd.		17,500		137,487
Beijing Enterprises Water Group Ltd. (b)		232,000		157,761
Belle International Holdings Ltd.		150,000		175,098



MASTER INVESTMENT PORTFOLIO	MARCH 31, 2015	41

Schedule of Investments (continued)

ACWI ex- U.S. Index Master Portfolio

(Percentages shown are based on Net Assets)


Common Stocks	Shares		Value
Hong Kong (continued)
BOC Hong Kong Holdings Ltd.		143,500	$	511,787
Brilliance China Automotive Holdings Ltd.		148,000		284,915
Cathay Pacific Airways Ltd.		32,000		74,050
Cheung Kong Infrastructure Holdings Ltd.		29,000		249,075
China Agri-Industries Holdings Ltd.		43,100		16,696
China Everbright International Ltd.		107,000		179,460
China Everbright Ltd.		48,000		125,099
China Gas Holdings Ltd.		74,000		121,084
China Merchants Holdings International Co. Ltd.		60,000		235,128
China Mobile Ltd.		244,000		3,179,903
China Overseas Land & Investment Ltd.		158,000		510,245
China Resources Cement Holdings Ltd.		90,000		50,873
China Resources Enterprise Ltd.		26,000		50,977
China Resources Gas Group Ltd.		48,000		149,338
China Resources Land Ltd.		83,111		234,889
China Resources Power Holdings Co., Ltd.		64,000		160,505
China South City Holdings, Ltd.		94,000		30,783
China State Construction International Holdings Ltd.		44,000		61,258
China Taiping Insurance Holdings Co. Ltd. (b)		49,072		167,395
CITIC Ltd.		82,000		140,350
CK Hutchison Holdings Ltd.		56,500		1,154,324
CLP Holdings Ltd.		86,000		751,650
COSCO Pacific Ltd.		36,000		47,156
ENN Energy Holdings Ltd.		28,000		171,930
Far East Horizon Ltd.		141,000		128,966
First Pacific Co. Ltd.		140,000		139,772
Franshion Properties China Ltd.		326,000		98,864
Galaxy Entertainment Group Ltd.		88,000		399,550
GCL-Poly Energy Holdings Ltd. (a)(b)		431,000		114,108
Geely Automobile Holdings Ltd.		365,000		187,499
GOME Electrical Appliances Holding Ltd.		266,000		38,317
Guangdong Investment Ltd.		106,000		139,005
Haier Electronics Group Co. Ltd.		48,000		125,645
Hanergy Thin Film Power Group, Ltd. (a)(b)		496,000		446,567
Hang Lung Properties Ltd.		120,000		337,140
Hang Seng Bank Ltd.		32,400		586,403
Henderson Land Development Co. Ltd.		37,500		263,440
HKT Trust & HKT Ltd.		64,900		83,630
Hong Kong & China Gas Co. Ltd.		284,846		659,574
Hong Kong Exchanges & Clearing Ltd.		40,400		990,294


Common Stocks	Shares		Value
Hong Kong (concluded)
Hutchison Whampoa Ltd.		84,000	$	1,164,311
Hysan Development Co. Ltd.		25,000		109,582
Kerry Properties Ltd.		16,500		57,276
Kingboard Chemical Holdings Ltd.		18,200		28,803
Kunlun Energy Co. Ltd.		134,000		130,149
Lee & Man Paper Manufacturing Ltd.		34,000		16,445
Li & Fung Ltd.		250,000		244,110
The Link REIT		87,500		539,803
MGM China Holdings Ltd.		27,200		51,103
MTR Corp.		47,000		223,546
New World China Land Ltd.		214,000		136,867
New World Development Co. Ltd.		280,666		325,387
Nine Dragons Paper Holdings Ltd.		178,000		111,304
NWS Holdings Ltd.		52,186		86,921
PCCW Ltd.		84,000		51,330
Power Assets Holdings Ltd.		61,000		622,678
Sands China Ltd.		108,400		448,259
Shanghai Industrial Holdings, Ltd.		15,000		46,237
Shangri-La Asia Ltd.		32,000		43,947
Shimao Property Holdings Ltd.		51,000		107,013
Sino Biopharmaceutical Ltd.		132,000		133,542
Sino Land Co. Ltd.		112,800		183,935
SJM Holdings Ltd.		69,000		90,119
Sun Art Retail Group Ltd. (a)		110,000		95,817
Sun Hung Kai Properties Ltd.		72,000		1,110,203
Swire Pacific Ltd., Class A		27,000		367,537
Swire Properties Ltd.		42,600		138,358
Techtronic Industries Co.		52,500		176,998
WH Group Ltd. (b)(c)		113,500		64,469
Wharf Holdings Ltd.		59,000		411,870
Wheelock & Co. Ltd.		32,000		163,523
Wynn Macau Ltd.		51,200		110,650
Yue Yuen Industrial Holdings Ltd.		19,000		67,230
Yuexiu Property Co. Ltd.		106,400		20,878

				25,271,451
Hungary — 0.0%
MOL Hungarian Oil & Gas PLC		997		43,169
OTP Bank PLC		11,103		209,609
Richter Gedeon Nyrt		3,173		43,527

				296,305
India — 1.6%
ACC Ltd.		1,747		43,623
Adani Enterprises Ltd.		5,116		50,377
Adani Ports & Special Economic Zone Ltd.		19,260		94,834
Aditya Birla Nuvo Ltd.		1,463		38,930
Ambuja Cements Ltd.		26,422		107,788
Apollo Hospitals Enterprise Ltd.		2,966		64,834
Asian Paints Ltd.		11,155		144,718
Aurobindo Pharma Ltd.		5,085		99,349



42	MASTER INVESTMENT PORTFOLIO	MARCH 31, 2015

Schedule of Investments (continued)

ACWI ex- U.S. Index Master Portfolio

(Percentages shown are based on Net Assets)


Common Stocks	Shares		Value
India (continued)
Bajaj Auto Ltd.		3,253	$	104,858
Bharat Heavy Electricals Ltd.		22,772		85,759
Bharat Petroleum Corp. Ltd.		6,728		87,235
Bharti Airtel Ltd.		23,245		145,978
Bosch Ltd.		292		118,614
Cairn India Ltd.		17,443		59,701
Cipla Ltd.		13,384		152,325
Coal India Ltd.		26,935		155,999
Dabur India Ltd.		20,426		86,620
Divi’s Laboratories Ltd.		1,544		44,076
DLF Ltd.		16,579		41,794
Dr. Reddy’s Laboratories Ltd. — ADR		4,517		257,921
GAIL India Ltd.		12,294		76,338
GlaxoSmithKline Consumer Healthcare Ltd.		391		39,362
Godrej Consumer Products Ltd.		4,619		76,775
HCL Technologies Ltd.		18,000		281,191
Hero MotoCorp Ltd.		1,935		81,700
Hindalco Industries Ltd.		43,227		89,082
Hindustan Unilever Ltd.		29,351		409,964
Housing Development Finance Corp.		60,354		1,268,952
ICICI Bank Ltd. — ADR		20,733		214,794
Idea Cellular Ltd.		41,835		122,908
Infosys Ltd.		100		3,519
Infosys Ltd. — ADR		37,656		1,320,972
ITC Ltd.		86,694		450,685
Jindal Steel & Power Ltd.		14,187		35,546
JSW Steel Ltd.		3,280		47,548
Larsen & Toubro Ltd. — GDR		12,158		337,558
LIC Housing Finance Ltd.		10,760		75,268
Mahindra & Mahindra Financial Services Ltd.		10,804		43,916
Mahindra & Mahindra Ltd. — GDR		13,518		258,870
Motherson Sumi Systems Ltd.		8,204		67,431
Nestle India Ltd.		897		99,579
NTPC Ltd.		63,930		150,042
Oil & Natural Gas Corp. Ltd.		29,850		146,113
Oil India Ltd.		4,661		33,883
Piramal Enterprises Ltd.		2,676		37,242
Power Finance Corp. Ltd.		10,235		44,679
Ranbaxy Laboratories Ltd. (b)		5,000		65,025
Reliance Communications Ltd. (b)		32,595		30,875
Reliance Industries Ltd. — GDR (c)		27,499		727,349
Reliance Infrastructure Ltd.		4,078		28,306
Rural Electrification Corp., Ltd.		11,484		61,224
Sesa Sterlite Ltd. — ADR		11,497		142,563
Shriram Transport Finance Co. Ltd.		5,718		101,905
Siemens Ltd.		2,761		61,741
State Bank of India — GDR		5,712		241,617
Sun Pharmaceutical Industries Ltd.		28,101		459,764
Tata Consultancy Services Ltd.		20,724		845,749
Tata Motors Ltd. — ADR		5,695		256,617


Common Stocks	Shares		Value
India (concluded)
Tata Power Co. Ltd.		42,988	$	53,006
Tata Steel Ltd.		11,672		59,160
Tech Mahindra Ltd.		11,300		113,702
UltraTech Cement Ltd.		1,383		63,629
United Breweries Ltd.		2,563		40,959
United Spirits Ltd. (b)		1,690		98,765
Wipro Ltd. — ADR		18,332		244,182
Zee Entertainment Enterprises Ltd.		20,478		111,821

				11,607,209
Indonesia — 0.6%
Adaro Energy Tbk PT		230,400		16,697
Astra Agro Lestari Tbk PT		11,500		21,346
Astra International Tbk PT		854,400		559,606
Bank Central Asia Tbk PT		515,500		584,242
Bank Danamon Indonesia Tbk PT		186,600		73,105
Bank Mandiri Persero Tbk PT		407,400		388,525
Bank Negara Indonesia Persero Tbk PT		405,600		223,925
Bank Rakyat Indonesia Persero Tbk PT		464,200		470,845
Bumi Serpong Damai Tbk PT		111,800		18,227
Charoen Pokphand Indonesia Tbk PT		271,300		73,525
Global Mediacom Tbk PT		137,600		18,389
Gudang Garam Tbk PT		9,800		38,210
Indo Tambangraya Megah Tbk PT		4,400		5,672
Indocement Tunggal Prakarsa Tbk PT		88,600		148,392
Indofood CBP Sukses Makmur Tbk PT		18,900		21,186
Indofood Sukses Makmur Tbk PT		331,300		188,663
Jasa Marga Persero Tbk PT		71,000		39,056
Kalbe Farma Tbk PT		858,400		122,476
Lippo Karawaci Tbk PT		416,900		43,014
Matahari Department Store Tbk PT		64,300		96,695
Media Nusantara Citra Tbk PT		60,162		13,170
Perusahaan Gas Negara Persero Tbk PT		426,200		156,214
Semen Indonesia Persero Tbk PT		106,000		110,514
Surya Citra Media Tbk PT		84,000		21,795
Tambang Batubara Bukit Asam Persero Tbk PT		29,500		24,187
Telekomunikasi Indonesia Persero Tbk PT		2,139,800		471,817
Tower Bersama Infrastructure Tbk PT		38,000		27,537
Unilever Indonesia Tbk PT		62,700		189,943
United Tractors Tbk PT		67,700		112,664



MASTER INVESTMENT PORTFOLIO	MARCH 31, 2015	43

Schedule of Investments (continued)

ACWI ex- U.S. Index Master Portfolio

(Percentages shown are based on Net Assets)


Common Stocks	Shares		Value
Indonesia (concluded)
XL Axiata Tbk PT		82,000	$	27,245

				4,306,882
Ireland — 0.6%
Bank of Ireland (b)		1,235,608		471,444
CRH PLC		31,400		821,199
Experian PLC		37,841		626,382
James Hardie Industries SE		13,437		155,437
Kerry Group PLC, Class A		5,274		354,429
Shire PLC		25,045		1,996,664

				4,425,555
Israel — 0.4%
Bank Hapoalim BM		66,126		317,958
Bank Leumi Le-Israel BM (b)		44,483		164,955
Bezeq The Israeli Telecommunication Corp. Ltd.		66,621		124,058
Delek Group Ltd.		69		17,757
Israel Chemicals Ltd.		18,197		129,240
The Israel Corp. Ltd.		40		13,933
Mizrahi Tefahot Bank Ltd. (b)		8,332		84,551
NICE Systems Ltd.		2,571		156,930
Teva Pharmaceutical Industries Ltd.		34,629		2,164,216

				3,173,598
Italy — 1.5%
Assicurazioni Generali SpA		43,651		858,273
Atlantia SpA		18,712		491,384
Banca Monte dei Paschi di Siena SpA (b)		197,979		131,396
Banco Popolare SC (b)		14,013		218,142
Enel Green Power SpA		101,500		189,263
Enel SpA		255,227		1,152,968
Eni SpA		98,245		1,700,439
Exor SpA		3,768		170,917
Finmeccanica SpA (b)		15,326		182,044
Intesa Sanpaolo SpA		527,913		1,781,950
Luxottica Group SpA		5,894		373,300
Mediobanca SpA		19,428		185,878
Pirelli & C SpA		9,574		158,476
Prysmian SpA		10,105		208,263
Saipem SpA (b)		17,006		172,985
Snam SpA		95,547		463,798
Telecom Italia SpA (b)		423,292		495,633
Telecom Italia SpA, Non- Convertible Savings Shares		219,492		206,392
Tenaris SA		23,292		326,508
Terna — Rete Elettrica Nazionale SpA		46,233		203,584
UniCredit SpA		174,683		1,184,577
Unione di Banche Italiane SCpA		40,601		316,651


Common Stocks	Shares		Value
Italy (concluded)
UnipolSai SpA		18,299	$	53,245

				11,226,066
Japan — 15.7%
ABC-Mart, Inc.		300		17,546
Acom Co. Ltd. (b)		5,700		19,766
Advantest Corp.		12,400		156,332
Aeon Co. Ltd.		23,500		257,781
AEON Financial Service Co. Ltd. (a)		4,000		100,905
Aeon Mall Co. Ltd.		5,190		102,778
Air Water, Inc.		4,000		71,431
Aisin Seiki Co. Ltd.		6,900		250,162
Ajinomoto Co., Inc.		25,000		548,461
Alfresa Holdings Corp.		4,000		56,365
Amada Co. Ltd.		12,700		122,310
ANA Holdings, Inc. (a)		52,000		139,213
Aozora Bank Ltd.		46,000		163,050
Asahi Glass Co. Ltd. (a)		35,000		229,250
Asahi Group Holdings Ltd.		16,400		520,018
Asahi Kasei Corp.		48,000		458,382
Asics Corp.		6,100		165,995
Astellas Pharma, Inc.		84,500		1,384,523
The Bank of Kyoto Ltd.		8,000		83,847
The Bank of Yokohama Ltd.		56,000		327,972
Benesse Holdings, Inc.		1,100		34,604
Bridgestone Corp.		26,300		1,053,050
Brother Industries Ltd.		7,500		119,159
Calbee, Inc.		3,500		151,942
Canon, Inc.		45,400		1,606,310
Casio Computer Co. Ltd. (a)		8,100		153,427
Central Japan Railway Co.		5,900		1,066,245
The Chiba Bank Ltd.		23,000		168,568
Chiyoda Corp. (a)		9,000		76,883
Chubu Electric Power Co., Inc.		23,700		282,597
Chugai Pharmaceutical Co. Ltd.		9,000		284,048
The Chugoku Bank Ltd.		4,000		59,728
The Chugoku Electric Power Co., Inc.		14,700		191,619
Citizen Holdings Co. Ltd.		14,200		108,835
COLOPL, Inc. (a)		1,500		32,335
Credit Saison Co. Ltd.		7,700		138,129
Dai Nippon Printing Co. Ltd.		26,000		252,541
The Dai-ichi Life Insurance Co. Ltd.		43,100		625,170
Daicel Corp.		7,000		83,437
Daihatsu Motor Co. Ltd. (a)		8,100		123,894
Daiichi Sankyo Co. Ltd. (a)		29,200		464,014
Daikin Industries Ltd. (a)		9,900		661,855
Daito Trust Construction Co. Ltd.		2,500		279,164
Daiwa House Industry Co. Ltd.		26,300		518,380
Daiwa Securities Group, Inc.		73,000		574,648
Denso Corp.		19,400		884,355
Dentsu, Inc.		8,900		380,729
Don Quijote Co. Ltd.		2,200		178,834



44	MASTER INVESTMENT PORTFOLIO	MARCH 31, 2015

Schedule of Investments (continued)

ACWI ex- U.S. Index Master Portfolio

(Percentages shown are based on Net Assets)


Common Stocks	Shares		Value
Japan (continued)
East Japan Railway Co.		14,700	$	1,177,969
Eisai Co. Ltd. (a)		10,100		718,391
Electric Power Development Co. Ltd.		7,100		239,178
FamilyMart Co. Ltd. (a)		1,400		58,658
FANUC Corp.		7,800		1,702,847
Fast Retailing Co. Ltd.		2,200		850,648
Fuji Electric Co. Ltd.		13,000		61,334
Fuji Heavy Industries Ltd.		24,000		796,709
FUJIFILM Holdings Corp.		17,800		633,263
Fujitsu Ltd.		86,000		586,489
Fukuoka Financial Group, Inc.		25,000		128,562
GungHo Online Entertainment, Inc.		8,800		34,377
The Gunma Bank Ltd.		8,000		54,044
The Hachijuni Bank Ltd.		10,000		70,511
Hakuhodo DY Holdings, Inc.		5,800		61,661
Hamamatsu Photonics KK		6,400		192,910
Hankyu Hanshin Holdings, Inc.		37,000		228,564
Hikari Tsushin, Inc.		1,800		116,578
Hino Motors Ltd.		8,600		122,366
Hirose Electric Co. Ltd.		735		94,632
The Hiroshima Bank Ltd.		22,000		118,566
Hisamitsu Pharmaceutical Co., Inc. (a)		1,100		45,178
Hitachi Chemical Co. Ltd.		1,600		34,166
Hitachi Construction Machinery Co. Ltd. (a)		4,600		80,298
Hitachi High-Technologies Corp.		1,600		48,692
Hitachi Ltd.		210,000		1,434,269
Hitachi Metals Ltd.		8,000		122,612
Hokuhoku Financial Group, Inc.		29,000		64,643
Hokuriku Electric Power Co.		15,000		198,487
Honda Motor Co. Ltd.		67,700		2,209,926
Hoya Corp.		16,700		668,573
Hulic Co. Ltd.		9,000		101,124
Ibiden Co. Ltd.		2,300		38,773
Idemitsu Kosan Co. Ltd. (a)		2,400		41,799
IHI Corp.		45,000		210,408
Iida Group Holdings Co. Ltd.		6,800		84,595
Inpex Corp.		36,800		405,491
Isetan Mitsukoshi Holdings Ltd.		11,200		185,055
Isuzu Motors Ltd.		25,100		333,014
ITOCHU Corp.		65,200		705,586
Itochu Techno-Solutions Corp.		6,000		124,466
The Iyo Bank Ltd.		8,700		103,176
J. Front Retailing Co. Ltd.		9,700		152,277
Japan Airlines Co. Ltd.		5,100		158,647
Japan Display, Inc. (a)(b)		27,800		99,186
Japan Exchange Group, Inc.		11,000		318,481
Japan Prime Realty Investment Corp.		41		141,190
Japan Real Estate Investment Corp.		56		263,401


Common Stocks	Shares		Value
Japan (continued)
Japan Retail Fund Investment Corp.		80	$	158,967
Japan Tobacco, Inc.		44,500		1,406,861
JFE Holdings, Inc.		22,200		490,023
JGC Corp.		7,000		139,002
The Joyo Bank Ltd.		14,000		71,948
JSR Corp.		6,300		109,098
JTEKT Corp.		6,900		107,581
JX Holdings, Inc.		104,000		400,156
Kajima Corp.		31,000		143,723
Kakaku.com, Inc. (a)		7,400		122,794
Kamigumi Co. Ltd.		18,000		169,923
Kaneka Corp.		19,000		133,580
The Kansai Electric Power Co., Inc. (b)		23,100		220,163
Kansai Paint Co. Ltd.		8,000		145,598
Kao Corp.		21,400		1,068,588
Kawasaki Heavy Industries Ltd.		52,000		262,341
KDDI Corp.		70,800		1,599,551
Keihan Electric Railway Co. Ltd. (a)		15,000		91,287
Keikyu Corp.		22,000		175,850
Keio Corp.		27,000		211,465
Keisei Electric Railway Co. Ltd.		7,000		86,880
Keyence Corp.		1,820		993,168
Kikkoman Corp. (a)		5,000		158,546
Kintetsu Corp.		58,000		212,795
Kirin Holdings Co. Ltd.		35,400		464,316
Kobe Steel Ltd.		126,000		232,396
Koito Manufacturing Co. Ltd.		3,500		105,241
Komatsu Ltd.		38,000		744,902
Konami Corp. (a)		1,900		35,545
Konica Minolta, Inc.		16,300		165,190
Kubota Corp.		45,000		710,951
Kuraray Co. Ltd.		12,600		170,601
Kurita Water Industries Ltd.		7,400		178,778
Kyocera Corp.		13,100		715,951
Kyowa Hakko Kirin Co. Ltd.		12,000		156,418
Kyushu Electric Power Co., Inc. (b)		13,300		128,860
Lawson, Inc. (a)		2,600		180,232
LIXIL Group Corp.		9,700		229,558
M3, Inc.		9,700		205,784
Mabuchi Motor Co. Ltd.		2,300		121,674
Makita Corp.		4,300		222,827
Marubeni Corp.		74,000		427,830
Marui Group Co. Ltd.		9,500		107,651
Maruichi Steel Tube Ltd. (a)		4,400		104,148
Mazda Motor Corp.		22,500		455,891
McDonald’s Holdings Co. Japan Ltd. (a)		1,500		33,242
Medipal Holdings Corp.		3,000		39,102
Meiji Holdings Co. Ltd.		2,500		304,524
Minebea Co. Ltd.		12,000		188,741
Miraca Holdings, Inc.		2,400		110,335



MASTER INVESTMENT PORTFOLIO	MARCH 31, 2015	45

Schedule of Investments (continued)

ACWI ex- U.S. Index Master Portfolio

(Percentages shown are based on Net Assets)


Common Stocks	Shares		Value
Japan (continued)
Mitsubishi Chemical Holdings Corp.		55,100	$	319,859
Mitsubishi Corp.		55,600		1,117,217
Mitsubishi Electric Corp.		76,000		902,232
Mitsubishi Estate Co. Ltd.		51,000		1,182,789
Mitsubishi Gas Chemical Co., Inc.		31,000		152,560
Mitsubishi Heavy Industries Ltd.		124,000		682,282
Mitsubishi Logistics Corp. (a)		2,000		31,127
Mitsubishi Materials Corp.		37,000		124,329
Mitsubishi Motors Corp.		21,000		189,352
Mitsubishi Tanabe Pharma Corp.		11,400		195,571
Mitsubishi UFJ Financial Group, Inc.		510,400		3,161,117
Mitsubishi UFJ Lease & Finance Co. Ltd.		11,500		56,831
Mitsui & Co. Ltd.		70,000		937,452
Mitsui Chemicals, Inc.		37,000		118,651
Mitsui Fudosan Co. Ltd.		39,000		1,145,352
Mitsui OSK Lines Ltd. (a)		47,000		159,409
Mixi, Inc. (a)		1,800		72,763
Mizuho Financial Group, Inc.		935,200		1,643,592
MS&AD Insurance Group Holdings, Inc.		20,500		573,918
Murata Manufacturing Co. Ltd.		8,200		1,126,181
Nabtesco Corp.		3,900		112,668
Nagoya Railroad Co. Ltd.		31,000		123,785
Namco Bandai Holdings, Inc.		6,600		128,462
NEC Corp.		58,000		170,370
Nexon Co. Ltd.		1,500		15,974
NGK Insulators Ltd.		11,000		234,372
NGK Spark Plug Co. Ltd.		8,500		228,174
NH Foods Ltd.		8,000		184,349
NHK Spring Co. Ltd.		14,000		145,643
Nidec Corp. (a)		9,400		623,988
Nikon Corp. (a)		13,300		178,333
Nintendo Co. Ltd. (a)		4,300		630,917
Nippon Building Fund, Inc.		50		245,626
Nippon Electric Glass Co. Ltd.		9,000		43,985
Nippon Express Co. Ltd.		31,000		173,207
Nippon Paint Co. Ltd.		6,000		219,340
Nippon Prologis REIT, Inc.		53		116,673
Nippon Steel & Sumitomo Metal		315,475		793,231
Nippon Telegraph & Telephone Corp.		15,500		956,831
Nippon Yusen KK		59,000		169,727
Nissan Motor Co. Ltd.		98,400		1,000,781
Nisshin Seifun Group, Inc.		3,300		38,842
Nissin Foods Holdings Co. Ltd.		3,500		172,011
Nitori Holdings Co. Ltd.		2,900		196,311
Nitto Denko Corp.		6,600		440,708
NOK Corp.		2,000		60,135
Nomura Holdings, Inc.		144,900		851,089
Nomura Real Estate Holdings, Inc.		5,200		93,648


Common Stocks	Shares		Value
Japan (continued)
Nomura Research Institute Ltd.		3,700	$	139,010
NSK Ltd.		17,000		248,125
NTT Data Corp.		4,900		212,819
NTT DoCoMo, Inc.		63,300		1,106,232
NTT Urban Development Corp.		2,400		23,973
Obayashi Corp.		23,000		149,087
Odakyu Electric Railway Co. Ltd. (a)		21,000		213,884
Oji Holdings Corp.		16,000		65,465
Olympus Corp. (a)(b)		9,900		367,048
Omron Corp.		8,900		400,937
Ono Pharmaceutical Co. Ltd. (a)		3,400		383,669
Oracle Corp. Japan		700		30,124
Oriental Land Co. Ltd.		7,600		575,457
ORIX Corp.		54,000		758,760
Osaka Gas Co. Ltd.		68,000		284,361
Otsuka Corp.		1,200		51,138
Otsuka Holdings Co. Ltd.		15,100		472,383
Panasonic Corp.		91,400		1,200,268
Park24 Co. Ltd.		8,400		171,862
Rakuten, Inc.		30,700		540,570
Recruit Holdings Co. Ltd.		5,800		180,968
Resona Holdings, Inc.		98,300		487,840
Ricoh Co. Ltd.		31,300		340,338
Rinnai Corp.		900		66,700
Rohm Co. Ltd.		3,400		232,332
Sankyo Co. Ltd.		700		24,862
Sanrio Co. Ltd. (a)		4,800		128,221
Santen Pharmaceutical Co. Ltd.		14,500		211,494
SBI Holdings, Inc.		8,850		107,133
Secom Co. Ltd.		9,000		600,302
Sega Sammy Holdings, Inc.		6,900		100,536
Seibu Holdings, Inc. (a)		6,200		160,158
Seiko Epson Corp. (a)		9,800		173,571
Sekisui Chemical Co. Ltd.		19,000		246,525
Sekisui House Ltd.		22,600		328,153
Seven & I Holdings Co. Ltd.		30,000		1,260,698
Seven Bank Ltd. (a)		27,800		137,074
Sharp Corp. (a)(b)		54,000		105,770
Shikoku Electric Power Co., Inc. (b)		8,000		98,462
Shimadzu Corp.		11,000		122,506
Shimamura Co. Ltd.		900		83,359
Shimano, Inc.		3,500		520,107
Shimizu Corp.		19,000		128,455
Shin-Etsu Chemical Co. Ltd.		16,400		1,070,725
Shinsei Bank Ltd. (a)		61,000		121,289
Shionogi & Co. Ltd.		10,900		362,867
Shiseido Co. Ltd. (a)		14,500		257,231
The Shizuoka Bank Ltd.		20,000		199,473
Showa Shell Sekiyu KK (a)		13,900		126,957
SMC Corp.		2,200		655,080
Softbank Corp.		38,400		2,236,393
Sompo Japan Nipponkoa Holdings, Inc.		15,200		472,543



46	MASTER INVESTMENT PORTFOLIO	MARCH 31, 2015

Schedule of Investments (continued)

ACWI ex- U.S. Index Master Portfolio

(Percentages shown are based on Net Assets)


Common Stocks	Shares		Value
Japan (continued)
Sony Corp. (b)		47,100	$	1,259,624
Sony Financial Holdings, Inc.		6,900		110,993
Stanley Electric Co. Ltd.		5,100		115,119
Sumitomo Chemical Co. Ltd.		58,000		297,682
Sumitomo Corp.		50,200		535,682
Sumitomo Dainippon Pharma Co. Ltd. (a)		3,900		46,192
Sumitomo Electric Industries Ltd.		34,700		454,863
Sumitomo Heavy Industries Ltd.		20,000		130,886
Sumitomo Metal Mining Co. Ltd.		22,000		321,546
Sumitomo Mitsui Financial Group, Inc.		51,500		1,972,686
Sumitomo Mitsui Trust Holdings, Inc.		146,000		606,495
Sumitomo Realty & Development Co. Ltd.		14,000		504,019
Sumitomo Rubber Industries Ltd.		4,300		79,263
Suntory Beverage & Food Ltd.		6,300		269,760
Suruga Bank Ltd.		8,300		172,363
Suzuken Co. Ltd.		1,870		56,999
Suzuki Motor Corp.		15,000		450,513
Sysmex Corp.		5,100		282,779
T&D Holdings, Inc.		20,300		278,843
Taiheiyo Cement Corp.		49,000		149,611
Taisei Corp.		38,000		214,483
Taisho Pharmaceutical Holdings Co. Ltd.		800		59,442
Taiyo Nippon Sanso Corp. (a)		4,000		54,431
Takashimaya Co. Ltd.		13,000		127,707
Takeda Pharmaceutical Co. Ltd.		31,700		1,582,397
TDK Corp.		4,900		346,957
Teijin Ltd.		31,000		105,177
Terumo Corp.		13,400		352,995
THK Co. Ltd.		4,000		101,643
Tobu Railway Co. Ltd.		57,000		270,050
Toho Co. Ltd.		5,000		122,254
Toho Gas Co. Ltd. (a)		18,000		104,925
Tohoku Electric Power Co., Inc.		15,700		178,327
Tokio Marine Holdings, Inc.		28,000		1,056,910
The Tokyo Electric Power Co., Inc. (b)		50,500		191,140
Tokyo Electron Ltd.		7,000		485,546
Tokyo Gas Co. Ltd.		101,000		634,960
Tokyo Tatemono Co. Ltd.		16,000		117,221
Tokyu Corp.		36,000		222,724
Tokyu Fudosan Holdings Corp.		16,800		114,586
TonenGeneral Sekiyu KK		7,000		60,369
Toppan Printing Co. Ltd.		23,000		176,924
Toray Industries, Inc.		65,000		544,048
Toshiba Corp.		165,000		691,360
Toto Ltd. (a)		11,000		163,338
Toyo Seikan Kaisha Ltd. (a)		3,500		51,193
Toyo Suisan Kaisha Ltd.		2,900		102,029
Common Stocks	Shares		Value
Japan (concluded)
Toyoda Gosei Co. Ltd.		4,300	$	95,989
Toyota Industries Corp.		6,100		348,901
Toyota Motor Corp.		111,700		7,797,076
Toyota Tsusho Corp.		10,200		269,867
Trend Micro, Inc.		4,200		138,392
Unicharm Corp.		15,000		392,700
United Urban Investment Corp.		99		154,333
USS Co. Ltd.		12,100		209,083
West Japan Railway Co.		7,600		398,471
Yahoo! Japan Corp. (a)		54,500		224,795
Yakult Honsha Co. Ltd.		3,400		236,853
Yamada Denki Co. Ltd.		39,300		161,835
Yamaguchi Financial Group, Inc. (a)		4,000		45,973
Yamaha Corp.		5,700		99,536
Yamaha Motor Co. Ltd.		10,700		257,770
Yamato Holdings Co. Ltd.		12,800		295,023
Yamato Kogyo Co. Ltd.		4,200		101,236
Yamazaki Baking Co. Ltd.		7,000		126,128
Yaskawa Electric Corp. (a)		8,100		118,375
Yokogawa Electric Corp. (a)		8,400		90,498
The Yokohama Rubber Co. Ltd.		10,000		103,081

				116,352,960
Luxembourg — 0.1%
Altice SA (b)		3,302		358,065
RTL Group SA		1,615		155,299

				513,364
Malaysia — 0.7%
AirAsia Bhd		60,100		38,622
Alliance Financial Group Bhd		90,800		117,309
AMMB Holdings Bhd		68,900		118,184
Astro Malaysia Holdings Bhd		29,600		25,534
Axiata Group Bhd		89,900		171,745
Berjaya Sports Toto Bhd		117,638		106,727
British American Tobacco Malaysia Bhd		3,100		57,465
Bumi Armada Bhd (b)		45,600		12,656
CIMB Group Holdings Bhd		239,100		401,385
Dialog Group BHD		142,134		60,502
DiGi.Com Bhd		113,000		192,081
Felda Global Ventures Holdings Bhd		89,900		52,603
Gamuda Bhd		39,600		54,532
Genting Bhd		78,100		189,564
Genting Malaysia Bhd		106,100		121,058
Genting Plantations Bhd		10,000		27,380
Hong Leong Bank Bhd		14,040		54,060
Hong Leong Financial Group Bhd		7,000		31,980
IHH Healthcare Bhd		96,200		156,112
IJM Corp. Bhd		89,100		173,101
IOI Corp. Bhd		102,200		126,663



MASTER INVESTMENT PORTFOLIO	MARCH 31, 2015	47

Schedule of Investments (continued)

ACWI ex- U.S. Index Master Portfolio

(Percentages shown are based on Net Assets)


Common Stocks	Shares		Value
Malaysia (concluded)
IOI Properties Group Sdn Bhd		23,273	$	13,679
Kuala Lumpur Kepong Bhd		17,500		107,783
Lafarge Malayan Cement Bhd		17,500		46,544
Malayan Banking Bhd		201,200		506,892
Malaysia Airports Holdings Bhd		11,300		21,353
Maxis Bhd		66,600		129,086
MISC Bhd		27,400		62,685
Petronas Chemicals Group Bhd		126,000		191,488
Petronas Dagangan Bhd		6,100		32,953
Petronas Gas Bhd		27,300		169,690
PPB Group Bhd		12,600		52,314
Public Bank BHD		113,320		577,692
RHB Capital Bhd		12,900		27,543
Sapurakencana Petroleum Bhd		220,700		140,354
Sime Darby Bhd		108,300		271,059
Telekom Malaysia Bhd		20,200		39,549
Tenaga Nasional Bhd		162,200		628,003
UEM Land Holdings Bhd		242,200		90,041
UMW Holdings Bhd		10,900		31,941
YTL Corp. Bhd		113,160		51,027
YTL Power International Bhd		42,000		16,999

				5,497,938
Malta — 0.0%
Brait SE (b)		6,500		44,748
Mexico — 1.0%
Alfa SAB de CV, Series A (b)		100,500		202,931
America Movil SAB de CV, Series L		1,336,800		1,372,425
Arca Continental SAB de CV (b)		15,972		98,103
Cemex SAB de CV (b)		523,720		496,819
Coca-Cola Femsa SAB de CV, Series L		12,800		102,175
Controladora Comercial Mexicana SAB de CV		6,300		20,246
El Puerto de Liverpool SAB de CV, Series C1 (b)		4,400		51,925
Fibra Uno Administracion SA de CV		78,700		208,494
Fomento Economico Mexicano SAB de CV (b)		82,600		774,962
Genomma Lab Internacional SAB de CV, Series B (b)		21,500		20,367
Gentera SAB de CV (b)		37,100		66,813
Gruma SAB de CV		10,000		126,948
Grupo Aeroportuario del Pacifico SAB de CV, Class B		6,700		43,924
Grupo Aeroportuario del Sureste SAB de CV, Class B (b)		3,600		48,505
Grupo Bimbo SAB de CV, Series A (b)		64,700		183,494
Grupo Carso SAB de CV, Series A1		14,900		61,921
Grupo Comercial Chedraui SA de CV (b)		41,000		124,047
Common Stocks	Shares		Value
Mexico (concluded)
Grupo Financiero Banorte SAB de CV, Series O		110,000	$	638,358
Grupo Financiero Inbursa SAB de CV, Series O		99,700		251,775
Grupo Financiero Santander Mexico SAB de CV, Series B		92,800		202,896
Grupo Lala SAB de CV		9,900		20,088
Grupo Mexico SAB de CV, Series B		151,223		446,625
Grupo Televisa SAB CPO (b)		109,200		721,629
Industrias Penoles SAB de CV		2,850		49,592
Kimberly-Clark de Mexico SAB de CV, Class A		36,900		77,363
Mexichem SAB de CV		35,730		93,322
Minera Frisco SAB de CV, Series A1 (b)		81,100		87,462
OHL Mexico SAB de CV (b)		42,200		80,258
Promotora y Operadora de Infraestructura SAB de CV (b)		9,700		103,471
Wal-Mart de Mexico SAB de CV		233,200		582,637

				7,359,575
Netherlands — 3.0%
Aegon NV		75,109		593,035
Akzo Nobel NV		9,777		739,235
ASML Holding NV		14,122		1,431,682
CNH Industrial NV (a)		45,146		369,984
Delta Lloyd NV		8,296		156,462
Gemalto NV (a)		2,808		223,737
Heineken Holding NV		5,586		384,397
Heineken NV		9,277		708,083
ING Groep NV CVA (b)		153,173		2,243,675
Koninklijke Ahold NV		35,466		698,888
Koninklijke Boskalis Westminster NV		2,923		144,071
Koninklijke DSM NV		7,134		397,609
Koninklijke KPN NV		148,504		503,377
Koninklijke Philips Electronics NV		36,831		1,044,894
Koninklijke Vopak NV		2,494		137,636
NN Group NV (b)		7,768		220,221
OCI NV (b)		3,417		105,747
QIAGEN NV (b)		10,835		271,898
Randstad Holding NV		5,180		314,011
Reed Elsevier NV		31,651		788,667
Royal Dutch Shell PLC, Class A		155,282		4,617,633
Royal Dutch Shell PLC, Class B		96,755		3,013,947
TNT Express NV		19,603		124,514
Unilever NV CVA		66,334		2,771,935
Wolters Kluwer NV		10,907		356,164

				22,361,502
New Zealand — 0.1%
Auckland International Airport Ltd.		23,568		79,163
Contact Energy Ltd.		8,655		38,648



48	MASTER INVESTMENT PORTFOLIO	MARCH 31, 2015

Schedule of Investments (continued)

ACWI ex- U.S. Index Master Portfolio

(Percentages shown are based on Net Assets)


Common Stocks	Shares		Value
New Zealand (concluded)
Fletcher Building Ltd.		30,613	$	192,271
Meridian Energy Ltd.		22,039		33,317
Mighty River Power Ltd. (a)		12,773		29,578
Ryman Healthcare Ltd. (a)		13,399		78,414
Spark New Zealand Ltd.		65,332		145,295

				596,686
Norway — 0.5%
DnB NOR ASA (a)		41,116		659,899
Gjensidige Forsikring ASA		7,893		136,188
Norsk Hydro ASA		59,486		312,678
Orkla ASA		34,406		259,673
Seadrill Ltd. (a)		18,960		177,534
Statoil ASA		46,760		826,782
Subsea 7 SA (a)		12,237		105,082
Telenor ASA		28,833		581,861
Yara International ASA		7,531		382,370

				3,442,067
Peru — 0.1%
Compania de Minas Buenaventura SA — ADR		4,924		49,880
Credicorp Ltd.		3,222		453,110
Southern Copper Corp.		9,113		265,917

				768,907
Philippines — 0.3%
Aboitiz Equity Ventures, Inc.		86,410		112,072
Aboitiz Power Corp.		29,200		29,051
Alliance Global Group, Inc.		35,800		21,177
Ayala Corp.		7,510		133,464
Ayala Land, Inc.		269,200		231,396
Bank of the Philippine Islands		45,031		101,184
BDO Unibank, Inc.		59,814		165,756
DMCI Holdings, Inc.		170,000		58,937
Energy Development Corp.		253,900		48,213
Globe Telecom, Inc.		845		38,005
International Container Terminal Services, Inc.		9,550		23,051
JG Summit Holdings, Inc.		82,763		134,235
Jollibee Foods Corp.		12,070		59,354
Megaworld Corp.		250,000		30,323
Metro Pacific Investments Corp.		1,468,000		158,361
Metropolitan Bank & Trust Co.		12,817		27,922
Philippine Long Distance Telephone Co.		3,590		228,369
SM Investments Corp.		6,035		121,368
SM Prime Holdings, Inc.		311,950		139,231
Universal Robina Corp.		34,300		173,258

				2,034,727
Poland — 0.3%
Alior Bank SA (b)		761		16,698
Common Stocks	Shares		Value
Poland (concluded)
Bank Handlowy w Warszawie SA		502	$	14,339
Bank Millennium SA		13,346		23,354
Bank Pekao SA		6,396		309,863
Bank Zachodni WBK SA		1,160		105,491
CCC SA (a)		981		47,282
Cyfrowy Polsat SA		8,953		58,891
Enea SA		3,084		13,444
Energa SA		5,000		32,803
Eurocash SA		9,624		82,968
Getin Noble Bank SA (b)		23,753		10,572
Grupa Azoty SA		1,551		33,144
Grupa Lotos SA (b)		1,964		14,035
KGHM Polska Miedz SA		4,863		153,691
LPP SA		22		41,072
Mbank		573		66,499
Orange Polska SA		11,397		28,640
PGE SA		29,504		162,097
Polski Koncern Naftowy Orlen SA		15,864		247,650
Polskie Gornictwo Naftowe i Gazownictwo SA		93,796		135,928
Powszechna Kasa Oszczednosci Bank Polski SA		34,411		307,993
Powszechny Zaklad Ubezpieczen SA		1,985		256,117
Synthos SA		54,162		62,779
Tauron Polska Energia SA		20,989		24,396

				2,249,746
Portugal — 0.1%
Banco Comercial Portugues SA (b)		1,107,426		113,859
EDP — Energias de Portugal SA		98,734		369,773
Galp Energia SGPS SA		16,902		182,784
Jeronimo Martins SGPS SA		11,973		150,665

				817,081
Qatar — 0.2%
Barwa Real Estate Co.		2,548		31,473
The Commercial Bank of Qatar QSC		2,974		44,917
Doha Bank QSC		2,576		35,536
Gulf International Services OSC		901		23,709
Industries Qatar QSC		5,603		213,557
Masraf Al Rayan		13,978		182,478
Ooredoo QSC		2,666		72,572
Qatar Electricity & Water Co.		1,002		53,662
Qatar Islamic Bank SAQ		1,671		45,479
Qatar National Bank		7,012		372,589
Vodafone Qatar		7,760		37,591

				1,113,563
Russia — 0.8%
AK Transneft OAO, Preference Shares		32		69,478



MASTER INVESTMENT PORTFOLIO	MARCH 31, 2015	49

Schedule of Investments (continued)

ACWI ex- U.S. Index Master Portfolio

(Percentages shown are based on Net Assets)


Common Stocks	Shares		Value
Russia (concluded)
Alrosa AO		57,800	$	70,164
Federal Hydrogenerating Co. JSC		6,552,000		59,112
Gazprom OAO		184,890		440,130
Gazprom OAO — ADR		146,445		689,357
Lukoil OAO		8,118		376,064
Lukoil OAO — ADR		12,169		562,430
Magnit OJSC — GDR		11,460		583,214
MegaFon OAO — GDR		2,296		36,539
MMC Norilsk Nickel		2,403		427,863
Mobile Telesystems — ADR		27,500		277,750
Moscow Exchange MICEX-RTS OAO		63,850		74,482
NovaTek OAO — GDR		3,816		284,839
Rosneft Oil Co.		21,260		91,571
Rosneft Oil Co. OJSC		20,000		85,793
Rostelecom OJSC		42,250		56,517
Sberbank of Russia		205,970		220,863
Sberbank of Russia — ADR		40,000		175,319
Sberbank of Russia, Preference Shares		25,500		19,840
Severstal OAO		10,830		120,249
Sistema JSFC — GDR		2,940		21,756
Surgutneftegas OAO		119,550		72,058
Surgutneftegas OAO — ADR		24,155		148,159
Surgutneftegas OAO, Preference Shares		268,700		203,760
Tatneft OAO		50,780		244,676
Uralkali OJSC		22,930		60,865
Uralkali PJSC — GDR		8,086		107,683
VTB Bank OJSC		86,510,000		89,004
VTB Bank OJSC — GDR		50,000		100,467

				5,770,002
Singapore — 1.0%
Ascendas Real Estate Investment Trust (a)		77,000		145,240
CapitaCommercial Trust		80,000		102,977
CapitaLand Ltd.		107,200		279,424
CapitaMall Trust		85,000		136,078
City Developments Ltd.		14,000		102,616
ComfortDelGro Corp. Ltd.		69,000		145,356
DBS Group Holdings Ltd.		68,984		1,022,885
Genting Singapore PLC		233,000		155,791
Global Logistic Properties Ltd.		130,000		250,912
Golden Agri-Resources Ltd.		270,000		83,554
Hutchison Port Holdings Trust		309,000		214,494
Jardine Cycle & Carriage Ltd.		4,000		119,475
Keppel Corp. Ltd. (a)		63,000		412,779
Noble Group Ltd.		131,000		87,749
Oversea-Chinese Banking Corp. Ltd.		121,549		935,977
SembCorp Industries Ltd.		40,000		122,796
SembCorp Marine Ltd. (a)		21,000		44,573
Singapore Airlines Ltd.		28,600		249,007


Common Stocks	Shares		Value
Singapore (concluded)
Singapore Exchange Ltd.		29,000	$	171,951
Singapore Press Holdings Ltd. (a)		30,876		94,251
Singapore Technologies Engineering Ltd.		57,000		144,546
Singapore Telecommunications Ltd.		331,700		1,058,467
StarHub Ltd.		41,600		131,882
Suntec Real Estate Investment Trust		86,000		116,147
United Overseas Bank Ltd.		51,400		861,575
UOL Group Ltd.		22,000		122,439
Wilmar International Ltd.		108,500		257,577
Yangzijiang Shipbuilding Holdings Ltd.		44,000		40,453

				7,610,971
South Africa — 1.6%
African Bank Investments Ltd. (b)		20,398		17
African Rainbow Minerals Ltd.		12,161		98,909
Anglo American Platinum Ltd. (b)		832		20,368
AngloGold Ashanti Ltd. (b)		19,921		187,823
Aspen Pharmacare Holdings Ltd. (b)		14,282		451,261
Assore Ltd. (a)(d)		9,388		102,635
Barclays Africa Group Ltd.		16,075		244,986
Barloworld Ltd.		5,200		39,678
Bidvest Group Ltd.		11,167		302,068
Coronation Fund Managers Ltd.		2,870		23,198
Discovery Holdings Ltd. (d)		20,054		205,817
Exxaro Resources Ltd.		3,809		31,452
FirstRand Ltd.		145,992		671,131
The Foschini Group Ltd.		3,762		55,933
Gold Fields Ltd.		44,433		184,265
Growthpoint Properties Ltd.		68,757		162,342
Impala Platinum Holdings Ltd. (b)		29,321		141,783
Imperial Holdings Ltd.		3,661		58,044
Investec Ltd.		7,549		62,471
Kumba Iron Ore Ltd.		1,303		16,731
Liberty Holdings Ltd.		1,922		26,598
Life Healthcare Group Holdings Ltd.		20,533		71,514
Massmart Holdings Ltd.		4,180		51,560
Mediclinic International Ltd.		14,228		142,845
MMI Holdings Ltd.		20,454		55,347
Mr. Price Group Ltd.		10,819		231,398
MTN Group Ltd.		66,928		1,128,215
Nampak Ltd.		15,329		51,354
Naspers Ltd., Class N		15,855		2,432,012
Nedbank Group Ltd.		13,358		261,623
Netcare Ltd.		21,846		74,916
Pick n Pay Stores Ltd.		18,237		74,284
PPC Ltd.		16,592		25,070
Redefine Properties Ltd.		77,451		79,092



50	MASTER INVESTMENT PORTFOLIO	MARCH 31, 2015

Schedule of Investments (continued)

ACWI ex- U.S. Index Master Portfolio

(Percentages shown are based on Net Assets)


Common Stocks	Shares		Value
South Africa (concluded)
Remgro Ltd.		20,419	$	446,839
Resilient Property Income Fund, Ltd.		17,014		145,886
RMB Holdings Ltd.		17,898		102,955
RMI Holdings		15,066		57,370
Sanlam Ltd.		82,009		528,531
Sappi Ltd. (b)		10,017		40,410
Sasol Ltd.		23,677		799,420
Shoprite Holdings Ltd.		16,621		224,718
The Spar Group Ltd.		4,305		66,852
Standard Bank Group Ltd.		52,204		721,402
Steinhoff International Holdings Ltd. (a)		94,630		592,269
Telkom SA SOC Ltd. (b)		5,129		33,454
Tiger Brands Ltd.		7,701		193,776
Truworths International Ltd. (a)		9,001		65,335
Tsogo Sun Holdings Ltd. (d)		25,000		56,888
Vodacom Group Ltd. (a)		14,966		163,472
Woolworths Holdings Ltd.		31,891		226,098

				12,232,415
South Korea — 3.2%
Amorepacific Corp.		117		353,514
Amorepacific Group		88		118,907
BS Financial Group, Inc.		6,269		85,730
Celltrion, Inc. (b)		4,209		264,391
Cheil Industries, Inc. (b)		1,314		176,439
Cheil Worldwide, Inc. (b)		1,700		36,828
CJ CheilJedang Corp.		189		64,335
CJ Corp.		314		49,755
CJ Korea Express Co., Ltd. (b)		414		72,749
Coway Co., Ltd.		1,699		139,836
Daelim Industrial Co., Ltd.		494		28,692
Daewoo Engineering & Construction Co., Ltd. (b)		19,237		137,172
Daewoo International Corp.		1,160		27,699
Daewoo Securities Co., Ltd.		5,560		64,647
Daewoo Shipbuilding & Marine Engineering Co., Ltd.		5,365		87,232
Daum Communications Corp.		1,108		115,093
DGB Financial Group, Inc.		2,201		23,987
Dongbu Insurance Co., Ltd.		1,160		51,651
Doosan Corp.		436		45,725
Doosan Heavy Industries & Construction Co., Ltd.		776		19,750
Doosan Infracore Co., Ltd. (b)		3,880		41,530
E-Mart Co., Ltd.		644		134,991
GS Engineering & Construction Corp. (b)		969		26,307
GS Holdings		1,216		46,968
Halla Visteon Climate Control Corp.		750		25,900
Hana Financial Group, Inc.		10,202		263,900
Hankook Tire Co., Ltd.		4,552		185,731
Common Stocks	Shares		Value
South Korea (continued)
Hanssem Co., Ltd.		731	$	121,463
Hanwha Chemical Corp.		1,740		22,822
Hanwha Corp.		4,520		147,660
Hanwha Life Insurance Co., Ltd.		7,120		47,245
Hite Jinro Co., Ltd.		5,394		107,837
Hotel Shilla Co., Ltd.		1,174		103,406
Hyosung Corp.		1,140		88,902
Hyundai Department Store Co., Ltd.		314		42,095
Hyundai Development Co- Engineering & Construction		2,250		115,337
Hyundai Engineering & Construction Co., Ltd.		1,666		75,428
Hyundai Glovis Co., Ltd.		1,138		231,349
Hyundai Heavy Industries Co., Ltd. (b)		1,622		178,103
Hyundai Marine & Fire Insurance Co., Ltd.		1,200		26,829
Hyundai Merchant Marine Co., Ltd. (b)		13,543		110,351
Hyundai Mipo Dockyard (b)		1,198		82,138
Hyundai Mobis		2,830		626,860
Hyundai Motor Co.		5,970		904,107
Hyundai Motor Co., Preference Shares		852		84,997
Hyundai Motor Co., Second Preference Shares		1,756		179,981
Hyundai Steel Co.		2,195		144,077
Hyundai Wia Corp.		513		65,330
Industrial Bank of Korea		7,630		91,587
Kangwon Land, Inc.		3,703		115,480
KB Financial Group, Inc.		14,508		512,115
KCC Corp.		266		135,483
KEPCO Plant Service & Engineering Co., Ltd.		707		62,109
Kia Motors Corp.		10,215		415,116
Korea Aerospace Industries Ltd.		530		26,916
Korea Electric Power Corp.		10,220		421,163
Korea Gas Corp.		753		27,433
Korea Investment Holdings Co., Ltd.		1,486		84,054
Korea Zinc Co., Ltd.		205		78,386
Korean Air Lines Co., Ltd. (b)		3,387		147,999
KT Corp. (b)		1,200		31,381
KT&G Corp.		3,924		313,722
Kumho Petrochemical Co., Ltd.		423		29,883
LG Chem Ltd.		2,155		437,448
LG Chem Ltd., Preference Shares		179		24,456
LG Corp.		3,574		197,257
LG Display Co., Ltd.		7,483		211,768
LG Electronics, Inc.		4,891		259,241
LG Household & Health Care Ltd.		443		335,809
LG Innotek Co., Ltd.		954		99,691



MASTER INVESTMENT PORTFOLIO	MARCH 31, 2015	51

Schedule of Investments (continued)

ACWI ex- U.S. Index Master Portfolio

(Percentages shown are based on Net Assets)


Common Stocks	Shares		Value
South Korea (concluded)
LG Uplus Corp.		5,020	$	49,732
Lotte Chemical Corp.		1,222		223,272
Lotte Confectionery Co., Ltd.		75		120,650
Lotte Shopping Co., Ltd.		242		51,737
LS Corp.		2,176		101,772
LS Industrial Systems Co., Ltd.		1,994		114,561
Mirae Asset Securities Co., Ltd.		2,793		131,455
NAVER Corp.		1,129		681,129
NCSoft Corp.		540		88,176
OCI Co., Ltd.		1,017		94,517
Orion Corp.		138		143,929
Paradise Co., Ltd.		3,052		66,549
POSCO		2,535		554,070
S-1 Corp.		442		33,395
S-Oil Corp.		1,187		68,654
Samsung C&T Corp.		5,038		269,333
Samsung Card Co., Ltd.		1,210		44,721
Samsung Electro-Mechanics Co., Ltd.		2,177		150,695
Samsung Electronics Co. Ltd.		4,429		5,743,320
Samsung Electronics Co. Ltd., Preference Shares		815		809,260
Samsung Fire & Marine Insurance Co., Ltd.		1,337		322,365
Samsung Heavy Industries Co. Ltd.		4,858		78,885
Samsung Life Insurance Co., Ltd.		2,202		191,618
Samsung SDI Co., Ltd.		2,189		268,847
Samsung SDS Co., Ltd.		1,231		296,229
Samsung Securities Co., Ltd.		1,280		59,861
Shinhan Financial Group Co., Ltd.		16,023		601,981
Shinsegae Co., Ltd.		825		125,115
SK C&C Co., Ltd.		1,054		220,667
SK Holdings Co., Ltd.		923		141,231
SK Hynix, Inc.		21,678		885,473
SK Innovation Co., Ltd. (b)		2,314		198,504
SK Networks Co., Ltd.		14,759		108,320
SK Telecom Co. Ltd.		390		95,966
Woori Bank		13,531		114,182
Woori Investment & Securities Co., Ltd.		2,300		29,740
Yuhan Corp.		122		20,557

				23,554,741
Spain — 2.5%
Abertis Infraestructuras SA		17,652		319,052
ACS Actividades de Construccion y
Servicios SA		7,981		282,482
Aena SA (b)(c)		3,133		315,013
Amadeus IT Holding SA, Class A		19,106		818,827
Banco Bilbao Vizcaya Argentaria SA		249,646		2,521,304
Banco de Sabadell SA (a)		140,845		344,134
Banco Popular Espanol SA (a)		71,187		348,186
Common Stocks	Shares		Value
Spain (concluded)
Banco Santander SA		565,074	$	4,244,978
Bankia SA (b)		213,715		297,838
Bankinter SA (a)		24,963		190,327
CaixaBank SA		96,282		456,613
Cemex Latam Holdings SA (b)		9,796		50,864
Distribuidora Internacional de Alimentacion SA		24,444		190,760
Enagas SA		3,839		109,776
Endesa SA		15,827		305,538
Ferrovial SA (a)		18,164		386,204
Gas Natural SDG SA		16,204		363,814
Grifols SA		5,032		215,615
Iberdrola SA		207,829		1,340,196
Inditex SA		44,263		1,421,093
International Consolidated Airlines Group SA (b)		38,441		344,427
Mapfre SA (a)		46,252		168,872
Red Electrica Corp. SA		2,074		168,644
Repsol SA		43,470		809,209
Telefonica SA		174,909		2,488,868
Zardoya Otis SA (a)		4,309		55,613

				18,558,247
Sweden — 2.2%
Alfa Laval AB		10,363		203,533
Assa Abloy AB, Class B		13,933		829,924
Atlas Copco AB, Class A		28,667		928,055
Atlas Copco AB, Class B		14,189		418,993
Boliden AB		11,878		235,298
Electrolux AB, Class B		9,181		262,287
Elekta AB, B Shares (a)		16,131		145,068
Getinge AB, Class B		7,626		188,429
Hennes & Mauritz AB, Class B		37,411		1,515,808
Hexagon AB, Class B		11,240		399,077
Husqvarna AB, Class B		17,215		124,698
ICA Gruppen AB		3,148		105,519
Industrivarden AB, Class C		2,903		54,468
Investment AB Kinnevik, Class B (a)		12,764		426,092
Investor AB, Class B		19,018		757,046
Lundin Petroleum AB (b)		9,142		125,088
Millicom International Cellular SA		3,166		228,930
Nordea Bank AB		122,422		1,491,158
Sandvik AB (a)		44,364		496,790
Securitas AB, Class B		11,724		168,314
Skandinaviska Enskilda Banken AB, Class A		60,301		703,817
Skanska AB, Class B		14,948		335,124
SKF AB, Class B		17,370		448,511
Svenska Cellulosa AB, B Shares		23,686		544,277
Svenska Handelsbanken AB, Class A		20,271		912,935
Swedbank AB, Class A		36,293		866,449



52	MASTER INVESTMENT PORTFOLIO	MARCH 31, 2015

Schedule of Investments (continued)

ACWI ex- U.S. Index Master Portfolio

(Percentages shown are based on Net Assets)


Common Stocks	Shares		Value
Sweden (concluded)
Swedish Match AB		7,580	$	222,872
Tele2 AB, Class B		12,243		146,436
Telefonaktiebolaget LM Ericsson, Class B		124,318		1,560,804
TeliaSonera AB		110,287		700,839
Volvo AB, Class B		61,044		738,768

				16,285,407
Switzerland — 6.9%
ABB Ltd., Registered Shares (b)		89,695		1,902,790
Actelion Ltd., Registered Shares (b)		4,048		466,870
Adecco SA, Registered Shares (b)		7,492		622,761
Aryzta AG (b)		3,776		231,479
Baloise Holding AG, Registered Shares		2,131		281,627
Barry Callebaut AG, Registered Shares (a)(b)		54		52,723
Cie Financiere Richemont SA, Registered Shares		20,980		1,685,762
Coca-Cola HBC AG (b)		7,960		143,188
Credit Suisse Group AG, Registered Shares (b)		62,768		1,688,705
EMS-Chemie Holding AG, Registered Shares		217		88,241
Geberit AG, Registered Shares		1,667		623,817
Givaudan SA, Registered Shares (b)		399		720,852
Glencore PLC (b)		474,060		2,001,357
Holcim Ltd., Registered Shares (b)		9,797		729,900
Julius Baer Group Ltd. (b)		8,909		445,306
Kuehne & Nagel International AG, Registered Shares		2,506		372,069
Lindt & Spruengli AG		33		176,637
Lindt & Spruengli AG, Registered Shares		4		253,043
Lonza Group AG, Registered Shares (b)		2,224		276,884
Nestle SA, Registered Shares		130,417		9,820,709
Novartis AG, Registered Shares		91,625		9,043,431
Pargesa Holding SA, Bearer Shares		734		51,512
Partners Group Holding AG		526		156,815
Roche Holding AG		28,414		7,807,940
Schindler Holding AG, Participation Certificates		1,323		219,567
Schindler Holding AG, Registered Shares		1,208		197,393
SGS SA, Registered Shares		247		470,934
Sika AG — Bearer Shares		69		247,051
Sonova Holding AG, Registered Shares		2,144		297,486
STMicroelectronics NV (a)		31,681		295,236
Sulzer AG, Registered Shares		486		53,347


Common Stocks	Shares		Value
Switzerland (concluded)
The Swatch Group AG, Bearer Shares		1,352	$	571,769
The Swatch Group AG, Registered Shares		1,971		165,196
Swiss Life Holding AG, Registered Shares (b)		1,327		327,831
Swiss Prime Site AG, Registered Shares (b)		2,023		175,652
Swiss Re AG		15,169		1,463,170
Swisscom AG, Registered Shares		990		574,091
Syngenta AG, Registered Shares		3,804		1,292,327
Transocean Ltd. (a)		12,621		181,829
UBS Group AG (b)		145,941		2,736,554
Zurich Insurance Group AG (b)		6,128		2,071,277

				50,985,128
Taiwan — 2.7%
Acer, Inc. (b)		69,504		44,776
Advanced Semiconductor Engineering, Inc.		274,097		371,164
Advantech Co., Ltd.		8,795		66,878
Asia Cement Corp.		57,233		71,910
Asia Pacific Telecom Co., Ltd.		33,000		15,060
Asustek Computer, Inc.		25,220		253,536
AU Optronics Corp.		320,000		160,564
Catcher Technology Co., Ltd.		24,000		250,997
Cathay Financial Holding Co. Ltd.		317,935		506,569
Chailease Holding Co., Ltd.		22,880		56,967
Chang Hwa Commercial Bank		123,172		71,156
Cheng Shin Rubber Industry Co. Ltd.		71,436		163,979
Chicony Electronics Co., Ltd.		15,545		43,495
China Airlines Ltd. (b)		103,687		53,186
China Development Financial Holding Corp.		425,765		147,400
China Life Insurance Co., Ltd.		112,637		98,129
China Motor Corp.		116,000		100,383
China Steel Corp.		390,638		324,289
Chunghwa Telecom Co. Ltd.		185,000		591,242
Clevo Co.		78,805		122,361
Compal Electronics, Inc.		192,000		159,504
CTBC Financial Holding Co. Ltd.		639,499		424,478
CTCI Corp.		81,000		133,556
Delta Electronics, Inc.		87,000		548,225
E.Sun Financial Holding Co., Ltd.		200,046		122,315
Eclat Textile Co., Ltd.		4,160		54,512
Epistar Corp.		48,000		77,169
Eva Airways Corp. (b)		67,689		49,638
Evergreen Marine Corp. Taiwan Ltd. (b)		22,000		16,339
Far Eastern Department Stores Ltd.		122,571		103,477
Far Eastern New Century Corp.		84,909		87,523



MASTER INVESTMENT PORTFOLIO	MARCH 31, 2015	53

Schedule of Investments (continued)

ACWI ex- U.S. Index Master Portfolio

(Percentages shown are based on Net Assets)


Common Stocks	Shares		Value
Taiwan (continued)
Far EasTone Telecommunications Co. Ltd.		50,000	$	120,622
Farglory Land Development Co., Ltd.		35,597		41,000
First Financial Holding Co., Ltd.		233,179		138,471
Formosa Chemicals & Fibre Corp.		134,360		307,644
Formosa International Hotels Corp.		5,331		56,248
Formosa Petrochemical Corp.		36,000		78,775
Formosa Plastics Corp.		165,040		399,847
Formosa Taffeta Co., Ltd.		31,000		32,607
Foxconn Technology Co., Ltd.		42,161		113,043
Fubon Financial Holding Co., Ltd.		257,952		462,390
Giant Manufacturing Co., Ltd.		10,000		96,471
Hermes Microvision, Inc.		1,000		57,532
Highwealth Construction Corp.		33,000		77,832
Hiwin Technologies Corp.		10,555		77,930
Hon Hai Precision Industry Co. Ltd.		506,616		1,482,936
Hotai Motor Co., Ltd.		8,000		123,433
HTC Corp. (b)		27,050		120,395
Hua Nan Financial Holdings Co., Ltd.		154,203		88,098
Innolux Corp.		286,494		142,738
Inotera Memories, Inc. (b)		93,000		123,443
Inventec Co. Ltd.		218,470		157,775
Kinsus Interconnect Technology Corp.		3,000		9,609
Largan Precision Co., Ltd.		4,000		343,872
Lite-On Technology Corp.		98,827		127,844
MediaTek, Inc.		56,255		759,766
Mega Financial Holding Co., Ltd.		356,110		294,984
Merida Industry Co., Ltd.		3,150		24,730
Nan Ya Plastics Corp.		205,790		456,364
Novatek Microelectronics Corp.		23,000		118,701
Pegatron Corp.		67,000		180,769
Phison Electronics Corp.		15,000		124,297
Pou Chen Corp.		92,000		128,551
Powertech Technology, Inc. (b)		70,100		120,469
President Chain Store Corp.		18,000		135,290
Quanta Computer, Inc.		88,000		212,402
Radiant Opto-Electronics Corp.		7,729		24,002
Realtek Semiconductor Corp.		23,240		74,021
Ruentex Development Co., Ltd.		20,109		30,823
Ruentex Industries Ltd.		17,521		38,339
ScinoPharm Taiwan Ltd.		54,617		86,363
Shin Kong Financial Holding Co., Ltd.		281,345		79,915
Siliconware Precision Industries Co.		108,000		178,942
Simplo Technology Co., Ltd.		3,600		18,095
SinoPac Financial Holdings Co., Ltd.		262,795		109,542
Standard Foods Corp.		5,783		14,887
Common Stocks	Shares		Value
Taiwan (concluded)
Synnex Technology International Corp.		30,000	$	40,485
Taishin Financial Holding Co., Ltd.		299,398		127,061
Taiwan Business Bank (b)		118,604		35,973
Taiwan Cement Corp.		105,000		147,778
Taiwan Cooperative Financial Holding Co., Ltd.		171,270		86,671
Taiwan Fertilizer Co., Ltd.		12,000		20,793
Taiwan Glass Industry Corp.		120,720		86,913
Taiwan Mobile Co. Ltd.		52,800		184,597
Taiwan Semiconductor Manufacturing Co. Ltd.		1,011,000		4,698,683
Teco Electric and Machinery Co., Ltd.		39,000		37,065
TPK Holding Co., Ltd.		13,887		96,840
Transcend Information, Inc.		29,000		102,675
U-Ming Marine Transport Corp.		3,000		4,431
Uni-President Enterprises Corp.		196,106		327,729
Unimicron Technology Corp.		145,000		93,765
United Microelectronics Corp.		488,000		241,791
Vanguard International Semiconductor Corp.		11,000		18,672
Walsin Lihwa Corp. (b)		50,000		15,379
Wistron Corp.		118,354		100,424
WPG Holdings Ltd.		28,270		36,375
Yang Ming Marine Transport Corp. (b)		61,000		35,059
Yuanta Financial Holding Co., Ltd.		311,101		156,397
Yulon Motor Co. Ltd.		14,000		19,103
Zhen Ding Technology Holding Ltd.		1,710		5,569

				20,002,812
Thailand — 0.5%
Advanced Info Service PCL — NVDR		47,000		341,564
Airports of Thailand PCL — NVDR		26,500		227,734
Bangkok Bank PCL — NVDR (a)		13,000		73,656
Bangkok Bank PCL, Foreign Registered Shares		22,600		128,790
Bangkok Dusit Medical Services PCL — NVDR		54,300		32,831
Banpu PCL — NVDR (a)		29,500		26,722
BEC World PCL — NVDR		16,900		21,287
BTS Group Holdings PCL		152,700		42,852
Bumrungrad Hospital PCL		8,000		37,343
Central Pattana PCL — NVDR		27,100		35,563
Charoen Pokphand Foods PCL — NVDR		46,200		31,933
CP ALL PCL — NVDR		184,800		232,746
Glow Energy PCL — NVDR		7,600		20,018
Home Product Center PCL		77,655		19,450
Indorama Ventures PCL — NVDR		39,200		31,299
IRPC PCL — NVDR		492,400		65,003
Kasikornbank PCL — NVDR		30,800		216,568



54	MASTER INVESTMENT PORTFOLIO	MARCH 31, 2015

Schedule of Investments (continued)

ACWI ex- U.S. Index Master Portfolio

(Percentages shown are based on Net Assets)


Common Stocks	Shares		Value
Thailand (concluded)
Kasikornbank PCL, Foreign Registered Shares		41,300	$	291,881
Krung Thai Bank PCL — NVDR (a)		143,775		100,722
Minor International PCL		31,800		34,166
PTT Exploration & Production PCL — NVDR		76,522		256,234
PTT Global Chemical PCL — NVDR		52,168		83,743
PTT PCL — NVDR		44,000		436,473
Siam Cement PCL — NVDR		5,700		89,674
Siam Cement PCL, Foreign Registered Shares		15,800		247,639
Siam Commercial Bank PCL — NVDR (a)		82,400		450,658
Thai Oil PCL — NVDR		17,800		28,410
Thai Union Frozen Products PCL		14,800		9,138
TMB Bank PCL		271,500		24,850
True Corp. PCL — NVDR (b)		350,483		134,292

				3,773,239
Turkey — 0.3%
Akbank TAS		98,935		290,228
Anadolu Efes Biracilik Ve Malt Sanayii AS (b)		3,889		32,437
Arcelik AS		3,960		22,813
BIM Birlesik Magazalar AS		8,104		143,575
Coca-Cola Icecek AS		4,750		80,212
Emlak Konut Gayrimenkul Yatirim Ortakligi AS		92,969		105,234
Enka Insaat ve Sanayi AS		14,145		28,266
Eregli Demir ve Celik Fabrikalari TAS (a)		51,754		80,435
Ford Otomotiv Sanayi		2,700		34,777
Haci Omer Sabanci Holding AS		32,457		114,466
KOC Holding AS		17,992		81,839
Petkim Petrokimya Holding		37,514		49,842
TAV Havalimanlari Holding AS		2,171		18,139
Tofas Turk Otomobil Fabrikasi AS		4,704		28,453
Tupras Turkiye Petrol Rafinerileri AS		5,076		120,259
Turk Hava Yollari (b)		26,638		87,874
Turk Telekomunikasyon AS		10,009		26,536
Turkcell Iletisim Hizmetleri AS (b)		33,444		171,537
Turkiye Garanti Bankasi AS		99,617		324,860
Turkiye Halk Bankasi		25,164		123,919
Turkiye Is Bankasi, Class C		88,347		198,830
Turkiye Sise ve Cam Fabrikalari AS		35,591		43,895
Turkiye Vakiflar Bankasi Tao, Class D		29,827		48,680
Ulker Biskuvi Sanayi		3,956		29,627
Common Stocks	Shares		Value
Turkey (concluded)
Yapi ve Kredi Bankasi		65,139	$	99,844

				2,386,577
United Arab Emirates — 0.1%
Abu Dhabi Commercial Bank PJSC		20,031		35,207
Aldar Properties PJSC		61,586		39,604
Arabtec Holding Co. (b)		73,405		45,280
DP World Ltd.		10,522		227,079
Dubai Financial Market		39,225		16,006
Dubai Islamic Bank PJSC		12,579		21,161
Emaar Properties PJSC		172,958		309,487
First Gulf Bank PJSC		37,011		146,992
National Bank of Abu Dhabi PJSC		10,583		34,265

				875,081
United Kingdom — 12.3%
3i Group PLC		35,640		254,659
Aberdeen Asset Management PLC		36,371		247,443
Admiral Group PLC		8,110		183,632
Aggreko PLC		10,191		230,525
AMEC PLC		12,361		165,348
Anglo American PLC		55,256		825,246
Antofagasta PLC		18,675		202,031
ARM Holdings PLC		55,649		903,811
Ashtead Group PLC		18,160		291,246
Associated British Foods PLC		14,028		585,432
AstraZeneca PLC		50,676		3,477,309
Aviva PLC		121,443		971,893
Babcock International Group PLC		7,644		111,510
BAE Systems PLC		128,105		992,758
Barclays PLC		658,258		2,375,998
BG Group PLC		137,054		1,682,165
BHP Billiton PLC		84,339		1,850,845
BP PLC		719,657		4,664,932
British American Tobacco PLC		74,958		3,881,626
British Land Co. PLC		43,145		531,757
BT Group PLC		344,589		2,239,086
Bunzl PLC		15,366		416,595
Burberry Group PLC		19,663		504,955
Capita PLC		29,557		488,601
Carnival PLC		6,665		325,922
Centrica PLC		205,326		767,982
Cobham PLC		41,466		186,791
Compass Group PLC		66,695		1,157,775
Croda International PLC		4,442		180,159
Diageo PLC		98,319		2,716,980
Direct Line Insurance Group PLC		56,366		265,991
Dixons Carphone PLC		35,632		217,919
easyJet PLC		8,921		248,284
Fiat Chrysler Automobiles NV (b)		34,213		555,416
Fresnillo PLC		7,153		72,237
Friends Life Group Ltd.		66,320		406,012
G4S PLC		59,279		259,845



MASTER INVESTMENT PORTFOLIO	MARCH 31, 2015	55

Schedule of Investments (continued)

ACWI ex- U.S. Index Master Portfolio

(Percentages shown are based on Net Assets)


Common Stocks	Shares		Value
United Kingdom (continued)
GKN PLC		63,245	$	335,475
GlaxoSmithKline PLC		192,611		4,433,893
Hammerson PLC		28,123		276,960
Hargreaves Lansdown PLC		8,513		145,208
HSBC Holdings PLC		760,769		6,482,830
ICAP PLC		22,617		176,401
IMI PLC		8,553		161,397
Imperial Tobacco Group PLC		37,906		1,662,794
Inmarsat PLC		16,450		225,276
InterContinental Hotels Group PLC		10,956		427,324
Intertek Group PLC		7,802		288,992
Intu Properties PLC		29,315		151,133
Investec PLC		22,696		188,230
ITV PLC		149,766		560,731
J. Sainsbury PLC (a)		40,957		157,169
Johnson Matthey PLC		9,037		452,783
Kingfisher PLC		102,262		576,969
Land Securities Group PLC		34,381		638,293
Legal & General Group PLC		248,424		1,023,096
Lloyds Banking Group PLC (b)		2,242,366		2,599,208
London Stock Exchange Group PLC		15,659		569,518
Marks & Spencer Group PLC		64,487		510,019
Meggitt PLC		29,906		243,095
Melrose Industries PLC		37,416		153,672
Merlin Entertainments PLC (c)		43,755		286,459
National Grid PLC		149,304		1,919,460
Next PLC		5,898		613,383
Old Mutual PLC		197,933		649,748
Pearson PLC		32,232		693,751
Persimmon PLC (b)		12,698		312,922
Petrofac Ltd.		7,867		110,753
Prudential PLC		102,604		2,546,164
Randgold Resources Ltd.		3,278		227,238
Reckitt Benckiser Group PLC		25,709		2,208,546
Reed Elsevier PLC		47,249		812,584
Rexam PLC		41,271		353,707
Rio Tinto PLC		50,312		2,074,708
Rolls-Royce Holdings PLC (b)		76,030		1,072,323
Royal Bank of Scotland Group PLC (b)		99,459		502,437
Royal Mail PLC		22,777		147,736
RSA Insurance Group PLC		41,822		260,677
SABMiller PLC		39,120		2,049,175
The Sage Group PLC		41,759		288,460
Schroders PLC		6,327		299,719
Segro PLC		24,988		154,306
Severn Trent PLC		8,564		261,052
Sky PLC		39,571		582,168
Smith & Nephew PLC		35,493		605,211
Smiths Group PLC		14,211		235,039
Sports Direct International PLC (b)		11,394		102,402
SSE PLC		40,266		893,621
Standard Chartered PLC		99,999		1,619,655


Common Stocks		Shares		Value
United Kingdom (concluded)
Standard Life PLC			84,003	$	590,263
Tate & Lyle PLC			18,661		165,398
Tesco PLC			329,262		1,175,318
Travis Perkins PLC			9,375		270,685
Tullow Oil PLC			46,858		196,438
Unilever PLC			54,336		2,267,084
United Utilities Group PLC			30,414		420,542
Vodafone Group PLC			1,065,204		3,485,691
The Weir Group PLC			8,705		219,658
Whitbread PLC			7,941		616,618
William Hill PLC			34,609		190,047
WM Morrison Supermarkets PLC			110,313		315,268
Wolseley PLC			9,842		581,706
WPP PLC			52,289		1,187,515
					91,446,817

Total Common Stocks — 98.3%					729,948,970



Corporate Bonds — 0.0%		Par (000)
India — 0.0%
NTPC, Ltd., Series 54, 8.49%, 3/25/25	INR		799		12,970



Rights		Shares
South Africa — 0.0%
Discovery Ltd. (Expires 4/02/15) (b)			662		1,899
Spain — 0.0%
Banco Bilbao Vizcaya Argentaria SA (Expires 4/14/15) (b)			249,646		35,970
Banco de Sabadell SA (Expires 4/17/15) (a)(b)			140,845		35,741
Telefonica SA (Expires 4/10/15) (b)			167,374		26,995

					98,706
Total Rights — 0.0%					100,605
Total Long-Term Investments (Cost — $690,840,295) — 98.3%					730,062,545



Short-Term Securities
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.16% (e)(f)			14,955,699		14,955,699

See Notes to Financial Statements.



56	MASTER INVESTMENT PORTFOLIO	MARCH 31, 2015

Schedule of Investments (continued)

ACWI ex-U.S. Index Master Portfolio

(Percentages shown are based on Net Assets)


Short-Term Securities	Shares		Value
BlackRock Cash Funds: Prime, SL Agency Shares, 0.15% (e)(f)(g)		29,173,837	$	29,173,837
Total Short-Term Securities (Cost — $ 44,129,536) — 5.9%				44,129,536
*Total Investments (Cost — $ 734,969,831) — 104.2%**				774,192,081
Liabilities in Excess of Other Assets — (4.2)%				(31,251,666	)

Net Assets — 100.0%			$	742,940,415

As of March 31, 2015, gross unrealized appreciation and depreciation based on cost for federal income tax purposes were as follows:


Tax cost	$	737,766,031

Gross unrealized appreciation	$	73,988,373
Gross unrealized depreciation		(37,562,323	)

Net unrealized appreciation	$	36,426,050

Notes to Schedule of Investments

(a)

Security, or a portion of security, is on loan.

(b)

Non-income producing security.

(c)

Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

(d)

When-issued security. Unsettled when-issued transactions were as follows:


Counterparty	Value		Unrealized Depreciation
UBS Securities LLC	$	235,169	$	(1,130	)

(e)


Affiliate	Shares Held at December 31, 2014		Shares Purchased			Shares Sold			Shares Held at March 31, 2015		Value at March 31, 2015		Income		Realized Gain (Loss)
BlackRock Cash Funds: Institutional, SL Agency Shares		22,280,035		—			(7,324,336	)¹		14,955,699	$	14,955,699	$	7,041	$	—
BlackRock Cash Funds: Prime, SL Agency Shares		2,952,909		26,220,928	²		—			29,173,837	$	29,173,837	$	59,178	$	—
iShares India 50 ETF		288,798		—			(288,798	)		—		—		—	$	1,817,636

Represents net shares sold

Represents net shares purchased

(f)

Represents the current yield as of report date.

(g)

All or a portion of security was purchased with the cash collateral from loaned securities.



MASTER INVESTMENT PORTFOLIO	MARCH 31, 2015	57


Schedule of Investments (continued)		ACWI ex-U.S. Index Master Portfolio

Portfolio Abbreviations


ADR		American Depositary Receipts
CAD		Canadian Dollar
CVA		Certificaten Van Aandelen (Dutch Certificate)
ETF		Exchange-Traded Fund
GDR		Global Depositary Receipt
MSCI		Morgan Stanley Capital International
NVDR		Non-voting Depository Receipts
PHP		Philippine Peso
REIT		Real Estate Investment Trust
USD		U.S. Dollar

As of March 31, 2015, financial futures contracts outstanding were as follows:


Contracts Long		Issue	Exchange	Expiration	Notional Value			Unrealized Appreciation (Depreciation)
	24	S&P/TSX 60 Index	Montreal Exchange	June 2015		CAD	1,038,360	$	(2,021	)
	53	MSCI Emerging Markets Mini Index	NYSE Life U.S.	June 2015		USD	2,576,860		10,566
	89	E-Mini MSCI EAFE Index	NYSE Life U.S.	June 2015		USD	8,143,055		(113,625	)
	Total							$	(105,080	)

As of March 31, 2015, forward foreign currency contracts outstanding were as follows:

Currency Purchased

Currency

Sold

Counterparty

Settlement
Date

Unrealized
Depreciation

PHP

4,604,000

USD

102,975

State Street Bank and Trust Co.

4/06/15

(12

)



MASTER INVESTMENT PORTFOLIO	MARCH 31, 2015	58

Schedule of Investments (continued)

ACWI ex-U.S. Index Master Portfolio

(Percentages shown are based on Net Assets)

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. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The categorization of a value determined for investments and derivative financial instruments is based on the pricing transparency of the investment and derivative financial instruments and is not necessarily an indication of the risks associated with investing in those securities. The three levels of the fair value hierarchy are as follows:

Level 1 — unadjusted quoted prices in active markets/exchanges for identical assets or liabilities that the Master Portfolio has the ability to access

Changes in valuation techniques may result in transfers into or out of an assigned level within the disclosure hierarchy. In accordance with the Master Portfolio’s policy, transfers between different levels of the fair value disclosure hierarchy are deemed to have occurred as of the beginning of the reporting period. For information about the Master Portfolio’s policy regarding valuation of investments and derivative financial instruments, please refer to the Master Portfolio’s most recent financial statements as contained in its annual report.

As of March 31, 2015, the following tables summarize the Master Portfolio’s investments and derivative financial instruments categorized in the disclosure hierarchy:


	Level 1		Level 2		Level 3	Total
Assets:
Investments:
Common Stocks:
Australia	$	298,631	$	37,767,907	—	$	38,066,538
Austria		—		1,128,530	—		1,128,530
Belgium		—		6,964,478	—		6,964,478
Brazil		11,436,590		2,811	—		11,439,401
Canada		49,932,415		—	—		49,932,415
Chile		2,169,596		—	—		2,169,596
China		795,622		26,540,015	—		27,335,637
Colombia		869,670		—	—		869,670
Czech Republic		12,001		222,541	—		234,542
Denmark		54,426		8,666,656	—		8,721,082
Egypt		—		310,237	—		310,237
Finland		—		4,608,901	—		4,608,901
France		533,422		50,410,838	—		50,944,260
Germany		—		49,837,913	—		49,837,913
Greece		20,806		423,597	—		444,403
Hong Kong		988,129		24,283,322	—		25,271,451
Hungary		—		296,305	—		296,305
India		5,271,591		6,335,618	—		11,607,209
Indonesia		27,537		4,279,345	—		4,306,882
Ireland		354,429		4,071,126	—		4,425,555
Israel		—		3,173,598	—		3,173,598
Italy		—		11,226,066	—		11,226,066
Japan		—		116,352,960	—		116,352,960
Luxembourg		358,065		155,299	—		513,364
Malaysia		1,354,989		4,142,949	—		5,497,938



MASTER INVESTMENT PORTFOLIO	MARCH 31, 2015	59

Schedule of Investments (concluded)

ACWI ex-U.S. Index Master Portfolio

(Percentages shown are based on Net Assets)

As of March 31, 2015, the following tables summarize the Master Portfolio’s investments and derivative financial instruments categorized in the disclosure hierarchy (concluded):


	Level 1			Level 2			Level 3		Total
Malta		44,748			—			—		44,748
Mexico		7,359,575			—			—		7,359,575
Netherlands		156,462			22,205,040			—		22,361,502
New Zealand		—			596,686			—		596,686
Norway		—			3,442,067			—		3,442,067
Peru		768,907			—			—		768,907
Philippines		134,235			1,900,492			—		2,034,727
Poland		68,551			2,181,195			—		2,249,746
Portugal		—			817,081			—		817,081
Qatar		—			1,113,563			—		1,113,563
Russia		299,506			5,470,496			—		5,770,002
Singapore		—			7,610,971			—		7,610,971
South Africa		325,129			11,907,269		$	17		12,232,415
South Korea		1,082,247			22,472,494			—		23,554,741
Spain		469,206			18,089,041			—		18,558,247
Sweden		145,068			16,140,339			—		16,285,407
Switzerland		—			50,985,128			—		50,985,128
Taiwan		53,186			19,949,626			—		20,002,812
Thailand		19,450			3,753,789			—		3,773,239
Turkey		—			2,386,577			—		2,386,577
United Arab Emirates		—			875,081			—		875,081
United Kingdom		165,398			91,281,419			—		91,446,817
Corporate Bonds		—			12,970			—		12,970
Rights		98,706			1,899			—		100,605
Short-Term Securities		44,129,536			—			—		44,129,536

Total	$	129,797,829		$	644,394,235		$	17	$	774,192,081


	Level 1			Level 2			Level 3		Total
Derivative Financial Instruments¹
Assets:
Equity contracts	$	10,566			—			—	$	10,566
Liabilities:
Equity contracts		(115,646	)		—			—		(115,646	)
Foreign currency exchange contracts		—		$	(12	)		—		(12	)

Total	$	(105,080	)	$	(12	)		—	$	(105,092	)

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


	Level 1		Level 2			Level 3	Total
Assets:
Cash	$	54,423		—		—	$	54,423
Cash pledged for financial futures contracts		584,000		—		—		584,000
Foreign currency at value		1,708,223		—		—		1,708,223
Liabilities:
Collateral on securities loaned at value		—	$	(29,173,837	)	—		(29,173,837	)

Total	$	2,346,646	$	(29,173,837	)	—	$	(26,827,191	)

During the period ended March 31, 2015, there were no transfers between levels.



MASTER INVESTMENT PORTFOLIO	MARCH 31, 2015	60

Schedule of Investments March 31, 2015 (Unaudited)

Bond Index Master Portfolio

(Percentages shown are based on Net Assets)


Asset-Backed Securities	Par (000)		Value
BMW Vehicle Owner Trust, Series 2014-A, Class A4, 1.50%, 2/25/21	$	200	$	201,122
Capital Auto Receivables Asset Trust, Series 2013-4, Class A3, 1.09%, 3/20/18		1,000		1,000,051
Capital One Multi-Asset Execution Trust, Series 2014-A5, Class A, 1.48%, 7/15/20		400		402,940
Chase Issuance Trust, Series 2014-A1, Class A, 1.15%, 1/15/19		1,000		1,004,354
Citibank Credit Card Issuance Trust, Series 2008-A1, Class A1, 5.35%, 2/07/20		170		188,951
Discover Card Execution Note Trust, Series 2014-A3, Class A3, 1.22%, 10/15/19		1,000		1,003,617
GE Capital Credit Card Master Note Trust, Series 2013-1, Class A, 1.35%, 3/15/21		750		744,293
Nissan Auto Lease Trust, Series 2014-B, Class A4, 1.29%, 3/16/20		200		200,373
Toyota Auto Receivables Owner Trust, Series 2014-C, Class A4, 1.44%, 4/15/20		200		200,863
Total Asset-Backed Securities — 0.4%				4,946,564



Corporate Bonds
Aerospace & Defense — 0.4%
The Boeing Co.:
2.35%, 10/30/21		75		76,228
6.13%, 2/15/33		100		135,626
3.30%, 3/01/35		65		64,591
Crane Co., 4.45%, 12/15/23		125		133,768
Eaton Corp.:
2.75%, 11/02/22		250		250,520
4.00%, 11/02/32		200		210,258
General Dynamics Corp., 3.88%, 7/15/21		50		54,884
Honeywell International, Inc., 5.30%, 3/01/18		100		111,771
Ingersoll-Rand Luxembourg Finance SA, 4.65%, 11/01/44		30		31,844
L-3 Communications Corp.:
3.95%, 11/15/16		250		259,778
1.50%, 5/28/17		250		248,434
4.95%, 2/15/21		250		276,496
Lockheed Martin Corp.:
3.35%, 9/15/21		250		265,296
Corporate Bonds	Par (000)		Value
Aerospace & Defense (concluded)
Lockheed Martin Corp. (concluded):
3.60%, 3/01/35	$	65	$	64,967
4.07%, 12/15/42		100		104,449
3.80%, 3/01/45		500		497,026
Northrop Grumman Corp.:
1.75%, 6/01/18		250		250,734
4.75%, 6/01/43		125		141,012
Parker-Hannifin Corp., 4.20%, 11/21/34		250		272,473
Precision Castparts Corp.:
1.25%, 1/15/18		75		74,707
2.50%, 1/15/23		150		147,810
Raytheon Co.:
4.88%, 10/15/40		250		290,142
4.70%, 12/15/41		100		113,581
Textron, Inc., 3.65%, 3/01/21		350		365,955
Tyco Electronics Group SA, 3.45%, 8/01/24		75		77,607
United Technologies Corp.:
1.80%, 6/01/17		250		254,602
3.10%, 6/01/22		100		104,044
5.70%, 4/15/40		50		64,031
4.50%, 6/01/42		450		499,113

				5,441,747
Agriculture, Fishing & Ranching — 0.0%
Bunge Ltd. Finance Corp., 3.20%, 6/15/17		150		154,599
Air Freight & Logistics — 0.1%
FedEx Corp.:
4.00%, 1/15/24		250		269,870
3.90%, 2/01/35		190		191,339
3.88%, 8/01/42		50		48,252
United Parcel Service, Inc.:
5.13%, 4/01/19		50		56,855
6.20%, 1/15/38		100		135,731

				702,047
Airlines — 0.0%
American Airlines Pass-Through Trust, Series 2013-2, Class A, 4.95%, 7/15/24		183		200,569
Continental Airlines Pass Through Trust, Series 2012-1, Class A, 4.15%, 10/11/25		46		49,087
Delta Air Lines Pass Through Trust, Series 2012-1, Class A, 4.75%, 11/07/21		86		93,294
Southwest Airlines Co., 2.75%, 11/06/19		75		76,707



MASTER INVESTMENT PORTFOLIO	MARCH 31, 2015	1

Schedule of Investments (continued)

Bond Index Master Portfolio

(Percentages shown are based on Net Assets)


Corporate Bonds	Par (000)		Value
Airlines (concluded)
United Airlines Pass-Through Trust, Series 2013-1, Class A, 4.30%, 2/15/27	$	195	$	208,569

				628,226
Auto Components — 0.1%
BorgWarner, Inc., 3.38%, 3/15/25		70		72,050
Delphi Corp., 5.00%, 2/15/23		250		268,125
Johnson Controls, Inc.:
1.40%, 11/02/17		500		498,508
3.63%, 7/02/24		80		82,895
4.95%, 7/02/64		250		268,043

				1,189,621
Automobiles — 0.1%
Daimler Finance North America LLC, 8.50%, 1/18/31		100		158,301
Ford Motor Co.:
7.45%, 7/16/31		150		207,089
4.75%, 1/15/43		350		382,681
Toyota Motor Credit Corp.:
2.10%, 1/17/19		250		254,328
2.13%, 7/18/19		350		355,582
2.15%, 3/12/20		500		504,637

				1,862,618
Banks — 3.1%
Abbey National Treasury Services PLC:
4.00%, 4/27/16		150		154,664
1.38%, 3/13/17		250		251,058
1.65%, 9/29/17		250		251,560
2.38%, 3/16/20		250		251,783
Asian Development Bank:
1.75%, 9/11/18		500		509,729
1.88%, 4/12/19		500		511,525
Australia & New Zealand Banking Group Ltd.:
1.25%, 6/13/17		250		250,870
1.50%, 1/16/18		250		250,516
2.25%, 6/13/19		250		253,443
Bancolombia SA, 5.95%, 6/03/21		100		110,470
Bank of Montreal, 2.50%, 1/11/17		150		154,227
The Bank of New York Mellon Corp.:
2.30%, 7/28/16		50		50,996
1.35%, 3/06/18		250		250,043
2.20%, 5/15/19		250		254,005
2.30%, 9/11/19		500		508,900
3.55%, 9/23/21		50		53,366
3.00%, 2/24/25		105		106,525
Corporate Bonds	Par (000)		Value
Banks (continued)
Bank of Nova Scotia:
1.38%, 7/15/16	$	250	$	252,141
1.10%, 12/13/16		500		501,751
1.30%, 7/21/17		250		250,402
1.38%, 12/18/17		100		100,068
2.05%, 10/30/18		250		253,459
Barclays Bank PLC:
5.00%, 9/22/16		175		184,953
2.00%, 3/16/18		500		502,707
5.13%, 1/08/20		200		227,319
3.75%, 5/15/24		250		263,225
3.65%, 3/16/25		450		451,373
BB&T Corp.:
5.25%, 11/01/19		100		113,075
2.45%, 1/15/20		250		254,314
BNP Paribas SA:
2.38%, 9/14/17		250		254,831
5.00%, 1/15/21		100		113,352
3.25%, 3/03/23		250		255,443
4.25%. 10/15/24		250		257,321
BPCE SA:
2.50%, 12/10/18		250		255,984
4.00%, 4/15/24		250		267,018
Branch Banking & Trust Co.:
2.30%, 10/15/18		250		255,803
3.80%, 10/30/26		250		263,230
Citizens Bank NA/Providence, 1.60%, 12/04/17		250		251,025
Commonwealth Bank of Australia:
1.63%, 3/12/18		500		502,233
2.30%, 3/12/20		250		252,251
Commonwealth Bank of Australia, New York, 2.25%, 3/13/19		250		253,371
Compass Bank, 2.75%, 9/29/19		250		253,614
Cooperatieve Centrale Raiffeisen- Boerenleenbank BA:
1.70%, 3/19/18		250		252,207
2.25%, 1/14/19		250		254,295
4.63%, 12/01/23		500		540,526
5.25%, 5/24/41		25		30,367
Credit Suisse Group Funding Guernsey, Ltd., 3.75%, 3/26/25 (a)		500		505,847
Credit Suisse, New York:
1.75%, 1/29/18		500		501,519
2.30%, 5/28/19		600		606,121
5.40%, 1/14/20		150		169,076
3.00%, 10/29/21		250		254,812
Discover Bank/Greenwood Delaware, 7.00%, 4/15/20		500		593,563
Export-Import Bank of Korea:
4.00%, 1/11/17		400		418,824



2	MASTER INVESTMENT PORTFOLIO	MARCH 31, 2015

Schedule of Investments (continued)

Bond Index Master Portfolio

(Percentages shown are based on Net Assets)


Corporate Bonds	Par (000)		Value
Banks (continued)
Export-Import Bank of Korea (concluded):
1.75%, 2/27/18	$	500	$	499,593
Fifth Third Bancorp:
1.45%, 2/28/18		200		199,414
2.88%, 10/01/21		200		202,712
3.50%, 3/15/22		100		104,698
4.30%, 1/16/24		250		267,211
HSBC Bank USA NA, 4.88%, 8/24/20		500		561,196
HSBC Holdings PLC:
4.88%, 1/14/22		150		169,228
4.25%, 3/14/24		500		524,673
6.50%, 5/02/36		200		252,860
6.80%, 6/01/38		250		328,759
5.25%, 3/14/44		250		284,656
HSBC USA, Inc., 2.25%, 6/23/19		250		252,098
The Huntington National Bank, 1.38%, 4/24/17		250		249,932
Intesa Sanpaolo SpA:
3.88%, 1/16/18		200		209,836
5.25%, 1/12/24		250		281,378
KeyCorp:
2.30%, 12/13/18		340		345,465
5.10%, 3/24/21		100		113,576
KFW:
0.50%, 4/19/16		1,000		1,000,960
2.00%, 6/01/16		500		509,043
0.50%, 7/15/16		1,500		1,500,570
0.88%, 12/15/17		1,000		998,411
1.00%, 1/26/18		500		500,828
2.13%, 1/17/23		200		203,743
The Korea Development Bank:
1.50%, 1/22/18		200		198,803
3.00%, 3/17/19		350		363,571
Landwirtschaftliche Rentenbank, 2.13%, 7/15/16		1,000		1,020,981
Lloyds Bank PLC:
2.35%, 9/05/19		350		354,320
2.40%, 3/17/20		750		757,105
Lloyds TSB Bank PLC, 4.20%, 3/28/17		50		52,843
Manufacturers & Traders Trust Co.:
1.40%, 7/25/17		250		250,718
1.45%, 3/07/18		250		250,181
MUFG Union Bank NA, 2.63%, 9/26/18		250		257,012
Oesterreichische Kontrollbank AG:
2.00%, 6/03/16		100		101,763
1.63%, 3/12/19		500		505,726
PNC Bank NA (b): 2.20%, 1/28/19		500		506,422
Corporate Bonds	Par (000)		Value
Banks (continued)
PNC Bank NA (b) (concluded):
2.25%, 7/02/19	$	350	$	354,846
2.95%, 1/30/23		250		250,871
PNC Funding Corp. (b):
5.63%, 2/01/17		150		161,251
3.30%, 3/08/22		150		158,001
Rabobank Nederland:
3.38%, 1/19/17		300		312,661
3.88%, 2/08/22		150		161,428
Regions Financial Corp., 2.00%, 5/15/18		250		249,769
Royal Bank of Canada:
1.45%, 9/09/16		250		252,693
1.25%, 6/16/17		250		250,386
1.40%, 10/13/17		225		225,565
2.20%, 7/27/18		250		255,269
2.15%, 3/06/20		250		251,725
Santander Holdings USA, Inc., 3.45%, 8/27/18		250		260,155
Sumitomo Mitsui Banking Corp.:
1.35%, 7/11/17		250		249,785
1.80%, 7/18/17		250		251,640
2.45%, 1/10/19		250		253,976
2.45%, 1/16/20		250		253,057
SunTrust Banks, Inc.:
3.50%, 1/20/17		50		52,051
2.35%, 11/01/18		250		253,885
Svenska Handelsbanken AB, 1.63%, 3/21/18		250		251,090
The Toronto-Dominion Bank:
2.38%, 10/19/16		50		51,270
1.63%, 3/13/18		500		503,817
1.40%, 4/30/18		250		250,083
2.25%, 11/05/19		300		304,825
US Bancorp:
1.65%, 5/15/17		250		253,430
1.95%, 11/15/18		225		228,511
4.13%, 5/24/21		50		55,397
US Bank NA:
1.35%, 1/26/18		500		501,951
2.13%, 10/28/19		250		253,246
Wachovia Corp., 5.63%, 10/15/16		250		267,294
Wells Fargo & Co.:
1.25%, 7/20/16		250		251,378
2.63%, 12/15/16		100		102,805
2.10%, 5/08/17		150		153,239
5.63%, 12/11/17		250		277,764
1.50%, 1/16/18		250		251,196
2.15%, 1/15/19		250		253,894
2.13%, 4/22/19		350		354,256
2.15%, 1/30/20		460		462,373
3.00%, 1/22/21		250		258,578



MASTER INVESTMENT PORTFOLIO	MARCH 31, 2015	3

Schedule of Investments (continued)

Bond Index Master Portfolio

(Percentages shown are based on Net Assets)


Corporate Bonds	Par (000)		Value
Banks (concluded)
Wells Fargo & Co. (concluded):
3.45%, 2/13/23	$	450	$	460,442
4.48%, 1/16/24		250		271,335
4.10%, 6/03/26		520		548,635
5.38%, 11/02/43		150		176,697
5.61%, 1/15/44		306		370,535
4.65%, 11/04/44		345		370,023
Westpac Banking Corp.:
1.50%, 12/01/17		250		251,245
1.60%, 1/12/18		250		251,325
2.25%, 1/17/19		350		356,735
4.88%, 11/19/19		50		56,207

				42,129,975
Beverages — 0.5%
Anheuser-Busch Cos. LLC, 6.45%, 9/01/37		100		131,959
Anheuser-Busch InBev Finance, Inc.:
2.15%, 2/01/19		500		508,621
4.63%, 2/01/44		400		443,372
Anheuser-Busch InBev Worldwide, Inc.:
1.38%, 7/15/17		500		503,089
7.75%, 1/15/19		250		302,546
2.50%, 7/15/22		200		197,315
8.20%, 1/15/39		150		234,461
3.75%, 7/15/42		50		48,759
Beam, Inc., 1.88%, 5/15/17		100		100,717
The Coca-Cola Co.:
1.80%, 9/01/16		50		50,855
1.15%, 4/01/18		250		249,972
1.65%, 11/01/18		500		506,017
2.45%, 11/01/20		350		360,393
Coca-Cola Femsa SAB de CV, 2.38%, 11/26/18		250		255,310
Diageo Capital PLC:
1.50%, 5/11/17		200		201,871
5.75%, 10/23/17		100		111,116
3.88%, 4/29/43		125		124,926
Diageo Investment Corp., 2.88%, 5/11/22		100		101,906
Dr Pepper Snapple Group, Inc.:
3.20%, 11/15/21		25		26,000
2.70%, 11/15/22		100		98,244
Molson Coors Brewing Co., 3.50%, 5/01/22 (c)		75		77,327
PepsiCo, Inc.:
1.25%, 8/13/17		500		502,210
2.25%, 1/07/19		250		256,710
2.75%, 3/05/22		250		255,153
2.75%, 3/01/23		300		303,208
Corporate Bonds	Par (000)		Value
Beverages (concluded)
PepsiCo, Inc. (concluded):
3.60%, 3/01/24	$	250	$	266,678
4.88%, 11/01/40		100		115,449
3.60%, 8/13/42		100		96,972

				6,431,156
Biotechnology — 0.3%
Amgen, Inc.:
2.13%, 5/15/17		300		305,513
1.25%, 5/22/17		750		749,392
2.20%, 5/22/19		250		253,230
3.45%, 10/01/20		100		105,463
5.15%, 11/15/41		550		633,468
5.38%, 5/15/43		250		298,266
Celgene Corp.:
3.25%, 8/15/22		150		153,361
5.25%, 8/15/43		145		168,009
Gilead Sciences, Inc.:
3.05%, 12/01/16		150		155,265
3.70%, 4/01/24		500		533,902
3.50%, 2/01/25		170		179,271
5.65%, 12/01/41		50		63,699
4.50%, 2/01/45		150		165,663

				3,764,502
Building Products — 0.0%
Owens Corning, 4.20%, 12/15/22		150		156,533
Capital Markets — 1.1%
Ameriprise Financial, Inc., 4.00%, 10/15/23		150		162,215
Ares Capital Corp., 3.88%, 1/15/20		300		305,251
Brookfield Asset Management, Inc., 4.00%, 1/15/25		250		250,996
The Charles Schwab Corp.:
2.20%, 7/25/18		75		76,390
4.45%, 7/22/20		100		111,998
3.00%, 3/10/25		80		80,913
CME Group, Inc.:
3.00%, 3/15/25		250		252,539
5.30%, 9/15/43		100		123,728
FMS Wertmanagement AoeR:
1.13%, 10/14/16		250		251,913
0.63%, 1/30/17		500		499,593
Franklin Resources, Inc., 2.80%, 9/15/22		150		152,840
Goldman Sachs Capital I, 6.35%, 2/15/34		250		311,551
The Goldman Sachs Group, Inc.:
5.95%, 1/18/18		300		334,042
2.38%, 1/22/18		250		255,108



4	MASTER INVESTMENT PORTFOLIO	MARCH 31, 2015

Schedule of Investments (continued)

Bond Index Master Portfolio

(Percentages shown are based on Net Assets)


Corporate Bonds	Par (000)		Value
Capital Markets (concluded)
The Goldman Sachs Group, Inc. (concluded):
2.90%, 7/19/18	$	500	$	516,756
2.63%, 1/31/19		500		510,833
7.50%, 2/15/19		150		179,022
2.55%, 10/23/19		755		765,494
2.60%, 4/23/20		600		606,383
5.75%, 1/24/22		350		408,575
3.63%, 1/22/23		150		155,156
4.00%, 3/03/24		425		449,162
6.13%, 2/15/33		400		510,196
6.75%, 10/01/37		650		853,484
Invesco Finance PLC, 4.00%, 1/30/24		250		266,652
Lazard Group LLC, 4.25%, 11/14/20		150		160,309
Legg Mason, Inc., 5.63%, 1/15/44		125		148,048
Morgan Stanley:
5.75%, 10/18/16		225		240,058
1.88%, 1/05/18		250		251,711
6.63%, 4/01/18		500		568,676
2.38%, 7/23/19		500		503,730
5.63%, 9/23/19		250		284,568
2.65%, 1/27/20		500		506,961
5.50%, 7/28/21		100		116,007
4.88%, 11/01/22		500		546,081
4.10%, 5/22/23		250		260,178
3.88%, 4/29/24		250		262,896
5.00%, 11/24/25		250		276,164
4.35%, 9/08/26		500		524,132
7.25%, 4/01/32		50		69,677
6.38%, 7/24/42		50		66,686
4.30%, 1/27/45		250		259,057
Murray Street Investment Trust I, 4.65%, 3/09/17 (d)		200		211,942
The NASDAQ OMX Group, Inc., 4.25%, 6/01/24		250		262,882
Nomura Holdings, Inc.:
2.00%, 9/13/16		250		252,348
2.75%, 3/19/19		250		255,828
Raymond James Financial, Inc., 4.25%, 4/15/16		100		103,834
State Street Corp.:
3.10%, 5/15/23		250		252,877
3.30%, 12/16/24		405		421,056
TD Ameritrade Holding Corp., 2.95%, 4/01/22		250		254,184

				15,450,680
Chemicals — 0.6%
Agrium, Inc.:
3.15%, 10/01/22		50		50,135
Corporate Bonds	Par (000)		Value
Chemicals (continued)
Agrium, Inc. (concluded):
3.50%, 6/01/23	$	250	$	254,688
3.38%, 3/15/25		145		145,005
Airgas, Inc., 2.38%, 2/15/20		250		250,437
Albemarle Corp., 4.15%, 12/01/24		250		259,281
CF Industries, Inc.:
6.88%, 5/01/18		200		228,005
5.15%, 3/15/34		250		273,977
Cytec Industries, Inc.:
3.50%, 4/01/23		250		252,047
3.95%, 5/01/25		250		256,786
The Dow Chemical Co.:
8.55%, 5/15/19		100		125,202
4.25%, 11/15/20		300		329,090
4.13%, 11/15/21		50		54,334
3.00%, 11/15/22		250		252,156
5.25%, 11/15/41		100		112,470
E.I. du Pont de Nemours & Co.:
6.00%, 7/15/18		325		370,398
2.80%, 2/15/23		250		249,658
Eastman Chemical Co.:
3.60%, 8/15/22		200		207,901
3.80%, 3/15/25		300		311,621
Ecolab, Inc.:
2.25%, 1/12/20		135		135,844
4.35%, 12/08/21		150		165,287
LYB International Finance BV:
4.00%, 7/15/23		200		211,854
5.25%, 7/15/43		75		83,577
LyondellBasell Industries NV:
6.00%, 11/15/21		250		293,887
4.63%, 2/26/55		100		99,576
Methanex Corp., 3.25%, 12/15/19		250		255,773
Monsanto Co.:
4.20%, 7/15/34		300		321,493
4.40%, 7/15/44		150		161,311
The Mosaic Co.:
3.75%, 11/15/21		50		52,828
5.45%, 11/15/33		250		289,062
Potash Corp. of Saskatchewan, Inc.:
3.25%, 12/01/17		250		261,889
3.63%, 3/15/24		250		263,364
3.00%, 4/01/25		250		250,334
PPG Industries, Inc., 2.30%, 11/15/19		350		353,963
Praxair, Inc.:
1.25%, 11/07/18		250		248,028
2.65%, 2/05/25		165		163,174
Rohm & Haas Co., 7.85%, 7/15/29		250		355,273



MASTER INVESTMENT PORTFOLIO	MARCH 31, 2015	5

Schedule of Investments (continued)

Bond Index Master Portfolio

(Percentages shown are based on Net Assets)


Corporate Bonds	Par (000)		Value
Chemicals (concluded)
The Sherwin-Williams Co., 1.35%, 12/15/17	$	200	$	200,297

				8,150,005
Commercial Services & Supplies — 0.1%
3M Co., 1.63%, 6/15/19		350		350,408
Republic Services, Inc.:
5.25%, 11/15/21		50		57,423
3.55%, 6/01/22		250		261,588
3.20%, 3/15/25		250		251,072
Vanderbilt University, 5.25%, 4/01/19		100		112,745
Waste Management, Inc.:
4.60%, 3/01/21		100		111,795
2.90%, 9/15/22		200		201,437
3.90%, 3/01/35		65		66,619

				1,413,087
Communications Equipment — 0.1%
Cisco Systems, Inc.:
1.10%, 3/03/17		500		503,222
2.13%, 3/01/19		500		510,238
2.90%, 3/04/21		125		131,586
5.50%, 1/15/40		350		432,766
Motorola Solutions, Inc.:
3.75%, 5/15/22		150		153,532
3.50%, 3/01/23		250		250,866

				1,982,210
Construction & Engineering — 0.0%
ABB Finance USA, Inc.:
1.63%, 5/08/17		150		151,562
2.88%, 5/08/22		100		102,034
Fluor Corp., 3.50%, 12/15/24		250		257,739

				511,335
Consumer Finance — 0.2%
American Express Co.:
1.55%, 5/22/18		250		249,970
3.63%, 12/05/24		300		308,089
4.05%, 12/03/42		67		68,251
Capital One Bank USA NA:
1.30%, 6/05/17		250		248,574
2.25%, 2/13/19		250		251,324
Capital One Financial Corp.:
2.45%, 4/24/19		250		252,973
3.50%, 6/15/23		110		112,924
Caterpillar Financial Services Corp., 3.30%, 6/09/24		250		260,680
Discover Financial Services, 3.75%, 3/04/25		75		75,550
Corporate Bonds	Par (000)		Value
Consumer Finance (concluded)
HSBC Finance Corp., 6.68%, 1/15/21	$	161	$	191,176
MasterCard, Inc., 3.38%, 4/01/24		250		263,196
Synchrony Financial, 3.75%, 8/15/21		500		518,502

				2,801,209
Containers & Packaging — 0.0%
Packaging Corp. of America, 4.50%, 11/01/23		250		269,237
Diversified Financial Services — 2.9%
Air Lease Corp.:
2.13%, 1/15/18		175		174,125
3.38%, 1/15/19		250		255,000
3.88%, 4/01/21		175		180,250
American Express Credit Corp.:
2.38%, 3/24/17		100		102,683
1.13%, 6/05/17		500		499,901
1.55%, 9/22/17		105		105,779
2.13%, 3/18/19		400		405,152
2.25%, 8/15/19		250		253,622
American Honda Finance Corp.:
1.55%, 12/11/17		250		252,166
2.15%, 3/13/20		250		252,272
Bank of America Corp.:
6.05%, 5/16/16		500		524,864
3.75%, 7/12/16		350		360,763
3.88%, 3/22/17		300		313,960
1.70%, 8/25/17		250		250,967
2.00%, 1/11/18		1,050		1,057,926
6.88%, 4/25/18		400		457,543
2.60%, 1/15/19		500		508,896
2.65%, 4/01/19		500		509,467
5.63%, 7/01/20		150		172,931
5.00%, 5/13/21		100		112,878
5.70%, 1/24/22		100		116,924
4.13%, 1/22/24		500		535,418
4.20%, 8/26/24		500		517,283
4.00%, 1/22/25		250		252,023
4.25%, 10/22/26		290		299,379
6.11%, 1/29/37		100		121,769
7.75%, 5/14/38		200		288,014
5.88%, 2/07/42		100		127,214
5.00%, 1/21/44		250		286,956
4.88%, 4/01/44		175		196,968
Bank of America NA, 1.65%, 3/26/18		750		751,870
Boeing Capital Corp., 4.70%, 10/27/19		250		281,420
Capital One Bank USA NA, 3.38%, 2/15/23		350		354,479



6	MASTER INVESTMENT PORTFOLIO	MARCH 31, 2015

Schedule of Investments (continued)

Bond Index Master Portfolio

(Percentages shown are based on Net Assets)


Corporate Bonds	Par (000)		Value
Diversified Financial Services (continued)
CIT Group, Inc., 1.80%, 2/05/18	$	480	$	481,002
Citigroup, Inc.:
4.45%, 1/10/17		400		421,580
1.35%, 3/10/17		250		249,577
2.50%, 9/26/18		350		356,860
8.50%, 5/22/19		250		311,345
2.50%, 7/29/19		250		253,565
2.40%, 2/18/20		695		697,480
4.05%, 7/30/22		250		262,270
3.38%, 3/01/23		500		512,414
3.50%, 5/15/23		250		249,308
3.88%, 3/26/25		500		501,878
4.30%, 11/20/26		150		155,144
6.63%, 6/15/32		100		124,713
6.13%, 8/25/36		250		302,750
6.88%, 3/05/38		100		138,409
8.13%, 7/15/39		75		117,981
6.68%, 9/13/43		250		333,364
Deutsche Bank AG, London:
1.40%, 2/13/17		500		500,422
2.50%, 2/13/19		250		253,766
3.70%, 5/30/24		215		220,383
Ford Motor Credit Co. LLC:
4.25%, 2/03/17		250		262,516
1.72%, 12/06/17		250		249,447
2.38%, 1/16/18		250		254,326
2.38%, 3/12/19		500		505,808
2.60%, 11/04/19		250		253,296
2.46%, 3/27/20		250		250,025
4.38%, 8/06/23		220		237,695
General Electric Capital Corp.:
1.50%, 7/12/16		250		252,663
2.90%, 1/09/17		100		103,631
5.63%, 5/01/18		300		336,852
2.30%, 1/14/19		500		511,730
6.00%, 8/07/19		100		116,818
4.38%, 9/16/20		50		55,505
4.63%, 1/07/21		250		281,479
4.65%, 10/17/21		200		226,356
3.45%, 5/15/24		300		315,938
6.75%, 3/15/32		500		691,574
5.88%, 1/14/38		750		969,691
6.88%, 1/10/39		250		359,632
6.38%, 11/15/67 (e)		250		271,250
IntercontinentalExchange Group, Inc., 2.50%, 10/15/18		250		257,778
Jefferies Group LLC:
8.50%, 7/15/19		125		149,501
5.13%, 1/20/23		150		155,701
John Deere Capital Corp.:
1.95%, 12/13/18		500		508,991
2.25%, 4/17/19		100		102,111
Corporate Bonds	Par (000)		Value
Diversified Financial Services (continued)
John Deere Capital Corp. (concluded):
2.05%, 3/10/20	$	1,000	$	1,006,936
2.80%, 3/04/21		250		257,964
3.90%, 7/12/21		50		54,749
JPMorgan Chase & Co.:
3.15%, 7/05/16		300		307,786
1.35%, 2/15/17		1,250		1,254,830
2.00%, 8/15/17		250		253,705
1.80%, 1/25/18		250		251,886
1.63%, 5/15/18		500		498,358
2.35%, 1/28/19		500		508,195
2.20%, 10/22/19		500		501,360
4.50%, 1/24/22		300		331,602
3.25%, 9/23/22		200		204,542
3.20%, 1/25/23		150		152,496
3.38%, 5/01/23		250		251,682
3.88%, 9/10/24		300		307,767
3.13%, 1/23/25		250		250,733
4.13%, 12/15/26		250		259,175
6.40%, 5/15/38		100		134,162
5.50%, 10/15/40		125		152,458
5.60%, 7/15/41		50		61,178
5.63%, 8/16/43		500		599,734
4.85%, 2/01/44		100		114,115
JPMorgan Chase Bank NA, 6.00%, 10/01/17		250		276,711
Leucadia National Corp., 5.50%, 10/18/23		150		154,743
Moody’s Corp.:
2.75%, 7/15/19		40		40,889
4.50%, 9/01/22		50		54,229
MUFG Americas Holdings Corp., 3.00%, 2/10/25		250		247,170
National Rural Utilities Cooperative Finance Corp.:
2.30%, 11/15/19		250		254,984
3.40%, 11/15/23		350		371,210
2.85%, 1/27/25		250		251,933
NCUA Guaranteed Notes, 3.00%, 6/12/19		1,000		1,062,140
ORIX Corp., 3.75%, 3/09/17		100		104,418
PACCAR Financial Corp., 2.20%, 9/15/19		250		254,456
Royal Bank of Scotland Group PLC:
1.88%, 3/31/17		175		174,749
6.40%, 10/21/19		250		289,380
Toyota Motor Credit Corp.:
0.80%, 5/17/16		500		501,620
1.38%, 1/10/18		200		200,682
UBS AG, 2.35%, 3/26/20		500		500,891



MASTER INVESTMENT PORTFOLIO	MARCH 31, 2015	7

Schedule of Investments (continued)

Bond Index Master Portfolio

(Percentages shown are based on Net Assets)


Corporate Bonds	Par (000)		Value
Diversified Financial Services (concluded)
UBS AG/Stamford CT:
5.75%, 4/25/18	$	300	$	335,576
2.38%, 8/14/19		800		806,380

				38,602,961
Diversified Telecommunication Services — 1.0%
AT&T, Inc.:
1.70%, 6/01/17		500		501,694
2.38%, 11/27/18		500		506,436
6.30%, 1/15/38		200		239,441
5.35%, 9/01/40		463		505,279
5.55%, 8/15/41		200		224,927
4.30%, 12/15/42		151		144,432
4.35%, 6/15/45		759		725,968
British Telecommunications PLC:
1.63%, 6/28/16		500		503,696
2.35%, 2/14/19		250		254,107
9.63%, 12/15/30		50		82,464
CC Holdings GS V LLC/Crown Castle GS III Corp., 2.38%, 12/15/17		325		327,721
Deutsche Telekom International Finance BV, 8.75%, 6/15/30		400		611,459
Embarq Corp.:
7.08%, 6/01/16		250		265,186
8.00%, 6/01/36		100		118,910
Orange SA:
2.75%, 9/14/16		200		204,508
4.13%, 9/14/21		150		164,958
5.38%, 1/13/42		225		261,313
Qwest Corp.:
6.50%, 6/01/17		150		163,489
6.75%, 12/01/21		50		57,313
Telefonaktiebolaget LM Ericsson, 4.13%, 5/15/22		100		107,289
Telefonica Emisiones SAU:
3.19%, 4/27/18		250		260,735
5.46%, 2/16/21		50		57,142
4.57%, 4/27/23		200		220,081
7.05%, 6/20/36		75		103,599
Telefonica Europe BV, 8.25%, 9/15/30		50		72,841
Verizon Communications, Inc.:
2.50%, 9/15/16		172		175,661
1.35%, 6/09/17		250		250,164
1.10%, 11/01/17		250		247,775
3.65%, 9/14/18		500		531,675
2.55%, 6/17/19		500		511,991
2.63%, 2/21/20		250		254,340
3.50%, 11/01/21		400		418,115
4.15%, 3/15/24		250		268,555
3.50%, 11/01/24		500		511,682
Corporate Bonds	Par (000)		Value
Diversified Telecommunication Services (concluded)
Verizon Communications, Inc. (concluded):
7.75%, 12/01/30	$	100	$	140,857
6.40%, 9/15/33		500		624,070
5.05%, 3/15/34		500		542,919
4.40%, 11/01/34		500		509,327
4.27%, 1/15/36 (a)		250		248,089
6.40%, 2/15/38		200		249,315
6.00%, 4/01/41		250		300,669
3.85%, 11/01/42		250		227,104
6.55%, 9/15/43		750		976,619
5.01%, 8/21/54		400		415,036

				14,088,951
Electric Utilities — 1.4%
Alabama Power Co., 5.50%, 10/15/17		100		110,481
Ameren Illinois Co.:
2.70%, 9/01/22		100		101,416
4.30%, 7/01/44		250		281,553
American Electric Power Co., Inc.:
1.65%, 12/15/17		200		201,161
Series F, 2.95%, 12/15/22		500		504,136
Berkshire Hathaway Energy Co.:
1.10%, 5/15/17		500		499,963
2.00%, 11/15/18		500		503,943
3.50%, 2/01/25		110		114,551
6.13%, 4/01/36		250		325,879
5.15%, 11/15/43		250		297,837
4.50%, 2/01/45		400		435,454
CenterPoint Energy Houston Electric LLC, 3.55%, 8/01/42		100		98,646
Commonwealth Edison Co.:
2.15%, 1/15/19		500		510,850
3.10%, 11/01/24		250		257,971
5.90%, 3/15/36		50		65,686
The Connecticut Light & Power Co., 2.50%, 1/15/23		150		148,746
Consolidated Edison Co. of New York, Inc., 3.30%, 12/01/24		250		262,682
Dominion Gas Holdings LLC, 3.60%, 12/15/24		250		262,327
DTE Electric Co.:
4.00%, 4/01/43		150		158,929
3.70%, 3/15/45		145		147,953
Duke Energy Carolinas LLC, 6.05%, 4/15/38		100		135,858
Duke Energy Corp.:
2.15%, 11/15/16		500		510,003
1.63%, 8/15/17		250		252,701
3.95%, 10/15/23		250		272,873



8	MASTER INVESTMENT PORTFOLIO	MARCH 31, 2015

Schedule of Investments (continued)

Bond Index Master Portfolio

(Percentages shown are based on Net Assets)


Corporate Bonds	Par (000)		Value
Electric Utilities (continued)
Duke Energy Indiana, Inc.:
4.20%, 3/15/42	$	150	$	163,302
4.90%, 7/15/43		250		302,395
Duke Energy Progress, Inc.:
4.10%, 5/15/42		150		163,228
4.10%, 3/15/43		250		270,595
4.38%, 3/30/44		100		113,515
Entergy Corp., 4.70%, 1/15/17		150		157,726
Entergy Louisiana LLC, 4.05%, 9/01/23		250		274,640
Eversource Energy, Series H, 3.15%, 1/15/25		125		126,240
Exelon Generation Co. LLC, 6.25%, 10/01/39		150		181,414
Florida Power & Light Co.:
2.75%, 6/01/23		250		255,988
5.95%, 2/01/38		50		68,002
Georgia Power Co., 4.30%, 3/15/42		200		216,472
Great Plains Energy, Inc., 5.29%, 6/15/22 (d)		150		172,197
Indiana Michigan Power Co., 6.05%, 3/15/37		175		225,911
Interstate Power & Light Co., 3.25%, 12/01/24		250		257,022
LG&E and KU Energy LLC, 3.75%, 11/15/20		50		52,913
Louisville Gas & Electric Co., 4.65%, 11/15/43		250		297,218
Nevada Power Co., 5.45%, 5/15/41		50		63,697
NextEra Energy Capital Holdings, Inc., 3.63%, 6/15/23		1,000		1,046,602
Nisource Finance Corp.:
5.95%, 6/15/41		50		64,337
5.25%, 2/15/43		75		89,264
Northeast Utilities, 1.45%, 5/01/18		250		248,272
Northern States Power Co., 3.40%, 8/15/42		200		195,858
Oglethorpe Power Corp., 4.55%, 6/01/44		250		271,789
Oncor Electric Delivery Co. LLC:
7.00%, 9/01/22		100		128,101
5.30%, 6/01/42		75		94,418
3.75%, 4/01/45 (a)		250		250,519
Pacific Gas & Electric Co.:
3.25%, 6/15/23		500		516,755
6.05%, 3/01/34		250		326,618
4.75%, 2/15/44		250		288,109
PacifiCorp:
2.95%, 2/01/22		100		103,502
Corporate Bonds	Par (000)		Value
Electric Utilities (concluded)
PacifiCorp (concluded):
2.95%, 6/01/23	$	300	$	308,126
Potomac Electric Power Co., 3.60%, 3/15/24		250		266,552
PPL Capital Funding, Inc.:
1.90%, 6/01/18		250		250,732
3.40%, 6/01/23		250		259,210
Progress Energy, Inc.:
4.40%, 1/15/21		100		110,239
7.75%, 3/01/31		50		72,362
Public Service Co. of Colorado:
3.95%, 3/15/43		200		217,145
4.30%, 3/15/44		75		85,441
Public Service Electric & Gas Co.:
1.80%, 6/01/19		250		251,580
3.50%, 8/15/20		50		53,426
2.38%, 5/15/23		250		245,563
3.05%, 11/15/24		250		257,374
3.95%, 5/01/42		50		53,794
3.65%, 9/01/42		50		50,973
Puget Energy, Inc., 5.63%, 7/15/22		500		581,664
South Carolina Electric & Gas Co., 4.60%, 6/15/43		250		282,611
Southern California Edison Co.:
1.13%, 5/01/17		500		502,174
2.40%, 2/01/22		250		250,452
5.50%, 3/15/40		50		64,688
4.65%, 10/01/43		350		413,166
The Toledo Edison Co., 6.15%, 5/15/37		100		124,763
Virginia Electric & Power Co.:
2.95%, 1/15/22		400		412,519
4.00%, 1/15/43		250		263,907
4.45%, 2/15/44		150		169,029

				18,995,708
Electrical Equipment — 0.1%
Amphenol Corp., 2.55%, 1/30/19		350		356,424
Emerson Electric Co.:
5.00%, 4/15/19		100		111,734
2.63%, 2/15/23		350		351,101
Pentair Finance SA, 1.88%, 9/15/17		250		250,813
Roper Industries, Inc., 3.13%, 11/15/22		150		149,451

				1,219,523
Electronic Equipment, Instruments & Components — 0.1%
Arrow Electronics, Inc., 3.00%, 3/01/18		750		769,463



MASTER INVESTMENT PORTFOLIO	MARCH 31, 2015	9

Schedule of Investments (continued)

Bond Index Master Portfolio

(Percentages shown are based on Net Assets)


Corporate Bonds	Par (000)		Value
Electronic Equipment, Instruments & Components (concluded)
Corning, Inc.:
3.70%, 11/15/23	$	250	$	266,104
4.75%, 3/15/42		50		54,552
Ingram Micro, Inc., 4.95%, 12/15/24		200		207,181
Jabil Circuit, Inc., 4.70%, 9/15/22		250		258,750
Tyco Electronics Group SA:
6.55%, 10/01/17		50		56,056
3.50%, 2/03/22		100		104,324

				1,716,430
Energy Equipment & Services — 0.2%
Baker Hughes, Inc., 5.13%, 9/15/40		100		113,890
Ensco PLC:
4.70%, 3/15/21		100		101,073
4.50%, 10/01/24		250		242,313
5.20%, 3/15/25		65		65,101
FMC Technologies, Inc., 3.45%, 10/01/22		100		98,319
Halliburton Co.:
6.15%, 9/15/19		100		117,489
4.50%, 11/15/41		50		52,540
4.75%, 8/01/43		250		273,364
National Oilwell Varco, Inc., 3.95%, 12/01/42		150		142,052
Noble Holding International Ltd.:
2.50%, 3/15/17		150		147,691
5.95%, 4/01/25		200		195,297
5.25%, 3/15/42		50		38,381
Transcontinental Gas Pipe Line Co. LLC, 4.45%, 8/01/42		250		228,288
Transocean, Inc.:
5.05%, 12/15/16		249		251,490
6.50%, 11/15/20		250		209,688
3.80%, 10/15/22		100		72,969
6.80%, 3/15/38		50		35,875

				2,385,820
Food & Staples Retailing — 0.4%
Costco Wholesale Corp.:
1.13%, 12/15/17		150		150,145
2.25%, 2/15/22		85		84,807
CVS Caremark Corp.:
2.25%, 8/12/19		500		507,718
4.00%, 12/05/23		500		541,997
The Kroger Co.:
6.15%, 1/15/20		100		117,056
3.30%, 1/15/21		500		519,322
3.40%, 4/15/22		100		103,311
5.15%, 8/01/43		125		147,621
Corporate Bonds	Par (000)		Value
Food & Staples Retailing (concluded)
Sysco Corp., 4.35%, 10/02/34	$	250	$	262,642
Wal-Mart Stores, Inc.:
1.00%, 4/21/17		500		502,233
1.13%, 4/11/18		250		250,305
3.63%, 7/08/20		150		163,259
6.20%, 4/15/38		250		340,426
5.63%, 4/15/41		500		647,676
4.00%, 4/11/43		150		159,111
4.75%, 10/02/43		250		293,661
4.30%, 4/22/44		250		278,979
Walgreen Co.:
1.80%, 9/15/17		200		202,062
3.10%, 9/15/22		200		201,599
Walgreens Boots Alliance Inc.:
4.50%, 11/18/34		155		163,824
4.80%, 11/18/44		150		161,902

				5,799,656
Food Products — 0.3%
Archer-Daniels-Midland Co., 4.54%, 3/26/42		75		86,001
ConAgra Foods, Inc.:
3.25%, 9/15/22		200		200,270
4.65%, 1/25/43		165		165,540
General Mills, Inc.:
2.20%, 10/21/19		300		302,515
3.15%, 12/15/21		150		155,404
The JM Smucker Co.:
3.50%, 10/15/21		50		52,754
4.25%, 3/15/35 (a)		250		258,937
Kellogg Co.:
1.88%, 11/17/16		200		203,020
Series B, 7.45%, 4/01/31		100		134,911
Kraft Foods Group, Inc.:
5.38%, 2/10/20		52		59,124
6.50%, 2/09/40		250		323,712
5.00%, 6/04/42		200		221,325
Mead Johnson Nutrition Co., 4.60%, 6/01/44		250		263,195
Mondelez International, Inc.:
2.25%, 2/01/19		250		252,808
4.00%, 2/01/24		250		270,748
Tyson Foods, Inc.:
2.65%, 8/15/19		500		511,974
4.50%, 6/15/22		150		165,495
4.88%, 8/15/34		70		78,916
Unilever Capital Corp.:
2.20%, 3/06/19		200		204,299



10	MASTER INVESTMENT PORTFOLIO	MARCH 31, 2015

Schedule of Investments (continued)

Bond Index Master Portfolio

(Percentages shown are based on Net Assets)


Corporate Bonds	Par (000)		Value
Food Products (concluded)
Unilever Capital Corp. (concluded):
4.25%, 2/10/21	$	200	$	224,445

				4,135,393
Gas Utilities — 0.0%
AGL Capital Corp., 3.50%, 9/15/21		50		53,001
Atmos Energy Corp., 4.15%, 1/15/43		100		106,712
National Fuel Gas Co., 3.75%, 3/01/23		300		300,413

				460,126
Health Care Equipment & Supplies — 0.4%
Baxter International, Inc.:
1.85%, 6/15/18		250		251,672
4.50%, 6/15/43		250		269,995
Becton Dickinson & Co.:
1.80%, 12/15/17		250		251,916
2.68%, 12/15/19		500		510,708
6.00%, 5/15/39		250		318,762
Boston Scientific Corp.:
6.00%, 1/15/20		100		115,101
4.13%, 10/01/23		100		105,916
CareFusion Corp., 3.30%, 3/01/23		200		202,106
Covidien International Finance SA:
2.95%, 6/15/23		250		253,827
6.55%, 10/15/37		25		35,161
Medtronic, Inc.:
1.38%, 4/01/18		300		300,185
4.13%, 3/15/21		50		55,240
3.15%, 3/15/22 (a)		350		363,427
3.63%, 3/15/24		400		424,698
4.38%, 3/15/35 (a)		350		380,605
4.00%, 4/01/43		150		155,393
4.63%, 3/15/45 (a)		250		283,368
St. Jude Medical, Inc., 3.25%, 4/15/23		150		153,432
Stryker Corp., 1.30%, 4/01/18		200		199,803
Zimmer Holdings, Inc.:
3.15%, 4/01/22		500		506,051
4.25%, 8/15/35		295		304,293

				5,441,659
Health Care Providers & Services — 0.7%
Aetna, Inc.:
1.50%, 11/15/17		250		251,213
4.13%, 6/01/21		250		272,072
2.75%, 11/15/22		250		250,345
3.50%, 11/15/24		70		73,017
6.75%, 12/15/37		50		69,832
4.75%, 3/15/44		25		29,260
Corporate Bonds	Par (000)		Value
Health Care Providers & Services (continued)
AmerisourceBergen Corp.:
1.15%, 5/15/17	$	250	$	249,125
4.25%, 3/01/45		250		262,590
Cardinal Health, Inc.:
3.20%, 6/15/22		50		51,263
3.50%, 11/15/24		250		258,395
4.60%, 3/15/43		50		53,542
Cigna Corp.:
2.75%, 11/15/16		100		103,052
8.50%, 5/01/19		500		622,808
4.00%, 2/15/22		25		27,254
3.25%, 4/15/25		300		306,076
5.38%, 2/15/42		50		61,901
Dignity Health:
2.64%, 11/01/19		100		101,908
5.27%, 11/01/64		100		113,010
Express Scripts Holding Co.:
2.65%, 2/15/17		350		358,520
2.25%, 6/15/19		350		351,576
4.75%, 11/15/21		300		337,532
3.50%, 6/15/24		250		257,381
Humana, Inc., 4.95%, 10/01/44		250		275,087
Kaiser Foundation Hospitals, 3.50%, 4/01/22		100		102,345
Laboratory Corp. of America Holdings:
3.75%, 8/23/22		100		104,396
4.00%, 11/01/23		100		105,585
3.60%, 2/01/25		75		75,306
McKesson Corp.:
2.85%, 3/15/23		150		150,007
4.88%, 3/15/44		250		286,902
Quest Diagnostics, Inc.:
3.20%, 4/01/16		50		51,137
4.70%, 4/01/21		100		110,278
4.25%, 4/01/24		250		266,551
3.50%, 3/30/25		370		370,010
UnitedHealth Group, Inc.:
1.40%, 10/15/17		250		252,430
1.63%, 3/15/19		550		551,025
2.30%, 12/15/19		250		255,078
2.88%, 3/15/23		250		256,092
6.88%, 2/15/38		100		143,984
5.95%, 2/15/41		100		134,627
3.95%, 10/15/42		150		153,566
WellPoint, Inc.:
1.88%, 1/15/18		450		452,502
2.25%, 8/15/19		225		226,013
3.13%, 5/15/22		200		202,749
3.30%, 1/15/23		100		101,583
4.63%, 5/15/42		50		54,198
5.10%, 1/15/44		150		172,047



MASTER INVESTMENT PORTFOLIO	MARCH 31, 2015	11

Schedule of Investments (continued)

Bond Index Master Portfolio

(Percentages shown are based on Net Assets)


Corporate Bonds	Par (000)		Value
Health Care Providers & Services (concluded)
WellPoint, Inc. (concluded):
4.85%, 8/15/54	$	150	$	165,940

				9,481,110
Hotels, Restaurants & Leisure — 0.2%
Carnival Corp., 3.95%, 10/15/20		250		265,734
Hyatt Hotels Corp., 3.38%, 7/15/23		190		192,016
Marriott International, Inc.:
3.00%, 3/01/19		100		103,393
3.25%, 9/15/22		100		101,873
McDonald’s Corp.:
1.88%, 5/29/19		100		101,072
3.50%, 7/15/20		50		53,722
3.25%, 6/10/24		400		414,988
3.70%, 2/15/42		100		99,015
Starbucks Corp., 3.85%, 10/01/23		250		272,958
Starwood Hotels & Resorts Worldwide, Inc.:
3.13%, 2/15/23		250		247,855
4.50%, 10/01/34		250		260,133
Wyndham Worldwide Corp., 4.25%, 3/01/22		50		52,181
Yum! Brands, Inc.:
5.30%, 9/15/19		100		111,502
5.35%, 11/01/43		100		110,767

				2,387,209
Household Durables — 0.1%
Leggett & Platt, Inc., 3.80%, 11/15/24		200		207,845
Mohawk Industries, Inc., 3.85%, 2/01/23		125		126,894
Newell Rubbermaid, Inc., 4.00%, 12/01/24		250		263,441
Whirlpool Corp., 5.15%, 3/01/43		200		227,169

				825,349
Household Products — 0.1%
The Clorox Co.:
3.05%, 9/15/22		50		50,228
3.50%, 12/15/24		250		254,448
Energizer Holdings, Inc., 4.70%, 5/19/21		50		52,867
Kimberly-Clark Corp.:
3.63%, 8/01/20		50		54,197
2.65%, 3/01/25		85		85,152
The Procter & Gamble Co., 2.30%, 2/06/22		250		253,011
Corporate Bonds	Par (000)		Value
Household Products (concluded)
The Procter & Gamble Co., 5.55%, 3/05/37	$	250	$	331,021

				1,080,924
Independent Power and Renewable Electricity Producers — 0.1%
Exelon Generation Co. LLC:
4.25%, 6/15/22		500		527,571
5.60%, 6/15/42		50		57,214
Southern Power Co., 5.25%, 7/15/43		500		582,855

				1,167,640
Industrial Conglomerates — 0.1%
General Electric Co.:
2.70%, 10/09/22		150		152,565
4.50%, 3/11/44		500		561,253
Koninklijke Philips Electronics NV, 3.75%, 3/15/22		250		261,521

				975,339
Insurance — 1.1%
ACE INA Holdings, Inc., 4.15%, 3/13/43		150		162,009
Aflac, Inc.:
2.65%, 2/15/17		250		257,719
3.63%, 6/15/23		250		262,952
3.63%, 11/15/24		250		262,011
Alleghany Corp., 4.95%, 6/27/22		50		55,401
The Allstate Corp.:
3.15%, 6/15/23		250		258,226
4.50%, 6/15/43		150		170,650
American International Group, Inc.:
2.30%, 7/16/19		500		507,415
3.38%, 8/15/20		250		263,788
4.88%, 6/01/22		250		284,113
4.13%, 2/15/24		250		270,631
8.18%, 5/15/58 (e)		275		389,964
Aon Corp., 3.13%, 5/27/16		50		51,276
Aon PLC, 4.45%, 5/24/43		200		207,721
Arch Capital Group US, Inc., 5.14%, 11/01/43		125		138,118
Assurant, Inc., 2.50%, 3/15/18		250		254,351
Assured Guaranty US Holdings, Inc., 5.00%, 7/01/24		110		117,723
AXA SA, 8.60%, 12/15/30		50		69,750
Berkshire Hathaway Finance Corp., 4.40%, 5/15/42		100		110,125
Berkshire Hathaway, Inc.:
1.90%, 1/31/17		100		101,985
1.55%, 2/09/18		500		506,082
2.10%, 8/14/19		500		511,604
4.50%, 2/11/43		100		112,826



12	MASTER INVESTMENT PORTFOLIO	MARCH 31, 2015

Schedule of Investments (continued)

Bond Index Master Portfolio

(Percentages shown are based on Net Assets)


Corporate Bonds	Par (000)		Value
Insurance (continued)
The Chubb Corp., Series 1, 6.50%, 5/15/38	$	100	$	141,115
CNA Financial Corp., 5.75%, 8/15/21		100		115,401
First American Financial Corp., 4.60%, 11/15/24		200		209,012
The Hartford Financial Services Group, Inc.:
4.00%, 10/15/17		250		266,214
6.30%, 3/15/18		250		281,026
6.63%, 3/30/40		100		134,108
6.10%, 10/01/41		100		130,609
Lincoln National Corp.:
4.85%, 6/24/21		300		336,215
4.20%, 3/15/22		100		108,084
4.00%, 9/01/23		200		211,412
3.35%, 3/09/25		65		65,744
Loews Corp., 2.63%, 5/15/23		250		244,100
Markel Corp., 3.63%, 3/30/23		250		257,802
Marsh & McLennan Cos., Inc.:
2.35%, 9/10/19		235		238,350
2.35%, 3/06/20		190		191,075
4.80%, 7/15/21		50		56,405
MetLife, Inc.:
4.75%, 2/08/21		200		226,099
3.00%, 3/01/25		650		651,420
6.40%, 12/15/36		100		118,500
4.13%, 8/13/42		300		311,364
4.88%, 11/13/43		250		288,545
Old Republic International Corp., 4.88%, 10/01/24		250		265,412
Principal Financial Group, Inc.:
1.85%, 11/15/17		250		252,170
4.63%, 9/15/42		50		54,531
The Progressive Corp.:
3.75%, 8/23/21		50		54,262
4.35%, 4/25/44		100		110,593
3.70%, 1/26/45		200		198,977
Prudential Financial, Inc.:
3.00%, 5/12/16		150		153,392
2.35%, 8/15/19		350		353,829
5.38%, 6/21/20		350		402,127
8.88%, 6/15/38 (e)		100		117,875
5.63%, 6/15/43 (e)		100		106,000
5.10%, 8/15/43		250		280,882
5.20%, 3/15/44 (e)		100		101,800
The Travelers Cos., Inc.:
3.90%, 11/01/20		250		272,410
4.60%, 8/01/43		100		116,320
Travelers Property Casualty Corp.,
6.38%, 3/15/33		100		135,986
Corporate Bonds	Par (000)		Value
Insurance (concluded)
Voya Financial, Inc., 2.90%, 2/15/18	$	750	$	773,855
WR Berkley Corp., 4.63%, 3/15/22		200		217,460
XL Group PLC, Series E, 6.50% (e)(f)		150		132,750
XLIT Ltd.:
2.30%, 12/15/18		250		253,946
5.75%, 10/01/21		100		117,634

				14,381,251
Internet & Catalog Retail — 0.1%
Amazon.com, Inc.:
1.20%, 11/29/17		250		250,042
2.60%, 12/05/19		350		358,500
4.80%, 12/05/34		250		274,168

				882,710
Internet Software & Services — 0.1%
Baidu, Inc.:
3.25%, 8/06/18		205		212,357
2.75%, 6/09/19		350		353,623
eBay, Inc.:
2.20%, 8/01/19		500		500,767
3.25%, 10/15/20		50		51,714
2.60%, 7/15/22		50		47,785
Expedia, Inc., 4.50%, 8/15/24		250		252,669
Google, Inc., 3.63%, 5/19/21		25		27,214

				1,446,129
IT Services — 0.3%
Alibaba Group Holding, Ltd. (a):
3.13%, 11/28/21		225		226,586
4.50%, 11/28/34		250		251,962
Fidelity National Information Services, Inc.:
1.45%, 6/05/17		250		249,794
2.00%, 4/15/18		250		251,217
3.50%, 4/15/23		25		25,086
Fiserv, Inc., 6.80%, 11/20/17		50		56,479
International Business Machines Corp.:
1.25%, 2/08/18		500		501,756
1.95%, 2/12/19		250		253,668
1.88%, 5/15/19		250		252,664
2.90%, 11/01/21		100		104,189
3.63%, 2/12/24		275		292,020
4.00%, 6/20/42		100		100,519
Total System Services, Inc., 2.38%, 6/01/18		250		251,446
The Western Union Co.:
2.88%, 12/10/17		250		258,405
6.20%, 11/17/36		25		26,449



MASTER INVESTMENT PORTFOLIO	MARCH 31, 2015	13

Schedule of Investments (continued)

Bond Index Master Portfolio

(Percentages shown are based on Net Assets)


Corporate Bonds	Par (000)		Value
IT Services (concluded)
Xerox Corp.:
5.63%, 12/15/19	$	100	$	113,207
2.80%, 5/15/20		500		504,487

				3,719,934
Leisure Products — 0.0%
Hasbro, Inc., 5.10%, 5/15/44		60		63,866
Mattel, Inc., 1.70%, 3/15/18		200		199,066

				262,932
Life Sciences Tools & Services — 0.1%
Agilent Technologies, Inc., 3.88%, 7/15/23		200		205,076
Life Technologies Corp., 6.00%, 3/01/20		100		115,490
Thermo Fisher Scientific, Inc.:
2.25%, 8/15/16		50		50,857
2.40%, 2/01/19		500		507,022
3.30%, 2/15/22		55		56,395
3.15%, 1/15/23		250		253,371

				1,188,211
Machinery — 0.2%
Caterpillar, Inc.:
5.70%, 8/15/16		100		106,862
3.90%, 5/27/21		50		55,033
3.40%, 5/15/24		500		524,226
5.20%, 5/27/41		100		120,104
3.80%, 8/15/42		250		253,606
Danaher Corp., 3.90%, 6/23/21		50		54,887
Deere & Co., 3.90%, 6/09/42		50		52,045
Flowserve Corp., 3.50%, 9/15/22		100		101,405
Illinois Tool Works, Inc.:
1.95%, 3/01/19		250		253,090
4.88%, 9/15/41		50		58,240
3.90%, 9/01/42		75		77,302
Ingersoll-Rand Global Holding Co. Ltd.:
6.88%, 8/15/18		50		58,101
2.88%, 1/15/19		500		512,865
Joy Global, Inc., 5.13%, 10/15/21		50		55,798
Stanley Black & Decker, Inc., 2.90%, 11/01/22		150		152,460
Trinity Industries, Inc., 4.55%, 10/01/24		250		251,335
Valmont Industries, Inc., 5.00%, 10/01/44		250		243,295

				2,930,654
Media — 1.1%
21st Century Fox America, Inc.:
4.50%, 2/15/21		100		110,766
Corporate Bonds	Par (000)		Value
Media (continued)
21st Century Fox America, Inc. (concluded):
3.00%, 9/15/22	$	650	$	657,832
6.20%, 12/15/34		100		127,731
6.15%, 2/15/41		150		193,931
4.75%, 9/15/44		500		560,399
CBS Corp., 4.85%, 7/01/42		325		342,651
Cintas Corp. No 2, 4.30%, 6/01/21		25		27,230
Comcast Corp.:
5.15%, 3/01/20		350		402,265
3.60%, 3/01/24		250		268,326
4.25%, 1/15/33		650		697,259
4.20%, 8/15/34		235		254,583
6.45%, 3/15/37		200		270,823
4.65%, 7/15/42		150		167,203
DIRECTV Holdings LLC/DIRECTV Financing Co., Inc.:
2.40%, 3/15/17		250		254,486
3.80%, 3/15/22		250		259,122
4.45%, 4/01/24		250		266,998
3.95%, 1/15/25		350		360,597
5.15%, 3/15/42		150		156,761
Discovery Communications LLC:
4.38%, 6/15/21		50		53,929
3.25%, 4/01/23		50		49,794
4.95%, 5/15/42		50		52,787
4.88%, 4/01/43		150		156,738
Grupo Televisa SAB, 5.00%, 5/13/45		200		208,170
The Interpublic Group of Cos., Inc., 4.20%, 4/15/24		250		264,847
NBCUniversal Media LLC:
4.38%, 4/01/21		600		668,479
2.88%, 1/15/23		250		253,937
5.95%, 4/01/41		250		326,953
Omnicom Group, Inc.:
3.63%, 5/01/22		125		131,086
3.65%, 11/01/24		70		72,412
Scripps Networks Interactive, Inc., 3.90%, 11/15/24		250		257,939
Thomson Reuters Corp.:
0.88%, 5/23/16		250		249,904
6.50%, 7/15/18		250		286,134
4.30%, 11/23/23		250		268,757
Time Warner Cable, Inc.:
8.25%, 4/01/19		300		366,942
5.00%, 2/01/20		500		557,979
4.13%, 2/15/21		100		107,549
6.55%, 5/01/37		150		188,377
6.75%, 6/15/39		50		64,086
4.50%, 9/15/42		475		487,238



14	MASTER INVESTMENT PORTFOLIO	MARCH 31, 2015

Schedule of Investments (continued)

Bond Index Master Portfolio

(Percentages shown are based on Net Assets)


Corporate Bonds	Par (000)		Value
Media (concluded)
Time Warner, Inc.:
4.88%, 3/15/20	$	250	$	279,785
7.70%, 5/01/32		250		355,524
6.25%, 3/29/41		150		193,586
5.35%, 12/15/43		250		291,721
4.65%, 6/01/44		250		269,313
Viacom, Inc.:
2.50%, 9/01/18		500		508,613
5.63%, 9/15/19		250		282,374
3.13%, 6/15/22		150		149,955
3.25%, 3/15/23		200		197,387
3.88%, 4/01/24		250		257,215
4.38%, 3/15/43		70		65,260
5.85%, 9/01/43		100		112,573
The Walt Disney Co.:
1.85%, 5/30/19		500		504,759
3.75%, 6/01/21		50		54,390
2.35%, 12/01/22		300		299,698
WPP Finance 2010:
4.75%, 11/21/21		100		112,650
3.75%, 9/19/24		250		260,945

				14,648,748
Metals & Mining — 0.5%
Barrick Gold Corp.:
3.85%, 4/01/22		350		342,249
4.10%, 5/01/23		500		493,255
Barrick North America Finance LLC, 5.70%, 5/30/41		50		50,278
BHP Billiton Finance USA Ltd.:
1.63%, 2/24/17		100		101,371
2.05%, 9/30/18		175		178,651
2.88%, 2/24/22		250		253,842
5.00%, 9/30/43		350		400,821
Carpenter Technology Corp., 4.45%, 3/01/23		250		256,042
Freeport-McMoRan Copper & Gold, Inc.:
2.15%, 3/01/17		100		99,631
3.55%, 3/01/22		50		46,281
5.45%, 3/15/43		350		313,704
Freeport-McMoRan, Inc., 5.40%, 11/14/34		100		91,429
Goldcorp, Inc.:
2.13%, 3/15/18		150		150,987
3.63%, 6/09/21		250		254,211
Kinross Gold Corp., 5.95%, 3/15/24		200		185,214
Newmont Mining Corp.:
3.50%, 3/15/22		450		437,024
4.88%, 3/15/42		50		44,490
Corporate Bonds	Par (000)		Value
Metals & Mining (concluded)
Reliance Steel & Aluminum Co., 4.50%, 4/15/23	$	25	$	25,255
Rio Tinto Finance USA Ltd.:
2.50%, 5/20/16		50		50,942
4.13%, 5/20/21		150		161,585
5.20%, 11/02/40		350		394,554
Rio Tinto Finance USA PLC:
1.63%, 8/21/17		250		251,377
2.88%, 8/21/22		100		99,313
4.75%, 3/22/42		100		107,334
Southern Copper Corp., 6.75%, 4/16/40		100		106,610
Teck Resources Ltd.:
3.00%, 3/01/19		450		447,584
4.75%, 1/15/22		300		302,067
3.75%, 2/01/23		100		93,656
5.20%, 3/01/42		50		44,456
Vale Overseas Ltd.:
4.38%, 1/11/22		250		240,318
6.88%, 11/21/36		200		193,440
Vale SA, 5.63%, 9/11/42		250		216,350

				6,434,321
Multi-Utilities — 0.3%
CMS Energy Corp., 4.70%, 3/31/43		200		226,059
Consolidated Edison Co. of New York, Inc.:
6.65%, 4/01/19		100		118,562
4.20%, 3/15/42		150		160,631
3.95%, 3/01/43		150		154,807
4.45%, 3/15/44		250		277,981
Dominion Resources, Inc.:
1.40%, 9/15/17		250		250,304
3.63%, 12/01/24		250		260,886
4.90%, 8/01/41		50		56,198
ONE Gas, Inc., 4.66%, 2/01/44		250		289,368
San Diego Gas & Electric Co.:
1.91%, 2/01/22		250		251,579
3.60%, 9/01/23		250		268,785
4.30%, 4/01/42		100		112,796
SCANA Corp., 4.13%, 2/01/22		100		105,132
Sempra Energy:
2.30%, 4/01/17		250		254,999
2.40%, 3/15/20		250		252,775
4.05%, 12/01/23		250		270,986
3.55%, 6/15/24		250		261,802

				3,573,650
Multiline Retail — 0.1%
Dollar General Corp., 1.88%, 4/15/18		250		247,317



MASTER INVESTMENT PORTFOLIO	MARCH 31, 2015	15

Schedule of Investments (continued)

Bond Index Master Portfolio

(Percentages shown are based on Net Assets)


Corporate Bonds	Par (000)		Value
Multiline Retail (concluded)
Kohl’s Corp., 4.00%, 11/01/21	$	50	$	53,080
Nordstrom, Inc., 4.00%, 10/15/21		100		108,590
Target Corp.:
2.90%, 1/15/22		150		154,384
4.00%, 7/01/42		350		370,806

				934,177
Offshore Drilling & Other Services — 0.0%
Lam Research Corp., 3.80%, 3/15/25		230		231,316
Oil, Gas & Consumable Fuels — 2.9%
Alberta Energy Co., Ltd., 7.38%, 11/01/31		50		60,177
Anadarko Petroleum Corp.:
6.38%, 9/15/17		250		278,158
6.45%, 9/15/36		100		124,051
4.50%, 7/15/44		250		255,761
Apache Corp.:
3.25%, 4/15/22		145		147,351
6.00%, 1/15/37		100		119,378
4.75%, 4/15/43		250		261,289
4.25%, 1/15/44		100		98,228
Boardwalk Pipelines LP, 3.38%, 2/01/23		200		184,932
BP Capital Markets PLC:
1.85%, 5/05/17		250		253,010
1.38%, 5/10/18		250		248,879
2.24%, 9/26/18		300		304,957
2.24%, 5/10/19		500		505,385
2.52%, 1/15/20		115		116,968
2.32%, 2/13/20		250		252,098
4.74%, 3/11/21		50		55,806
3.06%, 3/17/22		710		722,304
3.25%, 5/06/22		100		102,975
3.99%, 9/26/23		250		264,737
Buckeye Partners LP, 4.15%, 7/01/23		250		247,251
Canadian Natural Resources Ltd.:
3.45%, 11/15/21		100		101,501
3.80%, 4/15/24		250		250,202
3.90%, 2/01/25		250		252,403
6.25%, 3/15/38		50		58,561
Cenovus Energy, Inc.:
5.70%, 10/15/19		150		167,206
3.00%, 8/15/22		100		94,723
5.20%, 9/15/43		250		252,265
Chevron Corp.:
1.72%, 6/24/18		500		506,337
2.19%, 11/15/19		55		56,148
2.43%, 6/24/20		550		563,682
2.41%, 3/03/22		145		145,272
Corporate Bonds	Par (000)		Value
Oil, Gas & Consumable Fuels (continued)
CNOOC Finance 2013 Ltd., 3.00%, 5/09/23	$	300	$	293,039
CNOOC Nexen Finance 2014 ULC, 4.25%, 4/30/24		500		531,537
ConocoPhillips Co.:
1.05%, 12/15/17		250		249,081
4.15%, 11/15/34		395		419,836
6.50%, 2/01/39		400		539,597
ConocoPhillips Holding Co., 6.95%, 4/15/29		100		136,647
Continental Resources, Inc.:
5.00%, 9/15/22		250		246,563
4.50%, 4/15/23		300		291,159
Devon Energy Corp.:
2.25%, 12/15/18		500		504,784
4.00%, 7/15/21		150		159,997
4.75%, 5/15/42		200		213,899
Diamond Offshore Drilling, Inc., 4.88%, 11/01/43		250		209,147
Ecopetrol SA:
7.63%, 7/23/19		100		117,400
5.88%, 5/28/45		250		232,613
El Paso Pipeline Partners Operating Co. LLC, 5.00%, 10/01/21		200		214,537
Enable Midstream Partners LP, 2.40%, 5/15/19 (a)		350		342,973
Enbridge Energy Partners LP, 4.20%, 9/15/21		100		105,054
Enbridge, Inc., 3.50%, 6/10/24		65		63,849
Encana Corp., 3.90%, 11/15/21		700		732,544
Energy Transfer Partners LP:
9.70%, 3/15/19		44		55,307
5.20%, 2/01/22		250		272,387
3.60%, 2/01/23		150		148,590
4.90%, 2/01/24		250		267,887
4.90%, 3/15/35		250		248,313
5.95%, 10/01/43		150		165,465
EnLink Midstream Partners LP, 5.05%, 4/01/45		150		152,586
Enterprise Products Operating LLC:
2.55%, 10/15/19		500		506,696
3.90%, 2/15/24		125		130,779
3.75%, 2/15/25		40		41,291
5.95%, 2/01/41		150		182,001
4.45%, 2/15/43		75		76,149
4.85%, 3/15/44		200		215,595
5.10%, 2/15/45		250		280,084
EOG Resources, Inc.:
5.63%, 6/01/19		150		172,441
3.15%, 4/01/25		80		81,588
EQT Corp., 4.88%, 11/15/21		50		52,618



16	MASTER INVESTMENT PORTFOLIO	MARCH 31, 2015

Schedule of Investments (continued)

Bond Index Master Portfolio

(Percentages shown are based on Net Assets)


Corporate Bonds	Par (000)		Value
Oil, Gas & Consumable Fuels (continued)
Exxon Mobil Corp.:
2.40%, 3/06/22	$	500	$	503,931
3.18%, 3/15/24		250		263,147
2.71%, 3/06/25		250		252,548
Hess Corp.:
8.13%, 2/15/19		200		240,129
5.60%, 2/15/41		300		327,630
Husky Energy, Inc., 3.95%, 4/15/22		150		152,400
Kinder Morgan Energy Partners LP:
2.65%, 2/01/19		245		245,378
3.95%, 9/01/22		225		228,519
4.15%, 2/01/24		250		255,534
4.25%, 9/01/24		155		158,493
6.50%, 2/01/37		100		113,319
5.00%, 8/15/42		75		72,836
5.40%, 9/01/44		250		259,011
Kinder Morgan, Inc.:
3.05%, 12/01/19		250		252,481
4.30%, 6/01/25		160		164,231
5.30%, 12/01/34		250		258,270
5.55%, 6/01/45		250		263,591
5.05%, 2/15/46		250		249,667
Marathon Oil Corp.:
5.90%, 3/15/18		100		110,742
2.80%, 11/01/22		400		389,598
Marathon Petroleum Corp.:
5.13%, 3/01/21		150		168,719
3.63%, 9/15/24		115		116,311
4.75%, 9/15/44		250		254,415
Murphy Oil Corp., 4.00%, 6/01/22		100		95,555
Nabors Industries, Inc.:
5.00%, 9/15/20		50		49,794
4.63%, 9/15/21		250		240,597
Nexen, Inc., 6.40%, 5/15/37		100		126,622
Noble Energy, Inc.:
4.15%, 12/15/21		150		158,872
5.25%, 11/15/43		250		261,266
Occidental Petroleum Corp., 4.10%, 2/01/21		50		54,831
ONEOK Partners LP:
2.00%, 10/01/17		250		249,313
3.38%, 10/01/22		500		474,376
6.13%, 2/01/41		50		51,220
Petrobras Global Finance BV:
3.25%, 3/17/17		500		461,250
3.00%, 1/15/19		500		431,660
6.25%, 3/17/24		250		235,700
5.63%, 5/20/43		200		161,980
7.25%, 3/17/44		125		117,373
Corporate Bonds	Par (000)		Value
Oil, Gas & Consumable Fuels (continued)
Petrobras International Finance Co.:
5.75%, 1/20/20	$	400	$	371,032
5.38%, 1/27/21		500		453,575
Petroleos Mexicanos:
3.50%, 7/18/18		350		364,000
3.13%, 1/23/19		250		255,000
4.88%, 1/24/22		400		424,500
3.50%, 1/30/23		400		390,600
4.50%, 1/23/26 (a)		500		509,500
6.50%, 6/02/41		300		339,750
6.38%, 1/23/45		750		838,500
Phillips 66:
4.65%, 11/15/34		355		376,153
5.88%, 5/01/42		100		119,126
Pioneer Natural Resources Co., 3.95%, 7/15/22		150		154,272
Plains All American Pipeline LP/PAA Finance Corp.:
2.85%, 1/31/23		250		243,659
5.15%, 6/01/42		50		53,016
4.70%, 6/15/44		250		254,012
Plains Exploration & Production Co., 6.50%, 11/15/20		162		171,923
Rowan Cos., Inc.:
4.75%, 1/15/24		50		47,316
5.40%, 12/01/42		100		82,021
Shell International Finance BV:
4.38%, 3/25/20		100		111,876
6.38%, 12/15/38		300		415,369
5.50%, 3/25/40		50		63,456
4.55%, 8/12/43		200		226,703
Southwestern Energy Co., 4.10%, 3/15/22		100		98,405
Spectra Energy Capital LLC, 3.30%, 3/15/23		150		141,162
Spectra Energy Partners LP:
4.75%, 3/15/24		250		274,542
3.50%, 3/15/25		250		251,245
Statoil ASA:
1.95%, 11/08/18		250		253,448
2.65%, 1/15/24		500		491,120
3.70%, 3/01/24		250		267,022
5.10%, 8/17/40		100		120,151
Suncor Energy, Inc.:
6.10%, 6/01/18		200		225,295
3.60%, 12/01/24		165		168,313
6.50%, 6/15/38		250		321,148
Sunoco Logistics Partners Operations LP:
4.95%, 1/15/43		250		245,232
5.30%, 4/01/44		100		103,165



MASTER INVESTMENT PORTFOLIO	MARCH 31, 2015	17

Schedule of Investments (continued)

Bond Index Master Portfolio

(Percentages shown are based on Net Assets)


Corporate Bonds	Par (000)		Value
Oil, Gas & Consumable Fuels (concluded)
Talisman Energy, Inc.:
3.75%, 2/01/21	$	300	$	295,183
5.50%, 5/15/42		50		49,522
TC PipeLines LP, 4.38%, 3/13/25		250		252,479
Tennessee Gas Pipeline Co. LLC, 7.50%, 4/01/17		100		110,416
Total Capital Canada Ltd., 2.75%, 7/15/23		150		149,454
Total Capital International SA:
1.50%, 2/17/17		100		101,238
2.13%, 1/10/19		350		356,462
2.75%, 6/19/21		250		255,729
Total Capital SA, 2.13%, 8/10/18		500		510,913
TransCanada PipeLines Ltd.:
4.63%, 3/01/34		250		269,088
6.20%, 10/15/37		200		254,024
5.00%, 10/16/43		150		168,368
Valero Energy Corp.:
6.13%, 2/01/20		150		173,768
6.63%, 6/15/37		300		370,292
Weatherford International Ltd.:
6.00%, 3/15/18		150		157,671
9.63%, 3/01/19		250		286,400
5.13%, 9/15/20		50		48,688
5.95%, 4/15/42		350		307,643
The Williams Cos., Inc.:
7.88%, 9/01/21		31		35,986
3.70%, 1/15/23		100		92,440
4.55%, 6/24/24		45		43,583
5.75%, 6/24/44		250		233,655
Williams Partners LP:
4.00%, 11/15/21		250		256,630
4.30%, 3/04/24		250		249,456
3.90%, 1/15/25		250		244,433
4.00%, 9/15/25		250		245,192

				38,921,657
Paper & Forest Products — 0.1%
Celulosa Arauco y Constitucion SA, 4.75%, 1/11/22		50		52,585
Georgia-Pacific LLC, 8.88%, 5/15/31		25		37,742
International Paper Co.:
7.50%, 8/15/21		100		125,641
3.65%, 6/15/24		500		509,788
Westvaco Corp., 8.20%, 1/15/30		100		141,234

				866,990
Personal Products — 0.0%
Colgate-Palmolive Co.:
1.75%, 3/15/19		250		252,807
Corporate Bonds	Par (000)		Value
Personal Products (concluded)
Colgate-Palmolive Co. (concluded):
3.25%, 3/15/24	$	250	$	263,721

				516,528
Pharmaceuticals — 0.9%
Abbott Laboratories, 2.55%, 3/15/22		300		301,233
AbbVie, Inc.:
1.75%, 11/06/17		300		301,064
2.00%, 11/06/18		150		149,907
4.40%, 11/06/42		400		411,767
Actavis Funding SCS:
2.35%, 3/12/18		750		760,143
3.45%, 3/15/22		155		158,763
4.55%, 3/15/35		130		135,501
4.85%, 6/15/44		250		265,539
4.75%, 3/15/45		150		159,428
Actavis, Inc., 3.25%, 10/01/22		150		149,859
Allergan, Inc., 1.35%, 3/15/18		250		245,634
AstraZeneca PLC:
5.90%, 9/15/17		100		111,278
1.95%, 9/18/19		500		503,863
6.45%, 9/15/37		100		137,561
Bristol-Myers Squibb Co.:
1.75%, 3/01/19		250		250,884
2.00%, 8/01/22		250		241,369
4.50%, 3/01/44		250		284,090
Eli Lilly & Co.:
1.95%, 3/15/19		250		254,272
2.75%, 6/01/25		45		45,199
5.50%, 3/15/27		50		61,623
4.65%, 6/15/44		200		232,300
GlaxoSmithKline Capital PLC, 2.85%, 5/08/22		150		152,322
GlaxoSmithKline Capital, Inc.:
5.65%, 5/15/18		100		113,114
6.38%, 5/15/38		300		407,430
Johnson & Johnson:
2.15%, 5/15/16		100		101,900
2.45%, 12/05/21		450		467,946
4.38%, 12/05/33		250		286,550
4.50%, 9/01/40		100		117,699
Merck & Co., Inc.:
3.88%, 1/15/21		250		273,414
2.75%, 2/10/25		70		69,943
4.15%, 5/18/43		250		269,170
3.70%, 2/10/45		400		401,892
Merck Sharp & Dohme Corp., 5.00%, 6/30/19		500		566,800
Mylan, Inc.:
1.80%, 6/24/16		250		252,011
4.20%, 11/29/23		250		265,644



18	MASTER INVESTMENT PORTFOLIO	MARCH 31, 2015

Schedule of Investments (continued)

Bond Index Master Portfolio

(Percentages shown are based on Net Assets)


Corporate Bonds	Par (000)		Value
Pharmaceuticals (concluded)
Novartis Capital Corp.:
4.40%, 4/24/20	$	100	$	111,959
3.40%, 5/06/24		650		693,762
Perrigo Co. PLC, 2.30%, 11/08/18		250		252,312
Pfizer, Inc.:
1.10%, 5/15/17		850		855,353
1.50%, 6/15/18		500		504,464
4.30%, 6/15/43		500		539,976
Sanofi, 1.25%, 4/10/18		250		250,341
Teva Pharmaceutical Finance Co. BV:
2.40%, 11/10/16		200		204,388
3.65%, 11/10/21		113		119,011
2.95%, 12/18/22		59		58,881
Zoetis, Inc., 4.70%, 2/01/43		150		156,412

				12,653,971
Real Estate — 0.2%
AvalonBay Communities, Inc., 2.95%, 9/15/22		100		99,938
Boston Properties LP:
3.70%, 11/15/18		200		213,046
3.13%, 9/01/23		250		251,900
Brandywine Operating Partnership LP, 3.95%, 2/15/23		250		253,958
Duke Realty LP, 3.63%, 4/15/23		250		255,034
Host Hotels & Resorts LP, 5.25%, 3/15/22		250		278,118
Liberty Property LP, 4.40%, 2/15/24		250		267,204
Simon Property Group LP:
2.80%, 1/30/17		100		102,878
2.15%, 9/15/17		250		255,183
4.13%, 12/01/21		100		109,502
3.38%, 3/15/22		100		104,028
4.75%, 3/15/42		100		112,373
4.25%, 10/01/44		250		262,062
Ventas Realty LP/Ventas Capital Corp.:
2.70%, 4/01/20		250		252,718
4.25%, 3/01/22		100		107,211

				2,925,153
Real Estate Investment Trusts (REITs) — 0.4%
American Tower Corp.:
3.40%, 2/15/19		250		258,171
5.05%, 9/01/20		25		27,614
4.70%, 3/15/22		100		107,246
3.50%, 1/31/23		150		148,686
DDR Corp., 4.63%, 7/15/22		100		107,602
ERP Operating LP:
4.75%, 7/15/20		100		111,709
4.50%, 7/01/44		150		161,437
Corporate Bonds	Par (000)		Value
Real Estate Investment Trusts (REITs) (concluded)
Essex Portfolio LP, 3.88%, 5/01/24	$	100	$	104,610
HCP, Inc.:
6.00%, 1/30/17		100		107,997
2.63%, 2/01/20		250		250,633
5.38%, 2/01/21		250		281,449
3.15%, 8/01/22		100		99,162
Health Care REIT, Inc.:
4.13%, 4/01/19		200		214,560
5.25%, 1/15/22		50		56,354
Healthcare Realty Trust, Inc., 3.75%, 4/15/23		150		150,263
Hospitality Properties Trust, 5.00%, 8/15/22		200		212,880
Kilroy Realty LP, 6.63%, 6/01/20		250		295,125
Kimco Realty Corp., 3.20%, 5/01/21		250		256,343
Mid-America Apartments LP, 4.30%, 10/15/23		200		213,649
Omega Healthcare Investors, Inc.:
5.88%, 3/15/24		250		266,250
4.50%, 4/01/27 (a)		250		245,575
Prologis LP, 4.50%, 8/15/17		500		535,317
Realty Income Corp., 4.65%, 8/01/23		250		273,196
Weyerhaeuser Co., 7.38%, 3/15/32		350		470,224

				4,956,052
Road & Rail — 0.3%
Burlington Northern Santa Fe LLC:
3.75%, 4/01/24		50		53,363
5.40%, 6/01/41		50		60,109
4.40%, 3/15/42		150		159,521
4.45%, 3/15/43		200		214,269
4.90%, 4/01/44		250		285,397
4.55%, 9/01/44		250		273,954
Canadian National Railway Co.:
1.45%, 12/15/16		50		50,564
2.95%, 11/21/24		305		313,082
3.50%, 11/15/42		100		97,260
Canadian Pacific Railway Ltd.:
2.90%, 2/01/25		250		249,375
5.75%, 1/15/42		25		32,352
CSX Corp.:
3.70%, 10/30/20		100		107,732
4.75%, 5/30/42		100		113,854
4.50%, 8/01/54		250		269,929
Norfolk Southern Corp.:
7.70%, 5/15/17		150		169,693



MASTER INVESTMENT PORTFOLIO	MARCH 31, 2015	19

Schedule of Investments (continued)

Bond Index Master Portfolio

(Percentages shown are based on Net Assets)


Corporate Bonds	Par (000)		Value
Road & Rail (concluded)
Norfolk Southern Corp. (concluded):
3.00%, 4/01/22	$	250	$	255,305
3.85%, 1/15/24		250		269,799
3.95%, 10/01/42		100		101,613
Union Pacific Corp.:
4.16%, 7/15/22		100		111,889
4.30%, 6/15/42		50		54,625
4.75%, 12/15/43		250		291,418

				3,535,103
Semiconductors & Semiconductor Equipment — 0.1%
Applied Materials, Inc., 5.85%, 6/15/41		50		61,308
Intel Corp.:
1.35%, 12/15/17		300		301,512
4.80%, 10/01/41		300		338,011
KLA-Tencor Corp., 4.65%, 11/01/24		305		320,320
Maxim Integrated Products, Inc., 3.38%, 3/15/23		100		100,039
Seagate HDD Cayman:
3.75%, 11/15/18		125		130,272
4.75%, 6/01/23		250		262,759
Xilinx, Inc., 3.00%, 3/15/21		75		77,369

				1,591,590
Software — 0.3%
Autodesk, Inc., 1.95%, 12/15/17		75		75,060
CA, Inc., 4.50%, 8/15/23		170		179,705
Microsoft Corp.:
1.63%, 12/06/18		250		253,476
1.85%, 2/12/20		500		504,753
3.00%, 10/01/20		50		53,143
3.50%, 2/12/35		165		164,565
5.30%, 2/08/41		100		125,149
3.75%, 5/01/43		150		151,329
4.00%, 2/12/55		500		499,154
Oracle Corp.:
1.20%, 10/15/17		750		752,439
5.75%, 4/15/18		150		169,480
2.25%, 10/08/19		500		509,875
3.88%, 7/15/20		100		109,567
4.30%, 7/08/34		250		271,266
5.38%, 7/15/40		150		184,015
4.50%, 7/08/44		250		278,641
Symantec Corp., 2.75%, 6/15/17		150		152,693

				4,434,310
Specialty Retail — 0.3%
Advance Auto Parts, Inc., 4.50%, 12/01/23		250		268,078
Corporate Bonds	Par (000)		Value
Specialty Retail (concluded)
AutoZone, Inc.:
3.70%, 4/15/22	$	50	$	52,135
3.13%, 7/15/23		250		249,735
Bed Bath & Beyond, Inc., 5.17%, 8/01/44		250		275,676
The Home Depot, Inc.:
2.00%, 6/15/19		350		356,149
4.40%, 4/01/21		150		169,536
5.88%, 12/16/36		100		132,271
4.20%, 4/01/43		250		273,120
4.40%, 3/15/45		250		279,134
Lowe’s Cos., Inc.:
1.63%, 4/15/17		200		202,911
4.63%, 4/15/20		100		111,235
3.12%, 4/15/22		100		104,803
5.00%, 9/15/43		150		179,993
4.25%, 9/15/44		250		271,103
Macy’s Retail Holdings, Inc.:
5.90%, 12/01/16		11		11,866
3.88%, 1/15/22		300		320,229
4.38%, 9/01/23		200		220,228
3.63%, 6/01/24		250		259,763
QVC, Inc., 5.45%, 8/15/34		200		198,372
Staples, Inc., 2.75%, 1/12/18		150		150,138
Tiffany & Co., 3.80%, 10/01/24 (a)		150		152,471

				4,238,946
Technology Hardware, Storage & Peripherals — 0.3%
Adobe Systems, Inc., 3.25%, 2/01/25		70		70,752
Apple, Inc.:
1.05%, 5/05/17		500		502,479
1.00%, 5/03/18		500		497,082
2.50%, 2/09/25		140		137,007
3.85%, 5/04/43		250		253,948
4.45%, 5/06/44		250		278,998
EMC Corp.:
1.88%, 6/01/18		250		252,923
2.65%, 6/01/20		250		256,731
Hewlett-Packard Co.:
3.30%, 12/09/16		150		155,107
2.75%, 1/14/19		500		512,602
4.65%, 12/09/21		100		109,393
6.00%, 9/15/41		150		166,940
NetApp, Inc.:
2.00%, 12/15/17		350		350,919
3.38%, 6/15/21		105		107,121

				3,652,002
Textiles, Apparel & Luxury Goods — 0.0%
VF Corp., 3.50%, 9/01/21		100		107,710



20	MASTER INVESTMENT PORTFOLIO	MARCH 31, 2015

Schedule of Investments (continued)

Bond Index Master Portfolio

(Percentages shown are based on Net Assets)


Corporate Bonds	Par (000)		Value
Tobacco — 0.2%
Altria Group, Inc.:
9.25%, 8/06/19	$	45	$	57,739
2.63%, 1/14/20		250		254,010
2.85%, 8/09/22		250		248,531
10.20%, 2/06/39		33		58,359
4.50%, 5/02/43		400		413,732
5.38%, 1/31/44		70		81,866
Lorillard Tobacco Co., 6.88%, 5/01/20		250		297,971
Philip Morris International, Inc.:
1.13%, 8/21/17		250		250,209
1.88%, 1/15/19		250		251,666
4.13%, 5/17/21		50		54,890
2.63%, 3/06/23		250		248,153
3.25%, 11/10/24		125		128,330
4.50%, 3/20/42		50		54,201
3.88%, 8/21/42		100		98,447
4.13%, 3/04/43		200		204,912
Reynolds American, Inc.:
4.75%, 11/01/42		150		154,721
6.15%, 9/15/43		150		185,338

				3,043,075
Trading Companies & Distributors — 0.1%
GATX Corp.:
1.25%, 3/04/17		500		497,945
2.38%, 7/30/18		150		151,790

				649,735
Transportation Infrastructure — 0.1%
Ryder System, Inc.:
2.50%, 3/01/17		150		152,854
2.35%, 2/26/19		500		503,344

				656,198
Water Utilities — 0.0%
American Water Capital Corp., 3.40%, 3/01/25		250		258,769
United Utilities PLC, 5.38%, 2/01/19		50		53,834

				312,603
Wireless Telecommunication Services — 0.2%
America Movil SAB de CV:
2.38%, 9/08/16		500		508,195
5.00%, 3/30/20		200		226,644
4.38%, 7/16/42		350		349,951
Rogers Communications, Inc.:
3.00%, 3/15/23		150		149,271
5.00%, 3/15/44		250		275,567
Vodafone Group PLC:
1.63%, 3/20/17		250		251,520
Corporate Bonds	Par (000)		Value
Wireless Telecommunication Services (concluded)
Vodafone Group PLC (concluded):
7.88%, 2/15/30	$	100	$	136,946
4.38%, 2/19/43		450		442,618

				2,340,712
Total Corporate Bonds — 25.1%				337,838,953



Foreign Agency Obligations
Asian Development Bank, 1.50%, 9/28/18		1,000		1,011,687
Brazilian Government International Bond:
8.00%, 1/15/18		83		90,000
5.88%, 1/15/19		250		275,000
4.88%, 1/22/21		650		682,500
2.63%, 1/05/23		250		224,375
4.25%, 1/07/25		750		735,000
5.63%, 1/07/41		300		305,250
5.00%, 1/27/45		250		231,250
Canada Government International Bond, 1.63%, 2/27/19		500		507,420
Colombia Government International Bond:
4.38%, 7/12/21		250		265,000
2.63%, 3/15/23		250		235,000
4.00%, 2/26/24		750		773,250
7.38%, 9/18/37		100		133,500
5.63%, 2/26/44		200		223,500
5.00%, 6/15/45		250		256,875
Corporacion Andina de Fomento, 1.50%, 8/08/17		143		143,562
Council of Europe Development Bank:
1.00%, 3/07/18		250		249,859
1.63%, 3/10/20		250		251,327
European Bank for Reconstruction & Development, 1.00%, 2/16/17		250		251,949
European Investment Bank:
2.50%, 5/16/16		100		102,335
0.50%, 8/15/16		1,250		1,250,454
5.13%, 9/13/16		225		239,772
1.25%, 10/14/16		100		101,045
1.75%, 3/15/17		500		510,270
0.88%, 4/18/17		1,500		1,505,233
1.63%, 6/15/17		500		508,725
1.00%, 8/17/17		1,500		1,507,203
1.00%, 3/15/18		250		250,002
1.00%, 6/15/18		250		249,504
1.88%, 3/15/19		500		511,487



MASTER INVESTMENT PORTFOLIO	MARCH 31, 2015	21

Schedule of Investments (continued)

Bond Index Master Portfolio

(Percentages shown are based on Net Assets)


Foreign Agency Obligations	Par (000)		Value
European Investment Bank (concluded):
1.75%, 6/17/19	$	500	$	508,626
Export Development Canada, 1.75%, 8/19/19		500		507,503
Hydro-Quebec, 2.00%, 6/30/16		350		356,144
Inter-American Development Bank:
1.38%, 10/18/16		250		252,808
1.25%, 1/16/18		1,000		1,008,497
0.88%, 3/15/18		1,000		996,719
1.75%, 10/15/19		500		508,622
International Bank for Reconstruction & Development:
0.50%, 4/15/16		750		750,683
1.00%, 9/15/16		75		75,447
Series GDIF, 0.50%, 5/16/16		1,000		1,000,535
Series GDIF, 0.63%, 10/14/16		1,250		1,249,874
Series GDIF, 1.38%, 4/10/18		1,000		1,019,497
International Finance Corp.:
0.63%, 10/03/16		1,000		1,001,150
1.75%, 9/16/19		500		506,469
Israel Government International Bond, 4.50%, 1/30/43		200		212,790
Italian Government International Bond:
6.88%, 9/27/23		100		129,252
5.38%, 6/15/33		250		304,271
Japan Bank for International Cooperation, 2.13%, 2/07/19		200		204,897
KFW:
1.25%, 2/15/17		750		757,882
0.75%, 3/17/17		1,500		1,501,458
2.75%, 10/01/20		500		530,686
Mexico Government International Bond:
5.63%, 1/15/17		500		536,250
8.13%, 12/30/19		100		130,750
5.13%, 1/15/20		100		112,100
3.63%, 3/15/22		500		519,250
3.60%, 1/30/25		500		513,125
6.75%, 9/27/34		150		200,250
6.05%, 1/11/40		300		370,500
4.75%, 3/08/44		450		472,500
5.55%, 1/21/45		525		615,562
Nordic Investment Bank:
0.50%, 4/14/16		500		500,335
1.13%, 3/19/18		500		501,992
Panama Government International Bond:
5.20%, 1/30/20		350		389,375
3.75%, 3/16/25		500		512,500
6.70%, 1/26/36		350		458,500
Foreign Agency Obligations	Par (000)		Value
Peruvian Government International Bond:
7.35%, 7/21/25	$	400	$	544,000
8.75%, 11/21/33		191		303,451
Philippine Government International Bond:
4.00%, 1/15/21		500		547,468
4.20%, 1/21/24		500		560,000
7.75%, 1/14/31		500		750,920
3.95%, 1/20/40		250		265,313
Poland Government International Bond:
6.38%, 7/15/19		250		294,063
3.00%, 3/17/23		200		205,300
4.00%, 1/22/24		250		274,500
Province of Ontario Canada:
2.30%, 5/10/16		100		101,951
1.20%, 2/14/18		750		751,271
2.00%, 9/27/18		500		511,344
2.00%, 1/30/19		500		511,187
4.40%, 4/14/20		200		226,154
Province of Quebec Canada, 2.63%, 2/13/23		250		257,627
Republic of Korea, 4.13%, 6/10/44		250		301,775
South Africa Government International Bond:
4.67%, 1/17/24		200		211,500
5.38%, 7/24/44		200		214,920
Svensk Exportkredit AB:
2.13%, 7/13/16		200		204,006
1.88%, 6/17/19		500		508,613
Turkey Government International Bond:
7.50%, 11/07/19		500		583,750
5.63%, 3/30/21		500		546,875
3.25%, 3/23/23		750		709,417
5.75%, 3/22/24		700		778,470
6.88%, 3/17/36		250		309,630
6.00%, 1/14/41		500		568,225
6.63%, 2/17/45		250		309,300
Uruguay Government International Bond:
8.00%, 11/18/22		150		197,250
4.50%, 8/14/24		250		271,250
5.10%, 6/18/50		250		260,000
Total Foreign Agency Obligations — 3.3%				44,878,663



22	MASTER INVESTMENT PORTFOLIO	MARCH 31, 2015

Schedule of Investments (continued)

Bond Index Master Portfolio

(Percentages shown are based on Net Assets)


Municipal Bonds	Par (000)		Value
American Municipal Power, Inc., RB, Build America Bonds, Combined Hydroelectric Projects, Series B, 7.83%, 2/15/41	$	150	$	227,410
Bay Area Toll Authority, RB, Build America Bonds, San Francisco Toll Bridge:
Series S-1, 6.92%, 4/01/40		100		140,631
Series S-1, 7.04%, 4/01/50		100		149,881
Series S-3, 6.91%, 10/01/50		200		297,210
Chicago Transit Authority, RB, Series A, 6.90%, 12/01/40		100		128,833
City & County of Denver Colorado School District No. 1, COP, Refunding, Series B, 4.24%, 12/15/37		50		52,283
City & County of San Francisco California Public Utilities Commission Water Revenue, RB, Build America Bonds, Sub-Series G, 6.95%, 11/01/50		100		149,885
City of New York New York, GO, 5.97%, 3/01/36		100		130,290
City of New York New York Transitional Finance Authority, RB, Build America Bonds, Future Tax Secured, Sub-Series B-1, 5.57%, 11/01/38		100		127,315
City Public Service Board of San Antonio Texas, RB, 4.43%, 2/01/42		100		112,757
Commonwealth of Massachusetts, GO, Build America Bonds, 5.46%, 12/01/39		100		127,304
Commonwealth of Pennsylvania, GO, Build America Bonds, 4.65%, 2/15/26		100		112,170
County of Sonoma California, Refunding RB, Series A, 6.00%, 12/01/29		100		121,170
Dallas Area Rapid Transit, RB, Build America Bonds, Senior Lien, Series B, 5.02%, 12/01/48		160		199,358
District of Columbia, RB, Series E, 5.59%, 12/01/34		200		252,032
East Bay Municipal Utility District, RB, Build America Bonds, 5.87%, 6/01/40		100		134,688
Florida Hurricane Catastrophe Fund Finance Corp., RB, Series A, 3.00%, 7/01/20		100		102,866
Municipal Bonds	Par (000)		Value
Illinois State Toll Highway Authority, RB, Build America Bonds, 5.85%, 12/01/34	$	100	$	131,357
JobsOhio Beverage System, Refunding RB, Series B, 4.53%, 1/01/35		100		112,596
Los Angeles Community College District, GO, 6.75%, 8/01/49		100		151,616
Los Angeles County Metropolitan Transportation Authority, RB, Build America Bonds, 5.74%, 6/01/39		100		129,153
Los Angeles Department of Water & Power, RB, Build America Bonds:
5.72%, 7/01/39		100		128,058
6.60%, 7/01/50		90		135,077
Los Angeles Unified School District, GO, 6.76%, 7/01/34		150		209,007
Massachusetts Institute of Technology, 4.68%, 7/01/14		300		357,793
Massachusetts School Building Authority, RB, 5.72%, 8/15/39		100		128,206
Metropolitan Transportation Authority, RB, Build America Bonds, Series C-1, 6.69%, 11/15/40		305		428,498
Metropolitan Water Reclamation District of Greater Chicago, GO, Build America Bonds, 5.72%, 12/01/38		150		192,075
Municipal Electric Authority of Georgia Plant Vogtle Units 3 & 4, Refunding RB, Build America Bonds, Series A, 6.64%, 4/01/57		125		163,532
New Jersey EDA, RB, Series A (NPFGC), 7.43%, 2/15/29		200		251,872
New Jersey EDA, Refunding RB, Series Q, 1.10%, 6/15/16		400		399,688
New Jersey State Turnpike Authority, RB, Build America Bonds, Series F, 7.41%, 1/01/40		400		601,880
New York City Transitional Finance Authority Future Tax Secured Revenue, RB, Future Tax Secured, Build America Bonds, 5.77%, 8/01/36		100		126,434
New York City Water & Sewer System, RB, Build America Bonds, 2nd General Resolution, Fiscal 2020, Series DD, 5.95%, 6/15/42		115		155,722



MASTER INVESTMENT PORTFOLIO	MARCH 31, 2015	23

Schedule of Investments (continued)

Bond Index Master Portfolio

(Percentages shown are based on Net Assets)


Municipal Bonds	Par (000)		Value
New York State Dormitory Authority, RB, Build America Bonds, Series H, 5.43%, 3/15/39	$	135	$	167,929
New York State Urban Development Corp., RB, 5.77%, 3/15/39		200		248,644
North Texas Tollway Authority, RB, Build America Bonds, Series B, 6.72%, 1/01/49		100		148,984
Ohio State University, RB, Build America Bonds, Series C, 4.91%, 6/01/40		100		122,003
Ohio State Water Development Authority, RB, Build America Bonds, Series B-2, 4.88%, 12/01/34		100		116,730
Port Authority of New York & New Jersey, RB:
158th Series, 5.86%, 12/01/24		100		124,307
159th Series, 6.04%, 12/01/29		200		256,810
182nd Series, 5.31%, 8/01/46		100		110,763
Port Authority of New York & New Jersey, Refunding RB, 174th Series, 4.46%, 10/01/62		100		109,365
San Diego County Water Authority, RB, Build America Bonds, Series B, 6.14%, 5/01/49		100		138,869
Santa Clara Valley Transportation Authority, RB, Build America Bonds, Series A, 5.88%, 4/01/32		100		124,920
State of California, GO, Build America Bonds, Various Purpose:
7.50%, 4/01/34		145		216,878
7.55%, 4/01/39		675		1,053,864
7.35%, 11/01/39		100		149,782
7.60%, 11/01/40		200		320,906
State of Connecticut, GO, Build America Bonds, Series D, 5.09%, 10/01/30		150		174,861
State of Illinois, GO:
5.67%, 3/01/18		200		220,670
Pension, 5.10%, 6/01/33		900		915,687
State of Oregon, GO, Pension, 5.76%, 6/01/23		100		118,455
State of Texas, GO, Build America Bonds, Series A, 5.52%, 4/01/39		100		133,706
Municipal Bonds	Par (000)		Value
State of Washington, GO, Build America Bonds, Series D, 5.48%, 8/01/39	$	175	$	223,890
Texas Transportation Commission, RB, 1st Tier, Build America Bonds, Series B, 5.18%, 4/01/30		200		242,900
University of California, RB, Series AD, 4.86%, 5/15/12		300		323,535
University of California, Refunding RB, Series AJ, 4.60%, 5/15/31		150		167,763
University of California Medical Center, RB, Build America Bonds, Series H, 6.55%, 5/15/48		50		68,131
University of North Carolina at Chapel Hill, Refunding RB, 3.85%, 12/01/34		400		427,072
University of Virginia, RB, Build America Bonds, 6.20%, 9/01/39		140		204,971
Virginia Commonwealth Transportation Board, RB, Build America Bonds, Series A-2, 5.35%, 5/15/35		75		90,570
Total Municipal Bonds — 1.0%				13,091,612



Non-Agency Mortgage-Backed Securities
Commercial Mortgage-Backed Securities — 1.4%
Banc of America Commercial Mortgage Trust, Series 2007-5, Class A4, 5.49%, 2/10/51		400		425,633
Bear Stearns Commercial Mortgage Securities Trust:
Series 2006-PW14, Class A4, 5.20%, 12/11/38		1,350		1,421,167
Series 2007-PW16, Class AM, 5.71%, 6/11/40 (e)		700		762,021
Series 2007-T26, Class A4, 5.47%, 1/12/45 (e)		1,271		1,353,344
Citigroup Commercial Mortgage Trust, Class A4:
Series 2013-GC17, 4.13%, 11/10/46		750		831,841
Series 2014-GC25, 3.64%, 10/10/47		500		533,345
Citigroup/Deutsche Bank Commercial Mortgage Trust, Series 2007-CD4, Class A4, 5.32%, 12/11/49		600		631,678



24	MASTER INVESTMENT PORTFOLIO	MARCH 31, 2015

Schedule of Investments (continued)

Bond Index Master Portfolio

(Percentages shown are based on Net Assets)


Non-Agency Mortgage-Backed Securities	Par (000)		Value
Commercial Mortgage-Backed Securities (continued)
Commercial Mortgage Trust:
Series 2006-C7, Class AM, 5.78%, 6/10/46 (e)	$	750	$	786,964
Series 2013-CR09, Class A4, 4.24%, 7/10/45 (e)		700		786,756
Series 2013-CR12, Class A4, 4.05%, 10/10/46		300		331,470
Series 2014-UBS2, Class A5, 3.96%, 3/10/47		500		546,551
Credit Suisse Commercial Mortgage Trust Series:
Series 2006-C4, Class A3, 5.47%, 9/15/39		823		860,684
Series 2007-C3, Class A4, 5.70%, 6/15/39 (e)		221		235,933
Greenwich Capital Commercial Funding Corp., Series 2007- GG11, Class A4, 5.74%, 12/10/49		350		377,203
GS Mortgage Securities Corp. II, Series 2012-GCJ9, Class A3, 2.77%, 11/10/45		250		255,098
GS Mortgage Securities Trust, Series 2007-GG10, Class A4, 5.99%, 8/10/45 (e)		270		291,179
JPMBB Commercial Mortgage Securities Trust:
Series 2014-C18, Class A5, 4.08%, 2/15/47		250		276,062
Series 2014-C22, Class A4, 3.80%, 9/15/47		300		323,609
JPMorgan Chase Commercial Mortgage Securities Trust:
Series 2006-LDP9, Class A3, 5.34%, 5/15/47		882		929,444
Series 2011-C5, Class A3, 4.17%, 8/15/46		650		720,005
Series 2012-LC9, Class A3, 2.48%, 12/15/47		300		304,508
Series 2013-C16, Class A2, 3.07%, 12/15/46		850		890,439
Series 2014-C19, Class A2, 3.05%, 4/15/47		300		314,393
Series 2014-C20, Class A5, 3.80%, 7/15/47		1,400		1,515,707
LB-UBS Commercial Mortgage Trust, Series 2007-C7, Class A3, 5.87%, 9/15/45 (e)		262		288,411
ML-CFC Commercial Mortgage Trust:
Series 2006-4, Class A3, 5.17%, 12/12/49		481		505,611
Non-Agency Mortgage-Backed Securities	Par (000)		Value
Commercial Mortgage-Backed Securities (concluded)
ML-CFC Commercial Mortgage Trust (concluded):
Series 2007-9, Class AM, 5.86%, 9/12/49 (e)	$	675	$	737,129
Morgan Stanley Capital I Trust, Series 2007-IQ14, Class A4, 5.69%, 4/15/49 (e)		1,500		1,608,558
Wells Fargo Commercial Mortgage Trust, Series 2013-LC12, Class A4, 4.22%, 7/15/46 (e)		200		223,346
WFRBS Commercial Mortgage Trust, Series 2013-C11, Class A5, 3.07%, 3/15/45		500		519,480
Total Non-Agency Mortgage-Backed Securities — 1.4%				19,587,569



U.S. Government Sponsored Agency Securities
Agency Obligations — 2.4%
Fannie Mae:
0.88%, 12/20/17 - 5/21/18		4,828		4,822,624
1.13%, 4/27/17		2,310		2,330,915
1.63%, 1/21/20		500		503,454
6.25%, 5/15/29		2,850		4,086,005
6.63%, 11/15/30		149		224,259
7.25%, 5/15/30		550		872,259
Federal Home Loan Bank:
0.63%, 12/28/16		5,000		5,006,100
5.50%, 7/15/36		100		140,209
Financing Corp., 8.60%, 9/26/19		200		261,087
Freddie Mac:
0.50%, 5/13/16		5,000		5,006,345
0.88%, 3/07/18		1,500		1,497,589
1.75%, 5/30/19		420		426,285
2.00%, 8/25/16		750		765,964
2.38%, 1/13/22		3,930		4,064,001
4.88%, 6/13/18		250		280,526
6.25%, 7/15/32		1,300		1,928,572
Tennessee Valley Authority:
3.50%, 12/15/42		140		142,631
6.25%, 12/15/17		400		456,477

				32,815,302
Commercial Mortgage-Backed Securities — 0.5%
Fannie Mae, Class A2 (e):
Series 2014-M6, 2.68%, 5/25/21		150		155,316
Series 2014-M13, 3.02%, 8/25/24		500		518,331
Freddie Mac:
Series K713, Class A2, 2.31%, 3/25/20		300		308,581



MASTER INVESTMENT PORTFOLIO	MARCH 31, 2015	25

Schedule of Investments (continued)

Bond Index Master Portfolio

(Percentages shown are based on Net Assets)


U.S. Government Sponsored Agency Securities	Par (000)		Value
Commercial Mortgage-Backed Securities (concluded)
Freddie Mac (concluded):
Series K026, Class A2, 2.51%, 11/25/22	$	200	$	203,769
Series K038, Class A1, 2.60%, 10/25/23		241		248,932
Series K014, Class A1, 2.79%, 10/25/20		137		142,939
Series K017, Class A2, 2.87%, 12/25/21		500		522,911
Series K033, Class A2, 3.06%, 7/25/23 (e)		100		105,302
Series K031, Class A2, 3.30%, 4/25/23 (e)		100		107,263
Series K006, Class A1, 3.40%, 7/25/19		443		464,602
Series K004, Class A1, 3.41%, 5/25/19		499		523,366
Series K037, Class A2, 3.49%, 1/25/24		200		216,901
Series K034, Class A2, 3.53%, 7/25/23 (e)		1,400		1,523,109
Series K003, Class A5, 5.09%, 3/25/19		300		338,435
Freddie Mac Mortgage-Backed Securities, Series K013, Class A2, 3.97%, 1/25/21 (e)		500		553,025

				5,932,782
Mortgage-Backed Securities — 28.6%
Fannie Mae Mortgage-Backed Securities:
1.91%, 4/01/43 (e)		398		412,486
1.93%, 5/01/43 (e)		908		941,595
2.07%, 6/01/43 (e)		870		887,910
2.49%, 8/01/42 (e)		317		328,322
2.50%, 9/01/28 - 4/01/45 (g)		17,469		17,884,954
2.79%, 8/01/41 (e)		109		116,082
3.00%, 1/01/27 - 4/01/45 (g)		46,476		47,909,789
3.15%, 11/01/40 (e)		53		56,406
3.50%, 2/01/26 - 4/01/45 (g)		36,942		38,900,545
4.00%, 10/01/25 - 4/01/45 (g)		40,872		43,723,783
4.50%, 5/01/24 - 5/01/45 (g)		20,943		22,788,014
5.00%, 1/01/19 - 4/14/45 (g)		17,502		19,412,663
5.50%, 3/01/34 - 4/14/45		6,420		7,232,275
6.00%, 3/01/34 - 4/01/45 (g)		8,070		9,213,941
6.50%, 7/01/32		226		266,451
7.00%, 2/01/32		41		47,066
Freddie Mac Mortgage-Backed Securities:
1.75%, 6/01/43 (e)		221		226,762
2.50%, 7/01/28 - 4/01/30 (g)		5,901		6,056,045
U.S. Government Sponsored Agency Securities	Par (000)		Value
Mortgage-Backed Securities (concluded)
Freddie Mac Mortgage-Backed Securities (concluded):
2.79%, 9/01/40 (e)	$	79	$	83,679
3.00%, 3/01/27 - 4/01/45 (g)		16,770		17,296,850
3.18%, 8/01/41(e)		65		68,754
3.50%, 4/01/30 - 4/01/45 (g)		24,281		25,527,586
4.00%, 5/01/19 - 4/01/45 (g)		19,744		21,092,045
4.50%, 4/01/18 - 4/01/45 (g)		14,257		15,531,487
5.00%, 10/01/18 - 4/01/45 (g)		2,323		2,571,585
5.50%, 6/01/35 - 4/01/45 (g)		2,839		3,187,765
6.50%, 6/01/31		100		114,045
8.00%, 12/01/24		215		241,912
Ginnie Mae Mortgage-Backed Securities:
3.00%, 5/15/43 - 4/01/45 (g)		12,226		12,591,090
3.50%, 9/20/42 - 4/01/45 (g)		28,148		29,663,481
4.00%, 3/15/41 - 4/01/45 (g)		17,897		19,176,901
4.50%, 7/15/39 - 4/01/45 (g)		11,516		12,608,100
5.00%, 11/15/39 - 4/01/45 (g)		6,329		7,064,161
5.50%, 12/15/32 - 7/20/40		765		859,676
6.00%, 3/15/35 - 10/20/38		478		550,392
6.50%, 9/15/36		228		270,584
7.50%, 12/15/23		223		259,143

				385,164,325
Total U.S. Government Sponsored Agency Securities — 31.5%				423,912,409



U.S. Treasury Obligations
U.S. Treasury Bonds:
8.75%, 5/15/17		2,100		2,461,759
8.75%, 5/15/20		500		682,500
8.75%, 8/15/20		400		551,844
6.25%, 8/15/23		50		67,434
7.63%, 2/15/25		375		570,088
6.50%, 11/15/26		400		585,844
6.13%, 11/15/27		2,080		3,011,776
6.13%, 8/15/29		2,500		3,715,430
5.38%, 2/15/31		1,500		2,131,407
4.50%, 2/15/36		4,416		6,015,767
4.75%, 2/15/37		1,000		1,407,188
4.38%, 2/15/38		2,500		3,348,437
4.50%, 5/15/38		1,000		1,361,016
3.50%, 2/15/39		1,300		1,539,281
4.25%, 5/15/39		2,775		3,664,301
4.50%, 8/15/39		1,700		2,327,008
4.38%, 11/15/39		1,800		2,424,656
4.63%, 2/15/40		1,230		1,716,907
4.38%, 5/15/40		250		337,793



26	MASTER INVESTMENT PORTFOLIO	MARCH 31, 2015

Schedule of Investments (continued)

Bond Index Master Portfolio

(Percentages shown are based on Net Assets)


U.S. Treasury Obligations	Par (000)		Value
U.S. Treasury Bonds (concluded):
3.88%, 8/15/40	$	360	$	453,178
4.25%, 11/15/40		1,428		1,900,579
4.75%, 2/15/41		200		286,734
4.38%, 5/15/41		610		831,411
3.75%, 8/15/41		1,550		1,926,359
3.13%, 11/15/41		400		447,125
3.13%, 2/15/42		4,850		5,421,388
3.00%, 5/15/42		480		523,650
2.75%, 8/15/42		750		780,644
2.75%, 11/15/42		4,200		4,365,047
3.13%, 2/15/43		3,050		3,405,993
2.88%, 5/15/43		250		266,367
3.63%, 8/15/43		2,500		3,055,077
3.75%, 11/15/43		1,700		2,123,672
3.63%, 2/15/44		1,000		1,222,734
3.38%, 5/15/44		1,600		1,874,374
3.00%, 11/15/44		4,500		4,930,663
2.50%, 2/15/45		4,000		3,963,124
U.S. Treasury Notes:
0.25%, 4/15/16		1,000		999,453
2.00%, 4/30/16		6,679		6,799,015
2.63%, 4/30/16		5,000		5,124,220
0.50%, 6/30/16		5,500		5,509,025
1.50%, 6/30/16		500		506,953
0.63%, 8/15/16		5,500		5,516,329
0.63%, 10/15/16		7,000		7,018,592
4.63%, 11/15/16		250		266,934
0.50%, 11/30/16		5,000		5,002,345
2.75%, 11/30/16		5,135		5,329,570
0.63%, 12/15/16		4,000		4,009,376
0.88%, 12/31/16		9,750		9,816,271
3.25%, 12/31/16		4,500		4,715,860
0.88%, 1/31/17		7,600		7,649,871
0.63%, 2/15/17		15,200		15,224,943
4.63%, 2/15/17		3,650		3,928,882
0.88%, 2/28/17		2,950		2,968,668
1.00%, 3/31/17		5,000		5,041,795
0.88%, 4/15/17		4,000		4,023,436
0.63%, 5/31/17		22,500		22,501,755
2.50%, 6/30/17		4,790		4,987,961
0.88%, 7/15/17		4,000		4,020,000
0.50%, 7/31/17		900		896,555
4.75%, 8/15/17		3,800		4,164,264
0.63%, 8/31/17		5,521		5,511,079
1.88%, 8/31/17		1,870		1,922,594
1.00%, 9/15/17		9,000		9,061,875
1.88%, 10/31/17		5,000		5,143,360
0.88%, 11/15/17		14,000		14,037,184
2.25%, 11/30/17		7,000		7,270,704
2.75%, 12/31/17		8,000		8,422,496
2.63%, 1/31/18		2,000		2,099,376
1.00%, 2/15/18		4,500		4,517,928
0.75%, 2/28/18		4,500		4,485,235
U.S. Treasury Obligations	Par (000)		Value
U.S. Treasury Notes (concluded):
2.75%, 2/28/18	$	1,300	$	1,370,281
1.00%, 3/15/18		5,000		5,018,360
0.63%, 4/30/18		1,500		1,486,407
4.00%, 8/15/18		500		550,156
1.38%, 9/30/18		2,400		2,425,500
1.25%, 10/31/18		700		703,774
1.75%, 10/31/18		2,250		2,302,911
1.38%, 12/31/18		4,030		4,064,948
1.50%, 12/31/18		4,815		4,878,948
1.25%, 1/31/19		6,400		6,424,000
1.63%, 3/31/19		1,500		1,525,313
1.25%, 4/30/19		4,300		4,305,375
1.13%, 5/31/19		1,880		1,872,950
1.00%, 6/30/19		2,000		1,979,688
1.63%, 6/30/19		2,000		2,031,094
0.88%, 7/31/19		1,500		1,475,976
1.00%, 8/31/19		2,300		2,271,071
1.63%, 8/31/19		2,000		2,029,218
3.38%, 11/15/19		3,100		3,385,054
1.50%, 11/30/19		6,500		6,549,764
1.13%, 12/31/19		4,750		4,704,728
1.63%, 12/31/19		12,500		12,659,175
1.38%, 1/31/20		750		751,113
3.63%, 2/15/20		2,500		2,770,117
1.25%, 2/29/20		6,200		6,166,092
1.38%, 2/29/20		5,700		5,701,334
1.13%, 3/31/20		1,500		1,482,305
1.13%, 4/30/20		2,700		2,664,563
1.38%, 5/31/20		4,400		4,392,093
2.00%, 7/31/20		3,500		3,599,806
2.63%, 8/15/20		750		794,766
2.13%, 8/31/20		4,000		4,135,936
1.75%, 10/31/20		500		506,524
2.00%, 11/30/20		8,300		8,515,285
2.38%, 12/31/20		1,500		1,569,258
2.13%, 1/31/21		2,800		2,889,032
3.63%, 2/15/21		2,310		2,578,538
2.00%, 2/28/21		5,500		5,634,062
2.25%, 3/31/21		7,500		7,785,937
2.00%, 8/31/21		4,500		4,595,274
2.13%, 9/30/21		4,900		5,040,875
2.00%, 11/15/21		3,700		3,782,961
1.88%, 11/30/21		11,000		11,134,926
2.13%, 12/31/21		7,000		7,206,717
1.50%, 1/31/22		6,000		5,922,654
2.00%, 2/15/22		1,500		1,530,938
1.75%, 3/31/22		4,000		4,010,312
1.63%, 11/15/22		1,000		990,391
2.00%, 2/15/23		1,100		1,117,875
1.75%, 5/15/23		1,000		994,609
2.75%, 11/15/23		2,500		2,680,860
2.50%, 5/15/24		2,300		2,416,079
2.38%, 8/15/24		7,500		7,796,482



MASTER INVESTMENT PORTFOLIO	MARCH 31, 2015	27

Schedule of Investments (continued)

Bond Index Master Portfolio

(Percentages shown are based on Net Assets)


U.S. Treasury Obligations	Par (000)			Value
U.S. Treasury Notes (concluded):
2.25%, 11/15/24		$	8,000	$	8,224,376
2.00%, 2/15/25			6,000		6,037,968

Total U.S. Treasury Obligations — 35.9%					483,627,208



Preferred Securities
Insurance — 0.0%
The Chubb Corp., 6.00%, 5/11/37			50		66,995
Total Preferred Securities — 0.0%					66,995
Total Long-Term Investments (Cost — $1,298,506,943) — 98.6%					1,327,949,973



Short-Term Securities	Shares
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.17%, (b)(h)			263,555,703		263,555,703
BlackRock Cash Funds: Prime, SL Agency Shares, 0.14% (b)(h)(i)			80,250		80,250
Total Short-Term Securities (Cost — $263,555,703) — 19.6%					263,635,953
Total Investments Before TBA Sale Commitments *(Cost — $1,562,062,646) — 118.2%**					1,591,585,926
TBA Sale Commitments	Par (000)			Value
Fannie Mae Mortgage-Backed Securities (g):
4.00%, 4/14/45		USD	3,273	$	(3,499,553	)
4.50%, 4/14/45			2,500		(2,727,344	)
Total TBA Sale Commitments (Proceeds — $6,205,023) — 0.5%					(6,226,897	)
Total Investments, Net of TBA Sale Commitments (Cost — $1,555,857,623) — 117.7%					1,585,359,029
Liabilities in Excess of Other Assets — (17.7)%					(238,847,077	)

Net Assets — 100.0%				$	1,346,511,952

As of March 31, 2015, gross unrealized appreciation and depreciation based on cost for federal income tax purposes were as follows:


Tax cost	$	1,562,179,277

Gross unrealized appreciation	$	31,851,885
Gross unrealized depreciation		(2,445,236	)

Net unrealized appreciation	$	29,406,649

Notes to Schedule of Investments

(a)

(b)


Affiliate	Shares/Par Held at December 31, 2014		Shares/Par Purchased			Shares/Par Sold		Shares/Par Held at March 31, 2015		Value at March 31, 2015		Income
BlackRock Cash Funds: Institutional, SL Agency Shares		251,106,435		12,449,268	¹		—		263,555,703	$	263,555,703	$	113,024
BlackRock Cash Funds: Prime, SL Agency Shares		—		80,250	¹		—		80,250	$	80,250	$	915
PNC Bank NA, 2.20%, 1/28/19	$	500,000		—			—	$	500,000	$	506,422	$	2,750
PNC Bank NA, 2.25%, 7/02/19	$	350,000		—			—	$	350,000	$	354,846	$	1,969
PNC Bank NA, 2.95%, 1/30/23	$	250,000		—			—	$	250,000	$	250,871	$	1,844
PNC Funding Corp, 5.63%, 2/01/17	$	150,000		—			—	$	150,000	$	161,251	$	2,109
PNC Funding Corp, 3.30%, 3/08/22	$	150,000		—			—	$	150,000	$	158,001	$	1,238

Represents net shares purchased.



28	MASTER INVESTMENT PORTFOLIO	MARCH 31, 2015

Schedule of Investments (continued)

Bond Index Master Portfolio

(Percentages shown are based on Net Assets)

(c)

Security, or a portion of security, is on loan.

(d)

Represents a step-up bond that pays an initial coupon rate for the first period and then a higher coupon rate for the following periods. Rate shown is as of report date.

(e)

Variable rate security. Rate shown is as of report date.

(f)

Security is perpetual in nature and has no stated maturity date.

(g)

Represents or includes a TBA transaction. Unsettled TBA transactions as of March 31, 2015 were as follows:


Counterparty	Value		Unrealized Appreciation/Depreciation
Barclays Capital, Inc.	$	1,474,375	$	11,047
Citigroup Global Markets, Inc.	$	13,281,031	$	82,680
Credit Suisse Securities (USA) LLC	$	132,822,991	$	858,097
Deutsche Bank Securities, Inc.	$	43,699,582	$	167,042
Goldman Sachs & Co.	$	4,026,063	$	5,516
J.P. Morgan Securities LLC	$	6,129,063	$	7,734
Morgan Stanley & Co. LLC	$	12,270,254	$	121,449
Nomura Securities International, Inc.	$	21,931,311	$	172,244

(h)

Represents the current yield as of report date.

(i)

All or a portion of security was purchased with the cash collateral from loaned securities.

Portfolio Abbreviations


COP		Certificates of Participation
EDA		Economic Development Authority
GO		General Obligation Bonds
NPFGC		National Public Finance Guarantee Corp.
RB		Revenue Bonds
REIT		Real Estate Investment Trust



MASTER INVESTMENT PORTFOLIO	MARCH 31, 2015	29

Schedule of Investments (continued)

Bond Index Master Portfolio

(Percentages shown are based on Net Assets)

For Master Portfolio compliance purposes, the Master Portfolio‘s industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by the investment advisor. These definitions may not apply for purposes of this report, which may combine such industry sub-classifications for reporting ease.

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

Changes in valuation techniques may result in transfers into or out of an assigned level within the disclosure hierarchy. In accordance with the Master Portfolio’s policy, transfers between different levels of the fair value disclosure hierarchy are deemed to have occurred as of the beginning of the reporting period. For information about the Master Portfolio’s policy regarding valuation of investments, please refer to the Master Portfolio’s most recent financial statements as contained in its annual report.

As of March 31, 2015, the following table summarizes the Master Portfolio’s investments categorized in the disclosure hierarchy:


	Level 1		Level 2			Level 3	Total
Assets:
Investments¹:
Long-Term Investments:
Asset-Backed Securities		—	$	4,946,564		—	$	4,946,564
Corporate Bonds		—		337,838,953		—		337,838,953
Foreign Agency Obligations		—		44,878,663		—		44,878,663
Municipal Bonds		—		13,091,612		—		13,091,612
Non-Agency Mortgage-Backed Securities		—		19,587,569		—		19,587,569
Preferred Securities		—		66,995		—		66,995
U.S. Government Sponsored Agency Securities		—		423,912,409		—		423,912,409
U.S. Treasury Obligations		—		483,627,208		—		483,627,208
Short-Term Securities:
Money Market Funds	$	263,635,953		—		—		263,635,953
Liabilities:
Investments:
TBA Sale Commitments		—		(6,226,897	)	—		(6,226,897	)

Total	$	263,635,953	$	1,321,723,076		—	$	1,585,359,029

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



30	MASTER INVESTMENT PORTFOLIO	MARCH 31, 2015

Schedule of Investments (concluded)

Bond Index Master Portfolio

(Percentages shown are based on Net Assets)


	Level 1	Level 2			Level 3	Total
Liabilities:
Cash received as collateral for TBA commitments	—	$	(558,000	)	—	$	(558,000	)
Collateral on securities loaned at value	—		(80,250	)	—		(80,250	)

Total	—	$	(638,250	)	—	$	(638,250	)

During the period ended March 31, 2015, there were no transfers between levels.



MASTER INVESTMENT PORTFOLIO	MARCH 31, 2015	31

Schedule of Investments March 31, 2015 (Unaudited)

CoreAlpha Bond Master Portfolio

(Percentages shown are based on Net Assets)


Asset-Backed Securities	Par (000)			Value
Access Group, Inc., Class A2 (a):
Series 2004-A, 0.52%, 4/25/29		USD	4,453	$	4,378,556
Series 2005-A, 0.48%, 4/27/26			536		535,931
Series 2007-1, 0.29%, 4/25/17			886		885,879
ACE Securities Corp. Home Equity Loan Trust (a):
Series 2005-AG1, Class A2D, 0.53%, 8/25/35			1,086		1,056,795
Series 2005-HE2, Class M3, 0.89%, 4/25/35			2,023		2,025,998
Series 2005-HE4, Class M2, 0.69%, 7/25/35			2,592		2,577,793
American Credit Acceptance Receivables Trust, Class A (b):
Series 2014-1, 1.14%, 3/12/18			793		793,396
Series 2014-3, 0.99%, 8/10/18			1,539		1,538,851
American Express Credit Account Master Trust, Series 2012-2, Class C, 1.29%, 3/15/18 (b)			8,330		8,337,730
AmeriCredit Automobile Receivables Trust:
Series 2011-1, Class C, 2.85%, 8/08/16			250		249,947
Series 2011-2, Class D, 4.00%, 5/08/17			1,700		1,713,450
Series 2011-3, Class C, 2.86%, 1/09/17			935		938,905
Series 2012-3, Class D, 3.03%, 7/09/18			2,121		2,167,272
Series 2012-5, Class B, 1.12%, 11/08/17			3,040		3,048,062
Ameriquest Mortgage Securities, Inc. Pass-Through Certificates, Series 2005-R10, Class A2B, 0.39%, 1/25/36 (a)			486		484,921
Bear Stearns Asset-Backed Securities I Trust, Series 2006- HE1, Class 1A3, 0.50%, 12/25/35 (a)			2,241		2,224,841
Carfinance Capital Auto Trust, Class A (b):
Series 2013-1A, 1.65%, 7/17/17			371		371,490
Series 2013-2A, 1.75%, 11/15/17			999		1,000,927
Series 2014-1A, 1.46%, 12/17/18			2,406		2,402,597
Centex Home Equity Loan Trust 2006-A, Series 2006-A, Class AV3, 0.33%, 6/25/36 (a)			2,242		2,228,556
Asset-Backed Securities	Par (000)			Value
Chase Issuance Trust, Series 2012-A7, Class A7, 2.16%, 9/16/24		USD	4,000	$	3,950,564
CIT Mortgage Loan Trust, Series 2007-1, Class 2A2, 1.42%, 10/25/37 (a)(b)			1,372		1,370,835
Citibank Credit Card Issuance Trust, Series 2014-A6, Class A6, 2.15%, 7/15/21			10,000		10,168,900
College Loan Corp. Trust I, Series 2004-1, Class A4, 0.45%, 4/25/24 (a)			10,200		10,142,768
Countrywide Asset-Backed Certificates, Series 2005-8, Class M1, 0.64%, 12/25/35 (a)			1,682		1,679,271
CPS Auto Receivables Trust, Series 2011-B, Class B, 5.68%, 9/17/18 (b)			605		618,836
Credit Suisse Mortgage Capital Certificates, Series 2006-CF3, Class A1, 0.71%, 10/25/36 (a)(b)			1,588		1,560,308
DT Auto Owner Trust, Series 2012- 2A, Class D, 4.35%, 3/15/19 (b)			6,308		6,355,636
Exeter Automobile Receivables Trust (b):
Series 2012-2A, Class B, 2.22%, 12/15/17			1,800		1,803,830
Series 2013-1A, Class A, 1.29%, 10/16/17			792		792,888
Series 2013-1A, Class B, 2.41%, 5/15/18			2,300		2,309,297
Series 2014-1A, Class A, 1.29%, 5/15/18			6,045		6,050,433
Series 2014-2A, Class A, 1.06%, 8/15/18			1,134		1,131,616
First Franklin Mortgage Loan Trust (a):
Series 2005-FF02, Class M2, 0.83%, 3/25/35			439		438,997
Series 2005-FF04, Class M1, 0.60%, 5/25/35			2,019		2,004,440
Series 2005-FF10, Class A4, 0.49%, 11/25/35			843		827,456
First Investors Auto Owner Trust, Class A2 (b):
Series 2013-1A, 0.90%, 10/15/18			985		984,493
Series 2013-3A, 0.89%, 9/15/17			435		434,673
Series 2014-1A, 0.80%, 2/15/18			2,787		2,785,877
Flagship Credit Auto Trust, Series 2014-1, Class A, 1.21%, 4/15/19 (b)			3,203		3,197,333



92	MASTER INVESTMENT PORTFOLIO	MARCH 31, 2015

Schedule of Investments (continued)

CoreAlpha Bond Master Portfolio

(Percentages shown are based on Net Assets)


Asset-Backed Securities	Par (000)			Value
HLSS Servicer Advance Receivables Backed Notes (b):
Series 2012-T2, Class A2, 1.99%, 10/15/45		USD	7,215	$	7,199,127
Series 2012-T2, Class B2, 2.48%, 10/15/45			100		100,000
Series 2013-T1, Class A2, 1.50%, 1/16/46			11,220		11,158,290
Series 2013-T2, Class A2, 1.15%, 5/16/44			8,200		8,188,520
HSI Asset Securitization Corp. Trust, Series 2006-OPT4, Class 2A5, 0.00%, 3/25/36 (c)			4,500		4,299,912
JPMorgan Mortgage Acquisition Corp. (a):
Series 2005-OPT2, Class A1B, 0.46%, 12/25/35			1,330		1,306,543
Series 2007-CH1, Class AV4, 0.30%, 11/25/36			656		653,524
KeyCorp Student Loan Trust, Series 2006-A (a):
Class 2A3, 0.46%, 6/27/29			3,886		3,867,935
Class 2A4, 0.58%, 9/27/35			3,620		3,503,136
Morgan Stanley ABS Capital I, Inc. Trust (a):
Series 2005-HE3, Class M2, 0.95%, 7/25/35			505		504,840
Series 2005-WMC4, Class M4, 1.12%, 4/25/35			4,170		4,176,077
The National Collegiate Student Loan Trust (a):
Series 2004-1, Class A2, 0.53%, 6/25/27			1,572		1,557,564
Series 2004-2, Class A4, 0.48%, 11/27/28			2,376		2,335,773
Series 2005-2, Class A3, 0.36%, 2/25/28			1,304		1,300,692
Series 2005-3, Class A3, 0.41%, 7/25/28			5,224		5,208,437
Series 2005-3, Class A4, 0.45%, 4/25/29			4,708		4,601,223
Series 2006-1, Class A3, 0.36%, 5/25/26			373		371,030
Series 2006-1, Class A4, 0.42%, 3/27/28			2,250		2,129,830
Series 2006-2, Class A2, 0.32%, 7/25/26			3,689		3,676,318
Park Place Securities, Inc. Asset- Backed Pass-Through Certificates (a):
Series 2004-WWF1, Class M2, 1.19%, 12/25/34			860		861,493
Series 2005-WCW3, Class A2C, 0.55%, 8/25/35			2,161		2,134,950
Asset-Backed Securities	Par (000)			Value
RAMP Trust (a):
Series 2004-RS11, Class M1, 1.10%, 11/25/34		USD	1,097	$	1,080,431
Series 2005-EFC1, Class M2, 0.62%, 5/25/35			2,482		2,464,206
Series 2005-RS6, Class M1, 0.67%, 6/25/35			1,933		1,913,796
Series 2006-NC2, Class A2, 0.36%, 2/25/36			4,248		4,139,949
Series 2006-RZ3, Class A2, 0.33%, 8/25/36			5,729		5,659,833
RASC Trust, Series 2005-AHL3, Class A2, 0.41%, 11/25/35 (a)			1,975		1,940,011
Santander Drive Auto Receivables Trust:
Series 2011-1, Class D, 4.01%, 2/15/17			13,497		13,613,681
Series 2011-3, Class D, 4.23%, 5/15/17			3,900		3,972,446
Series 2011-4, Class C, 3.82%, 8/15/17			1,823		1,836,765
Series 2011-4, Class D, 4.74%, 9/15/17			1,220		1,256,489
Series 2012-1, Class C, 3.78%, 11/15/17			357		360,007
Series 2012-2, Class C, 3.20%, 2/15/18			2,964		2,988,604
Series 2012-2, Class D, 3.87%, 2/15/18			2,000		2,053,456
Series 2012-3, Class D, 3.64%, 5/15/18			13,100		13,475,839
Series 2012-4, Class B, 1.83%, 3/15/17			919		919,775
Series 2012-4, Class D, 3.50%, 6/15/18			1,100		1,128,752
Series 2012-AA, Class C, 1.78%, 11/15/18 (b)			5,600		5,619,303
Series 2013-1, Class C, 1.76%, 1/15/19			4,455		4,470,031
Series 2013-2, Class B, 1.33%, 3/15/18			3,005		3,007,825
Series 2013-2, Class C, 1.95%, 3/15/19			9,300		9,353,131
Series 2013-3, Class C, 1.81%, 4/15/19			4,790		4,797,137
Series 2013-A, Class B, 1.89%, 10/15/19 (b)			2,300		2,313,190
Series 2013-A, Class C, 3.12%, 10/15/19 (b)			7,275		7,454,292
Series 2014-1, Class B, 1.59%, 10/15/18			4,320		4,333,949
Series 2014-1, Class C, 2.36%, 4/15/20			3,020		3,044,281



MASTER INVESTMENT PORTFOLIO	MARCH 31, 2015	93

Schedule of Investments (continued)

CoreAlpha Bond Master Portfolio

(Percentages shown are based on Net Assets)


Asset-Backed Securities	Par (000)			Value
Santander Drive Auto Receivables Trust (concluded):
Series 2014-2, Class C, 2.33%, 11/15/19		USD	2,500	$	2,510,885
Series 2014-4, Class B, 1.82%, 5/15/19			1,850		1,852,775
Series 2014-4, Class C, 2.60%, 11/16/20			1,770		1,785,695
Series 2015-1, Class C, 2.57%, 4/15/21			2,500		2,518,927
SLC Private Student Loan Trust 2006-A, Series 2006-A, Class A5, 0.42%, 7/15/36 (a)			14,141		14,037,480
SLM Private Credit Student Loan Trust (a):
Series 2003-A, Class A2, 0.71%, 9/15/20			7,376		7,338,964
Series 2003-B, Class A2, 0.67%, 3/15/22			2,162		2,145,347
Series 2003-C, Class A2, 0.66%, 9/15/20			1,841		1,824,691
Series 2004-A, Class A2, 0.47%, 3/16/20			2,380		2,377,466
Series 2004-B, Class A2, 0.47%, 6/15/21			6,165		6,126,507
Series 2005-B, Class A2, 0.45%, 3/15/23			4,872		4,835,352
Series 2006-B, Class A4, 0.45%, 3/15/24			4,241		4,203,515
SLM Private Education Loan Trust (a)(b):
Series 2010-A, Class 1A, 3.20%, 5/16/44			3,567		3,687,707
Series 2011-A, Class A1, 1.17%, 10/15/24			6,532		6,555,532
Series 2011-B, Class A1, 1.02%, 12/16/24			867		869,156
Series 2011-C, Class A1, 1.57%, 12/15/23			731		733,778
Series 2012-A, Class A1, 1.57%, 8/15/25			1,773		1,789,926
Series 2012-C, Class A1, 1.27%, 8/15/23			1,740		1,748,075
Series 2012-D, Class A1, 1.22%, 6/15/23			1,240		1,244,382
Series 2012-E, Class A1, 0.92%, 10/16/23			4,165		4,175,708
Series 2013-A, Class A1, 0.77%, 8/15/22			5,008		5,012,629
Series 2013-B, Class A1, 0.82%, 7/15/22			7,588		7,599,072
Series 2013-C, Class A1, 1.02%, 2/15/22			3,755		3,767,291
Asset-Backed Securities	Par (000)			Value
Soundview Home Loan Trust, Series 2005-OPT4, Class 2A3, 0.43%, 12/25/35 (a)		USD	3,242	$	3,183,469
Terwin Mortgage Trust, Series 2006-5, Class 2A2, 0.38%, 6/25/37 (a)(b)			3,583		3,488,681
Trade MAPS 1 Ltd., Series 2013-1A (a)(b):
Class A, 0.88%, 12/10/18			9,690		9,684,506
Class B, 1.43%, 12/10/18			3,100		3,100,921
Vericrest Opportunity Loan Transferee LLC, Series 2014-NPL4, Class A1, 3.13%, 4/27/54 (b)(d)			4,752		4,735,580
Total Asset-Backed Securities — 12.7%					382,836,758



Corporate Bonds
Aerospace & Defense — 0.6%
Eaton Corp., 0.95%, 11/02/15			3,000		3,000,462
L-3 Communications Corp.:
3.95%, 11/15/16			1,250		1,298,889
1.50%, 5/28/17			520		516,742
4.75%, 7/15/20			2,400		2,616,228
4.95%, 2/15/21			5,468		6,047,526
Lockheed Martin Corp.:
2.90%, 3/01/25			490		493,528
4.85%, 9/15/41			2,000		2,315,920
3.80%, 3/01/45			895		889,676

					17,178,971
Air Freight & Logistics — 0.0%
United Parcel Service, Inc., 4.88%, 11/15/40			400		476,716
Airlines — 0.1%
United Airlines Pass-Through Trust, Series 2013-1, Class A, 4.30%, 2/15/27			3,321		3,545,663
Auto Components — 0.6%
Delphi Corp.:
5.00%, 2/15/23			850		911,625
4.15%, 3/15/24			3,200		3,401,833
Icahn Enterprises LP/Icahn Enterprises Finance Corp.:
4.88%, 3/15/19			1,525		1,553,594
6.00%, 8/01/20			1,725		1,791,930
Johnson Controls, Inc., 1.40%, 11/02/17			3,330		3,320,063
Lear Corp.:
4.75%, 1/15/23			1,000		1,005,000



94	MASTER INVESTMENT PORTFOLIO	MARCH 31, 2015

Schedule of Investments (continued)

CoreAlpha Bond Master Portfolio

(Percentages shown are based on Net Assets)


Corporate Bonds	Par (000)			Value
Auto Components (concluded)
Lear Corp. (concluded):
5.38%, 3/15/24		USD	3,775	$	3,907,125
Magna International, Inc., 3.63%, 6/15/24			2,700		2,750,825

					18,641,995
Banks — 2.4%
ANZ New Zealand International Ltd., 1.13%, 3/24/16 (b)			2,500		2,511,707
Bank of Nova Scotia:
0.95%, 3/15/16			4,200		4,218,186
1.10%, 12/13/16			5,000		5,017,510
Cooperatieve Centrale Raiffeisen-Boerenleenbank BA, 2.25%, 1/14/19			3,500		3,560,133
Discover Bank/Greenwood Delaware, 2.00%, 2/21/18			2,600		2,602,959
Fifth Third Bancorp, 0.90%, 2/26/16			2,900		2,899,690
HSBC Bank USA NA, 5.88%, 11/01/34			1,200		1,511,184
HSBC Holdings PLC, 6.50%, 9/15/37			1,200		1,531,170
HSBC USA, Inc., 1.50%, 11/13/17			6,345		6,369,682
Rabobank Nederland, 3.88%, 2/08/22			3,800		4,089,511
Royal Bank of Canada, 0.85%, 3/08/16			4,600		4,612,374
U.S. Bancorp, 2.20%, 11/15/16			4,000		4,084,000
Wachovia Bank NA, 6.00%, 11/15/17			5,400		6,033,360
Wells Fargo & Co.:
1.15%, 6/02/17			5,200		5,198,424
2.13%, 4/22/19			8,100		8,198,488
3.00%, 1/22/21			4,700		4,861,262
3.30%, 9/09/24			600		619,699
4.10%, 6/03/26			1,900		2,004,629
4.65%, 11/04/44			1,930		2,069,981

					71,993,949
Beverages — 0.5%
Anheuser-Busch InBev Worldwide, Inc., 3.75%, 7/15/42			1,500		1,462,770
Bottling Group LLC, 5.13%, 1/15/19			1,100		1,238,292
Diageo Capital PLC, 0.63%, 4/29/16			2,800		2,798,656
Dr Pepper Snapple Group, Inc., 2.90%, 1/15/16			1,250		1,270,115
PepsiCo, Inc.:
7.90%, 11/01/18			2,000		2,424,256
2.75%, 3/01/23			3,400		3,436,363
4.88%, 11/01/40			1,000		1,154,488
Corporate Bonds	Par (000)			Value
Beverages (concluded)
PepsiCo, Inc. (concluded):
3.60%, 8/13/42		USD	2,000	$	1,939,440

					15,724,380
Biotechnology — 0.5%
Amgen, Inc.:
2.30%, 6/15/16			3,240		3,288,623
5.38%, 5/15/43			2,100		2,505,432
Celgene Corp., 2.30%, 8/15/18			2,000		2,028,906
Gilead Sciences, Inc.:
3.05%, 12/01/16			1,400		1,449,143
2.05%, 4/01/19			5,000		5,066,015

					14,338,119
Capital Markets — 3.3%
The Bank of New York Mellon Corp., 0.70%, 3/04/16			4,600		4,607,277
The Bear Stearns Cos. LLC, 6.40%, 10/02/17			2,500		2,789,108
FMS Wertmanagement AoeR, 1.13%, 9/05/17			12,454		12,530,542
The Goldman Sachs Group, Inc.:
5.95%, 1/18/18			3,700		4,119,850
6.15%, 4/01/18			1,500		1,686,362
2.90%, 7/19/18			2,700		2,790,482
2.63%, 1/31/19			2,700		2,758,498
7.50%, 2/15/19			1,200		1,432,177
2.55%, 10/23/19			1,510		1,530,989
6.00%, 6/15/20			3,500		4,085,067
5.75%, 1/24/22			1,400		1,634,301
3.63%, 1/22/23			750		775,780
6.75%, 10/01/37			4,350		5,711,781
6.25%, 2/01/41			4,250		5,539,773
4.80%, 7/08/44			2,000		2,221,180
Invesco Finance PLC, 5.38%, 11/30/43			2,400		2,960,398
Legg Mason, Inc., 2.70%, 7/15/19			4,335		4,415,527
Morgan Stanley:
1.75%, 2/25/16			3,000		3,019,560
4.75%, 3/22/17			3,300		3,513,157
6.25%, 8/28/17			1,500		1,657,068
2.50%, 1/24/19			3,800		3,870,289
5.63%, 9/23/19			10,000		11,382,720
3.75%, 2/25/23			4,500		4,713,025
4.10%, 5/22/23			1,900		1,977,351
3.88%, 4/29/24			2,800		2,944,435
4.35%, 9/08/26			2,250		2,358,594
6.38%, 7/24/42			2,200		2,934,177

					99,959,468
Chemicals — 0.6%
CF Industries, Inc., 5.38%, 3/15/44			1,575		1,769,605



MASTER INVESTMENT PORTFOLIO	MARCH 31, 2015	95

Schedule of Investments (continued)

CoreAlpha Bond Master Portfolio

(Percentages shown are based on Net Assets)


Corporate Bonds	Par (000)			Value
Chemicals (concluded)
Ecolab, Inc., 1.00%, 8/09/15		USD	2,900	$	2,903,315
LyondellBasell Industries NV, 5.00%, 4/15/19			5,300		5,844,654
Monsanto Co.:
2.13%, 7/15/19			2,615		2,650,679
2.75%, 7/15/21			1,170		1,197,421
4.40%, 7/15/44			2,155		2,317,498
RPM International, Inc., 6.13%, 10/15/19			2,453		2,803,620

					19,486,792
Commercial Services & Supplies — 0.0%
Waste Management, Inc., 3.90%, 3/01/35			910		932,674
Communications Equipment — 0.2%
Cisco Systems, Inc., 2.13%, 3/01/19			5,000		5,102,380
Juniper Networks, Inc., 4.35%, 6/15/25			2,400		2,433,209

					7,535,589
Consumer Finance — 1.2%
Capital One Bank USA NA:
2.15%, 11/21/18			2,150		2,166,660
2.95%, 7/23/21			5,900		5,984,323
Capital One NA, 1.50%, 9/05/17			5,000		4,988,355
Caterpillar Financial Services Corp., 0.70%, 2/26/16			3,600		3,607,135
MasterCard, Inc.:
2.00%, 4/01/19			1,955		1,995,686
3.38%, 4/01/24			3,000		3,158,352
Navient Solutions, Inc., 0.00%, 10/03/22 (c)			5,700		4,829,080
Synchrony Financial:
3.00%, 8/15/19			5,200		5,312,876
3.75%, 8/15/21			2,045		2,120,673

					34,163,140
Diversified Financial Services — 4.7%
American Express Credit Corp.:
2.75%, 9/15/15			2,600		2,625,236
2.38%, 3/24/17			3,000		3,080,478
1.55%, 9/22/17			2,865		2,886,247
American Honda Finance Corp., 1.13%, 10/07/16			4,635		4,660,381
Associates Corp. of North America, 6.95%, 11/01/18			964		1,122,679
Bank of America Corp.:
6.88%, 4/25/18			3,550		4,060,696
5.49%, 3/15/19			1,500		1,660,095
5.63%, 7/01/20			2,500		2,882,188
5.70%, 1/24/22			8,000		9,353,912
3.30%, 1/11/23			1,400		1,418,255
Corporate Bonds	Par (000)			Value
Diversified Financial Services (concluded)
Bank of America Corp. (concluded):
4.13%, 1/22/24		USD	2,500	$	2,677,090
6.11%, 1/29/37			800		974,153
Bank of America NA, 1.65%, 3/26/18			3,105		3,112,741
Barclays PLC:
2.00%, 3/16/18			4,600		4,624,909
2.75%, 11/08/19			3,845		3,882,881
3.65%, 3/16/25			1,660		1,665,065
BNP Paribas SA:
1.38%, 3/17/17			5,000		5,008,205
2.40%, 12/12/18			2,000		2,039,414
CIT Group, Inc., 1.80%, 2/05/18			5,800		5,812,110
Citigroup, Inc.:
4.45%, 1/10/17			1,900		2,002,503
2.50%, 9/26/18			3,000		3,058,800
8.50%, 5/22/19			1,600		1,992,606
2.50%, 7/29/19			5,500		5,578,419
6.13%, 8/25/36			800		968,800
5.88%, 1/30/42			1,000		1,275,844
5.30%, 5/06/44			1,100		1,236,435
Deutsche Bank AG, 4.50%, 4/01/25 (e)			3,665		3,661,012
Ford Motor Credit Co. LLC:
1.70%, 5/09/16			2,800		2,813,028
3.00%, 6/12/17			5,400		5,565,137
1.72%, 12/06/17			5,100		5,088,709
General Electric Capital Corp.:
2.25%, 11/09/15			2,000		2,020,784
2.30%, 1/14/19			4,000		4,093,844
6.75%, 3/15/32			500		691,575
General Motors Financial Co., Inc., 4.00%, 1/15/25			2,300		2,345,807
IntercontinentalExchange Group, Inc., 2.50%, 10/15/18			3,000		3,093,333
JPMorgan Chase & Co.:
1.13%, 2/26/16			4,500		4,510,867
2.00%, 8/15/17			4,100		4,160,758
4.25%, 10/15/20			6,000		6,542,958
3.25%, 9/23/22			2,600		2,659,041
3.20%, 1/25/23			1,900		1,931,614
3.38%, 5/01/23			1,800		1,812,107
5.60%, 7/15/41			1,000		1,223,555
JPMorgan Chase Bank NA, 6.00%, 10/01/17			800		885,475
Leucadia National Corp., 5.50%, 10/18/23			3,500		3,610,667
Private Export Funding Corp., Series U, 4.95%, 11/15/15			3,325		3,419,350

					139,789,763



96	MASTER INVESTMENT PORTFOLIO	MARCH 31, 2015

Schedule of Investments (continued)

CoreAlpha Bond Master Portfolio

(Percentages shown are based on Net Assets)


Corporate Bonds	Par (000)			Value
Diversified Telecommunication Services — 1.7%
AT&T, Inc.:
2.40%, 8/15/16		USD	1,250	$	1,272,111
2.38%, 11/27/18			5,565		5,636,633
AT&T, Inc. (concluded):
5.35%, 9/01/40			1,231		1,343,410
5.55%, 8/15/41			3,250		3,655,070
4.80%, 6/15/44			1,800		1,843,256
British Telecommunications PLC, 1.25%, 2/14/17			1,550		1,550,871
CC Holdings GS V LLC/Crown Castle GS III Corp., 3.85%, 4/15/23			4,250		4,302,666
Verizon Communications, Inc.:
2.00%, 11/01/16			5,500		5,580,322
1.35%, 6/09/17			5,200		5,203,411
3.65%, 9/14/18			4,500		4,785,075
5.05%, 3/15/34			3,200		3,474,685
4.40%, 11/01/34			4,350		4,431,145
6.90%, 4/15/38			900		1,175,441
7.35%, 4/01/39			1,700		2,311,109
4.75%, 11/01/41			2,100		2,178,070
6.55%, 9/15/43			1,475		1,920,685

					50,663,960
Electric Utilities — 1.6%
Commonwealth Edison Co.:
4.70%, 4/15/15			1,000		1,001,073
5.88%, 2/01/33			2,000		2,616,820
4.70%, 1/15/44			601		715,404
Duke Energy Corp.:
2.15%, 11/15/16			2,100		2,142,013
5.05%, 9/15/19			2,000		2,256,700
Duke Energy Florida, Inc., 3.85%, 11/15/42			2,500		2,596,063
MidAmerican Energy Holdings Co., 5.75%, 4/01/18			6,550		7,357,733
Mississippi Power Co., 4.25%, 3/15/42			1,700		1,758,721
NextEra Energy Capital Holdings, Inc., 2.70%, 9/15/19			3,500		3,586,247
Northern States Power Co., 5.25%, 7/15/35			2,500		3,123,637
Pacific Gas & Electric Co.:
5.63%, 11/30/17			1,500		1,657,466
3.25%, 9/15/21			1,400		1,468,370
3.75%, 8/15/42			1,500		1,497,822
PacifiCorp:
5.50%, 1/15/19			1,300		1,477,883
6.25%, 10/15/37			1,000		1,374,499
Progress Energy, Inc.:
4.88%, 12/01/19			3,100		3,477,220
4.40%, 1/15/21			3,700		4,078,836
Corporate Bonds	Par (000)			Value
Electric Utilities (concluded)
Tampa Electric Co., 2.60%, 9/15/22		USD	2,000	$	1,973,382
Xcel Energy, Inc., 0.75%, 5/09/16			3,200		3,200,723

					47,360,612
Electrical Equipment — 0.3%
Amphenol Corp.:
1.55%, 9/15/17			3,355		3,364,629
Amphenol Corp. (concluded):
2.55%, 1/30/19			2,000		2,036,708
Roper Industries, Inc., 2.05%, 10/01/18			3,500		3,511,291

					8,912,628
Electronic Equipment, Instruments & Components — 0.1%
Tyco Electronics Group SA, 6.55%, 10/01/17			2,900		3,251,271
Energy Equipment & Services — 0.0%
Weatherford International Ltd., 4.50%, 4/15/22			712		650,759
Food & Staples Retailing — 0.6%
CVS Caremark Corp.:
6.13%, 8/15/16			2,300		2,460,434
2.25%, 12/05/18			3,125		3,195,085
Wal-Mart Stores, Inc.:
1.13%, 4/11/18			2,000		2,002,438
5.63%, 4/01/40			1,500		1,916,814
Walgreens Boots Alliance Inc.:
1.75%, 11/17/17			5,130		5,176,601
2.70%, 11/18/19			2,400		2,451,835

					17,203,207
Food Products — 0.5%
The JM Smucker Co. (b):
2.50%, 3/15/20			1,565		1,586,002
3.50%, 3/15/25			2,310		2,374,710
4.38%, 3/15/45			1,025		1,068,213
Kellogg Co.:
4.45%, 5/30/16			100		104,151
3.25%, 5/21/18			1,550		1,621,409
Mead Johnson Nutrition Co.,
4.90%, 11/01/19			2,000		2,216,540
Mondelez International, Inc.:
4.13%, 2/09/16			2,000		2,053,908
2.25%, 2/01/19			2,000		2,022,464
Pilgrim’s Pride Corp., 5.75%, 3/15/25 (b)			2,870		2,934,575

					15,981,972
Gas Utilities — 0.1%
Southern California Gas Co., 3.75%, 9/15/42			1,800		1,856,889



MASTER INVESTMENT PORTFOLIO	MARCH 31, 2015	97

Schedule of Investments (continued)

CoreAlpha Bond Master Portfolio

(Percentages shown are based on Net Assets)


Corporate Bonds		Par (000)		Value
Health Care Equipment & Supplies — 1.5%
Baxter International, Inc., 1.85%, 6/15/18	USD		1,650	$	1,661,037
Becton Dickinson & Co., 2.68%, 12/15/19			1,045		1,067,381
Boston Scientific Corp., 2.65%, 10/01/18			2,000		2,022,014
CareFusion Corp.:
1.45%, 5/15/17			650		650,490
3.88%, 5/15/24			1,640		1,727,499
Covidien International Finance SA:
4.20%, 6/15/20			5,045		5,566,027
3.20%, 6/15/22			1,500		1,557,731
6.55%, 10/15/37			2,600		3,656,700
Medtronic, Inc. (b):
2.50%, 3/15/20			2,495		2,550,239
3.15%, 3/15/22			2,995		3,109,900
4.38%, 3/15/35			1,690		1,837,779
4.63%, 3/15/45			2,795		3,168,054
Stryker Corp., 4.38%, 5/15/44			3,000		3,154,578
Zimmer Holdings, Inc.:
2.00%, 4/01/18			1,760		1,774,078
2.70%, 4/01/20			4,530		4,593,175
3.55%, 4/01/25			4,700		4,797,487
4.45%, 8/15/45			900		932,112

					43,826,281
Health Care Providers & Services — 1.2%
AmerisourceBergen Corp., 1.15%, 5/15/17			6,000		5,979,006
Cardinal Health, Inc., 1.70%, 3/15/18			2,200		2,203,595
Express Scripts Holding Co., 3.13%, 5/15/16			3,000		3,072,990
HCA, Inc., 3.75%, 3/15/19			3,370		3,415,293
Humana, Inc.:
2.63%, 10/01/19			2,195		2,237,873
4.95%, 10/01/44			2,000		2,200,698
Laboratory Corp. of America Holdings:
3.20%, 2/01/22			1,965		1,989,285
3.60%, 2/01/25			1,305		1,310,326
McKesson Corp.:
1.40%, 3/15/18			4,500		4,494,978
4.88%, 3/15/44			800		918,088
Quest Diagnostics, Inc.:
2.50%, 3/30/20			2,335		2,341,220
3.50%, 3/30/25			2,595		2,595,073
UnitedHealth Group, Inc., 4.70%, 2/15/21			3,100		3,530,131

					36,288,556


Corporate Bonds		Par (000)		Value
Hotels, Restaurants & Leisure — 0.4%
McDonald’s Corp., 6.30%, 10/15/37	USD		1,000	$	1,311,209
Starbucks Corp., 0.88%, 12/05/16			2,450		2,455,121
Wyndham Worldwide Corp.:
4.25%, 3/01/22			1,550		1,617,614
3.90%, 3/01/23			1,550		1,579,913
Yum! Brands, Inc.:
4.25%, 9/15/15			2,000		2,030,018
5.30%, 9/15/19			2,241		2,498,767

					11,492,642
Household Products — 0.1%
Whirlpool Corp., 1.35%, 3/01/17			2,525		2,530,754
Independent Power and Renewable Electricity Producers — 0.2%
Constellation Energy Group, Inc., 5.15%, 12/01/20			1,200		1,355,486
Exelon Generation Co. LLC, 5.75%, 10/01/41			500		575,868
PSEG Power LLC:
2.45%, 11/15/18			400		405,322
4.15%, 9/15/21			1,150		1,229,718
Southern Power Co., 5.15%, 9/15/41			1,000		1,172,389

					4,738,783
Insurance — 1.2%
ACE INA Holdings, Inc., 3.35%, 5/15/24			3,155		3,291,214
Aflac, Inc.:
8.50%, 5/15/19			1,500		1,894,032
3.63%, 11/15/24			5,000		5,240,215
3.25%, 3/17/25			3,000		3,035,853
Berkshire Hathaway, Inc., 1.90%, 1/31/17			2,400		2,447,647
Fidelity National Financial, Inc., 5.50%, 9/01/22			1,225		1,336,829
Markel Corp.:
5.35%, 6/01/21			1,300		1,472,295
3.63%, 3/30/23			1,300		1,340,572
Marsh & McLennan Cos., Inc., 2.35%, 9/10/19			2,940		2,981,907
Protective Life Corp., 8.45%, 10/15/39			800		1,215,378
Prudential Financial, Inc., 4.75%, 9/17/15			3,900		3,969,595
Willis Group Holdings PLC:
4.13%, 3/15/16			2,600		2,667,673
5.75%, 3/15/21			1,150		1,295,247
XLIT Ltd.:
5.75%, 10/01/21			1,400		1,646,875



98	MASTER INVESTMENT PORTFOLIO	MARCH 31, 2015

Schedule of Investments (continued)

CoreAlpha Bond Master Portfolio

(Percentages shown are based on Net Assets)


Corporate Bonds		Par (000)		Value
Insurance (concluded)
XLIT Ltd. (concluded):
4.45%, 3/31/25	USD		1,410	$	1,419,126

					35,254,458
Internet Software & Services — 0.7%
Baidu, Inc.:
3.25%, 8/06/18			7,000		7,251,230
2.75%, 6/09/19			1,072		1,083,097
eBay, Inc.:
2.20%, 8/01/19			5,400		5,408,284
3.45%, 8/01/24			2,200		2,178,425
Equinix, Inc.:
5.38%, 1/01/22			1,855		1,933,837
5.75%, 1/01/25			1,415		1,475,137
VeriSign, Inc., 4.63%, 5/01/23			1,325		1,321,688

					20,651,698
IT Services — 0.6%
Alibaba Group Holding Ltd. (b):
2.50%, 11/28/19			5,415		5,416,863
3.60%, 11/28/24			1,295		1,299,180
International Business Machines Corp.:
2.00%, 1/05/16			8,600		8,705,909
7.63%, 10/15/18			2,050		2,474,912

					17,896,864
Leisure Products — 0.1%
Royal Caribbean Cruises Ltd., 5.25%, 11/15/22			3,654		3,882,375
Life Sciences Tools & Services — 0.1%
Thermo Fisher Scientific, Inc., 3.20%, 3/01/16			2,800		2,856,801
Machinery — 0.2%
Danaher Corp., 2.30%, 6/23/16			450		459,653
Illinois Tool Works, Inc., 1.95%, 3/01/19			4,000		4,049,436
Ingersoll-Rand Global Holding Co. Ltd.:
2.88%, 1/15/19			400		410,292
5.75%, 6/15/43			1,500		1,831,220
Trinity Acquisition PLC, 6.13%, 8/15/43			650		766,983

					7,517,584
Media — 1.1%
Altice Financing SA, 6.63%, 2/15/23 (b)			960		988,800
Comcast Corp., 5.70%, 5/15/18			2,450		2,764,609
DIRECTV Holdings LLC/DIRECTV Financing Co., Inc., 5.15%, 3/15/42			3,750		3,919,020


Corporate Bonds		Par (000)		Value
Media (concluded)
DISH DBS Corp.:
7.88%, 9/01/19	USD		2,700	$	3,017,250
6.75%, 6/01/21			1,200		1,278,000
NBCUniversal Enterprise, Inc., 1.66%, 4/15/18 (b)			1,000		1,006,495
Outfront Media Capital LLC / Outfront Media Capital Corp.:
5.25%, 2/15/22			800		838,000
5.63%, 2/15/24			800		838,000
Scripps Networks Interactive, Inc., 2.70%, 12/15/16			2,300		2,367,861
Thomson Reuters Corp., 0.88%, 5/23/16			1,600		1,599,386
Time Warner Cable, Inc.:
5.00%, 2/01/20			2,300		2,566,703
4.50%, 9/15/42			1,700		1,743,799
Time Warner, Inc.:
2.10%, 6/01/19			4,100		4,120,824
4.65%, 6/01/44			1,500		1,615,881
Viacom, Inc., 2.50%, 9/01/18			4,300		4,374,072

					33,038,700
Multi-Utilities — 0.3%
Consolidated Edison Co. of New York, Inc., Series 12-A, 4.20%, 3/15/42			2,400		2,570,091
Dominion Resources, Inc.:
6.40%, 6/15/18			1,050		1,200,822
4.45%, 3/15/21			2,100		2,324,139
4.05%, 9/15/42			1,700		1,720,199
SCANA Corp., 4.13%, 2/01/22			500		525,661

					8,340,912
Offshore Drilling & Other Services — 0.0%
KLA-Tencor Corp., 3.38%, 11/01/19			930		965,717
Oil, Gas & Consumable Fuels — 3.4%
BP Capital Markets PLC:
3.13%, 10/01/15			700		708,855
3.20%, 3/11/16			1,500		1,534,616
2.24%, 5/10/19			3,000		3,032,310
Buckeye Partners LP:
2.65%, 11/15/18			4,900		4,898,197
4.35%, 10/15/24			1,900		1,897,150
CNOOC Finance 2013 Ltd., 1.75%, 5/09/18			875		871,234
CNOOC Nexen Finance 2014 ULC, 1.63%, 4/30/17			6,800		6,784,292
ConocoPhillips Canada Funding Co. I, 5.63%, 10/15/16			500		536,263
DCP Midstream Operating LP, 3.25%, 10/01/15			2,000		2,009,000
Ecopetrol SA, 5.88%, 5/28/45			950		883,928



MASTER INVESTMENT PORTFOLIO	MARCH 31, 2015	99

Schedule of Investments (continued)

CoreAlpha Bond Master Portfolio

(Percentages shown are based on Net Assets)


Corporate Bonds		Par (000)		Value
Oil, Gas & Consumable Fuels (concluded)
El Paso Pipeline Partners Operating Co. LLC, 4.30%, 5/01/24	USD		4,500	$	4,581,382
Energy Transfer Equity LP, 7.50%, 10/15/20			5,998		6,717,760
Energy Transfer Partners LP:
9.70%, 3/15/19			842		1,058,380
9.00%, 4/15/19			373		460,899
4.15%, 10/01/20			3,950		4,146,769
Enterprise Products Operating LLC, 3.20%, 2/01/16			3,000		3,053,157
Exxon Mobil Corp., 3.57%, 3/06/45			1,170		1,213,151
Hess Corp., 1.30%, 6/15/17			1,110		1,100,505
Husky Energy, Inc., 6.80%, 9/15/37			1,000		1,221,294
Kinder Morgan Energy Partners LP:
3.50%, 3/01/21			850		856,751
5.63%, 9/01/41			1,895		2,003,267
Kinder Morgan, Inc.:
3.05%, 12/01/19			865		873,584
4.30%, 6/01/25			3,860		3,962,074
5.55%, 6/01/45			2,550		2,688,626
Magellan Midstream Partners LP, 5.15%, 10/15/43			1,350		1,484,757
Marathon Oil Corp., 0.90%, 11/01/15			1,300		1,300,270
Marathon Petroleum Corp., 4.75%, 9/15/44			1,365		1,389,107
Petrobras International Finance Co.:
3.50%, 2/06/17			5,900		5,521,515
5.38%, 1/27/21			1,850		1,678,227
Petroleos Mexicanos:
5.50%, 1/21/21			1,100		1,207,250
4.88%, 1/24/22			1,300		1,379,625
4.50%, 1/23/26 (b)			2,000		2,038,000
6.50%, 6/02/41			500		566,250
6.38%, 1/23/45			2,900		3,242,200
Statoil ASA:
1.95%, 11/08/18			2,840		2,879,172
2.75%, 11/10/21			5,680		5,810,691
Sunoco Logistics Partners Operations LP:
6.10%, 2/15/42			900		1,036,820
5.30%, 4/01/44			300		309,494
Total Capital International SA, 2.10%, 6/19/19			3,300		3,346,550
Valero Energy Corp., 3.65%, 3/15/25			4,060		4,152,101
The Williams Cos., Inc., 4.55%, 6/24/24			6,515		6,309,862

					100,745,335


Corporate Bonds		Par (000)		Value
Personal Products — 0.1%
The Procter & Gamble Co., 1.90%, 11/01/19	USD		3,270	$	3,314,377
Pharmaceuticals — 1.9%
Abbott Laboratories:
2.55%, 3/15/22			4,195		4,212,237
2.95%, 3/15/25			3,135		3,172,231
AbbVie, Inc., 1.20%, 11/06/15			1,300		1,301,898
Actavis Funding SCS:
2.35%, 3/12/18			4,450		4,510,182
3.45%, 3/15/22			3,565		3,651,548
3.85%, 6/15/24			5,100		5,267,989
3.80%, 3/15/25			990		1,021,710
4.75%, 3/15/45			580		616,456
AstraZeneca PLC, 6.45%, 9/15/37			2,400		3,301,474
Bayer US Finance LLC, 1.50%, 10/06/17 (b)			5,590		5,625,921
Eli Lilly & Co.:
5.55%, 3/15/37			1,700		2,146,459
4.65%, 6/15/44			3,700		4,297,543
3.70%, 3/01/45			455		455,126
GlaxoSmithKline Capital, Inc.:
0.70%, 3/18/16			2,500		2,504,917
5.65%, 5/15/18			1,200		1,357,368
Novartis Capital Corp.:
3.40%, 5/06/24			2,100		2,241,385
4.40%, 5/06/44			4,300		4,952,336
Pfizer, Inc., 6.20%, 3/15/19			1,500		1,754,911
Zoetis, Inc., 1.15%, 2/01/16			3,000		3,000,825

					55,392,516
Professional Services — 0.0%
The Dun & Bradstreet Corp., 2.88%, 11/15/15			600		606,239
Real Estate Investment Trusts (REITs) — 1.1%
Alexandria Real Estate Equities, Inc., 2.75%, 1/15/20			4,000		4,012,932
American Tower Corp.:
4.50%, 1/15/18			2,100		2,254,306
3.40%, 2/15/19			1,768		1,825,787
5.05%, 9/01/20			1,300		1,435,949
3.45%, 9/15/21			2,450		2,500,876
4.70%, 3/15/22			2,900		3,110,134
5.00%, 2/15/24			2,000		2,186,988
Corrections Corp. of America:
4.13%, 4/01/20			2,900		2,918,125
4.63%, 5/01/23			2,425		2,425,000
HCP, Inc., 6.70%, 1/30/18			4,000		4,521,216
Host Hotels & Resorts LP, 3.75%, 10/15/23			525		532,137
Simon Property Group LP, 4.75%, 3/15/42			1,900		2,135,091



100	MASTER INVESTMENT PORTFOLIO	MARCH 31, 2015

Schedule of Investments (continued)

CoreAlpha Bond Master Portfolio

(Percentages shown are based on Net Assets)


Corporate Bonds		Par (000)		Value
Real Estate Investment Trusts (REITs) (concluded)
WEA Finance LLC/Westfield UK & Europe Finance PLC, 2.70%, 9/17/19 (b)	USD		1,945	$	1,968,902

					31,827,443
Road & Rail — 0.3%
Burlington Northern Santa Fe LLC:
5.40%, 6/01/41			2,700		3,245,880
4.55%, 9/01/44			2,110		2,312,172
Norfolk Southern Corp., 5.75%, 1/15/16			2,425		2,517,662
Union Pacific Corp., 6.13%, 2/15/20			1,300		1,498,734

					9,574,448
Semiconductors & Semiconductor Equipment — 0.6%
Intel Corp.:
3.30%, 10/01/21			2,100		2,235,486
4.80%, 10/01/41			350		394,346
4.25%, 12/15/42			1,100		1,146,049
Seagate HDD Cayman:
3.75%, 11/15/18			7,500		7,816,335
4.75%, 6/01/23			3,100		3,258,208
4.75%, 1/01/25 (b)			3,925		4,064,306

					18,914,730
Software — 0.1%
Microsoft Corp., 3.75%, 2/12/45			2,040		2,047,772
Oracle Corp.:
5.25%, 1/15/16			1,500		1,555,944
5.75%, 4/15/18			550		621,426

					4,225,142
Specialty Retail — 1.0%
Advance Auto Parts, Inc., 4.50%, 1/15/22			3,100		3,329,130
AutoZone, Inc., 1.30%, 1/13/17			3,850		3,857,488
The Home Depot, Inc.:
5.88%, 12/16/36			2,000		2,645,422
5.40%, 9/15/40			2,000		2,496,832
5.95%, 4/01/41			800		1,068,238
L Brands, Inc.:
6.90%, 7/15/17			2,167		2,383,700
8.50%, 6/15/19			4,000		4,798,800
O’Reilly Automotive, Inc., 4.63%, 9/15/21			5,300		5,857,544
QVC, Inc., 4.45%, 2/15/25			4,262		4,290,406

					30,727,560
Technology Hardware, Storage & Peripherals — 0.6%
Apple, Inc.:
2.85%, 5/06/21			5,500		5,730,604
3.85%, 5/04/43			3,300		3,352,117
Corporate Bonds		Par (000)		Value
Technology Hardware, Storage & Peripherals (concluded)
Arrow Electronics, Inc., 4.00%, 4/01/25	USD		1,375	$	1,383,320
Hewlett-Packard Co.:
3.00%, 9/15/16			3,000		3,079,155
2.75%, 1/14/19			4,000		4,100,816

					17,646,012
Tobacco — 1.1%
Altria Group, Inc.:
4.13%, 9/11/15			2,600		2,639,174
5.38%, 1/31/44			7,200		8,420,515
Lorillard Tobacco Co., 3.50%, 8/04/16			650		668,067
Philip Morris International, Inc.:
5.65%, 5/16/18			4,300		4,858,067
1.88%, 1/15/19			3,550		3,573,657
2.90%, 11/15/21			1,400		1,438,987
6.38%, 5/16/38			2,500		3,313,248
4.25%, 11/10/44			600		629,256
Reynolds American, Inc.:
1.05%, 10/30/15			2,000		2,001,786
3.25%, 11/01/22			2,300		2,288,622
4.85%, 9/15/23			900		994,409
4.75%, 11/01/42			1,700		1,753,506
6.15%, 9/15/43			750		926,688

					33,505,982
Wireless Telecommunication Services — 0.1%
Crown Castle International Corp., 4.88%, 4/15/22			2,800		2,908,500
Vodafone Group PLC, 5.63%, 2/27/17			950		1,025,974

					3,934,474
Total Corporate Bonds — 37.6%					1,129,344,900



Foreign Agency Obligations
Brazilian Government International Bond:
5.63%, 1/07/41			150		152,625
5.00%, 1/27/45			2,500		2,312,500
Canada Government International Bond, 1.13%, 3/19/18			6,430		6,457,379
Colombia Government International Bond, 4.00%, 2/26/24			2,210		2,278,510
Export-Import Bank of Korea:
2.38%, 8/12/19			5,600		5,690,642
4.00%, 1/29/21			1,446		1,567,807



MASTER INVESTMENT PORTFOLIO	MARCH 31, 2015	101

Schedule of Investments (continued)

CoreAlpha Bond Master Portfolio

(Percentages shown are based on Net Assets)


Foreign Agency Obligations		Par (000)		Value
Mexico Government International Bond:
3.50%, 1/21/21	USD		2,915	$	3,034,515
6.75%, 9/27/34			2,400		3,204,000
6.05%, 1/11/40			3,088		3,813,680
4.75%, 3/08/44			3,100		3,255,000
4.60%, 1/23/46			863		882,417
Tunisia Government AID Bonds, 2.45%, 7/24/21			327		336,976
Uruguay Government International Bond, 5.10%, 6/18/50			320		332,800
Total Foreign Agency Obligations — 1.1%					33,318,851



Municipal Bonds
Bay Area Toll Authority, RB, Build America Bonds, San Francisco Toll Bridge, Series S-1, 7.04%, 4/01/50			800		1,199,048
Chicago Transit Authority, RB, Series B, 6.90%, 12/01/40			450		579,749
City & County of San Francisco California Public Utilities Commission Water Revenue, RB, Build America Bonds, Sub-Series G, 6.95%, 11/01/50			400		599,540
City of Chicago Illinois Waterworks Transmission, RB, Build America Bonds, 2nd Lien, Series B, 6.74%, 11/01/40			150		195,576
City of Los Angeles California Department of Water & Power, RB, Build America Bonds, Series D, 6.57%, 7/01/45			320		469,011
City of New York New York Transitional Finance Authority, RB, Build America Bonds, Future Tax Secured, Sub-Series B-1, 5.57%, 11/01/38			450		572,918
City of New York New York Water & Sewer System, Refunding RB, 2nd General Resolution, Build America Bonds, Fiscal 2010, Series EE, 6.01%, 6/15/42			1,000		1,362,630
County of Orange California Local Transportation Authority, Refunding RB, Build America Bonds, Series A, 6.91%, 2/15/41			450		645,849
Municipal Bonds		Par (000)		Value
County of San Diego California Regional Transportation Commission, RB, Build America Bonds, Series A, 5.91%, 4/01/48	USD		600	$	849,948
Florida Hurricane Catastrophe Fund Finance Corp., RB, Series A, 1.30%, 7/01/16			1,725		1,735,660
Metropolitan Water District of Southern California, RB, Build America Bonds, Series A, 6.95%, 7/01/40			1,200		1,448,772
New Jersey State Turnpike Authority, RB, Build America Bonds, Series A, 7.10%, 1/01/41			700		1,027,565
Port Authority of New York & New Jersey, RB, 164th Series, 5.65%, 11/01/40			800		1,023,776
Port Authority of New York & New Jersey, Refunding RB, 174th Series, 4.46%, 10/01/62			700		765,555
State of California, GO, Build America Bonds, Various Purpose:
7.55%, 4/01/39			1,150		1,795,472
7.63%, 3/01/40			1,150		1,789,377
7.60%, 11/01/40			250		401,133
State of Illinois, GO: Build America Bonds, 7.35%, 7/01/35			650		779,083
Pension, 5.10%, 6/01/33			1,000		1,017,430
State of Mississippi, GO, Refunding Build America Bonds, Series F, 5.25%, 11/01/34			600		714,552
State of New York Dormitory Authority, RB, Build America Bonds, General Purpose, Series H, 5.39%, 3/15/40			675		861,529
State of Oregon Department of Transportation, RB, Sub-Lien, Series A, 5.83%, 11/15/34			400		527,716
University of California, Refunding RB, Series AJ, 4.60%, 5/15/31			1,000		1,118,420
University of Missouri, RB, Build America Bonds, Series A, 5.79%, 11/01/41			300		414,261
Total Municipal Bonds — 0.7%					21,894,570



102	MASTER INVESTMENT PORTFOLIO	MARCH 31, 2015

Schedule of Investments (continued)

CoreAlpha Bond Master Portfolio

(Percentages shown are based on Net Assets)


Non-Agency Mortgage-Backed Securities	Par (000)				Value
Collateralized Mortgage Obligations — 1.5%
Adjustable Rate Mortgage Trust, Series 2005-3, Class 8A11, 0.40%, 7/25/35 (a)		USD	42		$	41,694
Citicorp Mortgage Securities Trust, Series 2006-1, Class 2A1, 5.00%, 2/25/21			169			174,963
Citigroup Mortgage Loan Trust, Series 2014-A, Class A, 4.00%, 1/25/35 (a)(b)			1,200			1,247,493
Connecticut Avenue Securities Series, Series 2014-C01, Class M1, 1.77%, 1/25/24 (a)			3,890			3,911,790
Credit Suisse First Boston Mortgage Securities Corp., Series 2005-7, Class 1A6, 5.25%, 8/25/35			279			287,892
CSMC Trust (a)(b):
Series 2009-13R, Class 5A1, 0.95%, 1/26/35			3,468			3,452,971
Series 2010-20R, Class 7A6, 3.50%, 3/27/37			1,471			1,472,703
Series 2011-4R, Class 4A6, 4.00%, 8/27/37			820			830,485
Series 2013-8R, Class 7A1, 0.33%, 4/27/37			1,147			1,105,497
Series 2013-8R, Class 8A1, 0.41%, 5/27/37			3,948			3,826,726
GreenPoint Mortgage Funding Trust, Series 2006-AR4, Class A1A, 0.27%, 9/25/46 (a)			—	(f)		7
LB-UBS Commercial Mortgage Trust, Series 2007-C2, Class A3, 5.43%, 2/15/40			7,299			7,783,799
Nomura Resecuritization Trust, Series 2014-1R, Class 5A1, 0.32%, 10/26/36 (a)(b)			4,230			4,124,563
Puma Finance Property Ltd., Series G5, Class A1, 0.40%, 2/21/38 (a)(b)			605			601,581
RALI Trust:
Series 2004-QS4, Class A7, 4.00%, 3/25/34			33			33,738
Series 2004-QS5, Class A5, 4.75%, 4/25/34			534			545,419
Series 2004-QS9, Class A1, 5.00%, 6/25/19			227			227,947
RBSSP Resecuritization Trust, Series 2009-6, Class 13A4, 5.22%, 8/26/35 (a)(b)			1,685			1,696,106
Non-Agency Mortgage-Backed Securities	Par (000)				Value
Collateralized Mortgage Obligations (concluded)
Structured Agency Credit Risk Debt Notes, Class M1 (a):
Series 2013-DN1, 3.57%, 7/25/23		USD	3,027		$	3,132,825
Series 2013-DN2, 1.62%, 11/25/23			7,197			7,205,869
VFC LLC, Series 2014-2, Class A, 2.75%, 7/20/30 (b)			4,585			4,584,610

						46,288,678
Commercial Mortgage-Backed Securities — 11.2%
Banc of America Commercial Mortgage Trust:
Series 2006-1, Class AM, 5.42%, 9/10/45 (a)			2,650			2,722,647
Series 2006-4, Class A4, 5.63%, 7/10/46			5,469			5,671,430
Series 2006-5, Class AM, 5.45%, 9/10/47			1,520			1,595,720
Series 2006-6, Class A4, 5.36%, 10/10/45			3,580			3,681,507
Series 2007-4, Class A4, 5.75%, 2/10/51 (a)			2,873			3,120,990
Series 2007-5, Class A4, 5.49%, 2/10/51			3,440			3,660,446
Banc of America Merrill Lynch Commercial Mortgage, Inc., Series 2005-6, Class A4, 5.18%, 9/10/47 (a)			10,393			10,511,872
Bear Stearns Commercial Mortgage Securities Trust:
Series 2005-PW10, Class AM, 5.45%, 12/11/40 (a)			2,710			2,772,964
Series 2005-PWR8, Class A4, 4.67%, 6/11/41			1,790			1,790,915
Series 2005-PWR8, Class AJ, 4.75%, 6/11/41			5,350			5,376,065
Series 2005-PWR9, Class A4B, 4.94%, 9/11/42			2,100			2,125,626
Series 2006-PW11, Class A4, 5.44%, 3/11/39 (a)			2,817			2,883,569
CD Commercial Mortgage Trust, Series 2007-CD4, Class AMFX, 5.37%, 12/11/49 (a)			500			522,992
Citigroup Commercial Mortgage Trust, Series 2010-RR2, Class CA3A, 5.31%, 12/19/39 (a)(b)			624			654,294
Commercial Mortgage Trust:
Series 2006-C7, Class AM, 5.78%, 6/10/46 (a)			3,435			3,604,294
Series 2007-C9, Class A4, 5.80%, 12/10/49 (a)			3,244			3,525,240



MASTER INVESTMENT PORTFOLIO	MARCH 31, 2015	103

Schedule of Investments (continued)

CoreAlpha Bond Master Portfolio

(Percentages shown are based on Net Assets)


Non-Agency Mortgage-Backed Securities	Par (000)			Value
Commercial Mortgage-Backed Securities (continued)
Commercial Mortgage Trust (concluded):
Series 2007-C9, Class AJ, 5.65%, 12/10/49 (a)		USD	3,100	$	3,295,954
Series 2007-GG9, Class AM, 5.48%, 3/10/39			1,980		2,088,215
Series 2013-CR09, Class A4, 4.24%, 7/10/45 (a)			600		674,362
Series 2013-CR12, Class A3, 3.77%, 10/10/46			990		1,075,542
Series 2013-CR13, Class A4, 4.19%, 11/10/23 (a)			3,290		3,671,433
Series 2013-LC6, Class AM, 3.28%, 1/10/46			1,290		1,333,318
Series 2014-CR17, Class A5, 3.98%, 5/10/47			2,240		2,460,320
Series 2014-CR20, Class A4, 3.59%, 11/10/47			3,055		3,249,995
Series 2014-CR21, Class A3, 3.53%, 12/10/47			3,190		3,377,307
Credit Suisse Commercial Mortgage Trust:
Series 2006-C2, Class A3, 5.65%, 3/15/39 (a)			2,065		2,120,457
Series 2006-C3, Class A3, 5.81%, 6/15/38 (a)			9,611		9,926,355
Series 2006-C3, Class AM, 5.81%, 6/15/38 (a)			3,368		3,528,303
Series 2006-C5, Class A3, 5.31%, 12/15/39			4,404		4,597,488
Series 2007-C1, Class A3, 5.38%, 2/15/40			7,134		7,509,734
Series 2007-C2, Class A3, 5.54%, 1/15/49 (a)			2,250		2,397,089
Series 2007-C2, Class AM, 5.57%, 1/15/49 (a)			950		1,018,583
Credit Suisse First Boston Mortgage Securities Corp., Series 2005-C5, Class AJ, 5.10%, 8/15/38 (a)			4,154		4,206,316
CSAIL 2015-C1 Commercial Mortgage Trust, Series 2015-C1, Class A4, 3.51%, 4/15/50			1,600		1,690,075
DBRR Trust, Series 2013-EZ2, Class A, 0.85%, 2/25/45 (a)(b)			805		810,629
GE Capital Commercial Mortgage Corp. (a):
Series 2005-C3, Class AJ, 5.07%, 7/10/45			700		707,020
Series 2006-C1, Class A4, 5.27%, 3/10/44			5,766		5,885,211
Non-Agency Mortgage-Backed Securities	Par (000)			Value
Commercial Mortgage-Backed Securities (continued)
GMAC Commercial Mortgage Securities, Inc. Trust, Series 2006-C1, Class A4, 5.24%, 11/10/45 (a)		USD	4,240	$	4,281,634
GS Mortgage Securities Trust:
Series 2006-GG6, Class AM, 5.55%, 4/10/38 (a)			4,100		4,216,030
Series 2009-RR1, Class GGA, 5.76%, 7/12/38 (a)(b)			1,753		1,810,994
Series 2012-GCJ7, Class AS, 4.09%, 5/10/45			930		1,011,923
Series 2013-GC14, Class A5, 4.24%, 8/10/46			1,620		1,814,097
Series 2013-GC16, Class A3, 4.24%, 11/10/46			1,580		1,767,604
Series 2015-GC28, Class A5, 3.40%, 2/10/48			1,700		1,776,306
JPMBB Commercial Mortgage Securities Trust:
Series 2013-C14, Class A4, 4.13%, 8/15/46 (a)			1,400		1,554,419
Series 2013-C14, Class AS, 4.41%, 8/15/46 (a)			760		844,700
Series 2013-C15, Class B, 4.93%, 11/15/45			1,730		1,946,966
Series 2013-C17, Class A4, 4.20%, 1/15/47			1,700		1,894,351
Series 2014-C22, Class A4, 3.80%, 9/15/47			2,280		2,459,429
JPMorgan Chase Commercial Mortgage Securities Trust:
Series 2004-C1, Class H, 5.89%, 1/15/38 (a)(b)			3,371		3,382,030
Series 2005-CB13, Class AM, 5.30%, 1/12/43 (a)			2,060		2,106,894
Series 2005-LDP3, Class AJ, 5.01%, 8/15/42 (a)			7,383		7,462,079
Series 2005-LDP5, Class AJ, 5.35%, 12/15/44 (a)			1,935		1,987,210
Series 2005-LDP5, Class AM, 5.27%, 12/15/44 (a)			5,070		5,183,132
Series 2006-CB14, Class AM, 5.43%, 12/12/44 (a)			6,526		6,692,576
Series 2006-CB16, Class A4, 5.55%, 5/12/45			854		884,827
Series 2006-CB17, Class A4, 5.43%, 12/12/43			7,878		8,266,409
Series 2006-LDP8, Class A1A, 5.40%, 5/15/45			1,393		1,452,492
Series 2006-LDP8, Class AM, 5.44%, 5/15/45			6,171		6,481,432
Series 2011-C5, Class A3, 4.17%, 8/15/46			1,100		1,218,470



104	MASTER INVESTMENT PORTFOLIO	MARCH 31, 2015

Schedule of Investments (continued)

CoreAlpha Bond Master Portfolio

(Percentages shown are based on Net Assets)


Non-Agency Mortgage-Backed Securities	Par (000)			Value
Commercial Mortgage-Backed Securities (continued)
JPMorgan Chase Commercial Mortgage Securities Trust (concluded):
Series 2012-C6, Class A3, 3.51%, 5/15/45		USD	815	$	872,070
Series 2012-CBX, Class AS, 4.27%, 6/15/45			1,110		1,222,310
LB Commercial Mortgage Trust, Series 2007-C3, Class A4, 5.90%, 7/15/44 (a)			2,059		2,222,954
LB-UBS Commercial Mortgage Trust:
Series 2005-C3, Class AM, 4.79%, 7/15/40			6,770		6,769,986
Series 2005-C7, Class A4, 5.20%, 11/15/30 (a)			3,531		3,547,783
Series 2006-C1, Class AM, 5.22%, 2/15/31 (a)			740		760,558
Series 2006-C3, Class A1A, 5.64%, 3/15/39 (a)			2,977		3,073,052
Series 2006-C4, Class AM, 5.84%, 6/15/38 (a)			3,376		3,553,578
Series 2006-C7, Class A2, 5.30%, 11/15/38			3,087		3,113,731
Series 2006-C7, Class AM, 5.38%, 11/15/38			1,000		1,055,983
Series 2007-C1, Class A4, 5.42%, 2/15/40			4,177		4,442,171
Series 2007-C2, Class AM, 5.49%, 2/15/40 (a)			1,800		1,903,579
Series 2007-C7, Class A3, 5.87%, 9/15/45 (a)			2,972		3,267,282
Merrill Lynch Mortgage Trust, Series 2005-CIP1, Class AM, 5.11%, 7/12/38 (a)			5,395		5,448,891
ML-CFC Commercial Mortgage Trust, Class A4 (a):
Series 2006-1, 5.47%, 2/12/39			12,664		12,927,311
Series 2006-2, 5.87%, 6/12/46			3,360		3,484,270
Monty Parent Issuer 1 LLC, Series 2013-LTR1, Class B, 4.25%, 11/20/28 (b)			1,526		1,525,666
Morgan Stanley Bank of America Merrill Lynch Trust:
Series 2013-C10, Class A4, 4.08%, 7/15/46 (a)			1,560		1,736,600
Series 2014-C15, Class C, 4.90%, 4/15/47 (a)			1,700		1,842,739
Series 2015-C21, Class A4, 3.34%, 3/15/48			950		990,747
Non-Agency Mortgage-Backed Securities	Par (000)			Value
Commercial Mortgage-Backed Securities (continued)
Morgan Stanley Capital I Trust:
Series 2005-IQ10, Class AJ, 5.20%, 9/15/42 (a)		USD	1,200	$	1,216,264
Series 2006-HQ8, Class A4, 5.41%, 3/12/44 (a)			4,152		4,215,664
Series 2006-HQ8, Class AM, 5.46%, 3/12/44 (a)			990		1,020,664
Series 2006-T21, Class A4, 5.16%, 10/12/52 (a)			1,355		1,373,557
Series 2007-HQ11, Class A4, 5.45%, 2/12/44 (a)			2,961		3,133,680
Series 2007-IQ16, Class A4, 5.81%, 12/12/49			6,159		6,676,710
Series 2007-T25, Class A3, 5.51%, 11/12/49 (a)			3,554		3,775,352
Series 2007-T27, Class A4, 5.65%, 6/11/42 (a)			5,450		5,908,748
Series 2007-T27, Class AM, 5.65%, 6/11/42 (a)			2,080		2,230,218
Series 2012-C4, Class A4, 3.24%, 3/15/45			2,220		2,333,387
ORES NPL LLC, Series 2014-LV3, Class A, 3.00%, 3/27/24 (b)			2,212		2,211,864
UBS-Barclays Commercial Mortgage Trust, Series 2013-C6, Class A4, 3.24%, 4/10/46			725		756,457
Wachovia Bank Commercial Mortgage Trust:
Series 2005-C19, Class B, 4.89%, 5/15/44			3,186		3,196,791
Series 2005-C20, Class A7, 5.12%, 7/15/42 (a)			1,675		1,678,092
Series 2005-C20, Class AJ, 5.15%, 7/15/42 (a)			4,110		4,156,011
Series 2005-C20, Class AMFX, 5.18%, 7/15/42 (a)			3,930		3,959,951
Series 2006-C23, Class A4, 5.42%, 1/15/45 (a)			155		157,462
Series 2006-C27, Class A3, 5.77%, 7/15/45 (a)			4,518		4,687,455
Series 2006-C28, Class AM, 5.60%, 10/15/48 (a)			2,430		2,574,847
Series 2007-C34, Class A3, 5.68%, 5/15/46			3,990		4,290,391
Wells Fargo Commercial Mortgage Trust:
Series 2014-LC18, Class A5, 3.41%, 12/15/47			3,400		3,559,746
Series 2014-LC18, Class AS, 3.81%, 12/15/47			1,700		1,795,078
Series 2015-C27, Class A5, 3.45%, 2/15/48			2,700		2,834,619



MASTER INVESTMENT PORTFOLIO	MARCH 31, 2015	105

Schedule of Investments (continued)

CoreAlpha Bond Master Portfolio

(Percentages shown are based on Net Assets)


Non-Agency Mortgage-Backed Securities	Par (000)			Value
Commercial Mortgage-Backed Securities (concluded)
WF-RBS Commercial Mortgage Trust:
Series 2012-C08, Class AS, 3.66%, 8/15/45		USD	2,160	$	2,295,989
Series 2012-C10, Class A3, 2.88%, 12/15/45			6,145		6,315,743
Series 2012-C10, Class AS, 3.24%, 12/15/45			1,520		1,569,394
Series 2013-C18, Class A5, 4.16%, 12/15/46 (a)			1,880		2,099,373
Series 2014-C20, Class B, 4.38%, 5/15/47			1,530		1,658,927

					335,783,976
Total Non-Agency Mortgage-Backed Securities — 12.7%					382,072,654



U.S. Government Sponsored Agency Securities
Agency Obligations — 2.7%
Fannie Mae:
0.00%, 10/09/19 - 5/15/30 (c)			39,305		31,337,172
1.63%, 1/21/20			3,000		3,020,721
6.32%, 12/20/27			910		1,243,196
Federal Farm Credit Banks:
1.69%, 4/09/20			8,000		7,983,216
2.00%, 4/04/22			2,977		2,976,628
Federal Home Loan Bank:
4.00%, 9/01/28			1,625		1,836,177
5.38%, 8/15/24			4,500		5,651,064
FICO STRIPS, 0.00%, 12/06/16 (c)			3,000		2,960,706
Financing Corp. Fico, 0.00%, 2/8/18 - 11/2/18 (c)			19,000		18,160,796
Resolution Funding Corp., 8.13%, 10/15/19			3,500		4,519,420
Tennessee Valley Authority:
3.50%, 12/15/42			250		254,698
5.88%, 4/01/36			1,125		1,576,297

					81,520,091
Collateralized Mortgage Obligations — 0.9%
Fannie Mae, Series 2013-C01, Class M1, 2.17%, 10/25/23 (a)			2,384		2,415,643
Fannie Mae REMICS (a):
Series 2007-54, Class PF, 0.39%, 6/25/37			2,495		2,498,473
Series 2010-89, Class CF, 0.62%, 2/25/38			1,615		1,634,012
Series 2010-35, Class EF, 0.72%, 4/25/40			1,642		1,659,948
U.S. Government Sponsored Agency Securities	Par (000)			Value
Collateralized Mortgage Obligations (concluded)
Freddie Mac, Series K038, Class A2, 3.39%, 3/25/24		USD	3,500	$	3,766,823
Freddie Mac REMICS (a):
Series 3807, Class FN, 0.67%, 2/15/41			977		986,651
Series 3667, Class FW, 0.72%, 2/15/38			973		983,830
Ginnie Mae, Series 2014-90, Class FA, 0.57%, 10/20/38 (a)			13,514		13,614,704

					27,560,084
Commercial Mortgage-Backed Securities — 0.6%
Freddie Mac, Class A2:
Series K025, 2.68%, 10/25/22			8,850		9,122,748
Series K040, 3.24%, 9/25/24			8,850		9,417,834
Series K031, 3.30%, 4/25/23 (a)			901		966,438

					19,507,020
Mortgage-Backed Securities — 45.1%
Fannie Mae Mortgage-Backed Securities:
1.91%, 4/01/43 (a)			663		687,477
1.93%, 5/01/43 (a)			908		941,595
2.07%, 6/01/43 (a)			1,265		1,291,505
2.13%, 1/01/36 (a)			844		898,132
2.23%, 1/01/35 (a)			964		1,030,424
2.32%, 8/01/33 (a)			1,466		1,563,206
2.34%, 5/01/33 (a)			2,028		2,169,073
2.43%, 2/01/42 (a)			24		24,868
2.50%, 9/01/28 - 4/01/45 (g)			55,194		56,572,247
2.75%, 1/01/42 (a)			685		718,366
2.79%, 8/01/41 (a)			1,569		1,666,800
3.00%, 1/01/27 - 4/01/45 (g)			91,647		94,830,769
3.31%, 9/01/41 (a)			916		969,350
3.32%, 4/01/40 (a)			184		194,259
3.50%, 2/01/26 - 4/01/45 (g)			186,738		196,583,620
4.00%, 8/01/25 - 4/01/45 (g)			195,985		209,648,522
4.50%, 10/01/24 - 5/01/45 (g)			212,248		231,407,518
5.00%, 1/01/18 - 4/14/45			69,439		77,240,605
5.50%, 9/01/19 - 8/01/37			11,339		12,744,482
6.00%, 11/01/22 - 8/01/38			6,677		7,657,520
6.50%, 12/01/30 - 12/01/32			7,359		8,591,606
Freddie Mac Mortgage-Backed Securities:
1.75%, 6/01/43 (a)			368		377,936
2.21%, 10/01/33 (a)			986		1,052,523
2.26%, 4/01/38 (a)			1,193		1,268,793
2.37%, 2/01/40 (a)			1,057		1,126,501
2.47%, 5/01/43 (a)			940		961,347
2.50%, 4/01/30 - 4/01/43 (g)			18,897		19,344,057
2.51%, 11/01/36 (a)			1,054		1,103,011



106	MASTER INVESTMENT PORTFOLIO	MARCH 31, 2015

Schedule of Investments (continued)

CoreAlpha Bond Master Portfolio

(Percentages shown are based on Net Assets)


U.S. Government Sponsored Agency Securities	Par (000)				Value
Mortgage-Backed Securities (concluded)
Freddie Mac Mortgage-Backed Securities (concluded):
2.51%, 8/01/43 (a)		USD		346	$	354,090
2.61%, 1/01/42 (a)				16		17,362
3.00%, 3/01/27 - 6/01/43 (g)				52,438		54,073,612
3.19%, 8/01/41 (a)				905		962,550
3.35%, 7/01/41 (a)				672		710,741
3.50%, 12/01/25 - 4/01/45 (g)				49,706		52,287,153
4.00%, 3/01/26 - 4/01/45 (g)				46,438		49,598,484
4.50%, 8/01/20 - 4/01/45 (g)				22,697		24,933,473
5.00%, 10/01/20 - 8/01/40				7,940		8,786,122
5.50%, 5/01/34 - 8/01/38				6,186		6,952,313
6.00%, 9/01/36 - 1/01/38				2,907		3,317,410
6.50%, 5/01/21 - 7/01/32				2,368		2,863,489
Ginnie Mae Mortgage-Backed Securities:
3.00%, 5/15/43 - 4/01/45 (g)				38,602		39,759,562
3.50%, 1/15/41 - 4/01/45 (g)				61,637		65,180,247
4.00%, 9/15/40 - 4/01/45 (g)				46,951		50,541,919
4.50%, 3/15/39 - 4/01/45 (g)				31,195		34,286,842
5.00%, 10/20/39 - 5/20/41				13,280		14,979,325
5.50%, 6/15/34 - 7/20/40				7,345		8,316,393
6.00%, 9/20/38 - 10/20/38				2,332		2,650,217

						1,353,237,416
Total U.S. Government Sponsored Agency Securities — 49.3%						1,481,824,611


U.S. Treasury Obligations
U.S. Treasury Bonds:
6.38%, 8/15/27				12,068		17,746,561
6.13%, 11/15/27				12,000		17,375,628
6.25%, 5/15/30				26,586		40,410,568
4.50%, 8/15/39				19,675		26,931,691
3.88%, 8/15/40				15,149		19,069,985
3.38%, 5/15/44				7,100		8,317,537
U.S. Treasury Inflation Indexed Bonds:
0.13%, 4/15/16				30,710		31,019,041
0.13%, 7/15/24				15,800		15,793,442
0.25%, 1/15/25				15,203		15,307,096
U.S. Treasury Notes:
0.88%, 4/15/17				250		251,465
0.88%, 4/30/17				3,051		3,068,400
0.88%, 6/15/17 (h)				55,088		55,376,331
0.63%, 8/31/17				24,000		23,956,872
1.63%, 4/30/19				13,500		13,723,587
1.50%, 5/31/19				875		884,433
2.00%, 8/31/21 (h)				9,030		9,221,183
U.S. Treasury Obligations	Par (000)				Value
U.S. Treasury Principal STRIPS, 0.00%, 5/15/25 (c)		USD		17,320	$	14,007,827
Total U.S. Treasury Obligations — 10.4%						312,461,647



Investment Companies (i)			Shares
iShares 0-5 Year TIPS Bond ETF				1		99
iShares 1-3 Year Treasury Bond ETF				1		85
iShares 10-20 Year Treasury Bond ETF				1		139
iShares 20+ Year Treasury Bond ETF				181,108		23,669,005
iShares 3-7 Year Treasury Bond ETF				1		124
iShares 7-10 Year Treasury Bond ETF				1		108
iShares Agency Bond ETF				1		114
iShares Core US Treasury Bond ETF				1		26
iShares Short Treasury Bond ETF				1		110
iShares TIPS Bond ETF				1		114
Total Investment Companies — 0.8%						23,669,924



Preferred Securities
Capital Trusts	Par (000)
Capital Markets — 0.0%
The Bank of New York Mellon Corp., Series D, 4.50% (a)(j)		USD		1,264		1,197,640
Diversified Financial Services — 0.1%
JPMorgan Chase & Co., Series Q, 5.15% (a)(j)				1,325		1,293,531
Insurance — 0.1%
The Chubb Corp.:
6.00%, 5/11/37				800		1,071,919
6.38%, 3/29/67 (a)				2,550		2,703,000

						3,774,919
Media — 0.1%
NBCUniversal Enterprise, Inc., 5.25% (b)(j)				2,200		2,332,440
Total Capital Trusts — 0.3%						8,598,530



MASTER INVESTMENT PORTFOLIO	MARCH 31, 2015	107

Schedule of Investments (continued)

CoreAlpha Bond Master Portfolio

(Percentages shown are based on Net Assets)


Preferred Stocks	Shares			Value
Diversified Telecommunication Services — 0.2%
Qwest Corp., 7.38%			196,000	$	5,154,800
Total Preferred Securities — 0.5%					13,753,330
Total Long-Term Investments (Cost — $3,699,461,954) — 125.8%					3,781,177,245



Short-Term Securities
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.15% (i)(k)			62,097,797		62,097,797
Total Short-Term Securities (Cost — $62,097,797) — 2.1%					62,097,797
Options Purchased (Cost — $855,930) — 0.0%					82,156
Total Investments, Before TBA Sale Commitments and Options Written *(Cost — $3,762,415,681) — 127.9 %**					3,843,357,198



TBA Sale Commitments (g)	Par (000)
Fannie Mae Mortgage-Backed Securities:
3.00%, 4/14/45		USD	40,791		(41,702,491	)
3.50%, 4/14/45			26,600		(27,938,313	)
4.00%, 4/14/45			61,300		(65,543,109	)
4.50%, 4/14/45			85,300		(93,056,969	)
TBA Sale Commitments (g)	Par (000)			Value
Fannie Mae Mortgage-Backed Securities (concluded):
5.00%, 4/14/45		USD	5,200	$	(5,780,938	)
3.00%, 4/20/30			82,402		(86,380,368	)
4.00%, 4/20/30			100		(105,687	)
Freddie Mac Mortgage-Backed Securities:
3.00%, 4/14/45			3,000		(3,060,469	)
4.00%, 4/14/45			2,000		(2,136,250	)
Ginnie Mae Mortgage-Backed Securities, 4.00%, 4/22/45			2,000		(2,131,562	)
Total TBA Sale Commitments (Proceeds — $326,312,703) — 10.9%					(327,836,156	)
Options Written (Premiums Received — $563,921) — (0.0)%					(14,938	)
Total Investments, Net of TBA Sale Commitments and Options Written (Cost — $3,435,539,057) — 117.0%					3,515,506,104
Liabilities in Excess of Other Assets — (17.0)%					(511,697,613	)

Net Assets — 100.0%				$	3,003,808,491

As of March 31, 2015, gross unrealized appreciation and depreciation based on cost for federal income tax purposes were as follows:


Tax cost	$	3,762,612,701

Gross unrealized appreciation	$	96,475,947
Gross unrealized depreciation		(15,731,450	)

Net unrealized appreciation	$	80,744,497

Notes to Schedule of Investments

(a)

Variable rate security. Rate shown is as of report date.

(b)

(c)

Zero-coupon bond.

(d)

Represents a step-up bond that pays an initial coupon rate for the first period and then a higher coupon rate for the following periods. Rate shown is as of report date.

(e)

When-issued security. Unsettled when-issued transactions were as follows:


Counterparty	Value		Unrealized Appreciation
Deutsche Bank AG	$	3,661,012	$	10,306



108	MASTER INVESTMENT PORTFOLIO	MARCH 31, 2015


Schedule of Investments (continued)		CoreAlpha Bond Master Portfolio

(f)

Amount is less than $500.

(g)

Represents or includes a TBA transaction. As of March 31, 2015, unsettled TBA transactions were as follows:


Counterparty	Value			Unrealized Appreciation (Depreciation)
Barclays Capital, Inc.	$	36,951,547		$	144,063
Citigroup Global Markets, Inc.	$	73,124,704		$	524,484
Credit Suisse Securities (USA) LLC	$	200,520,920		$	1,090,867
Deutsche Bank Securities, Inc.	$	173,687,287		$	1,029,505
Goldman Sachs & Co.	$	41,878,231		$	196,460
J.P. Morgan Securities LLC	$	18,663,466		$	43,087
Merrill Lynch, Pierce, Fenner & Smith, Inc.	$	8,009,188		$	30,313
Morgan Stanley & Co. LLC	$	(9,414,835	)	$	(179,757	)
Nomura Securities International, Inc.	$	30,111,172		$	163,953
RBC Capital Markets, LLC	$	2,249,703		$	7,363
S.G. America	$	(748,453	)	$	(602	)
Wells Fargo Securities, LLC	$	(3,021,937	)	$	(10,082	)

(h)

All or a portion of security has been pledged as collateral in connection with outstanding swaps.

(i)


Affiliate	Shares Held at December 31, 2014		Shares Purchased			Shares Sold		Shares Held at March 31, 2015		Value at March 31, 2015		Income		Realized Gain (Loss)
BlackRock Cash Funds: Institutional, SL Agency Shares		39,979,776		22,118,021	¹		—		62,097,797	$	62,097,797	$	20,611		—
iShares 0-5 Year TIPS Bond ETF		1		—			—		1	$	99		—		—
iShares 1-3 Year Treasury Bond ETF		1		—			—		1	$	85		—		—
iShares 10-20 Year Treasury Bond ETF		1		—			—		1	$	139		—		—
iShares 20+ Year Treasury Bond ETF		181,108		—			—		181,108	$	23,669,005	$	96,188		—
iShares 3-7 Year Treasury Bond ETF		1		—			—		1	$	124		—		—
iShares 7-10 Year Treasury Bond ETF		1		—			—		1	$	108		—		—
iShares Agency Bond ETF		1		—			—		1	$	114		—		—
iShares Core US Treasury Bond ETF		1		—			—		1	$	26		—		—
iShares Short Treasury Bond ETF		1		—			—		1	$	110		—		—
iShares TIPS Bond ETF		1		—			—		1	$	114		—		—
¹ Represents net shares purchased.

(j)

Security is perpetual in nature and has no stated maturity date.

(k)

Represents the current yield as of report date.



MASTER INVESTMENT PORTFOLIO	MARCH 31, 2015	109


Schedule of Investments (continued)		CoreAlpha Bond Master Portfolio


Portfolio Abbreviations
ABS		Asset-Backed Security
AUD		Australian Dollar
BRL		Brazilian Real
CAD		Canadian Dollar
ETF		Exchange-Traded Fund
EUR		Euro
EURIBOR		Euro Interbank Offered Rate
GBP		British Pound
GO		General Obligation Bonds
INR		Indian Rupee
JPY		Japanese Yen
KRW		South Korean Won
LIBOR		London Interbank Offered Rate
LIFFE		London International Financial Futures and Options Exchange
MXN		Mexican Peso
MYR		Malaysian Ringgit
NOK		Norwegian Krone
NYSE		New York Stock Exchange
NZD		New Zealand Dollar
PLN		Polish Zloty
RB		Revenue Bonds
SEK		Swedish Krona
STRIPS		Separate Trading of Registered Interest and Principal Securities
TRY		Turkish Lira
USD		U.S. Dollar

As of March 31, 2015, financial futures contracts outstanding were as follows:


Contracts Long (Short)			Issue	Exchange	Expiration	Notional Value			Unrealized Appreciation (Depreciation)
	(324	)	Long U.S. Treasury Bond	Chicago Board of Trade	June 2015		USD	53,095,500	$	3,368
	(321	)	UK Long Gilt Bond	NYSE Liffe	June 2015		USD	57,497,697		(67,245	)
	249		2-Year U.S. Treasury Note	Chicago Board of Trade	June 2015		USD	54,569,906		61,951
	271		10-Year Canada Bond Future	Montreal	June 2015		USD	30,541,660		(26,410	)
	411		Ultra Long U.S. Treasury Bond	Chicago Board of Trade	June 2015		USD	69,818,625		1,006,554
	554		Euro-Bund Future	Eurex	June 2015		USD	94,571,534		580,452
	592		10-Year Australian T-Bond	Sydney Futures Exchange	June 2015		USD	59,822,716		1,335,210
	667		10-Year U.S. Treasury Note	Chicago Board of Trade	June 2015		USD	85,980,469		223,224
	3,057		5-Year U.S. Treasury Note	Chicago Board of Trade	June 2015		USD	367,484,838		456,187
	Total								$	3,573,291

As of March 31, 2015, forward foreign currency contracts outstanding were as follows:


Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
BRL	1,603,494	USD	499,842	Barclays Bank PLC		4/02/15	$	2,576
BRL	14,080,000	USD	4,312,404	Deutsche Bank AG		4/02/15		99,245
BRL	9,670,000	USD	3,019,045	Deutsche Bank AG		4/02/15		10,831
BRL	11,950,000	USD	3,827,675	Deutsche Bank AG		4/02/15		(83,412	)
BRL	18,370,000	USD	5,726,309	Deutsche Bank AG		4/02/15		29,515
BRL	8,430,000	USD	2,682,151	Goldman Sachs International		4/02/15		(40,801	)
BRL	3,200,570	USD	997,684	Goldman Sachs International		4/02/15		5,142



110	MASTER INVESTMENT PORTFOLIO	MARCH 31, 2015


Schedule of Investments (continued)		CoreAlpha Bond Master Portfolio

As of March 31, 2015, forward foreign currency contracts outstanding were as follows (continued):


Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
BRL	11,277,743	USD	3,915,679	JPMorgan Chase Bank N.A.		4/02/15	$	(382,053	)
BRL	8,530,000	USD	2,658,978	JPMorgan Chase Bank N.A.		4/02/15		13,705
BRL	27,170,000	USD	8,469,451	JPMorgan Chase Bank N.A.		4/02/15		43,654
BRL	7,092,257	USD	2,460,454	Morgan Stanley & Co. International PLC		4/02/15		(238,255	)
USD	505,396	BRL	1,603,494	Barclays Bank PLC		4/02/15		2,977
USD	6,078,756	BRL	18,370,000	Deutsche Bank AG		4/02/15		322,932
USD	1,010,791	BRL	3,200,570	Goldman Sachs International		4/02/15		7,965
USD	2,631,904	BRL	8,530,000	JPMorgan Chase Bank N.A.		4/02/15		(40,779	)
USD	8,503,912	BRL	27,170,000	JPMorgan Chase Bank N.A.		4/02/15		(9,193	)
USD	1,142,952	BRL	3,625,936	Morgan Stanley & Co. International PLC		4/02/15		6,847
BRL	27,170,000	USD	8,434,483	JPMorgan Chase Bank N.A.		5/05/15		(3,024	)
USD	6,456,355	BRL	21,080,000	JPMorgan Chase Bank N.A.		5/05/15		(85,241	)
AUD	11,655,000	USD	8,953,021	Bank of America N.A.		6/10/15		(83,717	)
AUD	5,725,000	USD	4,446,665	Bank of America N.A.		6/10/15		(90,014	)
AUD	6,201,385	USD	4,727,626	Barclays Bank PLC		6/10/15		(8,452	)
AUD	2,840,000	USD	2,215,683	Barclays Bank PLC		6/10/15		(54,480	)
AUD	5,725,000	USD	4,447,586	Citibank N.A.		6/10/15		(90,936	)
AUD	18,444,000	USD	14,096,675	Credit Suisse International		6/10/15		(61,030	)
AUD	2,655,105	USD	2,014,218	Goldman Sachs International		6/10/15		6,282
AUD	943,000	USD	724,227	HSBC Bank PLC		6/10/15		(6,616	)
AUD	7,626,000	USD	5,999,847	JPMorgan Chase Bank N.A.		6/10/15		(196,560	)
AUD	6,499,000	USD	5,113,166	JPMorgan Chase Bank N.A.		6/10/15		(167,511	)
AUD	15,133,000	USD	11,516,364	JPMorgan Chase Bank N.A.		6/10/15		(347	)
AUD	51,615,999	USD	39,690,639	UBS AG		6/10/15		(411,531	)
AUD	33,995,000	USD	26,140,795	UBS AG		6/10/15		(271,040	)
AUD	5,454,615	USD	4,158,320	UBS AG		6/10/15		(7,429	)
AUD	1,737,895	USD	1,316,403	UBS AG		6/10/15		6,112
CAD	15,659,000	USD	12,352,925	Citibank N.A.		6/10/15		(460	)
CAD	2,071,000	USD	1,625,978	Royal Bank of Canada		6/10/15		7,712
EUR	2,491,418	PLN	10,320,000	Barclays Bank PLC		6/10/15		(37,297	)
EUR	956,158	PLN	3,930,000	Barclays Bank PLC		6/10/15		(6,257	)
EUR	3,491,965	PLN	14,440,000	Credit Suisse International		6/10/15		(45,831	)
EUR	2,475,174	PLN	10,290,000	Credit Suisse International		6/10/15		(46,865	)
EUR	3,454,000	USD	3,658,874	Barclays Bank PLC		6/10/15		54,177
EUR	5,935,000	USD	6,523,989	Barclays Bank PLC		6/10/15		(143,863	)
EUR	4,065,000	USD	4,286,933	BNP Paribas S.A.		6/10/15		82,943
EUR	16,160,000	USD	17,661,523	Citibank N.A.		6/10/15		(289,518	)
EUR	8,821,000	USD	9,615,913	Citibank N.A.		6/10/15		(133,336	)
EUR	4,862,000	USD	5,282,514	Credit Suisse International		6/10/15		(55,863	)
EUR	11,955,000	USD	12,666,323	Credit Suisse International		6/10/15		185,306
EUR	4,015,000	USD	4,368,561	Credit Suisse International		6/10/15		(52,435	)
EUR	1,753,000	USD	1,858,425	Deutsche Bank AG		6/10/15		26,050
EUR	20,283,000	USD	22,059,081	Goldman Sachs International		6/10/15		(254,850	)
EUR	4,070,000	USD	4,285,677	HSBC Bank PLC		6/10/15		89,574
EUR	16,626,000	USD	18,082,404	HSBC Bank PLC		6/10/15		(209,450	)
EUR	4,065,000	USD	4,290,205	JPMorgan Chase Bank N.A.		6/10/15		79,671
EUR	9,001,000	USD	9,546,434	JPMorgan Chase Bank N.A.		6/10/15		129,644
EUR	20,240,000	USD	22,151,466	JPMorgan Chase Bank N.A.		6/10/15		(393,460	)
EUR	19,130,000	USD	20,443,956	Morgan Stanley & Co. International PLC		6/10/15		120,800



MASTER INVESTMENT PORTFOLIO	MARCH 31, 2015	111


Schedule of Investments (continued)		CoreAlpha Bond Master Portfolio

As of March 31, 2015, forward foreign currency contracts outstanding were as follows (continued):


Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
EUR	10,906,000	USD	11,993,694	Morgan Stanley & Co. International PLC		6/10/15	$	(269,741	)
EUR	17,450,000	USD	19,161,932	State Street Bank and Trust Co.		6/10/15		(403,177	)
EUR	4,544,000	USD	4,790,694	UBS AG		6/10/15		94,107
EUR	5,547,000	USD	5,896,284	UBS AG		6/10/15		66,743
EUR	5,540,000	USD	5,978,596	UBS AG		6/10/15		(23,095	)
EUR	5,545,000	USD	6,027,676	UBS AG		6/10/15		(66,799	)
GBP	1,209,000	USD	1,824,780	Barclays Bank PLC		6/10/15		(30,868	)
GBP	857,000	USD	1,292,219	Barclays Bank PLC		6/10/15		(20,604	)
GBP	10,626,063	USD	15,981,706	Barclays Bank PLC		6/10/15		(214,770	)
GBP	6,282,000	USD	9,378,115	Barclays Bank PLC		6/10/15		(56,894	)
GBP	4,665,000	USD	6,894,637	Barclays Bank PLC		6/10/15		27,283
GBP	5,486,127	USD	8,127,670	Barclays Bank PLC		6/10/15		12,637
GBP	3,240,000	USD	4,805,325	Barclays Bank PLC		6/10/15		2,182
GBP	3,211,041	USD	4,755,419	Citibank N.A.		6/10/15		9,117
GBP	21,886,000	USD	32,474,994	Citibank N.A.		6/10/15		(582	)
GBP	9,675,000	USD	14,611,804	Credit Suisse International		6/10/15		(256,055	)
GBP	8,611,000	USD	12,785,596	Credit Suisse International		6/10/15		(8,608	)
GBP	3,244,000	USD	4,809,902	Credit Suisse International		6/10/15		3,540
GBP	1,052,937	USD	1,583,811	Goldman Sachs International		6/10/15		(21,466	)
GBP	3,607,000	USD	5,391,920	Goldman Sachs International		6/10/15		(39,860	)
GBP	2,568,832	USD	3,803,786	Goldman Sachs International		6/10/15		7,844
GBP	707,000	USD	1,052,935	Goldman Sachs International		6/10/15		(3,890	)
GBP	7,920,000	USD	11,966,185	HSBC Bank PLC		6/10/15		(214,502	)
GBP	5,323,000	USD	7,968,318	HSBC Bank PLC		6/10/15		(70,059	)
GBP	8,610,000	USD	12,796,423	HSBC Bank PLC		6/10/15		(20,919	)
GBP	3,112,000	USD	4,609,644	HSBC Bank PLC		6/10/15		7,937
GBP	846,000	USD	1,251,767	JPMorgan Chase Bank N.A.		6/10/15		3,526
GBP	3,272,000	USD	4,863,082	UBS AG		6/10/15		(8,094	)
INR	242,700,000	USD	3,848,105	Credit Suisse International		6/10/15		(23,100	)
INR	172,000,000	USD	2,709,515	HSBC Bank PLC		6/10/15		1,243
INR	190,400,000	USD	3,019,347	Morgan Stanley & Co. International PLC		6/10/15		(18,601	)
INR	240,000,000	USD	3,773,437	UBS AG		6/10/15		9,016
INR	274,300,000	USD	4,319,005	UBS AG		6/10/15		4,023
JPY	581,400,000	USD	4,812,611	Bank of America N.A.		6/10/15		40,023
JPY	581,400,000	USD	4,807,426	Bank of America N.A.		6/10/15		45,208
JPY	899,300,000	USD	7,511,443	Bank of America N.A.		6/10/15		(5,468	)
JPY	528,695,000	USD	4,427,268	Bank of America N.A.		6/10/15		(14,534	)
JPY	528,690,000	USD	4,427,967	Bank of America N.A.		6/10/15		(15,276	)
JPY	747,000,000	USD	6,279,105	Bank of America N.A.		6/10/15		(44,297	)
JPY	234,800,000	USD	1,943,942	Barclays Bank PLC		6/10/15		15,808
JPY	173,600,000	USD	1,433,917	Barclays Bank PLC		6/10/15		15,029
JPY	324,029,893	USD	2,677,044	Barclays Bank PLC		6/10/15		27,460
JPY	291,500,000	USD	2,432,704	Barclays Bank PLC		6/10/15		290
JPY	794,900,000	USD	6,684,775	Barclays Bank PLC		6/10/15		(50,171	)
JPY	196,200,000	USD	1,648,185	Barclays Bank PLC		6/10/15		(10,609	)
JPY	544,715,000	USD	4,564,878	BNP Paribas S.A.		6/10/15		(18,434	)
JPY	758,600,000	USD	6,349,876	Citibank N.A.		6/10/15		(18,249	)
JPY	2,364,000,000	USD	19,858,804	Citibank N.A.		6/10/15		(127,765	)
JPY	792,120,138	USD	6,543,709	Credit Suisse International		6/10/15		67,693
JPY	239,009,801	USD	1,975,573	Goldman Sachs International		6/10/15		19,313



112	MASTER INVESTMENT PORTFOLIO	MARCH 31, 2015


Schedule of Investments (continued)		CoreAlpha Bond Master Portfolio

As of March 31, 2015, forward foreign currency contracts outstanding were as follows (continued):


Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
JPY	705,700,000	USD	5,821,607	Goldman Sachs International		6/10/15	$	68,493
JPY	164,100,000	USD	1,353,728	Goldman Sachs International		6/10/15		15,927
JPY	518,449,969	USD	4,283,259	Goldman Sachs International		6/10/15		43,965
JPY	126,600,000	USD	1,048,038	HSBC Bank PLC		6/10/15		8,624
JPY	92,190,199	USD	762,133	Morgan Stanley & Co. International PLC		6/10/15		7,330
JPY	226,500,000	USD	1,871,673	UBS AG		6/10/15		18,801
JPY	219,200,000	USD	1,838,803	Westpac Banking Corp.		6/10/15		(9,258	)
KRW	3,361,100,000	USD	3,030,748	Barclays Bank PLC		6/10/15		(7,914	)
KRW	4,242,500,000	USD	3,808,006	HSBC Bank PLC		6/10/15		7,523
KRW	4,879,000,000	USD	4,337,660	JPMorgan Chase Bank N.A.		6/10/15		50,311
KRW	4,246,200,000	USD	3,839,241	JPMorgan Chase Bank N.A.		6/10/15		(20,383	)
KRW	3,024,300,000	USD	2,684,687	Morgan Stanley & Co. International PLC		6/10/15		35,244
MXN	58,140,000	USD	3,735,064	Credit Suisse International		6/10/15		64,825
MXN	45,130,000	USD	3,000,134	Credit Suisse International		6/10/15		(50,547	)
MXN	57,560,000	USD	3,843,950	Credit Suisse International		6/10/15		(81,969	)
MXN	39,450,640	USD	2,549,842	Deutsche Bank AG		6/10/15		28,556
MXN	2,569,360	USD	166,096	Morgan Stanley & Co. International PLC		6/10/15		1,831
MXN	66,810,000	USD	4,345,253	Morgan Stanley & Co. International PLC		6/10/15		21,285
MYR	21,000,000	USD	5,669,546	JPMorgan Chase Bank N.A.		6/10/15		(32,870	)
NOK	2,526,174	USD	322,185	Barclays Bank PLC		6/10/15		(9,293	)
NOK	30,647,000	USD	3,807,808	Credit Suisse International		6/10/15		(11,866	)
NOK	86,923,000	USD	10,650,887	Credit Suisse International		6/10/15		115,409
NOK	11,324,449	USD	1,387,595	Credit Suisse International		6/10/15		15,053
NOK	29,830,000	USD	3,654,993	Credit Suisse International		6/10/15		39,756
NOK	40,815,000	USD	5,041,231	Credit Suisse International		6/10/15		14,121
NOK	42,047,000	USD	5,191,594	Credit Suisse International		6/10/15		16,354
NOK	41,435,000	USD	5,138,804	Credit Suisse International		6/10/15		(6,659	)
NOK	40,815,000	USD	5,024,962	Goldman Sachs International		6/10/15		30,391
NOK	14,425,000	USD	1,768,590	HSBC Bank PLC		6/10/15		18,093
NOK	35,505,000	USD	4,351,094	HSBC Bank PLC		6/10/15		46,560
NOK	2,425,000	USD	291,056	HSBC Bank PLC		6/10/15		9,305
NOK	49,314,000	USD	6,060,092	JPMorgan Chase Bank N.A.		6/10/15		47,948
NOK	97,385,000	USD	11,938,665	JPMorgan Chase Bank N.A.		6/10/15		123,457
NOK	58,077,551	USD	7,109,775	JPMorgan Chase Bank N.A.		6/10/15		83,719
NOK	31,954,000	USD	3,966,165	JPMorgan Chase Bank N.A.		6/10/15		(8,337	)
NOK	41,307,000	USD	5,247,866	JPMorgan Chase Bank N.A.		6/10/15		(131,574	)
NOK	71,790,000	USD	8,818,002	JPMorgan Chase Bank N.A.		6/10/15		73,919
NOK	41,430,000	USD	5,237,863	UBS AG		6/10/15		(106,337	)
NOK	4,559,826	USD	581,399	UBS AG		6/10/15		(16,618	)
NZD	5,998,000	USD	4,394,015	Goldman Sachs International		6/10/15		74,053
PLN	14,440,000	EUR	3,490,469	Barclays Bank PLC		6/10/15		47,440
PLN	10,290,000	EUR	2,480,534	Barclays Bank PLC		6/10/15		41,102
PLN	16,920,000	EUR	4,081,957	Credit Suisse International		6/10/15		64,169
PLN	11,530,000	EUR	2,793,441	Credit Suisse International		6/10/15		31,017
PLN	14,220,000	EUR	3,449,062	Credit Suisse International		6/10/15		34,062
SEK	93,765,000	USD	11,099,576	Barclays Bank PLC		6/10/15		(215,417	)
SEK	110,450,000	USD	13,074,688	Barclays Bank PLC		6/10/15		(253,749	)
SEK	72,409,000	USD	8,565,878	Credit Suisse International		6/10/15		(160,704	)



MASTER INVESTMENT PORTFOLIO	MARCH 31, 2015	113


Schedule of Investments (continued)		CoreAlpha Bond Master Portfolio

As of March 31, 2015, forward foreign currency contracts outstanding were as follows (continued):


Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
SEK	49,136,000	USD	5,692,498	Credit Suisse International		6/10/15	$	11,166
SEK	55,950,000	USD	6,494,966	Credit Suisse International		6/10/15		(339	)
SEK	110,454,000	USD	13,078,088	UBS AG		6/10/15		(256,684	)
SEK	93,763,000	USD	11,101,823	UBS AG		6/10/15		(217,896	)
TRY	552,031	USD	208,378	Barclays Bank PLC		6/10/15		414
TRY	6,375,101	USD	2,455,504	Barclays Bank PLC		6/10/15		(44,279	)
TRY	6,647,969	USD	2,508,762	Deutsche Bank AG		6/10/15		5,668
TRY	3,504,899	USD	1,349,024	Deutsche Bank AG		6/10/15		(23,383	)
TRY	7,870,000	USD	3,022,389	JPMorgan Chase Bank N.A.		6/10/15		(45,757	)
TRY	11,520,000	USD	4,346,350	Morgan Stanley & Co. International PLC		6/10/15		10,805
USD	13,875,515	AUD	17,973,000	Citibank N.A.		6/10/15		198,295
USD	7,063,841	AUD	9,236,000	Credit Suisse International		6/10/15		35,364
USD	1,601,898	AUD	2,069,000	Credit Suisse International		6/10/15		27,416
USD	1,337,841	AUD	1,707,000	Credit Suisse International		6/10/15		38,836
USD	3,002,435	AUD	3,876,000	Credit Suisse International		6/10/15		52,849
USD	17,605,970	AUD	22,785,000	Goldman Sachs International		6/10/15		266,879
USD	24,499,264	AUD	32,125,000	Goldman Sachs International		6/10/15		52,554
USD	7,086,156	AUD	9,240,000	Goldman Sachs International		6/10/15		54,636
USD	5,205,955	AUD	6,795,000	Goldman Sachs International		6/10/15		35,048
USD	1,616,646	AUD	2,105,000	HSBC Bank PLC		6/10/15		14,769
USD	3,536,582	AUD	4,670,000	HSBC Bank PLC		6/10/15		(17,228	)
USD	8,960,329	AUD	11,675,000	JPMorgan Chase Bank N.A.		6/10/15		75,805
USD	3,015,001	AUD	3,880,000	JPMorgan Chase Bank N.A.		6/10/15		62,371
USD	5,265,362	AUD	6,959,446	UBS AG		6/10/15		(30,686	)
USD	17,643,881	AUD	22,790,000	Westpac Banking Corp.		6/10/15		300,986
USD	2,343,973	AUD	3,094,554	Westpac Banking Corp.		6/10/15		(10,943	)
USD	3,032,076	AUD	3,988,000	Westpac Banking Corp.		6/10/15		(2,740	)
USD	753,176	AUD	978,000	Westpac Banking Corp.		6/10/15		8,931
USD	8,916,144	CAD	11,131,000	Barclays Bank PLC		6/10/15		135,553
USD	2,379,987	CAD	2,976,000	BNP Paribas S.A.		6/10/15		32,396
USD	2,037,704	CAD	2,548,000	BNP Paribas S.A.		6/10/15		27,737
USD	3,595,854	CAD	4,528,000	Citibank N.A.		6/10/15		23,981
USD	4,795,792	CAD	6,099,000	JPMorgan Chase Bank N.A.		6/10/15		(15,351	)
USD	39,900,245	CAD	50,270,000	UBS AG		6/10/15		245,198
USD	26,116,524	CAD	32,904,000	UBS AG		6/10/15		160,493
USD	26,854,075	EUR	24,981,000	Citibank N.A.		6/10/15		(506	)
USD	8,744,760	EUR	8,148,000	Credit Suisse International		6/10/15		(14,343	)
USD	6,052,857	EUR	5,668,000	Credit Suisse International		6/10/15		(40,244	)
USD	4,242,987	EUR	3,882,000	Credit Suisse International		6/10/15		69,836
USD	8,951,763	EUR	8,315,000	Deutsche Bank AG		6/10/15		13,135
USD	5,287,741	EUR	4,862,000	Goldman Sachs International		6/10/15		61,090
USD	17,300,984	EUR	15,908,000	Goldman Sachs International		6/10/15		199,880
USD	2,835,519	EUR	2,568,000	Goldman Sachs International		6/10/15		74,918
USD	4,244,197	EUR	3,903,083	Goldman Sachs International		6/10/15		48,382
USD	5,873,414	EUR	5,407,917	Goldman Sachs International		6/10/15		59,902
USD	8,924,054	EUR	8,312,000	HSBC Bank PLC		6/10/15		(11,348	)
USD	16,967,268	EUR	16,106,000	JPMorgan Chase Bank N.A.		6/10/15		(346,686	)
USD	17,234,871	EUR	15,815,000	Morgan Stanley & Co. International PLC		6/10/15		233,741
USD	5,703,376	EUR	5,302,000	Morgan Stanley & Co. International PLC		6/10/15		3,724



114	MASTER INVESTMENT PORTFOLIO	MARCH 31, 2015


Schedule of Investments (continued)		CoreAlpha Bond Master Portfolio

As of March 31, 2015, forward foreign currency contracts outstanding were as follows (continued):


Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
USD	5,332,726	EUR	4,854,000	State Street Bank and Trust Co.		6/10/15	$	114,674
USD	1,548,132	EUR	1,430,000	UBS AG		6/10/15		10,882
USD	4,225,427	EUR	3,903,000	UBS AG		6/10/15		29,701
USD	6,627,448	GBP	4,444,000	Barclays Bank PLC		6/10/15		33,448
USD	1,439,981	GBP	971,978	Barclays Bank PLC		6/10/15		(2,239	)
USD	370,781	GBP	250,000	Barclays Bank PLC		6/10/15		(168	)
USD	842,519	GBP	568,901	Citibank N.A.		6/10/15		(1,615	)
USD	1,436,912	GBP	963,000	Credit Suisse International		6/10/15		8,014
USD	1,844,817	GBP	1,237,000	Credit Suisse International		6/10/15		9,359
USD	372,159	GBP	251,000	Credit Suisse International		6/10/15		(274	)
USD	2,074,349	GBP	1,397,000	Goldman Sachs International		6/10/15		1,483
USD	8,182,376	GBP	5,511,123	Goldman Sachs International		6/10/15		4,980
USD	8,169,350	GBP	5,465,000	Goldman Sachs International		6/10/15		60,392
USD	673,918	GBP	455,121	Goldman Sachs International		6/10/15		(1,390	)
USD	2,681,665	GBP	1,817,000	Goldman Sachs International		6/10/15		(14,397	)
USD	4,351,600	GBP	2,883,000	HSBC Bank PLC		6/10/15		73,809
USD	1,824,865	GBP	1,209,000	HSBC Bank PLC		6/10/15		30,952
USD	26,834,113	GBP	17,778,000	HSBC Bank PLC		6/10/15		455,145
USD	2,649,869	GBP	1,758,000	HSBC Bank PLC		6/10/15		41,351
USD	5,053,660	GBP	3,399,000	HSBC Bank PLC		6/10/15		10,230
USD	1,392,559	GBP	945,000	HSBC Bank PLC		6/10/15		(9,631	)
USD	1,492,171	GBP	1,003,000	HSBC Bank PLC		6/10/15		3,921
USD	5,157,869	GBP	3,477,000	JPMorgan Chase Bank N.A.		6/10/15		(1,298	)
USD	27,375,453	GBP	18,409,000	JPMorgan Chase Bank N.A.		6/10/15		60,209
USD	19,890,761	GBP	13,325,000	State Street Bank and Trust Co.		6/10/15		119,147
USD	1,276,664	GBP	857,000	UBS AG		6/10/15		5,049
USD	3,909,558	GBP	2,633,877	UBS AG		6/10/15		1,416
USD	2,698,039	INR	172,000,000	HSBC Bank PLC		6/10/15		(12,719	)
USD	2,612,782	INR	166,800,000	HSBC Bank PLC		6/10/15		(16,023	)
USD	896,628	INR	56,900,000	Morgan Stanley & Co. International PLC		6/10/15		(129	)
USD	3,768,252	INR	240,000,000	UBS AG		6/10/15		(14,200	)
USD	3,458,661	JPY	416,300,000	Bank of America N.A.		6/10/15		(15,972	)
USD	2,511,540	JPY	304,700,000	Barclays Bank PLC		6/10/15		(31,628	)
USD	5,046,899	JPY	606,289,057	Barclays Bank PLC		6/10/15		(13,470	)
USD	2,411,422	JPY	289,675,736	Barclays Bank PLC		6/10/15		(6,346	)
USD	4,213,416	JPY	509,900,000	Citibank N.A.		6/10/15		(42,446	)
USD	7,780,480	JPY	939,100,000	Credit Suisse International		6/10/15		(57,684	)
USD	4,511,090	JPY	546,500,000	Credit Suisse International		6/10/15		(50,253	)
USD	1,460,962	JPY	175,396,118	Credit Suisse International		6/10/15		(2,975	)
USD	1,593,978	JPY	193,400,000	Goldman Sachs International		6/10/15		(20,228	)
USD	15,404,058	JPY	1,869,000,000	Goldman Sachs International		6/10/15		(195,483	)
USD	3,088,134	JPY	373,000,000	Goldman Sachs International		6/10/15		(25,097	)
USD	2,177,424	JPY	260,500,000	Goldman Sachs International		6/10/15		3,170
USD	2,764,896	JPY	330,000,000	Goldman Sachs International		6/10/15		10,563
USD	2,741,983	JPY	331,200,000	HSBC Bank PLC		6/10/15		(22,366	)
USD	5,845,755	JPY	706,100,000	HSBC Bank PLC		6/10/15		(47,683	)
USD	26,307,140	JPY	3,177,600,000	HSBC Bank PLC		6/10/15		(214,582	)
USD	437,870	JPY	52,100,000	HSBC Bank PLC		6/10/15		3,019
USD	26,364,482	JPY	3,158,900,000	JPMorgan Chase Bank N.A.		6/10/15		(1,161	)
USD	1,938,189	JPY	234,800,000	UBS AG		6/10/15		(21,560	)
USD	4,399,967	JPY	530,600,000	UBS AG		6/10/15		(28,666	)



MASTER INVESTMENT PORTFOLIO	MARCH 31, 2015	115


Schedule of Investments (continued)		CoreAlpha Bond Master Portfolio

As of March 31, 2015, forward foreign currency contracts outstanding were as follows (concluded):


Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
USD	1,236,039	JPY	148,460,943	UBS AG		6/10/15	$	(3,084	)
USD	2,411,461	JPY	289,678,146	UBS AG		6/10/15		(6,328	)
USD	2,907,787	KRW	3,222,700,000	HSBC Bank PLC		6/10/15		9,423
USD	3,788,961	KRW	4,242,500,000	Morgan Stanley & Co. International PLC		6/10/15		(26,568	)
USD	2,684,806	KRW	3,024,300,000	Morgan Stanley & Co. International PLC		6/10/15		(35,124	)
USD	2,622,507	KRW	2,971,300,000	Morgan Stanley & Co. International PLC		6/10/15		(49,758	)
USD	2,686,693	MXN	42,020,000	Credit Suisse International		6/10/15		(59,632	)
USD	3,741,433	MXN	58,140,000	Morgan Stanley & Co. International PLC		6/10/15		(58,455	)
USD	2,809,787	MXN	42,720,000	Morgan Stanley & Co. International PLC		6/10/15		17,712
USD	2,615,095	MXN	40,600,000	UBS AG		6/10/15		(38,422	)
USD	4,702,731	NOK	38,720,000	Credit Suisse International		6/10/15		(93,134	)
USD	5,755,015	NOK	47,322,000	Credit Suisse International		6/10/15		(106,295	)
USD	17,083,559	NOK	135,488,000	JPMorgan Chase Bank N.A.		6/10/15		301,994
USD	26,761,654	NOK	212,244,000	JPMorgan Chase Bank N.A.		6/10/15		473,079
USD	998,912	NZD	1,366,316	BNP Paribas S.A.		6/10/15		(18,892	)
USD	53,924	NZD	73,757	BNP Paribas S.A.		6/10/15		(1,020	)
USD	3,160,757	NZD	4,323,414	BNP Paribas S.A.		6/10/15		(59,867	)
USD	3,591,791	NZD	4,913,000	BNP Paribas S.A.		6/10/15		(68,031	)
USD	12,893,735	NZD	17,568,000	Credit Suisse International		6/10/15		(193,129	)
USD	6,597,645	NZD	9,040,000	Credit Suisse International		6/10/15		(136,488	)
USD	1,147,046	NZD	1,512,000	Credit Suisse International		6/10/15		20,717
USD	11,036,120	NZD	15,103,222	Goldman Sachs International		6/10/15		(214,666	)
USD	595,755	NZD	815,307	Goldman Sachs International		6/10/15		(11,588	)
USD	1,663,983	NZD	2,241,354	Goldman Sachs International		6/10/15		(5,660	)
USD	1,491,773	NZD	2,012,646	UBS AG		6/10/15		(7,500	)
USD	2,000,702	NZD	2,740,462	Westpac Banking Corp.		6/10/15		(40,740	)
USD	108,002	NZD	147,936	Westpac Banking Corp.		6/10/15		(2,199	)
USD	6,604,895	NZD	9,040,000	Westpac Banking Corp.		6/10/15		(129,238	)
USD	2,600,179	SEK	22,457,353	Barclays Bank PLC		6/10/15		(6,651	)
USD	2,628,928	SEK	22,425,979	Credit Suisse International		6/10/15		25,740
USD	7,499,322	SEK	64,284,000	Credit Suisse International		6/10/15		37,291
USD	3,419,374	SEK	29,541,000	Credit Suisse International		6/10/15		(9,719	)
USD	2,761,377	SEK	23,870,000	Credit Suisse International		6/10/15		(9,432	)
USD	5,135,237	SEK	43,713,000	Credit Suisse International		6/10/15		61,071
USD	3,416,229	SEK	29,411,000	Goldman Sachs International		6/10/15		2,226
USD	8,397,578	SEK	71,151,000	Goldman Sachs International		6/10/15		138,432
USD	4,408,046	SEK	38,050,000	HSBC Bank PLC		6/10/15		(8,764	)
USD	3,042,357	SEK	25,970,000	JPMorgan Chase Bank N.A.		6/10/15		27,782
USD	2,231,907	SEK	19,063,021	JPMorgan Chase Bank N.A.		6/10/15		19,089
USD	8,123,092	SEK	69,640,000	JPMorgan Chase Bank N.A.		6/10/15		39,342
USD	11,953,482	SEK	103,120,000	JPMorgan Chase Bank N.A.		6/10/15		(16,597	)
USD	7,530,072	SEK	65,073,000	JPMorgan Chase Bank N.A.		6/10/15		(23,545	)
USD	8,437,913	SEK	74,338,000	JPMorgan Chase Bank N.A.		6/10/15		(191,177	)
USD	20,594,018	SEK	174,860,000	JPMorgan Chase Bank N.A.		6/10/15		296,422
USD	4,138,605	SEK	35,759,647	UBS AG		6/10/15		(12,344	)
USD	2,665,467	TRY	7,200,000	Credit Suisse International		6/10/15		(57,755	)
USD	2,618,407	TRY	7,010,000	Royal Bank of Scotland PLC		6/10/15		(32,952	)



116	MASTER INVESTMENT PORTFOLIO	MARCH 31, 2015


Schedule of Investments (continued)		CoreAlpha Bond Master Portfolio

As of March 31, 2015, forward foreign currency contracts outstanding were as follows (concluded):


Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
USD	4,617,588	TRY	12,250,000	Royal Bank of Scotland PLC		6/10/15	$	(15,671	)
Total							$	(2,586,092	)

As of March 31, 2015, exchange-traded options purchased were as follows:

Description

Put/
Call

Strike

Price

Expiration
Date

Contracts

Market
Value

Eurodollar 2-Year Mid-Curve Options

Put

USD

96.75

6/12/15

1,195

7,469

Eurodollar 2-Year Mid-Curve Options

Put

USD

97.75

6/12/15

1,195

74,687

Total

82,156

As of March 31, 2015, exchange-traded options written were as follows:

Description

Put/
Call

Strike

Price

Expiration
Date

Contracts

Market
Value

Eurodollar 2-Year Mid-Curve Options

Put

USD

97.25

6/12/15

2,390

(14,938

)

As of March 31, 2015, centrally cleared credit default swaps — sold protection outstanding were as follows:

Issuer

Receive
Fixed Rate

Clearinghouse

Expiration
Date

Credit
Rating¹

Notional

Amount
(000)²

Unrealized

Appreciation

Dow Jones CDX North America High Yield Series 23, Version 1

5.00

Chicago Mercantile

12/20/19

B+

USD

7,350

213,903

Markit ITraxx XO, Series 23, Version 1

5.00

InterContinental Exchange

6/20/20

EUR

52,188

127,621

Total

341,524

¹ Using S&P’s rating of the underlying securities of the index.

² The maximum potential amount the Master Portfolio may pay should a negative credit event take place as defined under the terms of the agreement.

As of March 31, 2015, centrally cleared interest rate swaps outstanding were as follows:

Fixed
Rate

Floating

Rate

Clearinghouse

Effective
Date

Expiration
Date

Notional

Amount

(000)

Unrealized
Depreciation

1.94%³

3-Month LIBOR

Chicago Mercantile

3/31/15⁴

12/31/21

USD

76,760

(556,740

)

0.64%³

6-Month Euribor

Chicago Mercantile

3/31/15⁴

2/15/24

EUR

44,410

(521,380

)

0.52%³

6-Month Euribor

Chicago Mercantile

3/31/15⁴

2/15/24

EUR

30,490

(14,041

)

3.46%³

3-Month LIBOR

Chicago Mercantile

3/31/15⁴

5/14/44

USD

7,035

(1,645,115

)

Total

(2,737,276

)

³ Master Portfolio pays the fixed rate and receives the floating rate.

⁴ Forward Swap.



MASTER INVESTMENT PORTFOLIO	MARCH 31, 2015	117


Schedule of Investments (continued)		CoreAlpha Bond Master Portfolio

OTC credit default swaps — sold protection outstanding as of March 31, 2015 were as follows:

Index

Receive
Fixed Rate

Counterparty

Expiration
Date

Credit
Rating¹

Notional

Amount

(000)²

Market
Value

Premiums
(Received)

Unrealized
Appreciation

Markit CMBX North America AM Index, Series 3

0.08

Goldman Sachs International

12/13/49

BB+

USD

13,835

(60,223

)

(91,355

)

31,132

As of March 31, 2015, OTC interest rate swaps outstanding were as follows:


Fixed Rate	Floating Rate	Counterparty	Effective Date	Expiration Date		Notional Amount (000)			Market Value			Premiums Paid (Received)		Unrealized Depreciation
1.72%	Consumer Price Index	Deutsche Bank AG	NA		2/05/20		USD	50,404	$	(516,069	)		—	$	(516,069	)
1.75%	Consumer Price Index	Deutsche Bank AG	NA		3/11/20		USD	50,404		(273,366	)		—		(273,366	)
Total									$	(789,435	)		—	$	(789,435	)

Level 1 — unadjusted quoted prices in active markets/exchanges for identical assets or liabilities that the Master Portfolio has the ability to access

Changes in valuation techniques may result in transfers into or out of an assigned level within the disclosure hierarchy. In accordance with the Master Portfolio’s policy, transfers between different levels of the fair value disclosure hierarchy are deemed to have occurred as of the beginning of the reporting period. For information about the MIP’s policy regarding valuation of investments and derivative financial instruments, please refer to the Master Portfolio’s most recent financial statements as contained in its annual report.

As of March 31, 2015, the following tables summarize the Master Portfolio’s investments and derivative financial instruments categorized in the disclosure hierarchy :


	Level 1	Level 2		Level 3	Total
Assets:
Investments:
Long-Term Investments:
Asset-Backed Securities	—	$	382,836,758	—	$	382,836,758
Corporate Bonds	—		1,129,344,900	—		1,129,344,900
Foreign Agency Obligations	—		33,318,851	—		33,318,851



118	MASTER INVESTMENT PORTFOLIO	MARCH 31, 2015


Schedule of Investments (concluded)		CoreAlpha Bond Master Portfolio


	Level 1			Level 2			Level 3		Total
Municipal Bonds		—		$	21,894,570			—	$	21,894,570
Non-Agency Mortgage-Backed Securities		—			381,262,025		$	810,629		382,072,654
U.S. Government Sponsored Agency Securities		—			1,481,824,611			—		1,481,824,611
U.S. Treasury Obligations		—			312,461,647			—		312,461,647
Investment Companies	$	23,669,924			—			—		23,669,924
Preferred Securities		5,154,800			8,598,530			—		13,753,330
Short-Term Securities		62,097,797			—			—		62,097,797
Options Purchased:
Interest rate contracts		82,156			—			—		82,156
Liabilities:
Investments:
TBA Sale Commitments		—			(327,836,156	)		—		(327,836,156	)

Total	$	91,004,677		$	3,423,705,736		$	810,629	$	3,515,521,042


	Level 1			Level 2			Level 3		Total
Derivative Financial Instruments¹
Assets:
Credit contracts		—		$	372,656			—	$	372,656
Foreign currency exchange contracts		—			8,316,317			—		8,316,317
Interest rate contracts	$	3,666,946			—			—		3,666,946
Liabilities:
Foreign currency exchange contracts		—			(10,902,409	)		—		(10,902,409	)
Interest rate contracts		(108,593	)		(3,526,711	)		—		(3,635,304	)

Total	$	3,558,353			(5,740,147	)		—	$	(2,181,794	)

² Derivative financial instruments are swaps, financial futures contracts, foreign currency exchange contracts, and options written. Swaps, financial futures contracts and foreign currency exchange contracts are valued at the unrealized appreciation/depreciation on the instrument and options written are shown at value.
The Master Portfolio may hold assets and/or liabilities in which the fair value approximates the carrying amount for financial reporting purposes. As of March 31, 2015, such assets and/or liabilities are categorized within the disclosure hierarchy as follows:
	Level 1			Level 2			Level 3		Total
Assets:
Cash	$	1,507			—			—	$	1,507
Cash pledged for centrally cleared swaps		7,870,000			—			—		7,870,000
Cash pledged for financial futures contracts		7,241,000			—			—		7,241,000
Foreign currency at value		3,353,131			—			—		3,353,131
Liabilities:
Cash received as collateral for TBA commitments		—		$	(1,195,000	)		—		(1,195,000	)

Total	$	18,465,638		$	(1,195,000	)		—	$	17,270,638

During the period ended March 31, 2015, there were no transfers between levels.



MASTER INVESTMENT PORTFOLIO	MARCH 31, 2015	119

Schedule of Investments March 31, 2015 (Unaudited)

LifePath Retirement Master Portfolio

(Percentages shown are based on Net Assets)


Affiliated Investment Companies (a)	Shares/ Beneficial Interest		Value
Equity Funds — 40.1%
Active Stock Master Portfolio	$	149,786,488	$	149,786,488
BlackRock Commodity Strategies Fund		6,930,157		52,946,403
BlackRock Emerging Markets Fund, Inc.		1,750,619		34,067,052
International Tilts Master Portfolio	$	122,358,188		122,358,188
iShares Cohen & Steers REIT ETF (b)		45,733		4,624,978
iShares International Developed Real Estate ETF		72,457		2,249,790
iShares MSCI Canada ETF (b)		388,694		10,564,703
iShares MSCI EAFE Small-Cap ETF		339,137		16,777,107
Master Small Cap Index Series	$	61,344,106		61,344,106
Russell 1000^® Index Master Portfolio	$	186,563,836		186,563,836

				641,282,651
Fixed Income Funds — 59.6%
CoreAlpha Bond Master Portfolio	$	804,459,256		804,459,256
Affiliated Investment Companies (a)	Shares/ Beneficial Interest		Value
Fixed Income Funds
iShares TIPS Bond ETF (b)		1,294,242	$	147,012,949

				951,472,205
Short-Term Securities — 1.4%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.16% (c)		5,122,560		5,122,560
BlackRock Cash Funds: Prime, SL Agency Shares, 0.15% (c)(d)		16,492,531		16,492,531

				21,615,091
Total Affiliated Investment Companies *(Cost — $1,505,333,778) — 101.1%**				1,614,369,947
Liabilities in Excess of Other Assets — (1.1)%				(16,697,392	)

Net Assets — 100.0%			$	1,597,672,555

As of March 31, 2015, gross unrealized appreciation and depreciation based on cost for federal income tax purposes were as follows:


Tax cost	$	1,506,194,540

Gross unrealized appreciation	$	125,380,290
Gross unrealized depreciation		(17,204,883	)

Net unrealized appreciation	$	108,175,407

Notes to Schedule of Investments

(a)

During the period ended March 31, 2015, investments in issuers considered to be an affiliate of LifePath Master Portfolio for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:



120	MASTER INVESTMENT PORTFOLIO	MARCH 31, 2015


Schedule of Investments (continued)		LifePath Retirement Master Portfolio


Affiliate	Shares/ Beneficial Interest Held at December 31, 2014		Shares/ Beneficial Interest Purchased			Shares/ Beneficial Interest Sold			Shares/ Beneficial Interest Held at March 31, 2015		Value at March 31, 2015		Net Income (Loss)			Realized Gain (Loss)
Active Stock Master Portfolio	$	261,549,322		—		$	(111,762,834	)¹	$	149,786,488	$	149,786,488	$	1,115,871		$	19,329,348
BlackRock Cash Funds: Institutional, SL Agency Shares		3,367,223		1,755,337	²		—			5,122,560	$	5,122,560	$	946			—
BlackRock Cash Funds: Prime, SL Agency Shares		—		16,492,531	²		—			16,492,531		16,492,531		18,587			—
BlackRock Commodity Strategies Fund		6,449,996		556,653			(76,492	)		6,930,157	$	52,946,403		—		$	(189,312	)
BlackRock Emerging Markets Fund, Inc.		1,751,608		12,608			(13,597	)		1,750,619	$	34,067,052		—		$	(2,723	)
CoreAlpha Bond Master Portfolio	$	808,534,591		—		$	(4,075,335	)¹	$	804,459,256	$	804,459,256	$	5,742,057		$	(3,232,648	)
International Tilts Master Portfolio	$	113,464,710	$	8,893,478	²		—		$	122,358,188	$	122,358,188	$	(571,835	)	$	(258,934	)
iShares Cohen & Steers REIT ETF		45,789		44			(100	)		45,733	$	4,624,978	$	31,300		$	2,116
iShares International Developed Real Estate ETF		71,776		681			—			72,457	$	2,249,790	$	12,324			—
iShares MSCI Canada ETF		369,599		19,895			(800	)		388,694	$	10,564,703		—		$	(1,693	)
iShares MSCI EAFE Small-Cap ETF		338,648		6,689			(6,200	)		339,137	$	16,777,107		—		$	32,525
iShares TIPS Bond ETF		1,328,000		23,392			(57,150	)		1,294,242	$	147,012,949		—		$	(154,416	)
Master Small Cap Index Series	$	61,149,952	$	194,154	²		—		$	61,344,106	$	61,344,106	$	162,772		$	(515,296	)
Russell 1000^® Index Master Portfolio	$	71,857,425	$	114,706,411	²		—		$	186,563,836	$	186,563,836	$	330,308		$	413,328
¹ Represents net shares/beneficial interest sold.
² Represents net shares/beneficial interest purchased.

(b)

Security, or a portion of security, is on loan.

(c)

Represents the current yield as of report date.

(d)

All or a portion of security was purchased with the cash collateral from loaned securities.



MASTER INVESTMENT PORTFOLIO	MARCH 31, 2015	121


Schedule of Investments (concluded)		LifePath Retirement Master Portfolio

Level 1 — unadjusted quoted prices in active markets/exchanges for identical assets or liabilities that the LifePath Master Portfolio has the ability to access

Level 3 — unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the LifePath Master Portfolio’s own assumptions used in determining the fair value of investments)

Changes in valuation techniques may result in transfers into or out of an assigned level within the disclosure hierarchy. In accordance with the LifePath Master Portfolio’s policy, transfers between different levels of the fair value disclosure hierarchy are deemed to have occurred as of the beginning of the reporting period. For information about the LifePath Master Portfolio’s policy regarding valuation of investments, refer to the LifePath Master Portfolio’s most recent financial statements as contained in its annual report.

As of March 31, 2015, the following table summarizes the LifePath Master Portfolio’s investments categorized in the disclosure hierarchy:


	Level 1		Level 2		Level 3	Total
Assets:
Investments:
Affiliated Investment Companies	$	289,858,073	$	1,324,511,874	—	$	1,614,369,947

LifePath Master Portfolio may hold assets and/or liabilities in which the fair value approximates the carrying amount for financial reporting purposes. As of March 31, 2015, collateral on securities loaned at value of $16,492,531 are categorized as Level 2 within the disclosure hierarchy.

During the period ended March 31, 2015, there were no transfers between levels.



122	MASTER INVESTMENT PORTFOLIO	MARCH 31, 2015

Schedule of Investments March 31, 2015 (Unaudited)

LifePath 2020 Master Portfolio

(Percentages shown are based on Net Assets)


Affiliated Investment Companies (a)	Shares/ Beneficial Interest		Value
Equity Funds — 53.1%
Active Stock Master Portfolio	$	475,165,224	$	475,165,224
BlackRock Commodity Strategies Fund		12,661,640		96,734,928
BlackRock Emerging Markets Fund, Inc.		4,464,283		86,874,951
International Tilts Master Portfolio	$	314,655,132		314,655,132
iShares Cohen & Steers REIT ETF (b)		457,577		46,274,762
iShares International Developed Real Estate ETF		1,272,827		39,521,278
iShares MSCI Canada ETF (b)		976,461		26,540,210
iShares MSCI EAFE Small-Cap ETF		871,714		43,123,691
Master Small Cap Index Series	$	102,221,441		102,221,441
Russell 1000^® Index Master Portfolio	$	317,163,426		317,163,426

				1,548,275,043
Affiliated Investment Companies (a)	Shares/ Beneficial Interest		Value
Fixed Income Funds — 46.6%
CoreAlpha Bond Master Portfolio	$	1,168,274,184	$	1,168,274,184
iShares TIPS Bond ETF (b)		1,663,580		188,966,052

				1,357,240,236
Short-Term Securities — 1.3%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.16% (c)		5,821,345		5,821,345
BlackRock Cash Funds: Prime, SL Agency Shares, 0.15% (c)(d)		31,270,152		31,270,152

				37,091,497
Total Affiliated Investment Companies (Cost — $2,721,026,154*) — 101.0%				2,942,606,776
Liabilities in Excess of Other Assets — (1.0)%				(28,248,982	)

Net Assets — 100.0%			$	2,914,357,794

As of March 31, 2015, gross unrealized appreciation and depreciation based on cost for federal income tax purposes were as follows:


Tax cost	$	2,726,765,575

Gross unrealized appreciation	$	251,734,320
Gross unrealized depreciation		(35,893,119	)

Net unrealized appreciation	$	215,841,201

Notes to Schedule of Investments

(a)


Affiliate	Shares/ Beneficial Interest Held at December 31, 2014		Shares/ Beneficial Interest Purchased			Shares/ Beneficial Interest Sold			Shares/ Beneficial Interest Held at March 31, 2015		Value at March 31, 2015		Net Income (Loss)			Realized Gain (Loss)
Active Stock Master Portfolio	$	627,945,748		—		$	(152,780,524	)¹	$	475,165,224	$	475,165,224	$	2,678,524		$	46,619,195
BlackRock Cash Funds: Institutional, SL Agency Shares		5,279,010	$	542,335	²		—			5,821,345	$	5,821,345	$	2,016			—
BlackRock Cash Funds: Prime, SL Agency Shares		6,776,550		—			24,493,602	¹		31,270,152	$	31,270,152		—			—
BlackRock Commodity Strategies Fund		12,567,336		94,304			—			12,661,640	$	96,734,928		—			—
BlackRock Emerging Markets Fund, Inc.		4,505,579		29,304			(70,600	)		4,464,283	$	86,874,951		—		$	(19,062	)
CoreAlpha Bond Master Portfolio	$	1,143,592,277	$	24,681,907	²		—		$	1,168,274,184	$	1,168,274,184	$	8,173,526		$	(4,591,192	)
International Tilts Master Portfolio	$	282,798,820	$	31,856,312	²		—		$	314,655,132	$	314,655,132	$	(1,433,932	)	$	(641,095	)
iShares Cohen & Steers REIT ETF		498,805		4,172			(45,400	)		457,577	$	46,274,762	$	331,643		$	2,158,310
iShares International Developed Real Estate ETF		1,382,421		11,406			(121,000	)		1,272,827	$	39,521,278	$	233,075		$	590,743
iShares MSCI Canada ETF		967,873		8,588			—			976,461	$	26,540,210		—			—
iShares MSCI EAFE Small-Cap ETF		881,531		7,183			(17,000	)		871,714	$	43,123,691		—		$	76,343
iShares TIPS Bond ETF		1,673,332		23,748			(33,500	)		1,663,580	$	188,966,052		—		$	(100,416	)
Master Small Cap Index Series	$	99,172,892	$	3,048,549	²		—		$	102,221,441	$	102,221,441	$	268,016		$	(847,823	)
Russell 1000^® Index Master Portfolio	$	176,865,168	$	140,298,258	²		—		$	317,163,426	$	317,163,426	$	799,896		$	1,005,804
¹ Represents net shares/beneficial interest sold.
² Represents net shares/beneficial interest purchased.



MASTER INVESTMENT PORTFOLIO	MARCH 31, 2015	123


Schedule of Investments (continued)		LifePath 2020 Master Portfolio

(b)

Security, or a portion of security, is on loan.

(c)

Represents the current yield as of report date.

(d)

All or a portion of security was purchased with the cash collateral from loaned securities.

Level 1 — unadjusted quoted prices in active markets/exchanges for identical assets or liabilities that the LifePath Master Portfolio has the ability to access



124	MASTER INVESTMENT PORTFOLIO	MARCH 31, 2015


Schedule of Investments (concluded)		LifePath 2020 Master Portfolio

As of March 31, 2015, the following table summarizes the LifePath Master Portfolio’s investments categorized in the disclosure hierarchy:


	Level 1		Level 2		Level 3	Total
Assets:
Investments:
Affiliated Investment Companies	$	565,127,369	$	2,377,479,407	—	$	2,942,606,776

LifePath Master Portfolio may hold assets and/or liabilities in which the fair value approximates the carrying amount for financial reporting purposes. As of March 31, 2015, collateral on securities loaned at value of $31,270,152 are categorized as Level 2 within the disclosure hierarchy.

During the period ended March 31, 2015, there were no transfers between levels.



MASTER INVESTMENT PORTFOLIO	MARCH 31, 2015	125

Schedule of Investments March 31, 2015 (Unaudited)

LifePath 2025 Master Portfolio

(Percentages shown are based on Net Assets)


Affiliated Investment Companies (a)	Shares/ Beneficial Interest		Value
Equity Funds — 63.4%
Active Stock Master Portfolio	$	13,057,393	$	13,057,393
BlackRock Commodity Strategies Fund		271,663		2,075,506
BlackRock Emerging Markets Fund, Inc.		111,676		2,173,215
International Tilts Master Portfolio	$	8,737,965		8,737,965
iShares Cohen & Steers REIT ETF		17,529		1,772,708
iShares International Developed Real Estate ETF		48,589		1,508,688
iShares MSCI Canada ETF (b)		26,045		707,903
iShares MSCI EAFE Small-Cap ETF		21,830		1,079,930
Master Small Cap Index Series	$	1,974,760		1,974,760
Russell 1000^® Index Master Portfolio	$	8,140,270		8,140,270

				41,228,338
Affiliated Investment Companies (a)	Shares/ Beneficial Interest		Value
Fixed Income Funds — 35.4%
CoreAlpha Bond Master Portfolio	$	20,364,853	$	20,364,853
iShares TIPS Bond ETF		23,396		2,657,552

				23,022,405
Short-Term Securities — 1.3%
BlackRock Cash Funds:Institutional, SL Agency Shares, 0.16% (c)		126,399		126,399
BlackRock Cash Funds: Prime, SL Agency Shares, 0.15% (c)(d)		720,205		720,205

				846,604
Total Affiliated Investment Companies *(Cost — $61,596,413^) — 100.1%**				65,097,347
Liabilities in Excess of Other Assets — (0.1)%				(97,589	)

Net Assets — 100.0%			$	64,999,758

As of March 31, 2015, gross unrealized appreciation and depreciation based on cost for federal income tax purposes were as follows:


Tax cost	$	61,759,966

Gross unrealized appreciation	$	4,095,628
Gross unrealized depreciation		(758,247	)

Net unrealized appreciation	$	3,337,381

Notes to Schedule of Investments

(a)

During the period ended March 31, 2015, investments in issuers considered to be affiliates of LifePath Master Portfolio for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:



126	MASTER INVESTMENT PORTFOLIO	MARCH 31, 2015


Schedule of Investments (continued)		LifePath 2025 Master Portfolio


Affiliate	Shares/ Beneficial Interest Held at December 31, 2014		Shares/ Beneficial Interest Purchased			Shares/ Beneficial Interest Sold			Shares/ Beneficial Interest Held at March 31, 2015		Value at March 31, 2015		Net Income (Loss)			Realized Gain (Loss)
Active Stock Master Portfolio	$	15,992,282		—		$	(2,934,889	)¹	$	13,057,393	$	13,057,393	$	67,921		$	1,140,035
BlackRock Cash Funds: Institutional, SL Agency Shares		39,034		87,365	²		—			126,399	$	126,399	$	56			—
BlackRock Cash Funds: Prime, SL Agency Shares		—		720,205	²		—			720,205	$	720,205		1,122			—
BlackRock Commodity Strategies Fund		297,619		14,378			(40,334	)		271,663	$	2,075,506		—		$	(104,618	)
BlackRock Emerging Markets Fund, Inc.		125,241		5,140			(18,705	)		111,676	$	2,173,215		—		$	(7,406	)
CoreAlpha Bond Master Portfolio	$	19,692,253	$	672,600	²		—		$	20,364,853	$	20,364,853	$	138,006		$	(79,914	)
International Tilts Master Portfolio	$	7,554,212	$	1,183,753	²		—		$	8,737,965	$	8,737,965	$	(36,862	)	$	(18,879	)
iShares Cohen & Steers REIT ETF		19,497		1,113			(3,081	)		17,529	$	1,772,708	$	12,291		$	68,032
iShares International Developed Real Estate ETF		53,688		3,977			(9,076	)		48,589	$	1,508,688	$	8,492		$	(824	)
iShares MSCI Canada ETF		27,681		1,211			(2,847	)		26,045	$	707,903		—		$	(4,164	)
iShares MSCI EAFE Small-Cap ETF		24,879		677			(3,726	)		21,830	$	1,079,930		—		$	9,076
iShares TIPS Bond ETF		25,680		1,078			(3,362	)		23,396	$	2,657,552		—		$	(24,743	)
Master Small Cap Index Series	$	1,907,031	$	67,729	²		—		$	1,974,760	$	1,974,760	$	5,281		$	(17,051	)
Russell 1000^® Index Master Portfolio	$	5,483,712	$	2,656,558	²		—		$	8,140,270	$	8,140,270	$	24,773		$	30,331
¹ Represents net shares/beneficial interest sold.
² Represents net shares/beneficial interest purchased.

(b)

Security, or a portion of security, is on loan.

(c)

Represents the current yield as of report date.

(d)

All or a portion of security was purchased with the cash collateral from loaned securities.



MASTER INVESTMENT PORTFOLIO	MARCH 31, 2015	127


Schedule of Investments (concluded)		LifePath 2025 Master Portfolio

Level 1 — unadjusted quoted prices in active markets/exchanges for identical assets or liabilities that the LifePath Master Portfolio has the ability to access

As of March 31, 2015, the following table summarizes the LilfePath Master Portfolio’s investments categorized in the disclosure hierarchy:


	Level 1		Level 2		Level 3	Total
Assets:
Investments:
Affiliated Investment Companies	$	12,822,106	$	52,275,241	—	$	65,097,347

LifePath Master Portfolio may hold assets and/or liabilities in which the fair value approximates the carrying amount for financial reporting purposes. As of March 31, 2015, collateral on securities loaned at value of $720,205 are categorized as Level 2 within the disclosure hierarchy.

During the period ended March 31, 2015, there were no transfers between levels.



128	MASTER INVESTMENT PORTFOLIO	MARCH 31, 2015

Schedule of Investments March 31, 2015 (Unaudited)

LifePath 2030 Master Portfolio

(Percentages shown are based on Net Assets)


Affiliated Investment Companies (a)	Shares/ Beneficial Interest		Value
Equity Fund — 74.7%
Active Stock Master Portfolio	$	640,073,320	$	640,073,320
BlackRock Commodity Strategies Fund		12,451,334		95,128,193
BlackRock Emerging Markets Fund, Inc.		5,910,732		115,022,839
International Tilts Master Portfolio	$	428,970,589		428,970,589
iShares Cohen & Steers REIT ETF (b)		1,126,937		113,967,139
iShares International Developed Real Estate ETF (b)		3,114,831		96,715,503
iShares MSCI Canada ETF (b)		1,345,103		36,559,899
iShares MSCI EAFE Small-Cap ETF		1,192,652		59,000,494
Master Small Cap Index Series	$	74,587,337		74,587,337
Russell 1000^® Index Master Portfolio	$	415,408,875		415,408,875

				2,075,434,188
Affiliated Investment Companies (a)	Shares/ Beneficial Interest		Value
Fixed Income Funds — 25.0%
CoreAlpha Bond Master Portfolio	$	627,495,928	$	627,495,928
iShares TIPS Bond ETF (b)		595,996		67,699,186

				695,195,114
Short-Term Securities — 1.2%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.16% (c)		5,567,413		5,567,413
BlackRock Cash Funds: Prime, SL Agency Shares, 0.15% (c)(d)		27,891,037		27,891,037

				33,458,450
Total Affiliated Investment Companies *(Cost — $2,557,662,214^) — 100.9%**				2,804,087,752
Liabilities in Excess of Other Assets — (0.9)%				(25,747,564	)

Net Assets — 100.0%			$	2,778,340,188

As of March 31, 2015, gross unrealized appreciation and depreciation based on cost for federal income tax purposes were as follows:


Tax cost	$	2,565,151,749

Gross unrealized appreciation	$	274,433,166
Gross unrealized depreciation		(35,497,163	)

Net unrealized appreciation	$	238,936,003

Notes to Schedule of Investments

(a)



MASTER INVESTMENT PORTFOLIO	MARCH 31, 2015	129


Schedule of Investments (continued)		LifePath 2030 Master Portfolio


Affiliate	Shares/ Beneficial Interest Held at December 31, 2014		Shares/ Beneficial Interest Purchased			Shares/ Beneficial Interest Sold			Shares/ Beneficial Interest Held at March 31, 2015		Value at March 31, 2015		Net Income (Loss)			Realized Gain (Loss)
Active Stock Master Portfolio	$	732,007,711		—		$	(91,934,391	)¹	$	640,073,320	$	640,073,320	$	3,132,946		$	55,067,051
BlackRock Cash Funds: Institutional, SL Agency Shares		5,873,387		—			(305,974	)¹	$	5,567,413	$	5,567,413	$	2,116			—
BlackRock Cash Funds: Prime, SL Agency Shares		8,407,500		19,483,537	²		—			27,891,037	$	27,891,037		—			—
BlackRock Commodity Strategies Fund		12,540,270		598,237			(687,173	)		12,451,334	$	95,128,193		—		$	(1,965,314	)
BlackRock Emerging Markets Fund, Inc.		6,115,000		89,928			(294,196	)		5,910,732	$	115,022,839		—		$	(173,359	)
CoreAlpha Bond Master Portfolio	$	591,843,692	$	35,652,236	²		—		$	627,495,928	$	627,495,928	$	4,263,533		$	(2,384,292	)
International Tilts Master Portfolio	$	378,538,181	$	50,432,408	²		—		$	428,970,589	$	428,970,589	$	(1,922,600	)	$	(860,057	)
iShares Cohen & Steers REIT ETF		1,164,738		54,729			(92,530	)		1,126,937	$	113,967,139	$	776,872		$	2,453,179
iShares International Developed Real Estate ETF		3,234,964		95,767			(215,900	)		3,114,831	$	96,715,503	$	533,495		$	95,080
iShares MSCI Canada ETF		1,320,806		24,297			—			1,345,103	$	36,559,899		—			—
iShares MSCI EAFE Small-Cap ETF		1,198,374		19,278			(25,000	)		1,192,652	$	59,000,494		—		$	74,941
iShares TIPS Bond ETF		587,067		17,729			(8,800	)		595,996	$	67,699,186		—		$	19,478
Master Small Cap Index Series	$	75,431,704		—			(844,367	)¹	$	74,587,337	$	74,587,337	$	204,004		$	(643,897	)
Russell 1000^® Index Master Portfolio	$	325,759,398	$	89,649,477	²		—		$	415,408,875	$	415,408,875	$	1,477,727		$	1,866,379
¹ Represents net shares/beneficial interest sold.
²Represents net shares/beneficial interest purchased.

(b)

Security, or a portion of security, is on loan.

(c)

Represents the current yield as of report date.

(d)

All or a portion of security was purchased with the cash collateral from loaned securities.



130	MASTER INVESTMENT PORTFOLIO	MARCH 31, 2015


Schedule of Investments (concluded)		LifePath 2030 Master Portfolio

Level 1 — unadjusted quoted prices in active markets/exchanges for identical assets or liabilities that the LifePathMaster Portfolio has the ability to access

As of March 31, 2015, the following table summarizes the LifePath Master Portfolio’s investments categorized in the disclosure hierarchy:


	Level 1		Level 2	Level 3	Total
Assets:
Investments:
Affiliated Investment Companies	$	617,551,703	$2,186,536,049	—	$	2,804,087,752

LifePath Master Portfolio may hold assets and/or liabilities in which the fair value approximates the carrying amount for financial reporting purposes. As of March 31, 2015, collateral on securities loaned at value of $27,891,037 are categorized as Level 2 within the disclosure hierarchy.

During the period ended March 31, 2015, there were no transfers between levels.



MASTER INVESTMENT PORTFOLIO	MARCH 31, 2015	131

Schedule of Investments March 31, 2015 (Unaudited)

LifePath 2035 Master Portfolio

(Percentages shown are based on Net Assets)


Affiliated Investment Companies (a)	Shares/ Beneficial Interest		Value
Equity Funds — 83.3%
Active Stock Master Portfolio	$	14,746,016	$	14,746,016
BlackRock Commodity Strategies Fund		249,119		1,903,272
BlackRock Emerging Markets Fund, Inc.		134,843		2,624,039
International Tilts Master Portfolio	$	10,609,864		10,609,864
iShares Cohen & Steers REIT ETF		29,095		2,942,377
iShares International Developed Real Estate ETF		80,313		2,493,719
iShares MSCI Canada ETF (b)		32,325		878,593
iShares MSCI EAFE Small-Cap ETF		26,446		1,308,284
Master Small Cap Index Series	$	1,364,898		1,364,898
Russell 1000^® Index Master Portfolio	$	10,830,518		10,830,518

				49,701,580
Affiliated Investment Companies (a)	Shares/ Beneficial Interest		Value
Fixed Income Funds — 15.2%
CoreAlpha Bond Master Portfolio	$	8,640,197	$	8,640,197
iShares TIPS Bond ETF		3,548		403,018

				9,043,215
Short-Term Securities — 1.7%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.16% (c)		129,101		129,101
BlackRock Cash Funds: Prime, SL Agency Shares, 0.15% (c)(d)		882,726		882,726

				1,011,827
Total Affiliated Investment Companies *(Cost — $56,452,689^) — 100.2%**				59,756,622
Liabilities in Excess of Other Assets — (0.2)%				(132,197	)

Net Assets — 100.0%			$	59,624,425

As of March 31, 2015, gross unrealized appreciation and depreciation based on cost for federal income tax purposes were as follows:


Tax cost	$	56,580,859

Gross unrealized appreciation	$	3,856,230
Gross unrealized depreciation		(680,467	)

Net unrealized appreciation	$	3,175,763

Notes to Schedule of Investments

(a)



132	MASTER INVESTMENT PORTFOLIO	MARCH 31, 2015


Schedule of Investments (continued)		LifePath 2035 Master Portfolio


Affiliate	Shares/ Beneficial Interest Held at December 31, 2014		Shares/ Beneficial Interest Purchased			Shares/ Beneficial Interest Sold			Shares/ Beneficial Interest Held at March 31, 2015		Value at March 31, 2015		Net Income (Loss)			Realized Gain (Loss)
Active Stock Master Portfolio	$	15,858,279		—		$	(1,112,263	)¹	$	14,746,016	$	14,746,016	$	67,594		$	1,168,397
BlackRock Cash Funds: Institutional, SL Agency Shares		105,615		23,486	²		—			129,101	$	129,101	$	45			—
BlackRock Cash Funds: Prime, SL Agency Shares		—		882,726	²		—			882,726		882,726		354			—
BlackRock Commodity Strategies Fund		266,087		17,996			(34,964	)		249,119	$	1,903,272		—		$	(96,124	)
BlackRock Emerging Markets Fund, Inc.		147,219		9,188			(21,564	)		134,843	$	2,624,039		—		$	(10,446	)
CoreAlpha Bond Master Portfolio	$	7,576,096	$	1,064,101	²		—		$	8,640,197	$	8,640,197	$	53,802		$	(30,963	)
International Tilts Master Portfolio	$	8,798,849	$	1,811,015	²		—		$	10,609,864	$	10,609,864	$	(43,662	)	$	(21,090	)
iShares Cohen & Steers REIT ETF		30,677		1,968			(3,550	)		29,095	$	2,942,377	$	19,865		$	76,774
iShares International Developed Real Estate ETF		84,556		6,057			(10,300	)		80,313	$	2,493,719	$	13,620		$	(7,054	)
iShares MSCI Canada ETF		32,043		1,582			(1,300	)		32,325	$	878,593		—		$	(1,821	)
iShares MSCI EAFE Small-Cap ETF		28,911		935			(3,400	)		26,446	$	1,308,284		—		$	2,193
iShares TIPS Bond ETF		3,848		—			(300	)		3,548	$	403,018		—		$	411
Master Small Cap Index Series	$	1,338,461	$	26,437	²		—		$	1,364,898	$	1,364,898	$	3,670		$	(11,869	)
Russell 1000^® Index Master Portfolio	$	8,787,621	$	2,042,897	²		—		$	10,830,518	$	10,830,518	$	39,598		$	49,036
¹ Represents net shares/beneficial interest sold.
²Represents net shares/beneficial interest purchased.

(b)

Security, or a portion of security, is on loan.

(c)

Represents the current yield as of report date.

(d)

All or a portion of security was purchased with the cash collateral from loaned securities.



MASTER INVESTMENT PORTFOLIO	MARCH 31, 2015	133


Schedule of Investments (concluded)		LifePath 2035 Master Portfolio

Level 1 — unadjusted quoted prices in active markets/exchanges for identical assets or liabilities that the LifePath Master Portfolio has the ability to access

As of March 31, 2015, the following table summarizes the LifePath Master Portfolio’s investments categorized in the disclosure hierarchy:


	Level 1		Level 2	Level 3	Total
Assets:
Investments:
Affiliated Investment Companies	$	13,565,129	$46,191,493	—	$	59,756,622

LifePath Master Portfolio may hold assets and/or liabilities in which the fair value approximates the carrying amount for financial reporting purposes. As of March 31, 2015, collateral on securities loaned at value of $882,726 are catagorized as a level 2 within the disclosure hierarchy.

During the period ended March 31, 2015, there were no transfers between levels.



134	MASTER INVESTMENT PORTFOLIO	MARCH 31, 2015

Schedule of Investments March 31, 2015 (Unaudited)

LifePath 2040 Master Portfolio

(Percentages shown are based on Net Assets)


Affiliated Investment Companies (a)	Shares/ Beneficial Interest		Value
Equity Funds — 93.4%
Active Stock Master Portfolio	$	570,749,574	$	570,749,574
BlackRock Commodity Strategies Fund		10,023,447		76,579,133
BlackRock Emerging Markets Fund, Inc.		5,762,078		112,130,040
International Tilts Master Portfolio	$	418,439,085		418,439,085
iShares Cohen & Steers REIT ETF (b)		1,369,009		138,447,880
iShares International Developed Real Estate ETF		3,777,171		117,281,160
iShares MSCI Canada ETF (b)		1,301,655		35,378,983
iShares MSCI EAFE Small-Cap ETF (b)		1,156,773		57,225,560
Master Small Cap Index Series	$	50,083,511		50,083,511
Russell 1000^® Index Master Portfolio	$	433,132,387		433,132,387

				2,009,447,313
Fixed Income Funds — 6.4%
CoreAlpha Bond Master Portfolio	$	138,428,157		138,428,157
Affiliated Investment Companies (a)	Shares		Value
Short-Term Securities — 1.7%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.16% (c)		4,659,098	$	4,659,098
BlackRock Cash Funds: Prime, SL Agency Shares, 0.15% (c)(d)		32,731,834		32,731,834

				37,390,932
Total Affiliated Investment Companies *(Cost — $1,968,172,899^) — 101.5%**				2,185,266,402
Liabilities in Excess of Other Assets — (1.5)%				(32,331,104	)

Net Assets — 100.0%			$	2,152,935,298

As of March 31, 2015, gross unrealized appreciation and depreciation based on cost for federal income tax purposes were as follows:


Tax cost	$	1,972,996,623

Gross unrealized appreciation	$	239,405,993
Gross unrealized depreciation		(27,136,214	)

Net unrealized appreciation	$	212,269,779

Notes to Schedule of Investments

(a)



MASTER INVESTMENT PORTFOLIO	MARCH 31, 2015	135


Schedule of Investments (continued)		LifePath 2040 Master Portfolio


Affiliate	Shares/ Beneficial Interest Held at December 31, 2014		Shares/ Beneficial Interest Purchased			Shares/ Beneficial Interest Sold			Shares/ Beneficial Interest Held at March 31, 2015		Value at March 31, 2015		Net Income (Loss)			Realized Gain (Loss)
Active Stock Master Portfolio	$	617,793,419		—		$	(47,043,845	)¹	$	570,749,574	$	570,749,574	$	2,650,874		$	46,795,872
BlackRock Cash Funds: Institutional, SL Agency Shares		4,210,819		448,279	²		—			4,659,098	$	4,659,098	$	1,786			—
BlackRock Cash Funds: Prime, SL Agency Shares		16,314,800		16,417,034	²		—			32,731,834		32,731,834		51,193			—
BlackRock Commodity Strategies Fund		10,188,103		650,696			(815,352	)		10,023,447	$	76,579,133		—		$	(2,331,205	)
BlackRock Emerging Markets Fund, Inc.		5,989,668		127,458			(355,048	)		5,762,078	$	112,130,040		—		$	(216,469	)
CoreAlpha Bond Master Portfolio	$	124,444,002	$	13,984,155	²		—		$	138,428,157	$	138,428,157	$	896,702		$	(503,122	)
International Tilts Master Portfolio	$	367,981,472	$	50,457,613	²		—		$	418,439,085	$	418,439,085	$	(1,869,088	)	$	(835,373	)
iShares Cohen & Steers REIT ETF		1,402,976		76,183			(110,150	)		1,369,009	$	138,447,880	$	935,229		$	2,880,571
iShares International Developed Real Estate ETF		3,883,740		140,031			(246,600	)		3,777,171	$	117,281,160	$	641,768		$	84,285
iShares MSCI Canada ETF		1,285,655		33,700			(17,700	)		1,301,655	$	35,378,983		—		$	(89,281	)
iShares MSCI EAFE Small-Cap ETF		1,170,755		21,318			(35,300	)		1,156,773	$	57,225,560		—		$	113,069
Master Small Cap Index Series	$	50,915,660		—		$	(832,149	)¹	$	50,083,511	$	50,083,511	$	138,686			(437,539	)
Russell 1000^® Index Master Portfolio	$	379,569,351	$	53,563,036	²		—		$	433,132,387	$	433,132,387	$	1,725,446		$	2,182,411
¹ Represents net shares/beneficial interest sold.
²Represents net shares/beneficial interest purchased.

(b)

Security, or a portion of security, is on loan.

(c)

Represents the current yield as of report date.

(d)

All or a portion of security was purchased with the cash collateral from loaned securities.



136	MASTER INVESTMENT PORTFOLIO	MARCH 31, 2015


Schedule of Investments (concluded)		LifePath 2040 Master Portfolio

Level 1 — unadjusted quoted prices in active markets/exchanges for identical assets or liabilities that the LifePath Master Portfolio has the ability to access

As of March 31, 2015, the following table summarizes the LifePath Master Portfolio’s investments categorized in the disclosure hierarchy:


	Level 1		Level 2	Level 3	Total
Assets:
Investments:
Affiliated Investment Companies	$	574,433,688	$1,610,832,714	—	$	2,185,266,402

LifePath Master Portfolio may hold assets and/or liabilities in which the fair value approximates the carrying amount for financial reporting purposes. As of March 31, 2015, collateral on securities loaned at value of $32,731,834 are categorized as Level 2 within the disclosure hierarchy.

During the period ended March 31, 2015, there were no transfers between levels.



MASTER INVESTMENT PORTFOLIO	MARCH 31, 2015	137

Schedule of Investments March 31, 2015 (Unaudited)

LifePath 2045 Master Portfolio

(Percentages shown are based on Net Assets)


Affiliated Investment Companies (a)	Shares/ Beneficial Interest		Value
Equity Funds — 96.8%
Active Stock Master Portfolio	$	9,620,185	$	9,620,185
BlackRock Commodity Strategies Fund		159,627		1,219,553
BlackRock Emerging Markets Fund, Inc.		94,659		1,842,073
International Tilts Master Portfolio	$	7,174,776		7,174,776
iShares Cohen & Steers REIT ETF		23,542		2,380,802
iShares International Developed Real Estate ETF		65,345		2,028,962
iShares MSCI Canada ETF		22,485		611,142
iShares MSCI EAFE Small-Cap ETF		18,631		921,676
Master Small Cap Index Series	$	796,898		796,898
Russell 1000^® Index Master Portfolio	$	6,953,126		6,953,126

				33,549,193
Fixed Income Funds — 2.4%
CoreAlpha Bond Master Portfolio	$	814,640		814,640
Affiliated Investment Companies (a)	Shares		Value
Short-Term Securities — 0.1%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.16% (b)		47,058	$	47,058
Total Affiliated Investment Companies *(Cost — $31,660,219^) — 99.3%**				34,410,891
Liabilities in Excess of Other Assets — 0.7%				245,137

Net Assets — 100.0%			$	34,656,028

As of March 31, 2015, gross unrealized appreciation and depreciation based on cost for federal income tax purposes were as follows:


Tax cost	$	31,755,944

Gross unrealized appreciation	$	3,086,468
Gross unrealized depreciation		(431,522	)

Net unrealized appreciation	$	2,654,946

Notes to Schedule of Investments

(a)

During the period ended March 31, 2015, investments in issuers considered to be affiliates of the LifePath Master Portfolio for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:


Affiliate	Shares/ Beneficial Interest Held at December 31, 2014		Shares/ Beneficial Interest Purchased			Shares/ Beneficial Interest Sold			Shares/ Beneficial Interest Held at March 31, 2015		Value at March 31, 2015		Net Income (Loss)			Realized Gain (Loss)
Active Stock Master Portfolio	$	10,880,891		—		$	(1,260,706	)¹	$	9,620,185	$	9,620,185	$	46,065		$	784,222
BlackRock Cash Funds: Institutional, SL Agency Shares		75,058		—			(28,000	)¹		47,058	$	47,058	$	51			—
BlackRock Commodity Strategies Fund		178,939		9,767			(29,079	)		159,627	$	1,219,553		—		$	(73,882	)
BlackRock Emerging Markets Fund, Inc.		104,984		7,453			(17,778	)		94,659	$	1,842,073		—		$	(7,974	)
CoreAlpha Bond Master Portfolio	$	644,004	$	170,636	²		—		$	814,640	$	814,640	$	4,587		$	(2,660	)
International Tilts Master Portfolio	$	6,367,614	$	807,162	²		—		$	7,174,776	$	7,174,776	$	(30,748	)	$	(16,065	)
iShares Cohen & Steers REIT ETF		25,214		1,837			(3,509	)		23,542	$	2,380,802	$	16,071		$	76,600
iShares International Developed Real Estate ETF		69,082		5,963			(9,700	)		65,345	$	2,028,962	$	11,094		$	(2,508	)
iShares MSCI Canada ETF		23,208		1,382			(2,105	)		22,485	$	611,142		—		$	(3,061	)
iShares MSCI EAFE Small-Cap ETF		20,569		852			(2,790	)		18,631	$	921,676		—		$	10,331
Master Small Cap Index Series	$	865,739		—		$	(68,841	)¹	$	796,898	$	796,898	$	2,342		$	(7,604	)
Russell 1000^® Index Master Portfolio	$	6,174,176	$	778,950	²		—		$	6,953,126	$	6,953,126	$	27,896		$	34,253
¹ Represents net shares/beneficial interest sold.
²Represents net shares/beneficial interest purchased.



138	MASTER INVESTMENT PORTFOLIO	MARCH 31, 2015


Schedule of Investments (concluded)		LifePath 2045 Master Portfolio

(b)

Represents the current yield as of report date.

Level 1 — unadjusted quoted prices in active markets/exchanges for identical assets or liabilities that the LifePath Master Portfolio has the ability to access

Changes in valuation techniques may result in transfers into or out of an assigned level within the disclosure hierarchy. In accordance with the LifePath Master Portfolio’s policy, transfers between different levels of the fair value disclosure hierarchy are deemed to have occurred as of the beginning of the reporting period. For information about the LifePath Master Portfolio’s policy regarding valuation of investments, refer to the LifePath Master Portfolio‘s most recent financial statements as contained in its annual report.

As of March 31, 2015, the following table summarizes the LifePath Master Portfolio’s investments categorized in the disclosure hierarchy:


	Level 1		Level 2	Level 3	Total
Assets:
Investments:
Affiliated Investment Companies	$	9,051,256	$25,359,625	—	$	34,410,881

During the period ended March 31, 2015, there were no transfers between levels.



MASTER INVESTMENT PORTFOLIO	MARCH 31, 2015	139

Schedule of Investments March 31, 2015 (Unaudited)

LifePath 2050 Master Portfolio

(Percentages shown are based on Net Assets)


Affiliated Investment Companies (a)	Shares/ Beneficial Interest		Value
Equity Funds — 98.1%
Active Stock Master Portfolio	$	143,106,248	$	143,106,248
BlackRock Commodity Strategies Fund		2,235,142		17,076,486
BlackRock Emerging Markets Fund, Inc.		1,348,468		26,241,192
International Tilts Master Portfolio	$	99,803,417		99,803,417
iShares Cohen & Steers REIT ETF		337,877		34,169,501
iShares International Developed Real Estate ETF		932,123		28,942,419
iShares MSCI Canada ETF (b)		306,105		8,319,934
iShares MSCI EAFE Small-Cap ETF		268,683		13,291,748
Master Small Cap Index Series	$	11,673,859		11,673,859
Russell 1000^® Index Master Portfolio	$	86,970,205		86,970,205

				469,595,009
Fixed Income Funds — 1.5%
CoreAlpha Bond Master Portfolio	$	6,834,447		6,834,447
Affiliated Investment Companies (a)	Shares		Value
Short-Term Securities — 1.7%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.16% (c)		1,087,301	$	1,087,301
BlackRock Cash Funds: Prime, SL Agency Shares, 0.15% (c)(d)		7,265,131		7,265,131

				8,352,432
Total Affiliated Investment Companies *(Cost — $444,390,079) — 101.3%**				484,781,888
Liabilities in Excess of Other Assets — (1.3)%				(6,118,338	)

Net Assets — 100.0%			$	478,663,550

As of March 31, 2015, gross unrealized appreciation and depreciation based on cost for federal income tax purposes were as follows:


Tax cost	$	445,361,748

Gross unrealized appreciation	$	44,842,093
Gross unrealized depreciation		(5,421,953	)

Net unrealized appreciation	$	39,420,140

Notes to Schedule of Investments

(a)



140	MASTER INVESTMENT PORTFOLIO	MARCH 31, 2015


Schedule of Investments (continued)		LifePath 2050 Master Portfolio


Affiliate	Shares/ Beneficial Interest Held at December 31, 2014		Shares/ Beneficial Interest Purchased			Shares/ Beneficial Interest Sold			Shares/ Beneficial Interest Held at March 31, 2015		Value at March 31, 2015		Net Income (Loss)			Realized Gain (Loss)
Active Stock Master Portfolio	$	147,719,967		—		$	(4,613,719	)¹	$	143,106,248	$	143,106,248	$	650,071		$	11,657,613
BlackRock Cash Funds: Institutional, SL Agency Shares		1,215,707		—			(128,406	)¹		1,087,301	$	1,087,301	$	471			—
BlackRock Cash Funds: Prime, SL Agency Shares		2,950,000		4,315,131			—			7,265,131		7,265,131		11,645			—
BlackRock Commodity Strategies Fund		2,193,346		228,708			(186,912	)		2,235,142	$	17,076,486		—		$	(534,565	)
BlackRock Emerging Markets Fund, Inc.		1,329,101		86,295			(66,928	)		1,348,468	$	26,241,192		—		$	(45,240	)
CoreAlpha Bond Master Portfolio	$	4,957,761	$	1,876,686	²		—		$	6,834,447	$	6,834,447	$	36,795		$	(20,539	)
International Tilts Master Portfolio	$	81,873,561	$	17,929,856	²		—		$	99,803,417	$	99,803,417	$	(437,262	)	$	(176,997	)
iShares Cohen & Steers REIT ETF		327,853		35,824			(25,800	)		337,877	$	34,169,501	$	229,426		$	571,687
iShares International Developed Real Estate ETF		901,660		82,163			(51,700	)		932,123	$	28,942,419	$	157,168		$	(48,130	)
iShares MSCI Canada ETF		285,386		21,319			(600	)		306,105	$	8,319,934		—		$	(1,545	)
iShares MSCI EAFE Small-Cap ETF		260,026		13,857			(5,200	)		268,683	$	13,291,748		—		$	(9,538	)
Master Small Cap Index Series	$	11,565,177	$	108,682	²		—		$	11,673,859	$	11,673,859	$	31,843		$	(100,323	)
Russell 1000^® Index Master Portfolio	$	69,086,943	$	17,883,262	²		—		$	86,970,205	$	86,970,205	$	325,529		$	414,497
¹ Represents net shares/beneficial interest sold.
²Represents net shares/beneficial interest purchased.

(b)

Security, or a portion of security, is on loan.

(c)

Represents the current yield as of report date.

(d)

All or a portion of security was purchased with the cash collateral from loaned securities.



MASTER INVESTMENT PORTFOLIO	MARCH 31, 2015	141


Schedule of Investments (concluded)		LifePath 2050 Master Portfolio

Level 1 — unadjusted quoted prices in active markets/exchanges for identical assets or liabilities that the LifePath Master Portfolio has the ability to access

As of March 31, 2015, the following table summarizes the LifePath Master Portfolio’s investments categorized in the disclosure hierarchy:


	Level 1		Level 2	Level 3	Total
Assets:
Investments:
Affiliated Investment Companies	$	136,393,712	$348,388,176	—	$	484,781,888

LifePath Master Portfolio may hold assets and/or liabilities in which the fair value approximates the carrying amount for financial reporting purposes. As of March 31, 2015, collateral on securities loaned at value of $7,265,131 are categorized as Level 2 within the disclosure hierarchy.

During the period ended March 31, 2015, there were no transfers between levels.



142	MASTER INVESTMENT PORTFOLIO	MARCH 31, 2015

Schedule of Investments March 31, 2015 (Unaudited)

LifePath 2055 Master Portfolio

(Percentages shown are based on Net Assets)


Affiliated Investment Companies (a)	Shares/ Beneficial Interest		Value
Equity Funds — 97.9%
Active Stock Master Portfolio	$	4,320,416	$	4,320,416
BlackRock Commodity Strategies Fund		62,025		473,873
BlackRock Emerging Markets Fund, Inc.		37,989		739,269
International Tilts Master Portfolio	$	2,864,569		2,864,569
iShares Cohen & Steers REIT ETF		9,514		962,151
iShares International Developed Real Estate ETF		26,405		819,875
iShares MSCI Canada ETF (b)		9,168		249,186
iShares MSCI EAFE Small-Cap ETF		7,471		369,590
Master Small Cap Index Series	$	330,504		330,504
Russell 1000^® Index Master Portfolio	$	2,202,525		2,202,525

				13,331,958
Fixed Income Funds — 1.5%
CoreAlpha Bond Master Portfolio	$	201,021		201,021
Affiliated Investment Companies (a)	Shares		Value
Short-Term Securities — 2.1%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.16% (c)		40,823	$	40,823
BlackRock Cash Funds: Prime, SL Agency Shares, 0.15% (c)(d)		243,569		243,569

				13,817,371
Total Affiliated Investment Companies *(Cost — $12,966,121^) — 101.5%**				13,817,366
Liabilities in Excess of Other Assets — (1.5)%				(202,895	)

Net Assets — 100.0%			$	13,614,476

As of March 31, 2015, gross unrealized appreciation and depreciation based on cost for federal income tax purposes were as follows:


Tax cost	$	12,833,225

Gross unrealized appreciation	$	1,147,052
Gross unrealized depreciation		(162,906	)

Net unrealized appreciation	$	(984,146	)

Notes to Schedule of Investments

(a)


Affiliate	Shares/ Beneficial Interest Held at December 31, 2014		Shares/ Beneficial Interest Purchased			Shares/ Beneficial Interest Sold			Shares/ Beneficial Interest Held at March 31, 2015		Value at March 31, 2015		Net Income (Loss)			Realized Gain (Loss)
Active Stock Master Portfolio	$	4,678,399		—		$	(357,983	)¹	$	4,320,416	$	4,320,416	$	20,509		$	354,221
BlackRock Cash Funds: Institutional, SL Agency Shares		25,991		14,832	²		—			40,823	$	40,823	$	15			—
BlackRock Cash Funds: Prime, SL Agency Shares		—		243,569	²		—			243,569	$	243,569	$	281			—
BlackRock Commodity Strategies Fund		68,577		8,999			(15,551	)		62,025	$	473,873		—		$	(35,918	)
BlackRock Emerging Markets Fund, Inc.		40,487		5,528			(8,026	)		37,989	$	739,269		—		$	(3,324	)
CoreAlpha Bond Master Portfolio	$	115,070	$	85,950	²		—		$	201,020	$	201,020	$	957		$	(532	)
International Tilts Master Portfolio	$	2,416,757	$	447,812	²		—		$	2,864,569	$	2,864,569	$	(12,268	)	$	(6,115	)
iShares Cohen & Steers REIT ETF		9,602		812			(900	)		9,514	$	962,151	$	6,469		$	18,514
iShares International Developed Real Estate ETF		26,550		3,155			(3,300	)		26,405	$	819,875	$	4,431		$	(3,735	)
iShares MSCI Canada ETF		8,714		1,254			(800	)		9,168	$	249,186		—		$	(1,150	)
iShares MSCI EAFE Small-Cap ETF		7,943		528			(1,000	)		7,471	$	369,590		—		$	(725	)
Master Small Cap Index Series	$	342,105		—		$	(11,601	)¹	$	330,504	$	330,504	$	931		$	(3,045	)
Russell 1000^® Index Master Portfolio	$	1,751,127	$	451,398	²		—		$	2,202,525	$	2,202,525	$	8,207		$	10,143
¹ Represents net shares/beneficial interest sold.
² Represents net shares/beneficial interest purchased.

(b)

Security, or a portion of security, is on loan.

(c)

Represents the current yield as of report date.

(d)

All or a portion of security was purchased with the cash collateral from loaned securities.



MASTER INVESTMENT PORTFOLIO	MARCH 31, 2015	143


Schedule of Investments (concluded)		LifePath 2055 Master Portfolio

Level 1 — unadjusted quoted prices in active markets/exchanges for identical assets or liabilities that the LifePath Master Portfolio has the ability to access

Changes in valuation techniques may result in transfers into or out of an assigned level within the disclosure hierarchy. In accordance with the LifePath Master Portfolio’s policy, transfers between different levels of the fair value disclosure hierarchy are deemed to have occurred as of the beginning of the reporting period. For information about the LifePath Master Portfolio’s policy regarding valuation of investments, refer to the LifePath Master Portfolio‘s most recent financial statements as contained in its annual report.

As of March 31, 2015, the following table summarizes the LifePath Master Portfolio’s investments categorized in the disclosure hierarchy:


	Level 1		Level 2	Level 3	Total
Assets:
Investments:
Affiliated Investment Companies	$	3,898,331	$9,919,035	—	$	13,817,366

LifePath Master Portfolio may hold assets and/or liabilities in which the fair value approximates the carrying amount for financial reporting purposes. As of March 31, 2015, collateral on securities loaned at value of $243,569 are categorized as Level 2 within the disclosure hierarchy.

During the period ended March 31, 2015, there were no transfers between levels.



144	MASTER INVESTMENT PORTFOLIO	MARCH 31, 2015

Schedule of Investments March 31, 2015 (Unaudited)

LifePath Index Retirement Master Portfolio

(Percentages shown are based on Net Assets)


Affiliated Investment Companies (a)	Shares/ Beneficial Interest		Value
Equity Funds — 39.9%
ACWI ex-U.S. Index Master Portfolio	$	41,527,068	$	41,527,068
iShares Cohen & Steers REIT ETF		15,291		1,546,379
iShares Core MSCI Total International Stock ETF		245,688		13,611,115
iShares International Developed Real Estate ETF		42,489		1,319,283
iShares MSCI EAFE Small-Cap ETF		115,095		5,693,750
Master Small Cap Index Series	$	18,211,151		18,211,151
Russell 1000^® Index Master Portfolio	$	105,182,215		105,182,215

				187,090,961
Fixed Income Funds — 59.9%
Bond Index Master Portfolio	$	240,032,760		240,032,760
iShares TIPS Bond ETF		358,420		40,712,928

				280,745,788


Affiliated Investment Companies (a)	Shares/ Beneficial Interest		Value
Short-Term Securities — 0.2%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.16% (b)		989,896	$	989,896

				989,896
Total Affiliated Investment Companies *(Cost — $419,927,370) — 100.0%**				468,826,545
Liabilities in Excess of Other Assets — (0.0)%				(47,087	)

Net Assets — 100.0%			$	468,779,458

As of March 31, 2015, gross unrealized appreciation and depreciation based on cost for federal income tax purposes were as follows:


Tax cost	$	420,283,055

Gross unrealized appreciation	$	49,987,760
Gross unrealized depreciation		(1,444,270	)

Net unrealized appreciation	$	48,543,490

Notes to Schedule of Investments

(a)

During the period ended March 31, 2015, investments in issuers considered to be affiliates of the LifePath Index Master Portfolio for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:


Affiliate	Shares/ Beneficial Interest Held at December 31, 2014		Shares/ Beneficial Interest Purchased			Shares/ Beneficial Interest Sold			Shares/ Beneficial Interest Held at March 31, 2015		Value at March 31, 2015		Income		Realized Gain (Loss)
ACWI ex-U.S. Index Master Portfolio	$	35,792,647	$	5,734,421	¹		—		$	41,527,068	$	41,527,068	$	265,793	$	152,331
BlackRock Cash Funds: Institutional, SL Agency Shares		984,033		5,863	¹		—			989,896	$	989,896	$	419		—
BlackRock Cash Funds: Prime, SL Agency Shares²		—		—			—			—		—	$	212		—
Bond Index Master Portfolio	$	221,316,244	$	24,450,936	¹		—		$	240,032,760	$	240,032,760	$	1,058,325	$	443,138
iShares Cohen & Steers REIT ETF		12,463		3,028			(200	)		15,291	$	1,546,379	$	10,465	$	3,875
iShares Core MSCI Total International Stock ETF		252,688		—			(7,000	)		245,688	$	13,611,115		—	$	(7,095	)
iShares International Developed Real Estate ETF		34,882		8,307			(700	)		42,489	$	1,319,283	$	7,233	$	(1,801	)
iShares MSCI EAFE Small- Cap ETF		107,873		12,922			(5,700	)		115,095	$	5,693,750		—	$	(6,531	)
iShares TIPS Bond ETF		342,094		34,796			(18,470	)		358,420	$	40,712,928		—	$	(140,285	)
Master Small Cap Index Series	$	16,529,780	$	1,681,371	¹		—		$	18,211,151	$	18,211,151	$	47,328	$	(148,340	)
Russell 1000^® Index Master Portfolio	$	98,004,312	$	7,177,903	¹		—		$	105,182,215	$	105,182,215	$	467,528	$	588,884
¹ Represents net shares/beneficial interest purchased.
² No longer held by the LifePath Index Master Portfolio as of report date.



MASTER INVESTMENT PORTFOLIO	MARCH 31, 2015	145


Schedule of Investments (concluded)		LifePath Index Retirement Master Portfolio

(b)

Represents the current yield as of report date.

Level 1 — unadjusted quoted prices in active markets/exchanges for identical assets or liabilities that the LifePath Index Master Portfolio has the ability to access

Level 3 — unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the LifePath Index Master Portfolio’s own assumptions used in determining the fair value of investments)

Changes in valuation techniques may result in transfers into or out of an assigned level within the disclosure hierarchy. In accordance with the LifePath Index Master Portfolio’s policy, transfers between different levels of the fair value disclosure hierarchy are deemed to have occurred as of the beginning of the reporting period. For information about the LifePath Index Master Portfolio’s policy regarding valuation of investments, please refer to the LifePath Index Master Portfolio‘s most recent financial statements as contained in its annual report.

As of March 31, 2015, the following table summarizes the LifePath Index Master Portfolio’s investments categorized in the disclosure hierarchy:


	Level 1		Level 2		Level 3	Total
Assets:
Investments:
Affiliated Investment Companies	$	63,873,351	$	404,953,194	—	$	468,826,545

During the period ended March 31, 2015, there were no transfers between levels.



146	MASTER INVESTMENT PORTFOLIO	MARCH 31, 2015

Schedule of Investments March 31, 2015 (Unaudited)

LifePath Index 2020 Master Portfolio

(Percentages shown are based on Net Assets)


Affiliated Investment Companies (a)	Shares/ Beneficial Interest		Value
Equity Funds — 53.3%
ACWI ex-U.S. Index Master Portfolio	$	119,592,705	$	119,592,705
iShares Cohen & Steers REIT ETF		182,565		18,462,799
iShares Core MSCI Total International Stock ETF		573,355		31,763,867
iShares International Developed Real Estate ETF		514,419		15,972,710
iShares MSCI EAFE Small-Cap ETF		318,475		15,754,958
Master Small Cap Index Series	$	33,932,058		33,932,058
Russell 1000^® Index Master Portfolio	$	294,020,945		294,020,945

				529,500,042
Fixed Income Funds — 46.5%
Bond Index Master Portfolio	$	396,966,952		396,966,952
iShares TIPS Bond ETF		576,025		65,430,680

				462,397,632


Affiliated Investment Companies (a)	Shares/ Beneficial Interest		Value
Short-Term Securities — 0.2%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.16% (b)		2,054,128	$	2,054,128
Total Affiliated Investment Companies *(Cost — $901,176,195) — 100.0%**				993,951,802
Liabilities in Excess of Other Assets — (0.0)%				(364,567	)

Net Assets — 100.0%			$	993,587,235

As of March 31, 2015, gross unrealized appreciation and depreciation based on cost for federal income tax purposes were as follows:


Tax cost	$	901,568,573

Gross unrealized appreciation	$	94,493,677
Gross unrealized depreciation		(2,110,448	)

Net unrealized appreciation	$	92,383,229

Notes to Schedule of Investments

(a)


Affiliate	Shares/ Beneficial Interest Held at December 31, 2014		Shares/ Beneficial Interest Purchased			Shares/ Beneficial Interest Sold			Shares/ Beneficial Interest Held at March 31, 2015		Value at March 31, 2015		Income		Realized Gain (Loss)
ACWI ex-U.S. Index Master Portfolio	$	100,829,252	$	18,763,453	¹		—		$	119,592,705	$	119,592,705	$	767,286	$	443,504
BlackRock Cash Funds: Institutional, SL Agency Shares		2,109,818		—			(55,690	)²		2,054,128	$	2,054,128	$	1,021		—
BlackRock Cash Funds: Prime, SL Agency Shares³		1,079,100		—			(1,079,100	)²		—		—	$	6,643		—
Bond Index Master Portfolio	$	349,364,622	$	47,602,330	¹		—		$	396,966,952	$	396,966,952	$	1,713,532	$	703,746
iShares Cohen & Steers REIT ETF		170,731		21,314			(9,480	)		182,565	$	18,462,799	$	125,200	$	198,880
iShares Core MSCI Total International Stock ETF		607,955		—			(34,600	)		573,355	$	31,763,867		—	$	2,816,938
iShares International Developed Real Estate ETF		473,539		54,608			(13,728	)		514,419	$	15,972,710	$	87,741	$	(31,010	)
iShares MSCI EAFE Small-Cap ETF		288,452		37,533			(7,510	)		318,475	$	15,754,958		—	$	(19,668	)
iShares TIPS Bond ETF		517,118		77,082			(18,175	)		576,025	$	65,430,680		—	$	(126,897	)
Master Small Cap Index Series	$	29,854,120	$	4,077,938	¹		—		$	33,932,058	$	33,932,058	$	87,120	$	(272,869	)
Russell 1000^® Index Master Portfolio	$	264,872,726	$	29,148,219	¹		—		$	294,020,945	$	294,020,945	$	1,295,312	$	1,643,110
¹ Represents net beneficial interest purchased.
² Represents net shares sold.
³ No longer held by LifePath Index Master Portfolio as of report date.



MASTER INVESTMENT PORTFOLIO	MARCH 31, 2015	147


Schedule of Investments (concluded)		LifePath Index 2020 Master Portfolio

(b)

Represents the current yield as of report date.

Level 1 — unadjusted quoted prices in active markets/exchanges for identical assets or liabilities that the LifePath Index Master Portfolio has the ability to access

As of March 31, 2015, the following table summarizes the LifePath Index Master Portfolio’s investments categorized in the disclosure hierarchy:


	Level 1		Level 2		Level 3	Total
Assets:
Investments:
Affiliated Investment Companies	$	149,439,142	$	844,512,660	—	$	993,951,802

During the period ended March 31, 2015, there were no transfers between levels.



148	MASTER INVESTMENT PORTFOLIO	MARCH 31, 2015

Schedule of Investments March 31, 2015 (Unaudited)

LifePath Index 2025 Master Portfolio

(Percentages shown are based on Net Assets)


Affiliated Investment Companies (a)	Shares/ Beneficial Interest		Value
Equity Funds — 64.3%
ACWI ex-U.S. Index Master Portfolio	$	76,430,278	$	76,430,278
iShares Cohen & Steers REIT ETF		192,111		19,428,185
iShares Core MSCI Total International Stock ETF		615,667		34,107,952
iShares International Developed Real Estate ETF		530,172		16,461,841
iShares MSCI EAFE Small-Cap ETF		231,097		11,432,369
Master Small Cap Index Series	$	18,221,993		18,221,993
Russell 1000^® Index Master Portfolio	$	215,658,200		215,658,200

				391,740,818
Fixed Income Funds — 35.5%
Bond Index Master Portfolio	$	186,806,802		186,806,802
iShares TIPS Bond ETF (b)		263,814		29,966,632

				216,773,434


Affiliated Investment Companies (a)	Shares/ Beneficial Interest		Value
Short-Term Securities — 0.4%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.16% (c)		2,059,105	$	2,059,105
BlackRock Cash Funds: Prime, SL Agency Shares, 0.15% (c)(d)		423,559		423,559

				2,482,664
Total Affiliated Investment Companies (Cost — $552,796,031*) — 100.2%				610,996,916
Liabilities in Excess of Other Assets — (0.2)%				(1,487,160	)

Net Assets — 100.0%			$	609,509,756

As of March 31, 2015, gross unrealized appreciation and depreciation based on cost for federal income tax purposes were as follows:


Tax cost	$	553,063,356

Gross unrealized appreciation	$	58,880,673
Gross unrealized depreciation		(947,113	)

Net unrealized appreciation	$	57,933,560

Notes to Schedule of Investments

(a)


Affiliate	Shares/ Beneficial Interest Held at December 31, 2014		Shares/ Beneficial Interest Purchased			Shares/ Beneficial Interest Sold			Shares/ Beneficial Interest Held at March 31, 2015		Value at March 31, 2015		Income		Realized Gain (Loss)
ACWI ex-U.S. Index Master Portfolio	$	59,342,333	$	17,087,945	¹		—		$	76,430,278	$	76,430,278	$	474,806	$	275,278
BlackRock Cash Funds: Institutional, SL Agency Shares		746,905		1,312,200	¹		—			2,059,105	$	2,059,105	$	672		—
BlackRock Cash Funds: Prime, SL Agency Shares		—		423,559	¹		—			423,559	$	423,559	$	2,302		—
Bond Index Master Portfolio	$	156,945,766	$	29,861,036	¹		—		$	186,806,802	$	186,806,802	$	778,743	$	319,983
iShares Cohen & Steers REIT ETF		169,929		34,882			(12,700	)		192,111	$	19,428,185	$	128,212	$	261,532
iShares Core MSCI Total International Stock ETF		639,667		—			(24,000	)		615,667	$	34,107,952		—	$	(28,260	)
iShares International Developed Real Estate ETF		471,056		83,316			(24,200	)		530,172	$	16,461,841	$	88,496	$	(56,454	)
iShares MSCI EAFE Small-Cap ETF		202,339		33,258			(4,500	)		231,097	$	11,432,369		—	$	(13,532	)
iShares TIPS Bond ETF		224,311		48,953			(9,450	)		263,814	$	29,966,632		—	$	(58,900	)
Master Small Cap Index Series	$	15,639,897	$	2,582,096	¹		—		$	18,221,993	$	18,221,993	$	45,862	$	(144,017	)
Russell 1000^® Index Master Portfolio	$	186,587,207	$	29,070,993	¹		—		$	215,658,200	$	215,658,200	$	925,456	$	1,176,546
¹ Represents net beneficial interest purchased.



MASTER INVESTMENT PORTFOLIO	MARCH 31, 2015	149


Schedule of Investments (concluded)		LifePath Index 2025 Master Portfolio

(b)

Security, or a portion of security, is on loan.

(c)

Represents the current yield as of report date.

(d)

All or a portion of security was purchased with the cash collateral from loaned securities.

Level 1 — unadjusted quoted prices in active markets/exchanges for identical assets or liabilities that the LifePath Index Master Portfolio has the ability to access

As of March 31, 2015, the following table summarizes the LifePath Index Master Portfolio’s investments categorized in the disclosure hierarchy:


	Level 1		Level 2		Level 3	Total
Assets:
Investments:
Affiliated Investment Companies	$	113,879,643	$	497,117,273	—	$	610,996,916

The LifePath Index Master Portfolio may hold liabilities in which the fair value approximates the carrying amount for financial reporting purposes. As of March 31, 2015, collateral on securities loaned at value of $423,559 is categorized as Level 2 within the disclosure hierarchy.

During the period ended March 31, 2015, there were no transfers between levels.



150	MASTER INVESTMENT PORTFOLIO	MARCH 31, 2015

Schedule of Investments March 31, 2015 (Unaudited)

LifePath Index 2030 Master Portfolio

(Percentages shown are based on Net Assets)


Affiliated Investment Companies (a)	Shares/ Beneficial Interest		Value
Equity Funds — 75.1%
ACWI ex-U.S. Index Master Portfolio	$	155,000,196	$	155,000,196
iShares Cohen & Steers REIT ETF		420,689		42,544,279
iShares Core MSCI Total International Stock ETF (b)		768,765		42,589,581
iShares International Developed Real Estate ETF		1,160,960		36,047,808
iShares MSCI EAFE Small-Cap ETF		413,692		20,465,343
Master Small Cap Index Series	$	24,431,325		24,431,325
Russell 1000^® Index Master Portfolio	$	387,255,299		387,255,299

				708,333,831
Fixed Income Funds — 24.8%
Bond Index Master Portfolio	$	202,834,203		202,834,203
iShares TIPS Bond ETF (b)		274,535		31,184,431

				234,018,634
Affiliated Investment Companies (a)	Shares/ Beneficial Interest		Value
Short-Term Securities — 0.4%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.16% (c)		2,561,892	$	2,561,892
BlackRock Cash Funds: Prime, SL Agency Shares, 0.15% (c)(d)		1,223,835		1,223,835

				3,785,727
Total Affiliated Investment Companies *(Cost — $849,391,203) — 100.3%**				946,138,192
Liabilities in Excess of Other Assets — (0.3)%				(2,691,963	)

Net Assets — 100.0%			$	943,446,229

As of March 31, 2015, gross unrealized appreciation and depreciation based on cost for federal income tax purposes were as follows:


Tax cost	$	849,682,786

Gross unrealized appreciation	$	97,761,887
Gross unrealized depreciation		(1,306,481	)

Net unrealized appreciation	$	96,455,406

Notes to Schedule of Investments

(a)


Affiliate	Shares/ Beneficial Interest Held at December 31, 2014		Shares/ Beneficial Interest Purchased			Shares/ Beneficial Interest Sold			Shares/ Beneficial Interest Held at March 31, 2015		Value at March 31, 2015		Income		Realized Gain (Loss)
ACWI ex-U.S. Index Master Portfolio	$	126,495,470	$	28,504,726	¹		—		$	155,000,196	$	155,000,196	$	977,551	$	565,748
BlackRock Cash Funds: Institutional, SL Agency Shares		1,973,808		588,084	¹		—			2,561,892	$	2,561,892	$	1,083		—
BlackRock Cash Funds: Prime, SL Agency Shares		—		1,223,835	¹		—			1,223,835	$	1,223,835	$	696		—
Bond Index Master Portfolio	$	173,164,163	$	29,670,040	¹		—		$	202,834,203	$	202,834,203	$	847,478	$	345,224
iShares Cohen & Steers REIT ETF		372,716		73,473			(25,500	)		420,689	$	42,544,279	$	281,299	$	555,807
iShares Core MSCI Total International Stock ETF		805,065		—			(36,300	)		768,765	$	42,589,581		—	$	2,531,161
iShares International Developed Real Estate ETF		1,033,666		174,194			(46,900	)		1,160,960	$	36,047,808	$	193,426	$	(117,462	)
iShares MSCI EAFE Small-Cap ETF		368,703		49,889			(4,900	)		413,692	$	20,465,343		—	$	(12,850	)
iShares TIPS Bond ETF		230,520		50,715			(6,700	)		274,535	$	31,184,431		—	$	(38,630	)
Master Small Cap Index Series	$	21,723,664	$	2,707,661	¹		—		$	24,431,325	$	24,431,325	$	63,028	$	(197,390	)
Russell 1000^® Index Master Portfolio	$	342,118,889	$	45,136,410	¹		—		$	387,255,299	$	387,255,299	$	1,676,178	$	2,137,343
¹ Represents net shares/beneficial interest purchased.



MASTER INVESTMENT PORTFOLIO	MARCH 31, 2015	151


Schedule of Investments (concluded)		LifePath Index 2030 Master Portfolio

(b)

Security, or a portion of security, is on loan.

(c)

Represents the current yield as of report date.

(d)

All or a portion of security was purchased with the cash collateral from loaned securities.

Level 1 — unadjusted quoted prices in active markets/exchanges for identical assets or liabilities that the LifePath Index Master Portfolio has the ability to access

As of March 31, 2015, the following table summarizes the LifePath Index Master Portfolio’s investments categorized in the disclosure hierarchy:


	Level 1		Level 2	Level 3	Total
Assets:
Investments:
Affiliated Investment Companies	$	176,617,169	$769,521,023	—	$	946,138,192

The LifePath Index Master Portfolio may hold liabilities in which the fair value approximates the carrying amount for financial reporting purposes. As of March 31, 2015, collateral on securities loaned at value of $1,223,835 is categorized as Level 2 within the disclosure hierarchy.

During the period ended March 31, 2015, there were no transfers between levels.



152	MASTER INVESTMENT PORTFOLIO	MARCH 31, 2015

Schedule of Investments March 31, 2015 (Unaudited)

LifePath Index 2035 Master Portfolio

(Percentages shown are based on Net Assets)


Affiliated Investment Companies (a)	Shares/ Beneficial Interest		Value
Equity Funds — 85.2%
ACWI ex-U.S. Index Master Portfolio	$	80,388,848	$	80,388,848
iShares Cohen & Steers REIT ETF (b)		269,207		27,224,904
iShares Core MSCI Total International Stock ETF (b)		576,751		31,952,005
iShares International Developed Real Estate ETF		742,928		23,067,914
iShares MSCI EAFE Small-Cap ETF		233,865		11,569,302
Master Small Cap Index Series	$	10,461,442		10,461,442
Russell 1000^® Index Master Portfolio	$	219,420,170		219,420,170

				404,084,585
Fixed Income Funds — 14.7%
Bond Index Master Portfolio	$	60,534,218		60,534,218
iShares TIPS Bond ETF		78,060		8,866,835

				69,401,053
Affiliated Investment Companies (a)	Shares/ Beneficial Interest		Value
Short-Term Securities — 0.4%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.16% (c)		993,769	$	993,769
BlackRock Cash Funds: Prime, SL Agency Shares, 0.15% (c)(d)		1,193,146		1,193,146

				2,186,915
Total Affiliated Investment Companies *(Cost — $427,067,251) — 100.3%**				475,672,553
Liabilities in Excess of Other Assets — (0.3)%				(1,495,592	)

Net Assets — 100.0%			$	474,176,961

As of March 31, 2015, gross unrealized appreciation and depreciation based on cost for federal income tax purposes were as follows:


Tax cost	$	427,223,662

Gross unrealized appreciation	$	49,228,433
Gross unrealized depreciation		(779,542	)

Net unrealized appreciation	$	48,448,891

Notes to Schedule of Investments

(a)


Affiliate	Shares/ Beneficial Interest Held at December 31, 2014		Shares/ Beneficial Interest Purchased			Shares/ Beneficial Interest Sold			Shares/ Beneficial Interest Held at March 31, 2015		Value at March 31, 2015		Income		Realized Gain (Loss)
ACWI ex-U.S. Index Master Portfolio	$	63,367,924	$	17,020,924	¹		—		$	80,388,848	$	80,388,848	$	502,755	$	291,381
BlackRock Cash Funds: Institutional, SL Agency Shares		1,029,104		—			(35,335	)²		993,769	$	993,769	$	488		—
BlackRock Cash Funds: Prime, SL Agency Shares		9,300		1,183,846	¹		—			1,193,146	$	1,193,146	$	915		—
Bond Index Master Portfolio	$	51,838,842	$	8,695,376	¹		—		$	60,534,218	$	60,534,218	$	252,303	$	103,868
iShares Cohen & Steers REIT ETF		236,670		49,837			(17,300	)		269,207	$	27,224,904	$	178,112	$	377,720
iShares Core MSCI Total International Stock ETF		601,151		—			(24,400	)		576,751	$	31,952,005		—	$	(60,371	)
iShares International Developed Real Estate ETF		656,946		122,082			(36,100	)		742,928	$	23,067,914	$	122,530	$	(84,337	)
iShares MSCI EAFE Small-Cap ETF		208,872		28,793			(3,800	)		233,865	$	11,569,302		—	$	(10,275	)
iShares TIPS Bond ETF		64,925		13,835			(700	)		78,060	$	8,866,835		—	$	973
Master Small Cap Index Series	$	9,587,520	$	873,922	¹		—		$	10,461,442	$	10,461,442	$	27,618	$	(86,580	)
Russell 1000^® Index Master Portfolio	$	193,467,131	$	25,953,039	¹		—		$	219,420,170	$	219,420,170	$	949,191	$	1,213,395
¹ Represents net shares/beneficial interest purchased.
² Represents net shares sold.



MASTER INVESTMENT PORTFOLIO	MARCH 31, 2015	153


Schedule of Investments (concluded)		LifePath Index 2035 Master Portfolio

(b)

Security, or a portion of security, is on loan.

(c)

Represents the current yield as of report date.

(d)

All or a portion of security was purchased with the cash collateral from loaned securities.

Level 1 — unadjusted quoted prices in active markets/exchanges for identical assets or liabilities that the LifePath Index Master Portfolio has the ability to access

Changes in valuation techniques may result in transfers into or out of an assigned level within the disclosure hierarchy. In accordance with the LifePath Index Master Portfolio’s policy, transfers between different levels of the fair value disclosure hierarchy are deemed to have occurred as of the beginning of the reporting period. For information about the LifePath Index Master Portfolio’s policy regarding valuation of investments, please refer to the LifePath Index Master Portfolio’s most recent financial statements as contained in its annual report.

As of March 31, 2015, the following table summarizes the LifePath Index Master Portfolio’s investments categorized in the disclosure hierarchy:


	Level 1		Level 2	Level 3	Total
Assets:
Investments:
Affiliated Investment Companies	$	104,867,875	$370,804,678	—	$	475,672,553

The LifePath Index Master Portfolio may hold liabilities in which the fair value approximates the carrying amount for financial reporting purposes. As of March 31, 2015, collateral on securities loaned at value of $1,193,146 is categorized as Level 2 within the disclosure hierarchy.

During the period ended March 31, 2015, there were no transfers between levels.



154	MASTER INVESTMENT PORTFOLIO	MARCH 31, 2015

Schedule of Investments March 31, 2015 (Unaudited)

LifePath Index 2040 Master Portfolio

(Percentages shown are based on Net Assets)


Affiliated Investment Companies (a)	Shares/ Beneficial Interest		Value
Equity Funds — 93.8%
ACWI ex-U.S. Index Master Portfolio	$	128,235,423	$	128,235,423
iShares Cohen & Steers REIT ETF		442,261		44,725,855
iShares Core MSCI Total International Stock ETF (b)		695,365		38,523,221
iShares International Developed Real Estate ETF		1,214,887		37,722,241
iShares MSCI EAFE Small-Cap ETF (b)		346,685		17,150,507
Master Small Cap Index Series	$	13,047,137		13,047,137
Russell 1000^® Index Master Portfolio	$	321,117,135		321,117,135

				600,521,519
Fixed Income Funds — 6.0%
Bond Index Master Portfolio	$	33,738,675		33,738,675
iShares TIPS Bond ETF (b)		38,286		4,348,907

				38,087,582
Affiliated Investment Companies (a)	Shares/ Beneficial Interest		Value
Short-Term Securities — 1.2%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.16% (c)		2,320,286	$	2,320,286
BlackRock Cash Funds: Prime, SL Agency Shares, 0.15% (c)(d)		5,391,898		5,391,898

				7,712,184
Total Affiliated Investment Companies *(Cost — $579,401,409) — 101.0%**				646,321,285
Liabilities in Excess of Other Assets — (1.0)%				(6,337,285	)

Net Assets — 100.0%			$	639,984,000

As of March 31, 2015, gross unrealized appreciation and depreciation based on cost for federal income tax purposes were as follows:


Tax cost	$	579,561,212

Gross unrealized appreciation	$	67,792,010
Gross unrealized depreciation		(1,031,937	)

Net unrealized appreciation	$	66,760,073

Notes to Schedule of Investments

(a)


Affiliate	Shares/ Beneficial Interest Held at December 31, 2014		Shares/ Beneficial Interest Purchased			Shares/ Beneficial Interest Sold			Shares/ Beneficial Interest Held at March 31, 2015		Value at March 31, 2015		Income		Realized Gain (Loss)
ACWI ex-U.S. Index Master Portfolio	$	100,880,849	$	27,354,574	¹		—		$	128,235,423	$	128,235,423	$	792,759	$	459,867
BlackRock Cash Funds: Institutional, SL Agency Shares		1,301,475		1,018,811	¹		—			2,320,286	$	2,320,286	$	744		—
BlackRock Cash Funds: Prime, SL Agency Shares		—		5,391,898	¹		—			5,391,898	$	5,391,898	$	1,673		—
Bond Index Master Portfolio	$	28,589,605	$	5,149,070	¹		—		$	33,738,675	$	33,738,675	$	137,027	$	56,320
iShares Cohen & Steers REIT ETF		380,890		89,757			(28,386	)		442,261	$	44,725,855	$	289,207	$	620,234
iShares Core MSCI Total International Stock ETF		722,933		—			(27,568	)		695,365	$	38,523,221		—	$	(84,636	)
iShares International Developed Real Estate ETF		1,053,806		216,911			(55,830	)		1,214,887	$	37,722,241	$	198,744	$	(142,782	)
iShares MSCI EAFE Small-Cap ETF		304,945		45,412			(3,672	)		346,685	$	17,150,507		—	$	(8,977	)
iShares TIPS Bond ETF		32,531		5,949			(194	)		38,286	$	4,348,907		—	$	168
Master Small Cap Index Series	$	12,158,465	$	888,672	¹		—		$	13,047,137	$	13,047,137	$	35,719	$	(111,781	)
Russell 1000^® Index Master Portfolio	$	278,797,165	$	42,319,970	¹		—		$	321,117,135	$	321,117,135	$	1,378,620	$	1,763,641
¹ Represents net shares/beneficial interest purchased.



MASTER INVESTMENT PORTFOLIOS	MARCH 31, 2015	155


Schedule of Investments (concluded)		LifePath Index 2040 Master Portfolio

(b)

Security, or a portion of security, is on loan.

(c)

Represents the current yield as of report date.

(d)	All or a portion of security was purchased with the cash collateral from loaned securities.

Level 1 — unadjusted quoted prices in active markets/exchanges for identical assets or liabilities that the LifePath Index Master Portfolio has the ability to access

Changes in valuation techniques may result in transfers into or out of an assigned level within the disclosure hierarchy. In accordance with the LifePath Index Master Portfolio’s policy, transfers between different levels of the fair value disclosure hierarchy are deemed to have occurred as of the beginning of the reporting period. For information about the LifePath Index Master Portfolio’s policy regarding valuation of investments, please refer to the LifePath Index Master Portfolio’s most recent financial statements as contained in its annual report.

As of March 31, 2015, the following table summarizes the LifePath Index Master Portfolio’s investments categorized in the disclosure hierarchy:


	Level 1		Level 2	Level 3	Total
Assets:
Investments:
Affiliated Investment Companies	$	150,182,915	$496,138,370	—	$	646,321,285
¹ See above Schedule of Investments for values in each sector.

The LifePath Index Master Portfolio may hold liabilities in which the fair value approximates the carrying amount for financial reporting purposes. As of March 31, 2015, collateral on securities loaned at value of $5,391,898 is categorized as Level 2 within the disclosure hierarchy.

During the period ended March 31, 2015, there were no transfers between levels.



156	MASTER INVESTMENT PORTFOLIOS	MARCH 31, 2015

Schedule of Investments March 31, 2015 (Unaudited)

LifePath Index 2045 Master Portfolio

(Percentages shown are based on Net Assets)


Affiliated Investment Companies (a)	Shares/ Beneficial Interest		Value
Equity Funds — 98.1%
ACWI ex-U.S. Index Master Portfolio	$	50,052,241	$	50,052,241
iShares Cohen & Steers REIT ETF		207,553		20,989,835
iShares Core MSCI Total International Stock ETF (b)		436,877		24,202,986
iShares International Developed Real Estate ETF		568,820		17,661,861
iShares MSCI EAFE Small-Cap ETF		153,713		7,604,182
Master Small Cap Index Series	$	5,582,044		5,582,044
Russell 1000^® Index Master Portfolio	$	140,659,849		140,659,849

				266,752,998
Fixed Income Funds — 1.7%
Bond Index Master Portfolio	$	4,128,120		4,128,120
iShares TIPS Bond ETF (b)		3,470		394,157

				4,522,277
Affiliated Investment Companies (a)	Shares/ Beneficial Interest		Value
Short-Term Securities — 0.4%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.16% (c)		781,422	$	781,422
BlackRock Cash Funds: Prime, SL Agency Shares, 0.15% (c)(d)		374,522		374,522

				1,155,944
Total Affiliated Investment Companies *(Cost — $246,805,189) — 100.2%**				272,431,219
Liabilities in Excess of Other Assets — (0.2)%				(632,750	)

Net Assets — 100.0%			$	271,798,469

As of March 31, 2015, gross unrealized appreciation and depreciation based on cost for federal income tax purposes were as follows:


Tax cost	$	246,876,232

Gross unrealized appreciation	$	26,224,535
Gross unrealized depreciation		(669,548	)

Net unrealized appreciation	$	25,554,987

Notes to Schedule of Investments

(a)


Affiliate	Shares/ Beneficial Interest Held at December 31, 2014		Shares/ Beneficial Interest Purchased			Shares/ Beneficial Interest Sold			Shares/ Beneficial Interest Held at March 31, 2015		Value at March 31, 2015		Income		Realized Gain (Loss)
ACWI ex-U.S. Index Master Portfolio	$	36,608,413	$	13,433,828	¹		—		$	50,052,241	$	50,052,241	$	306,481	$	178,656
BlackRock Cash Funds: Institutional, SL Agency Shares		745,850		35,572	¹		—			781,422	$	781,422	$	319		—
BlackRock Cash Funds: Prime, SL Agency Shares		—		374,522	¹		—			374,522	$	374,522	$	532		—
Bond Index Master Portfolio	$	3,452,564	$	675,556	¹		—		$	4,128,120	$	4,128,120	$	16,636	$	6,787
iShares Cohen & Steers REIT ETF		175,568		45,895			(13,910	)		207,553	$	20,989,835	$	136,096	$	305,080
iShares Core MSCI Total International Stock ETF		453,977		—			(17,100	)		436,877	$	24,202,986		—	$	(62,138	)
iShares International Developed Real Estate ETF		481,318		114,864			(27,362	)		568,820	$	17,661,861	$	93,423	$	(59,801	)
iShares MSCI EAFE Small-Cap ETF		133,177		21,674			(1,138	)		153,713	$	7,604,182		—	$	(3,244	)
iShares TIPS Bond ETF		3,400		70			—			3,470	$	394,157		—		—
Master Small Cap Index Series	$	5,195,235	$	386,809	¹		—		$	5,582,044	$	5,582,044	$	15,498	$	(48,625	)
Russell 1000^® Index Master Portfolio	$	119,219,041	$	21,440,808	¹		—		$	140,659,849	$	140,659,849	$	600,834	$	771,076
¹ Represents net shares/beneficial interest purchased



MASTER INVESTMENT PORTFOLIO	MARCH 31, 2015	157


Schedule of Investments (concluded)		LifePath Index 2045 Master Portfolio

(b)

Security, or a portion of security, is on loan.

(c)

Represents the current yield as of report date.

(d)

All or a portion of security was purchased with the cash collateral from loaned securities.

Level 1 — unadjusted quoted prices in active markets/exchanges for identical assets or liabilities that the LifePath Index Master Portfolio has the ability to access

Changes in valuation techniques may result in transfers into or out of an assigned level within the disclosure hierarchy. In accordance with the LifePath Index Master Portfolio’s policy, transfers between different levels of the fair value disclosure hierarchy are deemed to have occurred as of the beginning of the reporting period. For information about the LifePath Index Master Portfolio’s policy regarding valuation of investments, please refer to the LifePath Index Master Portfolio’s most recent financial statements as contained in its annual report.

As of March 31, 2015, the following table summarizes the LifePath Index Master Portfolio’s investments categorized in the disclosure hierarchy:


	Level 1		Level 2		Level 3	Total
Assets:
Investments:
Affiliated Investment Companies	$	72,008,965	$	200,422,254	—	$	272,431,219

The LifePath Index Master Portfolio may hold liabilities in which the fair value approximates the carrying amount for financial reporting purposes. As of March 31, 2015, collateral on securities loaned at value of $374,522 is categorized as Level 2 within the disclosure hierarchy.

During the period ended March 31, 2015, there were no transfers between levels.



158	MASTER INVESTMENT PORTFOLIO	MARCH 31, 2015

Schedule of Investments March 31, 2015 (Unaudited)

LifePath Index 2050 Master Portfolio

(Percentages shown are based on Net Assets)


Affiliated Investment Companies (a)	Shares/ Beneficial Interest		Value
Equity Funds — 98.8%
ACWI ex-U.S. Index Master Portfolio	$	51,312,960	$	51,312,960
iShares Cohen & Steers REIT ETF		220,691		22,318,481
iShares Core MSCI Total International Stock ETF (b)		483,436		26,782,354
iShares International Developed Real Estate ETF		603,634		18,742,836
iShares MSCI EAFE Small-Cap ETF		161,685		7,998,557
Master Small Cap Index Series	$	5,910,704		5,910,704
Russell 1000^® Index Master Portfolio	$	147,115,566		147,115,566

				280,181,458
Fixed Income Fund — 1.0%
Bond Index Master Portfolio	$	2,731,469		2,731,469


Affiliated Investment Companies (a)	Shares/ Beneficial Interest		Value
Short-Term Securities — 0.5%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.16% (c)		1,004,571	$	1,004,571
BlackRock Cash Funds: Prime, SL Agency Shares, 0.15% (c)(d)		552,000		552,000

				1,556,571
Total Affiliated Investment Companies (Cost — $260,109,210*) — 100.3%				284,469,498
Liabilities in Excess of Other Assets — (0.3)%				(968,669	)

Net Assets — 100.0%			$	283,500,829

As of March 31, 2015, gross unrealized appreciation and depreciation based on cost for federal income tax purposes were as follows:


Tax cost	$	260,195,625

Gross unrealized appreciation	$	25,062,121
Gross unrealized depreciation		(788,249	)

Net unrealized appreciation	$	24,273,873

Notes to Schedule of Investments

(a)


Affiliate	Shares/ Beneficial Interest Held at December 31, 2014		Shares/ Beneficial Interest Purchased			Shares/ Beneficial Interest Sold			Shares/ Beneficial Interest Held at March 31, 2015		Value at March 31, 2015		Income		Realized Gain (Loss)
ACWI ex-U.S. Index Master Portfolio	$	36,389,565	$	14,923,395	¹		—		$	51,312,960	$	51,312,960	$	312,251	$	183,449
BlackRock Cash Funds: Institutional, SL Agency Shares		654,907		349,664	¹		—			1,004,571	$	1,004,571	$	351		—
BlackRock Cash Funds: Prime, SL Agency Shares		—		552,000	¹		—			552,000	$	552,000	$	8,542		—
Bond Index Master Portfolio	$	2,376,518$		354,951	¹		—		$	2,731,469	$	2,731,469	$	11,683	$	4,734
iShares Cohen & Steers REIT ETF		182,681		54,785			(16,775	)		220,691	$	22,318,481	$	145,417	$	352,816
iShares Core MSCI Total International Stock ETF		503,636		—			(20,200	)		483,436	$	26,782,354		—	$	(73,283	)
iShares International Developed Real Estate ETF		506,059		133,296			(35,721	)		603,634	$	18,742,836	$	99,905	$	(82,325	)
iShares MSCI EAFE Small- Cap ETF		138,356		25,817			(2,488	)		161,685	$	7,998,557		—	$	(6,846	)
Master Small Cap Index Series	$	5,410,116	$	500,588	¹		—		$	5,910,704	$	5,910,704	$	16,277	$	(50,984	)
Russell 1000^® Index Master Portfolio	$	122,826,821	$	24,288,745	¹		—		$	147,115,566	$	147,115,566	$	625,863	$	803,698
¹ Represents net shares/beneficial interest purchased.



MASTER INVESTMENT PORTFOLIO	MARCH 31, 2015	159

Schedule of Investments (concluded)

LifePath Index 2050 Master Portfolio

(Percentages shown are based on Net Assets)

(b)

Security, or a portion of security, is on loan. (c) Represents the current yield as of report date.

(d)

All or a portion of security was purchased with the cash collateral from loaned securities.

Level 1 — unadjusted quoted prices in active markets/exchanges for identical assets or liabilities that the LifePath Index Master Portfolio has the ability to access

As of March 31, 2015, the following table summarizes the LifePath Index Master Portfolio’s investments categorized in the disclosure hierarchy:


	Level 1		Level 2	Level 3	Total
Assets:
Investments:
Affiliated Investment Companies	$	77,398,799	$207,070,699	—	$	284,469,469

The LifePath Index Master Portfolio may hold liabilities in which the fair value approximates the carrying amount for financial reporting purposes. As of March 31, 2015, collateral on securities loaned at value of $552,000 is categorized as Level 2 within the disclosure hierarchy.

During the period ended March 31, 2015, there were no transfers between levels.



160	MASTER INVESTMENT PORTFOLIO	MARCH 31, 2015

Schedule of Investments March 31, 2015 (Unaudited)

LifePath Index 2055 Master Portfolio

(Percentages shown are based on Net Assets)


Affiliated Investment Companies (a)	Shares/ Beneficial Interest		Value
Equity Funds — 98.8%
ACWI ex-U.S. Index Master Portfolio	$	12,979,816	$	12,979,816
iShares Cohen & Steers REIT ETF		63,052		6,376,449
iShares Core MSCI Total International Stock ETF		171,107		9,479,328
iShares International Developed Real Estate ETF		172,441		5,354,293
iShares MSCI EAFE Small-Cap ETF		46,301		2,290,511
Master Small Cap Index Series	$	1,686,927		1,686,927
Russell 1000^® Index Master Portfolio	$	42,086,767		42,086,767

				80,254,091
Fixed Income Fund — 1.0%
Bond Index Master Portfolio	$	816,061		816,061
Affiliated Investment Companies (a)	Shares/ Beneficial Interest		Value
Short-Term Securities — 0.3%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.16% (b)		257,317	$	257,317
Total Affiliated Investment Companies *(Cost — $74,659,426) — 100.1%**				81,327,469
Liabilities in Excess of Other Assets — (0.1)%				(100,835	)

Net Assets — 100.0%			$	81,226,634

As of March 31, 2015, gross unrealized appreciation and depreciation based on cost for federal income tax purposes were as follows:


Tax cost	$	74,699,680

Gross unrealized appreciation	$	6,977,266
Gross unrealized depreciation		(349,477	)

Net unrealized appreciation	$	6,627,789

Notes to Schedule of Investments

(a)


Affiliate	Shares/ Beneficial Interest Held at December 31, 2014		Shares/ Beneficial Interest Purchased			Shares/ Beneficial Interest Sold			Shares/ Beneficial Interest Held at March 31, 2015		Value at March 31, 2015		Income		Realized Gain (Loss)
ACWI ex-U.S. Index Master Portfolio	$	7,348,791	$	5,631,025	¹		—		$	12,979,816	$	12,979,816	$	74,996	$	44,518
BlackRock Cash Funds: Institutional, SL Agency Shares		231,529		25,788	¹		—			257,317	$	257,317	$	109		—
Bond Index Master Portfolio	$	703,501	$	112,560	¹		—		$	816,061	$	816,061	$	3,413	$	1,385
iShares Cohen & Steers REIT ETF		48,162		17,990			(3,100	)		63,052	$	6,376,449	$	41,255	$	69,950
iShares Core MSCI Total International Stock ETF		175,107		—			(4,000	)		171,107	$	9,479,328		—	$	(13,978	)
iShares International Developed Real Estate ETF		132,547		46,094			(6,200	)		172,441	$	5,354,293	$	28,332	$	(10,899	)
iShares MSCI EAFE Small-Cap ETF		36,496		9,805			—			46,301	$	2,290,511		—		—
Master Small Cap Index Series	$	1,436,584	$	250,343	¹		—		$	1,686,927	$	1,686,927	$	4,466	$	(14,064	)
Russell 1000^® Index Master Portfolio	$	32,623,835	$	9,462,932	¹		—		$	42,086,767	$	42,086,767	$	172,487	$	223,082
¹ Represents net shares/beneficial interest purchased.

(b)

Represents the current yield as of report date.



MASTER INVESTMENT PORTFOLIO	MARCH 31, 2015	161


Schedule of Investments (concluded)		LifePath Index 2055 Master Portfolio

Fair Value Measurements — Various inputs are used in determining the fair value of investments. These inputs to valuation techniques are categorized into a disclosure hierarchy consisting of three broad levels for financial reporting purposes. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in
Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The categorization of a value determined for investments is based on the pricing transparency of the investment and is not necessarily an indication of the risks associated with investing in those securities. The three levels of the fair value hierarchy are as follows:

Level 1 — unadjusted quoted prices in active markets/exchanges for identical assets or liabilities that the LifePath Index Master Portfolio has the ability to access

As of March 31, 2015, the following table summarizes the LifePath Index Master Portfolio’s investments categorized in the disclosure hierarchy:


	Level 1		Level 2		Level 3	Total
Assets:
Investments:
Affiliated Investment Companies	$	23,757,898	$	57,569,571	—	$	81,327,469

During the period ended March 31, 2015, there were no transfers between levels.



162	MASTER INVESTMENT PORTFOLIO	MARCH 31, 2015

Schedule of Investments March 31, 2015 (Unaudited)

International TILTS Master Portfolio

(Percentages shown are based on Net Assets)


Common Stocks	Shares		Value
Australia — 5.6%
Amcor Ltd.		99,803	$	1,063,396
AusNet Services		32,831		36,437
Australia & New Zealand Banking Group Ltd.		271,708		7,558,965
Beach Energy Ltd.		82,577		63,550
BHP Billiton Ltd.		453,474		10,540,556
BlueScope Steel Ltd. (a)		15,080		47,799
Caltex Australia Ltd.		53,897		1,430,393
Challenger Ltd.		7,934		43,070
CSL Ltd.		247,722		17,331,206
CSR Ltd.		26,141		79,909
Dexus Property Group		34,001		195,746
Fairfax Media Ltd.		138,611		100,346
Flight Centre Travel Group Ltd. (b)		3,826		115,154
Independence Group NL		64,283		255,233
JB Hi-Fi Ltd. (b)		75,430		1,069,841
Liquefied Natural Gas Ltd. (a)		11,606		27,692
Macquarie Group Ltd.		41,634		2,420,034
Magellan Financial Group Ltd.		2,915		43,420
National Australia Bank Ltd.		80,381		2,353,096
Northern Star Resources Ltd.		26,640		46,054
Qantas Airways Ltd. (a)		740,630		1,756,703
Ramsay Health Care Ltd.		9,074		463,279
Rio Tinto Ltd.		17,113		741,506
Santos Ltd. (b)		127,543		689,930
Sydney Airport		16,135		63,494
Telstra Corp. Ltd.		1,976,197		9,486,645
Westfield Corp.		138,905		1,006,660
Westpac Banking Corp.		271,971		8,129,498
Woodside Petroleum Ltd.		473,804		12,413,156

				79,572,768
Austria — 0.2%
AMS AG		14,381		686,632
OMV AG (b)		5,497		150,791
Schoeller-Bleckmann Oilfield Equipment AG (b)		10,656		681,788
Voestalpine AG		21,532		787,642

				2,306,853
Belgium — 1.7%
Ageas		161,394		5,796,060
bpost SA		354,696		9,954,803
Delhaize Group		27,116		2,436,104
Groupe Bruxelles Lambert SA		8,355		692,706
Solvay SA		27,538		3,980,620
Umicore SA		11,376		475,121

				23,335,414
Bermuda — 0.1%
Catlin Group Ltd.		48,054		506,195
Common Stocks	Shares		Value
Denmark — 2.4%
A.P. Moeller — Maersk A/S, Class B (b)		132	$	275,910
Bavarian Nordic A/S (a)		2,909		148,604
Carlsberg A/S, Class B (b)		11,141		918,646
Coloplast A/S, Class B		20,946		1,582,368
Genmab A/S (a)		518		38,876
Jyske Bank A/S (a)		3,035		127,592
NKT Holding A/S		4,771		305,376
Novo Nordisk A/S, Class B		465,042		24,825,687
Novozymes A/S, Class B		2,720		124,165
Vestas Wind Systems A/S (b)		133,873		5,519,704

				33,866,928
Finland — 0.7%
Fortum OYJ		13,453		281,843
Kesko OYJ, Class B		41,193		1,758,566
Nokia OYJ		31,647		241,301
Sampo OYJ, Class A		111,749		5,636,440
UPM-Kymmene OYJ		112,771		2,190,797

				10,108,947
France — 6.0%
Alstom SA (a)		22,285		685,736
AtoS		12,074		831,128
AXA SA		174,453		4,390,839
BNP Paribas SA		113,449		6,902,919
CGG (a)(b)		10,703		60,728
Cie Generale des Etablissements Michelin		87,676		8,718,931
CNP Assurances		48,549		850,901
Credit Agricole SA		191,377		2,812,277
Danone SA		10,068		678,662
EDF		168,441		4,038,927
Essilor International SA		1,387		159,249
Euler Hermes SA		741		78,802
Faurecia		19,035		830,042
Fonciere Des Regions		926		91,696
GDF Suez		17,056		336,737
Havas SA		15,274		115,949
Hermes International		383		135,231
ICADE		8,240		744,445
Iliad SA		9,476		2,214,085
Imerys SA		591		43,364
Ingenico		353		38,717
Ipsen SA		1,224		57,915
Klepierre		717		35,209
Lagardere SCA		100,011		3,005,872
Metropole Television SA		193,265		3,875,825
Natixis		10,869		81,415
Pernod Ricard SA		229		27,077
Peugeot SA (a)		123,804		2,069,460
Plastic Omnium SA		11,479		302,522
Renault SA		13,008		1,181,517



MASTER INVESTMENT PORTFOLIO	MARCH 31, 2015	163

Schedule of Investments (continued)

International TILTS Master Portfolio

(Percentages shown are based on Net Assets)


Common Stocks	Shares		Value
France (concluded)
Safran SA		97,015	$	6,778,590
Sanofi		36,862		3,640,454
SCOR SE		30,305		1,022,118
Societe Generale SA		66,453		3,208,484
Solocal Group (a)		1,118,769		741,743
Technicolor SA, Registered Shares (a)		174,814		1,128,105
Technip SA		44,595		2,697,453
Thales SA		116,043		6,438,347
Total SA		179,392		8,917,039
Valeo SA		30,901		4,609,044
Wendel SA		3,840		457,710

				85,035,264
Germany — 11.9%
Aareal Bank AG		45,683		1,925,406
Aixtron SE (a)(b)		11,475		86,389
Allianz SE, Registered Shares		103,126		17,904,390
Aurubis AG		1,213		68,508
BASF SE		57,573		5,699,471
Bayerische Motoren Werke AG		929		115,693
Bayerische Motoren Werke AG, Preference Shares		607		56,066
Beiersdorf AG (b)		12,422		1,077,106
Commerzbank AG (a)		868,261		11,930,943
Continental AG		52,729		12,417,490
Deutsche Annington Immobilien SE		91,373		3,079,053
Deutsche Bank AG, Registered Shares		106,519		3,691,707
Deutsche Euroshop AG		2,403		119,342
Deutsche Post AG, Registered Shares		219,795		6,847,689
Deutsche Telekom AG, Registered Shares		329,305		6,023,124
Deutsche Wohnen AG, Bearer Shares		28,817		737,045
Deutz AG		76,395		321,171
Duerr AG		123,236		13,533,699
Evonik Industries AG		841		29,940
Freenet AG		8,301		249,457
Fresenius SE & Co. KGaA		208,553		12,433,200
Gerresheimer AG		4,170		229,513
Hochtief AG		11,964		905,283
Hugo Boss AG		14,058		1,707,930
Infineon Technologies AG (b)		27,036		321,645
K+S AG, Registered Shares		179,010		5,832,513
Kloeckner & Co. SE (a)		24,120		229,735
Krones AG		834		86,581
KUKA AG		9,723		745,077
LEG Immobilien AG (a)		46,443		3,684,095
Merck KGaA		25,328		2,834,655
Metro AG (b)		17,052		577,890
Common Stocks	Shares		Value
Germany (concluded)
Muenchener Rueckversicherungs AG, Registered Shares		10,019	$	2,152,904
Nordex SE (a)		179,670		3,626,787
Porsche Automobil Holding SE, Preference Shares		15,980		1,564,895
ProSiebenSat.1 Media AG, Registered Shares		118,852		5,813,395
RWE AG		49,233		1,253,469
Salzgitter AG (b)		43,323		1,256,107
Siemens AG, Registered Shares		79,101		8,555,102
Symrise AG		64,459		4,064,374
Talanx AG		17,889		560,273
Telefonica Deutschland Holding AG (a)(b)		1,244,971		7,159,117
TUI AG		280,512		4,915,664
United Internet AG, Registered Shares		119,606		5,428,822
Volkswagen AG		3,102		797,593
Volkswagen AG, Preference Shares		20,945		5,554,664
Wacker Chemie AG		290		33,474

				168,238,446
Hong Kong — 3.4%
AIA Group Ltd.		24,200		151,939
BOC Hong Kong Holdings Ltd.		80,500		287,100
Cheung Kong Infrastructure Holdings Ltd.		13,000		111,654
China Liquified Natural Gas Group Ltd.		2,260,000		389,938
CK Hutchison Holdings Ltd.		585,000		11,951,850
CLP Holdings Ltd.		215,500		1,883,496
Galaxy Entertainment Group Ltd.		150,000		681,051
Hang Lung Properties Ltd.		393,000		1,104,133
Henderson Land Development Co. Ltd.		89,000		625,231
HK Electric Investments & HK Electric Investments Ltd (c)		550,500		377,762
HKT Trust & HKT Ltd.		81,000		104,376
Hongkong Land Holdings Ltd.		252,400		1,905,620
Hutchison Whampoa Ltd.		883,000		12,239,127
Jardine Matheson Holdings Ltd.		7,200		454,977
Kerry Properties Ltd.		90,000		312,413
MGM China Holdings Ltd.		250,800		471,198
New World Development Co. Ltd.		537,000		622,566
Orient Overseas International Ltd.		5,000		30,521
Power Assets Holdings Ltd.		520,500		5,313,182
Sands China Ltd.		1,184,400		4,897,769
Sino Land Co. Ltd.		16,000		26,090
SJM Holdings Ltd.		1,024,000		1,337,419
Swire Properties Ltd.		211,600		687,243
Techtronic Industries Co.		67,500		227,569
Truly International Holdings		842,000		392,075
Wheelock & Co. Ltd.		284,000		1,451,262



164	MASTER INVESTMENT PORTFOLIO	MARCH 31, 2015

Schedule of Investments (continued)

International TILTS Master Portfolio

(Percentages shown are based on Net Assets)


Common Stocks	Shares		Value
Hong Kong (concluded)
Xinyi Glass Holdings Ltd.		48,000	$	29,616

				48,067,177
Ireland — 0.6%
DCC PLC		74,300		4,425,767
Glanbia PLC		5,079		94,288
James Hardie Industries SE		45,806		529,875
Kerry Group PLC, Class A		2,287		153,694
Paddy Power PLC		380		32,569
Shire PLC		46,164		3,680,335

				8,916,528
Isle of Man — 0.0%
Playtech PLC		13,864		159,469
Israel — 0.0%
Azrieli Group		1,693		69,652
Osem Investments Ltd.		1,553		31,056

				100,708
Italy — 1.1%
Assicurazioni Generali SpA		9,959		195,816
Autogrill SpA (a)		3,497		33,874
Banca Popolare di Milano Scarl (a)		65,752		66,346
Intesa Sanpaolo SpA		1,483,316		5,034,377
Mediobanca SpA		209,865		2,007,885
Parmalat SpA		299,562		800,642
Prada SpA (b)		54,200		328,737
Recordati SpA (b)		2,383		44,503
Saipem SpA (a)(b)		3,185		32,398
UniCredit SpA		902,628		6,120,985

				14,665,563
Japan — 24.2%
Alps Electric Co. Ltd.		12,500		300,992
Asahi Group Holdings Ltd.		390,500		12,382,146
Asahi Kasei Corp.		477,000		4,555,168
Astellas Pharma, Inc.		766,200		12,554,100
Bridgestone Corp.		56,500		2,262,255
Calbee, Inc.		75,900		3,294,979
Canon, Inc.		103,500		3,661,963
Casio Computer Co. Ltd. (b)		58,100		1,100,509
Chubu Electric Power Co., Inc.		30,600		364,872
Citizen Holdings Co. Ltd.		23,800		182,414
COLOPL, Inc. (b)		4,700		101,316
COMSYS Holdings Corp.		135,600		1,672,863
CyberAgent, Inc.		5,800		332,208
Daicel Corp.		226,000		2,693,809
Dainippon Screen Manufacturing Co. Ltd.		58,000		438,766
Daito Trust Construction Co. Ltd.		35,500		3,964,130
Daiwa House Industry Co. Ltd.		198,300		3,908,542
Disco Corp.		57,500		5,866,779
Don Quijote Co. Ltd.		3,000		243,865
Common Stocks	Shares		Value
Japan (continued)
Dowa Holdings Co. Ltd.		146,000	$	1,246,952
East Japan Railway Co.		17,500		1,402,345
Ebara Corp.		7,000		29,469
Electric Power Development Co. Ltd.		6,600		222,335
Enplas Corp.		11,300		451,955
Ezaki Glico Co. Ltd.		800		32,342
FANUC Corp.		72,900		15,915,070
Fast Retailing Co. Ltd.		3,300		1,275,972
Frontier Real Estate Investment Corp.		89		423,176
Fuji Electric Co. Ltd.		79,000		372,723
Fuji Heavy Industries Ltd.		341,900		11,349,791
Fujitsu General Ltd.		204,000		2,672,144
GMO internet, Inc.		2,600		31,942
GungHo Online Entertainment, Inc. (b)		40,900		159,776
Hankyu Hanshin Holdings, Inc.		149,000		920,433
Haseko Corp.		378,100		3,683,043
Hazama Ando Corp.		130,300		744,419
Hitachi Capital Corp.		5,300		111,869
Hitachi Metals Ltd.		28,000		429,144
Hoya Corp.		218,600		8,751,501
Hulic Co. Ltd.		5,000		56,180
Inpex Corp.		45,500		501,355
Isuzu Motors Ltd.		38,200		506,818
ITOCHU Corp.		6,000		64,931
Japan Airport Terminal Co. Ltd.		14,600		882,950
Japan Petroleum Exploration Co.		42,800		1,450,115
Japan Real Estate Investment Corp.		176		827,831
Japan Tobacco, Inc.		417,400		13,196,043
JTEKT Corp.		22,500		350,807
Kaken Pharmaceutical Co. Ltd.		2,000		57,819
Kanamoto Co. Ltd.		1,000		28,783
The Kansai Electric Power Co., Inc. (a)		27,000		257,334
Kao Corp.		71,700		3,580,268
Kawasaki Heavy Industries Ltd.		29,000		146,306
KDDI Corp.		405,500		9,161,268
Keyence Corp.		23,700		12,933,012
Kikkoman Corp.		116,000		3,678,275
Koito Manufacturing Co. Ltd.		4,100		123,282
Kose Corp.		600		33,091
KYB Co. Ltd.		130,000		475,302
Lawson, Inc. (b)		40,900		2,835,184
Leopalace21 Corp. (a)		5,400		28,267
Lintec Corp.		56,900		1,353,495
Maeda Road Construction Co. Ltd.		3,000		48,632
Makino Milling Machine Co. Ltd.		17,000		144,144
Mazda Motor Corp.		223,600		4,530,545
Micronics Japan Co. Ltd.		2,800		81,470
Minebea Co. Ltd.		16,000		251,655



MASTER INVESTMENT PORTFOLIO	MARCH 31, 2015	165

Schedule of Investments (continued)

International TILTS Master Portfolio

(Percentages shown are based on Net Assets)


Common Stocks	Shares		Value
Japan (continued)
Miraca Holdings, Inc.		3,000	$	137,919
Mitsubishi Chemical Holdings Corp.		79,700		462,664
Mitsubishi Corp.		151,700		3,048,235
Mitsubishi Electric Corp.		738,000		8,761,152
Mitsubishi Estate Co. Ltd.		36,000		834,910
Mitsubishi Gas Chemical Co., Inc.		57,000		280,513
Mitsubishi Motors Corp.		35,000		315,586
Mitsubishi UFJ Financial Group, Inc.		400,400		2,479,842
Mixi, Inc. (b)		3,600		145,527
Mizuho Financial Group, Inc.		4,214,000		7,406,005
Murata Manufacturing Co. Ltd.		117,600		16,151,083
Nexon Co. Ltd.		237,600		2,530,220
NGK Spark Plug Co. Ltd.		5,000		134,220
NH Foods Ltd.		477,000		10,991,810
Nihon M&A Center, Inc.		3,300		113,720
Nippo Corp.		6,000		98,903
Nippon Building Fund, Inc.		36		176,851
Nippon Kayaku Co. Ltd.		10,000		125,206
Nippon Paper Industries Co. Ltd. (b)		1,900		28,552
Nippon Sheet Glass Co. Ltd. (a)		30,000		29,411
Nippon Steel & Sumitomo Metal		365,000		917,757
Nippon Suisan Kaisha Ltd.		8,800		26,698
Nippon Telegraph & Telephone Corp.		121,900		7,525,011
Nishimatsu Construction Co. Ltd. (b)		41,000		145,174
Nissan Chemical Industries Ltd.		84,100		1,737,916
Nissan Motor Co. Ltd. (b)		1,381,800		14,053,657
Nisshin Steel Holdings Co. Ltd.		5,100		63,658
Nissin Foods Holdings Co. Ltd.		5,900		289,961
NOK Corp.		1,200		36,081
Nomura Holdings, Inc.		672,700		3,951,190
Nomura Real Estate Holdings, Inc.		154,900		2,789,619
NSK Ltd.		35,200		513,764
Obic Co. Ltd.		69,800		2,959,892
Oki Electric Industry Co. Ltd.		1,065,000		2,204,588
OKUMA Corp.		8,000		74,187
Omron Corp.		64,300		2,896,661
Oriental Land Co. Ltd.		51,500		3,899,481
ORIX Corp.		520,100		7,307,987
OSAKA Titanium Technologies Co. Ltd.		1,200		25,415
OSG Corp.		30,900		600,921
Otsuka Holdings Co. Ltd.		55,100		1,723,729
Pacific Metals Co. Ltd. (a)		19,000		51,712
Resona Holdings, Inc.		723,900		3,592,546
Sawai Pharmaceutical Co. Ltd.		600		35,531
Seiko Epson Corp. (b)		14,600		258,586
Seiko Holdings Corp.		80,000		403,288
Sekisui Chemical Co. Ltd.		5,000		64,875
Common Stocks	Shares		Value
Japan (concluded)
Senshu Ikeda Holdings, Inc.		77,900	$	369,904
Seven & I Holdings Co. Ltd.		24,900		1,046,379
Shimano, Inc.		11,100		1,649,483
Shin-Etsu Chemical Co. Ltd.		9,000		587,593
Shinsei Bank Ltd. (b)		260,000		516,968
Shionogi & Co. Ltd.		148,000		4,927,000
SHO-BOND Holdings Co. Ltd.		2,200		96,686
Showa Shell Sekiyu KK		7,100		64,848
Sojitz Corp.		92,600		154,803
Sotetsu Holdings, Inc.		14,000		64,848
Start Today Co. Ltd.		2,900		76,342
Sumitomo Dainippon Pharma Co. Ltd. (b)		37,600		445,342
Sumitomo Electric Industries Ltd.		47,900		627,895
Sumitomo Metal Mining Co. Ltd.		204,000		2,981,609
Sumitomo Mitsui Trust Holdings, Inc.		2,325,000		9,658,221
Tadano Ltd.		321,000		4,310,290
Taiheiyo Cement Corp.		511,000		1,560,234
Taiyo Yuden Co Ltd.		3,700		53,956
Takata Corp. (b)		20,600		225,114
TDK Corp.		3,800		269,068
Temp Holdings Co. Ltd.		1,400		48,305
THK Co. Ltd.		1,400		35,575
Tohoku Electric Power Co., Inc.		15,600		177,191
Tokio Marine Holdings, Inc.		370,000		13,966,317
The Tokyo Electric Power Co., Inc. (a)		149,400		565,471
Tokyo Steel Manufacturing Co. Ltd. (b)		214,400		1,433,886
Tokyo Tatemono Co. Ltd.		19,000		139,200
Toshiba Corp.		427,000		1,789,157
Tosoh Corp.		221,000		1,113,173
Toyota Motor Corp.		82,300		5,744,846
Trend Micro, Inc.		66,700		2,197,798
TS Tech Co. Ltd.		37,300		1,005,807
Unicharm Corp.		8,700		227,766
United Arrows Ltd. (b)		5,400		160,282
West Japan Railway Co.		30,800		1,614,856
Yamaha Motor Co. Ltd.		19,600		472,176
Zeon Corp.		213,000		1,965,128

				342,438,970
Jersey — 0.0%
Phoenix Group Holdings		2,756		33,157
Netherlands — 2.7%
Aegon NV		310,081		2,448,295
ASM International NV		45,909		2,116,635
Euronext NV (a)(c)		749		31,652
Heineken Holding NV		10,441		718,492
Heineken NV		49,192		3,754,662
Koninklijke Ahold NV		129,315		2,548,264
NN Group NV (a)		27,580		781,886



166	MASTER INVESTMENT PORTFOLIO	MARCH 31, 2015

Schedule of Investments (continued)

International TILTS Master Portfolio

(Percentages shown are based on Net Assets)


Common Stocks	Shares		Value
Netherlands (concluded)
Reed Elsevier NV		72,873	$	1,815,820
Royal Dutch Shell PLC, A Shares		496,871		14,793,988
Royal Dutch Shell PLC, Class B		251,903		7,846,853
Wereldhave NV		3,210		215,703
Wolters Kluwer NV		37,999		1,240,844

				38,313,094
New Zealand — 0.0%
Auckland International Airport Ltd.		12,753		42,836
Contact Energy Ltd.		10,113		45,159
Kiwi Property Group Ltd.		35,696		34,543
Vector Ltd.		27,948		64,353

				186,891
Norway — 0.8%
Akastor ASA (b)		12,997		26,109
Aker Solutions ASA (a)(b)		21,615		112,173
BW LPG Ltd. (c)		24,239		194,930
DNO ASA (a)(b)		54,874		71,567
Fred Olsen Energy ASA (b)		122,246		874,269
Norsk Hydro ASA		656,463		3,450,586
Petroleum Geo-Services ASA (b)		18,827		96,589
Seadrill Ltd. (b)		49,927		467,496
Statoil ASA		199,302		3,523,937
Subsea 7 SA (b)		39,701		340,921
Telenor ASA		77,848		1,571,002
Yara International ASA		20,375		1,034,497

				11,764,076
Portugal — 0.1%
CTT — Correios de Portugal SA		120,006		1,284,930
Galp Energia SGPS SA		5,203		56,267

				1,341,197
Singapore — 2.4%
CapitaCommercial Trust		466,800		600,870
CapitaLand Ltd.		887,500		2,313,332
City Developments Ltd.		11,000		80,627
ComfortDelGro Corp. Ltd.		2,021,200		4,257,892
DBS Group Holdings Ltd.		134,400		1,992,863
Ezion Holdings Ltd. (b)		423,900		330,903
Golden Agri-Resources Ltd.		212,700		65,822
Keppel Corp. Ltd.		17,600		115,316
M1, Ltd.		43,100		122,245
Noble Group Ltd.		8,954,300		5,997,923
Oversea-Chinese Banking Corp. Ltd.		802,500		6,179,576
Singapore Airlines Ltd.		318,300		2,771,292
Singapore Technologies Engineering Ltd.		146,500		371,508
Singapore Telecommunications Ltd.		744,900		2,377,004
United Overseas Bank Ltd.		90,200		1,511,946
Common Stocks	Shares		Value
Singapore (concluded)
UOL Group Ltd.		52,000	$	289,400
Wilmar International Ltd.		114,000		270,634
Yangzijiang Shipbuilding Holdings Ltd.		3,776,200		3,471,784

				33,120,937
Spain — 5.5%
Abengoa SA, B Shares		122,455		443,757
Abertis Infraestructuras SA (b)		29,088		525,753
ACS Actividades de Construccion y Servicios SA		131,777		4,664,155
Amadeus IT Holding SA, Class A		358,877		15,380,425
Banco de Sabadell SA (b)		185,788		453,946
Banco Popular Espanol SA		404,069		1,976,362
Bankinter SA (b)		156,401		1,192,456
CaixaBank SA		892,089		4,230,691
Distribuidora Internacional de Alimentacion SA		30,255		236,109
Ebro Foods SA		9,205		171,663
EDP Renovaveis SA (b)		12,578		86,452
Fomento de Construcciones y Contratas SA (a)		3,698		45,035
Gamesa Corp. Tecnologica SA (a)		490,803		6,180,943
Grifols SA (b)		61,181		2,621,527
Iberdrola SA		2,248,283		14,498,173
Inmobiliaria Colonial SA (a)		87,924		59,373
International Consolidated Airlines Group SA (a)		36,372		325,889
Mediaset Espana Comunicacion SA (a)		31,354		392,512
Repsol SA		583,109		10,854,775
Sacyr SA (a)		195,677		821,108
Tecnicas Reunidas SA		1,893		79,456
Telefonica SA		879,026		12,508,103
Viscofan SA (b)		2,000		122,197

				77,870,860
Sweden — 3.7%
Boliden AB		1,928		38,193
Castellum AB		22,080		333,677
Hemfosa Fastigheter AB (a)		1,129		25,746
Hennes & Mauritz AB, Class B		266,737		10,807,574
Intrum Justitia AB		350,025		9,819,780
Investment AB Kinnevik, Class B		24,274		810,322
Investor AB, Class B		47,443		1,888,554
Peab AB		39,709		313,085
Skandinaviska Enskilda Banken AB, Class A		1,138,751		13,291,195
Svenska Cellulosa AB, B Shares		14,489		332,940
Swedish Match AB		17,507		514,752



MASTER INVESTMENT PORTFOLIO	MARCH 31, 2015	167

Schedule of Investments (continued)

International TILTS Master Portfolio

(Percentages shown are based on Net Assets)


Common Stocks	Shares		Value
Sweden (concluded)
Telefonaktiebolaget LM Ericsson, Class B		1,159,237	$	14,554,146

				52,729,964
Switzerland — 9.1%
ABB Ltd., Registered Shares (a)		73,868		1,567,036
Actelion Ltd., Registered Shares (a)		29,437		3,395,073
Aryzta AG (a)		21,208		1,300,108
Baloise Holding AG, Registered Shares		65,892		8,708,094
BB Biotech AG, Registered Shares (a)(b)		1,433		436,321
Credit Suisse Group AG, Registered Shares (a)		80,145		2,156,215
EMS-Chemie Holding AG, Registered Shares		3,081		1,252,855
Flughafen Zuerich AG, Registered Shares		2,485		1,955,184
Geberit AG, Registered Shares		26,412		9,883,780
Georg Fischer AG, Registered Shares		1,793		1,224,539
Glencore PLC (a)		151,893		641,252
Kuehne & Nagel International AG, Registered Shares		19,691		2,923,551
Lindt & Spruengli AG, Registered Shares (a)		1		63,261
Logitech International SA, Registered Shares		2,666		35,109
Lonza Group AG, Registered Shares (a)		9,278		1,155,092
Nestle SA, Registered Shares		156,133		11,757,185
Novartis AG, Registered Shares		108,457		10,704,758
Pargesa Holding SA, Bearer Shares		182		12,773
Partners Group Holding AG		320		95,401
PSP Swiss Property AG, Registered Shares (a)		1,031		97,169
Roche Holding AG		110,596		30,390,898
Sika AG — Bearer Shares		918		3,286,849
Swiss Life Holding AG, Registered Shares		55,998		13,834,127
Swiss Prime Site AG, Registered Shares (a)		5,169		448,811
Swiss Re AG		184,757		17,821,276
Swisscom AG, Registered Shares		4,197		2,433,798
Syngenta AG, Registered Shares		1,541		523,521
Transocean Ltd. (b)		18,643		268,587
UBS Group AG (a)		5,099		95,612

				128,468,235
United Kingdom — 13.8%
Acacia Mining PLC		69,931		271,080
Anglo American PLC		7,253		108,323
AstraZeneca PLC		132,083		9,063,331
Common Stocks	Shares		Value
United Kingdom (continued)
Aviva PLC		52,611	$	421,039
Babcock International Group PLC		268,184		3,912,231
Barclays PLC		1,089,327		3,931,953
Berkeley Group Holdings PLC		1,240		48,454
BG Group PLC		149,594		1,836,078
BHP Billiton PLC		233,432		5,122,737
BP PLC		1,231,213		7,980,920
British American Tobacco PLC		56,963		2,949,773
Britvic PLC		599,331		6,506,696
BT Group PLC		1,933,261		12,562,028
BTG PLC (a)		9,621		101,742
Capita PLC		93,647		1,548,059
Centrica PLC		1,716,282		6,419,419
Close Brothers Group PLC		69,114		1,594,206
Daily Mail & General Trust PLC, Non-Voting A Shares		9,368		122,541
Derwent London PLC		10,391		526,595
Diageo PLC		171,283		4,733,291
Dixons Carphone PLC		199,715		1,221,424
easyJet PLC		120,438		3,351,959
Fiat Chrysler Automobiles NV (a)		739,624		12,007,107
Friends Life Group Ltd.		10,769		65,928
GlaxoSmithKline PLC		155,531		3,580,314
Hammerson PLC		104,443		1,028,571
Henderson Group PLC		141,018		590,146
Hikma Pharmaceuticals PLC		1,046		32,922
Howden Joinery Group PLC		339,155		2,226,009
HSBC Holdings PLC		2,296,551		19,569,868
IG Group Holdings PLC		24,327		255,446
Imperial Tobacco Group PLC		48,810		2,141,112
Inchcape PLC		58,209		684,310
Indivior PLC (a)		9,229		26,012
Intermediate Capital Group PLC		58,870		439,094
ITV PLC		2,472,196		9,256,014
J. Sainsbury PLC (b)		986,238		3,784,603
Legal & General Group PLC		557,269		2,295,026
Lloyds Banking Group PLC (a)		10,595,853		12,282,037
Mondi PLC		2,400		46,121
National Grid PLC		22,404		288,027
Ophir Energy PLC (a)		14,845		29,638
Pace PLC		11,842		60,409
Paragon Group of Cos. PLC		190,239		1,188,938
Polyus Gold International Ltd. (b)		42,089		116,998
Premier Oil PLC		19,443		37,816
Provident Financial PLC		34,848		1,390,131
Qinetiq Group PLC		182,018		514,848
Reckitt Benckiser Group PLC		10,700		919,190
Rightmove PLC		27,423		1,216,587
Rio Tinto PLC		98,277		4,052,632
SABMiller PLC		51,271		2,685,665
Schroders PLC		40,032		1,896,374
Sky PLC		715,134		10,521,040
Spirax-Sarco Engineering PLC		21,245		1,074,243



168	MASTER INVESTMENT PORTFOLIO	MARCH 31, 2015

Schedule of Investments (continued)

International TILTS Master Portfolio

(Percentages shown are based on Net Assets)


Common Stocks	Shares		Value
United Kingdom (concluded)
SSE PLC		469,224	$	10,413,457
Standard Chartered PLC		168,796		2,733,940
Standard Life PLC		330,889		2,325,054
Tate & Lyle PLC		329,214		2,917,927
Thomas Cook Group PLC (a)		399,711		860,761
Tullow Oil PLC		16,152		67,712
Unilever PLC		7,488		312,425
United Utilities Group PLC		7,361		101,782
Vedanta Resources PLC		77,997		576,286
Vodafone Group PLC		1,413,590		4,625,722

				195,572,121
Total Common Stocks — 96.0%				1,356,719,762



Rights
Spain — 0.0%
Banco de Sabadell SA (Expires 4/17/15) (a)(b)		174,647		44,318
Telefonica SA (Expires 4/10/15) (a)		826,755		133,345

Total Rights — 0.0%				177,663
			Value
Total Long-Term Investments (Cost — $1,333,030,905) — 96.0%			$	1,356,897,425



Short-Term Securities	Shares
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.15% (d)(e)		10,030,804		10,030,804
BlackRock Cash Funds: Prime, SL Agency Shares, 0.12% (d)(e)(f)		25,808,346		25,808,346
Co,CTotal Short-Term Securities (Cost — $35,839,150) — 2.5%				35,839,150
Total Investments (Cost — $1,368,870,055*) — 98.5%				1,392,736,575
Other Assets Less Liabilities — 1.5%				20,877,074

Net Assets — 100.0%			$	1,413,613,649

As of March 31, 2015, gross unrealized appreciation and depreciation based on cost for federal income tax purposes were as follows:


Tax cost	$	1,378,372,712

Gross unrealized appreciation	$	90,385,085
Gross unrealized depreciation		(76,021,222	)

Net unrealized appreciation	$	14,363,863

Notes to Schedule of Investments

(a)

Non-income producing security.

(b)

Security, or a portion of security, is on loan.

(c)

(d)


Affiliate	Shares Held at December 31, 2014		Net Activity		Shares Held at March 31, 2015		Income
BlackRock Cash Funds: Institutional, SL Agency Shares		5,215,771		4,815,033		10,030,804	$	4,236
BlackRock Cash Funds: Prime, SL Agency Shares		3,749,270		22,059,076		25,808,346	$	118,941

(e)

Represents the current yield as of report date.

(f)

All or a portion of security was purchased with the cash collateral from loaned securities.



MASTER INVESTMENT PORTFOLIO	MARCH 31, 2015	169


Schedule of Investments (continued)		International TILTS Master Portfolio

Portfolio Abbreviations


FTSE		Financial Times Stock Exchange
USD		U.S. Dollar

As of March 31, 2015, financial futures contracts outstanding were as follows:


Contracts Long		Issue	Exchange	Expiration	Notional Value			Unrealized Appreciation (Depreciation)
	35	SPI 200 Index	Australian Securities Exchange	June 2015		USD	3,922,688	$	26,359
	102	FTSE 100 Index	Euronext Life	June 2015		USD	10,178,408		(31,478	)
	125	Yen Denom Nikkei Index	Chicago Mercantile	June 2015		USD	10,015,842		174,581
	477	Euro Stoxx 50 Index	Eurex Mercantile	June 2015		USD	18,623,196		6,249
	Total							$	175,711

Level 1 — unadjusted quoted prices in active markets/exchanges for identical assets or liabilities that the Master Portfolio has the ability to access

Changes in valuation techniques may result in transfers into or out of an assigned level within the disclosure hierarchy. In accordance with the Master Portfolio’s policy, transfers between different levels of the fair value disclosure hierarchy are deemed to have occurred as of the beginning of the reporting period. For information about the Master Portfolio’s policy regarding valuation of investments and derivative financial instruments, please refer to the Master Portfolio’s most recent financial statements as contained in its annual report.



170	MASTER INVESTMENT PORTFOLIO	MARCH 31, 2015


Schedule of Investments (continued)		International TILTS Master Portfolio

As of March 31, 2015, the following tables summarize the Master Portfolio’s investments and derivative financial instruments categorized in the disclosure hierarchy:


	Level 1			Level 2		Level 3	Total
Assets:
Investments:
Common Stocks:
Australia		—		$	79,572,768	—	$	79,572,768
Austria		—			2,306,853	—		2,306,853
Belgium		—			23,335,414	—		23,335,414
Bermuda		—			506,195	—		506,195
Denmark		—			33,866,928	—		33,866,928
Finland		—			10,108,947	—		10,108,947
France	$	2,387,949			82,647,315	—		85,035,264
Germany		—			168,238,446	—		168,238,446
Hong Kong		2,779,833			45,287,344	—		48,067,177
Ireland		280,551			8,635,977	—		8,916,528
Isle of Man		—			159,469	—		159,469
Israel		—			100,708	—		100,708
Italy		—			14,665,563	—		14,665,563
Jersey		—			33,157	—		33,157
Japan		—			342,438,970	—		342,438,970
Netherlands		—			38,313,094	—		38,313,094
New Zealand		64,353			122,538	—		186,891
Norway		—			11,764,076	—		11,764,076
Portugal		—			1,341,197	—		1,341,197
Singapore		—			33,120,937	—		33,120,937
Spain		—			77,870,860	—		77,870,860
Sweden		—			52,729,964	—		52,729,964
Switzerland		—			128,468,235	—		128,468,235
United Kingdom		2,943,939			192,628,182	—		195,572,121
Rights		177,663			—	—		177,663
Short-Term Securities		35,839,150			—	—		35,839,150

Total	$	44,473,438		$	1,348,263,137	—	$	1,392,736,575


	Level 1			Level 2		Level 3	Total
Derivative Financial Instruments¹
Assets:
Equity contracts	$	207,189			—	—	$	207,189

Liabilities:
Equity contracts		(31,478	)		—	—		(31,478	)

Total	$	175,711			—	—	$	175,711

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



MASTER INVESTMENT PORTFOLIO	MARCH 31, 2015	171


Schedule of Investments (concluded)		International TILTS Master Portfolio


	Level 1		Level 2			Level 3	Total
Assets:
Cash pledged for financial futures contracts	$	2,076,000		—		—	$	2,076,000
Foreign currency at value		29,854,005		—		—		29,854,005
Liabilities:
Collateral on securities loaned at value		—	$	(25,808,346	)	—		(25,808,346	)

Total	$	31,930,005	$	(25,808,346	)	—	$	6,121,659

During the period ended December 31, 2014, there were no transfers between levels.



172	MASTER INVESTMENT PORTFOLIO	MARCH 31, 2015

Schedule of Investments March 31, 2015 (Unaudited)

Money Market Master Portfolio

(Percentages shown are based on Net Assets)


Certificates of Deposit	Par (000)		Value
Domestic — 4.4%
Bank of America N.A.:
0.26%, 5/26/15	$	186,500	$	186,500,000
0.24%, 6/12/15		100,000		100,000,000
0.23%, 7/07/15		200,000		200,000,000
State Street Bank & Trust (a):
0.30%, 10/01/15		149,000		149,000,000
0.31%, 10/23/15		215,250		215,250,000
Wells Fargo Bank NA (a):
0.26%, 7/09/15		134,000		134,000,000
0.26%, 7/23/15		50,000		50,003,349
0.29%, 9/08/15		150,000		150,000,000
0.28%, 11/30/15		132,924		132,924,000
0.29%, 12/08/15		102,750		102,750,000
0.31%, 2/12/16		100,000		100,000,000
0.31%, 2/18/16		150,000		150,000,000
0.32%, 4/01/16		177,500		177,500,000

				1,847,927,349
Yankee (b) — 26.6%
Bank of Montreal, Chicago:
0.26%, 6/03/15 (a)		105,000		105,000,544
0.19%, 6/16/15		250,000		250,000,000
0.26%, 7/06/15 (a)		100,000		100,001,473
0.25%, 7/21/15 (a)		150,000		150,000,000
0.98%, 8/07/15 (a)		75,000		75,000,000
0.27%, 10/09/15 (a)		100,000		100,000,000
0.27%, 10/13/15 (a)		100,000		100,000,000
0.28%, 10/13/15 (a)		75,000		75,000,000
0.29%, 12/10/15 (a)		200,000		200,000,000
Bank of Nova Scotia, Houston (a):
0.31%, 9/11/15		45,885		45,967,111
0.26%, 10/07/15		150,000		150,000,000
0.26%, 10/08/15		150,000		150,000,000
0.26%, 11/06/15		65,000		65,000,000
0.32%, 4/15/16		92,000		92,000,000
Bank of Tokyo Mitsubishi UFJ Ltd., New York, 0.26%, 7/02/15		250,000		250,000,000
BNP Paribas SA, New York:
0.26%, 5/05/15		150,000		150,000,000
0.34%, 7/07/15 (a)		100,000		100,036,106
Canadian Imperial Bank of Commerce, New York (a):
0.25%, 5/20/15		55,000		55,000,000
0.33%, 6/01/15		553,015		553,015,000
0.25%, 6/17/15		75,000		75,000,000
0.26%, 8/21/15		48,685		48,684,053
0.26%, 10/21/15		150,000		150,000,000
0.28%, 1/26/16		97,100		97,100,000
Credit Agricole Corporate & Investment Bank, New York, 0.29%, 5/04/15		300,000		300,000,000


Certificates of Deposit	Par (000)		Value
Credit Industriel et Commercial, New York:
0.30%, 4/16/15	$	152,250	$	152,250,000
0.30%, 5/15/15		225,000		225,000,000
0.32%, 6/08/15		123,500		123,500,000
0.39%, 9/03/15		100,000		100,000,000
Mitsubishi UFJ Trust & Banking Corp., New York:
0.25%, 4/02/15		100,000		100,000,000
0.26%, 4/06/15		100,000		100,000,000
0.25%, 5/12/15		25,000		25,000,000
0.32%, 8/06/15 (a)		250,000		250,000,000
Mizuho Bank Ltd., New York:
0.25%, 4/14/15		300,000		300,000,000
0.25%, 4/21/15		250,000		250,000,000
0.25%, 4/23/15		150,000		150,000,000
0.25%, 5/11/15		200,000		200,000,000
0.25%, 5/28/15		100,000		100,000,000
National Bank of Canada, New York (a):
0.36%, 6/09/15		244,900		244,900,000
0.28%, 9/18/15		218,500		218,500,000
0.31%, 12/24/15		265,000		265,000,000
Natixis, New York :
0.28%, 5/05/15		281,500		281,500,000
0.28%, 6/03/15		209,500		209,500,000
0.28%, 7/01/15		400,000		400,000,000
Norinchukin Bank, New York:
0.24%, 5/22/15		249,500		249,500,000
0.26%, 6/05/15		200,000		200,000,000
0.28%, 7/02/15		200,000		200,000,000
0.31%, 7/16/15 (a)		206,000		206,000,000
Rabobank Nederland, New York:
0.32%, 6/12/15		279,000		279,000,000
0.27%, 12/21/15		285,000		285,000,000
0.27%, 8/18/15		135,500		135,500,000
Royal Bank of Canada, New York (a):
0.26%, 10/14/15		127,900		127,900,000
0.26%, 11/10/15		65,000		65,000,000
0.28%, 3/16/16		200,000		200,000,000
Sumitomo Mitsui Banking Corp., New York:
0.25%, 4/02/15		200,000		200,000,000
0.31%, 8/25/15 (a)		175,000		175,000,000
Sumitomo Mitsui Trust Bank Ltd., New York:
0.27%, 5/07/15		200,000		200,000,000
0.27%, 6/08/15		250,000		250,000,000
0.32%, 7/08/15		200,000		200,000,000
Toronto-Dominion Bank, New York:
0.24%, 4/22/15		185,000		185,000,000
0.24%, 7/16/15		75,275		75,276,105
0.30%, 8/10/15		200,000		200,000,000



MASTER INVESTMENT PORTFOLIO	MARCH 31, 2015	173

Schedule of Investments (continued)

Money Market Master Portfolio

(Percentages shown are based on Net Assets)


Certificates of Deposit	Par (000)		Value
Yankee (b) (concluded)
Toronto-Dominion Bank, New York:
0.24%, 10/06/15 (a)	$	50,000	$	50,000,000
0.26%, 11/10/15 (a)		135,000		135,000,000
0.27%, 1/26/16 (a)		150,000		150,000,000
0.28%, 2/25/16 (a)		100,000		100,000,000
Westpac Banking Corp., New York, 0.27%, 10/28/15 (a)		150,000		150,000,000

				11,150,130,392
Total Certificates of Deposit — 31.0%				12,998,057,741



Commercial Paper
ABN Amro Funding USA LLC, 0.25%, 4/14/15 (c)		73,000		72,993,410
ANZ New Zealand International Ltd. (a):
0.30%, 9/08/15		142,500		142,500,000
0.28%, 10/01/15 (d)		150,000		150,000,000
0.28%, 11/05/15 (d)		200,000		200,000,000
Aspen Funding Corp., 0.25%, 4/01/15 (c)		74,000		74,000,000
Atlantic Asset Securitization LLC, 0.23%, 5/12/15 (c)		92,540		92,515,760
Australia & New Zealand Banking Group Ltd. (a):
0.27%, 4/28/15		100,000		100,000,000
0.26%, 5/08/15		75,000		75,000,000
0.27%, 5/12/15 (d)		75,000		75,000,000
0.27%, 11/13/15		100,000		100,000,000
Bank of Nova Scotia:
0.26%, 7/20/15 (c)		75,000		74,941,562
0.26%, 8/03/15 (c)		125,000		124,888,056
0.27%, 8/21/15 (c)		75,000		74,921,604
0.29%, 12/09/15 (a)(d)		185,000		185,000,000
Bank of Tokyo-Mitsubishi UFJ Ltd., New York, 0.20%, 5/06/15 (c)		75,000		74,985,417
Bedford Row Funding Corp.:
0.30%, 8/05/15 (c)(d)		100,000		99,895,000
0.29%, 10/01/15 (a)(d)		7,000		7,000,000
0.30%, 11/20/15 (a)		24,750		24,750,000
0.29%, 2/05/16 (a)		100,000		100,000,000
0.31%, 2/26/16 (a)		65,000		65,000,000
0.32%, 3/07/16 (a)(d)		50,000		50,000,000
BNP Paribas Finance, Inc. (c):
0.30%, 4/06/15		113,500		113,495,271
0.25%, 5/26/15		200,000		199,923,611
BPCE SA, 0.28%, 5/01/15 (c)		156,500		156,463,483
Cafco LLC, 0.29%, 6/25/15 (c)		85,000		84,941,799


Commercial Paper	Par (000)		Value
Chariot Funding LLC (c):
0.27%, 7/02/15 (d)	$	73,850	$	73,799,043
0.28%, 8/27/15		40,000		39,953,956
Charta LLC, 0.29%, 6/25/15 (c)		87,000		86,940,429
Collateralized Commercial Paper Co. LLC (c):
0.39%, 5/21/15		113,410		113,348,570
0.38%, 6/22/15		100,000		99,913,444
0.30%, 7/01/15		150,000		149,886,250
0.46%, 10/13/15		200,000		199,501,667
Commonwealth Bank of Australia (a):
0.26%, 5/18/15		143,000		143,002,605
0.26%, 6/15/15 (d)		210,000		210,000,000
0.24%, 7/20/15		110,000		109,998,585
0.26%, 7/23/15 (d)		100,000		99,998,430
0.26%, 10/23/15		155,000		155,000,000
0.28%, 10/29/15		72,000		71,996,221
0.27%, 2/26/16		150,000		150,000,000
CRC Funding LLC (c):
0.25%, 5/04/15		20,000		19,995,417
0.25%, 5/08/15		25,000		24,993,576
Credit Suisse, New York, 0.27%, 7/02/15 (c)		150,000		149,896,500
DNB Bank ASA (c):
0.23%, 4/07/15		175,000		174,993,292
0.23%, 4/28/15		100,000		99,982,750
Fortis Funding LLC, 0.03%, 4/01/15 (c)		250,000		250,000,000
Gemini Securitization Corp. LLC, 0.24%, 4/01/15 (c)		75,000		75,000,000
General Electric Capital Corp. (c):
0.24%, 6/11/15		101,500		101,451,957
0.24%, 6/12/15		175,000		174,916,000
0.25%, 7/27/15		150,000		149,878,125
Home Depot, Inc., 0.08%, 4/02/15 (c)		5,600		5,599,988
HSBC Bank PLC (a):
0.24%, 5/07/15		135,000		135,000,000
0.24%, 5/08/15		66,500		66,500,000
0.24%, 7/06/15		175,000		175,000,000
0.26%, 10/16/15		219,000		219,000,107
0.26%, 10/23/15 (d)		119,500		119,500,000
ING US Funding LLC (c):
0.23%, 4/07/15		250,000		249,990,417
0.24%, 5/06/15		200,000		199,953,333
0.24%, 5/11/15		149,500		149,460,133
0.24%, 5/12/15		150,000		149,959,000
0.25%, 6/03/15		200,000		199,912,500
0.27%, 6/09/15		200,000		199,896,500
0.30%, 7/06/15		75,000		74,940,000
Jupiter Securitization Co. LLC, 0.28%, 8/27/15 (c)		45,000		44,948,200



174	MASTER INVESTMENT PORTFOLIO	MARCH 31, 2015

Schedule of Investments (continued)

Money Market Master Portfolio

(Percentages shown are based on Net Assets)


Commercial Paper	Par (000)		Value
Kells Funding LLC:
0.26%, 4/10/15 (a)(d)	$	100,000	$	100,000,000
0.22%, 4/16/15 (a)(d)		39,250		39,250,316
0.27%, 4/23/15 (a)(d)		165,000		165,000,000
0.19%, 6/26/15 (c)		50,000		49,977,306
0.28%, 10/09/15 (a)(d)		150,000		149,990,892
LMA Americas LLC (c):
0.25%, 5/14/15 (d)		50,000		49,985,069
0.25%, 5/22/15		93,100		93,067,027
Matchpoint Master Trust, 0.32%, 5/27/15 (c)		184,000		183,908,409
Mitsubishi UFJ Trust and Banking Corp., 0.27%, 5/26/15 (c)		100,000		99,958,750
National Australia Funding Delaware, Inc., (a)(d)
0.26%, 8/11/15		150,000		150,000,000
0.24%, 8/18/15		150,000		149,994,694
National Australia Bank Ltd. (a):
0.27%, 10/08/15		150,000		150,000,000
0.26%, 11/04/15 (d)		100,000		100,000,729
0.26%, 11/04/15		200,000		200,000,000
0.26%, 11/09/15 (d)		200,000		200,000,000
Nederlandse Waterschapsbank NV, 0.32%, 12/22/15 (a)		50,000		50,000,000
Nordea Bank AB (c):
0.22%, 4/02/15		75,000		74,999,531
0.22%, 4/16/15 (d)		75,000		74,992,969
0.22%, 4/27/15		50,000		49,992,236
0.24%, 7/06/15		150,000		149,902,000
Old Line Funding LLC (c):
0.22%, 4/17/15 (d)		99,000		98,990,320
0.25%, 6/22/15		52,000		51,970,389
0.27%, 6/24/15		50,000		49,968,500
0.27%, 6/25/15		110,000		109,929,875
0.27%, 7/06/15		72,951		72,898,475
Salisbury Receivables Co. LLC, 0.30%, 4/28/15 (c)(d)		100,000		99,977,500
Skandinaviska Enskilda Banken AB (c):
0.26%, 4/02/15 (d)		100,000		99,999,292
0.26%, 4/07/15		50,000		49,997,875
0.26%, 5/04/15		100,000		99,976,625
0.25%, 6/22/15		214,350		214,229,405
Sumitomo Mitsui Banking Corp. (c):
0.24%, 4/16/15		78,000		77,992,200
0.27%, 7/02/15		250,000		249,827,500
Sumitomo Mitsui Trust Bank Ltd., 0.26%, 4/06/15 (c)		100,000		99,996,389
Suncorp Group Ltd., 0.28%, 4/21/15 (c)		1,500		1,499,767


Commercial Paper	Par (000)		Value
Svenska Handelsbanken, Inc., New York (c):
0.22%, 4/01/15	$	100,000	$	100,000,000
0.26%, 7/02/15		150,000		149,900,333
Thunder Bay Funding LLC:
0.25%, 6/22/15 (c)		85,000		84,951,597
0.27%, 8/03/15 (c)		9,000		8,991,630
0.11%, 12/14/15 (a)		45,000		45,000,000
Toyota Credit Canada Inc. (c):
0.30%, 5/06/15		50,000		49,985,417
0.30%, 5/07/15		50,000		49,985,000
0.27%, 7/30/15		55,000		54,950,500
Toyota Motor Credit Corp. (c):
0.23%, 6/08/15		150,000		149,934,833
0.25%, 7/30/15		45,000		44,962,500
Westpac Banking Corp., New York (a):
0.26%, 4/09/15 (d)		160,000		160,000,000
0.27%, 4/23/15 (d)		300,000		300,000,000
0.26%, 7/30/15 (d)		150,000		150,000,000
0.27%, 3/18/16		112,000		112,000,000
0.28%, 3/18/16		25,000		25,000,000
Westpac Securities NZ Ltd., London, 0.29%, 8/13/15 (a)(d)		175,000		175,000,000
Total Commercial Paper — 30.4%				12,751,257,818



Corporate Notes
Nederlandse Waterschapsbank NV, 0.34%, 11/04/15 (a)(d)		50,000		50,028,389
Province of Nova Scotia Canada, 2.38%, 7/21/15		9,167		9,225,197
Svenska Handelsbanken AB, 0.33%, 9/15/15 (a)(d)		295,800		295,800,000
The Toronto-Dominion Bank, 2.20%, 7/29/15 (d)		41,000		41,244,303
Wells Fargo Bank NA, 0.54%, 7/20/15 (a)		49,000		49,039,848
Total Corporate Notes — 1.1%				445,337,737



Time Deposits
Bank of Tokyo-Mitsubishi Ltd., 0.04%, 4/01/15		800,000		800,000,000
BNP Paribas SA, 0.03%, 4/01/15		250,000		250,000,000
Credit Agricole Corporate & Investment Bank, 0.05%, 4/01/15		260,000		260,000,000
Natixis, SA, 0.05%, 4/01/15		350,000		350,000,000



MASTER INVESTMENT PORTFOLIO	MARCH 31, 2015	175

Schedule of Investments (continued)

Money Market Master Portfolio

(Percentages shown are based on Net Assets)


Time Deposits	Par (000)		Value
Skandinaviska Enskilda Banken AB, 0.04%, 4/01/15	$	700,000	$	700,000,000
Svenska Handelsbanken AB, 0.03%, 4/01/15		178,000		178,000,000
Total Time Deposits — 6.0%				2,538,000,000



U.S. Government Sponsored Agency Obligations
Fannie Mae, 0.20%, 1/26/17 (a)		80,000		79,985,126
Federal Farm Credit Bank (a):
0.18%, 2/24/16		79,750		79,779,475
0.24%, 3/29/16		100,000		99,989,942
0.22%, 8/01/16		75,000		74,989,864
0.17%, 10/03/16		74,500		74,478,048
0.18%, 11/21/16		32,000		32,045,365
0.21%, 1/30/17		150,000		149,944,154
0.21%, 3/24/17		50,000		50,005,320
0.21%, 3/29/17		100,000		99,980,985
0.23%, 7/13/17		100,000		99,953,589
0.23%, 9/13/17		115,000		115,000,000
0.22%, 10/27/17		145,000		144,922,037
0.24%, 03/02/18		50,000		49,991,346
Federal Home Loan Bank (a):
0.16%, 6/05/15		100,000		100,000,000
0.17%, 9/08/15		100,000		99,993,347
0.18%, 9/17/15		100,000		99,992,805
0.18%, 5/20/16		90,000		89,984,321
0.18%, 5/27/16		35,000		34,993,861
Total U.S. Government Sponsored Agency Obligations — 3.8%				1,576,029,585



Repurchase Agreements
BNP Paribas Securities Corp., 0.13%, 4/01/15 (Purchased on 10/7/14 – 3/25/15 to be repurchased at $166,024,335, collateralized by various Corporate Debt Obligations and various U.S. Government Sponsored Agency Obligations, 0.00% to 6.20%, due 1/29/18 to 2/25/47, original par and fair values of $1,066,422,232 and $198,973,837, respectively)		166,000		166,000,000
Total Value of BNP Paribas Securities Corp (collateral value of $198,973,837)				166,000,000
Repurchase Agreements	Par (000)		Value
Citigroup Global Markets, Inc., 0.08%, 4/01/15 (Purchased on 9/29/14 to be repurchased at $100,040,889, collateralized by various U.S. Treasury Obligations, 0.13% to 1.38%, due 4/15/17 to 2/15/44, original par and fair values of $91,846,100 and $102,000,059, respectively)	$	100,000	$	100,000,000
Citigroup Global Markets, Inc., 0.11%, 4/01/15 (Purchased on 3/31/15 to be repurchased at $78,000,238, collateralized by various U.S. Treasury Obligations, 1.13% to 3.63%, due 3/31/16 to 2/15/44, original par and fair values of $76,541,891 and $79,560,013, respectively) (e)		78,000		78,000,000
Citigroup Global Markets, Inc., 0.13%, 4/01/15 (Purchased on 3/31/15 to be repurchased at $75,000,271, collateralized by various U.S. Treasury Obligations and U.S. Government Sponsored Agency Obligations, 0.00% to 2.25%, due 3/31/21 to 9/15/44, original par and fair values of $73,959,243 and $76,516,051, respectively)		75,000		75,000,000
Total Value of Citigroup Global Markets, Inc. (collateral value of $258,076,123)				253,000,000
Credit Suisse Securities (USA) LLC, 0.38%, 4/01/15 (Purchased on 3/03/15 to be repurchased at $1,057,446,597, collateralized by various Corporate Debt Obligations, 0.00% to 6.00%, due 7/25/53 to 8/26/58, original par and fair values of $1,607,232,460 and $1,329,665,443, respectively)		1,057,123		1,057,123,000
Credit Suisse Securities (USA) LLC, 0.63%, 5/06/15 (Purchased on 3/31/15 to be repurchased at $400,252,000, collateralized by various Corporate Debt Obligations, 0.00% to 3.21%, due 7/27/36 to 5/31/45, original par and fair values of $584,547,728 and $500,001,309, respectively) (f)		400,000		400,000,000



176	MASTER INVESTMENT PORTFOLIO	MARCH 31, 2015

Schedule of Investments (continued)

Money Market Master Portfolio

(Percentages shown are based on Net Assets)


Repurchase Agreements	Par (000)		Value
Credit Suisse Securities (USA) LLC, 0.38%, 4/07/15 (Purchased on 3/31/15 to be repurchased at $250,018,472, collateralized by various Corporate Debt Obligations, 0.00% to 8.34%, due 5/15/20 to 4/25/57, original par and fair values of $432,659,360 and $301,973,575, respectively)	$	250,000	$	250,000,000
Credit Suisse Securities (USA) LLC, 0.13%, 04/01/15 (Purchased on 2/23/15 to be repurchased at $108,104,430, collateralized by various Corporate Debt Obligations , 0.00% to 6.27%, due 8/01/39 to 5/31/45, original par and fair values of $126,995,000, and $126,806,779, respectively)		108,000		108,000,000
Total Value of Credit Suisse Securities (USA) LLC (collateral value of $2,258,447,106)				1,815,123,000
Deutsche Bank Securities, Inc., 0.15%, 4/01/15 (Purchased on 3/31/15 to be repurchased at $78,000,325, collateralized by a U.S. Treasury Obligation, 1.38%, due 2/29/20, original par and fair value of $79,636,976 and $79,560,009, respectively) (e)		78,000		78,000,000
Total Value of Deutsche Bank Securities, Inc., (collateral value of $79,560,009)				78,000,000
Federal Reserve Bank of New York, 0.05%, 4/01/15 (Purchased on 3/31/15 to be repurchased at $3,400,004,722, collateralized by a U.S. Treasury Obligation, 3.13%, due 2/15/42, original par and fair value of $3,041,099,300 and $3,400,004,799, respectively)		3,400,000		3,400,000,000
Federal Reserve Bank of New York, 0.10%, 4/06/15 (Purchased on 3/31/15 to be repurchased at $2,500,041,667, collateralized by various U.S. Teasury Obligations, 3.50% to 3.63, due 2/15/18 to 2/15/21, original par and fair values of $2,319,274,700 and $2,500,013,983, respectively)		2,500,000		2,500,000,000
Total Value of Federal Reserve Bank of New York (collateral value of $5,900,018,782)				5,900,000,000
Repurchase Agreements	Par (000)		Value
Goldman Sachs & Co., 0.16%, 4/01/15 (Purchased on 3/25/15 to be repurchased at $583,018,138, collateralized by various U.S. Government Sponsored Agency Obligations, 0.00% to 38.86%, due 8/15/19 to 10/15/49, orginal par and fair value of $11,698,997,403 and $627,199,966, respectively)	$	583,000	$	583,000,000
Goldman Sachs & Co., 0.16%, 4/02/15 (Purchased on 3/27/15 to be repurchased at $34,000,907, collateralized by various U.S. Government Sponsored Agency Obligations, 4.50% to 8.46%, due 10/15/35 to 9/15/44, orginal par and fair values of $50,578,057 and $36,380,000, respectively)		34,000		34,000,000
Total Value of Goldman Sachs & Co. (collateral value of $663,579,966)				617,000,000
HSBC Securites (USA) Inc., 0.15%, 4/01/15 (Purchased on 8/01/14 – 10/07/14 to be repurchased at $100,073,333, collateralized by various Corporate Debt Obligations, 3.75% to 9.13%, due 10/1/15 to 11/15/24, original par and fair values of $105,035,000 and $105,004,268, respectively)		100,000		100,000,000
HSBC Securities (USA) Inc., 0.23%, 4/01/15 (Purchased on 3/11/14 – 2/06/15 to be repurchased at $215,485,491, collateralized by various Corporate Debt Obligations, 0.22% to 10.18%, due 4/30/15 to 10/1/36, original par and fair values of $210,830,000 and $222,154,571, respectively)		215,000		215,000,000
Total Value of HSBC Securities (USA) Inc. (collateral value of $327,158,839)				315,000,000



MASTER INVESTMENT PORTFOLIO	MARCH 31, 2015	177

Schedule of Investments (continued)

Money Market Master Portfolio

(Percentages shown are based on Net Assets)


Repurchase Agreements	Par (000)		Value
J.P. Morgan Securities LLC, 0.38%, 4/01/15 (Purchased on 3/25/13 to be repurchased at $60,466,767, collateralized by various Corporate Debt Obligations, 4.91% to 5.34%, due 5/25/36, original par and fair values of $155,825,000 and $75,002,286, respectively)	$	60,000	$	60,000,000
J.P. Morgan Securities LLC, 0.46%, 5/06/15 (Purchased on 3/31/2015 to be repurchased at $150,069,000, collateralized by various Corporate Debt Obligations, 0.00% to 7.48%, due 5/25/19 to 3/18/51, original par and fair values of $1,871,644,666 and $160,505,144, respectively) (f)		150,000		150,000,000
J.P. Morgan Securities LLC, 0.65%, 7/01/15 (Purchased on 3/31/2015 to be repurchased at $150,249,167, collateralized by various Corporate Debt Obligations, 0.00% to 6.42%, due 1/15/24 to 4/22/46, orginal par and fair values of $272,437,729 and $187,500,817, respectlivey), respectively) (f)		150,000		150,000,000
J.P. Morgan Securities LLC, 0.77%, 7/01/15 (Purchased on 3/31/2015 to be repurchased at $200,393,556, collateralized by various Corporate Debt Obligations, 0.00% to 7.50%, due 1/25/19 to 3/12/51, original par and fair values of $4,492,286,473 and $236,133,980, respectively) (f)		200,000		200,000,000
J.P. Morgan Securities LLC, 0.54%, 5/06/15 (Purchased on 03/31/2015 to be repurchased at $150,081,000, collateralized by various Corporate Debt Obligations, 0.00% to 7.20%, due 7/2/20 to 4/22/46, original par and fair values of $242,458,647 and $187,500,536, respectively) (f)		150,000		150,000,000
Repurchase Agreements	Par (000)		Value
J.P. Morgan Securities LLC, 0.56%, 5/19/15 (Purchased on 02/18/2015 to be repurchased at $126,176,400, collateralized by various Corporate Debt Obligations, 0.00% to 7.38%, due 7/15/18 to 9/01/42, original par and fair values of $94,061,899 and $157,503,012, respectively)	$	126,000	$	126,000,000
Total Value of J.P. Morgan Securities LLC (collateral value of $1,004,145,775)				836,000,000
Merrill Lynch, Pierce, Fenner & Smith, Inc., 0.16%, 4/01/15 (Purchased on 3/25/15 to be repurchased at $262,008,151, collateralized by various U.S. Government Sponsored Agency Obligations, 0.00% to 7.93%, due 2/25/21 to 1/25/48, original par and fair values of $4,923,667,424 and $274,288,800, respectively)		262,000		262,000,000
Total Value of Merrill Lynch, Pierce, Fenner & Smith, Inc., (collateral value of $274,288,800)				262,000,000
Morgan Stanley & Co. LLC, 0.10%, 4/01/15 (Purchased on 3/31/15 to be repurchased at $50,000,139, collateralized by various U.S. Treasury Obligations, 2.25% to 3.63%, due 3/31/16 to 2/15/21, original par and fair values of $50,007,900 and $51,000,051, respectively)		50,000		50,000,000
Total Value of Morgan Stanley & Co. LLC (collateral value of $51,000,051)				50,000,000
RBC Capital Markets LLC, 0.10%, 4/01/15 (Purchased on 3/31/15 to be repurchased at $200,000,556, collateralized by various Corporate Debt Obligations, 0.00% to 10.20%, due 4/15/15 to 12/31/49, orginal par and fair values of $205,226,027 and $214,027,142, respectively)		200,000		200,000,000



178	MASTER INVESTMENT PORTFOLIO	MARCH 31, 2015

Schedule of Investments (continued)

Money Market Master Portfolio

(Percentages shown are based on Net Assets)


Repurchase Agreements	Par (000)		Value
RBC Capital Markets LLC, 0.11%, 4/01/15 (Purchased on 3/28/14 to be repurchased at $72,081,180, collateralized by various U.S. Government Sponsored Agency Obligations, 0.00% to 6.23%, due 4/15/15 to 9/15/39, original par and fair values of $72,814,450 and $73,440,665, respectively)	$	72,000	$	72,000,000
RBC Capital Markets LLC, 0.11%, 4/01/15 (Purchased on 6/12/14 to be repurchased at $51,045,659, collateralized by various Corporate Debt Obligations, 0.00% to 10.20%, due 4/6/16 to 3/1/45, orginal par and fair values of $50,263,716 and $53,550,000, respectively)		51,000		51,000,000
Total Value of RBC Capital Markets LLC (collateral value of $341,017,807)				323,000,000
Wells Fargo Securities, LLC, 0.23%, 4/01/15 (Purchased on 8/5/14 to be repurchased at $320,488,622, collateralized by various Corporate Debt Obligations, 0.00% to 9.75%, due 6/1/17 to 1/15/48, orginal par and fair values of $719,896,473 and $342,400,000, respectively)		320,000		320,000,000
Wells Fargo Securities, LLC, 0.48%, 4/15/15 (Purchased on 1/15/15 to be repurchased at $93,126,618, collateralized by various Corporate Debt Obligations, 0.00% to 10.75%, due 4/1/15 to 2/15/98, original par and fair values of $91,164,751 and $97,665,751, respectively)		93,015		93,015,000
Repurchase Agreements	Par (000)		Value
Wells Fargo Securities, LLC, 0.41%, 5/05/15 (Purchased on 2/3/15 to be repurchased at $150,155,458, collateralized by various Corporate Debt Obligations, 0.00% to 5.00%, due 4/1/15 to 9/1/30, original par and fair values of $157,661,734 and $157,500,000, respectively)	$	150,000	$	150,000,000
Wells Fargo Securities, LLC, 0.42%, 5/06/15 (Purchased on 5/6/15 to be repurchased at $140,148,633, collateralized by various Corporate Debt Obligations, 0.00%, due 4/6/15 to 6/8/15, original par and fair values of $147,392,746 and $147,000,000, respectively)		140,000		140,000,000
Wells Fargo Securities, LLC, 0.67%, 6/15/15 (Purchased on 3/16/15 to be repurchased at $110,186,297, collateralized by various Corporate Debt Obligations, 0.00% to 4.48%, due 1/17/20 to 8/27/51, original par and fair values of $153,186,368 and $137,500,000, respectively)		110,000		110,000,000
Total Value of Wells Fargo Securities, LLC (collateral value of $882,065,751)				813,015,000
Total Repurchase Agreements — 27.3%				11,428,138,000
Total Investments *(Cost — $41,736,820,881) — 99.6%**				41,736,820,881
Other Assets Less Liabilities — 0.4%				171,140,846

Net Assets — 100.0%			$	41,907,961,727

Notes to Schedule of Investments

Cost for federal income tax purposes.

(a)

Variable rate security. Rate shown is as of report date. (b) Issuer is a U.S. branch of foreign domiciled bank.

(c)

Rates shown are discount rates or a range of discount rates at the time of purchase.

(d)

(e)

Traded in a joint account.

(f)

Variable rate security. Rate shown is as of report date and maturity shown is the date the principal owed can be recovered through demand.



MASTER INVESTMENT PORTFOLIO	MARCH 31, 2015	179


Schedule of Investments (concluded)		Money Market Master Portfolio

Level 1 — unadjusted quoted prices in active markets/exchanges for identical assets or liabilities that the Master Portfolio has the ability to access

Changes in valuation techniques may result in transfers into or out of an assigned level within the disclosure hierarchy. In accordance with the Master Portfolio’s policy, transfers between different levels of the fair value disclosure hierarchy are deemed to have occurred as of the beginning of the reporting period. For information about the Master Portfolio’s policy regarding valuation of investments, refer to the Master Portfolio’s most recent financial statements as contained in its annual report

As of March 31, 2015, the following table summarizes the Master Portfolio’s investments categorized in the disclosure hierarchy:


	Level 1	Level 2		Level 3	Total
Assets:
Investments:
Short-Term Securities¹	—	$	41,736,820,881	—	$	41,736,820,881

¹See above Schedule of Investments for values in each security type.

The Master Portfolio may hold assets in which the fair value approximates the carrying amount for financial reporting purposes. As of March 31, 2015, cash of $162,738,566 is categorized as Level 1 within the disclosure hierarchy.

During the period ended March 31, 2015, there were no transfers between levels.



180	MASTER INVESTMENT PORTFOLIO	MARCH 31, 2015

Schedule of Investments March 31, 2015 (Unaudited)

Prime Money Market Master Portfolio

(Percentages shown are based on Net Assets)


Certificates of Deposit	Par (000)		Value
Domestic — 2.3%
State Street Bank & Trust, 0.31%, 10/01/15 (a)	$	50,000	$	50,000,000
Wells Fargo Bank NA (a):
0.26%, 7/01/15		75,000		75,000,000
0.27%, 7/09/15		100,000		100,000,000
0.28%, 7/23/15		62,000		62,004,153
0.29%, 12/08/15		100,000		100,000,000
0.31%, 2/12/16		100,000		100,000,000
0.32%, 4/01/16		80,000		80,000,000

				567,004,153
Yankee (b) — 25.5%
Bank of Montreal, Chicago:
0.26%, 6/03/15 (a)		75,000		75,000,388
0.19%, 6/16/15		250,000		250,000,000
0.26%, 7/17/15 (a)		87,000		87,000,000
0.26%, 8/07/15 (a)		75,000		75,000,000
0.28%, 10/09/15 (a)		100,000		100,000,000
0.28%, 10/13/15 (a)		75,000		75,000,000
Bank of Nova Scotia, Houston (a):
0.26%, 10/07/15		50,000		50,000,000
0.26%, 11/06/15		31,000		31,000,000
0.29%, 12/09/15 (c)		100,000		100,000,000
0.40%, 2/29/16		75,000		75,055,814
Bank of Tokyo-Mitsubishi UFJ, Ltd. New York:
0.03%, 4/01/15		250,000		250,000,000
0.04%, 4/01/15		400,000		400,000,000
BNP Paribas SA, New York:
0.26%, 5/05/15		100,000		100,000,000
0.24%, 6/10/15		100,000		100,000,000
Canadian Imperial Bank of Commerce, New York (a):
0.33%, 6/01/15		162,470		162,470,000
0.25%, 6/17/15		75,000		75,000,000
0.26%, 8/21/15		25,000		24,999,514
0.28%, 1/26/16		125,000		125,000,000
0.29%, 2/10/16		150,000		150,000,000
Credit Industriel et Commercial, New York:
0.30%, 4/16/15		78,750		78,750,000
0.30%, 5/15/15		135,000		135,000,000
0.32%, 6/08/15		143,000		143,000,000
Mitsubishi UFJ Trust & Banking Corp., New York:
0.25%, 4/02/15		50,000		50,000,000
0.26%, 4/06/15		200,000		200,000,000
0.25%, 5/12/15		50,000		50,000,000
0.32%, 8/06/15 (a)		50,000		50,000,000
Mizuho Bank Ltd., New York:
0.24%, 5/04/15		74,500		74,500,000
0.25%, 5/11/15		50,000		50,000,000
Certificates of Deposit	Par (000)		Value
Yankee (b) (continued)
Mizuho Bank Ltd., New York (concluded):
0.27%, 6/18/15	$	125,000	$	125,000,000
0.27%, 7/24/15		175,000		175,000,000
National Bank of Canada, New York (a):
0.28%, 8/17/15		100,000		100,000,000
0.28%, 9/18/15		60,000		60,000,000
0.31%, 12/24/15		70,000		70,000,000
0.31%, 12/24/17		4,300		4,300,000
Natixis, New York:
0.05%, 4/01/15		200,000		200,000,000
0.28%, 7/01/15		200,000		200,000,000
Norinchukin Bank, New York, 0.24%, 5/22/15		150,000		150,000,000
Rabobank Nederland, New York (a):
0.32%, 6/12/15		50,000		50,000,000
0.28%, 7/17/15		100,000		100,000,000
0.27%, 11/09/15		100,000		100,000,000
0.27%, 12/21/15		120,000		120,000,000
0.30%, 2/22/16		75,000		75,000,000
Royal Bank of Canada, New York (a):
0.26%, 9/03/15		100,000		100,000,000
0.28%, 9/10/15		115,000		115,000,000
0.26%, 10/14/15		50,000		50,000,000
0.27%, 11/10/15		70,000		70,000,000
0.28%, 3/16/16		50,000		50,000,000
Sumitomo Mitsui Trust Bank Corp. New York:
0.27%, 5/07/15		100,000		100,000,000
0.26%, 5/12/15		150,000		150,000,000
0.25%, 6/18/15		100,000		100,000,000
0.30%, 7/02/15 (a)		175,000		175,000,000
0.31%, 7/06/15 (a)		100,000		100,003,023
0.31%, 8/25/15 (a)		125,000		125,000,000
Toronto-Dominion Bank, New York:
0.24%, 4/22/15		125,000		125,000,000
0.27%, 6/01/15		75,000		75,000,000
0.24%, 8/04/15 (a)		50,000		50,000,000
0.27%, 8/06/15		50,000		50,000,000
0.30%, 8/10/15		100,000		100,000,000
0.28%, 9/04/15		100,000		100,000,000
0.27%, 10/06/15 (a)		50,000		50,000,000
0.28%, 2/25/16 (a)		50,000		50,000,000

				6,401,078,739
Total Certificates of Deposit — 27.8%				6,968,082,892



Commercial Paper
Alpine Securitization, 0.26%, 5/07/15 (d)		100,000		99,974,000



MASTER INVESTMENT PORTFOLIO	MARCH 31, 2015	181

Schedule of Investments (continued)

Prime Money Market Master Portfolio

(Percentages shown are based on Net Assets)


Commercial Paper	Par (000)		Value
Australia & New Zealand Banking International Group Ltd., London (a):
0.27%, 5/08/15	$	25,000	$	25,000,000
0.27%, 5/12/15 (c)		25,000		25,000,000
0.26%, 6/03/15		100,000		100,000,000
0.30%, 9/08/15		100,000		100,000,000
0.27%, 11/13/15		100,000		100,000,000
0.28%, 11/24/15		59,000		58,998,268
Bank of Nova Scotia, 0.27%, 4/28/15 (d)		75,000		74,984,812
Banque ET Caisse Epargne, 0.26%, 7/06/15 (d)		100,000		99,930,667
Barton Capital Corp., 0.21%, 5/11/15 (d)		65,000		64,984,833
Bedford Row Funding Corp.:
0.35%, 8/07/15 (d)		100,000		99,875,556
0.32%, 2/18/16 (a)		100,000		100,000,000
0.31%, 2/26/16 (a)		35,000		35,000,000
0.32%, 3/02/16 (a)		80,000		80,000,000
0.32%, 3/07/16 (a)(c)		50,000		50,000,000
BNP Paribas Finance, Inc., 0.24%, 5/20/15 (d)		150,000		149,951,000
Caisse des Depots et Consignations (d):
0.23%, 4/17/15		75,000		74,992,333
0.23%, 5/05/15		48,196		48,185,531
0.27%, 6/22/15		50,000		49,969,250
0.27%, 7/08/15		70,000		69,948,550
Chariot Funding LLC (d):
0.25%, 6/09/15		97,800		97,753,137
0.27%, 6/22/15		100,000		99,938,500
0.27%, 6/29/15		50,000		49,966,625
Ciesco LLC (d):
0.18%, 6/08/15		50,000		49,983,000
0.18%, 6/09/15		50,000		49,982,750
Collateralized Commercial Paper Co. LLC (d):
0.30%, 5/04/15		50,000		49,986,250
0.30%, 6/04/15		100,000		99,946,667
0.30%, 7/24/15		70,000		69,933,500
Commonwealth Bank of Australia (a):
0.26%, 5/07/15 (c)		25,000		25,000,251
0.25%, 6/29/15 (c)		60,000		60,000,000
0.26%, 7/08/15		75,000		75,000,000
0.25%, 7/20/15		45,000		44,999,421
Commonwealth Bank of Australia (a) (concluded):
0.27%, 10/27/15 (c)		100,000		99,994,796
0.26%, 11/17/15		100,000		100,000,000
0.28%, 11/19/15		100,000		100,000,000
0.27%, 2/26/16		50,000		50,000,000
CRC Funding LLC, 0.28%, 8/06/15 (d)		100,000		99,901,222
Credit Suisse, New York, 0.27%, 7/02/15 (d)		250,000		249,827,500
Commercial Paper	Par (000)		Value
DBS Bank Ltd. (d):
0.24%, 4/02/15	$	95,720	$	95,719,362
0.23%, 5/19/15 (c)		100,000		99,969,333
0.25%, 6/16/15		75,000		74,961,208
Erste Abwicklungsanstalt (d):
0.24%, 6/15/15 (c)		150,000		149,925,000
0.24%, 6/17/15		55,400		55,371,561
0.25%, 7/01/15		70,000		69,955,764
Exxon Mobil Corp., 0.18%, 6/18/15 (d)		100,000		99,961,000
Fairway Finance Co. LLC (a):
0.24%, 9/02/15		60,000		59,997,821
0.24%, 9/04/15		40,000		39,998,528
Fortis Funding LLC, 0.03%, 4/01/15 (d)		250,000		250,000,000
HSBC Bank PLC (a):
0.25%, 5/07/15		40,000		40,000,000
0.25%, 5/08/15		75,000		75,000,000
0.24%, 7/06/15		75,000		75,000,000
0.26%, 10/16/15		110,000		110,000,058
0.28%, 11/19/15		92,500		92,500,000
0.31%, 1/13/16		100,000		100,000,000
Jupiter Securitization Co. LLC (d):
0.25%, 6/15/15		50,000		49,973,958
0.27%, 6/23/15		100,000		99,937,750
0.27%, 6/29/15		100,000		99,933,250
0.27%, 7/02/15		25,000		24,982,750
Kells Funding LLC:
0.27%, 4/02/15 (a)(c)		65,000		65,000,000
0.19%, 6/26/15 (d)		50,000		49,977,306
0.25%, 10/30/15 (a)		125,650		125,635,446
0.27%, 1/13/16 (a)		100,000		100,000,000
Matchpoint Master Trust, 0.32%, 5/18/15 (d)		25,000		24,989,556
Mitsubishi UFJ Trust & Banking Corp. (d):
0.23%, 4/13/15		25,000		24,998,083
0.25%, 5/13/15 (c)		100,000		99,970,833
0.25%, 5/22/15 (c)		75,000		74,973,438
National Australia Bank Ltd., New York, 0.28%, 10/08/15 (a)		100,000		100,000,000
National Australia Funding (a):
0.26%, 11/04/15		50,000		50,000,000
0.27%, 11/09/15 (c)		50,000		50,000,000
Nederlandse Waterschapsbank NV (a):
0.25%, 7/09/15		50,000		50,000,000
0.25%, 10/01/15		120,000		120,000,000
0.32%, 12/22/15		100,000		100,000,000
Nieuw Amsterdam Receivables Corp., 0.20%, 5/18/15 (c)(d)		50,705		50,691,760
Nordea Bank AB, 0.23%, 4/16/15 (c)(d)		97,250		97,240,883



182	MASTER INVESTMENT PORTFOLIO	MARCH 31, 2015

Schedule of Investments (continued)

Prime Money Market Master Portfolio

(Percentages shown are based on Net Assets)


Commercial Paper	Par (000)		Value
Old Line Funding LLC (d):
0.22%, 4/21/15	$	50,000	$	49,993,889
0.23%, 5/13/15		50,000		49,986,583
0.23%, 5/14/15		50,000		49,986,264
0.27%, 6/22/15		70,333		70,289,745
0.22%, 6/23/15		100,000		99,949,278
Oversea Chinese Banking, Corp. Ltd., 0.23%, 4/09/15 (d)		100,000		99,994,889
PSP Capital, Inc. (d):
0.25%, 6/16/15		30,000		29,984,167
0.33%, 10/26/15		50,000		49,904,667
Rabobank USA Financial Corp. (d):
0.26%, 4/14/15		100,000		99,990,792
0.24%, 7/14/15		52,000		51,963,947
Skandinaviska Enskilda Banken AB (d):
0.23%, 6/19/15		73,000		72,963,155
0.25%, 6/22/15		150,000		149,914,583
Starbird Funding Corp., 0.32%, 5/27/15 (d)		50,000		49,975,111
Sumitomo Mitsui Trust Bank Corp. Ltd., 0.27%, 7/02/15 (d)		125,000		124,913,750
Svenska Handelsbanken, Inc., 0.26%, 7/02/15 (d)		100,000		99,933,556
Thunder Bay Funding LLC:
0.22%, 4/13/15 (d)		50,000		49,996,333
0.22%, 5/01/15 (d)		90,461		90,444,415
0.27%, 6/18/15 (d)		35,000		34,979,525
0.27%, 6/24/15 (d)		50,000		49,968,500
0.28%, 12/14/15 (a)		92,000		92,000,000
Toyota Motor Corp. (d):
0.27%, 7/08/15		74,750		74,695,059
0.25%, 7/30/15		50,000		49,958,333
United Overseas Bank Ltd. (d):
0.26%, 7/07/15		97,000		96,932,046
0.27%, 7/09/15 (c)		40,000		39,970,300
0.26%, 7/13/15 (c)		20,000		19,985,122
Versailles Commercial Paper LLC (d):
0.25%, 4/20/15		50,000		49,993,403
0.25%, 6/02/15		75,000		74,967,708
Westpac Banking Corp.:
0.26%, 4/09/15 (a)(c)		40,000		40,000,000
0.25%, 7/02/15 (c)(d)		100,000		99,936,111
0.27%, 8/12/15 (a)		25,000		25,001,063
Westpac Banking Corp. (concluded):
0.27%, 11/20/15 (a)		100,000		100,000,000
0.28%, 3/18/16 (a)		75,000		75,000,000
Westpac Securities NZ Ltd.:
0.25%, 4/07/15 (d)		75,000		74,996,875
0.28%, 7/07/15 (d)		55,400		55,358,204
0.27%, 8/10/15 (a)(c)		100,000		100,000,000
Total Commercial Paper — 33.4%				8,369,600,440
Corporate Notes	Par (000)		Value
Bank of Montreal (a):
0.74%, 9/11/15	$	42,305	$	42,391,944
0.52%, 9/24/15		25,000		25,029,164
Nederlandse Waterschapsbank NV, 0.34%, 11/04/15 (a)(c)		100,000		100,056,779
Royal Bank of Canada, 0.55%, 5/01/15		32,000		32,007,888
Svenska Handelsbanken AB, 0.33%, 9/15/15 (a)(c)		108,200		108,200,000
The Toronto-Dominion Bank, 0.46%, 11/06/15 (a)		24,000		24,026,939
Total Corporate Notes — 1.3%				331,712,714



Time Deposits
Credit Agricole North America, Inc., 0.05%, 4/01/15		340,000		340,000,000
Skandinaviska Enskilda Banken AB, 0.04%, 4/01/15		293,000		293,000,000
Total Time Deposits — 2.5%				633,000,000



U.S. Government Sponsored Agency Obligations
Federal Home Loan Bank, 0.12%, 5/21/15 (a)		100,000		100,000,000
Total U.S. Government Sponsored Agency Obligations — 0.4%				100,000,000



Repurchase Agreements
BNP Paribas Securities Corp., 0.13%, 4/01/15 (Purchased on 10/07/14 to be repurchased at $84,053,387, collateralized by various Corporate Debt Obligations, 0.00% to 4.53%,due 1/16/18 to 9/15/72, original par and fair values of $4,675,605,397 and $92,846,550, respectively)		84,000		84,000,000
Total Value of BNP Paribas Securities Corp. (collateral value of $92,846,550)				84,000,000



MASTER INVESTMENT PORTFOLIO	MARCH 31, 2015	183

Schedule of Investments (continued)

Prime Money Market Master Portfolio

(Percentages shown are based on Net Assets)


Repurchase Agreements	Par (000)		Value
Citigroup Global Markets, Inc., 0.11%, 4/01/15 (Purchased on 3/31/2015 to be repurchased at $45,500,139, collateralized by various U.S. Treasury Obligations, 1.13% to 3.63%, due 3/31/16 to 2/15/44, original par and fair values of $44,649,436 and $46,410,007, respectively) (e)	$	45,500	$	45,500,000
Total Value of Citigroup Global Markets, Inc., (collateral value of $46,410,007)				45,500,000
Credit Suisse Securities (USA) LLC, 0.38%, 4/07/15 (Purchased on 3/31/15 to be repurchased at $135,009,975, collateralized by various Government Sponsored Agency Obligations, 0.00%, due 12/25/53 to 8/28/57, original par and fair values of $191,026,000 and $170,326,781, respectively)		135,000		135,000,000
Credit Suisse Securities (USA) LLC, 0.38%, 4/01/15 (Purchased on 3/03/15 to be repurchased at $615,304,294, collateralized by a Corporate Debt Obligation, 0.00%, due 8/26/58, original par and fair value of $775,135,697 and $775,135,697, respectively)		615,116		615,116,000
Credit Suisse Securities (USA) LLC, 0.63%, 5/06/15 (Purchased on 3/31/15 to be repurchased at $50,031,500, collateralized by a Corporate Debt Obligation, 0.00%, due 5/31/45, original par and fair value of $69,020,000 and $62,504,319, respectively) (f)		50,000		50,000,000
Total Value of Credit Suisse Securities (USA) LLC (collateral value of $1,007,966,797 )				800,116,000
Deutsche Bank Securities, Inc., 0.15%, 4/01/15 (Purchased on 3/31/15 to be repurchased at $45,600,190, collateralized by a U.S. Treasury Obligation, 1.38%, due 2/29/20, original par and fair value of $46,557,001 and $46,512,005, respectively) (e)		45,600		45,600,000
Total Value of Deutsche Bank Securities, Inc. (collateral value of $46,512,005)				45,600,000
Repurchase Agreements	Par (000)		Value
Federal Reserve Bank of New York, 0.05%, 4/01/15 (Purchased on 3/31/15 to be repurchased at $3,800,005,278, collateralized by a U.S. Treasury Obligation, 4.75%, due 2/15/41, original par and fair value of $2,644,064,200 and $3,800,005,390, respectively)	$	3,800,000	$	3,800,000,000
Federal Reserve Bank of New York, 0.10%, 4/06/15 (Purchased on 3/30/15 to be repurchased at $2,500,048,611, collateralized by various U.S. Treasury Obligations, 3.13% to 4.25%, due 2/15/18 to 5/15/39, original par and fair values of $2,131,876,100 and $2,500,013,940, respectively)		2,500,000		2,500,000,000
Total Value of Federal Reserve Bank of New York (collateral value of $6,300,019,330)				6,300,000,000
HSBC Securities (USA), Inc., 0.12%, 4/01/15 (Purchased on 7/01/14 to be repurchased at $15,013,700, collateralized by a U.S. Treasury Obligation, 3.50%, due 11/01/42, original par and fair value of $17,215,000 and $15,303,463, respectively)		15,000		15,000,000
Total Value of HSBC Securities (USA), Inc. (collateral value of $15,303,463)				15,000,000
J.P. Morgan Securities LLC, 0.18%, 4/01/15 (Purchased on 3/25/13 to be repurchased at $50,184,250, collateralized by various Corporate Debt Obligations, 0.46% to 6.67%, due 8/25/28 to 7/15/44, original par and fair values of $698,251,615 and $53,500,073, respectively)		50,000		50,000,000
J.P. Morgan Securities LLC, 0.38%, 4/01/15 (Purchased on 3/25/13 to be repurchased at $30,233,383, collateralized by various Corporate Debt Obligations, 0.32% to 0.41%, due 5/15/35 to 5/15/37, original par and fair values of $403,443,500 and $37,500,092, respectively)		30,000		30,000,000



184	MASTER INVESTMENT PORTFOLIO	MARCH 31, 2015

Schedule of Investments (continued)

Prime Money Market Master Portfolio

(Percentages shown are based on Net Assets)


Repurchase Agreements	Par (000)		Value
J.P. Morgan Securities LLC, 0.46%, 5/06/15 (Purchased on 3/31/15 to be repurchased at $125,057,500, collateralized by various U.S. Government Agency Debt Obligations, 0.00% to 6.07%, due 11/15/28 to 2/12/51, original par and fair values of $1,641,487,500 and $133,750,966, respectively) (f)	$	125,000	$	125,000,000
J.P. Morgan Securities LLC, 0.54%, 5/06/15 (Purchased on 3/31/15 to be repurchased at $45,024,300, collateralized by various Corporate Debt Obligations, 0.29% to 4.92%, due 9/25/31 to 9/25/46, original par and fair values of $99,352,000 and $56,252,351, respectively) (f)		45,000		45,000,000
J.P. Morgan Securities LLC, 0.65%, 7/01/15 (Purchased on 3/31/15 to be repurchased at $45,074,750, collateralized by various Corporate Debt Obligations, 0.24% to 9.19%, due 4/19/26 to 9/25/46, original par and fair values of $233,640,521 and $56,253,054, respectively) (f)		45,000		45,000,000
J.P. Morgan Securities LLC, 0.55%, 4/06/15 (Purchased on 1/06/15 to be repurchased at $100,137,500, collateralized by various Corporate Debt Obligations, 0.24% to 5.73%, due 4/18/26 to 9/01/42, original par and fair values of $312,960,933 and $125,000,746, respectively)		100,000		100,000,000
J.P. Morgan Securities LLC, 0.56%, 5/19/15 (Purchased on 2/18/15 to be repurchased at $40,056,000, collateralized by various Government Agency Obligations, 0.41% to 4.91%, due 02/25/36 to 5/25/36, original par and fair values of $124,490,000 and $50,000,539 respectively)		40,000		40,000,000
Repurchase Agreements	Par (000)		Value
J.P. Morgan Securities LLC, 0.77%, 7/01/15 (Purchased on 03/31/15 to be repurchased at $50,098,389, collateralized by various Corporate Debt Obligations, 0.47% to 5.65%, due 8/15/27 to 11/10/45, original par and fair values of $66,033,000 and $57,502,238, respectively) (f)	$	50,000	$	50,000,000
Total Value of J.P. Morgan Securities LLC (collateral value of $569,760,059)				485,000,000
Merrill Lynch, Pierce, Fenner & Smith, Inc., 0.63%, 5/18/15 (Purchased on 3/31/15 to be repurchased at $110,088,550, collateralized by various Corporate Debt Obligations and U.S. Government Sponsored Agency Obligations, 0.37% to 5.24%, due 4/10/37 to 1/19/38, original par and fair values of $308,967,483 and $137,500,000, respectively) (f)		110,000		110,000,000
Total Value of Merrill Lynch, Pierce, Fenner & Smith, Inc. (collateral value of $137,500,000)				110,000,000
Morgan Stanley & Co. LLC, 0.12%, 4/01/15 (Purchased on 3/31/15 to be repurchased at $75,000,250, collateralized by various U.S. Government Sponsored Agency Obligations, 0.00% to 9.25%, due 7/28/15 to 2/20/45, original par and fair values of $91,648,350 and $76,500,000, respectively)		75,000		75,000,000
Morgan Stanley & Co. LLC (collateral value of $76,500,000)				75,000,000
RBC Capital Markets LLC, 0.10%, 4/01/15 (Purchased on 3/31/15 to be repurchased at $63,000,175, collateralized by various Corporate Debt Obligations, 0.00% to 9.00%, due 4/14/15 to 10/16/44, original par and fair values of $66,238,205 and $66,150,001, respectively)		63,000		63,000,000



MASTER INVESTMENT PORTFOLIO	MARCH 31, 2015	185

Schedule of Investments (continued)

Prime Money Market Master Portfolio

(Percentages shown are based on Net Assets)


Repurchase Agreements	Par (000)		Value
RBC Capital Markets LLC, 0.11%, 4/01/15 (Purchased on 3/28/14 to be repurchased at $25,028,188, collateralized by various U.S. Government Agency Debt Obligations, 0.00 to 2.00%, due 4/27/15 to 3/25/20, original par and fair values of $26,267,682 and $26,250,001, respectively)	$	25,000	$	25,000,000
RBC Capital Markets LLC, 0.20%, 4/01/15 (Purchased on 3/25/15 to be repurchased at $100,003,889, collateralized by various Corporate Debt Obligations, 0.00% to 2.00%, due 4/15/15 to 3/15/45, original par and fair values of $114,410,917 and $105,000,000, respectively)		100,000		100,000,000
RBC Capital Markets LLC, 0.11%, 4/01/15 (Purchased on 6/13/14 to be repurchased at $16,014,276, collateralized by various Corporate Debt Obligations, 0.00% to 10.20%, due 1/25/16 to 12/31/49, original par and fair values of $17,607,836 and $16,800,001, respectively)		16,000		16,000,000
Total Value of RBC Capital Markets LLC (collateral value of $214,200,003)				204,000,000
Wells Fargo Securities LLC, 0.23%, 4/01/15 (Purchased on 8/05/14 to be repurchased at $180,274,850, collateralized by various Corporate Debt Obligations, 0.42% to 3.27%, due 3/20/17 to 6/14/37, original par and fair values of $288,642,090 and $192,600,000, respectively)		180,000		180,000,000
Wells Fargo Securities LLC, 0.48%, 4/10/15 (Purchased on 1/12/15 to be repurchased at $50,058,667, collateralized by various Corporate Debt Obligations, 0.56% to 9.70%, due 6/01/15 to 3/15/34, original par and fair values of $48,095,186 and $51,500,001, respectively)		50,000		50,000,000
Repurchase Agreements	Par (000)		Value
Wells Fargo Securities LLC, 0.48%, 4/15/15 (Purchased on 1/15/15 to be repurchased at $36,749,046, collateralized by various Corporate Debt Obligations, 1.10% to 7.90%, due 5/01/15 to 12/15/34, original par and fair values of $35,208,626 and $37,806,151, respectively)	$	36,705	$	36,705,000
Wells Fargo Securities LLC, 0.41%, 5/05/15 (Purchased on 2/03/15 to be repurchased at $100,103,639, collateralized by various Corporate Debt Obligations, 0.00% due 4/29/15 to 7/01/15, original par and fair values of $102,077,970 and $102,000,001, respectively)		100,000		100,000,000
Wells Fargo Securities LLC, 0.42%, 5/06/15 (Purchased on 2/04/15 to be repurchased at $59,062,638, collateralized by various Corporate Debt Obligations, 0.55% to 8.88%, due 4/01/15 to 3/15/35, original par and fair values of $56,855,577 and $60,770,000, respectively)		59,000		59,000,000
Wells Fargo Securities LLC, 0.67%, 6/15/15 (Purchased on 3/16/15 to be repurchased at $55,093,149, collateralized by various Corporate Debt Obligations, 0.00% to 5.57%, due 10/20/25 to 8/15/50, original par and fair values of $98,702,380 and $68,750,001, respectively)		55,000		55,000,000
Total Value of Wells Fargo Securities LLC (collateral value of $513,426,154)				480,705,000
Total Repurchase Agreements — 34.4%				8,644,921,000



186	MASTER INVESTMENT PORTFOLIO	MARCH 31, 2015

Schedule of Investments (continued)

Prime Money Market Master Portfolio

(Percentages shown are based on Net Assets)


	Value
Total Investments *(Cost — $25,047,317,046) — 99.8%**	$	25,047,317,046
Other Assets Less Liabilities — 0.2%		37,930,523

Net Assets — 100.0%	$	25,085,247,569

Notes to Schedule of Investments

Cost for federal income tax purposes.

(a)

Variable rate security. Rate shown is as of report date.

(b)

Issuer is a U.S. branch of foreign domiciled bank.

(c)

(d)

Rates shown are discount rates or a range of discount rates at the time of purchase.

(e)

Traded in a joint account.

(f)

Variable rate security. Rate shown is as of report date and maturity shown is the date the principal owed can be recovered through demand.

Level 1 — unadjusted quoted prices in active markets/exchanges for identical assets or liabilities that the Master Portfolio has the ability to access

Changes in valuation techniques may result in transfers into or out of an assigned level within the disclosure hierarchy. In accordance with the Master Portfolio’s policy, transfers between different levels of the fair value disclosure hierarchy are deemed to have occurred as of the beginning of the reporting period. For information about the Master Portfolio’s policy regarding valuation of investments, refer to the Master Portfolio’s most recent financial statements as contained in its annual report.



MASTER INVESTMENT PORTFOLIO	MARCH 31, 2015	187


Schedule of Investments (concluded)		Prime Money Market Master Portfolio

As of March 31, 2015, the following table summarizes the Master Portfolio’s investments categorized in the disclosure hierarchy:


	Level 1	Level 2		Level 3	Total
Assets:
Investments:
Short-Term Securities¹	—	$	25,047,317,046	—	$	25,047,317,046

¹ See above Schedule of Investments for values in each security type.

The Master Portfolio may hold assets in which the fair value approximates the carrying amount for financial reporting purposes. As of March 31, 2015, cash of $35,977,232 is categorized as Level 1 within the disclosure hierarchy.

During the period ended March 31, 2015, there were no transfers between levels.



188	MASTER INVESTMENT PORTFOLIO	MARCH 31, 2015

Schedule of Investments March 31, 2015 (Unaudited)

Russell 1000 Index Master Portfolio

(Percentages shown are based on Net Assets)


Common Stocks	Shares		Value
Aerospace & Defense — 2.7%
B/E Aerospace, Inc. (a)		16,699	$	1,062,390
The Boeing Co.		115,537		17,339,793
Exelis, Inc.		30,095		733,415
General Dynamics Corp.		48,461		6,577,612
Hexcel Corp. (a)		15,523		798,193
Honeywell International, Inc.		124,080		12,942,785
Huntington Ingalls Industries, Inc.		7,792		1,092,049
KLX, Inc. (b)		8,377		322,850
L-3 Communications Holdings, Inc.		13,674		1,720,052
Lockheed Martin Corp.		42,938		8,714,696
Northrop Grumman Corp.		32,011		5,152,491
Orbital ATK, Inc.		9,375		718,406
Precision Castparts Corp. (a)		22,942		4,817,820
Raytheon Co.		49,578		5,416,396
Rockwell Collins, Inc.		21,483		2,074,184
Spirit Aerosystems Holdings, Inc., Class A (b)		19,119		998,203
Textron, Inc.		44,257		1,961,913
TransDigm Group, Inc. (a)		8,392		1,835,498
Triumph Group, Inc.		8,289		495,019
United Technologies Corp.		145,245		17,022,714
Vectrus, Inc. (b)		2,099		53,503

				91,849,982
Air Freight & Logistics — 0.6%
C.H. Robinson Worldwide, Inc. (a)		23,536		1,723,306
Expeditors International of Washington, Inc.		31,301		1,508,082
FedEx Corp.		46,826		7,747,362
United Parcel Service, Inc., Class B		112,155		10,872,305

				21,851,055
Airlines — 0.7%
Alaska Air Group, Inc. (a)		21,797		1,442,525
American Airlines Group, Inc.		114,125		6,023,517
Copa Holdings SA, Class A (a)		5,301		535,242
Delta Air Lines, Inc.		134,366		6,041,095
Southwest Airlines Co.		109,639		4,857,008
Spirit Airlines, Inc. (b)		11,544		893,044
United Continental Holdings, Inc. (a)(b)		59,194		3,980,797

				23,773,228
Auto Components — 0.4%
Allison Transmission Holdings, Inc.		21,439		684,762
BorgWarner, Inc. (a)		36,245		2,192,097
Gentex Corp. (a)		46,316		847,583
The Goodyear Tire & Rubber Co.		43,674		1,182,692
Johnson Controls, Inc.		105,249		5,308,759
Lear Corp.		12,896		1,429,135
TRW Automotive Holdings Corp. (b)		17,562		1,841,376
Common Stocks	Shares		Value
Auto Components (concluded)
Visteon Corp. (b)		6,985	$	673,354

				14,159,758
Automobiles — 0.7%
Ford Motor Co.		615,324		9,931,329
General Motors Co.		254,108		9,529,050
Harley-Davidson, Inc.		34,620		2,102,819
Tesla Motors, Inc. (a)(b)		15,065		2,843,820
Thor Industries, Inc. (a)		7,311		462,128

				24,869,146
Banks — 5.3%
Associated Banc-Corp		23,640		439,704
Bank of America Corp.		1,666,027		25,640,155
Bank of Hawaii Corp. (a)		7,064		432,387
BankUnited, Inc.		16,150		528,751
BB&T Corp. (a)		113,867		4,439,674
BOK Financial Corp. (a)		4,336		265,450
CIT Group, Inc.		29,023		1,309,518
Citigroup, Inc.		481,286		24,795,855
Citizens Financial Group, Inc.		25,569		616,980
City National Corp.		7,558		673,267
Comerica, Inc.		28,816		1,300,466
Commerce Bancshares, Inc. (a)		13,569		574,240
Cullen/Frost Bankers, Inc. (a)		8,411		581,032
East West Bancorp, Inc.		22,755		920,667
Fifth Third Bancorp		134,822		2,541,395
First Horizon National Corp. (a)		37,590		537,161
First Niagara Financial Group, Inc.		56,488		499,354
First Republic Bank		21,828		1,246,160
Fulton Financial Corp.		28,489		351,554
Huntington Bancshares, Inc.		131,280		1,450,644
JPMorgan Chase & Co.		599,613		36,324,556
KeyCorp		140,045		1,983,037
M&T Bank Corp. (a)		20,844		2,647,188
PacWest Bancorp (a)		16,179		758,633
The PNC Financial Services Group, Inc. (c)		84,636		7,891,461
Popular, Inc. (b)		16,439		565,337
Regions Financial Corp.		218,633		2,066,082
Signature Bank (a)(b)		7,983		1,034,437
SunTrust Banks, Inc.		84,453		3,470,174
SVB Financial Group (b)		8,001		1,016,447
Synovus Financial Corp.		22,074		618,293
TCF Financial Corp. (a)		26,497		416,533
US Bancorp		272,179		11,886,057
Wells Fargo & Co.		756,599		41,158,986
Zions Bancorporation		32,184		868,968

				181,850,603
Beverages — 1.8%
Brown-Forman Corp., Class B		24,392		2,203,817
The Coca-Cola Co.		629,067		25,508,667



MASTER INVESTMENT PORTFOLIO	MARCH 31, 2015	189

Schedule of Investments (continued)

Russell 1000 Index Master Portfolio

(Percentages shown are based on Net Assets)


Common Stocks	Shares		Value
Beverages (concluded)
Coca-Cola Enterprises, Inc.		37,400	$	1,653,080
Constellation Brands, Inc., Class A (b)		25,431		2,955,336
Dr Pepper Snapple Group, Inc.		31,130		2,443,082
Molson Coors Brewing Co., Class B		21,555		1,604,770
Monster Beverage Corp. (b)		22,693		3,140,598
PepsiCo, Inc.		240,195		22,967,446

				62,476,796
Biotechnology — 3.0%
Alexion Pharmaceuticals, Inc. (b)		31,345		5,432,088
Alkermes PLC (b)		22,919		1,397,371
Alnylam Pharmaceuticals, Inc. (b)		11,429		1,193,416
Amgen, Inc.		119,940		19,172,409
Biogen Idec, Inc. (b)		37,582		15,868,624
BioMarin Pharmaceutical, Inc. (b)		24,918		3,105,281
Celgene Corp. (b)		126,884		14,627,188
Gilead Sciences, Inc. (b)		243,304		23,875,422
Incyte Corp. Ltd. (a)(b)		22,928		2,101,580
Intercept Pharmaceuticals, Inc. (b)		2,119		597,600
Juno Therapeutics, Inc. (b)		1,662		100,817
Medivation, Inc. (b)		12,135		1,566,264
Myriad Genetics, Inc. (a)(b)		11,897		421,154
Pharmacyclics, Inc. (b)		9,650		2,469,917
Regeneron Pharmaceuticals, Inc. (b)		12,497		5,642,146
Seattle Genetics, Inc. (a)(b)		16,062		567,792
United Therapeutics Corp. (b)		7,599		1,310,334
Vertex Pharmaceuticals, Inc. (b)		37,432		4,415,853

				103,865,256
Building Products — 0.2%
Allegion PLC		15,318		937,002
AO Smith Corp.		11,995		787,592
Armstrong World Industries, Inc. (b)		7,200		413,784
Fortune Brands Home & Security, Inc.		26,341		1,250,671
Lennox International, Inc.		7,092		792,105
Masco Corp.		56,544		1,509,725
Owens Corning		18,691		811,189
USG Corp. (a)(b)		14,814		395,534

				6,897,602
Capital Markets — 2.2%
Affiliated Managers Group, Inc. (b)		8,765		1,882,547
Ameriprise Financial, Inc.		30,094		3,937,499
Artisan Partners Asset Management, Inc., Class A		4,476		203,479
The Bank of New York Mellon Corp.		180,700		7,271,368
BlackRock, Inc. (c)		20,202		7,390,700
The Charles Schwab Corp.		178,143		5,422,673
E*Trade Financial Corp. (b)		45,766		1,306,848
Eaton Vance Corp. (a)		19,100		795,324
Common Stocks	Shares		Value
Capital Markets (concluded)
Federated Investors, Inc., Class B (a)		14,911	$	505,334
Franklin Resources, Inc. (a)		62,886		3,227,309
The Goldman Sachs Group, Inc.		70,852		13,318,050
Invesco Ltd.		68,585		2,722,139
Lazard Ltd., Class A		11,481		603,786
Legg Mason, Inc.		16,476		909,475
LPL Financial Holdings, Inc. (a)		13,887		609,084
Morgan Stanley		243,031		8,673,776
Northern Trust Corp.		37,486		2,610,900
NorthStar Asset Management Group, Inc.		29,147		680,291
Raymond James Financial, Inc.		19,808		1,124,698
SEI Investments Co.		21,078		929,329
State Street Corp.		68,210		5,015,481
T. Rowe Price Group, Inc. (a)		41,642		3,372,169
TD Ameritrade Holding Corp. (a)		42,627		1,588,282
Waddell & Reed Financial, Inc., Class A (a)		13,533		670,425

				74,770,966
Chemicals — 2.4%
Air Products & Chemicals, Inc.		33,640		5,089,059
Airgas, Inc.		11,785		1,250,506
Albemarle Corp.		18,153		959,204
Ashland, Inc.		10,971		1,396,718
Axalta Coating Systems, Ltd. (b)		9,166		253,165
Cabot Corp.		10,252		461,340
Celanese Corp., Series A		24,731		1,381,474
CF Industries Holdings, Inc.		7,594		2,154,266
Cytec Industries, Inc.		11,390		615,516
The Dow Chemical Co.		190,783		9,153,768
E.I. du Pont de Nemours & Co.		145,509		10,399,528
Eastman Chemical Co.		23,824		1,650,050
Ecolab, Inc. (a)		42,245		4,831,983
FMC Corp. (a)		21,123		1,209,292
Huntsman Corp.		32,022		709,928
International Flavors & Fragrances, Inc.		12,892		1,513,521
LyondellBasell Industries NV, Class A		66,342		5,824,828
Monsanto Co.		76,628		8,623,715
The Mosaic Co.		53,047		2,443,345
NewMarket Corp. (a)		1,432		684,210
Platform Specialty Products Corp. (a)(b)		15,148		388,698
PPG Industries, Inc.		21,911		4,941,807
Praxair, Inc.		46,421		5,604,871
Rayonier Advanced Materials, Inc.		6,950		103,555
RPM International, Inc.		21,142		1,014,605
The Scotts Miracle-Gro Co., Class A		7,121		478,317
The Sherwin-Williams Co. (a)		13,647		3,882,571
Sigma-Aldrich Corp.		18,839		2,604,492



190	MASTER INVESTMENT PORTFOLIO	MARCH 31, 2015

Schedule of Investments (continued)

Russell 1000 Index Master Portfolio

(Percentages shown are based on Net Assets)


Common Stocks	Shares		Value
Chemicals (concluded)
The Valspar Corp. (a)		13,423	$	1,127,935
Westlake Chemical Corp.		6,531		469,840
WR Grace & Co. (b)		12,104		1,196,722

				82,418,829
Commercial Services & Supplies — 0.6%
The ADT Corp. (a)		27,642		1,147,696
Cintas Corp. (a)		15,956		1,302,488
Clean Harbors, Inc. (a)(b)		9,654		548,154
Copart, Inc. (b)		17,866		671,226
Covanta Holding Corp. (a)		17,170		385,123
Iron Mountain, Inc.		29,428		1,073,533
KAR Auction Services, Inc. (a)		22,189		841,629
Pitney Bowes, Inc. (a)		32,169		750,181
Republic Services, Inc.		42,111		1,708,022
Rollins, Inc. (a)		15,150		374,660
RR Donnelley & Sons Co. (a)		31,704		608,400
Stericycle, Inc. (a)(b)		13,429		1,885,834
Tyco International PLC		66,331		2,856,213
Waste Connections, Inc.		19,669		946,866
Waste Management, Inc. (a)		73,753		3,999,625

				19,099,650
Communications Equipment — 1.5%
Arista Networks, Inc. (a)(b)		1,065		75,114
ARRIS Group, Inc. (a)(b)		19,982		577,380
Brocade Communications Systems, Inc.		69,081		819,646
Cisco Systems, Inc.		811,611		22,339,593
CommScope Holding Co., Inc. (b)		9,921		283,145
EchoStar Corp., Class A (b)		6,855		354,541
F5 Networks, Inc. (b)		12,011		1,380,544
Harris Corp.		16,892		1,330,414
JDS Uniphase Corp. (b)		36,758		482,265
Juniper Networks, Inc.		64,546		1,457,449
Knowles Corp. (a)(b)		13,550		261,109
Motorola Solutions, Inc.		31,624		2,108,372
Palo Alto Networks, Inc. (a)(b)		8,689		1,269,289
QUALCOMM, Inc.		267,422		18,543,042
Riverbed Technology, Inc. (b)		25,507		533,351

				51,815,254
Construction & Engineering — 0.2%
AECOM Technology Corp. (b)		23,793		733,300
Chicago Bridge & Iron Co. NV (a)		15,643		770,574
Fluor Corp.		23,440		1,339,831
Jacobs Engineering Group, Inc. (b)		20,988		947,818
KBR, Inc.		23,426		339,209
Quanta Services, Inc. (b)		33,872		966,368

				5,097,100
Construction Materials — 0.1%
Eagle Materials, Inc. (a)		7,947		664,051
Common Stocks	Shares		Value
Construction Materials (concluded)
Martin Marietta Materials, Inc.		9,799	$	1,369,900
Vulcan Materials Co.		20,740		1,748,382

				3,782,333
Consumer Finance — 0.8%
Ally Financial, Inc. (b)		42,906		900,168
American Express Co.		143,732		11,228,344
Capital One Financial Corp.		90,571		7,138,806
Discover Financial Services		73,896		4,164,040
Navient Corp.		63,686		1,294,736
Santander Consumer USA Holdings, Inc.		13,943		322,641
SLM Corp.		67,150		623,152
Synchrony Financial (b)		20,408		619,383

				26,291,270
Containers & Packaging — 0.4%
Aptargroup, Inc. (a)		10,394		660,227
Avery Dennison Corp.		15,112		799,576
Ball Corp.		22,108		1,561,709
Bemis Co., Inc. (a)		16,011		741,469
Crown Holdings, Inc. (a)(b)		21,988		1,187,792
Greif, Inc., Class A (a)		5,190		203,811
MeadWestvaco Corp.		26,625		1,327,789
Owens-Illinois, Inc. (b)		26,218		611,404
Packaging Corp. of America		15,596		1,219,451
Rock-Tenn Co., Class A		22,765		1,468,342
Sealed Air Corp.		34,242		1,560,066
Silgan Holdings, Inc.		6,939		403,364
Sonoco Products Co.		16,202		736,543

				12,481,543
Distributors — 0.1%
Genuine Parts Co.		24,352		2,269,363
LKQ Corp. (b)		47,884		1,223,915

				3,493,278
Diversified Consumer Services — 0.1%
Apollo Education Group, Inc. (b)		15,437		292,068
DeVry Education Group, Inc.		10,106		337,136
H&R Block, Inc.		43,490		1,394,725
Service Corp. International		33,886		882,730
ServiceMaster Global Holdings, Inc. (b)		6,653		224,539

				3,131,198
Diversified Financial Services — 1.9%
Berkshire Hathaway, Inc., Class B (b)		289,960		41,847,027
CBOE Holdings, Inc.		13,648		783,463
CME Group, Inc.		50,524		4,785,128
Equity Commonwealth (b)		20,475		543,611
FNFV Group (b)		14,945		210,725



MASTER INVESTMENT PORTFOLIO	MARCH 31, 2015	191

Schedule of Investments (continued)

Russell 1000 Index Master Portfolio

(Percentages shown are based on Net Assets)


Common Stocks	Shares		Value
Diversified Financial Services (concluded)
Interactive Brokers Group, Inc., Class A		8,590	$	292,232
IntercontinentalExchange Group, Inc.		18,251		4,257,411
Leucadia National Corp.		58,459		1,303,051
McGraw-Hill Financial, Inc.		43,138		4,460,469
Moody’s Corp.		28,335		2,941,173
MSCI, Inc.		18,515		1,135,155
The NASDAQ OMX Group, Inc.		18,540		944,428

				63,503,873
Diversified Telecommunication Services — 1.9%
AT&T, Inc. (a)		822,345		26,849,564
CenturyLink, Inc. (a)		90,782		3,136,518
Frontier Communications Corp. (a)		158,995		1,120,915
Level 3 Communications, Inc. (b)		43,859		2,361,368
Verizon Communications, Inc.		656,087		31,905,511
Windstream Holdings, Inc. (a)		95,682		708,047
Zayo Group Holdings, Inc. (b)		3,999		111,812

				66,193,735
Electric Utilities — 1.6%
American Electric Power Co., Inc.		77,351		4,350,994
Duke Energy Corp.		112,063		8,604,197
Edison International		51,641		3,226,013
Entergy Corp.		28,438		2,203,661
Eversource Energy		50,090		2,530,547
Exelon Corp. (a)		136,089		4,573,951
FirstEnergy Corp.		66,568		2,333,874
Great Plains Energy, Inc.		24,461		652,619
Hawaiian Electric Industries, Inc.		16,124		517,903
ITC Holdings Corp.		25,014		936,274
NextEra Energy, Inc.		69,107		7,190,583
OGE Energy Corp.		31,597		998,781
Pepco Holdings, Inc. (a)		39,825		1,068,505
Pinnacle West Capital Corp.		17,508		1,116,135
PPL Corp.		105,300		3,544,398
The Southern Co.		141,266		6,255,259
Westar Energy, Inc. (a)		20,461		793,068
Xcel Energy, Inc.		79,568		2,769,762

				53,666,524
Electrical Equipment — 0.6%
Acuity Brands, Inc.		6,855		1,152,737
AMETEK, Inc.		38,891		2,043,333
The Babcock & Wilcox Co.		17,521		562,249
Eaton Corp. PLC		75,543		5,132,391
Emerson Electric Co.		111,200		6,296,144
Hubbell, Inc., Class B		9,390		1,029,332
Regal-Beloit Corp.		7,169		572,946
Rockwell Automation, Inc. (a)		21,947		2,545,633
SolarCity Corp. (a)(b)		6,757		346,499

				19,681,264
Common Stocks	Shares		Value
Electronic Equipment, Instruments & Components — 0.5%
Amphenol Corp., Class A		49,815	$	2,935,598
Arrow Electronics, Inc. (b)		15,810		966,782
Avnet, Inc.		21,961		977,264
AVX Corp.		7,485		106,811
CDW Corp.		13,805		514,098
Corning, Inc.		207,361		4,702,947
Dolby Laboratories, Inc., Class A		7,614		290,550
FLIR Systems, Inc.		22,486		703,362
Ingram Micro, Inc., Class A (b)		24,649		619,183
IPG Photonics Corp. (a)(b)		5,289		490,290
Jabil Circuit, Inc.		32,270		754,473
Keysight Technologies, Inc. (b)		26,453		982,729
National Instruments Corp.		15,801		506,264
Tech Data Corp. (a)(b)		6,075		350,953
Trimble Navigation Ltd. (b)		41,393		1,043,104
Vishay Intertechnology, Inc. (a)		21,552		297,849

				16,242,257
Energy Equipment & Services — 1.2%
Atwood Oceanics, Inc. (a)		10,240		287,846
Baker Hughes, Inc.		69,093		4,392,933
Cameron International Corp. (b)		30,724		1,386,267
Diamond Offshore Drilling, Inc. (a)		10,674		285,957
Dresser-Rand Group, Inc. (b)		12,137		975,208
Dril-Quip, Inc. (b)		6,165		421,624
FMC Technologies, Inc. (b)		37,300		1,380,473
Frank’s International NV		5,536		103,523
Halliburton Co. (a)		133,827		5,872,329
Helmerich & Payne, Inc. (a)		15,329		1,043,445
Nabors Industries Ltd.		47,238		644,799
National Oilwell Varco, Inc. (a)		68,002		3,399,420
Oceaneering International, Inc.		15,812		852,741
Oil States International, Inc. (b)		7,476		297,321
Patterson-UTI Energy, Inc.		22,973		431,318
Rowan Cos. PLC, Class A		19,790		350,481
RPC, Inc. (a)		9,362		119,927
Schlumberger Ltd. (a)		206,055		17,193,229
Seadrill Ltd. (a)		56,115		524,675
Seventy Seven Energy, Inc. (b)		4,952		20,551
Superior Energy Services, Inc.		24,879		555,797
Tidewater, Inc. (a)		7,228		138,344
Unit Corp. (b)		7,945		222,301

				40,900,509
Food & Staples Retailing — 2.3%
Costco Wholesale Corp.		69,698		10,558,899
CVS Health Corp.		185,249		19,119,549
The Kroger Co.		80,745		6,189,912
Rite Aid Corp. (b)		154,711		1,344,439



192	MASTER INVESTMENT PORTFOLIO	MARCH 31, 2015

Schedule of Investments (continued)

Russell 1000 Index Master Portfolio

(Percentages shown are based on Net Assets)


Common Stocks	Shares		Value
Food & Staples Retailing (concluded)
Sprouts Farmers Market, Inc. (a)(b)		15,529	$	547,087
Sysco Corp.		92,650		3,495,684
Wal-Mart Stores, Inc.		252,422		20,761,709
Walgreens Boots Alliance, Inc.		151,206		12,804,124
Whole Foods Market, Inc.		58,262		3,034,285

				77,855,688
Food Products — 1.6%
Archer-Daniels-Midland Co.		103,716		4,916,138
Bunge Ltd.		23,341		1,922,365
Campbell Soup Co. (a)		27,557		1,282,778
ConAgra Foods, Inc.		66,762		2,438,816
Flowers Foods, Inc. (a)		27,296		620,711
General Mills, Inc. (a)		97,378		5,511,595
The Hain Celestial Group, Inc. (a)(b)		15,903		1,018,587
The Hershey Co. (a)		23,702		2,391,769
Hormel Foods Corp.		21,224		1,206,584
Ingredion, Inc.		11,825		920,222
The J.M. Smucker Co. (a)		16,441		1,902,717
Kellogg Co. (a)		40,710		2,684,824
Keurig Green Mountain, Inc.		22,419		2,504,875
Kraft Foods Group, Inc.		94,327		8,217,297
McCormick & Co., Inc. (a)		20,694		1,595,714
Mead Johnson Nutrition Co.		32,033		3,220,277
Mondelez International, Inc., Class A (a)		268,011		9,672,517
Pilgrim’s Pride Corp. (a)		10,091		227,956
Pinnacle Foods, Inc.		8,659		353,374
Tyson Foods, Inc., Class A		45,863		1,756,553
WhiteWave Foods Co. (b)		27,581		1,222,942

				55,588,611
Gas Utilities — 0.1%
AGL Resources, Inc.		18,925		939,626
Atmos Energy Corp.		15,900		879,270
National Fuel Gas Co. (a)		13,335		804,501
Questar Corp.		27,813		663,618
UGI Corp.		27,394		892,770

				4,179,785
Health Care Equipment & Supplies — 2.1%
Abbott Laboratories		237,975		11,025,382
Alere, Inc. (b)		13,117		641,421
Align Technology, Inc. (a)(b)		12,961		697,107
Baxter International, Inc.		85,983		5,889,835
Becton Dickinson & Co.		33,171		4,763,024
Boston Scientific Corp. (b)		209,629		3,720,915
C.R. Bard, Inc.		12,091		2,023,429
The Cooper Cos., Inc.		7,591		1,422,705
DENTSPLY International, Inc. (a)		22,493		1,144,669
Edwards Lifesciences Corp. (b)		16,724		2,382,501
Halyard Health, Inc. (a)(b)		7,493		368,656


Common Stocks	Shares		Value
Health Care Equipment & Supplies (concluded)
Hill-Rom Holdings, Inc.		9,097	$	445,753
Hologic, Inc. (b)		38,112		1,258,649
IDEXX Laboratories, Inc. (b)		7,564		1,168,487
Intuitive Surgical, Inc. (b)		5,699		2,878,166
Medtronic PLC		226,571		17,670,272
ResMed, Inc. (a)		22,253		1,597,320
Sirona Dental Systems, Inc. (b)		9,150		823,409
St. Jude Medical, Inc.		45,051		2,946,335
Stryker Corp.		53,274		4,914,526
Teleflex, Inc.		6,567		793,491
Varian Medical Systems, Inc. (b)		16,485		1,551,074
Zimmer Holdings, Inc.		26,600		3,126,032

				73,253,158
Health Care Providers & Services — 2.7%
Aetna, Inc.		56,635		6,033,327
AmerisourceBergen Corp. (a)		35,792		4,068,477
Anthem Inc.		44,317		6,842,988
Brookdale Senior Living, Inc. (b)		27,243		1,028,696
Cardinal Health, Inc.		53,913		4,866,726
Catamaran Corp. (b)		32,802		1,953,031
Centene Corp. (b)		18,298		1,293,486
Cigna Corp.		42,573		5,510,649
Community Health Systems, Inc. (b)		18,291		956,253
DaVita HealthCare Partners, Inc. (b)		28,177		2,290,227
Envision Healthcare Holdings, Inc. (b)		12,893		494,447
Express Scripts Holding Co. (b)		116,287		10,090,223
HCA Holdings, Inc. (b)		51,736		3,892,099
Health Net, Inc. (b)		12,732		770,159
Henry Schein, Inc. (b)		13,535		1,889,757
Humana, Inc. (a)		24,521		4,365,228
Laboratory Corp. of America Holdings (b)		15,890		2,003,570
LifePoint Hospitals, Inc. (a)(b)		7,067		519,071
McKesson Corp.		36,536		8,264,443
MEDNAX, Inc. (b)		15,895		1,152,546
Patterson Cos., Inc. (a)		13,641		665,544
Premier, Inc., Class A (b)		5,388		202,481
Quest Diagnostics, Inc. (a)		22,910		1,760,633
Tenet Healthcare Corp. (b)		15,501		767,455
UnitedHealth Group, Inc.		155,246		18,364,049
Universal Health Services, Inc., Class B		14,091		1,658,652
VCA, Inc. (b)		13,165		721,705

				92,425,922
Health Care Technology — 0.1%
Athenahealth, Inc. (a)(b)		6,008		717,295
Cerner Corp. (b)		47,224		3,459,630
IMS Health Holdings, Inc. (a)(b)		11,900		322,133



MASTER INVESTMENT PORTFOLIO	MARCH 31, 2015	193

Schedule of Investments (continued)

Russell 1000 Index Master Portfolio

(Percentages shown are based on Net Assets)


Common Stocks	Shares		Value
Health Care Technology (concluded)
Inovalon Holdings, Inc. (b)		4,068	$	122,894
Veeva Systems, Inc., Class A (a)(b)		5,699		145,496

				4,767,448
Hotels, Restaurants & Leisure — 1.8%
ARAMARK (a)		6,848		216,602
Brinker International, Inc. (a)		10,315		634,991
Carnival Corp.		67,343		3,221,689
Chipotle Mexican Grill, Inc. (b)		4,927		3,205,211
Choice Hotels International, Inc.		5,543		355,140
Darden Restaurants, Inc. (a)		19,674		1,364,195
Domino’s Pizza, Inc.		8,829		887,756
Dunkin’ Brands Group, Inc. (a)		15,495		736,942
Hilton Worldwide Holdings, Inc. (b)		21,484		636,356
Hyatt Hotels Corp., Class A (b)		6,597		390,674
Las Vegas Sands Corp.		59,601		3,280,439
Marriott International, Inc., Class A (a)		33,172		2,664,375
McDonald’s Corp.		156,605		15,259,591
MGM Resorts International (b)		59,153		1,243,988
Norwegian Cruise Line Holdings Ltd. (b)		14,370		776,124
Panera Bread Co., Class A (b)		3,890		622,381
Restaurant Brands International, Inc.		31,914		1,225,817
Royal Caribbean Cruises Ltd. (a)		26,329		2,155,029
SeaWorld Entertainment, Inc.		11,042		212,890
Six Flags Entertainment Corp.		11,576		560,394
Starbucks Corp.		119,278		11,295,627
Starwood Hotels & Resorts Worldwide, Inc.		28,308		2,363,718
The Wendy’s Co.		43,700		476,330
Wyndham Worldwide Corp.		19,116		1,729,424
Wynn Resorts Ltd. (a)		12,851		1,617,684
Yum! Brands, Inc.		69,945		5,506,070

				62,639,437
Household Durables — 0.5%
D.R. Horton, Inc.		51,095		1,455,186
Garmin Ltd.		19,379		920,890
GoPro, Inc., Class A (a)(b)		3,279		142,341
Harman International Industries, Inc.		10,801		1,443,338
Jarden Corp. (b)		30,688		1,623,395
Leggett & Platt, Inc.		22,001		1,014,026
Lennar Corp., Class A (a)		28,216		1,461,871
Mohawk Industries, Inc. (b)		9,737		1,808,648
Newell Rubbermaid, Inc.		43,875		1,714,196
NVR, Inc. (a)(b)		666		884,888
PulteGroup, Inc.		60,057		1,335,067
Taylor Morrison Home Corp., Class A (b)		5,218		108,795
Tempur Sealy International, Inc. (b)		9,659		557,711


Common Stocks	Shares		Value
Household Durables (concluded)
Toll Brothers, Inc. (b)		28,190	$	1,108,995
Tupperware Brands Corp. (a)		8,015		553,195
Whirlpool Corp.		12,324		2,490,187

				18,622,729
Household Products — 1.7%
Church & Dwight Co., Inc.		21,550		1,840,801
The Clorox Co.		20,386		2,250,410
Colgate-Palmolive Co.		145,041		10,057,143
Energizer Holdings, Inc. (a)		9,782		1,350,405
Kimberly-Clark Corp.		59,707		6,395,217
The Procter & Gamble Co.		428,706		35,128,170
Spectrum Brands Holdings, Inc.		3,380		302,713

				57,324,859
Independent Power and Renewable Electricity Producers — 0.1%
The AES Corp.		115,033		1,478,174
Calpine Corp. (b)		61,788		1,413,092
NRG Energy, Inc.		53,490		1,347,413

				4,238,679
Industrial Conglomerates — 2.0%
3M Co.		103,663		17,099,212
Carlisle Cos., Inc.		10,170		942,047
Danaher Corp.		96,273		8,173,578
General Electric Co.		1,588,694		39,415,498
Roper Industries, Inc. (a)		15,818		2,720,696

				68,351,031
Insurance — 2.9%
ACE Ltd.		53,500		5,964,715
Aflac, Inc. (a)		71,971		4,606,864
Alleghany Corp. (a)(b)		2,612		1,272,044
Allied World Assurance Co. Holdings AG		15,651		632,300
The Allstate Corp.		68,776		4,894,788
American Financial Group, Inc.		11,507		738,174
American International Group, Inc.		217,454		11,914,305
American National Insurance Co.		1,125		110,689
Aon PLC		44,415		4,269,170
Arch Capital Group Ltd. (b)		20,203		1,244,505
Arthur J Gallagher & Co.		24,921		1,165,057
Aspen Insurance Holdings Ltd.		9,858		465,593
Assurant, Inc.		11,375		698,539
Assured Guaranty Ltd.		24,524		647,188
Axis Capital Holdings Ltd.		16,222		836,731
Brown & Brown, Inc. (a)		19,160		634,388
The Chubb Corp.		36,536		3,693,790
Cincinnati Financial Corp.		25,934		1,381,764
CNA Financial Corp.		4,236		175,498
Endurance Specialty Holdings Ltd.		7,100		434,094
Erie Indemnity Co., Class A (a)		3,890		339,441
Everest Re Group Ltd.		7,314		1,272,636



194	MASTER INVESTMENT PORTFOLIO	MARCH 31, 2015

Schedule of Investments (continued)

Russell 1000 Index Master Portfolio

(Percentages shown are based on Net Assets)


Common Stocks	Shares		Value
Insurance (concluded)
FNF Group		43,919	$	1,614,462
Genworth Financial, Inc., Class A (b)		78,833		576,269
The Hanover Insurance Group, Inc.		7,002		508,205
Hartford Financial Services Group, Inc.		67,272		2,813,315
HCC Insurance Holdings, Inc.		15,854		898,446
Lincoln National Corp. (a)		41,811		2,402,460
Loews Corp.		51,631		2,108,094
Markel Corp. (b)		2,216		1,704,015
Marsh & McLennan Cos., Inc.		87,097		4,885,271
MBIA, Inc. (a)(b)		23,214		215,890
Mercury General Corp.		1,182		68,261
MetLife, Inc.		148,258		7,494,442
Old Republic International Corp.		41,381		618,232
PartnerRe Ltd.		7,525		860,333
Principal Financial Group, Inc.		46,644		2,396,102
ProAssurance Corp.		9,023		414,246
The Progressive Corp.		93,844		2,552,557
Prudential Financial, Inc.		72,898		5,854,438
Reinsurance Group of America, Inc.		10,961		1,021,456
RenaissanceRe Holdings Ltd.		7,252		723,242
StanCorp Financial Group, Inc.		6,952		476,907
Torchmark Corp.		20,895		1,147,553
The Travelers Cos., Inc.		50,927		5,506,737
Unum Group		40,826		1,377,061
Validus Holdings Ltd.		13,324		560,940
Voya Financial, Inc.		20,465		882,246
W.R. Berkley Corp.		15,928		804,523
White Mountains Insurance Group Ltd.		981		671,514
XL Group PLC		40,468		1,489,222

				100,038,712
Internet & Catalog Retail — 1.3%
Amazon.com, Inc. (b)		59,523		22,148,508
Expedia, Inc.		16,045		1,510,316
Groupon, Inc. (b)		76,420		550,988
HomeAway, Inc. (a)(b)		14,864		448,447
Liberty Interactive Corp., Series A (b)		77,811		2,271,303
Liberty TripAdvisor Holdings, Inc., Series A (b)		11,722		372,642
Liberty Ventures, Series A (b)		22,765		956,358
Netflix, Inc. (b)		9,501		3,958,972
The Priceline Group, Inc. (b)		8,173		9,514,598
TripAdvisor, Inc. (b)		17,664		1,469,115
zulily, Inc., Class A (b)		1,724		22,395

				43,223,642


Common Stocks	Shares		Value
Internet Software & Services — 3.2%
Akamai Technologies, Inc. (b)		28,221	$	2,004,961
AOL, Inc. (b)		12,703		503,166
eBay, Inc. (b)		200,803		11,582,317
Equinix, Inc.		8,954		2,084,939
Facebook, Inc., Class A (b)		312,824		25,718,825
Google, Inc., Class A (b)		44,471		24,668,064
Google, Inc., Class C (b)		44,997		24,658,356
IAC/InterActiveCorp		11,817		797,293
LendingClub Corp. (b)		10,645		209,174
LinkedIn Corp. (a)(b)		16,533		4,130,935
Pandora Media, Inc. (a)(b)		32,642		529,127
Rackspace Hosting, Inc. (b)		18,612		960,193
Twitter, Inc. (b)		81,671		4,090,084
VeriSign, Inc. (a)(b)		17,614		1,179,610
Yahoo!, Inc. (b)		150,117		6,670,449
Yelp, Inc. (a)(b)		8,084		382,777
Zillow Group, Inc., Class A Class A (a)(b)		7,537		755,961

				110,926,231
IT Services — 3.2%
Accenture PLC, Class A		100,232		9,390,736
Alliance Data Systems Corp. (a)(b)		9,324		2,762,235
Amdocs Ltd.		25,373		1,380,291
Automatic Data Processing, Inc.		76,394		6,542,382
Booz Allen Hamilton Holding Corp.		11,833		342,447
Broadridge Financial Solutions, Inc.		19,146		1,053,221
Cognizant Technology Solutions Corp., Class A (b)		96,418		6,015,519
Computer Sciences Corp.		22,974		1,499,743
CoreLogic, Inc. (b)		14,595		514,766
DST Systems, Inc.		4,505		498,749
Fidelity National Information Services, Inc.		45,617		3,104,693
Fiserv, Inc. (b)		39,503		3,136,538
FleetCor Technologies, Inc. (b)		13,149		1,984,447
Gartner, Inc. (b)		14,312		1,200,061
Genpact Ltd. (b)		25,402		590,596
Global Payments, Inc.		10,819		991,886
International Business Machines Corp.		149,872		24,054,456
Jack Henry & Associates, Inc. (a)		13,418		937,784
Leidos Holdings, Inc.		10,209		428,370
Mastercard, Inc., Class A		159,286		13,760,718
Paychex, Inc.		51,597		2,559,985
Sabre Corp.		7,619		185,142
Teradata Corp. (a)(b)		23,031		1,016,588
Total System Services, Inc.		26,600		1,014,790
Vantiv, Inc., Class A (b)		19,776		745,555
VeriFone Systems, Inc. (a)(b)		17,704		617,693
Visa, Inc., Class A (a)		317,780		20,785,990
The Western Union Co. (a)		85,456		1,778,339



MASTER INVESTMENT PORTFOLIO	MARCH 31, 2015	195

Schedule of Investments (continued)

Russell 1000 Index Master Portfolio

(Percentages shown are based on Net Assets)


Common Stocks	Shares		Value
IT Services (concluded)
Xerox Corp.		185,053	$	2,377,931

				111,271,651
Leisure Products — 0.1%
Hasbro, Inc. (a)		18,359		1,161,023
Mattel, Inc. (a)		53,813		1,229,627
Polaris Industries, Inc. (a)		10,450		1,474,495
Vista Outdoor, Inc. (b)		10,130		433,767

				4,298,912
Life Sciences Tools & Services — 0.7%
Agilent Technologies, Inc.		52,859		2,196,292
Bio-Rad Laboratories, Inc., Class A (b)		3,299		445,959
Bio-Techne Corp. (a)		5,877		589,404
Bruker Corp. (a)(b)		17,530		323,779
Charles River Laboratories International, Inc. (b)		7,682		609,106
Illumina, Inc. (b)		22,093		4,101,345
Mettler-Toledo International, Inc. (a)(b)		4,634		1,522,964
PerkinElmer, Inc. (a)		17,967		918,832
QIAGEN NV (b)		37,051		933,685
Quintiles Transnational Holdings, Inc. (b)		8,526		570,986
Thermo Fisher Scientific, Inc.		63,213		8,492,035
VWR Corp. (a)(b)		4,791		124,518
Waters Corp. (b)		13,445		1,671,482

				22,500,387
Machinery — 1.7%
AGCO Corp. (a)		14,039		668,818
Caterpillar, Inc.		98,913		7,916,007
Colfax Corp. (a)(b)		15,137		722,489
Crane Co.		7,741		483,116
Cummins, Inc.		29,144		4,040,524
Deere & Co. (a)		54,267		4,758,673
Donaldson Co., Inc. (a)		22,696		855,866
Dover Corp.		26,398		1,824,630
Flowserve Corp.		21,784		1,230,578
Graco, Inc. (a)		9,625		694,540
IDEX Corp.		12,792		970,017
Illinois Tool Works, Inc.		51,283		4,981,631
Ingersoll-Rand PLC		42,855		2,917,569
ITT Corp.		14,566		581,329
Joy Global, Inc.		15,904		623,119
Kennametal, Inc. (a)		12,492		420,856
Lincoln Electric Holdings, Inc.		12,075		789,584
The Manitowoc Co., Inc.		21,486		463,238
The Middleby Corp. (a)(b)		9,088		932,883
Navistar International Corp. (b)		8,721		257,270
Nordson Corp. (a)		10,215		800,243
Oshkosh Corp. (a)		12,410		605,484


Common Stocks	Shares		Value
Machinery (concluded)
PACCAR, Inc.		56,217	$	3,549,541
Pall Corp.		17,407		1,747,489
Parker Hannifin Corp. (a)		23,608		2,804,158
Pentair PLC		28,928		1,819,282
Snap-on, Inc.		9,238		1,358,540
SPX Corp.		6,525		553,973
Stanley Black & Decker, Inc.		24,740		2,359,206
Terex Corp. (a)		17,533		466,203
The Timken Co.		12,950		545,713
The Toro Co.		8,958		628,135
Trinity Industries, Inc. (a)		24,587		873,084
Valmont Industries, Inc. (a)		3,911		480,584
WABCO Holdings, Inc. (b)		8,990		1,104,691
Wabtec Corp.		15,297		1,453,368
Xylem, Inc.		29,159		1,021,148

				58,303,579
Marine — 0.0%
Kirby Corp. (a)(b)		9,049		679,127
Media — 3.6%
AMC Networks, Inc., Class A (a)(b)		9,475		726,164
Cablevision Systems Corp., New York Group, Class A (a)		31,063		568,453
CBS Corp., Class B		78,805		4,777,947
Charter Communications, Inc., Class A (b)		12,580		2,429,324
Cinemark Holdings, Inc.		18,314		825,412
Clear Channel Outdoor Holdings, Inc., Class A		7,304		73,916
Comcast Corp., Class A		410,399		23,175,232
DIRECTV (b)		74,120		6,307,612
Discovery Communications, Inc., Class A (a)(b)		36,362		1,118,495
Discovery Communications, Inc., Class C (b)		36,414		1,073,303
DISH Network Corp., Class A (b)		33,808		2,368,588
DreamWorks Animation SKG, Inc., Class A (a)(b)		11,915		288,343
Gannett Co., Inc. (a)		35,971		1,333,805
Graham Holdings Co., Class B		553		580,445
The Interpublic Group of Cos., Inc.		67,186		1,486,154
John Wiley & Sons, Inc., Class A		7,012		428,714
Liberty Broadband Corp. (b)		9,799		554,623
Liberty Broadband Corp., Class A (a)(b)		3,896		220,046
Liberty Media Corp., Class A (b)		15,072		581,026
Liberty Media Corp., Class C (b)		30,105		1,150,011
Lions Gate Entertainment Corp.		12,792		433,905
Live Nation Entertainment, Inc. (b)		22,954		579,129
The Madison Square Garden Co., Class A (b)		9,803		829,824
Morningstar, Inc.		3,122		233,869
News Corp., Class A (b)		78,888		1,262,997



196	MASTER INVESTMENT PORTFOLIO	MARCH 31, 2015

Schedule of Investments (continued)

Russell 1000 Index Master Portfolio

(Percentages shown are based on Net Assets)


Common Stocks	Shares		Value
Media (concluded)
Omnicom Group, Inc. (a)		40,963	$	3,194,295
Regal Entertainment Group, Class A (a)		13,131		299,912
Scripps Networks Interactive, Inc., Class A (a)		15,442		1,058,704
Sirius XM Holdings, Inc. (b)		411,112		1,570,448
Starz, Class A (b)		14,054		483,598
Thomson Reuters Corp. (a)		56,332		2,284,826
Time Warner Cable, Inc.		44,150		6,617,202
Time Warner, Inc.		131,826		11,131,387
Twenty-First Century Fox, Inc., Class A		301,730		10,210,543
Viacom, Inc., Class B		64,305		4,392,032
The Walt Disney Co.		274,380		28,779,718

				123,430,002
Metals & Mining — 0.4%
Alcoa, Inc.		185,838		2,401,027
Allegheny Technologies, Inc.		17,252		517,732
Carpenter Technology Corp.		8,451		328,575
Cliffs Natural Resources, Inc. (a)		24,656		118,595
Compass Minerals International, Inc.		5,329		496,716
Freeport-McMoRan Copper & Gold, Inc.		164,638		3,119,890
Newmont Mining Corp. (a)		79,048		1,716,132
Nucor Corp. (a)		50,485		2,399,552
Reliance Steel & Aluminum Co. (a)		12,337		753,544
Royal Gold, Inc. (a)		10,233		645,805
Southern Copper Corp. (a)		23,154		675,634
Steel Dynamics, Inc. (a)		38,107		765,951
Tahoe Resources, Inc. (a)		12,628		138,403
TimkenSteel Corp.		6,825		180,658
United States Steel Corp. (a)		22,986		560,858

				14,819,072
Multi-Utilities — 1.1%
Alliant Energy Corp.		17,600		1,108,800
Ameren Corp. (a)		38,476		1,623,687
CenterPoint Energy, Inc.		68,157		1,391,084
CMS Energy Corp. (a)		42,738		1,491,984
Consolidated Edison, Inc.		46,427		2,832,047
Dominion Resources, Inc. (a)		92,162		6,531,521
DTE Energy Co.		28,063		2,264,403
Integrys Energy Group, Inc.		12,689		913,862
MDU Resources Group, Inc. (a)		30,433		649,440
NiSource, Inc. (a)		49,919		2,204,423
PG&E Corp. (a)		73,658		3,909,030
Public Service Enterprise Group, Inc.		80,188		3,361,481
SCANA Corp. (a)		22,459		1,235,020
Sempra Energy		38,896		4,240,442
TECO Energy, Inc. (a)		37,039		718,557


Common Stocks	Shares		Value
Multi-Utilities (concluded)
Vectren Corp.		13,100	$	578,234
Wisconsin Energy Corp. (a)		35,759		1,770,071

				36,824,086
Multiline Retail — 0.7%
Big Lots, Inc. (a)		8,499		408,207
Dillard’s, Inc., Class A		3,820		521,468
Dollar General Corp. (b)		49,127		3,703,193
Dollar Tree, Inc. (b)		32,783		2,660,177
Family Dollar Stores, Inc.		15,175		1,202,467
JC Penney Co., Inc. (a)(b)		48,489		407,792
Kohl’s Corp.		33,061		2,587,023
Macy’s, Inc. (a)		53,983		3,504,037
Nordstrom, Inc.		21,983		1,765,675
Sears Holdings Corp. (a)(b)		4,017		166,223
Target Corp.		100,412		8,240,813

				25,167,075
Office Electronics — 0.0%
Zebra Technologies Corp., Class A (b)		8,016		727,171
Oil, Gas & Consumable Fuels — 6.2%
Anadarko Petroleum Corp.		80,031		6,627,367
Antero Resources Corp. (a)(b)		8,866		313,147
Apache Corp. (a)		61,131		3,688,033
Cabot Oil & Gas Corp.		66,162		1,953,764
California Resources Corp.		49,987		380,401
Cheniere Energy, Inc. (b)		37,709		2,918,677
Chesapeake Energy Corp. (a)		83,549		1,183,054
Chevron Corp.		301,600		31,661,968
Cimarex Energy Co. (a)		13,802		1,588,472
Cobalt International Energy, Inc. (b)		55,790		524,984
Concho Resources, Inc. (b)		19,025		2,205,378
ConocoPhillips		194,522		12,110,940
CONSOL Energy, Inc. (a)		36,480		1,017,427
Continental Resources, Inc. (a)(b)		13,666		596,794
CVR Energy, Inc.		2,514		106,996
Denbury Resources, Inc. (a)		55,919		407,650
Devon Energy Corp.		64,647		3,898,861
Energen Corp.		11,554		762,564
EOG Resources, Inc.		86,596		7,939,987
EP Energy Corp., Class A (a)(b)		6,181		64,777
EQT Corp.		24,060		1,993,852
Exxon Mobil Corp.		680,348		57,829,580
Golar LNG Ltd.		8,082		268,969
Gulfport Energy Corp. (b)		13,568		622,907
Hess Corp.		40,070		2,719,551
HollyFrontier Corp.		31,515		1,269,109
Kinder Morgan, Inc.		215,183		9,050,597
Kosmos Energy Ltd. (b)		15,859		125,445
Laredo Petroleum, Inc. (a)(b)		18,424		240,249
Marathon Oil Corp.		107,166		2,798,104
Marathon Petroleum Corp.		37,692		3,859,284



MASTER INVESTMENT PORTFOLIO	MARCH 31, 2015	197

Schedule of Investments (continued)

Russell 1000 Index Master Portfolio

(Percentages shown are based on Net Assets)


Common Stocks	Shares		Value
Oil, Gas & Consumable Fuels (concluded)
Memorial Resource Development Corp. (b)		8,057	$	142,931
Murphy Oil Corp. (a)		28,461		1,326,283
Murphy USA, Inc. (b)		7,429		537,637
Newfield Exploration Co. (b)		25,820		906,024
Noble Energy, Inc.		61,476		3,006,176
Oasis Petroleum, Inc. (a)(b)		22,168		315,229
Occidental Petroleum Corp.		124,481		9,087,113
ONEOK, Inc.		32,964		1,590,183
PBF Energy, Inc.		10,994		372,916
Peabody Energy Corp. (a)		43,283		212,952
Phillips 66		89,663		7,047,512
Pioneer Natural Resources Co. (a)		22,672		3,707,099
QEP Resources, Inc.		28,600		596,310
Range Resources Corp. (a)		25,992		1,352,624
SandRidge Energy, Inc. (a)(b)		79,183		140,946
SM Energy Co.		10,654		550,599
Southwestern Energy Co. (a)(b)		60,981		1,414,149
Spectra Energy Corp.		106,295		3,844,690
Targa Resources Corp.		7,738		741,223
Teekay Corp.		7,243		337,307
Tesoro Corp. (a)		20,505		1,871,901
Ultra Petroleum Corp. (a)(b)		24,366		380,841
Valero Energy Corp.		84,563		5,379,898
Whiting Petroleum Corp. (b)		26,370		814,833
The Williams Cos., Inc.		118,372		5,988,439
World Fuel Services Corp. (a)		11,430		656,996
WPX Energy, Inc. (b)		32,169		351,607

				213,403,306
Paper & Forest Products — 0.1%
Domtar Corp. (a)		10,191		471,028
International Paper Co.		68,655		3,809,666

				4,280,694
Personal Products — 0.1%
Avon Products, Inc.		69,022		551,486
Coty, Inc., Class A (a)(b)		10,464		253,961
The Estee Lauder Cos., Inc., Class A		36,350		3,022,866
Herbalife Ltd. (a)		12,091		517,011
Nu Skin Enterprises, Inc., Class A (a)		9,365		563,867

				4,909,191
Pharmaceuticals — 5.5%
AbbVie, Inc.		251,930		14,747,982
Actavis PLC (b)		57,598		17,142,317
Bristol-Myers Squibb Co.		262,559		16,935,055
Eli Lilly & Co.		155,881		11,324,755
Endo International PLC (b)		28,139		2,524,068
Hospira, Inc. (b)		26,497		2,327,496
Jazz Pharmaceuticals PLC (b)		9,418		1,627,336


Common Stocks	Shares		Value
Pharmaceuticals (concluded)
Johnson & Johnson		448,211	$	45,090,027
Mallinckrodt PLC (b)		17,931		2,270,961
Merck & Co., Inc.		462,999		26,613,182
Mylan NV (b)		59,233		3,515,479
Omnicare, Inc.		15,708		1,210,458
Perrigo Co. PLC		22,312		3,693,752
Pfizer, Inc.		1,010,583		35,158,183
Salix Pharmaceuticals Ltd. (b)		10,055		1,737,605
Zoetis, Inc.		79,406		3,675,704

				189,594,360
Professional Services — 0.4%
CoStar Group, Inc. (a)(b)		5,126		1,014,076
The Dun & Bradstreet Corp.		5,877		754,372
Equifax, Inc. (a)		19,349		1,799,457
IHS, Inc., Class A (b)		10,796		1,228,153
Manpowergroup, Inc.		12,632		1,088,247
Nielsen Holdings NV		44,682		1,991,477
Robert Half International, Inc.		21,806		1,319,699
Towers Watson & Co., Class A		10,301		1,361,637
Verisk Analytics, Inc., Class A (b)		26,382		1,883,675

				12,440,793
Real Estate Investment Trusts (REITs) — 3.3%
Alexandria Real Estate Equities, Inc.		11,367		1,114,421
American Campus Communities, Inc.		17,793		762,786
American Capital Agency Corp.		55,961		1,193,648
American Homes 4 Rent, Class A		23,780		393,559
American Realty Capital Properties, Inc.		144,003		1,418,430
American Tower Corp.		66,960		6,304,284
Annaly Capital Management, Inc.		150,253		1,562,631
Apartment Investment & Management Co., Class A		24,695		971,995
AvalonBay Communities, Inc.		20,533		3,577,875
BioMed Realty Trust, Inc.		32,192		729,471
Boston Properties, Inc.		24,257		3,407,623
Brandywine Realty Trust		28,445		454,551
Brixmor Property Group, Inc.		8,588		228,011
Camden Property Trust		13,575		1,060,615
CBL & Associates Properties, Inc.		26,471		524,126
Chimera Investment Corp.		163,272		512,674
Columbia Property Trust, Inc.		19,855		536,482
Corporate Office Properties Trust		14,825		435,559
Corrections Corp. of America (a)		18,473		743,723
Crown Castle International Corp.		52,899		4,366,284
DDR Corp. (a)		47,830		890,595
Digital Realty Trust, Inc.		21,465		1,415,831
Douglas Emmett, Inc. (a)		22,814		680,085
Duke Realty Corp.		52,270		1,137,918
Equity Lifestyle Properties, Inc.		13,229		726,934



198	MASTER INVESTMENT PORTFOLIO	MARCH 31, 2015

Schedule of Investments (continued)

Russell 1000 Index Master Portfolio

(Percentages shown are based on Net Assets)


Common Stocks	Shares		Value
Real Estate Investment Trusts (REITs) (continued)
Equity Residential		57,243	$	4,456,940
Essex Property Trust, Inc.		9,911		2,278,539
Extra Space Storage, Inc.		18,391		1,242,680
Federal Realty Investment Trust		10,669		1,570,584
Gaming and Leisure Properties, Inc.		13,403		494,169
General Growth Properties, Inc.		89,875		2,655,806
HCP, Inc.		72,626		3,138,169
Health Care REIT, Inc.		55,205		4,270,659
Healthcare Trust of America, Inc., Class A		19,886		554,024
Home Properties, Inc.		9,073		628,668
Hospitality Properties Trust		21,016		693,318
Host Hotels & Resorts, Inc.		119,993		2,421,459
Kilroy Realty Corp.		13,700		1,043,529
Kimco Realty Corp.		65,090		1,747,667
Lamar Advertising Co., Class A		12,611		747,454
Liberty Property Trust		23,440		836,808
The Macerich Co.		25,040		2,111,623
MFA Financial, Inc.		58,280		458,081
Mid-America Apartment Communities, Inc.		11,903		919,745
National Retail Properties, Inc.		20,932		857,584
NorthStar Realty Finance Corp. (a)		38,258		693,235
Omega Healthcare Investors, Inc. (a)		22,009		892,905
Outfront Media, Inc.		21,580		645,674
Paramount Group, Inc. (a)		23,947		462,177
Piedmont Office Realty Trust, Inc., Class A		24,523		456,373
Plum Creek Timber Co., Inc.		28,092		1,220,597
Post Properties, Inc.		8,636		491,648
Prologis, Inc.		79,198		3,449,865
Public Storage		22,760		4,486,906
Rayonier, Inc.		20,092		541,680
Realty Income Corp. (a)		35,112		1,811,779
Regency Centers Corp.		14,652		996,922
Retail Properties of America, Inc., Class A		37,575		602,327
Senior Housing Properties Trust		37,225		826,023
Simon Property Group, Inc.		49,224		9,630,183
SL Green Realty Corp.		15,132		1,942,646
Spirit Realty Capital, Inc. (a)		63,302		764,688
Starwood Property Trust, Inc.		35,138		853,853
Tanger Factory Outlet Centers		14,450		508,207
Taubman Centers, Inc.		7,970		614,726
Two Harbors Investment Corp.		58,137		617,415
UDR, Inc. (a)		39,878		1,357,048
Urban Edge Properties		15,786		374,128
Ventas, Inc.		42,558		3,107,585
Vornado Realty Trust		29,705		3,326,960
Weingarten Realty Investors		19,397		697,904
Weyerhaeuser Co.		83,408		2,764,975
Common Stocks	Shares		Value
Real Estate Investment Trusts (REITs) (concluded)
WP Carey, Inc.		15,762	$	1,071,816
WP Glimcher, Inc. (a)		29,272		486,793

				113,974,655
Real Estate Management & Development — 0.2%
CBRE Group, Inc., Class A (b)		44,426		1,719,730
Forest City Enterprises, Inc., Class A (a)(b)		26,114		666,429
The Howard Hughes Corp. (b)		6,278		973,216
Jones Lang LaSalle, Inc.		7,070		1,204,728
Realogy Holdings Corp. (b)		23,183		1,054,363

				5,618,466
Road & Rail — 1.0%
AMERCO, Inc.		1,164		384,586
Avis Budget Group, Inc. (b)		16,724		986,967
Con-way, Inc. (a)		9,074		400,436
CSX Corp.		159,161		5,271,412
Genesee & Wyoming, Inc., Class A (b)		8,267		797,269
Hertz Global Holdings, Inc. (b)		70,999		1,539,258
JB Hunt Transport Services, Inc. (a)		14,595		1,246,340
Kansas City Southern		17,493		1,785,685
Landstar System, Inc. (a)		7,145		473,714
Norfolk Southern Corp.		49,071		5,050,387
Old Dominion Freight Line, Inc. (b)		9,985		771,841
Ryder System, Inc.		8,442		801,061
Union Pacific Corp.		143,518		15,544,435

				35,053,391
Semiconductors & Semiconductor Equipment — 2.3%
Advanced Micro Devices, Inc. (a)(b)		98,406		263,728
Altera Corp.		49,662		2,130,997
Analog Devices, Inc.		49,794		3,137,022
Applied Materials, Inc. (a)		192,932		4,352,546
Atmel Corp.		66,875		550,381
Avago Technologies Ltd.		39,591		5,027,265
Broadcom Corp., Class A		84,777		3,670,420
Cree, Inc. (a)(b)		17,729		629,202
First Solar, Inc. (b)		11,634		695,597
Freescale Semiconductor Ltd. (b)		16,705		680,896
Intel Corp.		788,680		24,662,024
KLA-Tencor Corp. (a)		26,297		1,532,852
Lam Research Corp.		25,707		1,805,531
Linear Technology Corp. (a)		37,509		1,755,421
Marvell Technology Group Ltd.		64,396		946,621
Maxim Integrated Products, Inc.		44,833		1,560,637
Microchip Technology, Inc. (a)		31,762		1,553,162
Micron Technology, Inc. (b)		169,631		4,602,089
NVIDIA Corp.		88,467		1,851,172
ON Semiconductor Corp. (b)		69,993		847,615
Skyworks Solutions, Inc.		30,052		2,953,811
SunEdison, Inc. (a)(b)		42,491		1,019,784



MASTER INVESTMENT PORTFOLIO	MARCH 31, 2015	199

Schedule of Investments (continued)

Russell 1000 Index Master Portfolio

(Percentages shown are based on Net Assets)


Common Stocks	Shares		Value
Semiconductors & Semiconductor Equipment (concluded)
SunPower Corp. (a)(b)		7,312	$	228,939
Teradyne, Inc.		32,508		612,776
Texas Instruments, Inc.		171,022		9,779,893
Xilinx, Inc.		42,541		1,799,484

				78,649,865
Software — 3.6%
Activision Blizzard, Inc.		78,551		1,785,071
Adobe Systems, Inc. (b)		78,873		5,831,870
Allscripts Healthcare Solutions, Inc. (b)		28,564		341,625
ANSYS, Inc. (b)		14,698		1,296,217
Autodesk, Inc. (b)		36,064		2,114,793
CA, Inc. (a)		50,727		1,654,207
Cadence Design Systems, Inc. (a)(b)		45,950		847,318
CDK Global, Inc.		25,492		1,192,006
Citrix Systems, Inc. (b)		25,984		1,659,598
Electronic Arts, Inc. (b)		49,857		2,932,339
FactSet Research Systems, Inc. (a)		6,718		1,069,506
FireEye, Inc. (b)		14,431		566,417
Fortinet, Inc. (a)(b)		21,757		760,407
Informatica Corp. (b)		17,429		764,349
Intuit, Inc.		44,991		4,362,327
Microsoft Corp.		1,308,680		53,204,385
NetSuite, Inc. (a)(b)		6,597		611,938
Nuance Communications, Inc. (a)(b)		41,674		598,022
Oracle Corp.		520,379		22,454,354
PTC, Inc. (b)		18,835		681,262
Red Hat, Inc. (b)		30,017		2,273,788
Rovi Corp. (b)		15,091		274,807
Salesforce.com, Inc. (b)		97,295		6,500,279
ServiceNow, Inc. (b)		22,842		1,799,493
SolarWinds, Inc. (b)		10,439		534,894
Solera Holdings, Inc.		10,929		564,592
Splunk, Inc. (b)		18,754		1,110,237
Symantec Corp.		109,646		2,561,879
Synopsys, Inc. (b)		24,547		1,137,017
Tableau Software, Inc., Class A (b)		6,052		559,931
VMware, Inc., Class A (b)		13,900		1,139,939
Workday, Inc., Class A (a)(b)		14,855		1,253,911
Zynga, Inc., Class A (b)		115,004		327,761

				124,766,539
Specialty Retail — 2.6%
Aaron’s, Inc.		10,287		291,225
Abercrombie & Fitch Co., Class A (a)		11,600		255,664
Advance Auto Parts, Inc.		11,568		1,731,614
Ascena Retail Group, Inc. (b)		20,721		300,662
AutoNation, Inc. (b)		10,945		704,092
AutoZone, Inc. (b)		5,169		3,526,085


Common Stocks	Shares		Value
Specialty Retail (concluded)
Bed Bath & Beyond, Inc. (b)		29,367	$	2,254,651
Best Buy Co., Inc. (a)		45,536		1,720,805
Cabela’s, Inc. (b)		7,952		445,153
CarMax, Inc. (a)(b)		34,946		2,411,623
Chico’s FAS, Inc. (a)		24,364		430,999
CST Brands, Inc.		12,015		526,617
Dick’s Sporting Goods, Inc.		15,324		873,315
DSW, Inc., Class A		11,942		440,421
Foot Locker, Inc.		23,126		1,456,938
GameStop Corp., Class A (a)		17,231		654,089
The Gap, Inc.		39,774		1,723,407
GNC Holdings, Inc., Class A		14,456		709,356
The Home Depot, Inc.		216,677		24,616,674
Kate Spade & Co. (b)		20,094		670,939
L Brands, Inc.		38,524		3,632,428
Lowe’s Cos., Inc.		161,419		12,007,959
The Michaels Cos., Inc. (b)		4,275		115,682
O’Reilly Automotive, Inc. (b)		16,813		3,635,643
Penske Automotive Group, Inc.		6,781		349,154
Ross Stores, Inc.		33,667		3,547,155
Sally Beauty Holdings, Inc. (b)		25,693		883,068
Signet Jewelers Ltd.		12,739		1,768,046
Staples, Inc. (a)		102,535		1,669,783
Tiffany & Co.		17,887		1,574,235
TJX Cos., Inc.		110,968		7,773,308
Tractor Supply Co.		21,958		1,867,748
Ulta Salon Cosmetics & Fragrance, Inc. (b)		10,200		1,538,670
Urban Outfitters, Inc. (b)		16,105		735,193
Williams-Sonoma, Inc.		14,931		1,190,150

				88,032,551
Technology Hardware, Storage & Peripherals — 4.3%
3D Systems Corp. (a)(b)		17,470		479,027
Apple, Inc.		955,253		118,862,131
Diebold, Inc.		10,278		364,458
EMC Corp.		324,401		8,291,690
Hewlett-Packard Co.		300,280		9,356,725
Lexmark International, Inc., Class A (a)		9,839		416,583
NCR Corp. (b)		26,650		786,441
NetApp, Inc. (a)		49,423		1,752,540
SanDisk Corp.		33,770		2,148,447
Stratasys Ltd. (a)(b)		7,851		414,376
Western Digital Corp.		35,284		3,211,197

				146,083,615
Textiles, Apparel & Luxury Goods — 0.8%
Carter’s, Inc.		8,523		788,122
Coach, Inc. (a)		43,472		1,801,045
Deckers Outdoor Corp. (b)		5,506		401,222
Fossil Group, Inc. (b)		6,970		574,677
Hanesbrands, Inc.		63,147		2,116,056



200	MASTER INVESTMENT PORTFOLIO	MARCH 31, 2015

Schedule of Investments (continued)

Russell 1000 Index Master Portfolio

(Percentages shown are based on Net Assets)


Common Stocks	Shares		Value
Textiles, Apparel & Luxury Goods (concluded)
Michael Kors Holdings Ltd. (b)		32,388	$	2,129,511
NIKE, Inc., Class B		110,674		11,103,922
PVH Corp.		13,050		1,390,608
Ralph Lauren Corp.		9,367		1,231,760
Under Armour, Inc., Class A (a)(b)		27,425		2,214,569
VF Corp.		54,675		4,117,574

				27,869,066
Thrifts & Mortgage Finance — 0.1%
Hudson City Bancorp, Inc.		83,914		879,419
Nationstar Mortgage Holdings, Inc. (b)		3,505		86,819
New York Community Bancorp, Inc. (a)		70,220		1,174,781
Ocwen Financial Corp. (a)(b)		14,782		121,951
People’s United Financial, Inc. (a)		49,239		748,433
TFS Financial Corp. (a)		11,430		167,792

				3,179,195
Tobacco — 1.2%
Altria Group, Inc.		314,732		15,742,895
Lorillard, Inc.		57,457		3,754,815
Philip Morris International, Inc.		249,201		18,772,311
Reynolds American, Inc.		48,932		3,371,904

				41,641,925
Trading Companies & Distributors — 0.3%
Air Lease Corp.		16,187		610,897
Fastenal Co. (a)		47,053		1,949,641
GATX Corp.		7,322		424,530
HD Supply Holdings, Inc. (b)		16,858		525,211
MRC Global, Inc. (b)		16,603		196,746
MSC Industrial Direct Co., Inc., Class A (a)		7,535		544,027
NOW, Inc. (a)(b)		17,067		369,330
United Rentals, Inc. (b)		15,427		1,406,325
Veritiv Corp. (b)		1,514		66,813
W.W. Grainger, Inc. (a)		9,242		2,179,356
Common Stocks	Shares		Value
Trading Companies & Distributors (concluded)
WESCO International, Inc. (b)		7,063	$	493,633

				8,766,509
Water Utilities — 0.1%
American Water Works Co., Inc.		28,389		1,538,968
Aqua America, Inc. (a)		28,109		740,672

				2,279,640
Wireless Telecommunication Services — 0.1%
SBA Communications Corp., Class A (b)		20,419		2,391,065
Sprint Corp. (a)(b)		115,730		548,560
T-Mobile U.S., Inc. (b)		42,113		1,334,561
Telephone & Data Systems, Inc. (a)		13,698		341,080
United States Cellular Corp. (b)		2,238		79,942

				4,695,208
Total Long-Term Investments (Cost — $2,927,643,700) — 97.6%				3,350,858,972



Money Market Funds
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.16% (c)(d)		74,593,217		74,593,217
BlackRock Cash Funds: Prime, SL Agency Shares, 0.15% (c)(d)(e)		242,258,690		242,258,690

Total Short-Term Securities (Cost — $316,851,907) — 9.2%				316,851,907
Total Investments (Cost — $3,244,495,607*) — 106.8%				3,667,710,879
Liabilities in Excess of Other Assets — (6.8)%				(234,163,733	)

Net Assets — 100.0%			$	3,433,547,146

As of March 31, 2015, gross unrealized appreciation and depreciation based on cost for federal income tax purposes were as follows:


Tax cost	$	3,249,987,895

Gross unrealized appreciation	$	461,012,736
Gross unrealized depreciation		(43,289,752	)

Net unrealized appreciation	$	417,722,984

Notes to Schedule of Investments

(a)

Security, or a portion of security, is on loan.

(b)

Non-income producing security.

(c)

During the period ended March 31, 2015, investments in issuers considered to be an affiliate of the Master Portfolio for purposes of Section 2(a)(3) of the 1940 Act were as follows:



MASTER INVESTMENT PORTFOLIO	MARCH 31, 2015	201


Schedule of Investments (continued)		Russell 1000 Index Master Portfolio


Affiliate	Shares/ Beneficial Interest Held at December 31, 2014		Shares/ Beneficial Interest Purchased			Shares/ Beneficial Interest Sold			Shares/ Beneficial Interest Held at March 31, 2015		Value at March 31, 2015		Income		Realized Gain
BlackRock Cash Funds: Institutional, SL Agency Shares		79,872,532		—			(5,279,315	)¹		74,593,217	$	74,593,217	$	29,127		—
BlackRock Cash Funds: Prime, SL Agency Shares		33,734,031		208,524,659	²		—			242,258,690	$	242,258,690	$	229,007		—
BlackRock, Inc.		16,270		3,932			—			20,202	$	7,390,700	$	38,760		—
The PNC Financial Services Group, Inc.		68,164		16,472			—			84,636	$	7,891,461	$	33,792		—
iShares Russell 1000 ETF		191,542		—			(191,542	)		—	$	—	$	—	$	2,938,679
¹ Represents net shares sold
² Represents net shares purchased

(d)

Represents the current yield as of report date.

(e)

All or a portion of security was purchased with the cash collateral from loaned securities.

Portfolio Abbreviations


CBOE		Chicago Board Options Exchange
CME		Chicago Mercantile Exchange
MBIA		Municipal Bond Investors Assurance (National Public Finance Guaranty Corp.)
MSCI		Morgan Stanley Capital International
REIT		Real Estate Investment Trust
S&P		Standard and Poor’s

As of March 31, 2015, financial futures contracts outstanding were as follows:


Contracts Long		Issue	Exchange	Expiration	Notional Value		Unrealized Depreciation
	56	S&P MidCap 400 E-Mini Index	Chicago Mercantile	June 2015	$	8,510,880	$	132,595
	654	S&P 500 E-Mini Index	Chicago Mercantile	June 2015		67,388,160		281,384
	Total						$	413,979



202	MASTER INVESTMENT PORTFOLIO	MARCH 31, 2015


Schedule of Investments (continued)		Russell 1000 Index Master Portfolio

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. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The categorization of a value determined for investments and derivative financial instruments is based on the pricing transparency of the investment and derivative financial instruments and is not necessarily an indication of the risks associated with investing in those securities. The three levels of the fair value hierarchy are as follows:

Level 1 — unadjusted quoted prices in active markets/exchanges for identical assets or liabilities that the LifePath Master Portfolio has the ability to access

Changes in valuation techniques may result in transfers into or out of an assigned level within the disclosure hierarchy. In accordance with the LifePath Master Portfolio’s policy, transfers between different levels of the fair value disclosure hierarchy are deemed to have occurred as of the beginning of the reporting period. For information about the LifePath Master Portfolio’s policy regarding valuation of investments and derivative financial instruments, refer to the LifePath Master Portfolio’s most recent financial statements as contained in its annual report.

As of March 31, 2015, the following tables summarize the Master Portfolio’s investments and derivative financial instruments categorized in the disclosure hierarch:


	Level 1		Level 2	Level 3	Total
Assets:
Investments:
Long-Term Investments:¹
Common Stocks	$	3,350,858,972	—	—	$	3,350,858,972
Short-Term Securities:
Money Market Funds		316,851,907	—	—		316,851,907

Total	$	3,667,710,879	—	—	$	3,667,710,879

¹See above Schedule of Investments for values in each sector.
	Level 1		Level 2	Level 3	Total
Derivative Financial Instruments²
Liabilities:
Equity contracts	$	413,979	—	—	$	413,979

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



MASTER INVESTMENT PORTFOLIO	MARCH 31, 2015	203


Schedule of Investments (concluded)		Russell 1000 Index Master Portfolio


	Level 1		Level 2			Level 3	Total
Assets:
Cash	$	18,124		—		—	$	18,124
Cash pledged for financial futures contracts		3,570,000		—		—		3,570,000
Liabilities:
Collateral on securities loaned at value		—	$	(242,258,690	)	—		(242,258,690	)

Total	$	3,588,124	$	(242,258,690	)	$ —	$	(238,670,566	)

For the period ended March 31, 2015, there were no transfers between levels.



204	MASTER INVESTMENT PORTFOLIO	MARCH 31, 2015

Schedule of Investments March 31, 2015 (Unaudited)

S&P 500 Stock Master Portfolio

(Percentages shown are based on Net Assets)


Common Stocks	Shares		Value
Aerospace & Defense — 2.7%
The Boeing Co.		228,792	$	34,337,103
General Dynamics Corp.		110,071		14,939,937
Honeywell International, Inc.		273,356		28,513,764
L-3 Communications Holdings, Inc.		28,844		3,628,287
Lockheed Martin Corp.		93,694		19,016,134
Northrop Grumman Corp.		69,308		11,155,816
Precision Castparts Corp.		49,524		10,400,040
Raytheon Co.		107,352		11,728,206
Rockwell Collins, Inc.		46,459		4,485,616
Textron, Inc.		96,745		4,288,706
United Technologies Corp.		288,613		33,825,444

				176,319,053
Air Freight & Logistics — 0.7%
C.H. Robinson Worldwide, Inc.		51,142		3,744,617
Expeditors International of Washington, Inc.		67,025		3,229,265
FedEx Corp.		92,033		15,226,860
United Parcel Service, Inc., Class B		242,727		23,529,955

				45,730,697
Airlines — 0.6%
American Airlines Group, Inc.		250,542		13,223,607
Delta Air Lines, Inc.		287,921		12,944,928
Southwest Airlines Co.		236,140		10,461,002

				36,629,537
Auto Components — 0.4%
BorgWarner, Inc.		79,127		4,785,601
Delphi Automotive PLC		101,411		8,086,513
The Goodyear Tire & Rubber Co.		94,669		2,563,636
Johnson Controls, Inc.		229,604		11,581,226

				27,016,976
Automobiles — 0.7%
Ford Motor Co.		1,381,704		22,300,703
General Motors Co.		472,479		17,717,962
Harley-Davidson, Inc.		73,857		4,486,074

				44,504,739
Banks — 5.6%
Bank of America Corp.		3,673,910		56,541,475
BB&T Corp.		251,798		9,817,604
Citigroup, Inc.		1,059,560		54,588,531
Comerica, Inc.		62,352		2,813,946
Fifth Third Bancorp		284,691		5,366,425
Huntington Bancshares, Inc.		283,148		3,128,785
JPMorgan Chase & Co.		1,302,078		78,879,885
KeyCorp		298,628		4,228,573
M&T Bank Corp.		46,440		5,897,880
The PNC Financial Services Group, Inc. (a)		181,839		16,954,668
Regions Financial Corp.		469,284		4,434,734
Common Stocks	Shares		Value
Banks (concluded)
SunTrust Banks, Inc.		183,254	$	7,529,907
US Bancorp		622,107		27,167,413
Wells Fargo & Co.		1,637,433		89,076,355
Zions Bancorporation		70,978		1,916,406

				368,342,587
Beverages — 2.1%
Brown-Forman Corp., Class B		54,452		4,919,738
The Coca-Cola Co.		1,372,404		55,650,982
Coca-Cola Enterprises, Inc.		75,846		3,352,393
Constellation Brands, Inc., Class A (b)		58,808		6,834,078
Dr. Pepper Snapple Group Inc.		67,427		5,291,671
Molson Coors Brewing Co., Class B		55,867		4,159,298
Monster Beverage Corp. (b)		51,084		7,069,770
PepsiCo, Inc.		517,715		49,503,909

				136,781,839
Biotechnology — 2.9%
Alexion Pharmaceuticals, Inc. (b)		70,612		12,237,060
Amgen, Inc.		265,033		42,365,525
Biogen Idec, Inc. (b)		81,940		34,598,345
Celgene Corp. (b)		279,612		32,233,671
Gilead Sciences, Inc. (b)		520,169		51,044,184
Regeneron Pharmaceuticals, Inc. (b)		25,770		11,634,640
Vertex Pharmaceuticals, Inc. (b)		84,567		9,976,369

				194,089,794
Building Products — 0.1%
Allegion PLC		33,578		2,053,966
Masco Corp.		122,182		3,262,260

				5,316,226
Capital Markets — 2.2%
Affiliated Managers Group, Inc. (b)		19,080		4,098,002
Ameriprise Financial, Inc.		63,760		8,342,359
The Bank of New York Mellon Corp.		389,075		15,656,378
BlackRock, Inc. (a)		44,303		16,207,810
The Charles Schwab Corp.		403,013		12,267,716
E*Trade Financial Corp. (b)(c)		100,968		2,883,141
Franklin Resources, Inc.		136,866		7,023,963
The Goldman Sachs Group, Inc.		141,498		26,597,379
Invesco Ltd.		149,968		5,952,230
Legg Mason, Inc.		34,629		1,911,521
Morgan Stanley		538,506		19,219,279
Northern Trust Corp.		76,689		5,341,389
State Street Corp.		144,019		10,589,717
T. Rowe Price Group, Inc.		91,088		7,376,306

				143,467,190
Chemicals — 2.3%
Air Products & Chemicals, Inc.		67,367		10,191,280



MASTER INVESTMENT PORTFOLIO	MARCH 31, 2015	205

Schedule of Investments (continued)

S&P 500 Stock Master Portfolio

(Percentages shown are based on Net Assets)


Common Stocks	Shares		Value
Chemicals (concluded)
Airgas, Inc.		23,638	$	2,508,228
CF Industries Holdings, Inc.		16,742		4,749,371
The Dow Chemical Co.		380,104		18,237,390
E.I. du Pont de Nemours & Co.		316,236		22,601,387
Eastman Chemical Co.		51,954		3,598,334
Ecolab, Inc.		94,082		10,761,099
FMC Corp.		46,608		2,668,308
International Flavors & Fragrances, Inc.		28,223		3,313,380
LyondellBasell Industries NV, Class A		138,339		12,146,164
Monsanto Co.		168,802		18,996,977
The Mosaic Co.		108,662		5,004,972
PPG Industries, Inc.		47,526		10,719,014
Praxair, Inc.		100,877		12,179,889
The Sherwin-Williams Co.		28,180		8,017,210
Sigma-Aldrich Corp.		41,730		5,769,172

				151,462,175
Commercial Services & Supplies — 0.5%
The ADT Corp. (c)		60,180		2,498,674
Cintas Corp.		34,045		2,779,093
Iron Mountain, Inc. (c)		65,370		2,384,698
Pitney Bowes, Inc.		70,536		1,644,899
Republic Services, Inc.		87,613		3,553,583
Stericycle, Inc. (b)		29,686		4,168,805
Tyco International PLC		146,761		6,319,529
Waste Management, Inc.		149,171		8,089,543

				31,438,824
Communications Equipment — 1.5%
Cisco Systems, Inc.		1,782,820		49,072,120
F5 Networks, Inc. (b)		25,219		2,898,672
Harris Corp.		36,402		2,867,022
Juniper Networks, Inc.		126,623		2,859,147
Motorola Solutions, Inc.		66,634		4,442,489
QUALCOMM, Inc.		576,114		39,947,745

				102,087,195
Construction & Engineering — 0.1%
Fluor Corp.		51,664		2,953,114
Jacobs Engineering Group, Inc. (b)		45,022		2,033,194
Quanta Services, Inc. (b)		73,953		2,109,879

				7,096,187
Construction Materials — 0.1%
Martin Marietta Materials, Inc.		21,613		3,021,497
Vulcan Materials Co.		46,170		3,892,131

				6,913,628
Consumer Finance — 0.8%
American Express Co.		306,131		23,914,954
Capital One Financial Corp.		192,667		15,186,013
Common Stocks	Shares		Value
Consumer Finance (concluded)
Discover Financial Services		156,239	$	8,804,067
Navient Corp.		140,345		2,853,214

				50,758,248
Containers & Packaging — 0.2%
Avery Dennison Corp.		31,659		1,675,078
Ball Corp.		48,006		3,391,144
MeadWestvaco Corp.		58,533		2,919,041
Owens-Illinois, Inc. (b)		57,477		1,340,363
Sealed Air Corp.		73,454		3,346,564

				12,672,190
Distributors — 0.1%
Genuine Parts Co.		53,358		4,972,432
Diversified Consumer Services — 0.0%
H&R Block, Inc.		96,215		3,085,615
Diversified Financial Services — 2.0%
Berkshire Hathaway, Inc., Class B (b)		636,903		91,917,841
CME Group, Inc.		110,771		10,491,122
IntercontinentalExchange Group, Inc.		39,130		9,127,855
Leucadia National Corp.		110,246		2,457,383
McGraw-Hill Financial, Inc.		95,541		9,878,940
Moody’s Corp.		62,123		6,448,367
The NASDAQ OMX Group, Inc.		41,331		2,105,401

				132,426,909
Diversified Telecommunication Services — 2.2%
AT&T, Inc.		1,812,639		59,182,663
CenturyLink, Inc.		197,916		6,837,998
Frontier Communications Corp.		350,493		2,470,976
Level 3 Communications, Inc. (b)		100,210		5,395,306
Verizon Communications, Inc.		1,451,243		70,573,947
Windstream Holdings, Inc.		210,830		1,560,142

				146,021,032
Electric Utilities — 1.7%
American Electric Power Co., Inc.		171,041		9,621,056
Duke Energy Corp.		247,136		18,975,102
Edison International		113,829		7,110,898
Entergy Corp.		63,067		4,887,062
Eversource Energy		110,693		5,592,210
Exelon Corp.		300,367		10,095,335
FirstEnergy Corp.		147,170		5,159,780
NextEra Energy, Inc.		154,894		16,116,721
Pepco Holdings, Inc.		88,400		2,371,772
Pinnacle West Capital Corp.		38,662		2,464,702
PPL Corp.		233,010		7,843,117
The Southern Co.		317,821		14,073,114



206	MASTER INVESTMENT PORTFOLIO	MARCH 31, 2015

Schedule of Investments (continued)

S&P 500 Stock Master Portfolio

(Percentages shown are based on Net Assets)


Common Stocks	Shares		Value
Electric Utilities (concluded)
Xcel Energy, Inc.		176,789	$	6,154,025

				110,464,894
Electrical Equipment — 0.5%
AMETEK, Inc.		84,243		4,426,127
Eaton Corp. PLC		165,787		11,263,569
Emerson Electric Co.		239,344		13,551,657
Rockwell Automation, Inc.		47,346		5,491,663

				34,733,016
Electronic Equipment, Instruments & Components — 0.4%
Amphenol Corp., Class A		108,379		6,386,774
Corning, Inc.		444,115		10,072,528
FLIR Systems, Inc.		48,913		1,529,999
TE Connectivity Ltd.		141,904		10,163,165

				28,152,466
Energy Equipment & Services — 1.2%
Baker Hughes, Inc.		151,796		9,651,190
Cameron International Corp. (b)		68,069		3,071,273
Diamond Offshore Drilling, Inc. (c)		23,577		631,628
Ensco PLC, Class A		81,968		1,727,066
FMC Technologies, Inc. (b)		80,908		2,994,405
Halliburton Co.		296,798		13,023,496
Helmerich & Payne, Inc.		37,635		2,561,814
National Oilwell Varco, Inc.		143,221		7,159,618
Noble Corp. PLC		86,909		1,241,061
Schlumberger Ltd.		445,410		37,165,010
Transocean Ltd. (c)		119,131		1,747,652

				80,974,213
Food & Staples Retailing — 2.5%
Costco Wholesale Corp.		153,671		23,280,388
CVS Health Corp.		392,998		40,561,324
The Kroger Co.		171,623		13,156,619
Sysco Corp.		206,940		7,807,846
Wal-Mart Stores, Inc.		551,593		45,368,524
Walgreens Boots Alliance, Inc.		304,553		25,789,548
Whole Foods Market, Inc.		126,044		6,564,372

				162,528,621
Food Products — 1.6%
Archer-Daniels-Midland Co.		221,574		10,502,608
Campbell Soup Co.		62,130		2,892,151
ConAgra Foods, Inc.		148,827		5,436,650
General Mills, Inc.		210,901		11,936,997
The Hershey Co.		51,699		5,216,946
Hormel Foods Corp.		47,084		2,676,725
The JM Smucker Co. (The)		35,565		4,115,937
Kellogg Co.		88,459		5,833,871
Keurig Green Mountain, Inc.		42,370		4,734,000
Kraft Foods Group, Inc.		205,390		17,892,550
McCormick & Co., Inc.		44,836		3,457,304
Common Stocks	Shares		Value
Food Products (concluded)
Mead Johnson Nutrition Co.		70,679	$	7,105,360
Mondelez International, Inc., Class A		576,129		20,792,496
Tyson Foods, Inc., Class A		102,110		3,910,813

				106,504,408
Gas Utilities — 0.0%
AGL Resources, Inc.		41,847		2,077,704
Health Care Equipment & Supplies — 2.1%
Abbott Laboratories		527,039		24,417,717
Baxter International, Inc.		189,528		12,982,668
Becton Dickinson and Co.		72,934		10,472,593
Boston Scientific Corp. (b)		464,818		8,250,520
C.R. Bard, Inc.		25,952		4,343,067
DENTSPLY International, Inc.		49,072		2,497,274
Edwards Lifesciences Corp. (b)		37,681		5,368,035
Intuitive Surgical, Inc. (b)		12,788		6,458,324
Medtronic PLC		497,711		38,816,481
St. Jude Medical, Inc.		98,276		6,427,251
Stryker Corp.		104,525		9,642,431
Varian Medical Systems, Inc. (b)(c)		34,979		3,291,174
Zimmer Holdings, Inc.		59,360		6,975,987

				139,943,522
Health Care Providers & Services — 2.7%
Aetna, Inc.		122,851		13,087,317
AmerisourceBergen Corp.		72,884		8,284,724
Anthem Inc.		93,189		14,389,313
Cardinal Health, Inc.		115,323		10,410,207
Cigna Corp.		90,279		11,685,714
DaVita HealthCare Partners, Inc. (b)		60,327		4,903,378
Express Scripts Holding Co. (b)		253,888		22,029,862
HCA Holdings, Inc. (b)		102,853		7,737,631
Henry Schein, Inc. (b)		29,287		4,089,051
Humana, Inc.		52,247		9,301,011
Laboratory Corp. of America Holdings (b)		35,051		4,419,580
McKesson Corp.		81,329		18,396,620
Patterson Cos., Inc.		29,982		1,462,822
Quest Diagnostics, Inc.		50,436		3,876,007
Tenet Healthcare Corp. (b)		34,457		1,705,966
UnitedHealth Group, Inc.		333,082		39,400,270
Universal Health Services, Inc., Class B		31,815		3,744,944

				178,924,417
Health Care Technology — 0.1%
Cerner Corp. (b)		106,521		7,803,728
Hotels, Restaurants & Leisure — 1.7%
Carnival Corp.		157,371		7,528,629
Chipotle Mexican Grill, Inc. (b)		10,839		7,051,203



MASTER INVESTMENT PORTFOLIO	MARCH 31, 2015	207

Schedule of Investments (continued)

S&P 500 Stock Master Portfolio

(Percentages shown are based on Net Assets)


Common Stocks	Shares		Value
Hotels, Restaurants & Leisure (concluded)
Darden Restaurants, Inc.		43,365	$	3,006,929
Marriott International, Inc., Class A		72,467		5,820,549
McDonald’s Corp.		335,680		32,708,659
Royal Caribbean Cruises Ltd.		57,560		4,711,286
Starbucks Corp.		261,881		24,800,131
Starwood Hotels & Resorts Worldwide, Inc.		59,995		5,009,582
Wyndham Worldwide Corp.		42,134		3,811,863
Wynn Resorts Ltd.		28,312		3,563,915
Yum! Brands, Inc.		151,293		11,909,785

				109,922,531
Household Durables — 0.4%
D.R. Horton, Inc.		116,234		3,310,344
Garmin Ltd.		42,262		2,008,290
Harman International Industries, Inc.		23,989		3,205,650
Leggett & Platt, Inc.		48,378		2,229,742
Lennar Corp., Class A		62,406		3,233,255
Mohawk Industries, Inc. (b)		21,689		4,028,732
Newell Rubbermaid, Inc.		94,751		3,701,922
PulteGroup, Inc.		115,863		2,575,635
Whirlpool Corp.		27,291		5,514,419

				29,807,989
Household Products — 1.8%
The Clorox Co.		45,838		5,060,057
Colgate-Palmolive Co.		297,814		20,650,423
Kimberly-Clark Corp.		127,659		13,673,555
The Procter & Gamble Co.		943,128		77,279,908

				116,663,943
Independent Power and Renewable Electricity Producers — 0.1%
The AES Corp.		226,177		2,906,375
NRG Energy, Inc.		118,049		2,973,654

				5,880,029
Industrial Conglomerates — 2.2%
3M Co.		221,691		36,567,930
Danaher Corp.		214,469		18,208,418
General Electric Co.		3,515,060		87,208,639
Roper Industries, Inc.		35,065		6,031,180

				148,016,167
Insurance — 2.6%
ACE Ltd.		114,343		12,748,101
Aflac, Inc.		153,324		9,814,269
The Allstate Corp.		145,469		10,353,029
American International Group, Inc.		479,346		26,263,367
Aon PLC		97,901		9,410,244
Assurant, Inc.		24,234		1,488,210
The Chubb Corp.		80,650		8,153,715
Cincinnati Financial Corp.		51,653		2,752,072
Common Stocks	Shares		Value
Insurance (concluded)
Genworth Financial, Inc., Class A (b)		173,865	$	1,270,953
Hartford Financial Services Group, Inc.		147,077		6,150,760
Lincoln National Corp.		89,590		5,147,841
Loews Corp.		104,331		4,259,835
Marsh & McLennan Cos., Inc.		188,208		10,556,587
MetLife, Inc.		390,299		19,729,615
Principal Financial Group, Inc.		95,579		4,909,893
The Progressive Corp.		187,269		5,093,717
Prudential Financial, Inc.		158,585		12,735,961
Torchmark Corp.		44,357		2,436,087
The Travelers Cos., Inc.		112,258		12,138,458
Unum Group		87,891		2,964,563
XL Group PLC		89,235		3,283,848

				171,661,125
Internet & Catalog Retail — 1.3%
Amazon.com, Inc. (b)		132,992		49,486,323
Expedia, Inc.		34,549		3,252,097
Netflix, Inc. (b)		21,135		8,806,743
The Priceline Group, Inc. (b)		18,142		21,120,009
TripAdvisor, Inc. (b)		38,967		3,240,886

				85,906,058
Internet Software & Services — 3.3%
Akamai Technologies, Inc. (b)		62,495		4,439,957
eBay, Inc. (b)		384,601		22,183,786
Equinix, Inc.		19,735		4,595,295
Facebook, Inc., Class A (b)		733,152		60,276,092
Google, Inc., Class A (b)		99,733		55,321,895
Google, Inc., Class C (b)		99,941		54,767,668
VeriSign, Inc. (b)		36,783		2,463,357
Yahoo!, Inc. (b)		304,101		13,512,728

				217,560,778
IT Services — 3.2%
Accenture PLC, Class A		219,392		20,554,836
Alliance Data Systems Corp. (b)(c)		21,944		6,500,910
Automatic Data Processing, Inc.		165,970		14,213,671
Cognizant Technology Solutions Corp., Class A (b)		212,941		13,285,389
Computer Sciences Corp.		49,302		3,218,435
Fidelity National Information Services, Inc.		99,597		6,778,572
Fiserv, Inc. (b)		83,395		6,621,563
International Business Machines Corp.		321,041		51,527,081
Mastercard, Inc., Class A		340,944		29,454,152
Paychex, Inc.		114,197		5,665,884
Teradata Corp. (b)(c)		50,758		2,240,458
Total System Services, Inc.		57,594		2,197,211
Visa, Inc., Class A		677,520		44,316,583



208	MASTER INVESTMENT PORTFOLIO	MARCH 31, 2015

Schedule of Investments (continued)

S&P 500 Stock Master Portfolio

(Percentages shown are based on Net Assets)


Common Stocks	Shares		Value
IT Services (concluded)
The Western Union Co.		182,258	$	3,792,789
Xerox Corp.		365,306		4,694,182

				215,061,716
Leisure Products — 0.1%
Hasbro, Inc.		39,166		2,476,858
Mattel, Inc.		118,252		2,702,058

				5,178,916
Life Sciences Tools & Services — 0.4%
Agilent Technologies, Inc.		117,345		4,875,685
PerkinElmer, Inc.		39,531		2,021,615
Thermo Fisher Scientific, Inc.		138,590		18,618,181
Waters Corp. (b)		29,020		3,607,766

				29,123,247
Machinery — 1.4%
Caterpillar, Inc.		211,727		16,944,512
Cummins, Inc.		58,840		8,157,578
Deere & Co.		118,595		10,399,595
Dover Corp.		57,001		3,939,909
Flowserve Corp.		46,995		2,654,748
Illinois Tool Works, Inc.		121,942		11,845,446
Ingersoll-Rand PLC		92,003		6,263,564
Joy Global, Inc.		34,113		1,336,547
PACCAR, Inc.		123,854		7,820,142
Pall Corp.		37,272		3,741,736
Parker Hannifin Corp.		49,774		5,912,156
Pentair PLC		63,760		4,009,866
Snap-on, Inc.		20,320		2,988,259
Stanley Black & Decker, Inc.		55,001		5,244,895
Xylem, Inc.		63,750		2,232,525

				93,491,478
Media — 3.4%
Cablevision Systems Corp., New York Group, Class A (c)		76,770		1,404,891
CBS Corp., Class B		159,815		9,689,583
Comcast Corp., Class A		887,461		50,114,923
DIRECTV (b)		175,626		14,945,773
Discovery Communications, Inc., Class A (b)(c)		51,909		1,596,721
Discovery Communications, Inc., Class C (b)		94,536		2,786,449
Gannett Co., Inc.		79,305		2,940,629
The Interpublic Group of Cos., Inc.		144,184		3,189,350
News Corp., Class A (b)		174,590		2,795,186
Omnicom Group, Inc.		86,200		6,721,876
Scripps Networks Interactive, Inc., Class A		34,067		2,335,633
Time Warner Cable, Inc.		98,117		14,705,776
Time Warner, Inc.		290,075		24,493,933
Common Stocks	Shares		Value
Media (concluded)
Twenty-First Century Fox, Inc., Class A		638,639	$	21,611,544
Viacom, Inc., Class B		127,576		8,713,441
The Walt Disney Co.		546,079		57,278,226

				225,323,934
Metals & Mining — 0.3%
Alcoa, Inc.		427,072		5,517,770
Allegheny Technologies, Inc.		38,037		1,141,490
Freeport-McMoRan Copper & Gold, Inc.		363,310		6,884,725
Newmont Mining Corp.		174,344		3,785,008
Nucor Corp.		111,483		5,298,787

				22,627,780
Multi-Utilities — 1.1%
Ameren Corp.		84,805		3,578,771
CenterPoint Energy, Inc.		150,240		3,066,398
CMS Energy Corp.		96,282		3,361,205
Consolidated Edison, Inc.		102,333		6,242,313
Dominion Resources, Inc.		205,435		14,559,178
DTE Energy Co.		61,930		4,997,132
Integrys Energy Group, Inc.		27,816		2,003,308
NiSource, Inc.		110,498		4,879,592
PG&E Corp.		166,427		8,832,281
Public Service Enterprise Group, Inc.		176,842		7,413,217
SCANA Corp.		49,964		2,747,520
Sempra Energy		80,888		8,818,410
TECO Energy, Inc.		82,403		1,598,618
Wisconsin Energy Corp. (c)		78,813		3,901,244

				75,999,187
Multiline Retail — 0.8%
Dollar General Corp. (b)		106,004		7,990,581
Dollar Tree, Inc. (b)		71,856		5,830,755
Family Dollar Stores, Inc.		33,611		2,663,336
Kohl’s Corp.		70,586		5,523,354
Macy’s, Inc.		118,992		7,723,771
Nordstrom, Inc.		49,163		3,948,772
Target Corp.		222,482		18,259,098

				51,939,667
Oil, Gas & Consumable Fuels — 6.5%
Anadarko Petroleum Corp.		176,972		14,655,051
Apache Corp.		131,647		7,942,264
Cabot Oil & Gas Corp.		144,394		4,263,955
Chesapeake Energy Corp.		180,908		2,561,657
Chevron Corp.		656,638		68,933,857
Cimarex Energy Co.		30,618		3,523,826
ConocoPhillips		430,107		26,778,462
CONSOL Energy, Inc.		80,520		2,245,703
Devon Energy Corp.		135,004		8,142,091



MASTER INVESTMENT PORTFOLIO	MARCH 31, 2015	209

Schedule of Investments (continued)

S&P 500 Stock Master Portfolio

(Percentages shown are based on Net Assets)


Common Stocks	Shares		Value
Oil, Gas & Consumable Fuels (concluded)
EOG Resources, Inc.		191,565	$	17,564,595
EQT Corp.		53,083		4,398,988
Exxon Mobil Corp.		1,464,936		124,519,560
Hess Corp.		84,892		5,761,620
Kinder Morgan, Inc.		595,169		25,032,808
Marathon Oil Corp.		235,823		6,157,339
Marathon Petroleum Corp.		95,390		9,766,982
Murphy Oil Corp.		58,332		2,718,271
Newfield Exploration Co. (b)		56,240		1,973,462
Noble Energy, Inc.		135,128		6,607,759
Occidental Petroleum Corp.		269,138		19,647,074
ONEOK, Inc.		72,842		3,513,898
Phillips 66		189,842		14,921,581
Pioneer Natural Resources Co.		52,041		8,509,224
QEP Resources, Inc.		57,180		1,192,203
Range Resources Corp.		58,162		3,026,750
Southwestern Energy Co. (b)(c)		134,402		3,116,782
Spectra Energy Corp.		234,446		8,479,912
Tesoro Corp.		43,650		3,984,809
Valero Energy Corp.		179,861		11,442,757
The Williams Cos., Inc.		235,129		11,895,176

				433,278,416
Paper & Forest Products — 0.1%
International Paper Co.		147,723		8,197,149
Personal Products — 0.1%
The Estee Lauder Cos., Inc., Class A		77,935		6,481,075
Pharmaceuticals — 6.1%
AbbVie, Inc.		556,678		32,587,930
Actavis PLC (b)		136,377		40,588,523
Bristol-Myers Squibb Co.		580,501		37,442,314
Eli Lilly & Co.		341,504		24,810,266
Endo International PLC (b)		62,024		5,563,553
Hospira, Inc. (b)		59,895		5,261,177
Johnson & Johnson		971,052		97,687,831
Mallinckrodt PLC (b)		40,702		5,154,908
Merck & Co., Inc.		991,226		56,975,670
Mylan NV (b)		130,271		7,731,584
Perrigo Co. PLC		49,187		8,142,908
Pfizer, Inc.		2,140,452		74,466,325
Zoetis, Inc.		174,952		8,098,528

				404,511,517
Professional Services — 0.2%
The Dun & Bradstreet Corp.		12,585		1,615,410
Equifax, Inc.		41,760		3,883,680
Nielsen Holdings NV		110,275		4,914,957
Common Stocks	Shares		Value
Professional Services (concluded)
Robert Half International, Inc.		47,242	$	2,859,086

				13,273,133
Real Estate Investment Trusts (REITs) — 2.4%
American Tower Corp.		147,600		13,896,540
Apartment Investment & Management Co., Class A		54,649		2,150,985
AvalonBay Communities, Inc.		46,115		8,035,539
Boston Properties, Inc.		53,519		7,518,349
Crown Castle International Corp.		116,627		9,626,393
Equity Residential		127,085		9,894,838
Essex Property Trust, Inc. (c)		22,757		5,231,834
General Growth Properties, Inc.		219,511		6,486,550
HCP, Inc.		160,981		6,955,989
Health Care REIT, Inc. (c)		122,080		9,444,109
Host Hotels & Resorts, Inc.		264,684		5,341,323
Kimco Realty Corp.		144,191		3,871,528
The Macerich Co. (c)		49,191		4,148,277
Plum Creek Timber Co., Inc.		61,553		2,674,478
Prologis, Inc.		178,920		7,793,755
Public Storage		50,709		9,996,772
Simon Property Group, Inc.		108,573		21,241,222
SL Green Realty Corp.		34,466		4,424,745
Ventas, Inc.		99,867		7,292,288
Vornado Realty Trust		61,048		6,837,376
Weyerhaeuser Co.		183,430		6,080,705

				158,943,595
Real Estate Management & Development — 0.1%
CBRE Group, Inc., Class A (b)		97,774		3,784,832
Road & Rail — 0.9%
CSX Corp.		346,017		11,460,083
Kansas City Southern		38,584		3,938,655
Norfolk Southern Corp.		107,384		11,051,961
Ryder System, Inc.		18,535		1,758,786
Union Pacific Corp.		307,794		33,337,168

				61,546,653
Semiconductors & Semiconductor Equipment — 2.3%
Altera Corp.		105,077		4,508,854
Analog Devices, Inc.		108,877		6,859,251
Applied Materials, Inc.		429,218		9,683,158
Avago Technologies Ltd.		89,630		11,381,218
Broadcom Corp., Class A		190,425		8,244,450
First Solar, Inc. (b)		26,318		1,573,553
Intel Corp.		1,654,037		51,721,737
KLA-Tencor Corp.		56,858		3,314,253
Lam Research Corp.		55,675		3,910,334
Linear Technology Corp.		83,594		3,912,199
Microchip Technology, Inc.		70,410		3,443,049
Micron Technology, Inc. (b)		376,331		10,209,860
NVIDIA Corp.		180,454		3,776,000
Skyworks Solutions, Inc.		66,669		6,552,896



210	MASTER INVESTMENT PORTFOLIO	MARCH 31, 2015

Schedule of Investments (continued)

S&P 500 Stock Master Portfolio

(Percentages shown are based on Net Assets)


Common Stocks	Shares		Value
Semiconductors & Semiconductor Equipment (concluded)
Texas Instruments, Inc.		365,741	$	20,914,899
Xilinx, Inc.		91,400		3,866,220

				153,871,931
Software — 3.5%
Adobe Systems, Inc. (b)		166,228		12,290,898
Autodesk, Inc. (b)		79,219		4,645,402
CA, Inc.		111,431		3,633,765
Citrix Systems, Inc. (b)		55,862		3,567,906
Electronic Arts, Inc. (b)		108,639		6,389,603
Intuit, Inc.		96,670		9,373,123
Microsoft Corp.		2,865,057		116,478,893
Oracle Corp.		1,119,585		48,310,093
Red Hat, Inc. (b)		64,096		4,855,272
Salesforce.com, Inc. (b)		211,347		14,120,093
Symantec Corp.		238,428		5,570,870

				229,235,918
Specialty Retail — 2.4%
AutoNation, Inc. (b)		26,226		1,687,119
AutoZone, Inc. (b)		11,145		7,602,673
Bed Bath & Beyond, Inc. (b)		64,857		4,979,396
Best Buy Co., Inc.		101,744		3,844,906
CarMax, Inc. (b)		73,387		5,064,437
GameStop Corp., Class A (c)		37,969		1,441,303
The Gap, Inc.		92,695		4,016,474
The Home Depot, Inc.		460,247		52,288,662
L Brands, Inc.		85,890		8,098,568
Lowe’s Cos., Inc.		339,806		25,278,168
O’Reilly Automotive, Inc. (b)		35,513		7,679,331
Ross Stores, Inc.		72,313		7,618,898
Staples, Inc.		223,859		3,645,544
Tiffany & Co.		39,337		3,462,049
TJX Cos., Inc.		238,460		16,704,123
Tractor Supply Co.		47,596		4,048,516
Urban Outfitters, Inc. (b)		35,003		1,597,887

				159,058,054
Technology Hardware, Storage & Peripherals — 4.7%
Apple, Inc.		2,034,186		253,113,764
EMC Corp.		694,406		17,749,017
Hewlett-Packard Co.		634,831		19,781,334
NetApp, Inc.		108,954		3,863,509
SanDisk Corp.		74,425		4,734,918
Seagate Technology PLC		114,717		5,968,726
Western Digital Corp.		75,871		6,905,020

				312,116,288
Textiles, Apparel & Luxury Goods — 0.9%
Coach, Inc.		96,399		3,993,811
Fossil Group, Inc. (b)(c)		15,506		1,278,470
Hanesbrands, Inc.		140,057		4,693,310
Michael Kors Holdings Ltd. (b)		70,155		4,612,691
Common Stocks	Shares		Value
Textiles, Apparel & Luxury Goods (concluded)
NIKE, Inc., Class B		244,415	$	24,522,157
PVH Corp.		28,823		3,071,379
Ralph Lauren Corp.		21,063		2,769,785
Under Armour, Inc., Class A (b)(c)		58,306		4,708,209
VF Corp.		119,601		9,007,151

				58,656,963
Thrifts & Mortgage Finance — 0.1%
Hudson City Bancorp, Inc.		168,380		1,764,623
People’s United Financial, Inc.		107,832		1,639,046

				3,403,669
Tobacco — 1.4%
Altria Group, Inc.		687,798		34,403,656
Lorillard, Inc.		125,783		8,219,919
Philip Morris International, Inc.		540,268		40,698,389
Reynolds American, Inc.		107,655		7,418,506

				90,740,470
Trading Companies & Distributors — 0.2%
Fastenal Co.		95,009		3,936,698
United Rentals, Inc. (b)		33,741		3,075,829
W.W. Grainger, Inc.		20,975		4,946,115

				11,958,642
Total Long-Term Investments (Cost — $3,737,605,176) — 96.6%				6,392,462,912



Short-Term Securities
Money Market Funds — 3.5%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.14% (a)(d)		204,880,754		204,880,754
BlackRock Cash Funds: Prime, SL Agency Shares, 0.14% (a)(d)(e)		24,624,626		24,624,626
Total Short-Term Securities (Cost — $229,505,380) — 3.5%				229,505,380
Total Investments (Cost — $3,967,110,556*) — 100.1%				6,621,968,292
Liabilities in Excess of Other Assets — (0.1)%				(3,461,852	)

Net Assets — 100.0%			$	6,618,506,440

As of March 31, 2015, gross unrealized appreciation and depreciation based on cost for federal income tax purposes were as follows:


Tax cost	$	3,621,216,654

Gross unrealized appreciation	$	3,449,672,223
Gross unrealized depreciation		(448,920,585	)

Net unrealized appreciation	$	3,000,751,638



MASTER INVESTMENT PORTFOLIO	MARCH 31, 2015	211


Schedule of Investments (continued)		S&P 500 Stock Master Portfolio

Notes to Schedule of Investments

(a)


Affiliate	Shares/ Beneficial Interest Held at December 31, 2014		Shares/ Beneficial Interest Purchased			Shares/ Beneficial Interest Sold			Shares/ Beneficial Interest Held at March 31, 2015		Value at March 31, 2015		Income		Realized Gain
BlackRock, Inc.		39,755		4,702			(154	)		44,303	$	16,207,810	$	95,687	$	9,903
BlackRock Cash Funds: Institutional, SL Agency Shares		76,063,771		128,816,983	¹		—			204,880,754	$	204,880,754	$	77,311		—
BlackRock Cash Funds: Prime, SL Agency Shares		6,710,893		17,913,733	¹		—			24,624,626	$	24,624,626	$	86,749		—
The PNC Financial Services Group, Inc.		164,243		19,391			(1,795	)		181,839	$	16,954,668	$	78,837	$	54,146
¹ Represents net shares purchased.

(b)

Non-income producing security.

(c)

Security, or a portion of security, is on loan.

(d)

Represents the current yield as of report date.

(e)

All or a portion of security was purchased with the cash collateral from loaned securities.

As of March 31, 2015, financial futures contracts outstanding were as follows:

Contracts
Long

Issue

Exchange

Expiration

Notional

Value

Unrealized
Appreciation

2,118

S&P 500 E-Mini Index

Chicago Mercantile

June 2015

218,238,720

1,567,764



212	MASTER INVESTMENT PORTFOLIO	MARCH 31, 2015


Schedule of Investments (continued)		S&P 500 Stock Master Portfolio

Level 1 — unadjusted quoted prices in active markets/exchanges for identical assets or liabilities that the Master Portfolio has the ability to access

Changes in valuation techniques may result in transfers into or out of an assigned level within the disclosure hierarchy. In accordance with the Master Portfolio’s policy, transfers between different levels of the fair value disclosure hierarchy are deemed to have occurred as of the beginning of the reporting period. For information about the Master Portfolio’s policy regarding valuation of investments and derivative financial instruments, refer to the Master Portfolio’s most recent financial statements as contained in its annual report.

As of March 31, 2015, the following tables summarize the Master Portfolio’s investments and derivative financial instruments categorized in the disclosure hierarchy:


	Level 1		Level 2	Level 3	Total
Assets:
Investments:
Long-Term Investments:
Common Stocks¹	$	6,392,462,912	—	—	$	6,392,462,912
Short-Term Securities:
Money Market Funds		229,505,380	—	—		229,505,380

Total	$	6,621,968,292	—	—	$	6,621,968,292

¹See above Schedule of Investments for values in each industry.
	Level 1		Level 2	Level 3	Total
Derivative Financial Instruments²
Assets:
Equity contracts	$	1,567,764	—	—	$	1,567,764

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



MASTER INVESTMENT PORTFOLIO	MARCH 31, 2015	213


Schedule of Investments (concluded)		S&P 500 Stock Master Portfolio


	Level 1		Level 2			Level 3	Total
Assets:
Cash	$	132,131		—		—	$	132,131
Cash pledged for financial futures contracts		9,738,000		—		—		9,738,000
Liabilities:
Collateral on securities loaned at value		—	$	(24,624,626	)	—	$	(24,624,626	)

Total	$	9,870,131	$	(24,624,626	)	—	$	(14,754,495	)

During the period ended March 31, 2015, there were no transfers between levels.



214	MASTER INVESTMENT PORTFOLIO	MARCH 31, 2015

Schedule of Investments March 31, 2015 (Unaudited)

Treasury Money Market Master Portfolio

(Percentages shown are based on Net Assets)


U.S. Treasury Obligations	Par (000)		Value
U.S. Treasury Bills (a):
0.06%, 5/14/15	$	25,000	$	24,998,208
0.10%, 6/18/15		50,000		49,989,167
0.13%, 7/09/15		75,000		74,974,218
0.09%, 7/16/15		12,500		12,496,798
0.08%, 7/23/15		100,000		99,975,673
0.08%, 7/30/15		49,000		48,987,750
0.09%, 8/13/15		50,000		49,983,622
0.08%, 9/03/15		50,000		49,983,316
0.11%, 9/17/15		37,500		37,480,635
0.10%, 9/24/15		75,000		74,962,600
0.14%, 10/01/15		21,100		21,085,599
U.S. Treasury Notes:
0.25%, 5/15/15		21,000		21,004,198
2.13%, 5/31/15		126,170		126,595,661
0.25% - 1.75%, 7/31/15		93,000		93,304,968
1.25%, 8/31/15		33,730		33,884,636
0.25%, 10/31/15		66,087		66,111,841
0.25% - 2.13%, 12/31/15		162,000		163,569,257
0.11%, 7/31/16 (b)		32,995		33,001,529
0.09%, 10/31/16 (b)		79,563		79,537,532
0.12%, 1/31/17 (b)		97,504		97,505,182
Total U.S. Treasury Obligations — 39.7%				1,259,432,390



Repurchase Agreements
Barclays Capital, Inc., 0.10%, 4/01/15 (Purchased on 3/31/15 to be repurchased at $190,000,528, collateralized by various U.S. Treasury Obligations, 0.00% to 4.38%, due 11/15/15 to 8/15/43, original par and fair values of $151,137,066 and $193,800,100, respectively)		190,000		190,000,000
Total Value of Barclays Capital, Inc. (collateral value of $193,800,100)				190,000,000
BNP Paribas Securities Corp., 0.10%, 4/01/15 (Purchased on 3/31/15 to be repurchased at $227,000,631, collateralized by various U.S. Treasury Obligations, 0.00% to 2.13%, due 6/25/15 to 2/15/42, original par and fair values of $222,583,900 and $231,540,090, respectively)		227,000		227,000,000
Repurchase Agreements	Par (000)		Value
BNP Paribas Securities Corp., 0.06%, 4/02/15 (Purchased on 3/27/15 to be repurchased at $89,100,891, collateralized by various U.S. Treasury Obligations, 0.00% to 2.88%, due 4/15/15 to 8/15/44, original par and fair values of $83,910,300 and $90,882,029, respectively)	$	89,100	$	89,100,000
Total Value of BNP Paribas Securities Corp. (collateral value of $322,422,119)				316,100,000
Citigroup Global Markets, Inc., 0.11%, 4/01/15 (Purchased on 3/31/15 to be repurchased at $51,500,157, collateralized by various U.S. Treasury Obligations, 1.13% to 3.63%, due 3/31/16 to 2/15/44, original par and fair values of $50,537,273 and $52,530,007, respectively) (c)		51,500		51,500,000
Total Value of Citigroup Global Markets, Inc. (collateral value of $52,530,007)				51,500,000
Deutsche Bank Securities, Inc., 0.15%, 4/01/15 (Purchased on 3/31/15 to be repurchased at $51,400,214, collateralized by a U.S. Treasury Obligation, 1.38%, due 2/29/20, original par and fair value of $52,478,725 and $52,428,006, respectively) (c)		51,400		51,400,000
Total Value of Deutsche Bank Securities, Inc. (collateral value of $52,428,006)				51,400,000
HSBC Securities (USA), Inc., 0.10%, 4/01/15 (Purchased on 3/31/15 to be repurchased at $4,000,011, collateralized by various U.S. Treasury Obligations, 1.00% to 4.50%, due 8/31/19 to 2/15/36, original par and fair values of $2,998,100 and $4,082,546, respectively)		4,000		4,000,000



MASTER INVESTMENT PORTFOLIO	MARCH 31, 2015	215

Schedule of Investments (continued)

Treasury Money Market Master Portfolio

(Percentages shown are based on Net Assets)


Repurchase Agreements	Par (000)		Value
HSBC Securities (USA), Inc., 0.10%, 4/01/15 (Purchased on 1/27/14 to be repurchased at $200,238,333, collateralized by various U.S. Treasury Obligations, 0.25% to 10.63%, due 4/15/15 to 2/15/45, original par and fair values of $191,042,073 and $204,002,159, respectively)	$	200,000	$	200,000,000
Total Value of HSBC Securities (USA), Inc. (collateral value of $208,084,705)				204,000,000
Merrill Lynch, Pierce, Fenner & Smith, Inc., 0.12%, 4/01/15 (Purchased on 3/31/15 to be repurchased at $199,651,666, collateralized by various U.S. Treasury Obligations, 0.00% to 1.25%, due 10/31/19 to 5/15/26, original par and fair values of $259,886,418 and $203,644,061, respectively)		199,651		199,651,000
Total Value of Merrill Lynch, Pierce, Fenner & Smith, Inc (collateral value of $203,644,061)				199,651,000
Repurchase Agreements	Par (000)		Value
Morgan Stanley & Co. LLC, 0.10%, 4/01/15 (Purchased on 3/31/15 to be repurchased at $530,338,473, collateralized by various U.S. Treasury Obligations, 2.25% to 4.63%, due 6/30/15 to 11/15/24, original par and fair values of $507,587,540 and $540,943,775, respectively)	$	530,337	$	530,337,000
Total Value of Morgan Stanley & Co. LLC (collateral value of $540,943,775)				530,337,000
SG Americas Securities LLC, 0.14%, 4/01/15 (Purchased on 3/31/15 to be repurchased at $363,001,412, collateralized by various U.S. Treasury Obligations, 0.00% to 8.75%, due 4/30/15 to 11/15/44, original par and fair values of $317,433,912 and $370,260,073, respectively)		363,000		363,000,000
Total Value of SG Americas Securities LLC (collateral value of $370,260,073)				363,000,000
Total Repurchase Agreements — 60.2%				1,905,988,000
*Total Investments (Cost — $3,165,420,390) — 99.9%**				3,165,420,390
Other Assets Less Liabilities — 0.1%				3,391,202

Net Assets — 100.0%			$	3,168,811,592

Notes to Schedule of Investments

Cost for federal income tax purposes.

(a)

Rates shown are discount rates or a range of discount rates at the time of purchase.

(b)

Variable rate security. Rate shown is as of report date.

(c)

Traded in a joint account.



216	MASTER INVESTMENT PORTFOLIO	MARCH 31, 2015


Schedule of Investments (concluded)		Treasury Money Market Master Portfolio

Level 1 — unadjusted quoted prices in active markets/exchanges for identical assets or liabilities that the Master Portfolio has the ability to access

Changes in valuation techniques may result in transfers into or out of an assigned level within the disclosure hierarchy. In accordance with the Master Portfolio’s policy, transfers between different levels of the fair value disclosure hierarchy are deemed to have occurred as of the beginning of the reporting period. For information about the Master Portfolio’s policy regarding valuation of investments, refer to the Master Portfolio’s most recent financial statements as contained in its annual report.

As of March 31, 2015, the following table summarizes the Master Portfolio’s investments categorized in the disclosure hierarchy:


	Level 1	Level 2		Level 3	Total
Assets:
Investments:
Short-Term Securities¹	—	$	3,165,420,390	—	$	3,165,420,390
¹ See above Schedule of Investments for values in each security type.

The Master Portfolio may hold assets in which the fair value approximates the carrying amount for financial reporting purposes. As of March 31, 2015, cash of $1,691,332 is categorized as Level 1 within the disclosure hierarchy.

During the period ended March 31, 2015, there were no transfers between levels.



MASTER INVESTMENT PORTFOLIO	MARCH 31, 2015	217

Item 2 – Controls and Procedures


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

2(b) –		There were no changes in the registrants’ internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the registrants’ last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrants’ internal control over financial reporting.

Item 3 – Exhibits

Certifications – Attached hereto

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


BlackRock Funds III and Master Investment Portfolio

By:		/s/ John M. Perlowski
		John M. Perlowski
		Chief Executive Officer (principal executive officer) of
		BlackRock Funds III and Master Investment Portfolio

Date: May 22, 2015

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 each registrant and in the capacities and on the dates indicated.


By:		/s/ John M. Perlowski
		John M. Perlowski
		Chief Executive Officer (principal executive officer) of
		BlackRock Funds III and Master Investment Portfolio

Date: May 22, 2015

By:		/s/ Neal J. Andrews
		Neal J. Andrews
		Chief Financial Officer (principal financial officer) of
		BlackRock Funds III and Master Investment Portfolio

Date: May 22, 2015