BlackRock Funds III

N-Q 1 d351152dnq.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 number 811-07332 and 811-08162

Name of Fund: BlackRock Funds III and Master Investment Portfolio


		BlackRock Funds III
				BlackRock Russell 1000® Index Fund
				BlackRock ACWI ex-US Index Fund
				BlackRock CoreAlpha Bond Fund
				BlackRock Bond Index Fund
				BlackRock S&P 500 Stock Fund
				LifePath® Retirement Portfolio
				LifePath 2020 Portfolio®
				LifePath® 2025 Portfolio
				LifePath 2030 Portfolio®
				LifePath® 2035 Portfolio
				LifePath 2040 Portfolio®
				LifePath® 2045 Portfolio
				LifePath® 2050 Portfolio
				LifePath® 2055 Portfolio
				LifePath® Index Retirement Portfolio
				LifePath® Index 2020 Portfolio
				LifePath® Index 2025 Portfolio
				LifePath® Index 2030 Portfolio
				LifePath® Index 2035 Portfolio
				LifePath® Index 2040 Portfolio
				LifePath® Index 2045 Portfolio
				LifePath® Index 2050 Portfolio
				LifePath® Index 2055 Portfolio
				BlackRock Cash Funds: Institutional
				BlackRock Cash Funds: Prime
				BlackRock Cash Funds: Government
				BlackRock Cash Funds: Treasury
		Master Investment Portfolio
				Russell 1000® Index Master Portfolio
				ACWI ex-US Index Master Portfolio
				Bond Index Master Portfolio
				S&P 500 Stock 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
				Active Stock Master Portfolio
				CoreAlpha Bond Master Portfolio
				Money Market Master Portfolio
				Prime Money Market Master Portfolio
				Government Money Market 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: 12/31/2012

Date of reporting period: 03/31/2012

Item 1 – Schedule of Investments


Schedule of Investments March 31, 2012 (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	$	52,470,106

Total Investments (Cost – $48,319,371) – 100.0%		52,470,106
Other Assets Less Liabilities – 0.0%		15,712

Net Assets – 100.0%	$	52,485,818

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 “Master Portfolio”), which has the same investment objective and strategies as the Fund. As of March 31, 2012, the value of the investment and the percentage owned by the Fund of the Master Portfolio was $52,470,106 and 43.4%, 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.

•

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

•

Level 1 – unadjusted price quotations in active markets/exchanges for identical assets and liabilities

•

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 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. The categorization of a value determined for investments and derivative financial instruments is based on the pricing transparency of the investment and derivative financial instrument and is not necessarily an indication of the risks associated with investing in those securities. For information about the Master Portfolio’s policy regarding valuation of investments and derivative financial instruments and other significant accounting policies, please refer to the Master Portfolio’s most recent financial statements as contained in its annual report.

As of March 31, 2012, the Fund’s investment in the Master Portfolio was classified as Level 2.


Schedule of Investments March 31, 2012 (Unaudited)		BlackRock ACWI ex-US Index Fund of BlackRock Funds III
		(Percentages shown are based on Net Assets)


Mutual Fund	Value
ACWI ex-US Index Master Portfolio of Master Investment Portfolio	$	18,124,788

Total Investments (Cost – $19,851,516) – 100.0%		18,124,788
Liabilities in Excess of Other Assets – (0.0)%		(77,208	)

Net Assets – 100.0%	$	18,047,579

BlackRock ACWI ex-US Index Fund (the “Fund”) seeks to achieve its investment objective by investing all of its assets in ACWI ex-US Index Master Portfolio (the “Master Portfolio”), which has the same investment objective and strategies as the Fund. As of March 31, 2012, the value of the investment and the percentage owned by the Fund of the Master Portfolio was $18,124,788 and 18.5%, respectively.

•

Level 1 – unadjusted price quotations in active markets/exchanges for identical assets and liabilities

•

As of March 31, 2012, the Fund’s investment in the Master Portfolio was classified as Level 2.


Schedule of Investments March 31, 2012 (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	$	73,487,571

Total Investments (Cost – $72,782,769) – 99.1%		73,487,571
Other Assets Less Liabilities – 0.9%		671,195

Net Assets – 100.0%	$	74,158,766

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, 2012, the value of the investment and the percentage owned by the Fund of the Master Portfolio was $73,487,571 and 2.9%, respectively.

•

Level 1 – unadjusted price quotations in active markets/exchanges for identical assets and liabilities

•

As of March 31, 2012, the Fund’s investment in the Master Portfolio was classified as Level 2.


Schedule of Investments March 31, 2012 (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	$	131,292,942

Total Investments (Cost – $124,589,797) – 99.7%		131,292,942
Other Assets Less Liabilities – 0.3%		381,942

Net Assets – 100.0%	$	131,674,884

BlackRock Bond Index Fund (the “Fund”) seeks to achieve its investment objective by investing all of its assets in Bond Index Master Portfolio (the “Master Portfolio”), which has the same investment objective and strategies as the Fund. As of March 31, 2012, the value of the investment and the percentage owned by the Fund of the Master Portfolio was $131,292,942 and 70.0%, respectively.

•

Level 1 – unadjusted price quotations in active markets/exchanges for identical assets and liabilities

•

As of March 31, 2012, the Fund’s investment in the Master Portfolio was classified as Level 2.


Schedule of Investments March 31, 2012 (Unaudited)		BlackRock S&P 500 Stock Fund of BlackRock Funds III
		(Percentages shown are based on Net Assets)


Mutual Fund	Value
S&P 500 Stock Master Portfolio of Master Investment Portfolio	$	384,163,736

Total Investments (Cost – $283,257,419) – 100.0%		384,163,736
Other Assets Less Liabilities – 0.0%		132,505

Net Assets – 100.0%	$	384,296,241

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 “Master Portfolio”), which has the same investment objective and strategies as the Fund. As of March 31, 2012, the value of the investment and the percentage owned by the Fund of the Master Portfolio was $384,163,736 and 15.5%, respectively.

•

Level 1 – unadjusted price quotations in active markets/exchanges for identical assets and liabilities

•

As of March 31, 2012, the Fund’s investment in the Master Portfolio was classified as Level 2.


Schedule of Investments March 31, 2012 (Unaudited)		LifePath Retirement Portfolio of BlackRock Funds III
		(Percentages shown are based on Net Assets)


Mutual Fund	Value
LifePath Retirement Master Portfolio of Master Investment Portfolio	$	618,850,023

Total Investments (Cost – $552,032,174) – 101.1%		618,850,023
Liabilities in Excess of Other Assets – (1.1)%		(6,683,644	)

Net Assets – 100.0%	$	612,166,379

LifePath Retirement Portfolio (the “LifePath Portfolio”) seeks to achieve its investment objective by investing all of its assets in LifePath Retirement Master Portfolio (the “Master Portfolio”), which has the same investment objective and strategies as the LifePath Portfolio. As of March 31, 2012, the value of the investment and the percentage owned by the LifePath Portfolio of the Master Portfolio was $618,850,023 and 43.9%, respectively.

The LifePath Portfolio records its investment in the Master Portfolio at fair value. The LifePath Portfolio’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 price quotations in active markets/exchanges for identical assets and liabilities

•

Level 3 – unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the LifePath 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. 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 risk associated with investing in those securities. For information about the Master Portfolio’s policy regarding valuation of investments and derivative financial instruments and other significant accounting policies, please refer to the Master Portfolio’s most recent financial statements as contained in its annual report.

As of March 31, 2012, the LifePath Portfolio’s investment in the Master Portfolio was classified as Level 2.


Schedule of Investments March 31, 2012 (Unaudited)		LifePath 2020 Portfolio of BlackRock Funds III
		(Percentages shown are based on Net Assets)


Mutual Fund	Value
LifePath 2020 Master Portfolio of Master Investment Portfolio	$	1,191,818,026

Total Investments (Cost – $1,020,733,268) – 101.9%		1,191,818,026
Liabilities in Excess of Other Assets – (1.9)%		(21,649,686	)

Net Assets – 100.0%	$	1,170,168,340

LifePath 2020 Portfolio (the “LifePath Portfolio”) seeks to achieve its investment objective by investing all of its assets in LifePath 2020 Master Portfolio (the “Master Portfolio”), which has the same investment objective and strategies as the LifePath Portfolio. As of March 31, 2012, the value of the investment and the percentage owned by the LifePath Portfolio of the Master Portfolio was $1,191,818,026 and 48.6%, respectively.

•

Level 1 – unadjusted price quotations in active markets/exchanges for identical assets and liabilities

•

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. 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 risk associated with investing in those securities. For information about the Master Portfolio’s policy regarding valuation of investments and derivative financial instruments and other significant accounting policies, please refer to the Master Portfolio’s most recent financial statements as contained in its annual report.

As of March 31, 2012, the LifePath Portfolio’s investment in the Master Portfolio was classified as Level 2.


Schedule of Investments March 31, 2012 (Unaudited)		LifePath 2025 Portfolio of BlackRock Funds III
		(Percentages shown are based on Net Assets)


Mutual Fund	Value
LifePath 2025 Master Portfolio of Master Investment Portfolio	$	15,608,804

Total Investments (Cost – $14,777,045) – 99.9%		15,608,804
Other Assets Less Liabilities – 0.1%		21,713

Net Assets – 100.0%	$	15,630,517

LifePath 2025 Portfolio (the “LifePath Portfolio”) seeks to achieve its investment objective by investing all of its assets in LifePath 2025 Master Portfolio (the “Master Portfolio”), which has the same investment objective and strategies as the LifePath Portfolio. As of March 31, 2012, the value of the investment and the percentage owned by the LifePath Portfolio of the Master Portfolio was $15,608,804 and 99.9%, respectively.

•

Level 1 – unadjusted price quotations in active markets/exchanges for identical assets and liabilities

•

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. 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 risk associated with investing in those securities. For information about the Master Portfolio’s policy regarding valuation of investments and derivative financial instruments and other significant accounting policies, please refer to the Master Portfolio’s most recent financial statements as contained in its annual report.

As of March 31, 2012, the LifePath Portfolio’s investment in the Master Portfolio was classified as Level 2.


Schedule of Investments March 31, 2012 (Unaudited)		LifePath 2030 Portfolio of BlackRock Funds III
		(Percentages shown are based on Net Assets)


Mutual Fund	Value
LifePath 2030 Master Portfolio of Master Investment Portfolio	$	1,040,165,448

Total Investments (Cost – $913,574,345) – 101.9%		1,040,165,448
Liabilities in Excess of Other Assets – (1.9)%		(19,455,641	)

Net Assets – 100.0%	$	1,020,709,807

LifePath 2030 Portfolio (the “LifePath Portfolio”) seeks to achieve its investment objective by investing all of its assets in LifePath 2030 Master Portfolio (the “Master Portfolio”), which has the same investment objective and strategies as the LifePath Portfolio. As of March 31, 2012, the value of the investment and the percentage owned by the LifePath Portfolio of the Master Portfolio was $1,040,165,448 and 48.4%, respectively.

•

Level 1 – unadjusted price quotations in active markets/exchanges for identical assets and liabilities

•

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. 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 risk associated with investing in those securities. For information about the Master Portfolio’s policy regarding valuation of investments and derivative financial instruments and other significant accounting policies, please refer to the Master Portfolio’s most recent financial statements as contained in its annual report.

As of March 31, 2012, the LifePath Portfolio’s investment in the Master Portfolio was classified as Level 2.


Schedule of Investments March 31, 2012 (Unaudited)		LifePath 2035 Portfolio of BlackRock Funds III
		(Percentages shown are based on Net Assets)


Mutual Fund	Value
LifePath 2035 Master Portfolio of Master Investment Portfolio	$	10,633,864

Total Investments (Cost – $10,055,238) – 99.9%		10,633,864
Other Assets Less Liabilities – 0.1%		14,161

Net Assets – 100.0%	$	10,648,025

LifePath 2035 Portfolio (the “LifePath Portfolio”) seeks to achieve its investment objective by investing all of its assets in LifePath 2035 Master Portfolio (the “Master Portfolio”), which has the same investment objective and strategies as the LifePath Portfolio. As of March 31, 2012, the value of the investment and the percentage owned by the LifePath Portfolio of the Master Portfolio was $10,633,864 and 99.9%, respectively.

•

Level 1 – unadjusted price quotations in active markets/exchanges for identical assets and liabilities

•

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. 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 risk associated with investing in those securities. For information about the Master Portfolio’s policy regarding valuation of investments and derivative financial instruments and other significant accounting policies, please refer to the Master Portfolio’s most recent financial statements as contained in its annual report.

As of March 31, 2012, the LifePath Portfolio’s investment in the Master Portfolio was classified as Level 2.


Schedule of Investments March 31, 2012 (Unaudited)		LifePath 2040 Portfolio of BlackRock Funds III
		(Percentages shown are based on Net Assets)


Mutual Fund	Value
LifePath 2040 Master Portfolio of Master Investment Portfolio	$	824,992,134

Total Investments (Cost – $693,077,354) – 100.7%		824,992,134
Liabilities in Excess of Other Assets – (0.7)%		(5,526,471	)

Net Assets – 100.0%	$	819,465,663

LifePath 2040 Portfolio (the “LifePath Portfolio”) seeks to achieve its investment objective by investing all of its assets in LifePath 2040 Master Portfolio (the “Master Portfolio”), which has the same investment objective and strategies as the LifePath Portfolio. As of March 31, 2012, the value of the investment and the percentage owned by the LifePath Portfolio of the Master Portfolio was $824,992,134 and 50.4%, respectively.

•

Level 1 – unadjusted price quotations in active markets/exchanges for identical assets and liabilities

•

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. 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 risk associated with investing in those securities. For information about the Master Portfolio’s policy regarding valuation of investments and derivative financial instruments and other significant accounting policies, please refer to the Master Portfolio’s most recent financial statements as contained in its annual report.

As of March 31, 2012, the LifePath Portfolio’s investment in the Master Portfolio was classified as Level 2.


Schedule of Investments March 31, 2012 (Unaudited)		LifePath 2045 Portfolio of BlackRock Funds III
		(Percentages shown are based on Net Assets)


Mutual Fund	Value
LifePath 2045 Master Portfolio of Master Investment Portfolio	$	4,893,192

Total Investments (Cost – $4,591,458) – 99.7%		4,893,192
Other Assets Less Liabilities – 0.3%		12,385

Net Assets – 100.0%	$	4,905,577

LifePath 2045 Portfolio (the “LifePath Portfolio”) seeks to achieve its investment objective by investing all of its assets in LifePath 2045 Master Portfolio (the “Master Portfolio”), which has the same investment objective and strategies as the LifePath Portfolio. As of March 31, 2012, the value of the investment and the percentage owned by the LifePath Portfolio of the Master Portfolio was $4,893,192 and 99.7%, respectively.

•

Level 1 – unadjusted price quotations in active markets/exchanges for identical assets and liabilities

•

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. 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 risk associated with investing in those securities. For information about the Master Portfolio’s policy regarding valuation of investments and derivative financial instruments and other significant accounting policies, please refer to the Master Portfolio’s most recent financial statements as contained in its annual report.

As of March 31, 2012, the LifePath Portfolio’s investment in the Master Portfolio was classified as Level 2.


Schedule of Investments March 31, 2012 (Unaudited)		LifePath 2050 Portfolio of BlackRock Funds III
		(Percentages shown are based on Net Assets)


Mutual Fund	Value
LifePath 2050 Master Portfolio of Master Investment Portfolio	$	127,808,191

Total Investments (Cost – $116,895,255) – 101.2%		127,808,191
Liabilities in Excess of Other Assets – (1.2)%		(1,464,890	)

Net Assets – 100.0%	$	126,343,301

LifePath 2050 Portfolio (the “LifePath Portfolio”) seeks to achieve its investment objective by investing all of its assets in LifePath 2050 Master Portfolio (the “Master Portfolio”), which has the same investment objective and strategies as the LifePath Portfolio. As of March 31, 2012, the value of the investment and the percentage owned by the LifePath Portfolio of the Master Portfolio was $127,808,191 and 60.5%, respectively.

•

Level 1 – unadjusted price quotations in active markets/exchanges for identical assets and liabilities

•

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. 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 risk associated with investing in those securities. For information about the Master Portfolio’s policy regarding valuation of investments and derivative financial instruments and other significant accounting policies, please refer to the Master Portfolio’s most recent financial statements as contained in its annual report.

As of March 31, 2012, the LifePath Portfolio’s investment in the Master Portfolio was classified as Level 2.


Schedule of Investments March 31, 2012 (Unaudited)		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	$	927,996

Total Investments (Cost – $855,643) – 97.6%		927,996
Other Assets Less Liabilities – 2.4%		22,911

Net Assets – 100.0%	$	950,907

LifePath 2055 Portfolio (the “LifePath Portfolio”) seeks to achieve its investment objective by investing all of its assets in LifePath 2055 Master Portfolio (the “Master Portfolio”), which has the same investment objective and strategies as the LifePath Portfolio. As of March 31, 2012, the value of the investment and the percentage owned by the LifePath Portfolio of the Master Portfolio was $927,996 and 98.6%, respectively.

•

Level 1 – unadjusted price quotations in active markets/exchanges for identical assets and liabilities

•

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. 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 risk associated with investing in those securities. For information about the Master Portfolio’s policy regarding valuation of investments and derivative financial instruments and other significant accounting policies, please refer to the Master Portfolio’s most recent financial statements as contained in its annual report.

As of March 31, 2012, the LifePath Portfolio’s investment in the Master Portfolio was classified as Level 2.


Schedule of Investments March 31, 2012 (Unaudited)		LifePath Index Retirement Portfolio of BlackRock Funds III
		(Percentages shown are based on Net Assets)


Mutual Fund	Value
LifePath Index Retirement Master Portfolio of Master Investment Portfolio	$	35,459,534

Total Investments (Cost – $35,022,308) – 99.5%		35,459,534
Other Assets Less Liabilities – 0.5%		190,994

Net Assets – 100.0%	$	35,650,528

LifePath Index Retirement Portfolio (the “LifePath Index Portfolio”) seeks to achieve its investment objective by investing all of its assets in LifePath Index Retirement Master Portfolio (the “Master Portfolio”), which has the same investment objective and strategies as the LifePath Index Portfolio. As of March 31, 2012, the value of the investment and the percentage owned by the LifePath Index Portfolio of the Master Portfolio was $35,459,534 and 100.0%, respectively.

The LifePath Index Portfolio records its investment in the Master Portfolio at fair value. The LifePath Index Portfolio’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 price quotations in active markets/exchanges for identical assets and liabilities

•

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 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. 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 risk associated with investing in those securities. For information about the Master Portfolio’s policy regarding valuation of investments and derivative financial instruments and other significant accounting policies, please refer to the Master Portfolio’s most recent financial statements as contained in its annual report.

As of March 31, 2012, the LifePath Index Portfolio’s investment in the Master Portfolio was classified as Level 2.


Schedule of Investments March 31, 2012 (Unaudited)		LifePath Index 2020 Portfolio of BlackRock Funds III
		(Percentages shown are based on Net Assets)


Mutual Fund	Value
LifePath Index 2020 Master Portfolio of Master Investment Portfolio	$	51,033,110

Total Investments (Cost – $49,834,914) – 99.8%		51,033,110
Other Assets Less Liabilities – 0.2%		112,508

Net Assets – 100.0%	$	51,145,618

LifePath Index 2020 Portfolio (the “LifePath Index Portfolio”) seeks to achieve its investment objective by investing all of its assets in LifePath Index 2020 Master Portfolio (the “Master Portfolio”), which has the same investment objective and strategies as the LifePath Index Portfolio. As of March 31, 2012, the value of the investment and the percentage owned by the LifePath Index Portfolio of the Master Portfolio was $51,033,110 and 100.0%, respectively.

•

Level 1 – unadjusted price quotations in active markets/exchanges for identical assets and liabilities

•

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. 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 risk associated with investing in those securities. For information about the Master Portfolio’s policy regarding valuation of investments and derivative financial instruments and other significant accounting policies, please refer to the Master Portfolio’s most recent financial statements as contained in its annual report.

As of March 31, 2012, the LifePath Index Portfolio’s investment in the Master Portfolio was classified as Level 2.


Schedule of Investments March 31, 2012 (Unaudited)		LifePath Index 2025 Portfolio of BlackRock Funds III
		(Percentages shown are based on Net Assets)


Mutual Fund	Value
LifePath Index 2025 Master Portfolio of Master Investment Portfolio	$	6,368,344

Total Investments (Cost – $6,232,444) – 99.4%		6,368,344
Other Assets Less Liabilities – 0.6%		35,925

Net Assets – 100.0%	$	6,404,269

LifePath Index 2025 Portfolio (the “LifePath Index Portfolio”) seeks to achieve its investment objective by investing all of its assets in LifePath Index 2025 Master Portfolio (the “Master Portfolio”), which has the same investment objective and strategies as the LifePath Index Portfolio. As of March 31, 2012, the value of the investment and the percentage owned by the LifePath Index Portfolio of the Master Portfolio was $6,368,344 and 99.8%, respectively.

•

Level 1 – unadjusted price quotations in active markets/exchanges for identical assets and liabilities

•

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. 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 risk associated with investing in those securities. For information about the Master Portfolio’s policy regarding valuation of investments and derivative financial instruments and other significant accounting policies, please refer to the Master Portfolio’s most recent financial statements as contained in its annual report.

As of March 31, 2012, the LifePath Index Portfolio’s investment in the Master Portfolio was classified as Level 2.


Schedule of Investments March 31, 2012 (Unaudited)		LifePath Index 2030 Portfolio of BlackRock Funds III
		(Percentages shown are based on Net Assets)


Mutual Fund	Value
LifePath Index 2030 Master Portfolio of Master Investment Portfolio	$	41,355,146

Total Investments (Cost – $40,036,907) – 99.9%		41,355,146
Other Assets Less Liabilities – 0.1%		47,219

Net Assets – 100.0%	$	41,402,365

LifePath Index 2030 Portfolio (the “LifePath Index Portfolio”) seeks to achieve its investment objective by investing all of its assets in LifePath Index 2030 Master Portfolio (the “Master Portfolio”), which has the same investment objective and strategies as the LifePath Index Portfolio. As of March 31, 2012, the value of the investment and the percentage owned by the LifePath Index Portfolio of the Master Portfolio was $41,355,146 and 100.0%, respectively.

•

Level 1 – unadjusted price quotations in active markets/exchanges for identical assets and liabilities

•

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. 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 risk associated with investing in those securities. For information about the Master Portfolio’s policy regarding valuation of investments and derivative financial instruments and other significant accounting policies, please refer to the Master Portfolio’s most recent financial statements as contained in its annual report.

As of March 31, 2012, the LifePath Index Portfolio’s investment in the Master Portfolio was classified as Level 2.


Schedule of Investments March 31, 2012 (Unaudited)		LifePath Index 2035 Portfolio of BlackRock Funds III
		(Percentages shown are based on Net Assets)


Mutual Fund	Value
LifePath Index 2035 Master Portfolio of Master Investment Portfolio	$	3,995,533

Total Investments (Cost – $3,898,965) – 99.7%		3,995,533
Other Assets Less Liabilities – 0.3%		11,724

Net Assets – 100.0%	$	4,007,257

LifePath Index 2035 Portfolio (the “LifePath Index Portfolio”) seeks to achieve its investment objective by investing all of its assets in LifePath Index 2035 Master Portfolio (the “Master Portfolio”), which has the same investment objective and strategies as the LifePath Index Portfolio. As of March 31, 2012, the value of the investment and the percentage owned by the LifePath Index Portfolio of the Master Portfolio was $3,995,533 and 99.7%, respectively.

•

Level 1 – unadjusted price quotations in active markets/exchanges for identical assets and liabilities

•

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. 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 risk associated with investing in those securities. For information about the Master Portfolio’s policy regarding valuation of investments and derivative financial instruments and other significant accounting policies, please refer to the Master Portfolio’s most recent financial statements as contained in its annual report.

As of March 31, 2012, the LifePath Index Portfolio’s investment in the Master Portfolio was classified as Level 2.


Schedule of Investments March 31, 2012 (Unaudited)		LifePath Index 2040 Portfolio of BlackRock Funds III
		(Percentages shown are based on Net Assets)


Mutual Fund	Value
LifePath Index 2040 Master Portfolio of Master Investment Portfolio	$	26,012,296

Total Investments (Cost – $25,145,356) – 99.7%		26,012,296
Other Assets Less Liabilities – 0.3%		66,231

Net Assets – 100.0%	$	26,078,527

LifePath Index 2040 Portfolio (the “LifePath Index Portfolio”) seeks to achieve its investment objective by investing all of its assets in LifePath Index 2040 Master Portfolio (the “Master Portfolio”), which has the same investment objective and strategies as the LifePath Index Portfolio. As of March 31, 2012, the value of the investment and the percentage owned by the LifePath Index Portfolio of the Master Portfolio was $26,012,296 and 100.0%, respectively.

•

Level 1 – unadjusted price quotations in active markets/exchanges for identical assets and liabilities

•

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. 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 risk associated with investing in those securities. For information about the Master Portfolio’s policy regarding valuation of investments and derivative financial instruments and other significant accounting policies, please refer to the Master Portfolio’s most recent financial statements as contained in its annual report.

As of March 31, 2012, the LifePath Index Portfolio’s investment in the Master Portfolio was classified as Level 2.


Schedule of Investments March 31, 2012 (Unaudited)		LifePath Index 2045 Portfolio of BlackRock Funds III
		(Percentages shown are based on Net Assets)


Mutual Fund	Value
LifePath Index 2045 Master Portfolio of Master Investment Portfolio	$	2,949,615

Total Investments (Cost – $2,869,206) – 99.7%		2,949,615
Other Assets Less Liabilities – 0.3%		8,360

Net Assets – 100.0%	$	2,957,975

LifePath Index 2045 Portfolio (the “LifePath Index Portfolio”) seeks to achieve its investment objective by investing all of its assets in LifePath Index 2045 Master Portfolio (the “Master Portfolio”), which has the same investment objective and strategies as the LifePath Index Portfolio. As of March 31, 2012, the value of the investment and the percentage owned by the LifePath Index Portfolio of the Master Portfolio was $2,949,615 and 99.7%, respectively.

•

Level 1 – unadjusted price quotations in active markets/exchanges for identical assets and liabilities

•

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. 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 risk associated with investing in those securities. For information about the Master Portfolio’s policy regarding valuation of investments and derivative financial instruments and other significant accounting policies, please refer to the Master Portfolio’s most recent financial statements as contained in its annual report.

As of March 31, 2012, the LifePath Index Portfolio’s investment in the Master Portfolio was classified as Level 2.


Schedule of Investments March 31, 2012 (Unaudited)		LifePath Index 2050 Portfolio of BlackRock Funds III
		(Percentages shown are based on Net Assets)


Mutual Fund	Value
LifePath Index 2050 Master Portfolio of Master Investment Portfolio	$	4,422,656

Total Investments (Cost – $4,254,714) – 99.7%		4,422,656
Other Assets Less Liabilities – 0.3%		13,712

Net Assets – 100.0%	$	4,436,368

LifePath Index 2050 Portfolio (the “LifePath Index Portfolio”) seeks to achieve its investment objective by investing all of its assets in LifePath Index 2050 Master Portfolio (the “Master Portfolio”), which has the same investment objective and strategies as the LifePath Index Portfolio. As of March 31, 2012, the value of the investment and the percentage owned by the LifePath Index Portfolio of the Master Portfolio was $4,422,656 and 99.8%, respectively.

•

Level 1 – unadjusted price quotations in active markets/exchanges for identical assets and liabilities

•

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. 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 risk associated with investing in those securities. For information about the Master Portfolio’s policy regarding valuation of investments and derivative financial instruments and other significant accounting policies, please refer to the Master Portfolio’s most recent financial statements as contained in its annual report.

As of March 31, 2012, the LifePath Index Portfolio’s investment in the Master Portfolio was classified as Level 2.


Schedule of Investments March 31, 2012 (Unaudited)		LifePath Index 2055 Portfolio of BlackRock Funds III
		(Percentages shown are based on Net Assets)


Mutual Fund	Value
LifePath Index 2055 Master Portfolio of Master Investment Portfolio	$	2,371,158

Total Investments (Cost – $2,306,670) – 99.72%		2,371,158
Other Assets Less Liabilities – 0.28%		6,717

Net Assets – 100.0%	$	2,377,875

LifePath Index 2055 Portfolio (the “LifePath Index Portfolio”) seeks to achieve its investment objective by investing all of its assets in LifePath Index 2055 Master Portfolio (the “Master Portfolio”), which has the same investment objective and strategies as the LifePath Index Portfolio. As of March 31, 2012, the value of the investment and the percentage owned by the LifePath Index Portfolio of the Master Portfolio was $2,371,158 and 99.6%, respectively.

•

Level 1 – unadjusted price quotations in active markets/exchanges for identical assets and liabilities

•

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. 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 risk associated with investing in those securities. For information about the Master Portfolio’s policy regarding valuation of investments and derivative financial instruments and other significant accounting policies, please refer to the Master Portfolio’s most recent financial statements as contained in its annual report.

As of March 31, 2012, the LifePath Index Portfolio’s investment in the Master Portfolio was classified as Level 2.


Schedule of Investments March 31, 2012 (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	$	30,930,736,222

Total Investments (Cost – $30,930,736,222) – 100.0%		30,930,736,222
Liabilities in Excess of Other Assets – (0.0)%		(5,059,599	)

Net Assets – 100.0%	$	30,925,676,623

BlackRock Cash Funds: Institutional (the “Fund”) seeks to achieve its investment objective by investing all of its assets in Money Market Master Portfolio (the “Master Portfolio”), which has the same investment objective and strategies as the Fund. As of March 31, 2012, the value of the investment and the percentage owned by the Fund of the Master Portfolio was $30,930,736,222 and 98.2%, respectively.

•

Fair Value Measurements – Various inputs are used in determining the fair value of investments. These inputs are categorized into a disclosure hierarchy consisting of three broad levels for financial reporting purposes as follows:

•

Level 1 – unadjusted price quotations in active markets/exchanges for identical assets and liabilities

•

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. The categorization of a value determined for investments is based on the pricing transparency of the investment is not necessarily an indication of the risks associated with investing in those securities. For information about the Master Portfolio’s policy regarding valuation of investments and other significant accounting policies, please refer to the Master Portfolio’s most recent financial statements as contained in its annual report.

As of March 31, 2012, the Fund’s investment in the Master Portfolio was classified as Level 2.


Schedule of Investments March 31, 2012 (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	$	7,964,214,530

Total Investments (Cost – $7,964,214,530) – 100.0%		7,964,214,530
Liabilities in Excess of Other Assets – (0.0)%		(1,559,618	)

Net Assets – 100.0%	$	7,962,654,912

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 “Master Portfolio”), which has the same investment objective and strategies as the Fund. As of March 31, 2012, the value of the investment and the percentage owned by the Fund of the Master Portfolio was $7,964,214,530 and 83.0%, respectively.

•

Level 1 – unadjusted price quotations in active markets/exchanges for identical assets and liabilities

•

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. The categorization of a value determined for investments is based on the pricing transparency of the investment is not necessarily an indication of the risks associated with investing in those securities. For information about the Master Portfolio’s policy regarding valuation of investments and other significant accounting policies, please refer to the Master Portfolio’s most recent financial statements as contained in its annual report.

As of March 31, 2012, the Fund’s investment in the Master Portfolio was classified as Level 2.


Schedule of Investments March 31, 2012 (Unaudited)		BlackRock Cash Funds: Government of BlackRock Funds III
		(Percentages shown are based on Net Assets)


Mutual Fund	Value
Government Money Market Master Portfolio of Master Investment Portfolio	$	8,471,108

Total Investments (Cost – $8,471,108) – 100.0%		8,471,108
Liabilities in Excess of Other Assets – (0.0)%		(3,965	)

Net Assets – 100.0%	$	8,467,143

BlackRock Cash Funds: Government (the “Fund”) seeks to achieve its investment objective by investing all of its assets in Government Money Market Master Portfolio (the “Master Portfolio”), which has the same investment objective and strategies as the Fund. As of March 31, 2012, the value of the investment and the percentage owned by the Fund of the Master Portfolio was $8,471,108 and 100.0%, respectively.

•

Level 1 – unadjusted price quotations in active markets/exchanges for identical assets and liabilities

•

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. The categorization of a value determined for investments is based on the pricing transparency of the investment is not necessarily an indication of the risks associated with investing in those securities. For information about the Master Portfolio’s policy regarding valuation of investments and other significant accounting policies, please refer to the Master Portfolio’s most recent financial statements as contained in its annual report.

As of March 31, 2012, the Fund’s investment in the Master Portfolio was classified as Level 2.


Schedule of Investments March 31, 2012 (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	$	953,345,943

Total Investments (Cost – $953,345,943) – 100.0%		953,345,943
Liabilities in Excess of Other Assets – (0.0)%		(42,142	)

Net Assets – 100.0%	$	953,303,801

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 “Master Portfolio”), which has the same investment objective and strategies as the Fund. As of March 31, 2012, the value of the investment and the percentage owned by the Fund of the Master Portfolio was $953,345,943 and 55.7%, respectively.

•

Level 1 – unadjusted price quotations in active markets/exchanges for identical assets and liabilities

•

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. The categorization of a value determined for investments is based on the pricing transparency of the investment is not necessarily an indication of the risks associated with investing in those securities. For information about the Master Portfolio’s policy regarding valuation of investments and other significant accounting policies, please refer to the Master Portfolio’s most recent financial statements as contained in its annual report.

As of March 31, 2012, the Fund’s investment in the Master Portfolio was classified as Level 2.


Schedule of Investments March 31, 2012 (Unaudited)		Russell 1000 Index Master Portfolio
		(Percentages shown are based on Net Assets)


	Shares		Value
Common Stocks
Consumer Discretionary – 11.8%
Auto Components – 0.4%
Autoliv, Inc.(a)		733	$	49,148
BorgWarner, Inc.(a)(b)		901		75,990
Delphi Automotive Plc(b)		958		30,273
Federal-Mogul Corp.(b)		137		2,358
Gentex Corp.		1,174		28,763
The Goodyear Tire & Rubber Co.(b)		2,009		22,541
Johnson Controls, Inc.		5,593		181,660
Lear Corp.		865		40,214
TRW Automotive Holdings Corp.(b)		838		38,925
Visteon Corp.(b)		420		22,260

				492,132

Automobiles – 0.6%
Ford Motor Co.		30,803		384,730
General Motors Co.(b)		6,256		160,466
Harley-Davidson, Inc.(a)		1,943		95,362
Tesla Motors, Inc.(a)(b)		468		17,428
Thor Industries, Inc.(a)		346		10,920

				668,906

Distributors – 0.1%
Genuine Parts Co.		1,294		81,198
LKQ Corp.(b)		1,200		37,404

				118,602

Diversified Consumer Services – 0.1%
Apollo Group, Inc., Class A(b)		915		35,356
Career Education Corp.(b)		462		3,724
DeVry, Inc.		573		19,407
Education Management Corp.(b)		289		3,956
H&R Block, Inc.		2,511		41,356
ITT Educational Services, Inc.(a)(b)		205		13,559
Service Corp. International		1,879		21,158
Weight Watchers International, Inc.(a)(b)		244		18,834

				157,350

Hotels, Restaurants & Leisure – 2.1%
Bally Technologies, Inc.(b)		371		17,344
Brinker International, Inc.(a)		677		18,651
Carnival Corp.		3,507		112,505
Chipotle Mexican Grill, Inc.(b)		256		107,008
Choice Hotels International, Inc.		257		9,596
Darden Restaurants, Inc.		1,057		54,076
Dunkin’ Brands Group, Inc.		249		7,498
Hyatt Hotels Corp, Class A(b)		371		15,849
International Game Technology(a)		2,467		41,421
Las Vegas Sands Corp.		3,234		186,181
Marriott International, Inc., Class A(a)		2,133		80,734
Marriott Vacations Worldwide Corp.(b)		205		5,845
McDonald’s Corp.		8,572		840,913
MGM Resorts International(b)		2,898		39,471
Panera Bread Co., Class A(b)		239		38,460
Penn National Gaming, Inc.(b)		558		23,983


Schedule of Investments (continued)		Russell 1000 Index Master Portfolio
		(Percentages shown are based on Net Assets)


	Shares		Value
Hotels, Restaurants & Leisure (concluded)
Royal Caribbean Cruises Ltd.		1,110	$	32,667
Starbucks Corp.		6,198		346,406
Starwood Hotels & Resorts Worldwide, Inc.		1,604		90,482
The Wendy’s Co.		2,331		11,678
WMS Industries, Inc.(b)		453		10,750
Wyndham Worldwide Corp.		1,200		55,812
Wynn Resorts Ltd.		525		65,562
Yum! Brands, Inc.		3,851		274,114

				2,487,006

Household Durables – 0.4%
D.R. Horton, Inc.(a)		2,301		34,906
Garmin Ltd.		884		41,504
Harman International Industries, Inc.		575		26,916
Jarden Corp.		755		30,374
Leggett & Platt, Inc.(a)		1,176		27,060
Lennar Corp., Class A(a)		1,318		35,823
Mohawk Industries, Inc.(b)		467		31,060
Newell Rubbermaid, Inc.		2,395		42,655
NVR, Inc.(b)		41		29,779
PulteGroup, Inc.(b)		2,809		24,860
Tempur-Pedic International, Inc.(b)		525		44,326
Toll Brothers, Inc.(b)		1,208		28,980
Tupperware Brands Corp.		472		29,972
Whirlpool Corp.(a)		627		48,191

				476,406

Internet & Catalog Retail – 0.9%
Amazon.com, Inc.(b)		3,004		608,340
Expedia, Inc.(a)		798		26,685
Groupon, Inc.(a)(b)		304		5,588
HomeAway, Inc.(b)		76		1,928
Liberty Interactive Corp. Series A(b)		4,944		94,381
NetFlix, Inc.(b)		455		52,343
priceline.com, Inc.(b)		410		294,175
TripAdvisor, Inc.(a)(b)		798		28,465

				1,111,905

Leisure Equipment & Products – 0.1%
Hasbro, Inc.(a)		949		34,847
Mattel, Inc.		2,859		96,234
Polaris Industries, Inc.		533		38,456

				169,537

Media – 3.3%
AMC Networks, Inc., Class A(b)		453		20,217
Cablevision Systems Corp.		1,787		26,233
CBS Corp., Class B		5,513		186,946
Charter Communications, Inc.(b)		416		26,395
Clear Channel Outdoor Holdings, Inc., Class A(b)		327		2,609
Comcast Corp, Class A		22,787		683,838
DIRECTV, Class A(b)		5,836		287,948
Discovery Communications, Inc.(b)		2,174		110,004
DISH Network Corp.		1,646		54,203
DreamWorks Animation SKG, Inc.(a)(b)		614		11,328
Gannett Co., Inc.		1,978		30,323
Interpublic Group of Cos., Inc.		3,794		43,290
John Wiley & Sons, Inc., Class A		395		18,798
Lamar Advertising Co.(b)		506		16,400
Liberty Global, Inc.(b)		2,280		114,182
Liberty Media Corp. - Liberty Capital(b)		963		84,888


Schedule of Investments (continued)		Russell 1000 Index Master Portfolio
		(Percentages shown are based on Net Assets)


	Shares		Value
Media (concluded)
Madison Square Garden, Inc.(b)		520	$	17,784
The McGraw-Hill Cos., Inc.		2,286		110,802
Morningstar, Inc.(a)		190		11,980
News Corp., Class A		17,879		352,038
Omnicom Group, Inc.		2,312		117,103
Pandora Media, Inc.(b)		146		1,491
Regal Entertainment Group		718		9,765
Scripps Networks Interactive, Inc., Class A		731		35,592
Sirius XM Radio, Inc.(b)		32,459		74,980
Thomson Reuters Corp.(a)		3,094		89,417
Time Warner Cable, Inc.		2,635		214,753
Time Warner, Inc.		8,277		312,457
Viacom, Inc., Class B		4,559		216,370
Virgin Media, Inc.(a)		2,295		57,329
The Walt Disney Co.		14,789		647,462
The Washington Post Co., Class B(a)		44		16,437

				4,003,362

Multiline Retail – 0.8%
Big Lots, Inc.(b)		539		23,188
Dillard’s Inc, Class A(a)		269		16,952
Dollar General Corp.(b)		815		37,653
Dollar Tree, Inc.(b)		938		88,632
Family Dollar Stores, Inc.		1,006		63,660
J.C. Penney Co., Inc.(a)		1,360		48,185
Kohl’s Corp.		2,084		104,263
Macy’s, Inc.(a)		3,502		139,134
Nordstrom, Inc.		1,267		70,597
Sears Holdings Corp.(a)(b)		318		21,067
Target Corp.		5,699		332,081

				945,412

Specialty Retail – 2.2%
Aaron’s, Inc.		652		16,887
Abercrombie & Fitch Co., Class A		722		35,818
Advance Auto Parts, Inc.		607		53,762
American Eagle Outfitters, Inc.		1,603		27,556
AutoNation, Inc.(b)		275		9,435
AutoZone, Inc.(b)		208		77,334
Bed Bath & Beyond, Inc.(b)		2,079		136,736
Best Buy Co., Inc.(a)		2,426		57,448
CarMax, Inc.(b)		1,858		64,380
Chico’s FAS, Inc.		1,453		21,940
Dick’s Sporting Goods, Inc.		775		37,262
DSW Inc, Class A		187		10,242
Foot Locker, Inc.		1,273		39,527
GameStop Corp., Class A(a)		1,162		25,378
The Gap, Inc.		2,908		76,015
Guess?, Inc.		550		17,188
The Home Depot, Inc.		13,204		664,293
Limited Brands, Inc.		2,051		98,448
Lowe’s Cos., Inc.		10,767		337,868
O’Reilly Automotive, Inc.(b)		1,055		96,374
Orchard Supply Hardware Stores Corp., Class A(b)		6		124
PetSmart, Inc.		933		53,386
RadioShack Corp.(a)		709		4,410
Ross Stores, Inc.		1,933		112,307
Sally Beauty Holdings, Inc.(b)		796		19,741
Signet Jewelers Ltd.		714		33,758
Staples, Inc.		5,865		94,896
Tiffany & Co.		1,050		72,586
The TJX Cos., Inc.(a)		6,384		253,509


Schedule of Investments (continued)		Russell 1000 Index Master Portfolio
		(Percentages shown are based on Net Assets)


	Shares		Value
Specialty Retail (concluded)
Tractor Supply Co.		594	$	53,793
Ulta Salon Cosmetics & Fragrance, Inc.		373		34,648
Urban Outfitters, Inc.(b)		893		25,995
Williams-Sonoma, Inc.		864		32,383

				2,695,427

Textiles, Apparel & Luxury Goods – 0.8%
Coach, Inc.		2,421		187,095
Deckers Outdoor Corp.(b)		318		20,050
Fossil, Inc.(b)		430		56,751
Hanesbrands, Inc.(b)		794		23,455
Michael Kors Holdings Ltd.(b)		457		21,292
NIKE, Inc., Class B		2,953		320,223
PVH Corp.		491		43,861
Ralph Lauren Corp.		516		89,954
Under Armour Inc, Class A(b)		299		28,106
VF Corp.		715		104,376

				895,163

Total Consumer Discretionary				14,221,208

Consumer Staples – 9.7%
Beverages – 2.1%
Beam, Inc.		1,268		74,267
Brown-Forman Corp., Class B		843		70,298
The Coca-Cola Co.		16,318		1,207,695
Coca-Cola Enterprises, Inc.		2,488		71,157
Constellation Brands, Inc.(b)		1,401		33,049
Dr Pepper Snapple Group, Inc.		1,821		73,222
Molson Coors Brewing Co., Class B		1,104		49,956
Monster Beverage Corp.(b)		1,152		71,528
PepsiCo Inc.		13,058		866,398

				2,517,570

Food & Staples Retailing – 2.0%
Costco Wholesale Corp.		3,613		328,060
CVS Caremark Corp.		11,207		502,074
The Kroger Co.		4,701		113,905
Safeway, Inc.(a)		2,238		45,230
SUPERVALU, Inc.(a)		1,664		9,502
Sysco Corp.		4,867		145,329
Wal-Mart Stores, Inc.		14,659		897,131
Walgreen Co.		7,570		253,519
Whole Foods Market, Inc.		1,272		105,830

				2,400,580

Food Products – 1.7%
Archer Daniels Midland Co.		5,569		176,315
Bunge Ltd.		1,211		82,881
Campbell Soup Co.(a)		1,459		49,387
ConAgra Foods, Inc.		3,363		88,312
Corn Products International, Inc.		629		36,262
Dean Foods Co.(b)		1,551		18,783
Flowers Foods, Inc.		944		19,229
General Mills, Inc.		5,269		207,862
Green Mountain Coffee Roasters, Inc.(b)		1,011		47,355
H.J. Heinz Co.(a)		2,647		141,747
The Hershey Co.		1,250		76,663
Hormel Foods Corp.		1,129		33,328
The J.M. Smucker Co.		954		77,617


Schedule of Investments (continued)		Russell 1000 Index Master Portfolio
		(Percentages shown are based on Net Assets)


	Shares		Value
Food Products (concluded)
Kellogg Co.		2,023	$	108,493
Kraft Foods, Inc., Class A		13,656		519,065
McCormick & Co., Inc.		1,090		59,329
Mead Johnson Nutrition Co.		1,681		138,649
Post Holdings, Inc.(b)		259		8,529
Ralcorp Holdings, Inc.(b)		453		33,563
Sara Lee Corp.		4,812		103,602
Smithfield Foods, Inc.(b)		1,366		30,093
Tyson Foods, Inc., Class A		2,476		47,415

				2,104,479

Household Products – 2.0%
Church & Dwight Co., Inc.(a)		1,176		57,847
The Clorox Co.		1,097		75,419
Colgate-Palmolive Co.		4,042		395,227
Energizer Holdings, Inc.(b)		542		40,206
Kimberly-Clark Corp.		3,246		239,847
The Procter & Gamble Co.		23,053		1,549,392

				2,357,938

Personal Products – 0.2%
Avon Products, Inc.		3,538		68,496
The Estee Lauder Cos., Inc., Class A		1,856		114,961
Herbalife Ltd.		981		67,512

				250,969

Tobacco – 1.7%
Altria Group, Inc.		17,300		534,051
Lorillard, Inc.		1,110		143,723
Philip Morris International, Inc.		14,689		1,301,592
Reynolds American, Inc.		2,757		114,250

				2,093,616

Total Consumer Staples				11,725,152

Energy – 10.7%
Energy Equipment & Services – 1.8%
Atwood Oceanics, Inc.(b)		468		21,009
Baker Hughes, Inc.		3,575		149,935
Cameron International Corp.(b)		2,015		106,452
CARBO Ceramics, Inc.(a)		167		17,610
Core Laboratories NV		375		49,339
Diamond Offshore Drilling, Inc.(a)		566		37,781
Dresser-Rand Group, Inc.(b)		619		28,715
FMC Technologies, Inc.(b)		1,977		99,680
Halliburton Co.(a)		7,563		251,016
Helmerich & Payne, Inc.		784		42,297
McDermott International, Inc.(b)		1,930		24,723
Nabors Industries Ltd.(b)		2,364		41,346
National Oilwell Varco, Inc.		3,500		278,145
Oceaneering International, Inc.(a)		893		48,124
Oil States International, Inc.(b)		421		32,863
Patterson-UTI Energy, Inc.		1,271		21,976
Rowan Cos., Inc.(b)		1,049		34,544
RPC, Inc.(a)		636		6,748
Schlumberger Ltd.		11,211		783,985
SEACOR Holdings, Inc.(b)		186		17,815
Superior Energy Services, Inc.(b)		1,269		33,451
Tidewater, Inc.		427		23,067
Unit Corp.(b)		364		15,565

				2,166,186


Schedule of Investments (continued)		Russell 1000 Index Master Portfolio
		(Percentages shown are based on Net Assets)


	Shares		Value
Oil, Gas & Consumable Fuels – 8.9%
Alpha Natural Resources, Inc.(b)		1,864	$	28,351
Anadarko Petroleum Corp.		4,115		322,369
Apache Corp.		3,171		318,495
Arch Coal, Inc.(a)		1,741		18,646
Cabot Oil & Gas Corp.		1,719		53,581
Chesapeake Energy Corp.		5,409		125,327
Chevron Corp.		16,602		1,780,398
Cimarex Energy Co.(a)		704		53,131
Cobalt International Energy, Inc.(b)		974		29,249
Concho Resources, Inc.(b)		850		86,768
ConocoPhillips		10,969		833,754
CONSOL Energy, Inc.		1,864		63,562
Continental Resources, Inc.(b)		345		29,608
Denbury Resources, Inc.(b)		3,306		60,268
Devon Energy Corp.		3,496		248,636
El Paso Corp.		6,341		187,377
Energen Corp.		593		29,146
EOG Resources, Inc.		2,218		246,420
EQT Corp.		1,105		53,272
EXCO Resources, Inc.(a)		1,329		8,811
Exxon Mobil Corp.		40,676		3,527,829
Forest Oil Corp.(b)		890		10,787
Hess Corp.		2,530		149,143
HollyFrontier Corp.		1,570		50,476
Kinder Morgan, Inc.(a)		1,405		54,303
Kosmos Energy Ltd.(a)(b)		211		2,794
Laredo Petroleum Holdings, Inc.(b)		174		4,079
Marathon Oil Corp.		5,872		186,142
Marathon Petroleum Corp.		2,928		126,958
Murphy Oil Corp.		1,591		89,526
Newfield Exploration Co.(b)		1,106		38,356
Noble Energy, Inc.		1,472		143,932
Occidental Petroleum Corp.		6,717		639,660
Peabody Energy Corp.		2,227		64,494
Pioneer Natural Resources Co.		1,027		114,603
Plains Exploration & Production Co.(b)		1,012		43,162
QEP Resources, Inc.		1,454		44,347
Quicksilver Resources, Inc.(a)(b)		840		4,234
Range Resources Corp.		1,322		76,861
SandRidge Energy, Inc.(a)(b)		3,373		26,411
SM Energy Co.		523		37,013
Southwestern Energy Co.(b)		2,861		87,547
Spectra Energy Corp.		5,353		168,887
Sunoco, Inc.		888		33,877
Teekay Corp.		331		11,502
Tesoro Corp.(b)		1,183		31,752
Ultra Petroleum Corp.(a)(b)		1,258		28,469
Valero Energy Corp.		4,690		120,861
Whiting Petroleum Corp.(b)		965		52,399
The Williams Cos., Inc.		4,903		151,061
WPX Energy, Inc.(b)		1,613		29,050

				10,727,684

Total Energy				12,893,870


Schedule of Investments (continued)		Russell 1000 Index Master Portfolio
		(Percentages shown are based on Net Assets)


	Shares		Value
Financials – 15.2%
Capital Markets – 2.0%
Affiliated Managers Group, Inc.(b)		428	$	47,855
American Capital Ltd.(b)		2,724		23,617
Ameriprise Financial, Inc.		1,861		106,319
Ares Capital Corp.		1,823		29,806
The Bank of New York Mellon Corp.		10,263		247,646
BlackRock, Inc.(c)		704		144,250
The Charles Schwab Corp.		8,614		123,783
E*Trade Financial Corp.(b)		2,064		22,601
Eaton Vance Corp.(a)		977		27,923
Federated Investors, Inc., Class B(a)		777		17,413
Franklin Resources, Inc.		1,192		147,844
The Goldman Sachs Group, Inc.		4,279		532,179
Greenhill & Co., Inc.(a)		256		11,172
Invesco Ltd.		3,800		101,346
Janus Capital Group, Inc.		1,663		14,817
Jefferies Group, Inc.		1,122		21,138
Lazard Ltd, Class A		912		26,047
Legg Mason, Inc.		1,150		32,119
LPL Investment Holdings, Inc.(b)		297		11,268
Morgan Stanley		12,770		250,803
Northern Trust Corp.		1,786		84,746
Raymond James Financial, Inc.(a)		901		32,913
SEI Investments Co.		1,199		24,807
State Street Corp.		4,156		189,098
T Rowe Price Group, Inc.		2,136		139,481
TD Ameritrade Holding Corp.		1,800		35,532
Waddell & Reed Financial, Inc.		711		23,043

				2,469,566

Commercial Banks – 2.8%
Associated Banc-Corp.		1,445		20,172
Bank of Hawaii Corp.		403		19,485
BB&T Corp.(a)		5,741		180,210
BOK Financial Corp.(a)		201		11,312
CapitalSource, Inc.		1,926		12,712
CIT Group, Inc.(b)		1,649		68,005
City National Corp.		391		20,516
Comerica, Inc.		1,653		53,491
Commerce Bancshares, Inc.(a)		639		25,892
Cullen/Frost Bankers, Inc.		438		25,487
East West Bancorp, Inc.		1,224		28,262
Fifth Third Bancorp		7,556		106,162
First Citizens Bancshares, Inc., Class A		51		9,317
First Horizon National Corp.		2,167		22,493
First Niagara Financial Group, Inc.		2,862		28,162
First Republic Bank(b)		618		20,357
Fulton Financial Corp.		1,705		17,902
Huntington Bancshares, Inc.		7,102		45,808
KeyCorp		7,821		66,478
M&T Bank Corp.(a)		1,032		89,660
PNC Financial Services Group, Inc.(c)		4,328		279,113
Popular, Inc.(b)		8,731		17,899
Regions Financial Corp.		11,786		77,670
SunTrust Banks, Inc.		4,416		106,735
Synovus Financial Corp.(a)		3,304		6,773
TCF Financial Corp.(a)		1,385		16,468
U.S. Bancorp		15,923		504,441
Valley National Bancorp(a)		1,547		20,034
Wells Fargo & Co.		40,626		1,386,972
Zions BanCorp.(a)		1,512		32,447

				3,320,435


Schedule of Investments (continued)		Russell 1000 Index Master Portfolio
		(Percentages shown are based on Net Assets)


	Shares		Value
Consumer Finance – 0.8%
American Express Co.		8,684	$	502,456
Capital One Financial Corp.		4,124		229,872
Discover Financial Services		4,548		151,630
Green Dot Corp., Class A(a)(b)		157		4,164
SLM Corp.		4,338		68,367

				956,489

Diversified Financial Services – 3.1%
Bank of America Corp.		88,660		848,476
CBOE Holdings, Inc.		411		11,681
Citigroup, Inc.		24,006		877,419
CME Group, Inc.		552		159,710
Interactive Brokers Group, Inc., Class A		277		4,709
IntercontinentalExchange, Inc.(b)		605		83,139
JPMorgan Chase & Co.		32,818		1,508,972
Leucadia National Corp.		1,625		42,413
Moody’s Corp.		1,639		69,002
MSCI, Inc.(b)		988		36,368
The NASDAQ OMX Group, Inc.(b)		1,017		26,340
NYSE Euronext		2,153		64,612

				3,732,841

Insurance – 3.6%
ACE Ltd.		2,784		203,789
Aflac, Inc.		3,855		177,291
Alleghany Corp.(b)		124		40,808
Allied World Assurance Co. Holdings Ltd.		314		21,562
The Allstate Corp.		4,362		143,597
American Financial Group, Inc.		633		24,421
American International Group, Inc.(b)		3,635		112,067
American National Insurance Co.		56		4,061
Aon Corp.		2,719		133,394
Arch Capital Group Ltd.(b)		1,086		40,443
Arthur J Gallagher & Co.		979		34,989
Aspen Insurance Holdings Ltd.		612		17,099
Assurant, Inc.		670		27,135
Assured Guaranty Ltd.		1,515		25,028
Axis Capital Holdings Ltd.		1,065		35,326
Berkshire Hathaway, Inc., Class B(b)		14,459		1,173,348
Brown & Brown, Inc.		958		22,781
Chubb Corp.		2,242		154,945
Cincinnati Financial Corp.(a)		1,203		41,516
CNA Financial Corp.		258		7,567
Endurance Specialty Holdings Ltd.		365		14,841
Erie Indemnity Co., Class A		237		18,472
Everest Re Group Ltd.		378		34,973
Fidelity National Financial, Inc.		1,837		33,121
Genworth Financial, Inc., Class A(b)		4,036		33,579
The Hanover Insurance Group, Inc.		398		16,366
Hartford Financial Services Group, Inc.		3,662		77,195
HCC Insurance Holdings, Inc.		876		27,305
Kemper Corp.		390		11,809
Lincoln National Corp.		2,334		61,524
Loews Corp.		2,606		103,901
Markel Corp.(b)		80		35,915
Marsh & McLennan Cos., Inc.		4,573		149,949
MBIA, Inc.(b)		1,157		11,339


Schedule of Investments (continued)		Russell 1000 Index Master Portfolio
		(Percentages shown are based on Net Assets)


	Shares		Value
Insurance (concluded)
Mercury General Corp.		107	$	4,680
MetLife, Inc.		6,790		253,606
Old Republic International Corp.		2,138		22,556
PartnerRe Ltd.		555		37,679
Principal Financial Group, Inc.		2,510		74,070
The Progressive Corp.		5,104		118,311
Protective Life Corp.		713		21,119
Prudential Financial, Inc.		4,018		254,701
Reinsurance Group of America, Inc.		608		36,158
RenaissanceRe Holdings Ltd.		426		32,261
StanCorp Financial Group, Inc.(a)		396		16,212
Torchmark Corp.		823		41,027
The Travelers Cos., Inc.		3,241		191,867
Unum Group		2,405		58,874
Validus Holdings Ltd.		648		20,056
White Mountains Insurance Group Ltd.		48		24,083
WR Berkley Corp.		940		33,953
XL Group Plc		2,545		55,201

				4,367,870

Real Estate Investment Trusts (REITs) – 2.7%
Alexandria Real Estate Equities, Inc.(a)		508		37,150
American Capital Agency Corp.		2,503		73,939
American Tower Corp.		3,273		206,264
Annaly Capital Management, Inc.		7,822		123,744
Apartment Investment & Management Co.		983		25,961
AvalonBay Communities, Inc.		773		109,264
Boston Properties, Inc.		1,197		125,673
Brandywine Realty Trust(a)		1,053		12,088
BRE Properties, Inc.		614		31,038
Camden Property Trust		577		37,938
Chimera Investment Corp.		8,451		23,916
CommonWealth REIT		650		12,103
Corporate Office Properties Trust		598		13,880
DDR Corp.(a)		1,886		27,536
Digital Realty Trust, Inc.		895		66,203
Douglas Emmett, Inc.		1,143		26,072
Duke Realty Corp.(a)		2,078		29,798
Equity Residential		2,456		153,795
Essex Property Trust, Inc.(a)		290		43,938
Federal Realty Investment Trust(a)		512		49,556
General Growth Properties, Inc.		4,636		78,766
HCP, Inc.		3,339		131,757
Health Care REIT, Inc.(a)		1,752		96,290
Hospitality Properties Trust		1,016		26,893
Host Hotels & Resorts, Inc.(a)		5,644		92,674
Kimco Realty Corp.(a)		3,347		64,463
Liberty Property Trust		947		33,827
Mack-Cali Realty Corp.		723		20,837
Piedmont Office Realty Trust, Inc.(a)		1,421		25,223
Plum Creek Timber Co., Inc.(a)		1,332		55,358
ProLogis, Inc.		3,774		135,939
Public Storage		1,170		161,659
Rayonier, Inc.(a)		1,001		44,134
Realty Income Corp.(a)		1,096		42,448
Regency Centers Corp.		740		32,915
Rouse Properties, Inc.(a)(b)		178		2,410
Senior Housing Properties Trust		1,338		29,503
Simon Property Group, Inc.		2,426		353,420
SL Green Realty Corp.		731		56,689
Taubman Centers, Inc.		396		28,888
The Macerich Co.		1,077		62,197
UDR, Inc.		1,787		47,731


Schedule of Investments (continued)		Russell 1000 Index Master Portfolio
		(Percentages shown are based on Net Assets)


	Shares		Value
Real Estate Investment Trusts (REITs) (concluded)
Ventas, Inc.(a)		2,085	$	119,053
Vornado Realty Trust(a)		1,515		127,563
Weingarten Realty Investors		993		26,245
Weyerhaeuser Co.		4,430		97,106

				3,223,844

Real Estate Management & Development – 0.1%
CB Richard Ellis Group Inc.(b)		2,403		47,964
Forest City Enterprises, Inc., Class A(a)(b)		1,178		18,448
The Howard Hughes Corp.(b)		168		10,730
Jones Lang LaSalle, Inc.		353		29,408
The St Joe Co.(a)(b)		564		10,722

				117,272

Thrifts & Mortgage Finance – 0.1%
BankUnited, Inc.		320		8,000
Capitol Federal Financial, Inc.		1,444		17,126
Hudson City Bancorp, Inc.		3,896		28,480
New York Community Bancorp, Inc.(a)		3,597		50,034
People’s United Financial, Inc.		3,097		41,004
TFS Financial Corp.(b)		779		7,400
Washington Federal, Inc.		968		16,282

				168,326

Total Financials				18,356,643

Health Care – 11.2%
Biotechnology – 1.4%
Alexion Pharmaceuticals, Inc.(b)		1,534		142,447
Amgen, Inc.		6,580		447,374
Amylin Pharmaceuticals, Inc.(b)		1,207		30,127
Biogen Idec, Inc.(b)		1,997		251,562
BioMarin Pharmaceutical, Inc.(b)		912		31,236
Celgene Corp.(b)		3,630		281,398
Dendreon Corp.(a)(b)		1,330		14,171
Gilead Sciences, Inc.(b)		6,509		317,965
Human Genome Sciences, Inc.(a)(b)		1,480		12,195
Myriad Genetics, Inc.(b)		736		17,414
Regeneron Pharmaceuticals, Inc.(b)		600		69,972
United Therapeutics Corp.(b)		388		18,286
Vertex Pharmaceuticals, Inc.(b)		1,694		69,471

				1,703,618

Health Care Equipment & Supplies – 1.8%
Alere, Inc.(b)		647		16,829
Baxter International, Inc.		4,718		282,042
Becton Dickinson & Co.		1,825		141,711
Boston Scientific Corp.(b)		11,937		71,383
C.R. Bard, Inc.		705		69,598
CareFusion Corp.(b)		1,838		47,659
The Cooper Cos., Inc.		380		31,050
Covidien Plc		4,093		223,805
DENTSPLY International, Inc.(a)		1,158		46,471
Edwards Lifesciences Corp.(b)		943		68,584
Gen-Probe, Inc.(b)		374		24,837
Hill-Rom Holdings, Inc.		533		17,808
Hologic, Inc.(b)		2,151		46,354
IDEXX Laboratories, Inc.(b)		472		41,276
Intuitive Surgical, Inc.(b)		327		177,152
Medtronic, Inc.		8,849		346,792


Schedule of Investments (continued)		Russell 1000 Index Master Portfolio
		(Percentages shown are based on Net Assets)


	Shares		Value
Health Care Equipment & Supplies (concluded)
ResMed, Inc.(b)		1,186	$	36,659
Sirona Dental Systems, Inc.(b)		459		23,657
St. Jude Medical, Inc.		2,705		119,859
Stryker Corp.(a)		2,615		145,080
Teleflex, Inc.(a)		338		20,669
Thoratec Corp.(b)		494		16,653
Varian Medical Systems, Inc.(b)		964		66,477
Zimmer Holdings, Inc.		1,474		94,749

				2,177,154

Health Care Providers & Services – 2.2%
Aetna, Inc.		2,904		145,665
AMERIGROUP Corp.(b)		361		24,288
AmerisourceBergen Corp.		2,125		84,320
Brookdale Senior Living, Inc.(b)		859		16,080
Cardinal Health, Inc.		2,883		124,286
Catalyst Health Solutions, Inc.(b)		352		22,433
Cigna Corp.		2,348		115,639
Community Health Systems, Inc.(b)		804		17,881
Coventry Health Care, Inc.		1,219		43,360
DaVita, Inc.(b)		785		70,783
Express Scripts, Inc.(b)		4,031		218,400
HCA Holdings, Inc.		923		22,835
Health Management Associates, Inc.(b)		2,246		15,093
Health Net, Inc.(b)		683		27,129
Henry Schein, Inc.(b)		759		57,441
Humana, Inc.		1,385		128,085
Laboratory Corp. of America Holdings(b)		824		75,429
LifePoint Hospitals, Inc.(b)		421		16,604
Lincare Holdings, Inc.(a)		743		19,229
McKesson Corp.		2,078		182,386
Medco Health Solutions, Inc.(b)		3,303		232,201
Mednax, Inc.(b)		396		29,451
Omnicare, Inc.(a)		954		33,934
Patterson Cos., Inc.		766		25,584
Quest Diagnostics Inc.		1,294		79,128
Tenet Healthcare Corp.(a)(b)		3,639		19,323
UnitedHealth Group, Inc.(a)		8,954		527,749
Universal Health Services, Inc.		743		31,139
VCA Antech, Inc.(b)		750		17,407
WellPoint, Inc.		2,871		211,880

				2,635,162

Health Care Technology – 0.1%
Allscripts Healthcare Solutions, Inc.(b)		1,571		26,078
Cerner Corp.(b)		1,169		89,031
SXC Health Solutions Corp.(b)		509		38,155

				153,264

Life Sciences Tools & Services – 0.6%
Agilent Technologies, Inc.		2,861		127,343
Bio-Rad Laboratories, Inc., Class A(b)		171		17,731
Bruker Corp.(b)		667		10,212
Charles River Laboratories International, Inc.(b)		396		14,292
Covance, Inc.(b)		499		23,767
Illumina, Inc.(b)		1,013		53,294
Life Technologies Corp.(b)		1,470		71,765
Mettler-Toledo International, Inc.(b)		264		48,774
PerkinElmer, Inc.		928		25,669
QIAGEN NV(a)(b)		1,923		29,941
Techne Corp.		307		21,521
Thermo Fisher Scientific, Inc.		3,159		178,104
Waters Corp.(b)		754		69,866

				692,279


Schedule of Investments (continued)		Russell 1000 Index Master Portfolio
		(Percentages shown are based on Net Assets)


	Shares		Value
Pharmaceuticals – 5.1%
Abbott Laboratories		12,841	$	787,025
Allergan, Inc.		2,517		240,197
Bristol-Myers Squibb Co.		14,100		475,875
Eli Lilly & Co.		8,453		340,402
Endo Pharmaceuticals Holdings, Inc.(b)		959		37,142
Forest Laboratories, Inc.(b)		2,197		76,214
Hospira, Inc.(b)		1,380		51,598
Johnson & Johnson		22,639		1,493,269
Merck & Co., Inc.		25,497		979,085
Mylan, Inc.(b)		3,613		84,725
Perrigo Co.		683		70,561
Pfizer, Inc.		65,255		1,478,678
Warner Chilcott Plc, Class A(b)		1,397		23,484
Watson Pharmaceuticals, Inc.(b)		1,040		69,742

				6,207,997

Total Health Care				13,569,474

Industrials – 10.7%
Aerospace & Defense – 2.3%
Alliant Techsystems, Inc.		295		14,785
BE Aerospace, Inc.(b)		799		37,130
The Boeing Co.(a)		6,103		453,880
Exelis, Inc.		1,553		19,444
General Dynamics Corp.		2,740		201,061
Goodrich Corp.		1,027		128,827
Honeywell International, Inc.		6,506		397,191
Huntington Ingalls Industries, Inc.(b)		427		17,183
L-3 Communications Holdings, Inc.		821		58,102
Lockheed Martin Corp.		2,185		196,344
Northrop Grumman Corp.		2,149		131,261
Precision Castparts Corp.		1,183		204,541
Raytheon Co.		2,931		154,698
Rockwell Collins, Inc.		1,203		69,245
Spirit Aerosystems Holdings, Inc., Class A(b)		965		23,604
Textron, Inc.(a)		2,275		63,313
TransDigm Group, Inc.(b)		411		47,577
United Technologies Corp.(a)		7,563		627,275

				2,845,461

Air Freight & Logistics – 0.8%
C.H. Robinson Worldwide, Inc.		1,362		89,197
Expeditors International of Washington, Inc.		1,747		81,253
FedEx Corp.		2,608		239,832
United Parcel Service, Inc., Class B		6,073		490,213
UTi Worldwide, Inc.		910		15,679

				916,174

Airlines – 0.2%
Copa Holdings SA		270		21,384
Delta Air Lines, Inc.(b)		6,957		68,944
Southwest Airlines Co.		6,512		53,659
United Continental Holdings, Inc.(b)		2,730		58,695

				202,682


Schedule of Investments (continued)		Russell 1000 Index Master Portfolio
		(Percentages shown are based on Net Assets)


	Shares		Value
Building Products – 0.1%
Armstrong World Industries, Inc.(a)		186	$	9,071
Fortune Brands Home & Security, Inc.(b)		1,268		27,985
Lennox International, Inc.		455		18,336
Masco Corp.		2,946		39,388
Owens Corning(b)		1,027		37,003

				131,783

Commercial Services & Supplies – 0.4%
Avery Dennison Corp.		879		26,484
Cintas Corp.(a)		928		36,303
Copart, Inc.(b)		920		23,984
Corrections Corp. of America(b)		826		22,558
Covanta Holding Corp.		986		16,003
Iron Mountain, Inc.		1,197		34,474
KAR Auction Services, Inc.(b)		190		3,080
Pitney Bowes, Inc.(a)		1,506		26,476
R.R. Donnelley & Sons Co.(a)		1,562		19,353
Republic Services, Inc.		2,639		80,648
Stericycle, Inc.(b)		706		59,050
Waste Connections, Inc.(a)		1,031		33,538
Waste Management, Inc.(a)		3,900		136,344

				518,295

Construction & Engineering – 0.3%
AECOM Technology Corp.(b)		981		21,945
Chicago Bridge & Iron Co. NV		822		35,502
Fluor Corp.		1,433		86,037
Jacobs Engineering Group, Inc.(b)		1,043		46,278
KBR, Inc.		1,247		44,331
Quanta Services, Inc.(b)		1,774		37,077
The Shaw Group, Inc.(b)		562		17,821
URS Corp.		647		27,510

				316,501

Electrical Equipment – 0.7%
AMETEK, Inc.		1,323		64,179
The Babcock & Wilcox Co.(b)		967		24,900
Cooper Industries Plc, Class A		1,357		86,780
Emerson Electric Co.		6,216		324,351
General Cable Corp.(b)		405		11,777
GrafTech International Ltd.(b)		996		11,892
Hubbell, Inc. Class B		496		38,976
Polypore International, Inc.(b)		304		10,689
Regal-Beloit Corp.		320		20,976
Rockwell Automation, Inc.		1,187		94,604
Roper Industries, Inc.		789		78,237
Thomas & Betts Corp.(b)		431		30,993

				798,354

Industrial Conglomerates – 2.3%
3M Co.		5,873		523,930
Carlisle Cos., Inc.		504		25,160
Danaher Corp.		4,540		254,240
General Electric Co.		87,585		1,757,831
Tyco International Ltd.		3,872		217,529

				2,778,690


Schedule of Investments (continued)		Russell 1000 Index Master Portfolio
		(Percentages shown are based on Net Assets)


	Shares		Value
Machinery – 2.3%
AGCO Corp.(b)		780	$	36,824
Caterpillar, Inc.		5,328		567,538
CNH Global NV(b)		235		9,329
Crane Co.		411		19,933
Cummins, Inc.		1,618		194,225
Deere & Co.(a)		3,472		280,885
Donaldson Co., Inc.		1,256		44,877
Dover Corp.		1,535		96,613
Eaton Corp.		2,847		141,866
Flowserve Corp.		459		53,019
Gardner Denver, Inc.		430		27,099
Graco, Inc.		499		26,477
Harsco Corp.		706		16,563
IDEX Corp.		682		28,733
Illinois Tool Works, Inc.(a)		3,682		210,316
Ingersoll-Rand Plc		2,568		106,187
ITT Corp.(a)		786		18,031
Joy Global, Inc.		862		63,357
Kennametal, Inc.		673		29,969
Lincoln Electric Holdings, Inc.		694		31,452
Navistar International Corp.(b)		595		24,068
Nordson Corp.		499		27,200
Oshkosh Corp.(b)		780		18,073
PACCAR, Inc.		3,049		142,785
Pall Corp.		955		56,947
Parker Hannifin Corp.		1,244		105,180
Pentair, Inc.		810		38,564
Snap-on, Inc.		479		29,205
SPX Corp.(a)		420		32,562
Stanley Black & Decker, Inc.		1,383		106,436
Terex Corp.(b)		902		20,295
The Manitowoc Co., Inc.		1,140		15,800
Timken Co.		719		36,482
Toro Co.		264		18,773
Trinity Industries, Inc.		657		21,648
Valmont Industries, Inc.		188		22,073
WABCO Holdings, Inc.(b)		555		33,566
Wabtec Corp.		397		29,922
Xylem, Inc.		1,514		42,013

				2,824,885

Marine – 0.0%
Alexander & Baldwin, Inc.		360		17,442
Kirby Corp.(b)		442		29,079

				46,521

Professional Services – 0.2%
The Dun & Bradstreet Corp.		406		34,400
Equifax, Inc.		1,012		44,791
IHS Inc, Class A(b)		406		38,022
Manpower, Inc.		676		32,022
Nielsen Holdings NV(b)		672		20,254
Robert Half International, Inc.(a)		1,208		36,603
Towers Watson & Co., Class A		472		31,185
Verisk Analytics, Inc., Class A(b)		979		45,984

				283,261


Schedule of Investments (continued)		Russell 1000 Index Master Portfolio
		(Percentages shown are based on Net Assets)


	Shares		Value
Road & Rail – 0.8%
Con-way, Inc.		483	$	15,751
CSX Corp.		9,098		195,789
Hertz Global Holdings, Inc.(b)		2,011		30,246
JB Hunt Transport Services, Inc.		752		40,886
Kansas City Southern(b)		903		64,736
Landstar System, Inc.		395		22,799
Norfolk Southern Corp.		2,721		179,123
Ryder System, Inc.		422		22,282
Union Pacific Corp.		4,055		435,831

				1,007,443

Trading Companies & Distributors – 0.3%
Air Lease Corp.(b)		331		7,967
Fastenal Co.(a)		2,425		131,193
GATX Corp.		400		16,120
MSC Industrial Direct Co., Inc.		364		30,314
W.W. Grainger, Inc.(a)		468		100,531
WESCO International, Inc.(b)		355		23,185

				309,310

Total Industrials				12,979,360

Information Technology – 19.6%
Communications Equipment – 2.1%
Acme Packet, Inc.(a)(b)		417		11,476
Brocade Communications Systems, Inc.(b)		3,902		22,436
Ciena Corp.(b)		744		12,045
Cisco Systems, Inc.		45,434		960,929
EchoStar Corp.(b)		342		9,624
F5 Networks, Inc.(b)		667		90,018
Harris Corp.(a)		976		43,998
JDS Uniphase Corp.(b)		1,864		27,009
Juniper Networks, Inc.(b)		4,384		100,306
Motorola Mobility Holdings, Inc.(b)		2,145		84,170
Motorola Solutions, Inc.		2,144		108,980
Polycom, Inc.(b)		1,452		27,690
QUALCOMM, Inc.		13,792		938,132
Riverbed Technology, Inc.(b)		1,263		35,465
Tellabs, Inc.		2,837		11,490

				2,483,768

Computers & Peripherals – 5.0%
Apple, Inc.(b)		7,636		4,577,553
Dell, Inc.(b)		12,673		210,372
Diebold, Inc.		543		20,916
EMC Corp.(b)		17,005		508,109
Fusion-io, Inc.(b)		145		4,119
Hewlett-Packard Co.		16,426		391,432
Lexmark International, Inc., Class A		622		20,675
NCR Corp.(b)		1,305		28,331
NetApp, Inc.(b)		3,026		135,474
QLogic Corp.(b)		856		15,203
SanDisk Corp.(b)		1,961		97,246
Western Digital Corp.(b)		1,912		79,138

				6,088,568


Schedule of Investments (continued)		Russell 1000 Index Master Portfolio
		(Percentages shown are based on Net Assets)


	Shares		Value
Electronic Equipment, Instruments & Components – 0.5%
Amphenol Corp., Class A		1,363	$	81,467
Arrow Electronics, Inc.(b)		950		39,872
Avnet, Inc.(b)		1,193		43,413
AVX Corp.		346		4,588
Corning, Inc.		12,943		182,237
Dolby Laboratories, Inc., Class A(b)		457		17,393
FLIR Systems, Inc.		1,314		33,257
Ingram Micro, Inc., Class A(b)		1,217		22,588
IPG Photonics Corp.(a)(b)		254		13,221
Itron, Inc.(b)		357		16,211
Jabil Circuit, Inc.		1,584		39,790
Molex, Inc.		1,112		31,269
National Instruments Corp.		755		21,533
Tech Data Corp.(b)		364		19,751
Trimble Navigation Ltd.(b)		1,009		54,910
Vishay Intertechnology, Inc.(b)		1,276		15,516

				637,016

Internet Software & Services – 1.8%
Akamai Technologies, Inc.(b)		1,536		56,371
AOL, Inc.(b)		852		16,162
eBay, Inc.(b)		9,529		351,525
Equinix, Inc.(b)		385		60,618
Google, Inc., Class A(b)		2,079		1,333,138
IAC/InterActiveCorp(a)		626		30,730
LinkedIn Corp.(b)		84		8,567
Monster Worldwide, Inc.(b)		1,136		11,076
Rackspace Hosting, Inc.(b)		848		49,006
VeriSign, Inc.		1,308		50,149
VistaPrint NV(a)(b)		287		11,093
WebMD Health Corp.(a)(b)		460		11,767
Yahoo!, Inc.(b)		10,054		153,022

				2,143,224

IT Services – 3.8%
Accenture Plc, Class A		5,339		344,366
Alliance Data Systems Corp.(b)		420		52,903
Amdocs Ltd.(b)		1,437		45,380
Automatic Data Processing, Inc.		4,128		227,824
Booz Allen Hamilton Holding Corp.(a)		152		2,589
Broadridge Financial Solutions, Inc.		1,015		24,269
Cognizant Technology Solutions Corp., Class A(b)		2,509		193,068
Computer Sciences Corp.		1,276		38,203
CoreLogic, Inc.(b)		874		14,264
DST Systems, Inc.		293		15,889
Fidelity National Information Services, Inc.		1,997		66,141
Fiserv, Inc.(b)		1,181		81,950
FleetCor Technologies, Inc.(b)		120		4,652
Gartner, Inc.(b)		800		34,112
Genpact Ltd.(b)		1,088		17,734
Global Payments, Inc.		659		31,283
International Business Machines Corp.		10,003		2,087,126
Lender Processing Services, Inc.		737		19,162
MasterCard, Inc., Class A		887		373,019
NeuStar Inc, Class A(b)		523		19,482
Paychex, Inc.		2,658		82,371
SAIC, Inc.(b)		2,373		31,324


Schedule of Investments (continued)		Russell 1000 Index Master Portfolio
		(Percentages shown are based on Net Assets)


	Shares		Value
IT Services (concluded)
Teradata Corp.(b)		1,388	$	94,592
Total System Services, Inc.		1,333		30,752
VeriFone Systems, Inc.(b)		839		43,519
Visa, Inc., Class A		4,322		509,996
The Western Union Co.		5,200		91,520

				4,577,490

Office Electronics – 0.1%
Xerox Corp.		11,524		93,114
Zebra Technologies Corp., Class A(b)		464		19,107

				112,221

Semiconductors & Semiconductor Equipment – 2.5%
Advanced Micro Devices, Inc.(b)		5,056		40,549
Altera Corp.		2,650		105,523
Analog Devices, Inc.		2,464		99,546
Applied Materials, Inc.		10,842		134,875
Atmel Corp.(b)		3,763		37,103
Avago Technologies Ltd.		1,574		61,339
Broadcom Corp., Class A(b)		4,417		173,588
Cree, Inc.(b)		901		28,499
Cypress Semiconductor Corp.(b)		1,288		20,131
Fairchild Semiconductor International, Inc.(b)		1,118		16,435
First Solar, Inc.(a)(b)		462		11,573
Freescale Semiconductor Holdings I Ltd.(b)		315		4,848
Intel Corp.(a)		41,266		1,159,987
International Rectifier Corp.(b)		630		14,534
Intersil Corp. Class A		982		10,998
KLA-Tencor Corp.		1,381		75,154
Lam Research Corp.(b)		1,024		45,691
Linear Technology Corp.		1,873		63,120
LSI Corp.(b)		4,713		40,909
Marvell Technology Group Ltd.(b)		4,178		65,720
Maxim Integrated Products, Inc.		2,429		69,445
MEMC Electronic Materials, Inc.(b)		2,180		7,870
Microchip Technology, Inc.(a)		1,567		58,292
Micron Technology, Inc.(b)		7,134		57,785
Novellus Systems, Inc.(b)		573		28,598
NVIDIA Corp.(b)		4,937		75,980
ON Semiconductor Corp.(b)		3,659		32,968
PMC - Sierra, Inc.(b)		2,078		15,024
Silicon Laboratories, Inc.(b)		368		15,824
Skyworks Solutions, Inc.(b)		1,556		43,023
SunPower Corp.(b)		704		4,492
Teradyne, Inc.(b)		1,526		25,774
Texas Instruments, Inc.		9,602		322,723
Xilinx, Inc.		2,185		79,600

				3,047,520

Software – 3.8%
Activision Blizzard, Inc.(a)		3,482		44,639
Adobe Systems, Inc.(b)		4,208		144,376
ANSYS, Inc.(b)		755		49,090
Ariba, Inc.(b)		794		25,972
Autodesk, Inc.(b)		1,890		79,985
BMC Software, Inc.(b)		1,351		54,256
CA, Inc.		3,155		86,952
Cadence Design Systems, Inc.(b)		2,213		26,202
Citrix Systems, Inc.(b)		1,546		121,995
Compuware Corp.(b)		1,872		17,204
Electronic Arts, Inc.(b)		2,735		45,073


Schedule of Investments (continued)		Russell 1000 Index Master Portfolio
		(Percentages shown are based on Net Assets)


	Shares		Value
Software (concluded)
Factset Research Systems, Inc.(a)		380	$	37,635
Fortinet, Inc.(b)		986		27,263
Informatica Corp.(b)		870		46,023
Intuit, Inc.		2,523		151,708
MICROS Systems, Inc.(b)		667		36,878
Microsoft Corp.		61,283		1,976,377
Nuance Communications, Inc.(b)		1,960		50,137
Oracle Corp.		31,729		925,218
Red Hat, Inc.(b)		1,588		95,105
Rovi Corp.(b)		929		30,239
Salesforce.com, Inc.(b)		1,103		170,424
Solera Holdings, Inc.		581		26,662
Symantec Corp.(b)		6,214		116,202
Synopsys, Inc.(b)		1,207		37,007
TIBCO Software, Inc.(b)		1,365		41,632
VMware, Inc., Class A(b)		697		78,322
Zynga Inc, Class A(b)		1,024		13,466

				4,556,042

Total Information Technology				23,645,849

Materials – 3.9%
Chemicals – 2.4%
Air Products & Chemicals, Inc.		1,744		160,099
Airgas, Inc.		646		57,475
Albemarle Corp.		754		48,196
Ashland, Inc.(a)		651		39,750
Cabot Corp.		540		23,047
Celanese Corp.		1,285		59,341
CF Industries Holdings, Inc.		538		98,266
Cytec Industries, Inc.		372		22,614
The Dow Chemical Co.(a)		9,721		336,735
E.I. du Pont de Nemours & Co.		7,677		406,113
Eastman Chemical Co.		1,169		60,426
Ecolab, Inc.		2,501		154,362
FMC Corp.		590		62,457
Huntsman Corp.		1,588		22,248
International Flavors & Fragrances, Inc.		661		38,735
Intrepid Potash, Inc.(b)		453		11,021
Kronos Worldwide, Inc.(a)		183		4,564
LyondellBasell Industries NV, Class A		2,575		112,399
Monsanto Co.		4,432		353,496
The Mosaic Co.		2,266		125,287
PPG Industries, Inc.		1,301		124,636
Praxair, Inc.		2,510		287,746
Rockwood Holdings, Inc.(b)		563		29,360
RPM International, Inc.		1,073		28,102
The Sherwin-Williams Co.		738		80,198
Sigma-Aldrich Corp.		1,002		73,206
Solutia, Inc.		1,006		28,108
The Scotts Miracle-Gro Co., Class A(a)		361		19,552
Valspar Corp.		789		38,101
Westlake Chemical Corp.(a)		173		11,209
WR Grace & Co.(b)		604		34,911

				2,951,760

Construction Materials – 0.1%
Martin Marietta Materials, Inc.(a)		375		32,111
Vulcan Materials Co.(a)		1,062		45,380

				77,491


Schedule of Investments (continued)		Russell 1000 Index Master Portfolio
		(Percentages shown are based on Net Assets)


	Shares		Value
Containers & Packaging – 0.3%
Aptargroup, Inc.		553	$	30,288
Ball Corp.		1,284		55,058
Bemis Co., Inc.(a)		867		27,995
Crown Holdings, Inc.(b)		1,283		47,253
Greif Inc, Class A		330		18,454
Owens-Illinois, Inc.(b)		1,349		31,486
Packaging Corp. of America(a)		839		24,826
Rock-Tenn Co, Class A(a)		570		38,509
Sealed Air Corp.		1,579		30,490
Silgan Holdings, Inc.		421		18,608
Sonoco Products Co.		820		27,224

				350,191

Metals & Mining – 0.9%
AK Steel Holding Corp.		1,054		7,968
Alcoa, Inc.		8,749		87,665
Allegheny Technologies, Inc.		873		35,941
Allied Nevada Gold Corp.(a)(b)		734		23,877
Carpenter Technology Corp.		371		19,377
Cliffs Natural Resources, Inc.		1,201		83,181
Commercial Metals Co.		1,031		15,280
Compass Minerals International, Inc.		276		19,800
Freeport-McMoRan Copper & Gold, Inc.		7,835		298,043
Molycorp, Inc.(a)(b)		490		16,577
Newmont Mining Corp.		4,015		205,849
Nucor Corp.		2,599		111,627
Reliance Steel & Aluminum Co.		616		34,792
Royal Gold, Inc.		484		31,567
Schnitzer Steel Industries, Inc.		210		8,378
Southern Copper Corp.		1,413		44,806
Steel Dynamics, Inc.		1,796		26,114
Titanium Metals Corp.		750		10,170
United States Steel Corp.(a)		1,183		34,745
Walter Energy, Inc.		512		30,316

				1,146,073

Paper & Forest Products – 0.2%
Domtar Corp.		300		28,614
International Paper Co.		3,596		126,219
MeadWestvaco Corp.		1,396		44,100

				198,933

Total Materials				4,724,448

Telecommunication Services – 2.5%
Diversified Telecommunication Services – 2.3%
AT&T, Inc.		48,909		1,527,428
CenturyLink, Inc.		5,046		195,028
Frontier Communications Corp.(a)		8,187		34,140
Level 3 Communications, Inc.(b)		1,300		33,449
tw telecom, Inc.(b)		1,240		27,478
Verizon Communications, Inc.		23,371		893,473
Windstream Corp.(a)		4,669		54,674

				2,765,670


Schedule of Investments (continued)		Russell 1000 Index Master Portfolio
		(Percentages shown are based on Net Assets)


	Shares		Value
Wireless Telecommunication Services – 0.2%
Clearwire Corp, Class A(b)		1,705	$	3,887
Crown Castle International Corp.(b)		2,389		127,429
MetroPCS Communications, Inc.(b)		2,285		20,611
NII Holdings, Inc.(b)		1,400		25,634
SBA Communications Corp, Class A(b)		932		47,355
Sprint Nextel Corp.(b)		24,607		70,130
Telephone & Data Systems, Inc.(a)		824		19,076
United States Cellular Corp.(b)		103		4,216

				318,338

Total Telecommunication Services				3,084,008

Utilities – 3.4%
Electric Utilities – 1.7%
American Electric Power Co., Inc.		4,016		154,937
Duke Energy Corp.		10,999		231,089
Edison International		2,680		113,927
Entergy Corp.		1,464		98,381
Exelon Corp.		6,911		270,980
FirstEnergy Corp.		3,442		156,921
Great Plains Energy, Inc.		1,121		22,723
Hawaiian Electric Industries, Inc.		797		20,204
ITC Holdings Corp.		420		32,315
N.V. Energy, Inc.		1,940		31,273
NextEra Energy, Inc.		3,483		212,742
Northeast Utilities		1,454		53,972
Pepco Holdings, Inc.(a)		1,857		35,079
Pinnacle West Capital Corp.		897		42,966
PPL Corp.		4,747		134,150
Progress Energy, Inc.		2,422		128,632
Southern Co.		7,022		315,498
Westar Energy, Inc.		935		26,115

				2,081,904

Gas Utilities – 0.2%
AGL Resources, Inc.		958		37,573
Atmos Energy Corp.		743		23,375
National Fuel Gas Co.		680		32,721
ONEOK, Inc.		881		71,942
Questar Corp.		1,460		28,120
UGI Corp.(a)		919		25,043

				218,774

Independent Power Producers & Energy Traders – 0.1%
The AES Corp.(b)		5,403		70,617
Calpine Corp.(b)		3,158		54,349
GenOn Energy, Inc.(b)		6,668		13,870
NRG Energy, Inc.(b)		1,855		29,068

				167,904

Multi-Utilities – 1.3%
Alliant Energy Corp.		913		39,551
Ameren Corp.		1,984		64,639
Centerpoint Energy, Inc.		3,499		69,000
CMS Energy Corp.		2,076		45,672


Schedule of Investments (continued)		Russell 1000 Index Master Portfolio
		(Percentages shown are based on Net Assets)


	Shares		Value
Multi-Utilities (concluded)
Consolidated Edison, Inc.		2,441	$	142,603
Dominion Resources, Inc.		4,759		243,708
DTE Energy Co.		1,393		76,657
Integrys Energy Group, Inc.		644		34,126
MDU Resources Group, Inc.		1,553		34,772
NiSource, Inc.(a)		2,300		56,005
NSTAR		852		41,433
OGE Energy Corp.		805		43,067
PG&E Corp.		3,511		152,413
Public Service Enterprise Group, Inc.		4,161		127,368
SCANA Corp.(a)		948		43,238
Sempra Energy		1,969		118,061
TECO Energy, Inc.		1,768		31,028
Vectren Corp.		684		19,877
Wisconsin Energy Corp.		1,923		67,651
Xcel Energy, Inc.		3,982		105,404

				1,556,273

Water Utilities – 0.1%
American Water Works Co., Inc.		1,442		49,071
Aqua America, Inc.		1,137		25,344

				74,415

Total Utilities				4,099,270

Investment Companies – 0.0%
iShares Russell 1000 Index Fund(c)		1		78

Total Long-Term Investments (Cost – $ 112,034,360) – 98.7%				119,299,360


Short-Term Securities
Money Market Funds – 5.3%
BlackRock Cash Funds: Institutional, SL Agency Shares,
0.25%(c)(d)(e)		5,110,005		5,110,005
BlackRock Cash Funds: Prime, SL Agency Shares,
0.24%(c)(d)(e)		1,357,362		1,357,362

				6,467,367


	Par (000)
U.S. Treasury Obligations – 0.3%
U.S. Treasury Bill, 0.05%, 6/21/12(f)(g)	$	403		402,915

Total Short-Term Securities (Cost – $ 6,870,282) – 5.6%				6,870,282

*Total Investments (Cost – $ 118,904,642) – 104.3%**				126,169,642
Liabilities in Excess of Other Assets – (4.3)%				(5,241,650	)

Net Assets – 100.0%				120,927,992

*	As of March 31, 2012, gross unrealized appreciation and gross unrealized depreciation based on cost for federal income tax purposes were as follows:


Tax cost	$	119,315,595

Gross unrealized appreciation	$	9,194,759
Gross unrealized depreciation		(2,340,712	)

Net unrealized appreciation	$	6,854,047


Schedule of Investments (continued)		Russell 1000 Index Master Portfolio

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

(b)	Non-income producing security.

(c)	Investments in companies considered to be an affiliate of the Master Portfolio during the period, 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, 2011		Shares Purchased			Shares Sold			Shares held at March 31, 2012		Value at March 31, 2012		Realized Gain (Loss)		Income
BlackRock Cash Funds: Institutional, SL Agency Shares		5,774,817		–			(664,812	)¹		5,110,005	$	5,110,005		–	$	6,828
BlackRock Cash Funds: Prime, SL Agency Shares		1,293,201		64,161	¹		–			1,357,362	$	1,357,362		–	$	1,865
BlackRock Inc.		364		340			–			704	$	144,250		–	$	932
iShares Russell 1000 Index Fund		1		–			–			1	$	78		–		–
PNC Financial Services Group, Inc.		2,272		2,056			–			4,328	$	279,113		–	$	1,914

¹	Represents net shares activity.

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

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

(f)	All or a portion of security has been pledged as collateral in connection with open financial futures contracts.

(g)	Rate shown is the yield to maturity as of the date of purchase.

For Master Portfolio compliance purposes, the Master Portfolio’s sector and industry classifications refer to any one or more of the sector and industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by Master Portfolio management. This definition may not apply for purposes of this report, which may combine sector and industry sub-classifications for reporting ease.

•

Financial futures contracts purchased as of March 31, 2012 were as follows:


Contracts	Issue	Exchange	Expiration	Notional Value		Unrealized Appreciation
2	S&P 400 Midcap Index	Chicago Mercantile	June 2012	$	198,460	$	3,450
21	S&P 500 Index	Chicago Mercantile	June 2012	$	1,473,413		40,891

						$	44,341

•

Level 1 – unadjusted price quotations in active markets/exchanges for identical assets and liabilities

•


Schedule of Investments (concluded)		Russell 1000 Index Master Portfolio

•

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)


Valuation Inputs	Level 1		Level 2		Level 3		Total
Assets:
Investments:
Long-Term Investments¹:
Common Stocks	$	119,299,282		–		–	$	119,299,282
Investment Companies		78		–		–		78
Short-Term Securities:
Money Market Funds		6,467,367		–		–		6,467,367
U.S. Treasury Obligations		–	$	402,915		–		402,915

Total	$	125,766,727	$	402,915		–	$	126,169,642

¹ See above Schedule of Investments for values in each industry.
Valuation Inputs	Level 1		Level 2		Level 3		Total
Derivative Financial Instruments²
Assets:
Equity Contracts	$	44,341		–		–	$	44,341

Total	$	44,341		–		–	$	44,341

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

Certain of the Master Portfolio’s liabilities are held at carrying amount which approximates fair value. Collateral on securities loaned at value in the amount of $4,742,448 would be categorized as Level 1 within the disclosure hierarchy.

There were no transfers between levels during the period ended March 31, 2012.


Schedule of Investments March 31, 2012 (Unaudited)		ACWI ex-US Index Master Portfolio
		(Percentages shown are based on Net Assets)


Common Stocks	Shares		Value
Australia – 5.6%
AGL Energy Ltd.		2,876	$	43,960
Alumina Ltd.		14,960		19,208
Amcor Ltd.		7,485		57,726
AMP Ltd.		17,830		79,854
APA Group		3,514		18,609
Asciano Ltd.		6,063		30,850
ASX Ltd.		1,152		39,615
Australia & New Zealand Banking Group Ltd.		16,277		392,670
Bendigo & Adelaide Bank Ltd.		2,402		19,312
BHP Billiton Ltd.		19,765		712,521
Boral Ltd.		4,310		18,064
Brambles Ltd.		9,193		67,637
Caltex Australia Ltd.		824		11,856
Campbell Brothers Ltd.		389		27,197
CFS Retail Property Trust		11,855		21,964
Coca-Cola Amatil Ltd.		3,509		45,334
Cochlear Ltd.		343		21,974
Commonwealth Bank of Australia		9,729		504,868
Computershare Ltd.		2,553		23,832
Crown Ltd.		2,522		22,759
CSL Ltd.		3,260		121,397
Dexus Property Group		30,885		27,910
Echo Entertainment Group Ltd.		3,642		16,604
Fairfax Media Ltd.		10,954		8,245
Fortescue Metals Group Ltd.		7,712		46,538
Goodman Group		44,110		31,667
GPT Group		11,426		36,967
Harvey Norman Holdings Ltd.		2,362		4,923
Iluka Resources Ltd.		2,591		48,047
Incitec Pivot Ltd.		10,732		35,182
Insurance Australia Group Ltd.		12,840		45,337
James Hardie Industries SE		2,835		22,654
Leighton Holdings Ltd.		989		21,773
Lend Lease Group		3,189		24,744
Lynas Corp. Ltd.(a)		12,686		14,488
Macquarie Group Ltd.		2,173		65,740
Metcash Ltd.		4,058		18,075
Mirvac Group		21,941		26,679
National Australia Bank Ltd.		13,619		347,667
Newcrest Mining Ltd.		4,703		144,649
Orica Ltd.		2,241		65,166
Origin Energy Ltd.		6,660		92,153
OZ Minerals Ltd.		1,897		19,241
Qantas Airways Ltd.(a)		5,386		9,978
QBE Insurance Group Ltd.		6,883		101,008
QR National Ltd.		10,642		41,208
Ramsay Health Care Ltd.		819		16,597
Rio Tinto Ltd.		2,691		182,545
Santos Ltd.		5,728		84,581
Sims Metal Management Ltd.		1,098		16,772
Sonic Healthcare Ltd.		2,332		30,246
SP AusNet		10,222		11,388
Stockland		14,495		44,197
Suncorp Group Ltd.		7,972		69,532
Sydney Airport		2,008		5,975
Tabcorp Holdings Ltd.		4,980		14,035
Tatts Group Ltd.		8,211		21,038
Telstra Corp. Ltd.		26,663		90,815
Toll Holdings Ltd.		4,379		26,706
Transurban Group		8,126		47,094


Schedule of Investments (continued)		ACWI ex-US Index Master Portfolio
		(Percentages shown are based on Net Assets)


Common Stocks	Shares		Value
Australia (concluded)
Wesfarmers Ltd.		6,172	$	192,185
Westfield Group		13,738		125,951
Westfield Retail Trust		17,969		48,129
Westpac Banking Corp.		18,712		424,740
Woodside Petroleum Ltd.		3,917		141,561
Woolworths Ltd.		7,518		202,454
WorleyParsons Ltd.		1,256		37,212

				5,451,603

Austria – 0.2%
Erste Group Bank AG		1,254		28,977
IMMOFINANZ AG(a)		6,481		23,566
OMV AG		1,076		38,269
Raiffeisen International Bank Holding AG		246		8,709
Telekom Austria AG		2,064		24,045
Verbund AG		497		15,128
Vienna Insurance Group AG		210		9,262
Voestalpine AG		658		22,191

				170,147

Belgium – 0.7%
Ageas		13,665		30,057
Anheuser-Busch InBev NV		4,933		359,264
Bekaert SA		217		6,997
Belgacom SA		1,047		33,674
Colruyt SA		476		19,121
Delhaize Group SA		620		32,612
Groupe Bruxelles Lambert SA		538		41,659
KBC Groep NV		956		24,045
Mobistar SA		170		8,474
Solvay SA		374		44,301
UCB SA		642		27,710
Umicore SA		718		39,574

				667,488

Brazil – 3.4%
AES Tiete SA, Preference Shares		800		12,183
All America Latina Logistica SA		2,300		11,403
Amil Participacoes SA		600		6,245
Anhanguera Educacional Participacoes SA		600		7,231
Banco Bradesco SA, Preference Shares		11,800		206,142
Banco do Brasil SA		3,600		51,176
Banco do Estado do Rio Grande do Sul, Preference Shares		900		9,713
Banco Santander (Brasil) SA		4,700		43,255
BM&F Bovespa SA		12,000		73,889
BR Malls Participacoes SA		2,600		33,884
Bradespar SA, Preference Shares		1,300		24,826
Braskem SA, Preference ‘A’ Shares		1,000		7,916
BRF - Brasil Foods SA		4,000		78,885
Brookfield Incorporacoes SA		1,400		4,471
CCR SA		5,600		45,341
Centrais Eletricas Brasileiras SA		1,500		14,084
Centrais Eletricas Brasileiras SA, Preference ‘B” Shares		1,600		20,782
CETIP SA - Mercados Organizados		1,100		18,259
Cielo SA		1,500		50,856
Companhia Brasileira de Distribuicao Grupo Pao de Acucar, Preference Shares		700		33,362
Companhia de Bebidas das Americas, Preference Shares		4,600		190,380
Companhia de Saneamento Basico do Estado de Sao Paulo		800		30,528
Companhia de Transmissao de Energia Electrica Paulista, Preference Shares		200		6,847
Companhia Energetica de Minas Gerais, Preference Shares		2,400		57,336
Companhia Energetica de Sao Paulo, Preference ‘B’ Shares		900		18,084


Schedule of Investments (continued)		ACWI ex-US Index Master Portfolio
		(Percentages shown are based on Net Assets)


Common Stocks	Shares		Value
Brazil (concluded)
Companhia Hering SA		700	$	18,081
Companhia Paranaense de Energia, Preference ‘B’ Shares		800		18,735
Companhia Siderurgica Nacional SA		4,600		43,393
Cosan SA Industria e Comercio		600		11,162
CPFL Energia SA		1,100		16,541
Cyrela Brazil Realty SA		2,000		17,694
Diagnosticos da America SA		1,300		9,977
Duratex SA		1,500		9,458
EcoRodovias Infraestrutura e Logistica SA		700		6,116
EDP - Energias do Brasil SA		600		13,765
Eletropaulo Metropolitana Eletricidade de Sao Paulo SA, Preference Shares		500		10,518
Embraer SA		3,200		25,664
Fibria Celulose SA		1,000		8,217
Gerdau SA, Preference Shares		5,400		51,650
Gol Linhas Aereas Inteligentes SA, Preference Shares		600		4,007
HRT Participacoes em Petroleo SA(a)		100		34,636
Hypermarcas SA		2,100		14,783
Itau Unibanco Holding SA, Preference Shares		14,100		269,804
Itausa - Investimentos Itau SA, Preference Shares		14,400		88,745
JBS SA(a)		5,000		20,543
Klabin SA, Preference Shares		2,500		11,559
Light SA		400		5,686
Localiza Rent a Car SA		600		11,044
Lojas Americanas SA, Preference Shares		2,000		18,845
Lojas Renner SA		700		24,043
Metalurgica Gerdau SA, Preference Shares		1,500		18,480
MMX Mineracao e Metalicos SA(a)		1,000		4,974
MRV Engenharia e Participacoes SA		2,000		14,188
Multiplan Empreendimentos Imobiliarios SA		300		7,009
Natura Cosmeticos SA		1,100		23,923
Odontoprev SA		600		10,189
OGX Petroleo e Gas Participacoes SA(a)		7,900		65,348
Oi SA		1,300		6,958
PDG Realty SA Empreendimentos e Participacoes		6,200		21,431
Petroleo Brasileiro SA		18,300		243,606
Petroleo Brasileiro SA, Preference Shares		25,900		331,296
Porto Seguro SA		800		8,818
Raia Drogasil SA		1,000		9,724
Redecard SA		2,200		42,724
Rossi Residencial SA		900		4,861
Souza Cruz SA		2,400		36,813
Sul America SA		500		4,684
Suzano Papel e Celulose SA, Preference ‘A’ Shares		1,100		4,706
TAM SA, Preference Shares		600		14,955
Tele Norte Leste Participacoes SA		400		5,697
Tele Norte Leste Participacoes SA, Preference Shares		1,400		15,983
Telefonica Brasil SA, Preference Shares		1,800		55,702
Telemar Norte Leste SA, Preference ‘A’ Shares		300		7,874
Tim Participacoes SA		5,240		33,442
Totvs SA		600		11,077
Tractebel Energia SA		900		16,132
Ultrapar Participacoes SA		2,100		46,016
Usinas Siderurgicas de Minas Gerais SA		900		9,762
Usinas Siderurgicas de Minas Gerais SA, Preference ‘A’ Shares		3,100		20,396
Vale SA		8,000		188,008
Vale SA, Preference ‘A’ Shares		12,300		279,360

				3,385,880

Canada – 7.8%
Agnico-Eagle Mines Ltd.		1,106		36,857
Agrium, Inc.		973		83,980
Alimentation Couche Tard, Inc.		717		23,542
ARC Resources Ltd.		1,771		40,660


Schedule of Investments (continued)		ACWI ex-US Index Master Portfolio
		(Percentages shown are based on Net Assets)


Common Stocks	Shares		Value
Canada (continued)
Athabasca Oil Sands Corp.(a)		1,800	$	20,013
Bank of Montreal		3,928		233,526
Bank of Nova Scotia		6,698		375,241
Barrick Gold Corp.		6,151		267,328
Baytex Energy Corp.		745		38,682
BCE, Inc.		1,552		62,145
Bell Aliant, Inc.		361		9,881
Bombardier, Inc.		8,561		35,533
Bonavista Energy Corp.		877		17,761
Brookfield Asset Management Inc., Class A		3,516		110,931
Brookfield Office Properties, Inc.		1,613		28,057
CAE, Inc.		1,198		12,287
Cameco Corp.		2,406		51,644
Canadian Imperial Bank of Commerce		2,470		188,794
Canadian National Railway Co.		2,743		217,994
Canadian Natural Resources Ltd.		6,678		221,339
Canadian Oil Sands Ltd.		2,911		61,404
Canadian Pacific Railway Ltd.		1,068		81,065
Canadian Tire Corp. Ltd., Class A		475		30,697
Canadian Utilities Ltd.		585		38,157
Cenovus Energy, Inc.		4,623		166,390
Centerra Gold, Inc.		1,148		17,851
CGI Group Inc., Class A(a)		1,287		28,683
CI Financial Corp.		951		21,681
Crescent Point Energy Corp.		1,711		73,658
Eldorado Gold Corp.		4,086		56,121
Empire Co. Ltd.		189		10,914
Enbridge, Inc.		4,557		176,990
Encana Corp.		4,434		87,084
Enerplus Corp.		1,104		24,726
Fairfax Financial Holdings Ltd.		126		50,856
Finning International, Inc.		1,128		31,065
First Quantum Minerals Ltd.		2,925		55,776
Fortis, Inc.		1,175		38,014
Franco-Nevada Corp.		856		36,808
George Weston Ltd.		327		20,762
Gildan Activewear, Inc.		721		19,842
Goldcorp, Inc.		4,976		224,293
Great-West Lifeco, Inc.		1,790		44,039
H&R Real Estate Investment Trust		556		13,189
Husky Energy, Inc.		2,024		51,500
IAMGOLD Corp.		2,133		28,399
IGM Financial, Inc.		696		32,412
Imperial Oil Ltd.		1,804		81,966
Industrial Alliance Insurance & Financial Services, Inc.		504		15,452
Inmet Mining Corp.		305		17,246
Intact Financial Corp.		822		49,471
Ivanhoe Mines Ltd.(a)		1,668		26,238
Kinross Gold Corp.		6,843		66,890
Loblaw Cos. Ltd.		720		24,557
Magna International Inc., Class A		1,309		62,415
Manulife Financial Corp.		10,984		148,773
MEG Energy Corp.(a)		700		26,991
Metro Inc., Class A		586		31,249
National Bank of Canada		992		78,936
New Gold, Inc.(a)		2,549		25,172
Nexen, Inc.		3,176		58,238
Niko Resources Ltd.		331		11,644
Onex Corp.		574		21,125
Open Text Corp.(a)		356		21,768
Osisko Mining Corp.(a)		2,144		24,891
Pacific Rubiales Energy Corp.		1,559		45,545
Pan American Silver Corp.		651		14,365
Pembina Pipeline Corp.		1,012		28,591


Schedule of Investments (continued)		ACWI ex-US Index Master Portfolio
		(Percentages shown are based on Net Assets)


Common Stocks	Shares		Value
Canada (concluded)
Pengrowth Energy Corp.		2,001	$	18,757
Penn West Petroleum Ltd.		2,821		55,122
Potash Corp. of Saskatchewan, Inc.		5,270		240,609
Power Corp. of Canada		2,246		59,536
Power Financial Corp.		1,557		45,799
Precision Drilling Corp.(a)		1,590		15,973
Progress Energy Resources Corp.		748		7,499
Research In Motion Ltd.(a)		2,938		43,093
RioCan Real Estate Investment Trust		842		22,817
Ritchie Bros Auctioneers, Inc.		522		12,434
Rogers Communications, Inc. Class B		2,458		97,586
Royal Bank of Canada		8,842		512,463
Saputo, Inc.		894		38,729
Shaw Communications, Inc. Class B		2,379		50,349
Shoppers Drug Mart Corp.		1,310		57,525
Silver Wheaton Corp.		2,173		72,067
SNC-Lavalin Group, Inc.		971		38,871
Sun Life Financial, Inc.		3,603		85,501
Suncor Energy, Inc.		9,674		316,082
Talisman Energy, Inc.		6,175		77,632
Teck Resources Ltd. Class B		3,584		127,953
TELUS Corp.		1,297		73,793
Thomson Reuters Corp.		2,337		67,571
Tim Hortons, Inc.		975		52,159
TMX Group, Inc.		507		22,772
The Toronto-Dominion Bank		5,553		471,319
Tourmaline Oil Corp.(a)		900		19,896
TransAlta Corp.		1,356		25,422
TransCanada Corp.		4,307		184,940
Valeant Pharmaceuticals International, Inc.(a)		1,749		93,793
Vermilion Energy, Inc.		542		25,001
Viterra, Inc.		2,227		35,522
Yamana Gold, Inc.		4,530		70,667

				7,619,346

Chile – 0.4%
AES Gener SA		13,363		8,193
Banco de Chile		124,078		19,589
Banco de Credito e Inversiones		218		15,213
Banco Santander Chile		387,961		32,190
CAP SA		450		19,134
Cencosud SA		5,786		38,298
Cia Cervecerias Unidas SA		633		9,954
Colbun SA		37,068		10,583
CorpBanca		490,251		6,606
E.CL SA, Class S		2,608		7,204
Empresa Nacional de Electricidad SA		21,657		38,984
Empresas CMPC SA		7,119		30,488
Empresas COPEC SA		2,830		47,210
Enersis SA		85,405		34,629
ENTEL Chile SA		506		10,226
Lan Airlines SA		765		22,488
SACI Falabella		2,207		21,303
Sociedad Quimica y Minera de Chile SA, Preference ‘B’ Shares		609		35,805
Vina Concha y Toro SA		2,252		5,162

				413,259

China – 3.8%
Agile Property Holdings Ltd.		8,000		9,241
Agricultural Bank of China Ltd. Class H		114,000		48,890
Air China Ltd. Class H		12,000		8,312
Alibaba.com Ltd.(a)		9,000		15,280


Schedule of Investments (continued)		ACWI ex-US Index Master Portfolio
		(Percentages shown are based on Net Assets)


Common Stocks	Shares		Value
China (continued)
Aluminum Corp. of China Ltd. Class H		28,000	$	13,383
Angang Steel Co. Ltd.		8,000		5,146
Anhui Conch Cement Co. Ltd. Class H		8,500		26,977
AviChina Industry & Technology Co. Ltd.		12,000		5,503
Bank of China Ltd. Class H		413,000		166,723
Bank of Communications Co. Ltd. Class H		45,700		34,536
BBMG Corp.		5,000		4,210
Beijing Capital International Airport Co. Ltd.		12,000		6,948
Beijing Enterprises Holdings Ltd.		3,500		21,335
Belle International Holdings Ltd.		29,000		52,191
Brilliance China Automotive Holdings Ltd.(a)		16,000		17,329
Byd Co. Ltd. Class H(a)		3,500		9,822
China Agri-Industries Holdings Ltd.		13,000		8,588
China BlueChemical Ltd. Class H		14,000		10,608
China Citic Bank Corp. Ltd. Class H		49,000		29,471
China Coal Energy Co. Ltd. Class H		26,000		29,163
China Communications Construction Co. Ltd. Class H		28,000		28,210
China Communications Services Corp. Ltd.		16,000		7,733
China Construction Bank Corp. Class H		371,000		286,345
China COSCO Holdings Co. Ltd. Class H		14,500		9,194
China International Marine Containers Group Co. Ltd.		3,600		4,962
China Life Insurance Co. Ltd. Class H		46,000		119,478
China Longyuan Power Group Corp. Class H(a)		12,000		10,076
China Mengniu Dairy Co. Ltd.		7,000		20,571
China Merchants Bank Co. Ltd. Class H		24,000		49,056
China Merchants Holdings International Co. Ltd.		6,000		20,095
China Minsheng Banking Corp. Ltd. Class H		24,000		21,731
China Mobile Ltd.		37,000		407,428
China Molybdenum Co. Ltd.(a)		12,000		5,084
China National Building Material Co. Ltd. Class H		18,000		22,720
China Oilfield Services Ltd. Class H		10,000		14,383
China Overseas Land & Investment Ltd.		24,000		45,511
China Pacific Insurance Group Co. Ltd. Class H		11,000		34,222
China Petroleum & Chemical Corp. Class H		104,000		113,233
China Railway Construction Corp. Ltd.		11,000		6,857
China Railway Group Ltd.		22,000		7,075
China Resources Cement Holdings Ltd.		14,000		10,357
China Resources Enterprise Ltd.		8,000		27,933
China Resources Land Ltd.		12,000		20,746
China Resources Power Holdings Co. Ltd.		12,000		22,231
China Shanshui Cement Group Ltd.		10,000		7,909
China Shenhua Energy Co. Ltd. Class H		21,000		88,826
China Shipping Container Lines Co. Ltd.(a)		16,000		5,532
China Shipping Development Co. Ltd.		8,000		5,557
China Southern Airlines Co. Ltd.(a)		20,000		9,553
China Taiping Insurance Holdings Co. Ltd.(a)		4,400		8,614
China Telecom Corp. Ltd. Class H		86,000		47,456
China Unicom Hong Kong Ltd.		36,000		60,580
China Vanke Co. Ltd.		6,800		8,102
China Yurun Food Group Ltd.		7,000		9,972
Chongqing Rural Commercial Bank(a)		25,000		11,957
Citic Pacific Ltd.		7,000		11,802
CNOOC Ltd.		110,000		225,167
COSCO Pacific Ltd.		10,000		15,136
Country Garden Holdings Co. Ltd.		23,000		8,863
CSR Corp. Ltd.		12,000		8,194
Daphne International Holdings Ltd.		6,000		8,235
Datang International Power Generation Co. Ltd.		14,000		4,944
Dongfang Electric Corp. Ltd.		2,200		5,342
Dongfeng Motor Group Co. Ltd. Class H		16,000		29,004
ENN Energy Holdings Ltd.		4,000		13,866
Evergrande Real Estate Group Ltd.		29,000		15,538
Foxconn International Holdings Ltd.(a)		10,000		7,122
GCL-Poly Energy Holdings Ltd.		50,000		13,904


Schedule of Investments (continued)		ACWI ex-US Index Master Portfolio
		(Percentages shown are based on Net Assets)


Common Stocks	Shares		Value
China (concluded)
Golden Eagle Retail Group Ltd.		5,000	$	12,808
GOME Electrical Appliances Holding Ltd.		71,000		14,631
Great Wall Motor Co. Ltd.(a)		7,500		14,610
Guangzhou Automobile Group Co. Ltd. Class H		12,000		11,907
Guangzhou R&F Properties Co. Ltd.		4,000		4,773
Hengan International Group Co. Ltd.		5,000		50,438
Hengdeli Holdings Ltd.		8,000		3,397
Huabao International Holdings Ltd.		12,000		7,842
Huaneng Power International, Inc. Class H		20,000		10,931
Industrial & Commercial Bank of China Ltd. Class H		375,000		241,906
Inner Mongolia Yitai Coal Co.		3,500		18,739
Intime Department Store Group Co. Ltd.		4,500		5,636
Jiangsu Expressway Co. Ltd.		10,000		9,666
Jiangxi Copper Co. Ltd. Class H		10,000		23,001
Kingboard Chemical Holdings Ltd.		3,000		10,492
Kunlun Energy Co. Ltd.		14,000		25,271
Lenovo Group Ltd.		38,000		34,281
Longfor Properties Co. Ltd.		7,000		9,837
Metallurgical Corp. of China Ltd.		19,000		4,262
Parkson Retail Group Ltd.		8,000		9,183
PetroChina Co. Ltd. Class H		130,000		183,058
PICC Property & Casualty Co. Ltd. Class H		16,800		20,028
Ping An Insurance (Group) Co. of China Ltd. Class H		11,000		83,139
Renhe Commercial Holdings Co. Ltd.		72,000		5,012
Semiconductor Manufacturing International Corp.(a)		107,000		5,296
Shandong Weigao Group Medical Polymer Co. Ltd. Class H		12,000		13,755
Shanghai Electric Group Co. Ltd. Class H		20,000		10,207
Shanghai Industrial Holdings Ltd.		3,000		9,254
Shanghai Pharmaceuticals Holding Co. Ltd.(a)		2,800		4,489
Shimao Property Holdings Ltd.		8,000		8,553
Shougang Fushan Resources Group Ltd.		24,000		8,139
Sinopec Shanghai Petrochemical Co. Ltd.		14,000		5,074
Sinopharm Group Co. Ltd. Class H		5,600		15,666
Soho China Ltd.		10,000		7,261
Tencent Holdings Ltd.		6,200		173,070
Tingyi Cayman Islands Holding Corp.		12,000		34,662
Tsingtao Brewery Co. Ltd.		2,000		10,816
Want Want China Holdings Ltd.		39,000		43,638
Weichai Power Co. Ltd. Class H		2,000		9,365
Wumart Stores, Inc.		3,000		6,616
Yanzhou Coal Mining Co. Ltd. Class H		14,000		30,375
Zhaojin Mining Industry Co. Ltd. Class H		5,500		9,251
Zhejiang Expressway Co. Ltd.		8,000		5,980
Zhongsheng Group Holdings Ltd.		3,000		5,964
Zhuzhou CSR Times Electric Co. Ltd.		4,000		10,233
Zijin Mining Group Co. Ltd. Class H		32,000		12,724
Zoomlion Heavy Industry Science and Technology Co. Ltd. Class H		6,000		7,978
ZTE Corp. Class H		3,200		8,626

				3,741,902

Colombia – 0.2%
Almacenes Exito SA		1,181		17,158
BanColombia SA		1,106		17,393
BanColombia SA, Preference Shares		2,205		35,292
Cementos Argos SA		2,607		16,194
Corp. Financiera Colombiana SA		303		5,765
Ecopetrol SA		30,470		92,592
Grupo Aval Acciones y Valores SA, Preference Shares		7,258		5,321
Grupo de Inversiones Suramericana SA		1,379		24,047
Interconexion Electrica SA		2,305		14,576
Inversiones Argos SA		1,597		15,229

				243,567


Schedule of Investments (continued)		ACWI ex-US Index Master Portfolio
		(Percentages shown are based on Net Assets)


Common Stocks	Shares		Value
Czech Republic – 0.1%
CEZ AS		1,015	$	43,608
Komercni Banka AS		90		18,050
Telefonica Czech Republic AS		521		10,933

				72,591

Denmark – 0.7%
AP Moller - Maersk A/S Class A		8		61,973
AP Moller - Maersk A/S Class B		3		22,143
Carlsberg A/S Class B		668		55,416
Coloplast A/S Class B		137		23,746
Danske Bank A/S(a)		4,035		68,587
DSV A/S		1,261		28,706
Novo Nordisk A/S Class B		2,614		362,979
Novozymes AS		1,430		41,750
TDC A/S		2,990		21,780
Tryg AS		181		10,224
Vestas Wind Systems A/S(a)		1,481		15,062
William Demant Holding A/S(a)		169		15,792

				728,158

Egypt – 0.1%
Commercial International Bank SAE		2,251		9,358
Egyptian Co. for Mobile Services		175		5,213
Egyptian Financial Group-Hermes Holding(a)		2,111		4,783
Orascom Construction Industries		510		22,101
Orascom Telecom Holding SAE(a)		14,879		10,124
Orascom Telecom Media & Technology Holding SAE(a)		7,258		1,742
Talaat Moustafa Group(a)		6,435		4,408
Telecom Egypt Co.		1,908		4,473

				62,202

Finland – 0.6%
Elisa OYJ		923		22,134
Fortum OYJ(a)		2,806		68,129
Kesko OYJ Class B		419		13,593
Kone OYJ Class B		922		51,339
Metso OYJ		808		34,527
Neste Oil OYJ		733		9,025
Nokia OYJ		22,921		125,395
Nokian Renkaat OYJ		658		32,066
Orion OYJ, Class B		695		13,741
Pohjola Bank Plc		862		9,551
Sampo OYJ		2,504		72,356
Sanoma OYJ		739		9,452
Stora Enso OYJ Class R		3,706		27,555
UPM-Kymmene OYJ		3,245		44,197
Wartsila OYJ Class B		1,049		39,557

				572,617

France – 6.0%
Accor SA		849		30,301
Aeroports de Paris		189		15,520
Air Liquide SA		1,746		232,843
Alcatel-Lucent(a)		14,347		32,706
ALSTOM SA		1,279		49,921
ArcelorMittal		5,282		101,115


Schedule of Investments (continued)		ACWI ex-US Index Master Portfolio
		(Percentages shown are based on Net Assets)


Common Stocks	Shares		Value
France (concluded)
Arkema SA		315	$	29,377
AtoS		302		17,418
AXA SA		10,741		178,246
BNP Paribas SA		5,967		283,851
Bouygues SA		1,207		36,807
Bureau Veritas SA		343		30,201
Cap Gemini SA		917		41,046
Carrefour SA		3,561		85,349
Casino Guichard-Perrachon SA		316		31,152
Christian Dior SA		334		51,307
CNP Assurances SA		952		14,859
Compagnie de Saint-Gobain		2,481		110,695
Compagnie Generale d’Optique Essilor International SA		1,246		111,089
Compagnie Generale de Geophysique-Veritas(a)		856		25,441
Compagnie Generale des Etablissements Michelin Class B		1,108		82,541
Credit Agricole SA		6,257		38,960
Danone SA		3,591		250,492
Dassault Systemes SA		347		31,954
Edenred SA		936		28,172
EDF SA		1,579		36,048
Eiffage SA		212		8,190
Eurazeo		182		9,270
European Aeronautic Defence & Space Co. N.V.		2,528		103,527
Eutelsat Communications SA		785		29,034
Fonciere Des Regions		218		17,517
France Telecom SA		11,390		168,923
GDF Suez		7,638		197,430
Gecina SA		149		15,567
Groupe Eurotunnel SA		3,437		29,867
Icade		120		10,710
Iliad SA		147		20,267
Imerys SA		243		14,792
JCDecaux SA(a)		348		10,635
Klepierre		623		21,612
L’Oreal SA		1,474		181,924
Lafarge SA		1,193		56,854
Lagardere SCA		693		21,396
Legrand SA		1,385		51,000
LVMH Moet Hennessy Louis Vuitton SA		1,559		268,279
Natixis		5,542		21,353
Neopost SA		217		13,966
Pernod Ricard SA		1,223		127,871
Peugeot SA		1,297		20,900
PPR SA		467		80,345
Publicis Groupe SA		921		50,774
Renault SA		1,189		62,715
Safran SA		1,079		39,655
Sanofi		7,019		544,615
Schneider Electric SA		3,018		197,440
SCOR SE		1,080		29,190
SES SA		1,927		47,827
Societe BIC SA		161		16,161
Societe Generale SA		4,084		119,836
Societe Television Francaise 1		708		8,667
Sodexo		585		48,031
Suez Environnement SA		1,860		28,534
Technip SA		610		72,032
Thales SA		596		22,316
Total SA		13,056		666,894
Unibail-Rodamco SE		574		114,832
Vallourec SA		699		44,297
Veolia Environnement SA		2,278		37,744
Vinci SA		2,804		146,107
Vivendi SA		7,650		140,482
Wendel SA		215		18,380

				5,935,169


Schedule of Investments (continued)		ACWI ex-US Index Master Portfolio
		(Percentages shown are based on Net Assets)


Common Stocks	Shares		Value
Germany – 5.6%
Adidas AG		1,282	$	100,176
Allianz SE		2,802		334,423
Axel Springer AG		211		10,660
BASF SE		5,652		494,208
Bayer AG Registered		5,094		358,255
Bayerische Motoren Werke AG		2,065		185,760
Bayerische Motoren Werke AG, Preference Shares		266		15,800
Beiersdorf AG		641		41,819
Brenntag AG		303		37,099
Celesio AG		533		9,647
Commerzbank AG(a)		22,634		57,302
Continental AG(a)		494		46,635
Daimler AG		5,580		336,475
Deutsche Bank AG		5,742		285,889
Deutsche Boerse AG		1,204		81,069
Deutsche Post AG		5,236		100,787
Deutsche Telekom AG		17,253		207,867
E.ON AG		11,097		265,851
Fraport AG Frankfurt Airport Services Worldwide		273		17,097
Fresenius Medical Care AG & Co. KGaA		1,300		92,027
Fresenius SE & Co. KGaA		710		72,807
GEA Group AG		1,119		38,599
Hannover Rueckversicherung AG		385		22,876
HeidelbergCement AG		870		52,534
Henkel AG & Co. KGaA		799		49,864
Henkel AG & Co. KGaA, Preference Shares		1,092		80,026
Hochtief AG		229		13,854
Infineon Technologies AG		6,645		67,914
K+S AG		1,055		55,173
Kabel Deutschland Holding AG(a)		595		36,731
Lanxess AG		514		42,453
Linde AG		1,050		188,354
Lufthansa Airlines		1,384		19,353
MAN SE		392		52,180
Merck KGaA		401		44,375
Metro AG		733		28,343
Muenchener Rueckversicherungs AG		1,106		166,786
Porsche Automobil Holding SE, Preference Shares		944		55,712
ProSiebenSat.1 Media AG, Preference Shares		392		10,074
RWE AG		3,042		145,268
RWE AG, Non-Voting Preference Shares		218		9,585
Salzgitter AG		262		14,379
SAP AG		5,663		395,536
Siemens AG Registered		5,065		510,775
Suedzucker AG		320		10,188
ThyssenKrupp AG		2,376		59,149
United Internet AG		784		14,776
Volkswagen AG		170		27,410
Volkswagen AG, Preference Shares		896		157,573
Wacker Chemie AG		79		6,964

				5,528,457

Greece – 0.1%
Coca Cola Hellenic Bottling Co. SA(a)		983		18,813
Hellenic Telecommunications Organization SA		1,784		7,635
National Bank of Greece SA(a)		5,147		13,335
OPAP SA		1,450		14,090

				53,873


Schedule of Investments (continued)		ACWI ex-US Index Master Portfolio
		(Percentages shown are based on Net Assets)


Common Stocks	Shares		Value
Hong Kong – 2.0%
AIA Group Ltd.		51,600	$	189,430
Anta Sports Products Ltd.		5,000		5,201
ASM Pacific Technology Ltd.		1,300		19,038
Bank of East Asia Ltd.		10,000		37,609
BOC Hong Kong Holdings Ltd.		22,500		62,089
Bosideng International Holdings Ltd.		18,000		5,642
Cathay Pacific Airways Ltd.		8,000		14,826
Cheung Kong Holdings Ltd.		8,000		103,456
Cheung Kong Infrastructure Holdings Ltd.		3,000		18,261
China Everbright Ltd.		6,000		9,109
China Gas Holdings Ltd.		20,000		9,616
China Resources Gas Group Ltd.		4,000		7,660
China Rongsheng Heavy Industries Group Holdings Ltd.		14,000		3,704
China State Construction International Holdings Ltd.		8,000		7,472
China ZhengTong Auto Services Holdings Ltd.(a)		4,500		4,522
China Zhongwang Holdings Ltd.		11,600		4,167
CLP Holdings Ltd.		12,000		103,491
Dah Chong Hong Holdings Ltd.		5,000		5,308
Dongyue Group		6,000		5,512
Far East Horizon Ltd.(a)		6,000		4,804
First Pacific Co. Ltd		14,000		15,525
Fosun International Ltd.		8,500		5,072
Franshion Properties China Ltd.		20,000		5,151
Galaxy Entertainment Group Ltd.(a)		8,000		22,001
Geely Automobile Holdings Ltd.		25,000		9,808
Guangdong Investment Ltd.		18,000		12,564
Haier Electronics Group Co. Ltd.(a)		4,000		4,541
Hang Lung Group Ltd.		5,000		32,440
Hang Lung Properties Ltd.		16,000		58,804
Hang Seng Bank Ltd.		4,600		61,204
Henderson Land Development Co. Ltd.		6,000		33,153
HKT Trust / HKT Ltd.(a)		565		439
Hong Kong & China Gas Co. Ltd.		29,000		74,404
Hong Kong Exchanges & Clearing Ltd.		6,300		106,031
Hopewell Holdings Ltd.		3,500		9,612
Hutchison Whampoa Ltd.		13,000		130,000
Hysan Development Co. Ltd.		5,000		20,032
Kerry Properties Ltd.		5,000		22,607
Lee & Man Paper Manufacturing Ltd.		11,000		5,138
Li & Fung Ltd.		34,000		77,811
The Link REIT		13,500		50,233
Lonking Holdings Ltd.		14,000		4,924
Minmetals Resources Ltd.(a)		12,000		5,766
MTR Corp.		8,000		28,661
New World Development Co. Ltd.		22,000		26,490
Nine Dragons Paper Holdings Ltd.		11,000		9,034
NWS Holdings Ltd.		8,000		12,286
Orient Overseas International Ltd.		1,000		7,117
PCCW Ltd.		26,000		9,318
Poly Hong Kong Investments Ltd.		14,000		6,518
Power Assets Holdings Ltd.		8,500		62,491
Sands China Ltd.		14,800		57,789
Sany Heavy Equipment International Holdings Co. Ltd.		6,000		4,537
Shangri-La Asia Ltd.		10,000		21,939
Shui On Land Ltd.		11,500		4,650
Sihuan Pharmaceutical Holdings Group Ltd.		13,000		5,072
Sino Land Co. Ltd.		16,800		26,942
Sino-Ocean Land Holdings Ltd.		18,000		8,549
Sinofert Holdings Ltd.		18,000		4,370


Schedule of Investments (continued)		ACWI ex-US Index Master Portfolio
		(Percentages shown are based on Net Assets)


Common Stocks	Shares		Value
Hong Kong (concluded)
SJM Holdings Ltd.		11,000	$	22,419
Skyworth Digital Holdings Ltd.		10,000		4,683
Sun Art Retail Group Ltd.(a)		10,000		13,565
Sun Hung Kai Properties Ltd.		8,000		99,547
Swire Pacific Ltd. Class A		4,500		50,438
Wharf Holdings Ltd.		9,000		49,076
Wheelock & Co. Ltd.		5,000		15,123
Wing Hang Bank Ltd.		1,500		14,934
Wynn Macau Ltd.		10,000		29,227
Yingde Gases		4,500		5,105
Yue Yuen Industrial Holdings Ltd.		5,000		17,584
Yuexiu Property Co. Ltd.		26,000		5,163

				2,010,804

Hungary – 0.1%
Magyar Telekom Telecommunications Plc		2,353		6,162
MOL Hungarian Oil & Gas Plc(a)		257		21,441
OTP Bank Plc		1,495		25,978
Richter Gedeon Nyrt		93		15,950

				69,531

Indonesia – 0.6%
PT Adaro Energy Tbk		93,000		19,649
PT Aneka Tambang Persero Tbk		24,500		4,823
PT Astra Agro Lestari Tbk		2,500		6,408
PT Astra International Tbk		12,000		97,095
PT Bank Central Asia Tbk		73,000		63,885
PT Bank Danamon Indonesia Tbk		18,500		9,321
PT Bank Mandiri Tbk		58,000		43,526
PT Bank Negara Indonesia Persero Tbk		42,000		18,404
PT Bank Rakyat Indonesia Persero Tbk		67,500		51,443
PT Bumi Resources Tbk		101,500		26,044
PT Charoen Pokphand Indonesia Tbk		37,000		11,155
PT Gudang Garam Tbk		4,000		24,092
PT Indo Tambangraya Megah		2,500		11,906
PT Indocement Tunggal Prakarsa Tbk		9,000		18,171
PT Indofood Sukses Makmur Tbk		31,000		16,471
PT Indosat Tbk		9,000		4,983
PT Kalbe Farma Tbk		28,500		11,086
PT Perusahaan Gas Negara Persero Tbk		73,500		30,626
PT Semen Gresik Persero Tbk		19,500		26,180
PT Tambang Batubara Bukit Asam Tbk		4,500		10,097
PT Telekomunikasi Indonesia Tbk		63,500		48,679
PT Unilever Indonesia Tbk		9,500		20,781
PT United Tractors Tbk		11,000		39,772
PT Vale Indonesia Tbk		13,500		4,992
PT XL Axiata Tbk		10,000		5,521

				625,110

Ireland – 0.2%
CRH Plc		833		17,066
CRH Plc New		3,509		71,761
Elan Corp. Plc(a)		3,025		44,427
Kerry Group Plc		843		38,990

				172,244

Israel – 0.4%
Bank Hapoalim BM		4,818		17,872
Bank Leumi Le-Israel BM		5,798		18,440
Bezeq The Israeli Telecommunication Corp., Ltd.		7,127		11,781


Schedule of Investments (continued)		ACWI ex-US Index Master Portfolio
		(Percentages shown are based on Net Assets)


Common Stocks	Shares		Value
Israel (concluded)
Cellcom Israel Ltd.		461	$	5,912
Delek Group Ltd.		28		5,540
Elbit Systems Ltd.		191		7,461
Israel Chemicals Ltd.		2,546		29,414
The Israel Corp. Ltd.		14		9,563
Israel Discount Bank Ltd.(a)		2,497		3,328
Mizrahi Tefahot Bank Ltd.		825		7,494
NICE Systems Ltd.(a)		288		11,341
Teva Pharmaceutical Industries Ltd.		5,142		231,968

				360,114

Italy – 1.5%
A2A SpA		3,351		2,688
Assicurazioni Generali SpA		7,221		112,102
Atlantia SpA		1,993		33,093
Autogrill SpA		672		7,094
Banca Carige SpA		2,555		3,355
Banca Monte dei Paschi di Siena SpA		34,136		14,395
Banco Popolare SC		10,523		19,957
Enel Green Power SpA		11,394		21,655
Enel SpA		40,647		146,954
ENI SpA		14,773		346,207
Exor SpA		370		9,342
Fiat Industrial SpA(a)		4,738		50,560
Fiat SpA		4,723		27,769
Finmeccanica SpA		2,118		11,467
Intesa Sanpaolo SpA		62,588		112,182
Intesa Sanpaolo SpA, Risparmio Shares		5,446		8,405
Luxottica Group SpA		674		24,352
Mediaset SpA		3,800		10,474
Mediobanca SpA		3,120		18,324
Pirelli & C SpA		1,457		17,334
Prysmian SpA		1,267		22,280
Saipem SpA		1,626		84,008
Snam SpA		9,961		47,902
Telecom Italia SpA		59,792		71,170
Telecom Italia SpA, Risparmio Shares		33,899		33,286
Tenaris SA		2,894		55,257
Terna Rete Elettrica Nazionale SpA		7,478		30,034
UniCredit SpA		25,016		125,276
Unione di Banche Italiane ScpA		4,651		19,715

				1,486,637

Japan – 14.1%
ABC-Mart, Inc.		200		7,538
Advantest Corp.		1,100		17,553
Aeon Co. Ltd.		3,700		48,741
Aeon Credit Service Co. Ltd.		400		6,330
Aeon Mall Co. Ltd.		600		14,015
Air Water, Inc.		1,000		12,981
Aisin Seiki Co. Ltd.		1,300		46,235
Ajinomoto Co., Inc.		3,000		37,731
Alfresa Holdings Corp.		200		9,534
All Nippon Airways Co. Ltd.		6,000		18,131
Amada Co. Ltd.		2,000		13,583
Aozora Bank Ltd.		4,000		11,630
Asahi Glass Co. Ltd.		6,000		51,436
Asahi Group Holdings Ltd.		2,400		53,334
Asahi Kasei Corp.		8,000		49,656
Asics Corp.		900		10,278
Astellas Pharma, Inc.		2,700		111,210
The Bank of Kyoto Ltd.		2,000		18,229


Schedule of Investments (continued)		ACWI ex-US Index Master Portfolio
		(Percentages shown are based on Net Assets)


Common Stocks	Shares		Value
Japan (continued)
The Bank of Yokohama Ltd.		7,000	$	35,201
Benesse Holdings, Inc.		500		24,921
Bridgestone Corp.		4,000		97,822
Brother Industries Ltd.		1,500		20,494
Canon, Inc.		7,000		334,852
Casio Computer Co. Ltd.(a)		1,500		10,811
Central Japan Railway Co.		9		74,325
The Chiba Bank Ltd.		5,000		32,034
Chiyoda Corp.		1,000		12,814
Chubu Electric Power Co., Inc.		4,200		75,918
Chugai Pharmaceutical Co. Ltd.		1,300		24,085
The Chugoku Bank Ltd.		1,000		13,567
The Chugoku Electric Power Co., Inc.		1,700		31,665
Citizen Holdings Co. Ltd.		1,900		12,117
Coca-Cola West Co. Ltd.		300		5,283
Cosmo Oil Co. Ltd.		4,000		11,162
Credit Saison Co. Ltd.		900		18,350
Dai Nippon Printing Co. Ltd.		3,000		30,873
The Dai-ichi Life Insurance Co. Ltd.		55		76,837
Daicel Corp.		2,000		12,955
Daido Steel Co. Ltd.		2,000		13,959
Daihatsu Motor Co. Ltd.		1,000		18,451
Daiichi Sankyo Co. Ltd.		4,100		74,944
Daikin Industries Ltd.		1,500		41,154
Dainippon Sumitomo Pharma Co. Ltd.		1,000		10,644
Daito Trust Construction Co. Ltd.		500		45,151
Daiwa House Industry Co. Ltd.		3,000		39,881
Daiwa Securities Group, Inc.		10,000		39,847
Dena Co. Ltd.		700		19,389
Denki Kagaku Kogyo KK		3,000		12,104
Denso Corp.		3,000		101,367
Dentsu, Inc.		1,100		35,242
East Japan Railway Co.		2,100		132,571
Eisai Co. Ltd.		1,600		63,620
Electric Power Development Co. Ltd.		700		19,036
FamilyMart Co. Ltd.		500		21,190
FANUC Corp.		1,100		197,027
Fast Retailing Co. Ltd.		300		68,829
Fuji Electric Co. Ltd.		4,000		10,565
Fuji Heavy Industries Ltd.		4,000		32,669
FUJIFILM Holdings Corp.		2,800		66,279
Fujitsu Ltd.		11,000		58,394
Fukuoka Financial Group, Inc.		5,000		22,286
Furukawa Electric Co. Ltd.		3,000		8,040
Gree, Inc.		600		15,117
GS Yuasa Corp.		2,000		11,059
The Gunma Bank Ltd.		2,000		10,744
The Hachijuni Bank Ltd.		2,000		11,835
Hakuhodo DY Holdings, Inc.		110		6,948
Hamamatsu Photonics KK		500		19,026
Hino Motors Ltd.		2,000		14,590
Hirose Electric Co. Ltd.		200		21,126
The Hiroshima Bank Ltd.		3,000		13,743
Hisamitsu Pharmaceutical Co., Inc.		500		23,740
Hitachi Chemical Co. Ltd.		600		10,887
Hitachi Construction Machinery Co. Ltd.		800		17,895
Hitachi High-Technologies Corp.		300		7,206
Hitachi Ltd.		28,000		181,158
Hitachi Metals Ltd.		1,000		12,526
Hokkaido Electric Power Co., Inc.		1,100		16,178
Hokuhoku Financial Group, Inc.		9,000		17,251
Hokuriku Electric Power Co.		900		16,299
Honda Motor Co. Ltd.		10,000		385,142
Hoya Corp.		2,700		60,972


Schedule of Investments (continued)		ACWI ex-US Index Master Portfolio
		(Percentages shown are based on Net Assets)


Common Stocks	Shares		Value
Japan (continued)
Ibiden Co. Ltd.		700	$	18,101
Idemitsu Kosan Co. Ltd.		100		10,006
IHI Corp.		9,000		22,877
Inpex Corp.		13		88,394
Isetan Mitsukoshi Holdings Ltd.		2,200		25,984
Isuzu Motors Ltd.		7,000		41,303
ITOCHU Corp.		9,300		101,898
Itochu Techno-Solutions Corp.		200		8,953
The Iyo Bank Ltd.		2,000		17,773
J Front Retailing Co. Ltd.		3,000		16,847
Japan Petroleum Exploration Co.		200		9,379
Japan Prime Realty Investment Corp.		4		11,540
Japan Real Estate Investment Corp.		4		35,269
Japan Retail Fund Investment Corp.		12		17,857
The Japan Steel Works Ltd.		2,000		13,804
Japan Tobacco, Inc.		28		158,493
JFE Holdings, Inc.		2,800		60,878
JGC Corp.		1,000		31,208
The Joyo Bank Ltd.		5,000		22,978
JS Group Corp.		1,600		33,684
JSR Corp.		1,200		24,348
JTEKT Corp.		1,400		16,947
Jupiter Telecommunications Co. Ltd.		11		11,017
JX Holdings, Inc.		13,800		86,101
Kajima Corp.		6,000		18,317
Kamigumi Co. Ltd.		1,000		8,303
Kaneka Corp.		2,000		12,132
The Kansai Electric Power Co., Inc.		4,600		71,319
Kansai Paint Co. Ltd.		1,000		10,138
Kao Corp.		3,200		84,385
Kawasaki Heavy Industries Ltd.		8,000		24,724
Kawasaki Kisen Kaisha Ltd.(a)		4,000		8,892
KDDI Corp.		18		117,118
Keikyu Corp.		3,000		26,271
Keio Corp.		4,000		28,701
Keisei Electric Railway Co. Ltd.		2,000		15,512
Keyence Corp.		220		52,085
Kikkoman Corp.		1,000		11,617
Kinden Corp.		1,000		7,745
Kintetsu Corp.		10,000		38,100
Kirin Holdings Co. Ltd.		4,000		52,085
Kobe Steel Ltd.		14,000		22,894
Koito Manufacturing Co. Ltd.		1,000		16,271
Komatsu Ltd.		5,800		166,776
Konami Corp.		600		17,182
Konica Minolta Holdings, Inc.		3,500		30,883
Kubota Corp.		7,000		67,758
Kuraray Co. Ltd.		2,000		28,445
Kurita Water Industries Ltd.		600		14,772
Kyocera Corp.		900		83,249
Kyowa Hakko Kirin Co. Ltd.		1,000		11,165
Kyushu Electric Power Co., Inc.		2,700		38,547
Lawson, Inc.		400		25,199
Mabuchi Motor Co. Ltd.		200		9,137
Makita Corp.		700		28,414
Marubeni Corp.		10,000		72,722
Marui Group Co. Ltd.		1,400		11,737
Maruichi Steel Tube Ltd.		300		7,034
Mazda Motor Corp.(a)		16,000		28,342
McDonald’s Holdings Co. Japan Ltd.		400		10,624
Medipal Holdings Corp.		900		11,710
MEIJI Holdings Co. Ltd.		500		21,906
Miraca Holdings, Inc.		300		11,749
Mitsubishi Chemical Holdings Corp.		8,500		45,736


Schedule of Investments (continued)		ACWI ex-US Index Master Portfolio
		(Percentages shown are based on Net Assets)


Common Stocks	Shares		Value
Japan (continued)
Mitsubishi Corp.		8,700	$	203,597
Mitsubishi Electric Corp.		12,000		107,155
Mitsubishi Estate Co. Ltd.		7,000		125,875
Mitsubishi Gas Chemical Co., Inc.		2,000		13,457
Mitsubishi Heavy Industries Ltd.		19,000		92,580
Mitsubishi Logistics Corp.		1,000		11,894
Mitsubishi Materials Corp.		8,000		25,537
Mitsubishi Motors Corp.(a)		24,000		27,427
Mitsubishi Tanabe Pharma Corp.		1,500		21,122
Mitsubishi UFJ Financial Group, Inc.		78,500		393,942
Mitsubishi UFJ Lease & Finance Co. Ltd.		390		17,243
Mitsui & Co. Ltd.		10,700		176,596
Mitsui Chemicals, Inc.		5,000		15,249
Mitsui Fudosan Co. Ltd.		5,000		96,555
Mitsui OSK Lines Ltd.		7,000		30,721
Mizuho Financial Group, Inc.		140,700		231,490
MS&AD Insurance Group Holdings		3,500		72,409
Murata Manufacturing Co. Ltd.		1,200		71,597
Nabtesco Corp.		500		10,353
Namco Bandai Holdings, Inc.		1,300		18,859
NEC Corp.(a)		17,000		35,755
NGK Insulators Ltd.		1,000		14,406
NGK Spark Plug Co. Ltd.		1,000		14,381
NHK Spring Co. Ltd.		1,000		10,864
Nidec Corp.		700		63,997
Nikon Corp.		2,100		64,499
Nintendo Co. Ltd.		600		91,131
Nippon Building Fund, Inc.		4		38,079
Nippon Electric Glass Co. Ltd.		3,000		26,401
Nippon Express Co. Ltd.		5,000		19,626
Nippon Meat Packers, Inc.		1,000		12,768
Nippon Paper Group, Inc.		500		10,439
Nippon Sheet Glass Co. Ltd.		5,000		7,731
Nippon Steel Corp.		31,000		85,984
Nippon Telegraph & Telephone Corp.		2,600		117,843
Nippon Yusen KK		10,000		31,680
The Nishi-Nippon City Bank Ltd.		4,000		11,327
Nissan Motor Co. Ltd.		15,200		163,431
Nisshin Seifun Group, Inc.		1,000		12,152
Nisshin Steel Co. Ltd.		3,000		5,084
Nissin Foods Holdings Co. Ltd.		400		14,972
Nitori Holdings Co. Ltd.		250		22,609
Nitto Denko Corp.		1,000		40,779
NKSJ Holdings, Inc.		2,400		54,070
NOK Corp.		600		13,214
Nomura Holdings, Inc.		22,500		100,286
Nomura Real Estate Holdings, Inc.		700		12,446
Nomura Real Estate Office Fund, Inc.		2		11,940
Nomura Research Institute Ltd.		800		19,989
NSK Ltd.		3,000		23,356
NTN Corp.		3,000		12,819
NTT Data Corp.		8		28,343
NTT DoCoMo, Inc.		92		153,005
NTT Urban Development Corp.		7		5,733
Obayashi Corp.		5,000		21,899
Odakyu Electric Railway Co. Ltd.		3,000		28,369
OJI Paper Co. Ltd.		6,000		29,108
Olympus Corp.(a)		1,400		22,998
Omron Corp.		1,400		30,320
Ono Pharmaceutical Co. Ltd.		500		27,858
Oracle Corp. Japan		200		7,618
Oriental Land Co. Ltd		300		32,181
ORIX Corp.		650		62,449
Osaka Gas Co. Ltd.		11,000		44,154


Schedule of Investments (continued)		ACWI ex-US Index Master Portfolio
		(Percentages shown are based on Net Assets)


Common Stocks	Shares		Value
Japan (continued)
Otsuka Corp.		100	$	8,147
Otsuka Holdings Co. Ltd.		1,600		47,431
Panasonic Corp.		13,500		125,886
Rakuten, Inc.		45		47,169
Resona Holdings, Inc.		11,700		54,120
Ricoh Co. Ltd.		4,000		39,307
Rinnai Corp.		200		14,465
Rohm Co. Ltd.		600		29,773
Sankyo Co. Ltd.		400		19,685
Sanrio Co. Ltd.		300		11,716
Santen Pharmaceutical Co. Ltd.		500		21,380
SBI Holdings, Inc.(a)		114		10,882
Secom Co. Ltd.		1,400		68,987
Sega Sammy Holdings, Inc.		1,300		27,342
Seiko Epson Corp.		700		9,921
Sekisui Chemical Co. Ltd.		3,000		26,136
Sekisui House Ltd.		3,000		29,622
Seven & I Holdings Co. Ltd.		4,600		137,169
Seven Bank Ltd.		2,800		6,140
Sharp Corp.		6,000		44,193
Shikoku Electric Power Co., Inc.		1,100		31,035
Shimadzu Corp.		2,000		18,203
Shimamura Co. Ltd.		100		11,230
Shimano, Inc.		500		30,232
Shimizu Corp.		3,000		12,071
Shin-Etsu Chemical Co. Ltd.		2,500		145,475
Shinsei Bank Ltd.		9,000		11,848
Shionogi & Co. Ltd.		1,900		26,381
Shiseido Co. Ltd.		2,300		39,832
The Shizuoka Bank Ltd.		3,000		30,975
Showa Denko KK		11,000		25,183
Showa Shell Sekiyu KK		800		5,132
SMC Corp.		300		48,009
Softbank Corp.(a)		5,400		160,764
Sojitz Corp.		8,300		14,914
Sony Corp.		6,100		127,600
Sony Financial Holdings, Inc.		1,000		17,844
Square Enix Holdings Co. Ltd.		300		6,326
Stanley Electric Co. Ltd.		1,000		16,016
Sumco Corp.(a)		800		9,849
Sumitomo Chemical Co. Ltd.		10,000		42,922
Sumitomo Corp.		7,000		101,757
Sumitomo Electric Industries Ltd.		4,600		63,695
Sumitomo Heavy Industries Ltd.		3,000		16,786
Sumitomo Metal Industries Ltd.		21,000		42,839
Sumitomo Metal Mining Co. Ltd.		3,000		42,544
Sumitomo Mitsui Financial Group, Inc.		8,300		274,711
Sumitomo Mitsui Trust Holdings, Inc.		19,000		61,190
Sumitomo Realty & Development Co. Ltd.		2,000		48,704
Sumitomo Rubber Industries Ltd.		1,200		16,099
Suruga Bank Ltd.		1,000		10,261
Suzuken Co. Ltd.		400		12,373
Suzuki Motor Corp.		2,200		53,009
Sysmex Corp.		500		20,313
T&D Holdings, Inc.		3,700		43,201
Taisei Corp.		7,000		18,315
Taisho Pharmaceutical Holdings Co. Ltd.		200		16,209
Taiyo Nippon Sanso Corp.		2,000		14,189
Takashimaya Co. Ltd.		2,000		16,699
Takeda Pharmaceutical Co. Ltd.		4,800		211,505
TDK Corp.		800		45,848
Teijin Ltd.		5,000		16,908
Terumo Corp.		1,000		48,054
THK Co. Ltd.		800		16,388


Schedule of Investments (continued)		ACWI ex-US Index Master Portfolio
		(Percentages shown are based on Net Assets)


Common Stocks	Shares		Value
Japan (concluded)
Tobu Railway Co. Ltd.		6,000	$	31,885
Toho Co. Ltd.		600		11,046
Toho Gas Co. Ltd.		3,000		17,709
Tohoku Electric Power Co., Inc.(a)		2,800		32,025
Tokio Marine Holdings, Inc.		4,400		121,797
The Tokyo Electric Power Co., Inc.(a)		8,900		22,553
Tokyo Electron Ltd.		1,000		57,664
Tokyo Gas Co. Ltd.		16,000		75,506
Tokyu Corp.		7,000		33,260
Tokyu Land Corp.		3,000		14,802
TonenGeneral Sekiyu KK		2,000		18,497
Toppan Printing Co. Ltd.		4,000		31,454
Toray Industries, Inc.		9,000		67,130
Toshiba Corp.		25,000		111,032
Tosoh Corp.		3,000		8,413
TOTO Ltd.		2,000		15,109
Toyo Seikan Kaisha Ltd.		1,100		15,929
Toyo Suisan Kaisha Ltd.		1,000		26,003
Toyoda Gosei Co. Ltd.		300		5,912
Toyota Boshoku Corp.		400		4,752
Toyota Industries Corp.		1,100		33,508
Toyota Motor Corp.		17,000		739,705
Toyota Tsusho Corp.		1,300		26,675
Trend Micro, Inc.		600		18,566
Tsumura & Co.		400		11,562
Ube Industries Ltd.		6,000		16,403
Unicharm Corp.		700		36,953
Ushio, Inc.		700		9,916
USS Co. Ltd.		130		13,222
West Japan Railway Co.		1,000		40,246
Yahoo Japan Corp.		87		28,255
Yakult Honsha Co. Ltd.		600		20,683
Yamada Denki Co. Ltd.		460		28,891
Yamaguchi Financial Group, Inc.		1,000		9,122
Yamaha Corp.		1,000		10,469
Yamaha Motor Co. Ltd.		1,700		23,003
Yamato Holdings Co. Ltd.		2,300		35,726
Yamato Kogyo Co. Ltd.		200		5,871
Yamazaki Baking Co. Ltd.		1,000		14,369
Yaskawa Electric Corp.		1,000		9,472
Yokogawa Electric Corp.		1,200		12,241

				13,887,643

Malaysia – 0.8%
AirAsia Bhd		6,800		7,662
Alliance Financial Group Bhd		5,500		6,997
AMMB Holdings Bhd		10,100		20,844
Axiata Group Bhd		16,200		27,526
Berjaya Corp. Bhd		15,800		4,898
Berjaya Sports Toto Bhd		3,500		4,997
British American Tobacco (Malaysia) Bhd		600		11,098
Bumi Armada Bhd(a)		6,300		9,066
Bursa Malaysia Bhd		2,000		4,822
CIMB Group Holdings Bhd		29,800		74,834
DiGi.Com Bhd		18,500		24,526
Gamuda Bhd		8,100		9,636
Genting Bhd		11,900		42,129
Genting Malaysia Bhd		17,800		22,800
Genting Plantations Bhd		1,700		5,266
Hong Leong Bank Bhd		4,040		16,630
Hong Leong Financial Group Bhd		1,300		5,216
IJM Corp. Bhd		7,800		14,371
IOI Corp. Bhd		19,200		33,497


Schedule of Investments (continued)		ACWI ex-US Index Master Portfolio
		(Percentages shown are based on Net Assets)


Common Stocks	Shares		Value
Malaysia (concluded)
Kuala Lumpur Kepong Bhd		2,900	$	23,326
Lafarge Malayan Cement Bhd		2,200		5,176
Malayan Banking Bhd		19,800		57,356
Malaysia Airports Holdings Bhd		2,700		5,161
Malaysia Marine & Heavy Engineering Holdings Bhd		2,900		5,208
Maxis Communications Bhd		18,300		36,404
MISC Bhd		4,900		8,612
MMC Corp. Bhd		5,500		5,061
Parkson Holdings Bhd		3,000		5,258
Petronas Chemicals Group Bhd		14,500		31,917
Petronas Dagangan Bhd		1,000		6,188
Petronas Gas Bhd		4,400		24,204
PPB Group Bhd		2,800		15,426
Public Bank Bhd		6,500		29,140
RHB Capital Bhd		3,700		9,311
Sime Darby Bhd		16,200		51,558
SP Setia Bhd		4,000		5,158
Telekom Malaysia Bhd		7,000		12,184
Tenaga Nasional Bhd		17,700		37,126
UEM Land Holdings Bhd(a)		7,500		5,493
UMW Holdings Bhd		3,000		7,171
YTL Corp. Bhd		32,100		18,764
YTL Power International Bhd		12,000		7,264

				759,281

Mexico – 1.1%
Alfa SAB de CV		1,900		27,329
America Movil SAB de CV		244,000		303,813
Arca Continental SAB de CV		2,172		10,364
Cemex SAB de CV(a)		65,620		50,572
Coca-Cola Femsa SAB de CV		1,600		16,998
Compartamos SAB de CV		7,100		8,030
El Puerto de Liverpool SAB de CV		800		6,579
Fomento Economico Mexicano SAB de CV		12,000		98,795
Grupo Aeroportuario del Pacifico SAB de CV		2,600		9,608
Grupo Bimbo SAB de CV		10,200		23,790
Grupo Carso SAB de CV		3,200		10,032
Grupo Elektra SA de CV		460		43,352
Grupo Financiero Banorte SAB de CV		10,100		44,983
Grupo Financiero Inbursa SA		12,700		26,177
Grupo Mexico SAB de CV		23,823		75,153
Grupo Modelo SAB de CV		3,900		27,194
Grupo Televisa SAB CPO		16,200		68,542
Industrias Penoles SAB de CV		875		42,431
Kimberly-Clark de Mexico SAB de CV		10,600		23,538
Mexichem SAB de CV		4,300		16,580
Minera Frisco SAB de CV(a)		3,700		16,944
Urbi Desarrollos Urbanos SAB de CV(a)		4,100		4,910
Wal-Mart de Mexico SAB de CV		38,200		128,570

				1,084,284

Morocco – 0.0%
Attijariwafa Bank		112		4,814
Douja Promotion Groupe Addoha SA		398		3,468
Maroc Telecom SA		868		14,094

				22,376

Netherlands – 1.7%
Aegon NV(a)		10,766		59,843
Akzo Nobel NV		1,440		85,061
ASML Holding NV		2,634		131,967


Schedule of Investments (continued)		ACWI ex-US Index Master Portfolio
		(Percentages shown are based on Net Assets)


Common Stocks	Shares		Value
Netherlands (concluded)
Corio NV		386	$	20,365
Delta Lloyd NV		763		13,418
Fugro NV		403		28,741
Heineken Holding NV		749		35,071
Heineken NV		1,584		88,042
ING Groep NV(a)		23,688		197,275
Koninklijke Ahold NV		7,099		98,364
Koninklijke Boskalis Westminster NV		367		13,777
Koninklijke DSM NV		944		54,649
Koninklijke KPN NV		9,062		99,714
Koninklijke Philips Electronics NV		6,199		125,815
Koninklijke Vopak NV		431		24,843
QIAGEN NV(a)		1,441		22,438
Randstad Holding NV		748		28,260
Reed Elsevier NV		4,293		54,816
SBM Offshore NV		1,055		21,586
STMicroelectronics NV		3,892		31,865
TNT Express NV		1,971		24,357
Unilever NV		9,988		339,835
Wolters Kluwer NV		1,937		36,696

				1,636,798

New Zealand – 0.1%
Auckland International Airport Ltd.		5,222		10,523
Contact Energy Ltd.(a)		1,174		4,555
Fletcher Building Ltd.		3,579		19,779
SKYCITY Entertainment Group Ltd.		3,514		11,333
Telecom Corp. of New Zealand Ltd.		11,825		23,514

				69,704

Norway – 0.6%
Aker Solutions ASA		1,069		18,103
DnB NOR ASA		6,111		78,626
Gjensidige Forsikring ASA		1,296		15,306
Norsk Hydro ASA		6,323		34,492
Orkla ASA		4,973		39,365
Seadrill Ltd.		2,026		76,076
Statoil ASA		6,848		185,869
Subsea 7 SA(a)		1,758		46,562
Telenor ASA		4,412		81,905
Yara International ASA		1,153		54,962

				631,266

Peru – 0.2%
Compania de Minas Buenaventura SA SP ADR		1,245		50,186
Credicorp Ltd.		412		54,310
Southern Copper Corp.		1,140		36,149
Volcan Cia Minera SAA		4,441		6,162

				146,807

Philippines – 0.2%
Aboitiz Equity Ventures, Inc.		9,700		11,339
Aboitiz Power Corp.		7,900		6,240
Alliance Global Group, Inc.		19,700		5,792
Ayala Corp.		970		9,193
Ayala Land, Inc.		25,100		12,152
Bank of the Philippine Islands		3,800		6,559
BDO Unibank, Inc.		12,600		19,453
Energy Development Corp.		43,900		6,144
Globe Telecom, Inc.		200		5,282


Schedule of Investments (continued)		ACWI ex-US Index Master Portfolio
		(Percentages shown are based on Net Assets)


Common Stocks	Shares		Value
Philippines (concluded)
International Container Terminal Services, Inc.		3,900	$	5,957
Jollibee Foods Corp.		2,200		6,000
Manila Electric Co.		1,660		10,146
Metropolitan Bank & Trust		3,510		7,157
Philippine Long Distance Telephone Co.		250		15,724
San Miguel Corp.		4,172		11,066
SM Investments Corp.		1,120		17,253
SM Prime Holdings, Inc.		24,100		9,485
Universal Robina Corp.		4,300		6,319

				171,261

Poland – 0.3%
Asseco Poland SA		286		4,591
Bank Handlowy w Warszawie SA		205		5,051
Bank Millennium SA		3,737		5,295
Bank Pekao SA		725		36,146
BRE Bank SA(a)		100		9,174
Cyfrowy Polsat SA(a)		1,114		5,012
Enea SA		923		5,062
Grupa Lotos SA(a)		593		5,188
Jastrzebska Spolka Weglowa SA(a)		407		12,375
Kernel Holding SA(a)		426		9,296
KGHM Polska Miedz SA		804		37,070
PGE SA		4,302		26,678
Polski Koncern Naftowy Orlen S.A.(a)		1,885		22,654
Polskie Gornictwo Naftowe i Gazownictwo SA		11,942		15,524
Powszechna Kasa Oszczednosci Bank Polski SA		3,985		43,075
Powszechny Zaklad Ubezpieczen SA		344		35,971
Synthos SA		3,070		6,201
Tauron Polska Energia SA		5,097		8,328
Telekomunikacja Polska SA		4,426		24,351
TVN SA		1,471		5,107

				322,149

Portugal – 0.1%
Banco Espirito Santo SA		3,784		6,923
Cimpor Cimentos de Portugal SGPS SA		906		6,038
EDP - Energias de Portugal SA		11,394		33,142
Galp Energia SGPS SA		1,447		23,812
Jeronimo Martins SGPS SA(a)		1,378		28,068
Portugal Telecom SGPS SA		4,161		22,606

				120,589

Russia – 1.5%
AK Transneft OAO, Preference Shares		10		19,703
Federal Grid Co. Unified Energy System JSC		1,970,000		21,102
Federal Hydrogenerating Co. JSC		661,000		24,539
Gazprom OAO		65,630		407,553
IDGC Holding JSC(a)		94,700		10,726
Inter Rao Ues OAO		9,700,000		10,212
LSR Group		945		5,576
Lukoil OAO		3,147		192,004
Magnit OJSC		1,592		46,368
Mechel		746		6,699
MMC Norilsk Nickel OJSC		297		54,909
Mobile Telesystems OJSC		3,311		60,724
NovaTek OAO		526		71,273
Novolipetsk Steel OJSC		367		7,655
Rosneft Oil Co.		9,830		70,659
Rostelecom OJSC(a)		8,390		41,245
Sberbank of Russia		53,320		173,215


Schedule of Investments (continued)		ACWI ex-US Index Master Portfolio
		(Percentages shown are based on Net Assets)


Common Stocks	Shares		Value
Russia (concluded)
Sberbank of Russia, Preference Shares		6,100	$	16,249
Severstal OAO		1,520		20,448
Sistema JSFC		679		13,370
Surgutneftegas OJSC		45,700		45,156
Surgutneftegas OJSC, Preference Shares		41,700		29,749
Tatneft		8,560		57,639
TMK OAO		367		4,918
Uralkali OJSC		8,600		65,386
VTB Bank OJSC		16,550,000		37,946

				1,515,023

Singapore – 1.2%
Ascendas Real Estate Investment Trust		12,000		19,304
CapitaLand Ltd.		17,000		42,236
CapitaMall Trust		15,000		21,528
CapitaMalls Asia Ltd.		10,000		13,030
City Developments Ltd.		3,000		27,090
ComfortDelGro Corp. Ltd.		13,000		16,132
Cosco Corp. Singapore Ltd.		6,000		5,577
DBS Group Holdings Ltd.		11,000		124,294
Fraser & Neave Ltd.		6,000		32,006
Genting Singapore Plc(a)		38,000		51,562
Global Logistic Properties Ltd.(a)		11,000		19,280
Golden Agri-Resources Ltd.		39,000		24,370
Hutchison Port Holdings Trust		30,000		22,950
Jardine Cycle & Carriage Ltd.		1,000		38,471
Keppel Corp. Ltd.		9,000		78,658
Keppel Land Ltd.		4,000		11,067
Neptune Orient Lines Ltd.		5,000		5,637
Noble Group Ltd.		22,000		24,171
Olam International Ltd.		10,000		18,792
Oversea-Chinese Banking Corp. Ltd.		16,000		113,574
SembCorp Industries Ltd.		7,000		29,384
SembCorp Marine Ltd.		6,000		25,138
Singapore Airlines Ltd.		4,000		34,303
Singapore Exchange Ltd.		5,000		27,656
Singapore Press Holdings Ltd.		4,000		12,468
Singapore Technologies Engineering Ltd.		10,000		25,862
Singapore Telecommunications Ltd.		49,000		122,945
StarHub Ltd.		3,000		7,396
United Overseas Bank Ltd.		7,000		102,228
UOL Group Ltd.		3,000		11,315
Wilmar International Ltd.		13,000		50,903
Yangzijiang Shipbuilding Holdings Ltd.		14,000		14,825

				1,174,152

South Africa – 1.8%
ABSA Group Ltd.		1,769		36,014
African Bank Investments Ltd.		4,183		21,761
African Rainbow Minerals Ltd.		816		19,352
Anglo American Platinum Ltd.		374		26,122
AngloGold Ashanti Ltd.		2,364		87,241
ArcelorMittal South Africa Ltd.		1,029		7,516
Aspen Pharmacare Holdings Ltd.(a)		1,611		24,885
Aveng Ltd.		2,037		10,378
Barloworld Ltd.		1,349		17,579
Bidvest Group Ltd.		1,907		44,778
Discovery Holdings Ltd.		1,777		11,679
Exxaro Resources Ltd.		821		21,256
FirstRand Ltd.		17,756		54,948
The Foschini Group Ltd.		1,154		18,627
Gold Fields Ltd.		4,474		61,811


Schedule of Investments (continued)		ACWI ex-US Index Master Portfolio
		(Percentages shown are based on Net Assets)


Common Stocks	Shares		Value
South Africa (concluded)
Growthpoint Properties Ltd.		10,922	$	28,488
Harmony Gold Mining Co. Ltd.		2,420		26,477
Impala Platinum Holdings Ltd.		3,116		61,538
Imperial Holdings Ltd.		964		19,533
Investec Ltd.		1,458		8,984
Kumba Iron Ore Ltd.		537		36,912
Liberty Holdings Ltd.		535		6,320
Life Healthcare Group Holdings Ltd.		3,789		12,362
Massmart Holdings Ltd.		705		14,914
MMI Holdings Ltd.		6,712		15,496
MTN Group Ltd.		10,411		183,580
Naspers Ltd.		2,403		135,196
Nedbank Group Ltd.		1,193		25,543
Netcare Ltd.		5,048		9,377
Northam Platinum Ltd.		1,366		6,117
Pick n Pay Stores Ltd.		1,312		7,445
Pretoria Portland Cement Co. Ltd.		3,693		15,825
Redefine Properties Ltd.		13,810		14,370
Remgro Ltd.		2,630		45,764
Reunert Ltd.		1,236		11,296
RMB Holdings Ltd.		4,619		18,856
RMI Holdings		5,401		12,114
Sanlam Ltd.		10,959		47,491
Sappi Ltd.(a)		3,892		14,421
Sasol Ltd.		3,362		163,120
Shoprite Holdings Ltd.		2,478		44,411
The Spar Group Ltd.		1,044		15,782
Standard Bank Group Ltd.		7,372		107,148
Steinhoff International Holdings Ltd.(a)		6,345		22,771
Telkom SA Ltd.		1,823		5,710
Tiger Brands Ltd.		1,017		35,752
Truworths International Ltd.		2,619		27,610
Vodacom Group Ltd.		2,258		31,864
Woolworths Holdings Ltd.		4,264		26,794

				1,723,328

South Korea – 3.5%
Amorepacific Corp.		19		20,106
BS Financial Group, Inc.		1,130		13,293
Celltrion, Inc.		478		15,603
Cheil Industries, Inc.		291		24,668
CJ CheilJedang Corp.		54		16,005
CJ Corp.		87		6,551
Daelim Industrial Co. Ltd.		208		22,578
Daewoo Engineering & Construction Co. Ltd.(a)		550		4,964
Daewoo International Corp.		170		5,404
Daewoo Securities Co. Ltd.(a)		1,550		18,176
Daewoo Shipbuilding & Marine Engineering Co. Ltd.		640		17,155
DGB Financial Group, Inc.		810		10,663
Dongbu Insurance Co. Ltd.(a)		260		11,249
Dongkuk Steel Mill Co. Ltd.		250		4,794
Doosan Corp.		81		10,823
Doosan Heavy Industries & Construction Co. Ltd.		292		16,443
Doosan Infracore Co. Ltd.(a)		580		11,207
E-Mart Co. Ltd.		140		30,849
GS Engineering & Construction Corp.		200		17,662
GS Holdings		292		16,797
Hana Financial Group, Inc.		740		28,037
Hankook Tire Co. Ltd.		620		23,008
Hanwha Chem Corp.		430		10,213
Hanwha Corp.		360		10,383
Honam Petrochemical Corp.		87		25,862
Hynix Semiconductor, Inc.(a)		3,240		83,786


Schedule of Investments (continued)		ACWI ex-US Index Master Portfolio
		(Percentages shown are based on Net Assets)


Common Stocks	Shares		Value
South Korea (continued)
Hyosung Corp.		158	$	8,383
Hyundai Department Store Co. Ltd.		101		15,523
Hyundai Development Co.		300		6,604
Hyundai Engineering & Construction Co. Ltd.		393		28,093
Hyundai Glovis Co. Ltd.		94		16,929
Hyundai Heavy Industries Co. Ltd.		262		74,560
Hyundai Hysco Co. Ltd.		270		9,574
Hyundai Marine & Fire Insurance Co. Ltd.(a)		440		12,672
Hyundai Merchant Marine Co. Ltd.(a)		210		5,696
Hyundai Mipo Dockyard		62		7,485
Hyundai Mobis		426		108,126
Hyundai Motor Co.		963		198,858
Hyundai Motor Co., Preference Shares		92		5,527
Hyundai Motor Co., Second Preference Shares		263		16,344
Hyundai Securities Co. Ltd.(a)		680		6,369
Hyundai Steel Co.		376		33,916
Hyundai Wia Corp.		82		10,068
Industrial Bank of Korea		900		10,952
Kangwon Land, Inc.		670		14,884
KB Financial Group, Inc.		2,257		82,762
KCC Corp.		23		6,646
Kia Motors Corp.		1,505		98,758
Korea Aerospace Industries Ltd.		370		9,495
Korea Electric Power Corp.(a)		1,520		29,976
Korea Exchange Bank		1,520		11,650
Korea Gas Corp.		150		5,717
Korea Investment Holdings Co. Ltd.(a)		320		12,768
Korea Life Insurance Co. Ltd.(a)		1,240		8,209
Korea Zinc Co. Ltd.		48		16,568
Korean Air Lines Co. Ltd.(a)		240		10,600
KP Chemical Corp.		350		4,779
KT Corp.		170		4,717
KT&G Corp.		676		47,968
Kumho Petro Chemical Co. LTD.		68		8,561
LG Chem Ltd.		290		94,943
LG Chem Ltd., Preference Shares		48		4,930
LG Corp.		619		35,582
LG Display Co. Ltd.(a)		1,510		35,411
LG Electronics, Inc.		648		47,501
LG Household & Health Care Ltd.		61		32,084
LG Innotek Co. Ltd.(a)		63		5,500
LG Uplus Corp.		1,880		11,315
Lotte Confectionery Co. Ltd.		4		5,872
Lotte Shopping Co. Ltd.		72		22,560
LS Corp.		126		8,911
LS Industrial Systems Co. Ltd.		89		5,168
Mando Corp.		65		9,578
Mirae Asset Securities Co. Ltd.(a)		150		5,267
NCSoft Corp.		92		24,407
NHN Corp.		246		56,462
OCI Co. Ltd.		85		17,321
Orion Corp.		24		16,909
POSCO		409		137,153
S-Oil Corp.		259		25,676
S1 Corp.		103		4,801
Samsung C&T Corp.		795		55,761
Samsung Card Co.		280		9,757
Samsung Electro-Mechanics Co. Ltd.		350		30,968
Samsung Electronics Co. Ltd.		681		768,205
Samsung Electronics Co. Ltd., Preference Shares		128		89,989
Samsung Engineering Co. Ltd.		191		40,821
Samsung Fire & Marine Insurance Co. Ltd.(a)		231		43,606
Samsung Heavy Industries Co. Ltd.		1,050		35,122
Samsung Life Insurance Co. Ltd.(a)		340		29,722


Schedule of Investments (continued)		ACWI ex-US Index Master Portfolio
		(Percentages shown are based on Net Assets)


Common Stocks	Shares		Value
South Korea (concluded)
Samsung SDI Co. Ltd.		218	$	26,405
Samsung Securities Co. Ltd.(a)		356		17,956
Samsung Techwin Co. Ltd.		204		12,284
Shinhan Financial Group Co. Ltd.		1,536		59,505
Shinsegae Co. Ltd.		43		9,068
SK C&C Co. Ltd.		82		8,113
SK Holdings Co. Ltd.		176		22,951
SK Innovation Co. Ltd.		379		55,623
SK Networks Co. Ltd.		610		5,634
SK Telecom Co. Ltd.		130		16,070
STX Pan Ocean Co. Ltd.		770		5,373
Woongjin Coway Co. Ltd.		320		10,640
Woori Finance Holdings Co. Ltd.		2,390		27,601
Woori Investment & Securities Co. Ltd.(a)		790		9,149
Yuhan Corp.		54		5,628

				3,429,318

Spain – 1.9%
Abertis Infraestructuras SA		2,442		41,597
Acciona SA		190		13,245
Acerinox SA		691		8,894
ACS Actividades de Construccion y Servicios SA		932		23,841
Amadeus IT Holding SA		2,017		38,101
Banco Bilbao Vizcaya Argentaria SA		28,757		229,225
Banco de Sabadell SA		14,082		38,373
Banco Popular Espanol SA		6,444		23,139
Banco Santander SA		52,921		406,965
Bankia SA(a)		5,740		20,792
Bankinter SA		1,017		5,340
CaixaBank		5,175		20,159
Distribuidora Internacional de Alimentacion SA(a)		671		3,326
EDP Renovaveis SA(a)		948		4,712
Enagas SA		1,010		19,445
Ferrovial SA		2,155		24,750
Fomento de Construcciones y Contratas SA		274		6,117
Gas Natural SDG SA		2,319		37,069
Grifols SA(a)		838		17,885
Iberdrola SA		23,532		133,633
Inditex SA		1,333		127,566
Indra Sistemas SA		627		7,689
International Consolidated Airlines Group SA(a)		5,505		15,849
Mapfre SA		4,435		14,287
Red Electrica Corp. SA		618		30,246
Repsol YPF SA		4,869		122,398
Telefonica SA		25,209		413,591
Zardoya Otis SA		723		9,365

				1,857,599

Sweden – 2.1%
Alfa Laval AB		2,064		42,466
Assa Abloy AB Class B		1,948		61,028
Atlas Copco AB Class A		4,516		109,260
Atlas Copco AB Class B		1,990		42,895
Boliden AB		1,840		28,940
Electrolux AB Class B		1,478		31,237
Getinge AB Class B		1,258		35,816
Hennes & Mauritz AB Class B		6,271		226,692
Hexagon AB Class B		1,480		28,743
Holmen AB Class B		341		9,369
Husqvarna AB Class B		3,026		18,260
Industrivarden AB Class C		661		9,823
Investment AB Kinnevik Class B		1,214		28,244


Schedule of Investments (continued)		ACWI ex-US Index Master Portfolio
		(Percentages shown are based on Net Assets)


Common Stocks	Shares		Value
Sweden (concluded)
Investor AB Class B		2,844	$	63,070
Lundin Petroleum AB(a)		1,348		28,913
Millicom International Cellular SA		466		52,844
Modern Times Group AB Class B		311		17,134
Nordea Bank AB		16,307		148,289
Ratos AB Class B		1,077		14,956
Sandvik AB		6,218		89,723
Scania AB Class B		1,988		41,350
Securitas AB Class B		1,721		16,593
Skandinaviska Enskilda Banken AB Class A		8,882		63,117
Skanska AB Class B		2,462		42,643
SKF AB		2,432		59,360
SSAB AB Class A		844		7,987
Svenska Cellulosa AB		3,563		61,744
Svenska Handelsbanken AB Class A		3,074		98,003
Swedbank AB		5,119		79,578
Swedish Match AB		1,316		52,369
Tele2 AB Class B		2,020		41,255
Telefonaktiebolaget LM Ericsson		18,533		191,768
TeliaSonera AB		13,224		92,260
Volvo AB Class B		8,611		125,439

				2,061,168

Switzerland – 5.7%
ABB Ltd.(a)		13,475		275,774
Actelion Ltd.(a)		659		24,092
Adecco SA(a)		816		42,739
Aryzta AG(a)		555		27,418
Baloise Holding AG		283		22,789
Barry Callebaut AG(a)		15		15,028
Cie Financiere Richemont SA		3,203		200,765
Credit Suisse Group AG		7,061		201,250
GAM Holding AG(a)		1,295		18,863
Geberit AG(a)		238		49,730
Givaudan SA(a)		51		49,149
Glencore International Plc		8,521		53,187
Holcim Ltd.(a)		1,509		98,221
Julius Baer Group Ltd.(a)		1,270		51,280
Kuehne + Nagel International AG		333		45,050
Lindt & Spruengli AG		6		19,276
Lonza Group AG(a)		340		17,573
Nestle SA		20,283		1,276,136
Novartis AG		14,362		795,046
Pargesa Holding SA		194		13,946
Partners Group Holding AG		94		18,339
Roche Holding AG		4,329		753,377
Schindler Holding AG		128		15,305
Schindler Holding AG Participation Certificates		296		35,605
SGS SA		33		64,174
Sika AG		12		25,955
Sonova Holding AG(a)		324		35,997
Straumann Holding AG(a)		60		10,208
Sulzer AG		129		18,332
Swatch Group (The) AG Bearer		190		87,345
Swatch Group (The) AG Registered		257		20,620
Swiss Life Holding AG(a)		179		21,301
Swiss Re AG(a)		2,137		136,468
Swisscom AG		146		59,042
Syngenta AG(a)		581		200,202
Synthes, Inc.(b)		403		69,910
Transocean Ltd.		2,125		116,071
UBS AG(a)		22,489		315,178
Wolseley Plc		1,778		67,932
Zurich Financial Services AG(a)		908		244,049

				5,612,722


Schedule of Investments (continued)		ACWI ex-US Index Master Portfolio
		(Percentages shown are based on Net Assets)


Common Stocks	Shares		Value
Taiwan – 2.5%
Acer, Inc.		16,000	$	21,291
Advanced Semiconductor Engineering, Inc.		26,574		26,969
Advantech Co. Ltd.		2,000		6,958
Asia Cement Corp.		13,080		15,975
Asustek Computer, Inc.		3,220		30,489
AU Optronics Corp.		46,000		21,174
Capital Securities Corp.		13,000		5,043
Catcher Technology Co. Ltd.		4,000		28,355
Cathay Financial Holding Co. Ltd.		41,140		46,947
Chang Hwa Commercial Bank		24,540		14,035
Cheng Shin Rubber Industry Co. Ltd.		10,400		25,042
Cheng Uei Precision Industry Co. Ltd.		3,000		7,195
Chicony Electronics Co. Ltd.		3,000		5,903
Chimei Innolux Corp.(a)		28,000		13,099
China Airlines Ltd.		19,687		7,945
China Development Financial Holding Corp.		49,128		15,049
China Life Insurance Co. Ltd.		9,380		9,142
China Motor Corp.		5,000		4,887
China Petrochemical Development Corp.		10,500		11,921
China Steel Corp.		68,550		70,034
Chinatrust Financial Holding Co. Ltd.		59,719		37,690
Chunghwa Telecom Co. Ltd.		23,000		70,926
Clevo Co.		3,000		4,946
Compal Electronics, Inc.		23,000		25,863
Delta Electronics, Inc.		12,000		35,321
E Ink Holdings, Inc.		3,000		3,938
E.Sun Financial Holding Co. Ltd.		27,180		14,966
Epistar Corp.		4,000		10,232
Eva Airways Corp.		20,000		12,312
Evergreen Marine Corp. Taiwan Ltd.		8,000		5,509
Everlight Electronics Co. Ltd.		3,000		6,319
Far Eastern Department Stores Co. Ltd.		7,180		9,216
Far Eastern New Century Corp.		19,090		22,138
Far EasTone Telecommunications Co. Ltd.		9,000		18,498
Farglory Land Development Co. Ltd.		3,000		6,038
Feng Hsin Iron & Steel Co.		3,000		5,275
First Financial Holding Co. Ltd.		33,915		20,450
Formosa Chemicals & Fibre Corp.		17,000		49,804
Formosa Petrochemical Corp.		7,000		21,883
Formosa Plastics Corp.		24,000		70,853
Formosa Taffeta Co. Ltd.		6,000		5,818
Foxconn Technology Co. Ltd.		5,050		20,994
Fubon Financial Holding Co. Ltd.		32,249		36,400
Giant Manufacturing Co. Ltd.		2,000		8,827
Highwealth Construction Corp.		3,000		5,223
Hiwin Technologies Corp.		1,000		11,309
Hon Hai Precision Industry Co. Ltd.		56,000		218,017
Hotai Motor Co. Ltd.		2,000		16,198
HTC Corp.		4,050		82,700
Hua Nan Financial Holdings Co. Ltd.		27,372		15,717
Inotera Memories, Inc.(a)		18,000		5,330
Inventec Corp.		12,000		5,288
KGI Securities Co. Ltd.		22,198		9,393
Kinsus Interconnect Technology Corp.		2,000		6,433
Largan Precision Co. Ltd.		1,000		19,805
LCY Chemical Corp.		3,000		4,786
Lite-On Technology Corp.		13,020		15,778
Macronix International		20,000		7,473
MediaTek, Inc.		6,000		57,632


Schedule of Investments (continued)		ACWI ex-US Index Master Portfolio
		(Percentages shown are based on Net Assets)


Common Stocks	Shares		Value
Taiwan (concluded)
Mega Financial Holding Co. Ltd.		49,160	$	34,778
Motech Industries, Inc.		3,000		5,017
MStar Semiconductor, Inc.		2,100		12,867
Nan Kang Rubber Tire Co. Ltd.		4,000		6,259
Nan Ya Plastics Corp.		29,000		65,717
Novatek Microelectronics Corp.		3,000		9,167
Pegatron Corp.		9,000		14,088
Phison Electronics Corp.		1,000		8,553
Pou Chen Corp.		12,000		10,450
Powertech Technology, Inc.		4,100		7,976
President Chain Store Corp.		3,000		16,735
Quanta Computer, Inc.		17,000		44,662
Radiant Opto-Electronics Corp.		2,000		8,932
Realtek Semiconductor Corp.		3,000		5,497
Richtek Technology Corp.		1,000		6,207
Ruentex Development Co. Ltd.		4,000		5,910
Ruentex Industries Ltd.		3,000		5,890
Shin Kong Financial Holding Co. Ltd.(a)		28,000		8,945
Siliconware Precision Industries Co.		17,000		20,703
Simplo Technology Co. Ltd.		1,000		7,578
Sino-American Silicon Products, Inc.		3,000		5,243
SinoPac Financial Holdings Co. Ltd.		26,516		9,588
Standard Foods Corp.		2,000		6,832
Synnex Technology International Corp.		8,000		19,919
Taishin Financial Holding Co. Ltd.		35,630		14,302
Taiwan Business Bank(a)		16,000		5,026
Taiwan Cement Corp.		19,000		22,357
Taiwan Cooperative Financial Holding(a)		23,360		14,642
Taiwan Fertilizer Co. Ltd.		4,000		10,411
Taiwan Glass Industry Corp.		5,000		5,636
Taiwan Mobile Co. Ltd.		9,800		29,878
Taiwan Semiconductor Manufacturing Co. Ltd.		151,000		434,121
Tatung Co. Ltd.(a)		16,000		4,667
Teco Electric & Machinery Co. Ltd.		8,000		5,518
TPK Holding Co. Ltd.(a)		1,000		16,279
Tripod Technology Corp.		2,000		6,739
TSRC Corp.		3,000		7,688
Tung Ho Steel Enterprise Corp.		5,000		5,092
U-Ming Marine Transport Corp.		3,000		5,180
Uni-President Enterprises Corp.		22,240		30,864
Unimicron Technology Corp.		7,000		8,729
United Microelectronics Corp.		77,000		37,506
Walsin Lihwa Corp.		14,000		4,470
Wan Hai Lines Ltd.		9,000		5,153
Wintek Corp.		11,399		8,867
Wistron Corp.		14,149		21,432
WPG Holdings Ltd.		7,270		9,952
Yang Ming Marine Transport Corp.		9,000		4,812
Yuanta Financial Holding Co. Ltd.(a)		44,733		23,351
Yulon Motor Co. Ltd.		5,000		9,571

				2,492,507

Thailand – 0.5%
Advanced Info Service PCL		6,000		35,758
Bangkok Bank PCL Foreign Registered		6,100		38,387
Bangkok Bank PCL NVDR		2,100		12,608
Bank of Ayudhya PCL		13,200		11,562
Banpu PCL		1,000		19,690
Charoen Pokphand Foods PCL		19,800		23,942
CP ALL PCL		12,600		26,755
Indorama Ventures PCL		7,400		9,059
IRPC PCL		75,200		11,404
Kasikornbank PCL Foreign Registered		8,000		40,606


Schedule of Investments (continued)		ACWI ex-US Index Master Portfolio
		(Percentages shown are based on Net Assets)


Common Stocks	Shares		Value
Thailand (concluded)
Kasikornbank PCL NVDR		2,900	$	14,479
Krung Thai Bank PCL		18,300		10,381
PTT Exploration & Production PCL		7,100		40,195
PTT Global Chemical PCL		5,600		12,880
PTT Global Chemical PCL		7,468		17,177
PTT PCL		5,400		61,961
Siam Cement PCL		2,000		26,946
Siam Commercial Bank PCL		9,800		45,652
Thai Oil PCL		4,300		10,114

				469,556

Turkey – 0.3%
Akbank TAS		7,967		31,280
Anadolu Efes Biracilik Ve Malt Sanayii AS		1,249		17,486
Arcelik AS(a)		1,152		5,157
Asya Katilim Bankasi AS(a)		4,575		5,031
BIM Birlesik Magazalar AS		468		17,761
Coca-Cola Icecek AS		401		5,121
Emlak Konut Gayrimenkul Yatirim Ortakligi AS(a)		3,000		3,908
Enka Insaat ve Sanayi AS		1,842		5,865
Eregli Demir ve Celik Fabrikalari TAS		3,744		7,401
Ford Otomotiv Sanayi AS		546		5,147
Haci Omer Sabanci Holding AS		3,607		15,508
KOC Holding AS		3,742		15,211
Koza Altin Isletmeleri AS		277		5,260
TAV Havalimanlari Holding AS(a)		1,026		5,121
Tupras Turkiye Petrol Rafinerileri AS		720		18,409
Turk Hava Yollari(a)		3,403		4,972
Turk Telekomunikasyon AS		3,619		15,764
Turkcell Iletisim Hizmetleri AS(a)		4,408		22,480
Turkiye Garanti Bankasi AS		12,542		49,714
Turkiye Halk Bankasi AS		2,163		15,476
Turkiye Is Bankasi		9,038		22,296
Turkiye Sise ve Cam Fabrikalari AS		2,608		4,960
Turkiye Vakiflar Bankasi Tao		5,833		11,073
Yapi ve Kredi Bankasi AS(a)		4,801		9,701

				320,102

United Kingdom – 14.6%
3i Group Plc		5,992		20,525
Admiral Group Plc		1,140		21,644
Aggreko Plc		1,567		56,427
AMEC Plc		2,151		38,160
Anglo American Plc		8,132		304,816
Antofagasta Plc		2,425		44,813
ARM Holdings Plc		8,237		77,712
Associated British Foods Plc		2,195		42,860
AstraZeneca Plc		8,002		355,675
Aviva Plc		18,030		95,700
Babcock International Group Plc		2,071		26,416
BAE Systems Plc		19,836		95,201
Balfour Beatty Plc		4,106		18,721
Barclays Plc		71,334		268,819
BG Group Plc		20,839		483,187
BHP Billiton Plc		12,971		397,524
BP Plc		116,590		868,279
British American Tobacco Plc		12,088		608,928
British Land Co. Plc		5,284		40,558
British Sky Broadcasting Group Plc		7,094		76,745
BT Group Plc		47,706		172,811
Bunzl Plc		2,022		32,517
Burberry Group Plc		2,685		64,371


Schedule of Investments (continued)		ACWI ex-US Index Master Portfolio
		(Percentages shown are based on Net Assets)


Common Stocks	Shares		Value
United Kingdom (continued)
The Capita Group Plc		3,795	$	44,509
Capital Shopping Centres Group Plc		3,243		17,192
Carnival Plc		1,174		37,520
Centrica Plc		31,665		160,305
Cobham Plc		6,378		23,394
Compass Group Plc		11,612		121,735
Diageo Plc		15,327		369,010
Essar Energy Plc(a)		787		1,957
Eurasian Natural Resources Corp. Plc		1,519		14,429
Experian Plc		6,143		95,823
Fresnillo Plc		1,050		26,924
G4S Plc		9,101		39,653
GKN Plc		8,763		28,909
GlaxoSmithKline Plc		31,061		694,394
Hammerson Plc		5,004		33,279
HSBC Holdings Plc		109,823		975,471
ICAP Plc		3,330		20,928
Imperial Tobacco Group Plc		6,184		250,859
Inmarsat Plc		2,737		20,176
Intercontinental Hotels Group Plc		1,808		42,006
International Power Plc		9,359		60,627
Intertek Group Plc		977		39,253
Invensys Plc		5,434		17,308
Investec Plc		3,205		19,610
ITV Plc		23,600		33,381
J Sainsbury Plc		6,844		34,060
Johnson Matthey Plc		1,302		49,110
Kazakhmys Plc		1,295		18,853
Kingfisher Plc		14,384		70,573
Land Securities Group Plc		4,804		55,528
Legal & General Group Plc		36,169		75,648
Lifestyle International Holdings Ltd.		4,500		11,464
Lloyds Banking Group Plc(a)		253,997		136,684
London Stock Exchange Group Plc		1,012		16,749
Lonmin Plc		1,125		18,422
Man Group Plc		11,882		25,660
Marks & Spencer Group Plc		9,637		58,404
Meggitt Plc		4,411		28,522
National Grid Plc		21,917		220,898
Next Plc		1,050		50,061
Old Mutual Plc		34,278		87,024
Pearson Plc		5,072		94,538
Petrofac Ltd.		1,628		45,370
Prudential Plc		15,658		187,621
Randgold Resources Ltd.		558		48,738
Reckitt Benckiser Group Plc		3,779		213,808
Reed Elsevier Plc		7,729		68,509
Resolution Ltd.		8,824		36,866
Rexam Plc		5,528		37,860
Rio Tinto Plc		8,431		467,307
Rolls-Royce Holdings Plc(a)		11,478		149,110
Royal Bank of Scotland Group Plc(a)		109,616		48,446
Royal Dutch Shell Plc Class A		21,975		768,601
Royal Dutch Shell Plc Class B		16,731		589,222
RSA Insurance Group Plc		20,148		33,719
SABMiller Plc		5,837		234,398
The Sage Group Plc		8,446		40,436
Schroders Plc		666		16,836
Segro Plc		4,846		18,208
Serco Group Plc		3,222		27,985
Severn Trent Plc		1,557		38,457
Shire Plc		3,448		110,324
Smith & Nephew Plc		5,483		55,563
Smiths Group Plc		2,467		41,524


Schedule of Investments (continued)		ACWI ex-US Index Master Portfolio
		(Percentages shown are based on Net Assets)


Common Stocks	Shares		Value
United Kingdom (concluded)
SSE Plc		5,748	$	122,233
Standard Chartered Plc		14,634		365,435
Standard Life Plc		14,385		52,869
Tate & Lyle Plc		2,628		29,638
Tesco Plc		49,064		258,961
TUI Travel Plc		2,999		9,414
Tullow Oil Plc		5,516		134,820
Unilever Plc		7,854		259,123
United Utilities Group Plc		4,231		40,712
Vedanta Resources Plc		860		16,924
Vodafone Group Plc		308,503		850,957
The Weir Group Plc		1,350		38,082
Whitbread Plc		1,073		31,636
WM Morrison Supermarkets Plc		13,076		62,334
WPP Plc		7,838		107,170
Xstrata Plc		12,755		218,517

				14,330,992

Total Common Stocks – 94.9%				93,209,324


Investment Companies
India – 1.5%
iShares S&P India Nifty 50 Index Fund(c)		62,726		1,488,488

Total Investment Companies – 1.5%				1,488,488

Total Long-Term Investments (Cost – $ 93,000,512) – 96.4%				94,697,812


Short-Term Securities
BlackRock Cash Funds: Institutional, SL Agency Shares,
0.25%(c)(d)		2,618,123		2,618,123

Total Short-Term Securities (Cost – $ 2,618,123) – 2.7%				2,618,123

*Total Investments (Cost – $95,618,635) – 99.1 %**				97,315,935
Other Assets Less Liabilities – 0.9%				858,753

Net Assets – 100.0%			$	98,174,688


NVDR		Non-Voting Depositary Receipts
SP ADR		Sponsored American Depositary Receipts

*	As of March 31, 2012, gross unrealized appreciation and gross unrealized depreciation based on cost for federal income tax purposes were as follows:


Tax cost	$	95,618,659

Gross unrealized appreciation	$	3,797,853
Gross unrealized depreciation		(2,100,577	)

Net unrealized appreciation	$	1,697,276

(a)	Non-income producing security.

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


Schedule of Investments (continued)		ACWI ex-US Index Master Portfolio

(c)	Investments in companies considered to be an affiliate of the Master Portfolio during the period, for purposes of Section 2(a)(3) of the Investment Company Act of 1940, were as follows:


Affiliate	Shares held at December 31, 2011		Shares Purchased		Shares Sold			Shares held at March 31, 2012		Value at March 31, 2012		Income
BlackRock Cash Funds: Institutional, SL Agency Shares		3,240,217		–		(622,094	)¹		2,618,123	$	2,618,123	$	1,311
iShares S&P India Nifty 50 Index Fund		31,280		31,446		–			62,726	$	1,488,488		–

¹	Represents net shares sold.

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

•

Financial futures contracts purchased as of March 31, 2012 were as follows:


Contracts	Issue	Exchange	Expiration	Notional Value		Unrealized Appreciation
33	MSCI EAFE Index	NYSE Liffe U.S.	June 2012	$	2,543,640	$	19,021
15	MSCI Emerging Markets Index	NYSE Liffe U.S.	June 2012	$	779,400	$	4,657

						$	23,678

•

Level 1 – unadjusted price quotations in active markets/exchanges for identical assets and liabilities

•

Valuation Inputs

Level 1

Level 2

Level 3

Total

Assets:

Long-Term Investments:

Common Stocks:

Australia

18,075

5,433,528

–

5,451,603

Austria

–

170,147

–

170,147

Belgium

–

667,488

–

667,488

Brazil

3,385,880

–

3,385,880


Schedule of Investments (concluded)		ACWI ex-US Index Master Portfolio


Valuation Inputs	Level 1		Level 2		Level 3		Total
Canada		7,619,346		–		–		7,619,346
Chile		413,259		–		–		413,259
China		–		3,741,902		–		3,741,902
Colombia		243,567		–		–		243,567
Czech Republic		54,541		18,050		–		72,591
Denmark		–		728,158		–		728,158
Egypt		6,215		55,987		–		62,202
Finland		–		572,617		–		572,617
France		–		5,935,169		–		5,935,169
Germany		–		5,528,457		–		5,528,457
Greece		18,813		35,060		–		53,873
Hong Kong		439		2,010,365		–		2,010,804
Hungary		–		69,531		–		69,531
Indonesia		9,321		615,789		–		625,110
Ireland		13,452		158,792		–		172,244
Israel		–		360,114		–		360,114
Italy		–		1,486,637		–		1,486,637
Japan		11,017		13,876,626		–		13,887,643
Malaysia		–		759,281		–		759,281
Mexico		1,084,284		–		–		1,084,284
Morocco		18,908		3,468		–		22,376
Netherlands		88,042		1,548,756		–		1,636,798
New Zealand		–		69,704		–		69,704
Norway		–		631,266		–		631,266
Peru		146,807		–		–		146,807
Philippines		–		171,261		–		171,261
Poland		–		322,149		–		322,149
Portugal		–		120,589		–		120,589
Russia		162,560		1,352,463		–		1,515,023
Singapore		124,294		1,049,858		–		1,174,152
South Africa		15,496		1,707,832		–		1,723,328
South Korea		68,074		3,361,244		–		3,429,318
Spain		20,792		1,836,807		–		1,857,599
Sweden		–		2,061,168		–		2,061,168
Switzerland		–		5,612,722		–		5,612,722
Taiwan		14,642		2,477,865		–		2,492,507
Thailand		–		469,556		–		469,556
Turkey		–		320,102		–		320,102
United Kingdom		21,644		14,309,348		–		14,330,992
Investment Companies:
India		1,488,488		–		–		1,488,488
Short-Term Securities:		2,618,123		–		–		2,618,123

Total	$	17,666,079	$	79,649,856		–	$	97,315,935


Valuation Inputs	Level 1		Level 2		Level 3		Total
Derivative Financial Instruments¹
Assets:
Equity Contracts	$	23,678		–		–	$	23,678

Total	$	23,678		–		–	$	23,678

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

Certain of the Master Portfolio’s assets are held at carrying amount which approximates fair value. Cash pledged as collateral for financial futures contracts in the amount of $275,000 and foreign currencies in the amount of $181,887 would be categorized as Level 1 within the disclosure hierarchy.

There were no transfers between levels during the period ended March 31, 2012.


Schedule of Investments March 31, 2012 (Unaudited)		Bond Index Master Portfolio
		(Percentages shown are based on Net Assets)


	Par (000)		Value
Asset-Backed Securities
Citibank Credit Card Issuance Trust:
Series 2006-A3, Class A3, 5.30%, 3/15/18	$	100	$	115,625
Series 2008-A1, Class A1, 5.35%, 2/07/20		170		201,751

Total Asset-Backed Securities – 0.2%				317,376

Corporate Bonds
Aerospace & Defense – 0.3%
The Boeing Co.,
6.13%, 2/15/33		100		124,283
General Dynamics Corp.,
3.88%, 7/15/21		50		54,076
Honeywell International, Inc.,
5.30%, 3/01/18		100		119,396
L-3 Communications Corp.:
3.95%, 11/15/16		50		52,644
4.95%, 2/15/21		50		52,304
Lockheed Martin Corp.,
3.35%, 9/15/21(a)		150		150,264
United Technologies Corp.,
5.70%, 4/15/40		50		60,200

				613,167

Air Freight & Logistics – 0.0%
United Parcel Service, Inc.,
5.13%, 4/01/19		50		59,366

Auto Components – 0.0%
Johnson Controls, Inc.,
1.75%, 3/01/14		50		50,823

Beverages – 0.3%
Anheuser-Busch Cos. LLC,
6.45%, 9/01/37		100		131,853
The Coca-Cola Co.:
0.75%, 11/15/13		100		100,437
1.80%, 9/01/16		50		51,063
Diageo Capital Plc,
5.75%, 10/23/17		100		120,185
Dr Pepper Snapple Group, Inc.,
3.20%, 11/15/21		25		24,758
PepsiCo, Inc.:
0.75%, 3/05/15		100		99,609
4.88%, 11/01/40		100		109,526

				637,431

Biotechnology – 0.2%
Amgen, Inc.:
3.45%, 10/01/20		100		100,087
5.15%, 11/15/41		100		100,403
Gilead Sciences, Inc.,
3.05%, 12/01/16		150		156,957

				357,447

Capital Markets – 1.0%
The Bear Stearns Cos., Inc./JPMorgan Chase & Co.,
5.70%, 11/15/14		200		220,996
The Goldman Sachs Group, Inc.:
3.70%, 8/01/15		150		152,647
3.63%, 2/07/16		150		149,958
5.95%, 1/18/18		300		323,164
5.75%, 1/24/22		100		102,874
6.13%, 2/15/33(a)		100		99,200
Jefferies Group, Inc.,
8.50%, 7/15/19		25		27,750
Morgan Stanley:
4.75%, 4/01/14		150		152,455
5.75%, 10/18/16		225		232,675
4.75%, 3/22/17		100		100,011


Schedule of Investments (continued)		Bond Index Master Portfolio
		(Percentages shown are based on Net Assets)


	Par (000)		Value
Capital Markets (concluded)
5.50%, 7/28/21	$	100	$	97,728
7.25%, 4/01/32		50		54,204
Nomura Holdings, Inc.,
5.00%, 3/04/15		50		51,996
State Street Corp.,
2.88%, 3/07/16		100		104,241

				1,869,899

Chemicals – 0.4%
The Dow Chemical Co.:
8.55%, 5/15/19		100		131,052
4.25%, 11/15/20(a)		50		52,319
4.13%, 11/15/21		50		51,437
E.I. du Pont de Nemours & Co.,
6.00%, 7/15/18		125		154,435
Ecolab, Inc.,
4.35%, 12/08/21		50		53,006
The Mosaic Co.,
3.75%, 11/15/21		50		50,856
Potash Corp. of Saskatchewan, Inc.,
3.25%, 12/01/17		50		53,101
Praxair, Inc.,
4.63%, 3/30/15		100		110,942

				657,148

Commercial Banks – 2.6%
Abbey National Treasury Services PLC,
4.00%, 4/27/16		50		49,607
American Express Bank FSB,
5.50%, 4/16/13		250		261,705
The Bank of New York Mellon Corp.:
2.30%, 7/28/16		50		51,260
3.55%, 9/23/21		50		51,214
Bank of Nova Scotia,
2.90%, 3/29/16(a)		100		104,558
Barclays Bank Plc,
5.00%, 9/22/16		175		188,223
BB&T Corp.,
5.25%, 11/01/19		100		109,753
Council of Europe Development Bank,
1.50%, 1/15/15		50		50,618
Credit Suisse AG,
5.40%, 1/14/20		150		154,419
Credit Suisse New York,
2.20%, 1/14/14		100		100,980
European Investment Bank:
3.13%, 6/04/14		100		105,051
2.50%, 5/16/16		100		104,672
5.13%, 9/13/16		225		259,956
1.25%, 10/14/16		100		99,466
Export-Import Bank of Korea,
4.00%, 1/11/17		200		208,168
Fifth Third Bancorp:
3.63%, 1/25/16		50		52,659
3.50%, 3/15/22		100		97,710
HSBC Holdings Plc:
4.88%, 1/14/22		150		158,918
6.80%, 6/01/38		100		114,507
International Bank for Reconstruction & Development:
1.75%, 7/15/13		300		304,962
1.00%, 9/15/16		75		75,343
Korea Development Bank,
3.25%, 3/09/16		100		101,208
Lloyds TSB Bank Plc:
4.20%, 3/28/17		50		50,364
6.38%, 1/21/21		50		53,670
National Australia Bank, NY,
2.00%, 3/09/15		250		250,310
Oesterreichische Kontrollbank AG,
2.00%, 6/03/16		100		101,195
PNC Funding Corp.,
5.63%, 2/01/17(b)		150		167,401
Rabobank Nederland,
5.25%, 5/24/41		25		25,553
Rabobank Nederland Utrecht,
3.38%, 1/19/17		100		102,234
Royal Bank of Canada,
1.45%, 10/30/14		100		101,324
SunTrust Banks, Inc.,
3.50%, 1/20/17		50		51,000
Swiss Bank Corp.,
7.00%, 10/15/15		150		162,591
The Toronto-Dominion Bank,
2.38%, 10/19/16		50		51,288
US Bancorp:
1.38%, 9/13/13		100		100,868
4.13%, 5/24/21		50		53,770
Wachovia Bank NA/Wells Fargo & Co.,
6.60%, 1/15/38		50		59,688


Schedule of Investments (continued)		Bond Index Master Portfolio
		(Percentages shown are based on Net Assets)


	Par (000)		Value
Commercial Banks (concluded)
Wachovia Corp.,
5.63%, 10/15/16	$	100	$	111,481
Wells Fargo & Co.:
2.63%, 12/15/16		100		102,245
5.63%, 12/11/17		250		289,695
3.50%, 3/08/22		100		98,447
Westpac Banking Corp.,
4.88%, 11/19/19		50		53,981

				4,792,062

Commercial Services & Supplies – 0.1%
Republic Services, Inc.,
5.25%, 11/15/21		50		57,010
Vanderbilt University,
5.25%, 4/01/19		100		117,470

				174,480

Communications Equipment – 0.2%
Cisco Systems, Inc.:
1.63%, 3/14/14		100		102,021
4.95%, 2/15/19		200		230,888

				332,909

Computers & Peripherals – 0.3%
ACE INA Holdings, Inc.,
2.60%, 11/23/15		50		52,000
Dell, Inc.,
5.65%, 4/15/18		75		87,363
Hewlett-Packard Co.:
4.75%, 6/02/14		150		160,465
3.30%, 12/09/16		150		156,061
4.65%, 12/09/21		100		104,614

				560,503

Consumer Finance – 0.2%
American Express Co.,
8.13%, 5/20/19		100		130,729
Capital One Financial Corp.,
6.75%, 9/15/17		100		117,768
HSBC Finance Corp.,
6.68%, 1/15/21		61		65,114

				313,611

Diversified Financial Services – 2.7%
American Express Credit Corp.,
2.38%, 3/24/17		100		100,909
Bank of America Corp.:
7.38%, 5/15/14		150		162,830
4.50%, 4/01/15		50		51,788
7.75%, 8/15/15		250		276,677
3.75%, 7/12/16		250		251,246
3.88%, 3/22/17		200		201,103
5.00%, 5/13/21		100		100,154
BNP Paribas SA,
3.25%, 3/11/15		100		100,960
Citigroup, Inc.:
6.50%, 8/19/13		150		158,688
6.38%, 8/12/14		150		162,751
3.95%, 6/15/16		50		51,383
4.45%, 1/10/17		250		261,877
6.63%, 6/15/32		100		102,598
6.88%, 3/05/38		100		115,460
Deutsche Bank AG London,
3.25%, 1/11/16		150		153,899
General Electric Capital Corp.:
2.25%, 11/09/15		100		102,772
2.90%, 1/09/17(a)		100		103,736
5.63%, 5/01/18		300		347,726
4.38%, 9/16/20		50		52,659
4.65%, 10/17/21		200		212,864
5.88%, 1/14/38		150		164,885
Series G, 6.00%, 8/07/19		100		116,776


Schedule of Investments (continued)		Bond Index Master Portfolio
		(Percentages shown are based on Net Assets)


	Par (000)		Value
Diversified Financial Services (concluded)
John Deere Capital Corp.,
3.90%, 7/12/21	$	50	$	53,962
JPMorgan Chase & Co.:
1.65%, 9/30/13		150		151,486
3.15%, 7/05/16		300		309,259
4.50%, 1/24/22		100		104,034
5.50%, 10/15/40		125		134,982
5.60%, 7/15/41		50		54,640
Merrill Lynch & Co., Inc.,
6.11%, 1/29/37		100		95,180
Murray Street Investment Trust I,
4.65%, 3/09/17(c)		200		200,148
National Rural Utilities Cooperative Finance Corp.:
1.00%, 2/02/15		200		200,244
3.05%, 3/01/16		50		52,790
ORIX Corp.,
3.75%, 3/09/17(a)		100		98,616
The Royal Bank of Scotland Plc,
4.38%, 3/16/16(a)		150		153,178
SLM Corp.:
6.00%, 1/25/17		50		51,500
8.45%, 6/15/18		100		111,500

				5,125,260

Diversified Telecommunication Services – 1.3%
AT&T Corp.,
8.00%, 11/15/31		4		5,619
AT&T Mobility LLC,
7.13%, 12/15/31		100		128,003
AT&T, Inc.:
5.10%, 9/15/14		300		330,213
4.45%, 5/15/21		200		220,820
5.35%, 9/01/40		213		226,485
British Telecommunications Plc,
9.63%, 12/15/30		50		73,566
CenturyLink, Inc.,
5.80%, 3/15/22		100		97,651
Deutsche Telekom International Finance BV:
5.25%, 7/22/13		100		105,236
8.75%, 6/15/30		50		68,723
Embarq Corp.,
7.08%, 6/01/16		100		112,622
France Telecom SA:
4.13%, 9/14/21		50		52,053
5.38%, 1/13/42		25		26,430
Qwest Corp.:
6.50%, 6/01/17		150		169,541
6.75%, 12/01/21		50		55,813
Telecom Italia Capital SA:
5.25%, 11/15/13		150		154,125
7.18%, 6/18/19		100		106,500
Telefonica Emisiones SAU:
3.99%, 2/16/16		100		99,536
5.46%, 2/16/21		50		48,608
Telefonica Europe BV,
8.25%, 9/15/30		50		54,540
Verizon Communications, Inc.,
6.00%, 4/01/41		100		118,450
Verizon Global Funding Corp.,
7.75%, 12/01/30		100		135,435

				2,389,969

Electric Utilities – 0.9%
Alabama Power Co.,
5.50%, 10/15/17		100		117,539
Commonwealth Edison Co.,
5.90%, 3/15/36		50		60,671
Consolidated Edison Co. of New York, Inc.,
6.65%, 4/01/19		100		125,245
Duke Energy Carolinas LLC,
6.05%, 4/15/38		100		126,458
Entergy Corp.:
3.63%, 9/15/15		50		50,842
4.70%, 1/15/17		150		156,229
Florida Power & Light Co./Progress Energy,
5.95%, 2/01/38		50		62,852
Georgia Power Co.,
4.30%, 3/15/42		100		97,803
Indiana Michigan Power Co.,
6.05%, 3/15/37		100		114,980
Nevada Power Co.,
5.45%, 5/15/41		50		57,104
Oncor Electric Delivery Co. LLC,
7.00%, 9/01/22		100		121,352


Schedule of Investments (continued)		Bond Index Master Portfolio
		(Percentages shown are based on Net Assets)


	Par (000)		Value
Electric Utilities (concluded)
PacifiCorp,
2.95%, 2/01/22	$	100	$	98,583
Progress Energy, Inc.:
4.40%, 1/15/21		100		109,134
7.75%, 3/01/31		50		67,865
Public Service Electric & Gas Co.,
3.50%, 8/15/20		50		52,906
Southern California Edison Co.:
5.00%, 1/15/16		100		113,122
5.50%, 3/15/40		50		59,767
The Toledo Edison Co.,
6.15%, 5/15/37		100		117,248

				1,709,700

Electrical Equipment – 0.1%
Emerson Electric Co.,
5.00%, 4/15/19		100		114,859

Electronic Equipment, Instruments & Components – 0.1%
Corning, Inc.,
4.75%, 3/15/42		50		48,419
Tyco Electronics Group SA:
6.55%, 10/01/17		50		59,198
3.50%, 2/03/22		100		97,490

				205,107

Energy Equipment & Services – 0.1%
Ensco Plc,
3.25%, 3/15/16		100		104,326
Halliburton Co.,
6.15%, 9/15/19		100		121,865

				226,191

Food & Staples Retailing – 0.5%
CVS Caremark Corp.,
6.60%, 3/15/19		200		246,708
The Kroger Co.,
6.15%, 1/15/20		100		121,569
Safeway, Inc.,
4.75%, 12/01/21		100		103,377
Wal-Mart Stores, Inc.:
1.50%, 10/25/15		100		102,040
3.63%, 7/08/20		150		161,152
5.63%, 4/15/41		100		121,037

				855,883

Food Products – 0.4%
Archer-Daniels-Midland Co.,
4.54%, 3/26/42		75		75,257
Corn Products International, Inc.,
3.20%, 11/01/15		50		51,786
General Mills, Inc.,
1.55%, 5/16/14		100		101,639
The JM Smucker Co.,
3.50%, 10/15/21		50		50,656
Kellogg Co.,
1.88%, 11/17/16		200		201,796
Kraft Foods, Inc.:
6.13%, 8/23/18		150		180,903
5.38%, 2/10/20		100		115,604
6.50%, 2/09/40		50		61,527

				839,168

Gas Utilities – 0.0%
AGL Capital Corp.,
3.50%, 9/15/21		50		50,126

Health Care Equipment & Supplies – 0.2%
Boston Scientific Corp.,
6.00%, 1/15/20		100		114,779
Covidien International Finance SA,
6.55%, 10/15/37		25		32,400
Hospira, Inc.,
6.05%, 3/30/17(a)		125		139,160
Medtronic, Inc.,
4.13%, 3/15/21(a)		50		54,722

				341,061


Schedule of Investments (continued)		Bond Index Master Portfolio
		(Percentages shown are based on Net Assets)


	Par (000)		Value
Health Care Providers & Services – 0.4%
Aetna, Inc.,
6.75%, 12/15/37	$	50	$	63,579
Cigna Corp.:
2.75%, 11/15/16		100		101,247
4.00%, 2/15/22		25		25,444
LG&E & KU Energy LLC,
3.75%, 11/15/20		50		49,787
Medco Health Solutions, Inc.,
2.75%, 9/15/15		50		51,401
Quest Diagnostics, Inc.:
3.20%, 4/01/16		50		52,404
4.70%, 4/01/21		100		108,242
UnitedHealth Group, Inc.,
5.95%, 2/15/41		100		121,206
WellPoint, Inc.,
5.25%, 1/15/16		150		168,115

				741,425

Hotels, Restaurants & Leisure – 0.1%
McDonald’s Corp.,
3.50%, 7/15/20		50		53,571
Wyndham Worldwide Corp.,
4.25%, 3/01/22		50		49,016
Yum! Brands, Inc.,
5.30%, 9/15/19		100		112,630


				215,217

Household Durables – 0.1%
Whirlpool Corp.,
8.60%, 5/01/14		100		112,196

Household Products – 0.1%
Energizer Holdings, Inc.,
4.70%, 5/19/21		50		52,000
Kimberly-Clark Corp.,
3.63%, 8/01/20		50		53,395
The Procter & Gamble Co.,
1.80%, 11/15/15		100		103,171

				208,566

Industrial Conglomerates – 0.1%
Koninklijke Philips Electronics N.V.,
3.75%, 3/15/22		100		100,593
Tyco International Finance SA,
4.13%, 10/15/14		50		53,468
Waste Management, Inc.,
4.60%, 3/01/21(a)		100		109,815

				263,876

Insurance – 1.1%
Aflac, Inc.,
2.65%, 2/15/17		100		101,130
The Allstate Corp.:
5.00%, 8/15/14		100		109,006
7.45%, 5/16/19		50		62,709
5.20%, 1/15/42		50		52,309
American International Group, Inc.:
4.25%, 9/15/14		100		103,170
4.88%, 9/15/16		150		158,664
3.80%, 3/22/17		100		101,256
8.25%, 8/15/18		100		120,041
Aon Corp.,
3.13%, 5/27/16		50		51,879
Berkshire Hathaway Finance Corp.,
5.10%, 7/15/14		100		109,344
Berkshire Hathaway, Inc.,
1.90%, 1/31/17		100		101,144
Genworth Financial, Inc.,
7.70%, 6/15/20		50		52,250
Hartford Financial Services Group, Inc.,
6.10%, 10/01/41		100		96,776
Lincoln National Corp.:
4.85%, 6/24/21		50		52,782
4.20%, 3/15/22		100		100,219
Marsh & McLennan Cos., Inc.,
4.80%, 7/15/21		50		54,639
MetLife, Inc.:
5.00%, 6/15/15		100		110,600


Schedule of Investments (continued)		Bond Index Master Portfolio
		(Percentages shown are based on Net Assets)


	Par (000)		Value
Insurance (concluded)
4.75%, 2/08/21	$	100	$	109,688
The Progressive Corp.,
3.75%, 8/23/21(a)		50		53,224
Prudential Financial, Inc.:
3.00%, 5/12/16		50		51,657
5.38%, 6/21/20		100		112,006
Travelers Property Casualty Corp.,
6.38%, 3/15/33		100		123,808

				1,988,301

Internet Software & Services – 0.0%
eBay, Inc.,
3.25%, 10/15/20		50		50,845
Google, Inc.,
3.63%, 5/19/21		25		27,137

				77,982

IT Services – 0.2%
Fiserv, Inc.,
6.80%, 11/20/17		50		58,998
International Business Machines Corp.:
2.00%, 1/05/16		150		153,988
2.90%, 11/01/21(a)		100		101,439
The Western Union Co.,
6.20%, 11/17/36		25		26,223

				340,648

Life Sciences Tools & Services – 0.0%
Thermo Fisher Scientific, Inc.:
2.05%, 2/21/14		25		25,640
2.25%, 8/15/16		50		51,745

				77,385

Machinery – 0.2%
Caterpillar, Inc.:
5.70%, 8/15/16		100		118,270
3.90%, 5/27/21		50		54,799
Danaher Corp.,
3.90%, 6/23/21		50		54,676
Illinois Tool Works, Inc.,
4.88%, 9/15/41(d)		50		53,925
Ingersoll-Rand Global Holding Co. Ltd.,
6.88%, 8/15/18		50		61,075
Joy Global, Inc.,
5.13%, 10/15/21		50		54,140

				396,885

Media – 1.2%
CBS Corp.,
7.88%, 7/30/30		75		97,007
Cintas Corp. No 2,
4.30%, 6/01/21		25		26,518
Comcast Corp.:
5.15%, 3/01/20		100		115,049
6.45%, 3/15/37		100		119,682
COX Communications, Inc.,
5.50%, 10/01/15		100		113,353
DIRECTV Holdings LLC/DIRECTV Financing Co.:
3.13%, 2/15/16(a)		100		103,738
3.50%, 3/01/16		250		262,564
5.15%, 3/15/42(d)		50		48,709
Discovery Communications LLC,
4.38%, 6/15/21		50		53,747
NBC Universal Media LLC,
4.38%, 4/01/21		100		107,115
News America, Inc.:
4.50%, 2/15/21		100		106,634
6.20%, 12/15/34		100		110,902
TCI Communications, Inc.,
8.75%, 8/01/15		50		61,573
Time Warner Cable, Inc.:
7.50%, 4/01/14		50		56,278
4.13%, 2/15/21		100		103,889
6.75%, 6/15/39		50		59,617
Time Warner, Inc.:
8.25%, 4/01/19		150		191,835


Schedule of Investments (continued)		Bond Index Master Portfolio
		(Percentages shown are based on Net Assets)


	Par (000)		Value
Media (concluded)
4.88%, 3/15/20(a)	$	150	$	165,975
7.70%, 5/01/32		100		130,424
Viacom, Inc.,
6.75%, 10/05/37		50		62,340
The Walt Disney Co.,
3.75%, 6/01/21		50		53,737
WPP Finance 2010,
4.75%, 11/21/21(d)		100		104,573

				2,255,259

Metals & Mining – 0.9%
Alcoa, Inc.,
5.90%, 2/01/27		100		100,600
ArcelorMittal:
3.75%, 2/25/15		50		50,814
3.75%, 8/05/15(a)		150		152,367
3.75%, 3/01/16(a)		150		149,877
Barrick Gold Corp.,
3.85%, 4/01/22(d)		100		99,444
Barrick North America Finance LLC,
5.70%, 5/30/41		50		53,547
BHP Billiton Finance USA Ltd.:
4.80%, 4/15/13		100		104,368
1.63%, 2/24/17		100		99,500
Cliffs Natural Resources, Inc.,
4.88%, 4/01/21(a)		50		51,793
Freeport-McMoRan Copper & Gold, Inc.:
2.15%, 3/01/17(a)		100		99,067
3.55%, 3/01/22		50		48,021
Newmont Mining Corp.:
3.50%, 3/15/22		50		48,170
4.88%, 3/15/42		50		46,521
Rio Tinto Finance USA Ltd.:
2.50%, 5/20/16		50		51,822
4.13%, 5/20/21		150		158,251
Teck Resources Ltd.:
10.25%, 5/15/16		100		114,510
4.75%, 1/15/22		50		52,933
5.20%, 3/01/42(a)		50		47,436
Vale Overseas Ltd.,
6.88%, 11/21/36		100		115,984

				1,645,025

Multi-Utilities – 0.2%
Dominion Resources, Inc.,
4.90%, 8/01/41		50		52,457
Nisource Finance Corp.,
5.95%, 6/15/41		50		54,737
Pacific Gas & Electric Co.,
6.05%, 3/01/34		100		121,557
San Diego Gas & Electric Co.,
4.30%, 10/01/41		100		101,454
SCANA Corp.,
4.13%, 2/01/22		100		100,050

				430,255

Multiline Retail – 0.2%
Kohl’s Corp.,
4.00%, 11/01/21		50		51,581
Nordstrom, Inc.,
4.00%, 10/15/21(a)		100		106,398
Target Corp.,
7.00%, 1/15/38		100		134,651

				292,630

Office Electronics – 0.1%
Xerox Corp.,
5.63%, 12/15/19		100		111,102

Oil, Gas & Consumable Fuels – 3.1%
Alberta Energy Co. Ltd.,
7.38%, 11/01/31		50		57,455
Anadarko Petroleum Corp.,
6.45%, 9/15/36		100		115,760
Apache Corp.,
6.00%, 1/15/37		100		121,867
BP Capital Markets Plc:
3.63%, 5/08/14(a)		100		105,136
3.20%, 3/11/16		100		105,954
Canadian Natural Resources Ltd.:
1.45%, 11/14/14		50		50,672
3.45%, 11/15/21		100		101,406


Schedule of Investments (continued)		Bond Index Master Portfolio
		(Percentages shown are based on Net Assets)


	Par (000)		Value
Oil, Gas & Consumable Fuels (concluded)
ConocoPhillips,
4.60%, 1/15/15	$	200	$	220,529
ConocoPhillips Holding Co.,
6.95%, 4/15/29		100		134,346
Devon Energy Corp.,
4.00%, 7/15/21(a)		150		159,976
Ecopetrol SA,
7.63%, 7/23/19		100		123,250
Enbridge Energy Partners LP,
4.20%, 9/15/21		100		104,214
Energy Transfer Partners LP:
9.70%, 3/15/19		44		56,254
5.20%, 2/01/22		100		104,616
Enterprise Products Operating LLC:
5.60%, 10/15/14		200		220,875
5.95%, 2/01/41		50		55,702
EOG Resources, Inc.,
2.50%, 2/01/16		50		51,621
EQT Corp.,
4.88%, 11/15/21		50		50,598
Hess Corp.,
8.13%, 2/15/19		200		258,285
Husky Energy, Inc.,
3.95%, 4/15/22		50		50,336
Kinder Morgan Energy Partners LP:
3.95%, 9/01/22		75		74,500
6.50%, 2/01/37		100		110,221
Marathon Petroleum Corp.:
3.50%, 3/01/16		100		104,185
5.13%, 3/01/21(a)		50		54,382
MidAmerican Energy Holdings Co.,
6.13%, 4/01/36		100		118,870
Nabors Industries, Inc.,
5.00%, 9/15/20		50		53,672
Noble Energy, Inc.,
4.15%, 12/15/21		50		51,106
Noble Holding International Ltd.,
5.25%, 3/15/42(a)		50		49,671
Occidental Petroleum Corp.,
4.10%, 2/01/21		50		54,690
ONEOK Partners LP,
6.13%, 2/01/41		50		55,713
Pemex Project Funding Master Trust,
5.75%, 3/01/18		100		112,500
Petrobras International Finance Co.:
2.88%, 2/06/15		100		102,608
3.50%, 2/06/17		200		204,994
5.75%, 1/20/20		150		166,170
Petrohawk Energy Corp.,
7.88%, 6/01/15		50		52,500
Petroleos Mexicanos:
4.88%, 1/24/22(d)		50		52,500
6.50%, 6/02/41		50		56,250
Phillips 66,
1.95%, 3/05/15(d)		250		251,729
Plains All American Pipeline LP/PAA Finance Corp.,
5.15%, 12/01/41		50		48,845
Sempra Energy:
2.00%, 3/15/14		100		102,064
2.30%, 4/01/17		100		101,218
Shell International Finance BV,
4.38%, 3/25/20		100		114,429
Statoil ASA,
5.10%, 8/17/40		100		111,922
Suncor Energy, Inc.,
6.50%, 6/15/38		100		124,438
Talisman Energy, Inc.,
3.75%, 2/01/21		50		49,156
Tennessee Gas Pipeline Co.,
7.50%, 4/01/17		100		118,315
Total Capital International SA,
1.50%, 2/17/17		100		97,317
TransCanada PipeLines Ltd.:
0.88%, 3/02/15		100		99,797
6.20%, 10/15/37		50		61,745
Transocean, Inc.,
5.05%, 12/15/16		150		160,639
Valero Energy Corp.,
6.13%, 2/01/20		150		172,333
Weatherford International Ltd.:
6.00%, 3/15/18		150		169,698
5.13%, 9/15/20		50		53,193
The Williams Cos., Inc.,
7.88%, 9/01/21		31		38,633
Williams Partners LP:
3.80%, 2/15/15		150		159,390
4.00%, 11/15/21		100		101,048

				5,859,293


Schedule of Investments (continued)		Bond Index Master Portfolio
		(Percentages shown are based on Net Assets)


	Par (000)		Value
Paper & Forest Products – 0.2%
Celulosa Arauco y Constitucion SA,
4.75%, 1/11/22(d)	$	50	$	51,183
Georgia-Pacific LLC,
8.88%, 5/15/31		25		33,726
International Paper Co.:
7.95%, 6/15/18		75		94,243
7.50%, 8/15/21		100		126,051

				305,203

Pharmaceuticals – 0.9%
Abbott Laboratories:
5.60%, 11/30/17(a)		150		181,395
4.13%, 5/27/20		50		55,884
Aristotle Holding, Inc.:
3.50%, 11/15/16(d)		100		104,455
4.75%, 11/15/21(d)		50		53,511
AstraZeneca Plc,
5.90%, 9/15/17		100		119,853
Eli Lilly & Co.,
5.50%, 3/15/27		50		59,827
GlaxoSmithKline Capital, Inc.:
5.65%, 5/15/18		100		120,764
6.38%, 5/15/38		50		66,058
Johnson & Johnson,
2.15%, 5/15/16		100		104,121
Merck & Co., Inc.,
5.95%, 12/01/28		100		125,457
Novartis Capital Corp.,
4.40%, 4/24/20		100		113,409
Pfizer, Inc.,
5.35%, 3/15/15		100		113,051
Pharmacia Corp.,
6.50%, 12/01/18		150		186,877
Sanofi,
1.20%, 9/30/14		50		50,544
Teva Pharmaceutical Finance Co. BV,
2.40%, 11/10/16		200		204,810

				1,660,016

Real Estate – 0.2%
Boston Properties LP,
3.70%, 11/15/18		50		51,713
Simon Property Group LP:
5.25%, 12/01/16		50		56,545
2.80%, 1/30/17(a)		100		102,393
2.15%, 9/15/17		100		98,569
Ventas Realty LP/Ventas Capital Corp.,
4.25%, 3/01/22		100		97,170

				406,390

Real Estate Investment Trusts (REITs) – 0.2%
ERP Operating LP,
4.75%, 7/15/20		100		106,780
HCP, Inc.,
6.00%, 1/30/17		100		111,130
Health Care REIT, Inc.,
5.25%, 1/15/22		50		52,301
ProLogis LP,
6.25%, 3/15/17		50		55,069

				325,280

Road & Rail – 0.3%
Burlington Northern Santa Fe LLC,
5.40%, 6/01/41		50		54,322
Canadian National Railway Co.,
1.45%, 12/15/16		50		49,724
Canadian Pacific Railway Ltd.,
5.75%, 1/15/42		25		25,745
CSX Corp.,
3.70%, 10/30/20(a)		100		103,205
Norfolk Southern Corp.:
7.70%, 5/15/17		150		189,095
3.00%, 4/01/22		100		98,316
Union Pacific Corp.,
4.16%, 7/15/22		100		108,046

				628,453


Schedule of Investments (continued)		Bond Index Master Portfolio
		(Percentages shown are based on Net Assets)


	Par (000)		Value
Semiconductors & Semiconductor Equipment – 0.1%
Applied Materials, Inc.,
5.85%, 6/15/41	$	50	$	57,477
Intel Corp.,
4.80%, 10/01/41		50		53,260
Texas Instruments, Inc.,
1.38%, 5/15/14		50		50,783

				161,520

Software – 0.2%
Microsoft Corp.,
3.00%, 10/01/20		50		52,773
Oracle Corp.:
5.75%, 4/15/18		150		182,357
3.88%, 7/15/20(a)		100		110,082

				345,212

Specialty Retail – 0.2%
The Home Depot, Inc.,
4.40%, 4/01/21(a)		150		168,099
Lowe’s Cos., Inc.,
4.63%, 4/15/20(a)		100		110,782
Macy’s Retail Holdings, Inc.:
5.90%, 12/01/16		25		28,689
3.88%, 1/15/22		50		50,146

				357,716

Tobacco – 0.2%
Altria Group, Inc.,
9.25%, 8/06/19		200		268,946
Lorillard Tobacco Co.,
6.88%, 5/01/20		100		117,496
Philip Morris International, Inc.,
4.13%, 5/17/21		50		54,092

				440,534

Water Utilities – 0.0%
United Utilities Plc,
5.38%, 2/01/19		50		52,941

Wireless Telecommunication Services – 0.2%
America Movil SAB de CV,
5.00%, 3/30/20		200		222,399
American Tower Corp.,
5.05%, 9/01/20		25		25,833
Vodafone Group Plc,
7.88%, 2/15/30		100		137,890

				386,122

Total Corporate Bonds – 22.6%				42,361,602

Foreign Agency Obligations
Asian Development Bank,
2.75%, 5/21/14		200		209,571
Brazilian Government International Bond:
8.00%, 1/15/18		167		198,917
5.63%, 1/07/41		200		230,500
Colombia Government International Bond,
7.38%, 9/18/37		100		140,250
Hydro Quebec,
2.00%, 6/30/16		100		102,870
Inter-American Development Bank,
3.00%, 4/22/14		250		263,030
Israel Government International Bond,
4.63%, 6/15/13		100		103,748
Italian Republic,
6.88%, 9/27/23		100		105,050
KFW:
3.50%, 3/10/14		100		105,553
1.25%, 10/26/15		250		252,249
2.63%, 2/16/16		100		105,799
Mexico Government International Bond:
8.13%, 12/30/19		100		134,250
5.13%, 1/15/20		100		114,750
3.63%, 3/15/22		100		102,250
6.75%, 9/27/34		150		192,750


Schedule of Investments (continued)		Bond Index Master Portfolio
		(Percentages shown are based on Net Assets)


	Par (000)		Value
Foreign Agency Obligations (concluded)
Panama Government International Bond,
5.20%, 1/30/20	$	100	$	114,650
Peruvian Government International Bond,
8.75%, 11/21/33		41		63,591
Poland Government International Bond,
6.38%, 7/15/19		100		116,250
Province of Ontario Canada,
2.30%, 5/10/16		100		103,561
Province of Quebec Canada,
5.00%, 3/01/16		100		114,292
South Africa Government International Bond,
4.67%, 1/17/24		100		102,250

Total Foreign Agency Obligations – 1.6%				2,976,131

Non-Agency Mortgage-Backed Securities
Commercial Mortgage-Backed Securities – 2.0%
Citigroup/Deutsche Bank Commercial Mortgage Trust, Series 2007-CD4, Class A4,
5.32%, 12/11/49		600		656,303
CS First Boston Mortgage Securities Corp., Series 2004-C2, Class A2,
5.42%, 5/15/36(e)		500		535,568
Greenwich Capital Commercial Funding Corp.:
Series 2007-GG11, Class A4, 5.74%, 12/10/49		350		386,353
Series 2007-GG9, Class A4, 5.44%, 3/10/39		200		220,084
GS Mortgage Securities Corp. II, Series 2007-GG10, Class A4,
5.79%, 8/10/45		300		332,909
JP Morgan Chase Commercial Mortgage Securities Corp., Series 2006-LDP9, Class A3,
5.34%, 5/15/47		100		109,528
LB-UBS Commercial Mortgage Trust:
Series 2004-C2, Class A4, 4.37%, 3/15/36		500		526,333
Series 2006-C4, Class AM, 6.09%, 6/15/38(e)		475		503,967
Wachovia Bank Commercial Mortgage Trust, Series 2007-C33, Class A3,
5.90%, 2/15/51		474		499,835

				3,770,880

Total Non-Agency Mortgage-Backed Securities – 2.0%				3,770,880

Preferred Securities
Capital Trusts – 0.0%
Insurance – 0.0%
Chubb Corp. (The),
6.00%, 5/11/37		50		60,841


	Shares
Trust Preferred – 0.1%
Diversified Financial Services – 0.1%
JPMorgan Chase Capital XVIII,
6.95%, 8/17/36		75		75,225

Total Preferred Securities – 0.1%				136,066


	Par (000)
Taxable Municipal Bonds
Bay Area Toll Authority,
7.04%, 4/01/41	$	100		133,128
City of New York, Series G,
5.97%, 3/01/36		100		122,975
Los Angeles Community College District, GO, Unlimited, Build America Bonds,
6.75%, 8/01/49		50		64,954
Massachusetts School Building Authority,
5.72%, 8/15/39		100		124,001
Metropolitan Transportation Authority, RB, Build America Bonds,
6.69%, 11/15/40		50		62,733
New Jersey Economic Development Authority,
7.43%, 2/15/29		200		251,270
New Jersey State Turnpike Authority, RB,
4.25%, 1/01/16		155		163,325
Ohio State Water Development Authority, Water Pollution Control, RB, Build America Bonds,
4.88%, 12/01/34		100		111,905
Port Authority of New York & New Jersey,
5.86%, 12/01/24		100		126,794
State of California,
7.55%, 4/01/39		175		227,059
State of Illinois, GO, Unlimited,
5.10%, 6/01/33		200		188,532
State of Texas, GO, Build America Bonds,
5.52%, 4/01/39		100		124,134

Total Taxable Municipal Bonds – 0.9%				1,700,810


Schedule of Investments (continued)		Bond Index Master Portfolio
		(Percentages shown are based on Net Assets)


	Par (000)		Value
U.S. Government Sponsored Agency Securities
Agency Obligations – 5.5%
Fannie Mae:
0.50%, 9/19/14	$	1,000	$	1,001,273
0.65%, 8/28/14		600		600,314
1.63%, 10/26/15		350		360,521
2.38%, 7/28/15		600		632,587
2.75%, 2/05/14		300		313,338
4.63%, 10/15/13		900		959,077
6.63%, 11/15/30		149		211,409
Federal Home Loan Banks:
0.38%, 11/27/13		1,500		1,500,304
5.50%, 8/13/14		425		475,421
5.50%, 7/15/36		100		125,456
Financing Corp.,
8.60%, 9/26/19		200		287,648
Freddie Mac:
0.38%, 11/27/13		500		500,101
0.50%, 4/17/15		500		497,925
2.00%, 8/25/16		750		779,695
4.50%, 1/15/14		700		753,357
4.88%, 6/13/18(a)		250		298,197
6.25%, 7/15/32		95		131,605
6.75%, 3/15/31		250		359,894
Tennessee Valley Authority,
6.25%, 12/15/17		400		504,816

				10,292,938

Mortgage-Backed Securities – 32.3%
Fannie Mae Mortgage Backed Securities:
2.76%, 8/01/41(e)		259		269,127
3.00%, 1/01/27 - 4/01/27(f)		992		1,027,749
3.20%, 11/01/40(e)		141		147,437
3.50%, 2/01/26 - 4/01/42(f)		3,614		3,732,302
4.00%, 10/01/25 - 11/01/41(f)		7,047		7,431,995
4.50%, 5/01/24 - 4/01/42(f)		6,408		6,828,777
5.00%, 1/01/19 - 4/01/42(f)		3,525		3,822,603
5.29%, 7/01/39(e)		130		139,719
5.50%, 6/01/25 - 4/01/42(f)		3,944		4,314,352
6.00%, 3/01/34 - 4/01/42(f)		2,171		2,402,450
6.50%, 7/01/32		540		615,124
7.00%, 2/01/32		112		129,855
Freddie Mac Mortgage Backed Securities:
3.00%, 4/01/27(f)		500		516,953
3.26%, 8/01/41(e)		181		189,787
3.50%, 4/01/27 - 4/01/42(f)		1,600		1,658,235
3.68%, 9/01/40(e)		201		211,318
4.00%, 5/01/19 - 4/01/42(f)		2,545		2,667,466
4.50%, 4/01/18 - 4/01/42(f)		3,953		4,202,158
5.00%, 10/01/18 - 4/01/42(f)		3,442		3,708,918
5.05%, 7/01/38(e)		292		313,656
5.50%, 6/01/35 - 4/01/42(f)		1,902		2,077,248
6.00%, 4/01/42(f)		1,000		1,102,187
6.50%, 6/01/31		149		169,813
8.00%, 12/01/24		377		445,200
Ginnie Mae Mortgage Backed Securities:
3.50%, 4/01/42(f)		300		312,609
4.00%, 3/15/41 - 4/01/42(f)		2,949		3,170,165
4.50%, 7/15/39 - 4/01/42(f)		3,570		3,894,386
5.00%, 11/15/39 - 4/01/42(f)		2,218		2,453,933


Schedule of Investments (continued)		Bond Index Master Portfolio
		(Percentages shown are based on Net Assets)


	Par (000)		Value
Mortgage-Backed Securities (concluded)
5.50%, 12/15/32 - 4/01/42(f)	$	1,283	$	1,430,146
6.00%, 3/15/35 - 10/15/37		246		278,462
6.50%, 9/15/36		402		463,310
7.50%, 12/15/23		431		503,627

				60,631,067

Total U.S. Government Sponsored Agency Securities – 37.8%				70,924,005

U.S. Treasury Obligations
U.S. Treasury Bonds:
8.75%, 5/15/17(a)		500		691,289
8.75%, 5/15/20(a)		500		763,437
8.75%, 8/15/20(a)		400		614,969
6.25%, 8/15/23(a)		450		623,250
7.63%, 2/15/25(a)		375		583,301
6.13%, 11/15/27(a)		480		678,300
6.25%, 5/15/30		100		146,406
5.38%, 2/15/31(a)		350		470,750
4.50%, 2/15/36		966		1,179,124
3.50%, 2/15/39		100		103,891
4.25%, 5/15/39		25		29,453
4.38%, 11/15/39		300		360,469
4.63%, 2/15/40(a)		730		911,701
4.38%, 5/15/40		250		300,430
3.88%, 8/15/40		360		398,194
4.25%, 11/15/40		678		798,451
4.75%, 2/15/41(a)		200		254,906
4.38%, 5/15/41		610		733,335
3.75%, 8/15/41		1,450		1,567,586
3.13%, 11/15/41(a)		400		383,688
3.13%, 2/15/42(a)		950		910,664
U.S. Treasury Notes:
1.75%, 4/15/13(a)		1,700		1,726,562
0.63%, 4/30/13(a)		1,300		1,305,434
1.38%, 5/15/13(a)		1,250		1,265,576
3.38%, 6/30/13		370		384,309
3.13%, 8/31/13		700		727,918
0.13%, 9/30/13		1,000		997,461
2.75%, 10/31/13		1,423		1,477,418
0.25%, 11/30/13		3,700		3,696,096
0.25%, 1/31/14		2,150		2,146,893
4.75%, 5/15/14		775		846,203
0.75%, 6/15/14		350		352,734
0.50%, 8/15/14(a)		1,750		1,753,145
2.38%, 8/31/14(a)		950		994,012
0.50%, 10/15/14(a)		1,500		1,501,524
0.38%, 11/15/14(a)		1,250		1,246,875
0.25%, 12/15/14(a)		2,550		2,534,659
0.25%, 1/15/15		700		695,407
0.25%, 2/15/15(a)		1,000		992,812
2.50%, 4/30/15		1,290		1,366,190
1.88%, 6/30/15		1,000		1,040,859
1.75%, 7/31/15		750		777,715
1.25%, 9/30/15(a)		900		918,492
2.00%, 1/31/16		400		418,906
4.50%, 2/15/16(a)		1,200		1,371,374
2.13%, 2/29/16		600		631,453
2.00%, 4/30/16		1,679		1,758,883
5.13%, 5/15/16(a)		250		293,613
1.50%, 6/30/16		500		513,242
1.50%, 7/31/16		550		564,309
4.63%, 11/15/16		250		291,250
2.75%, 11/30/16		850		918,199


Schedule of Investments (continued)		Bond Index Master Portfolio
		(Percentages shown are based on Net Assets)


	Par (000)		Value
U.S. Treasury Obligations (concluded)
0.88%, 12/31/16	$	250	$	248,692
0.88%, 1/31/17(a)		800		795,062
4.63%, 2/15/17		650		761,110
0.88%, 2/28/17(a)		1,950		1,936,290
2.50%, 6/30/17		790		845,115
4.75%, 8/15/17		375		445,313
1.88%, 8/31/17		370		383,528
4.25%, 11/15/17		275		320,096
2.75%, 2/28/18(a)		1,300		1,407,250
4.00%, 8/15/18(a)		500		579,492
1.38%, 9/30/18		600		596,015
1.75%, 10/31/18		250		253,965
1.38%, 12/31/18(a)		1,030		1,019,137
1.25%, 1/31/19(a)		1,200		1,174,874
1.38%, 2/28/19(a)		1,150		1,133,648
3.38%, 11/15/19		800		893,125
3.63%, 2/15/20		500		567,187
2.63%, 8/15/20(a)		750		790,723
3.63%, 2/15/21(a)		110		124,523
2.13%, 8/15/21		450		449,684
2.00%, 11/15/21(a)		1,350		1,329,012

Total U.S. Treasury Obligations – 34.2%				64,066,958

Total Long-Term Investments (Cost – $ 179,639,892) – 99.4%				186,253,828


Short-Term Securities	Shares
Money Market Funds – 27.5%
BlackRock Cash Funds: Institutional, SL Agency Shares,
0.25%(b)(g)(h)		43,811,191		43,811,191
BlackRock Cash Funds: Prime, SL Agency Shares,
0.24%(b)(g)(h)		7,871,229		7,871,229

				51,682,420

Total Short-Term Securities (Cost – $ 51,682,420) – 27.5%				51,682,420

Total Investments Before TBA Sale Commitments (Cost – $ 231,322,312*) – 126.9%				237,936,248


TBA Sale Commitments(f)	Par (000)
Fannie Mae Mortgage Backed Securities:
3.50%, 2/01/26 - 4/01/42	$	1,100		(1,129,218	)
Ginnie Mae Mortgage Backed Securities:
4.00%, 3/15/41 - 4/01/42		500		(536,094	)

Total TBA Sale Commitments (Proceeds – $1,657,395) – (0.9)%				(1,665,312	)

Total Investments Net of TBA Sale Commitments – 126.0%				236,270,936
Liabilities in Excess of Other Assets – (26.0)%				(48,755,455	)

Net Assets – 100.0%			$	187,515,481


Schedule of Investments (continued)		Bold Index Master Portfolio

*	As of March 31, 2012, gross unrealized appreciation and gross unrealized depreciation based on cost for federal income tax purposes were as follows:


Tax cost	$	231,322,312

Gross unrealized appreciation	$	6,971,542
Gross unrealized depreciation		(357,606	)

Net unrealized appreciation	$	6,613,936

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

(b)	Investments in companies considered to be an affiliate of the Master Portfolio during the period, for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:


Affiliate	Shares/ Par held at December 31, 2011		Shares Purchased			Shares/ Par held at March 31, 2012		Value at March 31, 2012		Income
BlackRock Cash Funds: Institutional, SL Agency Shares		25,385,409		1,842,578,211	¹		43,811,191	$	43,811,191	$	13,879
BlackRock Cash Funds: Prime, SL Agency Shares		5,275,209		25,960,201	¹		7,871,229		7,871,229	$	1,907
PNC Funding Corp.		150		–			150		167,401	$	2,109

¹	Represents net shares purchased.

(c)	Step coupon security.

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

(e)	Variable rate security. Rate shown is as of report date.

(f)	Represents or includes a TBA transaction. Unsettled TBA transactions as of March 31, 2012 were as follows:


Counterparty	Market Value			Unrealized Appreciation (Depreciation)
Banc of America Securities	$	2,438,273		$	4,762
Barclays Capital Inc.	$	512,266		$	(834	)
BNP Paribas Securities	$	1,268,719		$	(2,250	)
Citigroup Global Markets	$	1,250,031		$	(2,236	)
Credit Suisse Securities	$	5,132,539		$	8,262
Deutsche Bank Securities	$	1,051,719		$	416
Goldman Sachs & Co.	$	964,453		$	2,115
JPMorgan Securities	$	2,241,562		$	1,601
Morgan Stanley Co.	$	552,266		$	(39	)
Nomura Securities	$	2,735,625		$	3,125
R.B.C. Dominion Securities	$	(536,094	)	$	1,250
RBS Securities	$	3,679,687		$	3,076
UBS Securities LLC	$	(1,129,218	)	$	(1	)
Wells Fargo Securities	$	2,521,609		$	56

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

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

GO	General Obligations

RB	Revenue Bond

TBA	To Be Announced

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 Master Portfolio management. This definition may not apply for purposes of this report, which may combine industry sub-classifications for reporting ease.


Schedule of Investments (concluded)		Bond Index Master Portfolio

•

Level 1– unadjusted price quotations in active markets/exchanges for identical assets and liabilities

•


Valuation Inputs	Level 1		Level 2			Level 3		Total
Assets:
Investments:
Long-Term Investments:
Asset-Backed Securities		–	$	317,376			–	$	317,376
Corporate Bonds		–		42,361,602			–		42,361,602
Foreign Agency Obligations		–		2,976,131			–		2,976,131
Non-Agency Mortgage- Backed Securities		–		3,770,880			–		3,770,880
Preferred Securities		–		136,066			–		136,066
Taxable Municipal Bonds		–		1,700,810			–		1,700,810
U.S. Government Sponsored Agency Securities		–		70,924,005			–		70,924,005
U.S. Treasury Obligations		–		64,066,958			–		64,066,958
Short-Term Securities:
Money Market Funds	$	51,682,420		–			–		51,682,420
Liabilities:
Long Term Investments:
TBA Sale Commitments:		–		(1,665,312	)		–		(1,665,312	)

Total	$	51,682,420	$	184,588,516			–	$	236,270,936

Certain of the Master Portfolio’s liabilities are held at carrying amount which approximates fair value. Collateral on securities loaned at value of $27,501,058 would be categorized as Level 1 within the disclosure hierarchy.

There were no transfers between levels during the period ended March 31, 2012.


Schedule of Investments March 31, 2012 (Unaudited)		S&P 500 Stock Master Portfolio
		(Percentages shown are based on Net Assets)


Common Stocks	Shares		Value
Consumer Discretionary – 10.6%
Auto Components – 0.3%
BorgWarner, Inc.(a)(b)		20,582	$	1,735,886
The Goodyear Tire & Rubber Co.(a)		45,685		512,585
Johnson Controls, Inc.		128,339		4,168,451

				6,416,922

Automobiles – 0.4%
Ford Motor Co.		716,549		8,949,697
Harley-Davidson, Inc.		42,992		2,110,047

				11,059,744

Distributors – 0.1%
Genuine Parts Co.(b)		29,368		1,842,842

Diversified Consumer Services – 0.1%
Apollo Group, Inc., Class A(a)		21,223		820,057
DeVry, Inc.		11,178		378,599
H&R Block, Inc.		55,064		906,904

				2,105,560

Hotels, Restaurants & Leisure – 1.9%
Carnival Corp.		85,387		2,739,215
Chipotle Mexican Grill, Inc.(a)		5,894		2,463,692
Darden Restaurants, Inc.(b)		24,197		1,237,919
International Game Technology		56,338		945,915
Marriott International, Inc., Class A(b)		50,400		1,907,640
McDonald’s Corp.		192,029		18,838,045
Starbucks Corp.		142,037		7,938,448
Starwood Hotels & Resorts Worldwide, Inc.		36,970		2,085,478
Wyndham Worldwide Corp.		27,495		1,278,792
Wynn Resorts Ltd.(b)		14,974		1,869,953
Yum! Brands, Inc.		86,801		6,178,495

				47,483,592

Household Durables – 0.2%
D.R. Horton, Inc.(b)		52,848		801,704
Harman International Industries, Inc.(b)		13,297		622,432
Leggett & Platt, Inc.(b)		26,566		611,284
Lennar Corp., Class A(b)		30,773		836,410
Newell Rubbermaid, Inc.		54,335		967,706
PulteGroup, Inc.(a)		63,362		560,754
Whirlpool Corp.(b)		14,380		1,105,247

				5,505,537

Internet & Catalog Retail – 0.9%
Amazon.com, Inc.(a)		68,636		13,899,476
Expedia, Inc.(b)		17,868		597,506
NetFlix, Inc.(a)		10,404		1,196,876
priceline.com, Inc.(a)		9,389		6,736,608
TripAdvisor, Inc.(a)		17,740		632,786

				23,063,252

Leisure Equipment & Products – 0.1%
Hasbro, Inc.(b)		21,930		805,270
Mattel, Inc.		63,929		2,151,850

				2,957,120


Schedule of Investments (continued)		S&P 500 Stock Master Portfolio
		(Percentages shown are based on Net Assets)


Common Stocks	Shares		Value
Media – 3.1%
Cablevision Systems Corp.		41,033	$	602,364
CBS Corp., Class B		122,368		4,149,499
Comcast Corp, Class A		508,369		15,256,154
DIRECTV, Class A(a)		127,495		6,290,603
Discovery Communications, Inc.(a)		48,826		2,470,596
Gannett Co., Inc.(b)		44,609		683,856
Interpublic Group of Cos., Inc.		84,126		959,878
The McGraw-Hill Cos., Inc.		52,488		2,544,093
News Corp., Class A		405,795		7,990,104
Omnicom Group, Inc.		51,497		2,608,323
Scripps Networks Interactive, Inc., Class A		18,018		877,296
Time Warner Cable, Inc.		59,214		4,825,941
Time Warner, Inc.		182,803		6,900,813
Viacom, Inc., Class B		101,832		4,832,947
The Walt Disney Co.		337,914		14,793,875
The Washington Post Co., Class B(b)		907		338,828

				76,125,170

Multiline Retail – 0.8%
Big Lots, Inc.(a)		12,275		528,070
Dollar Tree, Inc.(a)		22,439		2,120,261
Family Dollar Stores, Inc.(b)		22,250		1,407,980
J.C. Penney Co., Inc.(b)		27,378		970,003
Kohl’s Corp.(b)		47,777		2,390,283
Macy’s, Inc.		78,109		3,103,271
Nordstrom, Inc.		30,134		1,679,066
Sears Holdings Corp.(a)(b)		7,227		478,789
Target Corp.		126,615		7,377,856

				20,055,579

Specialty Retail – 2.0%
Abercrombie & Fitch Co., Class A		16,199		803,632
AutoNation, Inc.(a)		8,570		294,037
AutoZone, Inc.(a)		5,129		1,906,962
Bed Bath & Beyond, Inc.(a)		44,659		2,937,222
Best Buy Co., Inc.(b)		53,454		1,265,791
CarMax, Inc.(a)		42,769		1,481,946
GameStop Corp., Class A(b)		25,829		564,105
The Gap, Inc.		62,506		1,633,907
The Home Depot, Inc.		290,632		14,621,696
Limited Brands, Inc.(b)		46,370		2,225,760
Lowe’s Cos., Inc.(b)		233,963		7,341,759
O’Reilly Automotive, Inc.(a)		23,947		2,187,558
Ross Stores, Inc.		43,175		2,508,468
Staples, Inc.(b)		130,568		2,112,590
Tiffany & Co.		23,951		1,655,733
The TJX Cos., Inc.(b)		142,202		5,646,841
Urban Outfitters, Inc.(a)		20,759		604,295

				49,792,302

Textiles, Apparel & Luxury Goods – 0.7%
Coach, Inc.		54,252		4,192,594
NIKE, Inc., Class B(b)		69,215		7,505,675
Ralph Lauren Corp.		12,185		2,124,211
VF Corp.(b)		16,472		2,404,583

				16,227,063

Total Consumer Discretionary				262,634,683


Schedule of Investments (continued)		S&P 500 Stock Master Portfolio
		(Percentages shown are based on Net Assets)


Common Stocks	Shares		Value
Consumer Staples – 10.5%
Beverages – 2.4%
Beam, Inc.		29,560	$	1,731,329
Brown-Forman Corp., Class B		18,702		1,559,560
The Coca-Cola Co.		426,684		31,578,883
Coca-Cola Enterprises, Inc.		56,538		1,616,987
Constellation Brands, Inc.(a)		32,461		765,755
Dr Pepper Snapple Group, Inc.		39,979		1,607,555
Molson Coors Brewing Co., Class B		29,644		1,341,391
PepsiCo Inc.		296,114		19,647,164

				59,848,624

Food & Staples Retailing – 2.2%
Costco Wholesale Corp.		81,997		7,445,328
CVS Caremark Corp.		245,537		11,000,058
The Kroger Co.(b)		108,480		2,628,470
Safeway, Inc.(b)		50,672		1,024,081
SUPERVALU, Inc.(b)		39,885		227,743
Sysco Corp.		110,209		3,290,841
Wal-Mart Stores, Inc.(b)		329,287		20,152,364
Walgreen Co.		164,678		5,515,066
Whole Foods Market, Inc.		30,599		2,545,837

				53,829,788

Food Products – 1.7%
Archer Daniels Midland Co.		124,734		3,949,078
Campbell Soup Co.(b)		33,565		1,136,175
ConAgra Foods, Inc.		77,779		2,042,476
Dean Foods Co.(a)		34,561		418,534
General Mills, Inc.		121,533		4,794,477
H.J. Heinz Co.(b)		60,307		3,229,440
The Hershey Co.		28,920		1,773,664
Hormel Foods Corp.(b)		25,719		759,225
The J.M. Smucker Co.		21,372		1,738,826
Kellogg Co.		46,459		2,491,596
Kraft Foods, Inc., Class A		333,365		12,671,204
McCormick & Co., Inc.(b)		25,131		1,367,880
Mead Johnson Nutrition Co.		38,395		3,166,820
Sara Lee Corp.		111,526		2,401,155
Tyson Foods, Inc., Class A		54,740		1,048,271

				42,988,821

Household Products – 2.1%
The Clorox Co.(b)		24,431		1,679,631
Colgate-Palmolive Co.		90,415		8,840,779
Kimberly-Clark Corp.		74,220		5,484,116
The Procter & Gamble Co.		519,290		34,901,481

				50,906,007

Personal Products – 0.2%
Avon Products, Inc.		81,319		1,574,336
The Estee Lauder Cos., Inc., Class A		42,391		2,625,698

				4,200,034


Schedule of Investments (continued)		S&P 500 Stock Master Portfolio
		(Percentages shown are based on Net Assets)


Common Stocks	Shares		Value
Tobacco – 1.9%
Altria Group, Inc.		385,668	$	11,905,571
Lorillard, Inc.		24,887		3,222,369
Philip Morris International, Inc.		324,627		28,765,198
Reynolds American, Inc.		63,073		2,613,745

				46,506,883

Total Consumer Staples				258,280,157

Energy – 10.9%
Energy Equipment & Services – 1.7%
Baker Hughes, Inc.		82,493		3,459,756
Cameron International Corp.(a)		46,409		2,451,787
Diamond Offshore Drilling, Inc.		13,070		872,423
FMC Technologies, Inc.(a)		45,071		2,272,480
Halliburton Co.(b)		174,007		5,775,292
Helmerich & Payne, Inc.(b)		20,294		1,094,861
Nabors Industries Ltd.(a)		54,575		954,517
National Oilwell Varco, Inc.		79,978		6,355,852
Noble Corp.(a)		47,538		1,781,249
Rowan Cos., Inc.(a)		23,246		765,491
Schlumberger Ltd.		251,458		17,584,458

				43,368,166

Oil, Gas & Consumable Fuels – 9.2%
Alpha Natural Resources, Inc.(a)		41,237		627,215
Anadarko Petroleum Corp.		93,968		7,361,453
Apache Corp.		72,456		7,277,481
Cabot Oil & Gas Corp.		39,629		1,235,236
Chesapeake Energy Corp.(b)		124,896		2,893,840
Chevron Corp.		372,720		39,970,493
ConocoPhillips		241,261		18,338,249
CONSOL Energy, Inc.		42,861		1,461,560
Denbury Resources, Inc.(a)		73,498		1,339,868
Devon Energy Corp.		76,184		5,418,206
El Paso Corp.		145,703		4,305,524
EOG Resources, Inc.		50,730		5,636,103
EQT Corp.		28,222		1,360,583
Exxon Mobil Corp.(b)		888,591		77,067,497
Hess Corp.		57,044		3,362,744
Marathon Oil Corp.		132,708		4,206,844
Marathon Petroleum Corp.		65,576		2,843,375
Murphy Oil Corp.		36,550		2,056,668
Newfield Exploration Co.(a)		25,093		870,225
Noble Energy, Inc.		33,358		3,261,745
Occidental Petroleum Corp.		152,909		14,561,524
Peabody Energy Corp.		51,342		1,486,864
Pioneer Natural Resources Co.(b)		23,237		2,593,017
QEP Resources, Inc.		33,582		1,024,251
Range Resources Corp.		29,757		1,730,072
Southwestern Energy Co.(a)		65,801		2,013,511
Spectra Energy Corp.		122,758		3,873,015
Sunoco, Inc.		20,254		772,690
Tesoro Corp.(a)		26,251		704,577
Valero Energy Corp.		104,705		2,698,248
The Williams Cos., Inc.		111,640		3,439,628
WPX Energy, Inc.(a)		37,189		669,774

				226,462,080

Total Energy				269,830,246


Schedule of Investments (continued)		S&P 500 Stock Master Portfolio
		(Percentages shown are based on Net Assets)


Common Stocks	Shares		Value
Financials – 14.5%
Capital Markets – 2.0%
Ameriprise Financial, Inc.		41,904	$	2,393,976
The Bank of New York Mellon Corp.		227,135		5,480,768
BlackRock, Inc.(c)		18,923		3,877,323
The Charles Schwab Corp.		203,725		2,927,528
E*Trade Financial Corp.(a)		47,771		523,092
Federated Investors, Inc., Class B(b)		17,458		391,234
Franklin Resources, Inc.(b)		26,869		3,332,562
The Goldman Sachs Group, Inc.		93,304		11,604,218
Invesco Ltd.		83,919		2,238,120
Legg Mason, Inc.		23,572		658,366
Morgan Stanley		287,229		5,641,178
Northern Trust Corp.		45,454		2,156,792
State Street Corp.		91,972		4,184,726
T Rowe Price Group, Inc.		47,788		3,120,556

				48,530,439

Commercial Banks – 2.8%
BB&T Corp.		131,445		4,126,058
Comerica, Inc.(b)		37,194		1,203,598
Fifth Third Bancorp		173,416		2,436,495
First Horizon National Corp.(b)		48,570		504,157
Huntington Bancshares, Inc.		162,283		1,046,725
KeyCorp		179,831		1,528,563
M&T Bank Corp.(b)		23,830		2,070,350
PNC Financial Services Group, Inc.(c)		99,461		6,414,240
Regions Financial Corp.		237,784		1,566,997
SunTrust Banks, Inc.		100,524		2,429,665
U.S. Bancorp		360,266		11,413,227
Wells Fargo & Co.		994,170		33,940,964
Zions BanCorp.		34,845		747,774

				69,428,813

Consumer Finance – 0.9%
American Express Co.		191,326		11,070,122
Capital One Financial Corp.		104,337		5,815,745
Discover Financial Services		99,934		3,331,800
SLM Corp.		96,099		1,514,520

				21,732,187

Diversified Financial Services – 3.3%
Bank of America Corp.		2,023,382		19,363,766
Citigroup, Inc.		552,142		20,180,790
CME Group, Inc.		12,527		3,624,437
IntercontinentalExchange, Inc.(a)		13,685		1,880,593
JPMorgan Chase & Co.(b)		719,691		33,091,392
Leucadia National Corp.		37,468		977,915
Moody’s Corp.		37,008		1,558,037
The NASDAQ OMX Group, Inc.(a)		23,608		611,447
NYSE Euronext		48,640		1,459,686

				82,748,063


Schedule of Investments (continued)		S&P 500 Stock Master Portfolio
		(Percentages shown are based on Net Assets)


Common Stocks	Shares		Value
Insurance – 3.4%
ACE Ltd.		63,562	$	4,652,738
Aflac, Inc.		88,059		4,049,833
The Allstate Corp.(b)		93,973		3,093,591
American International Group, Inc.(a)		101,429		3,127,056
Aon Corp.		61,303		3,007,525
Assurant, Inc.		16,534		669,627
Berkshire Hathaway, Inc., Class B(a)		331,476		26,899,277
Chubb Corp.		51,114		3,532,489
Cincinnati Financial Corp.(b)		30,642		1,057,455
Genworth Financial, Inc., Class A(a)		92,111		766,364
Hartford Financial Services Group, Inc.(b)		82,853		1,746,541
Lincoln National Corp.(b)		54,859		1,446,083
Loews Corp.		57,603		2,296,632
Marsh & McLennan Cos., Inc.		102,447		3,359,237
MetLife, Inc.		199,902		7,466,340
Principal Financial Group, Inc.		56,828		1,676,994
The Progressive Corp.(b)		115,420		2,675,436
Prudential Financial, Inc.		88,608		5,616,861
Torchmark Corp.		18,898		942,065
The Travelers Cos., Inc.		74,104		4,386,957
Unum Group(b)		54,603		1,336,682
XL Group Plc		59,463		1,289,753

				85,095,536

Real Estate Investment Trusts (REITs) – 1.9%
American Tower Corp.		74,226		4,677,723
Apartment Investment & Management Co.		22,715		599,903
AvalonBay Communities, Inc.		17,949		2,537,091
Boston Properties, Inc.		27,954		2,934,890
Equity Residential(b)		56,603		3,544,480
HCP, Inc.(b)		77,204		3,046,470
Health Care REIT, Inc.		39,641		2,178,669
Host Hotels & Resorts, Inc.(b)		133,388		2,190,231
Kimco Realty Corp.(b)		76,804		1,479,245
Plum Creek Timber Co., Inc.		30,518		1,268,328
ProLogis, Inc.		86,527		3,116,703
Public Storage		26,803		3,703,370
Simon Property Group, Inc.		57,737		8,411,126
Ventas, Inc.(b)		54,467		3,110,066
Vornado Realty Trust(b)		34,892		2,937,906
Weyerhaeuser Co.		101,140		2,216,989

				47,953,190

Real Estate Management & Development – 0.1%
CB Richard Ellis Group Inc.(a)		61,947		1,236,462

Thrifts & Mortgage Finance – 0.1%
Hudson City Bancorp, Inc.(b)		99,104		724,450
People’s United Financial, Inc.		67,461		893,184

				1,617,634

Total Financials				358,342,324

Health Care – 11.1%
Biotechnology – 1.2%
Amgen, Inc.(b)		149,208		10,144,652


Schedule of Investments (continued)		S&P 500 Stock Master Portfolio
		(Percentages shown are based on Net Assets)


Common Stocks	Shares		Value
Biotechnology (concluded)
Biogen Idec, Inc.(a)		45,006	$	5,669,406
Celgene Corp.(a)		82,728		6,413,074
Gilead Sciences, Inc.(a)		142,775		6,974,559

				29,201,691

Health Care Equipment & Supplies – 1.7%
Baxter International, Inc.		105,641		6,315,219
Becton Dickinson & Co.(b)		39,623		3,076,726
Boston Scientific Corp.(a)		273,200		1,633,736
C.R. Bard, Inc.		15,826		1,562,343
CareFusion Corp.(a)		42,442		1,100,521
Covidien Plc		91,122		4,982,551
DENTSPLY International, Inc.(b)		26,663		1,069,986
Edwards Lifesciences Corp.(a)		21,697		1,578,023
Intuitive Surgical, Inc.(a)		7,410		4,014,367
Medtronic, Inc.(b)		196,181		7,688,333
St. Jude Medical, Inc.		60,413		2,676,900
Stryker Corp.(b)		61,056		3,387,387
Varian Medical Systems, Inc.(a)		21,323		1,470,434
Zimmer Holdings, Inc.		33,506		2,153,766

				42,710,292

Health Care Providers & Services – 2.1%
Aetna, Inc.		66,084		3,314,773
AmerisourceBergen Corp.		48,607		1,928,726
Cardinal Health, Inc.		65,169		2,809,435
Cigna Corp.		54,014		2,660,189
Coventry Health Care, Inc.		26,640		947,585
DaVita, Inc.(a)		17,680		1,594,206
Express Scripts, Inc.(a)		91,393		4,951,673
Humana, Inc.		30,927		2,860,129
Laboratory Corp. of America Holdings(a)		18,295		1,674,724
McKesson Corp.		46,397		4,072,265
Medco Health Solutions, Inc.(a)		73,172		5,143,992
Patterson Cos., Inc.		16,404		547,894
Quest Diagnostics Inc.(b)		29,856		1,825,694
Tenet Healthcare Corp.(a)(b)		77,820		413,224
UnitedHealth Group, Inc.(b)		197,006		11,611,534
WellPoint, Inc.		63,109		4,657,444

				51,013,487

Health Care Technology – 0.1%
Cerner Corp.(a)		27,510		2,095,162

Life Sciences Tools & Services – 0.4%
Agilent Technologies, Inc.(b)		65,535		2,916,963
Life Technologies Corp.(a)		33,634		1,642,012
PerkinElmer, Inc.		21,231		587,249
Thermo Fisher Scientific, Inc.		68,973		3,888,698
Waters Corp.(a)		16,821		1,558,634

				10,593,556

Pharmaceuticals – 5.6%
Abbott Laboratories(b)		296,437		18,168,624
Allergan, Inc.(b)		57,396		5,477,300
Bristol-Myers Squibb Co.(b)		318,257		10,741,174
Eli Lilly & Co.(b)		192,517		7,752,659
Forest Laboratories, Inc.(a)		50,127		1,738,906
Hospira, Inc.(a)		31,099		1,162,792
Johnson & Johnson(b)		517,533		34,136,477
Merck & Co., Inc.		573,889		22,037,337


Schedule of Investments (continued)		S&P 500 Stock Master Portfolio
		(Percentages shown are based on Net Assets)


Common Stocks	Shares		Value
Pharmaceuticals (concluded)
Mylan, Inc.(a)		80,489	$	1,887,467
Perrigo Co.(b)		17,594		1,817,636
Pfizer, Inc.(b)		1,421,245		32,205,412
Watson Pharmaceuticals, Inc.(a)		24,009		1,610,043

				138,735,827

Total Health Care				274,350,015

Industrials – 10.2%
Aerospace & Defense – 2.5%
The Boeing Co.		140,591		10,455,753
General Dynamics Corp.		67,271		4,936,346
Goodrich Corp.		23,717		2,975,060
Honeywell International, Inc.		146,179		8,924,228
L-3 Communications Holdings, Inc.		18,641		1,319,224
Lockheed Martin Corp.		50,259		4,516,274
Northrop Grumman Corp.(b)		47,653		2,910,645
Precision Castparts Corp.		27,367		4,731,754
Raytheon Co.(b)		64,074		3,381,826
Rockwell Collins, Inc.		27,975		1,610,241
Textron, Inc.(b)		52,786		1,469,034
United Technologies Corp.		171,593		14,231,923

				61,462,308

Air Freight & Logistics – 1.0%
C.H. Robinson Worldwide, Inc.		30,794		2,016,699
Expeditors International of Washington, Inc.		39,983		1,859,609
FedEx Corp.		59,289		5,452,216
United Parcel Service, Inc., Class B(b)		180,748		14,589,979

				23,918,503

Airlines – 0.0%
Southwest Airlines Co.(b)		145,326		1,197,486

Building Products – 0.0%
Masco Corp.(b)		66,981		895,536

Commercial Services & Supplies – 0.4%
Avery Dennison Corp.(b)		19,913		599,979
Cintas Corp.(b)		20,689		809,354
Iron Mountain, Inc.		32,273		929,462
Pitney Bowes, Inc.(b)		37,515		659,514
R.R. Donnelley & Sons Co.(b)		33,867		419,612
Republic Services, Inc.		59,310		1,812,514
Stericycle, Inc.(a)		15,993		1,337,654
Waste Management, Inc.(b)		86,979		3,040,786

				9,608,875

Construction & Engineering – 0.2%
Fluor Corp.		31,887		1,914,495
Jacobs Engineering Group, Inc.(a)		24,305		1,078,413
Quanta Services, Inc.(a)		40,040		836,836

				3,829,744

Electrical Equipment – 0.5%
Cooper Industries Plc, Class A		29,882		1,910,954
Emerson Electric Co.		138,462		7,224,947
Rockwell Automation, Inc.		26,844		2,139,467
Roper Industries, Inc.		18,269		1,811,554

				13,086,922


Schedule of Investments (continued)		S&P 500 Stock Master Portfolio
		(Percentages shown are based on Net Assets)


Common Stocks	Shares		Value
Industrial Conglomerates – 2.5%
3M Co.		130,942	$	11,681,336
Danaher Corp.(b)		107,859		6,040,104
General Electric Co.		1,994,898		40,037,603
Tyco International Ltd.		86,904		4,882,266

				62,641,309

Machinery – 2.0%
Caterpillar, Inc.		122,080		13,003,962
Cummins, Inc.		36,184		4,343,527
Deere & Co.		75,756		6,128,660
Dover Corp.		34,699		2,183,955
Eaton Corp.		63,098		3,144,173
Flowserve Corp.		10,268		1,186,057
Illinois Tool Works, Inc.		91,205		5,209,630
Ingersoll-Rand Plc		56,174		2,322,795
Joy Global, Inc.(b)		19,965		1,467,428
PACCAR, Inc.(b)		67,280		3,150,722
Pall Corp.(b)		21,799		1,299,874
Parker Hannifin Corp.		28,449		2,405,363
Snap-on, Inc.(b)		10,967		668,658
Stanley Black & Decker, Inc.		31,964		2,459,950
Xylem, Inc.		34,683		962,453

				49,937,207

Professional Services – 0.1%
The Dun & Bradstreet Corp.		9,019		764,180
Equifax, Inc.		22,601		1,000,320
Robert Half International, Inc.(b)		26,658		807,738

				2,572,238

Road & Rail – 0.8%
CSX Corp.		198,379		4,269,116
Norfolk Southern Corp.		62,240		4,097,259
Ryder System, Inc.		9,584		506,035
Union Pacific Corp.		90,507		9,727,693

				18,600,103

Trading Companies & Distributors – 0.2%
Fastenal Co.(b)		55,666		3,011,531
W.W. Grainger, Inc.(b)		11,499		2,470,100

				5,481,631

Total Industrials				253,231,862

Information Technology – 19.9%
Communications Equipment – 2.2%
Cisco Systems, Inc.		1,015,413		21,475,985
F5 Networks, Inc.(a)		14,940		2,016,302
Harris Corp.(b)		21,480		968,318
JDS Uniphase Corp.(a)		43,105		624,592
Juniper Networks, Inc.(a)		99,230		2,270,382
Motorola Mobility Holdings, Inc.(a)		49,690		1,949,836
Motorola Solutions, Inc.		55,469		2,819,489
QUALCOMM, Inc.		318,884		21,690,490

				53,815,394


Schedule of Investments (continued)		S&P 500 Stock Master Portfolio
		(Percentages shown are based on Net Assets)


Common Stocks	Shares		Value
Computers & Peripherals – 5.6%
Apple, Inc.(a)		175,782	$	105,376,035
Dell, Inc.(a)		287,885		4,778,891
EMC Corp.(a)		387,066		11,565,532
Hewlett-Packard Co.		372,594		8,878,915
Lexmark International, Inc., Class A(b)		13,338		443,355
NetApp, Inc.(a)		68,431		3,063,656
SanDisk Corp.(a)		45,696		2,266,065
Western Digital Corp.(a)		44,125		1,826,334

				138,198,783

Electronic Equipment, Instruments & Components – 0.4%
Amphenol Corp., Class A		30,737		1,837,150
Corning, Inc.		286,911		4,039,707
FLIR Systems, Inc.		29,047		735,180
Jabil Circuit, Inc.(b)		34,913		877,015
Molex, Inc.(b)		25,752		724,146
TE Connectivity Ltd.		80,344		2,952,642

				11,165,840

Internet Software & Services – 1.8%
Akamai Technologies, Inc.(a)		33,517		1,230,074
eBay, Inc.(a)		215,932		7,965,732
Google, Inc., Class A(a)		47,813		30,659,608
VeriSign, Inc.		30,167		1,156,603
Yahoo!, Inc.(a)		228,820		3,482,640

				44,494,657

IT Services – 3.8%
Accenture Plc, Class A		122,018		7,870,161
Automatic Data Processing, Inc.		92,486		5,104,302
Cognizant Technology Solutions Corp., Class A(a)		57,194		4,401,078
Computer Sciences Corp.(b)		29,133		872,242
Fidelity National Information Services, Inc.		44,162		1,462,646
Fiserv, Inc.(a)		26,079		1,809,622
International Business Machines Corp.		218,445		45,578,549
MasterCard, Inc., Class A		20,035		8,425,519
Paychex, Inc.		60,807		1,884,409
SAIC, Inc.(a)		51,745		683,034
Teradata Corp.(a)		31,558		2,150,678
Total System Services, Inc.		30,251		697,891
Visa, Inc., Class A		93,784		11,066,512
The Western Union Co.(b)		116,944		2,058,214

				94,064,857

Office Electronics – 0.1%
Xerox Corp.(b)		250,533		2,024,307

Semiconductors & Semiconductor Equipment – 2.3%
Advanced Micro Devices, Inc.(a)		111,116		891,150
Altera Corp.		60,774		2,420,021
Analog Devices, Inc.(b)		56,147		2,268,339
Applied Materials, Inc.		243,482		3,028,916
Broadcom Corp., Class A(a)		92,471		3,634,110
First Solar, Inc.(a)(b)		10,949		274,272
Intel Corp.(b)		941,900		26,476,809
KLA-Tencor Corp.		31,452		1,711,618


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)
Linear Technology Corp.		43,221	$	1,456,548
LSI Corp.(a)		107,322		931,555
Microchip Technology, Inc.(b)		36,274		1,349,393
Micron Technology, Inc.(a)		186,330		1,509,273
Novellus Systems, Inc.(a)		13,412		669,393
NVIDIA Corp.(a)		115,174		1,772,528
Teradyne, Inc.(a)		34,890		589,292
Texas Instruments, Inc.		215,859		7,255,021
Xilinx, Inc.		49,364		1,798,330

				58,036,568

Software – 3.7%
Adobe Systems, Inc.(a)		93,093		3,194,021
Autodesk, Inc.(a)		42,585		1,802,197
BMC Software, Inc.(a)		30,946		1,242,791
CA, Inc.		68,533		1,888,769
Citrix Systems, Inc.(a)		34,986		2,760,745
Electronic Arts, Inc.(a)		62,696		1,033,230
Intuit, Inc.		55,597		3,343,048
Microsoft Corp.		1,407,911		45,405,130
Oracle Corp.		739,069		21,551,252
Red Hat, Inc.(a)		36,412		2,180,715
Salesforce.com, Inc.(a)		25,640		3,961,636
Symantec Corp.(a)		137,721		2,575,383

				90,938,917

Total Information Technology				492,739,323

Materials – 3.4%
Chemicals – 2.2%
Air Products & Chemicals, Inc.		39,705		3,644,919
Airgas, Inc.		12,997		1,156,343
CF Industries Holdings, Inc.(b)		12,344		2,254,632
The Dow Chemical Co.(b)		223,476		7,741,209
E.I. du Pont de Nemours & Co.		175,756		9,297,492
Eastman Chemical Co.		25,853		1,336,342
Ecolab, Inc.(b)		54,913		3,389,230
FMC Corp.(b)		13,147		1,391,741
International Flavors & Fragrances, Inc.		15,334		898,572
Monsanto Co.		100,941		8,051,054
The Mosaic Co.		56,140		3,103,981
PPG Industries, Inc.		28,687		2,748,215
Praxair, Inc.		56,259		6,449,532
The Sherwin-Williams Co.		16,306		1,771,973
Sigma-Aldrich Corp.(b)		22,773		1,663,795

				54,899,030

Construction Materials – 0.1%
Vulcan Materials Co.(b)		24,418		1,043,381

Containers & Packaging – 0.1%
Ball Corp.		29,418		1,261,444
Bemis Co., Inc.(b)		19,559		631,560
Owens-Illinois, Inc.(a)		30,834		719,666
Sealed Air Corp.		36,058		696,280

				3,308,950

Metals & Mining – 0.8%
Alcoa, Inc.		200,980		2,013,820
Allegheny Technologies, Inc.		20,214		832,210


Schedule of Investments (continued)		S&P 500 Stock Master Portfolio
		(Percentages shown are based on Net Assets)


Common Stocks	Shares		Value
Metals & Mining (concluded)
Cliffs Natural Resources, Inc.(b)		26,814	$	1,857,138
Freeport-McMoRan Copper & Gold, Inc.		178,701		6,797,786
Newmont Mining Corp.		93,333		4,785,183
Nucor Corp.(b)		59,740		2,565,833
Titanium Metals Corp.(b)		15,416		209,041
United States Steel Corp.(b)		27,023		793,665

				19,854,676

Paper & Forest Products – 0.2%
International Paper Co.		82,400		2,892,240
MeadWestvaco Corp.		32,360		1,022,252

				3,914,492

Total Materials				83,020,529

Telecommunication Services – 2.7%
Diversified Telecommunication Services – 2.5%
AT&T, Inc.(b)		1,117,754		34,907,457
CenturyLink, Inc.		116,813		4,514,822
Frontier Communications Corp.(b)		188,663		786,725
Verizon Communications, Inc.		534,583		20,437,108
Windstream Corp.(b)		110,756		1,296,953

				61,943,065

Wireless Telecommunication Services – 0.2%
Crown Castle International Corp.(a)		47,197		2,517,488
MetroPCS Communications, Inc.(a)		54,932		495,487
Sprint Nextel Corp.(a)		565,397		1,611,381

				4,624,356

Total Telecommunication Services				66,567,421

Utilities – 3.3%
Electric Utilities – 1.8%
American Electric Power Co., Inc.		91,137		3,516,066
Duke Energy Corp.(b)		251,839		5,291,137
Edison International(b)		61,422		2,611,049
Entergy Corp.		33,297		2,237,559
Exelon Corp.		160,461		6,291,676
FirstEnergy Corp.		78,843		3,594,452
NextEra Energy, Inc.(b)		78,467		4,792,764
Northeast Utilities(b)		33,512		1,243,966
Pepco Holdings, Inc.(b)		43,151		815,122
Pinnacle West Capital Corp.		20,496		981,758
PPL Corp.		109,199		3,085,964
Progress Energy, Inc.		55,655		2,955,837
Southern Co.		163,373		7,340,349

				44,757,699

Gas Utilities – 0.1%
AGL Resources, Inc.		22,191		870,331
ONEOK, Inc.		19,600		1,600,536

				2,470,867

Independent Power Producers & Energy Traders – 0.1%
The AES Corp.(a)(b)		121,399		1,586,685
NRG Energy, Inc.(a)		42,882		671,961

				2,258,646


Schedule of Investments (continued)		S&P 500 Stock Master Portfolio
		(Percentages shown are based on Net Assets)


Common Stocks	Shares		Value
Multi-Utilities – 1.3%
Ameren Corp.		45,802	$	1,492,229
Centerpoint Energy, Inc.		80,402		1,585,528
CMS Energy Corp.(b)		48,669		1,070,718
Consolidated Edison, Inc.		55,215		3,225,660
Dominion Resources, Inc.(b)		107,484		5,504,256
DTE Energy Co.		31,945		1,757,933
Integrys Energy Group, Inc.(b)		14,661		776,886
NiSource, Inc.(b)		53,312		1,298,147
PG&E Corp.		77,690		3,372,523
Public Service Enterprise Group, Inc.(b)		95,401		2,920,225
SCANA Corp.(b)		21,769		992,884
Sempra Energy(b)		45,357		2,719,606
TECO Energy, Inc.		40,517		711,073
Wisconsin Energy Corp.(b)		43,445		1,528,395
Xcel Energy, Inc.		91,777		2,429,337

				31,385,400

Total Utilities				80,872,612

Total Long-Term Investments (Cost – $ 1,788,250,854) – 97.1 %				2,399,869,172


Short-Term Securities
Money Market Funds – 13.6%
BlackRock Cash Funds: Institutional, SL Agency Shares,
0.25%(c)(d)(e)		257,702,518		257,702,518
BlackRock Cash Funds: Prime, SL Agency Shares,
0.24%(c)(d)(e)		78,052,833		78,052,833

				335,755,351

	Par (000)
U.S. Treasury Obligations – 0.2%
U.S. Treasury Bill,
0.08%, 6/21/12(f)(g)	$	4,155		4,154,431

Total Short-Term Securities (Cost – $ 339,909,487) – 13.8 %				339,909,782

*Total Investments (Cost – $2,128,160,341) – 110.9 %**				2,739,778,954
Liabilities in Excess of Other Assets – (10.9)%				(268,931,189	)

Net Assets – 100.0%			$	2,470,847,765

*	As of March 31, 2012, gross unrealized appreciation and gross unrealized depreciation based on cost for federal income tax purposes were as follows:


Tax cost	$	2,128,160,342

Gross unrealized appreciation	$	808,354,131
Gross unrealized depreciation		(196,735,519	)

Net unrealized appreciation	$	611,618,612

(a)	Non-income producing security.

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


Schedule of Investments (continued)		S&P 500 Stock Master Portfolio

(c)	Investments in companies considered to be an affiliate of the Master Portfolio during the period, 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, 2011		Shares Purchased			Shares Sold			Shares held at March 31, 2012		Value at March 31, 2012		Realized (Loss)			Income
BlackRock Cash Funds: Institutional, SL Agency Shares		170,771,686		86,930,832	¹		–			257,702,518	$	257,702,518		–		$	121,300
BlackRock Cash Funds: Prime, SL Agency Shares		53,764,558		24,288,275	¹		–			78,052,833	$	78,052,833		–		$	38,939
BlackRock, Inc.		18,408		1,090			(575	)		18,923	$	3,877,323	$	(10,782	)	$	28,032
PNC Financial Services Group, Inc.		96,666		5,820			(3,025	)		99,461	$	6,414,240	$	(38,344	)	$	33,611

¹	Represents net shares purchased.

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

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

(f)	All or a portion of security has been pledged as collateral in connection with open financial futures contracts.

(g)	Rate shown is the yield to maturity as of the date of purchase.

•

Financial futures contracts purchased as of March 31, 2012 were as follows:

Contracts

Issue

Exchange

Expiration

Notional Value

Unrealized
Appreciation

1,001

S&P 500 Index

Chicago

June 2012

70,232,663

2,009,746

•

Level 1 – unadjusted price quotations in active markets/exchanges for identical assets and liabilities

•


Schedule of Investments (concluded)		S&P 500 Stock Master Portfolio

financial instruments is based on the pricing transparency of the investment and derivative financial instrument and is not necessarily an indication of the risks associated with investing in those securities. For information about the Master Portfolio’s policy regarding valuation of investments and derivative financial instruments and other significant accounting policies, please refer to the Master Portfolio’s most recent financial statements as contained in its annual report. The following tables summarize the inputs used as of March 31, 2012 in determining the fair valuation of the Master Portfolio’s investments and derivative financial instruments:

Valuation Inputs

Level 1

Level 2

Level 3

Total

Assets:

Investments:

Long-Term Investments¹:

Common Stocks

2,399,869,172

–

2,399,869,172

Short-Term Securities:

Money Market Funds

335,755,351

–

335,755,351

U.S. Treasury Obligations

–

4,154,431

–

4,154,431

Total

2,735,624,523

4,154,431

–

2,739,778,954

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

Valuation Inputs

Level 1

Level 2

Level 3

Total

Derivative Financial Instruments²

Assets:

Equity Contracts

2,009,746

–

2,009,746

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

Certain of the Master Portfolio’s liabilities are held at carrying amount which approximates fair value. Collateral on securities loaned at value of $272,706,526 would be categorized as Level 1 within the disclosure hierarchy.

There were no transfers between levels during the period ended March 31, 2012.


Schedule of Investments March 31, 2012 (Unaudited)		LifePath Retirement Master Portfolio
		(Percentages shown are based on Net Assets)


Affiliated Investment Companies(a)	Shares/Beneficial Interest		Value
Equity Funds – 37.8%
Active Stock Master Portfolio	$	302,009,049	$	302,009,049
ACWI ex-US Index Master Portfolio	$	6,186,094		6,186,094
iShares Cohen & Steers Realty Majors Index Fund		29,014		2,223,633
iShares FTSE EPRA/NAREIT Developed Real Estate ex-U.S. Index Fund(b)		61,659		1,772,080
iShares MSCI Canada Index Fund		488,978		13,857,636
iShares MSCI EAFE Index Fund		1,729,494		94,949,220
iShares MSCI EAFE Small Cap Index Fund(b)		354,938		14,243,662
iShares MSCI Emerging Markets Index Fund		883,753		37,948,354
Master Small Cap Index Series	$	60,230,689		60,230,689

				533,420,417

Fixed Income Funds – 61.6%
CoreAlpha Bond Master Portfolio	$	742,941,203		742,941,203
iShares Barclays TIPS Bond Fund		1,066,484		125,471,843

				868,413,046

Short-Term Securities – 0.8%
BlackRock Cash Funds: Institutional, SL Agency Shares,
0.25%(c)(d)		9,490,105		9,490,105
BlackRock Cash Funds: Prime, SL Agency Shares,
0.24%(c)(d)		2,186,672		2,186,672

				11,676,777

Total Affiliated Investment Companies (Cost – $ 1,135,946,617*) – 100.2 %				1,413,510,240
Liabilities in Excess of Other Assets – (0.2)%				(2,798,286	)

Net Assets – 100.0%			$	1,410,711,954

*	As of March 31, 2012, gross unrealized appreciation and gross unrealized depreciation based on cost for federal income tax purposes were as follows:


Aggregate cost	$	1,138,268,585

Gross unrealized appreciation	$	277,563,623
Gross unrealized depreciation		(2,321,968	)

Net unrealized appreciation	$	275,241,655


Schedule of Investments (continued)		LifePath Retirement Master Portfolio

(a)	Investments in companies considered to be an affiliate of the Master Portfolio during the period, 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, 2011		Shares/ Beneficial Interest Purchased			Shares/ Beneficial Interest Sold			Shares/ Beneficial Interest held at March 31, 2012		Value at March 31, 2012		Realized Gain (Loss)			Income
Active Stock Master Portfolio	$	298,043,934	$	3,965,115	¹		–		$	302,009,049	$	302,009,049	$	7,902,240		$	1,557,659
ACWI ex-US Index Master Portfolio	$	5,548,263	$	637,8311			–		$	6,186,094	$	6,186,094	$	14,287		$	24,013
BlackRock Cash Funds: Institutional, SL Agency Shares		19,603,098		–			(10,112,993	)²		9,490,105	$	9,490,105		–		$	10,685
BlackRock Cash Funds: Prime, SL Agency Shares		5,266,000		–			(3,079,328	)²		2,186,672	$	2,186,672		–		$	3,660
CoreAlpha Bond Master Portfolio	$	725,793,169	$	17,148,0341			–		$	742,941,203	$	742,941,203	$	(1,022,845	)	$	5,420,811
iShares Barclays TIPS Bond Fund		1,059,111		10,752			(3,379	)		1,066,484	$	125,471,843	$	36,137			–
iShares Cohen & Steers Realty Majors Index Fund		19,438		9,576			–			29,014	$	2,223,633		–		$	11,565
iShares FTSE EPRA/NAREIT Developed Real Estate ex-U.S. Index Fund		59,926		1,733			–			61,659	$	1,772,080		–		$	12,977
iShares MSCI Canada Index Fund		520,174		–			(31,196	)		488,978	$	13,857,636	$	(118,873	)		–
iShares MSCI EAFE Index Fund		1,903,131		–			(173,637	)		1,729,494	$	94,949,220	$	176,486			–
iShares MSCI EAFE Small Cap Index Fund		354,938		–			–			354,938	$	14,243,662		–			–
iShares MSCI Emerging Markets Index Fund		939,069		–			(55,316	)		883,753	$	37,948,354	$	(273,022	)		–
Master Small Cap Index Series	$	59,483,717	$	746,9721			–		$	60,230,689	$	60,230,689	$	(491,045	)	$	274,461

¹	Represents net shares/beneficial interest purchased.

²	Represents net shares sold.

(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 this security was purchased with the cash collateral from loaned securities.

•

Level 1 – unadjusted price quotations in active markets/exchanges for identical assets and liabilities

•


Schedule of Investments (concluded)		LifePath Retirement Master Portfolio

•

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. 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 risk associated with investing in those securities. For information about the Master Portfolio’s policy regarding valuation of investments and derivative financial instruments and other significant accounting policies, please refer to the Master Portfolio’s most recent financial statements as contained in its annual report. The following table summarizes the inputs used as of March 31, 2012 in determining the fair valuation of the Master Portfolio’s investments:


Valuation Inputs	Level 1		Level 2		Level 3		Total
Assets:
Investments:
Affiliated Investment Companies	$	302,143,205	$	1,111,367,035		–	$	1,413,510,240

Certain of the Master Portfolio’s liabilities are held at carrying amount which approximates fair value. Collateral on securities loaned at value of $7,639,950 would be categorized as Level 1 within the disclosure hierarchy.

There were no transfers between levels during the period ended March 31, 2012.


Schedule of Investments March 31, 2012 (Unaudited)		LifePath 2020 Master Portfolio
		(Percentages shown are based on Net Assets)


Affiliated Investment Companies(a)	Shares/Beneficial Interest		Value
Equity Funds – 54.7%
Active Stock Master Portfolio	$	767,597,315	$	767,597,315
ACWI ex-US Index Master Portfolio	$	7,756,021		7,756,021
iShares Cohen & Steers Realty Majors Index Fund(b)		519,993		39,852,264
iShares FTSE EPRA/NAREIT Developed Real Estate ex-U.S. Index Fund(b)		1,556,485		44,733,379
iShares MSCI Canada Index Fund(b)		1,190,355		33,734,661
iShares MSCI EAFE Index Fund(b)		4,277,066		234,810,923
iShares MSCI EAFE Small Cap Index Fund		848,248		34,040,192
iShares MSCI Emerging Markets Index Fund		2,161,543		92,816,656
Master Small Cap Index Series	$	86,612,595		86,612,595

				1,341,954,006

Fixed Income Funds – 44.4%
CoreAlpha Bond Master Portfolio	$	937,420,830		937,420,830
iShares Barclays TIPS Bond Fund(b)		1,289,423		151,700,616

				1,089,121,446

Short-Term Securities – 1.7%
BlackRock Cash Funds: Institutional, SL Agency Shares,
0.25%(c)(d)		31,857,038		31,857,038
BlackRock Cash Funds: Prime, SL Agency Shares,
0.24%(c)(d)		10,558,405		10,558,405

				42,415,443

Total Affiliated Investment Companies (Cost – $ 2,055,747,260*) – 100.8 %				2,473,490,895
Liabilities in Excess of Other Assets – (0.8)%				(18,755,880	)

Net Assets – 100.0%			$	2,454,735,015

*	As of March 31, 2012, gross unrealized appreciation and gross unrealized depreciation based on cost for federal income tax purposes were as follows:


Aggregate cost	$	2,075,012,239

Gross unrealized appreciation	$	418,572,263
Gross unrealized depreciation		(20,093,607	)

Net unrealized appreciation	$	398,478,656


Schedule of Investments (continued)		LifePath 2020 Master Portfolio

(a)	Investments in companies considered to be an affiliate of the Master Portfolio during the period, 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, 2011		Shares/ Beneficial Interest Purchased			Shares/ Beneficial Interest Sold			Shares/ Beneficial Interest held at March 31, 2012		Value at March 31, 2012		Realized Gain (Loss)			Income
Active Stock Master Portfolio	$	748,693,513	$	18,903,802	¹		–		$	767,597,315	$	767,597,315	$	20,257,878		$	3,967,713
ACWI ex-US Index Master Portfolio	$	5,969,722	$	1,786,299	¹		–		$	7,756,021	$	7,756,021	$	17,913		$	30,107
BlackRock Cash Funds: Institutional, SL Agency Shares		101,724,838		–			(69,867,800	)²		31,857,038	$	31,857,038		–		$	27,524
BlackRock Cash Funds: Prime, SL Agency Shares		32,812,403		–			(22,253,998	)²		10,558,405	$	10,558,405		–		$	9,974
CoreAlpha Bond Master Portfolio	$	877,647,887	$	59,772,943	¹		–		$	937,420,830	$	937,420,830	$	(1,284,191	)	$	6,695,212
iShares Barclays TIPS Bond Fund		1,219,031		80,364			(9,972	)		1,289,423	$	151,700,616	$	97,486			–
iShares Cohen & Steers Realty Majors Index Fund		513,326		33,686			(27,019	)		519,993	$	39,852,264	$	(66,230	)	$	289,345
iShares FTSE EPRA/NAREIT Developed Real Estate ex-U.S. Index Fund		1,583,649		27,720			(54,884	)		1,556,485	$	44,733,379	$	(443,379	)	$	331,057
iShares MSCI Canada Index Fund		1,190,355		–			–			1,190,355	$	33,734,661	$	–			–
iShares MSCI EAFE Index Fund		4,619,681		11,401			(354,016	)		4,277,066	$	234,810,923	$	(644,202	)		–
iShares MSCI EAFE Small Cap Index Fund		848,248		–			–			848,248	$	34,040,192		–			–
iShares MSCI Emerging Markets Index Fund		2,251,118		–			(89,575	)		2,161,543	$	92,816,656	$	(638,856	)		–
Master Small Cap Index Series	$	86,267,134	$	345,461	¹		–		$	86,612,595	$	86,612,595	$	(706,130	)	$	394,679

¹	Represents net shares/beneficial interest purchased.

²	Represents net shares sold.

(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 this security was purchased with the cash collateral from loaned securities.

•

Level 1 – unadjusted price quotations in active markets/exchanges for identical assets and liabilities

•


Schedule of Investments (concluded)		LifePath 2020 Master Portfolio

•

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. 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 risk associated with investing in those securities. For information about the Master Portfolio’s policy regarding valuation of investments and derivative financial instruments and other significant accounting policies, please refer to the Master Portfolio’s most recent financial statements as contained in its annual report. The following table summarizes the inputs used as of March 31, 2012 in determining the fair valuation of the Master Portfolio’s investments:


Valuation Inputs	Level 1		Level 2		Level 3		Total
Assets:
Investments:
Affiliated Investment Companies	$	674,104,134	$	1,799,386,761		–	$	2,473,490,895

Certain of the Master Portfolio’s liabilities are held at carrying amount which approximates fair value. Collateral on securities loaned at value of $36,889,705 would be categorized as Level 1 within the disclosure hierarchy.

There were no transfers between levels during the period ended March 31, 2012.


Schedule of Investments March 31, 2012 (Unaudited)		LifePath 2025 Master Portfolio
		(Percentages shown are based on Net Assets)


Affiliated Investment Companies(a)	Shares/Beneficial Interest		Value
Equity Funds – 63.7%
Active Stock Master Portfolio	$	5,730,705	$	5,730,705
ACWI ex-US Index Master Portfolio	$	326,094		326,094
iShares Cohen & Steers Realty Majors Index Fund(b)		4,779		366,263
iShares FTSE EPRA/NAREIT Developed Real Estate ex-U.S. Index Fund		14,341		412,160
iShares MSCI Canada Index Fund		7,581		214,846
iShares MSCI EAFE Index Fund		27,970		1,535,553
iShares MSCI EAFE Small Cap Index Fund		6,007		241,061
iShares MSCI Emerging Markets Index Fund		14,018		601,933
Master Small Cap Index Series	$	526,126		526,126

				9,954,741

Fixed Income Funds – 36.3%
CoreAlpha Bond Master Portfolio	$	4,906,866		4,906,866
iShares Barclays TIPS Bond Fund		6,459		759,901

				5,666,767

Short-Term Securities – 1.8%
BlackRock Cash Funds: Institutional, SL Agency Shares,
0.25%(c)(d)		198,764		198,764
BlackRock Cash Funds: Prime, SL Agency Shares,
0.24%(c)(d)		75,418		75,418

				274,182

Total Affiliated Investment Companies (Cost – $ 15,279,628*) – 101.8 %				15,895,690
Liabilities in Excess of Other Assets – (1.8)%				(274,084	)

Net Assets – 100.0%			$	15,621,606

*	As of March 31, 2012, gross unrealized appreciation and gross unrealized depreciation based on cost for federal income tax purposes were as follows:


Aggregate cost	$	15,279,628

Gross unrealized appreciation	$	734,528
Gross unrealized depreciation		(118,466	)

Net unrealized appreciation	$	616,062


Schedule of Investments (continued)		LifePath 2025 Master Portfolio

(a)	Investments in companies considered to be an affiliate of the Master Portfolio during the period, 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, 2011		Shares/ Beneficial Interest Purchased			Shares/ Beneficial Interest Sold			Shares/ Beneficial Interest held at March 31, 2012		Value at March 31, 2012		Realized Gain (Loss)			Income
Active Stock Master Portfolio	$	4,575,528	$	1,155,177	¹		–		$	5,730,705	$	5,730,705	$	143,253		$	27,403
ACWI ex-US Index Master Portfolio	$	71,013	$	255,081	¹		–		$	326,094	$	326,094	$	753		$	1,266
BlackRock Cash Funds: Institutional, SL Agency Shares		253,632		–			(54,868	)²		198,764	$	198,764		–		$	93
BlackRock Cash Funds: Prime, SL Agency Shares		77,542		–			(2,124	)²		75,418	$	75,418		–		$	25
CoreAlpha Bond Master Portfolio	$	3,701,752	$	1,205,114	¹		–		$	4,906,866	$	4,906,866	$	(7,401	)	$	33,037
iShares Barclays TIPS Bond Fund		4,832		1,627			–			6,459	$	759,901		–			–
iShares Cohen & Steers Realty Majors Index Fund		3,901		1,040			(162	)		4,779	$	366,263	$	1,225		$	2,539
iShares FTSE EPRA/NAREIT Developed Real Estate ex-U.S. Index Fund		11,898		2,988			(545	)		14,341	$	412,160	$	(2,208	)	$	2,819
iShares MSCI Canada Index Fund		7,352		229			–			7,581	$	214,846		–			–
iShares MSCI EAFE Index Fund		26,801		1,169			–			27,970	$	1,535,553		–			–
iShares MSCI EAFE Small Cap Index Fund		5,331		676			–			6,007	$	241,061		–			–
iShares MSCI Emerging Markets Index Fund		13,412		606			–			14,018	$	601,933		–			–
Master Small Cap Index Series	$	412,480	$	113,646	¹		–		$	526,126	$	526,126	$	(4,289	)	$	2,397

¹	Represents net shares/beneficial interest purchased.

²	Represents net shares sold.

(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 this security was purchased with the cash collateral from loaned securities.

•

Level 1 – unadjusted price quotations in active markets/exchanges for identical assets and liabilities

•


Schedule of Investments (concluded)		LifePath 2025 Master Portfolio

•

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. 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 risk associated with investing in those securities. For information about the Master Portfolio’s policy regarding valuation of investments and derivative financial instruments and other significant accounting policies, please refer to the Master Portfolio’s most recent financial statements as contained in its annual report. The following table summarizes the inputs used as of March 31, 2012 in determining the fair valuation of the Master Portfolio’s investments:


Valuation Inputs	Level 1		Level 2		Level 3		Total
Assets:
Investments:
Affiliated Investment Companies	$	4,405,899	$	11,489,791		–	$	15,895,690

Certain of the Master Portfolio’s liabilities are held at carrying amount which approximates fair value. Collateral on securities loaned at value of $263,500 would be categorized as Level 1 within the disclosure hierarchy.

There were no transfers between levels during the period ended March 31, 2012.


Schedule of Investments March 31, 2012 (Unaudited)		LifePath 2030 Master Portfolio
		(Percentages shown are based on Net Assets)


Affiliated Investment Companies(a)	Shares/Beneficial Interest		Value
Equity Funds – 70.4%
Active Stock Master Portfolio	$	871,069,414	$	871,069,414
ACWI ex-US Index Master Portfolio	$	13,900,508		13,900,508
iShares Cohen & Steers Realty Majors Index Fund		830,503		63,649,750
iShares FTSE EPRA/NAREIT Developed Real Estate ex-U.S. Index Fund(b)		2,485,082		71,421,257
iShares MSCI Canada Index Fund		1,264,401		35,833,124
iShares MSCI EAFE Index Fund(b)		4,658,558		255,754,834
iShares MSCI EAFE Small Cap Index Fund		909,785		36,509,672
iShares MSCI Emerging Markets Index Fund		2,374,861		101,976,532
Master Small Cap Index Series	$	63,918,793		63,918,793

				1,514,033,884

Fixed Income Funds – 28.7%
CoreAlpha Bond Master Portfolio	$	538,454,302		538,454,302
iShares Barclays TIPS Bond Fund		666,230		78,381,959

				616,836,261

Short-Term Securities – 3.0%
BlackRock Cash Funds: Institutional, SL Agency Shares,
0.25%(c)(d)		47,822,332		47,822,332
BlackRock Cash Funds: Prime, SL Agency Shares,
0.24%(c)(d)		17,274,314		17,274,314

				65,096,646

Total Affiliated Investment Companies (Cost – $ 1,851,676,633*) – 102.1 %				2,195,966,791
Liabilities in Excess of Other Assets – (2.1)%				(45,592,951	)

Net Assets – 100.0%			$	2,150,373,840

*	As of March 31, 2012, gross unrealized appreciation and gross unrealized depreciation based on cost for federal income tax purposes were as follows:


Aggregate cost	$	1,878,447,128

Gross unrealized appreciation	$	344,911,783
Gross unrealized depreciation		(27,392,120	)

Net unrealized appreciation	$	317,519,663


Schedule of Investments (continued)		LifePath 2030 Master Portfolio

(a)	Investments in companies considered to be an affiliate of the Master Portfolio during the period, 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, 2011		Shares/ Beneficial Interest Purchased			Shares/ Beneficial Interest Sold			Shares/ Beneficial Interest held at March 31, 2012		Value at March 31, 2012		Realized Gain (Loss)			Income
Active Stock Master Portfolio	$	828,107,242	$	42,962,172	¹		–		$	871,069,414	$	871,069,414	$	22,714,781		$	4,439,406
ACWI ex-US Index Master Portfolio	$	6,940,554	$	6,959,954	¹		–		$	13,900,508	$	13,900,508	$	32,104		$	53,958
BlackRock Cash Funds: Institutional, SL Agency Shares		57,414,496		–			(9,592,164	)²		47,822,332	$	47,822,332		–		$	24,681
BlackRock Cash Funds: Prime, SL Agency Shares		18,184,839		–			(910,525	)²		17,274,314	$	17,274,314		–		$	8,960
CoreAlpha Bond Master Portfolio	$	483,730,118	$	54,724,184	¹		–		$	538,454,302	$	538,454,302	$	(767,515	)	$	3,771,338
iShares Barclays TIPS Bond Fund		647,298		20,621			(1,689	)		666,230	$	78,381,959	$	12,406			–
iShares Cohen & Steers Realty Majors Index Fund		779,965		65,390			(14,852	)		830,503	$	63,649,750	$	(94,499	)	$	455,230
iShares FTSE EPRA/NAREIT Developed Real Estate ex-U.S. Index Fund		2,439,821		154,193			(108,932	)		2,485,082	$	71,421,257	$	(1,058,474	)	$	504,759
iShares MSCI Canada Index Fund		1,299,183		–			(34,782	)		1,264,401	$	35,833,124	$	(151,226	)		–
iShares MSCI EAFE Index Fund		4,939,362		35,713			(316,517	)		4,658,558	$	255,754,834	$	(2,463,220	)		–
iShares MSCI EAFE Small Cap Index Fund		909,785		–			–			909,785	$	36,509,672		–			–
iShares MSCI Emerging Markets Index Fund		2,471,377		42,229			(138,745	)		2,374,861	$	101,976,532	$	(1,051,211	)		–
Master Small Cap Index Series	$	62,185,765	$	1,733,028	¹		–		$	63,918,793	$	63,918,793	$	(521,113	)	$	291,267

¹	Represents net shares/beneficial interest purchased.

²	Represents net shares sold.

(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 this security was purchased with the cash collateral from loaned securities.

•

Level 1 – unadjusted price quotations in active markets/exchanges for identical assets and liabilities

•


Schedule of Investments (concluded)		LifePath 2030 Master Portfolio

pricing transparency of the investment and derivative financial instrument and is not necessarily an indication of the risk associated with investing in those securities. For information about the Master Portfolio’s policy regarding valuation of investments and derivative financial instruments and other significant accounting policies, please refer to the Master Portfolio’s most recent financial statements as contained in its annual report. The following table summarizes the inputs used as of March 31, 2012 in determining the fair valuation of the Master Portfolio’s investments:


Valuation Inputs	Level 1		Level 2		Level 3		Total
Assets:
Investments:
Affiliated Investment Companies	$	708,623,774	$	1,487,343,017		–	$	2,195,966,791

Certain of the Master Portfolio’s liabilities are held at carrying amount which approximates fair value. Collateral on securities loaned at value of $60,354,225 would be categorized as Level 1 within the disclosure hierarchy.

There were no transfers between levels during the period ended March 31, 2012.


Schedule of Investments March 31, 2012 (Unaudited)		LifePath 2035 Master Portfolio
		(Percentages shown are based on Net Assets)


Affiliated Investment Companies(a)	Shares/Beneficial Interest		Value
Equity Funds – 77.7%
Active Stock Master Portfolio	$	4,780,615	$	4,780,615
ACWI ex-US Index Master Portfolio	$	541,064		541,064
iShares Cohen & Steers Realty Majors Index Fund		4,902		375,689
iShares FTSE EPRA/NAREIT Developed Real Estate ex-U.S. Index Fund		14,764		424,317
iShares MSCI Canada Index Fund		5,359		151,874
iShares MSCI EAFE Index Fund		19,711		1,082,134
iShares MSCI EAFE Small Cap Index Fund		4,805		192,825
iShares MSCI Emerging Markets Index Fund		9,863		423,517
Master Small Cap Index Series	$	304,924		304,924

				8,276,959

Fixed Income Funds – 22.2%
CoreAlpha Bond Master Portfolio	$	2,098,229		2,098,229
iShares Barclays TIPS Bond Fund		2,294		269,889

				2,368,118

Short-Term Securities – 0.3%
BlackRock Cash Funds: Institutional, SL Agency Shares,
0.25%(b)		32,922		32,922

				32,922

Total Affiliated Investment Companies (Cost – $ 10,234,848*) – 100.2 %				10,677,999
Liabilities in Excess of Other Assets – (0.2)%				(30,973	)

Net Assets – 100.0%			$	10,647,026

*	As of March 31, 2012, gross unrealized appreciation and gross unrealized depreciation based on cost for federal income tax purposes were as follows:


Aggregate cost	$	10,242,291

Gross unrealized appreciation	$	556,550
Gross unrealized depreciation		(120,842	)

Net unrealized appreciation	$	435,708


Schedule of Investments (continued)		LifePath 2035 Master Portfolio

(a)	Investments in companies considered to be an affiliate of the Master Portfolio during the period, 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, 2011		Shares/ Beneficial Interest Purchased			Shares/ Beneficial Interest Sold			Shares/ Beneficial Interest held at March 31, 2012		Value at March 31, 2012		Realized Gain (Loss)			Income
Active Stock Master Portfolio	$	3,428,411	$	1,352,204	¹		–		$	4,780,615	$	4,780,615	$	116,726		$	22,073
ACWI ex-US Index Master Portfolio	$	166,164	$	374,900	¹		–		$	541,064	$	541,064	$	1,250		$	2,100
BlackRock Cash Funds: Institutional, SL Agency Shares		169,991		–			(137,069	)²		32,922	$	32,922		–		$	161
BlackRock Cash Funds: Prime, SL Agency Shares		49,989		–			(49,989	)²		–		–		–			–
CoreAlpha Bond Master Portfolio	$	1,392,205	$	706,024	¹		–		$	2,098,229	$	2,098,229	$	(3,412	)	$	13,465
iShares Barclays TIPS Bond Fund		1,528		766			–			2,294	$	269,889		–			–
iShares Cohen & Steers Realty Majors Index Fund		3,512		1,390			–			4,902	$	375,689		–		$	2,645
iShares FTSE EPRA/NAREIT Developed Real Estate ex-U.S. Index Fund		10,719		4,074			(29	)		14,764	$	424,317	$	(103	)	$	2,934
iShares MSCI Canada Index Fund		4,932		427			–			5,359	$	151,874		–			–
iShares MSCI EAFE Index Fund		18,186		1,869			(344	)		19,711	$	1,082,134	$	(2,251	)		–
iShares MSCI EAFE Small Cap Index Fund		3,878		927			–			4,805	$	192,825		–			–
iShares MSCI Emerging Markets Index Fund		9,150		856			(143	)		9,863	$	423,517	$	(807	)		–
Master Small Cap Index Series	$	215,825	$	89,099	¹		–		$	304,924	$	304,924	$	(2,486	)	$	1,389

¹	Represents net shares/beneficial interest purchased.

²	Represents net shares sold.

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

•

Level 1 – unadjusted price quotations in active markets/exchanges for identical assets and liabilities

•


Schedule of Investments (concluded)		LifePath 2035 Master Portfolio

instruments and other significant accounting policies, please refer to the Master Portfolio’s most recent financial statements as contained in its annual report. The following table summarizes the inputs used as of March 31, 2012 in determining the fair valuation of the Master Portfolio’s investments:


Valuation Inputs	Level 1		Level 2		Level 3		Total
Assets:
Investments:
Affiliated Investment Companies	$	2,953,167	$	7,724,832		–	$	10,677,999

There were no transfers between levels during the period ended March 31, 2012.


Schedule of Investments March 31, 2012 (Unaudited)		LifePath 2040 Master Portfolio
		(Percentages shown are based on Net Assets)


Affiliated Investment Companies(a)	Shares/Beneficial Interest		Value
Equity Funds – 83.5%
Active Stock Master Portfolio	$	790,501,899	$	790,501,899
ACWI ex-US Index Master Portfolio	$	11,680,239		11,680,239
iShares Cohen & Steers Realty Majors Index Fund(b)		862,831		66,127,368
iShares FTSE EPRA/NAREIT Developed Real Estate ex-U.S. Index Fund(b)		2,582,267		74,214,354
iShares MSCI Canada Index Fund		1,113,860		31,566,792
iShares MSCI EAFE Index Fund(b)		4,162,170		228,503,133
iShares MSCI EAFE Small Cap Index Fund		805,247		32,314,562
iShares MSCI Emerging Markets Index Fund		2,106,786		90,465,391
Master Small Cap Index Series	$	42,697,069		42,697,069

				1,368,070,807

Fixed Income Funds – 16.0%
CoreAlpha Bond Master Portfolio	$	238,137,640		238,137,640
iShares Barclays TIPS Bond Fund		199,325		23,450,586

				261,588,226

Short-Term Securities – 2.3%
BlackRock Cash Funds: Institutional, SL Agency Shares,
0.25%(c)(d)		28,720,259		28,720,259
BlackRock Cash Funds: Prime, SL Agency Shares,
0.24%(c)(d)		9,645,476		9,645,476

				38,365,735

Total Affiliated Investment Companies (Cost – $ 1,417,165,179*) – 101.8 %				1,668,024,768
Liabilities in Excess of Other Assets – (1.8)%				(29,859,553	)

Net Assets – 100.0%			$	1,638,165,215

*	As of March 31, 2012, gross unrealized appreciation and gross unrealized depreciation based on cost for federal income tax purposes were as follows:


Aggregate cost	$	1,445,127,708

Gross unrealized appreciation	$	250,934,214
Gross unrealized depreciation		(28,037,154	)

Net unrealized appreciation	$	222,897,060


Schedule of Investments (continued)		LifePath 2040 Master Portfolio

(a)	Investments in companies considered to be an affiliate of the Master Portfolio during the period, 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, 2011		Shares/ Beneficial Interest Purchased			Shares/ Beneficial Interest Sold			Shares/ Beneficial Interest held at March 31, 2012		Value at March 31, 2012		Realized Gain (Loss)			Income
Active Stock Master Portfolio	$	736,182,388	$	54,319,511	¹		–		$	790,501,899	$	790,501,899	$	20,373,131		$	3,968,096
ACWI ex-US Index Master Portfolio	$	6,288,397	$	5,391,842	¹		–		$	11,680,239	$	11,680,239	$	26,976		$	45,339
BlackRock Cash Funds: Institutional, SL Agency Shares		46,040,413		–			(17,320,154	)²		28,720,259	$	28,720,259		–		$	14,960
BlackRock Cash Funds: Prime, SL Agency Shares		14,394,378		–			(4,748,902	)²		9,645,476	$	9,645,476		–		$	5,305
CoreAlpha Bond Master Portfolio	$	203,336,372	$	34,801,268	¹		–		$	238,137,640	$	238,137,640	$	(335,464	)	$	1,641,243
iShares Barclays TIPS Bond Fund		180,235		19,090			–			199,325	$	23,450,586		–			–
iShares Cohen & Steers Realty Majors Index Fund		795,460		67,371			–			862,831	$	66,127,368		–		$	473,286
iShares FTSE EPRA/NAREIT Developed Real Estate ex-U.S. Index Fund		2,481,690		116,078			(15,501	)		2,582,267	$	74,214,354	$	(127,247	)	$	534,058
iShares MSCI Canada Index Fund		1,113,860		–			–			1,113,860	$	31,566,792		–			–
iShares MSCI EAFE Index Fund		4,317,966		26,362			(182,158	)		4,162,170	$	228,503,133	$	(2,925,338	)		–
iShares MSCI EAFE Small Cap Index Fund		796,836		8,411			–			805,247	$	32,314,562		–			–
iShares MSCI Emerging Markets Index Fund		2,136,980		15,196			(45,390	)		2,106,786	$	90,465,391	$	(260,025	)		–
Master Small Cap Index Series	$	40,190,017	$	2,507,052	¹		–		$	42,697,069	$	42,697,069	$	(348,098	)	$	194,563

¹	Represents net shares/beneficial interest purchased.

²	Represents net shares sold.

(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 this security was purchased with the cash collateral from loaned securities.

•

Level 1 – unadjusted price quotations in active markets/exchanges for identical assets and liabilities

•


Schedule of Investments (concluded)		LifePath 2040 Master Portfolio

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. 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 risk associated with investing in those securities. For information about the Master Portfolio’s policy regarding valuation of investments and derivative financial instruments and other significant accounting policies, please refer to the Master Portfolio’s most recent financial statements as contained in its annual report. The following table summarizes the inputs used as of March 31, 2012 in determining the fair valuation of the Master Portfolio’s investments:


Valuation Inputs	Level 1		Level 2		Level 3		Total
Assets:
Investments:
Affiliated Investment Companies	$	585,007,921	$	1,083,016,847		–	$	1,668,024,768

Certain of the Master Portfolio’s liabilities are held at carrying amount which approximates fair value. Collateral on securities loaned at value of $33,700,050 would be categorized as Level 1 within the disclosure hierarchy.

There were no transfers between levels during the period ended March 31, 2012.


Schedule of Investments March 31, 2012 (Unaudited)		LifePath 2045 Master Portfolio
		(Percentages shown are based on Net Assets)


Affiliated Investment Companies(a)	Shares/Beneficial Interest		Value
Equity Funds – 89.7%
Active Stock Master Portfolio	$	2,544,671	$	2,544,671
ACWI ex-US Index Master Portfolio	$	374,119		374,119
iShares Cohen & Steers Realty Majors Index Fund		2,915		223,406
iShares FTSE EPRA/NAREIT Developed Real Estate ex-U.S. Index Fund		8,789		252,596
iShares MSCI Canada Index Fund		2,455		69,575
iShares MSCI EAFE Index Fund		9,274		509,142
iShares MSCI EAFE Small Cap Index Fund		2,603		104,458
iShares MSCI Emerging Markets Index Fund		4,722		202,763
Master Small Cap Index Series	$	119,145		119,145

				4,399,875

Fixed Income Funds – 10.4%
CoreAlpha Bond Master Portfolio	$	512,409		512,409

				512,409

Short-Term Securities – 0.8%
BlackRock Cash Funds: Institutional, SL Agency Shares,
0.25%(b)		37,044		37,044

				37,044

Total Affiliated Investment Companies (Cost – $ 4,721,940*) – 100.9 %				4,949,328
Liabilities in Excess of Other Assets – (0.9)%				(42,609	)

Net Assets – 100.0%			$	4,906,719

*	As of March 31, 2012, gross unrealized appreciation and gross unrealized depreciation based on cost for federal income tax purposes were as follows:


Aggregate cost	$	4,723,924

Gross unrealized appreciation	$	263,798
Gross unrealized depreciation		(38,394	)

Net unrealized appreciation	$	225,404


Schedule of Investments (continued)		LifePath 2045 Master Portfolio

(a)	Investments in companies considered to be an affiliate of the Master Portfolio during the period, 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, 2011		Shares/ Beneficial Interest Purchased			Shares/ Beneficial Interest Sold			Shares/ Beneficial Interest held at March 31, 2012		Value at March 31, 2012		Realized Gain (Loss)			Income
Active Stock Master Portfolio	$	1,730,629	$	814,042	¹		–		$	2,544,671	$	2,544,671	$	60,647		$	11,245
ACWI ex-US Index Master Portfolio	$	106,097	$	268,022	¹		–		$	374,119	$	374,119	$	864		$	1,452
BlackRock Cash Funds: Institutional, SL Agency Shares		80,415		–			(43,371	)²		37,044	$	37,044		–		$	59
BlackRock Cash Funds: Prime, SL Agency Shares		24,127		–			(24,217	)²		–		–		–			–
CoreAlpha Bond Master Portfolio	$	307,353	$	205,056	¹		–		$	512,409	$	512,409	$	(874	)	$	3,092
iShares Cohen & Steers Realty Majors Index Fund		1,953		989			(27	)		2,915	$	223,406	$	204		$	1,577
iShares FTSE EPRA/NAREIT Developed Real Estate ex-U.S. Index Fund		5,953		2,897			(61	)		8,789	$	252,596	$	75		$	1,708
iShares MSCI Canada Index Fund		2,376		119			(40	)		2,455	$	69,575	$	(119	)		–
iShares MSCI EAFE Index Fund		8,758		666			(150	)		9,274	$	509,142	$	(764	)		–
iShares MSCI EAFE Small Cap Index Fund		1,914		695			(6	)		2,603	$	104,458	$	(7	)		–
iShares MSCI Emerging Markets Index Fund		4,402		386			(66	)		4,722	$	202,763	$	(383	)		–
Master Small Cap Index Series	$	80,949	$	38,196	¹		–		$	119,145	$	119,145	$	(971	)	$	543

¹	Represents beneficial interest purchased.

²	Represents net shares sold.

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

•

Level 1 – unadjusted price quotations in active markets/exchanges for identical assets and liabilities


Schedule of Investments (concluded)		LifePath 2045 Master Portfolio

•

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. 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 risk associated with investing in those securities. For information about the Master Portfolio’s policy regarding valuation of investments and derivative financial instruments and other significant accounting policies, please refer to the Master Portfolio’s most recent financial statements as contained in its annual report. The following table summarizes the inputs used as of March 31, 2012 in determining the fair valuation of the Master Portfolio’s investments:


Valuation Inputs	Level 1		Level 2		Level 3		Total
Assets:
Investments:
Affiliated Investment Companies	$	1,398,984	$	3,550,344		–	$	4,949,328

There were no transfers between levels during the period ended March 31, 2012.


Schedule of Investments March 31, 2012 (Unaudited)		LifePath 2050 Master Portfolio
		(Percentages shown are based on Net Assets)


Affiliated Investment Companies(a)	Shares/Beneficial Interest		Value
Equity Funds – 94.3%
Active Stock Master Portfolio	$	115,018,594	$	115,018,594
ACWI ex-US Index Master Portfolio	$	7,200,188		7,200,188
iShares Cohen & Steers Realty Majors Index Fund(b)		137,636		10,548,423
iShares FTSE EPRA/NAREIT Developed Real Estate ex-U.S. Index Fund(b)		411,575		11,828,666
iShares MSCI Canada Index Fund		143,998		4,080,903
iShares MSCI EAFE Index Fund(b)		536,297		29,442,705
iShares MSCI EAFE Small Cap Index Fund		117,868		4,730,043
iShares MSCI Emerging Markets Index Fund		272,152		11,686,207
Master Small Cap Index Series	$	4,614,352		4,614,352

				199,150,081

Fixed Income Funds – 5.0%
CoreAlpha Bond Master Portfolio	$	10,558,687		10,558,687

				10,558,687

Short-Term Securities – 1.5%
BlackRock Cash Funds: Institutional, SL Agency Shares,
0.25%(c)(d)		2,490,550		2,490,550
BlackRock Cash Funds: Prime, SL Agency Shares,
0.24%(c)(d)		723,736		723,736

				3,214,286

Total Affiliated Investment Companies (Cost – $ 188,230,384*) – 100.8 %				212,923,054
Liabilities in Excess of Other Assets – (0.8)%				(1,628,215	)

Net Assets – 100.0%			$	211,294,839

*	As of March 31, 2012, gross unrealized appreciation and gross unrealized depreciation based on cost for federal income tax purposes were as follows:


Aggregate cost	$	189,111,719

Gross unrealized appreciation	$	24,692,670
Gross unrealized depreciation		(881,335	)

Net unrealized appreciation	$	23,811,335


Schedule of Investments (continued)		LifePath 2050 Master Portfolio

(a)	Investments in companies considered to be an affiliate of the Master Portfolio during the period, 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, 2011		Shares/ Beneficial Interest Purchased			Shares/ Beneficial Interest Sold			Shares/ Beneficial Interest held at March 31, 2012		Value at March 31, 2012		Realized Gain (Loss)			Income
Active Stock Master Portfolio	$	96,212,649	$	18,805,945	¹		–		$	115,018,594	$	115,018,594	$	2,874,360		$	552,493
ACWI ex-US Index Master Portfolio	$	2,165,187	$	5,035,001	¹		–		$	7,200,188	$	7,200,188	$	16,629		$	27,949
BlackRock Cash Funds: Institutional, SL Agency Shares		6,374,294		–			(3,883,744	)²		2,490,550	$	2,490,550		–		$	3,281
BlackRock Cash Funds: Prime, SL Agency Shares		1,943,189		–			(1,219,453	)²		723,736	$	723,736		–		$	1,186
CoreAlpha Bond Master Portfolio	$	7,200,788	$	3,357,899	¹		–		$	10,558,687	$	10,558,687	$	(15,529	)	$	66,102
iShares Cohen & Steers Realty Majors Index Fund		116,706		21,828			(898	)		137,636	$	10,548,423	$	4,158		$	74,420
iShares FTSE EPRA/NAREIT Developed Real Estate ex-U.S. Index Fund		358,521		59,492			(6,438	)		411,575	$	11,828,666	$	(38,891	)	$	81,920
iShares MSCI Canada Index Fund		147,564		4,027			(7,593	)		143,998	$	4,080,903	$	(25,234	)		–
iShares MSCI EAFE Index Fund		541,724		15,157			(20,584	)		536,297	$	29,442,705	$	(145,141	)		–
iShares MSCI EAFE Small Cap Index Fund		109,510		12,731			(4,373	)		117,868	$	4,730,043	$	(19,078	)		–
iShares MSCI Emerging Markets Index Fund		274,352		13,509			(15,709	)		272,152	$	11,686,207	$	(94,125	)		–
Master Small Cap Index Series	$	3,997,168	$	617,184	¹		–		$	4,614,352	$	4,614,352	$	(37,620	)	$	21,027

¹	Represents net shares/beneficial interest purchased.

²	Represents net shares sold.

(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 this security was purchased with the cash collateral from loaned securities.

•

Level 1 – unadjusted price quotations in active markets/exchanges for identical assets and liabilities

•

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. 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 risk associated with investing in those securities. For information about the Master Portfolio’s policy regarding valuation of investments and derivative financial instruments and other significant accounting policies, please refer to the Master Portfolio’s most recent financial statements as contained in its


Schedule of Investments (concluded)		LifePath 2050 Master Portfolio

annual report. The following table summarizes the inputs used as of March 31, 2012 in determining the fair valuation of the Master Portfolio’s investments:


Valuation Inputs	Level 1		Level 2		Level 3		Total
Assets:
Investments:
Affiliated Investment Companies	$	75,531,233	$	137,391,821		–	$	212,923,054

Certain of the Master Portfolio’s liabilities are held at carrying amount which approximates fair value. Collateral on securities loaned at value of $2,528,640 would be categorized as Level 1 within the disclosure hierarchy.

There were no transfers between levels during the period ended March 31, 2012.


Schedule of Investments March 31, 2012 (Unaudited)		LifePath 2055 Master Portfolio
		(Percentages shown are based on Net Assets)


Affiliated Investment Companies(a)	Shares/Beneficial Interest		Value
Equity Funds – 100.9%
Active Stock Master Portfolio	$	502,162	$	502,162
ACWI ex-US Index Master Portfolio	$	143,593		143,593
iShares Cohen & Steers Realty Majors Index Fund		684		52,422
iShares FTSE EPRA/NAREIT Developed Real Estate ex-U.S. Index Fund(b)		2,044		58,744
iShares MSCI Canada Index Fund		384		10,883
iShares MSCI EAFE Index Fund		1,416		77,738
iShares MSCI EAFE Small Cap Index Fund		551		22,112
iShares MSCI Emerging Markets Index Fund		713		30,616
Master Small Cap Index Series	$	51,872		51,872

				950,142

Fixed Income Funds – 1.0%
CoreAlpha Bond Master Portfolio	$	9,473		9,473

				9,473

Short-Term Securities – 0.5%
BlackRock Cash Funds: Institutional, SL Agency Shares,
0.25%(c)(d)		3,634		3,634
BlackRock Cash Funds: Prime, SL Agency Shares,
0.24%(c)(d)		837		837

				4,471

Total Affiliated Investment Companies (Cost – $ 912,018*) – 102.4 %				964,086
Liabilities in Excess of Other Assets – (2.4)%				(22,496	)

Net Assets – 100.0%			$	941,590

*	As of March 31, 2012, gross unrealized appreciation and gross unrealized depreciation based on cost for federal income tax purposes were as follows:


Aggregate cost	$	912,182

Gross unrealized appreciation	$	52,148
Gross unrealized depreciation		(244	)

Net unrealized appreciation	$	51,904


Schedule of Investments (continued)		LifePath 2055 Master Portfolio

(a)	Investments in companies considered to be an affiliate of the Master Portfolio during the period, 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, 2011		Shares/ Beneficial Interest Purchased			Shares/ Beneficial Interest Sold			Shares/ Beneficial Interest held at March 31, 2012		Value at March 31, 2012		Realized Gain (Loss)			Income
Active Stock Master Portfolio	$	275,426	$	226,736	¹		–		$	502,162	$	502,162	$	11,939		$	2,123
ACWI ex-US Index Master Portfolio	$	31,897	$	111,696	¹		–		$	143,593	$	143,593	$	332		$	557
BlackRock Cash Funds: Institutional, SL Agency Shares		12,295		–			(8,661	)²		3,634	$	3,634		–		$	12
BlackRock Cash Funds: Prime, SL Agency Shares		2,603		–			(1,766	)²		837	$	837		–		$	4
CoreAlpha Bond Master Portfolio	$	4,789	$	4,684	¹		–		$	9,473	$	9,473	$	(20	)	$	54
iShares Cohen & Steers Realty Majors Index Fund		366		349			(31	)		684	$	52,422	$	562		$	369
iShares FTSE EPRA/NAREIT Developed Real Estate ex-U.S. Index Fund		1,088		1,047			(91	)		2,044	$	58,744	$	220		$	399
iShares MSCI Canada Index Fund		355		50			(21	)		384	$	10,883	$	69			–
iShares MSCI EAFE Index Fund		1,302		189			(75	)		1,416	$	77,738	$	379			–
iShares MSCI EAFE Small Cap Index Fund		315		249			(13	)		551	$	22,112	$	62			–
iShares MSCI Emerging Markets Index Fund		655		93			(35	)		713	$	30,616	$	158			–
Master Small Cap Index Series	$	18,578	$	33,294	¹		–		$	51,872	$	51,872	$	(423	)	$	236

¹	Represents net shares/beneficial interest purchased.

²	Represents net shares sold.

(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 this security was purchased with the cash collateral from loaned securities.

•

Level 1 – unadjusted price quotations in active markets/exchanges for identical assets and liabilities


Schedule of Investments (concluded)		LifePath 2055 Master Portfolio

•

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. 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 risk associated with investing in those securities. For information about the Master Portfolio’s policy regarding valuation of investments and derivative financial instruments and other significant accounting policies, please refer to the Master Portfolio’s most recent financial statements as contained in its annual report. The following table summarizes the inputs used as of March 31, 2012 in determining the fair valuation of the Master Portfolio’s investments:


Valuation Inputs	Level 1		Level 2		Level 3		Total
Assets:
Investments:
Affiliated Investment Companies	$	256,986	$	707,100		–	$	964,086

Certain of the Master Portfolio’s liabilities are held at carrying amount which approximates fair value. Collateral on securities loaned at value of $2,925 would be categorized as Level 1 within the disclosure hierarchy.

There were no transfers between levels during the period ended March 31, 2012.


Schedule of Investments March 31, 2012 (Unaudited)		LifePath Index Retirement Master Portfolio
		(Percentages shown are based on Net Assets)


Affiliated Investment Companies(a)	Shares/Beneficial Interest		Value
Equity Funds – 38.3%
ACWI ex-US Index Master Portfolio	$	3,600,827	$	3,600,827
iShares MSCI EAFE Small Cap Index Fund		7,694		308,760
Master Small Cap Index Series	$	1,368,006		1,368,006
Russell 1000 Index Master Portfolio	$	8,296,148		8,296,148

				13,573,741

Fixed Income Funds – 62.1%
Bond Index Master Portfolio	$	18,814,219		18,814,219
iShares Barclays TIPS Bond Fund		27,316		3,213,728

				22,027,947

Short-Term Securities – 0.2%
BlackRock Cash Funds: Institutional, SL Agency Shares,
0.25%(b)		94,570		94,570

				94,570

Total Affiliated Investment Companies (Cost – $ 35,258,107*) – 100.6 %				35,696,258
Liabilities in Excess of Other Assets – (0.6)%				(226,293	)

Net Assets – 100.0%			$	35,469,965

*	As of March 31, 2012, gross unrealized appreciation and gross unrealized depreciation based on cost for federal income tax purposes were as follows:


Aggregate cost	$	35,258,107

Gross unrealized appreciation	$	438,151

Net unrealized appreciation	$	438,151


Schedule of Investments (continued)		LifePath Index Retirement Master Portfolio

(a)	Investments in companies considered to be an affiliate of the Master Portfolio during the period, 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, 2011		Shares/ Beneficial Interest Purchased			Shares/ Beneficial Interest Sold			Shares/ Beneficial Interest held at March 31, 2012		Value at March 31, 2012		Realized Gain (Loss)			Income
ACWI ex-US Index Master Portfolio	$	5,157	$	3,595,670	¹		–		$	3,600,827	$	3,600,827	$	8,316		$	13,977
BlackRock Cash Funds: Institutional, SL Agency Shares		5,082		89,488	¹		–			94,570	$	94,570		–		$	121
Bond Index Master Portfolio	$	1,055,367	$	17,758,852	¹		–		$	18,814,219	$	18,814,219	$	10,345		$	64,356
iShares Barclays TIPS Bond Fund		1,556		26,378			(618	)		27,316	$	3,213,728	$	(189	)		–
iShares MSCI Canada Index Fund		682		2,379			(3,061	)		–		–	$	(1,887	)		–
iShares MSCI EAFE Small Cap Index Fund		485		7,209			–			7,694	$	308,760		–			–
iShares MSCI Emerging Markets Index Fund		1,290		4,562			(5,852	)		–		–	$	(2,183	)		–
Master International Index Series	$	122,801		–		$	(122,801	)²		–		–	$	18		$	1,649
Master Small Cap Index Series	$	77,362	$	1,290,644	¹		–		$	1,368,006	$	1,368,006	$	(11,153	)	$	6,234
Russell 1000 Index Master Portfolio	$	462,961	$	7,833,187	¹		–		$	8,296,148	$	8,296,148	$	1,691		$	23,749

¹	Represents net shares/beneficial interest purchased.

²	Represents net beneficial interest sold.

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

•

Level 1 – unadjusted price quotations in active markets/exchanges for identical assets and liabilities

•


Schedule of Investments (concluded)		LifePath Index Retirement Master Portfolio


Valuation Inputs	Level 1		Level 2		Level 3		Total
Assets:
Investments:
Affiliated Investment Companies	$	3,617,058	$	32,079,200		–	$	35,696,258

There were no transfers between levels during the period ended March 31, 2012.


Schedule of Investments March 31, 2012 (Unaudited)		LifePath Index 2020 Master Portfolio
		(Percentages shown are based on Net Assets)


Affiliated Investment Companies(a)	Shares/Beneficial Interest		Value
Equity Funds – 55.2%
ACWI ex-US Index Master Portfolio	$	8,024,451	$	8,024,451
iShares MSCI EAFE Small Cap Index Fund(b)		17,461		700,710
Master Small Cap Index Series	$	1,850,663		1,850,663
Russell 1000 Index Master Portfolio	$	17,612,048		17,612,048

				28,187,872

Fixed Income Funds – 44.9%
Bond Index Master Portfolio	$	19,713,666		19,713,666
iShares Barclays TIPS Bond Fund		26,910		3,165,961

				22,879,627

Short-Term Securities – 0.3%
BlackRock Cash Funds: Institutional, SL Agency Shares,
0.25%(c)(d)		137,438		137,438
BlackRock Cash Funds: Prime, SL Agency Shares,
0.24%(c)(d)		23,326		23,326

				160,764

Total Affiliated Investment Companies (Cost – $ 50,060,236*) – 100.4 %				51,228,263
Liabilities in Excess of Other Assets – (0.4)%				(184,841	)

Net Assets – 100.0%			$	51,043,422

*	As of March 31, 2012, gross unrealized appreciation and gross unrealized depreciation based on cost for federal income tax purposes were as follows:


Aggregate cost	$	50,031,513

Gross unrealized appreciation	$	1,197,345
Gross unrealized depreciation		(595	)

Net unrealized appreciation	$	1,196,750


Schedule of Investments (continued)		LifePath Index 2020 Master Portfolio

(a)	Investments in companies considered to be an affiliate of the Master Portfolio during the period, 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, 2011		Shares/ Beneficial Interest Purchased			Shares/ Beneficial Interest Sold			Shares/ Beneficial Interest held at March 31, 2012		Value at March 31, 2012		Realized Gain (Loss)			Income
ACWI ex-US Index Master Portfolio		–	$	8,024,451	¹		–		$	8,024,451	$	8,024,451	$	18,533		$	31,149
BlackRock Cash Funds: Institutional, SL Agency Shares		5,467		131,971	¹		–		$	137,438	$	137,438		–		$	274
BlackRock Cash Funds: Prime, SL Agency Shares		–		23,326	¹				$	23,326	$	23,326				$	45
Bond Index Master Portfolio	$	728,061	$	18,985,605	¹		–		$	19,713,666	$	19,713,666	$	10,840		$	67,433
iShares Barclays TIPS Bond Fund		1,016		26,399			(505	)		26,910	$	3,165,961	$	(283	)		–
iShares MSCI Canada Index Fund		1,026		10,171			(11,197	)		–		–	$	732			–
iShares MSCI EAFE Small Cap Index Fund		744		16,917			(200	)		17,461	$	700,710	$	(1,176	)		–
iShares MSCI Emerging Markets Index Fund		1,943		19,113			(21,056	)		–		–	$	11,299			–
Master International Index Series	$	192,815		–		$	(192,815	)²		–		–	$	66		$	6,007
Master Small Cap Index Series	$	73,681	$	1,776,982	¹		–		$	1,850,663	$	1,850,663	$	(15,088	)	$	8,433
Russell 1000 Index Master Portfolio	$	689,398	$	16,922,650	¹		–		$	17,612,048	$	17,612,048	$	3,590		$	50,417

¹	Represents net shares/beneficial interest purchased.

²	Represents net beneficial interest sold.

(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 this security was purchased with the cash collateral from loaned securities.

•

Level 1 – unadjusted price quotations in active markets/exchanges for identical assets and liabilities

•


Schedule of Investments (concluded)		LifePath Index 2020 Master Portfolio

•

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. 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 risk associated with investing in those securities. For information about the Master Portfolio’s policy regarding valuation of investments and derivative financial instruments and other significant accounting policies, please refer to the Master Portfolio’s most recent financial statements as contained in its annual report. The following table summarizes the inputs used as of March 31, 2012 in determining the fair valuation of the Master Portfolio’s investments:


Valuation Inputs	Level 1		Level 2		Level 3		Total
Assets:
Investments:
Affiliated Investment Companies	$	4,027,435	$	47,200,828		–	$	51,228,263

Certain of the Master Portfolio’s liabilities are held at carrying amount which approximates fair value. Collateral on securities loaned at value of $81,500 would be categorized as Level 1 within the disclosure hierarchy.

There were no transfers between levels during the period ended March 31, 2012.


Schedule of Investments March 31, 2012 (Unaudited)		LifePath Index 2025 Master Portfolio
		(Percentages shown are based on Net Assets)


Affiliated Investment Companies(a)	Shares/Beneficial Interest		Value
Equity Funds – 63.8%
ACWI ex-US Index Master Portfolio	$	1,194,591	$	1,194,591
iShares MSCI EAFE Small Cap Index Fund		2,691		107,990
Master Small Cap Index Series	$	217,326		217,326
Russell 1000 Index Master Portfolio	$	2,553,302		2,553,302

				4,073,209

Fixed Income Funds – 36.7%
Bond Index Master Portfolio	$	2,025,203		2,025,203
iShares Barclays TIPS Bond Fund		2,668		313,890

				2,339,093

Short-Term Securities – 0.9%
BlackRock Cash Funds: Institutional, SL Agency Shares,
0.25%(b)		53,593		53,593

				53,593

Total Affiliated Investment Companies (Cost – $ 6,279,607*) – 101.4 %				6,465,895
Liabilities in Excess of Other Assets – (1.4)%				(87,287	)

Net Assets – 100.0%			$	6,378,608

*	As of March 31, 2012, gross unrealized appreciation and gross unrealized depreciation based on cost for federal income tax purposes were as follows:


Aggregate cost	$	6,302,508

Gross unrealized appreciation	$	165,772
Gross unrealized depreciation		(2,385	)

Net unrealized appreciation	$	163,387


Schedule of Investments (continued)		LifePath Index 2025 Master Portfolio

(a)	Investments in companies considered to be an affiliate of the Master Portfolio during the period, 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, 2011		Shares/ Beneficial Interest Purchased			Shares/ Beneficial Interest Sold			Shares/ Beneficial Interest held at March 31, 2012		Value at March 31, 2012		Realized Gain (Loss)			Income
ACWI ex-US Index Master Portfolio	$	2,608	$	1,191,983	¹		–		$	1,194,591	$	1,194,591	$	2,759		$	4,637
BlackRock Cash Funds: Institutional, SL Agency Shares		4,643		48,950	¹		–			53,593	$	53,593		–		$	13
Bond Index Master Portfolio	$	581,850	$	1,443,353	¹		–		$	2,025,203	$	2,025,203	$	1,114		$	6,927
iShares Barclays TIPS Bond Fund		788		1,880			–			2,668	$	313,890		–			–
iShares MSCI Canada Index Fund		1,140		707			(1,847	)		–		–	$	(4,019	)		–
iShares MSCI EAFE Small Cap Index Fund		865		1,826			–			2,691	$	107,990		–			–
iShares MSCI Emerging Markets Index Fund		2,264		1,291			(3,555	)		–		–	$	(5,966	)		–
Master International Index Series	$	223,117		–		$	(223,117	)²		–		–	$	11		$	996
Master Small Cap Index Series	$	69,031	$	148,295	¹		–		$	217,326	$	217,326	$	(1,772	)	$	990
Russell 1000 Index Master Portfolio	$	789,091	$	1,764,211	¹		–		$	2,553,302	$	2,553,302	$	520		$	7,309

¹	Represents net shares/beneficial interest purchased.

²	Represents net beneficial interest sold.

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

•

Level 1 – unadjusted price quotations in active markets/exchanges for identical assets and liabilities

•


Schedule of Investments (concluded)		LifePath Index 2025 Master Portfolio

beginning of the reporting period. The categorization of a value determined for investments and derivative financial instruments is based on the pricing transparency of the investment and derivative financial instrument and is not necessarily an indication of the risk associated with investing in those securities. For information about the Master Portfolio’s policy regarding valuation of investments and derivative financial instruments and other significant accounting policies, please refer to the Master Portfolio’s most recent financial statements as contained in its annual report. The following table summarizes the inputs used as of March 31, 2012 in determining the fair valuation of the Master Portfolio’s investments:


Valuation Inputs	Level 1		Level 2		Level 3		Total
Assets:
Investments:
Affiliated Investment Companies	$	475,473	$	5,990,422		–	$	6,465,895

There were no transfers between levels during the period ended March 31, 2012.


Schedule of Investments March 31, 2012 (Unaudited)		LifePath Index 2030 Master Portfolio
		(Percentages shown are based on Net Assets)


Affiliated Investment Companies(a)	Shares/Beneficial Interest		Value
Equity Funds – 70.9%
ACWI ex-US Index Master Portfolio	$	8,746,379	$	8,746,379
iShares MSCI EAFE Small Cap Index Fund		19,704		790,722
Master Small Cap Index Series	$	1,375,898		1,375,898
Russell 1000 Index Master Portfolio	$	18,417,266		18,417,266

				29,330,265

Fixed Income Funds – 29.0%
Bond Index Master Portfolio	$	10,473,699		10,473,699
iShares Barclays TIPS Bond Fund		13,082		1,539,097

				12,012,796

Short-Term Securities – 0.5%
BlackRock Cash Funds: Institutional, SL Agency Shares,
0.25%(b)		198,580		198,580

				198,580

Total Affiliated Investment Companies (Cost – $ 40,251,929*) – 100.4 %				41,541,641
Liabilities in Excess of Other Assets – (0.4)%				(176,269	)

Net Assets – 100.0%			$	41,365,372

*	As of March 31, 2012, gross unrealized appreciation and gross unrealized depreciation based on cost for federal income tax purposes were as follows:


Aggregate cost	$	40,252,629

Gross unrealized appreciation	$	1,289,712
Gross unrealized depreciation		(700	)

Net unrealized appreciation	$	1,289,012


Schedule of Investments (continued)		LifePath Index 2030 Master Portfolio

(a)	Investments in companies considered to be an affiliate of the Master Portfolio during the period, 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, 2011		Shares/ Beneficial Interest Purchased			Shares/ Beneficial Interest Sold			Shares/ Beneficial Interest held at March 31, 2012		Value at March 31, 2012		Realized Gain (Loss)			Income
ACWI ex-US Index Master Portfolio		–	$	8,746,379	¹		–		$	8,746,379	$	8,746,379	$	20,200		$	33,951
BlackRock Cash Funds: Institutional, SL Agency Shares		9,277		189,303	¹		–			198,580	$	198,580		–		$	317
Bond Index Master Portfolio	$	454,601	$	10,019,098	¹	$	–		$	10,473,699	$	10,473,699	$	5,759		$	35,826
iShares Barclays TIPS Bond Fund		575		12,741			(234	)		13,082	$	1,539,097	$	(21	)		–
iShares MSCI Canada Index Fund		1,315		13,587			(14,902	)		–		–	$	6,401			–
iShares MSCI EAFE Small Cap Index Fund		965		19,321			(582	)		19,704	$	790,722	$	(4,551	)		–
iShares MSCI Emerging Markets Index Fund		2,519		25,444			(27,963	)		–		–	$	40,020			–
Master International Index Series	$	249,180		–		$	(249,180	)²		–		–	$	83		$	7,544
Master Small Cap Index Series	$	67,825	$	1,308,073	¹		–		$	1,375,898	$	1,375,898	$	(11,217	)	$	6,270
Russell 1000 Index Master Portfolio	$	874,441	$	17,542,825	¹		–		$	18,417,266	$	18,417,266	$	3,754		$	52,722

¹	Represents net shares/beneficial interest purchased.

²	Represents net beneficial interest sold.

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

•

Level 1 – unadjusted price quotations in active markets/exchanges for identical assets and liabilities

•


Schedule of Investments (concluded)		LifePath Index 2030 Master Portfolio

investing in those securities. For information about the Master Portfolio’s policy regarding valuation of investments and derivative financial instruments and other significant accounting policies, please refer to the Master Portfolio’s most recent financial statements as contained in its annual report. The following table summarizes the inputs used as of March 31, 2012 in determining the fair valuation of the Master Portfolio’s investments:


Valuation Inputs	Level 1		Level 2		Level 3		Total
Assets:
Investments:
Affiliated Investment Companies	$	2,528,399	$	39,013,242		–	$	41,541,641

There were no transfers between levels during the period ended March 31, 2012.


Schedule of Investments March 31, 2012 (Unaudited)		LifePath Index 2035 Master Portfolio
		(Percentages shown are based on Net Assets)


Affiliated Investment Companies(a)	Shares/Beneficial Interest		Value
Equity Funds - 77.9%
ACWI ex-US Index Master Portfolio	$	940,530	$	940,530
iShares MSCI EAFE Small Cap Index Fund		2,119		85,035
Master Small Cap Index Series	$	127,802		127,802
Russell 1000 Index Master Portfolio	$	1,967,599		1,967,599

				3,120,966

Fixed Income Funds – 22.4%
Bond Index Master Portfolio	$	793,992		793,992
iShares Barclays TIPS Bond Fund		891		104,826

				898,818

Short-Term Securities – 0.8%
BlackRock Cash Funds: Institutional, SL Agency Shares,
0.25%(b)		30,941		30,941

				30,941

Total Affiliated Investment Companies (Cost – $ 3,911,752*) – 101.1 %				4,050,725
Liabilities in Excess of Other Assets – (1.1)%				(45,011	)

Net Assets – 100.0%			$	4,005,714

*	As of March 31, 2012, gross unrealized appreciation and gross unrealized depreciation based on cost for federal income tax purposes were as follows:


Aggregate cost	$	3,912,505

Gross unrealized appreciation	$	145,542
Gross unrealized depreciation		(7,322	)

Net unrealized appreciation	$	138,220


Schedule of Investments (continued)		LifePath Index 2035 Master Portfolio

(a)	Investments in companies considered to be an affiliate of the Master Portfolio during the period, 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, 2011		Shares/ Beneficial Interest Purchased			Shares/ Beneficial Interest Sold			Shares/ Beneficial Interest held at March 31, 2012		Value at March 31, 2012		Realized Gain (Loss)			Income
ACWI ex-US Index Master Portfolio	$	2,608	$	937,922	¹		–		$	940,530	$	940,530	$	2,172		$	3,651
BlackRock Cash Funds: Institutional, SL Agency Shares		4,730		26,211	¹		–			30,941	$	30,941		–		$	8
Bond Index Master Portfolio	$	351,541	$	442,451	¹		–		$	793,992	$	793,992	$	437		$	2,716
iShares Barclays TIPS Bond Fund		378		513			–			891	$	104,826		–			–
iShares MSCI Canada Index Fund		1,402		834			(2,236	)		–		–	$	(4,678	)		–
iShares MSCI EAFE Small Cap Index Fund		1,045		1,074			–			2,119	$	85,035		–			–
iShares MSCI Emerging Markets Index Fund		2,772		1,513			(4,285	)		–		–	$	(7,087	)		–
Master International Index Series	$	274,385		–		$	(274,385	)²		–		–	$	13		$	1,206
Master Small Cap Index Series	$	63,824	$	63,978	¹		–		$	127,802	$	127,802	$	(1,042	)	$	582
Russell 1000 Index Master Portfolio	$	943,795	$	1,023,804	¹		–		$	1,967,599	$	1,967,599	$	401		$	5,633

¹	Represents net shares/beneficial interest purchased.

²	Represents net beneficial interest sold.

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

•

Level 1 – unadjusted price quotations in active markets/exchanges for identical assets and liabilities

•


Schedule of Investments (concluded)		LifePath Index 2035 Master Portfolio


Valuation Inputs	Level 1		Level 2		Level 3		Total
Assets:
Investments:
Affiliated Investment Companies	$	220,802	$	3,829,923		–	$	4,050,725

There were no transfers between levels during the period ended March 31, 2012.


Schedule of Investments March 31, 2012 (Unaudited)		LifePath Index 2040 Master Portfolio
		(Percentages shown are based on Net Assets)


Affiliated Investment Companies(a)	Shares/Beneficial Interest		Value
Equity Funds – 83.9%
ACWI ex-US Index Master Portfolio	$	6,555,472	$	6,555,472
iShares MSCI EAFE Small Cap Index Fund		14,788		593,443
Master Small Cap Index Series	$	833,095		833,095
Russell 1000 Index Master Portfolio	$	13,847,365		13,847,365

				21,829,375

Fixed Income Funds – 16.2%
Bond Index Master Portfolio	$	3,840,151		3,840,151
iShares Barclays TIPS Bond Fund		3,225		379,421

				4,219,572

Short-Term Securities – 0.2%
BlackRock Cash Funds: Institutional, SL Agency Shares,
0.25%(b)		64,590		64,590

				64,590

Total Affiliated Investment Companies (Cost – $ 25,263,036*) – 100.3 %				26,113,537
Liabilities in Excess of Other Assets – (0.3)%				(91,097	)

Net Assets – 100.0%			$	26,022,440

*	As of March 31, 2012, gross unrealized appreciation and gross unrealized depreciation based on cost for federal income tax purposes were as follows:


Aggregate cost	$	25,263,036

Gross unrealized appreciation	$	850,501

Net unrealized appreciation	$	850,501


Schedule of Investments (continued)		LifePath Index 2040 Master Portfolio

(a)	Investments in companies considered to be an affiliate of the Master Portfolio during the period, 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, 2011		Shares/ Beneficial Interest Purchased			Shares/ Beneficial Interest Sold			Shares/ Beneficial Interest held at March 31, 2012		Value at March 31, 2012		Realized Gain (Loss)			Income
ACWI ex-US Index Master Portfolio	$	1,705	$	6,553,767	¹		–		$	6,555,472	$	6,555,472	$	15,140		$	25,447
BlackRock Cash Funds: Institutional, SL Agency Shares		6,541		58,049	¹		–			64,590	$	64,590		–		$	78
Bond Index Master Portfolio	$	253,518	$	3,586,633	¹		–		$	3,840,151	$	3,840,151	$	2,112		$	13,136
iShares Barclays TIPS Bond Fund		202		3,023			–			3,225	$	379,421		–			–
iShares MSCI Canada Index Fund		1,569		10,330			(11,899	)		–		–	$	3,535			–
iShares MSCI EAFE Small Cap Index Fund		1,124		13,788			(124	)		14,788	$	593,443	$	(578	)		–
iShares MSCI Emerging Markets Index Fund		2,948		19,275			(22,223	)		–		–	$	27,413			–
Master International Index Series	$	294,880		–		$	(294,880	)²		–		–	$	71		$	6,408
Master Small Cap Index Series	$	62,432	$	770,663	¹		–		$	833,095	$	833,095	$	(6,792	)	$	3,796
Russell 1000 Index Master Portfolio	$	1,010,878	$	12,836,487	¹		–		$	13,847,365	$	13,847,365	$	2,822		$	39,640

¹	Represents net shares/beneficial interest purchased.

²	Represents net beneficial interest sold.

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

•

Level 1 – unadjusted price quotations in active markets/exchanges for identical assets and liabilities

•


Schedule of Investments (concluded)		LifePath Index 2040 Master Portfolio


Valuation Inputs	Level 1		Level 2		Level 3		Total
Assets:
Investments:
Affiliated Investment Companies	$	1,037,454	$	25,076,083		–	$	26,113,537

There were no transfers between levels during the period ended March 31, 2012.


Schedule of Investments March 31, 2012 (Unaudited)		LifePath Index 2045 Master Portfolio
		(Percentages shown are based on Net Assets)


Affiliated Investment Companies(a)	Shares/Beneficial Interest		Value
Equity Funds – 89.8%
ACWI ex-US Index Master Portfolio	$	814,497	$	814,497
iShares MSCI EAFE Small Cap Index Fund		1,796		72,074
Master Small Cap Index Series	$	89,242		89,242
Russell 1000 Index Master Portfolio	$	1,683,510		1,683,510

				2,659,323

Fixed Income Funds – 10.7%
Bond Index Master Portfolio	$	316,554		316,554

				316,554

Short-Term Securities – 0.4%
BlackRock Cash Funds: Institutional, SL Agency Shares,
0.25% (b)		11,391		11,391

				11,391

Total Affiliated Investment Companies (Cost – $ 2,852,296*) – 100.9 %				2,987,268
Liabilities in Excess of Other Assets – (0.9)%				(27,562	)

Net Assets – 100.0%			$	2,959,706

*	As of March 31, 2012, gross unrealized appreciation and gross unrealized depreciation based on cost for federal income tax purposes were as follows:


Aggregate cost	$	2,855,053

Gross unrealized appreciation	$	142,648
Gross unrealized depreciation		(10,433	)

Net unrealized appreciation	$	132,215


Schedule of Investments (concluded)		LifePath Index 2045 Master Portfolio

(a)	Investments in companies considered to be an affiliate of the Master Portfolio during the period, 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, 2011		Shares/ Beneficial Interest Purchased			Shares/ Beneficial Interest Sold			Shares/ Beneficial Interest held at March 31, 2012		Value at March 31, 2012		Realized Gain (Loss)			Income
ACWI ex-US Index Master Portfolio	$	2,508	$	811,989	¹		–		$	814,497	$	814,497	$	1,881		$	3,162
BlackRock Cash Funds: Institutional, SL Agency Shares		5,019		6,372	¹		–			11,391	$	11,391		–		$	4
Bond Index Master Portfolio	$	171,154	$	145,400	¹		–		$	316,554	$	316,554	$	174		$	1,083
iShares MSCI Canada Index Fund		1,631		357			(1,988	)		–		–	$	(5,240	)		–
iShares MSCI EAFE Small Cap Index Fund		1,179		617			–			1,796	$	72,074		–			–
iShares MSCI Emerging Markets Index Fund		3,061		857			(3,918	)		–		–	$	(8,490	)		–
Master International Index Series	$	316,913		–		$	(316,913	)²		–		–	$	12		$	1,094
Master Small Cap Index Series	$	59,434	$	29,808	¹		–		$	89,242	$	89,242	$	(728	)	$	407
Russell 1000 Index Master Portfolio	$	1,069,178	$	614,332	¹		–		$	1,683,510	$	1,683,510	$	343		$	4,819

¹	Represents net shares/beneficial interest purchased.

²	Represents net beneficial interest sold.

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

•

Level 1 – unadjusted price quotations in active markets/exchanges for identical assets and liabilities

•

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. 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 does not necessarily correspond to the Master Portfolio’s perceived risk of investing in those securities. For information about the Master Portfolio’s policy regarding valuation of investments and derivative financial instruments and other significant accounting policies, please refer to the Master Portfolio’s most recent financial statements as contained in its annual report. The following table summarizes the inputs used as of March 31, 2012 in determining the fair valuation of the Master Portfolio’s investments:


Valuation Inputs	Level 1		Level 2		Level 3		Total
Assets:
Investments:
Affiliated Investment Companies	$	83,465	$	2,903,803		–	$	2,987,268

There were no transfers between levels during the period ended March 31, 2012.


Schedule of Investments March 31, 2012 (Unaudited)		LifePath Index 2050 Master Portfolio
		(Percentages shown are based on Net Assets)


Affiliated Investment Companies(a)	Shares/Beneficial Interest		Value
Equity Funds – 95.4%
ACWI ex-US Index Master Portfolio	$	1,292,489	$	1,292,489
iShares MSCI EAFE Small Cap Index Fund		2,858		114,692
Master Small Cap Index Series	$	140,010		140,010
Russell 1000 Index Master Portfolio	$	2,680,342		2,680,342

				4,227,533

Fixed Income Funds – 5.0%
Bond Index Master Portfolio	$	220,867		220,867

				220,867

Short-Term Securities – 0.2%
BlackRock Cash Funds: Institutional, SL Agency Shares,
0.25%(b)		8,873		8,873

				8,873

Total Affiliated Investment Companies (Cost – $ 4,239,436*) – 100.6 %				4,457,273
Liabilities in Excess of Other Assets – (0.6)%				(24,562	)

Net Assets – 100.0%			$	4,432,711

*	As of March 31, 2012, gross unrealized appreciation and gross unrealized depreciation based on cost for federal income tax purposes were as follows:


Aggregate cost	$	4,240,587

Gross unrealized appreciation	$	218,980
Gross unrealized depreciation		(2,294	)

Net unrealized appreciation	$	216,686


Schedule of Investments (concluded)		LifePath Index 2050 Master Portfolio

(a)	Investments in companies considered to be an affiliate of the Master Portfolio during the period, 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, 2011		Shares/ Beneficial Interest Purchased			Shares/ Beneficial Interest Sold			Shares/ Beneficial Interest held at March 31, 2012		Value at March 31, 2012		Realized Gain (Loss)			Income
ACWI ex-US Index Master Portfolio	$	2,508	$	1,289,981	¹		–		$	1,292,489	$	1,292,489	$	2,985		$	5,017
BlackRock Cash Funds: Institutional, SL Agency Shares		5,192		3,681	¹		–			8,873	$	8,873		–		$	10
Bond Index Master Portfolio	$	72,275	$	148,592	¹		–		$	220,867	$	220,867	$	121		$	756
iShares MSCI Canada Index Fund		1,692		1,264			(2,956	)		–		–	$	(4,382	)		–
iShares MSCI EAFE Small Cap Index Fund		1,263		1,595			–			2,858	$	114,692		–			–
iShares MSCI Emerging Markets Index Fund		3,332		2,288			(5,620	)		–		–	$	(1,833	)		–
Master International Index Series	$	331,764		–		$	(331,764	)²		–		–	$	18		$	1,622
Master Small Cap Index Series	$	59,143	$	80,867	¹		–		$	140,010	$	140,010	$	(1,141	)	$	638
Russell 1000 Index Master Portfolio	$	1,123,015	$	1,557,327	¹		–		$	2,680,342	$	2,680,342	$	546		$	7,673

¹	Represents net shares/beneficial interest purchased.

²	Represents beneficial interest sold.

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

•

Level 1 – unadjusted price quotations in active markets/exchanges for identical assets and liabilities

•

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. 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 risk associated with investing in those securities. For information about the Master Portfolio’s policy regarding valuation of investments and derivative financial instruments and other significant accounting policies, please refer to the Master Portfolio’s most recent financial statements as contained in its annual report. The following table summarizes the inputs used as of March 31, 2012 in determining the fair valuation of the Master Portfolio’s investments:


Valuation Inputs	Level 1		Level 2		Level 3		Total
Assets:
Investments:
Affiliated Investment Companies	$	123,565	$	4,333,708		–	$	4,457,273

There were no transfers between levels during the period ended March 31, 2012.


Schedule of Investments March 31, 2012 (Unaudited)		LifePath Index 2055 Master Portfolio
		(Percentages shown are based on Net Assets)


Affiliated Investment Companies(a)	Shares/Beneficial Interest		Value
Equity Funds – 99.7%
ACWI ex-US Index Master Portfolio	$	763,541	$	763,541
iShares MSCI EAFE Small Cap Index Fund		1,720		69,024
Master Small Cap Index Series	$	141,797		141,797
Russell 1000 Index Master Portfolio	$	1,400,302		1,400,302

				2,374,664

Fixed Income Funds – 1.0%
Bond Index Master Portfolio	$	23,885		23,885

				23,885

Short-Term Securities – 0.5%
BlackRock Cash Funds: Institutional, SL Agency Shares,
0.25%(b)		10,786		10,786

				10,786

Total Affiliated Investment Companies (Cost – $ 2,282,457*) – 101.2%				2,409,335
Liabilities in Excess of Other Assets – (1.2)%				(28,150	)

Net Assets – 100.0%			$	2,381,185

*	As of March 31, 2012, gross unrealized appreciation and gross unrealized depreciation based on cost for federal income tax purposes were as follows:


Aggregate cost	$	2,283,691

Gross unrealized appreciation	$	131,517
Gross unrealized depreciation		(5,873	)

Net unrealized appreciation	$	125,644


Schedule of Investments (concluded)		LifePath Index 2055 Master Portfolio

(a)	Investments in companies considered to be an affiliate of the Master Portfolio during the period, 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, 2011		Shares/ Beneficial Interest Purchased			Shares/ Beneficial Interest Sold			Shares/ Beneficial Interest held at March 31, 2012		Value at March 31, 2012		Realized Gain (Loss)			Income
ACWI ex-US Index Master Portfolio	$	5,015	$	758,526	¹		–		$	763,541	$	763,541	$	1,763		$	2,964
BlackRock Cash Funds: Institutional, SL Agency Shares		5,013		5,773	¹		–			10,786	$	10,786		–		$	2
Bond Index Master Portfolio	$	15,948	$	7,937	¹		–		$	23,885	$	23,885	$	13		$	82
iShares MSCI Canada Index Fund		1,788		–			(1,788	)		–		–	$	(6,418	)		–
iShares MSCI EAFE Small Cap Index Fund		1,295		425			–			1,720	$	69,024		–			–
iShares MSCI Emerging Markets Index Fund		3,466		–			(3,466	)		–		–	$	(10,886	)		–
Master International Index Series	$	349,044		–		$	(349,044	)²		–		–	$	11		$	1,004
Master Small Cap Index Series	$	122,459	$	19,338	¹		–		$	141,797	$	141,797	$	(1,156	)	$	646
Russell 1000 Index Master Portfolio	$	1,110,241	$	290,061	¹		–		$	1,400,302	$	1,400,302	$	285		$	4,009

¹	Represents net shares/beneficial interest purchased.

²	Represents net beneficial interest sold.

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

•

Level 1 – unadjusted price quotations in active markets/exchanges for identical assets and liabilities

•

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. 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 risk associated with investing in those securities. For information about the Master Portfolio’s policy regarding valuation of investments and derivative financial instruments and other significant accounting policies, please refer to the Master Portfolio’s most recent financial statements as contained in its annual report. The following table summarizes the inputs used as of March 31, 2012 in determining the fair valuation of the Master Portfolio’s investments:


Valuation Inputs	Level 1		Level 2		Level 3		Total
Assets:
Investments:
Affiliated Investment Companies	$	79,810	$	2,329,525		–	$	2,409,335

There were no transfers between levels during the period ended March 31, 2012.


Schedule of Investments March 31, 2012 (Unaudited)		Active Stock Master Portfolio
		(Percentages shown are based on Net Assets)


	Shares		Value
Common Stocks
Consumer Discretionary – 12.4%
Auto Components – 0.3%
Allison Transmission Holdings, Inc.(a)		95,300	$	2,275,764
BorgWarner, Inc.(a)		32,400		2,732,616
Federal-Mogul Corp.(a)		4,652		80,061
Gentex Corp.(b)		34,479		844,736
Johnson Controls, Inc.		74,000		2,403,520
Lear Corp.		27,901		1,297,117

				9,633,814

Automobiles – 0.3%
Ford Motor Co.		134,020		1,673,910
General Motors Co.(a)		75,250		1,930,162
Tesla Motors, Inc.(a)		120,100		4,472,524

				8,076,596

Diversified Consumer Services – 0.4%
Apollo Group, Inc., Class A(a)		144,567		5,586,069
ITT Educational Services, Inc.(a)(b)		81,397		5,383,597
Weight Watchers International, Inc.(a)(b)		1,257		97,028

				11,066,694

Hotels, Restaurants & Leisure – 1.3%
Chipotle Mexican Grill, Inc.(a)		7,000		2,926,000
Choice Hotels International, Inc.		2,731		101,975
Las Vegas Sands Corp.		153,100		8,813,967
Marriott Vacations Worldwide Corp.(a)		15,009		427,907
McDonald’s Corp.		156,789		15,381,001
Starbucks Corp.		166,100		9,283,329
Starwood Hotels & Resorts Worldwide, Inc.		2		113
Wynn Resorts Ltd.		9,091		1,135,284
Yum! Brands, Inc.		8,000		569,440

				38,639,016

Household Durables – 0.5%
Garmin Ltd.		101,000		4,741,950
Newell Rubbermaid, Inc.		4,292		76,441
NVR, Inc.(a)		2,921		2,121,610
Tempur-Pedic International, Inc.(a)		18,864		1,592,687
Tupperware Brands Corp.		70,003		4,445,190

				12,977,878

Internet & Catalog Retail – 1.2%
Amazon.com, Inc.(a)		85,894		17,394,394
Expedia, Inc.		160,000		5,350,400
HSN, Inc.		2,103		79,977
priceline.com, Inc.(a)		14,584		10,464,020
TripAdvisor, Inc.(a)		26,546		946,896

				34,235,687

Leisure Equipment & Products – 0.4%
Mattel, Inc.		86,404		2,908,359
Polaris Industries, Inc.		117,320		8,464,638

				11,372,997


Schedule of Investments (continued)		Active Stock Master Portfolio
		(Percentages shown are based on Net Assets)


	Shares		Value
Media – 4.1%
Cablevision Systems Corp.		271,000	$	3,978,280
CBS Corp., Class B		168,000		5,696,880
Comcast Corp, Class A		234,900		7,049,349
Comcast Corp, Special Class A		575,980		16,997,170
DIRECTV, Class A(a)		204,070		10,068,814
DISH Network Corp.		168,000		5,532,240
Interpublic Group of Cos., Inc.		462,000		5,271,420
John Wiley & Sons, Inc., Class A(b)		34,667		1,649,803
Liberty Media Corp. - Liberty Capital(a)		3,389		298,740
The McGraw-Hill Cos., Inc.		198,147		9,604,185
Scripps Networks Interactive, Inc., Class A(b)		72,385		3,524,426
Time Warner Cable, Inc.		140,285		11,433,228
Time Warner, Inc.		310,910		11,736,852
Viacom, Inc., Class B		276,214		13,109,116
The Walt Disney Co.		212,900		9,320,762
The Washington Post Co., Class B(b)		2,378		888,349

				116,159,614

Multiline Retail – 0.9%
Big Lots, Inc.(a)		54,000		2,323,080
Dollar Tree, Inc.(a)		102,471		9,682,485
Family Dollar Stores, Inc.		3,353		212,178
J.C. Penney Co., Inc.(b)		88,903		3,149,833
Macy’s, Inc.		136,000		5,403,280
Nordstrom, Inc.		106,000		5,906,320

				26,677,176

Specialty Retail – 2.2%
Advance Auto Parts, Inc.		70,118		6,210,351
AutoZone, Inc.(a)		20,085		7,467,603
Bed Bath & Beyond, Inc.(a)		9,110		599,165
Chico’s FAS, Inc.		307,000		4,635,700
The Home Depot, Inc.		377,500		18,992,025
Limited Brands, Inc.		143,200		6,873,600
PetSmart, Inc.		93,000		5,321,460
Ross Stores, Inc.		59,321		3,446,550
Sally Beauty Holdings, Inc.(a)		24,315		603,012
The TJX Cos., Inc.		194,000		7,703,740

				61,853,206

Textiles, Apparel & Luxury Goods – 0.8%
Coach, Inc.(b)		130,332		10,072,057
Michael Kors Holdings Ltd.(a)		81,000		3,773,790
Ralph Lauren Corp.(b)		4,734		825,278
Under Armour Inc, Class A(a)		23,600		2,218,400
VF Corp.		45,500		6,642,090

				23,531,615

Total Consumer Discretionary				354,224,293

Consumer Staples – 9.4%
Beverages – 1.9%
Brown-Forman Corp., Class B		25,270		2,107,265
The Coca-Cola Co.		299,402		22,158,742
Coca-Cola Enterprises, Inc.		183,000		5,233,800
Diageo Plc		234,700		5,634,255
Dr Pepper Snapple Group, Inc.		136,000		5,468,560
Monster Beverage Corp.(a)		64,125		3,981,521
PepsiCo Inc.		164,620		10,922,537

				55,506,680


Schedule of Investments (continued)		Active Stock Master Portfolio
		(Percentages shown are based on Net Assets)


	Shares		Value
Food & Staples Retailing – 1.7%
Costco Wholesale Corp.		117,626	$	10,680,441
CVS Caremark Corp.		56,570		2,534,336
The Kroger Co.		677,640		16,419,217
Wal-Mart Stores, Inc.		181,275		11,094,030
Walgreen Co.		63,221		2,117,271
Whole Foods Market, Inc.		77,307		6,431,943

				49,277,238

Food Products – 2.6%
Annie’s, Inc.(a)		673		23,447
Archer Daniels Midland Co.		418,650		13,254,459
Campbell Soup Co.		155,000		5,246,750
ConAgra Foods, Inc.		180,000		4,726,800
General Mills, Inc.		180,660		7,127,037
Green Mountain Coffee Roasters, Inc.(a)		58,900		2,758,876
H.J. Heinz Co.		57,700		3,089,835
The Hershey Co.		25,513		1,564,712
Kraft Foods, Inc., Class A		139,900		5,317,599
Mead Johnson Nutrition Co.		106,274		8,765,480
Post Holdings, Inc.(a)		37,694		1,241,263
Ralcorp Holdings, Inc.(a)		1,812		134,251
Tyson Foods, Inc., Class A		26,311		503,856
Unilever NV		596,240		20,290,047

				74,044,412

Household Products – 1.1%
The Clorox Co.		3,663		251,831
Colgate-Palmolive Co.		7,381		721,714
Kimberly-Clark Corp.		162,830		12,031,509
The Procter & Gamble Co.		277,188		18,629,806

				31,634,860

Personal Products – 0.5%
The Estee Lauder Cos., Inc., Class A		39,918		2,472,521
Herbalife Ltd.		165,367		11,380,557

				13,853,078

Tobacco – 1.6%
Altria Group, Inc.		93,300		2,880,171
Lorillard, Inc.		55,169		7,143,282
Philip Morris International, Inc.		389,070		34,475,493

				44,498,946

Total Consumer Staples				268,815,214

Energy – 11.5%
Energy Equipment & Services – 2.5%
Baker Hughes, Inc.		34,261		1,436,906
Dresser-Rand Group, Inc.(a)		2,312		107,254
Ensco International Plc		139,400		7,378,442
Halliburton Co.(b)		456,350		15,146,256
Helmerich & Payne, Inc.		73,000		3,938,350
National Oilwell Varco, Inc.		77,400		6,150,978
Noble Corp.(a)		519,255		19,456,485
Oil States International, Inc.(a)		17,743		1,385,019
Schlumberger Ltd.		155,449		10,870,549
SEACOR Holdings, Inc.(a)		10,180		975,040
Weatherford International Ltd.(a)		380,800		5,746,272

				72,591,551


Schedule of Investments (continued)		Active Stock Master Portfolio
		(Percentages shown are based on Net Assets)


	Shares		Value
Oil, Gas & Consumable Fuels – 9.0%
Alpha Natural Resources, Inc.(a)		159,800	$	2,430,558
Anadarko Petroleum Corp.		132,769		10,401,123
Apache Corp.		81,150		8,150,706
Chevron Corp.		357,452		38,333,153
ConocoPhillips		140,938		10,712,697
CONSOL Energy, Inc.		14,700		501,270
Denbury Resources, Inc.(a)		283,000		5,159,090
Devon Energy Corp.		240,421		17,098,742
El Paso Corp.		21,140		624,687
Enbridge, Inc.		183,700		7,120,454
Energy Transfer Equity LP(b)		303		12,211
EQT Corp.		70,751		3,410,906
Exxon Mobil Corp.		983,459		85,295,399
Hess Corp.		40,660		2,396,907
HollyFrontier Corp.		197,530		6,350,590
Kinder Morgan, Inc.		29,200		1,128,580
Kosmos Energy Ltd.(a)(b)		7,635		101,087
Marathon Oil Corp.		423,853		13,436,140
Marathon Petroleum Corp.		116,467		5,050,009
Murphy Oil Corp.		68,000		3,826,360
Occidental Petroleum Corp.		53,100		5,056,713
Peabody Energy Corp.		313,827		9,088,430
Range Resources Corp.		112,900		6,564,006
Royal Dutch Shell Plc Class A		45,800		1,597,819
Spectra Energy Corp.		80,700		2,546,085
Total SA		152,200		7,780,464
WPX Energy, Inc.(a)		101,317		1,824,719

				255,998,905

Total Energy				328,590,456

Financials – 12.8%
Capital Markets – 0.7%
American Capital Ltd.(a)		14,365		124,544
Ameriprise Financial, Inc.		36,003		2,056,851
The Bank of New York Mellon Corp.		6		145
Franklin Resources, Inc.		5,125		635,654
The Goldman Sachs Group, Inc.		90,151		11,212,080
Jefferies Group, Inc.		288,300		5,431,572

				19,460,846

Commercial Banks – 3.3%
Bank of Nova Scotia		96,300		5,384,205
BOK Financial Corp.(b)		2,693		151,562
First Citizens Bancshares, Inc., Class A		2,488		454,533
First Niagara Financial Group, Inc.		10,006		98,459
First Republic Bank(a)		95,860		3,157,628
M&T Bank Corp.(b)		21,375		1,857,060
National Bank of Canada		79,800		6,337,212
Regions Financial Corp.		62,475		411,710
SunTrust Banks, Inc.		70,756		1,710,173
The Toronto-Dominion Bank		59,400		5,031,571
U.S. Bancorp		635,819		20,142,746
Wells Fargo & Co.		1,430,419		48,834,505

				93,571,364

Consumer Finance – 0.5%
American Express Co.		109,464		6,333,587
Capital One Financial Corp.		50,904		2,837,389
Discover Financial Services		156,000		5,201,040

				14,372,016


Schedule of Investments (continued)		Active Stock Master Portfolio
		(Percentages shown are based on Net Assets)


	Shares		Value
Diversified Financial Services – 3.5%
Bank of America Corp.		294,525	$	2,818,604
Citigroup, Inc.		704,676		25,755,908
CME Group, Inc.		1,406		406,798
JPMorgan Chase & Co.		1,256,605		57,778,698
Moody’s Corp.		137,000		5,767,700
The NASDAQ OMX Group, Inc.(a)		184,491		4,778,317
NYSE Euronext		60,822		1,825,268

				99,131,293

Insurance – 4.2%
ACE Ltd.		245,569		17,975,651
Aflac, Inc.		170,892		7,859,323
Allied World Assurance Co. Holdings Ltd.(b)		20,938		1,437,812
American National Insurance Co.		1,800		130,536
Aspen Insurance Holdings Ltd.		38,821		1,084,659
Axis Capital Holdings Ltd.		29,716		985,680
Berkshire Hathaway, Inc., Class B(a)		3,903		316,728
Brown & Brown, Inc.		7,940		188,813
Chubb Corp.		77,800		5,376,758
CNA Financial Corp.		12,343		362,020
Endurance Specialty Holdings Ltd.		34,236		1,392,036
First American Financial Corp.		5,216		86,742
The Hanover Insurance Group, Inc.		31,931		1,313,003
Hartford Financial Services Group, Inc.		502,855		10,600,183
Kemper Corp.		3		91
Lincoln National Corp.		289,062		7,619,674
MetLife, Inc.		451,376		16,858,894
PartnerRe Ltd.		84,602		5,743,630
Prudential Financial, Inc.		235,690		14,940,389
Reinsurance Group of America, Inc.		4,393		261,252
RenaissanceRe Holdings Ltd.		1		76
The Travelers Cos., Inc.		426,105		25,225,416
Validus Holdings Ltd.		2,833		87,681
Willis Group Holdings Plc		57,016		1,994,420
XL Group Plc		7,006		151,960

				121,993,427

Real Estate Investment Trusts (REITs) – 0.6%
Alexandria Real Estate Equities, Inc.		3,836		280,527
American Tower Corp.		87,500		5,514,250
BRE Properties, Inc.		5,433		274,638
Camden Property Trust		26,354		1,732,775
CommonWealth REIT		15,145		282,000
Home Properties, Inc.		12,240		746,762
Liberty Property Trust		19,594		699,898
National Retail Properties, Inc.		5,908		160,639
Piedmont Office Realty Trust, Inc.		3,066		54,421
Public Storage		10,693		1,477,452
Rayonier, Inc.(b)		68,986		3,041,571
Taubman Centers, Inc.		5,331		388,896
Ventas, Inc.		18,401		1,050,697
Weyerhaeuser Co.		88,200		1,933,344

				17,637,870

Real Estate Management & Development – 0.0%
The Howard Hughes Corp.(a)		5,425		346,495

Thrifts & Mortgage Finance – 0.0%
BankUnited, Inc.		3,415		85,375

Total Financials				366,598,686


Schedule of Investments (continued)		Active Stock Master Portfolio
		(Percentages shown are based on Net Assets)


	Shares		Value
Health Care – 11.4%
Biotechnology – 1.6%
Alexion Pharmaceuticals, Inc.(a)		29,537	$	2,742,806
Amgen, Inc.		119,130		8,099,648
Biogen Idec, Inc.(a)		95,305		12,005,571
Celgene Corp.(a)		78,000		6,046,560
Gilead Sciences, Inc.(a)		239,411		11,695,227
Myriad Genetics, Inc.(a)		261,780		6,193,715

				46,783,527

Health Care Equipment & Supplies – 1.4%
Baxter International, Inc.		181,290		10,837,516
The Cooper Cos., Inc.		19,642		1,604,948
Edwards Lifesciences Corp.(a)		1,214		88,294
Intuitive Surgical, Inc.(a)		9,541		5,168,837
Medtronic, Inc.		425,781		16,686,357
ResMed, Inc.(a)		45,000		1,390,950
Sirona Dental Systems, Inc.(a)		30,751		1,584,907
Stryker Corp.		24,305		1,348,442
Thoratec Corp.(a)		16,813		566,766

				39,277,017

Health Care Providers & Services – 2.1%
Aetna, Inc.		200,680		10,066,109
AmerisourceBergen Corp.		342,276		13,581,511
Cardinal Health, Inc.		258,079		11,125,786
HCA Holdings, Inc.		55,824		1,381,086
Humana, Inc.		4,273		395,167
McKesson Corp.		91,284		8,011,997
Medco Health Solutions, Inc.(a)		169,504		11,916,131
Quest Diagnostics Inc.		32,100		1,962,915
WellCare Health Plans, Inc.(a)		12,216		878,086
WellPoint, Inc.		27,031		1,994,888

				61,313,676

Health Care Technology – 0.4%
Cerner Corp. (a)		131,200		9,992,192
SXC Health Solutions Corp.(a)		17,464		1,309,101

				11,301,293

Life Sciences Tools & Services – 0.0%
Bio-Rad Laboratories, Inc., Class A(a)		738		76,523
Illumina, Inc.(a)		3,217		169,247

				245,770

Pharmaceuticals – 5.9%
Abbott Laboratories		303,379		18,594,099
Bristol-Myers Squibb Co.		383,220		12,933,675
Eli Lilly & Co.		380,213		15,311,177
Forest Laboratories, Inc.(a)		40,588		1,407,998
Johnson & Johnson		406,226		26,794,667
Merck & Co., Inc.		879,870		33,787,008
Pfizer, Inc.		2,002,540		45,377,556
Valeant Pharmaceuticals International, Inc.(a)		85,600		4,595,864
Warner Chilcott Plc, Class A(a)		344,738		5,795,046
Watson Pharmaceuticals, Inc.(a)		42,817		2,871,308

				167,468,398

Total Health Care				326,389,681


Schedule of Investments (continued)		Active Stock Master Portfolio
		(Percentages shown are based on Net Assets)


	Shares		Value
Industrials – 11.5%
Aerospace & Defense – 3.7%
Alliant Techsystems, Inc.(b)		23,323	$	1,168,949
The Boeing Co.		285,600		21,240,072
Esterline Technologies Corp.(a)		1,992		142,348
Exelis, Inc.		179,487		2,247,177
General Dynamics Corp.		72,165		5,295,468
Goodrich Corp.		3,501		439,165
Honeywell International, Inc.		268,780		16,409,019
L-3 Communications Holdings, Inc.		25,947		1,836,269
Lockheed Martin Corp.		75,000		6,739,500
Northrop Grumman Corp.		110,186		6,730,161
Precision Castparts Corp.		40,601		7,019,913
Raytheon Co.		129,400		6,829,732
Rockwell Collins, Inc.		19,100		1,099,396
Textron, Inc.		189,290		5,267,941
United Technologies Corp.		267,902		22,219,792

				104,684,902

Air Freight & Logistics – 0.4%
C.H. Robinson Worldwide, Inc.		59,831		3,918,332
Expeditors International of Washington, Inc.(b)		37,139		1,727,335
United Parcel Service, Inc., Class B		54,400		4,391,168

				10,036,835

Airlines – 0.5%
Copa Holdings SA		34,000		2,692,800
Delta Air Lines, Inc.(a)		1,299,810		12,881,117

				15,573,917

Building Products – 0.0%
Fortune Brands Home & Security, Inc.(a)		53,547		1,181,782

Commercial Services & Supplies – 0.2%
The Brink’s Co.(b)		7,327		174,895
Iron Mountain, Inc.		159,000		4,579,200
KAR Auction Services, Inc.(a)		6,137		99,481
Rollins, Inc.		2,677		56,967
Waste Connections, Inc.(b)		18,104		588,923

				5,499,466

Construction & Engineering – 0.8%
Chicago Bridge & Iron Co. NV		110,000		4,750,900
Fluor Corp.		88,000		5,283,520
Jacobs Engineering Group, Inc.(a)		300,620		13,338,509

				23,372,929

Electrical Equipment – 0.2%
The Babcock & Wilcox Co.(a)		11,148		287,061
GrafTech International Ltd.(a)		23,665		282,560
Hubbell, Inc. Class B(b)		1,764		138,615
Rockwell Automation, Inc.		21,900		1,745,430
Roper Industries, Inc.		29,200		2,895,472

				5,349,138


Schedule of Investments (continued)		Active Stock Master Portfolio
		(Percentages shown are based on Net Assets)


	Shares		Value
Industrial Conglomerates – 2.5%
3M Co.		53,800	$	4,799,498
Danaher Corp.		275,400		15,422,400
General Electric Co.		1,659,004		33,296,211
Tyco International Ltd.		341,890		19,207,380

				72,725,489

Machinery – 2.5%
Caterpillar, Inc.		101,300		10,790,476
CNH Global NV(a)(b)		25,824		1,025,213
Cummins, Inc.(b)		77,061		9,250,402
Deere & Co.		113,100		9,149,790
Eaton Corp.		146,600		7,305,078
Gardner Denver, Inc.		12,411		782,141
Ingersoll-Rand Plc		135,000		5,582,250
Joy Global, Inc.		1,471		108,119
PACCAR, Inc.		90,400		4,233,432
Parker Hannifin Corp.		65,000		5,495,750
Stanley Black & Decker, Inc.		85,400		6,572,384
Terex Corp.(a)		196,609		4,423,703
WABCO Holdings, Inc.(a)		39,007		2,359,143
Wabtec Corp.(b)		11,259		848,591
Xylem, Inc.		134,391		3,729,350

				71,655,822

Professional Services – 0.2%
Manpower, Inc.		104,114		4,931,880
Towers Watson & Co., Class A		2,723		179,909
Verisk Analytics, Inc., Class A(a)		9,320		437,760

				5,549,549

Road & Rail – 0.4%
Canadian National Railway Co.		71,600		5,687,188
CSX Corp.		22,271		479,272
Norfolk Southern Corp.		16,546		1,089,223
Union Pacific Corp.		42,228		4,538,666

				11,794,349

Trading Companies & Distributors – 0.1%
Air Lease Corp.(a)		20,416		491,413
MSC Industrial Direct Co., Inc.		11,779		980,955
WESCO International, Inc.(a)(b)		17,647		1,152,526

				2,624,894

Total Industrials				330,049,072

Information Technology – 19.4%
Communications Equipment – 1.6%
Cisco Systems, Inc.		846,114		17,895,311
EchoStar Corp.(a)		11,782		331,546
F5 Networks, Inc.(a)		17,600		2,375,296
Motorola Mobility Holdings, Inc.(a)		5,402		211,974
Polycom, Inc.(a)		94		1,793
QUALCOMM, Inc.		370,557		25,205,287

				46,021,207


Schedule of Investments (continued)		Active Stock Master Portfolio
		(Percentages shown are based on Net Assets)


	Shares		Value
Computers & Peripherals – 4.4%
Apple, Inc.(a)		168,664	$	101,109,008
Dell, Inc.(a)		399,000		6,623,400
EMC Corp.(a)		80,192		2,396,137
Fusion-io, Inc.(a)(b)		101,695		2,889,155
NetApp, Inc.(a)		157,700		7,060,229
QLogic Corp.(a)		267,000		4,741,920

				124,819,849

Electronic Equipment, Instruments & Components – 0.9%
Corning, Inc.		1,313,000		18,487,040
Dolby Laboratories, Inc., Class A(a)(b)		53,153		2,023,003
Jabil Circuit, Inc.		212,000		5,325,440

				25,835,483

Internet Software & Services – 1.4%
eBay, Inc.(a)		182,200		6,721,358
ExactTarget, Inc.(a)		823		21,398
Google, Inc., Class A(a)		39,904		25,588,041
IAC/InterActiveCorp(b)		40,800		2,002,872
LinkedIn Corp.(a)		922		94,035
Millennial Media, Inc.(a)		2,336		54,896
Rackspace Hosting, Inc.(a)		80,500		4,652,095
VeriSign, Inc.		26,617		1,020,496

				40,155,191

IT Services – 4.3%
Accenture Plc, Class A		145,902		9,410,679
Alliance Data Systems Corp.(a)		46,000		5,794,160
Amdocs Ltd.(a)		63,110		1,993,014
Automatic Data Processing, Inc.		24,700		1,363,193
DST Systems, Inc.		88,000		4,772,240
Global Payments, Inc.		80,000		3,797,600
International Business Machines Corp.		207,944		43,387,515
Lender Processing Services, Inc.		147,000		3,822,000
MasterCard, Inc., Class A		11,634		4,892,562
NeuStar Inc, Class A(a)		2,395		89,214
SAIC, Inc.(a)		341,000		4,501,200
Total System Services, Inc.		32,626		752,682
VeriFone Systems, Inc.(a)		119,200		6,182,904
Visa, Inc., Class A		103,827		12,251,586
The Western Union Co.		1,163,680		20,480,768

				123,491,317

Semiconductors & Semiconductor Equipment – 2.6%
Altera Corp.		51,496		2,050,571
Avago Technologies Ltd.		177,492		6,916,863
Broadcom Corp., Class A(a)		238,574		9,375,958
Intel Corp.		203,235		5,712,936
LSI Corp.(a)		2,103,050		18,254,474
Marvell Technology Group Ltd.(a)		801,950		12,614,674
Micron Technology, Inc.(a)		1,225,460		9,926,226
NXP Semiconductor NV(a)		210,900		5,612,049
Xilinx, Inc.		120,900		4,404,387

				74,868,138

Software – 4.2%
Autodesk, Inc.(a)		13,074		553,292


Schedule of Investments (continued)		Active Stock Master Portfolio
		(Percentages shown are based on Net Assets)


	Shares		Value
Software – 4.2% (concluded)
BMC Software, Inc.(a)		76,896	$	3,088,143
Check Point Software Technologies(a)		118,000		7,533,120
Citrix Systems, Inc.(a)		1,125		88,774
Intuit, Inc.		17,741		1,066,766
Microsoft Corp.		2,327,589		75,064,745
Oracle Corp.		74,673		2,177,465
Red Hat, Inc.(a)		105,500		6,318,395
Salesforce.com, Inc.(a)		67,093		10,366,539
Solera Holdings, Inc.(b)		16,428		753,881
Symantec Corp.(a)		336,000		6,283,200
VMware, Inc., Class A(a)		51,400		5,775,818

				119,070,138

Total Information Technology				554,261,323

Materials – 4.3%
Chemicals – 2.2%
Airgas, Inc.		2,122		188,794
Albemarle Corp.		16,285		1,040,937
Cabot Corp.		13,847		590,990
Celanese Corp.		144,962		6,694,345
CF Industries Holdings, Inc.		37,255		6,804,626
The Dow Chemical Co.		94,000		3,256,160
E.I. du Pont de Nemours & Co.		428,840		22,685,636
Huntsman Corp.		75,184		1,053,328
LyondellBasell Industries NV, Class A		31,858		1,390,602
Monsanto Co.		85,414		6,812,621
Olin Corp.		96,800		2,105,400
PPG Industries, Inc.		67,000		6,418,600
Praxair, Inc.		35,000		4,012,400

				63,054,439

Containers & Packaging – 0.1%
Crown Holdings, Inc.(a)		29,221		1,076,210
Rock-Tenn Co, Class A		1,668		112,690
Sealed Air Corp.		146,110		2,821,384

				4,010,284

Metals & Mining – 1.6%
Alcoa, Inc.		767,630		7,691,653
Barrick Gold Corp.		53,200		2,307,489
BHP Billiton Ltd.		283,600		10,168,255
Freeport-McMoRan Copper & Gold, Inc.		242,532		9,225,917
Newmont Mining Corp.		1,612		82,647
Nucor Corp.		203,280		8,730,876
Rio Tinto Ltd.		50,100		3,394,330
Southern Copper Corp.		56,902		1,804,372
Walter Energy, Inc.		18,072		1,070,043

				44,475,582

Paper & Forest Products – 0.4%
Domtar Corp.(b)		11,895		1,134,545
International Paper Co.		149,000		5,229,900
MeadWestvaco Corp.		110,400		3,487,536

				9,851,981

Total Materials				121,392,286

Telecommunication Services – 2.6%
Diversified Telecommunication Services – 2.3%
AT&T, Inc.		602,805		18,825,600


Schedule of Investments (continued)		Active Stock Master Portfolio
		(Percentages shown are based on Net Assets)


	Shares		Value
Diversified Telecommunication Services (concluded)
BCE, Inc.		43,200	$	1,730,592
CenturyLink, Inc.		192,800		7,451,720
Level 3 Communications, Inc.(a)		56,400		1,451,172
Verizon Communications, Inc.		949,063		36,282,679
Windstream Corp.		122,800		1,437,988

				67,179,751

Wireless Telecommunication Services – 0.3%
MetroPCS Communications, Inc.(a)		524,079		4,727,192
NII Holdings, Inc.(a)		52,202		955,819
Telephone & Data Systems, Inc.		5,479		126,839
Vodafone Group Plc		80,200		2,219,134

				8,028,984

Total Telecommunication Services				75,208,735

Utilities – 2.9%
Electric Utilities – 1.4%
American Electric Power Co., Inc.		83,599		3,225,249
Duke Energy Corp.		93,500		1,964,435
Edison International		43,000		1,827,930
FirstEnergy Corp.		72,715		3,315,077
ITC Holdings Corp.		16,600		1,277,204
NextEra Energy, Inc.		67,800		4,141,224
Northeast Utilities		47,800		1,774,336
PNM Resources, Inc.		5,133		93,934
PPL Corp.		42,400		1,198,224
Southern Co.		443,100		19,908,487

				38,726,100

Gas Utilities – 0.2%
Atmos Energy Corp.		31,596		994,010
ONEOK, Inc.		47,204		3,854,679
UGI Corp.(b)		33,033		900,149

				5,748,838

Independent Power Producers & Energy Traders – 0.2%
International Power Plc		468,400		3,030,965
NRG Energy, Inc.(a)(b)		89,778		1,406,821

				4,437,786

Multi-Utilities – 1.0%
Consolidated Edison, Inc.		21,000		1,226,820
Dominion Resources, Inc.		381,630		19,543,272
DTE Energy Co.		2,419		133,118
NSTAR(b)		3,092		150,364
Public Service Enterprise Group, Inc.		115,073		3,522,384
Sempra Energy		29,400		1,762,824
Wisconsin Energy Corp.		49,900		1,755,482
Xcel Energy, Inc.		40,349		1,068,038

				29,162,302

Water Utilities – 0.1%
American Water Works Co., Inc.		114,479		3,895,720

Total Utilities				81,970,746

Total Long-Term Investments (Cost – $ 2,451,577,660) – 98.2 %				2,807,500,492


Schedule of Investments (continued)		Active Stock Master Portfolio
		(Percentages shown are based on Net Assets)


	Shares		Value
Short-Term Securities
Money Market Funds – 2.1%
BlackRock Cash Funds: Institutional, SL Agency Shares,
0.25%(c)(d)(e)		51,987,911	$	51,987,911
BlackRock Cash Funds: Prime, SL Agency Shares,
0.24%(c)(d)(e)		7,254,412		7,254,412

				59,242,323

	Par (000)
U.S. Treasury Obligations – 0.0%
U.S. Treasury Bill, 0.08%, 6/21/12(f)(g)	$	890		889,878

Total Short-Term Securities (Cost – $ 60,132,136) – 2.1 %				60,132,201

*Total Investments (Cost – $ 2,511,709,796) – 100.3 %**				2,867,632,693
Liabilities in Excess of Other Assets – (0.3)%				(7,878,234	)

Net Assets –100.0%			$	2,859,754,459

*	As of March 31, 2012, gross unrealized appreciation and gross unrealized depreciation based on cost for federal income tax purposes were as follows:


Tax cost	$	2,549,999,178

Gross unrealized appreciation	$	382,771,534
Gross unrealized depreciation		(65,138,019	)

Net unrealized appreciation	$	317,633,515

(a)	Non-income producing security.

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

(c)	Investments in companies considered to be an affiliate of the Master Portfolio during the period, 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, 2011		Net Activity			Shares held at March 31, 2012		Income
BlackRock Cash Funds: Institutional, SL Agency Shares		128,263,976		(76,276,065	)		51,987,911	$	86,667
BlackRock Cash Funds: Prime, SL Agency Shares		20,162,910		(12,908,498	)		7,254,412	$	22,261

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

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

(f)	Rate shown is the yield to maturity as of the date of purchase.

(g)	All or a portion of security has been pledged as collateral in connection with open financial futures contracts.

•

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

•

Financial futures contracts purchased as of March 31, 2012 were as follows:

Contracts

Issue

Exchange

Expiration

Notional Value

Unrealized
Appreciation

116

S&P 500 Index

Chicago Mercantile

June 2012

8,138,850

179,722


Schedule of Investments (concluded)		Active Stock Master Portfolio

•

Level 1 – unadjusted price quotations in active markets/exchanges for identical assets and liabilities

•

Valuation Inputs

Level 1

Level 2

Level 3

Total

Assets:

Investments:

Long-Term Investments¹:

Common Stocks

2,807,500,492

–

2,807,500,492

Short-Term Securities:

Money Market Funds

59,242,323

–

59,242,323

U.S. Treasury Obligations

–

889,878

–

889,878

Total

2,866,742,815

889,878

–

2,867,632,693

Valuation Inputs

Level 1

Level 2

Level 3

Total

Derivative Financial Instruments²

Assets:

Interest Rate Contracts

179,722

–

179,722

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

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

Certain of the Master Portfolio’s liabilities are held at carrying amount which approximates fair value. Collateral on securities loaned at value of $25,345,979 would be categorized as Level 1 within the disclosure hierarchy.

There were no transfers between levels during the period ended March 31, 2012.


Schedule of Investments March 31, 2012 (Unaudited)		CoreAlpha Bond Master Portfolio
		(Percentages shown are based on Net Assets)


	Par (000)		Value
Asset-Backed Securities
ACE Securities Corp., Series 2005-AG1, Class A2D,
0.60%, 8/25/35(a)	$	3,843	$	3,253,630
AH Mortgage Advance Trust, Series SART-1, Class A1,
2.63%, 5/10/42(b)		7,400		7,376,875
AmeriCredit Automobile Receivables Trust:
Series 2007-CM, Class A4A, 5.55%, 4/07/14		2,513		2,514,847
Series 2012-1, Class D, 4.72%, 3/08/18		6,600		6,913,868
Ameriquest Mortgage Securities, Inc.:
Series 2005-R6, Class A2, 0.44%, 8/25/35(a)		667		640,027
Series 2006-R1, Class A2C, 0.43%, 3/25/36(a)		1,061		1,049,126
Asset Backed Funding Corp. Certificates:
Series 2005-HE2, Class M1, 0.72%, 6/25/35(a)		799		789,215
Series 2005-OPT1, Class A1SS, 0.48%, 7/25/35(a)		723		700,299
BNC Mortgage Loan Trust, Series 2007-4, Class A3A,
0.49%, 11/25/37(a)		1,655		1,615,777
Carrington Mortgage Loan Trust, Series 2007-FRE1, Class A1,
0.36%, 2/25/37(a)		6,157		5,988,369
Chase Funding Mortgage Loan Asset-Backed Certificates, Series 2003-5, Class 1A4,
4.40%, 2/25/30		430		432,488
Chesapeake Funding LLC, Series 2009-1, Class A,
2.24%, 12/15/20(a)(b)		4,706		4,715,521
CIT Mortgage Loan Trust, Series 2007-1, Class 2A1,
1.24%, 10/25/37(a)(b)		5,465		5,427,363
Citibank Credit Card Issuance Trust:
Series 2006-C1, Class C1, 0.64%, 2/20/15		5,150		5,136,753
Series 2008-C6, Class C6, 6.30%, 6/20/14		8,700		8,808,750
Citigroup Mortgage Loan Trust, Inc., Series 2007-WFH4, Class A2A,
1.14%, 7/25/37(a)		167		162,048
Countrywide Asset-Backed Certificates:
Series 2005-4, Class MV1, 0.70%, 10/25/35(a)		3,858		3,742,122
Series 2006-20, Class 2A2, 0.36%, 4/25/47(a)		2,342		2,243,755
Series 2006-22, Class 2A2, 0.35%, 5/25/47(a)		2,869		2,775,097
Series 2006-25, Class 2A2, 0.36%, 6/25/47(a)		4,205		3,757,730
Series 2007-10, Class 2A1, 0.29%, 6/25/47(a)		851		836,500
Series 2007-12, Class 2A1, 0.59%, 8/25/47		5,828		5,733,918
Series 2007-4, Class A1B, 5.81%, 9/25/37		504		495,902
Series 2007-5, Class 2A1, 0.34%, 9/25/47(a)		436		431,929
Series 2007-6, Class 2A1, 0.34%, 9/25/37(a)		611		605,855
Series 2007-7, Class 2A1, 0.32%, 10/25/47(a)		79		78,583
Series 2007-8, Class 2A1, 0.30%, 11/25/37(a)		1,704		1,663,142
Credit-Based Asset Servicing & Securitization LLC, Series 2006-CB8, Class A2A,
0.29%, 10/25/36(a)		55		54,768
Ellington Loan Acquisition Trust, Series 2007-1, Class A2A1,
1.24%, 5/26/37(b)		2,724		2,632,352
First Franklin Mortgage Loan Asset Backed Certificates:
Series 2004-FF10, Class A3, 0.78%, 9/25/34(a)		224		211,634
Series 2005-FF10, Class A4, 0.56%, 11/25/35(a)		1,820		1,468,387
Series 2005-FF4, Class M1, 0.67%, 5/25/35(a)		2,258		1,964,769
Series 2006-FF13, Class A2B, 0.34%, 10/25/36		608		600,357
Series 2006-FF14, Class A2, 0.30%, 10/25/36		2,517		2,481,331
GE-WMC Mortgage Securities LLC, Series 2005-1, Class A2C,
0.60%, 10/25/35(a)		1,794		1,486,500
GMAC Mortgage Corp. Loan Trust, Series 2006-HLTV, Class A3,
5.59%, 10/25/29		49		49,025
GSAMP Trust, Series 2007-HE2, Class A2A,
0.36%, 3/25/47(a)		532		523,064
Helios Finance LP:
Series 2007-S1, Class B1, 0.94%, 10/20/14(a)(b)		223		223,021
Series 2007-S1, Class B2, 2.59%, 10/20/14(a)(b)		3,589		3,588,755
JPMorgan Mortgage Acquisition Corp., Series 2006-CH1, Class A3,
0.34%, 7/25/36(a)		3,264		3,211,938
Long Beach Mortgage Loan Trust, Series 2005-WL1, Class M2,
0.79%, 6/25/35(a)		1,659		1,445,291
MBNA Credit Card Master Note Trust, Series 2002-C3, Class C3,
1.59%, 10/15/14		7,200		7,207,815
Morgan Stanley Capital, Inc., Series 2006, Class A3,
0.43%, 12/25/35(a)		620		612,710


Schedule of Investments (continued)		CoreAlpha Bond Master Portfolio
		(Percentages shown are based on Net Assets)


	Par (000)		Value
Morgan Stanley Home Equity Loan Trust, Series 2006-1, Class A2B,
0.44%, 12/25/35(a)	$	114	$	113,454
National Collegiate Student Loan Trust:
Series 2005-1, Class A3, 0.38%, 10/26/26(a)		7,188		6,997,544
Series 2006-2, Class A2, 0.39%, 7/25/26		5,035		4,520,651
Nationstar Home Equity Loan Trust, Series 2006-B, Class AV2,
0.37%, 9/25/36(a)		2,275		2,210,347
New Century Home Equity Loan Trust:
Series 2005-3, Class A2D, 0.62%, 7/25/35(a)		4,628		4,487,034
Series 2005-3, Class M1, 0.72%, 7/25/35(a)		5,500		5,132,105
Series 2005-3, Class M2, 0.73%, 7/25/35(a)		1,590		1,087,116
Option One Mortgage Loan Trust, Series 2007-5, Class 2A1,
0.33%, 5/25/37		184		182,094
Park Place Securities, Inc., Series 2005-WCW3, Class A2C,
0.62%, 8/25/35(a)		6,570		6,277,258
Residential Asset Mortgage Products, Inc.:
Series 2005-EFC3, Class M1, 0.69%, 8/25/35(a)		2,502		2,436,850
Series 2005-RS6, Class M1, 0.74%, 6/25/35(a)		4,300		3,481,564
Residential Asset Securities Corp.:
Series 2005-AHL1, Class A2, 0.51%, 7/25/35(a)		263		260,232
Series 2006-EMX6, Class A2, 0.35%, 7/25/36		300		297,768
Series 2007-KS4, Class A1, 0.34%, 5/25/37(a)		150		148,812
Santander Drive Auto Receivables Trust:
Series 2011-3, Class D, 4.23%, 5/15/17		3,900		3,982,428
Series 2011-S1A, Class D, 3.10%, 5/15/17(b)		3,728		3,719,044
Series 2012-1, Class A2, 1.25%, 4/15/15		3,600		3,611,394
Series 2012-2, Class A2, 0.91%, 5/15/15		3,600		3,600,984
Securitized Asset Backed Receivables LLC Trust, Series 2005-FR5, Class A1A,
0.53%, 8/25/35(a)		96		95,816
Soundview Home Equity Loan Trust:
Series 2006-EQ1, Class A2, 0.35%, 10/25/36(a)		1,269		1,252,921
Series 2007-1, Class 2A1, 0.33%, 3/25/37(a)		1,261		1,180,792
Series 2007-OPT5, Class 2A1, 1.04%, 10/25/37(a)		32		32,252
Specialty Underwriting & Residential Finance, Series 2006-BC1, Class A2C,
0.44%, 12/25/36		6,812		6,440,760
Structured Asset Investment Loan Trust, Series 2005-1, Class A5,
0.59%, 2/25/35(b)		514		509,488
Structured Asset Securities Corp., Series 2006-BC5, Class A2,
0.29%, 12/25/36(a)		699		688,894
Terwin Mortgage Trust:
Series 2005-12AL, Class AF2, 4.65%, 7/25/36		303		302,658
Series 2005-14HE, Class AF2, 4.85%, 8/25/36		3,483		3,361,544
Wheels SPV LLC, Series 2009-1, Class A,
1.79%, 3/15/18(a)(b)		2,277		2,281,319

Total Asset-Backed Securities – 6.8%				174,344,329

Corporate Bonds
Aerospace & Defense – 0.6%
BE Aerospace, Inc.:
6.88%, 10/01/20(c)		1,900		2,080,500
5.25%, 4/01/22		2,100		2,121,000
L-3 Communications Corp.:
3.95%, 11/15/16		1,250		1,316,109
4.75%, 7/15/20		900		929,304
4.95%, 2/15/21		600		627,652
Series B, 6.38%, 10/15/15		2,396		2,452,905
Lockheed Martin Corp.:
3.35%, 9/15/21		1,649		1,651,899
5.50%, 11/15/39		1,900		2,095,061
TransDigm, Inc.,
7.75%, 12/15/18		2,200		2,381,500

				15,655,930

Air Freight & Logistics – 0.0%
FedEx Corp.,
8.00%, 1/15/19		600		775,611
United Parcel Service, Inc.,
4.88%, 11/15/40		400		450,245

				1,225,856


Schedule of Investments (continued)		CoreAlpha Bond Master Portfolio
		(Percentages shown are based on Net Assets)


	Par (000)		Value
Beverages – 0.3%
Bottling Group LLC,
5.13%, 1/15/19	$	1,100	$	1,285,152
Diageo Finance BV,
3.25%, 1/15/15		2,000		2,121,038
Dr Pepper Snapple Group, Inc.:
2.35%, 12/21/12(c)		1,000		1,011,497
2.90%, 1/15/16		1,250		1,298,993
PepsiCo, Inc.,
4.88%, 11/01/40		1,000		1,095,261

				6,811,941

Biotechnology – 0.7%
Amgen, Inc.:
2.30%, 6/15/16		800		816,678
6.40%, 2/01/39		900		1,041,791
Biogen Idec, Inc.,
6.88%, 3/01/18		7,528		9,177,483
Celgene Corp.,
3.95%, 10/15/20		4,000		4,073,132
Genentech, Inc.,
4.75%, 7/15/15(c)		625		697,738
Gilead Sciences, Inc.,
4.40%, 12/01/21		2,200		2,309,285

				18,116,107

Capital Markets – 0.9%
The Bear Stearns Cos., Inc.,
6.40%, 10/02/17(c)		2,500		2,910,830
The Bear Stearns Cos., Inc./JPMorgan Chase & Co.,
5.70%, 11/15/14		800		883,983
Credit Suisse First Boston USA, Inc.:
5.13%, 1/15/14		1,400		1,478,163
4.88%, 1/15/15		900		970,735
The Goldman Sachs Group, Inc.:
5.95%, 1/18/18		1,500		1,615,821
6.15%, 4/01/18		1,500		1,617,945
7.50%, 2/15/19		1,200		1,371,042
5.75%, 1/24/22		3,400		3,497,716
6.75%, 10/01/37		1,650		1,612,171
6.25%, 2/01/41		950		938,268
Merrill Lynch & Co., Inc.,
6.88%, 4/25/18		550		611,434
Morgan Stanley:
2.88%, 7/28/14(c)		3,400		3,384,595
6.00%, 4/28/15		1,400		1,465,355
6.25%, 8/28/17		1,500		1,579,575

				23,937,633

Chemicals – 0.2%
Ecolab, Inc.,
4.35%, 12/08/21		500		530,058
LyondellBasell Industries N.V.,
6.00%, 11/15/21(b)(c)		1,800		1,890,000
RPM International, Inc.,
6.13%, 10/15/19		2,453		2,685,841
Valspar Corp.,
4.20%, 1/15/22		300		307,150

				5,413,049

Commercial Banks – 0.5%
HSBC Bank USA NA,
5.88%, 11/01/34		1,700		1,767,629
HSBC Holdings Plc,
6.50%, 9/15/37		700		785,599
JPMorgan Chase Bank NA, Series BKNT,
6.00%, 10/01/17		800		915,369
US Bancorp,
2.20%, 11/15/16		4,000		4,077,664
Wachovia Bank NA,
6.00%, 11/15/17		5,400		6,203,396

				13,749,657

Communications Equipment – 0.1%
Omnicom Group, Inc.,
4.45%, 8/15/20		2,700		2,905,189


Schedule of Investments (continued)		CoreAlpha Bond Master Portfolio
		(Percentages shown are based on Net Assets)


	Par (000)		Value
Consumer Finance – 0.3%
American Express Co.,
8.13%, 5/20/19	$	4,800	$	6,275,007
American Express Credit Co.,
2.75%, 9/15/15		2,600		2,697,570

				8,972,577

Containers & Packaging – 0.4%
Ball Corp.,
5.00%, 3/15/22		2,100		2,105,250
Crown Americas LLC and Crown Americas Capital Corp. II,
7.63%, 5/15/17		3,900		4,197,375
Rock-Tenn Co.:
4.45%, 3/01/19(b)		1,750		1,757,863
4.90%, 3/01/22(b)		1,900		1,897,212
Sealed Air Corp.,
6.88%, 7/15/33(b)		1,500		1,432,500

				11,390,200

Diversified Financial Services – 2.0%
American Express Credit Corp.,
2.38%, 3/24/17		3,000		3,004,614
Associates Corp. of North America,
6.95%, 11/01/18		1,500		1,697,801
Bank of America Corp.:
4.50%, 4/01/15		4,300		4,453,785
3.70%, 9/01/15		1,000		1,009,362
3.75%, 7/12/16		2,400		2,411,959
5.49%, 3/15/19		1,500		1,503,552
5.70%, 1/24/22		1,500		1,587,876
5.88%, 2/07/42		750		745,958
Citigroup, Inc.:
6.50%, 8/19/13		1,400		1,481,089
6.38%, 8/12/14		1,400		1,519,004
4.45%, 1/10/17		4,200		4,399,525
6.13%, 11/21/17		1,000		1,116,161
8.50%, 5/22/19		1,600		1,972,605
8.13%, 7/15/39		400		518,396
5.88%, 1/30/42		350		362,648
General Electric Capital Corp.:
2.25%, 11/09/15		2,000		2,055,444
4.38%, 9/16/20(c)		4,000		4,212,736
4.63%, 1/07/21		1,600		1,707,552
6.75%, 3/15/32		500		597,373
6.88%, 1/10/39		1,000		1,234,940
JPMorgan Chase & Co.:
3.45%, 3/01/16		3,300		3,440,775
3.15%, 7/05/16		1,100		1,133,950
5.60%, 7/15/41		2,400		2,622,715
5.40%, 1/06/42		1,100		1,167,993
SLM Corp.:
6.00%, 1/25/17		2,600		2,678,000
7.25%, 1/25/22		1,200		1,253,789

				49,889,602

Diversified Telecommunication Services – 1.8%
AT&T, Inc.:
4.95%, 1/15/13		1,500		1,550,890
2.40%, 8/15/16		1,250		1,291,870
3.00%, 2/15/22(c)		7,700		7,546,115
6.55%, 2/15/39		2,000		2,433,918
5.35%, 9/01/40		1,231		1,308,935
5.55%, 8/15/41		2,600		2,881,900
BellSouth Corp.,
6.55%, 6/15/34		2,400		2,739,670
British Telecommunications Plc,
9.63%, 12/15/30		400		588,529
Embarq Corp.,
8.00%, 6/01/36		3,000		3,032,292
Qwest Corp.,
8.38%, 5/01/16		3,300		3,943,243
Telefonica Emisiones SAU,
5.86%, 2/04/13		3,600		3,722,054


Schedule of Investments (continued)		CoreAlpha Bond Master Portfolio
		(Percentages shown are based on Net Assets)


	Par (000)		Value
Diversified Telecommunication Services (concluded)
Verizon Communications, Inc.:
8.75%, 11/01/18	$	2,000	$	2,714,052
6.90%, 4/15/38		900		1,148,503
8.95%, 3/01/39		500		772,655
7.35%, 4/01/39		1,700		2,281,130
4.75%, 11/01/41		2,100		2,125,704
Windstream Corp.,
7.88%, 11/01/17(c)		5,350		5,898,375

				45,979,835

Electric Utilities – 1.7%
Commonwealth Edison Co.:
4.70%, 4/15/15		1,000		1,098,955
5.88%, 2/01/33		3,500		4,186,728
Duke Energy Corp.:
2.15%, 11/15/16		2,100		2,140,622
5.05%, 9/15/19		2,000		2,276,360
FirstEnergy Solutions Corp.,
6.05%, 8/15/21		1,200		1,346,824
Ipalco Enterprises, Inc.,
5.00%, 5/01/18		850		845,750
MidAmerican Energy Holdings Co.,
5.75%, 4/01/18		6,550		7,699,034
Northern States Power Co,
5.25%, 7/15/35		2,500		2,890,203
Oncor Electric Delivery Co. LLC,
5.95%, 9/01/13		2,750		2,928,720
Pacific Gas & Electric Co.:
5.63%, 11/30/17		1,500		1,782,996
3.25%, 9/15/21(c)		2,900		2,935,829
PacifiCorp:
5.50%, 1/15/19		1,300		1,526,919
6.25%, 10/15/37		1,000		1,274,240
Progress Energy, Inc.:
4.88%, 12/01/19		3,100		3,457,219
4.40%, 1/15/21		3,700		4,037,976
3.15%, 4/01/22		950		928,569
Southern Co. (The),
4.15%, 5/15/14		900		961,535

				42,318,479

Electrical Equipment – 0.1%
Roper Industries, Inc.,
6.25%, 9/01/19		1,500		1,759,820

Electronic Equipment, Instruments & Components – 0.1%
Tyco Electronics Group SA,
6.55%, 10/01/17		2,900		3,433,472

Food Products – 0.7%
ConAgra Foods, Inc.,
7.13%, 10/01/26		2,400		2,861,319
General Mills, Inc.,
5.65%, 2/15/19		1,400		1,662,147
Hershey Co. (The),
4.13%, 12/01/20		1,550		1,705,888
Kellogg Co.:
4.45%, 5/30/16		100		110,681
3.25%, 5/21/18		1,550		1,636,268
Kraft Foods, Inc.,
5.38%, 2/10/20		3,600		4,161,755
Mead Johnson Nutrition Co.,
4.90%, 11/01/19		4,500		5,037,219

				17,175,277

Health Care Equipment & Supplies – 0.1%
Covidien International Finance SA,
4.20%, 6/15/20		1,700		1,837,197

Health Care Providers & Services – 1.2%
Aetna, Inc.,
6.75%, 12/15/37		900		1,144,417
AmerisourceBergen Corp.:
4.88%, 11/15/19		900		1,009,651
3.50%, 11/15/21		6,250		6,376,294
Cardinal Health, Inc.,
4.63%, 12/15/20		4,300		4,738,462
DaVita, Inc.,
6.38%, 11/01/18		3,550		3,718,625
Health Net, Inc.,
6.38%, 6/01/17		2,300		2,461,000


Schedule of Investments (continued)		CoreAlpha Bond Master Portfolio
		(Percentages shown are based on Net Assets)


	Par (000)		Value
Health Care Providers & Services (concluded)
Humana, Inc.,
6.45%, 6/01/16	$	4,100	$	4,662,323
UnitedHealth Group, Inc.:
4.70%, 2/15/21(c)		3,100		3,477,146
6.88%, 2/15/38		1,700		2,230,560

				29,818,478

Hotels, Restaurants & Leisure – 0.7%
McDonald’s Corp.:
6.30%, 10/15/37		1,000		1,334,025
4.88%, 7/15/40		1,600		1,779,659
Wyndham Worldwide Corp.:
6.00%, 12/01/16(c)		24		26,751
5.75%, 2/01/18		3,400		3,786,145
4.25%, 3/01/22		1,550		1,519,504
Yum! Brands, Inc.:
4.25%, 9/15/15		2,000		2,169,618
6.25%, 3/15/18		2,500		2,978,202
5.30%, 9/15/19		2,241		2,524,041
6.88%, 11/15/37		2,100		2,682,017

				18,799,962

Household Durables – 0.0%
Tupperware Brands Corp.,
4.75%, 6/01/21		900		915,467

Household Products – 0.0%
Kimberly-Clark Corp.,
2.40%, 3/01/22		1,250		1,208,226

Independent Power Producers & Energy Traders – 0.2%
Constellation Energy Group, Inc.,
5.15%, 12/01/20(c)		3,200		3,523,978
Exelon Generation Co. LLC,
5.75%, 10/01/41		500		558,100
PSEG Power LLC,
4.15%, 9/15/21		1,150		1,184,626
Southern Power Co.,
5.15%, 9/15/41		1,000		1,047,872

				6,314,576

Industrial Conglomerates – 0.4%
Tyco International Finance SA,
8.50%, 1/15/19		8,000		10,368,224

Insurance – 0.6%
The Allstate Corp.,
5.20%, 1/15/42		1,500		1,569,261
American International Group:
6.40%, 12/15/20		1,200		1,358,075
8.18%, 5/15/68(a)		500		529,250
Berkshire Hathaway, Inc.,
1.90%, 1/31/17		2,400		2,427,458
Markel Corp.,
5.35%, 6/01/21		1,300		1,355,530
Marsh & McLennan Cos., Inc.:
5.75%, 9/15/15		400		448,641
9.25%, 4/15/19		200		263,534
4.80%, 7/15/21		1,600		1,748,435
Protective Life Corp.,
8.45%, 10/15/39		300		347,334
Willis Group Holdings Plc,
4.13%, 3/15/16		2,600		2,642,866
XL Group Ltd.,
5.75%, 10/01/21		1,400		1,526,293

				14,216,677

Internet & Catalog Retail – 0.1%
Export-Import Bank of Korea,
4.00%, 1/29/21		1,446		1,422,915

Internet Software & Services – 0.1%
Digital Realty Trust LP,
5.88%, 2/01/20		2,800		3,049,833

IT Services – 0.6%
International Business Machines Corp.:
2.00%, 1/05/16		8,600		8,828,657


Schedule of Investments (continued)		CoreAlpha Bond Master Portfolio
		(Percentages shown are based on Net Assets)


	Par (000)		Value
IT Services (concluded)
7.63%, 10/15/18	$	2,050	$	2,734,550
5.60%, 11/30/39		1,600		1,957,365
The Western Union Co.,
6.20%, 11/17/36		600		629,343

				14,149,915

Leisure Equipment & Products – 0.1%
Mattel, Inc.:
2.50%, 11/01/16		750		767,237
5.45%, 11/01/41		1,800		1,874,479

				2,641,716

Life Sciences Tools & Services – 0.2%
Bio-Rad Laboratories, Inc.,
4.88%, 12/15/20		4,100		4,195,153
Thermo Fisher Scientific, Inc.,
3.25%, 11/20/14		1,600		1,700,515

				5,895,668

Machinery – 0.3%
Case New Holland, Inc.,
7.75%, 9/01/13		3,191		3,398,415
Danaher Corp.,
2.30%, 6/23/16		450		466,121
Dover Corp.,
4.30%, 3/01/21(c)		2,400		2,688,473

				6,553,009

Media – 1.1%
CBS Corp.,
5.90%, 10/15/40		2,200		2,437,125
Comcast Corp.,
5.70%, 5/15/18		2,450		2,891,561
DIRECTV Holdings LLC/DIRECTV Financing Co.,
5.15%, 3/15/42(b)		1,100		1,071,602
DirecTV Holdings LLC/DirecTV Financing Co., Inc.,
7.63%, 5/15/16		4,800		5,028,000
DISH DBS Corp.:
7.88%, 9/01/19(c)		2,700		3,105,000
6.75%, 6/01/21		1,200		1,293,000
NBCUniversal Media LLC,
6.40%, 4/30/40		500		601,278
News America, Inc.,
4.50%, 2/15/21		2,500		2,665,838
Scripps Networks Interactive, Inc.,
2.70%, 12/15/16		2,300		2,379,957
Time Warner, Inc.:
8.25%, 4/01/19		2,350		3,005,420
6.25%, 3/29/41		1,100		1,256,918
Viacom, Inc.,
4.38%, 9/15/14		1,300		1,401,598

				27,137,297

Metals & Mining – 0.4%
Freeport-McMoRan Copper & Gold, Inc.,
3.55%, 3/01/22		3,400		3,265,421
Kinross Gold Corp.,
6.88%, 9/01/41(b)		700		711,695
Newmont Mining Corp.,
6.25%, 10/01/39		3,000		3,333,948
Xstrata Canada Corp.,
6.20%, 6/15/35		1,000		1,044,929
Xstrata Canada Financial Corp.,
6.00%, 11/15/41(b)		650		675,492

				9,031,485

Multi-Utilities – 0.4%
Consolidated Edison Co. of New York, Inc.,
4.20%, 3/15/42		2,400		2,366,503
Dominion Resources, Inc.:
6.40%, 6/15/18(c)		4,050		4,958,698
4.45%, 3/15/21		2,100		2,316,899
SCANA Corp.,
4.13%, 2/01/22		500		500,252

				10,142,352

Multiline Retail – 0.1%
Nordstrom, Inc.:
4.00%, 10/15/21		1,200		1,276,780
7.00%, 1/15/38		600		802,381

				2,079,161


Schedule of Investments (continued)		CoreAlpha Bond Master Portfolio
		(Percentages shown are based on Net Assets)


	Par (000)		Value
Oil, Gas & Consumable Fuels – 2.6%
Anadarko Petroleum Corp.,
6.45%, 9/15/36	$	1,000	$	1,157,602
BP Capital Markets Plc:
3.13%, 10/01/15		700		739,878
3.20%, 3/11/16		1,500		1,589,304
3.56%, 11/01/21		1,900		1,956,466
Buckeye Partners LP,
4.88%, 2/01/21		550		572,251
ConocoPhillips,
6.50%, 2/01/39		4,500		5,976,522
ConocoPhillips Canada Funding Co. I,
5.63%, 10/15/16		500		588,281
Encana Corp.,
6.50%, 5/15/19(c)		400		472,267
Energy Transfer Partners LP:
9.70%, 3/15/19		842		1,076,491
9.00%, 4/15/19		373		462,570
Enterprise Products Operating LLC:
5.20%, 9/01/20		500		558,426
5.75%, 3/01/35		1,500		1,619,521
5.95%, 2/01/41		900		1,002,637
Husky Energy, Inc.:
3.95%, 4/15/22		5,300		5,335,642
6.80%, 9/15/37		1,000		1,227,097
Kinder Morgan Energy Partners LP,
3.95%, 9/01/22		4,400		4,356,273
Linn Energy LLC/Linn Energy Finance Corp.:
6.50%, 5/15/19(b)		300		294,000
6.25%, 11/01/19(b)(c)		3,200		3,104,000
8.63%, 4/15/20		3,200		3,448,000
7.75%, 2/01/21		250		259,375
Marathon Petroleum Corp.,
6.50%, 3/01/41		1,830		1,976,839
Noble Energy, Inc.,
4.15%, 12/15/21		800		817,691
ONEOK Partners LP,
6.85%, 10/15/37		1,300		1,550,710
Petrobras International Finance Co.,
5.38%, 1/27/21		2,200		2,368,826
Petrobras International Finance Co. – Pifco,
6.75%, 1/27/41		500		579,883
Petroleos Mexicanos:
5.50%, 1/21/21		1,100		1,212,750
4.88%, 1/24/22(b)		2,600		2,730,000
Petronas Capital Ltd.,
5.25%, 8/12/19		2,200		2,452,505
Phillips 66,
4.30%, 4/01/22(b)		3,700		3,763,636
Plains All American Pipeline LP/PAA Finance Corp.:
8.75%, 5/01/19		600		781,496
6.70%, 5/15/36		1,000		1,167,604
5.15%, 6/01/42		700		683,834
TransCanada PipeLines Ltd.:
6.50%, 8/15/18		2,850		3,516,387
3.80%, 10/01/20		4,200		4,502,980
Williams Partners LP:
3.80%, 2/15/15		800		850,082
4.00%, 11/15/21		1,150		1,162,054

				65,913,880

Paper & Forest Products – 0.5%
Domtar Corp.:
10.75%, 6/01/17		1,500		1,938,750
4.40%, 4/01/22		5,600		5,533,797
International Paper Co.:
9.38%, 5/15/19		1,600		2,114,009
7.50%, 8/15/21		2,100		2,647,067

				12,233,623


Schedule of Investments (continued)		CoreAlpha Bond Master Portfolio
		(Percentages shown are based on Net Assets)


	Par (000)		Value
Pharmaceuticals – 0.7%
Abbott Laboratories:
4.13%, 5/27/20	$	2,000	$	2,235,352
5.30%, 5/27/40		1,400		1,618,870
AstraZeneca Plc,
6.45%, 9/15/37		1,500		1,956,063
Eli Lilly & Co.,
5.55%, 3/15/37		1,700		2,016,458
GlaxoSmithKline Capital, Inc.:
5.65%, 5/15/18		1,200		1,449,168
6.38%, 5/15/38		500		660,575
Pfizer, Inc.,
6.20%, 3/15/19		1,500		1,877,102
Sanofi-Aventis SA,
2.63%, 3/29/16		2,400		2,512,966
Teva Pharmaceutical Finance IV BV,
3.65%, 11/10/21		2,800		2,834,381

				17,160,935

Professional Services – 0.0%
Dun & Bradstreet Corp. (The),
2.88%, 11/15/15		600		618,081

Real Estate – 0.1%
Simon Property Group LP,
4.75%, 3/15/42		1,900		1,811,566

Real Estate Investment Trusts (REITs) – 0.5%
American Tower Corp.:
4.63%, 4/01/15		4,000		4,260,688
4.70%, 3/15/22		4,400		4,435,363
Health Care REIT, Inc.,
5.25%,1/15/22		2,000		2,092,018
Hospitality Properties Trust,
6.70%, 1/15/18		1,400		1,559,691
Simon Property Group LP,
5.65%, 2/01/20		1,000		1,144,677

				13,492,437

Road & Rail – 0.3%
Burlington Northern Santa Fe LLC,
5.40%, 6/01/41		2,700		2,933,407
CSX Corp.,
5.75%, 3/15/13		2,600		2,717,892
Norfolk Southern Corp.,
5.75%, 1/15/16		1,100		1,272,401
Union Pacific Corp.,
6.13%, 2/15/20		1,300		1,587,948

				8,511,648

Semiconductors & Semiconductor Equipment – 0.1%
Intel Corp.,
3.30%, 10/01/21		2,100		2,169,611

Software – 0.3%
BMC Software, Inc.,
4.25%, 2/15/22		700		701,759
Oracle Corp.:
5.25%, 1/15/16		1,500		1,721,333
5.75%, 4/15/18		550		668,642
5.38%, 7/15/40		3,100		3,584,434

				6,676,168

Specialty Retail – 1.3%
Advance Auto Parts, Inc.,
4.50%, 1/15/22		3,100		3,187,600
AutoZone, Inc.,
4.00%, 11/15/20		6,600		6,844,378
The Gap, Inc.,
5.95%, 4/12/21		2,135		2,154,529
Limited Brands, Inc.:
6.90%, 7/15/17		2,167		2,410,787
8.50%, 6/15/19		4,000		4,730,000
Macy’s Retail Holdings, Inc.:
7.45%, 7/15/17		1,000		1,214,015
3.88%, 1/15/22		1,950		1,955,684


Schedule of Investments (continued)		CoreAlpha Bond Master Portfolio
		(Percentages shown are based on Net Assets)


	Par (000)		Value
Specialty Retail (concluded)
McDonald’s Corp.,
3.70%, 2/15/42	$	1,800	$	1,664,003
O’Reilly Automotive, Inc.,
4.63%, 9/15/21		5,300		5,587,138
The Sherwin-Williams Co.,
3.13%, 12/15/14		3,300		3,492,654

				33,240,788

Tobacco – 0.8%
Altria Group, Inc.:
9.70%, 11/10/18		2,750		3,736,772
9.25%, 8/06/19		1,100		1,479,203
9.95%, 11/10/38		200		304,209
Lorillard Tobacco Co.,
3.50%, 8/04/16		1,200		1,249,366
Philip Morris International, Inc.:
4.88%, 5/16/13		2,200		2,307,338
5.65%, 5/16/18		4,300		5,125,015
2.90%, 11/15/21		2,700		2,662,430
6.38%, 5/16/38		1,500		1,864,299
4.50%, 3/20/42		1,300		1,282,490

				20,011,122

Transportation Infrastructure – 0.0%
Canadian Pacific Railway Co.,
7.13%, 10/15/31		1,000		1,167,472

Wireless Telecommunication Services – 0.4%
America Movil SAB de CV,
5.00%, 3/30/20		2,800		3,113,589
American Tower Corp.:
4.50%, 1/15/18		2,100		2,206,470
5.05%, 9/01/20		2,300		2,376,588
Vodafone Group Plc:
2.88%, 3/16/16(c)		1,800		1,885,948
5.63%, 2/27/17		950		1,111,225

				10,693,820

Total Corporate Bonds – 24.6%				628,017,933

Foreign Agency Obligations
Brazilian Government International Bond,
5.63%, 1/07/41		1,500		1,728,750
Colombia Government International Bond:
4.38%, 7/12/21		4,300		4,676,250
7.38%, 9/18/37		800		1,122,000
6.13%, 1/18/41		1,400		1,715,000
Mexico Government International Bond,
4.75%, 3/08/44		5,800		5,684,000
Panama Government International Bond,
6.70%, 1/26/36		800		1,052,000
Peruvian Government International Bond,
7.13%, 3/30/19(c)		3,000		3,825,000
South Africa Government International Bond,
5.50%, 3/09/20		2,000		2,230,000

Total Foreign Agency Obligations – 0.9%				22,033,000

Non-Agency Mortgage-Backed Securities
Collateralized Mortgage Obligations – 1.4%
Banc of America Funding Corp.:
Series 2005-8, Class 4A27, 5.75%, 1/25/36		806		813,243
Series 2006-6, Class 1A12, 5.75%, 8/25/36		55		54,555
Citicorp Mortgage Securities, Inc.:
Series 2006-1, Class 2A1, 5.00%, 2/25/21		778		789,674
Series 2007-3, Class 1A7, 6.00%, 4/25/37		774		772,726
Countrywide Alternative Loan Trust:
Series 2005-51, Class 1A2A, 0.53%, 11/20/35(a)		1,632		1,592,831
Series 2006-HY12, Class A1, 5.52%, 8/25/36(a)		589		580,943
GMAC Mortgage Corp. Loan Trust, Series 2005-AR3, Class 4A3,
4.54%, 6/19/35(a)		2,851		2,858,007


Schedule of Investments (continued)		CoreAlpha Bond Master Portfolio
		(Percentages shown are based on Net Assets)


	Par (000)			Value
Collateralized Mortgage Obligations (concluded)
Greenpoint Mortgage Funding Trust:
Series 2006-AR4, Class A1A, 1.00%, 9/25/46(a)	$	–	(d)	$	17
Series 2006-AR5, Class A1A, 0.32%, 10/25/46(a)		731			715,288
GSR Mortgage Loan Trust, Series 2006-AR1, Class 2A2,
2.69%, 1/25/36(a)		2,496			2,443,678
Holmes Master Issuer Plc, Series 2007-2A, Class 4A,
0.67%, 7/15/20		7,200			7,194,902
HSI Asset Securitization Corp. Trust, Series 2005, Class 2A4,
0.63%, 8/25/35(a)		1,189			1,111,171
JPMorgan Alternative Loan Trust, Series 2006-A7, Class 1A2,
0.30%, 12/25/36(a)		60			59,253
Residential Accredit Loans, Inc., Series 2004-QS9, Class A1,
5.00%, 6/25/19		653			653,212
Thornburg Mortgage Securities Trust:
Series 2007-2, Class A1, 0.38%, 6/25/37(a)		493			492,619
Series 2007-2, Class A3A, 0.37%, 6/25/37(a)		7,318			7,313,576
Series 2007-3, Class 4A3, 0.45%, 6/25/47		6,669			6,634,781
Wells Fargo Mortgage Backed Securities Trust:
Series 2003-11, Class 1A13, 4.75%, 10/25/18		643			659,444
Series 2005-7, Class A3, 5.25%, 9/25/35		607			606,130

					35,346,050

Commercial Mortgage-Backed Securities – 2.1%
Banc of America Merrill Lynch Commercial Mortgage, Inc., Series 2004-6, Class A3,
4.51%, 12/10/42		494			503,528
Bear Stearns Commercial Mortgage Securities, Series 2002-TOP8, Class A2,
4.83%, 8/15/38		3,925			3,961,494
Citigroup Commercial Mortgage Trust, Series 2008-C7, Class A4,
6.07%, 12/10/49(a)		2,500			2,894,377
Citigroup/Deutsche Bank Commercial Mortgage Trust, Series 2005-CD1, Class AM,
5.23%, 7/15/44		1,300			1,396,000
Credit Suisse First Boston Mortgage Securities Corp.:
Series 2002-CKN2, Class A3, 6.13%, 4/15/37		207			206,361
Series 2005-C5, Class AM, 5.10%, 8/15/38(a)		1,500			1,606,926
CW Capital Cobalt Ltd., Series 2006-C1, Class A4,
5.22%, 8/15/48		3,000			3,292,041
GE Capital Commercial Mortgage Corp., Series 2007-C1, Class A2,
5.42%, 12/10/49		1,437			1,436,205
Greenwich Capital Commercial Funding Corp., Series 2005-GG5, Class A5,
5.22%, 4/10/37(a)		3,000			3,269,037
JPMorgan Chase Commercial Mortgage Securities Corp.:
Series 2002-CIB4, Class A3, 6.16%, 5/12/34		693			692,581
Series 2003-PM1A, Class A4, 5.33%, 8/12/40		6,500			6,803,095
Series 2005-CB12, Class A3A1, 4.82%, 9/12/37		585			584,308
Series 2007-CB19, Class A3, 5.93%, 2/12/49(a)		4,300			4,590,882
LB-UBS Commercial Mortgage Trust:
Series 2006-C7, Class A2, 5.30%, 11/15/38		3,591			3,594,777
Series 2007-C6, Class A4, 5.86%, 7/15/40(a)		5,700			6,446,552
Merrill Lynch Countrywide Commercial Mortgage Trust, Series 2006-1, Class A2,
5.44%, 2/12/39(a)		239			238,607
Merrill Lynch Mortgage Trust:
Series 2002-MW1, Class A4, 5.62%, 7/12/34		2,419			2,417,559
Series 2004-MKB1, Class A3, 4.89%, 2/12/42		396			400,746
Morgan Stanley Dean Witter Capital I, Series 2002-IQ3, Class A4,
5.08%, 9/15/37		1,603			1,626,510
Wachovia Bank Commercial Mortgage Trust, Series 2007-C34, Class A3,
5.68%, 5/15/46		6,000			6,798,912

					52,760,498

Total Non-Agency Mortgage-Backed Securities – 3.5%					88,106,548

Preferred Securities
Capital Trusts
Insurance – 0.2%
Aon Corp.,
8.21%, 1/01/27		1,700			1,968,792
Chubb Corp. (The):
6.00%, 5/11/37		800			973,451
6.38%, 3/29/67(a)		2,550			2,632,875
					5,575,118

Total Capital Trusts – 0.2%					5,575,118


Schedule of Investments (continued)		CoreAlpha Bond Master Portfolio
		(Percentages shown are based on Net Assets)


	Shares		Value
Trust Preferred – 0.2%
Diversified Financial Services – 0.2%
JPMorgan Chase Capital XXVII,
7.00%, 11/01/39		3,500	$	3,547,250

Total Preferred Securities – 0.4%				9,122,368


	Par (000)
Preferred Stocks
Diversified Telecommunication Services – 0.2%
Qwest Corp.
7.38%	$	196,000		5,103,840

Total Preferred Stocks – 0.2%				5,103,840

Taxable Municipal Bonds
Chicago, Illinois Waterworks Revenue,
6.74%, 11/01/40		150		193,251
Massachusetts State Transportation Fund Revenue,
5.73%, 6/01/40		150		188,421
New Jersey State Turnpike Authority Revenue,
7.10%, 1/01/41		700		957,628
New York City Transitional Finance Authority Revenue,
5.57%, 11/01/38		450		534,402
Orange County Local Transportation Authority Sales Tax Revenue,
6.91%, 2/15/41		450		602,631
Port Authority of New York & New Jersey Revenue,
5.65%, 11/01/40		800		943,736
San Diego County Regional Transportation Commission Revenue,
5.91%, 4/01/48		600		763,572
San Francisco City & County Public Utilities Commission Revenue,
6.95%, 11/01/50		900		1,214,775
State of California:
7.55%, 4/01/39		400		518,992
7.63%, 3/01/40		1,150		1,497,829
7.60%, 11/01/40		250		327,585
State of Mississippi,
5.25%, 11/01/34		600		692,034
University of Missouri System Facilities Revenue,
5.79%, 11/01/41		300		386,475

Total Taxable Municipal Bonds – 0.3%				8,821,331

U.S. Government Sponsored Agency Securities
Collateralized Mortgage Obligations – 1.0%
Fannie Mae REMICS:
Series 2007-54, Class PF, 0.46%, 6/25/37(a)		5,520		5,485,040
Series 2010-35, Class EF, 0.79%, 4/25/40(a)		6,785		6,791,340
Series 2010-89, Class CF, 0.69%, 2/25/38(a)		5,739		5,733,245
Freddie Mac Mortgage Backed Securities:
Series 3667, Class FW, 0.79%, 2/15/38(a)		4,236		4,240,188
Series 3807, Class FN, 0.74%, 2/15/41(a)		3,923		3,922,884

				26,172,697

Mortgage-Backed Securities – 78.1%
Fannie Mae Mortgage Backed Securities:
2.39%, 8/01/33		2,795		2,935,182
2.46%, 2/01/42		45		46,372
2.46%, 5/01/33(a)		3,556		3,718,084
2.49%, 1/01/36(a)		1,728		1,843,501


Schedule of Investments (continued)		CoreAlpha Bond Master Portfolio
		(Percentages shown are based on Net Assets)


	Par (000)		Value
Mortgage-Backed Securities (concluded)
2.52%, 1/01/35(a)	$	1,603	$	1,708,435
2.75%, 8/01/41(a)		3,721		3,864,340
2.81%, 1/01/42		1,005		1,043,801
3.00%, 2/01/26 - 4/01/27(e)		10,848		11,239,426
3.31%, 9/01/41(a)		2,169		2,276,443
3.36%, 4/01/40(a)		514		539,068
3.50%, 2/01/26 - 4/01/42(e)		304,402		313,050,507
3.60%, 5/01/40(a)		3,520		3,705,915
4.00%, 8/01/25 - 4/01/42(e)		374,479		393,034,698
4.50%, 10/01/24 - 4/01/42(e)		275,997		293,676,818
5.00%, 1/01/18 - 4/01/42(e)		170,410		184,265,153
5.50%, 9/01/19 - 4/01/42(e)		148,947		162,628,318
6.00%, 11/01/22 - 4/01/42(e)		127,581		140,732,625
6.50%, 12/01/30 - 12/01/32		16,158		18,464,755
Freddie Mac Mortgage Backed Securities:
2.22%, 10/01/33(a)		1,573		1,649,684
2.62%, 11/01/36(a)		1,691		1,787,038
2.66%, 1/01/42		55		56,868
3.00%, 1/01/27 - 4/01/27(e)		6,954		7,198,494
3.26%, 8/01/41(a)		2,538		2,657,015
3.34%, 7/01/41(a)		1,496		1,571,184
3.35%, 2/01/40(a)		3,546		3,721,151
3.50%, 12/01/25 - 4/01/42(e)		22,223		23,005,144
4.00%, 3/01/26 - 1/01/42(e)		40,504		42,539,679
4.50%, 8/01/20 - 4/01/42(e)		55,248		58,660,178
4.55%, 4/01/38(a)		4,217		4,516,847
5.00%, 10/01/20 - 4/01/42(e)		56,802		61,238,191
5.50%, 12/01/27 - 4/01/42(e)		27,771		30,257,583
6.00%, 12/01/28 - 1/01/38		21,020		23,305,732
6.50%, 5/01/21 - 1/01/36		3,695		4,196,003
Ginnie Mae Mortgage Backed Securities:
3.50%, 12/15/40 - 4/01/42(e)		8,950		9,330,157
4.00%, 9/15/40 - 4/01/42(e)		35,962		38,775,365
4.50%, 3/15/39 - 4/01/42(e)		56,686		61,878,938
5.00%, 9/15/39 - 5/20/41		42,729		47,404,488
5.50%, 6/15/34 - 11/20/39		15,433		17,217,113
6.00%, 9/20/38 - 4/01/42(e)		8,875		9,999,889

				1,989,740,182

Total U.S. Government Sponsored Agency Securities – 79.1%				2,015,912,879

U.S. Treasury Obligations
U.S. Treasury Bonds:
6.38%, 8/15/27(c)		24,068		34,721,845
6.25%, 5/15/30		27,228		39,863,187
5.00%, 5/15/37(c)		23,800		31,200,324
4.38%, 5/15/40(c)(f)		23,100		27,759,709
3.88%, 8/15/40		20,650		22,840,841
4.25%, 11/15/40		4,640		5,464,324
4.38%, 5/15/41		4,931		5,927,989
U.S. Treasury Inflation Indexed Notes:
1.88%, 7/15/13		35,918		37,801,337
0.13%, 1/15/22		36,253		37,113,857
U.S. Treasury Notes:
1.25%, 2/15/14		61,000		62,031,754
1.75%, 3/31/14		33,000		33,915,222
2.63%, 12/31/14(c)		61,990		65,568,931
2.75%, 12/31/17(c)		26,500		28,688,317
1.75%, 10/31/18		1,041		1,057,509

Total U.S. Treasury Obligations – 17.0%				433,955,146

Total Long-Term Investments (Cost – $ 3,291,347,130) – 132.8 %				3,385,417,374


Schedule of Investments (continued)		CoreAlpha Bond Master Portfolio
		(Percentages shown are based on Net Assets)


Short-Term Securities	Shares		Value
BlackRock Cash Funds: Institutional, SL Agency Shares,
0.25%(g)(h)(i)		635,732,183	$	635,732,183

BlackRock Cash Funds: Prime, SL Agency Shares,
0.24%(g)(h)(i)		55,216,234		55,216,234

				690,948,417

Total Short-Term Securities (Cost – $ 690,948,417) – 27.1 %				690,948,417

Total Investments Before TBA Sale Commitments (Cost – $ 3,982,295,547*) – 159.9 %				4,076,365,791


TBA Sale Commitments(e)	Par (000)
Fannie Mae Mortgage Backed Securities:
3.50%, 2/01/26 - 4/01/42	$	505,200		(518,799,093	)
4.00%, 8/01/25 - 4/01/42		583,069		(611,323,607	)
4.50%, 10/01/24 - 4/01/42		194,100		(206,449,797	)
5.00%, 1/01/18 - 4/01/42		176,690		(190,852,808	)
5.50%, 9/01/19 - 4/01/42		99,100		(107,972,547	)
6.00%, 11/01/22 - 4/01/42		85,700		(94,417,297	)
Freddie Mac Mortgage Backed Securities:
3.50%, 12/01/25 - 4/01/42		5,000		(5,120,895	)
Ginnie Mae Mortgage Backed Securities:
4.00%, 9/15/40 - 4/01/42		4,000		(4,350,625	)
4.50%, 3/15/39 - 4/01/42		1,000		(1,087,656	)
5.00%, 9/15/39 - 5/20/41		8,000		(8,836,250	)

Total TBA Sale Commitments (Proceeds – $1,751,827,485) – (68.6)%				(1,749,210,575	)

Total Investments Net of TBA Sale Commitments – 91.3%				2,327,155,216
Other Assets Less Liabilities – 8.7%				221,371,967

Net Assets – 100.0%			$	2,548,527,183

*	As of March 31, 2012, gross unrealized appreciation and gross unrealized depreciation based on cost for federal income tax purposes were as follows:


Tax cost	$	3,984,263,875

Gross unrealized appreciation	$	99,122,318
Gross unrealized depreciation		(7,020,402	)

Net unrealized appreciation	$	92,101,916

(a)	Variable rate security. Rate shown is as of report date.

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

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

(d)	Amount is less than $500.


Schedule of Investments (continued)		CoreAlpha Bond Master Portfolio

(e)	Represents or includes a “to-be-announced” (“TBA”) transaction. Unsettled TBA transactions as of March 31, 2012 were as follows:


Counterparty	Market Value			Unrealized Appreciation (Depreciation)
Bank of America Securities	$	(27,280,261	)	$	71,538
Barclays Capital Inc.	$	(142,731,838	)	$	(30,188	)
BNP Paribas	$	(150,840,578	)	$	(244,758	)
Citigroup Global	$	(61,349,746	)	$	(351,158	)
Credit Suisse Securities LLC	$	(245,909,953	)	$	(1,513,916	)
Deutsche Bank Securities, Inc.	$	161,047,063		$	(267,735	)
Goldman Sachs & Co.	$	258,118,761		$	1,663,890
JPMorgan Securities, Ltd.	$	110,542,538		$	327,357
Morgan Stanley Capital Services, Inc.	$	(189,208,335	)	$	(946,246	)
Nomura Securities	$	3,537,172		$	(67,152	)
R.B.C. Dominion Securities	$	66,153,687		$	220,264
RBS Securities LLC	$	(172,501,484	)	$	119,170
UBS Securities LLC	$	(76,925,458	)	$	(132,251	)
Wells Fargo Securities	$	33,160,250		$	(17,935	)

(f)	All or a portion of security has been pledged as collateral in connection with open financial futures contracts.

(g)	Investments in companies considered to be an affiliate of the Master Portfolio during the year, 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, 2011		Net Activity		Shares held at March 31, 2012		Income
BlackRock Cash Funds: Institutional, SL Agency Shares		559,553,070		76,179,112		635,732,182	$	316,845
BlackRock Cash Funds: Prime, SL Agency Shares		36,989,307		18,226,927		55,216,234	$	13,991

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

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

•

Financial futures contracts purchased as of March 31, 2012 were as follows:


Contracts	Issue	Exchange	Expiration	Notional Value		Unrealized Appreciation (Depreciation)
262	Euro-Dollar Future	Chicago Mercantile	June 2014	$	64,838,450	$	41,920
3,333	2-Year U.S. Treasury Notes	Chicago Mercantile	June 2012	$	733,728,706		(95,124	)
3,042	5-Year U.S. Treasury Notes	Chicago Mercantile	June 2012	$	372,763,830		149,742
2,512	10-Year U.S. Treasury Notes	Chicago Mercantile	June 2012	$	325,264,750		(869,522	)
49	Ultra Long U.S. Treasury Bonds	Chicago Mercantile	June 2012	$	7,397,469		14,526

Total						$	(758,458	)


Schedule of Investments (continued)		CoreAlpha Bond Master Portfolio

•

Financial futures contracts sold as of March 31, 2012 were as follows:

Contracts

Issue

Exchange

Expiration

Notional Value

Unrealized
Depreciation

30-Year U.S. Treasury Bonds

Chicago Mercantile

June 2012

65,569,000

298,305

•

Credit default swaps on single-name issues - sold protection outstanding as of March 31, 2012 were as follows:

Issuer

Receive
Fixed
Rate

Counterparty/

Exchange

Expiration
Date

Issuer
Credit
Rating¹

Notional
Amount
(000)²

Unrealized
Appreciation

General Electric Capital Corp.

3.25

Deutsche Bank AG

12/20/13

AA+

4,000

175,919

•

Credit default swaps on traded indexes - sold protection outstanding as of March 31, 2012 were as follows:


Index	Receives Fixed Rate			Counterparty/ Exchange	Expiration Date	Issuer Credit Rating¹	Notional Amount (000)²		Unrealized Appreciation
Dow Jones CDX North America Investment Grade		1.00	%	Deutsche Bank AG	12/20/16	BBB+	$	65,800	$	372,960
Dow Jones CDX North America Investment Grade		1.00	%	Deutsche Bank AG	12/20/16	BBB+		112,500		652,605

Total									$	1,025,565

¹	Using S&P’s rating.

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

•

Interest rate swaps outstanding as of December 31, 2011 were as follows:

Fixed
Rate

Floating

Rate

Counterparty/

Exchange

Expiration
Date

Notional
Amount
(000)

Unrealized
Depreciation

1.71%¹

3-month LIBOR

RBS PLC

11/14/18

58,000

(35,094

)

¹	Pays fixed interest rate and receives floating rate.

•

Level 1 – unadjusted price quotations in active markets/exchanges for identical assets and liabilities

•


Schedule of Investments (continued)		CoreAlpha Bond Master Portfolio

•


Valuation Inputs	Level 1			Level 2			Level 3			Total
Assets:
Investments:
Long-Term Investments:
Asset-Backed Securities		–		$	174,344,329			–		$	174,344,329
Corporate Bonds		–			628,017,933			–			628,017,933
Foreign Agency Obligations		–			22,033,000			–			22,033,000
Non-Agency Mortgage- Backed Securities		–			88,106,548			–			88,106,548
Preferred Securities		–			9,122,368			–			9,122,368
Preferred Stocks	$	5,103,840			–			–			5,103,840
Taxable Municipal Bonds		–			8,821,331			–			8,821,331
U.S. Government Sponsored Agency Securities		–			2,015,912,879			–			2,015,912,879
U.S. Treasury Obligations		–			433,955,146			–			433,955,146
Short-Term Securities:
Money Market Funds		690,948,417			–			–			690,948,417
Liabilities:
TBA Sale Commitments -		(1,749,210,575	)		–			(1,749,210,575	)

Total	$	696,052,257		$	1,631,102,959			–		$	2,327,155,216


Valuation Inputs	Level 1			Level 2			Level 3			Total
Derivative Financial Instruments¹
Assets:
Credit contracts		–		$	1,201,484			–		$	1,201,484
Interest rate contracts	$	298,305			–			–			298,305
Liabilities:
Credit contracts		–			–			–			–
Interest rate contracts		(758,458	)		(35,094	)		–			(793,552	)

Total	$	(460,153	)	$	1,166,390			–		$	706,237

¹	Derivative financial instruments are swaps and financial futures contracts. Swaps and financial futures contracts are valued at the unrealized appreciation/depreciation on the instrument.


Schedule of Investments (concluded)		CoreAlpha Bond Master Portfolio

Certain of the Master Portfolio’s liabilities are held at carrying amount which approximates fair value. Such liabilities would be categorized within the disclosure hierarchy as follows:


	Level 1			Level 2		Level 3		Total
Liabilities:
Cash received as collateral for swap contracts	$	(470,000	)		–		–	$	(470,000	)
Collateral on securities loaned		(405,177,263	)		–		–		(405,177,263	)

Total	$	(405,647,263	)		–		–	$	(405,647,263	)

There were no transfers between levels during the period ended March 31, 2012.


Schedule of Investments March 31, 2012 (Unaudited)		Money Market Master Portfolio
		(Percentages shown are based on Net Assets)


Certificates of Deposit	Par (000)		Value
Euro
National Australia Bank, Ltd.,
0.47%, 12/20/12(a)	$	300,000	$	300,000,000

Yankee(b)
Bank of Montreal, Chicago,
0.15%, 4/05/12		600,000		600,000,000
Bank of Nova Scotia, Houston,
0.48%, 6/26/12		100,000		100,000,000
Bank of Tokyo-Mitsubishi UFJ Ltd., New York:
0.50%, 4/03/12		435,000		435,000,000
0.53%, 5/17/12		400,000		400,000,000
0.37%, 5/31/12		575,000		575,000,000
Barclays Bank Plc, New York:
0.50%, 5/16/12		395,000		395,000,000
0.59%, 7/13/12		501,000		501,000,000
Rabobank Nederland N.V., New York:
0.61%, 8/07/12		250,000		250,000,000
0.61%, 8/08/12		500,000		500,000,000
Deutsche Bank AG, New York,
0.41%, 6/15/12		330,000		330,000,000
Mizuho Corporate Bank Ltd., New York:
0.47%, 4/16/12		500,000		500,000,000
0.42%, 5/03/12		128,000		128,000,000
0.42%, 5/07/12		642,000		642,000,000
National Australia Bank Ltd., New York,
0.49%, 6/18/12		148,300		148,300,000
Natixis, New York,
0.45%, 5/02/12		570,000		570,000,000
Norinchukin Bank, New York,
0.17%, 4/03/12		550,000		550,000,000
Rabobank Nederland N.V., New York,
0.67%, 5/25/12		3,000		3,000,000
Royal Bank of Canada, New York,
0.55%, 5/03/12(a)		325,000		325,000,000
Societe Generale SA, New York,
0.48%, 5/01/12		820,000		820,000,000
Sumitomo Mitsui Banking Corp., New York:
0.15%, 4/05/12		250,000		250,000,000
0.46%, 4/11/12		300,000		300,000,000
0.53%, 5/10/12		595,000		595,000,000
Svenska Handelsbanken AB, New York,
0.45%, 5/16/12		215,000		215,000,000
Westpac Banking Corp., New York(a):
0.34%, 4/04/12		74,000		74,000,002
0.33%, 6/11/12		400,000		400,000,000

Total Certificates of Deposit – 31.4%				9,906,300,002

Commercial Paper
Antalis US Funding Corp.,
0.52%, 5/03/12(c)(d)		244,000		243,890,742
ANZ National International, Ltd.(c)(d):
0.52%, 8/03/12		200,000		199,644,667
0.52%, 8/07/12		100,000		99,816,555
Aspen Funding Corp.,
0.52%, 6/04/12(c)(d)		17,800		17,788,163
Atlantis One Funding Corp.(c)(d):
0.40%, 5/09/12		300,000		299,876,667
0.46%, 7/09/12		300,000		299,624,333
Barclays Bank Plc,
0.52%, 5/11/12(c)(d)		107,225		107,164,597
Barton Capital Corp.(c)(d):
0.46%, 4/03/12		147,000		146,998,122
0.42%, 4/13/12		55,000		54,992,942
BNZ International Funding Ltd.(a)(c):
0.38%, 4/16/12		100,000		100,000,000
0.39%, 5/22/12		75,000		75,000,536
0.58%, 5/31/12		100,000		100,002,138
Bryant Park Funding LLC,
0.19%, 4/20/12(c)(d)		275,000		274,973,875
Caisse d’Amortissement de la Dette Sociale,
0.54%, 5/25/12(a)(c)		650,000		649,989,656
Cancara Asset Securitization Ltd.,
0.27%, 4/16/12(c)(d)		470,000		469,950,650
Chariot Funding LLC,
0.15%, 4/12/12(c)(d)		222,067		222,057,747


Schedule of Investments (continued)		Money Market Master Portfolio
		(Percentages shown are based on Net Assets)


Commercial Paper	Par (000)		Value
Commonwealth Bank of Australia(c):
0.06%, 6/22/12	$	87,000	$	86,988,827
0.32%, 9/19/12(a		250,000		250,000,000
DNB NOR Bank ASA,
0.54%, 4/12/12(c)(d)		50,000		49,992,500
HSBC Bank Plc,
0.51%, 11/28/12(d)		390,000		388,674,000
ING US Funding LLC,
0.49%, 5/18/12(d)		300,000		299,812,167
Kells Funding LLC(c):
0.61%, 4/16/12(a)		50,000		50,000,000
0.46%, 6/06/12(d)		325,000		324,730,069
0.50%, 6/19/12(d)		150,000		149,837,500
0.56%, 7/02/12(d)		50,000		49,929,222
0.56%, 7/02/12(d)		75,000		74,893,833
0.61%, 7/06/12(d)		300,000		299,517,083
0.54%, 7/25/12		125,000		124,786,250
Mizuho Funding LLC,
0.51%, 4/05/12(c)(d)		96,500		96,495,899
Mont Blanc Capital Corp.,
0.48%, 6/04/12(d)		175,000		174,853,000
Nieuw Amsterdam Receivables Corp.(c)(d):
0.27%, 4/11/12		50,000		49,996,625
0.45%, 7/10/12		50,000		49,938,125
Nordea North America Inc.(d):
0.46%, 4/03/12		300,000		299,996,167
0.42%, 5/14/12		485,000		484,762,350
0.61%, 8/07/12		161,600		161,252,246
Oversea-Chinese Banking Corp. Ltd.,
0.57%, 8/13/12(d)		200,000		199,578,833
Regency Markets No. 1 LLC,
0.20%, 4/04/12(c)(d)		106,900		106,898,812
Royal Park Investment Funding Corp.(d):
1.00%, 4/10/12		150,000		149,966,667
1.00%, 4/11/12(c)		131,000		130,967,250
Scaldis Capital LLC,
0.50%, 4/11/12(c)(d)		356,500		356,455,437
Sheffield Receivables Corp.,
0.42%, 4/26/12(c)		79,500		79,477,740
Starbird Funding Corp.(c)(d):
0.48%, 4/02/12		83,500		83,500,000
0.45%, 4/05/12		100,000		99,996,250
Thames Asset Global Securitization No. 1 Inc.(d):
0.33%, 4/13/12		241,389		241,364,660
0.35%, 4/26/12		105,785		105,760,317
UBS Finance Delaware LLC,
0.20%, 5/02/12(d)		500,000		499,916,667
Victory Receivables Corp.(c)(d):
0.20%, 4/19/12		138,798		138,784,891
0.20%, 4/24/12		255,000		254,968,833
Westpac Banking Corp.(c):
0.50%, 6/29/12(d)		110,000		109,865,556
0.62%, 7/10/12(a)		350,000		350,000,000
0.50%, 8/01/12(d)		50,000		49,915,972
0.50%, 8/03/12(d)		75,000		74,871,875
Westpac Securities NZ Ltd.(c)(d):
0.56%, 7/05/12		120,000		119,824,533
0.53%, 7/18/12		250,000		249,606,181

Total Commercial Paper – 32.5%				10,229,947,727

Corporate Notes
JPMorgan Chase Bank NA,
0.60%, 4/19/13(a)		250,725		250,725,000

Total Corporate Notes – 0.8%				250,725,000

Time Deposits
Natixis,
0.20%, 4/02/12		382,000		382,000,000
Nordea Bank AB,
0.15%, 4/02/12(c)		800,000		800,000,000

Total Time Deposits – 3.7%				1,182,000,000

U.S. Government Sponsored Agency Obligations
Fannie Mae,
4.75%, 2/21/13		70,304		73,152,795
Fannie Mae Discount Notes(d):
0.06%, 5/16/12		21,429		21,427,428
0.10%, 6/20/12		60,000		59,987,492
0.18%, 7/16/12		450,000		449,768,125


Schedule of Investments (continued)		Money Market Master Portfolio
		(Percentages shown are based on Net Assets)


	Par (000)		Value
U.S. Government Sponsored Agency Obligations (concluded)
Fannie Mae Variable Rate Notes(a):
0.26%, 8/23/12	$	200,000	$	200,015,956
0.30%, 1/10/13		250,000		249,960,957
0.41%, 5/17/13		304,000		303,894,670
0.21%, 11/08/13		170,000		169,917,420
Federal Farm Credit Bank Variable Rate Notes(a):
0.22%, 4/27/12		144,460		144,458,488
0.19%, 3/07/14		40,000		39,992,876
Federal Home Loan Bank:
0.09%, 5/09/12		100,000		99,998,373
0.15%, 5/25/12		20,000		19,998,901
0.17%, 1/24/13		44,910		44,910,806
0.13%, 2/01/13		200,000		199,921,236
0.16%, 2/06/13		200,000		199,978,415
0.17%, 2/06/13		294,500		294,492,517
0.17%, 2/13/13		100,000		99,997,497
0.21%, 4/12/13(a)		114,500		114,482,825
0.29%, 7/08/13(a)		50,000		50,000,000
Federal Home Loan Bank Discount Notes(d):
0.08%, 4/25/12		100,000		99,994,889
0.08%, 4/27/12		115,000		114,993,611
0.06%, 5/11/12		142,000		141,990,001
0.12%, 6/25/12		25,000		24,993,000
Freddie Mac Discount Notes(d):
0.06%, 5/21/12		50,000		49,995,917
0.09%, 5/29/12		200,000		199,971,500
0.06%, 6/18/12		189,800		189,773,880
0.06%, 6/19/12		75,000		74,990,250
0.06%, 6/25/12		36,700		36,694,862
0.12%, 7/24/12		200,000		199,924,667
0.17%, 9/18/12		250,000		249,800,486
Freddie Mac Variable Rate Notes(a):
0.20%, 3/21/13		270,040		269,934,556
0.36%, 9/03/13		227,900		227,834,615
0.18%, 9/13/13		884,785		884,007,689
0.21%, 11/04/13		309,000		308,950,991

Total U.S. Government Sponsored Agency Obligations – 18.8%				5,910,207,691

U.S. Treasury Obligations
U.S. Treasury Bill:
0.13%, 8/16/12		200,000		199,905,556
0.13%, 8/23/12		410,000		409,787,884
0.14%, 9/06/12		250,000		249,850,632
U.S. Treasury Note:
1.38%, 5/15/12		450,000		450,594,358
1.38%, 10/15/12		200,000		201,362,405
0.38%, 10/31/12		300,000		300,471,942
1.38%, 11/15/12		250,000		251,960,433
3.38%, 11/30/12		175,000		178,752,803

Total U.S. Treasury Obligations – 7.1%				2,242,686,013

Repurchase Agreements
Banc of America Securities LLC, 0.20%, 4/2/12 (Purchased on 3/30/12 to be repurchased at $320,005,333, collateralized by various non-U.S. government debt securities, 0.00% to 12.75%, due 7/15/12 to 12/11/49, par and fair value of $2,726,052,624 and $334,505,489, respectively)		320,000		320,000,000
BNP Paribas Securities Corp., 0.13%, 4/2/12 (Purchased on 3/30/12 to be repurchased at $100,001,083, collateralized by U.S. Treasury Obligations, 0.38%, due 3/15/15, par and fair value of $102,344,700 and $102,000,090, respectively)		100,000		100,000,000


Schedule of Investments (continued)		Money Market Master Portfolio
		(Percentages shown are based on Net Assets)


	Par (000)		Value
Repurchase Agreements (concluded)
BNP Paribas Securities Corp., 0.20%, 4/2/12 (Purchased on 3/30/12 to be repurchased at $310,005,167, collateralized by various non-U.S. government debt securities, 0.77% to 9.88%, due 6/1/12 to 7/1/39, par and fair value of $295,123,488 and $319,533,409, respectively)	$	310,000	$	310,000,000
Citigroup Global Markets Inc., 0.30%, 4/2/12 (Purchased on 3/30/12 to be repurchased at $69,001,725, collateralized by U.S. Treasury obligations, 3.13%, due 2/15/42, par and fair value of $72,090,200 and $70,380,038, respectively)		69,000		69,000,000
Citigroup Global Markets Inc., 0.45%, 4/2/12 (Purchased on 3/30/12 to be repurchased at $190,007,125, collateralized by various non-U.S. government debt securities, 0.00% to 7.50%, due 4/2/12 to 7/1/47, par and fair value of $209,934,085 and $208,909,078, respectively)		190,000		190,000,000
Citigroup Global Markets Inc., 0.54%, 4/2/12 (Purchased on 3/30/12 to be repurchased at $250,011,250, collateralized by various U.S. government obligations and various non-U.S. government debt securities, 0.07% to 5.99%, due 12/19/13 to 2/25/31, par and fair value of $455,299,427 and $261,268,864, respectively)		250,000		250,000,000
Deutsche Bank Securities Inc., 0.15%, 4/2/12 (Purchased on 3/30/12 to be repurchased at $30,000,375, collateralized by various U.S. government obligations, 3.49 to 4.39%, due 5/1/40 to 4/1/41, par and fair value of $40,880,165 and $30,900,001, respectively)		30,000		30,000,000
Greenwich Capital Markets, Inc., 0.25%, 4/2/12 (Purchased on 3/30/12 to be repurchased at $140,002,917, collateralized by various U.S. government obligations, 2.50% to 6.00%, due 6/20/18 to 4/20/61, par and fair value of $183,284,138 and $142,800,442, respectively)		140,000		140,000,000
HSBC Securities (USA) Inc., 0.18%, 4/2/12 (Purchased on 3/30/12 to be repurchased at $100,001,500, collateralized by various non-U.S. government debt securities, 1.50% to 4.10%, due 2/17/13 to 12/12/14, par and fair value of $99,765,000 and $103,000,686, respectively)		100,000		100,000,000
JPMorgan Securities Inc., 0.45%, 4/2/12 (Purchased on 3/30/12 to be repurchased at $60,002,250, collateralized by various non-U.S. government debt securities, 5.88% to 11.75%, due 10/1/13 to 12/31/49, par and fair value of $63,880,000 and $63,001,122, respectively)		60,000		60,000,000
Merrill Lynch & Co. Inc., 0.25%, 4/2/12 (Purchased on 3/30/12 to be repurchased at $100,002,083, collateralized by various U.S. government obligations, 2.06% to 5.46%, due 1/1/18 to 9/1/46, par and fair value of $389,942,979 and $102,000,000, respectively)		100,000		100,000,000
Morgan Stanley & Co. Inc., 0.18%, 4/2/12 (Purchased on 3/30/12 to be repurchased at $90,001,350, collateralized by various U.S. government obligations, 2.90% to 5.00%, due 9/1/39 to 3/1/42 , par and fair value of $96,757,382 and $91,800,000, respectively)		90,000		90,000,000
RBS Securities Inc., 0.17%, 4/2/12 (Purchased on 3/30/12 to be repurchased at $120,001,700, collateralized by various U.S. government obligations, 3.00% to 5.00%, due 3/1/25 to 3/1/42, par and fair value of $124,774,969 and $122,401,850, respectively)		120,000		120,000,000

Total Repurchase Agreements – 6.0%				1,879,000,000

*Total Investments (Cost – $ 31,600,866,433) – 100.3 %**				31,600,866,433
Liabilities in Excess of Other Assets – (0.3)%				(100,471,101	)

Net Assets – 100.0%			$	31,500,395,332

*	Cost for federal income tax purposes.

(a)	Variable rate security. Rate shown is as of report date.

(b)	Issuer is a US branch of a foreign domiciled bank.

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

(d)	Rate shown reflects the discount rate at the time of purchase.


Schedule of Investments (concluded)		Money Market Master Portfolio

•

Level 1 – Unadjusted price quotations in active markets/exchanges for identical assets and liabilities

•

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. 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 risk associated with investing in those securities. For information about the Master Portfolio’s policy regarding valuation of investments and other significant accounting policies, please refer to the Master Portfolio’s most recent financial statements as contained in its annual report. The following table summarizes the inputs used as of March 31, 2012 in determining the fair valuation of the Master Portfolio’s investments:

Valuation Inputs

Level 1

Level 2

Level 3

Total

Assets:

Investments:

Short-Term Securities¹

–

31,600,866,433

–

31,600,866,433

¹	See above Schedule of Investments for values in each security type.

Certain of the Master Portfolio’s assets are held at carrying amount which approximates fair value. Cash in the amount of $303,849 would be categorized as Level 1 within the disclosure hierarchy.

There were no transfers between levels during the period ended March 31, 2012.


Schedule of Investments March 31, 2012 (Unaudited)		Prime Money Market Master Portfolio
		(Percentages shown are based on Net Assets)


Certificates of Deposit	Par (000)		Value
Euro – 0.9%
National Australia Bank, Ltd.,
0.47%, 12/20/12(a)	$	87,000	$	87,000,000
Yankee(b)
Bank of Montreal, Chicago,
0.15%, 4/05/12		150,000		150,000,000
Bank of Nova Scotia, Houston:
0.30%, 4/12/12		105,000		105,000,000
0.48%, 6/26/12		53,000		53,000,000
Bank of Tokyo-Mitsubishi UFJ Ltd., New York:
0.50%, 4/03/12		165,000		165,000,000
0.41%, 5/01/12		175,000		175,000,000
0.42%, 5/15/12		45,000		45,001,072
Barclays Bank Plc, New York:
0.50%, 5/16/12		119,000		119,000,000
0.59%, 7/13/12		135,000		135,000,000
Deutsche Bank AG, New York,
0.41%, 6/15/12		90,000		90,000,000
Mizuho Corporate Bank Ltd., New York,
0.47%, 4/16/12		200,000		200,000,000
National Australia Bank Ltd., New York:
0.30%, 4/12/12		100,000		100,000,000
0.39%, 4/13/12(a)		150,000		150,000,000
0.49%, 6/18/12		50,000		50,000,000
Natixis, New York,
0.45%, 5/02/12		150,000		150,000,000
Norinchukin Bank,
0.17%, 4/03/12		150,000		150,000,000
Royal Bank of Canada, New York,
0.55%, 5/03/12(a)		175,000		175,000,000
Societe Generale SA, New York,
0.48%, 5/01/12		228,000		228,000,000
Sumitomo Mitsui Banking Corp., New York,
0.46%, 4/11/12		100,000		100,000,000
Svenska Handelsbanken AB, New York,
0.45%, 5/16/12		70,000		70,000,000
Westpac Banking Corp., New York,
0.34%, 4/04/12(a)		35,000		35,000,001

Total Certificates of Deposit – 26.4%				2,532,001,073

Commercial Paper
Alpine Securitization Corp.(c):
0.19%, 4/12/12		80,275		80,270,763
0.19%, 4/17/12		100,000		99,992,083
Antalis US Funding Corp,
0.52%, 5/03/12(c)(d)		49,000		48,978,059
ASB Finance, Ltd.,
0.51%, 8/20/12(c)(d)		122,723		122,481,986
Atlantis One Funding Corp.(c)(d):
0.40%, 5/09/12		200,000		199,917,778
0.38%, 6/01/12		100,000		99,936,667
Barton Capital Corp.(c)(d):
0.46%, 4/03/12		44,500		44,499,431
0.42%, 4/13/12		20,000		19,997,433
BNZ International Funding, Ltd.,
0.50%, 8/08/12(c)(d)		30,790		30,735,262
Bryant Park Funding LLC,
0.17%, 4/09/12(c)(d)		68,535		68,532,734
Commonwealth Bank of Australia,
0.06%, 6/22/12(c)(d)		35,493		35,488,442
DNB NOR Bank ASA,
0.53%, 4/12/12(c)(d)		125,000		124,981,597
HSBC Bank Plc,
0.51%, 11/28/12(c)		110,000		109,626,000
ING US Funding LLC,
0.49%, 5/18/12(c)		100,000		99,937,389
Kells Funding LLC(c)(d):
0.50%, 6/19/12		85,000		84,907,917
0.61%, 7/06/12		200,000		199,678,056
Matchpoint Master Trust,
0.48%, 4/04/12(c)(d)		100,000		99,997,333
Mizuho Funding LLC(c)(d):
0.43%, 5/02/12		125,000		124,955,729
0.45%, 5/10/12		86,525		86,483,901
Mont Blanc Capital Corp.,
0.49%, 6/11/12(c)		100,000		99,904,722
National Australia Funding Delaware Inc.,
0.42%, 4/16/12(c)(d)		40,060		40,053,535
Nieuw Amsterdam Receivables Corp.(c)(d):
0.20%, 4/17/12		70,000		69,994,167
0.46%, 7/09/12		30,000		29,962,433


Schedule of Investments (continued)		Prime Money Market Master Portfolio
		(Percentages shown are based on Net Assets)


	Par (000)		Value
Commercial Paper (concluded)
Nordea North America Inc.,
0.61%, 8/07/12(c)	$	100,000	$	99,784,805
NRW.BANK,
0.25%, 4/04/12(c)		70,000		69,999,028
Rabobank USA Finance Corp.,
0.42%, 5/11/12(c)		100,000		99,954,500
Scaldis Capital LLC,,
0.50%, 4/11/12(c)(d)		100,500		100,487,437
Starbird Funding Corp.,,
0.48%, 4/02/12(c)(d)		25,000		25,000,000
Victory Receivables Corp.(c)(d):
0.20%, 4/24/12		100,000		99,987,778
0.20%, 5/02/12		125,000		124,979,167
Westpac Banking Corp.:
0.50%, 6/28/12(c)(d)		100,000		99,879,167
0.50%, 7/09/12(c)(d)		80,000		79,891,111
0.62%, 7/10/12(a)(d)		115,000		115,000,000

Total Commercial Paper – 30.6%				2,936,276,410

Corporate Notes
JPMorgan Chase Bank NA,
0.59%, 4/19/13(a)		121,710		121,710,000
Time Deposits
Nordea Bank AB,
0.15%, 4/02/12(d)		200,000		200,000,000

Total Time Deposits – 2.1%				200,000,000

U.S. Government Sponsored Agency Obligations
Fannie Mae Discount Notes(c):
0.07%, 5/02/12		16,650		16,649,029
0.06%, 5/21/12		471,302		471,262,219
0.18%, 7/16/12		150,000		149,922,708
Fannie Mae Variable Rate Notes(a):
0.23%, 7/26/12		125,000		124,992,134
0.26%, 8/23/12		100,000		100,007,978
0.30%, 1/10/13		121,000		120,981,103
0.41%, 5/17/13		103,000		102,964,313
Federal Home Loan Bank:
0.15%, 5/25/12		10,000		9,999,450
0.20%, 12/06/12		100,000		100,018,488
0.18%, 2/01/13		34,000		34,002,049
0.17%, 2/01/13		75,000		74,998,125
0.17%, 2/06/13		50,000		49,998,833
0.20%, 3/01/13		50,000		49,989,556
Federal Home Loan Bank Discount Notes,
0.07%, 5/04/12(c)		42,500		42,497,356
Freddie Mac Discount Notes,
0.06%, 5/29/12(c)		100,000		99,990,500
Freddie Mac Variable Rate Notes(a):
0.36%, 9/03/13		75,000		74,978,482
0.18%, 9/13/13		396,700		396,351,487
0.21%, 11/04/13		100,000		99,984,139

Total U.S. Government Sponsored Agency Obligations – 22.1%				2,119,587,949

U.S. Treasury Obligations
U.S. Treasury Bill(c):
0.13%, 8/16/12		120,000		119,943,334
0.13%, 8/23/12		100,000		99,948,361
0.14%, 9/06/12		75,000		74,955,189
U.S. Treasury Note:
1.38%, 10/15/12		65,000		65,442,782
1.38%, 11/15/12		100,000		100,784,173
3.38%, 11/30/12		100,000		102,144,459

Total U.S. Treasury Obligations – 5.9%				563,218,298


Schedule of Investments (continued)		Prime Money Market Master Portfolio
		(Percentages shown are based on Net Assets)


	Par (000)		Value
Repurchase Agreements
Banc of America Securities LLC, 0.20%, 4/2/12 (Purchased on 3/30/12 to be repurchased at $180,003,000, collateralized by various non-U.S. government debt securities, 0.00% to 7.88%, due 3/25/16 to 7/25/48, par and fair value of 319,078,513 and $187,814,675, respectively)	$	180,000	$	180,000,000
BNP Paribas Securities Corp., 0.13%, 4/2/11 (Purchased on 3/30/12 to be repurchased at $400,004,333, collateralized by various U.S. government obligations, 0.00% to 5.86%, due 4/27/12 to 10/15/40, par and fair value of $398,687,581 and $408,000,774, respectively)		400,000		400,000,000
BNP Paribas Securities Corp., 0.20%, 4/2/12 (Purchased on 3/30/12 to be repurchased at $220,003,667, collateralized by various non-U.S. government debt securities, 0.00% to 8.88%, due 2/13/13 to 4/15/24, par and fair value of $200,738,102 and $226,600,000, respectively)		220,000		220,000,000
Deutsche Bank Securities Inc., 0.15%, 4/2/12 (Purchased on 3/30/12 to be repurchased at $100,001,250, collateralized by various U.S. government obligations, 0.00% to 4.50%, due 8/1/35 to 10/1/40, par and fair value of $520,484,351 and $103,000,000, respectively)		100,000		100,000,000
JPMorgan Securities Inc., 0.25%, 4/2/12 (Purchased on 3/30/12 to be repurchased at $110,002,292, collateralized by various non-U.S. government debt securities, 0.94% to 5.53%, due 7/15/19 to 5/15/47, par and fair value of $119,025,000 and $115,504,458, respectively)		110,000		110,000,000
JPMorgan Securities Inc., 0.45%, 4/2/12 (Purchased on 3/30/12 to be repurchased at $30,001,125, collateralized by non-U.S. government debt securities, 7.00%, due 6/30/21, par and fair value of $39,695,000 and $31,503,829, respectively)		30,000		30,000,000
RBS Securities Inc., 0.17%, 4/2/12 (Purchased on 3/30/12 to be repurchased at $90,001,275, collateralized by various U.S. government obligations, 3.00% to 5.50%, due 3/1/27 to 4/1/42, par and fair value of $101,946,075 and $91,804,059, respectively)		90,000		90,000,000

Total Repurchase Agreements – 11.8%				1,130,000,000

*Total Investments (Cost – $ 9,602,793,730) – 100.1%**				9,602,793,730
Liabilities in Excess of Other Assets – (0.1)%				(6,083,602	)

Net Assets – 100.0%			$	9,596,710,128

*	Cost for federal income tax purposes.

(a)	Variable rate security. Rate shown is as of report date.

(b)	Issuer is a US branch of a foreign domiciled bank.

(c)	Rate shown reflects the discount rate at the time of purchase.

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

•

Level 1 – Unadjusted price quotations in active markets/exchanges for identical assets and liabilities

•


Schedule of Investments (concluded)		Prime Money Market Master Portfolio

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. 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 risk associated with investing in those securities. For information about the Master Portfolio’s policy regarding valuation of investments and other significant accounting policies, please refer to the Master Portfolio’s most recent financial statements as contained in its semi-annual report. The following table summarizes the inputs used as of March 31, 2012 in determining the fair valuation of the Master Portfolio’s investments:

Valuation Inputs

Level 1

Level 2

Level 3

Total

Assets:

Investments:

Short-Term Securities¹

–

9,602,793,730

–

9,602,793,730

¹	See above Schedule of Investments for values in each security type.

Certain of the Master Portfolio’s liabilities are held at carrying amount which approximates fair value. Bank overdraft in the amount of $9,686,242 would be categorized as Level 1 within the disclosure hierarchy.

There were no transfers between levels during the period ended March 31, 2012.


Schedule of Investments March 31, 2012 (Unaudited)		Government Money Market Master Portfolio
		(Percentages shown are based on Net Assets)


Repurchase Agreements	Par (000)		Value
BNP Paribas Securities Corp., 0.05%, 4/2/12 (Purchased on 3/30/12 to be repurchased at $2,000,008, collateralized by U.S. Treasury obligations, 0.00%, due 8/30/12, par and fair value of $2,041,100 and $2,040,053, respectively)	$	2,000	$	2,000,000
Credit Suisse Securities (USA) LLC, 0.08%, 4/2/12 (Purchased on 3/30/12 to be repurchased at $1,000,007, collateralized by U.S. Treasury obligations, 3.63%, due 2/15/21, par and fair value of $895,000 and $1,021,429, respectively)		1,000		1,000,000
Deutsche Bank Securities Inc., 0.15%, 4/2/12 (Purchased on 3/30/12 to be repurchased at $1,000,013, collateralized by U.S. government obligations, 1.63%, due 11/19/14, par and fair value of $987,000 and $1,020,226, respectively)		1,000		1,000,000
Goldman Sachs & Co. Inc., 0.15%, 4/2/12 (Purchased on 3/30/12 to be repurchased at $1,000,013, collateralized by U.S. government obligations, 4.50%, due 4/1/41, par and fair value of $1,231,015 and $1,020,000, respectively)		1,000		1,000,000
HSBC Securities (USA) Inc., 0.06%, 4/2/12 (Purchased on 3/30/12 to be repurchased at $1,475,007, collateralized by U.S. Treasury obligations, 4.75%, due 2/15/37, par and fair value of $1,175,000 and $1,510,382,respectively)		1,475		1,475,000
JPMorgan Securities LLC, 0.06%, 4/2/12 (Purchased on 3/30/12 to be repurchased at $1,000,005, collateralized by U.S. Treasury obligations, 0.75%, due 12/15/13, par and fair value of $1,015,000 and $1,024,695, respectively)		1,000		1,000,000
Morgan Stanley & Co. LLC, 0.08%, 4/2/12 (Purchased on 3/30/12 to be repurchased at $1,000,007, collateralized by U.S. Treasury obligations, 0.00%, due 9/20/12, par and fair value of $1,020,700 and $1,020,037, respectively)		1,000		1,000,000

Total Repurchase Agreements – 100.0%				8,475,000

*Total Investments (Cost – $ 8,475,000) – 100.0 %**				8,475,000
Liabilities in Excess of Other Assets – 0.0%				(3,892	)

Net Assets – 100.0%			$	8,471,108

*	Cost for federal income tax purposes.

•

Level 1 – Unadjusted price quotations in active markets/exchanges for identical assets and liabilities

•


Schedule of Investments (concluded)		Government Money Market Master Portfolio

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. 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 risk associated with investing in those securities. For information about the Master Portfolio’s policy regarding valuation of investments and other significant accounting policies, please refer to the Master Portfolio’s most recent financial statements as contained in its semi-annual report. The following table summarizes the inputs used as of March 31, 2012 in determining the fair valuation of the Master Portfolio’s investments:

Valuation Inputs

Level 1

Level 2

Level 3

Total

Assets:

Investments:

Short-Term Securities¹

–

8,475,000

–

8,475,000

¹	See above Schedule of Investments for values in each security type.

Certain of the Master Portfolio’s assets are held at carrying amount which approximates fair value. Cash in the amount of $1,246 would be categorized as Level 1 within the disclosure hierarchy.

There were no transfers between levels during the period ended March 31, 2012.


Schedule of Investments March 31, 2012 (Unaudited)		Treasury Money Market Master Portfolio
		(Percentages shown are based on Net Assets)


U.S. Treasury Obligations	Par (000)		Value
U.S. Treasury Bill (a):
0.12%, 5/31/12	$	10	$	9,998
0.05%, 6/14/12		35,000		34,996,452
0.07%, 7/05/12		30,000		29,994,908
0.06%, 7/12/12		25,000		24,996,142
0.06%, 7/19/12		21,000		20,996,157
0.08%, 8/02/12		65,000		64,982,019
0.10%, 8/09/12		57,000		56,979,710
0.13%, 8/23/12		60,000		59,970,208
0.14%, 8/30/12		25,000		24,985,417
0.13%, 9/06/12		25,000		24,986,372
0.15%, 9/13/12		11,600		11,592,073
0.15%, 9/20/12		40,000		39,971,500
0.15%, 9/27/12		15,000		14,988,875
0.10%, 11/15/12		25,000		24,984,236
0.18%, 3/07/13		14,969		14,943,651
U.S. Treasury Note:
1.38%, 5/15/12		15,000		15,019,813
0.38%, 8/31/12		9,000		9,009,722
1.38%, 9/15/12		12,000		12,065,963
1.38%, 10/15/12		5,000		5,033,177
1.38%, 11/15/12		9,000		9,066,427
1.38%, 3/15/13		8,000		8,088,773

Total U.S. Treasury Obligations – 29.7%				507,661,593

Repurchase Agreements
BNP Paribas Securities Corp., 0.05%, 4/2/12 (Purchased on 3/30/12 to be repurchased at $174,000,725, collateralized by U.S. Treasury obligations, 4.25%, due 8/15/15, par and fair value of $157,565,689 and $177,480,001, respectively)		174,000		174,000,000
Citigroup Global Markets Inc., 0.06%, 4/2/12 (Purchased on 3/30/12 to be repurchased at $80,000,400, collateralized by U.S. Treasury obligations, 4.25%, due 11/15/40, par and fair value of $67,511,200 and $81,600,053, respectively)		80,000		80,000,000
Credit Suisse Securities (USA) LLC, 0.08%, 4/2/12 (Purchased on 3/30/12 to be repurchased at $211,001,407, collateralized by various U.S. Treasury obligations, 0.13% to 3.00%, due 4/15/13 to 9/30/16, par and fair value of $198,498,000 and $215,224,990, respectively)		211,000		211,000,000
Deutsche Bank Securities Inc., 0.05%, 4/2/12 (Purchased on 3/30/12 to be repurchased at $164,000,683, collateralized by U.S. Treasury obligations, 1.25%, due 3/15/14, par and fair value of $164,294,900 and $167,280,058, respectively)		164,000		164,000,000
HSBC Securities (USA) Inc., 0.06%, 4/2/12 (Purchased on 3/30/12 to be repurchased at $80,860,404, collateralized by various U.S. Treasury obligations, 1.75% to 4.75%, due 5/31/16 to 2/15/37, par and fair value of $71,511,500 and $82,479,573, respectively)		80,860		80,860,000
JPMorgan Securities LLC, 0.06%, 4/2/12 (Purchased on 3/30/12 to be repurchased at $167,000,835, collateralized by U.S. Treasury obligations, 6.00%, due 2/15/26, par and fair value of $121,195,000 and $170,346,075 respectively)		167,000		167,000,000
Merrill Lynch, Pierce, Fenner & Smith Inc., 0.03%, 4/2/12 (Purchased on 3/30/12 to be repurchased at $50,000,125, collateralized by various U.S. Treasury obligations, 0.13% to 0.63%, due 7/31/12 to 9/30/13, par and fair value of $50,964,500 and $51,000,081, respectively)		50,000		50,000,000
Morgan Stanley & Co. LLC, 0.08%, 4/2/12 (Purchased on 3/30/12 to be repurchased at $226,298,509, collateralized by various U.S. Treasury obligations, 0.00% to 2.75%, due 9/20/12 to 2/15/19, par and fair value of $224,978,200 and $230,823,067, respectively)		226,297		226,297,000


Schedule of Investments (concluded)		Treasury Money Market Master Portfolio
		(Percentages shown are based on Net Assets)


	Par (000)		Value
Repurchase Agreements (concluded)
RBS Securities Inc., 0.07%, 4/2/12 (Purchased on 3/30/12 to be repurchased at $50,000,292, collateralized by U.S. Treasury obligations, 1.25%, 3/15/14, par and fair value of $50,090,000 and $51,000,111, respectively)	$	50,000	$	50,000,000

Total Repurchase Agreements – 70.3%				1,203,157,000

*Total Investments (Cost – $ 1,710,818,593) – 100.0 %**				1,710,818,593
Other Assets Less Liabilities – 0.0%				78,055

Net Assets – 100.0%			$	1,710,896,648

*	Cost for federal income tax purposes.

(a)	Rate shown reflects the discount rate at the time of purchase.

•

Level 1 – Unadjusted price quotations in active markets/exchanges for identical assets and liabilities

•

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. 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 risk associated with investing in those securities. For information about the Master Portfolio’s policy regarding valuation of investments and other significant accounting policies, please refer to the Master Portfolio’s most recent financial statements as contained in its semi-annual report. The following table summarizes the inputs used as of March 31, 2012 in determining the fair valuation of the Master Portfolio’s investments:

Valuation Inputs

Level 1

Level 2

Level 3

Total

Assets:

Investments:

Short-Term Securities¹

–

1,710,818,593

–

1,710,818,593

¹	See above Schedule of Investments for values in each security type.

Certain of the Master Portfolio’s assets are held at carrying amount which approximates fair value. Cash in the amount of $740 would be categorized as Level 1 within the disclosure hierarchy.

There were no transfers between levels during the period ended March 31, 2012.


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 23, 2012

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 23, 2012


By:		/s/ Neal J. Andrews
		Neal J. Andrews
		Chief Financial Officer (principal financial officer) of
		BlackRock Funds III and Master Investment Portfolio

Date: May 23, 2012